西南航空 (LUV) 2023 Q2 法說會逐字稿

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

早上好，歡迎參加西南航空 2023 年第二季度電話會議。我叫安東尼，將主持今天的電話會議。 （操作員說明）本次電話會議正在錄音，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 Ms. Julia Landrum, Vice President of Investor Relations. Please go ahead, ma'am.

現在，我想將電話轉給投資者關係副總裁 Julia Landrum 女士。請繼續，女士。

Thank you, operator, and welcome, everyone, to our second 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.

謝謝運營商，歡迎大家參加我們的 2023 年第二季度電話會議。稍後我們將分享我們準備好的發言，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鮑勃·喬丹 (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；和首席運營官安德魯·沃特森。

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.

快速提醒一下，我們將做出前瞻性陳述，這些陳述基於我們當前對未來業績的預期，而我們的實際結果可能與預期存在重大差異。

Also, we will reference our non-GAAP results, which exclude special items that are called out and reconciled to 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.

此外，我們將參考我們的非 GAAP 業績，其中不包括在我們的新聞稿中指出並與 GAAP 業績進行協調的特殊項目。因此，請參閱我們今天上午新聞稿中披露的信息，並訪問我們的投資者關係網站以獲取更多信息。

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

鮑勃，我就把它交給你了。

Thanks, Julia, and good morning, everyone. I appreciate you joining us for our second quarter 2023 earnings call. I am very pleased to report a solid quarter with net income of $693 million, excluding special items, and all-time record quarterly revenue of just over $7.0 billion. The demand environment, especially for leisure travel continues to be resilient as we have seen solid bookings throughout the busy summer travel season. Further, we continue to expect $1 billion to $1.5 billion of pretax profit contribution in full year 2023 for strategic initiatives that we outlined at our Investor Day last December.

謝謝朱莉婭，大家早上好。感謝您參加我們的 2023 年第二季度財報電話會議。我很高興地報告一個穩健的季度，不包括特殊項目的淨利潤為 6.93 億美元，季度收入創歷史新高，略高於 70 億美元。需求環境，特別是休閒旅遊的需求環境繼續保持彈性，因為我們在整個繁忙的夏季旅遊季節看到了穩定的預訂。此外，我們繼續預計 2023 年全年稅前利潤貢獻為 10 億至 15 億美元，用於我們在去年 12 月投資者日概述的戰略舉措。

Based on our current outlook, we continue to expect record operating revenue and solid profits in third quarter 2023 and year-over-year margin expansion for full year 2023. I especially want to thank our people for doing such a fantastic job. They helped us get a record number of customers and a record number of bags on a record number of flights successfully to their destinations as we experienced the lowest second quarter flight cancellation rate in the past 10 years. It wasn't without trials. We had a lot going on in the operation related to weather and weather has continued to be a challenge here in July.

根據我們目前的展望，我們繼續預計 2023 年第三季度將實現創紀錄的營業收入和穩健的利潤，以及 2023 年全年的利潤率將同比增長。我特別要感謝我們的員工所做的如此出色的工作。他們幫助我們在創紀錄數量的航班上成功抵達目的地，創下了創紀錄的客戶數量和創紀錄的行李數量，同時我們的第二季度航班取消率達到了過去 10 年來最低的水平。這並非沒有經過考驗。我們的運營中發生了很多與天氣相關的事情，而天氣在 7 月份仍然是一個挑戰。

Despite that, our employees have continued to deliver a very solid performance. From our network ops control center to the front line, our people have worked together extremely well to minimize cancellations and produce a very reliable operation. And I'm just so proud of them for getting our customers where they need to go despite a challenging operational environment. While the cost outlook has increased for the year, the change is primarily driven by updates to our market wage rate accruals for open collective bargaining agreements. And while fluid, we're making progress. It's obviously very hard work, and I'm just very appreciative of the dedication of everybody involved in the negotiation process.

儘管如此，我們的員工仍然繼續表現出色。從我們的網絡運營控制中心到前線，我們的員工通力合作，最大限度地減少取消並實現非常可靠的運營。我為他們感到非常自豪，儘管運營環境充滿挑戰，但他們仍幫助我們的客戶到達他們需要去的地方。雖然今年的成本前景有所增加，但這一變化主要是由於開放集體談判協議的市場工資率應計更新所致。雖然不穩定，但我們正在取得進展。這顯然是一項非常艱苦的工作，我非常感謝參與談判過程的每個人的奉獻精神。

Now thinking about where we are with the business, since 2018, we have seen very significant swings due to the grounding of the MAX. Demand fall off, of course, from COVID, then the stress from the resurgence of demand disruptions from post pandemic supply chain issues, challenges with employee staffing and most recently, uncertainty with our Boeing aircraft deliveries. The challenges we have faced since 2018 have made planning difficult so smoothing out fluctuations is a must. And the best way to do that is with smooth and predictable capacity growth.

現在想想我們的業務狀況，自 2018 年以來，由於 MAX 的停飛，我們看到了非常顯著的波動。當然，需求下降是因為新冠疫情，然後是大流行後供應鏈問題、員工配備方面的挑戰以及最近波音飛機交付的不確定性造成的需求中斷再次帶來的壓力。 2018 年以來我們面臨的挑戰讓規劃變得困難，因此必須消除波動。實現這一目標的最佳方法是實現平穩且可預測的產能增長。

We told you back in April that we were reflowing our order book to allow for orderly and measured growth and we're still finalizing the details of that with Boeing. But we remain confident that we will get the 70 deliveries in 2023 that are assumed for our public schedules and we are working to build a 2024 plan that should be much more stable. We currently are planning to be flying the MAX 7 at some point next year. But if not, we'll take MAX 8 instead just as we are doing now. Where that leaves us for full year 2023 capacity is unchanged for this year at up 14% to 15% year-over-year.

我們在四月份就告訴過你們，我們正在重新調整我們的訂單簿，以實現有序和可衡量的增長，我們仍在與波音公司敲定細節。但我們仍然有信心，我們將在 2023 年實現公共計劃中假定的 70 次交付，並且我們正在努力製定一個應該更加穩定的 2024 年計劃。我們目前計劃在明年某個時候啟用 MAX 7。但如果沒有，我們將像現在一樣採用 MAX 8。 2023 年全年產能保持不變，同比增長 14% 至 15%。

As we shared this morning in our release, we are revamping our 2024 flight schedules. While our network is largely restored at this point, it is not optimized, especially for post-pandemic shifts and business travel. Those adjustments to the network will be largely complete by the March 2024 flight schedules, and we expect those efforts and the continued maturation of development markets to generate an incremental $500 million in pretax profit in 2024. The changes will also reduce the percentage of system capacity and development by more than half returning to normal pre-pandemic levels by the end of next year.

正如我們今天早上在新聞稿中分享的那樣，我們正在修改 2024 年的航班時刻表。雖然我們的網絡目前已基本恢復，但尚未優化，特別是對於大流行後的轉變和商務旅行而言。這些對網絡的調整將在 2024 年 3 月的航班時刻表上基本完成，我們預計這些努力以及開發市場的持續成熟將在 2024 年產生 5 億美元的稅前利潤增量。這些變化還將減少系統容量的百分比到明年年底，一半以上的發展將恢復到大流行前的正常水平。

We already have our schedule published through March 6, 2024, and currently expect first quarter 2024 capacity to be up in the range of 14% to 16% on a year-over-year basis. Now keep in mind that nearly 90% of that year-over-year growth is carryover from 2023. For the remainder of 2024, we are planning for a sequential deceleration in year-over-year growth in each quarter next year as we work our way back to our long-term goal of mid-single-digit growth year-over-year.

我們已經公佈了截至 2024 年 3 月 6 日的時間表，目前預計 2024 年第一季度的產能將同比增長 14% 至 16%。現在請記住，近 90% 的同比增長是從 2023 年結轉的。在 2024 年剩餘時間內，我們計劃明年每個季度的同比增長將連續減速，因為我們將努力實現回到我們同比中個位數增長的長期目標。

We've made a lot of progress in the first half of 2023, completing several major milestones. We quickly developed and are on track for our winter operations plan. We have the staffing plan in place to fully utilize our fleet by the end of the third quarter and have the network restored by the end of the year. Again, to be clear, it's restored but not yet optimized, and Ryan will share more on how we're going to adjust the network based on post pandemic travel patterns. But we have a lot of exciting things in the works that we believe are going to contribute to our 2024 financial results and help us deliver another year of margin expansion next year.

2023 年上半年，我們取得了很大進展，完成了幾個重大里程碑。我們迅速制定了冬季運營計劃，並已步入正軌。我們已製定人員配置計劃，以便在第三季度末充分利用我們的機隊，並在年底前恢復網絡。再次強調，它已經恢復但尚未優化，Ryan 將分享更多關於我們將如何根據大流行後的旅行模式調整網絡的信息。但我們正在進行許多令人興奮的事情，我們相信這些事情將為我們 2024 年的財務業績做出貢獻，並幫助我們在明年實現又一個利潤率擴張。

In closing, our accomplishments in 2023 lay a foundation for us to shift our focus to restoring our industry-leading financial and operational performance, boost our operational resilience and make advances in our industry-leading customer service through a focus on digital hospitality. And I just can't say this enough. I'm just so proud of our people. They are the hardest Southwest Airlines, and they deliver day in and day out for each other and for our customers. And with that, I will turn it over to Tammy.

最後，我們在 2023 年取得的成就奠定了基礎，使我們能夠將重點轉向恢復行業領先的財務和運營業績，提高運營彈性，並通過專注於數字酒店，在行業領先的客戶服務方面取得進步。我實在說不完。我為我們的員工感到驕傲。他們是最努力的西南航空公司，他們日復一日地為彼此和我們的客戶提供服務。有了這個，我會把它交給塔米。

Thank you, Bob, and hello, everyone. First, I'd like to extend another thanks to our employees for their commendable efforts this quarter, resulting in solid operational and financial performance, a hard-earned improvement from where we began the year. Overall, we had a really solid quarter. Operationally, we had a great completion factor, despite many weather challenges.

謝謝你，鮑勃，大家好。首先，我要再次感謝我們的員工在本季度做出的值得稱讚的努力，帶來了穩健的運營和財務業績，這是我們從年初以來取得的來之不易的進步。總體而言，我們度過了一個非常穩健的季度。在運營方面，儘管面臨許多天氣挑戰，但我們的完成率很高。

Financially, bottom line profits were in line with our expectations despite pressure from market-driven labor accruals. We produced an all-time quarterly operating revenue record. We also generated double-digit operating margins each month during the quarter. All of this was made possible by the drive and hard work of our incredible employees. I just can't thank them enough. Ryan and Andrew will speak to our revenue trends and operational performance, so I will jump right to cost, fleet and then balance sheet.

在財務方面，儘管受到市場驅動的勞動力應計壓力的影響，底線利潤仍符合我們的預期。我們創造了有史以來的季度營業收入記錄。本季度我們每個月的營業利潤率也達到了兩位數。所有這一切都歸功於我們出色的員工的干勁和辛勤工作。我對他們感激不盡。瑞安和安德魯將談論我們的收入趨勢和運營績效，所以我將直接跳到成本、機隊，然後是資產負債表。

Beginning with fuel, our second quarter jet fuel price was $2.60 per gallon, slightly above our previous guidance. Throughout second quarter, crude oil prices stayed within a reasonable range, hovering for the most part, around $80 per barrel. We are 49% hedged for third quarter and estimate our third quarter fuel price to be similar to our second quarter fuel price, and that includes an estimated $0.08 of hedging gains.

從燃油開始，我們第二季度的航空燃油價格為每加侖 2.60 美元，略高於我們之前的指導。整個第二季度，原油價格始終保持在合理區間，大部分時間徘徊在每桶80美元左右。我們對第三季度的 49% 進行了對沖，預計第三季度的燃油價格與第二季度的燃油價格相似，其中包括預計 0.08 美元的對沖收益。

We now estimate our full year 2023 fuel price to be in the $2.70 to $2.80 per gallon range, including $0.09 of hedging gains. This is up a dime from our previous guidance due to higher refining margins. Of course, market oil prices and heating cracks can be volatile, which is why we hedge. We are currently 54% hedged in 2024. And over the last few months, we've added meaningfully to our 2025 portfolio and began building our 2026 portfolio.

我們現在估計 2023 年全年燃油價格將在每加侖 2.70 美元至 2.80 美元範圍內，其中包括 0.09 美元的對沖收益。由於煉油利潤率較高，這比我們之前的指導意見高出一毛錢。當然，市場油價和加熱裂縫可能會波動，這就是我們進行對沖的原因。目前，我們在 2024 年進行了 54% 的對沖。在過去的幾個月裡，我們對 2025 年的投資組合進行了有意義的增加，並開始構建 2026 年的投資組合。

The total fair market value of our fuel hedge portfolio for the third quarter through 2026 is $373 million. We will continue to seek cost-effective opportunities to expand our hedging portfolio with a continued goal to get to roughly 50% hedging protections each year.

截至 2026 年第三季度，我們的燃料對沖投資組合的公平市場總價值為 3.73 億美元。我們將繼續尋求具有成本效益的機會來擴大我們的對沖投資組合，持續目標是每年實現約 50% 的對沖保護。

Moving to nonfuel cost. Our second quarter year-over-year CASM-X increase of 7.5% was towards the unfavorable end of our guidance range due to incremental adjustments to market weight trade accruals for our open labor agreements. We have said this from the beginning, but our labor accruals are based on market and in this environment, market has obviously been dynamic. We are planning and eager to award our work groups with well-deserved compensation increases.

轉向非燃料成本。由於我們的開放勞工協議對市場權重貿易應計額進行了增量調整，第二季度 CASM-X 同比增長 7.5%，接近我們指導範圍的不利端部。我們從一開始就說過這一點，但我們的勞動力應計是基於市場的，在這種環境下，市場顯然是動態的。我們正在計劃並渴望為我們的工作團隊提供應有的加薪。

Looking ahead, our nominal third quarter cost trends remain fairly consistent with second quarter. We currently estimate our third quarter CASM-X to increase in the 3.5% to 6.5% range year-over-year. This increase is, again, largely driven by higher labor costs. We are also continuing to incur additional maintenance expense relative to 2022 for our -800 fleet as more engines come due for heavy maintenance, adding further pressure to our second half cost inflation.

展望未來，我們第三季度的名義成本趨勢與第二季度相當一致。我們目前預計第三季度 CASM-X 同比增長 3.5% 至 6.5%。同樣，這一增長主要是由勞動力成本上升推動的。相對於 2022 年，我們的 -800 機隊還將繼續產生額外的維護費用，因為更多的發動機需要進行大量維護，這進一步增加了我們下半年成本通脹的壓力。

For full year 2023, we now estimate CASM-X to decrease in the range of 1% to 2% year-over-year compared with our previous guidance of down 2% to 4%. The estimated 1.5% increase is due primarily to higher labor cost pressures, as I've already covered.

對於 2023 年全年，我們現在預計 CASM-X 將同比下降 1% 至 2%，而我們之前的指導為下降 2% 至 4%。正如我已經介紹過的，預計 1.5% 的增長主要是由於勞動力成本壓力增加。

Turning to our fleet. During the second quarter, we received a total of 21 aircraft deliveries and retired 11-700 aircraft, ending the quarter with over 800 aircraft. We are working to reflow our order book with Boeing. However, for this year, we continue to plan for approximately 70-8 deliveries and 26-700 retirements which takes the fleet to 814 aircraft at year-end. Likewise, our CapEx outlook remains unchanged at approximately $3.5 billion, which assumes approximately $2.3 billion in aircraft capital spend.

轉向我們的艦隊。第二季度，我們共交付了 21 架飛機，退役了 11-700 架飛機，本季度末飛機數量超過 800 架。我們正在努力重新調整與波音的訂單。然而，今年，我們繼續計劃交付約 70-8 架，退役 26-700 架，使機隊在年底達到 814 架飛機。同樣，我們的資本支出前景保持在約 35 億美元不變，假設飛機資本支出約為 23 億美元。

Our 2023 capacity guidance also remains unchanged. We continue to expect full year 2023 capacity to be up approximately 14% to 15% year-over-year and we have tightened our third quarter capacity guidance to be up approximately 12% year-over-year. As Bob mentioned, we are planning for first quarter 2024 capacity to grow 14% to 16% year-over-year. Now keep in mind, we are growing 14% to 15% in 2023, and that alone drives nearly 90% of that first quarter year-over-year growth. So the primary driver of that first quarter year-over-year growth is annualizing the additional capacity we are adding this year. But our long-term goal remains mid-single-digit year-over-year growth.

我們的 2023 年產能指導也保持不變。我們繼續預計 2023 年全年產能將同比增長約 14% 至 15%，並且我們已收緊第三季度產能指引，預計同比增長約 12%。正如 Bob 提到的，我們計劃 2024 年第一季度產能同比增長 14% 至 16%。現在請記住，我們到 2023 年的增長率將達到 14% 至 15%，僅此一項就推動了第一季度同比增長的近 90%。因此，第一季度同比增長的主要驅動力是將我們今年新增的產能按年計算。但我們的長期目標仍然是實現中個位數的同比增長。

Lastly, our balance sheet remains pristine and we remain the only U.S. airline with an investment-grade rating by all 3 rating agencies. We ended second quarter with cash and short-term investments of $12.2 billion, net of $67 million in debt repayments for the first half of the year. We continue to be in a net cash position and expect a modest $16 million in scheduled debt repayments for the remainder of the year. And currently, 2023 interest income is still expected to more than offset 2023 interest expense.

最後，我們的資產負債表保持原始狀態，並且我們仍然是唯一一家獲得所有 3 個評級機構投資級評級的美國航空公司。截至第二季度末，我們的現金和短期投資為 122 億美元，扣除上半年的 6700 萬美元債務償還。我們繼續保持淨現金頭寸，預計今年剩餘時間將按計劃償還 1600 萬美元的債務。目前，2023年的利息收入預計仍將超過2023年的利息支出。

We declared another dividend in second quarter which was paid just a couple of weeks ago. I am proud of what we have accomplished through the first half of the year. That said, we still have work to do to return to industry-leading financial performance which is our priority as we work on our plans for next year.

我們在第二季度宣布了另一次股息，並於幾週前支付。我對我們今年上半年所取得的成就感到自豪。也就是說，我們仍有工作要做，以恢復行業領先的財務業績，這是我們制定明年計劃時的首要任務。

This includes managing the ongoing inflationary cost pressures, reflowing our order book with Boeing to support orderly measured and profitable growth and rebalancing and optimizing our network. We believe these plans, combined with our existing initiatives and the maturation of our development markets will help us expand both margins and return on invested capital in 2024 as compared with this year.

這包括管理持續的通脹成本壓力、重新安排我們與波音的訂單以支持有序的可衡量和盈利增長以及重新平衡和優化我們的網絡。我們相信，這些計劃與我們現有的舉措以及成熟的開發市場相結合，將幫助我們在 2024 年比今年擴大利潤率和投資資本回報率。

Let me close by saying my confidence in our ability to achieve our financial and operational goals is anchored by my belief in the people of Southwest Airlines and their ability to create and inspire success. And with that, I will turn it over to Ryan.

最後我要說的是，我對我們實現財務和運營目標的能力的信心源於我對西南航空員工以及他們創造和激勵成功的能力的信念。有了這個，我會把它交給瑞安。

Thanks, Tammy. I'll walk you through our second quarter revenue results, provide context for our third quarter outlook and update you on some of our commercial priorities. And for additional detail on our revenue performance, I'll point you to this morning's earnings release. Starting with second quarter. Demand continues to be resilient, especially for leisure travel. Overall, trends have remained steady with operating revenue for the first half of 2023, consistently well above 2019 pre-pandemic levels.

謝謝，塔米。我將向您介紹我們第二季度的收入結果，為我們第三季度的前景提供背景信息，並向您介紹我們的一些商業優先事項的最新情況。有關我們收入表現的更多詳細信息，我將向您介紹今天早上的收益發布。從第二季開始。需求持續強勁，尤其是休閒旅遊。總體而言，2023 年上半年的營業收入趨勢保持穩定，始終遠高於 2019 年大流行前的水平。

Operating revenue for second quarter was an all-time quarterly record of just over $7 billion. And in fact, we had record operating revenue in every month of the quarter. Second quarter 2023 unit revenue or RASM decreased 8.3% on a year-over-year basis on a capacity increase of 14.1%. And while it's a year-over-year decline, it's still our second highest second quarter RASM to date, which points to the tough comp we were up against from last year. And as a reminder, year-over-year RASM was impacted by a 5-point headwind from approximately $300 million of higher-than-normal breakage revenue that was recognized in the second quarter of 2022, resulting from flight credits issued during the pandemic that were set to expire prior to our later policy change to eliminate flight credit expiration dates.

第二季度營業收入略高於 70 億美元，創歷史季度最高紀錄。事實上，我們本季度每個月的營業收入都創下了紀錄。 2023 年第二季度單位收入或 RASM 同比下降 8.3%，而產能增長 14.1%。雖然同比下降，但它仍然是我們迄今為止第二高的第二季度 RASM，這表明我們與去年相比面臨著嚴峻的競爭。需要提醒的是，RASM 同比受到 5 個百分點的不利影響，2022 年第二季度確認的破損收入約為 3 億美元，高於正常水平，這是由於大流行期間發放的航班積分造成的在我們後來更改政策以消除飛行積分到期日期之前，這些計劃將到期。

Overall, second quarter revenue came in at the favorable end of our expectations as close-in leisure held strong. Second quarter revenue from corporate travel came in largely as expected, as we realized sequential and year-over-year improvement in managed business revenue. And while travelers from some of our largest segments have reduced their frequency of their business trips from pre-pandemic levels, we're very pleased with the gains we continue to make in the managed business space.

總體而言，由於近距離休閒活動保持強勁，第二季度收入符合我們的預期。第二季度商務旅行收入基本符合預期，因為我們實現了託管業務收入的環比和同比改善。儘管來自我們一些最大細分市場的旅行者的商務旅行頻率已從大流行前的水平降低，但我們對我們在託管業務領域繼續取得的收益感到非常滿意。

Small and medium businesses, government and educations are strong points for us, and we are growing the number of accounts we have under contract. All of this has allowed us to continue to grow our share of the managed business space in the industry and as a result of our revenue initiatives in corporate travel. We gained additional passenger market share in the second quarter and exited the quarter seeing more unique travelers flying for business than we saw pre-pandemic.

中小型企業、政府和教育是我們的優勢，我們正在增加合同賬戶的數量。所有這些使我們能夠繼續擴大我們在行業管理業務空間中的份額，並且得益於我們在商務旅行方面的收入舉措。我們在第二季度獲得了更多的客運市場份額，並且在本季度結束時，我們看到比大流行前更多的獨特旅客乘坐商務航班。

Moving to the third quarter, we're seeing leisure booking and yield strength continue throughout the summer travel season with July revenue, which is essentially booked expected to also be a record. Of course, much of the Post Labor Day booking curve comes in closer but we're very encouraged by the response to our June fare sale for off-peak fall travel and what that suggests for continued leisure demand.

進入第三季度，我們看到休閒預訂和收益在整個夏季旅遊季持續強勁，7 月份的收入基本上預計也將創下紀錄。當然，勞動節後的大部分預訂曲線都在接近，但我們對 6 月非高峰秋季旅行票價銷售的反應以及這表明休閒需求的持續增長感到非常鼓舞。

We had all-time record bookings the week of our fare sale with three booking days that were top 10 all-time records and included our record day for the most bookings ever taken. In fact, we have more passengers booked for third quarter travel at this point in the curve than we did at the same point in time for second quarter. Of course, on a revenue basis, nominal yields are typically weaker sequentially third quarter versus second quarter but the strength in passengers points to the continued demand for Southwest Airlines.

我們在票價銷售當週創下了歷史預訂記錄，其中 3 個預訂日位列歷史前 10 名，其中包括有史以來預訂最多的記錄日。事實上，曲線中此時預訂第三季度旅行的乘客數量比第二季度同一時間點的乘客數量還要多。當然，從收入的角度來看，第三季度的名義收益率通常比第二季度要弱，但乘客數量的強勁表明對西南航空的持續需求。

We currently expect overall corporate travel to have a modest underlying trend improvement, and we expect to continue our gains in industry market share. Overall, however, we expect corporate travel demand will remain lower than leisure for the foreseeable future, particularly compared with pre-pandemic. So with a higher leisure mix, and as the number of business trips taken per traveler remain down for our most frequent customers, it gives us an opportunity to look at our current network design.

我們目前預計整體商務旅行將出現適度的潛在趨勢改善，並且我們預計行業市場份額將繼續增長。但總體而言，我們預計在可預見的未來，商務旅行需求仍將低於休閒旅行需求，特別是與大流行前相比。因此，隨著休閒組合的提高，以及我們最常去的客戶的每位旅行者的商務旅行次數仍然下降，這讓我們有機會審視當前的網絡設計。

Pre-pandemic, those travelers had a skew of short-haul travel with more frequent trips and also more midweek travel, and our current network is designed assuming those travel patterns would return.

在大流行之前，這些旅行者傾向於短途旅行，旅行更加頻繁，周中旅行也更多，而我們當前的網絡是在假設這些旅行模式將會回歸的情況下設計的。

Moving forward, there is a revenue opportunity to adjust the network to adapt to the new travel patterns we expect to continue to see from our mix of business and leisure customers. Ultimately, this leaves us with third quarter unit revenue expected to be down 3% to 7% year-over-year on capacity up roughly 12% again on a year-over-year basis. The decline in year-over-year unit revenue is driven by capacity growing faster than seasonably typical as we restore the network and normalize the utilization of our fleet as well as tough prior year comparisons from the post-pandemic domestic demand surge. So while there is still room to optimize our unit revenue efficiency, this guide implies a third quarter record for operating revenue.

展望未來，我們有機會調整網絡以適應我們預計將繼續從商務和休閒客戶組合中看到的新旅行模式，從而獲得收入。最終，我們預計第三季度單位收入將同比下降 3% 至 7%，而運力將同比再次增長約 12%。單位收入同比下降的原因是，隨著我們恢復網絡和使機隊利用率正常化，運力增長速度快於季節性典型水平，以及疫情后國內需求激增導致的與上年的艱難比較。因此，儘管我們的單位收入效率仍有優化的空間，但本指南意味著第三季度的營業收入創歷史新高。

So again, we are in the process of adjusting our network to support our imperative of industry-leading financial performance. Starting with the January 2024 schedules, we've made changes to the composition of the network such that it supports the customer travel behavior changes I just mentioned.

因此，我們正在調整我們的網絡，以支持我們實現行業領先的財務業績的必要性。從 2024 年 1 月的時刻表開始，我們對網絡的構成進行了更改，以支持我剛才提到的客戶出行行為變化。

We made changes that reflect where our customers are traveling and when they're traveling, including time of day and day of week and this optimization will be largely complete in spring of 2024. In addition, we have more than 10% of our markets under development, which will normalize closer to pre-pandemic levels over the next 12 to 18 months. So as we said in the release and as Bob mentioned earlier, the go-forward revenue opportunity from the network is substantial. And of course, we also expect continued revenue contribution growth from our existing and fully implemented revenue initiatives.

我們進行了一些更改，以反映客戶的旅行地點和旅行時間，包括一天中的時間和一周中的某天，這一優化將於 2024 年春季基本完成。此外，我們有超過 10% 的市場處於發展，將在未來 12 至 18 個月內恢復正常，接近大流行前的水平。因此，正如我們在新聞稿中所說以及鮑勃之前提到的，該網絡的未來收入機會是巨大的。當然，我們還預計我們現有的和全面實施的收入計劃將持續增加收入貢獻。

Finally, we've always worked hard to consistently deliver the best hospitality and customer service here at Southwest. Our customer service is, of course, legendary, and our customer policies are industry-leading. And we are on track in deploying our onboard product initiatives, including WiFi upgrades, larger overhead bins and in-seat power. We are now focused on widening our customer service advantage through prioritization of a series of initiatives that will improve our digital hospitality and allow our customers to serve themselves in most cases. We aren't ready to provide you all the details there, but the initiatives will help us achieve our goals to deliver the best and most efficient hospitality with next-generation tools, airport layouts and more.

最後，我們一直努力在西南航空始終如一地提供最好的款待和客戶服務。當然，我們的客戶服務是傳奇的，我們的客戶政策也是行業領先的。我們正在部署機上產品計劃，包括 WiFi 升級、更大的頭頂行李箱和座椅電源。我們現在專注於通過優先考慮一系列舉措來擴大我們的客戶服務優勢，這些舉措將改善我們的數字化酒店服務，並讓我們的客戶在大多數情況下能夠自助服務。我們尚未準備好向您提供所有詳細信息，但這些舉措將幫助我們實現我們的目標，即通過下一代工具、機場佈局等提供最佳、最高效的接待服務。

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

現在，我將把它交給安德魯。

Thank you, Ryan, and hello, everyone. I'm going to provide some additional details on our operational performance and a brief update on our Winter Operations Preparedness Plan. I'll have to start by commending our employees for their warrior spirits and the solid operational performance they delivered in an operationally challenging quarter. As Bob mentioned, we had record flight activity, record customers and record bag counts. But we were ready. We were staffed up and we were prepared.

謝謝你，瑞安，大家好。我將提供有關我們運營績效的一些其他詳細信息以及有關我們的冬季運營準備計劃的簡要更新。首先，我必須讚揚我們的員工在充滿挑戰的季度中表現出的鬥士精神和紮實的運營績效。正如鮑勃提到的，我們的航班活動、客戶數量和行李數量均創歷史新高。但我們已經準備好了。我們已經配備了人員並做好了準備。

Our completion factor in the second quarter was really pretty remarkable. We reliably achieved a flight completion factor of more than 99% in the second quarter. It was the highest second quarter performance in the past 10 years. And that is despite the challenging environment, June, in particular, had tough operating conditions. We had issues across the entire system with pretty much continuous weather disruptions.

我們第二季度的完成率確實非常出色。第二季度，我們可靠地實現了 99% 以上的航班完成率。這是過去10年來最高的第二季度業績。儘管環境充滿挑戰，但六月的經營條件尤其艱難。我們整個系統都遇到了問題，幾乎持續的天氣中斷。

Safety is always our first priority, so we couldn't avoid some flight delays, but we are really excelled in getting customers to the destinations and with their bags. And when we had weather events, we managed to reset and be right back on track the next morning, which is a sign of good management through the regular operations by our people.

安全始終是我們的首要任務，因此我們無法避免一些航班延誤，但我們確實非常擅長將乘客送至目的地並攜帶行李。當我們遇到天氣事件時，我們設法重置並在第二天早上回到正軌，這是通過我們的員工的常規操作進行良好管理的標誌。

Underneath that headline, we saw broad-based improvements in our operating metrics as on-time performance, long delays, early morning originators, turn compliance, (inaudible) and trip Net Promoter Score, all showed solid year-over-year improvements. This was against the backdrop of runway closures in Las Vegas and Denver, which are two of our largest operations.

在這個標題下，我們看到了我們的運營指標的廣泛改進，如準點率、長時間延誤、清晨始發者、轉彎合規性、（聽不清）和旅行淨推薦值，所有這些都顯示出同比的穩健改善。這是在我們最大的兩個運營地拉斯維加斯和丹佛跑道關閉的背景下發生的。

Another drag was our block time hit rate, which dropped over 4 points relative to the second quarter last year as our pilots had to take more circuitous routing because of weather. The broad-based improved performance against these headwinds is a testament to solid execution by our people.

另一個拖累是我們的阻塞時間命中率，與去年第二季度相比下降了 4 個百分點以上，因為我們的飛行員因天氣原因不得不採取更迂迴的路線。面對這些不利因素，業績的廣泛改善證明了我們員工的紮實執行力。

Looking forward, we're also really pleased with our progress on the implementation of our Winter Preparedness Plan. Just a reminder, so the plan is detailed on a micro site, which is available on our website. The plan is on track to be fully implemented in fourth quarter 2023 in advance of our winter storm season. I won't walk you through all the details today since it's on the microsite. But I will say that everything is going really well, and we are already accepting delivery of new equipment and infrastructure as well as completing software implementations. We are conducting summer school to train new ramp agents on DEI team and train all ramp agents on new equipment.

展望未來，我們對冬季準備計劃的實施進展也感到非常高興。只是提醒一下，該計劃在我們網站上的微型網站上有詳細說明。該計劃有望在冬季風暴季節之前於 2023 年第四季度全面實施。今天我不會向您介紹所有詳細信息，因為它位於微型網站上。但我想說，一切進展順利，我們已經接受新設備和基礎設施的交付，並完成軟件實施。我們正在舉辦暑期學校，培訓 DEI 團隊的新停機坪工作人員，並培訓所有停機坪工作人員使用新設備。

Obviously, the other thing we have going on is labor negotiations, where we continue to work diligently, and we continue to make progress. I do want to thank all the parties on both sides who work hard to negotiate these collective bargain agreements. I'm grateful that we've been able to get so many ratified in the last 9 months but we still have more to do with a couple that have been amenable for a while.

顯然，我們正在進行的另一件事是勞資談判，我們繼續努力工作，繼續取得進展。我確實要感謝為談判這些集體談判協議而付出努力的雙方各方。我很感激我們在過去 9 個月裡得到瞭如此多的批准，但我們仍然需要與一些已經接受了一段時間的夫婦做更多的事情。

We know the negotiations could be emotional as well as complicated, but we are committed to good faith negotiations to get new agreements in place as quickly as possible and to compensate our employees with market wage rates. So in closing, I'd like to thank all of our employees for their hard work. It's an honor to be part of this team and to have the opportunity to support them. And with that, I'll turn it back over to Julia.

我們知道談判可能會情緒化且複雜，但我們致力於真誠談判，以盡快達成新協議，並按照市場工資水平補償我們的員工。最後，我要感謝我們所有員工的辛勤工作。我很榮幸成為這個團隊的一員並有機會支持他們。有了這個，我會把它轉回給朱莉婭。

Thank you, Andrew. We have analysts queued up for questions. So a quick reminder to please keep your questions to one 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。因此，快速提醒您，請將您的問題保留在一個問題中，並在需要時進行後續跟進。運營商，請開始我們的分析師問答。

(Operator Instructions). Our first question will come from Scott Group with Wolfe Research. You may now go ahead.

（操作員說明）。我們的第一個問題將來自斯科特集團和沃爾夫研究公司。現在你可以繼續了。

So wondering if you have any color on the pressure on load factors in the quarter? And then guiding to a lot of pressure on RASM in Q3 as capacity accelerates. With Q4 capacity expected to accelerate further, do you think we should expect further RASM pressure? And given that, do you think about maybe moderating some of the capacity growth.

那麼想知道您對本季度負載率的壓力是否有任何看法？隨著產能加速增長，第三季度的 RASM 將面臨巨大壓力。隨著第四季度產能預計進一步加速，您認為我們是否應該預期 RASM 會面臨進一步的壓力？鑑於此，您是否考慮減緩部分產能增長。

Scott, it's Ryan. I think just stepping back and just taking a look at the second quarter overall, I think it was a really good performance. Record operating revenue for the quarter, record operating revenue for each of the months in the quarter. And I think when you think about that relative to the compare period from the prior year, with the pent-up demand in second quarter plus the headwind that we were facing there on the breakage adjustment of about 5 points which, by the way, does not persist going forward. That is -- that comparison is isolated to the second quarter there. I think that the performance is really, really good. The fare environment, second quarter year-over-year. If you adjust because that breakage benefit or breakage comparison from second quarter of 2022 gets booked into passenger revenue, that gets spread out over all of the revenue there in the quarter.

斯科特，我是瑞安。我認為退後一步，看看第二季度的整體情況，我認為這是一個非常好的表現。記錄本季度的營業收入，記錄本季度每個月的營業收入。我認為，當你考慮到與去年同期相比時，第二季度被壓抑的需求加上我們面臨的約 5 個點的破損調整的逆風，順便說一句，這確實不堅持前進。也就是說，這種比較是孤立於第二季度的。我認為表演真的非常非常好。第二季度票價環境同比。如果您因 2022 年第二季度的破損福利或破損比較計入旅客收入而進行調整，那麼該費用將分攤到該季度的所有收入中。

And if you isolate that, average fares in the second quarter are actually up year-over-year at 2%. So we're in an environment here where we're managing -- we're optimizing revenue in a really strong fare environment, which does typically have a little bit of pressure on loads.

如果單獨考慮的話，第二季度的平均票價實際上同比上漲了 2%。因此，我們所處的環境是我們正在管理的——我們正在一個非常強勁的票價環境中優化收入，這通常會對負載造成一點壓力。

And the -- and I think if you look at our domestic load factor compare second quarter, that's in line with the compares -- or the load factor performance that our competitors saw in the second quarter as well. So all of that taken into account on the second -- on the second quarter, I feel really good about that.

我認為，如果你看一下我們第二季度的國內載客率比較，就會發現，這與我們的競爭對手在第二季度看到的載客率表現是一致的。因此，在第二季度考慮到所有這些，我對此感覺非常好。

As you think about the fare environment going forward, July here is almost booked. I think the fare environment as far as we can tell, continues to persist here in July. I think we expect another record revenue in July, again, on a tough compare from prior periods with the pent-up demand last year. So I think we're just in an environment here where we are managing -- where we're optimizing revenue in a very strong fare environment, and that typically comes with a couple of points of load factor adjustment there.

考慮到未來的票價環境，7 月份這裡幾乎已經被訂滿了。我認為，據我們所知，七月份的票價環境將繼續持續下去。我認為，與去年被壓抑的需求相比，我們預計 7 月份的收入將再創歷史新高。所以我認為我們只是處於一個我們正在管理的環境中——我們在非常強勁的票價環境中優化收入，並且通常會伴隨著一些負載係數調整。

Scott, it's Bob. The other thing we -- obviously, the new -- we've got -- we're in this new revenue management system as well that we're -- I think we'll be fully taken over the network in terms of pricing this fall. And number one, I'm happy that we've been able to get it in. We got it in on time but it thinks about your whole itinerary. And one of the things that happens, too, is it maximizes close-in demand. So it wouldn't be a surprise doing that, that you might see a little bit of a lower load here, especially as we learn the new system, and again, all that was known as we did testing. Second thing is we know we're in a suboptimal environment. We brought capacity back quickly as we restored our flying. I'm very proud of the team here. We will get all of our aircraft in the air and be unconstrained flying everything here at the end of the third quarter, which is actually ahead of our plan, but it's not optimized.

斯科特，這是鮑勃。我們的另一件事——顯然，新的——我們已經有了——我們也處於這個新的收入管理系統中，我們——我認為我們將在定價方面完全接管網絡這個秋天。第一，我很高興我們能夠將其送入。我們準時送入，但它考慮了您的整個行程。發生的事情之一是它最大化了近距離需求。因此，這樣做並不奇怪，您可能會在這裡看到一點點較低的負載，特別是當我們學習新系統時，並且再次，所有這些都是我們進行測試時已知的。第二件事是我們知道我們正處於一個次優的環境中。隨著航班恢復，我們迅速恢復了運力。我為這裡的團隊感到非常自豪。我們將在第三季度末讓所有飛機升空，並不受限制地在這裡飛行，這實際上提前了我們的計劃，但還沒有優化。

That's why we're doing all the work in the first quarter of next year around the network to optimize. The last thing, just Ryan talked about this, as you associate this to average fare, we have a large percent of our network in development. It's over 10%. And we added new cities. We had -- we grew Hawaii during the pandemic. We put kind of 100 aircraft or more into those investments, and those are still in development and that will mature across 2024, and I expect that percent of our total system in development to be normal to fall across each quarter next year and to be normal sort of pre-pandemic normal by the end of next year. And I think, Tammy, the just -- if you just think about fares, the average fare drag from that sort of those excessive development markets compared to normal is about $2 right now. So it just gives you a ballpark in terms of thinking about average fare as well.

這就是為什麼我們要在明年第一季度圍繞網絡進行所有優化工作。最後一件事，瑞安剛剛談到了這一點，當你將其與平均票價聯繫起來時，我們有很大一部分網絡正在開發中。已經超過10%了。我們添加了新的城市。我們在大流行期間種植了夏威夷。我們在這些投資中投入了 100 架或更多飛機，這些飛機仍在開發中，並將在 2024 年成熟，我預計我們正在開發的總系統的百分比將在明年每個季度正常下降，並且會正常到明年年底就將恢復到大流行前的正常水平。我認為，塔米，如果你只考慮票價，與正常情況相比，這些過度開發市場造成的平均票價目前約為 2 美元。因此，它也為您提供了考慮平均票價的大致範圍。

Helpful. So I guess just a quick follow-up, like to that. Has the network optimization, is that more of a cost opportunity or revenue opportunity? I guess, ultimately, I'm trying to figure out like if capacity is up high single next year, do we think CASM is up or down next year?

有幫助。所以我想只是快速跟進，就像那樣。有網絡優化，這更多的是成本機會還是收入機會？我想，最終，我想弄清楚明年的產能是否會上升，我們認為明年的 CASM 是上升還是下降？

Do you want to take the...

你想帶...

Sorry, no, yes, we'll tag team on that. Now we believe that the network redesign, it will be beneficial to both our revenues as well ads on the cost side. And as we look ahead to next year, we are absolutely committed to driving our unit cost down. And certainly, the network and our opportunities there to align our staffing and our fleet to our network -- our network design should be helpful in helping us to achieve that goal.

抱歉，不，是的，我們將對此標記團隊。現在我們相信網絡的重新設計，將對我們的收入以及廣告成本方面都有好處。展望明年，我們絕對致力於降低單位成本。當然，網絡以及我們將人員配置和機隊與我們的網絡相結合的機會——我們的網絡設計應該有助於幫助我們實現這一目標。

Yes. And I think I would just add to, you talked about the large capacity in the first quarter that we've just talked about, 14 to 16. It's still capacity. But just as a reminder, with the restoration getting all the aircraft flying this year, it's going to produce a lot of capacity just doing that because we were so constrained, particularly on the pilot side, which again goes away in the third quarter. So it produces a lot of carryover, especially into early next year. So 90% of that growth in the first quarter is simply carryover from ads back here in 2023.

是的。我想我想補充一下，您談到了我們剛才談到的第一季度的大產能，14 到 16 個。它仍然是產能。但提醒一下，隨著今年所有飛機的恢復飛行，這樣做將會產生大量的運力，因為我們受到很大的限制，特別是在飛行員方面，這在第三季度再次消失。因此它會產生大量結轉，特別是到明年初。因此，第一季度 90% 的增長只是 2023 年廣告的結轉。

As you think about the network optimization, yes, as Tammy said, it's a play on both sides. But the travel patterns is clear, the travel patterns post pandemic are not what they were pre-pandemic. Some of that is leisure. A lot of that is that business. I expect business to continue to come back, but I think it's going to trail the restoration of leisure year for a while. So Ryan talked about this, but it seems like a much more aggressive reduction into on a Tuesday and a Wednesday for example. Normally, that schedule would fall about 2 points from a Monday. I think it's going to fall about 8 points with the optimization of the network. We're managing much, much better management of really early and really late flights, which obviously have RASM penalties on those. So anyways, it's definitely a revenue play, but it's really meant to just match the post-pandemic demand and travel patterns to what we're seeing to the network.

當你想到網絡優化時，是的，正如 Tammy 所說，這是雙方的博弈。但旅行模式很明顯，大流行後的旅行模式與大流行前不同。其中一些是休閒。其中很多就是那件事。我預計業務將繼續復甦，但我認為它將在一段時間內落後於休閒年的恢復。所以瑞安談到了這一點，但似乎更積極地減少到週二和周三。通常情況下，該時間表會比周一下降約 2 個點。我認為隨著網絡的優化，會下降8個點左右。我們對非常早和非常晚的航班進行了更好的管理，這顯然會對這些航班產生 RASM 處罰。所以無論如何，這絕對是一種收入遊戲，但它實際上是為了將大流行後的需求和旅行模式與我們在網絡上看到的相匹配。

Yes. To give some color on this, it's kind of put in the 4 buckets of network changes we're doing. The first is a frequency shift from mostly short-haul business heavy routes to more medium and long-haul routes with a lower business mix. The second is Tuesday, Wednesday reductions, are down 7% to 10% versus Monday, Thursday, Friday, depending on the season. The third is the shoulder of the day. So moving the latest and earliest flights, which are typically our worst performers a little bit in. And then the fourth is we're adjusting the new city in Hawaii markets, as we've understood their seasonality demand patterns, we will be shifting them as a result.

是的。為了說明這一點，我們將其歸入我們正在進行的 4 個網絡更改中。首先是頻率從主要是短途業務密集的航線轉向更多業務組合較低的中長途航線。第二個是周二、週三的減價，比周一、週四、週五減少 7% 到 10%，具體取決於季節。第三個是天肩。因此，我們將調整最新和最早的航班，這些航班通常是我們表現最差的航班。第四，我們正在調整夏威夷市場的新城市，因為我們已經了解了他們的季節性需求模式，我們將調整它們因此。

Now to give you some -- a little bit of color on that first one about how we're shifting the frequencies, let's take Midway. In March of '24, we'll have 225 departures. In March of this year, we had 229. So this is down 4 trips. Underneath that, you have 26 city pairs that are changing frequencies. You say Midway to Columbus, down two frequencies from 6x to 4x, Midway to Phoenix up two frequencies and replace it.

現在給你們一些關於我們如何改變頻率的第一個問題的一些信息，讓我們以中途島為例。 2024 年 3 月，我們將有 225 趟航班出發。今年 3 月，我們有 229 趟航班。因此，減少了 4 趟航班。在其之下，有 26 個城市對正在改變頻率。你說中途島到哥倫布，從 6x 降低兩個頻率到 4x，中途島到鳳凰城提高兩個頻率並替換它。

And then same thing in Columbus, they're not losing two frequencies. There is frequencies that one from Midway to Sarasota and the Tampa. And so everyone kept their departure, so to speak, for the composition moved a little bit. Now Sarasota is a pure-play leisure, but Tampa and Phoenix is a combination of leisure and business. So it's kind of a mix shift at the margin, not like going together guardrail, so to speak. So all these -- you go do this through all of our network, it leads up to a substantial change, but each one itself is modest.

在哥倫布也是如此，他們並沒有失去兩個頻率。有從中途島到薩拉索塔和坦帕的頻率。於是大家就繼續離開，可以說是因為構圖稍微動了一點。現在薩拉索塔是純粹的休閒勝地，而坦帕和菲尼克斯則是休閒與商務的結合體。因此，可以說，這是一種邊緣的混合轉變，而不是像在一起護欄那樣。所以所有這些——你通過我們所有的網絡來做到這一點，它會帶來實質性的改變，但每一個本身都是適度的。

Our next question will come from Savi Syth with Raymond James.

我們的下一個問題將由薩維·賽斯和雷蒙德·詹姆斯提出。

Good afternoon. Can I ask maybe a high-level question kind of tying in all the different things that you're working on? And when do you think you can get back to 2019 level of profitability, not necessarily EPS, but just kind of pretax income type level? Like what does it take to get there? And how long does it take to get there?

下午好。我可以問一個高層次的問題，將你正在做的所有不同的事情聯繫起來嗎？您認為什麼時候可以恢復到 2019 年的盈利水平，不一定是每股收益，而只是稅前收入類型的水平？比如需要什麼才能到達那裡？到達那裡需要多長時間？

Yes. Savi, we are in the midst of working on our detailed 2024 plan and certainly getting back to pre-pandemic levels of profitability is our goal. And as we've shared with you, adjusting our network to the current demand environment and current business environment is a part, a significant part of that plan. We're not ready, obviously, to provide guidance for next year, but certainly getting back to those levels of profitability is the goal. So the first order of priority is to fly all of our fleet and optimize our staffing levels to that flying and to the network adjustments that we've taken you through. And in addition to that, we've got ongoing contributions from our initiatives as we continue to grow the network.

是的。 Savi，我們正在製定詳細的 2024 年計劃，當然，恢復到大流行前的盈利水平是我們的目標。正如我們與您分享的那樣，調整我們的網絡以適應當前的需求環境和當前的業務環境是該計劃的一部分，非常重要的一部分。顯然，我們還沒有準備好為明年提供指導，但目標肯定是恢復到這些盈利水平。因此，首要任務是讓我們所有的機隊都能飛行，並優化我們的人員配置水平，以適應我們為您進行的飛行和網絡調整。除此之外，隨著我們網絡的不斷發展，我們的舉措也不斷做出貢獻。

And certainly, we'll continue to get contributions from our ongoing fleet modernization plans. So we've -- certainly a lot of moving parts here as we work to rebuild following the pandemic. It's obviously been a little messy here. But the good news is that we are almost fully restored and will be soon, and we will be certainly pivoting and putting our efforts on producing year-over-year margin expansion for 2024.

當然，我們將繼續從我們正在進行的機隊現代化計劃中獲得貢獻。因此，在我們努力進行疫情后的重建工作時，我們肯定有很多變動的部分。這裡顯然有點亂。但好消息是，我們幾乎已經完全恢復，而且很快就會恢復，我們肯定會調整方向，努力實現 2024 年利潤率的同比增長。

That's helpful. And I was just wondering if I could ask a question on the labor accruals. Does that include what has historically been part of the kind of the ratification bonuses. So in your case, anything kind of prior to April 2022 or any catch-up to kind of last year's where you might be lower? Is that also included in kind of this year's labor accrual? Or is it just getting kind of the labor cost to what you think the market rates are?

這很有幫助。我只是想知道我是否可以問一個關於應計勞動力的問題。這是否包括歷史上批准獎金的一部分？那麼就您的情況而言，2022 年 4 月之前的任何情況或任何追趕去年的情況可能會較低？這是否也包含在今年的應計勞動力中？或者只是將勞動力成本與您認為的市場價格相比較？

Savi, it is our best attempt to adjust our market rates to current market rates. And obviously, there's been changes as we've been moving along here and we've been adjusting as we go. And certainly, for the third quarter, we have factored all of that into our third quarter cost guidance as best we can estimate. So -- and I think that's an important point, Savi. So we've got -- we've been accruing all along, as you know here, as you know. And so just keep that in mind as you compare Southwest to maybe some of the other guys in the industry.

Savi，這是我們將市場利率調整為當前市場利率的最佳嘗試。顯然，隨著我們的前進，我們一直在調整，也發生了一些變化。當然，對於第三季度，我們已盡可能地將所有這些因素納入我們的第三季度成本指導中。所以——我認為這是很重要的一點，薩維。所以我們一直在積累，正如你們所知，正如你們所知。因此，當您將西南航空與業內其他一些公司進行比較時，請記住這一點。

Yes. I mean just in short, though, yes, we are fully accrued for what is the most recent market. And as you know, market's been moving. In fact, the change that we made for full year cost down 2% to 4%, we guided down 1% to 2%. That change was basically entirely updating our accruals across the quarter because the market moved.

是的。我的意思是，簡而言之，是的，我們已經為最新的市場做好了準備。如您所知，市場一直在變化。事實上，我們做出的改變是全年成本下降了 2% 到 4%，我們指導下降了 1% 到 2%。由於市場變化，這一變化基本上完全更新了我們整個季度的應計項目。

And that's pilots and that's all labor groups?

那是飛行員，那是所有勞工團體？

It's all.

就這樣了。

And I mean the driver of that increase was kind of all labor groups driving it up with this quarter more because of pilot -- we've seen some pilots...

我的意思是，這種增長的驅動因素是所有勞工團體在本季度推動了這一增長，因為試點——我們已經看到了一些試點......

It's anywhere we saw an increase on. So if you have an open contract that we're still in negotiations, it's anywhere where the market moved, we updated our accruals. So in my mind, we are fully accrued to the market. And just -- I mean, just on that note, just a little side, we just had some good news this morning. we had -- we got a notice that we have ratification of a new agreement with our mechanics and related employees in AMFA. So they just ratified contract extension 4 years through 2027 this morning. So a little bit of good news there. Another one, so I think that makes 7 in the last 9 months.

這是我們看到增長的任何地方。因此，如果您有一份我們仍在談判中的開放合同，那麼無論市場發生什麼變化，我們都會更新我們的應計費用。所以在我看來，我們完全適應了市場。只是——我的意思是，就這一點而言，只是一點，我們今天早上剛剛得到了一些好消息。我們收到通知，我們已與 AMFA 的機械師和相關員工簽署了一項新協議。因此，他們今天早上剛剛批准將合同延長 4 年至 2027 年。這裡有一些好消息。又一個，所以我認為過去 9 個月裡有 7 個。

Our next question will come from Duane Pfennigwerth with Evercore ISI. You go ahead.

我們的下一個問題將來自 Evercore ISI 的 Duane Pfennigwerth。你先走。

Just on the -- I mean, you noted some of the reasons that you need to kind of tweak the network. But could you comment on maybe geographically, and I don't know how you look at it internally, maybe Hawaii, Midwest, West Coast, East Coast, how much variation is there across the U.S. as we think about that third quarter guidance, what is stronger versus what is weaker? And then just on the network changes broadly, why start in January? If you've identified changes that need to happen, why not start in September or the fourth quarter? What are the practical reasons not to do that?

我的意思是，您指出了需要調整網絡的一些原因。但您能否評論一下地理位置，我不知道您在內部如何看待它，也許是夏威夷、中西部、西海岸、東海岸，當我們考慮第三季度的指導時，美國各地有多少變化，什麼哪個更強，哪個更弱？然後網絡上就發生了廣泛的變化，為什麼要從一月份開始呢？如果您已確定需要進行的更改，為什麼不從 9 月或第四季度開始呢？不這樣做的實際原因是什麼？

Yes. Duane, it's Ryan. Just on the geographic element and kind of what's stronger versus what are we seeing that's weaker. The Hawaii franchise itself, now that is -- that's part of our markets that are under development. And so there is the development element of that, but we've been very pleased with the Hawaii franchise overall, especially the main lands of Hawaii element of that franchise, load factors are very high. Yields are improving. So we're very, very happy with how Hawaii is performing.

是的。杜安，我是瑞安。只是在地理因素上，以及我們所看到的更強與更弱的方面。夏威夷特許經營權本身就是我們正在開發的市場的一部分。因此，存在其中的開發因素，但我們對夏威夷特許經營權的總體情況感到非常滿意，尤其是該特許經營權的夏威夷主要土地元素，負載率非常高。產量正在提高。所以我們對夏威夷的表現非常非常滿意。

To your comments on why network changes, we have made some changes to the network in IntraCal and that IntraCal itself, despite the West Coast being a little bit slower to come back in the recovery IntraCal itself is performing well. Leisure-based markets, Florida is performing well, just typically strong leisure markets in this environment continue to perform very well for us in the strong leisure environment. So that kind of gives you a flavor for what's going well. The opportunities, we -- there are markets as we brought back the network and restored the network, there are different geographies that have different levels of capacity kind of as we bring those cities back. And obviously, you have to work to absorb the capacity as it comes into the market.

對於您關於網絡為何發生變化的評論，我們對 IntraCal 中的網絡以及 IntraCal 本身進行了一些更改，儘管西海岸的恢復速度稍慢一些，IntraCal 本身表現良好。佛羅里達州的休閒市場表現良好，在這種環境下通常強勁的休閒市場繼續為我們在強勁的休閒環境中表現良好。所以這會讓你感受到事情進展順利。機會，我們——當我們恢復網絡並恢復網絡時，存在市場，當我們恢復這些城市時，不同的地區具有不同的容量水平。顯然，你必須努力吸收進入市場的產能。

So we're working on those markets where there's kind of been outsized capacity growth, and we'll continue to focus there. But one of the things that Southwest Airlines benefits from is we have largely a relatively diverse domestic footprint and as different parts of the country respond differently and have go through different economic cycles, we're able to kind of weather that a little bit better maybe than some of our peers. So that's an inherent advantage for us as we go forward.

因此，我們正在開發那些產能增長過快的市場，我們將繼續關注這些市場。但西南航空受益的一件事是，我們在很大程度上擁有相對多樣化的國內足跡，並且由於該國不同地區的反應不同並經歷了不同的經濟周期，我們能夠使天氣變得更好一點比我們的一些同行。因此，這是我們前進過程中的固有優勢。

Duane, it's Andrew. I'd also add that we want to. When you make change to your network, you want to kind of understand before you make fulsome changes. So we have been making adjustments. So in September as the first schedule we have a modified Tuesday, Wednesday capacity versus Monday, Thursday, Friday, it's not as aggressive as we have been starting in January. So we want to have that out there and see how (inaudible) to understand that before we started making changes and then some of the network changes that we're doing. We also stepped into them over the course of September through fourth quarter. We like we saw on the forward bookings and so we made the kind of full adjustment starting in Q1. So it's essentially done by March, except for the seasonality type adjustments I talked about will obviously happen as that season rolls around.

杜安，是安德魯。我還要補充一點，我們希望這樣做。當您對網絡進行更改時，您需要在進行全面更改之前先了解一下。所以我們一直在做調整。因此，在 9 月，作為第一個時間表，我們對周二、週三的運力進行了修改，而不是周一、週四、週五，這並不像我們一月份開始時那麼激進。因此，我們希望在開始進行更改以及我們正在進行的一些網絡更改之前了解如何（聽不清）理解這一點。我們還在九月到第四季度期間介入了這些問題。我們喜歡我們在提前預訂中看到的情況，因此我們從第一季度開始進行了全面調整。所以它基本上是在三月份完成的，除了我談到的季節性類型調整顯然會隨著季節的到來而發生。

well, Duane, also if you think about just more for our customers, just the example of the change on the Tuesday, Wednesday move into an 8% reduction from a typical Monday changing schedules that are already published, especially for the holidays, it's super disruptive to our customers. And so if you're going to go in there and make wholesale changes to the fall, we're committed to not doing that. Obviously, we tweak our schedules now and then. But in terms of wholesale changes, we committed coming out of the pandemic to not do that to our customers. So January really -- obviously, we did some things, as Andrew described, but January was really the first opportunity in a new published schedule to enact a lot of the changes.

好吧，杜安，如果您為我們的客戶考慮更多，就以周二、週三的變更為例，與已發布的典型週一變更時間表相比，減少 8%，尤其是假期，這真是太棒了對我們的客戶造成乾擾。因此，如果您打算在秋季進行大規模更改，我們承諾不會這樣做。顯然，我們時不時地調整我們的日程安排。但就整體變化而言，我們承諾在疫情結束後不會對我們的客戶這樣做。因此，一月份確實 - 顯然，我們做了一些事情，正如安德魯所描述的那樣，但一月份實際上是新發布的時間表中實施大量更改的第一個機會。

Okay. Great. And then just for my follow-up, I wonder if you'd be willing to kind of quantify the excess training investment and I think the reliability investment, which I guess is actually bigger, you would know. But can you give us a sense for the magnitude of those that are unlikely to kind of reoccur or maybe wind down next year?

好的。偉大的。然後，就我的後續行動而言，我想知道您是否願意量化多餘的培訓投資，我認為可靠性投資（我認為實際上更大）您會知道。但您能否讓我們了解那些不太可能再次發生或可能在明年逐漸消失的事件的嚴重程度？

Duane, I'll take that. In terms of the training, we'll provide more details once we have our plan fully -- fully baked here and solidify our capacity plans, et cetera. But I can help you with regard to costs that we've incurred this year that we believe are onetime related to the ops disruptions, and that's about $100 million to $150 million. So that's kind of onetime comps that won't repeat next year. Beyond that, we'll share additional details once we lay out our 2024 plan for you.

杜安，我會接受的。在培訓方面，一旦我們制定了完整的計劃，我們將提供更多細節——在這裡完全制定並鞏固我們的容量計劃等等。但我可以幫助您了解我們今年發生的成本，我們認為這些成本曾經與運營中斷有關，大約為 1 億至 1.5 億美元。所以這是一種一次性的比賽，明年不會再出現。除此之外，我們將在為您制定 2024 年計劃後分享更多詳細信息。

Our next question will come from Jamie Baker with JPMorgan.

我們的下一個問題將來自摩根大通的傑米·貝克。

First question is of a modeling variety. So Tammy, if we look at the third quarter ex fuel CASM guide and then the full year guide of down 1% to 2%. And I realize there's some wiggle room here, but it implies a fourth quarter outcome that's pretty similar to the third quarter in terms of absolute ex fuel CASM at least closer than what's usually the sequential case. Fourth quarter is usually higher than third quarter. Just wondering how you'd address that.

第一個問題是建模的多樣性。 Tammy，如果我們看看第三季度的不包括燃油 CASM 指南，然後全年指南下降 1% 到 2%。我意識到這裡有一些迴旋餘地，但這意味著第四季度的結果與第三季度的絕對前燃料 CASM 非常相似，至少比通常的連續情況更接近。第四季度通常高於第三季度。只是想知道你會如何解決這個問題。

Well, keep in mind, Jamie, that capacity is going to be a factor in that as we continue to add back capacity. So I think that's the primary driver.

好吧，請記住，傑米，隨著我們繼續增加產能，產能將成為其中的一個因素。所以我認為這是主要驅動力。

Okay. And then second, and this sort of builds off what I asked you about last quarter. You mentioned the stagnant corporate demand, revamping schedules next year to reflect post-pandemic changes to how customers are flying. And I don't dispute that those changes have taken place. Other airlines have spoken to this. I'm just curious, how do you separate changes in travel patterns from the possibility that maybe the Southwest brand was somewhat damaged last December. I mean, you make it sound like it's all the fault of shifting consumer preference and it may very well be but have you at least consider that maybe something about the overall value proposition of Southwest might also be a contributing factor?

好的。其次，這是我上個季度問你的問題的基礎。您提到了企業需求停滯不前，明年要修改航班時刻表，以反映大流行後客戶飛行方式的變化。我並不否認這些變化已經發生。其他航空公司也談到了這一點。我只是很好奇，你如何將旅行模式的變化與去年 12 月西南航空品牌受到某種程度損害的可能性區分開來。我的意思是，你聽起來好像這都是消費者偏好轉變的錯，而且很可能是這樣，但你至少考慮過西南航空的整體價值主張也可能是一個促成因素嗎？

I'll let Ryan talk to the specifics. As you think about markets and trying to tease that apart. But I just start at the top, and you mentioned a lot of this early on. I mean we are just -- obviously, we track customer trust and all those things, preferences and they're all heading in the right direction and look really good. To me, the top line factor is thinking about demand for the brand, is there any hangover effect. I mean the -- we had tremendous strength in the quarter. We had, again, record operating revenues, record passengers, record flights, all those things. We had our fall sale, and I believe each of those days was a record in terms of our highest booking day in our history.

我會讓瑞安談談具體細節。當你思考市場並試圖將其區分開來時。但我只是從頂部開始，你很早就提到了很多這方面的內容。我的意思是，我們只是——顯然，我們跟踪客戶的信任度和所有這些事情、偏好，它們都在朝著正確的方向前進，而且看起來非常好。對我來說，最重要的因素是考慮對品牌的需求，是否有任何宿醉效應。我的意思是——我們在本季度擁有巨大的實力。我們再一次創下了創紀錄的營業收入、創紀錄的乘客數量、創紀錄的航班數量等等。我們進行了秋季促銷，我相信每一天都創下了我們歷史上最高預訂日的記錄。

We haven't talked a lot about, Ryan can talk more about demand on the business side. We're seeing, I would say, significant market share gains in terms of our piece of the business. We talked about that at Investor Day in December. And since that time, we're seeing really meaningful shifts in market share our way on the business side. So as you think about demand for the brand, demand for the product that shows up, obviously, in bookings. We're just not seeing any sign of weakness. Ryan?

我們還沒有講太多，Ryan可以多講講業務方面的需求。我想說，就我們的業務而言，我們看到市場份額顯著增加。我們在 12 月份的投資者日討論過這個問題。從那時起，我們在業務方面看到了市場份額發生了真正有意義的變化。因此，當您考慮對品牌的需求時，對產品的需求顯然會出現在預訂中。我們只是沒有看到任何疲軟的跡象。瑞安？

I think we mentioned last quarter, of course, following the event, we have brand tracking research in place where we're tracking sentiment on a weekly basis. Those scores in terms of trust in Southwest Airlines, their confidence in our ability to get them where they want to go. All of those have rebounded past post disruption. And I would say we're -- those are back to normal ranges, certainly. I'd echo what Bob said, the biggest single indicator is demand for Southwest Airlines overall. I think as you look forward to the third quarter, expecting another record revenue in third quarter just came off a record revenue performance in second quarter.

我想我們在上個季度提到過，當然，在活動之後，我們進行了品牌跟踪研究，每週跟踪情緒。這些分數體現了他們對西南航空的信任，以及他們對我們將他們帶到他們想去的地方的能力的信心。所有這些都在混亂之後反彈。我想說的是，這些肯定回到了正常範圍。我同意鮑勃所說的，最大的單一指標是對西南航空的整體需求。我認為，當您展望第三季度時，預計第三季度的營收將再次創紀錄，而第二季度的營收表現將創紀錄。

We had record Rapid Reward acquisitions in the second quarter, record co-brand spend, which is an indication of customer engagement in the second quarter. So I think all of that points to the fact that there is continued strong demand for Southwest Airlines and the disruption is in our past. I will also just point to the fact the travel patterns changing. If you look at an individual customer basis and you look at the frequency of their travel, especially for business trips, that began to plateau prior to last December. So there's been no stepdown in terms of frequency of travel on Southwest Airlines post disruption event.

我們在第二季度實現了創紀錄的快速獎勵收購，創紀錄的聯合品牌支出，這表明了第二季度的客戶參與度。因此，我認為所有這些都表明，西南航空的需求持續強勁，而中斷已經成為過去。我還要指出旅行模式發生變化的事實。如果你觀察單個客戶的基礎，看看他們的旅行頻率，尤其是商務旅行，這種頻率在去年 12 月之前就開始趨於穩定。因此，在中斷事件發生後，西南航空的旅行頻率並沒有下降。

Those trends were beginning to emerge last year and prior to the event overall. Now on the whole, as Bob mentioned, we're continuing to pick up market share in the managed business space. So we're winning more business and we're winning -- we're earning the business of incremental passengers. So we're going out and adding more accounts under contract. We're winning more of their business as we move forward. It's just the structural impact of the pandemic on the frequency of business trips on an individual traveler that again persists or that was taking place prior to the disruption in December.

這些趨勢在去年和整個活動之前就開始出現。現在總的來說，正如鮑勃提到的，我們正在繼續擴大託管業務領域的市場份額。因此，我們正在贏得更多業務，而且我們正在獲勝——我們正在贏得增量乘客的業務。因此，我們將根據合同增加更多賬戶。隨著我們的前進，我們正在贏得他們更多的業務。這只是大流行病對個人旅行者商務旅行頻率的結構性影響再次持續存在或在 12 月中斷之前發生。

Our next question will come from Conor Cunningham with Melius Research.

我們的下一個問題將來自 Melius Research 的 Conor Cunningham。

10 years ago, you guys established a plan that was centered around minimal capacity growth until your return on invested capital at like 15%. During that time frame, slow growth, your earnings exploded. I realize today is not exactly the same. You have a large order book, open labor contracts, all that stuff. But you do have a lot of planes that you could retire. I'm just trying to understand why you're not taking a step back and slowing capacity into '24 accelerating your fleet plan? Like why is mid-single-digit growth the right number for Southwest right now?

10 年前，你們制定了一個以最小產能增長為中心的計劃，直到投資資本回報率達到 15% 左右。在那段時間裡，增長緩慢，你的收入卻呈爆炸式增長。我意識到今天的情況並不完全相同。你有大量的訂單、開放的勞動合同等等。但你確實有很多可以退役的飛機。我只是想理解為什麼你們不退後一步，放慢產能，進入 24 世紀，加速你們的機隊計劃？比如為什麼中個位數的增長對於西南航空來說是正確的數字？

I'll start. And well, first of all, we do believe we have growth opportunities. And I'll just remind you again that we did make investments during the pandemic to grow our route network. And as we've reported, we have a larger-than-normal amount of our capacity in development markets. But those are progressing and they're trending in line, if not higher than our expectations. So we're pleased with that growth. And based on what we've seen so far, we have no plans to pull back on the development of those markets because we believe those are really good markets for Southwest over the long term.

我開始吧。首先，我們確實相信我們有增長機會。我再次提醒您，我們在疫情期間確實進行了投資來擴大我們的航線網絡。正如我們所報導的，我們在開發市場上的產能高於正常水平。但這些正在取得進展，並且趨勢一致，即使沒有高於我們的預期。所以我們對這種增長感到滿意。根據我們迄今為止所看到的情況，我們沒有計劃取消這些市場的開發，因為我們相信從長遠來看，這些市場對西南航空來說確實是很好的市場。

And we believe we have additional opportunities in our strong hold market. So now that said, based on our assessment of our growth opportunities, we believe that supports mid-single-digit ASM growth. Now as always, and I remember that plan very well. At the end of the day, we are determined to drive the returns on invested capital that we can all be very proud of. And as always, one of the wonderful things about Southwest Airlines as we build our plans with ample opportunity.

我們相信，我們在強大的市場上還有更多機會。話雖如此，根據我們對增長機會的評估，我們認為這支持中個位數的 ASM 增長。現在和往常一樣，我清楚地記得那個計劃。最終，我們決心提高投資資本的回報率，這是我們都可以感到自豪的。與往常一樣，西南航空的美妙之處之一是我們有充足的機會制定我們的計劃。

So to your point, we have a flexible order book and flexible fleet plans. And you're exactly right. If we -- if we're not -- we don't have -- we've given you our plans. But should we need to adjust, we've got the levers that we could do so. But at this point, based on everything that we've seen, we believe with these network changes that we can drive the revenue performance next year that we all desire. So a lot of moving parts here, and we're busy at work on our 2024 plan. But again, as we look ahead to next year, we are very focused on delivering a 2024 plan that will deliver margin expansion and as well as expansion in return on invested capital.

因此，就您而言，我們擁有靈活的訂單簿和靈活的機隊計劃。你是完全正確的。如果我們——如果我們沒有——我們沒有——我們已經給了你我們的計劃。但如果我們需要調整，我們有辦法做到這一點。但目前，基於我們所看到的一切，我們相信通過這些網絡變化，我們可以推動明年的收入表現，達到我們所有人都希望的水平。這裡有很多變動的部分，我們正忙於製定 2024 年計劃。但同樣，當我們展望明年時，我們非常專注於實施 2024 年計劃，該計劃將實現利潤率擴張以及投資資本回報率的擴張。

Conor, you're just in a period here where we're not optimized to. I'm really proud of the fact that we got all the aircraft open flying here in the third quarter, and we'll have our network restored by the end of the year. But again, it doesn't mean optimal. And it's not just the network, it's not optimal in terms of how we think about our resource usage in our efficiency. And so we'll attack that very aggressively, just like we're attacking the network here in the first quarter of 2024. Past that, to me, the biggest question would be, do you have opportunities for the aircraft that we're talking about, the mid-single-digit growth supporting.

康納，你正處於我們尚未優化的時期。我感到非常自豪的是，我們在第三季度讓所有飛機在這裡開放飛行，並且我們將在今年年底之前恢復我們的網絡。但同樣，這並不意味著最佳。不僅僅是網絡，就我們如何看待資源使用效率而言，它也不是最佳的。因此，我們將非常積極地攻擊它，就像我們在 2024 年第一季度攻擊網絡一樣。除此之外，對我來說，最大的問題是，我們正在談論的飛機是否有機會左右，中等個位數的增長支撐。

And we have significant opportunities in just name a place, Denver and Austin and Nashville and on and on and on, where there's huge demand for the Southwest product. We have [gates] coming online. I would be worried if you're sitting here going, I don't know where to put the next aircraft. That's not the case. We have tremendous demand for the brand. We have tremendous demand in our focused cities, in our large cities and others and a lot of brand strength here.

我們有重要的機會，只要說出一個地方，丹佛、奧斯汀和納什維爾等等，這些地方對西南產品有巨大的需求。我們的[gates]即將上線。如果你坐在這裡，我會擔心，我不知道下一架飛機該停在哪裡。事實並非如此。我們對這個品牌有巨大的需求。我們在我們的重點城市、大城市和其他城市有巨大的需求，並且這裡有很多品牌實力。

And again, yes, absolutely, there's work to do to optimize the airline wring out cost continue to boost revenues to things like the network actions and then obviously boost our returns. And as Tammy said, we have a lot of flexibility.

再說一遍，是的，絕對，我們還有很多工作要做，以優化航空公司的壓縮成本，繼續增加網絡運營等方面的收入，然後明顯提高我們的回報。正如塔米所說，我們有很大的靈活性。

Okay. That's helpful. And then maybe just to put a finer point on 2024 or as we just think about what you've added so far, the implications for '24. If you just pull fourth quarter capacity through '24. I think it's -- the implied capacity growth is like 6% year-over-year. So is that the low watermark that we should expect next year? I'm just -- again, just trying to understand the context of this measured in orderly and all these other moving parts you have that's going on with your number right now.

好的。這很有幫助。然後也許只是為了對 2024 年提出更明確的觀點，或者我們只是考慮一下您到目前為止添加的內容，以及對“24”的影響。如果你只是將第四季度的產能拉到 24 年。我認為——隱含的產能同比增長約為 6%。那麼這是我們明年應該預期的低水位線嗎？我只是 - 再次，只是試圖了解有序測量的背景以及您現在擁有的所有其他活動部件與您的號碼有關的情況。

So the impact of just the carryover to next year is probably, I would say, 7 points.

因此，我想說，僅結轉到明年的影響就可能是 7 個百分點。

We have time for one more question. We'll take our last question from Sheila Kahyaoglu with Jefferies.

我們還有時間再問一個問題。我們將回答 Sheila Kahyaoglu 和 Jefferies 提出的最後一個問題。

Thank you, everyone. So just lots of moving pieces on RASM and obviously a very hot topic. As we look out to 2024, you gave us a lot of moving pieces. How do we think about earnings growth for 2024, given you have $500 million benefit from network optimization, but RASM will be down almost likely and CASM-X could be up. So is there a possibility for flat earnings or revenue EBIT growth next year?

謝謝大家。因此，RASM 上有很多令人感動的內容，顯然這是一個非常熱門的話題。當我們展望 2024 年時，你們給了我們很多感人的內容。鑑於您從網絡優化中獲得了 5 億美元的收益，但 RASM 幾乎可能會下降，而 CASM-X 可能會上升，我們如何看待 2024 年的盈利增長。那麼明年盈利或息稅前利潤有可能持平嗎？

Well, Sheila, obviously we have the -- as we talked about at the Investor Day, we've got the contribution from our initiatives that we described there, which is $1 billion to $1.5 billion in EBIT. You got on top of that. The $500 million that we've described in the value of the network changes that occurred during the first quarter and are in place again by March. We have some other things that we're talking about here relative to opportunities. So all that is obviously a desire to lead you to margin expansion again here in 2024. But we're working on our plan. We don't have a plan to share with you yet. That's coming later, obviously, in the fall. But yes, margin expansion is absolutely the goal. Tammy, if you want to add anything?

嗯，希拉，顯然我們有——正如我們在投資者日談到的那樣，我們從我們在那裡描述的舉措中得到了貢獻，即 10 億至 15 億美元的息稅前利潤。你已經做到了這一點。我們所描述的 5 億美元網絡價值在第一季度發生了變化，到 3 月份再次到位。我們在這裡討論的還有一些與機會相關的其他事情。因此，這一切顯然都是為了讓您在 2024 年再次實現利潤率擴張。但我們正在製定我們的計劃。我們還沒有計劃與您分享。顯然，那會在秋天晚些時候發生。但是，是的，擴大利潤率絕對是我們的目標。塔米，你想補充什麼嗎？

No, you covered it.

不，你覆蓋了它。

Okay. That concludes the analyst portion of our call. I appreciate everyone joining. Have a great day.

好的。我們電話會議的分析師部分就到此結束。我感謝大家的加入。祝你有美好的一天。

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

女士們先生們，我們現在開始今天電話會議的媒體部分。首先我想介紹一下首席行政和通訊官琳達·盧瑟福女士。

Thank you, Anthony, and welcome to the members of our media on our call today. We'll go ahead and get started with our media Q&A. So Anthony, if you would queue folks up to begin asking questions.

謝謝安東尼，並歡迎我們的媒體成員參加今天的電話會議。我們將繼續開始我們的媒體問答。安東尼，請大家排隊開始提問。

(Operator Instructions). Our first question will go from Alexandra Skores with Dallas Morning News. You may now go ahead.

（操作員說明）。我們的第一個問題將由《達拉斯晨報》的亞歷山德拉·斯科雷斯提出。現在你可以繼續了。

Thank you so much for the time today. I wanted to revisit the conversation earlier about the pilot contract because obviously, we saw United come out with their tentative agreement, and that ultimately brought American back to the negotiating table to try and meet those pay standards and benefits. I wanted to ask if there's an update there and if SWAPA is committed to kind of meeting those new pay standards and benefits and where you all are at with that.

非常感謝您今天抽出時間。我想重新審視之前關於飛行員合同的對話，因為顯然，我們看到美聯航達成了初步協議，這最終讓美國航空回到談判桌，試圖滿足這些薪資標準和福利。我想問是否有更新，SWAPA 是否致力於滿足這些新的薪資標準和福利，以及你們對此的看法。

Thanks for the question, Andrew, you chime in. So obviously, we are -- when negotiations are complex, we are eager to reach agreements with all of our groups that are open -- have opened contracts right now. We're meeting very regularly with SWAPA and very hopeful for progress there but nothing new to report. You've heard about the strike authorization vote. Obviously, that is a NMB defined process, mediation is a defined process.

謝謝你的提問，安德魯，你插話了。很明顯，當談判很複雜時，我們渴望與所有開放的團體達成協議，現在已經簽訂了合同。我們定期與 SWAPA 舉行會議，對取得進展抱有很大希望，但沒有什麼新的可報告的。您聽說過罷工授權投票。顯然，那是一個NMB定義的過程，中介也是一個定義的過程。

So it's I'd say there is no strike or an imminent strike. There are a lot of steps that would lead up to that. And obviously, we want to make progress well ahead of any of those, but there's no threat of an imminent strike or anything like that. There are many, many steps that would have to occur first. No, we have a desire to get all of our contracts closed up obviously including that with our pilots to get them taken care of. They do a fantastic job, and we certainly want progress there.

所以我想說沒有罷工或即將發生罷工。有很多步驟可以實現這一目標。顯然，我們希望在這些方面取得進展，但不存在即將發生罷工或類似情況的威脅。首先必須執行很多很多步驟。不，我們希望關閉所有合同，顯然包括與飛行員的合同，以便讓他們得到照顧。他們做得非常出色，我們當然希望在這方面取得進展。

I'd say that if you look -- it's a strong pilots market. So it's a great time to be a pilot. And you see that reflected in the wage rates, which often gets the headlines. But I think what's characterized by all the agreements I've seen so far is it's not so much to wage rates. It's the other the non-wage portions of the scheduling rules and such, which increases the quality of life so the pilots can also increase costs for the company.

我想說的是，如果你看一下——這是一個強大的飛行員市場。所以現在是成為一名飛行員的好時機。你會看到這反映在工資率上，這經常成為頭條新聞。但我認為迄今為止我所看到的所有協議的特點是，工資率並不是那麼重要。這是調度規則等的其他非工資部分，它提高了飛行員的生活質量，因此飛行員也可以增加公司的成本。

And so those rules can be complex and difficult. So you spend lots of time then to go through it. Wage rates is defined as a defined matter you know that, but the scheduling rules and implications take longer to write out and to model out and to agree upon it. So in my opinion, that's what makes the time line longer than I would like with regards to our current negotiations.

因此，這些規則可能很複雜且困難。所以你會花很多時間去經歷它。工資率被定義為一個明確的問題，你知道，但調度規則和影響需要更長的時間來寫出來、建模並達成一致。因此，在我看來，這就是我們當前談判的時間比我希望的要長的原因。

Our next question will come from Mary Schlangenstein with Bloomberg News.

我們的下一個問題將來自彭博新聞社的瑪麗·施蘭根斯坦。

I just wanted to clarify, when will you have everything under your winter plan, everything that was planned as a result of the disruption. When will you have all of that in place and the $100 million to $150 million cost you mentioned earlier, that was for everything post disruption. Is that right?

我只是想澄清一下，你們什麼時候才能完成冬季計劃中的所有事情，以及因中斷而計劃的所有事情。你什麼時候才能把所有這些都落實到位，以及你之前提到的 1 億到 1.5 億美元的成本，這是用於中斷後的所有費用。是對的嗎？

Also, for the -- I'll handle the time line. So we have -- October is the deadline we've given ourselves to get everything ready. We expect winter storms to actually be after that, but our internal deadline is October. And so that will be when we report our third quarter earnings, it will be later in October, and we'll make sure to go through and have a comprehensive review and status update where we are on that. But so far, things are on track, and we're taking delivery and encouraged by the results.

另外，我會處理時間線。所以我們——十月是我們給自己準備好一切的最後期限。我們預計冬季風暴實際上會在那之後發生，但我們的內部截止日期是十月。因此，當我們報告第三季度收益時，將在十月晚些時候，我們將確保進行全面審查和狀態更新。但到目前為止，一切都步入正軌，我們正在接受交付，並對結果感到鼓舞。

And Mary, your question on the $100 million to $150 million, would you mind repeating that?

瑪麗，你關於 1 億到 1.5 億美元的問題，你介意重複一遍嗎？

Yes. I was asking if that's the cost for everything that you've put in place as a result of the disruptions or if that was just related earlier to the mention of additional training costs for ramp workers.

是的。我問的是，這是否是你們因中斷而採取的一切成本，或者這是否只是與之前提到的坡道工人的額外培訓成本有關。

No, it didn't. It's our best estimate right now of what our onetime cost. There may -- some of those costs that we -- some of the investments that we made this year may prove to be somewhat sticky into next year, including some of our in some of our technology investments. But so that's just our best guess of what the onetime costs are.

不，沒有。這是我們目前對一次性成本的最佳估計。我們今年所做的一些投資可能會在明年產生一定的粘性，包括我們的一些技術投資。但這只是我們對一次性成本的最佳猜測。

And Tammy, I think it also includes things like we did gratitude. And we did -- we had some incremental customer reimbursements this year and things like that, that are really a onetime related to the disruption that don't show up again in '24.

塔米，我認為這還包括我們所做的感恩之類的事情。我們確實做到了——今年我們有一些增量的客戶報銷以及類似的事情，這確實是一次與 24 年不會再次出現的中斷有關的事情。

Mary, just one more thing. I just want to remind you that we even be for the event, we had plans to modernize our operations. So those are some of the investments that I was referring to earlier, those were already in place and obviously, those will continue and all that's been contemplated in our guidance.

瑪麗，還有一件事。我只是想提醒您，即使是為了這次活動，我們也計劃實現運營現代化。這些是我之前提到的一些投資，這些投資已經到位，顯然，這些投資將繼續下去，所有這些都是我們的指導中考慮的。

Our next question will come from Dawn Gilbertson with The Wall Street Journal.

我們的下一個問題將來自《華爾街日報》的道恩·吉爾伯特森。

A quick question here. Your competitors for more than a year now have been talking over and over again about how the leisure travel surge have everybody paying up for premium seats and so forth. You guys don't have anything really to upsell to. But I'm curious, how has this manifested itself, if it has, at Southwest? I mean can you share any details on demand for upgraded boarding, early bird boarding, even leisure travel purchase of Business Select. And one related question to that. I noticed a lot of -- you're making a lot of pitches now to buy A-List status. I could be wrong, but I don't recall that in the past. So I'm curious about the strategy there, too.

這裡有一個簡單的問題。一年多來，您的競爭對手一直在一遍又一遍地談論休閒旅行的激增如何讓每個人都為高級座位等付費。你們確實沒有什麼可以追加銷售的。但我很好奇，如果有的話，這在西南航空是如何體現出來的？我的意思是，您能否分享有關升級登機、早鳥登機、甚至購買商務精選休閒旅行的需求的詳細信息。還有一個與之相關的問題。我注意到很多——你現在正在做很多推銷來購買一線明星的地位。我可能是錯的，但我不記得過去有過這樣的事。所以我也對那裡的策略感到好奇。

Dawn, it's Ryan. Good to talk to you. Yes, you're right. Some of our competitors for a while now, have been talking about premium revenue and that being a tailwind to their RASM performance. And I think that it probably has a material impact on their RASM performance that our business model and just we don't participate in that premium revenue stream to any of the same degree that they do. However, having said that, our ancillary revenue in the second quarter as an example was a record. It was a very good quarter for Early Bird. Early Bird had been lagging a little bit through the pandemic recovery, but Early Bird, it performed very well in the second quarter.

黎明，我是瑞安。很高興和你說話。你是對的。一段時間以來，我們的一些競爭對手一直在談論溢價收入，這是他們 RASM 績效的推動力。我認為，我們的業務模式以及我們沒有像他們那樣參與溢價收入流，這可能會對他們的 RASM 績效產生重大影響。然而，話雖如此，以我們第二季度的輔助收入為例，這是創紀錄的。對於早鳥來說，這是一個非常好的季度。早鳥在疫情恢復過程中表現有些滯後，但早鳥在第二季度表現非常好。

Upgraded boarding. We added the ability in the third quarter of last year to purchase upgraded boarding on digital on your mobile device, take rates have tripled since that point. And so we've had very strong upgraded boarding revenue over the course of the last year. And we've been able to maintain the price and grow the price actually some on upgraded boarding and Early Bird as well. So ancillary revenue is definitely a high point for us in the quarter. It's just we don't participate at the same level from a premium revenue standpoint as some of our competitors do.

升級登機。去年第三季度，我們增加了在移動設備上購買升級版數字登機服務的功能，自那時起，登機率增加了兩倍。因此，去年我們的升級寄宿收入非常強勁。我們已經能夠維持價格，並在升級登機和早鳥方面實際上提高了一些價格。因此，輔助收入絕對是我們本季度的最高點。只是從溢價收入的角度來看，我們的參與水平與我們的一些競爭對手不同。

Related to your last question on the ability to buy A-List status. We have historically -- we run campaigns, we call those tier qualifying points, the ability to kind of top off -- pay a little bit and top off your tier qualifying points to get to A-List, A-List preferred. That's nothing new. We've recently run some of those campaigns, but we've done those historically in the past as well.

與您關於購買一線明星身份的能力的最後一個問題相關。從歷史上看，我們開展活動，我們稱之為等級資格積分，即某種充值的能力，只需支付一點費用，即可充值您的等級資格積分，以進入 A-List，A-List 首選。這不是什麼新鮮事。我們最近開展了其中一些活動，但我們過去也曾開展過這些活動。

Can you add -- one follow-up. Can you give any -- it's been years, I think, since you guys have put any dollar figures on Early Bird revenue and/or now that you have upgraded boarding revenue. Can you quantify that at all, please?

您能否添加一個後續行動。你能給出任何信息嗎——我想，自從你們把任何美元數字計入早鳥收入和/或現在你們已經升級了寄宿收入以來，已經有好幾年了。請問您能量化一下嗎？

Yes, we generate hundreds of millions of dollars from those boarding products on an annual basis. And like I said, we just had a record here in the second quarter. So those revenues continue to grow.

是的，我們每年從這些寄宿產品中賺取數億美元。就像我說的，我們在第二季度剛剛創下了紀錄。因此這些收入繼續增長。

Yes. And just for second quarter, just to give you a little Early Bird alone was in excess of $100 million.

是的。僅第二季度，僅給您一點早鳥優惠就超過 1 億美元。

Our next question will come from Leslie Josephs with CNBC.

我們的下一個問題將來自 CNBC 的 Leslie Josephs。

Just curious on the RASM decline for Q3, is that just kind of like a return to seasonality and capacity going up? And are you seeing any sharp drop off after, say, like mid-August, and how does that compare with 2022 and maybe more people were flying off season?

只是對第三季度 RASM 下降感到好奇，這是否有點像季節性回歸和產能上升？您是否看到在 8 月中旬之後出現急劇下降？與 2022 年相比如何，也許更多的人乘坐淡季航班？

Yes. Leslie, it's Ryan. The -- so certainly, there is a RASM headwind with the capacity growth that's a little bit -- or that's above seasonal norms in the third quarter. So there's definitely a headwind there. But if you take third quarter on balance and just look at the demand in place, I'm very encouraged by with where the third quarter sits today. We are anticipating a record third quarter revenue here over the next couple of months. We have more bookings in place actually at this point in the curve for third quarter than we had at the same time -- same point in time in the curve for second quarter.

是的。萊斯利，是瑞安。因此，可以肯定的是，RASM 存在阻力，產能增長略有增加，或者高於第三季度的季節性正常水平。所以肯定存在逆風。但如果你綜合考慮第三季度並看看現有的需求，我對第三季度今天的情況感到非常鼓舞。我們預計未來幾個月第三季度收入將創歷史新高。實際上，第三季度曲線中此時的預訂量比第二季度曲線中同一時間點的預訂量還要多。

We had an all-time record fare sale in June for our fall travel. We had top 10 booking days during that fare sale and including our all-time record for bookings taken in a single day. And that compares to -- even when we open up schedules for the summer or for the holidays, we took more bookings for the fall during the fare sale than we have any other day in our history. So we've got a tremendous base of bookings in place for the fall.

六月，我們的秋季旅行票價創下了歷史紀錄。在那次票價銷售期間，我們獲得了前 10 個預訂日，其中包括我們單日預訂量的歷史記錄。相比之下，即使我們開放了夏季或假期的時間表，我們在票價銷售期間收到的秋季預訂量也比歷史上任何一天都要多。因此，我們已經為秋季做好了充足的預訂基礎。

I think that, that shows a lot of demand for the Southwest Airlines product, like we've talked about on the call. And from a fare standpoint, July is roughly booked at this point and the strong fare environment from the second quarter has persisted here into July. So I think that while RASM is decelerating here in the third quarter, we do have the capacity headwinds. But when you compare that to some of the domestic RASM of our peers, I think the way we're shaping up looks favorable.

我認為，這表明對西南航空產品的需求很大，就像我們在電話中談到的那樣。從票價的角度來看，7 月份的機票已大致預訂完畢，第二季度強勁的票價環境一直持續到 7 月份。因此，我認為雖然 RASM 在第三季度減速，但我們確實面臨產能阻力。但當你將其與我們同行的一些國內 RASM 進行比較時，我認為我們正在形成的方式看起來很有利。

Our next question will come from Alison Sider with Wall Street Journal.

我們的下一個問題將來自《華爾街日報》的艾莉森·賽德。

I guess the pilots have been talking a lot about attrition in the last couple of months. I'm curious if that's something you're seeing in your data, if it's at a level that's unusual or concerning? And then, I guess if so, like do you have a sense of when in their careers are pilot leaving or a sense of why?

我想飛行員在過去幾個月裡一直在談論很多關於減員的問題。我很好奇您是否在數據中看到了這種情況，是否處於不尋常或令人擔憂的水平？然後，我想如果是這樣，你是否知道飛行員在職業生涯中什麼時候離開或者為什麼離開？

It's definitely a hot pilot market. And so you -- I guess, hot employee market as well. You have to work extra to hire people and to keep people. And so it's a record year from our pilot hiring. It's also a record year for pilot attrition, but it's a modest number that is not sufficient to actually change our plan. So we -- our amount of flying we have this year and the next is not at all affected by this, kind of, a little bit uptick in attrition this year. We do see pilots as a kind of a job hop around the industry, trying to maximize their personal game, what airline appeals in the best. And I don't begrudge that to them because it's -- once you start with the main line, it becomes there for a little while it's kind of lifelong commitment of bigger seniority system. And so we do see some people who come and leave right away, but -- it's -- I think it kind of spiked here in the second quarter and now it's kind of even starting to tail off a little bit.

這絕對是一個熱門的試點市場。所以你——我想，員工市場也很熱門。你必須付出額外的努力來僱用員工和留住員工。因此，今年是我們飛行員招聘創紀錄的一年。今年也是飛行員減員創紀錄的一年，但這個數字並不大，不足以真正改變我們的計劃。因此，我們今年和明年的飛行量根本沒有受到今年損耗率略有上升的影響。我們確實將飛行員視為行業中的一種跳槽，試圖最大限度地發揮他們的個人能力，這也是航空公司最吸引人的地方。我並不嫉妒他們，因為一旦你從主線開始，它就會在那裡一段時間，這是對更大的資歷系統的終身承諾。因此，我們確實看到一些人來了又離開，但是——我認為它在第二季度出現了飆升，現在甚至開始有所下降。

Yes. I mean it's definitely higher than normal. And again, as Andrew said, completely makes sense in the context of the hottest pilot market in history. But I think where that impacts the business. I mean we -- our plan was to hire 17 -- the next 1,700 pilots net this year. We're still on that plan. And that, of course, was intended to fly the whole fleet, get all of our aircraft back up of the year. And in the area, we'll do that in the third quarter -- by the end of the third quarter, actually ahead of our original plan, which was the fourth quarter. So I feel good about all of this. And yes, I think the fact that the attrition is up a bit is not a surprise given this is the hottest market for pilots, I believe, in history.

是的。我的意思是它絕對高於正常水平。正如安德魯所說，在歷史上最熱門的試點市場背景下，這完全是有道理的。但我認為這會對業務產生影響。我的意思是我們 - 我們的計劃是今年僱用 17 名 - 接下來的 1,700 名飛行員。我們仍在執行該計劃。當然，這是為了讓整個機隊都能飛行，讓我們所有的飛機在今年恢復正常。在該領域，我們將在第三季度完成這項工作 - 到第三季度末，實際上比我們最初的計劃（即第四季度）提前。所以我對這一切感覺很好。是的，我認為，考慮到這是歷史上最熱門的飛行員市場，人員流失率有所上升並不令人意外。

We have time for one more question. We'll take our last question from David Slotnick with TPG.

我們還有時間再問一個問題。我們將回答 TPG 的 David Slotnick 提出的最後一個問題。

Following up a little bit on what Leslie asked. It's -- I understand where the RASM headwind would be. But just considering that -- considering the capacity growth, do you think that fares are going to stay similar or come down, you think pricing power is going to fall a little bit in the fall? And then just secondary at that, are you expecting to see really any kind of return to the shoulder season seasonality that we had pre pandemic? Or are you really seeing just leisure travel staying at steady levels into the fall?

跟進一下萊斯利的問題。我了解 RASM 的逆風在哪裡。但考慮到運力增長，您認為票價會保持相似還是下降，您認為定價能力會在秋季略有下降嗎？其次，您是否期望看到大流行前的平季季節性回歸？或者您真的認為休閒旅行在秋季保持穩定水平嗎？

David, yes, I think the demand environment, I'd just characterize the demand environment, especially for leisure as strong and that it continues to be that way. We don't have a ton of visibility into the fourth quarter at this point. So I wouldn't comment really too much for the fourth quarter. But certainly, as you look ahead at the third quarter, as I mentioned, we've got a very strong base of bookings in place. And the fare environment, as I look at what we're taking here in July, and admittedly, we're still in the summer travel season here in July. But that strong fare environment continues.

大衛，是的，我認為需求環境，我只是描述了需求環境，特別是休閒需求的強勁，並且將繼續如此。目前我們對第四季度的情況還沒有太多了解。所以我不會對第四季度做出太多評論。但當然，正如我提到的，當你展望第三季度時，我們已經擁有非常強大的預訂基礎。還有票價環境，當我看看我們七月份在這裡乘坐的東西時，不可否認，七月份我們仍然處於夏季旅行季節。但這種強勁的票價環境仍在繼續。

As you look third quarter to second quarter, yields normally give are weaker quarter-over-quarter, and I expect that to be the case as we go -- as we look at third quarter versus second quarter, but that's normal. But all of this is setting up for another record revenue quarter for us in the third quarter.

當你觀察第三季度和第二季度時，收益率通常會逐季走弱，我預計隨著我們觀察第三季度和第二季度，情況也會如此，但這是正常的。但所有這些都為我們在第三季度再創創紀錄的收入季度奠定了基礎。

And I think we probably mentioned this several times, but if you look at our fare performance in the second quarter and sort of run that through, you just have to be aware of this breakage change from last year, about $300 million impact that impacted year-over-year the fare calculation. So if you just look at average fares year-over-year, I think it looks like they're down 2.7%. If you normalize that for the breakage impact last year, they're actually up this year, 2.2%. They're actually up. So I just -- as you think about our fares and extrapolating that, just want to make sure you know that because they are actually up year-over-year.

我想我們可能多次提到過這一點，但如果你看看我們第二季度的票價表現並進行回顧，你只需要意識到去年的破損變化，對今年產生的影響約為 3 億美元- 全年票價計算。因此，如果你只看平均票價同比，我認為看起來下降了 2.7%。如果你將去年的破損影響標準化，那麼今年的破損率實際上上升了 2.2%。他們真的起來了。因此，當您考慮我們的票價並進行推斷時，我只是想確保您知道這一點，因為它們實際上逐年上漲。

And then just from what visibility you do have. Do you think that a shoulder season is going to come back for this fall? Or is that sort of the thing in the past?

然後就從你所擁有的可見度來看。您認為今年秋天會迎來平季嗎？或者說，過去的事情就是這樣的？

I think I just would characterize what we're seeing in terms of demand and the bookings that we have in place for the fall that would -- that tells me that we've got a strong third quarter ahead of us here.

我想我只是從需求和秋季預訂的角度來描述我們所看到的情況——這告訴我，我們將迎來強勁的第三季度。

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

我們的問答環節到此結束。我想將會議轉回給盧瑟福女士發表閉幕詞。

Thank you, Anthony. If you all have any other follow-up questions, you can reach our communications team at (214) 792-4847 or through our media website portal at www.swamedia.com. Thank you all so much.

謝謝你，安東尼。如果您還有任何其他後續問題，可以致電 (214) 792-4847 或通過我們的媒體網站門戶 www.swamedia.com 聯繫我們的溝通團隊。非常感謝大家。

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。