JetBlue Airways Corp (JBLU) 2024 Q3 法說會逐字稿

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

早安.我叫布蘭妮，歡迎大家參加捷藍航空 2024 年第三季財報電話會議。提醒一下，今天的通話正在錄音。 （操作員說明）

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

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

Thanks, Britney. Good morning, everyone and thanks for joining our third-quarter 2024 earnings call. This morning, we issued our earnings release and a presentation that we will reference during this call. All of those documents are available on our website at ir.jetblue.com and on the SEC's website at www.sec.gov. In New York to discuss our results are Joanna Geraghty, our Chief Executive Officer; Marty St. George, our President; and Ursula Hurley, Chief Financial Officer.

謝謝，布蘭妮。大家早安，感謝您參加我們的 2024 年第三季財報電話會議。今天早上，我們發布了收益報告和演示文稿，我們將在本次電話會議中參考。所有這些文件均可在我們的網站 ir.jetblue.com 和 SEC 網站 www.sec.gov 上取得。我們的執行長喬安娜·傑拉蒂 (Joanna Geraghty) 在紐約討論我們的業績；馬蒂聖喬治，我們的總統；和財務長烏蘇拉·赫爾利。

During today's call, we'll make forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include without limitation statements regarding our fourth-quarter and full-year 2024 financial outlook and future results of operations and financial position including long-term financial targets, industry and market trends, expectations with respect to tailwinds and headwinds, ability to achieve operational and financial targets, business strategy and plans for future operations, and the 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》的安全港條款做出前瞻性聲明。的聲明。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 and implied in these statements. Please refer to our most recent earnings release as well as our fiscal-year 2023 10-K and other filings for a more detailed discussion of the risks and uncertainties that could cause actual results to differ maturely from those contained in our opening 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和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開場陳述中包含的結果大不相同的風險和不確定性。

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

本次電話會議期間所做的聲明僅截至電話會議之日作出，除法律規定外，我們不承擔更新資訊的義務。投資者不應過度依賴這些前瞻性陳述。

Also, during the course of our call, we may discuss certain non-GAAP financial measures. For an explanation of these non-GAAP measures and a reconciliation to the corresponding GAAP measures, please refer to our earnings release, a copy of which is available on our website and at sec.gov.

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

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

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, Koosh. Good morning, everyone, and thank you for joining us today for our third-quarter 2024 earnings call. The team continues to work hard to execute on our multi-year strategy JetForward with encouraging early results. This summer efforts to deliver reliable and caring service, a core tenet of JetForward resulted in year-over-year improvements across key reliability and customer metrics.

謝謝你，庫什。大家早安，感謝您今天參加我們的 2024 年第三季財報電話會議。團隊繼續努力執行我們的多年策略 JetForward，並取得了令人鼓舞的早期成果。今年夏天，JetForward 致力於提供可靠和貼心的服務，這項核心宗旨使得關鍵可靠性和客戶指標逐年改善。

All these investments are showing signs of traction. The results would not be possible without the dedication of our 23,000 crew members who showed incredible resilience and professionalism throughout the busy summer travel period and in the face of hurricanes Helene and Milton.

所有這些投資都顯示出吸引力的跡象。如果沒有我們 23,000 名機組人員的奉獻精神，我們不可能取得這樣的成績，他們在繁忙的夏季旅行期間以及面對颶風海倫和米爾頓時表現出了令人難以置信的韌性和專業精神。

We have thousands of crew members that live directly in the path of these storms. And even faced with uncertainty outside of work, you still showed up for your fellow crew members and customers. And for that, we all thank you.

我們有數千名船員直接生活在這些風暴的路徑上。即使面臨工作以外的不確定性，您仍然會出現在同事和客戶面前。為此，我們都感謝你們。

The progress we've made this year is encouraging. And in the third quarter, our operating margin improved 5 points year over year and 5 points versus our initial expectations for the quarter.

我們今年的進展令人鼓舞。第三季度，我們的營業利潤率年增了 5 個百分點，比我們對該季度的最初預期提高了 5 個百分點。

We remain committed to achieving our financial targets. And for the full year, we are improving our revenue guidance midpoint by 0.5 point and also maintaining the CASM ex fuel target range we set at the beginning of the year. We are progressing toward our goal every day, but there's still significant work ahead on our path to full year operating profitability.

我們仍然致力於實現我們的財務目標。對於全年，我們將收入指導中點提高了 0.5 個百分點，並維持了年初設定的 CASM 不含燃料的目標範圍。我們每天都在朝著我們的目標前進，但在實現全年營運盈利的道路上仍有大量工作要做。

Now, turning to slide 4, reliable and caring service drives choice, satisfaction, and cost savings. And we believe that operational performance underpins the success of JetForward. In the third quarter, we built on operational achievements from the second quarter to deliver exceptional year-over-year improvements in A14 and completion factor. Compared to last year, A14 was up over 12 points, and completion factor was up nearly 2 points on the quarter.

現在，轉向投影片 4，可靠和貼心的服務可推動選擇、滿意度和成本節約。我們相信營運績效是 JetForward 成功的基礎。在第三季度，我們在第二季度的營運成就的基礎上，在 A14 和完成率方面實現了同比的顯著改善。與去年相比，A14 成長超過 12 個百分點，完成率較上季成長近 2 個百分點。

Additionally, the operation was particularly resilient during both hurricanes Helene and Milton and returned to regular operations with minimal follow-on disruption. This quarter's improved operational performance drove a double-digit increase in net promoter score year over year. A reminder that operational reliability is a key driver of customer choice and satisfaction and is essential to delivering a premium customer experience and continuing to build longstanding relationships with our customers.

此外，在海倫颶風和米爾頓颶風期間，該業務的恢復能力特別強，並恢復了正常運營，後續幹擾最小化。本季營運績效的改善推動淨推薦值年實現兩位數成長。提醒您，營運可靠性是客戶選擇和滿意度的關鍵驅動因素，對於提供優質的客戶體驗和繼續與客戶建立長期關係至關重要。

Revenue performance was strong in the third quarter and was bolstered by the continued success of our 2024 revenue initiative. Progress from the changes to our Blue Basic carry-on baggage policy which was announced in June and went live in September is performing ahead of expectations. And across all initiatives, we've realized $275 million of the $300 million revenue target set at the beginning of the year.

第三季的營收表現強勁，這得益於我們 2024 年營收計畫的持續成功。我們在 6 月宣布並於 9 月實施的 Blue Basic 隨身行李政策變更的進展超出了預期。在所有舉措中，我們已經實現了年初設定的 3 億美元收入目標中的 2.75 億美元。

Our premium offerings between preferred seating, Even More Space, and Mint all continue to perform well, further evidence that our customers' desire for premium offerings is healthy and growing. On the cost side better-than-anticipated operational performance coupled with a shift of expenses in the fourth quarter resulted in CASM ex fuel beating the midpoint of our initial third-quarter guidance by approximately 2 points.

我們的首選座位、Even More Space 和 Mint 等優質產品均繼續表現良好，進一步證明我們的客戶對優質產品的渴望是健康且不斷增長的。在成本方面，好於預期的營運績效加上第四季度的費用變化導致 CASM（不含燃料）比我們最初的第三季指導中位數高出約 2 個百分點。

Over the quarter, we also took substantial steps to secure our financial future, raising over $3 billion of debt to allow us to retire a portion of our existing debt, prefund 2024 and 2025 CapEx, and provide us with the necessary runway to execute on JetForward.

在本季度，我們也採取了重大措施來確保我們的財務未來，籌集了超過30 億美元的債務，以便我們能夠償還部分現有債務，為2024 年和2025 年資本支出提供資金，並為我們提供執行JetForward 所需的跑道。

Moving to the fourth quarter, we expect the relatively improved macro backdrop in our core geographies and especially in Latin alongside healthy underlying demand and our own self-help capacity trimming to continue driving positive unit revenues through the second half of the year. At the same time, we expect a large portion of our announced network initiative to come online over the quarter.

進入第四季度，我們預計我們的核心地區（尤其是拉丁地區）的宏觀背景相對改善，加上健康的潛在需求以及我們自己的自助產能削減，將在下半年繼續推動積極的單位收入。同時，我們預計我們已宣布的網路計劃的大部分將在本季度上線。

As we have previously communicated, these changes will take time to ramp and though the RASM benefit will be modest systemwide in the fourth quarter, the redeploys are expected to mature throughout 2025. We continue to expect positive year-over- year unit revenue in the quarter. Though we expect transitory events to impact our sequential year over year RASM progression from the third quarter.

As we have previously communicated, these changes will take time to ramp and though the RASM benefit will be modest systemwide in the fourth quarter, the redeploys are expected to mature throughout 2025. We continue to expect positive year-over- year unit revenue in the四分之一.儘管我們預計暫時性事件將影響我們從第三季開始的逐年 RASM 進展。

We forecast that the disruption to travel and forward bookings from hurricane Milton combined with pressure from the election will negatively impact our RASM performance by about two points. As we head into 2025, we remain confident in the underlying supply and demand backdrop especially as our JetForward initiatives continue to deliver more value.

我們預測，米爾頓颶風對旅行和遠期預訂的干擾加上選舉的壓力將對我們的 RASM 表現產生約兩個百分點的負面影響。邁入 2025 年，我們對基本的供需背景仍然充滿信心，尤其是在我們的 JetForward 計劃繼續創造更多價值的情況下。

In the fourth quarter, our year-over-year unit costs also face transitory headwinds and are expected to take a temporary step up due primarily to timing of expenses over the year. This should not be viewed as the unit cost levels we are expecting for 2025.

在第四季度，我們的年比單位成本也面臨暫時的阻力，預計將暫時上升，這主要是由於全年支出的時間安排。這不應被視為我們預期的 2025 年單位成本水準。

Long-term capacity planning continues to be challenged by Pratt & Whitney aircrafts on the ground and we remain in discussions with them over future AOG expectations and compensation. As a reminder, we expect capacity to be roughly flat year over year in 2025. Not having clear line of sight to our longer-term capacity, it's certainly frustrating. But we must remain focused on controlling what we can, and this is at the heart of JetForward.

長期運力規劃持續受到地面普惠飛機的挑戰，我們仍在與他們討論未來 AOG 的期望和補償。提醒一下，我們預計 2025 年產能將與去年同期基本持平。但我們必須繼續專注於控制力所能及的事情，而這正是 JetForward 的核心。

On slide 5, you can see that we've maintained our bias toward action, and over the quarter, we have made substantial progress on our JetForward plan. Last month, we announced enhancements to our loyalty and airport experience to offer products and perks our customers value. These enhancements include the introduction of lounges at JFK Terminal 5 opening at the end of 2025 and at Boston Logan opening soon thereafter as well as the introduction of a premium cobranded credit card.

在投影片 5 上，您可以看到我們一直堅持採取行動，並且在本季度中，我們的 JetForward 計劃取得了實質進展。上個月，我們宣布增強我們的忠誠度和機場體驗，以提供產品並為客戶提供價值。這些增強功能包括在 2025 年底開放的甘迺迪機場 5 號航站樓和不久後開放的波士頓洛根機場引入休息室，以及推出高級聯名信用卡。

Today, we are announcing additional steps to better match our onboard product to what our customers value, a further differentiated premium extra leg room offering, and a more intuitive purchasing experience for that product. You will hear more from Marty on this topic.

今天，我們宣布採取額外措施，以更好地將我們的機上產品與客戶的價值相匹配，提供進一步差異化的優質額外腿部空間產品，以及更直觀的產品購買體驗。您將從馬蒂那裡聽到有關此主題的更多資訊。

I am proud of the progress we've made on these key initiatives, all aligned with our JetForward strategy, which provides a clear roadmap to delivering value to all of our stakeholders. In many ways, we are returning to the core strengths that made JetBlue one of the industry's most beloved brands. At the same time, we are rapidly evolving to compete more effectively in a transformed competitive landscape.

我對我們在這些關鍵舉措上取得的進展感到自豪，所有這些舉措都與我們的 JetForward 策略保持一致，該策略為我們所有利益相關者提供了清晰的路線圖。在很多方面，我們正在回歸使捷藍航空成為業界最受歡迎的品牌之一的核心優勢。同時，我們正在迅速發展，以便在變革的競爭格局中更有效地競爭。

By consistently delivering reliable service focusing on our East Coast leader franchises and offering compelling new product options to customers, we expect to be well positioned to deliver on our mission of bringing humanity back to air travel. With that in mind, I'm excited about the future of our business, and I am confident that you'll share my enthusiasm for the next phases of JetForward as we work toward delivering our goal of $800 million to $900 million in incremental EBIT and expanding margins, all while continuing to meet the needs of our shareholders, crew members, and our customers.

透過始終如一地提供以東海岸領先的特許經營為重點的可靠服務，並為客戶提供引人注目的新產品選擇，我們希望能夠很好地實現我們讓人類重返航空旅行的使命。考慮到這一點，我對我們業務的未來感到興奮，我相信，當我們努力實現 8 億至 9 億美元增量息稅前利潤和擴大利潤，同時繼續滿足股東、船員和客戶的需求。

Now, I'll hand it over to Marty to discuss our commercial progress.

現在，我將把它交給 Marty 來討論我們的商業進展。

Thank you, Joanna, and thank you to our crew members for their service and dedication to JetBlue. Our crew members differentiate us, and I'm extremely proud of the way they continue to deliver caring service in the face of challenges to our industry like hurricanes Helene and Milton.

謝謝喬安娜，也感謝我們的機組人員為捷藍航空提供的服務和奉獻精神。我們的機組人員使我們與眾不同，我對他們在面對颶風海倫和米爾頓等我們行業面臨的挑戰時繼續提供關懷服務的方式感到非常自豪。

They've also managed an immense amount of network change over the past nine months as we continue to execute JetForward and build the best East Coast leisure network. As part of this network recalibration, we have announced and implemented over 50 route exits and 15 blue city closures. Just last week, we officially left Burbank, Charlotte, Minneapolis, San Antonio, and Tallahassee.

在過去九個月裡，隨著我們繼續執行 JetForward 並建立最好的東海岸休閒網絡，他們也管理了大量的網路變更。作為網路重新調整的一部分，我們已宣布並實施了 50 多個路線出口和 15 個藍色城市的關閉。就在上週，我們正式離開了伯班克、夏洛特、明尼阿波利斯、聖安東尼奧和塔拉哈西。

I know these actions are tough for crew members especially crews stationed in those cities and also for customers who love our brand. But these decisions are a necessary part of our plan to return to sustained profitability. We must have profit in order to serve our mission, and we simply cannot tolerate perpetually loss-making flying. Every aircraft must continue to earn its way into the network.

我知道這些行動對於工作人員尤其是駐紮在這些城市的工作人員以及熱愛我們品牌的客戶來說都是艱難的。但這些決定是我們恢復持續獲利計畫的必要組成部分。我們必須有利潤才能完成我們的使命，我們根本不能容忍永遠虧損的飛行。每架飛機都必須繼續努力進入網路。

In total, the redeploys announced and executed this year represented over 20% of our network and have freed up aircraft to serve markets where we perform the best. Origin markets in the East flying to Florida to the Caribbean, Transcon, and New York. These routes serve the large majority of our customers and our core geographies who know our brand and where we have and can build scale locally.

總的來說，今年宣布和執行的重新部署占我們網路的 20% 以上，並釋放了飛機來服務我們表現最好的市場。東部始發市場飛往佛羅裡達州、加勒比海、Transcon 和紐約。這些路線為我們的絕大多數客戶和核心地區提供服務，他們了解我們的品牌以及我們在當地擁有並可以建立規模的地區。

To better serve these franchises and reinforce our deep and relevant East Coast leisure network, we have renounced service to seven new blue cities since the start of the year. blue city openings in Manchester, New Hampshire and Islip, New York leverage our brand awareness and regional relevance in geographies where we have a loyal customer base.

為了更好地服務這些特許經營權並加強我們深入且相關的東海岸休閒網絡，自今年年初以來，我們已經放棄了對七個新藍色城市的服務。在新罕布夏州曼徹斯特和紐約州艾斯利普開設的藍色城市店充分利用了我們在擁有忠實客戶群的地區的品牌知名度和區域相關性。

As we continue to adjust our network, we plan to focus our efforts on serving these and similar markets. Markets such as Providence and Hartford during the fourth quarter were operating our largest schedules ever. In Providence, we expect to be up nearly 200% in CT every year; and in Hartford, more than 30% year over year, further deepening our East Coast Leisure Network.

隨著我們繼續調整我們的網絡，我們計劃專注於為這些市場和類似市場提供服務。第四季普羅維登斯和哈特福德等市場的航班時刻表是我們有史以來最大的。在普羅維登斯，我們預計 CT 每年將成長近 200%；在哈特福德，年成長超過 30%，進一步深化了我們的東海岸休閒網絡。

We also remain committed to better matching our onboard product to the needs of our customers who have increasingly asked for more premium experience. Today, we are announcing another JetForward milestone in the priority move products and perks customer value.

我們也持續致力於使我們的機上產品更能滿足日益要求更優質體驗的客戶的需求。今天，我們宣布 JetForward 在優先行動產品和客戶價值方面的另一個里程碑。

As we have mentioned, Even More Space has performed exceptionally well as interest and premium options continues to be strong. We believe that we can build on this success to attract more customers in the premium leisure segment and capture additional revenue by evolving how we merchandise and sell our Even More Space seats.

正如我們所提到的，由於興趣和溢價選擇持續強勁，Even More Space 表現異常出色。我們相信，我們可以在這一成功的基礎上，透過改進我們的「更多空間」座椅的營銷和銷售方式，吸引更多高端休閒領域的客戶，並獲得額外收入。

Starting in mid-November, we plan to give Even More Space greater visibility in the booking process by offering to customers directly on the flight search results page on jetblue.com in addition to layering the booking process for customers that find it today.

從11 月中旬開始，我們計劃透過直接在jetblue.com 的航班搜尋結果頁面上向客戶提供Even More Space 的預訂流程，以及為今天找到它的客戶提供分層預訂流程，從而在預訂流程中提供更大的可見性。

As we move into 2025, we plan to rebrand the offering even more and package new benefits and amenities with the extra legroom seat. By making it easier for customers to find and book an enhanced offering, we expect to strengthen JetBlue's competitive position in the premium leisure segment and deliver even more value to our customers.

進入 2025 年，我們計劃對產品進行更多品牌重塑，並透過額外腿部空間座椅提供新的福利和便利設施。透過讓客戶更輕鬆地找到和預訂增強型產品，我們希望加強捷藍航空在高端休閒領域的競爭地位，並為客戶提供更多價值。

We are also working to ensure our customers have a premium experience on the ground. Our recent announcements to bring lounges to JFK's terminal five and to Boston Logan and offer a premium cobranded credit card will allow us to serve the premium leisure customer in a way we have not before and enable our loyalty and airports experience to complement the reliable service customers expect to receive on board.

我們也致力於確保我們的客戶在現場獲得優質的體驗。我們最近宣布將在甘迺迪國際機場五號航站樓和波士頓洛根設立休息室，並提供優質聯名信用卡，這將使我們能夠以前所未有的方式為優質休閒客戶提供服務，並使我們的忠誠度和機場體驗與可靠的服務客戶相得益彰預計在船上收到。

Throughout the travel experience, it is clear that we are quickly moving to address gaps and serve the full spectrum of leisure customers. But we are not yet finished, and we expect to make further exciting product and perk announcements over the coming months.

在整個旅行體驗中，很明顯，我們正在迅速採取行動，彌補差距並為全方位的休閒客戶提供服務。但我們還沒有完成，我們預計在未來幾個月內發布更多令人興奮的產品和福利公告。

Now turning to slide 7 to discuss third-quarter revenue performance and our outlook for the fourth quarter. Reliability initiatives drove higher-than-expected completion factor and capacity for the period with capacity finishing down 3.6% versus the midpoint of our initial guidance of down 4.5%.

現在轉向幻燈片 7，討論第三季的營收表現和我們對第四季的展望。可靠性措施推動了該期間的竣工率和產能高於預期，產能最終下降了 3.6%，而我們最初指引的中位數下降了 4.5%。

Over the third quarter, we also took self-help capacity measures that included day-week cuts during the trough. And in September, we were down nearly 100 flights Monday, Wednesday, and Saturday versus peak days, better matching our flying with customer demand.

在第三季度，我們還採取了自助能力措施，包括在低谷期間按週進行削減。 9 月份，我們在週一、週三和週六比高峰日減少了近 100 個航班，更好地匹配了我們的航班與客戶需求。

These thoughtful capacity pulls combined with an improving competitive capacity environment, healthy demand close in and during peaks, and the continued success of our 2024 revenue initiatives support a positive year-over-year RASM of 4.3% for the quarter. Unit revenue improved across all geographies in the third quarter. But the Latin recovery was the most substantial with the year-over-year overlapping competitive capacity in the region 7 points improved versus the last quarter.

這些深思熟慮的產能拉動，加上競爭能力環境的改善、接近高峰和高峰期間的健康需求，以及我們 2024 年收入計劃的持續成功，支持本季 RASM 同比增長 4.3%。第三季所有地區的單位收入均有所改善。但拉丁地區的復甦最為顯著，該地區的重疊競爭能力較上季提高了 7 個百分點。

Peak performance remained healthy. And as we previously announced, third-quarter revenue was added incrementally by 1 point from the industrywide CrowdStrike event in July. Off peak performance also improved relevant expectations in September supported by our trough capacity reductions. Preferred seating and seasonal checked bag pricing as well as our Blue Basic baggage policy change also contributed to the revenue progress over the quarter.

巔峰表現依然健康。正如我們之前宣布的，第三季收入比 7 月全行業 CrowdStrike 活動增加了 1 個百分點。在我們的低谷產能削減的支持下，9 月的非高峰表現也改善了相關預期。首選座位和季節性托運行李定價以及 Blue Basic 行李政策的變化也對本季的營收成長做出了貢獻。

Our premium segments Even More Space and Mint continue to outperform with revenue up double digits year over year. Transatlantic Mint performance improved over the summer peak with RASM in the third quarter, up high single digits year over year, a nearly 90% more ASMs. We are encouraged by the ramp of these markets but have also worked to further seasonalize the transatlantic schedule allowing us to redeploy high-ROI Mint aircraft to the sun and sand when weather in northern Europe turns.

我們的高端細分市場 Even More Space 和 Mint 繼續表現出色，營收年增兩位數。 Transatlantic Mint 的業績在夏季高峰期有所改善，第三季的 RASM 年成長高個位數，ASM 數量增加了近 90%。我們對這些市場的成長感到鼓舞，但也努力進一步季節性調整跨大西洋航班時刻表，使我們能夠在北歐天氣轉變時將高投資回報率的 Mint 飛機重新部署到陽光和沙灘上。

Our TrueBlue customer base continues to grow and increase their share of wallet on JetBlue flights. in the third quarter, nearly half of our customer flight revenue came from TrueBlue members. The deepened engagement and sustained strength in our cobrand portfolio contributed to an 11% growth in loyalty revenue versus last year.

我們的 TrueBlue 客戶群不斷成長，他們在捷藍航空航班上的錢包份額也不斷增加。第三季度，我們將近一半的客戶航班收入來自 TrueBlue 會員。我們聯合品牌組合的深入參與和持續實力使忠誠度收入較去年增長了 11%。

The improvements we've made to our TrueBlue and Mosaic programs over the past year now make it one of the most attractive programs for introductory elite status members, which is reflected in the record number of both our customers and our competitive customers who have chosen our status with JetBlue this year. The TrueBlue value proposition continues to improve, and the addition of new partnerships lounges and product offerings such as the premium card continue to further bolster that proposition.

在過去的一年裡，我們對TrueBlue 和Mosaic 計劃所做的改進現在使其成為對入門級精英會員最具吸引力的計劃之一，這反映在我們的客戶和選擇我們的競爭客戶的創紀錄數量上。 TrueBlue 的價值主張不斷改進，而新的合作夥伴休息室和高級卡等產品的增加繼續進一步增強了這一主張。

The work the team is doing to reward and attract customers along with continued evolution of our network to further match flying to the preferences of our TrueBlue customer base leaves us excited about the trajectory and growth potential for our program.

團隊為獎勵和吸引客戶所做的工作，以及我們網路的不斷發展，以進一步匹配 TrueBlue 客戶群的偏好，這讓我們對我們計劃的發展軌跡和成長潛力感到興奮。

Shifting to the fourth quarter, we have made incremental trough capacity adjustments. And as a result, fourth quarter capacity is planned to be down 7% to down 4% year over year. We're also comping against near-perfect completion factor in the fourth quarter of last year. And while we had hoped to perform similarly, this quarter, the tropical weather environment has been more challenging than last year.

進入第四季度，我們進行了增量槽產能調整。因此，第四季產能預計將年減 7% 至 4%。我們也與去年第四季近乎完美的完成率進行了比較。儘管我們原本希望表現類似，但本季熱帶天氣環境比去年更具挑戰性。

For the full year capacity is playing to be down 4.5% to 2.5%. In the fourth quarter, we expect revenue down 7% or down 3% year over year which implies positive unit revenue at the midpoint of our revenue and capacity of ranges.

全年產能將下降 4.5% 至 2.5%。我們預計第四季的營收將下降 7%，或年減 3%，這意味著我們的收入和產能範圍的中點為正單位收入。

Positive fourth-quarter RASM is supported by trends continuing from the third quarter, healthy peak demand, and increasingly constructive industry supply backdrop and the progress of our $300 million in rev initiatives. When adjusting for the CrowdStrike benefit in the third quarter and the negative impacts of hurricane Milton and the election of the fourth quarter, year-of-year RASM is expected to be consistent from the third quarter into the fourth.

第四季度積極的 RASM 得到了第三季度持續的趨勢、健康的峰值需求、日益建設性的行業供應背景以及我們 3 億美元的復甦計劃的進展的支持。在調整第三季的 CrowdStrike 收益以及颶風米爾頓和第四季選舉的負面影響時，預計 RASM 從第三季到第四季將保持一致。

Our fourth-quarter revenue is also in line with our historic seasonality and prior expectations. For the full year, we are raising the midpoint of our guide by 0.5 point and narrowing the revenue range to down 5% to down 4% for the full year.

我們第四季的營收也符合我們的歷史季節性和先前的預期。對於全年，我們將全年指導中點上調 0.5 個百分點，並將全年收入範圍縮小至下降 5% 至 4%。

I echo Joanne's excitement for our plan and the progress made so far this year. As we look forward -- excuse me, as we look towards the fourth quarter and into the new year, I'm confident we are taking the right steps to give our customers the best experience and the best value and in a small part because of the dedication of the greatest crew in the industry. Thank you all for always putting our customers first and prioritizing a safe operation.

我同意喬安妮對我們的計劃和今年迄今取得的進展的興奮。當我們展望第四季度和新的一年時，我相信我們正在採取正確的措施為我們的客戶提供最佳體驗和最佳價值，部分原因是業內最優秀團隊的奉獻精神。感謝大家始終將客戶放在第一位並將安全營運放在首位。

With that over to Ursula, we'll share more on the financial status and outlook of the business.

接下來，烏蘇拉將與您分享更多有關公司財務狀況和前景的資訊。

Thank you, Marty. We ended the quarter with an adjusted operating loss of just $11 million, about $130 million better than our July expectations or the equivalent of about a 5-point margin improvement. Over 3 points of the improvement were driven by outcomes in our control. As Marty described, we posted better revenue performance than expected; a trend we know must continue in order to effectively offset the significant cost increases we've seen since 2020.

謝謝你，馬蒂。本季末，我們調整後的營運虧損僅 1,100 萬美元，比我們 7 月份的預期高出約 1.3 億美元，相當於利潤率提高了約 5 個百分點。超過 3 個百分點的改進是由我們控制的結果所推動的。正如馬蒂所描述的，我們公佈的收入表現優於預期；我們知道這一趨勢必須持續下去，才能有效抵消 2020 年以來成本的大幅增加。

We also saw improved operational reliability and, in turn, cost efficiencies and better customer satisfaction scores as our JetForward reliability priority move is beginning to produce benefits that directly impact the bottom line. Fuel prices moderated down $0.23 from our initial midpoint, resulting in the remaining 2 points of improvement to margin over our July expectations.

隨著我們的 JetForward 可靠性優先措施開始產生直接影響利潤的效益，我們也看到了營運可靠性的提高，進而提高了成本效率和更好的客戶滿意度。燃油價格較我們最初的中點下降了 0.23 美元，導致利潤率比我們 7 月的預期提高了 2 個百分點。

While fuel prices aren't in our control, we continue to manage our exposure to volatile prices through our opportunistic hedging program. At the end of the day, we still weren't profitable. But the progress we made this quarter is evidence that we are taking the necessary steps to get the business back to operating profitability. It is also indicative of our commitment to hitting our financial targets.

雖然燃料價格不在我們的控制範圍內，但我們繼續透過機會主義對沖計劃來管理價格波動的風險。到最後，我們仍然沒有獲利。但我們本季的進展證明我們正在採取必要的措施來使業務恢復營運獲利能力。這也顯示我們致力於實現我們的財務目標。

From the $300 million in revenue initiatives for 2024 which we expect to accede to the second iteration of our structural cost program which we expect to achieve at the top end of our range, we have a consistent record of hitting our program targets. The groundwork is set to realize the JetForward plan and hit the EBIT targets we set out for the next three years.

從 2024 年 3 億美元的收入計劃（我們預計將加入結構性成本計劃的第二次迭代）開始，我們預計將在範圍的頂端實現這一目標，我們一直保持著實現計劃目標的記錄。為實現 JetForward 計劃並實現我們為未來三年設定的息稅前利潤目標奠定了基礎。

Turning to our third-quarter results and fourth quarter outlook on slide 9, in the third quarter, our CASM ex fuel growth of 4.8% beat the better end of our initial guidance of up 6% to 8% driven by better operational performance and a shift in the timing of expenses to the fourth quarter. Our structural cost program has also progressed well over the year, achieving $24 million in savings in the third quarter and year-to-date savings of $169 million.

轉向幻燈片 9 上我們的第三季度業績和第四季度展望，在第三季度，由於更好的營運業績和將支出時間轉移到第四季度。我們的結構成本計畫今年也取得了良好進展，第三季節省了 2,400 萬美元，年初至今節省了 1.69 億美元。

And during the quarter, we continued our commitment to a more sustainable industry, signing an agreement alongside World Fuel Services and Valero to bring to New York the first-ever ongoing supply of blended sustainable aviation fuel with initial delivery expected in 2024.

在本季度，我們繼續致力於建立更永續的產業，與World Fuel Services 和Valero 簽署了一項協議，為紐​​約提供有史以來第一批持續供應的混合永續航空燃料，預計將於2024 年首次交付。

Turning to the cost outlook, I am pleased we are maintaining the midpoint of our prior full-year guidance of 7.5%. In the fourth quarter, we do expect CASM ex fuel to be temporarily pressured due to a number of transitory factors including, one, 2.5 points of largely maintenance related expenses that shifted into the fourth quarter; two, the impact of contractual wage rate step ups were 2 points; three, the lapping of onetime credits from the fourth quarter of last year including our 2023 Pratt & Whitney compensation worth about 1.5 points; and four, 1 point from comping against a near-perfect completion factor in 4Q last year and the impact on capacity from hurricane Milton cancellation.

談到成本前景，我很高興我們維持了先前全年指引 7.5% 的中點。在第四季度，我們確實預期 CASM（不含燃油）將因一系列暫時性因素而暫時承壓，其中包括：一、轉移至第四季度的主要維護相關費用增加 2.5 個百分點；二、合約工資率上調的影響為2個百分點；三、從去年第四季開始一次性積分的研磨，包括我們2023年普惠賠償價值約1.5個點；第四，與去年第四季近乎完美的完成率以及颶風米爾頓取消對運力的影響相比，提高了 1 個百分點。

In total, these factors represent about 7 points of transitory headwinds to our controllable costs resulting in CASM ex fuel expected to be up 13% to 15% year over year for the quarter. Independent of these headwinds, CASM ex fuel would be firmly in the mid- to high single digits for the quarter. I want to be clear, we remain firmly within the full year. CASM ex fuel range we shared last quarter and have now narrowed our range to up 7% to 8%.

總的來說，這些因素對我們的可控成本構成了約 7 個暫時的不利因素，導致 CASM（不含燃料）預計本季將年增 13% 至 15%。不考慮這些不利因素，本季 CASM（不含燃料）將穩定在中高個位數。我想明確的是，我們將堅定地維持全年目標。我們上個季度分享的 CASM 不含燃油範圍，現在已將範圍縮小至上漲 7% 至 8%。

As we look to next year, I would like to reiterate our previous commentary on 2025 costs. On flat capacity which we currently expect in 2025, our model has historically resulted in annual CASM ex fuel growth in the mid-single digit range. While we will not guide 2025 metrics until the January call, these fourth-quarter unit cost levels are not indicative of where we expect CASM ex fuel growth to be in 2025.

展望明年，我想重申我們先前對 2025 年成本的評論。根據我們目前預期 2025 年產能不變的情況，我們的模型歷來導致 CASM 扣除燃油後的年度成長處於中個位數範圍內。雖然我們在 1 月的電話會議之前不會指導 2025 年的指標，但這些第四季度的單位成本水準並不能表明我們預計 2025 年 CASM 不包括燃料的成長。

Now shifting to our fleet, in the third quarter, we took delivery of six A220 aircraft supporting the continuation of our fleet modernization program. So far, the program which we have increased from $75 million to $100 million earlier in the year has avoided roughly$ 95 million of costs to date through the continued optimization and avoidance of engine maintenance on our E190s. The program and its benefits will continue through 2025 when our E190 fleet is set to be fully retired.

現在轉向我們的機隊，第三季度，我們接收了六架 A220 飛機，支持我們機隊現代化計劃的繼續。到目前為止，我們的計劃已從今年稍早的 7,500 萬美元增加到 1 億美元，透過持續優化和避免 E190 的引擎維護，迄今已避免了約 9,500 萬美元的成本。該計劃及其優勢將持續到 2025 年，屆時我們的 E190 機隊將完全退休。

In the fourth quarter, we expect to take seven deliveries for a total of 27 aircraft deliveries this year. These deliveries make up the majority of our CapEx forecast of about $450 million for the fourth quarter and $1.6 billion for the full year.

第四季度，我們預計將交付 7 架飛機，今年總共交付 27 架飛機。這些交付量占我們預計第四季資本支出約 4.5 億美元和全年資本支出 16 億美元的大部分。

Turning to our balance sheet on slide 10, at the end of the quarter, our total liquidity excluding our undrawn $600 million revolver was $4.1 billion. This includes the proceeds from our $3.2 billion debt raise in August which consisted of senior secured notes and a term loan both backed by our TrueBlue loyalty program as well as $460 million worth of new convertible notes.

轉向幻燈片 10 上的資產負債表，截至本季末，我們的總流動資金（不包括未提取的 6 億美元左輪手槍）為 41 億美元。這包括我們 8 月 32 億美元債務籌集的收益，其中包括由我們的 TrueBlue 忠誠度計劃支持的優先擔保票據和定期貸款，以及價值 4.6 億美元的新可轉換票據。

The proceeds from the new convertible notes were used to retire a portion of our existing 2026 convertible notes. The remaining capital is expected to prefund CapEx for the remainder of 2024 and through 2025 and provide ample runway for JetForward.

新可轉換票據的收益用於償還我們現有的 2026 年可轉換票據的一部分。剩餘資金預計將用於 2024 年剩餘時間和 2025 年的資本支出預支，並為 JetForward 提供充足的跑道。

The deal structure also gives us balance sheet flexibility with prepayment options and exposure to more floating rate debt. We expect aircraft deliveries to be funded with cash further adding to our existing unencumbered asset base of about $5 billion.

此交易結構也為我們提供了資產負債表的靈活性，包括提前付款選項和更多浮動利率債務的曝險。我們預計飛機交付將由現金提供資金，進一步增加我們現有約 50 億美元的未支配資產基礎。

Being well capitalized allows our team to fully focus on getting the business back to profitability, improving our balance sheet, and working to eventually produce free cash flow. We firmly believe JetForward is the right plan to get the business back to operating profitability. And we are confident in the $800 million to $900 million EBIT uplift in 2027.

資本充足使我們的團隊能夠完全專注於使業務恢復盈利、改善資產負債表並努力最終產生自由現金流。我們堅信 JetForward 是讓業務恢復營運獲利的正確計畫。我們對 2027 年息稅前利潤成長 8 億至 9 億美元充滿信心。

JetForward consists of initiatives that are in our control, providing reliable service even in the face of ATC challenges, building out our leisure network in the northeast where our brand is already well positioned to win, and offering our customers the products and perks that they desire, all the while ensuring our cost base allows us to offer more value versus our peers.

JetForward 包括我們控制範圍內的舉措，即使面對ATC 挑戰也能提供可靠的服務，在我們的品牌已經處於有利地位的東北部建立我們的休閒網絡，並為我們的客戶提供他們想要的產品和福利，同時確保我們的成本基礎使我們能夠提供比同行更多的價值。

JetForward is clear. It is actionable. And as we move through the fourth quarter and into 2025, I believe we have a solid foundation to realize its benefits and drive value for our shareholders, crew members, and customers.

JetForward 的情況很清楚。這是可行的。隨著我們進入第四季度並進入 2025 年，我相信我們擁有堅實的基礎來實現其效益並為我們的股東、船員和客戶創造價值。

Thank you. We will now open it up to your questions.

謝謝。我們現在將開放回答您的問題。

(Operator Instruction) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

Hey, good morning, everyone. I know Joanna mentioned like network performance kind of maturing in 2025. And you do have the JetForward initiative. I'm not sure if there's a question for Marty or David, but when should we start seeing the year-over-year revenue RASM trends as they move sequentially kind of performing better than seasonality?

嘿，大家早安。我知道 Joanna 提到網路效能將在 2025 年趨於成熟。我不確定 Marty 或 David 是否有問題，但我們什麼時候應該開始看到逐年收入 RASM 趨勢，因為它們按順序移動，表現比季節性更好？

Hi, Savi. Thanks for the question. It's funny, I think if you look at all of the contributors to JetForward, there are a lot of puts and takes in here. I'll go back at the first $300 million we promised in 2024. The beauty of having a lot of different initiatives is that some can be above, some can be below.

嗨，薩維。謝謝你的提問。有趣的是，我想如果你看看 JetForward 的所有貢獻者，你會發現這裡有很多投入和投入。我會回顧我們在 2024 年承諾的第一批 3 億美元。

I think we've said already that the network changes are not among the biggest changes that we're making. Certainly, things like the preferred seating program, preferred seating fees; we changed Even More. Some other stuff will be announcing soon on a relative basis will be bigger.

我想我們已經說過，網路變化並不是我們正在做出的最大變化之一。當然，諸如首選座位計劃、首選座位費用等；我們改變得更多。其他一些即將發布的東西相對來說會更大。

But we're really focused on the more macro elements of both the $300 million 2024 promise and the $800 million to $900 million promise of JetForward. And we'll be updating you going forward about that one. But I'd say from a network perspective, we're very happy with what we're seeing so far.

但我們真正關注的是 JetForward 2024 年 3 億美元承諾和 8 億至 9 億美元承諾的更宏觀因素。我們將向您通報有關該問題的最新情況。但我想說，從網路的角度來看，我們對目前所看到的情況非常滿意。

But I will say that if you think about the path for that to phase in the redeployment of the capacity is going to start ramping. Now, the good news is if you look at our fourth-quarter capacity, the last big-tranche capacity changes are coming out in the stations we just closed, the deals we just closed and then being redeployed.

但我要說的是，如果你考慮分階段重新部署容量的路徑，那麼容量就會開始增加。現在，好消息是，如果你看看我們第四季的產能，你會發現我們剛關閉的加油站、我們剛關閉然後重新部署的交易將出現最後一批產能變化。

And I'll give the example of Minneapolis. We flew to Minneapolis for 57 months, and we had phased pretty aggressively as far as revenue going up there. That plane is now flying, I think, in Islip, and we're in month one of Islip. And yet we're still maintaining the RASM growth that we've already seen in the third quarter.

我將舉出明尼阿波利斯的例子。我們飛往明尼阿波利斯的航班持續了 57 個月，我們非常積極地分階段提高那裡的收入。我認為那架飛機現在正在艾斯利普飛行，我們正處於艾斯利普的第一個月。然而，我們仍然保持了第三季已經看到的 RASM 成長。

So actually, I'm really, really happy with the redeployment opportunities. We're putting the airplanes in places where we already have a very, very strong frequent flyer base. In fact, Islip is already in the top quartile of frequent flyer catch rates for our network. So we're very, very positive about what we're seeing there. And I'm actually very much looking forward to the redeployment because I think it's really a big part of building the depth that we need in the East Coast leisure market.

所以實際上，我對重新部署的機會非常非常滿意。我們將飛機部署在我們已經擁有非常非常強大的常旅客基礎的地方。事實上，艾斯利普已經躋身我們網路的常旅客捕獲率前四分之一之列。因此，我們對在那裡看到的情況非常非常樂觀。事實上，我非常期待重新部署，因為我認為這確實是建立我們在東海岸休閒市場所需的深度的重要組成部分。

That's helpful perspective. Thanks, Marty. And if I might just ask on the competitive capacity side, so you're doing what you can do to control that, what you can control. But it seems like industry capacity is also moderating. I wonder if you could give a little bit more color especially on what you're seeing from Frontier and Spirit because there were some aggressive cuts this quarter.

這是很有幫助的觀點。謝謝，馬蒂。如果我只是問競爭能力方面，那麼你正在盡你所能控制它，你可以控制什麼。但產業產能似乎也在放緩。我想知道您是否可以提供更多的色彩，特別是您從 Frontier 和 Spirit 中看到的內容，因為本季度有一些激進的削減。

So I don't want to go into too much detail airline by airline. But I would say on a macro level, competitive capacity, our competitive capacity is actually up fourth quarter over third quarter. And competitive capacity in our markets, it's really not being contributed to by the ULCCs, but we're seeing it from other carriers.

所以我不想逐一詳細介紹航空公司。但我想說的是，在宏觀層面上，競爭能力，我們的競爭能力實際上第四季比第三季有所提升。我們市場上的競爭能力，其實不是由 ULCC 貢獻的，而是由其他承運商貢獻的。

And I'd say even with -- I've got a pretty big increase, and frankly, even among that, we're still maintaining our third quarter unit revenue. I think that just speaks to the underlying strength of the revenue performance we have right now.

我想說，即使如此，我還是有相當大的成長，坦白說，即使如此，我們仍然保持了第三季的單位收入。我認為這正好說明了我們目前收入表現的潛在實力。

Helpful. Thanks, Marti.

有幫助。謝謝，馬蒂。

Jamie Baker, JPMorgan

傑米貝克，摩根大通

Oh, yeah. Good morning, everybody. So when I think back to the merger, Joanna, I always viewed your predecessor as sort of leading the charge on that. And it's water under the bridge at this point. But when I think of the international strategy, I was always of the impression that there was pretty, I don't know, widespread agreement that it made sense, and the domestic network could support it and so on.

哦，是的。大家早安。因此，當我回想起合併時，喬安娜，我一直認為你的前任在這方面起到了領導作用。此時橋下已經是水了。但當我想到國際戰略時，我總是有這樣的印象：有相當多的、我不知道的、廣泛的共識，認為它是有意義的，而且國內網絡可以支持它等等。

So I guess that's my question with the downsizing that's taking place and what you internally are contemplating from here, there still widespread logic for the transatlantic operation? And are we anywhere near the point where the domestic franchise might not be able to adequately support it?

所以我想這就是我對正在發生的裁員以及你們內部正在考慮的問題，跨大西洋行動仍然存在廣泛的邏輯嗎？我們是否已接近國內特許經營權可能無法充分支持它的地步？

Hey, thanks, Jamie. Appreciate the question. I think maybe just the headline, you've seen us communicate the different pillars of JetForward, on a very good trajectory. And I'm pleased with the direction that we are moving.

嘿，謝謝，傑米。感謝這個問題。我想也許只是標題，您已經看到我們以非常好的軌跡傳達了 JetForward 的不同支柱。我對我們前進的方向感到滿意。

Obviously, one of the pillars is focused on building the best East Coast leisure network. But transatlantic is an important part of that as I spoke. It drives nice relevance in our loyalty program. But if you actually look at the underlying performance from this summer, we were really pleased with how it did.

顯然，支柱之一是專注於建立最好的東海岸休閒網絡。但正如我所說，跨大西洋是其中的重要組成部分。它在我們的忠誠度計劃中推動了良好的相關性。但如果你真正看看今年夏天的基本表現，我們對它的表現非常滿意。

As we think about the future, I think the team has done a nice job seasonalizing it appropriately and looking for opportunities to redeploy the fleet during those kind of long cold winter months and focusing on the revenue that we can drive during the summer from some great leisure destinations across the Atlantic. So it's evolved since my predecessor, but I think evolved in the way it needed to as we move forward with our JetForward plan.

當我們考慮未來時，我認為團隊做得很好，適當地進行了季節性調整，並在漫長寒冷的冬季期間尋找重新部署機隊的機會，並專注於我們在夏季可以從一些偉大的公司獲得的收入大西洋彼岸的休閒勝地。所以它自我的前任以來一直在發展，但我認為隨著我們推進 JetForward 計劃，它以所需的方式發展。

Okay, helpful. And then second, I do have to ask, can you envision any scenario where you might reengage with Spirit? Or maybe better way to ask the question, do any of the tenants of the original deal still stand or still appeal to you, given how your balance sheet and your margins have evolved since then? Thanks in advance.

好的，有幫助。其次，我確實要問，你能想像你可能重新與精神接觸的任何場景嗎？或者也許更好的方式來問這個問題，考慮到您的資產負債表和利潤率自那時以來的變化情況，原始交易中的任何租戶是否仍然存在或仍然對您有吸引力？提前致謝。

Sure, thanks for the question. So maybe to be clear, we're not interested in revisiting the Spirit potential acquisition. We want to really focus on improving our margins within JetBlue, delivering on JetForward, controlling what we can and keeping the team laser focused on that.

當然，謝謝你的提問。因此，也許需要澄清的是，我們對重新審視 Spirit 的潛在收購不感興趣。我們希望真正專注於提高捷藍航空的利潤率、交付 JetForward、控制我們能做的事情並讓團隊專注於此。

I will say that if there are opportunities that come up with assets that are reasonable and may allow us to grow in a capitally prudent manner, obviously, we would consider and evaluate those. But of course, there's a complexity there, lease price, aircraft age, reconfiguration, and the list goes on.

我想說，如果有機會提供合理的資產，並可能讓我們以資本審慎的方式成長，顯然，我們會考慮和評估這些。當然，這其中存在著複雜性，例如租賃價格、飛機機齡、重新配置等等。

So headline, we're not interested in revisiting the Spirit acquisition, focusing on JetForward, laser focused on delivering sort of the organic plan for JetBlue and then the opportunity to potentially consider things that may shake free to the extent it makes sense for JetBlue.

因此，我們沒有興趣重新審視 Spirit 收購，而是專注於 JetForward，專注於為捷藍航空提供某種有機計劃，然後有機會潛在地考慮可能對捷藍航空有意義的事情。

Super helpful. Thank you very much.

超有幫助。非常感謝。

Daniel McKenzie, Seaport Global.

丹尼爾·麥肯齊，海港全球公司。

Oh, hey, good morning. Thanks. Great job on the third quarter, and thanks for the commentary on 2025. It would be great to go back to that confidence in the 2025 supply demand backdrop that you guys mentioned in the script. And I know you're not going to guide to the '25 metrics, but it'd be great just to revisit the goals.

哦，嘿，早安。謝謝。第三季做得很好，感謝您對 2025 年的評論 如果您能回到您在劇本中提到的對 2025 年供需背景的信心，那就太好了。我知道您不會指導 25 年的指標，但重新審視目標就太好了。

And so if we could just set aside any further hiccups from Pratt & Whitney, based on what you're seeing today is the goal of a breakeven margin still a reasonable base outlook for next year? And I guess, what are the moving pieces that you're watching most closely that that could potentially change that?

因此，如果我們可以拋開普惠公司的任何進一步問題，根據您今天所看到的情況，盈虧平衡利潤率的目標仍然是明年合理的基本前景嗎？我想，您最密切關注的、可能改變這現狀的動態片段是什麼？

Hi, Dan, thanks for the question. Appreciate it. So in regards to 2025, we're just going to reiterate what we've been saying. So we're still expecting mid- to high-teens, number of aircraft on the ground due to the GTF issue, and that is going to result in flat capacity year over year.

嗨，丹，謝謝你的提問。欣賞它。因此，對於 2025 年，我們將重申我們一直在說的話。因此，由於 GTF 問題，我們仍預計地面上的飛機數量將達到中到高，這將導致運力與去年同期持平。

We're in the middle of the planning process at the moment. In terms of CASM ex fuel, historically, with a flat capacity, you should expect a mid-single digit CASM ex fuel number. It's still a little too early to provide guidance beyond that. So we're reiterating what we've previously said, which is building a plan with a goal to have up margin which is break even or better.

我們目前正處於規劃過程中。就 CASM 不含燃料而言，從歷史上看，由於容量持平，您應該預期 CASM 不含燃料數量為中個位數。現在提供除此之外的指導還為時過早。因此，我們重申我們之前所說的，即制定一項計劃，目標是實現盈虧平衡或更好的利潤率成長。

So we're pleased with the momentum that we're seeing in JetForward. And we also continue to assume that the macro backdrop continues to be constructive. So more to come in in January. But we're just reiterating what we've previously said around our 2025 outlook.

因此，我們對 JetForward 所看到的勢頭感到高興。我們也繼續假設宏觀背景仍然是建設性的。一月份還會有更多的事情發生。但我們只是重申我們之前所說的 2025 年展望。

Yeah, helpful. And I guess second question here on JetForward. I don't believe the benefits that you guys are currently targeting included another large partnership, but I believe that's something that you're looking at. And so I guess my question is how quickly -- if a new partnership is announced, how quickly could that be turned on? And how quickly could any incremental revenue potentially fall to the bottom line?

是的，有幫助。我想第二個問題是關於 JetForward 的。我不認為你們目前瞄準的好處包括另一個大型合作關係，但我相信這是你們正在考慮的事情。所以我想我的問題是，如果宣佈建立新的合作關係，要多快才能啟動？任何增量收入可能會以多快的速度下降到底線？

Hi, Dan. Thanks for the question. So I will say there is a plug in JetForward for the concept of some level of partnership going forward, and it's certainly something that we're looking at. It certainly could be with American, it could be with another carrier. I do want to remind you, we do have 52 partners right now that we work with mostly at JFK in Boston.

嗨，丹。謝謝你的提問。所以我想說，JetForward 中有一個插件，可以實現未來某種程度的合作夥伴關係的概念，這肯定是我們正在考慮的事情。當然可能是美國航空公司，也可能是另一家航空公司。我確實想提醒您，我們現在確實有 52 個合作夥伴，其中大部分是在波士頓的甘迺迪機場。

So we understand patent as well. I think we learned a lot through the NEA as far as what worked for us or might not work for us. So I'm cautiously optimistic that we might have an opportunity at some point in the future. It's not a gigantic number that's going to make this plan pivot. But I think it's certainly one of the tools that could be in the toolbox to try to achieve JetForward.

所以我們也了解專利。我認為我們透過 NEA 學到了很多東西，哪些對我們有用，哪些可能對我們不起作用。因此，我對我們在未來某個時候可能有機會持謹慎樂觀的態度。這個數字並不是一個龐大的數字，無法讓這個計畫發生轉變。但我認為它肯定是工具箱中嘗試實作 JetForward 的工具之一。

Now, second thing is with respect to speed, I think it'd be too early to say. I think it depends on what the structure of the partnership is. But we have a lot of experience with this, and it'll be the appropriate speed for whatever size partnership we choose.

現在，第二件事是關於速度，我認為現在說還為時過早。我認為這取決於夥伴關係的結構。但我們在這方面擁有豐富的經驗，無論我們選擇何種規模的合作夥伴，這都將是合適的速度。

Yeah. Thank you, guys.

是的。謝謝你們，夥計們。

Duane Pfennigwerth, Evercore.

杜安·芬尼格沃斯，Evercore。

Hey, thanks, good morning. Just on the election impact, Marty, maybe for you. Can you speak to the shape of bookings on the other side of the election? Is this -- are we seeing this pick up on the other side? Or is it an expectation that booking activity will pick up when we get to the other side of it?

嘿，謝謝，早安。只是關於選舉的影響，馬蒂，也許對你來說。您能談談選舉另一邊的預訂情況嗎？這是－我們看到另一邊的情況有好轉嗎？還是預計當我們到達另一邊時預訂活動將會增加？

So when we model 2024, we were making an assumption for election impact, which has come true because we've seen this in previous Presidential elections. And there's really two pieces of the change. The first one is depressed travel during the actual week of elections. And that's something we've seen historically, and I think we're forecasting it this year.

因此，當我們對 2024 年進行建模時，我們對選舉影響做出了假設，這一假設已經實現，因為我們在先前的總統選舉中已經看到了這一點。實際上有兩個變化。第一個是選舉實際一周期間的低迷旅行。這是我們在歷史上看到的情況，我想我們今年也會預測這一點。

Luckily, we had already made trough adjustments. Because as we have talked about in the fourth quarter, we were much more aggressive at pulling down the troughs. So I think we have that piece recovered. The longer -- I think, actually, slightly larger impact and longer-term impact is it's just a period of 7 to 10 days where there's just not as much booking activity as you've been historically.

幸運的是，我們已經做出了調整。因為正如我們在第四季度談到的那樣，我們在拉低低谷方面更加積極。所以我認為我們已經找回那塊碎片了。更長的時間——我認為，實際上，稍微大一點的影響和更長期的影響是，這只是 7 到 10 天的一段時間，其中的預訂活動沒有歷史上那麼多。

And it's actually not that different from what we saw during Milton, which was, yes, during the hurricane, there was no flying in and out of Tampa and Sarasota and the West Coast of Florida. But at the same time, there was also people who just weren't booking because they were focused on dealing with a hurricane.

實際上，這與我們在米爾頓期間看到的情況沒有什麼不同，是的，在颶風期間，沒有航班進出坦帕、薩拉索塔以及佛羅裡達州西海岸。但同時，也有人因為專注於應對颶風而沒有預訂。

And I think that during the election, it's sort of the same thing, which is there some booking just sort of melt away because people are focused on other things. But again, this is nothing different than what we've seen historically. But we really felt the need to call it out mostly to make sure that we could give you a clean comparison between third and fourth quarters.

我認為在選舉期間，情況也是一樣的，因為人們專注於其他事情，所以一些預訂就消失了。但同樣，這與我們歷史上看到的沒有什麼不同。但我們確實覺得有必要指出這一點，主要是為了確保我們可以為您提供第三季和第四季之間的清晰比較。

Great. And then maybe just to stay with you, I wonder if you could comment on how you're seeing Caribbean RASM playing out this winter. We had at least one carrier give some forward look on early 1Q, January, February yield commentary. I just wonder what sort of RASM improvement you're thinking about? Would that be a leading entity for you, or would it be sort of more similar to system average? Thank you.

偉大的。然後也許只是想和大家在一起，我想知道你是否可以評論一下你如何看待加勒比海 RASM 今年冬天的表現。我們至少有一家航空公司對第一季初、一月、二月的收益率發表了一些前瞻性評論。我只是想知道您正在考慮什麼樣的 RASM 改進？這對你來說是一個領先的實體，還是更類似於系統平均值？謝謝。

So Caribbean has always been above system average for us. So it's a very strong market, and it's a market where we have a strong franchise and a very strong customer following.

因此，加勒比地區對我們來說始終高於系統平均值。所以這是一個非常強大的市場，我們在這個市場上擁有強大的特許經營權和非常強大的客戶群。

I think it's really too soon to really talk about first quarter RASM. I will say, in general, we've been pretty aggressive as far as adding capacity into San Juan. And we've been very happy with what we've seen so far, including putting capacity in there. But this market is going to be important to us, and we have a lot of confidence about how Caribbean will shake out.

我認為現在談論第一季 RASM 還為時過早。我想說的是，總的來說，我們在增加聖胡安的運力方面一直非常積極。我們對迄今為止所看到的情況非常滿意，包括在那裡投入產能。但這個市場對我們來說很重要，我們對加勒比海地區將如何擺脫困境充滿信心。

Okay. I appreciate the thoughts.

好的。我很欣賞這些想法。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. Good morning. So on the capacity front for flat next year, any initial thoughts on how to think about the first half of next year? And then I think you said we're going to have mid- to high teens aircraft on ground related to GTF. Would you expect to end the year any higher or lower than that mid- to high teens? I just want to understand the trajectory of the GTF. Thank you

嘿，謝謝。早安.那麼，在明年的扁平化產能方面，您對如何看待明年上半年有什麼初步想法嗎？然後我想你說過我們將在地面上部署與 GTF 相關的中高級飛機。您預計今年結束時的價格會高於還是低於中高十幾歲的水平？我只是想了解GTF的軌跡。謝謝

Maybe I'll start with the fleet and then I can hand it over to Marty. So no, our expectation continues to be on average, we will have mid- to high-teens number of aircraft on the ground next year. That's our planning assumption that we're using heading into the 2025 plan.

也許我會從艦隊開始，然後我可以把它交給馬蒂。所以不，我們的預期仍然是平均水平，明年我們將有中到十幾架飛機在地面上。這是我們在 2025 年計畫中所使用的規劃假設。

I also want to remind everyone, we're also in the process of extending 30 leases that were set to retire. And we're keeping those in the fleet in order to backfill some of the lost capacity due to the GTF. So we are in the process of working through those negotiations. And so that is helping the capacity outlook for next year. Maybe over to Marty just on any more detail that you would add.

我還想提醒大家，我們還正在延長 30 個即將到期的租約。我們將其保留在機隊中，以補充因 GTF 造成的部分容量損失。因此，我們正在努力完成這些談判。因此，這有助於明年的產能前景。也許請馬蒂來討論您要添加的更多細節。

Yeah. The only detail, I mean, we're not going to -- I mean, obviously in the fourth quarter call, we'll give better guidance as far as what to expect in the first half of '25. But based on what we know about the fleet plan right now, you see that ASM are negative in fourth quarter, we will still be negative in the first quarter as well.

是的。我的意思是，唯一的細節是，我們不會 - 我的意思是，顯然在第四季度的電話會議中，我們將就 25 年上半年的預期提供更好的指導。但根據我們目前對機隊計畫的了解，你會看到 ASM 在第四季為負值，我們在第一季也將是負值。

And unfortunately, this fleet situation is very, very dynamic, and we continue to be very frustrated as far as the status right now, as far as being able to actually get a good handle on what's happening with Pratt. But we'll give more detail about that on the fourth-quarter call.

不幸的是，這個機隊的情況非常非常動態，就目前的狀態而言，就能夠真正掌握普拉特發生的情況而言，我們仍然感到非常沮喪。但我們將在第四季的電話會議上提供更多細節。

Okay. That's helpful. And just secondly, when, when we talk about the mid-single digit type CASM for next year, I just want to make sure are we including the 2 point hit from the wage step up? I guess you'll still have that for a couple quarters next year. And are we assuming anything around pilots? Because I think that the extension becomes -- starts to expire, I guess, early next year.

好的。這很有幫助。其次，當我們談論明年的中個位數 CASM 時，我只想確保我們是否包括薪資上漲帶來的 2 個百分點的影響？我想明年幾個季度你仍然會擁有它。我們是否對飛行員做出了任何假設？因為我認為延期將在明年初開始到期。

So with flat capacity, as a reminder, our historical unit cost performance would insinuate that we would be at mid-single digit CASM ex fuel next year. And that is inclusive of all labor assumptions, maintenance assumptions. I mean, that's all in.

因此，提醒一下，在容量持平的情況下，我們的歷史單位成本績效將暗示我們明年的 CASM 不包括燃料費用將處於中個位數。這包括所有勞動力假設和維護假設。我的意思是，這就是全部。

Next year, at the highest level, we'll continue to see inflationary pressures across the labor work groups. We also will have a step up in maintenance expenses as well just due to the nature of the V2500 fleet. But these are reasons why we also put in place the cost pillar as part of JetForward.

明年，在最高水準上，我們將繼續看到勞工工作群體面臨通膨壓力。由於 V2500 機隊的性質，我們的維護費用也會增加。但這就是我們將成本支柱作為 JetForward 一部分的原因。

So we have ways in which we're going to offset these pressures that we're seeing across labor and maintenance, which will result in a mid-single digit number for 2025.

因此，我們有辦法抵消勞動力和維護方面的壓力，這將導致 2025 年的數字達到中位數。

Thank you.

謝謝。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hi, good morning, and thanks for taking my question. So Marty, if I'm hearing you right, I think the majority of the improvement you're seeing on the commercial side is really being driven by changes to product and pricing. Is that correct? And the network changes are going to maybe potentially be more impactful in 2025. Is that correct?

你好，早安，謝謝你提出我的問題。馬蒂，如果我沒聽錯的話，我認為您在商業方面看到的大部分改進實際上是由產品和定價的變化所推動的。這是正確的嗎？到 2025 年，網路變更可能會產生更大的影響。

That's absolutely correct.

這是絕對正確的。

I mean, can you elaborate a little bit on what changes have been made this year, though, where you're seeing that growing rate of $300 million or more?

我的意思是，您能詳細說明今年發生了哪些變化嗎？

So a bunch of changes we've made already. I think the most impactful one so far has been the preferred seating program where for the non-Even More seating that's in the front of the airplane, we are charging a fee to get into those seats.

我們已經做了很多改變。我認為迄今為止最具影響力的一個是首選座位計劃，對於飛機前部的非 Even More 座位，我們收取進入這些座位的費用。

Now, to be clear, we have not taken away free seat assignments. We still offer free seat assignments. We even have basic customers. But you will be -- if you want to sit in the front of the airplane, there will be a fee for that. That has been above our expectations.

現在，需要明確的是，我們並沒有取消免費座位分配。我們仍然提供免費座位分配。我們甚至還有基本客戶。但如果您想坐在飛機前部，則需要付費。這超出了我們的預期。

We just recently in September announced a change to Blue Basic where we are now offering a free carry-on bag for Blue Basic customers, also performed well above expectations. We're quite happy with that and how that's gone.

最近，我們在 9 月宣布了 Blue Basic 的一項變更，現在為 Blue Basic 客戶提供免費的隨身行李包，其表現也遠高於預期。我們對此及其進展感到非常滿意。

With respect to the, the change Even More, we are actually very excited about that with respect to how we'll hopefully be able to better merchandise that product and make it a little bit more attractive product. And we'll be announcing some product changes as we go forward. Let's see. Oh, we've also put in variable pricing for checked baggage during peak periods.

關於這一變化，更重要的是，我們實際上對此感到非常興奮，因為我們希望能夠更好地推銷該產品並使其成為更具吸引力的產品。隨著我們的進展，我們將宣布一些產品變更。讓我們來看看。哦，我們還在高峰時段對托運行李實行了可變定價。

Again, at the end -- in the fourth quarter call as we close out 2024, we're going to give a full accounting of the $300 million we promised and some a little more detail as far as where the benefits have come. But again, this is the point of having a multifaceted approach. Some things can be above forecast, some things can be, at some things can be low -- can be below.

再次強調，在 2024 年結束時的第四季電話會議上，我們將全面核算我們承諾的 3 億美元資金，並提供更多有關收益來源的細節。但這又是採取多面向方法的重點。有些事情可能會高於預測，有些事情可能會低於預測，有些事情可能會低於預測。

But the goal we have with the leadership team is to make sure that we make a commitment to our investors, and we deliver on that commitment if not more. So that's why we actually really enjoy having a basket.

但我們領導團隊的目標是確保我們向投資者做出承諾，並且我們兌現這項承諾（如果不是更多的話）。這就是為什麼我們真的很喜歡擁有一個籃子。

And the last thing I want to mention, and Joanna mention it in the script, but I can't stress it enough. Our crew members have really stepped up as far as delivering a fantastic product, whether it's airports folks and flight and inflight crews as far as improving that performance, whether it's maintenance, getting airplanes in tip top shape.

我想提的最後一件事，喬安娜在劇本中提到過，但我怎麼強調都不為過。我們的機組人員確實在提供出色的產品方面取得了進步，無論是機場工作人員、飛行和機上機組人員，還是在提高性能方面，無論是維護方面，還是讓飛機處於最佳狀態。

Having our antiperformance go by 12 points and the improvement in NPS, I can't stress enough how important that is. So again, I should give a thanks to all of our crew members for their hard work because we're really seeing in some of our numbers. I think we're definitely seeing the benefit of an improved customer experience.

我們的反性能提高了 12 點，NPS 也得到了改善，這一點的重要性我怎麼強調都不為過。再次，我應該感謝我們所有工作人員的辛勤工作，因為我們確實看到了一些數字。我認為我們肯定看到了改善客戶體驗的好處。

I appreciate all that, Martin. And maybe if I can get one lesson for Joanna. I mean, if things aren't turning towards profitability next year, and I know you guys don't want to provide guidance right now. But what are incremental levers you can pull to get the business in the black solidly?

我很感激這一切，馬丁。也許我能為喬安娜上一課。我的意思是，如果明年情況沒有轉向盈利，我知道你們現在不想提供指導。但是，您可以利用哪些增量槓桿來使業務穩定獲利呢？

Yeah. So I think it's JetForward. And if you look at what we laid out, the goal is to get us back on the trajectory towards profitability. So as we think about next year, we're building a plan with the goal to get to margin break even or better. And that's the first step and then we'll continue after that.

是的。所以我認為是JetForward。如果你看看我們的佈局，你會發現我們的目標是讓我們回到獲利的軌道上。因此，當我們考慮明年時，我們正在製定一項計劃，目標是實現利潤率收支平衡或更好。這是第一步，然後我們將繼續。

But all of these pillars contribute to that, some of which, as you know, we've been, but there's more to come down the pipeline. Even More Space is obviously the announcement today, but we've actually got a number of additional announcements coming.

但所有這些支柱都對此做出了貢獻，正如你所知，我們已經做到了其中一些，但還有更多的工作正在醞釀中。顯然，「更多空間」是今天的公告，但實際上我們也發布了許多其他公告。

Obviously, this is all against a macro backdrop of cooperative fuel, other airline capacity, and then obviously managing through our own AOG issues. If those improve in any meaningful way, that will be tailwinds on the plan.

顯然，這一切都是在合作燃料、其他航空公司運力的宏觀背景下進行的，然後顯然是在管理我們自己的 AOG 問題。如果這些以任何有意義的方式得到改善，那將是該計劃的順風車。

Thank you.

謝謝。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Hi, good morning, everyone. So Ursula, just kind of going back to GTF, I know it's very fluid, but you have any thoughts on what 2026 could look like maybe relative to 2025 in terms of AogS? And then I guess for next year, any kind of framework on how we should think about potential -- qwhat any potential compensation from Pratt could look like?

嗨，大家早安。烏蘇拉，回到 GTF，我知道它非常不穩定，但你對 2026 年相對於 2025 年 AogS 而言可能會是什麼樣子有什麼想法嗎？然後我想明年，我們應該如何考慮潛力的任何類型的框架——普拉特的潛在補償可能是什麼樣的？

Morning, Andrew. Thanks for the question. We don't have clear line of sight beyond 2025. We'll continue to work constructively with Pratt & Whitney both on our aircraft on the ground forecast as well as compensation. So both are a work in progress.

早安，安德魯。謝謝你的提問。我們對 2025 年之後的情況沒有明確的預期。所以兩者都是正在進行中的工作。

Okay. Got it. And then maybe just a follow up for Marty just on the election impact. Just curious, are there any particular markets where you see an outsized impact? Or is it pretty broad based? Just curious, your thoughts there? Thank you.

好的。知道了。然後也許只是馬蒂對選舉影響的後續。只是好奇，是否有任何特定市場對您產生了巨大的影響？還是它的基礎相當廣泛？只是好奇，你的想法在那裡？謝謝。

That's broad based. There's no specific market we see it.

這是基礎廣泛的。我們沒有看到特定的市場。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Thanks very much everyone, and I appreciate you taking my question. I'm sort of curious when you think about your focus on premium leisure customers. Do you anticipate any movement or adjustments in how you think about your frequent flyer program?

非常感謝大家，也感謝您提出我的問題。當你想到你對高端休閒客戶的關注時，我有點好奇。您對飛行常客計畫的看法是否預計會發生任何變化或調整？

Hi, Stephen. Thanks for the question. Actually, I think if you look at how we've structured TrueBlue right now, it is already more friendly for leisure customers that we see in competitive programs. And frankly, we've had a great year in TrueBlue even in the world when we're flat or down in capacity, our credit card spend is up in the low teens.

嗨，史蒂芬。謝謝你的提問。事實上，我認為如果你看看我們現在建立 TrueBlue 的方式，你會發現它對休閒客戶來說已經比我們在競爭性計畫中看到的更友善。坦白說，我們在 TrueBlue 度過了美好的一年，即使在我們的容量持平或下降的情況下，我們的信用卡支出卻在十幾歲以下。

We're actually, I think almost -- I think we released the number. We've had a major growth in Mosaic customers. We've got a program out there for elite customers from other airlines to come over to JetBlue and earn elite status here. I think it's actually worked extremely well with respect to what we've done in TrueBlue.

事實上，我想我們幾乎已經發布了這個數字。我們的 Mosaic 客戶數量大幅成長。我們有一個計劃，供其他航空公司的精英客戶轉乘捷藍航空並在這裡獲得精英身份。我認為相對於我們在 TrueBlue 中所做的事情來說，它實際上非常有效。

And I think the beauty of this is, and it's funny if you think about the customer target for us, and one of the phrases I like to use is every single person who flies is a leisure customer. There's a subset of them who are both leisure and business customers. So being focused on leisure customers, actually, I think is an opportunity for us.

我認為這樣做的美妙之處在於，如果你考慮我們的客戶目標，就會很有趣，我喜歡使用的短語之一是每個乘坐飛機的人都是休閒客戶。其中有一部分人既是休閒客戶又是商務客戶。因此，實際上，我認為專注於休閒客戶對我們來說是一個機會。

And frankly, if you look at -- I think we were one of the very first programs in the country to have dollar-based earning and dollar-based burning, which we did at least 10, 12 years ago. Our value proposition is fantastic. So we're very happy of how TrueBlue is structured, and I'm very optimistic about the ability of that team to continue to shift more share.

坦白說，如果你看一下——我認為我們是該國最早實行以美元為基礎的收入和以美元為基礎的燃燒的項目之一，我們至少在 10、12 年前就這樣做了。我們的價值主張非常棒。因此，我們對 TrueBlue 的結構非常滿意，我對團隊繼續轉移更多份額的能力非常樂觀。

Yeah. If I could just add on top of that, I think this all ladders back not to sound like a broken record, but ladders back to our JetForward plan, delivering the things that customers value. And if you look at our loyalty program, whether it's the lounges or some of the improvements to Mosaic that we're rolling out, including the premium card, that all plays to the premium customer.

是的。如果我能補充一點的話，我認為這一切聽起來不像是破紀錄，而是回到我們的 JetForward 計劃，提供客戶重視的東西。如果你看看我們的忠誠度計劃，無論是休息室還是我們正在推出的 Mosaic 的一些改進，包括高級卡，所有這些都是針對高級客戶的。

We've launched the business card down in Puerto Rico. We've got a great status match with ABIs for Mosaics. And so the list goes on and on. So as we think about loyalty in particular and how we design the program, as Marty pointed out, it's very much designed with the leisure customer in mind.

我們已經在波多黎各推出了名片。我們與 Mosaics 的 ABI 進行了很好的狀態匹配。這樣的清單一直不斷增加。因此，正如馬蒂指出的那樣，當我們特別考慮忠誠度以及我們如何設計該計劃時，它的設計很大程度上考慮了休閒客戶。

But we also are being very thoughtful and deliberate about how we drive more stickiness with our Mosaics and really make them feel important to JetBlue. There's this vast amount of people who fly a good amount every year who are lost by some of the bigger programs, and we see a real opportunity with them.

但我們也非常深思熟慮地考慮如何提高 Mosaic 的黏性，並真正讓它們對捷藍航空感到重要。每年有大量乘坐大量航班的人因一些較大的計劃而流失，我們在他們身上看到了真正的機會。

Appreciate it. And if I may just follow up real quickly on that. When you think about the growth of TrueBlue, for example, any sort of high-level idea of what portion of that growth is attrition from other carriers?

欣賞它。如果我可以快速跟進此事的話。例如，當您考慮 TrueBlue 的成長時，是否有任何關於成長的哪一部分是來自其他營運商的損耗的高層想法？

So we don't have that number. We can circle back with you on it. Some of it is clearly that, but at the end of the day, that's not how we're thinking about TrueBlue. It's not about necessarily trying to see others attrit out. It's trying to demonstrate we've got a program that people want to be a part of because it drives value for JetBlue, value for the customers on JetBlue, and frankly a unique approach to loyalty. So perks that you care about and perks that you want.

所以我們沒有這個號碼。我們可以和你一起回去。其中一些顯然是這樣的，但歸根結底，這並不是我們對 TrueBlue 的看法。這並不意味著一定要看到其他人被淘汰。它試圖證明我們有一個人們想要參與的計劃，因為它為捷藍航空帶來了價值，為捷藍航空的客戶創造了價值，並且坦率地說，它是一種獨特的忠誠度方法。因此，您關心的福利和您想要的福利。

Yeah. The one thing I would add is I think that, for us, TrueBlue represents, on a relative basis, a somewhat better opportunity than you'll see from some other carriers. The example I'll give is if you're a frequent flyer in an OA hub, whether you're in Minneapolis or Dallas or whatever, there's not a lot of share to shift.

是的。我要補充的一件事是，我認為對我們來說，相對而言，TrueBlue 代表著比其他一些運營商更好的機會。我舉的例子是，如果您是 OA 中心的常旅客，無論您是在明尼阿波利斯、達拉斯還是其他地方，都沒有太多份額需要轉移。

We tend to be in very competitive markets. South Florida, there's two other airlines hubbing in South Florida. We've got multiple airlines hubbing in Metro New York, two airlines hubbing in Boston. Hubbing, I use the phrase loosely. But we're in a very competitive market. So as a relatively low share wallet airline, I think we actually have a lot of upside that you would not have if you were a delta customer in Minneapolis where they probably have all that share wallet already.

我們往往處於競爭非常激烈的市場。南佛羅裡達州還有另外兩家航空公司以南佛羅裡達州為樞紐。多家航空公司以紐約大都會為樞紐，兩家航空公司以波士頓為樞紐。 Hubbing，我寬鬆地使用這個短語。但我們正處於一個競爭非常激烈的市場。因此，作為一家份額相對較低的航空公司，我認為我們實際上擁有很多優勢，而如果您是明尼阿波利斯的達美航空客戶，他們可能已經擁有所有份額錢包，那麼您就不會擁有這些優勢。

Okay, I appreciate the time. Thank you.

好的，我很珍惜時間。謝謝。

Thomas Fitzgerald, TD Cowen.

托馬斯·菲茨杰拉德，TD·考恩。

Thanks so much for the time. Just curious how the adding the carry-on bag to Blue Basic has performed versus your expectations as well as some of the seasonal Mint flying you're rotating out of transatlantic this winter.

非常感謝您抽出時間。只是好奇將隨身攜帶包添加到 Blue Basic 後的表現與您的預期以及您今年冬天從跨大西洋航線輪換的一些季節性 Mint 航班的表現如何。

Hi, Thomas. Great question. First of all, with respect to the carry-on bag, it is above what we had expected. And I think as we've seen, I think during the peak, we were able to be competitive without having that product against our biggest competitor. But clearly, in the trough season, we really suffer from it.

嗨，托馬斯。很好的問題。首先，關於隨身攜帶的包包，它超出了我們的預期。我認為正如我們所看到的，我認為在高峰期，我們能夠在沒有該產品與我們最大的競爭對手競爭的情況下保持競爭力。但顯然，在低谷季節，我們確實深受其害。

And frankly, we've seen more upside than we had originally forecasted. So that's been a great program for us. With respect to the rotation of the, the seasonal Mint services, I almost jumped in when Joanna finished her comment to Jamie about the transatlantic. But I think we have really found a fantastic formula with being able to shift airplanes between the Atlantic in the summer and some of the seasonal Mint markets in the wintertime.

坦白說，我們看到的好處比我們最初預測的要多。所以這對我們來說是一個很棒的計劃。關於季節性造幣廠服務的輪換，當喬安娜向傑米完成關於跨大西洋的評論時，我幾乎跳了起來。但我認為我們確實找到了一個奇妙的公式，能夠在夏季的大西洋和冬季的一些季節性薄荷市場之間切換飛機。

So historically, I think this summer, we had 13 or 14 daily round trips across the Atlantic. This winter, we're down to six. Those airplanes are being redeployed into domestic markets that are actually very strong in the winter. One, I'll give one example. We've got, I think three or four airplanes in here in Phoenix both from Fort Lauderdale, Boston and New York.

所以從歷史上看，我認為今年夏天，我們每天有 13 或 14 次橫跨大西洋的往返旅行。今年冬天，我們的人數減少到了六人。這些飛機正在被重新部署到冬季實際上非常強勁的國內市場。一，我舉一個例子。我想我們在鳳凰城有三、四架飛機，分別來自勞德代爾堡、波士頓和紐約。

The Mint bookings have actually been fantastic on that. I think we just started that service this week, in fact, but that looks to be a rousing success as far as the ability to shift airplanes back and forth. Back to a line in the script, every airplane has to earn its way into the network. When we talk about the international strategy, when Jamie used that phrase, in 2019, when we started talking about the Atlantic, I said it is a spoke. And the Atlantic still is a spoke, and this summer it's been a profitable spoke.

事實上，造幣廠的預訂量非常棒。事實上，我認為我們本週才剛開始這項服務，但就飛機來回移動的能力而言，這看起來是一個令人振奮的成功。回到劇本中的一句話，每架飛機都必須設法進入網路。當我們談論國際策略時，當傑米在 2019 年使用這句話時，當我們開始談論大西洋時，我說這是一個輻條。大西洋仍然是一個輻條，今年夏天它已經是一個盈利的輻條。

So I think actually we have a really good combination, and it's a testimony to how good the Mint product is because -- I mean, we just had this week a customer who did a Mint review that was published, we've had a couple of emails from customers who had come over to JetBlue. It is a fantastic product, and it's been a great, great profit generator for us.

所以我認為實際上我們有一個非常好的組合，它證明了 Mint 產品有多好，因為 - 我的意思是，本週我們剛剛有一位客戶發表了 Mint 評論，我們已經有了一些來自捷藍航空客戶的電子郵件。這是一款非常棒的產品，它為我們帶來了巨大的利潤。

That's super helpful. Thanks so much for that color, Marty. Just curious as a follow up, there's been reports in the press about cutting off our food on transatlantic and basic economy. I mean, just kind of curious on the broader strategy of how you -- just driving a revenue premium while also being really judicious on costs. So love to hear more on the thinking there. Thanks again for the time.

這非常有幫助。非常感謝你的顏色，馬蒂。只是好奇作為後續行動，媒體上有報告說我們在跨大西洋和基本經濟上切斷了食物。我的意思是，只是對更廣泛的策略感到好奇——在提高收入溢價的同時，對成本也非常明智。所以很想聽到更多關於那裡的想法。再次感謝您抽出時間。

Thanks so much for the question. We have a fantastic core product across the transatlantic, whether it's cold or it's hot. I personally sat through an entire food tasting process with [deg], and it is second to none. So I would put it up against any other hot product currently flying the transatlantic.

非常感謝您的提問。我們在大西洋彼岸擁有出色的核心產品，無論是冷或熱。我個人以[deg]的態度經歷了整個食物品嚐過程，這是首屈一指的。因此，我會將其與目前飛越大西洋的任何其他熱門產品進行比較。

So I think there's much to see. There's not much to see there. Frankly, it's a fantastic product. We moved it to cold because we think that there's an opportunity there to save some costs, but it's still a far superior product to what you've got flying transatlantic in coach currently. So really proud of what we're delivering there.

所以我認為還有很多值得一看的地方。那裡沒什麼好看的。坦白說，這是一個很棒的產品。我們將其改為冷艙，因為我們認為有機會節省一些成本，但它仍然比目前跨大西洋飛行的經濟艙產品優越得多。我們對在那裡提供的服務感到非常自豪。

Connor Cunningham, Melius.

康納·坎寧安，梅利厄斯。

Hi, everyone. Thank you. Just back to the network for a second. I realize a lot of the changes that you've made have been added up the RASM and returns and all that stuff, and that's great. But when, when you think about relevancy as you've made those changes, are you finding that you're growing the pie of people that are coming towards JetBlue? Like, point being is like, do the network adjustments really drive more dependence for people that are using your product overall? Thanks.

大家好。謝謝。回到網路一會兒。我意識到您所做的許多更改都添加了 RASM 和返回以及所有這些內容，這很棒。但是，當您考慮做出這些變更的相關性時，您是否發現您正在擴大選擇捷藍航空的用戶份額？就像，問題是，網頁調整是否真的會增加使用您產品的人們的依賴性？謝謝。

Hi. Thanks, Connor, for the question. The answer is absolutely yes. I'd say based on the numbers we're seeing in places like Providence, Bradley, Manchester, Islip, we are absolutely pulling customers towards JetBlue. I will note that all four of those markets had competitors, both ULCC competitors and full-service competitors, our legacy competitors, I guess. I'm not sure we can call it Southwest full service, but we have a lot of Southwest stuff there as well.

你好。謝謝康納提出的問題。答案是肯定的。我想說，根據我們在普羅維登斯、布拉德利、曼徹斯特、艾斯利普等地看到的數字，我們絕對會吸引客戶選擇捷藍航空。我要指出的是，所有這四個市場都有競爭對手，包括 ULCC 競爭對手和全方位服務競爭對手，我猜是我們的傳統競爭對手。我不確定我們是否可以稱之為西南航空全方位服務，但我們那裡也有很多西南航空的東西。

And we are actually doing a very good job of pulling these customers over. And frankly, in these markets, in the, in New York State, in New England, we are sort of the default carrier for leisure. And I don't want to be in a situation where we have customers who would like to fly JetBlue who do not have an opportunity and a market that we forecast we can do profitably. So this is not the end of the growth we're going to see in those markets, and it's because customers respond to it extremely well.

事實上，我們在吸引這些客戶方面做得非常好。坦白說，在這些市場，在紐約州，在新英格蘭，我們是休閒的預設載體。我不希望有這樣的情況：我們的客戶想要搭乘捷藍航空，但他們沒有機會，也沒有我們預測可以獲利的市場。因此，這並不是我們在這些市場中看到的成長的結束，而是因為客戶對此反應非常好。

Okay. Maybe I'll just keep it to one. Thank you, guys.

好的。也許我會把它保留為一。謝謝你們，夥計們。

Thank you. And we have no further questions in the queue at this time. I'll turn the program back over to Mr Koosh Patel for any additional or closing remarks.

謝謝。目前我們隊列中沒有其他問題。我會將節目轉回給 Koosh Patel 先生以供補充或結束語。

Thanks, everyone. That concludes our third-quarter 2024 earnings conference call. Have a great day.

謝謝大家。我們的 2024 年第三季財報電話會議到此結束。祝你有美好的一天。

And again, that will conclude today's conference. Thank you for your participation.

今天的會議到此結束。感謝您的參與。