JetBlue Airways Corp (JBLU) 2025 Q1 法說會逐字稿

Good morning. My name is Rob, I would like to welcome everyone to the JetBlue Airways first-quarter 2025 earnings conference call. As a reminder, today's call is being recorded. (Operator Instructions)

早安.我叫羅布，歡迎大家參加捷藍航空 2025 年第一季財報電話會議。提醒一下，今天的通話正在錄音。（操作員指示）

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

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

Thanks, Rob. Good morning, everyone, and thanks for joining us for our first-quarter 2025 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.

謝謝，羅布。大家早安，感謝您參加我們的 2025 年第一季財報電話會議。今天上午，我們發布了收益報告和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 和美國證券交易委員會的網站 www.sec.gov 上查閱。

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

在紐約討論我們的業績，我們的執行長喬安娜·格拉蒂 (Joanna Geraghty)；我們的總裁 Marty St. George；以及我們的財務長 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 second-quarter and full-year 2025 financial outlook and our future results of operations and financial position, including long-term financial targets, industry and market with respect to tailwinds and headwinds, our ability to achieve operational and financial targets, our business strategy and plans for future operations and the associated impacts on our business.

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陳述。此類前瞻性陳述包括但不限於有關我們 2025 年第二季度和全年財務展望以及我們未來經營業績和財務狀況的陳述，包括長期財務目標、行業和市場的順風和逆風、我們實現經營和財務目標的能力、我們的業務戰略和未來運營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 2024 10-K and other filings for a more detailed discussion of risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements.

所有此類前瞻性陳述均受風險和不確定性的影響，實際結果可能與這些陳述中表達或暗示的結果有重大差異。請參閱我們最新的收益報告以及我們的 2024 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陳述中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 this call. And other than as may be required by law, we undertake no obligation to update this information. Investors should not place undue reliance on these forward-looking statements.

本次電話會議所作的聲明僅代表截至本次電話會議之日的觀點。除法律要求外，我們不承擔更新此資訊的義務。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 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 指標以及與 GAAP 指標對應的調整表的解釋，請參閱我們的收益報告，其副本可在我們的網站和 sec.gov 上找到。

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

現在我想把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 first-quarter 2025 earnings call. During the first quarter, we continued to make progress on JetForward, ran a strong operation and efficiently managed costs. We remain focused on controlling what we can and executing on our long-term strategy while managing the challenges of an uncertain economic backdrop and weakened consumer sentiment.

早安，感謝您參加捷藍航空 2025 年第一季財報電話會議。第一季度，我們在 JetForward 方面繼續取得進展，營運強勁，並有效管理成本。我們將繼續專注於控制我們所能控制的，並執行我們的長期策略，同時應對不確定的經濟背景和疲軟的消費者情緒所帶來的挑戰。

When we guided the first quarter back in January, we saw early indications of softening demand, which was incorporated into our RASM guidance at the time. I'm pleased that RASM for the quarter met our initial guidance. We also finished the quarter at the low end of our initial capacity range and firmly beat the midpoint of our CASM ex-fuel guidance, building on our consistent track record of executing on costs.

當我們在一月份預測第一季時，我們看到了需求疲軟的早期跡象，並將其納入當時的 RASM 預測中。我很高興本季的 RASM 達到了我們最初的指導。本季度，我們的產能也達到了初始產能範圍的低端，並穩居 CASM 不含燃料指導值的中點，這得益於我們一貫的成本執行記錄。

The relatively strong booking trends we saw throughout January deteriorated into February and worsened further in March. As we look to the second half of the year, the outlook remains unpredictable. And given the macroeconomic uncertainty, we are not reaffirming our full-year guidance. We plan to provide a more meaningful update on our full-year expectations later in the year when we have better visibility.

我們在整個一月份看到的相對強勁的預訂趨勢在二月份惡化，並在三月進一步惡化。展望下半年，前景依然難以預測。鑑於宏觀經濟的不確定性，我們不會重申全年指引。我們計劃在今年稍後獲得更好的了解後，對我們的全年預期提供更有意義的更新。

We are leaning into our experience successfully navigating the 2008 financial crisis and the COVID-19 pandemic to inform our immediate path ahead and take decisive action. Additionally, we are fully committed to executing our long-term strategy, JetForward, to drive necessary long-term transformational change to our business. And we are confident that this is the right plan. In the first quarter, we saw several proof points that JetForward is working.

我們正在藉鑒成功應對 2008 年金融危機和 COVID-19 疫情的經驗，為我們未來的道路指明方向並採取果斷行動。此外，我們全力致力於執行我們的長期策略 JetForward，以推動我們業務必要的長期轉型變革。我們相信這是正確的計劃。在第一季度，我們看到了幾個證明 JetForward 正在發揮作用的證據。

Turning to page 4 of the earnings presentation. Our efforts to deliver reliable and caring service have led to consistent year-over-year improvements in A14 over the last three quarters. In the first quarter of 2025, A14 was nearly 4 points better year-over-year despite significant weather events across our network.

翻到收益報告的第 4 頁。我們致力於提供可靠和貼心的服務，使得 A14 在過去三個季度中實現了逐年持續的改善。2025 年第一季度，儘管我們的網路遭遇了重大天氣事件，但 A14 仍比去年同期提高了近 4 個百分點。

We're proud to have entered 2025 with industry-leading Net Promoter Score performance. And for the first quarter, NPS improved double digits year-over-year, marking the fourth consecutive quarter of year-over-year growth. NPS is a strong indicator of customer retention and brand loyalty, which will be important as we navigate through the uncertainty.

我們很自豪能夠在 2025 年取得業界領先的淨推薦值表現。第一季度，NPS 年成長兩位數，連續第四個季度實現年增。NPS 是客戶保留率和品牌忠誠度的強大指標，這對我們應對不確定性至關重要。

Encouragingly, we are seeing reassuring signs that the premium segment is holding up better in the current environment, which supports the evolution of our product offering as part of JetForward. Initiatives under our product and priority move are advancing nicely, and Marty will go into greater detail on their progress. We've also seen early indications that our network changes are working in the Northeast, particularly in markets where JetBlue already holds significant relevance.

令人鼓舞的是，我們看到令人欣慰的跡象，表明高端市場在當前環境下表現更好，這支持了我們作為 JetForward 一部分的產品供應的演變。我們的產品和優先措施下的舉措進展順利，Marty 將詳細介紹其進展。我們也看到早期跡象表明，我們的網路變化在東北地區發揮了作用，特別是在捷藍航空已經佔有重要地位的市場。

Lastly, we continue to make progress on our cost transformation program, and we expect savings to ramp during the second half of the year. While our strategy did contemplate a stable economic backdrop, the current macro environment does not change our ultimate goal, breakeven operating profitability and eventually a return to sustained profitability, which remains our North Star.

最後，我們的成本轉型計畫持續取得進展，預計下半年成本節省將會增加。雖然我們的策略確實考慮到了穩定的經濟背景，但當前的宏觀環境並沒有改變我們的最終目標，即實現收支平衡的經營盈利能力並最終恢復持續盈利能力，這仍然是我們的北極星。

As a reminder, JetForward is a multiyear plan. And as we continue to make progress, we are also acting expeditiously to manage near-term uncertainty. We were the first carrier to make meaningful capacity adjustments in response to changes in the environment, pulling 2.5 points of trough capacity from March and making early changes to April.

提醒一下，JetForward 是一個多年計劃。隨著我們不斷取得進展，我們也正在迅速採取行動來應對近期的不確定性。我們是第一家根據環境變化做出重大運力調整的承運商，從 3 月起將運力谷底降低了 2.5 個百分點，並於 4 月提前做出調整。

Since then, we've executed similar reductions across the second quarter, and we'll continue to make adjustments to better match supply with demand throughout 2025. Simultaneously, we continue to evaluate all opportunities to reduce costs and return our focus to our core business. This includes efforts to limit discretionary spending and to reduce nonessential hiring.

從那時起，我們在第二季實施了類似的減產措施，並將繼續進行調整，以便在 2025 年更好地匹配供應和需求。同時，我們繼續評估所有降低成本的機會，並將重點重新放在核心業務上。這包括努力限制可自由支配的開支和減少非必要的招募。

Additionally, in a lower capacity environment, we also expect savings on maintenance. As we meaningfully adjust capacity to address economic conditions, we are committed to pulling all levers available to mitigate potential upward pressure on unit costs. The actions we are taking are intended to support our business amidst the current macro backdrop and build resiliency against a prolonged economic slowdown.

此外，在容量較低的環境中，我們也希望節省維護成本。在我們大力調整產能以應對經濟狀況的同時，我們致力於採取一切可用手段來減輕單位成本的潛在上行壓力。我們正在採取的行動旨在在當前宏觀背景下支持我們的業務，並增強抵禦長期經濟放緩的韌性。

In that scenario, the capital structure decisions we've made over the last 16 months have resulted in a more durable liquidity position to support the near-term demands of our business. Remember that in August of 2024, we raised over $3 billion of strategic financing, primarily backed by our loyalty program.

在這種情況下，我們在過去 16 個月中做出的資本結構決策已經帶來了更持久的流動性狀況，以支持我們業務的近期需求。請記住，2024 年 8 月，我們籌集了超過 30 億美元的策略性融資，主要由我們的忠誠度計劃支持。

As a result, our total liquidity at the end of 2024, excluding our $600 million revolver was $3.9 billion, representing 42% of our trailing 12-month revenue, the strongest liquidity ratio in the industry. Last year, we also made the decision to defer $3 billion worth of CapEx, pushing out A321neo deliveries to the 2030s, as we focus on returning to profitability and generating free cash flow again.

因此，截至 2024 年底，我們的總流動資金（不包括 6 億美元的循環信貸）為 39 億美元，占我們過去 12 個月收入的 42%，是業界最強的流動資金比率。去年，我們還決定推遲價值 30 億美元的資本支出，將 A321neo 的交付推遲到 2030 年代，因為我們專注於恢復盈利能力並再次產生自由現金流。

In addition to a durable liquidity position and a manageable horizon of spend commitments, we hold a healthy unencumbered asset base of more than $5 billion. This provides us with the financial flexibility and liquidity to weather a broad spectrum of economic outcomes.

除了持久的流動性狀況和可管理的支出承諾期限外，我們還擁有超過 50 億美元的健康無抵押資產基礎。這為我們提供了財務靈活性和流動性，以應對各種經濟後果。

I'm confident we have the right long-term strategic plan, and we are taking the appropriate steps to navigate what is ahead and position JetBlue to deliver long-term value for our shareholders. And to our crew members, thank you. Thank you for continuing to deliver a safe and reliable operation over the quarter. The improvements in our customer satisfaction scores are a direct testament to the reliable and caring service you continue to provide.

我相信我們擁有正確的長期策略計劃，我們正在採取適當的措施來應對未來的發展，並使捷藍航空能夠為股東創造長期價值。也感謝我們的機組人員。感謝您在本季繼續提供安全可靠的營運。我們客戶滿意度分數的提高直接證明了您繼續提供的可靠和貼心的服務。

Over to Marty for an update on revenue trends and our outlook.

請 Marty 介紹收入趨勢和我們的展望的最新情況。

Thank you, Joanna, and thank you as well to the best crew members in the industry.

謝謝你，喬安娜，也感謝業界最優秀的工作人員。

So turning to slide 7. In late January, we guided to what we were seeing at the time. January bookings were strong, but February and March bookings were showing signs of softness, particularly in the shoulders and troughs. We are pleased that the approach our team took to identify the evolving trends early and take action in response.

現在翻到幻燈片 7。一月下旬，我們指導了當時所看到的情況。一月份的預訂量很強勁，但二月和三月的預訂量出現疲軟跡象，尤其是在高峰和低谷時期。我們很高興我們的團隊能夠及早發現不斷變化的趨勢並採取相應行動。

We ended the quarter as the only airline with year-over-year unit revenue within initial guidance. (technical difficulty) increased 1.3% year-over-year on guidance of down 0.5% to up 3.5%. ASMs were down 4.3% year-over-year in the first quarter within the range of our revised capacity guidance of down 5% to down 4%.

本季結束時，我們是唯一一家單位收入較去年同期達到初步預期的航空公司。 (技術難度)較去年同期成長 1.3%，預期下降 0.5% 至成長 3.5%。第一季 ASM 年減 4.3%，在我們修訂後的產能指引範圍內，下降 5% 至 4%。

During the quarter, peaks were relatively healthy and unit revenues held up well compared to the troughs. Close-in demand, however, did not materialize at a similar rate to what we saw in the fourth quarter and in January impacting all bookings, but more acutely affecting traffic shoulder flying.

本季度，高峰相對健康，單位收入與低谷相比保持良好。然而，近距離需求並沒有以與第四季和一月類似的速度出現，沒有對所有預訂產生影響，而是對肩部飛行交通產生了更嚴重的影響。

January and February troughs performed better than the trough following President's Day until Easter. And accordingly, we adjusted our network to better match supply to the trends we're seeing, cutting capacity across 20 different markets centered on off-peak days of week during that period.

一月和二月的低谷表現優於總統日之後直至復活節的低谷。因此，我們調整了網絡，使供應更好地適應我們看到的趨勢，並削減了該期間以非高峰日為中心的 20 個不同市場的運力。

We saw weakness across our domestic network. However, our international plan delivered relatively stronger performance year-over-year. Translatic RASM was up 28% year-over-year and 25% fewer ASMs, benefiting from seasonal optimization.

我們發現國內網路有許多弱點。然而，我們的國際計劃表現與去年同期相對較強。受惠於季節性優化，Translatic RASM 年比成長 28%，ASM 減少 25%。

A large majority of our transatlantic bookings come from US point of sale, which has remained stable. Latin also performed relatively better than domestic. And while the region is lapping a weaker first quarter 2024, I'm very pleased that unit revenues are up mid-single digits year-over-year.

我們的跨大西洋預訂大多來自美國銷售點，這一數字一直保持穩定。拉丁語的表現也相對優於國內語言。儘管該地區 2024 年第一季的業績較弱，但我很高興看到單位收入同比增長了中個位數。

Premium also performed exceptionally well during the period. In late January, we launched our enhanced offering with solid early results. alongside continued year-over-year strength in preferred seating, both meeting expectations despite customer volumes lower than initial plan.

在此期間，Premium 也表現異常出色。一月下旬，我們推出了增強型產品，並取得了良好的早期成果。優先座位數量也同比持續增長，儘管客流量低於最初的計劃，但兩項數據都達到了預期。

In the first quarter, premium RASM, including and EvenMore outperformed core RASM by high-single digits. While other well costs carried are just now expanding at a premium, our customers have demonstrated strong demand for our and EvenMore products for over a decade. And now even at times of relative uncertainty, customers continue to display an appetite for premium experiences, and the further expansion of premium offerings is a significant component of our products at move within JetForward.

第一季度，包括 EvenMore 在內的高級 RASM 表現優於核心 RASM，增幅達個位數。儘管其他油井成本目前正在以溢價形式擴大，但十多年來，我們的客戶對我們和 EvenMore 產品的需求一直很強勁。現在，即使在相對不確定的時期，客戶仍然對優質體驗表現出濃厚的興趣，而進一步擴展優質產品是 JetForward 產品的重要組成部分。

Growing our loyalty program is another component of the JetForward plan. And during the quarter, loyalty revenues grew by 9%, bolstered by new partnerships, additional venture opportunities, and the launch of our premium co-branded credit card at the end of January.

擴大我們的忠誠度計劃是 JetForward 計劃的另一個組成部分。本季度，忠誠度收入成長了 9%，這得益於新的合作夥伴關係、額外的創投機會以及 1 月底推出的優質聯名信用卡。

Our new premium card is exceeding sign-up goals, a testament to the strength of our loyalty program and the value our customers place on our brand and our product. Co-brand spend also remained robust, up 7% for the quarter. To complement our products in perks, we are building the best East Coast leisure network.

我們的新高級卡的註冊量超出了目標，證明了我們的忠誠度計劃的實力以及客戶對我們的品牌和產品的重視。聯合品牌支出也保持強勁，本季成長了 7%。為了補充我們產品的福利，我們正在打造最好的東海岸休閒網絡。

While our network adjustments are still in early stages of ramp, we are beginning to see the initial benefits from new cities, primarily secondary cities that are within the catering area of our Northeast focus cities. This further reinforces our decision to pursue growth in markets that know and love the JetBlue brand.

雖然我們的網路調整仍處於初期階段，但我們開始看到來自新城市的初步效益，主要是東北重點城市餐飲區內的二線城市。這進一步堅定了我們在了解和喜愛捷藍航空品牌的市場中追求成長的決心。

As we focus in our core markets, we also recognize the importance of providing customers with more utility for TrueBlue points and greater connectivity. We are pleased to have announced earn and burn of TrueBlue points with the Japan Airlines earlier this month.

當我們專注於核心市場時，我們也認識到為客戶提供更多 TrueBlue 積分實用性和更強連接性的重要性。我們很高興在本月初宣布與日本航空合作賺取和消耗 TrueBlue 積分。

Furthermore, we have made good progress on discussions regarding a domestic airline partnership and are expecting an announcement at some point during the second quarter. In the first quarter, we made solid progress on JetForward and achieved our first quarter EBIT goal, further reinforcing that our plan is working.

此外，我們在有關國內航空公司合作的討論上取得了良好進展，預計將在第二季的某個時候發佈公告。第一季度，我們在 JetForward 上取得了紮實的進展，並實現了第一季的息稅前利潤目標，進一步證明我們的計劃正在發揮作用。

Our goals have not changed, and though some revenue initiatives may ramp slower due to capacity reductions, many priority moves, especially liability and cost transformation, are insulated from a macro environment. JetForward remains crucial to building a more competitive and resilient JetBlue. As planned, we look forward to sharing a more detailed update during our second quarter call.

我們的目標沒有改變，儘管由於產能減少，一些收入計劃的成長速度可能會放緩，但許多優先舉措，特別是責任和成本轉型，都不受宏觀環境的影響。JetForward 對於打造更具競爭力和韌性的捷藍航空仍然至關重要。按照計劃，我們期待在第二季電話會議上分享更詳細的更新。

Turning to the second quarter. We continue to see the current macro backdrop that negatively impact consumer sentiment and travel demand, especially during our peak travel periods, resulting in a wider spread between trough and peak unit revenues.

轉向第二季。我們繼續看到當前的宏觀背景對消費者情緒和旅遊需求產生負面影響，特別是在旅遊高峰期，導致低谷和高峰單位收入之間的差距擴大。

Looking at performance combined, RASM during peaks was up high single digits, while off-peak RASM declined double digits year-over-year. We saw particular weakness in domestic markets and on days in times that are generally less attractive to customers.

從綜合表現來看，尖峰時段的 RASM 年比上漲了個位數，而非尖峰時段的 RASM 則下降了兩位數。我們發現國內市場特別疲軟，而且在對客戶吸引力普遍較低的時期。

The second quarter's booking curve is more exposed to the uncertain macro environment and associated booking trends, and we expect unit revenue down between 7.5% and 3.5% in the quarter and capacity down 3.5% to down 0.5%. We continue to manage aggressively our capacity based on the evolution of the demand environment.

第二季的預訂曲線更受到不確定的宏觀環境和相關預訂趨勢的影響，我們預計本季單位營收將下降 7.5% 至 3.5%，運力將下降 3.5% 至 0.5%。我們將繼續根據需求環境的變化積極管理我們的產能。

And the midpoint of our guidance has a slide nearly 5 points fewer ASMs in the second quarter than initially scheduled at the beginning of the year. We've made efforts to meaningfully reduce trough capacity, especially in Tuesdays and Wednesdays during the worst performing times of the day.

我們的指導中點顯示，第二季的 ASM 數量比年初最初規劃的要少近 5 個百分點。我們已盡力大幅減少槽容量，特別是在一天中表現最差的週二和週三。

We recently decided not to launch a box of the Halifax to a Scotia flight as planned based on advanced bookings versus expectations. This was a difficult decision, but we are acting swiftly to meet the demands of the environment. For example, we are reintroducing our Fort Lauderdale Ecuador, serving that VFR market with better performance.

我們最近決定，由於提前預訂的情況與預期不符，因此不再按計劃推出從哈利法克斯飛往蘇格蘭的航班。這是一個艱難的決定，但我們正在迅速採取行動以滿足環境的需求。例如，我們正在重新推出厄瓜多爾勞德代爾堡航線，以更好的性能服務 VFR 市場。

And as we move through the back half of the year, we will continue to demonstrate a bias towards action when contemplating capacity decisions. While the environment is challenging for top-line growth right now, we do see encouraging signs at premium and international bookings are holding up better.

隨著我們進入下半年，在考慮產能決策時，我們將繼續表現出行動傾向。儘管目前的環境對營收成長充滿挑戰，但我們確實看到了令人鼓舞的跡象，高端和國際預訂情況正在好轉。

TrueBlue member activity and premium-related purchases now account for a large majority of our revenue, which creates a strong foundation and resiliency against a potential future downturn.

TrueBlue 會員活動和高級相關購買目前占我們收入的絕大部分，這為抵禦未來潛在的經濟衰退奠定了堅實的基礎和彈性。

Our network strategy continues to build upon the strengths and our recent growth into regions with high loyalty penetration is producing margins above our system average. The changes we are making to our network, operation and loyalty program built upon the already strong brand loyalty we have.

我們的網路策略持續鞏固優勢，近期我們在忠誠度高滲透率地區的成長所產生的利潤率高於我們的系統平均值。我們對網路、營運和忠誠度計劃所做的改變建立在我們已經擁有的強大的品牌忠誠度之上。

In the first quarter, loyalty member engagement reached all-time highs, evidence of the enduring and growing strength of our brand. Even in difficult times, we are growing and strengthening our relationship with our customers and building the foundation of our long-term strategy.

第一季度，忠誠會員參與度達到歷史最高水平，證明了我們品牌實力的持久和不斷增長。即使在困難時期，我們也在發展和加強與客戶的關係，並為我們的長期策略奠定基礎。

In closing, I want to reiterate that as we move throughout the year, we have a bias towards action, and we are urgently moving to address evolving trends with a focus on operating margin and cash generation. That said, we remain fully committed to our long-term strategic priorities.

最後，我想重申，隨著我們全年的發展，我們傾向於採取行動，我們正在緊急採取行動應對不斷變化的趨勢，重點關注營業利潤率和現金創造。儘管如此，我們仍然全力致力於我們的長期策略重點。

JetForward is essential to meet the needs of our customers and crucial to our long-term success. We have made progress over the first quarter, and we look forward to providing a more thorough breakdown of initiatives during our second quarter call.

JetForward 對於滿足客戶的需求至關重要，對於我們的長期成功也至關重要。我們在第一季取得了進展，並期待在第二季電話會議上提供更全面的舉措分析。

Thank you. And over to Ursula for an update on the balance sheet and cost outlook.

謝謝。接下來請 Ursula 介紹資產負債表和成本前景的最新情況。

Thank you, Marty. Turning to slide 9. The current macro backdrop remains fluid, but I am confident we are well positioned to weather a range of outcomes. As Joanna mentioned, when we raised funds last August, we had considered the need to provide JetForward the runway to execute including better insulating our long-term strategies from macro volatility.

謝謝你，馬蒂。翻到第 9 張投影片。目前的宏觀背景仍然不穩定，但我相信我們已做好準備，以應對各種結果。正如喬安娜所提到的，去年 8 月我們籌集資金時，曾考慮為 JetForward 提供執行平台的必要性，包括更好地使我們的長期策略免受宏觀波動的影響。

In the process, we raised $3.2 billion in capital through a combination of loyalty-backed securities and unsecured convertible notes. The initial goals of this ray is worth threefold. First, we addressed our 2026 convertible note, which we paid down by $425 million, leaving a much more manageable $325 million outstanding due in April 2026.

在此過程中，我們透過忠誠度支持證券和無擔保可轉換票據籌集了 32 億美元的資金。這條射線的初始目標有三重價值。首先，我們處理了 2026 年可轉換債券，已償還 4.25 億美元，剩下 3.25 億美元未償還，將於 2026 年 4 月到期，這筆款項更易於管理。

Second, we wanted to prefund 2024 and 2025 CapEx. And third, we sought to provide a liquidity runway for 2025 and into 2026 to support JetForward execution and build resiliency against macroeconomic uncertainty. As a result, JetBlue is currently well positioned with ample liquidity.

其次，我們希望預先資助 2024 年和 2025 年的資本支出。第三，我們尋求為 2025 年和 2026 年提供流動性跑道，以支持 JetForward 的執行並增強對宏觀經濟不確定性的抵禦能力。因此，捷藍航空目前擁有充足的流動性，並處於有利地位。

Excluding our $600 million undrawn revolver, liquidity at the end of 2024 represented 42% of trailing 12 months revenue compared to 29% in the fourth quarter of 2007 at the onset of the financial crisis and just 16% in the fourth quarter of 2019 before COVID. Supplementing our strong liquidity position is a robust base of unencumbered assets valued at over $5 billion, primarily consisting of aircraft engines and slot scapes and routes.

不包括我們未提取的 6 億美元循環信貸額度，2024 年底的流動性佔過去 12 個月收入的 42%，而金融危機爆發時的 2007 年第四季為 29%，新冠疫情爆發前的 2019 年第四季僅為 16%。我們強大的流動性狀況由價值超過 50 億美元的穩健無抵押資產基礎補充，主要包括飛機引擎、起降時刻和航線。

If the recovery is prolonged, we believe we have the hard assets available to ensure financing flexibility. In 2024, we also took steps to amend our order book and delivery schedule to reduce cash outlined during our transformation. We deferred the majority of our A321neo deliveries to 2030 and beyond, pushing out $3 billion of capital expenditures in the process.

如果復甦持續下去，我們相信我們有足夠的硬資產來確保融資靈活性。2024年，我們也採取措施修改訂單和交貨計劃，以減少轉型期間的現金。我們將大部分 A321neo 交付推遲到 2030 年及以後，在此過程中推遲了 30 億美元的資本支出。

In 2025, we now expect 21 deliveries from Airbus: 18 A220s, and 3 A321. We had two A220s and 1 A321neo shift into 2026. And as a result, CapEx for the year is now expected to be about $1.3 billion.

到 2025 年，我們預計空中巴士將交付 21 架飛機：18 架 A220 和 3 架 A321。我們有兩架 A220 和一架 A321neo 轉入 2026 年。因此，預計今年的資本支出約為 13 億美元。

With respect to tariffs, our aircraft are assembled in the US, Canada and Europe using components from around the world. We do not expect a meaningful tariff impact in 2025, as most of our upcoming aircraft deliveries are assembled in the United States. We continue to evaluate the industry-wide tariff exposure outside of aircraft purchases, focusing on spare parts as well as repairs happening abroad.

關於關稅，我們的飛機在美國、加拿大和歐洲組裝，使用來自世界各地的零件。我們預計 2025 年不會受到關稅的重大影響，因為我們即將交付的大部分飛機都是在美國組裝的。我們繼續評估飛機採購之外的整個行業的關稅風險，重點關注備件以及國外的維修。

The situation is fluid, and we plan to be nimble in responding to the changing conditions in how and where we source. Our highly valuable fleet and unencumbered asset base are the biggest levers at our disposal to preserve cash and given the current demand environment, we are actively exploring adjustments to our fleet plan.

情況瞬息萬變，我們計劃靈活應對採購方式和地點的變化。我們極具價值的船隊和無抵押資產基礎是我們保留現金的最大槓桿，鑑於當前的需求環境，我們正在積極探索調整我們的船隊計劃。

As we previously discussed, we have a number of A320 aircraft which we were planning to extend. They remain a great option for capacity planning flexibility, but we are currently reevaluating exactly how many of these aircraft will be extended.

正如我們之前所討論的，我們有許多 A320 飛機，我們計劃擴充這些飛機。它們仍然是容量規劃靈活性的絕佳選擇，但我們目前正在重新評估究竟有多少架飛機將延長。

Additionally, as a reminder, we are still on track to exit the E190 fleet at the end of this summer, which will provide incremental cost and maintenance savings. Through our fleet modernization program, we have avoided over $100 million of cost to date and expect further cost avoidance in 2025.

此外，需要提醒的是，我們仍計劃在今年夏末退出 E190 機隊，這將帶來增量成本和維護節省。透過我們的車隊現代化計劃，我們迄今已避免了超過 1 億美元的成本，並預計在 2025 年將進一步避免成本。

Looking ahead to our contractual obligations over the next three years, other than the $325 million remaining on our 0.5% convertible notes, we have no significant maturities beyond regular amortization and principal payments, reflecting a manageable level of upcoming cash outflows.

展望未來三年的合約義務，除了 0.5% 可轉換票據剩餘的 3.25 億美元外，除了定期攤銷和本金支付外，我們沒有其他重大到期債務，這反映出即將到來的現金流出處於可控水平。

Turning to slide 10. In addition to our prudent balance sheet measures and cash preservation efforts, we recognize in this environment, it is even more critical we meet our controllable cost goals. The first quarter marked the sixth consecutive quarter that we have met or beat our CASM ex-fuel guidance and during the quarter, we achieved year-over-year unit cost ex-fuel growth of 8.3%, better than our initial guidance midpoint of 9%.

翻到第 10 張投影片。除了我們審慎的資產負債表措施和現金保全措施之外，我們認識到在這種環境下，實現可控成本目標變得更加重要。第一季是我們連續第六個季度達到或超過 CASM 不含燃料指導值，本季度，我們實現了不含燃料單位成本同比增長 8.3%，高於我們最初指導值的中點 9%。

Capacity reductions we actioned during the quarter pressured unit cost by about 1 point, but were offset by 1 point of cost savings from strong controllable cost execution and reliability-driven savings. We also had a little over 0.5 point of cost shift out of the quarter from the timing of maintenance events and other expenses.

我們在本季採取的產能削減措施使單位成本下降了約 1 個百分點，但強大的可控成本執行和可靠性驅動的節省使成本節省了 1 個百分點，從而抵消了這一壓力。由於維護事件和其他費用的時間安排，本季我們的成本也發生了略高於 0.5 個百分點的變化。

We still expect the first quarter to be the peak of year-over-year CASM ex-growth. And for the second quarter, we expect CASM ex-fuel to grow 6.5% to 8.5% on capacity down 2% at the midpoint. It should continue moderating into the second half of the year as we lap last year's pilot step-up, the cadence of maintenance events declines, and our cost transformation program continues to ramp.

我們仍然預計第一季將是CASM年成長的高峰。對於第二季度，我們預計 CASM 不含燃料的運力將成長 6.5% 至 8.5%，中期運力將下降 2%。隨著我們完成去年的試點升級、維護事件的節奏下降以及我們的成本轉型計劃繼續推進，這種趨勢應該會在今年下半年繼續放緩。

This guidance does not contemplate any potential cost increases from tariffs and we continue to work tirelessly to adapt our cost structure to the macro environment and capacity adjustments.

本指引並未考慮關稅可能帶來的任何成本增加，我們將繼續不懈努力，使我們的成本結構適應宏觀環境和產能調整。

For the full year, while we are not reaffirming our prior cost guidance at this time, our model historically implied mid-single-digit CASM ex-fuel growth on flat year-over-year capacity growth. We are managing our business to this expectation, and we plan to pull all levers at our disposal to offset further potential capacity-related cost pressures.

就全年而言，雖然我們目前不重申先前的成本指導，但我們的模型歷史顯示，在同比運力增長持平的情況下，CASM（不含燃料）將實現中等個位數增長。我們正在按照這項預期管理我們的業務，並計劃利用我們掌握的一切手段來抵消與產能相關的進一步的潛在成本壓力。

Joanna mentioned several of the cost levers we are working through. We've put in place programs to reduce spend and set targets for corporate budget reductions. We also continue to take steps to better match resources with our fine schedule. And in the first quarter, we implemented measures to better align pilot staffing with our evolving fleet mix and capacity such as offering a successful early retirement program.

喬安娜提到了我們正在努力解決的幾個成本槓桿。我們已經制定了削減開支的計劃，並設定了企業預算削減的目標。我們也將繼續採取措施，使資源與精細的時間表更好地匹配。在第一季度，我們實施了一些措施，例如提供成功的提前退休計劃，使飛行員的配置更​​好地適應我們不斷變化的機隊組合和運力。

In addition to these cost-saving efforts, we are actively working on a number of additional initiatives to optimize our cost structure and focus on our core business. Our cost reductions are intended to be thoughtful and targeted. And given the macro backdrop, we are being careful not to take broad stroke cuts that may jeopardize our ability to continue executing on JetForward.

除了這些節省成本的努力之外，我們還在積極開展一些其他舉措，以優化我們的成本結構並專注於我們的核心業務。我們的成本削減是經過深思熟慮和有針對性的。考慮到宏觀背景，我們正在謹慎行事，避免採取可能危及我們繼續執行 JetForward 的能力的大幅削減。

We are in the midst of repositioning JetBlue to deliver value throughout the cycle. And as such, we are continuing investments in high-return projects, and we remain focused on our long-term priorities. To that end, we continue progressing on our cost transformation through JetForward.

我們正在重新定位捷藍航空，以便在整個週期中提供價值。因此，我們將繼續投資高回報項目，並繼續關注我們的長期優先事項。為此，我們繼續透過 JetForward 推進成本轉型。

As we mentioned on our fourth-quarter call, savings this year are focused on technology-driven efficiencies in our operational and commercial functions, enhanced planning and sourcing strategies, and cross-functional fuel burn optimization efforts.

正如我們在第四季度電話會議上提到的那樣，今年的節約主要集中在營運和商業職能的技術驅動效率、增強的規劃和採購策略以及跨職能的燃料燃燒優化工作。

As a reminder, our fuel hedging program has been opportunistic, and we currently do not have any fuel hedges in place. If fuel continues to moderate along side suppressed revenue trends, we should fully benefit from the decline in crude prices.

提醒一下，我們的燃料對沖計畫是機會主義的，目前我們還沒有任何燃料對沖措施。如果燃料價格繼續隨著收入趨勢受到抑製而放緩，我們應該充分受益於原油價格的下跌。

In the second quarter, we forecast fuel price per gallon to be $2.25 to $2.40. As we wrap up, one thing is clear: We're navigating uncertain times, but this is an unfamiliar territory for us. We faced challenges as a team before and this time, we are equipped with JetForward to guide our near-term actions and long-term focus.

我們預測第二季度每加侖燃油價格為 2.25 美元至 2.40 美元。總結一下，有一點是清楚的：我們正在經歷一個不確定的時期，但這對我們來說是一個陌生的領域。我們以前作為一個團隊面臨過挑戰，而這一次，我們藉助 JetForward 來指導我們的近期行動和長期重點。

In the first quarter, we saw results that demonstrate JetForward is working, and we remain confident that it will help us restore sustained profitability and deliver long-term value for our shareholders. At the same time, we have taken immediate steps to proactively navigate near-term uncertainty while ensuring JetBlue is prepared to manage through a potential downturn.

在第一季度，我們看到的結果表明 JetForward 正在發揮作用，我們仍然相信它將幫助我們恢復持續獲利能力並為股東帶來長期價值。同時，我們已立即採取措施，積極應對短期不確定性，同時確保捷藍航空做好準備應對潛在的經濟低迷。

We are focused on what we can control, and we'll pull all levers to manage through this unpredictable environment in support of our owners, crew members, and customers.

我們專注於我們能夠控制的事情，我們將竭盡全力應對這個不可預測的環境，為我們的船東、船員和客戶提供支援。

Thank you. We will now take your questions. We'll turn it back over to Rob.

謝謝。我們現在將回答大家的提問。我們將把它交還給 Rob。

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

（操作員指示）您的第一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

I wonder if you could just speak to when the change in bookings pattern really started? What adjustments you made to revenue management? Obviously, you're taking some capacity out as well and how you would characterize bookings patterns now? Some others have have spoken to stability. And I guess the most important, what are you assuming with respect to the rest of the quarter and a month like June specifically?

我想知道您是否可以談談預訂模式的變化究竟是什麼時候開始的？您對收益管理做了哪些調整？顯然，您也正在削減一些運力，您現在如何描述預訂模式？其他一些人則談到了穩定。我想最重要的是，您對本季剩餘時間以及 6 月的具體情況有何預測？

Duane, it's Marty. Thanks for the question. And let me go back to January. And it's funny, when we did our guide, we definitely have seen bookings slowing down in January. And frankly, when our competitors were guiding higher, we're looking at the data that we were seeing from ARC and other sources and thinking, I don't know what they're seeing because it doesn't look that great for us.

杜安，我是馬蒂。謝謝你的提問。讓我回到一月。有趣的是，當我們編寫指南時，我們確實發現一月份的預訂量有所放緩。坦白說，當我們的競爭對手給出更高的指導價時，我們查看了來自 ARC 和其他來源的數據，然後想，我不知道他們看到了什麼，因為這對我們來說看起來不那麼好。

So we guided what we guided. We took a hit for it. It turns out we were right. I just want to mention that again. But as far as what we've seen in bookings, we've seen a couple of step down since then. And I think that's why we reacted so aggressively with capacity cuts. We had cut -- in February, we're cutting capacity and we cut the April capacity at the same time.

所以我們引導了我們所引導的。我們為此遭受了打擊。事實證明我們是對的。我只是想再次提一下這一點。但就我們所看到的預訂情況而言，自那時以來，我們已經看到一些預訂量有所下降。我認為這就是我們如此積極地削減產能的原因。我們已經削減了——二月，我們正在削減產能，同時我們也削減了四月份的產能。

And again, we've been pretty aggressive at reacting to the bookings we're seeing by pulling that capacity. I would say as far as where we are right now, we're probably three to four weeks at a plateau. And what we're guiding for the second quarter is based on the trends we're seeing today. So we're not assuming a recovery, we're not assuming a further step back.

再次強調，我們透過削減運力來積極應對預訂量。我想說，就我們目前的情況而言，我們可能已經處於停滯狀態三到四周了。我們對第二季的指導是基於我們今天看到的趨勢。所以我們不假設經濟會復甦，也不假設經濟會進一步倒退。

But in general, I think we've had a relative period of stability recently and hopefully, this is a plateau that we'll count on for a while until we start bouncing back.

但總的來說，我認為我們最近經歷了一段相對穩定的時期，希望這是一個我們可以依靠的平台期，直到我們開始反彈。

And if we just think about your focus origination areas, New York and Boston, do you think there's something going on with those geographies? Or maybe it's more a competitive capacity situation for you in those geographies? Because I thought the message was that maybe some of that competitive build was moderating?

如果我們只考慮您的重點發起區域紐約和波士頓，您認為這些地區發生了什麼事情嗎？或者對您來說，在這些地區，競爭能力狀況可能更重要？因為我認為這個訊息表明，也許一些競爭性建設正在緩和？

Yeah, it's a great question. And obviously, we dig into this in as much detail as we can. We start with the ARC data, which many airlines use, but not all. And many airlines are in it, but not all. But that clearly showed from the beginning that this seemed to be a bit of a Northeast-led slowdown of demand more so than other parts of the country by multiple points.

是的，這是一個很好的問題。顯然，我們會盡可能詳細地探討這個問題。我們從 ARC 數據開始，許多航空公司都在使用這些數據，但並非所有航空公司都使用這些數據。許多航空公司都參與其中，但不是全部。但這從一開始就清楚表明，這似乎是東北地區引領的需求放緩，比全國其他地區的需求放緩幅度大得多。

Again, we'd like to triangulate with other data. We spent time with our bank partners at Barclays and with Mastercard, our network. And we've got some really, really great data from Mastercard. And it is clearly showing that as far as the cut in air travel, it is very much focused in the Northeast and to a lesser extent, the West Coast.

再次，我們想與其他數據進行三角測量。我們花了一些時間與我們的銀行合作夥伴巴克萊銀行和萬事達卡網路進行交流。我們從萬事達卡獲得了一些非常非常棒的數據。很明顯，就航空旅行的減少而言，主要集中在東北部，其次是西海岸。

So I would not do something as simple as to say this is a red versus blue recession or whatever you want to call it. But it does seem like the coasts seem to be impacted a little bit more. And frankly, it's really what's driving our capacity strategy. As we mentioned, we've been pulling pretty aggressively our trough capacity Tuesday, Wednesday, Saturday nights in the Northeast.

因此，我不會簡單地說這是一場紅色與藍色的衰退，或者無論你想怎麼稱呼它。但看起來沿海地區受到的影響似乎更大一些。坦白說，這確實是推動我們產能策略的因素。正如我們所提到的，我們在周二、週三和週六晚上一直在積極地利用東北地區的低壓槽容量。

We just added some capacity in Fort Lauderdale with new frequencies in the late south to the Caribbean. And frankly, we're going to do what we have to do to make adjustments like this. We just canceled -- announced -- I think, last week announced the cancellation of Halifax, which I think in the history of the company, we have never canceled before it opened.

我們剛剛在勞德代爾堡增加了一些運力，增加了從南部到加勒比海地區的新航班頻率。坦白說，我們將盡一切努力做出這樣的調整。我們剛剛取消了——宣布了——我想，上周宣布了取消哈利法克斯的消息，我認為在公司歷史上，我們從未在哈利法克斯開業前取消過。

But I think of the trends we're seeing in US Canada demand and -- but more importantly, what we're seeing in the bookings on the airplane, it's just not -- it was not going to be accretive for us anytime soon. So we figure better band-aid now and move forward.

但我認為，從美國加拿大的需求趨勢來看，更重要的是，從飛機預訂量來看，這不會在短期內為我們帶來成長。因此，我們現在想出更好的辦法並繼續前進。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

I was wondering if you were able to provide a little bit of a range for the second half capacity outcomes, just maybe like a realistic upper and lower bound assuming the current environment continues?

我想知道您是否能夠為下半年的產能結果提供一個範圍，例如假設當前環境持續下去，提供一個現實的上限和下限？

Hey, Savi. So I'd say given -- we've got a couple of scenarios laid out as far as what we're expecting. I would not want to go as far as guide a number for the year. We will certainly be measurably down from what we had expected at the beginning of the year based on the trends we're seeing right now.

嘿，薩維。所以我想說，有鑑於此，我們已經針對我們的預期制定了幾種情景。我不想去指導一年的數字。根據我們目前看到的趨勢，與年初的預期相比，我們的數字肯定會大幅下降。

But we're going to be very opportunistic based on the demand that we see. And frankly, I remain optimistic that this is a transitory situation that we're in right now. I've been through so many financial crisis and recessions before. This is different. It's an exogenous factor driving it.

但我們會根據所看到的需求採取非常積極的機會主義態度。坦白說，我仍然樂觀地認為，我們目前所處的狀況只是暫時的。我以前經歷過很多次金融危機和經濟衰退。這是不同的。這是推動這現象的外生因素。

And I think that exogenous factor could change relatively quickly. So we're going to remain optimistic. And I think the best guidance I can give you is we will react to the demand we're seeing at the time. Airlines seem to led it and my hope is that as things change, that airlines will lead us out of it.

我認為外部因素可能會相對較快地改變。因此我們將保持樂觀。我認為我能給你的最好指導就是我們將對當時看到的需求做出反應。航空公司似乎是這一趨勢的引領者，我希望隨著情況的變化，航空公司能夠帶領我們走出這一趨勢。

That's helpful. And then you mentioned a domestic partner, Marty, that could be announced in 2Q, could you remind us what that partnership brings to the table for JetBlue and when we can start to see benefits from such a partnership?

這很有幫助。然後您提到了國內合作夥伴 Marty，可能會在第二季度宣布，您能否提醒我們這種合作關係能為捷藍航空帶來什麼，以及我們何時可以開始從這種合作關係中看到好處？

So partnerships. I need to make sure I reserve my comments based on what we have said publicly. And what we have said is we are looking at -- and we're talking to multiple airlines about domestic partnerships. I think we're getting very close to making announcement, I expect to be making announcement this quarter.

所以是合作關係。我需要確保我保留根據我們公開發表的言論做出的評論。我們說過，我們正在考慮──並且正在與多家航空公司洽談國內合作事宜。我認為我們已經非常接近發佈公告了，我預計將於本季發佈公告。

And as far as the benefits that we expect to offer to our customers, the most important thing is, number one, a significantly higher network opportunity for earn and burn of TrueBlue points. which we think quickly improves the utility of TrueBlue.

至於我們期望為客戶提供的利益，最重要的是，第一，獲得和消耗 TrueBlue 積分的網路機會大大增加。我們認為這可以快速提高 TrueBlue 的實用性。

And that means, for example, today, if you are a customer in the Northeast and you love JetBlue for leisure, but twice a year, you have to go to Omaha or Boise, these are places that you can't earn TrueBlue points on now. And when this partnership goes forward, you will be able to.

這意味著，例如，今天，如果您是東北地區的客戶，並且您喜歡乘坐捷藍航空進行休閒旅行，但每年兩次，您必須前往奧馬哈或博伊西，那麼這些地方您現在無法獲得 TrueBlue 積分。當這種合作關係進一步發展時，你們將能夠做到這一點。

And the second thing is, I'm really excited for just the overall broadening of the network opportunities, not just connectivity but also just better opportunities for our customers to fly more places with more frequency. So as far as when the benefits could come, we do have a number in JetForward for partnerships.

第二件事是，我對網路機會的全面擴大感到非常興奮，這不僅是連結性，也為我們的客戶提供了更好的機會，讓他們可以更頻繁地飛往更多的地方。因此，就何時能夠獲得利益而言，我們確實在 JetForward 中擁有大量合作夥伴。

It is a number that does not assume a partnership of this size. As we have said, we'll be updating the progress on JetForward in the next quarterly call. And if we do assume we do sign a deal, or complete a deal announced it, if we do need to update that number, we'll do that at the time. But we're really optimistic about what this means for our customers and obviously, for our investors.

這個數字並不能說明這種規模的合作關係。正如我們所說，我們將在下次季度電話會議上更新 JetForward 的進展。如果我們確實假設我們確實簽署了一項協議，或者完成了一項宣布的交易，如果我們確實需要更新該數字，我們會在那時這樣做。但我們對於這對我們的客戶以及我們的投資者意味著什麼感到非常樂觀。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

So following up on that, my first question is, when you say domestic partnership, does that mean partnership with a domestic airline or providing domestic feed to a non-domestic airline. Given the Omaha example that you gave in response to Saudi, I suspect it's the former. But if I could just confirm that?

因此，接下來我的第一個問題是，當您說國內合作時，這是指與國內航空公司合作還是向非國內航空公司提供國內航班。鑑於您在回應沙烏地阿拉伯時舉的奧馬哈例子，我懷疑是前者。但如果我可以確認這一點呢？

Sure. I mean, as a reminder, we already have 48 or 49 partnerships with international carriers. This is a domestic airline with a large network. So it's the former.

當然。我的意思是，提醒一下，我們已經與 48 或 49 個國際航空公司建立了合作夥伴關係。這是一家擁有龐大網路的國內航空公司。所以是前者。

Got it. Okay. And then I guess for Joanna. So every downturn, I always wonder which airline franchises might emerge potentially stronger on the other side. And I think United made some fair and accurate comments about Southwest being that airline in the past and harnessing the power of the downturn, all that stuff however you want to put it.

知道了。好的。然後我猜是喬安娜。因此，每次經濟衰退時，我總是想知道哪些航空公司特許經營權可能會在經濟衰退後變得更強大。我認為聯合航空對西南航空過去作為該航空公司並利用經濟衰退的力量做出了一些公正而準確的評論，所有這些無論你想怎麼說。

So when I go down the list of US airlines and I get to JetBlue, it's not readily apparent to me, whether there might be any silver lining to the current environment. And that's not necessarily a bad thing at all. I guess my question to you is, what areas of your business or maybe the timing of certain initiatives any aspects of Jet forward that might be assisted in some way, shape or form by the downturn?

因此，當我瀏覽美國航空公司名單並最終選擇捷藍航空時，我並不清楚當前的環境是否有一線希望。但這未必是件壞事。我想問您的問題是，在經濟低迷時期，Jet 的哪些業務領域或某些舉措的時機可能會以某種方式、形式得到幫助？

Yeah. Thanks for the question. I think we're extremely happy with how Jet Forward is performing. So I think we've got this great long-term strategy, and I might emphasize long term because we're not managing JetForward quarter-to-quarter, it's a long-term strategy that will get JetBlue back on the path to profitability.

是的。謝謝你的提問。我認為我們對 Jet Forward 的表現非常滿意。所以我認為我們有這個偉大的長期策略，我可能會強調長期，因為我們不是按季度管理 JetForward，這是一個長期策略，將使捷藍航空重回盈利之路。

And then at the same time, we're taking closer in tactical actions to manage the underlying macro environment. So when I look at JetForward, it's the right strategy for JetBlue. It leans into our strength. And as you look at early proof points, particularly around the first priority move, which is reliable and caring service, I could not be more proud with the progress that we're seeing there.

同時，我們正在採取更緊密的戰術行動來管理底層宏觀環境。因此，當我看到 JetForward 時，我發現這對 JetBlue 來說是正確的策略。它依靠我們的力量。當您看到早期的證明點，特別是圍繞第一優先舉措的可靠和貼心的服務時，我對我們所看到的進展感到無比自豪。

And that's really a leading indicator. We've improved A14 every quarter since we've launched JetForward. We've improved NPS four consecutive quarters in a row. We are at the top of the industry. We're the most improved in The Wall Street Journal and industry-leading.

這確實是一個領先指標。自從推出 JetForward 以來，我們每季都會對 A14 進行改進。我們已經連續四個季度提高了 NPS。我們處於行業領先地位。我們是《華爾街日報》中進步最大的，並且處於業界領先地位。

And so when you think about what matters most, your brand, customer, recurring customers coming back time and time again, these are very early indicators that -- and the cost savings that flows from all of that running a more on-time operation, these are very early indicators that JetForward is working.

因此，當您考慮最重要的事情時，您的品牌、客戶、回頭客一次又一次地回來，這些都是非常早期的指標——而通過更準時地運營而產生的成本節約，這些都是 JetForward 正在發揮作用的非常早期的指標。

Then you get into the other pillars. So 20% of the network is currently in ramp, and we'll see that continue throughout this year. Products and perks are meeting or exceeding our targets. Our EvenMore product that we launched back in January improved Net Promoter Score by 18 points. The premier card that we launched far surpassed our initial expectations in terms of sign-ups.

然後你進入其他柱子。因此，目前 20% 的網路處於成長階段，我們將看到這一趨勢在今年持續下去。產品和福利達到或超越了我們的目標。我們一月份推出的 EvenMore 產品使淨推薦值提高了 18 個百分點。我們推出的高級卡在註冊量方面遠遠超出了我們最初的預期。

Loyalty continues to ramp. It's 12% of our total revenue. We're beating cost six quarters in a row. So when you look at JetForward, it's aligned with the latest industry demand trends, premium, international. And then we've got strong liquidity to enable us to have some runway to execute JetForward, get our first-class product rolled out, but also navigate through some uncertain times.

忠誠度持續提升。這占我們總收入的12%。我們已連續六個季度降低成本。因此，當您查看 JetForward 時，它與最新的行業需求趨勢保持一致，優質且國際化。然後，我們擁有強大的流動性，使我們能夠有一定的跑道來執行 JetForward，推出我們的一流產品，同時也能度過一些不確定的時期。

So I think the headline is we've got the right strategy for the long term. It's working. Obviously, the macro backdrop is challenging and it may delay some of the JetForward earnings. But these pillars are working. The strategy is working.

所以我認為標題是我們已經制定了正確的長期策略。它正在發揮作用。顯然，宏觀背景充滿挑戰，可能會延遲 JetForward 的部分獲利。但這些支柱正在發揮作用。該策略正在發揮作用。

And so we need a little runway to complete executing it. But at the end of the day, the brand, the product offerings are super strong, and that's what drives the performance.

因此我們需要一點跑道來完成它。但最終，品牌和產品都非常強大，這才是推動業績成長的動力。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Ursula, just I want to catch up with you on the Pratt & Whitney compensation situation. I think last quarter, you were kind enough to provide us what that headwind was. It was a couple of points, I think, direct and then there's an indirect impact. And that's been building. It does look like that we now have more airplanes on the ground than say what we were a year ago.

厄休拉，我只是想了解普惠公司的賠償狀況。我想上個季度，您已經很好地告訴我們了逆風是什麼。我認為，這有幾點，直接影響，也有間接影響。而這一切一直在進行中。看起來我們現在地面上的飛機數量比一年前還要多。

What -- like what's the timing around potentially settling that? Is that something that it's better for you to settle it sooner or does this go on for a few years? Because that margin underperformance, what it impacts you both on a revenue side or cost side, I mean it's a real albatross around your neck here. Where are we? And what's the game plan here?

什麼——比如什麼時候可以解決這個問題？您是否應該盡快解決這個問題，還是要等幾年？因為利潤率表現不佳，它會對你的收入或成本產生影響，我的意思是，這對你來說是一個真正的沉重負擔。我們在哪裡？這裡的比賽計畫是什麼？

Sure. Thanks for the question, Mike. So first off, we've previously told you guys that we would have -- and the number of aircraft on the ground this year in the mid- to high-teens. We actually have seen improvement from Pratt & Whitney. So today, we sit here and we actually only have 10 aircraft on the ground.

當然。謝謝你的提問，麥克。首先，我們之前已經告訴過你們，今年地面上的飛機數量將達到十幾架左右。我們實際上已經看到了普惠公司的進步。所以今天，我們坐在這裡，實際上地面上只有 10 架飛機。

So we have been pleased with the progress that we're seeing from operationally. So there are three drivers to that improvement. First, engines are just staying on wing longer. So I'm not having to go in the shop as soon as we anticipated. Number two, Pratt supply chain is improving. And then number three, the actual turn time once the engine goes into the shop is slightly improving.

因此，我們對營運方面取得的進展感到非常滿意。因此，有三個因素推動了這項改善。首先，引擎在機翼上停留的時間更長。所以我不需要像我們預期的那樣盡快去商店。第二，普拉特的供應鏈正在改善。第三，引擎進廠後的實際運轉時間略有改善。

So we're very pleased with the progress that we're seeing. Like quite frankly, this is happening, we're getting aircraft back at a time when we don't necessarily need capacity. When we do get on the other side of this macro backdrop environment challenges, this will be a tailwind for JetBlue.

因此，我們對所看到的進展感到非常高興。坦白說，這種情況正在發生，我們在不一定需要運力的時候恢復了飛機的運作。當我們確實克服這種宏觀背景環境挑戰時，這對捷藍航空來說將是一個順風。

And to your point, we previously highlighted in January that the Pratt & Whitney constraints that we're under is driving 3 points of margin degradation. So again, that will be a tailwind in the future for JetBlue.

正如您所說，我們之前在一月份就強調過，我們所面臨的普惠限制導致利潤率下降了 3 個百分點。所以，這將成為捷藍航空未來的順風。

In terms of the compensation, it continues to remain fluid with Pratt & Whitney. We continue to work with them. I don't have any updates on that today. We want to ensure that we get adequate compensation based on the challenges that we've been facing over the last few years.

在薪酬方面，普惠公司的薪酬仍不確定。我們將繼續與他們合作。我今天沒有關於此事的任何更新消息。我們希望確保根據過去幾年所面臨的挑戰獲得足夠的補償。

Okay. But just to be clear, you're not booking any GTF-related compensation in your P&L right now? I'm only asking because many GTF-impacted operators are all booking it through their P&L. Is that right?

好的。但需要明確的是，您現在沒有在損益表中記錄任何與 GTF 相關的補償嗎？我之所以問這個問題，是因為許多受到 GTF 影響的業者都將其計入損益表中。是嗎？

We do not have any Pratt & Whitney assumptions baked into our full year guidance for 2025. So correct, we are not booking anything.

我們對 2025 年全年業績預期並未納入任何普惠公司的假設。非常正確，我們沒有預訂任何東西。

Okay. Great. And then just second, Marty, just new markets, adding service into [Gway Killgan] given just the fact that this is a challenging year, should we expect to see any new dots on the root map this year or is all of that now on hold because of the very unclear outlook?

好的。偉大的。其次，馬蒂，只是新市場，在 [Gway Killgan] 增加服務，考慮到這是充滿挑戰的一年，我們是否應該期待今年在根地圖上看到任何新的點，還是由於前景非常不明朗，所有這些都被擱置了？

It's funny, I'm actually -- no one's asking that question. I'm not sure if we say the stuff, there'll be multiple new dots coming later in the year on the root map.

有趣的是，實際上沒有人問過這個問題。我不確定我們是否會說這些，今年稍後根圖上會出現多個新的點。

Okay. Exciting.

好的。令人興奮。

Multiple could be two, but definitely more (multiple speakers) --

多個可能是兩個，但肯定更多（多位發言者）——

More than one, more than one.

不只一個，不只一個。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

I was just curious if the spread between premium and core RASM, how that's -- how you -- what your outlook for that is for the for 2Q and the rest of the year? Do you expect that spread to widen?

我只是好奇，高級 RASM 和核心 RASM 之間的差距如何——您對第二季和今年剩餘時間的展望如何？您預計該差額會擴大嗎？

Hey Tom, thanks for the question. So it's a great question because, honestly, there are two important numbers there, which is what do we expect the coach RASM to do and what do we expect the premium RASM to do. I think we continue to see progress on premium RASM going up. We're at mid-single digits and climbing right now as far as year-over-year growth in premium RASM.

嘿，湯姆，謝謝你的提問。所以這是一個很好的問題，因為老實說，這裡有兩個重要的數字，那就是我們期望教練 RASM 做什麼以及我們期望高級 RASM 做什麼。我認為我們將繼續看到優質 RASM 的進步。就優質 RASM 的同比增長而言，我們目前處於中等個位數水平，並且還在不斷攀升。

Our hope that with the changes we're seeing in industry capacity and our capacity that coach RASM will continue to go up a little bit. So I don't expect that gap to widen, but I'm hoping it's because of the bottom of the lower number, in other words, the back of the airplane RASM will continue to go up.

我們希望，隨著行業能力和我們的教練 RASM 能力的變化，能夠繼續有所提高。所以我不希望這個差距擴大，但我希望這是因為數字較低的底部，換句話說，飛機後部的 RASM 將繼續上升。

So I remain optimistic. We're taking a lot of action in ourselves and capacity. We have -- some of our second quarter capacity cuts went in last weekend, and you guys will see here in a couple of days. And frankly, the industry overall seems to be reacting in a consistent way, which is when demand comes out, capacity comes out. And hopefully, that will help show up what we're seeing in the back of the airplane.

因此我保持樂觀。我們正在盡我們所能採取很多行動。我們第二季的部分運力削減已於上週末實施，幾天後你們就會看到結果。坦白說，整個產業似乎都在以一致的方式做出反應，即當需求出現時，產能就會出現。希望這能幫助我們看清飛機後方的情況。

Okay. That's really helpful, Marty. And then I'm just curious what you guys are seeing in the VFR markets versus beach markets in LatAm? We had one of the Mexican carriers. Some other airlines have just talked about VFR demand being pretty depressed on transborder. So just curious what you're seeing given your franchise?

好的。這真的很有幫助，馬蒂。然後我只是好奇你們在拉丁美洲的 VFR 市場和海灘市場中看到了什麼？我們有一艘墨西哥航空母艦。其他一些航空公司剛剛談到跨境 VFR 需求相當低迷。所以我只是好奇你對你的特許經營權有什麼看法？

Thanks, Tom. Yeah, we watch it very closely. I think if you go back in 2008-2009, it was a VFR-led recovery. And frankly, VFR, the line we use internally is no matter how bad things you always want to go see your mom. And we were concerned based on some of the stuff that's happening with foreign arrivals into the US that we'd see that.

謝謝，湯姆。是的，我們非常密切地關注著它。我認為，如果回顧 2008 年至 2009 年，那是一個由 VFR 引領的復甦。坦白說，VFR，我們內部使用的台詞是，無論情況有多糟糕，你總是想去看望你的媽媽。根據外國人入境美國時發生的一些事情，我們很擔心會看到這種情況。

We have not really seen any significant drops in our VFR traffic so far. So we're cautiously optimistic that, that market is holding up pretty well. Obviously, Puerto Rico is not an issue whatsoever. But for alike to make Dominican if there are customers who were less likely to go back and forth. We're just not seeing it right now.

到目前為止，我們還沒有看到 VFR 交通量有任何明顯下降。因此，我們謹慎樂觀地認為，該市場將保持良好狀態。顯然，波多黎各根本不是問題。但對於類似讓多明尼加人如果有顧客來回走動的可能性就較小。只是我們現在還沒看到。

Dan McKenzie, Seaport Global.

丹麥肯齊 (Dan McKenzie)，Seaport Global。

Going back to the Pratt & Whitney overhang, what does your line of sight look like on AOGs in 2026? And I guess, just given what you've highlighted, I'm wondering if you could be in a better situation next year?

回到普惠公司的懸垂部分，您對 2026 年 AOG 的預期是如何的？我想，鑑於您所強調的內容，我想知道您明年的情況是否會更好？

Thanks for the question, Dan. Listen, the situation with Pratt is -- I don't want to get ahead of our skis, it's pretty fluent while we are seeing some signs of improvement, we're still working through 2026 and beyond AOGs. So more to come.

謝謝你的提問，丹。聽著，普拉特的情況是——我不想超越我們的滑雪，它相當流暢，雖然我們看到了一些改善的跡象，但我們仍在努力到 2026 年及以後的 AOG。未來還會有更多。

Understood. Okay. And then bigger picture, the year has taken the turn for the worse. The question is, going back to a prior question on JetForward, the question here is whether there are aspects of JetForward that you could accelerate or bring forward and it seems like the partnership is one of those areas or is it just as simple as things got bad really fast because of macro and if we could just get rid of tariffs, things would get better really fast?

明白了。好的。從更大角度來看，今年的情況變得更糟。問題是，回到之前關於 JetForward 的問題，這裡的問題是，JetForward 是否有可以加速或提前發展的方面，而合作關係似乎是其中之一，還是只是因為宏觀因素導致情況迅速惡化，如果我們能夠取消關稅，情況就會迅速好轉？

Yeah, I'll take that, Dan. Again, if we could read the tea leaves and tell you things will get better fast if tariffs go away, I think we'd be in a different industry. At the end of the day, I think JetForward got a very clear set of initiatives. And we're always adding new ones and adjusting as we move forward through the plan. But there's some that might produce early.

是的，我接受，丹。再說一次，如果我們能夠預測未來，並告訴你如果關稅取消，情況會很快好轉，我想我們會進入一個不同的行業。總而言之，我認為 JetForward 有一套非常明確的舉措。隨著計劃的推進，我們一直在添加新內容並進行調整。但有些可能會提早生產。

There's some of it produce later. I think the partnership common is a good one, which is we think there could be upside with the partnership, but we need to kind of finalize that and get that announced. Honestly, some of the initiatives, particularly around Net Promoter Score on A14 are actually ahead of plan, which is great because it shows that our brand is beloved and is resilient and making nice progress there.

其中有些是後來才產生的。我認為合作關係是好的，我們認為這種合作關係可能會帶來好處，但我們需要最終確定並宣布這一點。老實說，一些舉措，特別是圍繞 A14 淨推薦值的舉措實際上已經超出了計劃，這很好，因為這表明我們的品牌深受喜愛，並且具有韌性，並且在那裡取得了良好的進展。

So I think you could see some early wins there. As you look at some of the revenue initiatives, some of those are tied to volume, so they'll have a bit of a drag based upon the economy, but we're looking for ways to offset those. And then continue maintain a level of focus on cost. Loyalty remains very resilient.

所以我認為你會看到一些早期的勝利。當你查看一些收入計劃時，你會發現其中一些與數量有關，因此它們會受到經濟的一些拖累，但我們正在尋找抵消這些拖累的方法。然後繼續保持對成本的關注。忠誠度仍然具有很強的彈性。

Revenue is up 9%, co-brand sends up 7%. So it's strong and growing even in an environment where we're seeing air travel take a bit of a step back due to the macro climate. So we've got a pretty diverse set of revenue streams that we didn't have back in '08 through premium and loyalty, and I think that will continue to be the area where we see progress, perhaps ahead of what we're seeing on the airline side due to the macro backdrop.

營收成長 9%，聯合品牌成長 7%。因此，即使在宏觀氣候導致航空旅行回落的環境下，它仍然強勁增長。因此，我們透過優質服務和忠誠度服務獲得了相當多樣化的收入來源，這是我們 2008 年所沒有的，而且我認為，這將繼續是我們取得進展的領域，或許由於宏觀背景的原因，我們會在該領域取得進展，甚至可能領先於航空公司方面。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

Ursula, just on the $1.3 billion of CapEx this year. I know you raised the liquidity in August. But do you still plan on using current cash to fund this CapEx or should we think about some other form of financing right now just to preserve certain cash levels?

烏蘇拉，今年的資本支出僅 13 億美元。我知道你們在八月提高了流動性。但是您是否仍計劃使用現有現金來資助這筆資本支出，或者我們現在是否應該考慮其他形式的融資以保持一定的現金水平？

Yeah. Thanks for the question, Andrew. So we have 21 deliveries this year, 3 of them have already delivered and we did pay for them in cash. Given our liquidity level and the strategic financing that we did last August, if the macro backdrop stays as is through the end of the year, I think we will feel comfortable with our projected year-end liquidity number.

是的。謝謝你的提問，安德魯。因此，我們今年有 21 次交付，其中 3 次已經交付，我們確實以現金支付。考慮到我們的流動性水平和去年 8 月進行的策略性融資，如果宏觀背景到年底保持不變，我認為我們會對預計的年底流動性數字感到滿意。

As a reminder, we tend to target about 20% liquidity as a percentage of trailing 12 months revenue. If the macro backdrop deteriorate further, I think we will assess going back to the financing market to help finance the remaining deliveries that we have this year.

提醒一下，我們傾向於將流動性目標設定為過去 12 個月收入的 20% 左右。如果宏觀背景進一步惡化，我認為我們將考慮重返融資市場，為今年剩餘的交付提供資金。

Okay. Understood. And then I know there's been questions with regard to the partnership. But just with regards to the American release last night with regards to the lawsuit, what does this relate to? Anything you can discuss on the dollar amount there claiming? Is it material? Anything you can provide there would be helpful.

好的。明白了。然後我知道關於合作關係存在一些疑問。但就昨晚美國發布的有關訴訟的消息而言，這與什麼有關？您能討論一下索賠金額嗎？它是物質的嗎？您提供的任何資訊都會有所幫助。

Yeah. So we can't say much. Obviously, we pulled the same lawsuit from the docket that you pulled and we haven't been served yet. But I will say, since the court order that terminated the NEA we've been working with American to wind down the remaining aspects. This is not an unexpected turn and it's part of just truing up any money is owed between the parties.

是的。所以我們不能說太多。顯然，我們從案卷中撤下了與您相同的訴訟，但我們尚未收到訴訟。但我要說的是，自從法院下令終止國家教育局以來，我們一直在與美國航空合作，逐步完成剩餘的工作。這並不是什麼意外的轉變，這只是雙方債務清償的一部分。

And that's about all we can say at this point.

這就是我們現在能說的全部。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

So you spoke to a couple of cost actions you're taking that sound like they will ramp as we move through the year such as the pilot early retirement program. If there is further downside risk of second half capacity outlook and capacity ends up being down year-over-year, should we think about CASM being somewhere up in the high single-digit range, given your comments around mid-single-digit inflation on flat capacity or could it be better than that based on what you've accomplished year-to-date?

所以您談到了您正在採取的幾項成本行動，這些行動聽起來會隨著我們今年的進展而增加，例如試點提前退休計劃。如果下半年運力前景有進一步下行風險，且運力最終同比下降，考慮到您對持平運力下中等個位數通膨的評論，我們是否應該認為 CASM 處於高個位數範圍內，或者根據您今年迄今為止取得的成就，情況是否會更好？

Yeah. Good morning, Catie. So in regards to controllable costs, extremely proud of the team. We have a really good track record. We've hit our controllable cost guide for six consecutive quarters. So I have the utmost confidence that the team will continue to deliver.

是的。早上好，凱蒂。因此，就可控成本而言，我對團隊感到非常自豪。我們擁有非常好的業績記錄。我們已經連續六個季度達到了可控成本目標。因此，我非常有信心，團隊將繼續取得成功。

I did mention in my prepared remarks that our model historically implies a mid-single-digit CASM ex-fuel growth on flat capacity. Obviously, we withdrew our full year controllable cost guide this morning. However, our aspiration is to continue to work towards hitting that. We're taking action across the board.

我在準備好的發言中確實提到過，我們的模型從歷史上看意味著在運力持平的情況下，CASM 不含燃料的增長率將達到中等個位數。顯然，我們今天早上撤回了全年可控成本指南。然而，我們的願望是繼續努力實現這一目標。我們正在採取全面行動。

So we are obviously reducing capacity to better align with the demand backdrop that is and does put pressure on the cost side of the equation. But we're better aligning our resources to the new levels of capacity. We're reducing all discretionary spend.

因此，我們顯然正在減少運力，以更好地適應需求背景，這確實給成本方面帶來了壓力。但我們正在更好地調整我們的資源以適應新的產能水準。我們正在減少所有可自由支配的開支。

We've given our leaders cost targets above and beyond the 2025 plan. We're revisiting our fleet plan to assess the ROI on certain fleet investments. So we are actioning and we will pull all levers that we need to in order to execute on the controllable cost guide.

我們為我們的領導人制定了超出 2025 年計劃的成本目標。我們正在重新審視我們的車隊計劃，以評估某些車隊投資的投資報酬率。因此，我們正在採取行動，並將採取一切必要措施來執行可控成本指南。

In terms of the sequencing throughout the year, 1H was always expected to be a higher controllable cost part of the year versus 2H. So we do have expectations that our JetForward cost transformation will continue to ramp up in the back half of the year and help contribute to our full-year aspiration of the original controllable cost guide.

從全年的排序來看，上半年預計可控成本會比下半年更高。因此，我們確實預計，JetForward 成本轉型將在下半年繼續加速，並有助於實現我們全年對原始可控成本指南的期望。

Got it. Maybe one more on the domestic airline partnership. I know we'll stay tuned for the official announcement, but now we know you won't be pursuing the Northeast Alliance with American. I guess what from that partnership did you learn did not work, and then how is that informing the new proposed partnership?

知道了。也許還有關於國內航空公司合作關係的問題。我知道我們會繼續關注官方公告，但現在我們知道你不會與美國建立東北聯盟。我想您從那次合作中學到了什麼沒有起到作用，那麼這對新提議的合作有何指導意義？

Yeah. I think I'm going to take a hard pass on that. At the end of the day, we're going to be announcing another partner down the road hopefully in this quarter and excited to be doing that. And we'll let the wind down of the NEA take place as it has been for the past couple of years.

是的。我想我會堅決拒絕這個。最後，我們希望在本季度宣布另一位合作夥伴，並很高興這樣做。我們將像過去幾年一樣逐步關閉國家教育局。

But we've been meeting with multiple carriers and obviously, the value that we think of -- regarding the partner we're announcing drives more for JetBlue than other carriers that may have been in the consideration set.

但我們已經與多家航空公司會面，顯然，我們所考慮的價值——關於我們宣布的合作夥伴，捷藍航空比可能在考慮範圍內的其他航空公司更有價值。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Maybe this one is for Marty or Ursula or maybe both, but can -- Marty, can you talk to the off-peak challenges? Because I know we've heard that for a number of years now, not just at your airline but others dealing with peak versus nonpeak demand post pandemic.

也許這個適合 Marty 或 Ursula 或者兩者，但是——Marty，你能談談非高峰期的挑戰嗎？因為我知道我們已經聽到這個很多年了，不只是你們的航空公司，其他航空公司也在應對疫情後高峰和非高峰需求。

And maybe the challenges that it presents though from like a variable and fixed cost perspective because if we're going to dial down utilization, then it throws off your labor efficiency and things like that. So how do you approach off-peak markets and off-peak flying right now?

也許從變動成本和固定成本的角度來看，它所帶來的挑戰是因為如果我們降低利用率，那麼它就會影響你的勞動效率等等。那麼，您現在如何應對非高峰市場和非高峰飛行？

Hey Brandon, thanks. So yes, I mean, this is I think every -- you've seen one slowdown, you've seen one slowdown. They all like differently, and I think they all need their own strategies. I would say this one, we have seen a much more aggressive version from peak -- excuse me, from troughs than we've seen historically.

嘿，布蘭登，謝謝。是的，我的意思是，我認為每次——你都會看到一次經濟放緩，你都會看到一次經濟放緩。他們的喜好各不相同，我認為他們都需要自己的策略。我想說的是，我們看到了比歷史上任何時候都更具侵略性的高峰——對不起，是從低谷開始的。

So this has been a much more trough adverse demand set than we've seen historically, and that's why we pulled so much trough capacity. I mean, fundamentally, our job is for capacity where customers want to fly. And what we have seen during the peaks is that we have good demand, we have higher RASM and we'd like to airplanes during the peaks to make sure that we satisfy that customer demand.

因此，與我們歷史上所見過的相比，這是一個更低谷的不利需求，這就是我們削減如此多產的原因。我的意思是，從根本上來說，我們的工作是為乘客提供他們想要的航班運力。我們在高峰期看到的情況是，我們的需求很好，我們的 RASM 更高，我們希望在高峰期安排飛機，以確保滿足客戶的需求。

But the demand of customers who fly in troughs, there's no upside to flying planes at 60, 70 people on them. I regret not being able to serve the customers who do want to fly the troughs, but ultimately, it's a business and our job is to make money.

但在低潮時期，乘客的需求量很大，如果飛機上載有 60 到 70 名乘客，那麼飛行就沒有任何好處。我很遺憾不能為那些想要搭飛機的顧客提供服務，但歸根究底，這是一門生意，我們的工作就是賺錢。

So we have been very, very aggressive cutting trough capacity. And I think specifically, if you look at what we just said in the script about second quarter, they're down 5 points from the original guide. I mean that is very, very heavily trough-focused. So it gives you an idea how much we pull troughs. I'll defer on the cost front.

因此，我們一直非常積極地削減產能。我認為，具體來說，如果你看一下我們剛才在劇本中提到的第二季度的情況，你會發現它們比最初的預期下降了 5 個百分點。我的意思是，這非常非常注重低谷。因此它能讓你了解我們拉了多少槽。我會在成本方面推遲。

Yeah. I mean listen, we're trying to do this with a much advanced notice as possible. I mean to really capture some of the labor savings, we need like two to three months of notice. So the team is really working on 2H and trying to action further capacity pools that we can capture as much labor savings as possible.

是的。我的意思是，聽著，我們正試著盡可能提前通知。我的意思是，為了真正節省一些勞力，我們需要提前兩到三個月通知。因此，團隊正在切實致力於 2H 並嘗試進一步發揮產能池的作用，以便盡可能節省勞動力。

In addition to that, I mean, we are obviously in the trough periods trying to continue to offer R&R programs across some of our work groups. We just executed the pilot early retirement. So we are pulling levers where we can in terms of rightsizing the workforce given the drastic capacity pulls.

除此之外，我的意思是，我們顯然正處於低谷期，試圖繼續在我們的一些工作小組中提供 R&R 計劃。我們剛剛實施了試點提前退休。因此，考慮到產能急劇下降，我們正在盡一切努力調整勞動力規模。

Okay. I appreciate the response to both. And then, Ursula, on maintenance costs, I think you said you should see some alleviation and cost pressure there as the year progresses, but maybe I misheard. And can you talk to that in the context of potentially extending or not extending some of your older A320s?

好的。我非常感謝你們的回覆。然後，烏爾蘇拉，關於維護成本，我想您說過，隨著時間的推移，您應該會看到一些緩解和成本壓力，但也許我聽錯了。您能否結合可能延長或不延長部分舊款 A320 飛機的情況來談談這個問題？

Yeah. Great question. So first off, the next-generation technology engines, the GTF, those are all on flight hour agreements. So as we pull down capacity, naturally, those flight hours will shift to the right. And so the timing of some maintenance spend is going to continue to shift.

是的。好問題。首先，下一代技術引擎，GTF，都是基於飛行小時協議的。因此，當我們降低運力時，這些飛行小時數會自然向右移動。因此，一些維護支出的時間將會持續改變。

The second component of the potential maintenance savings is we did anticipate keeping in the fleet 30 A320 aircraft. We are revisiting that decision. They obviously need a certain level of investment, whether it be interiors or significant maintenance shop visits. So we're revisiting that decision in light of the capacity backdrop as well as just like cash preservation measures.

潛在維護節省的第二個部分是我們確實預計在機隊中保留 30 架 A320 飛機。我們正在重新考慮該決定。它們顯然需要一定程度的投資，無論是內部改造還是重要的維修到店。因此，我們正在根據產能背景以及現金保全措施重新審視這項決定。

So more to come on the results of that. But early indications is that we won't do the full 30, and we'll scale back. So that will achieve some level of maintenance savings as well.

有關其結果還有更多內容。但早期跡象表明，我們不會完成全部 30 個，而且我們會縮減規模。這樣也能實現一定程度的維護節省。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

So Marty, a couple of follow-ups from me. First is just on the trend by month. You said step down since January, but just want to confirm that you haven't seen much of a step-down since the March update? And just also on the trough commentary, does this also mean that you're seeing peak your peaks? And is that potentially a RASM opportunity?

那麼，馬蒂，我還有一些後續問題。首先是按月劃分的趨勢。您說從一月份開始就下降，但是只是想確認一下自三月更新以來您沒有看到太大的下降嗎？同樣，在低谷評論中，這是否也意味著您正在看到高峰？這是否是一個潛在的 RASM 機會？

Hey Ravi, thanks for the question. First, as far as the trend, we clearly saw a step back in January, as it went February, it got worse. I think March was the worst of the trough so far. Luckily, April had a nice peak 10 to 12 days of peak in there, which helped a lot. And we really took advantage of that.

嘿，拉維，謝謝你的提問。首先，就趨勢而言，我們明顯看到 1 月份出現倒退，而到了 2 月份，情況變得更糟。我認為三月是迄今為止最糟糕的低谷。幸運的是，四月有 10 到 12 天的高峰期，這很有幫助。我們確實充分利用了這一點。

And we had RASM up high single digits during that period. So people really want to fly during the peak they're there, and we have service for them, and we're getting good yields at that point. With respect to the opportunity going forward, one of the questions that was mentioned earlier was change of revenue management strategy.

在此期間，我們的 RASM 成長了高個位數。因此，人們確實希望在高峰期乘坐飛機，我們為他們提供服務，並且我們在那時獲得了良好的收益。關於未來的機遇，前面提到的問題之一是收入管理策略的改變。

And I didn't hear one of my competitors mention that, which I didn't fully understand what it was said because the readymade strategy is very much responsive to demand. And it is very clear that we're in a pattern now where the only time where we have the opportunity to take advantage is during the peak. So the team is very much focused on making sure that we're competitive in the peaks and that we're getting the revenue we can for our customers who really want to fly during the peak.

我沒有聽到我的競爭對手提到這一點，我也不完全理解他們說的是什麼，因為現成的策略非常響應需求。很明顯，我們現在處於一種模式，即我們唯一有機會利用的機會是在高峰期。因此，團隊非常注重確保我們在高峰期具有競爭力，並確保我們能夠為真正想在高峰期飛行的客戶獲得盡可能多的收入。

But at the same time, we have very low fares during troughs. So I would love for some of those customers who want to spill in the troughs. It's just less of them seem to be doing that now than have been historically.

但同時，在低谷時期我們的票價非常低。因此，我很樂意為那些想在水槽裡灑水的顧客提供服務。只是現在這樣做的人似乎比歷史上少。

Understood. And then maybe as a follow-up, I think you had mentioned in your prepared remarks that you're seeing a solid step-up in demand in secondary cities. Is that a little bit of a surprise given the macro, given this trough weakness, maybe some weakness at the low end of the market. Is that something you expect to see in this take?

明白了。然後也許作為後續問題，我想您在準備好的演講中提到過，您看到二線城市的需求穩步增長。考慮到宏觀因素、考慮到低谷的疲軟，以及低端市場可能存在的一些疲軟，這是否有點令人驚訝。這是您希望在這次拍攝中看到的內容嗎？

Yeah, it's funny. The examples we give are we -- we talked about internally, our these are two cities where we've had requests for JetBlue to be there for many years. We have not been there. And frankly, two cities that had a very long history of or excuse me, of low-cost carrier service to Florida.

是的，很有趣。我們給的例子是──我們在內部討論過，這兩個城市多年來一直要求捷藍航空進駐。我們還沒有去過那裡。坦白說，這兩個城市都有著非常悠久的廉價航空飛往佛羅裡達州的歷史。

So -- and with a very formidable competitor. So I think we look at that respectfully and said these markets are well established and there's an incumbent who customers love here. And we learned that they very quickly learned to love JetBlue, and we've been very happy with the bookings we've seen in both cities.

所以——我們面臨著一個非常強大的競爭對手。因此，我認為我們會尊重地看待這個問題，並表示這些市場已經很成熟，並且有一個深受客戶喜愛的現有企業。我們了解到，他們很快就愛上了捷藍航空，我們對這兩個城市的預訂情況感到非常滿意。

So from that perspective, it was a great reminder of the power of this brand. And I think going back to Joanna's comment earlier about how we're going into this recessionary type period and how we're going to come out, we've got incredible improvements in NPS, our crew members are delivering a fantastic quality product.

因此從這個角度來看，它極大地提醒了我們這個品牌的力量。我想回到喬安娜之前關於我們如何進入這一衰退時期以及我們將如何走出衰退的評論，我們的 NPS 取得了令人難以置信的進步，我們的工作人員正在提供質量極佳的產品。

We have a fleet that's either new or being refurbished. I think we're really handing our stride. And if you look at the value proposition that we have in an or Manchester or even Albany versus Southwest who's been there for 25-plus years, we have a fantastic value proposition and I think customers are reacting to it. So I did -- in my remarks in my thank the crew for delivering a great product, but I can't thank them enough. I mean we're actually killing it out there.

我們擁有一支新的或正在翻新的車隊。我認為我們確實正在大步前進。如果你看看我們在曼徹斯特或奧爾巴尼的價值主張，與在那裡 25 年歷史的西南航空相比，我們有一個非常棒的價值主張，我認為客戶對此做出了反應。所以我在發言中感謝了全體人員提供瞭如此出色的產品，我對他們的感謝之情無以言表。我的意思是我們確實正在消滅它。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Marty, just a quick follow-up to that last question about -- I think you were talking about I guess Easter, spring break, you had about 10 days-or-so, you had high single-digit RASM. Does that suggest that May and June RASM deteriorate relative to like that -- the midpoint of that 5.5% down guidance for the full quarter?

馬蒂，我只是想快速跟進最後一個問題——我想你談論的是復活節、春假，大約有 10 天左右的時間，你的 RASM 值很高。這是否意味著 5 月和 6 月的 RASM 相對於整個季度 5.5% 下降預期的中點惡化？

Well, I mean, I think if you look at our guide of second quarter versus first quarter, I think it feature itself as far as how second quarter looks on a relative basis. And I fundamentally recognize that we had a tough first quarter. We also had a very good January. So it's been very, very choppy month by month.

嗯，我的意思是，我認為如果你看一下我們對第二季度與第一季度的指南，我認為就第二季度的相對情況而言，它具有自己的特點。我從根本上認識到我們經歷了一個艱難的第一季。我們也度過了一個非常好的一月。所以每個月的情況都非常非常不穩定。

We do have a nice peak in May, around Memorial Day. This year, the vacations in the Metro New York schools are getting out almost at the very end of June, about a week later than it had been historically. So the stuff we watch extremely closely.

五月陣亡將士紀念日前後我們確實迎來了一個不錯的高峰。今年，紐約大都會地區學校的假期幾乎在六月底就結束了，比以往晚了大約一週。因此我們非常密切地關注這些事情。

Again, we're a leisure airline, when kids are out of school is when we really make hay. So we watch it closely. But in general, it's a pretty troughy quarter this year.

再說一次，我們是一家休閒航空公司，當孩子們放學時，我們才真正賺錢。因此我們密切關注。但總體而言，今年這個季度的業績相當低迷。

Okay. And then just one follow-up for Ursula. I know Marty said a comment earlier, hey, we're not giving a full year guide, but the results are worse than we initially thought from like an earnings standpoint. I guess -- is there a -- what is the cash flow implications of that? Is there any way to like think about like a cash range of cash burn we should expect this year?

好的。接下來是 Ursula 的後續行動。我知道馬蒂之前說過，嘿，我們沒有提供全年指南，但從盈利的角度來看，結果比我們最初想像的要糟糕。我猜——這對現金流有什麼影響？有沒有什麼方法可以讓我們預測今年的現金消耗範圍？

Or is the earnings hit on a one-for-one basis or cash flow? Are there any offsets? Just trying to understand the puts and takes of cash flow.

或者收益是一對一的方式或現金流受到打擊？有沒有什麼補償？只是想了解現金流的投入和產出。

So let me start with this, Scott, and I'm going to give it to Ursula. One thing I want to stress is we recognize it is really important to get capacity out fast. And the quicker we get it out of our selling schedules, the quicker that we have the opportunity to get the cost out with operating leverage. So I own the first piece of that responsibility was making sure that we're moving fast on this one. And I'll leave it to Ursula for the second half.

那麼，史考特，讓我從這個開始，然後我要把它交給烏蘇拉。我想強調的一點是，我們體認到快速釋放產能確實非常重要。我們越快將其從銷售計劃中剔除，我們就越快有機會利用經營槓桿來降低成本。因此，我承擔的首要責任是確保我們能夠快速推進這項工作。下半部就留給烏爾蘇拉吧。

Yeah. Listen, Scott, I mean we didn't affirm our full-year guide today. I mean, clearly, we do have the $1.3 billion in capital expenditures this year. What I will say is if the macro backdrop stays as is, I will still feel comfortable with our year-end liquidity. So as a reminder, we target a 20% trailing 12 months.

是的。聽著，斯科特，我的意思是我們今天沒有確認我們的全年指南。我的意思是，顯然我們今年確實有 13 億美元的資本支出。我想說的是，如果宏觀背景保持不變，我仍然對我們的年底流動性感到滿意。因此提醒一下，我們的目標是未來 12 個月的成長率為 20%。

We will be healthier than that. And so we're obviously watching it closely. We're trying -- we discussed today a lot of the levers that we're looking to pull to mitigate the burn. So it's our number-one priority is to reduce the burn and ensure that we continue to maintain a healthy balance of liquidity and unencumbered assets.

我們會比那更健康。因此我們顯然正在密切關注此事。我們正在嘗試——我們今天討論了很多我們希望採取的措施來減輕損失。因此，我們的首要任務是減少燒錢，並確保我們繼續保持流動性和無抵押資產的健康平衡。

Stephen Trent, Citigroup.

花旗集團的史蒂芬‧特倫特。

I thought -- I wasn't sure, I thought I heard you mention that when you were talking about RASM, for example, that LatAm was up mid-single digits year-on-year. I wasn't sure if you had any color regarding whether we could sort of bifurcate what's happening in Puerto Rico versus the rest of that region, for example? Are the trends much different or fairly similar?

我想——我不確定，我想我聽到你在談論 RASM 時提到過，例如，拉丁美洲的成長率達到了個位數中段。我不確定您是否知道我們是否可以將波多黎各發生的事情與該地區其他地區發生的事情區分開來？這些趨勢有很大差異還是相當相似？

I'd say the trend -- it's good question, Steve -- I think the trend of Puerto Rico is not quite as high, and that's mostly because of a lot of competitive capacity coming in. But I will say at the same time, back to my comment what our value proposition is very, very, very good compared to what very competitors there. And they've been pretty aggressive pulling out capacity, which I think is a testimony of success we've had in that market.

我想說的是趨勢——這是個好問題，史蒂夫——我認為波多黎各的趨勢不那麼高，這主要是因為大量競爭力的湧入。但同時我要說的是，回到我的評論，與競爭對手相比，我們的價值主張非常非常好。他們一直在積極撤出產能，我認為這證明了我們在市場上取得了成功。

So we remain really bullish on Puerto Rico. We've actually got coming up, hopefully relatively soon about another move in Puerto Rico, and it's a really, really important market for us. So I would say that I would not hold about Puerto Rico in as far as our Latin performance.

因此，我們仍然非常看好波多黎各。事實上，我們已經開始著手在波多黎各採取進一步行動，希望能夠盡快實現，這對我們來說是一個非常非常重要的市場。所以我想說，就我們的拉丁表現而言，我不會對波多黎各持有異議。

Great. I appreciate that, Marty. And just one really real quick follow-up. You've given very helpful color on capacity. And when we think about tariffs, some of your competitors have outright said that they would just not pay any tariffs.

偉大的。我很感激，馬蒂。而且只有一個非常非常快速的後續行動。您對容量的理解非常有幫助。當我們考慮關稅時，你們的一些競爭對手已經明確表示他們不會支付任何關稅。

And I know you talked about US production for the stuff you're sourcing. Are you willing to draw the line on your tolerance for tariffs or lack thereof or it's something you feel that we can kick the can down the road to next year maybe?

我知道您談到了您所採購的產品在美國的生產情況。您是否願意對關稅的容忍度設定一個底線，或者您是否認為我們可以將這個問題推遲到明年再解決？

Yeah. Listen, we have 18 aircraft deliveries remaining. The vast majority of those are made in the US. We only have three aircraft that are coming from Germany, and we're essentially exploring all of our options on how to mitigate that impact. So more to come.

是的。聽著，我們還有 18 架飛機需要交付。其中絕大多數是在美國製造的。我們只有三架飛機來自德國，我們正在探索所有減輕影響的方案。未來還會有更多。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

This is Atul Maheswari on for Tom Wadewitz. Granted to the demand backdrop is less than ideal currently. But if we go by your second-quarter guidance, it would seem that you continue to underperform relative to both domestic as well as the network peers. And this is despite all the solid great progress on JetForward.

這是 Atul Maheswari，取代 Tom Wadewitz 發言。儘管目前需求背景不太理想。但如果我們依照您第二季的指導，似乎您的表現仍遜於國內和網路同業。儘管 JetForward 取得了巨大進展，但情況仍然如此。

So the question really is, are all the gains from JetForward fully incremental or as a result of JetForward, maybe you're slipping in areas of the business not touched by JetForward and that's what's showing up on the P&L and in your guidance with respect to your underperformance relative to your peers?

所以真正的問題是，JetForward 帶來的所有收益是否都是增量的，或者是由於 JetForward 的影響，也許您在 JetForward 未涉及的業務領域出現了下滑，而這正是損益表和您的指導中所顯示的，表明您的表現低於同行？

So just some thoughts here would be helpful.

因此，這裡的一些想法可能會有所幫助。

Thanks for the question. I will point you back just so you could slip up on while we are flip through it while I'm talking to page 5 of the deck because we've laid out on page 5 what we've actually captured and JetForward so far, actually, I'd say, in first quarter of '25 versus what we're laying out.

謝謝你的提問。當我在講解第 5 頁時，我會提醒您回顧一下，這樣當我們翻閱時您就會注意到，因為我們已經在第 5 頁列出了我們實際捕獲的內容以及迄今為止 JetForward 的情況，實際上，我想說，在 25 年第一季度，與我們所列出的情況相比。

So the JetForward is phasing in over a time period, and that's actually part of the guidance you laid it out. I will say, in general, as far as underperformance, absolutely, I would love to see a better progression from first quarter to second quarter. I think as we look at what we're hearing from the industry with respect to the drivers of demand right now, we're very much underexposed international.

因此，JetForward 將在一段時間內逐步實施，這實際上是您所製定的指導方針的一部分。我想說，總的來說，就表現不佳而言，我絕對希望看到從第一季到第二季有更好的進展。我認為，當我們從業界聽到的有關當前需求驅動因素的消息時，我們會發現我們在國際上的曝光度非常低。

Currently, we're underexposed in premium, although that's going to get much better going forward when we improve first class product. And from a business model perspective, we also have a lot of capacity to transition right now. I also mentioned that some of the demand challenges are being heavier in the northeast than there elsewhere.

目前，我們在高端市場的曝光不足，但隨著我們改進一流的產品，情況將會大大改善。從商業模式的角度來看，我們現在也具備很大的轉型能力。我也提到，東北地區面臨的一些需求挑戰比其他地方更為嚴峻。

So my view is you play the your dealt, the cards we've dealt are business model as it is right now. It will be much better for JetForwardThis is a demand environment we're in right now. What do we know about it? We address capacity as quick as we can. We get it out fast so that the entire team can get the cost out more aggressively, so we can be cash flow positive as we pull things like this.

所以我的觀點是，你照你發的牌去玩，我們發的牌就是現在的商業模式。對於 JetForward 來說，這會好得多，這是我們目前所處的需求環境。我們對此了解多少？我們會盡快解決容量問題。我們快速完成這項工作，以便整個團隊可以更積極地降低成本，這樣我們在做這樣的事情時就可以實現正現金流。

None of this changes our long-term goal. We know that Jet Ford is the right plan to transition the company. We're making the progress we expect to make on right now. We -- last time before, we said we're porting ahead, we sort of reiterate that today. We're in a great spot with respect to where we stand. I'd rather not be in the demand environment that we're in. I mean, I think anyone says otherwise, is lying.

這些都不會改變我們的長期目標。我們知道 Jet Ford 是公司轉型的正確計劃。我們正在取得我們預期的進展。我們 — — 上次我們說過，我們會提前移植，今天我們重申這一點。就目前的情況而言，我們處於非常有利的位置。我寧願不處於我們現在所處的需求環境。我的意思是，我認為任何人說不是這樣，都是在說謊。

I mean this is not our preference. But I think we have the right tools to be successful and to move forward the plan as we've laid it out.

我的意思是這不是我們的偏好。但我認為我們擁有取得成功並按照我們制定的計劃前進的正確工具。

Got it. That's helpful. And as a quick follow-up, can you give us some sense of what portion of May and June are booked at this point?

知道了。這很有幫助。作為一個快速的後續問題，您能否告訴我們目前 5 月和 6 月的預訂情況如何？

Yeah. May is like 70%-something booked right now and June is just under 50%. So we're pretty heavily booked at this point. And again, all built into the guide that we will perform at the levels we're seeing right now as far as bookings.

是的。目前 5 月的預訂率約為 70%，6 月的預訂率略低於 50%。因此，目前我們的預訂已經非常緊張。再次強調，所有這些都已納入指南中，我們將按照目前看到的預訂水平進行執行。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。