西南航空 (LUV) 2023 Q1 法說會逐字稿

Good day, and welcome to the Southwest Airlines First Quarter 2023 Conference Call. My name is Chad, and I will be moderating today's call. This call is being recorded, and a replay will be available on southwest.com in the Investor Relations section. (Operator Instructions)

美好的一天，歡迎來到西南航空 2023 年第一季度電話會議。我叫查德，我將主持今天的電話會議。此通話正在錄音中，重播將在 southwest.com 的投資者關係部分提供。 （操作員說明）

At this time, I'd like to turn the call over to Mr. Ryan Martinez, Vice President of Investor Relations. Please go ahead, sir.

在這個時候，我想把電話轉給投資者關係副總裁 Ryan Martinez 先生。請繼續，先生。

Thank you, operator, and welcome, everyone, to our first quarter 2023 conference call. In just a moment, we will share our prepared remarks and then jump into Q&A. On the call with me today, we have our President and CEO, Bob Jordan, Executive Vice President and CFO, Tammy Romo; Executive Vice President and Chief Commercial Officer, Ryan Green; and Chief Operating Officer, Andrew Watterson.

謝謝接線員，歡迎大家參加我們 2023 年第一季度的電話會議。稍後，我們將分享我們準備好的評論，然後進入問答環節。今天與我通話的有我們的總裁兼首席執行官 Bob Jordan、執行副總裁兼首席財務官 Tammy Romo；執行副總裁兼首席商務官 Ryan Green；首席運營官 Andrew Watterson。

A quick reminder that we will make forward-looking statements, which are based on our current expectations of future performance, and our actual results could differ materially from expectations. Also, we will reference our non-GAAP results, which exclude special items that are called out and reconciled to our GAAP results in our press release. So please refer to the disclosures in our press release from this morning and visit our Investor Relations website for more information.

快速提醒一下，我們將根據我們目前對未來業績的預期做出前瞻性陳述，而我們的實際結果可能與預期存在重大差異。此外，我們將參考我們的非 GAAP 結果，這些結果不包括在我們的新聞稿中被調出並與我們的 GAAP 結果進行核對的特殊項目。因此，請參閱我們今天上午發布的新聞稿中的披露，並訪問我們的投資者關係網站了解更多信息。

With that, Bob, I'll turn it over to you.

有了這個，鮑勃，我會把它交給你。

Thank you, Ryan, and thank you, everyone, for joining us this morning. We incurred a first quarter net loss that was in line with our expectations, driven by a $380 million pretax negative financial impact related to the December operational disruption, roughly $325 million of that was from lower revenue in January and February, much of that cancellations of holiday return trips. We saw a strong rebound in revenue trends in March, resulting in record first quarter revenues despite the impact of the December disruption.

謝謝你，Ryan，也謝謝大家今天早上加入我們。我們的第一季度淨虧損符合我們的預期，原因是與 12 月運營中斷相關的 3.8 億美元稅前負面財務影響，其中約 3.25 億美元來自 1 月和 2 月的收入減少，其中大部分取消了假期回程。我們看到 3 月份的收入趨勢強勁反彈，儘管受到 12 月中斷的影響，但第一季度的收入仍創歷史新高。

Travel demand remained strong thus far, but we remain mindful of the uncertain economic environment. You have to be given all the headlines and trends we are seeing across many industries. We have tough year-over-year revenue comparisons here in the second quarter with last year's domestic revenue environment getting a boost from international closures. Taking that into consideration, demand, particularly leisure continues to show strength as we head into the busy summer travel season.

迄今為止，旅遊需求依然強勁，但我們仍然關注不確定的經濟環境。您必須了解我們在許多行業看到的所有頭條新聞和趨勢。我們在第二季度進行了艱難的同比收入比較，去年的國內收入環境因國際關閉而得到提振。考慮到這一點，隨著我們進入繁忙的夏季旅遊旺季，需求，尤其是休閒需求繼續表現強勁。

Our cost outlook is higher this year due to a few moving parts as we are making additional investments in the operation based on our learnings from December. I won't go through all of our key findings and work to shore up our winter preparedness because we've done that a few times now. I am very proud of our people for the operation they have delivered this year and for the relentless focus on executing our plan to fortify the operation in preparation for winter 2023.

我們今年的成本前景較高，因為我們根據 12 月的經驗對運營進行了額外投資，因此存在一些活動部件。我不會詳細介紹我們所有的主要發現並努力加強我們的冬季準備工作，因為我們已經做過幾次了。我為我們的員工感到非常自豪，因為他們今年開展了行動，並堅持不懈地專注於執行我們的計劃，以加強行動，為 2023 年冬季做準備。

Despite the near-term cost pressures, we have not lost focus on our goal to effectively manage the real inflationary cost increases we are seeing and equally as important, maintain our competitive cost position. As we look ahead, we currently expect solid profits here in Q2. We continue to expect solid profits for full year with a goal to grow full year margins and ROIC year-over-year as well as have our route network roughly restored by year-end.

儘管近期存在成本壓力，但我們並沒有失去對有效管理我們所看到的實際通脹成本增長的目標的關注，同樣重要的是，保持我們的競爭成本地位。展望未來，我們目前預計第二季度將獲得可觀的利潤。我們繼續預計全年利潤可觀，目標是全年利潤率和 ROIC 同比增長，並在年底前大致恢復我們的航線網絡。

We are reducing our full year 2023 growth plans due to a lower planning assumption for Boeing MAX deliveries this year. This relates to the recent news of further supply chain challenges at Boeing. The outcome is a reduction to our 2023 capacity and CapEx outlook, and we are currently reevaluating our hiring needs relative to our most recent expectation to hire more than 7,000 net new employees this year. We will be moderating our overall hiring plans as we get into the second half of 2023.

由於今年波音 MAX 交付的計劃假設較低，我們正在減少 2023 年全年增長計劃。這與最近有關波音進一步供應鏈挑戰的消息有關。結果是我們 2023 年的產能和資本支出前景有所下調，我們目前正在根據我們最近的預期重新評估我們的招聘需求，即今年淨招聘 7,000 多名新員工。進入 2023 年下半年，我們將調整整體招聘計劃。

In the meantime, we are most focused on revisions to our second half 2023 flight schedules to account for fewer aircraft, which Andrew will cover in more detail. I'm very proud of the progress we are making on our customer experience enhancements.

與此同時，我們最關注的是修改 2023 年下半年的航班時刻表，以減少飛機數量，安德魯將對此進行更詳細的介紹。我為我們在增強客戶體驗方面取得的進展感到非常自豪。

As a reminder, we are investing in 3 onboard initiatives, enhanced Wi-Fi, in-seat power and larger overhead bands. In early March, our first new aircraft with hardware from our new Wi-Fi provider, ViaSat, entered Revenue Service.

提醒一下，我們正在投資 3 項機上計劃、增強型 Wi-Fi、座椅電源和更大的頭頂頻段。 3 月初，我們的第一架配備新 Wi-Fi 提供商 ViaSat 硬件的新飛機進入了稅務局。

By third quarter, we expect all of our existing aircraft to be flying with upgraded Wi-Fi and Anuvu hardware offering increased speed and reliability. So just great progress on that front. Our new MAX 8 deliveries are coming into service with in-seat power and larger overhead bins. So those are already entering service as well. We're also very focused on mobile and other enhancements on our technology road map to offer more self-service options for our customers to give them more flexibility and ease during their journey.

到第三季度，我們預計我們現有的所有飛機都將配備升級後的 Wi-Fi 和 Anuvu 硬件，從而提高速度和可靠性。所以在這方面取得了很大進展。我們新交付的 MAX 8 飛機配備了座椅電源和更大的頭頂行李箱。所以那些也已經投入使用。我們還非常關注我們技術路線圖上的移動和其他增強功能，為我們的客戶提供更多自助服務選項，讓他們在旅途中更加靈活和輕鬆。

Highlighting one of our stronghold markets, Southwest is the #1 airline in Kansas City, growing from 6 flights in 1982 to 75 flights today. And I'm proud to say that our service in Kansas City is now fully restored to pre-pandemic levels. We recently celebrated the opening of the new Kansas City Airport in February, and we serve as the Chair of the airport and Airlines Affairs Committee. We really appreciated the opportunity to partner with the airport to deliver a beautiful new terminal that will serve us and the community well for a very long period of time. It was a great partnership all the way around, and it is a beautiful facility.

作為我們的據點市場之一，西南航空是堪薩斯城排名第一的航空公司，從 1982 年的 6 個航班增加到今天的 75 個航班。我很自豪地說，我們在堪薩斯城的服務現已完全恢復到大流行前的水平。我們最近慶祝了 2 月新堪薩斯城機場的啟用，我們擔任機場和航空公司事務委員會的主席。我們真的很高興有機會與機場合作，提供一個美麗的新航站樓，它將在很長一段時間內為我們和社區提供良好的服務。這是一個很好的合作夥伴關係，這是一個美麗的設施。

We continue to work hard on labor agreements for our people and we continue to make progress. We just reached a tentative agreement with TWU 550, which represents our meteorologists, and I want to commend both negotiating committees for the spirit of cooperation that led to that agreement.

我們繼續努力為我們的員工製定勞動協議，我們繼續取得進展。我們剛剛與代表我們氣象學家的 TWU 550 達成了初步協議，我要讚揚這兩個談判委員會促成該協議的合作精神。

We remain focused on negotiations with the union representing our ramp and ops employees and mediation with unions representing our pilots and flight attendants and remain committed to competitive market compensation packages for our people. We are very eager to get new contracts and have a significant amount of wage rate increases that have already been accrued and set aside and we look forward to rewarding those remaining groups soon.

我們仍然專注於與代表我們的停機坪和運營員工的工會進行談判，並與代表我們的飛行員和空乘人員的工會進行調解，並繼續致力於為我們的員工提供具有競爭力的市場薪酬方案。我們非常渴望獲得新合同，並且已經積累並擱置了大量的工資率增長，我們期待盡快獎勵那些剩餘的群體。

In closing, I'm just so very proud of our people. They are the heart of Southwest Airlines, and they deliver day in and day out for each other and for our customers. And despite the negative impacts in Q1, we believe we still have a solid plan for 2023. We are carefully managing the business in the near term, and we continue to believe in our long-term strategy and set of initiatives.

最後，我為我們的員工感到非常自豪。他們是西南航空公司的核心，日復一日地為彼此和我們的客戶提供服務。儘管第一季度存在負面影響，但我們相信我們仍然有 2023 年的可靠計劃。我們在近期謹慎管理業務，並且我們繼續相信我們的長期戰略和一系列舉措。

And with that, I will turn it over to Tammy.

有了這個，我會把它交給塔米。

Thank you, Bob, and hello, everyone.

謝謝你，鮑勃，大家好。

Our first quarter loss is disappointing and not how we hope to start 2023. However, the quarter was not without notable accomplishments. Our on-time performance year-to-date through March was solid. Our operations team navigated through a stream of difficult weather conditions successfully with no material impact to our network performance. And despite the negative revenue impact from the December operational disruption, we still had record first quarter passenger revenues and record other revenue. We also ended the quarter with strong double-digit margins for the month of March despite high fuel prices. All of this was made possible by the drive and hard work of our incredible employees.

我們第一季度的虧損令人失望，而不是我們希望以何種方式開始 2023 年。但是，本季度並非沒有顯著成就。截至 3 月，我們今年迄今的準點率表現穩健。我們的運營團隊成功度過了一系列惡劣的天氣條件，沒有對我們的網絡性能產生重大影響。儘管 12 月的運營中斷對收入產生了負面影響，但我們第一季度的客運收入和其他收入仍創歷史新高。儘管燃油價格高企，我們在 3 月份的季度末仍以兩位數的強勁利潤率結束。所有這一切都歸功於我們令人難以置信的員工的干勁和辛勤工作。

Ryan and Andrew will speak to our revenue and operations performance and outlook, so I will jump right in to our cost performance and outlook. Beginning with fuels. Our first quarter jet fuel price was $3.19 per gallon, which was on the high end of our guidance range. Throughout first quarter, crude oil prices stayed within a reasonable range, while prices dipped to about $65 per barrel in mid-March, they primarily hovered around $80 per barrel throughout first quarter.

Ryan 和 Andrew 將談到我們的收入和運營績效以及前景，所以我將直接進入我們的成本績效和前景。從燃料開始。我們第一季度的噴氣燃料價格為每加侖 3.19 美元，處於我們指導範圍的高端。整個一季度，原油價格保持在合理區間，3月中旬原油價格跌至65美元/桶左右，一季度主要徘徊在80美元/桶附近。

On the other hand, refining margins remained volatile during first quarter after hitting a 10-year high last year. Thankfully, market prices have fallen over recent weeks, in particular, crack spreads, which is a welcome relief. We are 51% hedged for our second quarter and estimate our second quarter fuel price to be in the $2.45 to $2.55 per gallon range, which is roughly $0.69 lower than our first quarter fuel price. That includes an estimated $0.13 of hedging gains, which equates to cost savings of roughly $70 million in second quarter alone.

另一方面，煉油利潤率在去年觸及 10 年高位後，在第一季度仍然波動。值得慶幸的是，最近幾週市場價格有所下跌，裂解價差尤其如此，這令人欣慰。我們對第二季度進行了 51% 的對沖，並估計我們第二季度的燃油價格在每加侖 2.45 美元至 2.55 美元的範圍內，比第一季度的燃油價格低約 0.69 美元。這包括估計 0.13 美元的對沖收益，這相當於僅在第二季度就節省了大約 7000 萬美元的成本。

We now estimate our full year 2023 fuel price to be in the $2.60 to $2.70 per gallon range, down a nickel from our previous guidance and still including $0.10 of hedging gains. Of course, this is a snapshot of our fuel guidance based on the April 19 forward curve and market oil prices and heating cracks can be volatile, which is why we hedge. We recently added to our 2024 fuel hedge portfolio and are now 51% hedged next year as well. We began building our 2025 portfolio and are about 10% hedged.

我們現在估計 2023 年全年燃油價格將在每加侖 2.60 美元至 2.70 美元的範圍內，比我們之前的指導價格低五分之一，但仍包括 0.10 美元的對沖收益。當然，這是我們基於 4 月 19 日遠期曲線的燃料指導的快照，市場油價和供暖裂縫可能會波動，這就是我們進行對沖的原因。我們最近增加了 2024 年燃料對沖投資組合，現在明年也有 51% 的對沖。我們開始構建我們的 2025 投資組合，並進行了約 10% 的對沖。

The total fair market value of our fuel hedge portfolio for second quarter 2023 through 2025 is $418 million. We will continue to see cost-effective opportunities to expand our hedging portfolio with a continued goal to get to roughly 50% hedging protection each year.

2023 年第二季度至 2025 年，我們燃料對沖投資組合的公允市場總價值為 4.18 億美元。我們將繼續尋找具有成本效益的機會來擴大我們的對沖組合，我們的目標是每年獲得大約 50% 的對沖保護。

Moving to nonfuel costs. Our first quarter year-over-year CASM-X increase of 5.9% was in line with our guidance range. As expected, we experienced inflationary cost pressures, primarily higher labor costs, including market wage rate accruals for all employee groups as well as increased technology spending and higher rates for airport and benefit costs. The remainder of the increase was primarily driven by operational disruption related expenses.

轉向非燃料成本。我們第一季度的 CASM-X 同比增長 5.9% 符合我們的指導範圍。正如預期的那樣，我們經歷了通貨膨脹成本壓力，主要是更高的勞動力成本，包括所有員工群體的市場工資率應計費用以及技術支出增加和機場和福利成本的更高費率。其餘的增長主要是由與運營中斷相關的費用推動的。

Looking ahead, we currently estimate our second quarter CASM-X to increase in the 5% to 8% range year-over-year, largely driven by general inflationary cost pressures that we expect to persist and are not unique to Southwest. In addition to higher labor rates, we continue to accrue for market wage rate increases for the remaining open labor contracts.

展望未來，我們目前估計第二季度 CASM-X 同比增長 5% 至 8%，這主要是受我們預計將持續存在且並非西南航空獨有的一般通脹成本壓力的推動。除了更高的勞動率外，我們繼續為剩餘的未結勞動合同增加市場工資率。

And as we further refine our multiyear maintenance planning, we have additional maintenance expense this year for our -800 fleet as more engines come due for heavy maintenance and this is adding further pressure to our second quarter cost inflation.

隨著我們進一步完善我們的多年維護計劃，今年我們的 -800 機隊有額外的維護費用，因為更多的發動機需要進行大修，這給我們第二季度的成本通脹增加了進一步的壓力。

For full year 2023, we now estimate CASM-X to decrease in the range of 2% to 4% year-over-year compared with our previous guidance of down 3.5% to 5.5%. Approximately 1 point of this year-over-year increase is due to lower capacity as a result of Boeing delivery delays and the remainder of the change in guidance is driven by the timing of maintenance expenses for our -800 fleet, a continuation of what we are experiencing here in the second quarter.

對於 2023 年全年，我們現在估計 CASM-X 同比下降 2% 至 4%，而我們之前的指引為下降 3.5% 至 5.5%。同比增長約 1 個百分點是由於波音交付延遲導致運力下降，而指導變化的其餘部分是由我們的 -800 機隊維護費用的時間驅動的，這是我們的延續二季度正在這裡體驗。

As a reminder, our full year CASM-X guidance continues to include higher labor rates, including market wage rate accruals for the remaining open labor contracts as well as the estimated tens of millions of dollars of additional investments we expect to incur towards our operational resiliency.

提醒一下，我們的全年 CASM-X 指南繼續包括更高的勞動力率，包括剩餘未結勞動合同的應計市場工資率，以及我們預計為提高運營彈性而進行的估計數千萬美元的額外投資.

Turning to our fleet. We received a total of 30 aircraft deliveries during first quarter as expected ending the quarter with 793 aircraft, which is a net of seven -700 retirements, 2 more than previously planned as we shifted up a couple of retirements from the second half of this year.

轉向我們的艦隊。我們在第一季度共收到 30 架飛機交付，預計本季度結束時有 793 架飛機，這是 7 架 -700 架退役飛機的淨值，比之前計劃的多 2 架，因為我們從今年下半年開始增加了幾架退役飛機.

Looking at the full year, based on the recent production issues at Boeing, we feel it's prudent to have a more conservative planning assumption and are now planning around 70 -8 aircraft deliveries in 2023 compared with our previous assumption of approximately 90 -8 deliveries.

縱觀全年，根據波音最近的生產問題，我們認為採用更保守的計劃假設是明智的，現在計劃在 2023 年交付約 70 -8 架飛機，而我們之前的假設是約 90 -8 架交付。

As a result, we have lowered our full year 2023 capacity guidance by roughly 1 point to up 14% to 15% year-over-year, which impacts our second half capacity assumptions mostly in fourth quarter. As a reminder, we have a surplus of underutilized aircraft and our fleet due to pilot hiring constraints. Therefore, the reduction in our delivery should not impact our summer flight schedule.

因此，我們將 2023 年全年產能指引下調了大約 1 個百分點，同比增長 14% 至 15%，這主要影響了我們下半年第四季度的產能假設。提醒一下，由於飛行員招聘限制，我們有過剩的未充分利用的飛機和我們的機隊。因此，我們交付量的減少不會影響我們的夏季航班時刻表。

We continue to expect our second quarter capacity to be up 14% year-over-year. Our planned deliveries continue to differ from our contractual order book. In addition to the recent aircraft delivery delays, which are not reflected in our contractual order book, we continue to reflect 46 undelivered 2022 contractual aircraft deliveries as 2023 deliveries in the order book, further outlined in our press release. But to be very clear, we are currently planning our published schedules around the delivery of 70 -8 aircraft this year, and we intend to solidify our order book with Boeing soon.

我們繼續預計我們第二季度的產能將同比增長 14%。我們的計劃交付繼續與我們的合同訂單不同。除了最近的飛機交付延遲（未反映在我們的合同訂單中）之外，我們繼續將 46 架未交付的 2022 年合同飛機交付反映在訂單中作為 2023 年交付，我們的新聞稿中進一步概述了這一點。但非常明確的是，我們目前正在計劃今年交付 70 -8 架飛機的公佈時間表，我們打算很快鞏固我們與波音公司的訂單。

In regards to our current CapEx outlook for this year, we now estimate to spend approximately $3.5 billion reflecting our updated delivery assumptions of 70 aircraft this year compared with our previous guidance of approximately $4 billion, which assumed roughly 90 aircraft deliveries.

關於我們目前對今年的資本支出展望，我們現在估計將花費大約 35 億美元，反映我們今年更新的 70 架飛機的交付假設，而我們之前的指導約為 40 億美元，假設大約交付 90 架飛機。

Lastly, a quick note on our balance sheet. We ended first quarter with cash and short-term investments of $11.7 billion after paying $59 million to retire debt and finance lease obligations in first quarter. We continue to expect a modest $85 million in scheduled debt repayments for full year 2023, including roughly $10 million in scheduled debt repayments here in second quarter.

最後，快速說明我們的資產負債表。在第一季度支付 5900 萬美元償還債務和融資租賃義務後，我們以 117 億美元的現金和短期投資結束了第一季度。我們繼續預計 2023 年全年的預定債務償還額為 8500 萬美元，其中包括第二季度約 1000 萬美元的預定債務償還額。

We also paid $214 million in dividends in the first quarter as our pre-pandemic dividend is fully restored. And based on our current expectations, we continue to expect 2023 interest income to more than offset 2023 interest expense. We continue to be in a net cash position, and we continue to be the only U.S. airline with an investment-grade rating by all 3 rating agencies.

由於我們的大流行前股息已完全恢復，我們還在第一季度支付了 2.14 億美元的股息。根據我們目前的預期，我們繼續預計 2023 年的利息收入將超過 2023 年的利息支出。我們繼續處於淨現金狀況，並且我們仍然是唯一一家獲得所有 3 家評級機構的投資級評級的美國航空公司。

In closing, this was not the first quarter performance we had planned back at Investor Day. However, I am immensely proud of our people and their perseverance. There is still work to be done to fully recover, but we are currently forecasting a substantial improvement sequentially to the bottom line with solid profitability this quarter.

最後，這不是我們在投資者日計劃的第一季度業績。然而，我為我們的員工和他們的毅力感到無比自豪。要完全恢復，仍有許多工作要做，但我們目前預測本季度利潤將連續大幅改善，盈利能力穩健。

We are laser-focused on managing ongoing inflationary cost increases, regaining better operating leverage and maintaining our competitive cost advantage. We have not lost sight of our goals or the warrior spirit of Southwest Airlines, and I'm eager to move forward along our path of success for many years to come.

我們專注於管理持續的通貨膨脹成本增加，重新獲得更好的運營槓桿並保持我們的競爭成本優勢。我們並沒有忘記我們的目標，也沒有忘記西南航空公司的勇士精神，我渴望在未來許多年沿著我們成功的道路向前邁進。

And with that, I will turn it over to Ryan.

有了這個，我會把它交給瑞安。

Thank you, Tammy. I'll take a minute to expand on the commentary in our press release this morning and provide more color on our first quarter results and second quarter outlook. Our first quarter revenue trends remained steady and within expectations throughout the quarter, with first quarter revenue growth of 21.6% year-over-year. This was right at the midpoint of guidance going back to our January earnings call.

謝謝你，塔米。我將花一點時間在今天早上的新聞稿中擴展評論，並為我們的第一季度業績和第二季度展望提供更多色彩。我們第一季度的收入趨勢在整個季度保持穩定並符合預期，第一季度收入同比增長 21.6%。這恰好在我們 1 月份財報電話會議的指引中點。

And as a reminder, we had 2 competing storylines in first quarter that played out as we anticipated. First, we incurred an estimated $325 million negative revenue impact that was isolated to January and February. This was the result of cancellations for return holiday travel and a slowdown in bookings following our operational disruptions in late December.

提醒一下，我們在第一季度有 2 個相互競爭的故事情節，正如我們預期的那樣。首先，我們估計在 1 月和 2 月產生了 3.25 億美元的負面收入影響。這是由於我們在 12 月下旬的運營中斷後取消了返程假期旅行以及預訂放緩。

We believe these negative revenue impacts have subsided and are now behind us. We saw the reverse over the second half of the quarter and witnessed strong revenue trends throughout March. That showed up in terms of overall demand, rapid reward redemptions and yields. And so even with the negative revenue impact at the beginning of the quarter, we had record first quarter operating revenues of $5.7 billion and record first quarter RASM of $0.15.

我們相信這些負面的收入影響已經消退，現在已經過去了。我們在本季度後半段看到了逆轉，並在整個 3 月份見證了強勁的收入趨勢。這體現在總體需求、快速獎勵贖回和收益率方面。因此，即使在本季度初對收入產生負面影響，我們第一季度的營業收入也創下了 57 億美元的記錄，第一季度 RASM 創下了 0.15 美元的記錄。

Managed Business revenues also improved significantly throughout the quarter. And by March, we're nearly restored to March 2019 levels, just shy of 100%. That has tremendous progress, and it feels like we're very close to full corporate revenue recovery at Southwest.

託管業務收入在整個季度也有顯著改善。到 3 月，我們幾乎恢復到 2019 年 3 月的水平，接近 100%。這取得了巨大進步，感覺我們已經非常接近西南航空公司的全面企業收入恢復。

Our managed business revenues have trended ahead of the industry due to our revenue initiatives in the corporate space, and this is driving new corporate accounts which of course, opens up access to incremental new pools of corporate passengers. And while the managed business recovery still isn't consistent across traveler sector or size of accounts, we expect further sequential improvement in managed business revenues from first quarter to second quarter. How the demand comes in, may be a bit choppy with more volumes further out in the booking curve, but this doesn't seem to be unique in the industry based on ARC data.

由於我們在企業領域的收入舉措，我們的託管業務收入已經領先於行業，這正在推動新的企業客戶，當然，這也為增加新的企業乘客群體打開了大門。雖然託管業務的複蘇在旅行者部門或賬戶規模上仍不一致，但我們預計從第一季度到第二季度託管業務收入將進一步改善。需求如何進入，可能會隨著預訂曲線中更多數量的增加而有點起伏不定，但這在基於 ARC 數據的行業中似乎並不是獨一無二的。

Regardless, we expect to continue making market share gains in the managed business space as we gained another point of market share in first quarter while we expect to grow passenger volume from our initiatives on very solid yields. In terms of the leisure booking curve, it has moved further out from what we saw last summer and fall and seems to have more or less normalized to pre-pandemic levels. Leisure demand and yields, which are well above pre-pandemic levels, continue to be strong heading into summer, and we're currently seeing the sequential improvements in operating revenue and yields that we would expect in the seasonally strong second quarter.

無論如何，隨著我們在第一季度獲得另一個市場份額，我們預計將繼續在託管業務領域獲得市場份額增長，同時我們預計我們的舉措將以非常穩健的收益率增加客運量。就休閒預訂曲線而言，它已經遠離我們去年夏天和秋天看到的情況，似乎或多或少已經正常化到大流行前的水平。遠高於大流行前水平的休閒需求和收益率在進入夏季後繼續保持強勁勢頭，我們目前看到營業收入和收益率的連續改善，這是我們在季節性強勁的第二季度所預期的。

All in all, the overall domestic revenue environment remains strong, and our initiatives are performing in line with our expectations. So in short, we're pleased with what we're currently seeing. O.

總而言之，國內整體收入環境依然強勁，我們的舉措符合我們的預期。簡而言之，我們對目前所看到的感到滿意。歐。

Ur second quarter RASM guidance range of down 8% to 11% contains a 4.5 point year-over-year headwind. As a reminder, second quarter 2022 operating revenues included approximately $300 million of additional breakage revenue, a higher-than-normal amount related to flight credits issued during the pandemic that were soon set to expire as well as our later policy change to eliminate flight credit expiration dates. Adjusting for this headwind, our second quarter RASM guidance would be down around 5%, and we're pleased with the core trends we're seeing.

你的第二季度 RASM 指導範圍下降 8% 至 11% 包含 4.5 個百分點的同比逆風。提醒一下，2022 年第二季度的營業收入包括大約 3 億美元的額外破損收入、高於正常水平的與大流行期間發放的即將到期的航班積分相關的金額，以及我們後來取消航班積分的政策變更到期日期。針對這種逆風進行調整，我們第二季度的 RASM 指導將下降 5% 左右，我們對我們看到的核心趨勢感到滿意。

This year-over-year headwind will not persist in the second half of 2023. We're also pleased with the performance of our Rapid Rewards program, co-brand credit card and all ancillary products in first quarter, and we're expecting another strong year-over-year performance in second quarter. We saw a first quarter record of new Rapid Rewards members added to the program and also had a first quarter record of ancillary revenue per passenger. And finally, our portfolio of new cities, including Hawaii, continue to mature.

這種同比逆風不會持續到 2023 年下半年。我們也對第一季度的 Rapid Rewards 計劃、聯名信用卡和所有輔助產品的表現感到滿意，我們期待另一個第二季度同比表現強勁。我們看到第一季度新加入該計劃的 Rapid Rewards 會員數量創下歷史新高，第一季度每位乘客的輔助收入也創下歷史新高。最後，我們的新城市組合（包括夏威夷）繼續成熟。

I'm also proud to announce that we have completed the selection and rollout of our new revenue management system, which is the Amadeus Network revenue management product. Our implementation timing is slightly ahead of our previous timeline of mid-2023 and we're very pleased with the revenue results we saw from Amadeus during the production pilot.

我也很自豪地宣布，我們已經完成了新收益管理系統的選擇和推出，這是 Amadeus Network 收益管理產品。我們的實施時間略早於我們之前的 2023 年年中時間表，我們對在生產試點期間從 Amadeus 看到的收入結果感到非常滿意。

We are encouraged about the future opportunity for incremental revenue, which really starts in earnest in third quarter as the new Amadeus product is now fully implemented and is currently managing all future bookings and departure dates. This is just an excellent job by our revenue management team to skillfully manage multiple revenue management systems as we recovered from the pandemic and which ultimately led to this selection. I'm just very proud of the team.

我們對未來增加收入的機會感到鼓舞，隨著新的 Amadeus 產品現已全面實施並且目前正在管理所有未來的預訂和出發日期，第三季度真正開始真正開始。這是我們的收入管理團隊在我們從大流行中恢復過來並最終導致這一選擇的過程中巧妙地管理多個收入管理系統的出色工作。我為球隊感到非常自豪。

In closing, I want to mention that we have watched our brand metrics very closely since the disruption and our scores have improved significantly throughout the first quarter. We are very fortunate to have a loyal customer base at Southwest that we do not take for granted, and we'll continue to communicate to them about our remediation plans and aim to consistently deliver the hospitality, customer service and operational reliability they are accustomed to from us at Southwest.

最後，我想提一下，自中斷以來，我們一直在密切關注我們的品牌指標，並且我們的分數在整個第一季度都有顯著提高。我們很幸運在西南航空擁有忠實的客戶群，我們並不認為這是理所當然的，我們將繼續與他們溝通我們的補救計劃，並致力於始終如一地提供他們習慣的熱情好客、客戶服務和運營可靠性來自我們西南航空。

And with that, I'll turn it over to Andrew.

有了這個，我會把它交給安德魯。

Thank you, Ryan, and hello, everyone. I will provide some color on the operation before we jump into Q&A.

謝謝你，瑞安，大家好。在我們進入問答環節之前，我會提供一些關於操作的顏色。

Following our event in late December, I am proud of the quick rebound we had in early January and the strong operational performance that our employees delivered in Q1. While Q1 was tough weather-wise, our people did a tremendous job quickly recovering from irregular operations. In the days following each event, we had no material hangover in our aircraft or crew networks. We maintained solid operational metrics and completion factor. This is evidence that our processes for irregular operations are solid and working as designed.

在我們 12 月下旬的活動之後，我為我們在 1 月初的快速反彈以及我們的員工在第一季度提供的強勁運營績效感到自豪。雖然第一季度天氣惡劣，但我們的員工做了大量工作，迅速從不正常的運營中恢復過來。在每次事件發生後的幾天裡，我們的飛機或機組人員網絡都沒有發生重大宿醉。我們保持了可靠的運營指標和完成因素。這證明我們的不規則操作流程是可靠的，並且按設計運行。

For the quarter, we finished #2 out of 10 airlines and on-time performance, which reflects well on our people. Most recently, while on April 18, we experienced a double firewall failure that resulted in an unexpected loss of connection to some operational data. While our technology teams worked quickly to resolve the issue that morning, out of abundance of caution, we temporarily ground-stopped the airline. It was a pretty quick fix by the Southwest team and a little more than an hour, we looked at the ground-stop and were back safely operating flights.

本季度，我們在 10 家航空公司中排名第二，準點率也很高，這對我們的員工來說是個好消息。最近，在 4 月 18 日，我們遇到了雙重防火牆故障，導致與某些操作數據的連接意外丟失。雖然我們的技術團隊在那天早上迅速解決了這個問題，但出於謹慎考慮，我們暫時停飛了該航空公司。 Southwest 團隊很快就解決了這個問題，一個多小時後，我們查看了地面停靠站，然後安全地返回運營航班。

While this type of event drives flight delays across the network, we canceled only 22 flights on April 18. We had no material impact on our operations the following day. Even with the delay that day, we ran 75% on time within an hour scheduled departure times and 95% within 2 hours. While we don't like those delays, this represents an admiral recovery by our people, all things considered.

雖然此類事件導致整個網絡的航班延誤，但我們在 4 月 18 日僅取消了 22 個航班。我們在第二天的運營中沒有受到實質性影響。即使那天有延誤，我們在預定起飛時間的一小時內準時運行了 75%，在 2 小時內準時運行了 95%。雖然我們不喜歡這些延誤，但考慮到所有因素，這代表著我們人民的海軍上將復蘇。

Regarding our operational disruption remediation plan, Bob covered that in detail at the JPMorgan conference in mid-March, and that presentation is available on the Investor Relations website.

關於我們的運營中斷補救計劃，鮑勃在 3 月中旬的摩根大通會議上詳細介紹了該計劃，該演示文稿可在投資者關係網站上找到。

Since then, we also provide greater detail on the microsite and e-mailed our customers with a readout of the key findings and remediation items we want in place by winter 2023. Therefore, I'm not going to walk through it again today. I just want to reiterate that we have a solid plan and our work is on track.

從那時起，我們還在微型網站上提供了更多詳細信息，並通過電子郵件向我們的客戶發送了我們希望在 2023 年冬季之前實施的關鍵發現和補救項目的讀物。因此，我今天不會再講一遍。我只想重申，我們有一個可靠的計劃，我們的工作正在按計劃進行。

Turning to capacity. Our lower aircraft delivery expectations this year is driving lower capacity expectations in second half 2023. As a result, our full year 2023 capacity growth is now expected to be in the range of 14% to 15% year-over-year. We're in the process of refining our published flight schedules post summer as we are reevaluating our flight schedule plans for our yet to be published November-December flight schedules. We expect to have those schedules published in the next month or so, but our current estimates are that we will trim planned capacity from September through December in the post summer travel period. This now puts us roughly 2 points lower than our original capacity plan for this year, with Q3 being 1 point lower and Q4 being 6 to 7 points lower on a year-over-year basis.

轉向容量。我們今年較低的飛機交付預期正在推動 2023 年下半年較低的運力預期。因此，我們現在預計 2023 年全年運力同比增長將在 14% 至 15% 之間。我們正在重新評估我們尚未發布的 11 月至 12 月航班時刻表的航班時刻表，因此我們正在完善已發布的夏季後航班時刻表。我們預計將在下個月左右發布這些時間表，但我們目前的估計是，我們將在夏季旅行後的 9 月至 12 月期間削減計劃運力。現在，這使我們比我們今年最初的產能計劃低了大約 2 個百分點，第三季度同比下降 1 個百分點，第四季度同比下降 6 到 7 個百分點。

Despite the lower capacity growth, nearly all of the capacity growth is still going back into key Southwest markets and adding market depth. There was no material change in our capacity allocation approach this year and we continue to expect to have our route network roughly restored by the end of this year.

儘管運力增長較低，但幾乎所有運力增長仍將回到關鍵的西南市場並增加市場深度。今年我們的運力分配方法沒有重大變化，我們繼續預計到今年年底我們的航線網絡將大致恢復。

I want to wrap up by commending the negotiating team of TWU 550, who represents our meteorologists and it just reached a tentative agreement that will be voted on by our employees soon. We have now come to agreement with 9 of 12 work groups covered by collective bargaining agreements.

最後，我想讚揚代表我們氣象學家的 TWU 550 談判團隊，他們剛剛達成了一項初步協議，很快將由我們的員工投票表決。我們現在已經與集體談判協議涵蓋的 12 個工作組中的 9 個達成一致。

We'll continue negotiations with the unions representing our other work groups, and we are eager to get these deals wrapped up, so the remainder of our employees can begin receiving the increased compensation we are eager to pay them. We continue to accrue market and competitive wage rates for our employees, which means our financial results and guidance already reflect their estimated raises.

我們將繼續與代表我們其他工作組的工會進行談判，我們渴望完成這些交易，這樣我們其餘的員工就可以開始獲得我們渴望支付給他們的增加的報酬。我們繼續為我們的員工積累市場和有競爭力的工資率，這意味著我們的財務業績和指導已經反映了他們的估計加薪。

And with that, I will turn it back over to Ryan Martinez.

有了這個，我會把它轉回給瑞安馬丁內斯。

Thank you, Andrew. We have analysts queued up for questions. So a quick reminder to please keep your questions to 1 and a follow-up if needed. Operator, please go ahead and begin our analyst Q&A.

謝謝你，安德魯。我們有分析師排隊提問。所以快速提醒一下，請將您的問題保留在 1，並在需要時進行跟進。接線員，請繼續，開始我們的分析師問答。

(Operator Instructions) And the first question will come from Duane Pfennigwerth from Evercore ISI.

（操作員說明）第一個問題將來自 Evercore ISI 的 Duane Pfennigwerth。

Just on costs, I totally appreciate you have a business to run and there's moving pieces. But the slow drip of these CASM revisions has been painful for your investors. And so my question is, do you feel like the Band-Aid is finally being ripped off today? And what are the circumstances that would cause you to raise your CASM expectations again this year?

僅就成本而言，我非常感謝您有業務要經營並且有變動的部分。但是這些 CASM 修訂的緩慢滴落對您的投資者來說是痛苦的。所以我的問題是，你覺得創可貼今天終於被撕掉了嗎？什麼情況下會導致您今年再次提高對 CASM 的預期？

Yes, I'll start and Tammy can clean up here. But most of what you've seen are revisions. I mean, there's real inflation out there. Some of it is that. A lot of it is continuing to revise for labor accruals as the market changes. If you take our pilots, for example, the best marker out there is delta in terms of rates and benefits and so you can assume that we're fully accrued for all open contracts to those rates. We've got a little more inflation here that showed up around maintenance on our 800s.

是的，我會開始，塔米可以在這裡打掃衛生。但你所看到的大部分都是修訂版。我的意思是，那裡確實存在通貨膨脹。其中一些是這樣的。隨著市場的變化，其中很多都在繼續修改勞動力應計收入。例如，如果你拿我們的飛行員來說，最好的標記是費率和福利方面的增量，所以你可以假設我們已經為所有未結合同完全計入這些費率。我們這裡有更多的通貨膨脹出現在我們 800s 的維護周圍。

Some of that is just timing pulling some 24 into 23 around engine visits, for example. It's hard to know on the inflation front. But yes, I think you could expect that for the most part, we're pretty clean at this point. I don't expect -- I mean the other driver, obviously, would be if we had a further change in our capacity expectation for 2023, I don't expect that.

例如，其中一些只是圍繞引擎訪問將一些 24 變成 23 的時間。在通貨膨脹方面很難知道。但是，是的，我想你可以預料到，在大多數情況下，我們現在非常乾淨。我不希望 - 我的意思是另一個驅動因素，顯然，如果我們對 2023 年的產能預期有進一步的變化，我不希望那樣。

I think this move from 90 down to 70 will help us get a real clean view on our capacity set. And therefore, any impact on the 1 point impact on CASM for the year. But now, Tammy, what else would you add?

我認為這種從 90 下降到 70 的轉變將幫助我們真正清楚地了解我們的容量集。因此，對當年 CASM 的 1 點影響的任何影響。但是現在，Tammy，你還想補充什麼？

Yes. No, I think you covered it, Bob. Yes, the primary cost pressure is salary wages and benefits, and that's clearly driven by inflationary pressures here. So certainly not unique to us and capacity, as always, is going to have an impact on our CASM-X at the end of the day. But we -- our second quarter cost here, at least the profile should be pretty fully loaded, so to speak.

是的。不，我想你涵蓋了它，鮑勃。是的，主要的成本壓力是工資和福利，這顯然是由通貨膨脹壓力驅動的。所以肯定不是我們獨有的，容量一如既往地會在一天結束時對我們的 CASM-X 產生影響。但是我們 - 我們的第二季度成本在這裡，至少可以說配置文件應該已經滿載。

That said, we're always going to look for opportunities to improve. We have our ongoing operations modernization plan. So we've incorporated that best we can. And of course, as we move forward, we have opportunities as we gain operating leverage with the network. So understand the question. But when we have capacity changes, that typically does drive some change in CASM-X. So that's the primary culprit here as we look at 2023.

也就是說，我們一直在尋找改進的機會。我們有正在進行的運營現代化計劃。所以我們已經盡我們所能。當然，隨著我們的前進，我們有機會通過網絡獲得運營槓桿。所以理解這個問題。但是，當我們發生容量變化時，通常會推動 CASM-X 發生一些變化。所以這是我們展望 2023 年的罪魁禍首。

Duane, I think the other thing that's helpful, too, is we've been pretty forthcoming that we're -- especially on the hiring front, we're hiring ahead to prepare for growth. A lot of that -- this year coming in '24, I think this further revision with Boeing from 90 down to 70 is going to help us go back through, look at our hiring plans, moderate our hiring plans at this point between the 46 aircraft that were undelivered from last year, now you got an additional 20 than 66.

杜安，我認為另一件有幫助的事情是，我們一直非常樂於助人——尤其是在招聘方面，我們正在提前招聘，為增長做準備。很多——今年 24 年即將到來，我認為波音的進一步修訂從 90 下降到 70 將幫助我們回顧過去，看看我們的招聘計劃，在 46 之間的這一點上調整我們的招聘計劃去年未交付的飛機，現在比 66 架多了 20 架。

We -- that are stacked up forward. We're not taking 152 aircraft next year. So we have the opportunity to go back, work with Boeing, reflow the order book. I mean we want all of the aircraft in the book here because we got a good deal, but reflow the order book in a way that is smooth, it is orderly growth, and I think that will help us with wring out this pre-hiring, advanced hiring to prepare for growth as well and regain efficiencies as we move through the rest of the year.

我們 - 向前堆疊。我們明年不會購買 152 架飛機。所以我們有機會回去，與波音公司合作，重新安排訂單。我的意思是我們想要這本書中的所有飛機，因為我們得到了一筆好交易，但以一種平穩的方式重新安排訂單，這是有序的增長，我認為這將幫助我們完成預租，提前招聘，為增長做好準備，並在我們度過今年剩餘時間時恢復效率。

Appreciate those thoughts. And then maybe just a quick follow-up on breakage. I hope this is the last quarter we hear about it. But given the dynamics in 2Q, do you think the June quarter will be your weakest year-over-year RASM -- down RASM quarter? And what RASM outcome are you managing in the back half of the year to?

欣賞這些想法。然後也許只是對破損的快速跟進。我希望這是我們聽到的最後一個季度。但考慮到第二季度的動態，您是否認為 6 月季度將是您同比 RASM 最弱的季度 - 下降 RASM 季度？你在今年下半年管理的 RASM 結果是什麼？

Yes, sure. Thanks, Duane. Yes, obviously, we had challenging comparisons here in the second quarter given breakage last year. So we do expect that to be the last quarter with that headwind.

是的，當然。謝謝，杜安。是的，顯然，鑑於去年的破損，我們在第二季度進行了具有挑戰性的比較。因此，我們確實預計這將是逆風的最後一個季度。

And aside from that we also had, I would say, difficult compares here. As you're aware, Duane, last year, the domestic revenue environment was a very robust benefited just not specific to Southwest, but just in general, benefited from international closures last year, making comparisons here in the second quarter challenging. But as Ryan covered very thoroughly in his remarks, we're seeing demand strength here in the second quarter and at this point, trends look strong.

除此之外，我想說，我們在這裡也有困難的比較。正如你所知，Duane，去年，國內收入環境非常強勁，不僅受益於西南航空，而且總體上受益於去年的國際關閉，這使得第二季度的比較具有挑戰性。但正如 Ryan 在他的言論中非常詳盡地涵蓋的那樣，我們看到第二季度這裡的需求強勁，在這一點上，趨勢看起來很強勁。

Yes. The only thing I'll add there, Duane, is that it'd be tough. I think clearly, the financial headlines and the macro environment, we've got to be mindful of that and what's happening around this year. But so far, we've seen no impact on air travel, the revenue looks good here for the second quarter and what we can see.

是的。杜安，我唯一要補充的是，這會很艱難。我清楚地認為，金融頭條新聞和宏觀環境，我們必須注意這一點以及今年左右發生的事情。但到目前為止，我們還沒有看到對航空旅行的影響，第二季度的收入看起來不錯，我們可以看到。

It's probably tough to speculate beyond second quarter and into the second half of the year. We'll just have to -- as we get kind of mid-July timeframe and get a view into mid-August and into the fall, we'll have a better idea of how things are shaping up beyond the sequentially strong second quarter. But yes, nothing but strong trends here as we look forward and out into the summer.

可能很難推測第二季度之後和今年下半年的情況。我們只需要 - 當我們獲得 7 月中旬的時間框架並了解 8 月中旬和秋季的情況時，我們將更好地了解第二季度連續強勁之後的情況。但是，是的，當我們展望並進入夏季時，這裡只有強勁的趨勢。

And the next question is from Scott Group from Wolfe Research.

下一個問題來自 Wolfe Research 的 Scott Group。

Andrew, I want to follow up on the capacity cuts. When you were talking through the point of capacity, you said some -- maybe I misheard, but I thought you said a point out of Q3 and then like 6 points or something out of Q4. I didn't really understand it. And then more importantly, what does this mean for capacity next year? Is there now more growth next year to catch up? Is there less growth because we're just going to continue this? How do I think about that?

安德魯，我想跟進產能削減的情況。當你談到能力點時，你說了一些——也許我聽錯了，但我認為你說的是第三季度的一點，然後是第四季度的 6 點或其他東西。我真的不明白。然後更重要的是，這對明年的產能意味著什麼？明年是否有更多的增長可以趕上？增長是否會因為我們要繼續這樣做而減少？我怎麼想的？

Well, I'll start off, and then Tam and Bob can chime in. But the impact the delivery book from the Boeing Quality Escape means that the -- effectively, it's the kind of fourth quarter where you'll be short of the aircraft. And then for those schedules will bear the brunt right from September through December, those schedules will be less than originally projected. So we will modify those schedules to make sure we reflect the lower aircraft count.

好吧，我要開始了，然後 Tam 和 Bob 可以插話。但是波音 Quality Escape 的交付書的影響意味著——實際上，這是第四季度你將缺少飛機的類型.然後，對於那些從 9 月到 12 月首當其衝的時間表，這些時間表將比最初預計的要少。因此，我們將修改這些時間表，以確保我們反映出較低的飛機數量。

September and October will be modest revisions to what was already published. We actually publish those schedules with some easily removable aircraft to hedge our bet in case something did happen, so that will be fairly clean. And then we were about to publish November December, now we're going to go back and redevelop November, December with a lower aircraft count to reflect this. So that's what's going to drive the capacity lower during that period of time versus the original plan.

9 月和 10 月將對已發布的內容進行適度修改。我們實際上發布了那些帶有一些易於拆卸的飛機的時間表，以對沖我們的賭注，以防萬一發生什麼事情，所以這將是相當乾淨的。然後我們即將發布 11 月 12 月，現在我們要回去重新開發 11 月，12 月，飛機數量減少以反映這一點。因此，與最初的計劃相比，這就是在這段時間內降低產能的原因。

And then for next year, I think Bob touched on when we talked about reflowing the order book because these aircraft that were not delivered last year, not delivered this year, you can't just assume they're bunching up and they're all coming one slug next year because that would be -- we're looking for an orderly growth, as Bob said. So as we reflow that order book, then we can look to how that -- what that means for '24, '25.

然後是明年，我想鮑勃在我們談到重新安排訂單時提到了因為這些飛機去年沒有交付，今年也沒有交付，你不能假設它們聚集在一起，它們都是明年會出現一個問題，因為那將是——正如鮑勃所說，我們正在尋求有序的增長。因此，當我們重排該訂單簿時，我們可以看看它是如何——這對 '24、'25 意味著什麼。

Yes. I think the other thing just to point out is maybe related is the -- we talked a lot about what's constraining the airline. And right now, that is pilot hiring. So we have aircraft effectively that we are not producing capacity out of today because the constraint is just pilots. A lot of -- a lot of carriers are dealing with this, and that was going to true up roughly at the end of the year.

是的。我認為要指出的另一件事可能是相關的——我們談了很多關於限制航空公司的因素。現在，這就是試點招聘。所以我們有效地擁有飛機，我們今天沒有生產能力，因為限制只是飛行員。很多 - 很多運營商都在處理這個問題，並且這將在今年年底大致實現。

Now with the order book dropping, the deliveries issue dropping from 90 to 70. That's the point at which the pilot constraint turns into an aircraft constraint is -- will definitely be earlier. It will be post summer, late third quarter, early fourth quarter. We'll flip to aircraft constrained from pilot constrained. And we'll just take that into account as we -- again, as we think about hiring and planning for this year and then planning again for next year. Because again, a lot of the hiring is planning for growth next year.

現在隨著訂單減少，交付問題從 90 下降到 70。這就是飛行員限制變成飛機限制的時間點——肯定會更早。這將是夏季過後、第三季度末、第四季度初。我們將轉向受飛行員約束的飛機。我們只是考慮到這一點，因為我們 - 再次考慮今年的招聘和計劃，然後為明年再次計劃。因為，很多招聘人員都在計劃明年的增長。

So number one, the constraint will flip to aircraft constrained. And then second, we want -- again, as Andrew said, we want orderly growth. We don't want 152 aircraft next year. We want to grow -- we have a lot of opportunities, but we want that growth to be orderly and measured and as consistent as we can be year to year to year.

所以第一，約束將轉向飛機約束。其次，我們希望——再次，正如安德魯所說，我們希望有序增長。我們明年不想要 152 架飛機。我們想要成長——我們有很多機會，但我們希望這種成長是有序的、有衡量的，並且盡可能保持年復一年的一致。

So hopefully, that helps. We're just thinking about capacity next year and how that relates to the order book. We have work to do with Boeing, obviously. The news is still pretty fresh about 10 days or so old. We have work to do to -- with Boeing to just think about how to reflow the order book here, and we'll get through that and keep you informed as we do that.

希望這會有所幫助。我們只是在考慮明年的產能以及它與訂單的關係。顯然，我們與波音公司有合作。大約 10 天左右，這個消息仍然很新鮮。我們有工作要做 - 與波音公司一起考慮如何在這裡重新安排訂單，我們會解決這個問題並在我們這樣做時隨時通知您。

Okay. And then just more near-term question. When I look at the second quarter RASM guide, if I add back the $325 million book away from back to Q1. It implies a pretty meaningful deceleration in RASM, at least like versus 2019 levels or maybe less of a sequential uptick in RASM than we typically see 1Q to 2Q. Any thoughts on why we're seeing that trend show?

好的。然後是更近期的問題。當我查看第二季度 RASM 指南時，如果我將 3.25 億美元的賬本加回到第一季度。這意味著 RASM 的減速非常有意義，至少與 2019 年的水平相比是這樣，或者 RASM 的連續上升幅度可能低於我們通常看到的第一季度至第二季度。關於我們為什麼要看那個趨勢秀有什麼想法嗎？

Yes, Scott. I think if you look here, we've looked at this a lot of different ways and you think about what the guide and what revenue performance is looking like here as we go into the second quarter. The first quarter has got a lot of noise in there, whether you've got Omicron last year or you've got -- or disruption this year. And also, in addition to that, there is a lot of international tailwinds out there in the industry that while international is strong for us, we just -- obviously, we don't have as much exposure to that as some of our peers in the industry.

是的，斯科特。我想如果你看這裡，我們已經以很多不同的方式看待這個問題，你會想一想我們進入第二季度時這裡的指南和收入表現是什麼樣的。第一季度那裡有很多噪音，無論你是去年有 Omicron 還是你有 - 或者今年有中斷。而且，除此之外，該行業還有很多國際順風，雖然國際對我們來說很強大，但我們 - 顯然，我們沒有像我們的一些同行那樣多地接觸到它行業。

And so when you isolate to the domestic performance and you go back to pre-pandemic, whether you're looking at 2018, 2019, and kind of projecting that forward in terms of growth and revenue performance. When we look at fourth quarter, no matter really how you cut it, fourth quarter to second quarter, first quarter to second quarter, we're pleased with how that ends up what that comparison looks like. And it looks to us like it's relatively in line with what else is out there. I think the other thing just...

因此，當你孤立於國內表現並回到大流行前時，無論你是在看 2018 年、2019 年，還是在增長和收入表現方面進行預測。當我們看第四季度時，無論你如何削減它，第四季度到第二季度，第一季度到第二季度，我們對最終的比較結果感到滿意。在我們看來，它與那裡的其他東西相對一致。我認為另一件事只是...

The other thing I think I would add is just we are seeing, as Ryan pointed out in his remarks, we're seeing strong business demand here. We were just right at restored to 2019 levels in March, which I think is a remarkable accomplishment. And I think industry-leading in terms of our ability to get there that quickly. It's going to be choppy a little bit here in the second quarter, but we do expect sequential improvement from the first quarter to the second quarter in terms of business bookings and managed business.

我想我要補充的另一件事是，正如瑞安在他的講話中指出的那樣，我們在這裡看到了強勁的業務需求。我們在 3 月份正好恢復到 2019 年的水平，我認為這是一項了不起的成就。我認為，就我們快速實現目標的能力而言，我們處於行業領先地位。第二季度這裡會有點波動，但我們確實預計從第一季度到第二季度在業務預訂和管理業務方面會有所改善。

And I'm just really proud of that. But on top of that, you've got obviously the investments we've made in business, GDS, those are showing up. We've got -- and Ryan can talk to this. We've got -- we made our selection around a new revenue management system with Amadeus, actually made that selection earlier than we talked about at Investor Day. That system is now managing all forward bookings, all forward travel periods, and we expect good revenue results from the system as well. So a lot of other positives that will come on here as you move forward across the year.

我為此感到非常自豪。但最重要的是，你顯然得到了我們在商業、GDS 方面的投資，這些投資正在顯現。我們已經 - 瑞安可以談談這個。我們已經 - 我們圍繞與 Amadeus 的新收入管理系統做出了選擇，實際上比我們在投資者日談到的更早做出了選擇。該系統現在正在管理所有提前預訂、所有提前旅行期間，我們預計該系統也能帶來良好的收入結果。因此，隨著您在這一年中向前邁進，這裡還會出現許多其他積極因素。

The next question is from Jamie Baker from JPMorgan.

下一個問題來自摩根大通的 Jamie Baker。

So if we adjust for the January and February book away and then take the midpoint of your second quarter demand guide, it looks like sequential revenue from the first to the second quarter is pretty much in line with ordinary pre-COVID seasonality. So is the takeaway that the book away had fully ceased and the brand is intact?

因此，如果我們調整 1 月和 2 月的賬目，然後取第二季度需求指南的中點，看起來第一季度到第二季度的連續收入與普通的 COVID 前季節性非常一致。那麼外賣是否已經完全停止，品牌完好無損？

Yes. I think the -- I think that's a really good way to summarize how we're thinking about it as well. Just in terms of sequential -- I think about the sequential trend there. But yes, we feel like the revenue impact from the ops disruption, most of it was holiday return travel that obviously was canceled because the outbounds weren't there. And we had some book away. It feels like it was isolated to January and February. March was really strong.

是的。我認為 - 我認為這也是總結我們如何思考它的一種非常好的方式。就順序而言——我考慮那裡的順序趨勢。但是，是的，我們覺得運營中斷對收入的影響，其中大部分是假期回程旅行，顯然因為沒有出境而被取消。我們拿走了一些書。感覺像是被隔離到了一二月份。三月真的很強大。

We had double-digit margins in March, very strong demand as Ryan pointed out, we had record additions in terms of rapid reward members in the first quarter. So there's a lot of evidence of strength. As you look into the second quarter, we don't see any evidence of book-away at this point. The trends are strong. Now we have work to do. Let me just acknowledge that when you look at just -- we do a lot of brand surveys. And as we look at all of that, there is work to do across the year to continue to restore some of our brand health has completely expected following what happened in December.

我們在 3 月份獲得了兩位數的利潤率，正如 Ryan 指出的那樣，需求非常強勁，我們在第一季度的快速獎勵會員方面增加了創紀錄的數量。所以有很多力量的證據。當您查看第二季度時，我們目前沒有看到任何預訂的證據。趨勢很強勁。現在我們有工作要做。讓我承認，當你看的時候——我們做了很多品牌調查。當我們審視所有這一切時，全年仍有工作要做，以繼續恢復我們的一些品牌健康，這在 12 月發生的事情之後完全符合預期。

The numbers are improved tremendously from December through April here. We're seeing that moves up very, very quickly, but we need to run a reliable operation for our customers. We're doing that. We were #2 in the first quarter and had completion factors that were up 2 points year-over-year on-time performance that I think was up 3 points quarter-over-quarter. We are focused on delivering a wonderful product with great hospitality, hospitality from our employees. We need to execute. But no, there's no evidence at this point that the book away is continuing. Trends are strong, but we do have work to do on the brand front.

從 12 月到 4 月，這裡的數字得到了極大的改善。我們看到它上升得非常非常快，但我們需要為我們的客戶運行可靠的操作。我們正在這樣做。我們在第一季度排名第二，完成因素比去年同期提高了 2 個百分點，我認為比上個季度提高了 3 個百分點。我們專注於提供出色的產品，我們的員工熱情好客。我們需要執行。但是不，目前沒有證據表明這本書還在繼續。趨勢很強勁，但我們在品牌方面確實有工作要做。

Yes. Yes. The only thing I'd add on to that, Jamie, is that we have confidence in that because we have really good visibility. Not only are we watching the scores in confidence and trust and consideration for Southwest for their next trip. And like Bob said, those scores have improved dramatically over the first -- or significantly over the first -- the course of the first quarter here.

是的。是的。傑米，我唯一要補充的是，我們對此充滿信心，因為我們的知名度非常好。我們不僅在信心、信任和考慮西南航空公司的下一次旅行中看到了分數。就像鮑勃說的那樣，這些分數比第一節有了顯著提高——或者說比第一節有了顯著提高——在第一節的過程中。

And when you look into the second quarter, we've got really good visibility. About 75% of the quarter is booked at this point. We got 50% of June booked at this point. And so all signs look really good and strong for the second quarter. Leisure demand is strong. Managed business is going to sequentially improve here. Looks like in the second quarter from where we were in the first. And assuming we continue on plan here and what we're forecasting, we're set to turn in another record revenue performance in the second quarter.

當您查看第二季度時，我們的知名度非常好。此時，該季度約有 75% 的訂單已被預訂。此時我們預訂了 6 月的 50%。因此，第二季度的所有跡像看起來都非常好和強勁。休閒需求旺盛。託管業務將在此處逐步改進。從我們在第一季度開始的第二季度來看。假設我們繼續按照這裡的計劃和我們的預測，我們將在第二季度創造另一個創紀錄的收入表現。

So like Bob said, we have work to do. We just need to continue to execute and be the Southwest Airlines that customers have grown to know and love. But in terms of bookings, no evidence of any sort of hangover.

所以就像鮑勃說的，我們有工作要做。我們只需要繼續執行並成為客戶逐漸了解和喜愛的西南航空公司。但就預訂而言，沒有任何宿醉的跡象。

So that's kind of a good segue, I guess, into my next question. So from a passenger perspective, or let's say, a new passenger. So somebody that's just starting to fly, they've reached that economic level or they're just entering the workforce, whatever. Somebody that's not already loyal, what's the value proposition for flying Southwest these days? I mean I get it in a point-to-point -- for point-to-point operations, many instances where you're going to be up, your only competitors are connecting flights. So that's a no-brainer, but in truly competitive markets, if the price is equal and if a passenger isn't already wed to your brand or your credit card ecosystem, what does Southwest do to attract that first-time buyer?

所以我想這是一個很好的轉折點，進入我的下一個問題。因此，從乘客的角度來看，或者說是新乘客。所以剛開始飛行的人，他們已經達到了那個經濟水平，或者他們剛剛進入勞動力市場，無論如何。還不忠誠的人，這些天飛往西南航空的價值主張是什麼？我的意思是我以點對點的方式得到它——對於點對點的操作，很多情況下你要起床，你唯一的競爭對手是轉機航班。所以這是顯而易見的，但在真正競爭激烈的市場中，如果價格相同，並且如果乘客尚未與您的品牌或您的信用卡生態系統結合，那麼西南航空公司會採取什麼措施來吸引首次購買者？

I think the brand strengths that have been in place for almost -- for 52 years are still there. You have -- we have a -- and even better, we have a tremendous network again, far more nonstop direct flights, we have terrific service, on-time performance, all those things are improving as well. We're continuing to work on the customer experience.

我認為已經存在了近 52 年的品牌優勢仍然存在。你有——我們有——甚至更好的是，我們再次擁有一個巨大的網絡，更多的直飛航班，我們有極好的服務，準時的表現，所有這些都在改善。我們將繼續致力於改善客戶體驗。

We have new deliveries that are coming now with power on the aircraft. We have larger -- the larger overhead bins. We have improved Wi-Fi. We have our terrific employees and service. And of course, we have really good everyday low fares. So those brand strengths have not changed.

我們有新的交付，現在飛機上有電。我們有更大——更大的頭頂行李箱。我們改進了 Wi-Fi。我們擁有出色的員工和服務。當然，我們每天都有超低票價。所以那些品牌優勢沒有改變。

If you look at something like the larger overhead bins and again, it's a small sample size. We have it on a relatively small number of aircraft at this point, but we're watching the data, it's reducing in what we -- Andrew check me, but in what we've seen so far, it's reducing gate check bags by 60%, that's a huge win for our customers. It's a big win for us as well. It certainly helps with cost. It's, again, a modest amount of data, but it's reducing turn times as well on our aircraft.

如果您再次查看較大的頭頂行李箱之類的東西，它的樣本量很小。目前我們在相對較少的飛機上安裝了它，但我們正在觀察數據，它正在減少我們——安德魯檢查我，但就我們目前所看到的，它減少了 60 件登機口托運行李%，這對我們的客戶來說是一個巨大的勝利。這對我們來說也是一場巨大的勝利。這當然有助於降低成本。同樣，這是少量數據，但它也減少了我們飛機的轉機時間。

But back to your question, I mean, the value proposition that has always existed for Southwest Airlines for over 50 years is still true today. When you look at -- one of the things we look at constantly before the ops disruption and after is consideration, where do we sit in the consideration set, both for customers of Southwest and customers that are, for the first time, considering Southwest Airlines. And those numbers are really strong. They dipped of course, during the disruption, but they've come back quickly and tells me that we don't have a hangover from the ops disruption.

但回到你的問題，我的意思是，西南航空公司 50 多年來一直存在的價值主張在今天仍然適用。當你看——我們在運營中斷之前和之後不斷關注的事情之一是考慮，我們在考慮集中的位置，無論是西南航空公司的客戶還是第一次考慮西南航空公司的客戶.這些數字真的很強勁。在中斷期間，它們當然有所下降，但它們很快就回來了，並告訴我我們沒有因運營中斷而留下後遺症。

No. I largely would say the same exact thing. The things that have made Southwest Airlines great historically. In my mind, are only better today, and I think customers understand that. And despite what happened in December, and Bob said many times that, that's not going to define us going forward. And it doesn't.

不，我基本上會說同樣的話。使西南航空公司在歷史上變得偉大的事情。在我看來，今天只會更好，我認為客戶明白這一點。儘管 12 月發生了什麼，而且 Bob 多次說過，但這不會定義我們前進的方向。但事實並非如此。

When you look at our brand scores, customers new and existing give us a whole lot of credit were, by far, the most customer-friendly and business-friendly airline in terms of great service at a great price with the most rewarding frequent flyer program. We win time and time again, more seats are redemption seats on Southwest Airlines than any of our competitors, not even close. So we're by far the most rewarding airline.

當您查看我們的品牌評分時，新客戶和現有客戶給了我們很大的信任，到目前為止，我們是客戶最友好和業務最友好的航空公司，以優惠的價格提供優質的服務，並提供最有價值的常旅客計劃.我們一次又一次獲勝，Southwest Airlines 的兌換座位比我們的任何競爭對手都多，甚至相差無幾。因此，我們是迄今為止最有價值的航空公司。

And when you look at our stable of customer-friendly policies with bags fly free, no change fees forever regardless of the fare that you fly and we're even making it more flexible with flight credits that don't expire. I think the value proposition is only getting better.

當您查看我們穩定的客戶友好型政策時，行李可以免費飛行，無論您乘坐的票價如何，都永遠不會收取改簽費，我們甚至通過永不過期的航班積分使其更加靈活。我認為價值主張只會越來越好。

If you look, Jamie, at the use case you talked about a new flyer, the entry-level product is where we shine. So we have -- I would have served the highest-quality economy product. Others offer a basic economy or other type of product, which is stripped down penalizing whereas you fly us, you're flying a regular economy that's got ample legroom. 50% of our aircraft now are 800s or MAXs, which has a 32-inch pitch. So you have a much better physical product, you have much better policies and procedures, our people are joy to deal with rather than the opposite.

傑米，如果你看一下你談到新傳單的用例，入門級產品就是我們的亮點。所以我們 - 我會提供最高質量的經濟產品。其他人提供基本經濟艙或其他類型的產品，當您乘坐我們的航班時，這些產品會受到懲罰，您乘坐的是普通經濟艙，腿部空間充足。我們現在 50% 的飛機是 800 或 MAX，間距為 32 英寸。所以你有更好的實物產品，你有更好的政策和程序，我們的員工樂於與之打交道，而不是相反。

So a new flyer would come aboard us and go, "Oh, wow, this is great. This is so much better than the other airlines." And that's where then they say, "Well, I'll fly them again." So our level of repeat purchase is really high. We don't disclose it, but other airlines disclose theirs, and we know that our repeat purchase is much higher. So we get that first experience, and they come back.

所以一個新的傳單會來到我們身邊，然後說，“哦，哇，這太棒了。這比其他航空公司好多了。”這就是他們說的地方，“好吧，我會再次駕駛它們。”所以我們的重複購買水平真的很高。我們不透露，但其他航空公司透露他們的，我們知道我們的重複購買要高得多。所以我們得到了第一次體驗，他們又回來了。

And the next question will come from Savi Syth from Raymond James.

下一個問題將來自 Raymond James 的 Savi Syth。

This is Matt on for Savi. If I could just follow up on Duane's question earlier regarding the CASM-X guidance increases. Could you elaborate on how much of these costs are fixed and expected to carry through to 2024 and also given that the capacity cuts are weighted sort of late in 2023, I think there's more of a variable cost component helping to offset that. So why is that not the case? Or any additional color there would be great.

這是 Savi 的 Matt。如果我能跟進 Duane 早些時候關於 CASM-X 指南增加的問題。你能否詳細說明這些成本中有多少是固定的，預計將持續到 2024 年，而且考慮到產能削減在 2023 年後期進行加權，我認為有更多的可變成本組成部分有助於抵消這一點。那麼為什麼不是這樣呢？或者任何額外的顏色都會很棒。

Yes. Sure, Matt. And just hearing a few thoughts. We're -- so again, first of all, the cost pressures are not unique to Southwest. But even with those inflationary pressures, we are bending our CASM-X down this year and we still feel good about our competitive position. So we've got the labor contracts accrued. We've got those accrued in our long term -- or reflected in our long-term targets, and we are very focused on bending our cost down again in 2024.

是的。當然，馬特。只是聽到一些想法。我們——所以，首先，成本壓力並不是西南航空獨有的。但即使存在這些通脹壓力，我們今年仍在降低 CASM-X，我們仍然對我們的競爭地位感到滿意。所以我們已經獲得了應計的勞動合同。從長遠來看，我們已經積累了這些——或者反映在我們的長期目標中，我們非常專注於在 2024 年再次降低成本。

Specific to your question, we do have some onetime costs here this year related to the operations disruptions, and that's probably in the $100 million to $150 million range, and that shouldn't repeat next year. So as Bob covered very thoroughly, what we need to focus on now is solidifying our fleet plan and our capacity plan for next year. But as we look ahead, driving our unit cost down is certainly our goal. And as we get further in our planning, obviously, we'll provide more guidance there.

具體到你的問題，我們今年確實有一些與運營中斷相關的一次性成本，這可能在 1 億到 1.5 億美元之間，明年不應該重複。因此，正如鮑勃非常詳盡地介紹的那樣，我們現在需要關注的是鞏固我們的機隊計劃和明年的容量計劃。但展望未來，降低單位成本無疑是我們的目標。隨著我們在計劃中取得進一步進展，顯然，我們將在那裡提供更多指導。

As you think about to related to where -- how we are thinking about growth and where flights are going, we've been very upfront that this year is about restoring the network and despite the reduction in aircraft deliveries, we will still get back to getting back to right at fully restored by the end of this year. So the revenues that come on are into more mature markets. And so it should contribute at a much faster rate.

當你想到與哪裡有關時——我們如何考慮增長和航班的去向，我們一直非常坦率地說今年要恢復網絡，儘管飛機交付量減少，但我們仍會回到到今年年底完全恢復正常。因此，隨之而來的收入進入了更成熟的市場。因此，它應該以更快的速度做出貢獻。

As you think about 2024, where I was going with cost related to that is it's our intent to really push, as we talked about at Investor Day, push on operating leverage. That is put a majority of our new capacity in flights into stations where we have gaps during the day. And so the costs are there. We have people -- we're paying for gates for other airport costs, and put flights into points of the day where we know we have demand, and we already have the cost. And so those will come online -- that revenue comes online at a significantly lower cost profile. So that is -- the development of additional operating leverage really is the focus for '24. And Andrew, I would say -- Ryan, I would say '25 growth as well.

當你想到 2024 年時，我打算與此相關的成本是我們打算真正推動的，正如我們在投資者日談到的那樣，推動運營槓桿。這就是將我們的大部分新航班運力投入白天有空隙的站點。所以成本就在那裡。我們有人——我們正在為其他機場成本支付登機口費用，並將航班安排在我們知道有需求且我們已經有成本的時間點。因此，這些將上線——收入以顯著降低的成本上線。這就是——開發額外的運營槓桿確實是 24 世紀的重點。安德魯，我會說 - 瑞安，我也會說'25增長。

That's very helpful. And then sorry to elaborate on 1 question that was asked earlier as well. But in terms of the capacity plan, at the Investor Day in December, it seemed like it was not dependent on aircraft deliveries and that the initial bid provided then was firm despite any delivery delays. So what's the difference now? Is that based on the current environment and outlook that you feel the need to scale back? Or is there something else?

這很有幫助。然後很抱歉詳細說明之前也提出的 1 個問題。但就運力計劃而言，在 12 月的投資者日，它似乎不依賴於飛機交付，而且儘管有任何交付延遲，但當時提供的初始出價是堅定的。那麼現在有什麼區別呢？是否基於當前的環境和前景，您認為需要縮減規模？還是有別的東西？

This is Andrew, for the last year, we've had like 3 elements that constrain our potential growth as we look at the back half of this year. They were flight instructors, pilots and aircraft. And so at the time we spoke at Investor Day, at that moment in time, we were pilot constrained and knew that sometime towards the back half of this year, we would flip from pilot constraint to aircraft constraints.

這是安德魯，去年，我們有 3 個因素限制了我們今年下半年的潛在增長。他們是飛行教員、飛行員和飛機。因此，當我們在投資者日發表講話時，在那一刻，我們受到飛行員的限制，並且知道在今年下半年的某個時候，我們將從飛行員限制轉變為飛機限制。

And so we're on our pilot trajectory of hiring and training the number of pilots we forecast. And so we knew that would flip over some time at the end of the year; with the Boeing reductions now pulls it forward. So kind of what changed is this reduction, which is, I think, the second reduction we've made to our assumptions for deliveries next year, has pushed us from pilot to aircraft constrained now, and that now is roughly the post-summer period, which is why you'll see us adjusting schedules post-summer through the end of the year.

因此，我們正處於招聘和培訓我們預測的飛行員數量的試點軌道上。所以我們知道這會在年底的某個時間翻轉過來；隨著波音公司的裁員，現在將其向前推進。所以這種改變是這種減少，我認為，這是我們對明年交付的假設進行的第二次減少，已經把我們從飛行員推到現在飛機受限，現在大致是夏季後的時期，這就是為什麼你會看到我們在夏后到年底調整時間表。

And the next question will be from Helane Becker from TD Cowen.

下一個問題將來自 TD Cowen 的 Helane Becker。

Just on a follow-up question on Net Promoter Score. Is that something that you focus on? Can you share with us how that's looking sort of now versus where it was maybe in January?

關於淨推薦值的後續問題。那是你關注的事情嗎？你能和我們分享一下現在和 1 月份的情況相比如何嗎？

Yes, Helane, it's Ryan. We measure Net Promoter Score and focus on it on a weekly basis, if not on a daily basis. And there's really -- we track actually 2 types of Net Promoter Scores. One is more as a brand overall and is a longer-term measure. And then the other is based on the customers' trip that they just took based on the trip you just took would you recommend Southwest Airlines.

是的，Helane，是 Ryan。我們衡量淨推薦值並每週（如果不是每天）關註一次。真的——我們實際上跟踪了兩種類型的淨推薦值。一個更像是整體品牌，是一項長期措施。然後另一個是基於客戶的旅行，他們剛剛根據您剛剛進行的旅行，您會推薦西南航空公司。

And on the longer-term brand measures, we've got trackers in place and like we said, some of those -- those scores have improved as we've gone through throughout the quarter here. Bob mentioned, overall, we're going to have to continue to focus on those longer-term measures and just continue to execute to see continued upward momentum on the brand Net Promoter Score.

在長期品牌衡量方面，我們已經有了跟踪器，就像我們說的，其中一些——隨著我們在整個季度的經歷，這些分數有所提高。 Bob 提到，總的來說，我們將不得不繼續關注那些長期措施，並繼續執行以看到品牌淨推薦值持續上升的勢頭。

When it gets to the actual trip Net Promoter Score, which is a little bit more near term in terms of how are we performing today, those scores have improved over the course of the first quarter. It really is a function of how well we have been operating over the course of the first quarter. So we continue to operate well. Those scores should continue to improve over time as well, in addition to the enhancements that we're making in the product, and you see those show up in Net Promoter Scores.

當談到實際的旅行淨推薦值時，就我們今天的表現而言，這是一個更近期的分數，這些分數在第一季度有所提高。這實際上取決於我們在第一季度的運營情況。所以我們繼續經營良好。除了我們在產品中所做的改進之外，這些分數也應該隨著時間的推移而繼續提高，你會看到這些分數顯示在淨推薦值中。

As an example, on the aircraft that we have -- where we have improved and enhanced WiFi, the investments are paying off. Net Promoter Scores are up. The scores on the aircraft where we have the larger overhead bins, those Net Promoter Scores on those aircraft are also up. So as we make improvements and enhancements to the product. And as we continue to execute and operate reliably, those scores should come up -- continue to come up over time.

例如，在我們擁有的飛機上——我們改進和增強了 WiFi，投資正在得到回報。淨推薦值上升。我們擁有較大艙頂行李箱的飛機的得分，這些飛機的淨推薦值也有所上升。因此，當我們對產品進行改進和增強時。隨著我們繼續可靠地執行和運營，這些分數應該會出現——隨著時間的推移會繼續出現。

Okay. That's really helpful. And just to follow up briefly, -- earlier today, one of the other airlines that reported talked about runway construction at Las Vegas and the issues that they're experiencing in terms of delays. And Bob, you didn't mention that. And yet you have a pretty big operation there -- (inaudible). So I'm just kind of wondering how you're seeing those issues kind of around your network contribute to any delays or disruption?

好的。這真的很有幫助。只是簡單地跟進， - 今天早些時候，報導的其他航空公司之一談到了拉斯維加斯的跑道建設以及他們在延誤方面遇到的問題。鮑勃，你沒有提到這一點。然而你在那裡有一個相當大的操作——（聽不清）。所以我只是想知道您如何看待網絡周圍的這些問題導致任何延遲或中斷？

Yes. And I'll let -- Helane, thank you so much for the question. I'll let Andrew weigh in, in detail, but yes, I didn't call it out specifically because I mean we have a large and complex network. And of course, there -- we work issues every single day. So we've talked about Florida before. Obviously, you are very aware of the issues that have been discussed for carriers that serve New York, but yes, we're experiencing issues in Vegas with the reduction in available runway capacity, and we're working with the FAA and the ATC to deal with that. But it's one component of things that happen every single day, but no that's absolutely impacting certain days are on-time performance. But Andrew, you want to give any detail.

是的。我會讓-- Helane，非常感謝你提出這個問題。我會讓 Andrew 詳細權衡一下，但是是的，我沒有特別指出，因為我的意思是我們有一個龐大而復雜的網絡。當然，我們每天都在處理問題。所以我們之前談過佛羅里達。顯然，您非常清楚為紐約服務的航空公司所討論的問題，但是是的，我們在拉斯維加斯遇到了可用跑道容量減少的問題，我們正在與美國聯邦航空局和空中交通管制合作處理那個。但這是每天發生的事情的一個組成部分，但絕對不會影響某些日子的準點率。但是安德魯，你想提供任何細節。

So there is a kind of longer-term air field construction program in Las Vegas from now through -- in August, they've shut down -- shut down the north-south. There's 2 north-south runways, one left in '19 and right. So they will shut those down for periods of time. And so when we are in a north and south flow, that reduces capacity. So about 20% of the time when the winds are such that you drive primarily on those 2 runways, 1 of them being out, we will reduce our -- the throughput rate, which means you'll have delays and cancellations to cover that.

因此，從現在到 8 月，拉斯維加斯有一種長期的機場建設計劃，他們已經關閉了南北方向。有 2 條南北向跑道，一條在 19 年左側，一條在右側。所以他們會在一段時間內關閉它們。因此，當我們處於南北流動時，這會降低容量。因此，大約有 20% 的時間，當風大到你主要在這 2 條跑道上行駛時，其中 1 條跑道不在，我們將降低我們的吞吐率，這意味著你將有延誤和取消來彌補這一點。

80% of the time during this time of the year, you don't rely on that configuration in which case you should be able to operate roughly the schedule that our airlines are scheduled. This started up, and we've been in more north flow than usual, if you will or north winds somewhat than usual. And so there has been -- over the last few days, there has been a spike in cancellations from the industry and from ourselves and delays in Las Vegas.

在一年中的這個時候，有 80% 的時間不依賴於該配置，在這種情況下，您應該能夠大致按照我們航空公司安排的時間表運行。這開始了，我們比平時更北風，如果你願意的話，或者比平時吹些北風。因此，在過去的幾天裡，行業和我們自己的取消以及拉斯維加斯的延誤數量激增。

So that is a drag. It had been bigger than it was originally forecasted when the construction plan was created, which did sort of catch the industry, I guess off guard in the sense of who is -- you're so closed in, it's hard to adjust. We've made some adjustments. We've -- as a result of the last couple of weeks, we've changed our minimum connect times at Las Vegas while we were looking at changing in December our crew bid to make sure our crew connections are lower.

所以這是一個拖累。它比制定建設計劃時最初預測的要大，這確實引起了行業的注意，我想從某種意義上說是措手不及——你太封閉了，很難調整。我們做了一些調整。我們已經 - 由於過去幾週的原因，我們已經改變了拉斯維加斯的最短連接時間，同時我們正在考慮在 12 月改變我們的機組人員出價以確保我們的機組人員連接時間更低。

We've changed how we set up our spares in Las Vegas to have different -- how we use our spares. We've broken our through trips, which means the aircraft that kind of is supposed to continue through with passengers on board. That creates a bit more rigidity. We've taken those out as well.

我們已經改變了我們在拉斯維加斯設置備件的方式，以改變我們使用備件的方式。我們已經打破了我們的旅行，這意味著那種飛機應該繼續載著乘客。這會產生更多的剛性。我們也把它們去掉了。

So we've made a lot of changes to what we do that we can do in the short term, and then we're also working with the FAA -- regional FAA in Washington, to how we can best collaborate to see what the tolerances are for crosswinds so we can use a better configuration more of the time. And so I guess good collaboration there between the FAA and the airlines on that. So it will be a drag through August if you have more north winds than expected, but it's a normal process for airports to have to rehabilitate the runways and taxiways.

因此，我們對短期內可以做的事情做了很多改變，然後我們還與美國聯邦航空局合作——華盛頓的地區聯邦航空局，研究我們如何最好地合作，看看容忍度是多少用於側風，因此我們可以更多地使用更好的配置。因此，我猜 FAA 和航空公司之間在這方面的良好合作。因此，如果北風比預期的多，整個 8 月都會受到拖累，但機場必須修復跑道和滑行道是正常過程。

The next question is from Conor Cunningham from Melius Research.

下一個問題來自 Melius Research 的 Conor Cunningham。

Just on the adjustments you're making for the full year. I realize a lot of this is out of your control, but I think you mentioned that you're still on track for network restoration. And if that's the case, I'm just curious on where that capacity is actually coming out. Is it all new markets? Or have you just changed how you think about capacity deployment in general?

僅根據您為全年所做的調整。我意識到其中很多是您無法控制的，但我想您提到過您仍在進行網絡恢復。如果是這樣的話，我只是好奇這種能力實際上是從哪裡出來的。都是新市場嗎？還是您剛剛改變了對容量部署的總體看法？

So within restoration, you have -- restoration would be like what we flew before. And that's 1 bucket and say, okay, we want to restore our cities to the level of activity and the roughly the route network they had before COVID. So that's when we say restoration we're doing that. We had the 18 new cities and the Hawaii expansion we did and we modified that at the margin. And there's airports where we currently operate and they've had expansions with dates and infrastructure. So we've added more growth into there.

所以在恢復中，你有——恢復就像我們以前飛過的一樣。那是 1 個桶，然後說，好吧，我們希望將我們的城市恢復到 COVID 之前的活動水平和大致的路線網絡。所以當我們說恢復時，我們正在這樣做。我們有 18 個新城市和我們所做的夏威夷擴張，我們在邊際上進行了修改。還有我們目前運營的機場，它們已經在日期和基礎設施方面進行了擴展。所以我們在那裡增加了更多的增長。

So as that -- that third bucket, so at Denver, Phoenix, where we had new gates and we're putting additional growth in, they're above what they were in pre-COVID. So they're more than restored. And so that kind of places where we were growing above restoration because we had additional infrastructure. Those will be less than they would have been if we had all these aircraft.

因此——第三個桶，所以在鳳凰城的丹佛，我們有新的大門，我們正在增加額外的增長，它們高於 COVID 之前的水平。所以他們不僅僅是恢復。因此，由於我們擁有額外的基礎設施，我們在恢復之上發展的那種地方。如果我們擁有所有這些飛機，這些數量將少於它們本來的數量。

I'd not say it will be Phoenix and Denver, but I'll use those examples. So I put in 3 buckets. The COVID expansions and the 18 new cities in Hawaii, the second bucket being restoring what we flew before. And the third being this newer stuff and the cities we already have a big customer base that's where you'll see the flex then so that we can simultaneously keep the COVID stuff and restore our network.

我不會說會是菲尼克斯和丹佛，但我會用這些例子。所以我放了3個桶。 COVID 擴張和夏威夷的 18 個新城市，第二個桶是恢復我們之前飛過的東西。第三個是這些更新的東西和我們已經擁有龐大客戶群的城市，在那裡你會看到彈性，這樣我們就可以同時保留 COVID 的東西並恢復我們的網絡。

Okay. Okay. That's helpful. And then how do you think about '24. I'm just trying to parse out like how the growth may play out for you next year. So how much of the growth in '24 is dependent on Boeing. And then what is Southwest dependent. And in the context of like a high single-digit growth rate, is the assumption going forward that a lot of these transitory costs are actually going to allow you to have CASM-X decline next year? I'm just trying to level set where we're at in terms of all that. I'm not asking for a number more directionally, kind of how you're thinking about it?

好的。好的。這很有幫助。然後你如何看待'24。我只是想分析一下明年的增長情況。所以 24 年的增長有多少取決於波音。然後是西南依賴。在高個位數增長率的背景下，是否假設很多這些暫時性成本實際上會讓你明年 CASM-X 下降？我只是想確定我們在這方面所處的位置。我不是要更具方向性的數字，你是怎麼想的？

On the growth, there will be carryover. There's stuff that we will start in the back half of the year with the aircraft that are coming, and that will be a carryover growth into next year. So that will be -- you'll quickly be able to calculate that. But then the additional growth next year, that's really depending on what Bob was talking about with reflowing the aircraft. You get the 152 mathematically that could come that would be too much to ingest. We want an orderly growth. And so that, in addition to the carryout, but that's something that's yet to be determined, but we -- it involves negotiating with Boeing on how the aircraft would flow in.

在增長上，會有結轉。我們將在今年下半年開始推出即將推出的飛機，這將是明年的結轉增長。所以這將是——你很快就能計算出來。但是明年的額外增長，這實際上取決於鮑勃所說的關於飛機回流的內容。你從數學上得到 152 可能會攝入太多。我們想要有序的增長。因此，除了結轉之外，還有待確定，但我們 - 它涉及與波音公司就飛機如何流入進行談判。

And just at the end of the day is -- I mean we're going to work on a plan that allows us to achieve our objectives, our financial objectives and our financial objectives as well. So we're going to take all the inputs as usual and work with Boeing to come up with a fleet plan that allows for orderly growth. But just a reminder, we do have a lot of flexibility with the aircraft.

就在一天結束的時候——我的意思是我們將製定一項計劃，使我們能夠實現我們的目標、我們的財務目標和我們的財務目標。因此，我們將像往常一樣接受所有輸入，並與波音公司合作制定一個允許有序增長的機隊計劃。但提醒一下，我們對飛機確實有很大的靈活性。

We are -- we have ongoing efforts to renew our fleet and there's value in those fleet modernization efforts. So we'll come up with a plan that works for Southwest as we solidify our delivery schedule with Boeing.

我們是——我們一直在努力更新我們的機隊，這些機隊現代化的努力是有價值的。因此，隨著我們與波音公司鞏固我們的交付時間表，我們將提出一個適用於西南航空的計劃。

Yes. And we're early -- obviously, it's really early to be talking about 2024. And it's early to be talking about the result of the discussion with Boeing because we're just now beginning the discussion because the impact is new. I think the argument is a couple of things, is one we -- the COVID, we all dealt with COVID within the capacity bounced up and down and up.

是的。我們還為時過早——顯然，現在談論 2024 年真的太早了。現在談論與波音公司討論的結果還為時過早，因為我們才剛剛開始討論，因為影響是新的。我認為爭論有兩點，一個是我們——COVID，我們都在上下反彈的能力範圍內處理 COVID。

And so it doesn't help to move around so much up and down year-to-year year because it's just -- it's hard to manage that lumpiness or choppiness with the -- you've seen our hiring numbers for last year and the planned hiring numbers initially for this year. That level of growth and hiring in advance for the level of deliveries we had originally planned. It just adds cost because you're constantly hiring ahead for anticipation of what's coming in the next year.

因此，年復一年地上下波動並沒有幫助，因為它只是——很難控制這種起伏或起伏不定——你已經看到了我們去年的招聘數字和今年最初計劃的招聘人數。為達到我們最初計劃的交付水平，這種增長水平和提前招聘。它只是增加了成本，因為你不斷地提前招聘以預測明年會發生什麼。

So moving to something that is much more predictable. Again, we want to grow. We've got a lot of opportunities. We want to grow. We just want that growth to be measured and orderly. And working with Boeing to come to a point where it's much more predictable year to year to year as we reflow the order book, I think, will be very, very helpful.

因此，轉向更可預測的事情。同樣，我們想要成長。我們有很多機會。我們想要成長。我們只是希望這種增長是可衡量的和有序的。我認為，與波音公司合作，隨著我們重新安排訂單簿，年復一年地變得更加可預測，這將非常非常有幫助。

It will be helpful in terms of how we manage ourselves here. It will be helpful in terms of how we plan and manage our costs. It will give us time to wring out efficiencies. Again, I was talking about the advanced hiring is just one example, an example to prepare for high levels of growth. It would give us time to settle that out, bring that out. It will give us time to work on operating leverage where we can add capacity into places where we have gaps, we can add that capacity at much lower cost.

這將有助於我們如何在這裡管理自己。這將有助於我們計劃和管理成本。這將使我們有時間提高效率。同樣，我所說的高級招聘只是一個例子，一個為高水平增長做準備的例子。這會給我們時間來解決這個問題，把它拿出來。這將使我們有時間研究運營槓桿，我們可以在存在差距的地方增加產能，我們可以以更低的成本增加產能。

So I think still good growth, but managed, measured repeatable growth is much better for the company. And that's the intent -- is to just take the plan, reflow and be much more predictable and less choppy year-to-year-to-year.

所以我認為仍然是良好的增長，但對公司來說，有管理的、可衡量的可重複增長要好得多。這就是我們的目的——只是按照計劃、回流並變得更可預測，年復一年地減少波動。

We will take our last question from David Vernon from Bernstein.

我們將接受來自伯恩斯坦的大衛弗農的最後一個問題。

Ryan, can you talk a little bit about what kind of load factors embedded in the 2Q guide? It just seems like when looking across the other airlines, they're more than 300, 400 basis points ahead of where Southwest finished first quarter in load factor. And maybe as a follow-up to that, Bob and Andrew, we're talking about restoring the network and getting back to where we were.

Ryan，你能談談 2Q 指南中嵌入了什麼樣的負載因子嗎？看看其他航空公司，它們似乎比西南航空第一季度的載客率高出 300、400 個基點。鮑勃和安德魯，也許作為後續行動，我們正在談論恢復網絡並回到原來的狀態。

I mean if the demand isn't there and load factors under pressure, why wouldn't we rethink that a little bit, especially if we're constrained in getting resources and having difficulty kind of getting the operation up to that level. If there's a little bit of a sign of demand weakness, wouldn't we want to back away from that restoration plan a little bit?

我的意思是，如果沒有需求並且負載因素處於壓力之下，為什麼我們不重新考慮一下，特別是如果我們在獲取資源方面受到限制並且難以將操作提升到那個水平。如果有一點需求疲軟的跡象，我們難道不想稍微退出恢復計劃嗎？

Yes. So I'll take the load factor question. I think first quarter here, obviously, we had some -- we had the disruption that played a role here. And all of -- I think it's been widely you talked about throughout earnings season here that the booking curve is moving out a bit and we're more normalizing -- more or less normalizing to pre-pandemic trends. And so -- and that's -- while there is more close-in leisure strength today than there was pre-pandemic, it is certainly less than what it was kind of last summer and last fall.

是的。所以我會回答負載係數問題。我認為第一季度在這裡，顯然，我們有一些 - 我們有在這裡發揮作用的中斷。所有——我認為你在整個財報季都廣泛談論過，預訂曲線正在向外移動一點，我們正在更加正常化——或多或少地正常化到大流行前的趨勢。因此——就是這樣——雖然今天的近距離休閒活動比大流行前要多，但肯定比去年夏天和去年秋天要少。

And a lot of that became evident as we worked our way through the first quarter here and we had to adjust our revenue management techniques to kind of adapt for that. And so when you look at their stronger demand kind of 45 days and out, there's more volume there. The good news is that the fares further out in the curve are healthy, and we're getting a better mix of fares at that point in the curve than what we received -- what we were getting pre-pandemic.

當我們在這裡度過第一季度時，很多事情變得很明顯，我們不得不調整我們的收入管理技術以適應這種情況。因此，當您查看他們 45 天后更強勁的需求時，那裡的交易量更大。好消息是，曲線更遠的票價是健康的，而且我們在曲線的那個點得到的票價組合比我們收到的更好——我們在大流行前得到的票價。

And so it's a manage for -- you're always managing for volume and yield there. Yields are very strong, which may have -- that will have a downward pressure on loads, and so you're just kind of managing both of those things together. But as you look into the second quarter, I think loads and yields are strong. And so that's what's rolled out there into our guide.

所以這是一個管理——你總是在管理數量和產量。收益率非常強勁，這可能會對負載產生下行壓力，所以你只是在同時管理這兩件事。但當你回顧第二季度時，我認為負載和收益率都很強勁。這就是我們指南中推出的內容。

I'd also add to you there's a comp here. If you think about this time last year, what we did is we -- as we were in COVID, we would republish our schedules because demand was so vacillatory. And so what that means is you sell, sell, sell and then you republish and you consolidate the custom who already purchased on to a fewer number of flights, which kind of artificially pushes up your load factor. That is a poor customer experience.

我還要告訴你這裡有一個 comp。如果你想想去年的這個時候，我們所做的就是——就像我們在 COVID 中一樣，我們會重新發布我們的時間表，因為需求是如此不穩定。因此，這意味著您銷售、銷售、銷售，然後重新發布，並將已經購買的客戶整合到更少的航班上，這會人為地提高您的載客率。這是糟糕的客戶體驗。

We committed to stop doing that about a year ago, and so we have not done that. And so that's going to make a load factor like-for-like more difficult. So our competitors largely have continued that practice, but back to kind of Jamie's question about why people choose us, we want a good customer experience. That means not changing the flight that we've already sold them.

大約一年前我們承諾停止這樣做，所以我們沒有這樣做。因此，這將使類似的負載係數變得更加困難。所以我們的競爭對手在很大程度上延續了這種做法，但回到傑米關於人們為什麼選擇我們的問題，我們想要良好的客戶體驗。這意味著不改變我們已經賣給他們的航班。

Secondly, I would say that Ryan talked about, they put in a new revenue management system. So -- and it's been managing things for a while. I would not necessarily assume that the load factor would have been the right choice, so to say, for the RASM performance. And so it may make different decisions with regards to load factor compared to our old system, and therefore, that element may be a little different.

其次，我想說 Ryan 談到，他們建立了一個新的收入管理系統。所以 - 它已經管理了一段時間。我不一定認為負載因子是正確的選擇，也就是說，對於 RASM 性能。因此，與我們的舊系統相比，它可能會在負載因子方面做出不同的決定，因此，該元素可能會略有不同。

And the third element is we fly 2 different aircraft sizes, the 700 sizes and 800s, and we've been taking 800s because of 700s have not been delivered yet. And so that will, in many markets or some markets mean we have too big of an aircraft at the current level, if you will.

第三個要素是我們駕駛 2 種不同尺寸的飛機，700 尺寸和 800 尺寸，我們一直在使用 800 尺寸，因為 700 尺寸尚未交付。因此，在許多市場或某些市場中，如果您願意的話，這意味著我們在當前水平上擁有太大的飛機。

As we get our network completely restored, you can fill those extra seats with extra connections, but to do the extra connections, you need that restoration. So a short haul today may not be as full because there's not an opportunity to connect to a longer haul that was there before. So as the network gets restored, that will help close some of that load factor gap on those shorter flights that are missing connectivity.

當我們的網絡完全恢復時，您可以用額外的連接來填補這些額外的席位，但是要進行額外的連接，您需要進行恢復。所以今天的短途可能不會那麼滿，因為沒有機會連接到以前的長途。因此，隨著網絡的恢復，這將有助於縮小那些缺少連通性的短途航班的部分載客率差距。

Yes, I'll just put a finer point on that relative to the revenue management system. Our legacy system, the 1 that we just moved away from was a load factor biased system admittedly. And the new system makes better trade-offs in terms of yield and load. And so that will be playing out here as we kind of move forward.

是的，我會就收入管理系統提出一個更好的觀點。我們的遺留系統，我們剛剛搬離的 1，誠然是一個負載因子偏向系統。新系統在產量和負載方面做出了更好的權衡。因此，隨著我們向前邁進，這將在這裡發揮作用。

Okay. Dave, I'll assume you're done there. Thanks, everybody, for joining. That wraps up the analyst portion of our call today, and I will turn it back over to the operator.

好的。戴夫，我假設你已經完成了。謝謝大家的加入。今天我們電話的分析師部分到此結束，我將把它轉回給接線員。

Thank you. And ladies and gentlemen, we will now begin with our media portion of today's call. I'd like to first introduce Ms. Linda Rutherford, Chief Administration and Communications Officer.

謝謝。女士們，先生們，我們現在開始今天電話會議的媒體部分。我想首先介紹首席行政和通訊官 Linda Rutherford 女士。

Thank you, Chad, and I'd like to welcome members of the media to our call today. We can go ahead and get started with the Q&A portion if you will give them instructions for queue up.

謝謝乍得，我想歡迎媒體成員參加我們今天的電話會議。如果你能給他們排隊的說明，我們可以繼續並開始問答部分。

(Operator Instructions)

（操作員說明）

And the first question will come from Alexandra Skores from the Dallas Morning News.

第一個問題將來自達拉斯晨報的 Alexandra Skores。

I'm wondering, we talked a little bit -- a lot about growth in demand over this call. I'm wondering if you could talk in relation to how that's affecting airfares. And how you're looking at that going into the summer travel season?

我想知道，我們談了一點——很多關於這次電話會議需求增長的問題。我想知道你是否可以談談這對機票價格的影響。您如何看待進入夏季旅遊旺季的情況？

Yes. Yields, I think, in general, this is a high yield environment. And I think airfares are strong. But if you look at Airfares kind of going back to pre-pandemic or even earlier than that and look at them on an adjusted basis, adjusting for inflation. Airfares in the industry are actually down. And so I think both of those things are in play here. When we look at kind of how demand is coming in here into the second quarter and beyond, we are taking more volume further out in the booking curve.

是的。收益率，我認為，總的來說，這是一個高收益率的環境。而且我認為機票價格很高。但是，如果你看機票價格有點回到大流行前甚至更早的水平，並在調整後的基礎上看它們，根據通貨膨脹進行調整。該行業的機票價格實際上下降了。所以我認為這兩件事都在這裡發揮作用。當我們查看第二季度及以後的需求如何進入這裡時，我們會在預訂曲線中進一步增加數量。

And of course, those fares further out in the booking curve are lower nominally than taking a lot of volume close in where the fares are higher nominally. And it's really about getting a good mix of fares across the entire booking curve, which is what's really driving our yield story here as we go forward.

當然，那些在預訂曲線中更遠的票價名義上低於在名義上票價較高的地方大量收盤。這實際上是關於在整個預訂曲線上獲得良好的票價組合，這才是我們前進時真正推動我們的收益故事的原因。

The other thing too is we're driving a higher average fare by offering customers things that they are happy to pay for. So an example of that is our Wanna Get Away Plus fare that we introduced last year. That fair has a bundle of benefits that customers are choosing to pay for. It adds additional flexibility in terms of transferability, flexibility during the day of travel.

另一件事是我們通過為客戶提供他們樂於支付的東西來推動更高的平均票價。一個例子就是我們去年推出的 Wanna Get Away Plus 票價。該展會有很多好處，客戶願意為此付費。它在可轉移性和旅行當天的靈活性方面增加了額外的靈活性。

And the more customers choose to buy things that are -- that they value, that drives fares overall higher without us kind of going in and filing higher fares across the board.

而且，越來越多的客戶選擇購買他們認為有價值的東西，這會在沒有我們進入並全面提交更高票價的情況下推動整體票價上漲。

Ryan, as you -- I'm just looking for the fact my memory is in the first quarter, fares were up roughly 5%. 5%, 6% or I think it's the number I've got in my head. And again, this is kind of direct correlation -- but you -- but costs are up materially. We talked a lot about just regular inflation. You see it every day, everywhere. There's a lot of labor and wage inflation. We've talked a lot about our costs and accruing for labor contracts.

瑞安，和你一樣——我只是在尋找我在第一季度的記憶，票價上漲了大約 5%。 5%、6% 或者我認為這是我腦子裡的數字。再一次，這是一種直接相關——但你——但成本大幅上升。我們談了很多關於正常通貨膨脹的問題。你每天都能看到它，無處不在。有很多勞動力和工資膨脹。我們已經談了很多關於我們的成本和勞動合同的應計費用。

We're happy to pay our people. We want to pay our people great, but there is real wage and supply chain and other inflation year-over-year, first quarter '22 to first quarter '23. Our operating revenues were up 21.6%, which is awesome on 10% capacity. But fuel was up 54%. So just the other -- the flip side of fares is the -- you raise fares to manage your cost and there are real cost increases there. So I just want to point that out as well.

我們很樂意付錢給我們的員工。我們想給我們的員工支付高薪，但實際工資和供應鏈以及其他同比通脹，從 22 年第一季度到 23 年第一季度。我們的營業收入增長了 21.6%，這在 10% 的產能下是非常棒的。但燃料價格上漲了 54%。所以另一方面 - 票價的另一面是 - 你提高票價來管理你的成本，那裡有實際成本增加。所以我也想指出這一點。

And the next question will come from Alison Sider from Wall Street Journal.

下一個問題將來自華爾街日報的 Alison Sider。

I guess on Boeing on this latest delivery issue. I guess how has your experience been dealing with Boeing on this one? It seems kind of -- it's not the first time you've dealt with an issue like this and just curious to know with Boeing if their communication, their ability to deliver, if those things have improved.

我猜是波音公司在這個最新的交付問題上。我猜你在這方面與波音公司打交道的經歷如何？這似乎有點——這不是你第一次處理這樣的問題，只是想知道他們與波音公司的溝通、交付能力是否有所改善。

Yes. There have been a number of things. Obviously, the world has dealt with supply chain issues and continues to deal with supply chain issues. All companies have and Boeing is not immune from that. We have had a number of items. Yes, again, this is the latest. Boeing has been proactive. So Boeing was early in working with its suppliers, multiple tiers down to shore up supply chain issues. They've been in front of the planning. Obviously, we produce schedules far in advance. And so modifying those is difficult.

是的。有很多事情。顯然，世界已經解決了供應鏈問題，並將繼續處理供應鏈問題。所有公司都有，波音也不能倖免。我們有很多項目。是的，再一次，這是最新的。波音一直很積極。因此，波音公司很早就與其供應商合作，向下多層合作以解決供應鏈問題。他們已經走在了計劃的前面。顯然，我們提前很久就制定了時間表。因此修改這些很困難。

Close down is difficult on our customers. We've been able to work with Boeing on this one too, for the most part, isolate the changes to future schedules. We talked about primarily, this is affecting the fourth quarter. So that's very helpful compared to something that would affect next month or the month after. So our work with -- the cooperation with Boeing has been really good. Boeing has been forthcoming and transparent about the impacts and what it's going to take to correct the issues.

關閉對我們的客戶來說很困難。我們也已經能夠在這方面與波音公司合作，在大多數情況下，將更改隔離到未來的時間表。我們主要談到，這會影響第四季度。因此，與會影響下個月或下個月的事情相比，這非常有幫助。所以我們與波音的合作非常好。波音公司一直對影響以及糾正這些問題將採取的措施保持坦誠和透明。

Obviously, all of this is difficult. We don't want interruptions to planned delivery schedules, and we'll continue to work with Boeing on that as well. But they -- I mean, Boeing is a great partner. The MAX aircraft is a great aircraft. We want our aircraft, but no, they've worked very proactively with us on issues we've seen before and on this issue as well.

顯然，這一切都是困難的。我們不希望計劃的交付時間表中斷，我們也將繼續與波音公司就此進行合作。但他們——我的意思是，波音是一個很好的合作夥伴。 MAX飛機是一架偉大的飛機。我們想要我們的飛機，但沒有，他們在我們之前和這個問題上看到的問題上非常積極地與我們合作。

And I guess turning to the sort of the state of near misses or runway incursions the last couple of months across the industry. Given that there doesn't seem to be a real clear single cause or single common denominator in all of these incidents, does that -- what is that -- are there things that you can do or you have been doing to kind of try and address those or prevent future incidents sort of given that they're not -- they haven't all been the same?

我想轉向過去幾個月整個行業的那種有驚無險或跑道入侵的狀態。鑑於在所有這些事件中似乎沒有真正明確的單一原因或單一共同點，那是什麼 - 那是什麼 - 有沒有你可以做或你一直在做的事情來嘗試和解決這些問題或防止未來發生的事件，因為它們不是——它們並不都是一樣的？

The aviation and safety has gotten so good that you don't really see repeat occurrences. And so therefore, the approach the FAA took a while back because everyone develops safety management systems. And so you will have safety procedures, policies and regulations that you adhere to. So you maintain safety by being compliant to those rules, regulations and standards.

航空和安全已經變得非常好，你不會真的看到重複發生。因此，FAA 採取了一段時間前的方法，因為每個人都在開發安全管理系統。因此，您將擁有遵守的安全程序、政策和法規。因此，您可以通過遵守這些規則、法規和標準來維護安全。

So our approach then for safety is through compliance and so we have a safety day actually going on right now, safety week. Our ground operations will be above the wing and below the wing the next week. And so we will continue all the activities outlined in our SMS as our way of making sure that we are safe. We're also participating when the FAA forums. The runway incursion rate looks to be not necessarily up but the severity or potential severity does look to be up.

所以我們的安全方法是通過合規，所以我們現在有一個安全日，安全週。下週，我們的地面行動將在機翼上方和機翼下方進行。因此，我們將繼續我們的 SMS 中概述的所有活動，以此作為確保我們安全的方式。我們也參加了 FAA 論壇。跑道侵入率看起來不一定上升，但嚴重性或潛在嚴重性看起來確實上升。

So it is worthy of attention from the FAA and worthy of the attention from us and so the last thing we want to do is everyone do kind of go off in their own direction. We think it's best if we follow and participate in the FAA's lead of how the airspace overall becomes more safe, and so they have a blue ribbon panel, they've just announced to help lead this effort. We will participate with enthusiasm on that and do our part to make this even safer.

所以它值得 FAA 的關注，也值得我們的關注，所以我們最不想做的就是每個人都朝著自己的方向前進。我們認為最好是我們跟隨並參與美國聯邦航空局關於如何使整個空域變得更安全的領導，因此他們有一個藍絲帶小組，他們剛剛宣布幫助領導這項工作。我們將滿懷熱情地參與其中，並儘自己的一份力量使之更加安全。

The next question will be from Dawn Gilbertson from the Wall Street Journal.

下一個問題將來自華爾街日報的 Dawn Gilbertson。

I think this question is for Ryan. I know you guys are saying as our other airlines are not seeing any signs of demand weakness. But as you're looking at summer travel bookings so far, do you see anything -- any trends in the bookings that might indicate that people are choosing different destinations since ticket prices are high, hotel prices are high, car rentals and Airbnbs are high. And anything you can share there that maybe some destinations that you're like, well, why are the bookings so strong there? I'd appreciate any color you might have on that.

我認為這個問題是給 Ryan 的。我知道你們在說我們的其他航空公司沒有看到任何需求疲軟的跡象。但是，當您查看到目前為止的夏季旅行預訂時，您是否看到任何東西 - 預訂中的任何趨勢可能表明人們正在選擇不同的目的地，因為機票價格高，酒店價格高，汽車租賃和 Airbnb 價格高.你可以在那里分享任何你喜歡的目的地，好吧，為什麼那裡的預訂量如此之高？如果您在上面塗上任何顏色，我將不勝感激。

Yes. Dawn, I think it's really what you would expect in terms of where customers want to go this summer. International is -- demand is smoking hot for international destinations. I mean obviously, we participate in that to a lesser degree than what some of our competitors do. But international is really strong. And then it's really the typical summer destinations that you would expect, Florida -- into the Southwest Hawaii Mainland. Our Hawaii franchise is performing very well. So there's no real huge surprises in the data when you kind of double-click as to where customers want to go. It's kind of per normal.

是的。黎明，我認為就客戶今年夏天想去的地方而言，這確實是您所期望的。國際是——國際目的地的需求正在冒煙。我的意思是很明顯，我們參與其中的程度低於我們的一些競爭對手所做的。但是國際化真的很強。然後它真的是您所期望的典型夏季目的地，佛羅里達州——進入西南夏威夷大陸。我們的夏威夷特許經營權表現非常出色。因此，當您雙擊客戶想要去的地方時，數據中並沒有真正的巨大驚喜。這有點正常。

And there's -- and the flip of that, there isn't anything that you're sticking out as weak. So I think our customers just want to travel. They want to -- it's not as strong as '22. When you really saw this revenge travel come back especially on the leisure side, but the demand is very strong, and it's strong across the board. Yes. So I just...

還有——反過來說，沒有任何你堅持認為是弱點的東西。所以我認為我們的客戶只想旅行。他們想要——它不像 22 年那麼強大。當你真的看到這個複仇旅行回來了，尤其是在休閒方面，但是需求非常強烈，而且是全線強勁。是的。所以我只是...

Wish I could give you a surprise there but...

希望我能在那裡給你一個驚喜，但是......

Yes, something to hang on to, but we don't have one.

是的，有一些可以堅持的東西，但我們沒有。

What about in vacations? I know that, that's done by an outside company, but are you seeing -- is there a shift to vacation packages more or even on your own website? Anything you've noticed in the appetite for vacation packages.

假期怎麼辦？我知道，這是由一家外部公司完成的，但你看到了嗎——是否有更多的假期套餐甚至在你自己的網站上的轉變？您在度假套餐的胃口中註意到的任何事情。

Yes. Actually, our vacation business is doing well. And I think that over time, we've actually got a lot of opportunity in the vacation space relative to where our network sits and kind of how we participate in that -- that market. Today, we participate in a large part through vacations with travel agencies. And I think over time, there's an opportunity to do more merchandise vacation packages to the hundreds of millions of customers that are on our digital platforms every day.

是的。事實上，我們的度假業務做得很好。而且我認為，隨著時間的推移，相對於我們的網絡所處的位置以及我們參與該市場的方式，我們實際上在度假空間中獲得了很多機會。今天，我們很大一部分是通過旅行社的假期來參與的。而且我認為隨著時間的推移，我們有機會為每天在我們數字平台上的數億客戶提供更多商品度假套餐。

But back to your original question on kind of are there new patterns in terms of destinations that are emerging from a vacation standpoint, Cancun is very strong. Hawaii is strong. But those are places that customers like to go in the summer.

但是回到你最初的問題，從度假的角度來看，在目的地方面是否存在新的模式，坎昆非常強大。夏威夷很強。但那些是客戶喜歡在夏天去的地方。

And the next question is from Wesley Joseph from CNBC.

下一個問題來自 CNBC 的 Wesley Joseph。

On the moderation of hiring for this year, is that mostly pilots, flight attendants or any other work groups. And do you know by how many jobs you're going to change your target? And then just broadly, with your strategy, are you ruling out ever having a differentiated product in the cabin, either like a larger seat or extra legroom or something like that just to drum up revenue in the future?

關於今年招聘的適度，主要是飛行員、空乘人員或任何其他工作組。你知道你要改變多少工作崗位嗎？然後從廣義上講，根據您的策略，您是否排除了機艙內的差異化產品，例如更大的座位或額外的腿部空間或類似的東西，只是為了在未來增加收入？

Those are 2 very different questions. So on the hiring, I would just tell you, again, we're really early in this process with Boeing to understand the impacts specifically, and we pick the 70 in terms of planning for deliveries for 2023, but in terms of understanding exactly where are they and then a lot of your hiring again is in advance. So we need to understand what 2024 looks like.

這是兩個截然不同的問題。所以關於招聘，我想再次告訴你，我們真的很早就與波音公司一起了解具體影響，我們選擇了 70 年計劃交付 2023 年，但在了解確切位置方面他們是嗎，然後你的很多招聘都是提前的。因此，我們需要了解 2024 年的情況。

I just want to acknowledge today that it's a significant enough change to the delivery schedule and then therefore, the capacity as well that we are going to go back through our hiring plans, and they will be moderated. I can't tell you exactly where that is. Obviously, because we were pilot constrained for the year, and now we're still likely pilot constrained through, call it, early fourth quarter is my best guess.

我今天只想承認，這是對交付時間表的一個足夠重大的改變，因此，我們將重新審視我們的招聘計劃的能力以及它們將得到緩和。我不能確切地告訴你那是哪裡。顯然，因為我們今年受到試點限制，現在我們仍然可能受到試點限制，稱之為第四季度初是我最好的猜測。

It's the group that we probably continue to press to keep the hiring on at least in the near term here until we flip to aircraft constrained. But no, I don't have any specifics other than just acknowledging that -- as the capacity is coming down, we're going to go back and look at our headcount needs. I mean, it's prudent to do that. It's the right thing to do for cost. It's the right thing to do for efficiency. We're known for our efficiency, and we'll go back and do that and we'll do that quickly. What was your second question?

這是我們可能會繼續敦促至少在短期內繼續招聘的群體，直到我們轉向飛機受限。但是不，除了承認這一點之外，我沒有任何具體細節——隨著產能下降，我們將回頭看看我們的員工人數需求。我的意思是，這樣做是明智的。為了成本，這是正確的做法。這是提高效率的正確做法。我們以效率著稱，我們會回去做那件事，我們會很快做到。你的第二個問題是什麼？

Premium -- Premium revenue.

保費——保費收入。

Premium. I forgot. Apologies. We are always -- I think we talked about things like assigned seating before. It's just as an example that we periodically -- we regularly study and survey our customers to understand what's important to them. What do they want in our products, that includes potential changes. And so we -- and that we periodically do deeper studies on things like assigned seating.

優質的。我忘了。道歉。我們總是——我想我們之前討論過分配座位之類的事情。這只是一個例子，我們定期 - 我們定期研究和調查我們的客戶，以了解對他們來說什麼是重要的。他們在我們的產品中想要什麼，包括潛在的變化。所以我們 - 我們定期對分配座位等事情進行更深入的研究。

And so far, historically, that's always told us that our customers love our product. And you've seen us -- you have seen us add things now like power and then the larger bins and enhancing the WiFi, and that comes from our customers telling us that's what they want.

到目前為止，從歷史上看，這總是告訴我們，我們的客戶喜歡我們的產品。你已經看到了我們——你已經看到我們現在添加了一些東西，比如電源，然後是更大的垃圾箱和增強的 WiFi，這來自我們的客戶告訴我們這就是他們想要的。

Now flipping to, well, what work is underway. I'll just tell you, there isn't -- there is no work underway to think about assigned seating, to think about Premium in the cabin. It doesn't mean we won't do that at some point. We are working -- we do work regularly on things like ancillary. So the upgraded boarding product that we -- a few quarters ago, now allow you to buy on the mobile device, and it's worked really, really well.

現在轉到正在進行的工作。我只是告訴你，沒有 - 沒有正在進行的工作來考慮指定的座位，考慮機艙內的 Premium。這並不意味著我們不會在某個時候這樣做。我們正在努力——我們會定期處理輔助性的事情。因此，我們幾個季度前升級的登機產品現在允許您在移動設備上購買，而且效果非常好。

Those are enhancements that we're looking at and continue to look at service to our customers. But no, there's no work underway around premium cabin, assigned seating, those kinds of things. Our customers love our product. It's all about being reliable. It's all about providing terrific service and hospitality. It's all about putting into place the things that we've already committed to, like power, larger bins, enhanced WiFi, continuing to push on digital self-service and then really wring out efficiency here.

這些是我們正在研究的增強功能，並將繼續研究為我們的客戶提供的服務。但不，關於高級客艙、指定座位等的工作還沒有進行。我們的客戶喜歡我們的產品。這一切都是為了可靠。這一切都是為了提供出色的服務和款待。這一切都是為了將我們已經承諾的事情落實到位，比如電力、更大的垃圾箱、增強的 WiFi、繼續推動數字自助服務，然後真正提高效率。

We've grown quickly. We've added a lot of people, and we want to work very hard to regain our efficiency, increased margins and ROIC returns year-over-year and get back, in some cases, to the -- work towards the goals that we laid out at Investor Day but there's no work underway in the Premium side.

我們成長得很快。我們增加了很多人，我們希望非常努力地工作以重新獲得我們的效率，增加利潤率和 ROIC 回報率，並在某些情況下回到 - 朝著我們設定的目標努力在投資者日發布，但 Premium 方面沒有進行任何工作。

The next question is from Holden Wilen from Dallas Business Journal.

下一個問題來自達拉斯商業雜誌的 Holden Wilen。

I believe it was investor day where you guys said that you've added like more than 8,000 new corporate accounts last year. I'm just wondering, as you continue to see the Managed Business travel recovery in the first quarter, how many more accounts you were able to add during that period? And if you can point to any specific factors as to why you think Managed Business travel is continuing to recover for you guys?

我相信這是投資者日，你們說你們去年增加了 8,000 多個新公司賬戶。我只是想知道，當您繼續看到第一季度的託管商務旅行複蘇時，您在此期間能夠添加多少個帳戶？如果您能指出任何具體因素來說明為什麼您認為託管商務旅行會繼續為你們恢復？

Yes. I think largely, the reason that Managed Business continues to recover for us is because of the initiatives that we've put in place. I think if you look at Managed Business travel, sitting here today and kind of where it sits structurally relative to kind of where it's been historically. There's a couple of things at play that have reduced Managed travel kind of for the industry.

是的。我認為很大程度上，託管業務繼續為我們恢復的原因是因為我們已經採取了一些舉措。我想如果你看看託管商務旅行，今天坐在這裡，它在結構上相對於歷史上的位置。有幾件事在起作用，減少了該行業的託管旅行。

The first of those is health scares of traveling. And I think that is well behind us. And I think any tailwinds from that just are unrealistic at this point. And so then the other structural component that I think has kind of depressed, managed business travel for the industry, not for us, necessarily, but for the industry is some of these -- just the way consumers work today, their home versus office patterns versus remote and some of the digital tools.

其中第一個是旅行的健康恐慌。我認為這已經過去了。而且我認為在這一點上，任何順風都是不現實的。因此，我認為另一個結構性組成部分對這個行業來說有點沮喪，管理商務旅行，不一定對我們來說，但對這個行業來說是其中的一些 - 就像今天消費者的工作方式，他們的家庭與辦公室模式與遠程和一些數字工具相比。

And I think that kind of is what it is at this point. There may be marginal improvements in different parts of the country, but it largely is what it is. And when you look at who -- how that manifests itself is that the unique number of travelers who are traveling for -- in corporate travel are actually, it's restored to where it was kind of pre-pandemic. What's down is the frequency of those travelers.

我認為這就是目前的情況。該國不同地區可能略有改善，但基本上就是這樣。當您查看誰時——這如何體現為旅行的旅行者的獨特數量——在公司旅行中實際上是，它恢復到大流行前的狀態。下降的是這些旅行者的頻率。

And so -- and that is largely -- or I guess, it's disproportionately impacts global and national accounts. And so we are after backfilling that volume by going out and acquiring new mid-market and small and medium business accounts and back opening up access to new pools of corporate travelers, and that's what we're seeing.

所以——這在很大程度上——或者我猜，它對全球和國民賬戶的影響不成比例。因此，我們正在通過外出並收購新的中端市場和中小企業客戶來回填該數量，並重新開放對新的商務旅行者群體的訪問，這就是我們所看到的。

I think in March, we had a record number of mid-market accounts active for us. I think if you look at April, we may have another record here in April. And so we're going to be after the market share gain. We're going out to win new accounts, open up access to new pools of travelers. We gained a point of market share in the managed travel space over the last quarter. And so that's where we'll be focused going forward, and that's where the sales team is focused and our efforts seem to be paying off.

我認為在 3 月份，我們擁有創紀錄數量的活躍中端市場賬戶。我想如果你看看 4 月份，我們可能會在 4 月份再創紀錄。因此，我們將追求市場份額的增加。我們要出去贏得新客戶，開闢新的旅行者群體。上個季度，我們在託管旅行領域獲得了一定的市場份額。因此，這就是我們未來將關注的重點，也是銷售團隊關注的重點，我們的努力似乎正在取得回報。

Well, we put a lot of emphasis on building the team over years now, adding technology like the GDS access. And it's -- I mean it will pay off over time. I think as Ryan said, I think that's the reason you've seen us restore or nearly restore ourselves in (inaudible) to pre-pandemic, first airline to do that. And Ryan, check me, but I think we've had 9 of our 10 best Managed Business booking days in the last 2 weeks in our history.

好吧，多年來我們非常重視團隊建設，增加了 GDS 訪問等技術。它是——我的意思是它會隨著時間的推移而得到回報。我認為正如瑞安所說，我認為這就是你看到我們在（聽不清）大流行前恢復或幾乎恢復自己的原因，這是第一家這樣做的航空公司。 Ryan，檢查我，但我認為我們在過去 2 週的歷史上有 10 個最佳託管業務預訂日中的 9 個。

Yes, in the month of April, yes.

是的，在四月份，是的。

So we're just -- so you're seeing that strength is continuing. And I do think it's because of our investments and winning share.

所以我們只是 - 所以你看到這種力量正在持續。我確實認為這是因為我們的投資和贏取的份額。

And we're focused on removing -- continuing to remove friction and being easier to do business within the managed travel space. And there's some trends across the industry where others are making it harder to do business in the managed travel space. And so I think that you couple that -- couple of all of this that we've just been talking about with our business-friendly network, business-friendly policies, industry-leading frequent flyer program, I like our chances going forward.

我們專注於消除 - 繼續消除摩擦並更容易在託管旅行空間內開展業務。整個行業都有一些趨勢，其他趨勢使在託管旅行領域開展業務變得更加困難。因此，我認為你將我們剛剛討論的所有這些與我們的商業友好網絡、商業友好政策、行業領先的飛行常客計劃相結合，我喜歡我們未來的機會。

And ladies and gentlemen, we have time for 1 more question, and we'll take our last question from David Slotnick from TPG.

女士們，先生們，我們還有時間再問一個問題，我們將接受來自 TPG 的 David Slotnick 的最後一個問題。

Thanks for the question. I was just wondering, one of your competitors talked about with the current macroenvironment, especially then with added flexibility to airlines about it. They've been taking a new look at their overbooking policies where they over book to what levels that could effect. I wondered if that was something that Southwest will be doing as well, especially considering the Wanna Get Away Plus fares and if you've seen any recognizable patterns you have?

謝謝你的問題。我只是想知道，您的一位競爭對手談到了當前的宏觀環境，尤其是在為航空公司增加靈活性的情況下。他們一直在重新審視他們的超額預訂政策，他們超額預訂到可能影響的水平。我想知道西南航空公司是否也會這樣做，特別是考慮到 Wanna Get Away Plus 票價，以及您是否看到任何可識別的模式？

Yes, David, I'm not sure that I caught all of the question there, you were breaking up a bit, but I think the question was others are maybe changing their overbooking policies and kind of what are we doing in that regard. We do not overbook our aircraft. We haven't overbooked. We have not done any of that since 2017. So we're going on 5 or 6 years here of not overbooking.

是的，大衛，我不確定我是否抓住了那裡的所有問題，你有點分手了，但我認為問題是其他人可能正在改變他們的超額預訂政策以及我們在這方面正在做的事情。我們不會超額預訂我們的飛機。我們沒有超額預訂。自 2017 年以來，我們沒有做過任何這樣的事情。所以我們將在這裡進行 5 或 6 年的不超額預訂。

It does happen occasionally when we have to downgauge an aircraft from an aircraft with more seats to fewer seats or for weight-restricted, things like that, we may have an oversell that we have to deal with. But those are few and far between. And so we're not -- going forward, we're not looking at dealing with any sort of materialization rates or any change in the booking curve by changing our overbooking policy.

當我們不得不將飛機從座位更多的飛機減量化到更少的座位或重量限制時，這種情況偶爾會發生，諸如此類，我們可能不得不處理超賣。但這些很少見。所以我們不會 - 展望未來，我們不會考慮通過改變我們的超額預訂政策來處理任何形式的實現率或預訂曲線的任何變化。

We're going the other way. I mean, we're adding -- we're standing firm on the things that our customers want. Yes, we're not overbooking. It's a bad experience for our customer. That's why we stopped it, we've added travel credits that never expire just like our growth points that never expire. So yes, we're leaning to the customer here.

我們走另一條路。我的意思是，我們正在補充——我們堅定地站在客戶想要的東西上。是的，我們沒有超額預訂。這對我們的客戶來說是一次糟糕的體驗。這就是我們停止它的原因，我們添加了永不過期的旅行積分，就像我們永不過期的增長點一樣。所以是的，我們在這裡傾向於客戶。

Thank you. And this concludes our question-and-answer session. I would like to turn the conference back over to Ms. Rutherford for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉回 Rutherford 女士的閉幕詞。

Thanks, Chad, and I would appreciate you all joining us today. If you all have any follow-up questions, you know our communications team is standing by at (214) 792-4847 or you can visit our media website at www.swamedia.com. Thanks so much for your time today.

謝謝，乍得，非常感謝大家今天加入我們。如果你們有任何後續問題，我們的溝通團隊隨時待命，電話是 (214) 792-4847，或者您可以訪問我們的媒體網站 www.swamedia.com。非常感謝你今天的時間。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。