JetBlue Airways Corp (JBLU) 2024 Q4 法說會逐字稿

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

早安.我叫克里斯塔，今天我將擔任你們的會議操作員。我歡迎大家參加捷藍航空 2024 年第四季財報電話會議。提醒一下，今天的通話正在錄音。（操作員說明）

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

我現在將會議轉交給捷藍航空投資者關係總監 Koosh Patel。請繼續，先生。

Thanks, Christa. Good morning, everyone, and thanks for joining us for our fourth quarter 2024 earnings call. This morning, we issued our earnings release and the presentation that we will reference during this call. All of those documents are available on our website at investor.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, our Chief Financial Officer.

謝謝，克里斯塔。大家早安，感謝您參加我們的 2024 年第四季財報電話會議。今天早上，我們發布了收益報告以及我們將在本次電話會議中參考的簡報。所有這些文件均可在我們的網站 Investor.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；和我們的財務長烏蘇拉·赫爾利 (Ursula Hurley)。

During today's call, we will make forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding our first quarter and full year 2025 financial outlook and our future results of operations and financial position, including long-term financial targets, industry and market trends, expectations with respect to tailwinds and headwinds, our ability to achieve operational and financial targets, our business strategy and our plans for future operations and the associated impact 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。此類前瞻性陳述包括但不限於有關我們 2025 年第一季和全年財務展望以及未來經營業績和財務狀況的陳述，包括長期財務目標、行業和市場趨勢、對順風和逆風的預期、我們實現營運和財務目標的能力、我們的業務策略和未來營運計劃以及對我們業務的相關影響。

All such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in these statements. Please refer to our most recent earnings release 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 the actual results to differ materially from those contained in our forward-looking statements.

所有此類前瞻性陳述均面臨風險和不確定性，實際結果可能與這些陳述中明示或暗示的結果有重大差異。請參閱我們最新的收益發布以及我們的 2023 財年 10-K 和其他文件，以更詳細地討論可能導致實際結果與我們的前瞻性聲明中包含的結果存在重大差異的風險和不確定性。

The statements made during this call are made only as of the date of the call, and other than as may be required by law, we undertake no obligation to update 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，除法律要求外，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 on 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，請參閱我們的收益報告，該報告的副本可在我們的網站和 sec.gov 上取得。

And now I'd like to turn the call over 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)。

Good morning, and thank you for joining JetBlue's Fourth Quarter 2024 Earnings Call. Before I begin, I want to take a moment to express our sympathy and support to those affected by the devastating wildfires in Los Angeles, especially several of our crew members who have experienced tremendous loss.

早安，感謝您參加捷藍航空 2024 年第四季財報電話會議。在開始之前，我想花一點時間向受洛杉磯毀滅性野火影響的人們，特別是遭受巨大損失的幾名機組人員表示同情和支持。

We ended the year with momentum, and I am pleased to announce, for the fourth quarter, we generated a positive adjusted operating margin of 0.8%, over 2 points better than in 2023.

我們以強勁的勢頭結束了這一年，我很高興地宣布，第四季度我們的調整後營業利潤率為 0.8%，比 2023 年高出 2 個百分點。

2024 was a period of transition for JetBlue. And at the onset of the year, we introduced a new leadership team who worked expeditiously to launch our stand-alone strategic plan, JetForward, last July. This plan is fundamental to achieving our goal of returning to sustained profitability. Though we weren't profitable for the year, we made progress in 2024, with operating margin expansion during the second half of the year. I'm very proud of the achievements so far, and believe that the early results bear evidence that we are taking the right steps towards profitability.

2024 年是捷藍航空的過渡期。今年年初，我們引進了新的領導團隊，他們迅速開展工作，於去年 7 月啟動了我們的獨立策略計畫 JetForward。該計劃對於實現我們恢復持續盈利的目標至關重要。儘管我們今年沒有獲利，但我們在 2024 年取得了進展，下半年營業利潤率有所擴大。我對迄今為止的成就感到非常自豪，並相信早期結果證明我們正在採取正確的步驟來實現盈利。

Turning to Pages four and five of the earnings presentation. At the start of 2024, we knew we had big challenges to tackle, including evolved customer preferences, ongoing issues with Pratt & Whitney, air traffic control and costs growing faster than revenues. JetForward was designed to leverage our strengths to combat these challenges and put us back on a path to profitability.

轉向收益報告的第四頁和第五頁。2024 年初，我們知道我們面臨著巨大的挑戰，包括不斷變化的客戶偏好、普惠公司持續存在的問題、空中交通管制以及成本成長快於收入的成長。JetForward 旨在利用我們的優勢來應對這些挑戰，讓我們重回獲利之路。

With great urgency, we announced and implemented over a dozen different strategic initiatives and made progress in every facet of our business, including customer satisfaction, crew member engagement and operational performance. We launched a multiyear investment to improve operational reliability, and we are seeing benefits across nearly all the metrics that we track.

我們非常迫切地宣布並實施了十多項不同的策略舉措，並在業務的各個方面取得了進展，包括客戶滿意度、機組人員敬業度和營運績效。我們啟動了一項多年投資來提高營運可靠性，我們在追蹤的幾乎所有指標中都看到了好處。

For example, on-time performance was 6 points better in 2024 than in 2023. Net Promoter Score improved by nearly 10 points. And we ranked 6th place overall in Wall Street Journal's 2024 Airline Rankings, improving three spots from last place overall in 2023. We closed 15 Blue Cities and redeployed over 20% of our network, realigning our network into our core strengths on the East Coast.

例如，2024 年的準點率比 2023 年提高了 6 個百分點。淨推薦值提高了近 10 分。我們在《華爾街日報》2024 年航空公司排名中整體排名第六，比 2023 年整體排名末位上升了三位。我們關閉了 15 個藍色城市，並重新部署了超過 20% 的網絡，將我們的網路重新調整為東海岸的核心優勢。

We refocused our LAX footprint and boosted flying across New England and the Caribbean. We reinvested in our core Florida franchises and expanded our San Juan focus city, with the addition of a crew base and more flying. We also further seasonalize our transatlantic line in the winter, creating new destinations for Mint aircraft. Many of these changes are now in their early stages of ramp. We also announced and implemented a variety of changes to our products and perks to ensure we are evolving our offering to deliver the experience our customers want.

我們重新調整了洛杉磯國際機場的業務重點，並增加了橫跨新英格蘭和加勒比地區的航班。我們對佛羅裡達州的核心特許經營權進行了再投資，並擴大了聖胡安的重點城市，增加了機組人員基地並增加了航班數量。我們也在冬季進一步季節性調整我們的跨大西洋航線，為 Mint 飛機創造新的目的地。其中許多變化目前正處於早期階段。我們還宣布並實施了對我們的產品和福利的各種更改，以確保我們不斷改進我們的產品，以提供客戶想要的體驗。

We rolled out preferred seating, added multiple loyalty and distribution partners and enhanced our Blue Basic offering by adding back a complementary carry-on bag. This initiative has outperformed our expectations, and our data shows we are attracting incremental customers to JetBlue.

我們推出了首選座位，增加了多個忠誠度和分銷合作夥伴，並透過添加補充性隨身攜帶包來增強我們的 Blue Basic 產品。這項舉措超出了我們的預期，我們的數據顯示我們正在吸引越來越多的客戶選擇捷藍航空。

To secure our financial future, we deferred $3 billion of capital expenditures to 2030 and beyond, and raised significant strategic financing to provide runway for JetForward. These moves strengthened our liquidity position and will ensure we have the runway in place to achieve the benefits of JetForward.

為了確保我們的財務未來，我們將 30 億美元的資本支出推遲到 2030 年及以後，並籌集了大量策略性融資，為 JetForward 提供跑道。這些舉措增強了我們的流動性狀況，並將確保我們擁有實現 JetForward 優勢的管道。

Alongside implementing these changes, we announced additional initiatives, which launched this year and next, such as EvenMore, domestic first class, lounges, a premium co-branded credit card and a new cost transformation program.

除了實施這些變革之外，我們還宣布了今年和明年推出的其他舉措，例如 EvenMore、國內頭等艙、休息室、高級聯名信用卡和新的成本轉型計劃。

JetBlue has gone through immense change, and feedback from our customers has been positive. Crew member sentiment on the strategy has also been encouraging, with crew member engagement scores up year-over-year, demonstrating better alignment across the organization in support of executing JetForward.

捷藍航空經歷了巨大的變化，客戶的回饋也很正面。機組人員對此策略的看法也令人鼓舞，機組人員的參與度逐年上升，顯示整個組織在支持執行 JetForward 方面有了更好的協調。

Importantly, even as we take steps to evolve our offerings to meet the needs of customers today, I'm proud that our core product offering was once again rated best in the industry. In 2024, we were awarded the Best Economy Class across US Airlines by the Points Sky for the fifth time, boosted by our changes to Blue Basic and the personalization efforts we've implemented. The progress we made during 2024 combined with robust fourth quarter results strengthens the confidence we have and our ability to deliver on our commitments in 2025.

重要的是，即使我們採取措施改進我們的產品以滿足當今客戶的需求，我仍為我們的核心產品再次被評為行業最佳而感到自豪。2024 年，我們第五次被 Points Sky 授予美國航空最佳經濟艙獎，這得益於我們對 Blue Basic 的變更以及我們實施的個人化努力。我們在 2024 年取得的進展加上強勁的第四季業績增強了我們在 2025 年兌現承諾的信心和能力。

Now shifting to Slide 6 to review fourth quarter performance. For the fourth quarter, we outperformed across all metrics relative to our updated guidance, enabling us to generate adjusted operating income of $18 million. We saw benefits from our continued investments in reliability as we persevered through and quickly recovered from inclement weather and ATC challenges over the holiday period.

現在轉到投影片 6 回顧第四季的業績。第四季度，我們的所有指標均優於更新後的指引，使我們能夠產生 1800 萬美元的調整後營業收入。我們在假期期間堅持不懈地從惡劣天氣和 ATC 挑戰中恢復過來，並從對可靠性的持續投資中看到了好處。

The operation delivered a completion factor of 99% in the quarter, and on-time performance improved 5 points year-over-year despite navigating more air traffic control programs than in the fourth quarter of 2023. The improved operational performance also benefited our fourth quarter CASM ex fuel growth, which finished better than the low end of our revised guidance range.

該業務本季的完成率為 99%，儘管空中交通管制項目比 2023 年第四季更多，但準點率比去年同期提高了 5 個百分點。營運績效的改善也有利於我們第四季 CASM（不含燃料）的成長，其業績優於我們修訂後的指導範圍的下限。

Revenue beat our revised guidance midpoint by 1.4 points, aided by a healthy November and December holiday season and the performance of our 2024 revenue initiatives. These initiatives drove $395 million of revenue for the year, $95 million over our target of $300 million. Encouragingly, this was quicker ramp than we anticipated, and was originally part of the forecast we expect for JetForward in 2025. As a result, we are pleased to say we've already captured $90 million of our $800 million to $900 million target for incremental EBIT through 2027. Going forward, we plan to provide biannual updates on the progress of JetForward, with our next update scheduled for our July 2025 earnings call.

由於 11 月和 12 月假期季的健康發展以及我們 2024 年收入計劃的表現，收入比我們修訂後的指導中位數高出 1.4 個百分點。這些舉措全年帶來了 3.95 億美元的收入，比我們 3 億美元的目標高出 9,500 萬美元。令人鼓舞的是，這一增長速度比我們預期的要快，並且最初是我們對 JetForward 2025 年預測的一部分。因此，我們很高興地說，我們已經實現了 2027 年 8 億至 9 億美元增量 EBIT 目標中的 9,000 萬美元。展望未來，我們計劃每半年提供一次有關 JetForward 進展的最新信息，下一次更新計劃在 2025 年 7 月的財報電話會議上進行。

We finished 2024 with a higher operating margin than we expected in July when we launched JetForward. This strong performance, combined with benefits from lower fuel, resulted in 2024 operating margin 3.5 points higher than what was implied by our July guidance.

2024 年結束時，我們的營業利潤率高於 7 月推出 JetForward 時的預期。這種強勁的業績，加上較低燃油的好處，導致 2024 年營業利潤率比我們 7 月份指導值高出 3.5 個百分點。

Turning to Page 7. In 2025, we plan to build an even more reliable and resilient operation as we continue refining our schedules to further improve on-time performance, enhancing the tool set in our system operations center and investing in technical dispatch reliability to reduce controllable cancels. Marty and Ursula will provide more detail on what to expect from our other priority moves this year.

翻到第 7 頁。到 2025 年，我們計劃建立一個更可靠和有彈性的運營，繼續完善我們的時間表以進一步提高準點率，增強我們系統運營中心的工具集並投資於技術調度可靠性以減少可控取消。馬蒂和烏蘇拉將提供更多關於我們今年其他優先行動的預期的細節。

In all, we believe JetForward is on track to deliver about $200 million of incremental EBIT contribution in 2025. As a result, we expect to achieve a full year positive adjusted operating margin ranging from 0% to 1%. We recognize, however, there is still significant room to grow and close the gap to our industry peers. The Pratt & Whitney aircraft groundings have been and will continue to be a significant impediment to margins in the near term. We believe the groundings had a direct negative impact on operating margin of approximately 2.5 points in 2024, and we estimate that direct impact will grow to 3 points in 2025, as AOGs are expected to increase to the mid- to high teens.

總而言之，我們相信 JetForward 預計在 2025 年實現約 2 億美元的增量 EBIT 貢獻。因此，我們預計全年調整後營業利潤率將達到 0% 至 1% 的正值。然而，我們認識到，仍有很大的成長空間並縮小與行業同行的差距。普惠公司飛機停飛已經並將繼續成為近期利潤率的重大障礙。我們認為，停飛對 2024 年營業利潤率產生了約 2.5 個百分點的直接負面影響，我們估計，到 2025 年，直接影響將增至 3 個百分點，因為 AOG 預計將增加到中高 15 個百分點。

Ursula will expand on the breakdown of this impact.

烏蘇拉將詳細闡述這項影響。

This is a pivotal year for JetBlue, but also for the industry. With a new administration's in Washington focused on efficiency, there is a real opportunity to structurally improve the FAA and fix the air traffic control challenges our industry has been plagued with. This could represent a clear benefit to the traveling public and another tangible tailwind if a focused effort is undertaken. We look forward to partnering with the new leaders at the DOT and FAA to help make this happen. I'm excited about the opportunity in front of us.

對於捷藍航空和整個產業來說，今年是關鍵的一年。隨著華盛頓新政府專注於效率，這確實有機會從結構上改善聯邦航空局並解決我們行業一直面臨的空中交通管制挑戰。如果集中精力的話，這可能會為旅遊大眾帶來明顯的好處，並且會帶來另一個明顯的推動力。我們期待與美國交通部和美國聯邦航空局的新領導合作，幫助實現這一目標。我對我們面前的機會感到很興奮。

And as we approached the 25th anniversary of JetBlue's first flight in February, I am confident we are executing on the right plan to usher in the next 25 years of flying. JetForward positions us to lean into our historic strengths, adapt to a changing industry and meet our commitments to our shareholders, customers and crew members. The first commitment of which is to run a sustainably profitable business, and we will continue to work with absolute urgency to get there.

今年 2 月份，隨著捷藍航空首航 25 週年的臨近，我相信我們正在執行正確的計劃，迎接下一個 25 年的飛行。JetForward 使我們能夠發揮我們的歷史優勢，適應不斷變化的行業，並履行我們對股東、客戶和機組人員的承諾。第一個承諾是經營可持續獲利的業務，我們將繼續以絕對的緊迫感努力實現這一目標。

As we close the chapter on 2024, I would like to share a heartfelt thank you to our crew members who continue to deliver exceptional customer service, while managing immense change. I would also like to recognize the efforts of those that stepped up during the holidays. Without your commitment, meeting our goals would not be possible. We have incredible momentum coming out of 2024, and I'm excited to build on it in 2025.

在 2024 年的篇章即將結束之際，我謹向我們的工作人員表示衷心的感謝，他們繼續提供卓越的客戶服務，同時應對巨大的變化。我還要感謝那些在假期期間付出努力的人們。沒有您的承諾，我們的目標就不可能實現。2024 年我們將迎來令人難以置信的發展勢頭，我很高興能在 2025 年在此基礎上再接再厲。

Over to Marty for a commercial update and outlook.

請馬蒂了解商業更新和展望。

Thank you, Joanna. I echo your thanks to our crew members. Thank you all for delivering the JetBlue experience to our customers day in and day out, especially over the busy holiday season.

謝謝你，喬安娜。我也向我們的船員表示感謝。感謝大家日復一日地為我們的客戶提供捷藍航空體驗，尤其是在繁忙的假期期間。

Turning to Slide 9. Fourth quarter revenue performance was solid, with unit revenue growing 3.2% year-over-year on 5% less capacity. Close-in demand was strong in the November and December holiday peaks, and helped to drive about 1.5 points of unit revenue improvement versus our initial guidance.

轉向幻燈片 9。第四季營收表現穩健，單位營收年增 3.2%，但運力減少 5%。11 月和 12 月假期高峰期間的近期需求強勁，與我們最初的指導相比，有助於推動單位收入提高約 1.5 個百分點。

Unit revenue was strong across many geographies. On the transatlantic front, we saw unit revenue ramp nicely as the region continues to mature, particularly as we enter our first winter with a more seasonal schedule. In our Latin leisure and VFR flying, we are pleased with the RASM improvements we saw in the first half -- excuse me, in the second half, which recovered sequentially as competitive capacity growth slowed from the first half. Our transcon franchise continued to produce healthy year-over-year RASM, supported by strong Mint performance. Across Mint and EMS, unit revenues were up in the high single digits year-over-year in the fourth quarter.

許多地區的單位收入都很強勁。在跨大西洋方面，隨著該地區的不斷成熟，我們看到單位收入大幅增長，特別是當我們以更具季節性的時間表進入第一個冬季時。在我們的拉丁休閒和 VFR 飛行中，我們對上半年看到的 RASM 改進感到滿意——對不起，下半年，隨著競爭力增長較上半年放緩，RASM 逐漸恢復。在 Mint 強勁業績的支持下，我們的 transcon 特許經營權繼續產生健康的逐年 RASM。在 Mint 和 EMS 中，第四季度的單位收入年增了較高的個位數。

The success of Preferred Seating in 2024 is another testament to the strength of the premium leisure customer segment. It is healthy and growing, and we are enhancing our suite of products to better serve those customers.

2024 年首選座位的成功再次證明了高端休閒客戶群的實力。它正在健康發展，我們正在增強我們的產品套件，以更好地服務這些客戶。

Loyalty also drove strength during the quarter, now accounting for 12% of our total revenue, which is a multipoint improvement from where we were in 2019. Spend was up high single digits year-over-year and active TrueBlue members were up low single digits, exemplifying that, while the core airline may not be growing, our customers are driving outsized loyalty growth through their positive responses to the JetForward strategy and the enhancements to our program.

忠誠度也推動了本季的發展，目前占我們總收入的 12%，與 2019 年相比有了多點改進。支出年增高個位數，活躍 TrueBlue 會員成長低個位數，這表明，雖然核心航空公司可能沒有成長，但我們的客戶透過對 JetForward 策略和服務的積極回應，正在推動忠誠度大幅成長。我們的計劃。

Fourth quarter benefited from our 2024 revenue initiatives, which generated $395 million of top line benefit for the year. The breakdown of these initiatives can be found on Slide 10 of the earnings presentation. Our revised the Blue Basic carry-on baggage policy and preferred seating were the key contributors to quicker revenue capture in 2024. The progress of these revenue initiatives is only the beginning, and it provides us with significant momentum headed into 2025.

第四季受益於我們的 2024 年收入計劃，該計劃全年創造了 3.95 億美元的營收收益。這些舉措的詳細資訊可以在收益報告的幻燈片 10 中找到。我們修訂了 Blue Basic 隨身行李政策和首選座位，是 2024 年更快取得收入的關鍵因素。這些收入計畫的進展只是一個開始，它為我們邁向 2025 年提供了重要動力。

Turning to our first quarter and full year outlooks. First quarter capacity is planned to be down 5% to down 2% year-over-year. And for the year, capacity growth will be roughly flat compared to 2024. In the first quarter, we expect year-over-year RASM in the range of down 0.5% to up 3.5%, with the shift of Easter back into the second quarter expected to be a roughly 1.5 point headwind. As a reminder, the first quarter is historically slower period of flying for leisure airlines, with many trough weeks.

轉向我們的第一季和全年展望。第一季產能預計將年減 5% 至 2%。今年的產能成長將與 2024 年大致持平。第一季度，我們預計 RASM 年比將下降 0.5% 至上升 3.5%，而復活節移至第二季度預計將帶來約 1.5 個百分點的逆風。提醒一下，從歷史上看，第一季是休閒航空公司的飛行較慢時期，有許多低谷期。

We've also redeployed about 20% of our network and much of it is in the early innings of its ramp. In the first quarter, we are seeing elevated competitive capacity in many of these markets, particularly in the Northeast of Florida. We expect competitive capacity will continue to ebb and flow, and we remain committed to competing in these geographies, core to our JetForward strategy. As we look to the rest of the year, the continued execution of our JetForward plan is expected to propel unit revenue growth, higher than first quarter level. For the full year, we expect RASM to increase 3% to 6%.

我們還重新部署了大約 20% 的網絡，其中大部分處於升級的早期階段。在第一季度，我們看到許多這些市場的競爭力有所提高，特別是在佛羅裡達州東北部。我們預計競爭力將繼續消退，我們仍然致力於在這些地區進行競爭，這是我們 JetForward 策略的核心。展望今年剩餘時間，JetForward 計劃的持續執行預計將推動單位收入成長，高於第一季的水平。就全年而言，我們預計 RASM 將成長 3% 至 6%。

In May, we will launch new daily nonstop service to Madrid and Edinburgh from Boston as part of our efforts to expand and further seasonalize our transatlantic flying. Earlier this month, we made an additional network announcement, adding even more summer seasonal destinations in support of flying the best East Coast leisure network. And as we continue to take a hard look at group profitability across our network, we will plan to remain nimble and dynamic in our network optimization efforts.

5 月，我們將推出從波士頓飛往馬德里和愛丁堡的新每日直飛航班，作為我們擴大跨大西洋航班並進一步季節性化的努力的一部分。本月早些時候，我們發布了一項額外的網路公告，增加了更多夏季季節性目的地，以支持飛行最佳的東海岸休閒網路。隨著我們繼續認真審視整個網路的集團獲利能力，我們將計劃在網路優化工作中保持靈活和動態。

In 2025, our Products and Perks will also take a step forward, complementing changes to our network. In addition to the merchandising changes to EvenMore announced last quarter, we are updating the onboard experience to elevate the offering. EvenMore will now include dedicated overhead bin space and soft product enhancements, among other perks. These updates go live today and position us well to compete with the premium economy our domestic peers offer. We also recently added a new way for customers to pay for their flights using Venmo, demonstrating our commitment to enhancing customer experience on every step of the travel journey.

2025 年，我們的產品和福利也將向前邁出一步，補充我們網路的變化。除了上季宣布的 EvenMore 商品銷售變化之外，我們還更新了機上體驗以提升產品品質。EvenMore 現在將包括專用的艙頂行李箱空間和軟產品增強功能以及及其他福​​利。這些更新今天生效，使我們能夠很好地與國內同行提供的高端經濟艙競爭。我們最近還為客戶添加了一種使用 Venmo 支付航班費用的新方式，這反映了我們致力於在旅行旅程的每一步增強客戶體驗的承諾。

Over the course of the year, several JetForward initiatives announced last year are also scheduled to go live, including our premium co-branded credit card, which began accepting applications very soon, and our lounge JFK Terminal 5 set to open in the fourth quarter.

在這一年中，去年宣布的幾項 JetForward 計劃也計劃投入使用，包括我們很快開始接受申請的高級聯名信用卡，以及將於第四季度開放的肯尼迪機場 5 號航站樓休息室。

Unlocking incremental margin accretive revenue is crucial to the success of our plan and the progress for the shareholders. Between the momentum we have from the 2024 revenue initiatives, the improvement in customer satisfaction as a result of a better operation, the ramp of our network changes and our 2025 JetForward initiatives, I am confident we have all the right pieces in place to generate meaningful unit revenue growth and achieve positive operating margin.

釋放增量利潤成長收入對於我們計劃的成功和股東的進步至關重要。我們從2024 年收入計劃中獲得的動力、由於更好的營運而提高的客戶滿意度、我們網路變革的加速以及我們的2025 年JetForward 計劃，我相信我們已準備好所有正確的部分來產生有意義的成果單位收入成長並實現正營業利潤率。

Now I hand it over to Ursula for a financial update.

現在我將其交給烏蘇拉以獲取最新財務資訊。

Thank you, Marty. In the early months of 2024, we refocused JetBlue on a path to profitability, which we have moved quickly to execute against. We exceeded our revenue initiative forecast of $300 million by $95 million, delivered on all of our commitments since launching JetForward, concluded our structural cost program, delivering $190 million of benefit at the top end of our forecasted range, beat our CASM ex fuel guidance four quarters in a row and delivered full year 2024 CASM ex fuel in line with our initial January guidance.

謝謝你，馬蒂。2024 年初，我們將捷藍航空重新定位於獲利之路，並迅速採取行動以實現這一目標。我們比3 億美元的收入計劃預測高出9500 萬美元，兌現了自推出JetForward 以來的所有承諾，完成了我們的結構性成本計劃，在我們預測範圍的上限內實現了1.9 億美元的效益，超過了我們的CASM 燃油指導方針四連續幾季交付，並交付了 2024 年全年 CASM（不含燃料），符合我們最初的 1 月份指引。

Encouragingly, we ended the year delivering positive operating margin for the second half, a significant improvement from our July expectations. We also acted quickly to secure our financial future, deferring CapEx and raising over $3 billion of strategic financing, helping to provide JetForward the runway it needs to generate meaningful benefits. Our new leadership team delivered on our refocused commitments in 2024, and we aim to do the same in 2025. Now turning to Slide 14. For the full year, 2024 CASM ex-fuel grew 6.6% year-over-year, firmly within our initial guidance of up mid- to high single digits year-over-year.

令人鼓舞的是，我們在年底實現了下半年的正營業利潤率，比我們 7 月的預期有了顯著改善。我們也迅速採取行動，確保我們的財務未來，推遲資本支出並籌集超過 30 億美元的策略性融資，幫助為 JetForward 提供產生有意義的效益所需的跑道。我們的新領導團隊在 2024 年兌現了我們重新調整的承諾，我們的目標是在 2025 年實現同樣的目標。現在轉向投影片 14。全年來看，2024 年 CASM 不含燃料年增 6.6%，完全符合我們同比中高個位數成長的初步預期。

Through the combined benefits of controllable cost reductions as well as reliability-driven cost efficiencies, we were able to offset about 1 point of headwind from the Pratt & Whitney compensation accounting change and 0.5 point of headwind from targeted capacity reductions in the second half. For the fourth quarter, unit cost increased 11%, which beat our revised guidance of 12.5% to 14.5%, driven again by operational efficiency, controllable cost reductions and year-end adjustments. With our performance over the year and in the fourth quarter, we have sustained momentum on controllable costs heading into 2025. Looking to this year, we expect aircraft on the ground from the GTF engine issue to rise to the mid- to high teens, resulting in flat capacity and CASM ex fuel up 5% to 7%. And with the help of strong unit revenue growth, we are forecasting positive operating margin in 2025, in line with the goal we first stated back in July.

透過可控成本削減和可靠性驅動的成本效率的綜合效益，我們能夠抵銷普惠公司薪資會計變更帶來的約1 個百分點的不利影響，以及下半年目標產能削減帶來的0.5 個百分點的不利影響。第四季度，單位成本成長 11%，超出了我們修訂後的指導值 12.5% 至 14.5%，這再次受到營運效率、可控成本削減和年終調整的推動。憑藉我們今年和第四季度的業績，我們在 2025 年可控成本方面保持了持續的勢頭。展望今年，我們預計因 GTF 引擎問題而停飛的飛機數量將上升至中高位，導致運力持平，CASM 燃油費將上漲 5% 至 7%。在單位收入強勁成長的幫助下，我們預計 2025 年將實現正營業利潤率，這與我們 7 月首次提出的目標一致。

As Joanna mentioned, the AOG has represented a significant headwind to our operating margin performance in 2024, and we estimate that impact will increase to about 3 points of drag to operating margin in 2025. We've broken down this impact on Slide 15 of the earnings presentation.

正如 Joanna 所提到的，AOG 對我們 2024 年的營業利潤率表現構成了重大阻力，我們估計這種影響將在 2025 年增加到對營業利潤率的拖累約 3 個百分點。我們在收益報告的幻燈片 15 中詳細分析了這種影響。

The direct impact includes the variable profit and staffing efficiencies we lose by not flying all of our available aircraft, and also the net cost from extending our A320 fleet. It does not include the indirect impacts to JetBlue, such as impacts to our market share and gate utilization. This situation is fluid, but ultimately transitory, and the margin headwind is expected to resolve as the grounded aircraft count begins to decrease, which is expected to occur in the next year or 2.

直接影響包括我們因不執飛所有可用飛機而損失的可變利潤和人員配置效率，以及擴大 A320 機隊的淨成本。它不包括對捷藍航空的間接影響，例如對我們的市場份額和登機口利用率的影響。這種情況是不穩定的，但最終是暫時的，隨著停飛飛機數量開始減少（預計將在未來一兩年內發生），利潤逆風預計將得到解決。

In the meantime, we plan to continue employing creative growth and cost optimization strategies to offset as much of the impact as possible. We expect CASM ex-fuel growth to remain slightly elevated in the first quarter of 2025, driven by the strategic capacity reductions during the trough, lapping against our 2024 pilot wage rates step up and the timing of maintenance. As a result, we anticipate CASM ex fuel to be up 8% to 10% in the first quarter. Over the course of the year, CASM ex is expected to moderate down from first quarter levels.

同時，我們計劃繼續採用創意成長和成本優化策略來抵消盡可能多的影響。我們預計，在低谷期間策略性產能削減的推動下，2025 年第一季 CASM 不含燃料的成長將保持小幅上升，這與我們 2024 年試點薪資上漲和維護時間相吻合。因此，我們預計第一季 CASM（不含燃料）將上漲 8% 至 10%。全年中，CASM ex 預計將較第一季水準放緩。

In 2025, we expect to begin realizing benefits from the $175 million 2027 JetForward cost transformation target, with capture weighted more to the back half of the year. Cost savings include technology-driven efficiencies in our operational and commercial functions, enhanced planning and sourcing strategies and savings from a cost functional fuel burn optimization effort.

到 2025 年，我們預計將開始實現 2027 年 JetForward 1.75 億美元成本轉型目標的效益，其中捕獲權重更多地集中在今年下半年。成本節省包括技術驅動的營運和商業職能效率、增強的規劃和採購策略以及成本功能燃油燃燒優化工作的節省。

Turning to our balance sheet on Slide 16. In 2025, our financial priorities remain the same. First and foremost, achieving sustained operating profitability is critical, which will set us on a path to generate free cash flow and pay down debt in the coming years. One of the first steps towards securing our financial future was our $3.2 billion strategic capital raise last August.

轉向投影片 16 上的資產負債表。2025 年，我們的財務重點保持不變。首先，實現持續的營運獲利能力至關重要，這將使我們在未來幾年內走上創造自由現金流和償還債務的道路。確保我們財務未來的首要步驟之一是去年 8 月我們進行了 32 億美元的策略融資。

We ended 2024 with $3.9 billion of total liquidity, excluding our undrawn $600 million revolving credit facility. The incremental liquidity is expected to fund all aircraft deliveries in 2025 with cash, adding to our existing unencumbered asset base of about $5 billion. Our CapEx forecast for 2025 is approximately $1.4 billion and $270 million for the first quarter. We anticipate ending 2025 with a healthy liquidity buffer.

截至 2024 年末，我們的流動資金總額為 39 億美元，其中不包括未提取的 6 億美元循環信貸額度。增量流動性預計將為 2025 年交付的所有飛機提供現金，使我們現有的約 50 億美元的未支配資產基礎增加。我們對 2025 年的資本支出預測約為 14 億美元，第一季的資本支出約為 2.7 億美元。我們預計到 2025 年底會有健康的流動性緩衝。

Turning to our fleet plan on Page 17, which has a number of puts and takes this year. In 2025, we expect 24 deliveries, 20 A220s and four A321neos. We've also been working to extend the lives of our A320 fleet. And thus far, we've taken steps to extend 14 aircraft through a combination of lease extensions, lease buyouts and changes to the retirement dates of owned aircraft. The capacity benefits from these actions are expected to phase in over several years.

轉向我們第 17 頁的機隊計劃，其中今年有許多調整和調整。到 2025 年，我們預計將交付 24 架，其中包括 20 架 A220 和 4 架 A321neo。我們也一直致力於延長 A320 機隊的使用壽命。到目前為止，我們已採取措施，透過延長租約、買斷租約和更改自有飛機的退役日期等方式，延長了 14 架飛機的壽命。這些行動帶來的產能效益預計將在幾年內逐步顯現。

Finally, in 2025, we plan to retire the remaining E190 aircraft after the summer peak, fully replacing them with a more fuel efficient and customer-friendly A220s.

最後，我們計劃在 2025 年夏季高峰過後退役剩餘的 E190 飛機，用燃油效率更高、對客戶更友善的 A220 飛機全面取代。

In closing, the culmination of our efforts from 2024 into 2025 is expected to result in positive operating margin for the year, a big milestone for JetBlue and a commitment we made in July. By the end of 2025, we are forecasting nearly $300 million of total incremental EBIT generated from our JetForward program, growing to $800 million to $900 million by the end of 2027.

最後，我們從 2024 年到 2025 年的努力預計將在今年實現正營業利潤率，這是捷藍航空的一個重要里程碑，也是我們在 7 月做出的​​承諾。到 2025 年底，我們預計 JetForward 計畫將產生近 3 億美元的增量 EBIT，到 2027 年底將增至 8 億至 9 億美元。

One constant in our industry is that it never stands still, and we know we can't control every change or challenge. However, with JetForward, JetBlue is relentlessly focused on outpacing our challenges and hitting our commitments for our shareholders, crew members and customers.

我們產業的一個不變特徵是它永遠不會停滯不前，我們知道我們無法控制每一個變化或挑戰。然而，透過 JetForward，捷藍航空將不懈地致力於超越我們的挑戰並履行我們對股東、機組人員和客戶的承諾。

Thank you, and we will now open it up to questions. Over to you, Chris.

謝謝，我們現在將開放提問。交給你了，克里斯。

(Operator Instructions)

（操作員說明）

Jamie Baker, JP Morgan.

傑米貝克，摩根大通。

Oh, hey, good morning, everybody. Probably a couple for Marty. So if we look at the implied revenue guide in the first quarter and compare it to the full year guide, it's clear that you're modeling for several points of acceleration. Basically, Slide 12 is what I'm referencing. But how should we think about each of those buckets of improvement? So for example, let's just pick a round number, you're modeling for 5 points of revenue acceleration.

噢，嘿，大家早安。對馬蒂來說可能是一對。因此，如果我們查看第一季的隱含收入指南並將其與全年指南進行比較，很明顯您正在為幾個加速點進行建模。基本上，投影片 12 就是我所引用的內容。但我們該如何看待每一項改進呢？例如，讓我們選擇一個整數，您正在為 5 個點的收入加速建模。

How much of that is rising tide? How much is idiosyncratic to JetForward? Maybe there's some corporate in there. You did call out the Easter shift. Yes, that's my first question.

其中有多少是漲潮？JetForward 有何獨特之處？也許裡面有什麼公司。你確實宣布了復活節輪班。是的，這是我的第一個問題。

Sure. Thanks, Jamie. Thanks for the question. Well, obviously, the first easy chunk is Easter because it's 1.5 points move from first quarter to second quarter. And frankly, the rest of the improvement is basically the continued implementation of JetForward and the continued phasing of the benefits from all the things that we promised already and started delivering.

當然。謝謝，傑米。謝謝你的提問。嗯，顯然，第一個簡單的部分是復活節，因為從第一節到第二節有 1.5 分的差距。坦白說，其餘的改進基本上是 JetForward 的繼續實施，以及我們已經承諾並開始交付的所有內容的持續分階段收益。

There was no assumption in here about a dramatic change in competitive capacity. It is basically us managing what we can manage ourselves and delivering on all those commitments. So there's no sort of exogenous factor that's driving the numbers we're seeing. It's basically our forecast of the baseline JetBlue and putting on top of that, all the things that we're doing. Obviously, we look at the normal factors, GDP, CPI, competitive capacity, things like that. But we're not expecting any direction change from sort of consensus numbers out there right now.

這裡沒有關於競爭能力發生巨大變化的假設。基本上是我們管理我們自己能管理的事情並兌現所有這些承諾。因此，沒有任何外生因素推動了我們所看到的數字。這基本上是我們對捷藍航空基準的預測，以及我們正在做的所有事情。顯然，我們會關注正常因素，GDP、CPI、競爭力等。但我們預期目前的共識數字不會有任何方向變化。

Okay. And then as a follow-up to that, Marty, just looking at forward schedules, you've got some double-digit growth going on in Boston. You called out two international markets. But relative to that full year revenue aspiration, is it fair to characterize Boston as a likely RASM drag? And if so, could you quantify that?

好的。然後作為後續行動，馬蒂，只要看看未來的時間表，波士頓就會出現兩位數的成長。您提到了兩個國際市場。但相對於全年收入期望，將波士頓描述為可能的 RASM 拖累是否公平？如果是這樣，你能量化一下嗎？

I mean, obviously, with the growth that it's getting, I'd say RASM growth in Boston is less than we're seeing elsewhere. I think I said the mathematical question more than anything else.

我的意思是，顯然，隨著它的增長，我想說波士頓的 RASM 增長低於我們在其他地方看到的。我想我說的數學問題比什麼都重要。

I would say we're still not back to the peak we were in Boston pre-NEA. And frankly, I think what we realize in the entire Northeast, and I think that was one of the things we talked about during the communication of the JetForward plan is that we had basically given up a lot of leisure lift when we moved airplanes from Northeast leisure into basically LaGuardia to cover business back at the NEA. So we finally finished unwinding LaGuardia growth in 2024, and those ASMs are being now redeployed back into where they originally were, which was Northeast Asia.

我想說的是，我們還沒有回到 NEA 之前在波士頓的巔峰狀態。坦白說，我認為我們在整個東北地區意識到，我認為這是我們在 JetForward 計劃溝通期間討論的事情之一，當我們將飛機從東北地區轉移時，我們基本上放棄了很多休閒升力休閒基本上是去拉瓜迪亞機場，然後回到NEA 處理業務。因此，我們最終在 2024 年完成了拉瓜迪亞機場成長的放鬆，這些 ASM 現在正在重新部署回原來的位置，即東北亞。

Okay. Very helpful. Thanks for taking my questions.

好的。非常有幫助。感謝您回答我的問題。

Daniel McKenzie, Seaport Research Partners.

丹尼爾·麥肯齊，海港研究合作夥伴。

Oh, hey, good morning guys. Thanks for the time. So setting aside today's stock price, it looks like you are giving us the first -- kind of given us your -- how you're thinking about normalized earnings longer term. So given us the first piece, sorry. So if all goes according to plan, should investors simply add $650 million to their 2025 EBIT outlook to get to some semblance of normalized earnings if they want to discount back to today?

哦，嘿，大家早安。謝謝你的時間。因此，撇開今天的股價不談，看起來你正在向我們提供第一個——有點向我們提供你的——你如何看待長期正常化收益。所以給了我們第一塊，抱歉。因此，如果一切按計劃進行，如果投資者想折現到今天的水平，他們是否應該簡單地將 2025 年息稅前利潤預期增加 6.5 億美元，以獲得某種程度的正常化收益？

Yes. Thanks, Dan. Appreciate the question. I think maybe just pulling up a notch. Really proud of the team and the momentum that they're delivering under JetForward. We announced it back in July, and have consistently met all of our guidance metrics were outperformed in many cases.

是的。謝謝，丹。感謝這個問題。我想也許只是提高了一個檔次。為 JetForward 的團隊和他們所帶來的動力感到非常自豪。我們早在 7 月就宣布了這一消息，並且一直滿足我們所有的指導指標，在許多情況下都表現出色。

As you think about this year, we should end this year with [$200 million to $300 million] of EBIT, and you should think of '26 and '27 at similar amounts. So as we look at exiting JetForward of the commitment to $800 million and $900 million of EBIT that obviously sits on top of a constructive macro backdrop, and we're cycling against some of the Pratt headwinds. So yes, you're thinking about it absolutely in the right way.

當您考慮今年時，我們今年結束時應獲得 [2 億至 3 億美元] 息稅前利潤，並且您應該考慮 26 年和 27 年的類似金額。因此，當我們看到 JetForward 退出時對 8 億美元和 9 億美元息稅前利潤的承諾，這顯然是在建設性的宏觀背景下進行的，而且我們正在克服普拉特的一些不利因素。所以是的，你的思考方式絕對正確。

I think, frustratingly, we would love to have, I think, even faster ramp, but this is a multiyear strategy, and it's not linear, and we're focused on the long-term here in getting JetBlue back to sustained profitability. So it's going to take a little time. But really, really pleased with the progress so far.

令人沮喪的是，我認為我們希望有更快的成長，但這是一項多年策略，而且不是線性的，我們專注於長期目標，讓捷藍航空恢復持續獲利。所以這需要一點時間。但對迄今為止的進展真的非常非常滿意。

The implied guide when we launched JetForward for full year '24 was negative 4.5% op margin. We ended the year with negative 1%. So a 3.5 point improvement. This year, we're meeting our commitment to go out with a breakeven or better op margin, and that will be a 5-point improvement since we launched JetForward. So I think really good progress there and just continuing to focus on executing for the long term.

當我們推出 JetForward 2024 年全年時，隱含的指導值為負 4.5% 的營運利潤率。我們以負 1% 結束了這一年。因此提高了 3.5 個點。今年，我們兌現了實現損益平衡或提高營運利潤率的承諾，自推出 JetForward 以來，這將提高 5 個百分點。因此，我認為這方面取得了很好的進展，並且繼續專注於長期執行。

Understood. Terrific. And then, Ursula, second question on unit cost, CASM ex, the CASM ex cadence in particular. I'm wondering how that trends throughout the year? And does it imply as we exit 2025, some CASM ex directionally as we head into 2026? Or is there some perspective you can share on Pratt & Whitney groundings that could potentially impact that?

明白了。了不起。然後，Ursula，關於單位成本的第二個問題，CASM ex，特別是 CASM ex 節奏。我想知道這一年的趨勢如何？這是否意味著當我們退出 2025 年時，一些 CASM 在我們進入 2026 年時會定向退出？或者您對普惠公司的基礎是否有一些可能會產生影響的觀點可以分享？

Yes. Dan, thanks for the question. So I'm really proud of the team delivering on 2024 controllable cost guide that we laid out last January, despite Pratt & Whitney headwinds and also some capacity that we pulled down in the trough.

是的。丹，謝謝你的提問。因此，我對團隊交付我們去年 1 月制定的 2024 年可控成本指南感到非常自豪，儘管存在普惠公司的逆風以及我們在低谷時期削減的一些產能。

Here in 2025, we're delivering exactly what we've been telling you guys, with roughly flat capacity expecting a mid-single-digit unit cost growth. Q1 is very elevated, and it's the most elevated throughout the whole year. That's really driven by timing of maintenance as well as the pilot wage rates step up that we executed last August. So CASM ex will come down in the quarters to come, and I have a lot of confidence the team will deliver on the 5% to 7% full year guide. As we look beyond 2025, the Pratt & Whitney scenario does continue to be really fluid.

到 2025 年，我們將準確地交付我們一直告訴你們的內容，產能大致持平，預計單位成本將出現中個位數成長。第一季非常高，而且是全年最高的。這實際上是由維護時間以及我們去年八月執行的試點工資率上漲所推動的。因此，CASM ex 將在未來幾季下降，我對團隊將實現 5% 至 7% 的全年指導充滿信心。當我們展望 2025 年後，普惠公司的情況確實仍然非常不穩定。

I do think that we will hit the peak AOG within the next one to two years, I mentioned that in my prepared remarks. If we sit here in 2026 with a roughly flat capacity number, for example, I would yet again expect that mid-single-digit range in terms of controllable costs. We do continue to see inflationary pressures. But with the launch of our new cost transformation program as part of JetForward, that is to offset the inflationary pressures.

我確實認為我們將在未來一到兩年內達到 AOG 的頂峰，我在準備好的演講中提到過這一點。例如，如果我們在 2026 年產能數字大致持平，我會再次預期可控成本將在中個位數範圍內。我們確實繼續看到通膨壓力。但作為 JetForward 的一部分，我們推出了新的成本轉型計劃，旨在抵消通膨壓力。

Thanks so much for the time you guys.

非常感謝你們抽出寶貴的時間。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, thank you. So just a follow-up on Dan's question. One of the questions we're getting earlier this year is that bridge from the March quarter cost outlook to the rest of the year and 2Q specifically. So I wondered if you had any early thoughts on the shape of 2Q CASM relative to the first quarter?

嘿，謝謝你。所以只是丹的問題的後續。我們今年稍早收到的問題之一是，從三月季度的成本前景到今年剩餘時間，特別是第二季的成本前景。所以我想知道您對第二季度 CASM 相對於第一季的形狀是否有任何早期想法？

Yes. Thanks for the question, Duane. As I said, Q1 is the most elevated. I do expect there to be a step down as we head into the second quarter. We're not guiding here today, but I would expect a different capacity layout as well, which you can probably tell from the forward schedules that are already posted.

是的。謝謝你的提問，杜安。正如我所說，Q1 是最高的。我確實預計，當我們進入第二季度時，情況會有所下降。我們今天不在這裡提供指導，但我預計也會有不同的產能佈局，您可以從已經發布的遠期時間表中看出這一點。

So I do envision us being in a slightly positive capacity environment, which should also help support the step down in Q2. As a reminder, the pilot wage rate step up what we granted last August, so that doesn't lap until we hit August. So Q2, we'll see a headwind associated with that as well.

因此，我確實預期我們處於一個略為積極的產能環境中，這也應該有助於支持第二季的下降。提醒一下，試點工資率提高了我們去年八月授予的工資水平，因此直到八月才結束。因此，在第二季度，我們也會看到與此相關的不利因素。

Got it. And then just, Marty, can you expand a little bit on what you're seeing in Caribbean and Latin, and maybe taking the Easter shift off the table. What sort of improvement are you seeing there and -- relative to the rest of the system and maybe just talking sequentially 4Q to 1Q or 4Q to 1Q adjusted for Easter shift?

知道了。然後，馬蒂，你能稍微談談你在加勒比海和拉丁語中看到的情況嗎？您在那裡看到了什麼樣的改進 - 相對於系統的其餘部分，也許只是按順序談論第四季度到第一季度或第四季度到第一季度針對復活節班次進行的調整？

Sure, Duane. Thanks. I'd say, consistent with what we've heard about fourth quarter results and first quarter outlook, International is a strong point for us. Latin has actually fully recovered from what we had seen at the beginning of 2024 and Latin has actually been strong for us. A little bit of pressure in San Juan, it's mostly capacity driven, but we're maintaining our customer base very well. And also transatlantic has done very well.

當然，杜安。謝謝。我想說，與我們聽到的第四季業績和第一季前景一致，國際業務對我們來說是一個強項。拉丁語實際上已經從 2024 年初的情況中完全恢復，並且拉丁語對我們來說實際上很強大。聖胡安有一點壓力，主要是產能驅動，但我們的客戶群維護得很好。跨大西洋也做得很好。

So again, I think, consistent with what we've heard, International is a strong point. I'd say, on a relative basis, transatlantic is really not big for us at all enough to move the needle, and San Juan is a relatively big part of Latin. So overall, I think the fundamental demand profile for Latin is very strong right now. We're happy.

因此，我認為，與我們所聽到的一致，國際化是一個強項。我想說，相對而言，跨大西洋對我們來說根本不足以推動變革，而聖胡安是拉丁語中相對較大的一部分。總的來說，我認為目前拉丁語的基本需求非常強勁。我們很高興。

Thank you.

謝謝。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Thanks so much. Would you mind just touching on the competitive capacity in Fort Lauderdale and what you're seeing there?

非常感謝。您介意談談勞德代爾堡的競爭能力以及您在那裡看到的情況嗎？

Yes. I mean it's funny. When we had gone through the process of Spirit's bankruptcy, there are a lot of conversations at the time about opportunities that may represent in Fort Lauderdale. I think if you look at the reorganization plan, they put a stake in the ground that a lot of that is important to them. And frankly, it's exactly what we had expected because a lot of those were important to us, too.

是的。我的意思是這很有趣。當我們經歷了 Spirit 破產的過程時，當時有很多關於勞德代爾堡可能代表的機會的對話。我認為，如果你看看重組計劃，他們會發現其中許多對他們來說很重要。坦白說，這正是我們所期望的，因為其中許多對我們也很重要。

Overall, competitive capacity is still down in Fort Lauderdale. So we're actually in a very a very good environment, but I don't think we're expecting any significant pull down from Spirit down there. And frankly, we're very happy with how Fort Lauderdale is performing right now.

總體而言，勞德代爾堡的競爭能力仍然較低。所以我們實際上處於一個非常非常好的環境中，但我不認為我們預期精神會出現任何重大的下滑。坦白說，我們對勞德代爾堡目前的表現非常滿意。

Okay. That's really helpful. And then I'd love to get your perspective on non-aircraft CapEx and in-flight entertainment, Wi-Fi, your mobile apps, just given kind of the arms race across the industry and making investments there. Just kind of curious how you're thinking like the size of investments you're thinking and any focus areas, love your thoughts.

好的。這真的很有幫助。然後，我很想了解您對非飛機資本支出和機上娛樂、Wi-Fi、行動應用程式的看法，考慮到整個行業的軍備競賽以及在那裡進行投資。只是有點好奇你的想法，例如你正在考慮的投資規模和任何重點領域，喜歡你的想法。

Tom, thanks. It's Joanna. I can let Urs touch on the CapEx question in general. But from a Wi-Fi perspective, we've got a fully outfitted fleet of Wi-Fi partner, and it's free, and we've had that for 10 years. And we're the only carrier that can make that claim.

湯姆，謝謝。是喬安娜。我可以讓 Urs 談談一般性的資本支出問題。但從 Wi-Fi 的角度來看，我們擁有一支裝備齊全的 Wi-Fi 合作夥伴隊伍，而且是免費的，而且我們已經擁有了 10 年了。我們是唯一一家可以做出這項聲明的承運商。

And we continue to be very pleased with how that Wi-Fi, relative to the competition, is performing. We're obviously keeping a close eye on customer preference and the other opportunities that are out there, and we'll continue to make sure that we stay very competitive in this space. Maybe, Urs, on just the CapEx?

我們仍然對 Wi-Fi 相對於競爭對手的表現感到非常滿意。顯然，我們正在密切關注客戶偏好和其他機會，我們將繼續確保我們在這個領域保持非常競爭力。烏爾斯，也許只是資本支出？

So maybe just some color on the CapEx. So we had $1.6 billion in CapEx in 2024. So we're actually stepping down in 2025. So the guide is $1.4 billion. About 85% of that $1.4 billion is associated with aircraft.So not only do we have the '24 deliveries, but we also are investing in extending the A320s. And we're also investing in the ramp-up of domestic first class.

所以也許只是資本支出上的一些色彩。因此，2024 年我們的資本支出為 16 億美元。所以我們實際上會在 2025 年辭職。所以指導價是 14 億美元。這 14 億美元中約 85% 與飛機相關。我們也投資於國內頭等艙的建設。

So that's all embedded in the guide. The remaining 15% of the CapEx is associated with non-aircraft. So Tom, to your point, I think technology, I think airports ground equipment, those are where those dollars are going.

這些都包含在指南中。剩餘 15% 的資本支出與非飛機相關。湯姆，就你的觀點而言，我認為技術，我認為機場地面設備，這些都是這些資金的去向。

Scott Group, Wolfe research.

斯科特集團，沃爾夫研究。

Hey, thanks, good morning. I just want to make sure I heard right. Is it that with the GTF issue that aircraft on the ground goes up in '26 and then potentially up again in '27? Is that right? And then any idea like when this is fully behind us as an issue?

嘿，謝謝，早安。我只是想確保我沒聽錯。是由於 GTF 問題，地面飛機在 26 年上升，然後可能在 27 年再次上升？是這樣嗎？然後有什麼想法，例如這個問題何時完全被我們拋在腦後？

Yes. So thanks for the question, Scott. We tried to give you guys some color just on how burdensome this is to JetBlue financially, which we've highlighted all the math on Slide 15. As a reminder, we had 11 aircraft on the ground in 2024. In the guide that we're providing for 2025 today, we have mid- to high teens. And as I mentioned in my prepared remarks, we believe we are likely approaching the peak in the next year or two.

是的。謝謝你的提問，斯科特。我們試著讓大家了解這對捷藍航空的財務負擔有多大，我們在投影片 15 上強調了所有數學知識。提醒一下，到 2024 年，我們有 11 架飛機在地面上。在我們今天提供的 2025 年指南中，我們有中到高中的青少年。正如我在準備好的演講中提到的，我們相信我們可能會在未來一兩年內達到頂峰。

So we continue to work constructively with Pratt & Whitney to gain further color, quite frankly, on '26 and beyond. Obviously, there are a lot of inputs that can materially impact the number of aircraft that we have on the ground, everything from Pratt & Whitney supply chain to their shop capacity. So it does continue to remain pretty fluid. But the next year or two, we believe that we'll be approaching the peak.

因此，坦白說，我們將繼續與普惠公司進行建設性合作，以在 26 年及以後獲得更多的色彩。顯然，有許多投入都會對我們在地面上擁有的飛機數量產生重大影響，從普惠公司的供應鏈到車間產能。所以它確實繼續保持相當的流動性。但未來一兩年，我們相信我們將接近頂峰。

Okay. And then I'm guessing you can't say too much because you haven't announced anything yet, but any thoughts on timing for an NEA replacement? And just is that part of JetForward? Or would that be incremental to JetForward? Just how do you think about NEA?

好的。然後我猜你不能說太多，因為你還沒有宣布任何事情，但對於 NEA 替代的時間有什麼想法嗎？這就是 JetForward 的一部分嗎？或者這會是 JetForward 的增量嗎？您如何看待 NEA？

Thanks for the question. So we're having conversations with a number of carriers right now to discuss the potential for future partnership. The judge in Massachusetts obviously laid out a framework that would be acceptable under at least the prior administration. So that's what we're looking at, but there's nothing to announce now. In terms of what's in JetForward, there's a very small amount of money associated with potential partnerships, but nothing in a very meaningful way.

謝謝你的提問。因此，我們現在正在與許多運營商進行對話，討論未來合作的潛力。馬薩諸塞州的法官顯然制定了一個至少在前政府可以接受的框架。這就是我們正在考慮的事情，但現在沒有什麼可宣布的。就 JetForward 的內容而言，與潛在合作夥伴關係相關的資金非常少，但沒有任何有意義的方式。

Thank you, guys. Appreciate it.

謝謝你們，夥計們。欣賞它。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Oh, yeah. Hey, good morning. Just, Marty, you withdrew from 15 cities, you redeployed 20% of your capacity. How have you seen the mix change, corporate versus discretionary as a result of those changes? And has there been a meaningful change to the booking curve, given the fact that maybe a large percentage or a greater percentage of your customers are now booking further out? Can you just talk about some of the dynamics around your mix and maybe how you sell the product?

哦，是的。嘿，早安。只是，馬蒂，你從15個城市撤走了，你重新部署了20%的產能。您如何看待這些變化導致的公司與全權委託的組合變化？考慮到您的大部分或更大比例的客戶現在正在更遠的地方進行預訂，預訂曲線是否發生了有意義的變化？您能否談談您的組合的一些動態以及您如何銷售產品？

Hey Mike, thanks for the question. The first thing I'll say is, on a macro level, it is getting tougher and tougher to do business leisure mix post-COVID because we have the great mix of leisure in the middle to high customers who say they're on business, they take it like they run leisure more so. So it's less clear than it once was.

嘿，麥克，謝謝你的提問。我要說的第一件事是，在宏觀層面上，在新冠疫情之後，商務休閒組合變得越來越難，因為我們在中高端客戶中擁有大量的休閒組合，他們說他們正在出差，他們認為這就像他們在休閒一樣。所以它不像以前那麼清楚了。

What I will say is we've seen no significant change to the business mix that we have. And frankly, I think that's part of the reason why the city that we closed actually weren't working for us because we're carrying a lot of great leisure customers in places like Minneapolis, San Antonio, and we really weren't penetrated in the business market. So we've seen no significant change to the booking curve or the business leisure mix to that.

我要說的是，我們的業務組合沒有重大變化。坦白說，我認為這就是為什麼我們關閉的城市實際上對我們不起作用的部分原因，因為我們在明尼阿波利斯、聖安東尼奧等地承載著許多很棒的休閒客戶，而我們確實沒有滲透到商業市場。因此，我們沒有看到預訂曲線或商務休閒組合發生重大變化。

I think I'd just add as well, if you were at Q1 RASM, as a leisure carrier, we obviously experienced a different sort of period given the trough that it is even when you adjust for that Easter shift. In the depth, we also have the slide that lays out the timing of the network announcements, and there was a number of really meaningful Northeast changes made in the late October, November time frame from a capacity standpoint. These are all in early ramp. And as I mentioned, this isn't a linear plan and it's going to take some time for these markets to mature.

我想我還要補充一點，如果你在第一季度的RASM，作為一家休閒航空公司，我們顯然經歷了一段不同的時期，因為即使你為復活節班次進行調整，我們也經歷了一個不同的時期。從深度上講，我們還有一張幻燈片列出了網路公告的時間，從容量的角度來看，東北在 10 月下旬、11 月的時間範圍內做出了許多真正有意義的變化。這些都處於早期階段。正如我所提到的，這不是一個線性計劃，這些市場需要一些時間才能成熟。

Great. And then just my second, as we think about timing around first-class, Ursula, I think I heard you that some of the CapEx this year is going to be tied to the installment of first class. Will JetBlue be in a position to start selling late 2025 first class? Or is that first quarter 2026 when you can start selling the first-class product?

偉大的。然後是我的第二個問題，當我們考慮頭等艙的時間安排時，烏蘇拉，我想我聽到你說今年的一些資本支出將與頭等艙的分期付款相關。捷藍航空是否能夠在 2025 年底開始銷售頭等艙？還是 2026 年第一季你就可以開始販售一流產品了？

Mike, I'll take that one. So there's some CapEx coming this year, which is basically the beginning of the process through seat design, certification, et cetera. The first install is actually going to be in 2026. So there will be no revenue benefit to speak up in 2025. And by the way, that is exactly how it's laid out in the phasing of JetForward.

麥克，我要那個。因此，今年會有一些資本支出，基本上是座椅設計、認證等過程的開始。首次安裝實際上將於 2026 年進行。因此，到 2025 年，將沒有任何收入利益可言。順便說一句，這正是 JetForward 分階段的佈局方式。

Great. Thank you.

偉大的。謝謝。

Catherine O'Brien, Goldman Sachs.

凱瑟琳‧歐布萊恩，高盛。

Hey, good morning everyone. Just wanted to follow up on some of the corporate commentary. We've been hearing that corporate trends are seeing a bit of a pickup again this fall. One of your competitors know that Tuesdays, Wednesdays are looking better. I know you're focusing your network on your leisure DNA, but are you seeing any pickup out in New York, transcon or the traditionally more corporate leading sites like your New York to Boston flights? Just any color there?

嘿，大家早安。只是想跟進一些公司評論。我們聽說今年秋天企業趨勢再次回升。你的一位競爭對手知道周二、週三看起來更好。我知道您將網路重點放在您的休閒 DNA 上，但是您是否在紐約、transcon 或傳統上更多企業領先的網站（例如紐約飛往波士頓的航班）看到任何接送服務？那裡有什麼顏色嗎？

So what I'd say is if you look at our corporate demand right now, the last two or three quarters, we've been setting records as far as the amount of money we're getting from our corporate accounts. That being the case, corporate is still a really small part of JetBlue's revenue base. So we're talking a 9-digit number, a low 9-digit number. So it's not a gigantic number. We are seeing great numbers.

所以我想說的是，如果你看看我們現在的企業需求，過去兩三個季度，我們從企業帳戶中獲得的資金數量一直在創造記錄。話雖如此，企業業務在捷藍航空的收入基礎中仍然只佔很小的一部分。所以我們談論的是 9 位數字，低 9 位數字。所以這不是一個龐大的數字。我們看到了龐大的數字。

But I think in looking at our network and looking at where we're flying and I think looking at our frequencies with the network as it exists, we don't see ourselves as being a big corporate carrier. And I don't think it's been big enough for us to do a significant difference on Tuesdays and Wednesdays.

但我認為，在審視我們的網路、我們的飛行地點以及現有網路的頻率時，我們並不認為自己是一家大型企業營運商。我認為這還不足以讓我們在周二和周三做出重大改變。

Got it. And then maybe just, Ursula, if you don't mind, and more on the GTF. I just want to confirm, I don't think you're baking in any kind of compensation from Pratt into your outlook. But when do you think you'll reach a settlement on those 2024 damages or however you want to put it? And what form does that take?

知道了。然後也許只是，烏蘇拉，如果你不介意的話，還有更多關於 GTF 的內容。我只是想確認一下，我認為你不會將普拉特的任何形式的補償納入你的前景。但您認為什麼時候能夠就 2024 年的損失達成和解，或者無論您怎麼說？那採取什麼形式呢？

Is it going to be something we're going to be able to notice on the cash flow statement?

我們可以在現金流量表上註意到這一點嗎？

And then I know you've already filled in a couple of questions on this, and I don't want to get too myopic, but when you're saying one to two years from now on the peak, does that imply the peak is sometime January 28, 2026 or later? Just any color on the GTF questions there would be really helpful.

然後我知道你已經回答了幾個關於這個問題的問題，我不想太短視，但是當你說從現在開始一到兩年後就會達到峰值，這是否意味著峰值是2026 年1 月28 日或更晚的某個時間？GTF 問題上的任何顏色都會非常有幫助。

Yeah, morning. Catie, so the situation with Pratt & Whitney continues to be pretty fluid. Obviously, as we've highlighted today, it's a very material impact to our business. So the settlement negotiations are taking a while, quite frankly, because of the materiality to the business, we want to ensure that we settle with something that is fair and acceptable. So I don't have any timing on that. It's a work in progress.

是的，早上。凱蒂，普惠公司的情況仍然相當不穩定。顯然，正如我們今天所強調的那樣，這對我們的業務產生了非常重大的影響。因此，坦白說，和解談判需要一段時間，因為對業務的重要性，我們希望確保以公平和可接受的方式達成和解。所以我沒有任何時間安排。這是一項正在進行的工作。

In regards to your last question, just about the peak, I mean, when I say within the next year or two, that means that we hit peak, quite frankly, between now and 2027. And so again, we work consistently and fluidly with Pratt. And so there are things that could accelerate this. And so we're watching it very closely.

關於你的最後一個問題，關於峰值，我的意思是，當我說在未來一兩年內時，坦白說，這意味著我們從現在到 2027 年將達到峰值。同樣，我們與普拉特的合作始終如一、流暢。因此，有些事情可能會加速這一過程。所以我們正在非常密切地關注它。

Thanks. Totally, appreciate the moving target.

謝謝。完全地，欣賞移動目標。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Great. Thanks morning everyone. Some of your mainline peers obviously highlighted strength in transatlantic demand in the first quarter, which, as you pointed out, is kind of seasonally weak period. Can you just talk about kind of what you guys are seeing there and potential for upside through the summer as well?

偉大的。謝謝大家早安。您的一些主要同行明顯強調了第一季跨大西洋需求的強勁，正如您所指出的，這是季節性疲軟時期。您能談談你們在那裡看到的情況以及整個夏天的上升潛力嗎？

Sure. Thanks, Ravi. I'd say, first of all, the Atlantic is still in ramp for us. I mean we added new cities in '24. We've announced these cities for '25 -- new routes for '25. So I think I look at our growth in the Atlantic is partially being strength and partially being ramped. So I don't want to get too aggressive as far as how we describe it.

當然。謝謝，拉維。我想說，首先，大西洋對我們來說仍然處於困境。我的意思是我們在 24 年添加了新城市。我們已經宣布了 25 年的這些城市——25 年的新航線。因此，我認為我們在大西洋地區的成長部分是強勁的，部分是加速的。因此，我不想在描述方面過於激進。

Most important thing for us is continued growth of yields and mid-cabin. If you look at the configuration of the airplanes, we are very heavily net focused. It is absolutely a fantastic product. I really think it's the best part across the Atlantic. And from that perspective, that's where we would like to see the growth, and we're really seeing great growth as far as net yield. So we're very optimistic about the results as the network exists right now.

對我們來說最重要的是產量和中艙的持續成長。如果你看一下飛機的配置，你會發現我們非常注重網路。這絕對是一個很棒的產品。我真的認為這是大西洋彼岸最好的部分。從這個角度來看，這就是我們希望看到成長的地方，就淨收益率而言，我們確實看到了巨大的成長。因此，我們對結果非常樂觀，因為網路目前已經存在。

I will also say that we deferred almost all of our [321] deliveries (inaudible) deliveries into 2030. So I'd say you're more or less roughly what you see is what you get right now. We'll continue to treat that network and continue to move plans between the Atlantic and domestic, summer to winter, but we're really happy with the choice to fly there. We're happy with our results, and we think it's going to be a nice profit source for us.

我還要說的是，我們幾乎將所有 [321] 交付（聽不清楚）推遲到 2030 年。所以我想說，你或多或少大致上所看到的就是你現在所得到的。我們將繼續對待該網絡，並繼續在大西洋和國內、夏季和冬季之間調整計劃，但我們對飛往那裡的選擇感到非常高興。我們對我們的結果感到滿意，我們認為這對我們來說將是一個很好的利潤來源。

Thanks for the color. Got it. Great. And maybe as a follow-up, I just want to confirm, the $95 million outperformance in revenue capture initiatives for 2024, is that all just go forward from future periods, which obviously is also very impressive. Or are you seeing pockets of potential strength or upside, which may end up even kind of upsizing the target over time?

謝謝你的顏色。知道了。偉大的。也許作為後續行動，我只是想確認一下，2024 年收入獲取計劃中 9500 萬美元的優異表現，是所有這些都只是從未來時期開始的，這顯然也非常令人印象深刻。或者您看到了一些潛在的力量或上升空間，隨著時間的推移，這甚至可能最終會擴大目標？

So as far as how we look at it right now, it does look all to be moved forward. We'll obviously keep watching that going forward. But we've got pretty good visibility as far as things like preferred seating and the Blue Basic, and it does look like move forward. I'm not saying at some point that won't grow. And hopefully, as we grow, we'll see that grow in general.

因此，就我們現在的看法而言，一切似乎都在前進。我們顯然會繼續關注這一情況。但就首選座位和藍色基本款等方面而言，我們已經獲得了相當好的可見性，而且看起來確實有進步。我並不是說在某個時候它不會成長。希望隨著我們的成長，我們會看到這種整體成長。

But fundamentally, we're very excited that this has come forward as it has. And frankly, I'm optimistic about all the initiations of JetForward, not just the ones that we've already launched in '24. So we're actually very excited. Again, with EvenMore just launching today. So we're actually very excited about that.

但從根本上來說，我們對這件事的進展感到非常興奮。坦白說，我對 JetForward 的所有啟動都持樂觀態度，而不僅僅是我們在 24 年已經推出的那些。所以我們實際上非常興奮。再說一遍，EvenMore 今天剛推出。所以我們實際上對此感到非常興奮。

Very good. Thank you.

非常好。謝謝。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning. Marty, you mentioned pressure in the Northeast and Florida. But I think to Tom's question, you also kind of noted Florida capacity is down year-over-year as competitive capacity. And it seems like that's the case in Orlando, too. I was wondering if you could provide a little bit more color, which cities or routes you're seeing kind of competitive pressures that you called out in like the Northeast and Florida?

嘿，早安。馬蒂，你提到了東北部和佛羅裡達州的壓力。但我認為，對於湯姆的問題，您也注意到佛羅裡達州的產能隨著競爭能力的下降而逐年下降。奧蘭多的情況似乎也是如此。我想知道您是否可以提供更多信息，您在哪些城市或路線上看到了您所指出的競爭壓力，例如東北部和佛羅裡達州？

I'm not going to give a lot of color on that. And then clearly, from a competitive capacity perspective, the most competitive capacity pressure has been in Boston. But in general -- yes, in Lauderdale, in Orlando, the trends are actually good. I think some of the other cities, probably (inaudible) not as good. But I don't look at any of them as really sticking out like significantly other than Boston.

我不會對此給出太多的顏色。顯然，從產能競爭的角度來看，最具競爭力的產能壓力一直在波士頓。但總的來說，是的，在勞德代爾堡、奧蘭多，趨勢實際上是好的。我認為其他一些城市可能（聽不清楚）沒有那麼好。但我不認為他們中的任何一個都像波士頓以外的地方那樣突出。

Got it. That's helpful. Thank you. And just on the kind of fleet plan, Ursula, it looks like some of the A220s that you had thought might come in 2026 are shifted out. I was curious, what kind of drove that? And just on that investment question, is the investment in premium products on the CapEx meaningful? Or is that just part of the kind of the aircraft and not really meaningful?

知道了。這很有幫助。謝謝。烏蘇拉，就機隊計劃而言，您原以為可能在 2026 年推出的一些 A220 似乎已被移出。我很好奇，是什麼樣的動力？就這個投資問題而言，在資本支出上投資優質產品有意義嗎？或者這只是飛機類型的一部分，並沒有真正的意義？

Yeah. Good morning, Savi, the aircraft order books have been really fluid with delays and such. So we just adjusted our delivery schedule to reflect the most recent timing information from Airbus. So to your point, there were a few puts and takes between '25 and '26. I will mention, as you look at the overarching JetBlue aircraft order book, we've talked a lot about Pratt & Whitney today.

是的。早安，薩維，飛機訂單簿因延誤等原因而變得非常不穩定。因此，我們只是調整了交貨時間表，以反映空中巴士公司的最新時間資訊。所以就你的觀點而言，25 至 26 年間發生了一些調整和調整。我要提到的是，當您查看捷藍航空的整體飛機訂單簿時，我們今天談論了很多有關普惠公司的內容。

And within the next one to two years, hitting the peak AOG. And I do just want to remind everyone, at some point, this situation will become a tailwind. And we will get airplanes back. And as you look at our order book in '27 and beyond, it actually lines up pretty well in terms of when we think we're going to get aircraft back due to the AOG issue.

並在未來一兩年內，達到AOG的頂峰。我只是想提醒大家，在某些時候，這種情況會變成順風。我們會讓飛機回來。當您查看我們 27 年及以後的訂單簿時，您會發現，實際上，我們認為由於 AOG 問題而將收回飛機的時間非常吻合。

In regards to your last question around CapEx. The investment into domestic first class. That investment is going to be approximately $400 million over the next few years. And a small portion of that is included in the 2025 guide, as Marty mentioned, just for the start-up of the ramp of the program. But I do want to remind everyone, I mean between the domestic first class as well as the A320 extensions, I mean, these are very accretive ROI positive and in a timely manner.

關於您關於資本支出的最後一個問題。其投資進入國內一流。未來幾年的投資額約為 4 億美元。正如 Marty 所提到的，其中一小部分包含在 2025 年指南中，只是為了啟動該計劃。但我確實想提醒大家，我的意思是在國內頭等艙和A320擴展之間，我的意思是，這些都是非常及時且積極的投資回報率。

So I feel good about the investments that we're making.

所以我對我們正在進行的投資感覺良好。

Makes sense. Appreciate the call. Thank you.

有道理。感謝您的來電。謝謝。

Tom Wadewitz, UBS Financial.

湯姆‧瓦德維茲 (Tom Wadewitz)，瑞銀金融集團。

Yeah. Good morning and thanks for the question. I wanted to circle back a little bit to, I think, where Jamie kicked off the Q&A, just asking about RASM. It seems to me that one of the big concerns is just your 1Q RASM outlook looks a fair bit weaker than the industry. Marty, what's the framework? Would you expect like 2Q or second half for the RASM performance for JetBlue to kind of get back in line with what we see for the broader industry? Or how do you think about the framework for that to be the case?

是的。早安，謝謝你的提問。我想我想稍微回顧一下 Jamie 開始問答的地方，只是問 RASM。在我看來，最大的擔憂之一就是第一季 RASM 前景看起來比業界弱一些。馬蒂，框架是什麼？您是否預期第二季或下半年捷藍航空的 RASM 表現會恢復到我們對更廣泛產業的預期？或者您如何看待這種情況的框架？

Well, Tom, thanks for the question. So first, let's talk about the sequential numbers that we're fleshing right now. Again, we're very happy with the fourth quarter overperformance, and we talked about that being very focused on really good results in the peak.

嗯，湯姆，謝謝你的提問。首先，我們來談談我們現在正在充實的連續數字。再次，我們對第四季度的超額表現感到非常滿意，我們談到了非常注重高峰期的真正良好結果。

As you sequence in the first quarter, if you look at the historical trend of fourth quarter to first quarter RASM, and we've got 12 years' worth of data. We're actually above that normal trending. So what we're producing in first quarter of '25 is actually higher than you would normally see for that time period, and I attribute one of that to JetForward.

當您對第一季進行排序時，如果您查看第四季度到第一季 RASM 的歷史趨勢，我們就會得到 12 年的數據。我們實際上高於正常趨勢。因此，我們在 25 年第一季的產量實際上高於您通常在該時期看到的產量，我將其中一個歸功於 JetForward。

I will say, versus the rest of the industry, we do face a competitive capacity headwind. I think if you look at the big 4, they're all facing competitive capacity numbers that are under 1%, some of them like 0.3% 0.4%. United is actually negative. Our competitive capacity number is 3%. So I think looking at the headwinds that we're seeing in the first quarter, I feel great about where we stand as far as RASM, given all the things working against us. And I give a lot of credit on that to JetForward, the initiatives we've laid out already.

我想說的是，與產業其他公司相比，我們確實面臨產能競爭的逆風。我認為如果你看看四大公司，他們都面臨著低於 1% 的競爭產能數字，其中一些是 0.3% 0.4%。曼聯實際上是消極的。我們的競爭能力是3%。因此，我認為，看看我們在第一季看到的不利因素，考慮到所有對我們不利的因素，我對 RASM 的現狀感到滿意。我非常感謝 JetForward，這是我們已經制定的舉措。

With respect to the improvements across the rest of the year, obviously, the headwind we get in the first quarter from Easter comes right back as a tailwind in second quarter. So that 1.5 points bad guy in the first will come back at the 1.5 points good guy in a second.

就今年剩餘時間的改善而言，顯然，第一季復活節帶來的逆風在第二季成為順風。這樣，第一個 1.5 分的壞人將在第二個 1.5 分的好人面前回歸。

And I think I want to be clear, as we go through the year, we're not making any big assumption about competitive capacity coming down. Back to the point I said to Jamie at the very beginning, there's no sort of a secret assumption that competitive capacity goes back down to 1% or 0.5%. I think it is at 0.4% right now. We're basically looking at the industry as it stands right now.

我想我想澄清的是，在這一年中，我們並沒有對競爭能力下降做出任何重大假設。回到我一開始對 Jamie 說的那一點，沒有什麼秘密假設認為競爭能力會下降到 1% 或 0.5%。我認為現在是0.4%。我們基本上關注的是這個行業目前的現狀。

A lot of this is just execution of the plan as we've laid it out. And I think what we've seen so far as far as the ramping of JetForward, how we've seen the network changes take. And I think we were especially happy with what happened in the fourth quarter with places like [Guayaquil] where with the demand we're able to drive during the peak in the market, (inaudible) the market that was 25 years served by one of our big competitors to Florida, and we had success there very, very quickly, especially in the peak.

其中很多只是執行我們所製定的計劃。我認為到目前為止我們所看到的 JetForward 的發展以及網路變化的情況。我認為我們對第四季度發生的事情特別滿意，例如[瓜亞基爾]，我們能夠在市場高峰期間推動需求，（聽不清楚）這個市場由其中一家公司服務了 25 年。對手是佛羅裡達州，我們在那裡非常非常快地取得了成功，尤其是在高峰期。

So I feel very bullish about JetForward as it goes forward. I just want to stress, there are no numbers games as far as we need some sort of a big industry change to get to [3 to 6]. That is core of stuff we can control.

因此，我非常看好 JetForward 的發展。我只是想強調，只要我們需要某種重大的產業變革才能實現這一目標，就沒有數字遊戲。[3至6]。這是我們可以控制的核心內容。

Okay. Great. And for the follow-up question, just wanted to ask about how we think about the kind of key levers and potential timing to get to free cash breakeven? It would seem like this year, potentially next year, you'd still be looking at a fairly significant use of cash. So I wanted to see if you could kind of multi your offer, any thoughts about is that more so driven by a CapEx reduction that might come in '26 '27 or is it just a matter of kind of keep going on JetForward and get the operating margin up?

好的。偉大的。對於後續問題，我只是想問我們如何看待自由現金損益平衡的關鍵槓桿類型和潛在時機？看起來今年，甚至明年，你仍然會考慮相當大量的現金使用。所以我想看看你是否可以增加你的報價，任何想法都是由可能在 26 '27 年出現的資本支出減少所驅動，或者只是繼續使用 JetForward 並獲得營業利潤率上升？

Thanks for the question, Tom. So we executed in aircraft deferral last year, and it paves the way for us to execute on JetForward and get the business healthy again and get us to consistent profitability, which is the number one priority.

謝謝你的提問，湯姆。因此，我們去年實施了飛機延期，這為我們在 JetForward 上實施鋪平了道路，讓業務再次健康發展，讓我們獲得持續的盈利能力，這是首要任務。

Number two is in getting the free cash flow positive. And I do feel like with the deferral in the way the order book lays out and just with the expected progression of JetForward, there is a means to get to positive free cash flow within the timing of the Jet Forward program.

第二是讓自由現金流為正。我確實覺得，隨著訂單的推遲，以及 JetForward 的預期進展，有一種方法可以在 Jet Forward 計劃的時間內獲得正的自由現金流。

Priority number three will then be to start delevering the balance sheet. So make no mistake. We don't like where our metrics lie today and we want to get back down to more competitive reasonable balance sheet metrics. So we got to continue executing on JetForward, get to consistent profitability before we can talk about taking steps to delever the balance sheet.

第三要務將是開始資產負債表去槓桿化。所以不要犯錯。我們不喜歡我們今天的指標，我們希望回到更具競爭力的合理資產負債表指標。因此，我們必須繼續執行 JetForward，實現持續獲利，然後才能談論採取措施去槓桿化資產負債表。

Great. Thank you.

偉大的。謝謝。

Steve Trent, Citi.

史蒂夫特倫特，花旗銀行。

Good morning everybody and thanks very much for taking my questions. If I could follow up on the alliance question, I think as Scott Group maybe asked earlier, great color on what you said for how you're thinking about the US. But what about, potential alliances overseas, sort of existing ones that are in place. And and, and maybe any new opportunities given, some of the Latin American Airlines today are going through, you know, some gyrations.

大家早安，非常感謝您提出我的問題。如果我可以跟進聯盟問題，我認為斯科特集團可能早些時候問過，你所說的關於你如何看待美國的內容非常精彩。但是，潛在的海外聯盟以及現有的聯盟又如何呢？而且，也許有任何新的機會，今天的一些拉丁美洲航空公司正在經歷一些轉變。

Steve, thanks for the question. Well, first, I guess, worth mentioning, we have 52 or 53 alliance partners across the world, including a lot of international carriers. I think we're especially lucky that New York is a very, very important gateway for international carriers, and we fly a lot of connecting lift there. So if you're not aligned with one of the other airlines there, we're a great partner as far as getting access to the interior US, where the fares tend to be higher.

史蒂夫，謝謝你的提問。嗯，首先，我想，值得一提的是，我們在全球有 52 或 53 個聯盟合作夥伴，其中包括許多國際航空公司。我認為我們特別幸運，紐約是國際航空公司非常非常重要的門戶，我們在那裡有很多轉機航班。因此，如果您不與那裡的其他航空公司合作，我們是您前往美國內陸地區的絕佳合作夥伴，那裡的票價往往更高。

And we continue to grow that portfolio even as we negotiate with domestic carriers. We just added British Airways in I think the third quarter of this year, a limited partnership that actually continues to grow. I think there's opportunities there. We're certainly not taking your eye off the ball on that type of partnership, while we work on what might make sense for us on a domestic partnership.

即使我們與國內業者進行談判，我們也會繼續擴大該產品組合。我想今年第三季我們剛剛增加了英國航空公司，這是一種實際上在繼續增長的有限合作夥伴關係。我認為那裡有機會。我們當然不會把你的注意力從這種類型的夥伴關係上移開，同時我們也在努力尋找對我們來說可能有意義的國內夥伴關係。

Okay. Appreciate it, Marty. And for my follow-up, I recall you guys are offering some early exits for some of your older pilots. I'm guessing this is kind of a fairly small piece of the pie in terms of your labor cost and there would not be a significant cash event on the back of these packages that you'd offer?

好的。很欣賞它，馬蒂。對於我的後續行動，我記得你們正在為一些老飛行員提供一些提前退出的機會。我猜就您的勞動成本而言，這只是一小部分，而且您提供的這些套餐背後不會有重大現金事件？

No, thanks. Obviously, looking forward to offering some early retirements from our pilots, I think it's a win-win for JetBlue and for some of our pilots who are ready to pursue something after they retire. So it continues to be a focus on how do we manage some of our elevated labor costs in a world where we have as many aircraft on the ground that we have right now with the Pratt & Whitney issue.

不，謝謝。顯然，我希望為我們的飛行員提供一些提前退休的機會，我認為這對捷藍航空和我們一些準備在退休後追求某些東西的飛行員來說是雙贏的。因此，我們仍然關注的是，在我們地面上的飛機數量與目前普惠公司問題一樣多的情況下，我們如何管理增加的勞動成本。

And there will be no major cash outflow.

而且不會出現大量現金流出。

And ladies and gentlemen, that does conclude our question-and-answer session and I will now turn the call over to Joanna for closing comments.

女士們、先生們，我們的問答環節到此結束，我現在將把電話轉給喬安娜進行總結評論。

Thanks for joining us today. Very happy to answer your questions. When we launched JetForward in July, we came out with a commitment to a 2025 year where we were breakeven or better from an operating margin perspective, and I'm so pleased that the team is maintaining those commitments that we set out to do. We've got great momentum, really great progress on reliability, beat costs every quarter in 2024 last year. And since launching JetForward, we've outperformed on our revenue guidance as well.

感謝您今天加入我們。非常高興回答您的問題。當我們在 7 月推出 JetForward 時，我們做出了在 2025 年實現盈虧平衡或從營運利潤率角度來看更好的承諾，我很高興團隊正在履行我們所設定的這些承諾。我們勢頭強勁，在可靠性方面取得了巨大進步，去年 2024 年每季都超越了成本。自從 JetForward 推出以來，我們的營收預期也超出了預期。

This is a multiyear strategy. It is not linear. And many of these programs start ramping in 2025, whether that's EvenMore, which launched today, the premier card, which is launching at the end of the month or even our domestic first class which launches next year. So we have a lot happening.

這是一項多年戰略。它不是線性的。其中許多計劃將於 2025 年開始推廣，無論是今天推出的 EvenMore、月底推出的尊享卡，還是明年推出的國內頭等艙。所以我們發生了很多事情。

And there'll be a number of puts and takes through the quarter. So our focus is on the long term. Our focus is on hitting that annual expectation of breakeven or better, and we are off to a promising start. If you look at the midpoint of our '25 guide of 0.5 point, you can expect another 5 points to 6 points of margin from JetForward in '26 and '27. And then we've got the Pratt & Whitney headwind of 3 points, which will become a tailwind as we cycle through that particular situation.

本季將會有大量的看跌期權和認沽期權。所以我們的重點是長期的。我們的重點是實現損益平衡或更好的年度預期，我們已經有了一個好的開始。如果您查看我們 25 年指導中位數 0.5 個點，您可以預期 JetForward 在 26 年和 27 年將再獲得 5 到 6 個點的利潤。然後我們就得到了 3 個點的普惠逆風，當我們循環經歷這種特殊情況時，這將成為順風。

So all in all, when you look at JetForward, a couple with Pratt & Whitney, you should expect 9 points of operating margin improvement from 2025 on. So I'm pleased with the program and how we're executing to it and keeping our eye on the ball, which is the annual guide of breakeven or better for operating margin. Thanks for your time today, and we look forward to talking with you on the next call.

總而言之，當您關注與普惠公司合作的 JetForward 時，您應該預期從 2025 年起營業利潤率將提高 9 個百分點。因此，我對該計劃以及我們如何執行該計劃以及密切關注目標感到滿意，這是盈虧平衡或更好的營業利潤率的年度指南。感謝您今天抽出時間，我們期待在下次通話中與您交談。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。