JetBlue Airways Corp (JBLU) 2020 Q4 法說會逐字稿

Good morning.

早上好。

My name is Mel.

我叫梅爾。

And I would like to welcome everyone to the JetBlue Airways Fourth Quarter 2020 Earnings Conference Call.

我想歡迎大家參加捷藍航空 2020 年第四季度收益電話會議。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音中。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to JetBlue's, VP of Investors Relations.

我現在想把電話轉給 JetBlue 的投資者關係副總裁。

David Fintzen, please go ahead.

David Fintzen，請繼續。

Thanks, Mel.

謝謝，梅爾。

Good morning, everyone, and thanks for joining us for our fourth quarter 2020 earnings call.

大家早上好，感謝您加入我們的 2020 年第四季度財報電話會議。

This morning, we issued our earnings release, our investor update and a presentation we'll reference during this call.

今天早上，我們發布了收益發布、投資者更新和我們將在本次電話會議中參考的演示文稿。

All of those documents are available on our website at investor.jetblue.com and have been filed with the SEC.

所有這些文件都可以在我們的網站 investor.jetblue.com 上找到，並已提交給美國證券交易委員會。

Joining me here in New York to discuss our results are Robin Hayes, our Chief Executive Officer; Joanna Geraghty, our President and Chief Operating Officer; and Steve Priest, our Chief Financial Officer.

我們的首席執行官 Robin Hayes 在紐約和我一起討論我們的結果； Joanna Geraghty，我們的總裁兼首席運營官；和我們的首席財務官 Steve Priest。

Also joining us for Q&A are Scott Laurence, Head of Revenue and Planning; and Dave Clark, VP of Sales and Revenue Management.

收入和規劃主管 Scott Laurence 也加入了我們的問答環節；以及銷售和收入管理副總裁 Dave Clark。

This morning's call includes forward-looking statements about future events.

今天上午的電話會議包括有關未來事件的前瞻性陳述。

Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements.

由於多種因素，實際結果可能與前瞻性陳述中表達的結果存在重大差異，因此，投資者不應過分依賴這些陳述。

For additional information concerning factors that could cause results to differ from the forward-looking statements, please refer to our press release, 10-Q and other reports filed with the SEC.

有關可能導致結果與前瞻性陳述不同的因素的更多信息，請參閱我們的新聞稿、10-Q 和其他向美國證券交易委員會提交的報告。

Also during the course of our call, we may discuss several non-GAAP financial measures.

同樣在我們的通話過程中，我們可能會討論一些非 GAAP 財務措施。

For a reconciliation of these non-GAAP measures to GAAP measures, please refer to the tables at the end of our earnings release, a copy of which is available on our website.

如需將這些非 GAAP 措施與 GAAP 措施進行核對，請參閱我們的收益發布末尾的表格，我們的網站上提供了一份表格副本。

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

現在我想把電話轉給 JetBlue 的首席執行官 Robin Hayes。

Thank you, Dave.

謝謝你，戴夫。

Good morning, everyone.

大家，早安。

I hope you're doing okay.

我希望你一切都好。

As we've done in previous earnings calls since the pandemic began, I would like to pause and remember a lost crew member.

正如自大流行開始以來我們在之前的財報電話會議上所做的那樣，我想停下來記住一位失踪的船員。

1 of the 10 we have now lost to COVID-19.

我們現在輸給 COVID-19 的 10 人中有 1 人。

Garrett Gantt was part of our ground operations team at JFK since 2005, and his teammates will remember him for his kindness, his passion and warmth, and his willingness will always go above and beyond.

加勒特·甘特 (Garrett Gantt) 自 2005 年以來一直是我們肯尼迪機場地面運營團隊的一員，他的隊友們會記住他的善良、熱情和熱情，而他的意願將永遠超越自我。

Our thoughts go out to Garrett's family and friends, to all of our crew members that knew him and, also, everyone so impacted by this pandemic.

我們向加勒特的家人和朋友、所有認識他的船員以及所有受到這一流行病影響的人表示哀悼。

Now I'd like to recognize our 20,000 crew members for their unwavering commitment to serve our customers.

現在，我要表彰我們的 20,000 名機組人員，他們堅定不移地致力於為我們的客戶服務。

2020 was a year like no other.

2020 年是與眾不同的一年。

And as the COVID-19 pandemic challenged our industry in ways we have never seen before, our crew members rose to the occasion and delivered on our mission to inspire humanity.

隨著 COVID-19 大流行以前所未有的方式挑戰我們的行業，我們的機組人員挺身而出，履行了我們激勵人類的使命。

The very foundation of our business model, our culture, our passion, our customer service and our focus on safety continue to guide us as we march towards recovery.

我們的商業模式、我們的文化、我們的熱情、我們的客戶服務和我們對安全的關注的基礎繼續指導我們走向復甦。

At JetBlue, we have been investing in our culture for over 20 years, and our long-standing commitment to empowering our crew members is now more important than ever.

在捷藍航空，20 多年來我們一直在投資於我們的文化，而我們對賦予機組人員權力的長期承諾現在比以往任何時候都更加重要。

As a service company, the pandemic and cries for social justice have underscored our role in reducing biases that have existed for too long.

作為一家服務公司，大流行病和對社會正義的呼聲凸顯了我們在減少長期存在的偏見方面的作用。

We are starting 2021 with a reinvigorated diversity, equity and inclusion plan.

從 2021 年開始，我們將重新制定多元化、公平和包容的計劃。

Our commitment is to better embed DEI into the fabric of JetBlue and to continue our minority and female representation in officer and director ranks -- continue to increase our minority and female representation in officer and director ranks between now and the end of 2025.

我們的承諾是更好地將 DEI 嵌入 JetBlue 的結構中，並繼續我們在官員和董事職位中的少數族裔和女性代表——從現在到 2025 年底，繼續增加我們在官員和董事職位中的少數族裔和女性代表。

We are also reinforcing our commitment to invest in our crew members and improve their access to development opportunities.

我們還加強了對機組人員進行投資並改善他們獲得發展機會的承諾。

Lastly, we intend to better reflect the diverse communities and cultures we serve in all areas of JetBlue.

最後，我們打算更好地反映我們在捷藍航空各個領域所服務的多元化社區和文化。

We believe JetBlue will continue to set the standard in our industry with our comprehensive ESG strategy, and we were the first airline with SASB reporting.

我們相信 JetBlue 將繼續通過我們全面的 ESG 戰略在我們的行業中樹立標準，並且我們是第一家採用 SASB 報告的航空公司。

Our commitment to the environment is to reduce emissions across our business as we respond to the changing expectations of our customers, crew members and owners.

我們對環境的承諾是在我們響應客戶、船員和船東不斷變化的期望時減少整個業務的排放。

Today, we are the only U.S. airline that has achieved carbon neutrality for all domestic flights.

今天，我們是唯一一家所有國內航班都實現碳中和的美國航空公司。

We also intend to achieve net carbon emissions across all of our -- net-zero carbon emissions across all our operations by the end of 2040 at the latest.

我們還打算最遲在 2040 年底之前實現我們所有業務的淨碳排放——我們所有業務的淨零碳排放。

Our plan is to accomplish these goals through fuel-efficient aircraft, expanding our use of sustainable aviation fuels and purchasing carbon offsets.

我們的計劃是通過節油型飛機、擴大我們對可持續航空燃料的使用以及購買碳補償來實現這些目標。

Later this year, we plan to publish our annual ESG report detailing new initiatives, strategies and disclosures, and we'll continue our conversations with all our stakeholders.

今年晚些時候，我們計劃發布我們的年度 ESG 報告，詳細說明新的舉措、戰略和披露，我們將繼續與所有利益相關者進行對話。

I'm proud that while we are in the middle of a pandemic, our team continues to prioritize our work on ESG.

我感到自豪的是，雖然我們正處於大流行之中，但我們的團隊繼續優先考慮我們在 ESG 方面的工作。

Now let's move to Slide 4 of our presentation.

現在讓我們轉到演示文稿的幻燈片 4。

In the fourth quarter, we reported an adjusted loss per share of $1.53.

第四季度，我們報告調整後每股虧損 1.53 美元。

Despite the financial results, I'm proud of what our crew members have accomplished in this extraordinary year.

儘管取得了財務成果，但我為我們的機組人員在這不平凡的一年所取得的成就感到自豪。

And I could not be more confident about our future.

我對我們的未來充滿信心。

Our team has not only managed through the ongoing demand challenges but also has made important progress on strategic initiatives, including revenue, capacity and cost actions.

我們的團隊不僅應對了持續的需求挑戰，而且在戰略計劃方面取得了重要進展，包括收入、產能和成本行動。

Through this work, we believe we will emerge as a stronger JetBlue.

通過這項工作，我們相信我們將成為更強大的捷藍航空。

Moving to Slide 5. We continue on our path to recovery, which consists of 3 steps: first, reducing our cash burn; second, rebuilding our margins; and third, repairing our balance sheet.

轉到幻燈片 5。我們繼續我們的複甦之路，包括 3 個步驟：首先，減少我們的現金消耗；第二，重建我們的利潤率；第三，修復我們的資產負債表。

As we moved through 2020 and meaningfully reduced our cash burn, and we are now starting to shift our focus to rebuilding our margins.

隨著我們度過 2020 年並顯著減少現金消耗，我們現在開始將重點轉移到重建利潤率上。

We remain cautiously optimistic that demand trends will improve later this year.

我們對需求趨勢將在今年晚些時候改善持謹慎樂觀態度。

More importantly, this crisis has made us a more agile, creative and resilient airline, and we believe our initiatives will allow us to merge -- emerge with structurally better margins.

更重要的是，這場危機使我們成為一家更加敏捷、更具創造力和彈性的航空公司，我們相信我們的舉措將使我們能夠合併——以結構性更好的利潤率出現。

Let's start with our network plan.

讓我們從我們的網絡計劃開始。

We have taken aggressive actions to protect cash and remain relevant in our focus cities and announced over 80 new markets while accelerating our expansion in historically constrained markets such as Newark and LAX.

我們已採取積極行動來保護現金並在我們的重點城市保持相關性，並宣布了 80 多個新市場，同時加速我們在紐瓦克和洛杉磯國際機場等歷史上受限的市場的擴張。

We are thrilled to incorporate new aircraft into our fleet that will support our network plan.

我們很高興將新飛機納入我們的機隊，以支持我們的網絡計劃。

This year, we are bringing in the game-changing A220 with it -- and its fantastic economics.

今年，我們帶來了改變遊戲規則的 A220 及其出色的經濟性。

We'll also fly the low-density A321neo and the A321LR, both of which include our incredibly exciting new Mint product, which will carry forward our success in disrupting and reimagining premium travel at significantly lower fares.

我們還將駕駛低密度的 A321neo 和 A321LR，這兩款飛機都包括我們令人難以置信的令人興奮的新 Mint 產品，這將推動我們以極低的票價顛覆和重新構想優質旅行的成功。

We're so excited to shortly launch our landmark Northeast alliance with American Airlines.

我們很高興即將與美國航空公司啟動我們具有里程碑意義的東北聯盟。

This is a truly innovative partnership between 2 independent airlines.

這是兩家獨立航空公司之間真正創新的合作夥伴關係。

Through our different business models, we expect to expand flying in highly constrained markets and bring more low fares to more customers.

通過我們不同的商業模式，我們希望擴大在高度受限市場的飛行，並為更多客戶帶來更低的票價。

We plan to offer new and increased flight options, improved schedules, better connections and more competitive fares.

我們計劃提供新的和更多的航班選擇、改進的時刻表、更好的連接和更具競爭力的票價。

Our customers will have access to more domestic and international destination and an improved frequent flyer program.

我們的客戶將能夠前往更多的國內和國際目的地，以及改進的飛行常客計劃。

For JetBlue, this alliance will help us recover more quickly while also protecting jobs.

對於捷藍航空來說，這個聯盟將幫助我們更快地恢復，同時也保護工作。

Beyond fleet and network, we plan to continue to enhance our digital experience and develop our JetBlue travel products offering.

除了機隊和網絡之外，我們還計劃繼續提升我們的數字體驗並開發我們的捷藍航空旅行產品。

Last year, we relaunched JetBlue Vacations, bringing innovative new benefit to vacation packages such as personalized service in destination, travel perks, payment flexibility and a best price guarantee.

去年，我們重新推出了 JetBlue Vacations，為度假套餐帶來了創新的新好處，例如目的地個性化服務、旅行津貼、支付靈活性和最優價格保證。

We also enhanced our travel insurance product.

我們還改進了旅遊保險產品。

We are now working to scale up our platform to help our customers easily add products to their travel plans with JetBlue.

我們現在正在努力擴展我們的平台，以幫助我們的客戶輕鬆地將產品添加到他們使用 JetBlue 的旅行計劃中。

The initial results are encouraging, and we believe that as leisure traffic returns, we will see attach rates improving compared to our pre-COVID rates.

初步結果令人鼓舞，我們相信隨著休閒交通的回歸，與 COVID 之前的比率相比，我們將看到附加率有所提高。

Lastly, we remain committed to keeping our costs low and ensuring that our efforts across JetBlue translate into better margins and higher earnings.

最後，我們仍然致力於保持低成本，並確保我們在捷藍航空的努力轉化為更高的利潤和收益。

We continue to find meaningful opportunities to both -- in both our fixed and variable cost structures, which reinforces our low-cost, low-fare leisure model.

我們繼續在我們的固定和可變成本結構中尋找有意義的機會，這加強了我們的低成本、低票價的休閒模式。

Steve will provide more detail on our 2021 cost plan and how this adds to the cost savings we achieved through our structural cost program.

Steve 將提供有關我們 2021 年成本計劃的更多詳細信息，以及這將如何增加我們通過結構成本計劃實現的成本節約。

Of course, all these efforts would not be possible without our incredible crew members.

當然，如果沒有我們出色的機組人員，所有這些努力都是不可能的。

I want to thank them for their personal sacrifice as this crisis has impacted their lives with reduced hours and reduced paychecks.

我要感謝他們的個人犧牲，因為這場危機影響了他們的生活，減少了工作時間和薪水。

And on behalf of all of our crew members, I want to thank our government leaders particularly at the U.S. Treasury for their continued and vital support for our industry, which has helped save many jobs.

我謹代表我們所有的船員，感謝我們的政府領導人，尤其是美國財政部的領導人，感謝他們對我們行業持續而重要的支持，這幫助挽救了許多工作崗位。

We are, as we all know, navigating the most challenging times in our history, but we are starting to see light at the end of the tunnel.

眾所周知，我們正在度過歷史上最具挑戰性的時期，但我們開始看到隧道盡頭的曙光。

Our team will continue to do everything we can to protect the future of JetBlue, protect our crew members and emerge as a stronger airline.

我們的團隊將繼續盡我們所能來保護捷藍航空的未來，保護我們的機組人員並成為一家更強大的航空公司。

Joanna, over to you.

喬安娜，交給你了。

Thank you, Robin.

謝謝你，羅賓。

First, a shout-out to our crew members who continue to manage all of the challenges and operational complexities associated with COVID.

首先，向我們的機組人員大聲疾呼，他們繼續應對與 COVID 相關的所有挑戰和運營複雜性。

They are delivering a safe and healthy experience day in and day out for our customers and have truly been at the center of our safety from the ground-up program.

他們日復一日地為我們的客戶提供安全和健康的體驗，並且真正成為我們從頭開始的安全計劃的中心。

They continue to instill confidence that flying remains a safe mode of travel.

他們繼續灌輸信心，認為飛行仍然是一種安全的旅行方式。

And thanks to them, we saw in 2020, one of the highest NPS scores in our recorded history.

多虧了他們，我們在 2020 年看到了我們有記錄的歷史上最高的 NPS 分數之一。

Consistently delivering on our safety commitments remains one of the top reasons why customers are returning to air travel and why, when given the choice, they are choosing JetBlue.

始終如一地履行我們的安全承諾仍然是客戶重返航空旅行以及在有選擇的情況下選擇捷藍航空的主要原因之一。

And we continue to evolve our program to reflect the most current information about COVID and addressing the areas that customers tell us they need to see addressed to get them flying again.

我們將繼續改進我們的計劃，以反映有關 COVID 的最新信息，並解決客戶告訴我們他們需要解決的問題才能讓他們再次飛行。

Our focus remains on cleanliness, reduce touchpoints and air quality.

我們的重點仍然是清潔、減少接觸點和空氣質量。

And we are also prioritizing efforts to educate our customers about the changing regulatory requirements associated with air travel, including testing, quarantine and documentation requirements.

我們還優先努力讓我們的客戶了解與航空旅行相關的不斷變化的監管要求，包括測試、檢疫和文件要求。

We know that many customers want to travel, and we are trying to help them more easily navigate the landscape.

我們知道許多客戶想要旅行，我們正在努力幫助他們更輕鬆地駕馭風景。

We are working with CommonPass, a health records platform in certain markets to help customers easily validate their COVID status prior to travel.

我們正在與某些市場的健康記錄平台 CommonPass 合作，以幫助客戶在旅行前輕鬆驗證其 COVID 狀態。

We have an eye toward including verifiable vaccine information in such a platform, as we believe this will be an important part of future travel.

我們著眼於在這樣的平台中包含可驗證的疫苗信息，因為我們相信這將是未來旅行的重要組成部分。

We are also offering pre-departure and arrival testing options in Boston and JFK with XpresCheck, and we continue to grow our partnership with Vault Health, providing customers with a home-based testing option both within the United States and internationally.

我們還通過 XpresCheck 在波士頓和肯尼迪國際機場提供出發前和到達前的測試選項，並且我們繼續發展與 Vault Health 的合作夥伴關係，為美國和國際客戶提供基於家庭的測試選項。

We will continue to work on options that help our customers more easily navigate this landscape while also pivoting to vaccine documentation.

我們將繼續致力於幫助我們的客戶更輕鬆地駕馭這一局面的選擇，同時也轉向疫苗文件。

Moving to Slide 7. In the fourth quarter, our revenue declined 67% year-over-year.

轉到幻燈片 7。第四季度，我們的收入同比下降 67%。

This marks a 9-point sequential improvement from the prior quarter.

這標誌著比上一季度連續改善了 9 個百分點。

And while demand improved in October, booking trends slowed in November, following increasing case counts and the CDC recommendation to avoid travel during the holidays.

儘管 10 月份的需求有所改善，但由於病例數增加以及 CDC 建議避免在假期期間出行，11 月份的預訂趨勢有所放緩。

However, even with this headwind, we were pleased to close the quarter with the December holidays, providing our highest traffic volumes since the start of the pandemic.

然而，即使有這種逆風，我們還是很高興以 12 月的假期結束了本季度，提供了自大流行開始以來的最高交通量。

During the fourth quarter, our Latin and Caribbean franchise continued to perform relatively well, with demand being led by our VFR markets as well as a modest increase of customers traveling to leisure markets.

在第四季度，我們的拉丁美洲和加勒比特許經營繼續表現相對較好，需求由我們的 VFR 市場引領，並且前往休閒市場的客戶略有增加。

All of our domestic regions also saw revenue growth quarter-over-quarter with Florida markets having the greatest improvement domestically.

我們所有國內地區的收入都出現了環比增長，其中佛羅里達市場在國內的增幅最大。

Despite this progress in the fourth quarter, our geographic challenges persist with elevated case counts and continued quarantine measures, particularly in the Northeast and California.

儘管第四季度取得了這一進展，但我們的地理挑戰仍然存在，因為病例數增加和隔離措施持續，特別是在東北部和加利福尼亞州。

For the first quarter of 2021, our planning assumption for revenue is a decline of between 65% and 70% versus the first quarter of 2019.

對於 2021 年第一季度，我們的收入計劃假設是與 2019 年第一季度相比下降 65% 至 70%。

We saw increased demand for Martin Luther King weekend and are seeing a similar pattern for President's Day weekend, but we do not anticipate traffic to reach the levels of late December.

我們看到馬丁路德金周末的需求增加，總統日週末也出現類似的模式，但我們預計客流量不會達到 12 月下旬的水平。

The CDC order effective earlier this week, requiring all customers over the age of 2 to present a negative COVID test before entering the U.S. is also pressuring bookings in our international markets.

本週早些時候生效的 CDC 命令要求所有 2 歲以上的客戶在進入美國之前出示 COVID 檢測呈陰性，這也給我們國際市場的預訂帶來了壓力。

As a result of these international travel restrictions, we are seeing increased leisure demand to Florida, including our new Blue cities of Miami and Key West.

由於這些國際旅行限制，我們看到佛羅里達州的休閒需求增加，包括我們新的藍色城市邁阿密和基韋斯特。

However, Florida fares are low with relatively high levels of industry capacity.

然而，佛羅里達州的票價較低，行業產能水平相對較高。

Our revenue plan for 2021 continues to evolve.

我們 2021 年的收入計劃繼續發展。

And as we've said all along, we do not expect that recovery will be linear.

正如我們一直所說的那樣，我們預計復甦不會是線性的。

We believe that we will begin to see material revenue recovery when there is a meaningful and sustained decrease in COVID case counts.

我們相信，當 COVID 病例數出現有意義且持續的減少時，我們將開始看到實質性的收入恢復。

As proof points, we saw demand accelerate back in May and August when case counts started to decline.

作為證據，我們看到需求在 5 月和 8 月加速增長，當時案件數量開始下降。

We expect to see much of the same as case counts decrease in the coming weeks and months, particularly in the Northeast, where we believe demand may accelerate at a higher pace given the more stringent quarantines.

我們預計在未來幾周和幾個月內，隨著病例數的減少，我們會看到很多相同的情況，特別是在東北部，我們認為，鑑於更嚴格的隔離措施，需求可能會以更快的速度加速增長。

We are optimistic that this decrease will come when there's increased immunity across the population.

我們樂觀地認為，當整個人群的免疫力增強時，這種下降就會到來。

We also believe that governments will adjust travel restrictions with decreasing case counts, further fueling demand.

我們還認為，隨著案件數量的減少，政府將調整旅行限制，進一步刺激需求。

At present, the booking curve is relatively short.

目前，預訂曲線相對較短。

As case counts come down, customers will be able to more confidently plan future trips, leading to a lengthening of the booking curve.

隨著案件數量的減少，客戶將能夠更有信心地計劃未來的旅行，從而延長預訂曲線。

As we move to a recovery phase, we believe that our predominantly leisure footprint and low-cost structure buttressed by our strategic initiatives should position JetBlue well exiting the pandemic.

隨著我們進入復甦階段，我們相信我們的主要休閒足跡和我們的戰略舉措支持的低成本結構應該使捷藍航空能夠很好地擺脫大流行。

We are excited about our recent upgrade to a new revenue management system, part of our continuous improvement in our revenue management tools.

我們對最近升級到新的收入管理系統感到興奮，這是我們不斷改進收入管理工具的一部分。

This system enables us to better forecast demand and better understand customer elasticity, which is a key tool for driving increased revenue.

該系統使我們能夠更好地預測需求並更好地了解客戶彈性，這是推動增加收入的關鍵工具。

We are also implementing EMD capabilities that will allow us to sell ancillary products more broadly and also to price them more dynamically.

我們還實施了 EMD 功能，這將使我們能夠更廣泛地銷售輔助產品，並更加動態地定價。

We also continue to optimize our ancillary offerings, making our product and price proposition more competitive and more attractive to customers.

我們還繼續優化我們的輔助產品，使我們的產品和價格主張更具競爭力，對客戶更具吸引力。

We remain very pleased with the upsell behavior of Fare Options 2.0 since the rollout in 2019.

自 2019 年推出以來，我們對 Fare Options 2.0 的追加銷售行為感到非常滿意。

As we continue to refine and improve our segmentation strategy, we will announce updates to Fair Option features in the coming weeks.

隨著我們繼續完善和改進我們的細分策略，我們將在未來幾週內宣布 Fair Option 功能的更新。

We've made additional strides towards a direct distribution strategy and have reduced the number of external partners that we work with.

我們在直接分銷戰略方面取得了更大的進步，並減少了與我們合作的外部合作夥伴的數量。

There are numerous channels for our customers to view our fares and offerings, but we are always encouraging them to book their travel at jetblue.com.

我們的客戶可以通過多種渠道查看我們的票價和服務，但我們始終鼓勵他們在 jetblue.com 上預訂旅行。

Lastly and certainly not least, our loyalty program is an area ripe for evolution.

最後但同樣重要的是，我們的忠誠度計劃是一個成熟的發展領域。

We see an opportunity for JetBlue to grow our revenue base substantially over the coming years through personalization and a program tailored to different types of customers and their preferences.

我們看到捷藍航空有機會在未來幾年通過個性化和針對不同類型客戶及其偏好量身定制的計劃來大幅增加我們的收入基礎。

We are also currently out with an RFP for our co-brand partnership to enhance our value proposition to customers.

我們目前還為我們的聯合品牌合作夥伴關係提供 RFP，以增強我們對客戶的價值主張。

Turning to capacity on Slide 8. In the fourth quarter, our flown capacity declined 47% year-over-year.

關於幻燈片 8 的運力。第四季度，我們的運力同比下降 47%。

For the first quarter of 2021, our planning assumption is for capacity to decline at least 40% versus Q1 2019.

對於 2021 年第一季度，我們的計劃假設是產能與 2019 年第一季度相比至少下降 40%。

The sequential growth is driven in part by expectations for improving demand trends in the back half of the quarter and also by the extension of the payroll support program, which brings down our cash breakeven load factors despite the headwinds of high fuel prices and seasonally lower fares.

連續增長的部分原因是對本季度後半段需求趨勢改善的預期，以及工資支持計劃的延長，這降低了我們的現金盈虧平衡負荷率，儘管存在高油價和季節性低票價的不利因素.

I want to recognize the many JetBlue teams who have been managing the peaks and troughs of the quarter, quickly ramping up the operation to over 700 flights per day during the holiday and dialing our flights back to less than 300 per day during troughs.

我想感謝許多 JetBlue 團隊，他們一直在管理本季度的高峰和低谷，在假期期間迅速將運營增加到每天 700 多個航班，並在低谷期間將我們的航班撥回到每天不到 300 個。

We continue to adjust our flying to areas of relative strength, and over 15% of our capacity in the first quarter of 2021 is in new markets.

我們繼續將我們的飛行調整到相對強勢的地區，2021 年第一季度我們超過 15% 的運力是在新市場。

We've been quick to add new flying in areas of strength but also quick to pull capacity in underperforming areas.

我們在優勢領域迅速增加了新的飛行，但也在表現不佳的領域迅速拉動了容量。

Thank you to our network team for finding new and creative opportunities to deploy our fleet to support cash generation and the financial sustainability of JetBlue as well as our operations, customer experience and revenue teams for executing these opportunities so well.

感謝我們的網絡團隊尋找新的和創造性的機會來部署我們的機隊以支持捷藍航空的現金產生和財務可持續性，以及我們的運營、客戶體驗和收入團隊很好地執行這些機會。

As we move through 2021, we plan to bring capacity back in line with demand trends, addressing short-term pressures while solidifying our long-term position in our focus cities.

隨著 2021 年的到來，我們計劃使產能重新與需求趨勢保持一致，解決短期壓力，同時鞏固我們在重點城市的長期地位。

Thank you again to our crew members for closing out another year with their commitment to safety during what has been the most challenging year in JetBlue's history.

再次感謝我們的機組人員在捷藍航空歷史上最具挑戰性的一年中以安全承諾結束又一年。

With that, over to you, Steve.

有了這個，就交給你了，史蒂夫。

Thank you, Joanna, and good morning, everyone.

謝謝你，喬安娜，大家早上好。

I would like to add my thanks to our crew members for doing a phenomenal job in 2020, taking care of each other and our customers and ensuring the financial health of JetBlue.

我還要感謝我們的機組人員在 2020 年所做的出色工作，他們互相照顧，照顧我們的客戶，確保捷藍航空的財務健康。

Turning to Slide 10 and a brief overview of our financial results for the quarter.

轉到幻燈片 10 並簡要概述我們本季度的財務業績。

Revenue was $661 million, down 67% year-over-year.

收入為 6.61 億美元，同比下降 67%。

Operating expenses were down 38% year-over-year.

營業費用同比下降 38%。

Excluding the benefit from CARES Act and charges related to fleet and voluntary leave programs for our crew members, operating expenses were down 34% year-over-year.

不包括 CARES 法案帶來的好處以及與船隊和船員自願休假計劃相關的費用，運營費用同比下降 34%。

GAAP loss per diluted share was $1.34, and adjusted loss per diluted share was $1.53.

GAAP 每股攤薄虧損為 1.34 美元，調整後每股攤薄虧損為 1.53 美元。

Moving on to Slide 11.

轉到幻燈片 11。

As Robin mentioned, we continue to make progress towards recovery, reducing our cash burn, laying the foundation to rebuild our margins and remaining committed to balance sheet repair.

正如羅賓所提到的，我們繼續在復蘇方面取得進展，減少我們的現金消耗，為重建我們的利潤率奠定基礎，並繼續致力於修復資產負債表。

Our average daily cash burn for the fourth quarter was $6.7 million towards the lower end of the $6 million to $8 million range previously expected.

我們第四季度的平均每日現金消耗為 670 萬美元，接近之前預期的 600 萬至 800 萬美元範圍的下限。

This was a result of variable cost savings achieved through our balanced approach to capacity and our actions to minimize fixed costs across our business.

這是通過我們平衡的容量方法和我們將整個業務的固定成本降至最低的行動實現的可變成本節約的結果。

At the end of December, our total liquidity, including restricted and unrestricted cash, was $3.1 billion or 38% of our 2019 revenue.

截至 12 月底，我們的總流動資金（包括受限和非受限現金）為 31 億美元，占我們 2019 年收入的 38%。

Our liquidity includes funds from the equity transaction we executed in December and sale leasebacks to finance aircraft deliveries.

我們的流動資金包括來自我們在 12 月執行的股權交易的資金和為飛機交付融資的售後回租。

Starting this quarter, we will transition from reporting all-in cash burn to EBITDA.

從本季度開始，我們將從報告全部現金消耗過渡到 EBITDA。

We believe that this metric brings better visibility to JetBlue's underlying performance as we move towards recovery.

我們相信，隨著我們走向復甦，這一指標可以更好地了解捷藍航空的基本業績。

We estimate our EBITDA for the first quarter will range between negative $525 million to $625 million, reflecting similar revenue trends for the fourth quarter, but also manifesting recent cost pressures from rents and landing fees as well as fuel prices.

我們估計第一季度的 EBITDA 將在負 5.25 億美元至 6.25 億美元之間，反映了第四季度類似的收入趨勢，但也體現了近期租金和著陸費以及燃料價格的成本壓力。

For reference, we have included the reconciliation table in the appendix section of our presentation.

作為參考，我們在演示文稿的附錄部分包含了調節表。

As Joanna mentioned, we are starting the year with challenging demand trends and where we fall within the planned EBITDA range will depend on the pace of revenue recovery during the quarter.

正如 Joanna 提到的那樣，我們以充滿挑戰的需求趨勢開始了今年，我們在計劃的 EBITDA 範圍內的位置將取決於本季度收入恢復的速度。

Turning to Slide 12.

轉到幻燈片 12。

During the fourth quarter, our adjusted operating expenses declined 34% year-over-year.

第四季度，我們調整後的運營費用同比下降 34%。

This excludes the payroll benefit from CARES Act of $49 million, the CARES Act benefit related to employee retention credits for $36 million.

這不包括來自 CARES 法案的 4900 萬美元工資福利，以及與員工保留信用相關的 CARES 法案福利 3600 萬美元。

It also includes a $15 million charge related to fleet impairment and $1 million in charges related to crew member opt-out programs.

它還包括 1500 萬美元與機隊受損相關的費用和 100 萬美元與船員退出計劃相關的費用。

This performance relative to our expectations was driven by our capacity actions and solid cost execution during the quarter.

相對於我們的預期，這一業績是由我們在本季度的產能行動和可靠的成本執行推動的。

Our working assumption for the first quarter is a reduction in our total operating expenses of approximately 25% year over 2. The sequential quarterly increase is driven by our capacity plan and external cost headwinds, particularly rents and landing fees as well as fuel prices.

我們對第一季度的工作假設是我們的總運營費用比 2 年減少約 25%。連續的季度增長是由我們的產能計劃和外部成本逆風推動的，尤其是租金和著陸費以及燃料價格。

We anticipate some of these cost pressures will normalize over time as traffic volumes recover.

我們預計，隨著交通量的恢復，其中一些成本壓力將隨著時間的推移而正常化。

Moving to Slide 13.

移至幻燈片 13。

We continue to take aggressive approach to improve our cost structure and to help rebuild our margins.

我們繼續採取積極的方法來改善我們的成本結構並幫助重建我們的利潤率。

Our 2021 plan reduces our total operating cost by over $1.2 billion compared to 2019.

與 2019 年相比，我們的 2021 年計劃使我們的總運營成本減少了 12 億美元以上。

We believe that executing our plan will put us on a path to emerge from the crisis with better CASM ex-fuel in 2022 than 2019.

我們相信，執行我們的計劃將使我們走上一條在 2022 年以比 2019 年更好的 CASM 前燃料擺脫危機的道路。

Naturally, achieving our plan will be a function of demand recovery, bringing back capacity and ultimately taking our aircraft utilization to pre-crisis levels.

自然地，實現我們的計劃將取決於需求恢復、運力恢復並最終將我們的飛機利用率恢復到危機前水平。

In order to achieve our unit cost goals and improve our margins going forward, we are targeting a reduction in our 2021 fixed costs between $150 million to $200 million compared to 2019.

為了實現我們的單位成本目標並提高未來的利潤率，我們的目標是將 2021 年的固定成本與 2019 年相比減少 1.5 億至 2 億美元。

For perspective, this is a 6% decline on our fixed cost base on a 6% larger fleet year over 2.

從長遠來看，我們的固定成本下降了 6%，機隊規模比 2 年增加了 6%。

Our fixed cost savings will come from our support functions and business partners.

我們節省的固定成本將來自我們的支持職能和業務合作夥伴。

We've rescaled our support footprint through crew member opt-out programs and consolidating our real estate assets and plan on driving additional efficiencies across JetBlue.

我們通過機組成員選擇退出計劃重新調整了我們的支持足跡，並整合了我們的房地產資產，併計劃在整個捷藍航空中提高效率。

This includes automation, standardization of internal processes and, of course, aggressively managing our discretionary spend.

這包括自動化、內部流程標準化，當然還有積極管理我們的可自由支配支出。

Throughout 2020, we work closely with our business partners to adjust our commitments and secure rate reductions as well as payment term modifications.

在整個 2020 年，我們與業務合作夥伴密切合作，調整我們的承諾並確保降低費率以及修改付款期限。

This year, we will continue collaborating with them to rightsize our contracts, increase available components of our pricing and further drive down our overall costs.

今年，我們將繼續與他們合作，調整我們的合同規模，增加我們定價的可用組成部分，並進一步降低我們的總體成本。

In addition to our work on fixed costs, we are aligning the variable portion of our cost structure to our capacity and network plan.

除了我們在固定成本方面的工作外，我們還在使成本結構的可變部分與我們的容量和網絡計劃保持一致。

We are focused on achieving savings by optimizing engine maintenance events as you bring aircraft back to the operation and continue to drive frontline productivity with the support of technology.

我們專注於在您將飛機恢復運營時通過優化發動機維護活動來實現節省，並在技術支持下繼續提高一線生產力。

Moreover, we are incorporating more fuel-efficient aircraft into our fleet and increasing fuel efficiency measures throughout the operation.

此外，我們正在將更省油的飛機納入我們的機隊，並在整個運營過程中加強燃油效率措施。

We do expect some headwinds in 2021, which will undoubtedly develop, including investments to protect the health and safety of our customers.

我們確實預計 2021 年會出現一些逆風，這些逆風無疑會發展，包括為保護我們客戶的健康和安全而進行的投資。

Low costs remain an absolute strategic focus at JetBlue.

低成本仍然是捷藍航空的絕對戰略重點。

At the beginning of 2020, we reported the completion of our structured cost program, resulting in run rate savings, which will manifest in our P&L as we return to growth.

在 2020 年初，我們報告了結構性成本計劃的完成，從而節省了運行率，這將在我們恢復增長時體現在我們的損益表中。

We look forward to continuing the momentum and controlling our unit cost trajectory over the next few years.

我們期待在未來幾年繼續保持這種勢頭並控制我們的單位成本軌跡。

Moving to Slide 14.

轉到幻燈片 14。

In the fourth quarter, we took delivery of 2 A321neos and our first A220 aircraft, bringing our year-end fleet count to 267 aircraft.

第四季度，我們接收了 2 架 A321neo 和我們的第一架 A220 飛機，使我們年末機隊數量達到 267 架飛機。

During 2021, we expect delivery of 7 A220s, 5 A321neos and 3 A321LRs with annual CapEx of approximately $1 billion.

2021 年，我們預計將交付 7 架 A220、5 架 A321neo 和 3 架 A321LR，年度資本支出約為 10 億美元。

For the 3-year period, 2020 to 2022, we lowered our CapEx by $2 billion compared to our pre-pandemic plans.

在 2020 年至 2022 年的 3 年期間，與大流行前的計劃相比，我們將資本支出降低了 20 億美元。

Our reworked order book, which supports our network strategy, protects our A220 deliveries, a platform we expect to deliver 30% lower direct operating cost per seat compared to our E190s.

我們重新設計的訂單簿支持我們的網絡戰略，保護我們的 A220 交付，與我們的 E190 相比，我們希望該平台的每個座位直接運營成本降低 30%。

Moving to Slide 15.

移動到幻燈片 15。

We continue to have one of the strongest balance sheets in the industry with a debt-to-cap ratio of 57% at the year-end of 2020.

我們繼續擁有業內最強勁的資產負債表之一，到 2020 年底的債務資本比率為 57%。

We believe our current liquidity, our efforts to reduce cash burn and our balance sheet strength will enable us to navigate the demand challenges of 2021.

我們相信，我們目前的流動性、我們減少現金消耗的努力以及我們的資產負債表實力將使我們能夠應對 2021 年的需求挑戰。

This quarter, we anticipate receiving over $500 million from the second round of the CARES Act payroll support program, helping us protect jobs at JetBlue.

本季度，我們預計將從第二輪 CARES 法案薪資支持計劃中獲得超過 5 億美元，幫助我們保護 JetBlue 的工作崗位。

I'll close with a final thank you to all of our crew members.

最後，我要感謝我們所有的工作人員。

We remain confident in our ability to protect JetBlue and position us for better days ahead.

我們仍然相信我們有能力保護捷藍航空，並讓我們為未來更好的日子做好準備。

Although 2021 will be another challenging year, we'll remain nimble and continue to execute on our cost plan and commercial initiatives.

儘管 2021 年將是又一個充滿挑戰的一年，但我們將保持靈活並繼續執行我們的成本計劃和商業計劃。

We believe that our hard work will begin to pay off and will make us stronger for the years to come.

我們相信，我們的辛勤工作將開始得到回報，並將使我們在未來幾年變得更加強大。

With that, we will now take your questions.

有了這個，我們現在將回答您的問題。

Thanks, everyone.

感謝大家。

Now we're now ready for the question-and-answer session with the analysts.

現在我們已經準備好與分析師進行問答環節。

Please go ahead with the instructions.

請繼續按照說明進行操作。

(Operator Instructions) Our first question comes from the line of Duane Pfennigwerth from Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

I'm just looking at your slides here with the reduction in total OpEx expected for 2021.

我只是在這裡查看您的幻燈片，預計 2021 年總運營支出將減少。

What is the capacity base that you're assuming?

您假設的容量基礎是什麼？

And I guess, what is the implication for unit costs?

我想，這對單位成本意味著什麼？

Obviously, it's a little confusing here in the early part of the year.

顯然，今年年初這裡有點混亂。

But just as we roll forward, kind of what does this imply for second half capacity and unit costs?

但就在我們向前推進時，這對下半年的產能和單位成本意味著什麼？

Duane, it's Steve here.

杜安，我是史蒂夫。

Duane, if you just refer to our Slide 13 that you've talked about, you'll see a footnote in terms of the assumption for capacity.

Duane，如果你只是參考你談到的我們的幻燈片 13，你會看到關於容量假設的腳註。

Full year 2021 capacity of 70% of sort of 2019 capacity.

2021 年全年產能為 2019 年產能的 70%。

The way that we are planning our business, Duane, is that we continue to see sequential improvement in the demand environment and, hence, capacity as we progress through 2021, leaving '21 and entering '22 with comparable capacity for the sort of 2019 year.

杜安，我們計劃業務的方式是，我們繼續看到需求環境的連續改善，因此，隨著我們在 2021 年的發展，離開 21 年進入 22 年，與 2019 年的產能相當.

So from a unit cost progression, I would expect that, that will improve as we gain momentum through 2021 because, naturally, we become more efficient as a business as we fly more of the fleet, and we get back to sort of sense of normality.

因此，從單位成本的進展來看，我預計，隨著我們在 2021 年獲得動力，這種情況會有所改善，因為隨著我們飛行更多的機隊，我們作為一家企業的效率自然會提高，我們會恢復到某種常態感.

And then our planning assumption underpinning the economics that we've laid out from a cost standpoint is that 2022's capacity mirrors that of 2019, but obviously, that's all predicated on what happens in the demand environment, where things lie with sort of vaccinations and coming out the other side of COVID.

然後我們的計劃假設支撐了我們從成本角度製定的經濟學，即 2022 年的產能反映了 2019 年的產能，但顯然，這一切都取決於需求環境中發生的情況，疫苗接種和即將到來的情況在 COVID 的另一邊。

Hopefully, that makes sense to you, sir.

先生，希望這對您有意義。

Yes.

是的。

That's a good perspective.

這是一個很好的觀點。

And then just on some of the fleet movement as you bring on a new fleet type here and you're preparing for London flying, presumably.

然後，當你在這裡引進一種新的艦隊類型時，就在艦隊的一些運動上，你大概是在為倫敦飛行做準備。

Can you just quantify the training or the approval cost associated with kind of new fleet types and Europe approval?

您能否量化與新型機隊類型和歐洲批准相關的培訓或批准成本？

Yes.

是的。

Good question, Duane.

問得好，杜安。

We have been ruthless over the last year about prioritization across JetBlue.

在過去的一年裡，我們對捷藍航空的優先次序採取了無情的態度。

You can imagine an airline, many different priorities coming into 2020, and we've done a really great job at consolidating those and being really driven on some specific ones.

你可以想像一家航空公司，到 2020 年會有許多不同的優先事項，我們在整合這些優先事項方面做得非常出色，並真正推動了一些特定的優先事項。

For example, the A220 that's got game-changing economics to protect and grow our margins as we go forward.

例如，A220 具有改變遊戲規則的經濟性，可以在我們前進的過程中保護和增加我們的利潤。

And so embedded in our sort of 2021 cost plan are, obviously, the training and transition costs are bringing both the A220 and the A321 LD -- the new neo LD, low-density, and the LR into the fleet and our launch to London later this year.

因此，很明顯，我們的 2021 年成本計劃中包含培訓和過渡成本，它們將 A220 和 A321 LD——新的 neo LD、低密度和 LR 引入機隊，並在倫敦發射今年晚些時候。

So that's all incorporated into our numbers.

所以這一切都包含在我們的數字中。

And the teams have worked tirelessly to make sure we do this both in the right way, but we do it with the right economics.

團隊不知疲倦地工作，以確保我們以正確的方式做到這一點，但我們以正確的經濟方式做到這一點。

So that's all sort of embedded in there.

所以這一切都嵌入其中。

And so that's where we are with that.

這就是我們的立場。

Not, obviously, going to get into the specifics of those items, but just to give you confidence, it's all embedded in there, and we're looking forward to having both aircraft enter into service during this year.

顯然，我不會深入了解這些項目的細節，只是為了讓您有信心，所有這些都嵌入其中，我們期待著這兩架飛機在今年投入使用。

Next question comes from the line of Catherine O'Brien from Goldman Sachs.

下一個問題來自高盛的 Catherine O'Brien。

Maybe just another one on costs for you, Steve.

也許只是另一個關於成本的問題，史蒂夫。

So can you share how we should think about what, if any, of that $1.2 billion and lower 2021 cost versus 2019 is permanent as opposed to volume-related?

那麼，您能否分享一下我們應該如何考慮 12 億美元和 2021 年與 2019 年相比較低的成本中有哪些是永久性的，而不是與數量相關的？

Is it just that $150 million to $200 million fixed cost amount you called out or there's more than that?

僅僅是你提出的 1.5 億到 2 億美元的固定成本金額還是不止於此？

Catie, yes.

凱蒂，是的。

So this is why we have laid out and given you some transparence in our planning assumption between fixed and variable costs.

因此，這就是為什麼我們在固定成本和可變成本之間的規劃假設中進行了佈局並為您提供了一些透明度。

And so obviously, we have had the opportunity off the back of the structural cost program and being during this pandemic to turn over every stone again and go even deeper to look at the fixed cost structure and keep and maintain as much of that fixed cost structure out as we sort of come back to normality going forward.

很明顯，我們有機會在結構成本計劃的支持下，在這場大流行期間再次翻過每一塊石頭，更深入地研究固定成本結構，並儘可能多地保持和維持固定成本結構出來，因為我們有點恢復正常。

And that, candidly, is where the $150 million to $200 million comes from in a number of areas like, as we sort of previously discussed, our support footprint, real estate consolidation, IT infrastructure and transition from data centers to the cloud, et cetera, just to mention a couple.

坦率地說，這就是 1.5 億到 2 億美元來自許多領域的地方，比如我們之前討論過的支持足跡、房地產整合、IT 基礎設施以及從數據中心到雲的過渡等，僅舉幾例。

Now when you think about the variable cost structure, we did a huge amount of work associated with the structural cost program, where we really get the benefits of scale.

現在，當您考慮可變成本結構時，我們做了大量與結構成本計劃相關的工作，我們真正獲得了規模效益。

And as we've come into 2021 with a compromised network you obviously aren't getting the economies of scale as that returns.

隨著我們進入 2021 年，網絡受損，您顯然無法獲得規模經濟作為回報。

And so with the way we're thinking about this is a huge level of stickiness associated with fixed costs that we've taken out, and we'll do everything, obviously, not to put them back in, but also as we scale our business and we get our fleet utilization back up, you are going to see the fruits of our labor on our variable cost structure, which will continue to drive economies of scale.

因此，我們考慮的方式是與我們已經取出的固定成本相關的巨大粘性，顯然，我們將盡一切努力，而不是將它們放回去，而且隨著我們擴大我們的規模業務，我們的車隊利用率得到恢復，您將看到我們在可變成本結構上的勞動成果，這將繼續推動規模經濟。

So again, hopefully, that gives you some color about how we've laid this out in a very transparent way so that you can see our game plan for the next couple of years.

因此，希望這能再次讓您了解我們如何以非常透明的方式進行佈局，以便您可以看到我們未來幾年的遊戲計劃。

Yes, definitely.

當然是。

And then maybe my second one, I think, might be for Joanna, but so with your network exposure to some of the more restricted parts of the country, the Northeast and California, what flying are you able to reallocate to parts of your network that might be seeing better demand trends?

然後也許我的第二個，我想，可能是給喬安娜的，但是由於您的網絡暴露於該國一些更受限制的地區，東北部和加利福尼亞州，您可以將哪些航班重新分配給您的網絡部分可能會看到更好的需求趨勢？

Are there any additional new markets you look at in addition to that 15% of capacity you've got planned for the first quarter?

除了第一季度計劃的 15% 的容量之外，您是否還有其他新市場？

And then I guess, lastly, tied to all this, is there any way for us to think about order of magnitude?

然後我想，最後，與所有這些相關聯，我們有沒有辦法考慮數量級？

How much California and Northeast are underperforming the rest of your network?

加州和東北部在多大程度上落後於您網絡的其他部分？

Thanks a lot there.

非常感謝那裡。

Now let me try to piece it apart.

現在讓我試著把它分開。

So maybe broadly speaking, I think the team has done an exceptional job of redeploying capacity to those areas where there is demand.

因此，從廣義上講，我認為該團隊在將能力重新部署到有需求的領域方面做得非常出色。

So as Robin mentioned in his opening remarks, we've announced more than 80 new routes since the pandemic started.

因此，正如羅賓在開場白中提到的那樣，自大流行開始以來，我們已經宣布了 80 多條新路線。

15% of what we're seeing in 2021 is actually flying in new geographies, which is just, I think, fantastic, and I think reflects the nimbleness and creativity of the team to address and try to mitigate that disproportionate impact that we are seeing in the Northeast.

我們在 2021 年看到的 15% 實際上是在新的地區飛行，我認為這太棒了，而且我認為反映了團隊的敏捷性和創造力，以應對並試圖減輕我們所看到的不成比例的影響在東北。

And so far as California is concerned, it still represents a relatively small portion of our overall network.

就加利福尼亞而言，它仍然只占我們整個網絡的一小部分。

That said, we are pleased to see the stay-at-home orders lifting and optimistic that we will see demand recover in, I'd say, medium time frame for California as we've seen in other parts of the country where quarantines have been lifted and where case counts have dropped.

話雖如此，我們很高興看到居家訂單的增加，並樂觀地認為，加州的需求將在中等時間範圍內恢復，就像我們在該國其他隔離區看到的那樣被取消，案件數量下降的地方。

So we're encouraged by that.

所以我們對此感到鼓舞。

At the end of the day, as we think about the Northeast and our footprint here, I think we've been very transparent.

歸根結底，當我們想到東北和我們在這裡的足跡時，我認為我們一直非常透明。

It is an area that's been disproportionately impacted, but we do believe when case counts come down when more customers are vaccinated, when quarantines are lifted, that there will be an even greater level of pent-up demand in the Northeast because of these stricter quarantines, and we're well positioned for recovery in those areas as an airline that was born to do leisure, travel for low fares for customers at a low cost.

這是一個受到不成比例影響的地區，但我們確實相信，當更多客戶接種疫苗、解除隔離時病例數下降時，由於這些更嚴格的隔離，東北部被壓抑的需求將會更大，作為一家天生就是為休閒、以低成本為客戶提供低票價旅行的航空公司，我們在這些領域處於復甦的有利位置。

Next question comes from the line of Jamie Baker from JPMorgan.

下一個問題來自摩根大通的 Jamie Baker。

Joanna, I'm going to ask a question that reveals my ignorance about revenue management, but I'm going to ask it anyway, so please bear with me while I publicly embarrass myself.

喬安娜，我要問一個問題，暴露我對收益管理的無知，但我還是要問，所以當我公開讓自己難堪時，請多多包涵。

After the Amtrak derailment in Philadelphia, fares in the shuttle market, including those at JetBlue, shot up to levels that I don't think anybody had ever witnessed, airlines were accused of price gouging, but the reality, as I understand it, is that pricing systems were just overwhelmed and passengers were pushed into fair categories that I don't think any airline ever intended to charge.

在美國鐵路公司在費城出軌後，班車市場的票價，包括捷藍航空的票價，飆升至我認為沒有人見過的水平，航空公司被指責哄抬物價，但據我了解，現實是定價系統不堪重負，乘客被推到公平的類別，我認為任何航空公司都沒有打算收費。

When the U.K. first went into lockdown, RyanAir experienced something similar, folks trying to rush home before a deadline.

當英國首次進入封鎖狀態時，瑞安航空經歷了類似的事情，人們試圖在截止日期前趕回家。

It wasn't that they raised fares, it's just that the systems were overwhelmed.

不是他們提高票價，而是系統不堪重負。

I'm not suggesting we're going to see a nationwide repeat of this, but my question relates to pricing automation.

我並不是說我們會在全國范圍內重蹈覆轍，但我的問題與定價自動化有關。

I mean are the systems just being left on cruise control?

我的意思是系統只是留在巡航控制上嗎？

How much human intervention typically takes place?

通常需要多少人為乾預？

I'm not asking about future pricing I just wonder if there's an RM or a pricing angle related to automation that might influence yield when you consider that demand could come back in a way that your systems aren't ordinarily calibrated for.

我不是在問未來定價，我只是想知道是否存在與自動化相關的 RM 或定價角度可能會影響產量，當您認為需求可能會以您的系統通常未校準的方式回歸時。

Does that make any sense?

這有任何意義嗎？

Yes, I'm going to throw it to Robin because he's anxious to answer this question.

是的，我要把它扔給羅賓，因為他急於回答這個問題。

I'm not going to answer your question, as you would expect, but I'm going to call the flag on your self-proclaimed statement that revenue management is not your thing.

我不會像你期望的那樣回答你的問題，但我會在你自稱的聲明中指出收益管理不是你的事。

We know that's not true.

我們知道那不是真的。

You're too kind.

你太客氣了。

No, it's a hobby of yours, and we will now do the best to answer your questions.

不，這是您的愛好，我們現在將盡力回答您的問題。

So Joanna, and then maybe Dave?

那麼喬安娜，然後也許是戴夫？

Yes, I'll just start.

是的，我要開始了。

I think it's a great question, Jamie.

我認為這是一個很好的問題，傑米。

And there has, obviously, been quite a bit of human intervention this year because so much of the data that we've historically relied upon in our systems has not been indicative of demand trends and some of these external factors that have factored into whether customers are flying, pandemic, case counts, travel bans and quarantines.

顯然，今年有相當多的人為乾預，因為我們過去在系統中依賴的大量數據並沒有指示需求趨勢，其中一些外部因素已經考慮到客戶是否飛行、流行病、病例數、旅行禁令和隔離。

So I'm going to have Dave get into a little detail.

所以我要讓 Dave 詳細介紹一下。

I'm going to ask Dave not to take the entire earnings call to do that because I know he would love to, but Dave, maybe you can provide a little detail on your team thinking and then new system, the new automation system we're thinking there.

我要請戴夫不要參加整個收益電話會議，因為我知道他很樂意這樣做，但是戴夫，也許你可以提供一些關於你的團隊想法的細節，然後是我們的新系統，新的自動化系統。在那裡重新思考。

Yes.

是的。

Thanks, Jamie, for the question.

傑米，謝謝你提出這個問題。

This is Dave.

這是戴夫。

It's a really good one.

這是一個非常好的。

It's a difficult time for revenue management systems in general because demand is so choppy and can change frequently and volatilely.

總的來說，對於收入管理系統來說，這是一個艱難的時期，因為需求如此起伏不定，而且變化頻繁且不穩定。

So there's been more human intervention, I think, than normal, certainly at JetBlue and just in general.

因此，我認為，人為乾預比正常情況要多，尤其是在捷藍航空和一般情況下。

And historically, you mentioned some, say, big shock like a natural disaster, which has driven prices up because the system sort of normally do that if left untethered, but we focused a lot in the last few years on one, ensuring that doesn't happen through manual intervention, and we've had a very good several year track record of making sure we have fare caps and low fares.

從歷史上看，你提到過一些，比如說，像自然災害這樣的大衝擊，它推高了價格，因為如果不受限制，系統通常會這樣做，但我們在過去幾年裡非常關注其中一個，確保它不會”這不會通過人工干預發生，而且我們在確保我們有票價上限和低票價方面擁有多年的良好記錄。

And two, just sort of ensuring that we have low fares, in general, not even during shocks like that but overall.

第二，一般來說，只是確保我們的票價低，即使是在這樣的衝擊期間，但總體而言。

So going forward, hopefully, we will see in the coming quarter or 2, a nice demand increase as case count comes down and vaccinations go up.

因此，展望未來，希望我們能在接下來的一兩個季度看到，隨著病例數下降和疫苗接種率上升，需求將出現可觀的增長。

I don't think it will be anywhere near the level we've seen in some of those past shocks, but it will certainly be something that we'll be working closely to ensure that fares stay relatively low and appropriate and that we get more customers on board as demand recovers.

我認為它不會接近我們在過去的一些衝擊中看到的水平，但我們肯定會密切合作以確保票價保持在相對較低和適當的水平，並且我們會得到更多隨著需求的恢復，船上的客戶。

And I think, Jamie, it's Robin.

我想，傑米，是羅賓。

I just want to close that out.

我只想結束它。

It's a great question.

這是一個很好的問題。

I mean I'm actually very proud of JetBlue's record.

我的意思是我實際上為 JetBlue 的記錄感到非常自豪。

When these events have happened.

當這些事件發生時。

I mean you talked about the Amtrak tragic accident, but I think about hurricane Irma, Maria, some of these natural disasters we had that deal with a similar thing.

我的意思是你談到了 Amtrak 的悲慘事故，但我想到了颶風艾爾瑪、瑪麗亞，我們遇到的一些自然災害都與類似的事情有關。

I mean we have led the industry in fare caps, making sure fares are artificially low so that we can get people to travel at those times and at affordable level.

我的意思是，我們在票價上限方面處於行業領先地位，確保票價被人為壓低，這樣我們就可以讓人們在那個時候以負擔得起的價格出行。

And that's something that we're going to continue to do when these types of events happen.

當這些類型的事件發生時，我們將繼續這樣做。

Real quick follow-up.

真正的快速跟進。

It will be short.

它會很短。

I do remember Continental top taking the market with its Heathrow slot purchase.

我確實記得大陸航空公司憑藉購買希思羅機場的航班而佔領了市場。

I think they paid something like, I don't know, $200 million for 4 pairs.

我想他們為 4 雙鞋支付了大約 2 億美元，我不知道。

I'm not going to ask what your willingness to pay is, but I haven't kept up with recent transactions for the time slots you're interested in.

我不會問你願意支付多少，但我沒有跟上你感興趣的時間段的最近交易。

Where is the market right now?

現在市場在哪裡？

Jamie, you do an amazing job.

傑米，你做得很棒。

I'm not going to go there either.

我也不打算去那裡。

I will say that, obviously, we are still on track for Q3 London launch.

我要說的是，顯然，我們仍在按計劃在第三季度倫敦發布。

Obviously, we are paying attention to what's going on.

顯然，我們正在關注正在發生的事情。

We will go out for sale when we think the time is right.

當我們認為合適的時候，我們會出去出售。

And that's when we'll share our thinking on slots.

屆時我們將分享我們對老虎機的看法。

What I'd say at a general level, by Heathrow slots, as you know, with the slot waivers that have gone in there, the sort of scenario last year maybe that may be some would -- some commentary around airlines through a cash trap, they would sort of monetize Heathrow slots because they couldn't fly them.

我要說的是一般性的，如你所知，希思羅機場的航班時刻已經存在，去年的那種情況可能會 - 一些關於航空公司通過現金陷阱的評論，他們會通過希思羅機場的插槽獲利，因為他們無法飛行。

Obviously, with the waiver process, that hasn't happened.

顯然，在豁免程序中，這並沒有發生。

And so again, we continue to sort of have paths to more than one London airport and more in due course.

如此一來，我們繼續在某種程度上擁有通往多個倫敦機場的路徑，並且在適當的時候還會有更多。

Next question comes from the line of Helane Becker from Cowen.

下一個問題來自 Cowen 的 Helane Becker。

Operator, it's kind of tough to follow Jamie.

接線員，跟踪傑米有點困難。

But would -- there's been some discussion on domestic testing.

但是會 - 已經對國內測試進行了一些討論。

So I have 2 questions regarding that.

所以我有兩個問題。

Would you support it is the first one.

你會支持它是第一個。

And the second one is what's -- you fly a lot of VFR into the Caribbean and Puerto Rico, specifically.

第二個是——你飛了很多 VFR 到加勒比海和波多黎各，特別是。

What does it look like there from a testing capability and from a demand capability to continue flying those routes?

從測試能力和繼續飛行這些航線的需求能力來看，它看起來像什麼？

And are people there also getting vaccinated in an untimely fashion?

那裡的人是否也在不合時宜地接種疫苗？

Sure.

當然。

So I'll start with your second question first.

所以我先從你的第二個問題開始。

So Puerto Rico, we definitely see some constraints with testing in that environment.

所以波多黎各，我們肯定會看到在該環境中進行測試的一些限制。

We've actually partnered with Vault Health, which is an at-home option to try to encourage more customers to use that option in Puerto Rico for travel.

實際上，我們已經與 Vault Health 合作，這是一種居家選擇，旨在鼓勵更多客戶在波多黎各旅行時使用該選項。

I know that Puerto Rico tourism is very encouraged by that.

我知道波多黎各的旅遊業深受鼓舞。

And we are seeing a decent amount of domestic bookings given the CDC quarantine coming into the international market.

鑑於 CDC 檢疫進入國際市場，我們看到了相當數量的國內預訂。

So we are seeing an uptick in that area.

因此，我們看到該領域有所上升。

With regard to our views on domestic testing, I think, first, we're trying to take a step back and recognize that the government is trying to balance a number of factors.

關於我們對國內檢測的看法，我認為，首先，我們正在努力退後一步，認識到政府正在努力平衡一些因素。

It's a new administration.

這是一個新的政府。

They're trying to balance economic recovery, public health considerations and stepping into a crisis like this.

他們正試圖在經濟復甦、公共衛生考慮和陷入這樣的危機之間取得平衡。

Air travel, we know it's safe.

空中旅行，我們知道它是安全的。

There's numerous scientific studies that have shown the aircraft is safe.

有許多科學研究表明飛機是安全的。

We are not supportive of testing on the domestic front for a few reasons.

出於一些原因，我們不支持在國內進行測試。

I think first, the virus is here.

我首先認為，病毒就在這裡。

There's community spread.

有社區傳播。

We really want the CDC to work with the industry to help come up with pragmatic solutions to help mitigate the right risks and, frankly, address some of the real operational complexities.

我們真的希望 CDC 與業界合作，幫助提出務實的解決方案，以幫助減輕正確的風險，坦率地說，解決一些實際的運營複雜性。

The testing regime, the CDC put in place for international, that's, I think, been as good as you can get, given that international already has a framework for document checking and whatnot, and that was really -- the goal towards that was really to use that as an alternative to quarantines.

鑑於國際已經有一個文件檢查框架等等，我認為 CDC 為國際制定的測試制度已經是最好的了，這真的是 - 實現這一目標的目標真的是將其用作隔離區的替代方案。

Obviously, it hasn't quite worked out in the same way, but there's a framework there, and we would expect in the coming days for the CDC testing framework to kind of settle in and folks would adjust to that.

顯然，它並沒有完全以同樣的方式運作，但那裡有一個框架，我們希望在未來幾天 CDC 測試框架能夠安頓下來，人們會適應它。

But on the domestic front, it's hard to see practically something like that working at that scale.

但在國內方面，很難看到類似的東西能在如此規模上發揮作用。

Air travel is just one mode of travel.

航空旅行只是一種旅行方式。

You obviously have rail, road transportation.

你明明有鐵路、公路運輸。

People need to travel.

人們需要旅行。

They'll figure out a way to get there.

他們會想辦法到達那裡。

They'll figure out a way to see mom, dad.

他們會想辦法見到爸爸媽媽的。

And frankly, putting this burden on air travel is, we think, far too cumbersome.

坦率地說，我們認為將這種負擔加在航空旅行上太麻煩了。

I also have concerns around just the testing capacity in the United States.

我還擔心美國的測試能力。

I think teasing out a little bit about what you're saying about Puerto Rico.

我想對你所說的關於波多黎各的內容進行一些取笑。

In many parts of the country, testing slots are scarce.

在該國的許多地方，測試名額很少。

And it takes, frankly, many days, in some cases, to actually get results back.

坦率地說，在某些情況下，需要很多天才能真正得到結果。

We know based on what U.S. travel and tourism has recently said that if you start testing domestically, you'd see 42% more people introduced into the current testing framework on a daily basis.

我們知道，根據美國旅遊業最近的說法，如果你開始在國內進行測試，你會發現每天有 42% 的人被引入當前的測試框架。

And so when you start thinking about a framework that's already overburdened then you add domestic travelers into that, this puts a ton of pressure on an already-fragile system, and frankly, we're concerned that it would actually reduce the ability of some people who legitimately need to get test for health reasons to get tested.

因此，當您開始考慮一個已經不堪重負的框架，然後又將國內旅客加入其中時，這會給本已脆弱的系統帶來巨大壓力，坦率地說，我們擔心它實際上會降低某些人的能力出於健康原因合法需要接受檢測才能接受檢測的人。

And then you look at our crew members and asking them to whether check documentation, check attestations domestically.

然後你看看我們的機組人員，問他們是否檢查文件，檢查國內的證明。

We already have them as the mask police.

我們已經有了他們作為面具警察。

We already have them as the social distance police, adding document checks and testing validations puts them in frankly an untenable position and in an environment where we're trying to promote social distancing.

我們已經讓他們擔任社交距離警察，添加文件檢查和測試驗證坦率地說，讓他們處於一個站不住腳的位置，而且在我們試圖促進社交距離的環境中。

So we have real concerns about this.

所以我們對此非常擔憂。

We are open to reasonable measures, but we don't believe a domestic testing regime is feasible given the existing framework.

我們對採取合理措施持開放態度，但我們認為，鑑於現有框架，國內測試制度不可行。

Next question comes from the line of Savi Syth from Raymond James.

下一個問題來自 Raymond James 的 Savi Syth。

So maybe just on the CapEx front.

所以也許只是在資本支出方面。

I was kind of curious how you're thinking about like 2022 or normalized levels, it seems like there'll be fewer aircraft deliveries, especially in 2022.

我有點好奇您是如何考慮 2022 年或正常化水平的，似乎飛機交付量會減少，尤其是在 2022 年。

I was kind of curious if like 2021 is a high watermark.

我有點好奇 2021 年是否是一個高水位線。

And also related to that, is the E190 retirement, it looks like they're delayed.

與此相關的還有 E190 的退役，看起來他們被推遲了。

Is that because they are slower A321s coming in?

那是因為它們的 A321 速度較慢嗎？

Savi, good to speak to you.

薩維，很高興和你說話。

I've been really pleased and proud of the work that has taken place over the last 9 months.

我為過去 9 個月所做的工作感到非常高興和自豪。

And a little shout out to our partners, Airbus.

並向我們的合作夥伴空中客車公司大聲疾呼。

To sort of do 2 amendments to our order book and to take $2 billion of CapEx that over the 2020 to '22 period has been incredibly helpful as we've navigated this pandemic and also thought about aircraft needs as we go forward.

對我們的訂單進行兩次修訂，並在 2020 年至 22 年間獲得 20 億美元的資本支出，這對我們度過了這場大流行病並在我們前進的過程中考慮了飛機需求非常有幫助。

However, I suppose to your tangential point, the A220, we're incredibly excited about taking that shell.

但是，我想對於您的切線點 A220，我們對採用該外殼感到非常興奮。

We had our first one arrive on December 31, can't wait to get into the operation, and they'll provide game-changing economics.

我們的第一個在 12 月 31 日到達，迫不及待地投入運營，他們將提供改變遊戲規則的經濟學。

So with regard to '22, when you look at the order book, you're right, we have sort of a lower order book than we had before the pandemic.

因此，關於 22 年，當您查看訂單時，您是對的，我們的訂單比大流行之前要少。

And as you look out, we will continue to refine and look at our order book.

正如您所看到的，我們將繼續完善並查看我們的訂單簿。

Obviously, one has more flexibility the further out that you go to make sure that we get the balance right between our CapEx profile and also investing in high-return, high-margin aircraft to support our operation and drive margins for JetBlue.

顯然，你走得越遠，靈活性就越大，以確保我們在資本支出概況和投資高回報、高利潤率的飛機以支持我們的運營和推動捷藍航空的利潤率之間取得正確的平衡。

Specifically for the E190, nothing has changed.

特別是對於 E190，沒有任何變化。

Our first A220 has arrived.

我們的第一台 A220 已經到貨。

We're going through the process.

我們正在經歷這個過程。

As a reminder, it's -- the plan is for one-to-one replacement.

提醒一下，該計劃是一對一的更換。

Looking forward to the A220 coming in for EIS.

期待 A220 加入 EIS。

We currently have over 25% of our current E190 in storage at the moment.

我們目前有超過 25% 的當前 E190 在存儲中。

And so there's nothing to sort of see or nothing to change there.

所以那裡沒有什麼可看的，也沒有什麼可改變的。

And you can expect this in due course as the -- we get a penetration of A220s into the fleet, then we'll see the E190s rollout.

你可以在適當的時候期待這一點——我們將 A220 滲透到機隊中，然後我們將看到 E190 的推出。

So a very considered and strategic approach to our fleet plan, which will support margins for the years to come.

因此，我們的機隊計劃採用了一種經過深思熟慮的戰略方法，這將支持未來幾年的利潤率。

So then maybe thinking of 2021, CapEx as a high watermark is probably not the fair comment?

那麼也許考慮到 2021 年，資本支出作為高水位線可能不是公平的評論？

I think it is when you look into the sort of near term because of what we've done to rationalize our sort of '22 order book, even if we've got spikey levels of CapEx as we go further out, naturally, you end up smoothing things accordingly.

我認為這是因為我們已經做了一些事情來合理化我們的 22 訂單簿，所以當你考慮短期的時候，即使我們在更遠的地方有尖峰水平的資本支出，自然地，你結束了相應地使事情變得順利。

So as I said, this should be a high watermark in relation to 2022, but the '23 and beyond, we'll continue to work on the order book to get that balance right.

因此，正如我所說，這應該是與 2022 年相關的高水位線，但 23 年及以後，我們將繼續努力在訂單簿上取得平衡。

Next question comes from the line of Brandon Oglenski from Barclays.

下一個問題來自巴克萊銀行的 Brandon Oglenski。

I guess, Robin or Joanna, if I listen to every airlines conference call this quarter, everyone's got a good plan and a positive view on the future, but specific to you guys, with your focus on margins, what happens if everyone comes back to pre-pandemic levels of capacity, but we just don't see the level of business demand or maybe leisure demand as we think it will be?

我想，Robin 或 Joanna，如果我聽了本季度的每個航空公司電話會議，每個人都有一個好的計劃和對未來的積極看法，但具體到你們這些人，因為你們關注利潤率，如果每個人都回到大流行前的容量水平，但我們只是沒有看到我們認為的商業需求水平或休閒需求水平？

What are some of the levers you can pull, especially we see United getting back into the transcons from JFK, isn't this potentially going to be a much more competitive environment, especially domestically looking forward?

您可以利用哪些槓桿，尤其是我們看到聯合航空從肯尼迪國際機場重新回到了轉運市場，這是否可能會成為一個競爭更加激烈的環境，尤其是在國內展望未來？

Thanks.

謝謝。

I'll take that.

我會接受的。

So we recognize that other carriers are redeploying their fleets.

所以我們認識到其他承運人正在重新部署他們的機隊。

I think at the end of the day, this is what JetBlue does.

我認為歸根結底，這就是捷藍航空所做的。

We fly leisure customers from the North to the South at low fares, and we have a cost structure that enables us to do that and to do that very well.

我們以低價將休閒客戶從北方飛往南方，我們的成本結構使我們能夠做到這一點，而且做得很好。

Our loyalty program is built for leisure.

我們的忠誠度計劃專為休閒而設。

Our operation is built for leisure.

我們的運營是為休閒而建。

Obviously, our goal is always to balance supply and demand, but at the end of the day, that we're going to be competitive here.

顯然，我們的目標始終是平衡供需，但歸根結底，我們將在這裡保持競爭力。

And so I think we're proud of this track record.

所以我認為我們為這一記錄感到自豪。

We'll continue to lean into leisure VFR markets where the demand is as we move forward, and that's our plan for the future.

隨著我們的前進，我們將繼續向有需求的休閒 VFR 市場傾斜，這是我們未來的計劃。

We've got a number of interesting revenue initiatives in the hopper, as we've discussed on the call, and we think that will give us some additional wind in our sales.

正如我們在電話中討論的那樣，我們在料斗中有許多有趣的收入舉措，我們認為這會給我們的銷售帶來一些額外的動力。

Robin, do you want to add?

羅賓，你要補充嗎？

No, I think that's right.

不，我認為這是對的。

Just to bit on, Brandon, obviously, we are -- we very firmly believe that we have some very specific JetBlue tailwinds.

布蘭登，顯然，我們是 - 我們非常堅信我們有一些非常具體的 JetBlue 順風。

I mean we're excited about our partnership with American Airlines.

我的意思是我們對與美國航空公司的合作感到興奮。

Joanna mentioned our focus on loyalty and the co-brand RFP, we think that is a source of value.

Joanna 提到了我們對忠誠度和聯合品牌 RFP 的關注，我們認為這是價值的來源。

I think we had a lot of conversations, honestly, about CapEx and what is the right mix of CapEx right now, but the fleet changes we're making are very margin-accretive and important.

老實說，我認為我們就資本支出以及目前資本支出的正確組合進行了很多對話，但我們正在進行的機隊變革非常能增加利潤，而且很重要。

And then, of course, just our focus on costs, I mean we, I think, have overall 3 or 4 years changed the culture of how we think about costs at JetBlue.

然後，當然，只是我們對成本的關注，我的意思是，我認為我們已經改變了 3 或 4 年的時間，改變了我們對 JetBlue 成本的看法。

And that is, as you know, a critical part of managing margins.

如您所知，這是管理利潤率的關鍵部分。

So there's the sort of overall macro environment where I think leisure -- and I'm convinced leisure will come back.

所以我認為休閒的整體宏觀環境是這樣的——我相信休閒會回來。

There is so much pent-up demand, so much pent-up demand.

有那麼多被壓抑的需求，那麼多被壓抑的需求。

I think we'll recognize that, but then there's all the JetBlue-specific things that we talked about before.

我想我們會認識到這一點，但是還有我們之前討論過的所有捷藍航空特有的事情。

And I think all of those position us really well for margin expansion in the years ahead.

而且我認為所有這些都為我們在未來幾年的利潤率擴張做好了準備。

Yes.

是的。

I appreciate that response.

我很欣賞這種回應。

I guess, Joanna, you did talk about changes to your fair and ancillary pricing strategy.

我想，喬安娜，你確實談到了公平和輔助定價策略的變化。

Is that to be read, "Hey, we want to get a lower fare in front of consumers and maybe put more emphasis on ancillary going forward."

是不是要這樣讀，“嘿，我們希望在消費者面前獲得更低的票價，並且可能會更加強調輔助性的發展。”

Yes, I'd say more emphasis on ancillaries and, frankly, better providing customers in different segments what they value.

是的，我會說更多地強調輔助設備，坦率地說，更好地為不同細分市場的客戶提供他們看重的東西。

And that's -- I'll leave it at that.

那就是——我就此打住。

Next question comes from the line of Mike Linenberg from Deutsche Bank.

下一個問題來自德意志銀行的 Mike Linenberg。

Yes, two here.

是的，這裡有兩個。

I guess first 2, it's probably Scott and Joanna on, one, congrats on getting the agreement with the DOT and the agreement with American in place.

我猜第 2 個，可能是 Scott 和 Joanna，第一個，祝賀與 DOT 達成協議並與美國達成協議。

How should we think about how that agreement ramps up?

我們應該如何考慮該協議如何增加？

I asked because on the American call, they talked about how they have negotiated, I guess, their first corporate contracts with Alaska for West Coast accounts.

我問是因為在美國電話中，他們談到了他們如何談判，我猜，他們與阿拉斯加的第一份公司合同是關於西海岸賬戶的。

So presumably, you're going to participate -- that's probably part of the agreement with American in the Northeast.

所以大概你會參加——這可能是與美國在東北部達成的協議的一部分。

Is it code sharing first, followed by frequent flyer reciprocity, maybe there's club room access on American.

首先是代碼共享，然後是飛行常客互惠，也許美國有俱樂部房間使用權。

Can you just kind of run through how things ramp through 2021 on that agreement?

您能否簡單介紹一下該協議在 2021 年的進展情況？

Yes.

是的。

Mike, great question.

邁克，好問題。

It's Robin, obviously.

顯然是羅賓。

I'll start it and then maybe hand over to Scott on some of the more specifics.

我將開始討論，然後可能會將一些更具體的問題交給 Scott。

But we are, as I said in my prepared remarks, we are very excited about this.

但正如我在準備好的發言中所說，我們對此感到非常興奮。

If I think about our -- one of our biggest frustrations at JetBlue over the last several years is that we couldn't do more in the Northeast to bring our great products and service and our low fares to more people and also some of our challenges being competitive with some of the corporate accounts because our lack of our global network.

如果我想一想我們——過去幾年我們在捷藍航空最大的挫敗感之一是我們無法在東北部做更多工作來將我們優質的產品和服務以及我們的低票價帶給更多人以及我們的一些挑戰由於我們缺乏全球網絡，因此與一些公司客戶競爭。

And so when I think about why we, as JetBlue, are excited about this, and we've been through a very extensive 6-month review with DOT on this, is that this is going to allow us to do, and Joanna said earlier, what we do best at JetBlue flying, at JetBlue to more markets and to bring more low fares.

因此，當我想到為什麼我們作為 JetBlue 對此感到興奮，並且我們已經與 DOT 就此進行了為期 6 個月的非常廣泛的審查，這是否允許我們這樣做，Joanna 早些時候說，我們最擅長的是在捷藍航空飛行，在捷藍航空為更多市場帶來更多低票價。

And it has been documented over many years when JetBlue is flying in a market, the positive impact it has on competition.

多年來，當捷藍航空在市場上飛行時，它對競爭產生的積極影響已被記錄在案。

There are still too many routes in the Northeast where competition doesn't exist.

東北還有太多沒有競爭的航線。

And so that's why we're excited.

這就是我們感到興奮的原因。

I know that's not the question that you asked, but I wanted to sort of get that out there.

我知道這不是你問的問題，但我想把它說出來。

And then maybe, Scott, over to you on some of the specifics.

然後，斯科特，也許可以向您介紹一些細節。

Sure.

當然。

And thanks, Robin, and thanks, Mike, for the question.

謝謝羅賓，也謝謝邁克提出的問題。

I think we're really excited about this, as Robin talked about.

正如 Robin 所說，我認為我們對此感到非常興奮。

What I foresee is moving very quickly on code.

我預見到在代碼方面進展非常迅速。

That's something that definitely will take place in first quarter, and we're doing everything we can to accelerate that to get the customer benefits out there.

這肯定會在第一季度發生，我們正在盡一切努力加快這一進程，以使客戶受益。

Moving into that, I think we'll have more to report on frequent travel reciprocity and what we're doing on the sales side as well because that leans in very nicely to some of the things that, frankly, we couldn't do without this partnership.

談到這一點，我認為我們將有更多關於頻繁旅行互惠的報告以及我們在銷售方面所做的事情，因為這非常適合某些事情，坦率地說，我們不能沒有這種夥伴關係。

And Robin referred to that.

羅賓提到了這一點。

So things like growth in LaGuardia.

所以像拉瓜迪亞的增長。

There's a number of LaGuardia markets right now that are served by a monopolist.

現在有許多拉瓜迪亞市場由壟斷者提供服務。

We think that's a great opportunity for us to disrupt.

我們認為這是我們顛覆的好機會。

Certainly into the coastal Southeast, that's the case.

肯定是進了東南沿海，就是這樣。

And then going forward, when we think about sales contracts and things like that, I think as the transcon recovers, bringing Mint to bear, doing so with access, in some cases, to the corporate accounts that our partner has, I think, is really something that's powerful in terms of bringing competition, bringing lower fares.

然後展望未來，當我們考慮銷售合同和類似的事情時，我認為隨著 transcon 的恢復，讓 Mint 承擔責任，在某些情況下可以訪問我們合作夥伴擁有的公司賬戶，我認為，是在帶來競爭和降低票價方面真的很強大。

And then lastly, as we bring code going forward, we've seen American launching long-haul flying from New York.

最後，隨著我們推進代碼，我們看到美國航空公司推出了從紐約起飛的長途航班。

We look forward to feeding that and creating, again, a sort of third global competitor in the Northeast.

我們期待著滿足這一點，並再次在東北創造出某種第三大全球競爭者。

That's really important.

這真的很重要。

It's highly beneficial for us.

這對我們非常有益。

It means faster recovery.

這意味著更快的恢復。

It means -- frankly, it's saving jobs.

這意味著 - 坦率地說，它正在挽救工作。

It's all sorts of the things that we look at to recover more quickly.

這是我們希望更快恢復的各種事情。

And I think that excitement that we've got is building here because we really want to get moving.

而且我認為我們在這裡獲得的興奮是因為我們真的想要移動。

Okay.

好的。

Great.

偉大的。

That's fantastic, Scott and Robin, just one quick one on Heathrow slots or access to Heathrow.

太棒了，Scott 和 Robin，只是希思羅機場空位或進入希思羅機場的快速通道。

Just remind me, as I recall, I think that there were some remedy slots.

請提醒我，我記得，我認為有一些補救措施。

I think there was a pair tied to Boston and one tied to South Florida.

我認為有一對與波士頓有關，一對與南佛羅里達有關。

Are those still out there or maybe others are using?

那些還在外面還是其他人正在使用？

And then does the A321neo XLR, would that have the range from South Florida to London?

然後是 A321neo XLR，範圍從南佛羅里達到倫敦嗎？

I apologize, it's sort of a 2-parter.

我很抱歉，這有點像 2 人。

So this is Scott.

所以這是斯科特。

I'll take that one.

我會拿那個。

Those pair slots that were there, we pursued, continue to pursue.

那些曾經在那裡的雙槽，我們追求，繼續追求。

They were awarded to another carrier who we have not seen them moving forward with those.

他們被授予另一家運營商，我們還沒有看到他們繼續推進這些運營商。

So we'll see what direction that goes.

所以我們將看看它的發展方向。

I think we'll continue to move forward and pursue that.

我認為我們將繼續前進並追求這一目標。

But we have not seen a lot of eagerness by that competitor to frankly serve those markets.

但我們並沒有看到該競爭對手有太多的熱情來坦率地為這些市場服務。

So as far as 321 XLR, it's a very interesting airplane.

所以就 321 XLR 而言，這是一架非常有趣的飛機。

It does bring a level of capability that exceeds the 321 LR.

它確實帶來了超過 321 LR 的能力水平。

As far as Florida to Europe, I don't want to put the cart before the horse, but the airplane is likely capable of that.

至於從佛羅里達到歐洲，我不想本末倒置，但飛機可能有能力做到這一點。

There are some specific issues to Fort Lauderdale that we would have to overcome, but we're pretty interested in when that airplane does come in what we can do with it.

勞德代爾堡有一些我們必須克服的具體問題，但我們很想知道這架飛機什麼時候來，我們可以用它做什麼。

Next question comes from the line of Hunter Keay from Wolfe Research.

下一個問題來自 Wolfe Research 的 Hunter Keay。

Dave Clark, a question for you.

戴夫·克拉克，問你一個問題。

When you think about adding back supply with improving demand and you see these weekly or daily revenue runs, which metrics can you see and which is the one that you prioritize most?

當您考慮通過增加需求來增加供應並且您看到這些每週或每天的收入運行時，您可以看到哪些指標以及您最優先考慮哪個指標？

Thanks, Hunter, for the question.

謝謝，亨特，提出這個問題。

We've been really focused in the past months on volume, on getting customers on board, on getting them traveling, getting them to have a good experience so they come back and tell their family and tell their friends, and it keeps the virtuous circle going.

在過去的幾個月裡，我們一直專注於銷量，讓客戶上船，讓他們旅行，讓他們有一個好的體驗，讓他們回來告訴他們的家人和朋友，這保持了良性循環去。

So for the past months and I expect in the coming weeks and months, we'll be quite focused on our customers' volume and getting people in the skies again.

因此，在過去的幾個月裡，我預計在接下來的幾周和幾個月裡，我們將非常關注客戶的數量，並讓人們再次飛上天空。

So you're looking like a booked load factor exclusively at this point pretty much?

所以你現在看起來像是一個完全預訂的載客率？

Just in general, again, incentivizing travel, stimulating more traffic.

總的來說，再次激勵旅行，刺激更多的交通。

We've had a lot of promotions.

我們有很多促銷活動。

Just generally driving volume has been the #1, returning to revenue through a volume and onboard customer focus.

一般而言，推動銷量一直是第一，通過銷量和船上客戶關注恢復收入。

Next question comes from the line of Joseph DeNardi from Stifel.

下一個問題來自 Stifel 的 Joseph DeNardi。

Joanna, I'm wondering if you can talk a little bit about the co-brand RFP.

喬安娜，我想知道你是否可以談談聯合品牌 RFP。

Maybe why that path was chosen rather than an extension?

也許為什麼選擇這條路徑而不是擴展？

And is now a good time or a bad time to be going through the RFP process?

現在是進行 RFP 流程的好時機還是壞時機？

I guess I could see both sides, just interested in your perspective.

我想我可以看到雙方，只是對你的觀點感興趣。

Yes.

是的。

Thanks, Joe.

謝謝，喬。

So let me start with, we've been very pleased with the performance historically of our co-brand card.

所以讓我首先說，我們對我們聯名卡的歷史表現非常滿意。

And then Barclays has and continues to be just a tremendous partner.

然後巴克萊銀行已經並將繼續成為一個巨大的合作夥伴。

We accelerated an RFP for our co-brand.

我們加快了聯合品牌的 RFP。

We felt that it was the right time to do so.

我們認為現在是時候這樣做了。

Various carriers had renegotiated their deals recently.

多家航空公司最近重新談判了他們的交易。

And I don't want to get the cart ahead of the horse, but at the end of the day, we're very encouraged by what we're seeing.

我不想本末倒置，但歸根結底，我們對所看到的感到非常鼓舞。

And all I'd say is more to come when we're ready to come out with a further announcement.

當我們準備好發布進一步的公告時，我想說的是更多。

Okay.

好的。

And then for Robin, just on this notion that there's all this pent-up demand, which I would tend to agree with, if that's the case, why shouldn't demand in 2022 for you all be higher than it was in 2019.

然後對於 Robin 而言，就所有這些被壓抑的需求而言，我傾向於同意這一觀點，如果是這樣的話，為什麼 2022 年對你們所有人的需求不應該高於 2019 年。

Like where are you expecting the offsets to come from?

比如你期望偏移量來自哪裡？

Is it a certain demographic or maybe just speak to kind of why that shouldn't produce higher demand structurally in the future.

是特定的人口統計數據，還是只是在說明為什麼這在未來不應該在結構上產生更高的需求。

Sure.

當然。

I mean maybe I just build on a thought that Dave had earlier about the short term and then sort of segue to the longer term.

我的意思是，也許我只是建立在戴夫早些時候關於短期的想法之上，然後轉向長期。

I mean right now, I think it's important to get people on airplanes because what our research tells us is that our customer NPS scores are really still at record highs.

我的意思是現在，我認為讓人們上飛機很重要，因為我們的研究告訴我們，我們的客戶 NPS 分數確實仍處於歷史高位。

People have overall a very positive reaction to how safe the industry has made air travel.

人們總體上對該行業使航空旅行變得多麼安全反應非常積極。

And so what we find is once people have that experience, they tell people and that's part of how we build in confidence.

所以我們發現，一旦人們有了這種經歷，他們就會告訴別人，這就是我們建立信心的一部分。

So yes, it drives an environment in the short term where people are focused on volume, but that is about revenue maximization because that's what we think is going to drive the recovery most quickest.

所以是的，它在短期內推動了人們關注數量的環境，但這是關於收入最大化的，因為我們認為這是最快推動復甦的方式。

When we look at the longer-term view, look, we just don't know.

當我們從長遠來看時，看，我們只是不知道。

I mean I think what we want to do is plan conservatively, plan cautiously.

我的意思是我認為我們要做的是保守地計劃，謹慎地計劃。

We certainly don't want to build a business plan that relies on a huge amount of demand recovery.

我們當然不想建立一個依賴大量需求恢復的商業計劃。

So we have to focus on costs, and we have to focus on some of the other things that we can control.

所以我們必須關注成本，我們必須關注我們可以控制的其他一些事情。

We also are excited about the American partnership because we know that is something that's going to help our recovery.

我們也對美國的伙伴關係感到興奮，因為我們知道這將有助於我們的複蘇。

If it's there, we'll be there to take it.

如果它在那裡，我們將在那裡接受它。

We are -- we've built a very nimble response, and JetBlue knows how to drive very high aircraft utilization.

我們 - 我們已經建立了非常靈活的響應，而且 JetBlue 知道如何提高飛機利用率。

So we know how to sort of put that incremental capacity back if the demand is there.

因此，如果有需求，我們知道如何恢復增量產能。

And so we're going to continue, I think, to take a cautious view in the short term.

因此，我認為，我們將繼續在短期內持謹慎態度。

I don't think there's any medals right now for overpromising on revenue.

我不認為現在有任何對收入過度承諾的獎牌。

We need to be focused, and we need to be creative to everything we can to build recovery.

我們需要集中註意力，我們需要發揮創造力，盡我們所能來建立恢復。

And we need to size our company for margin expansion, and we need to be there to take advantage of the demand as and when it comes back, and that's what we like setting out to do.

我們需要調整公司規模以擴大利潤率，我們需要在需求恢復時利用它，這就是我們喜歡著手做的事情。

Question from the line of Dan McKenzie from Seaport Global Securities.

來自 Seaport Global Securities 的 Dan McKenzie 的問題。

A couple of questions here.

這裡有幾個問題。

Just going back to the partnership with American.

回到與美國的合作夥伴關係。

I'm just wondering if you can help us understand what that ultimately is going to mean.

我只是想知道您是否可以幫助我們理解這最終意味著什麼。

So ballpark, big picture, what could the economics ultimately look like in a normalized world?

那麼，從大局來看，在一個正常化的世界中，經濟學最終會是什麼樣子？

And I guess just thinking even big picture, business travel, 20%, historically.

而且我想只是考慮大局，商務旅行，20%，從歷史上看。

Is the goal to get it to 22%, 25%?

目標是達到 22%、25% 嗎？

Or what can this partnership, pardon me, actually help you accomplish.

或者，請原諒，這種夥伴關係實際上可以幫助您完成什麼。

30%?

30%？

Big picture, what can you share?

大圖，你能分享什麼？

Scott, do you want to take that?

斯科特，你想接受嗎？

Yes.

是的。

So I'll take that.

所以我會接受的。

I think we're not in a mode to sort of disclose where this can go in part because the environment we're in right now makes the longer-term recovery a difficult question, but I would say this, I think if you look at the potential there and sort of the ability to serve business customers, I think, that this partnership is prime for that for 2 reasons.

我認為我們目前還沒有透露這可能發生的部分原因是我們現在所處的環境使長期復蘇成為一個難題，但我想說的是，我想如果你看看那裡的潛力和服務商業客戶的能力，我認為，這種夥伴關係是主要的，原因有兩個。

One is it brings sorely needed competition, where you've got 2 large legacies who have dominated the Northeast business customers.

一是它帶來了急需的競爭，你有兩個主導東北商業客戶的大遺產。

There's an opportunity here to kind of break that up and open things up, and as business recovers, one of the things that's going to be there is providing competition and lower fares is something that we can do and better access.

這裡有機會打破這種局面並開放一切，隨著業務的複蘇，其中一件事就是提供競爭和更低的票價，這是我們可以做的事情和更好的訪問。

So I think, very excited about that.

所以我認為，對此非常興奮。

I think also, as you think about access to markets like LaGuardia.

我也認為，當你考慮進入像拉瓜迪亞這樣的市場時。

And again, I think for JetBlue, that's something that we've coveted for some time.

再一次，我認為對於捷藍航空來說，這是我們渴望已久的東西。

The ability to work with American, to be able to grow in LaGuardia, to take advantage, not only of that access, but then again, as we work together to have additional relevance in some of the more business-oriented markets in the Midwest, for example.

與美國航空合作的能力，能夠在拉瓜迪亞機場發展，不僅利用這種通道，而且隨著我們共同努力在中西部一些更以商業為導向的市場中發揮更大的相關性，例如。

That we have not been able to break into historically.

我們在歷史上無法闖入。

I think that gives us a chance to push that number up.

我認為這讓我們有機會提高這個數字。

So again, I think on a percentage of customers flying for business, I think that's going to be heavily dependent upon how quickly we see a recovery move.

因此，我再次認為，就一定比例的商務飛行客戶而言，我認為這將在很大程度上取決於我們看到復蘇步伐的速度。

And again, I think as you look into 2023 years like that where other carriers are talking about a business traffic recovery, I think we end up with a number better than we've seen historically.

再一次，我認為當你展望 2023 年時，其他運營商正在談論業務流量恢復，我認為我們最終得到的數字比歷史上看到的要好。

Okay, very good.

好的，非常好。

Second question here.

第二個問題在這裡。

I'm just wondering if you can elaborate on discussions with the Caribbean or Latin American governments and their willingness to embrace a travel passport.

我只是想知道你是否可以詳細說明與加勒比或拉丁美洲政府的討論以及他們接受旅行護照的意願。

I guess what are you learning from a pilot program that may be underway currently?

我想您從目前可能正在進行的試點計劃中學到了什麼？

What are the logistical hurdles to wide-scale rollout?

大規模推廣的後勤障礙是什麼？

Is it just simply government saying, yes or no, or does it get turned on the next day, or how can we think about how that would enable a potential recovery?

它只是簡單的政府說，是或否，還是第二天就開始了，或者我們如何考慮這將如何實現潛在的複蘇？

Yes, I'll take that.

是的，我會接受的。

So we definitely think it will enable a potential recovery.

因此，我們絕對認為它將實現潛在的複蘇。

I think more importantly, it'll just make the experience easier and more seamless for customers and, hopefully, assist crew members and airline employees with document validation.

我認為更重要的是，它只會讓客戶的體驗更輕鬆、更無縫，並有望幫助機組人員和航空公司員工進行文件驗證。

So each Caribbean Island is an individual Caribbean island.

所以每個加勒比島嶼都是一個單獨的加勒比島嶼。

So you need to work individually with them.

因此，您需要單獨與他們合作。

Some are further along.

有些人走得更遠。

I'll call out Aruba, for example.

例如，我將呼叫阿魯巴島。

They've done an exceptional job.

他們做得非常出色。

We're working very closely with them.

我們正在與他們密切合作。

I know other carriers are as well.

我知道其他運營商也是如此。

And as an industry, we've actually agreed to a set of principles that outline a health passport, ideally a standardized set of, call them, requirements.

作為一個行業，我們實際上已經同意了一套概述健康護照的原則，最好是一套標準化的要求。

Obviously, different carriers are going to pick different health passport providers, but ideally, you would have a common framework and a common set of standards regardless of that platform to make it easy across platforms and across different islands, but also encouraging obviously, those governments to use that same set of criteria.

顯然，不同的承運人會選擇不同的健康護照提供者，但理想情況下，無論平台如何，你都會有一個共同的框架和一套共同的標準，以便跨平台和跨不同島嶼，但顯然也鼓勵那些政府使用同一組標準。

So it is on an individual by-island basis, which does make it take a little bit longer, but we do think, listen, necessity is the mother of invention.

所以它是在個別島嶼的基礎上，這確實需要更長的時間，但我們確實認為，聽著，需要是發明之母。

And if you actually look at the CDC order that came out this week, we've had very few denied boardings in most of our international locations.

如果你真的看看本週發布的 CDC 命令，我們在大多數國際地點幾乎沒有拒絕登機。

Day 1 was bumpy; day 2, a lot better; day 3 will be a lot better.

第一天很坎坷；第 2 天，好多了；第 3 天會好很多。

Testing centers are popping up in all sorts of places.

測試中心如雨後春筍般出現在各種各樣的地方。

You've got hotels offering testing.

你有提供測試的酒店。

And so things will adjust, and we think that we'll all adjust with it, and that will support and bring back demand recovery as we step into the late spring and early summer.

所以事情會調整，我們認為我們都會隨之調整，這將在我們進入春末夏初時支持並帶回需求復蘇。

And that concludes our fourth quarter 2020 conference call.

我們的 2020 年第四季度電話會議到此結束。

Thanks for joining us.

感謝您加入我們。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝你。

And again, that will conclude today's conference.

再一次，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。