西南航空 (LUV) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Southwest Airlines Fourth Quarter and Annual 2021 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)

早上好，歡迎來到西南航空公司第四季度和 2021 年年度電話會議。我的名字是乍得，我將主持今天的電話會議。本次通話正在錄音，重播將在 south.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.

此時，我想將電話轉給投資者關係副總裁 Ryan Martinez 先生。請繼續，先生。

Thank you, Chad, and thank you to everyone for joining us today. In just a moment, we will share some brief remarks and then open it up for Q&A. And on our call today, we have our Chairman of the Board and CEO, Gary Kelly; Executive Vice President and incoming CEO, Bob Jordan; Executive Vice President and CFO, Tammy Romo; Executive Vice President and Chief Commercial Officer, Andrew Watterson; and President and Chief Operating Officer, Mike Van de Ven.

謝謝你，Chad，也感謝大家今天加入我們。稍後，我們將分享一些簡短的評論，然後將其打開以進行問答。在我們今天的電話會議上，我們有董事會主席兼首席執行官加里·凱利；執行副總裁兼新任首席執行官 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 Andrew Watterson；總裁兼首席運營官 Mike Van de Ven。

Just a few quick notes. First, we will make forward-looking statements today, which are based on our current expectations of future performance, and our actual results could differ substantially from these expectations. And second, we had a few special items in our fourth quarter results, which we excluded from our trends for non-GAAP purposes, and we will reference these non-GAAP results in our remarks today. So please see our press release from this morning and our IR website for more information and our cautionary statement, which covers these topics in more detail.

只是一些快速的筆記。首先，我們今天將根據我們目前對未來業績的預期做出前瞻性陳述，我們的實際結果可能與這些預期存在很大差異。其次，我們在第四季度的業績中有一些特殊項目，我們將其排除在非公認會計原則的趨勢之外，我們將在今天的評論中引用這些非公認會計原則的結果。因此，請參閱我們今天上午的新聞稿和我們的 IR 網站以獲取更多信息和我們的警告聲明，其中更詳細地涵蓋了這些主題。

So with that, I have the pleasure of turning it over one last time to my friend, Gary Kelly.

因此，我很高興最後一次把它交給我的朋友加里凱利。

Thank you, Ryan, and good morning, everybody, and thank you for joining us for the Southwest Airlines Fourth Quarter 2021 Earnings Call. And first and foremost, I'm delighted to be able to say there were earnings better than we thought at Investor Day last month. It's obviously a great way to end a tough but much improved year, a great way to start a new year. We are, of course, fighting our way through the Omicron surge in January, February and looking forward to a strong rebound in March and thereafter. And as always, that's barring any unforeseen events. I expect we'll make great progress in 2022, and we'll enjoy another much improved year.

謝謝你，瑞安，大家早上好，感謝你參加西南航空公司 2021 年第四季度財報電話會議。首先，我很高興能夠說上個月投資者日的收益比我們想像的要好。這顯然是結束艱難但進步很大的一年的好方法，也是開始新的一年的好方法。當然，我們正在努力克服 1 月、2 月的 Omicron 飆升，並期待 3 月及之後的強勁反彈。和往常一樣，除非發生任何不可預見的事件。我預計我們將在 2022 年取得長足進步，我們將迎來又一個進步很大的一年。

As we all know too well, it will not be without its challenges, but our people and our leadership are more than up to the task. I'm enormously proud of all of them, and I thank them profusely for their resilience and their perseverance through these myriad of challenges that we've faced in the last 2 years. They've just done a phenomenal job. Southwest is on top because our people deliver great service at low fares and our business model delivers consistent profits enhancing returns on capital, and we've emerged from 2 years of pandemic with our balance sheet strength and our liquidity intact. And we are perfectly positioned to restore, to expand and compete aggressively in the coming years, and I could not be more enthused and more excited about our future.

我們都非常清楚，它不會沒有挑戰，但我們的員工和我們的領導層能夠勝任這項任務。我為他們所有人感到無比自豪，我衷心感謝他們在過去 2 年中面臨的無數挑戰中表現出的韌性和毅力。他們剛剛完成了一項了不起的工作。西南航空之所以位居榜首，是因為我們的員工以低廉的票價提供優質服務，我們的商業模式提供了持續的利潤，從而提高了資本回報率，而且我們已經擺脫了 2 年的大流行，資產負債表實力和流動性完好無損。我們完全有能力在未來幾年恢復、擴張和積極競爭，我對我們的未來充滿熱情和興奮。

So with that, I'm going to turn it over to our outstanding CEO in waiting for 5 more days, Mr. Bob Jordan.

因此，我將把它交給我們傑出的首席執行官，再等 5 天，鮑勃·喬丹先生。

Well, thank you, Gary, and hello, everybody. We were last together on December 8 at Investor Day, and a lot has happened since then. But before I get to that, I want to thank my friend, Gary Kelly. Gary is a phenomenal leader, has done so much for Southwest and for me personally. There's no -- there's just no way to say thank you enough for his 18 years of leadership as our CEO, and I'm thrilled that he will be our Executive Chairman. I'll take over the CEO responsibility for investor meetings going forward, so this is Gary's last earnings call. And my friend, I just want to stop and say a huge thank you, and I love you.

好吧，謝謝你，加里，大家好。我們最後一次在一起是在 12 月 8 日的投資者日，從那以後發生了很多事情。但在此之前，我要感謝我的朋友加里·凱利。加里是一位了不起的領導者，為西南航空和我個人做了很多。沒有 - 沒有辦法對他擔任我們首席執行官 18 年的領導表示足夠的感謝，我很高興他將成為我們的執行主席。我將接替 CEO 負責未來的投資者會議，所以這是 Gary 的最後一次財報電話會議。還有我的朋友，我只想停下來對你說聲謝謝，我愛你。

Well, 2022 has had a challenging start, but that doesn't change our goals for the year: getting properly staffed, focusing on our people, making meaningful progress, returning to our historic operational reliability and efficiency, providing our legendary hospitality and returning to consistent profitability. We made significant progress in '21, including a profitable fourth quarter despite the pandemic that saw strong demand, 88% of 2019 revenues restored, and managed business demand ahead of our expectations for December. While we don't expect to be profitable this quarter, the Omicron impact does appear to be isolated to January and February, and we expect a profit in March. We expect to be profitable in the remaining quarters and for the full year 2022 based on our current plans.

嗯，2022 年有一個充滿挑戰的開始，但這並沒有改變我們今年的目標：配備適當的人員，專注於我們的員工，取得有意義的進展，恢復我們歷史上的運營可靠性和效率，提供我們傳奇的熱情好客持續盈利。我們在 21 年取得了重大進展，包括第四季度實現盈利，儘管大流行導致需求強勁，2019 年 88% 的收入恢復，並且管理的業務需求超出了我們對 12 月的預期。雖然我們預計本季度不會盈利，但 Omicron 的影響似乎只出現在 1 月和 2 月，我們預計 3 月將實現盈利。根據我們目前的計劃，我們預計在剩餘的季度和 2022 年全年實現盈利。

Our people performed just really well during the fourth quarter, as they always do, in particular during the holidays. And demand held up well through year-end despite the Omicron variant. Beginning in early January, we experienced a very difficult environment due to rapidly rising COVID cases and a decrease in available staffing levels. It's amazing. But in the first 3 weeks, we had roughly 5,000 employees test positive for COVID, with employee cases roughly 2.5x what they were during the Delta variant. The resulting staffing storage, combined with winter weather, caused a spike in flight cancels and a significant disruption to the operation. I'm pleased to report, though, that over the last few weeks, the operation and staffing have stabilized and we've seen performance even better than during the holidays. Yesterday, for example, we were 95% on time, which I'm just hugely proud of.

和往常一樣，我們的員工在第四季度的表現非常好，尤其是在假期期間。儘管有 Omicron 變體，但需求在年底一直保持良好。從 1 月初開始，由於 COVID 病例迅速增加和可用人員減少，我們經歷了非常困難的環境。太奇妙了。但在前 3 週，我們有大約 5,000 名員工的 COVID 檢測呈陽性，員工病例大約是 Delta 變體期間的 2.5 倍。由此產生的人員儲備，加上冬季天氣，導致航班取消激增，並對運營造成重大干擾。不過，我很高興地報告，在過去的幾周里，運營和人員配置已經穩定下來，我們看到的表現甚至比假期期間還要好。例如，昨天，我們的準時率為 95%，這讓我感到非常自豪。

To maintain sufficient available staff, we extended incentive pay programs for ops employees through early February. While that does add temporary cost pressure, it's imperative that we have sufficient staff to operate our schedule and minimize our flight cancellations. COVID case counts are on a downward trend, and we intend to normalize our staffing and pay structure as a result. Hiring is part of the equation, of course, and we met our 2021 hiring goals, and we are on track with plans to add at least 8,000 employees this year. We're also raising our starting wage rates to be competitive in the market and due to the impacts from Omicron and the variant and recent staffing challenges, and we're further moderating our first half 2022 capacity plans to provide additional buffer for the operation.

為了保持足夠的可用員工，我們將針對運營員工的激勵薪酬計劃延長至 2 月初。雖然這確實增加了暫時的成本壓力，但我們必須有足夠的員工來操作我們的日程安排並儘量減少我們的航班取消。 COVID 病例數呈下降趨勢，因此我們打算使我們的人員配備和薪酬結構正常化。當然，招聘是其中的一部分，我們實現了 2021 年的招聘目標，並且我們正在計劃今年至少增加 8,000 名員工。我們還提高了起始工資率以在市場上具有競爭力，並且由於 Omicron 的影響以及變體和最近的人員配備挑戰，我們正在進一步調整 2022 年上半年的產能計劃，為運營提供額外的緩衝。

We're encouraged by the recent improvement in bookings across the booking curve, especially in the March time frame and we are hopeful that business travel will resume the 2021 trend. It appears that Omicron impacts are pretty well contained in January and February from a revenue perspective, and we believe our temporary approach to boost available staffing is working. We'll stay flexible, of course, and we'll be willing to further adjust our plans if needed.

最近整個預訂曲線的預訂量有所改善，特別是在 3 月份的時間範圍內，我們感到鼓舞，我們希望商務旅行將恢復 2021 年的趨勢。從收入的角度來看，Omicron 的影響似乎在 1 月和 2 月得到了很好的控制，我們相信我們增加可用人員的臨時方法正在奏效。當然，我們會保持靈活性，如果需要，我們願意進一步調整我們的計劃。

So several things have transpired since Investor Day, all driven by the pandemic, though. But for Omicron, we would be on our Investor Day Q1 and full year 2022 guidance. However, I want you to know, make no mistake, we are laser-focused on preserving our low-cost position in the industry and returning to 2018 productivity and efficiency levels by the end of 2023. We believe Q1 CASM-Ex is a peak and our plans call for unit cost to ease from here into 2023. Looking at 2023 based on current growth plans, we expect CASM-Ex to be down as compared to 2022.

不過，自投資者日以來，已經發生了幾件事，都是由大流行驅動的。但對於 Omicron，我們將在第一季度投資者日和 2022 年全年指導。但是，我想讓你知道，毫無疑問，我們專注於保持我們在行業中的低成本地位，並在 2023 年底之前恢復到 2018 年的生產力和效率水平。我們相信 Q1 CASM-Ex 是一個高峰我們的計劃要求從現在到 2023 年降低單位成本。根據當前的增長計劃展望 2023 年，我們預計 CASM-Ex 將比 2022 年下降。

Restoring both the network and our fleet efficiency are key to returning to historic efficiency levels. And beyond that, I'm really excited about opportunities that continue network growth as we add gates in key cities such as Denver and Phoenix and Las Vegas, Baltimore, Nashville and even more. Beyond 2023, we see opportunities to meet and then beat our historic productivity and efficiency levels as we continue to grow the company and focus on modernizing our operational tools and processes, and Mike will talk more about that.

恢復網絡和我們的車隊效率是恢復到歷史效率水平的關鍵。除此之外，當我們在丹佛、鳳凰城和拉斯維加斯、巴爾的摩、納什維爾等主要城市增加登機口時，我對繼續網絡增長的機會感到非常興奮。 2023 年之後，隨著我們繼續發展公司並專注於現代化我們的運營工具和流程，我們看到了達到並超越我們歷史生產力和效率水平的機會，邁克將對此進行更多討論。

But I want to repeat my main message from Investor Day. Despite the near-term noise, we have a superb business model with substantial underlying competitive advantages. We have a great 5-year strategy and a strong set of initiatives that will drive significant value. Our new co-brand credit card agreement is in place with our partner, Chase. Our GDS expansion is complete, and our Southwest business team is armed with the tools they need to grow our business customer base. We continue to work on our new fare product and our revenue management system optimization, so more to come there, but both should begin producing value this year. And as we continue retiring older 737, 700 aircraft and taking the MAX aircraft this year in support of our fleet modernization initiatives as well. All combined, these initiatives are expected to deliver incremental EBIT of $1 billion to $1.5 billion in 2023, and we continue to expect roughly half of that value this year given the initiatives in place.

但我想重複我在投資者日的主要信息。儘管近期存在噪音，但我們擁有卓越的商業模式，具有巨大的潛在競爭優勢。我們有一個偉大的 5 年戰略和一套強有力的舉措，這些舉措將帶來巨大的價值。我們與合作夥伴 Chase 簽訂了新的聯合品牌信用卡協議。我們的 GDS 擴展已完成，我們的西南業務團隊配備了擴大我們的業務客戶群所需的工具。我們將繼續致力於我們的新票價產品和我們的收入管理系統優化，因此會有更多的成果，但兩者都應該在今年開始產生價值。隨著我們今年繼續淘汰較舊的 737、700 飛機並採用 MAX 飛機，以支持我們的機隊現代化計劃。總之，這些舉措預計將在 2023 年帶來 10 億至 15 億美元的 EBIT 增量，鑑於這些舉措已經到位，我們繼續預計今年該價值的大約一半。

Like Gary said, last and not least, I just want to thank our amazing people. There have been all kinds of challenges and they have performed just superbly. They continue to do an incredible job and manage through all of these challenges, and I am just in awe of them. And together, we will emerge from the pandemic, and we will seize the opportunities in front of us.

就像加里說的，最後也是最重要的，我只想感謝我們這些了不起的人。有各種各樣的挑戰，他們表現得非常出色。他們繼續做著令人難以置信的工作並應對所有這些挑戰，我對他們感到敬畏。我們將攜手走出大流行病，並抓住擺在我們面前的機遇。

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

有了這個，我會把它交給塔米。

Right. Hello, everyone, and thank you, Bob. I've worked with Bob for a long time, and I agree with Gary, he is going to be a great CEO. And my friend, Gary Kelly, you are amazing, and I just want to thank you for all that you've done for our company and for all of us and for all of our shareholders, and I'm not going to say anything else because I will get choked up. So instead, I'm going to provide a quick overview of our financial results and share some additional color on our outlook beyond what we provided in our press release to you all this morning.

正確的。大家好，謝謝鮑勃。我和鮑勃一起工作了很長時間，我同意加里的觀點，他將成為一位偉大的首席執行官。我的朋友，加里·凱利，你太棒了，我只想感謝你為我們公司、我們所有人以及我們所有的股東所做的一切，我不會再說什麼因為我會窒息。因此，相反，我將簡要介紹我們的財務業績，並在我們今天早上向您提供的新聞稿之外，分享一些關於我們前景的額外色彩。

And I also just want to thank our employees for their incredible resilience as we manage through this dynamic environment. It is their hard work, dedication and focus that enabled us to achieve an important milestone in our recovery with our first quarterly profit since the pandemic began.

我還想感謝我們的員工在我們度過這個充滿活力的環境時所表現出的令人難以置信的韌性。正是他們的辛勤工作、奉獻精神和專注，使我們能夠實現復甦的重要里程碑，實現自大流行開始以來的第一個季度利潤。

We reported a $68 million profit in fourth quarter or $0.11 per diluted share. And excluding special items, we reported an $85 million profit or $0.14 per diluted share. As Bob mentioned, our fourth quarter profit was driven by strong leisure demand during the holidays' business travel momentum and incremental revenue from our new co-brand credit card agreement with Chase. Our fourth quarter results were all within the guidance ranges provided last month at Investor Day.

我們報告第四季度利潤為 6800 萬美元，或每股攤薄收益 0.11 美元。不包括特殊項目，我們報告了 8500 萬美元的利潤或每股攤薄收益 0.14 美元。正如鮑勃所提到的，我們第四季度的利潤受到假期商務旅行勢頭強勁的休閒需求以及我們與大通新的聯合品牌信用卡協議帶來的增量收入的推動。我們第四季度的業績都在上個月投資者日提供的指導範圍內。

For full year 2021, our net income was $977 million or $1.61 per diluted share, driven by $2.7 billion of payroll support program proceeds. Excluding this temporary benefit to salary wages and benefits expense and other smaller special items, our full year net loss was $1.3 billion or a $2.15 loss per diluted share. Andrew will cover our revenue trends and outlook here in a minute.

2021 年全年，我們的淨收入為 9.77 億美元或攤薄後每股 1.61 美元，這得益於 27 億美元的工資支持計劃收益。不包括工資工資和福利費用的臨時福利以及其他較小的特殊項目，我們全年的淨虧損為 13 億美元或每股攤薄收益 2.15 美元。安德魯將在一分鐘內介紹我們的收入趨勢和前景。

Taking a look at cost. We continue to experience inflationary cost pressure experienced in fourth quarter, primarily in salary wages and benefits and airport costs as expected. A portion relates to hiring, and we made great strides toward our hiring efforts in 2021 and remain on track with plans this year. And of course, the labor market continues to be a challenge, which continues to pressure wage rates across the board.

看看成本。我們在第四季度繼續面臨通脹成本壓力，主要是預期的工資和福利以及機場成本。一部分與招聘有關，我們在 2021 年的招聘工作上取得了長足的進步，並繼續按計劃進行今年。當然，勞動力市場仍然是一個挑戰，它繼續對全面的工資率施加壓力。

Since Investor Day, we have experienced additional cost pressures related to Omicron and winter weather. As a result, our first quarter unit cost inflation compared with first quarter 2019 and excluding fuel special items and profit sharing has increased about 10 points. Roughly half of that increase is driven by the $150 million of additional incentive pay we are offering to operations employees to early February, and the other half is associated with flying fewer ASMs than we were planning. In light of the significant impact from the Omicron wave on available staffing, extending the temporary incentive pay and further reducing our capacity were necessary steps to stabilize the operation. Aside from these impacts, we would be on track with our previous unit cost outlook.

自投資者日以來，我們經歷了與 Omicron 和冬季天氣相關的額外成本壓力。因此，與 2019 年第一季度相比，我們的第一季度單位成本通脹率（不包括燃料特殊項目和利潤分成）增加了約 10 個百分點。大約一半的增長是由我們在 2 月初向運營員工提供的 1.5 億美元額外獎勵薪酬推動的，另一半與飛行的 ASM 數量比我們計劃的少有關。鑑於 Omicron 浪潮對可用員工的重大影響，延長臨時激勵薪酬和進一步降低我們的產能是穩定運營的必要步驟。除了這些影響之外，我們將與之前的單位成本展望保持一致。

Market fuel prices have continued to rise here, which also resulted in a $0.10 increase in our fuel cost per gallon guidance. Our estimated first quarter fuel price in the $2.25 to $2.35 per gallon range is also roughly $0.25 higher than our first quarter 2019 fuel price and that's inclusive of an estimated $0.35 of hedging gains here in the first quarter.

這裡的市場燃料價格繼續上漲，這也導致我們的每加侖燃料成本指南增加了 0.10 美元。我們估計的第一季度燃料價格在每加侖 2.25 美元到 2.35 美元之間，也比我們 2019 年第一季度的燃料價格高出大約 0.25 美元，其中包括第一季度估計的 0.35 美元的對沖收益。

Turning to our full year guidance. At Investor Day, we were planning for capacity to be roughly flat versus 2019 levels with no material impact from the Omicron variant on either revenues or costs at that time. Fast forward to today, the impact from the Omicron variant on available staffing has led us to reevaluate our first half 2022 capacity plans, in particular March through May. Our plant flight schedule adjustments take some capacity upside optimism off the table for this year and reduces our full year 2022 capacity outlook by about 4 points from roughly flat to down 4% versus 2019.

轉向我們的全年指導。在投資者日，我們計劃將產能與 2019 年的水平大致持平，同時 Omicron 變體對當時的收入或成本沒有實質性影響。快進到今天，Omicron 變體對可用人員配置的影響使我們重新評估了 2022 年上半年的產能計劃，特別是 3 月至 5 月。我們的工廠航班時刻表調整消除了今年的一些產能上行樂觀情緒，並將我們 2022 年全年的產能展望從 2019 年的大致持平下調了約 4 個百分點至下降 4%。

I've already covered the $150 million of additional incentive pay in the first quarter. And in order to be more competitive on the hiring front, in particular for ground operations, we are raising starting wage rates from $15 per hour to $17 per hour, which is estimated to be a $20 million to $25 million total impact to this year. And of course, we have contemplated labor rate inflation in our guidance as best we can for this year, understanding that the market is somewhat uncertain. This is clearly not where we hope to be along our recovery curve nearly 2 years into this pandemic, but we are making great progress. While we must remain nimble in this environment and take the necessary actions to take care of our employees and provide a reliable product for our customers, we are very focused on the long term and determined to get back to 2018 levels of productivity and efficiencies as we shared with you all at Investor Day. As Bob said, our goal is to get there by the end of next year.

我已經支付了第一季度 1.5 億美元的額外獎勵金。為了在招聘方面更具競爭力，特別是在地面運營方面，我們將起薪從每小時 15 美元提高到每小時 17 美元，這估計對今年產生 2000 萬至 2500 萬美元的總影響。當然，我們已經在我們的指導中盡可能地考慮了今年的勞動力價格通脹，因為我們理解市場有些不確定。這顯然不是我們希望在這場大流行近 2 年後沿著我們的複蘇曲線前進的地方，但我們正在取得巨大進展。雖然我們必須在這種環境中保持敏捷，並採取必要的行動來照顧我們的員工並為我們的客戶提供可靠的產品，但我們非常關注長期並決心恢復到 2018 年的生產力和效率水平，因為我們在投資者日與大家分享。正如鮑勃所說，我們的目標是在明年年底前實現目標。

Although it is early based on our current plan for 2022 and preliminary plan for 2023, we expect 2023 CASM-Ex will decline year-over-year compared with 2022. Longer term, our framework that we provided at Investor Day remains unchanged, and that includes a post-pandemic target of mid-single-digit ASM growth accompanied by low single-digit CASM-Ex growth. I want to be clear that our longer-term CASM-Ex framework includes an estimate for labor rate increases as best we can estimate today.

儘管根據我們目前的 2022 年計劃和 2023 年初步計劃，現在還為時過早，但我們預計 2023 年 CASM-Ex 將比 2022 年同比下降。從長遠來看，我們在投資者日提供的框架保持不變，並且包括大流行後 ASM 中個位數增長的目標，同時 CASM-Ex 的低個位數增長。我想明確一點，我們的長期 CASM-Ex 框架包括對勞動力增長率的估計，這是我們今天所能估計的。

Turning to fleet. We currently have 77 MAX firm orders and 37 MAX options with Boeing this year. While our plan assumes we will exercise the remaining 37 options this year, we maintain the flexibility to evaluate that intention as decision points arise. We continue to believe that taking the additional options this year will yield a positive NPV on aircraft replacement if we don't deploy them in the network. As I have mentioned to you all before, we won't incur a material CASM-Ex penalty from holding on to extra aircraft in the event we temporarily parked some of our -700 while capacity is moderated this year. As we work our way back to an efficient utilization of the fleet, we remain in the fortunate position to have the flexibility needed with our retirement plans without a financial penalty.

轉向艦隊。我們今年與波音公司有 77 架 MAX 的確定訂單和 37 架 MAX 的選擇權。雖然我們的計劃假設我們將在今年行使剩餘的 37 項選擇權，但我們仍保持靈活性，以便在決策點出現時評估該意圖。我們仍然相信，如果我們不在網絡中部署它們，今年採取額外的選擇將在飛機更換方面產生正的 NPV。正如我之前向大家提到的那樣，如果我們在今年運力放緩的情況下暫時停放了部分 -700，我們不會因持有額外的飛機而遭受重大的 CASM-Ex 處罰。當我們努力恢復對車隊的有效利用時，我們仍然處於幸運的位置，能夠擁有退休計劃所需的靈活性，而不會受到經濟處罰。

I'll wrap up with a quick note on our balance sheet strength. We ended 2021 with liquidity of $16.5 billion. Our leverage is at a very manageable 54%, and we continue to be the only U.S. airline with an investment-grade rating by all 3 rating agencies, which I believe is one of our key competitive advantages. We have ample liquidity that allows us for further cushion in the event of further COVID wave. Overall, our balance sheet strength puts us in a category of one in terms of our ability to withstand shocks and remain financially healthy.

最後，我將簡要介紹一下我們的資產負債表實力。到 2021 年底，我們的流動資金為 165 億美元。我們的槓桿率處於非常可控的 54%，並且我們仍然是唯一一家獲得所有 3 家評級機構投資級評級的美國航空公司，我認為這是我們的主要競爭優勢之一。我們擁有充足的流動性，使我們能夠在進一步的 COVID 浪潮中獲得進一步的緩衝。總體而言，就我們抵禦衝擊和保持財務健康的能力而言，我們的資產負債表實力屬於一類。

With that, I will turn it over to Andrew.

有了這個，我會把它交給安德魯。

Thank you very much, Tammy. I'll also start by extending my graduate to Gary. I'll be forever grateful for all that he has taught me with his words and his actions, and I'll provide some additional color on our revenue trends and outlook and point you to our earnings release for more detail.

非常感謝你，塔米。我還將首先將我的畢業生擴展到 Gary。我將永遠感激他用他的言行教給我的一切，我將為我們的收入趨勢和前景提供一些額外的色彩，並為您指出我們的收益發布以獲取更多詳細信息。

Looking back to our last earnings call in October, we were dealing with a Delta variant. The negative revenue impact to Q3 was $300 million. At that time, we estimated the negative revenue impact to Q4 of $100 million. Revenue trends have begun to pick up -- pick back up and stabilized in mid-September, and our outlook called for a sequential monthly improvement in revenues throughout Q4. We reaffirm this in our early December investor update, and we closed the quarter strong.

回顧我們在 10 月份的上一次財報電話會議，我們正在處理一個 Delta 變體。對第三季度的負面收入影響為 3 億美元。當時，我們估計第四季度的負面收入影響為 1 億美元。收入趨勢已經開始回升——在 9 月中旬回升並趨於穩定，我們的展望要求整個第四季度的收入按月連續改善。我們在 12 月初的投資者更新中重申了這一點，我們在本季度結束時表現強勁。

Our operating revenues finished within guidance, down 11.8%. And managed business revenues came in better than guidance, down 50% in December. We saw solid leisure demand for Thanksgiving and Christmas, and business demand held up well with positive momentum from GDS and Southwest business. The negative revenue impact from the Delta variant came in lower than we thought at around $60 million as we saw a continued rebound in demand and yields throughout the quarter. However, we saw some choppiness in late December from decelerating bookings and increasing cancellations, and we had a $30 million negative revenue impact from the Omicron variant as COVID cases increased. Combined, this $90 million COVID impact on Q4 was slightly less than our original estimate of $100 million from COVID as we were able to mitigate some of the load factor decrease to higher yields.

我們的營業收入在指導範圍內完成，下降了 11.8%。管理業務收入好於預期，12 月份下降了 50%。我們看到感恩節和聖誕節的休閒需求強勁，商業需求保持良好，GDS 和西南業務的積極勢頭。 Delta 變體對收入的負面影響低於我們預期的 6000 萬美元左右，因為我們看到整個季度的需求和收益率持續反彈。然而，我們在 12 月下旬看到由於預訂減少和取消增加而出現了一些波動，並且隨著 COVID 病例的增加，Omicron 變體對我們產生了 3000 萬美元的負面收入影響。加起來，這 9000 萬美元的 COVID 對第四季度的影響略低於我們最初估計的 COVID 帶來的 1 億美元，因為我們能夠減輕部分負載率下降以提高產量。

And of course, the most notable item in Q4 was incremental revenue from our new credit card agreement with Chase, which we covered at Investor Day and included in our most recent revenue guidance. While we can't share the specifics about the incremental revenue from our new credit card agreement, you can see that other revenues in fourth quarter 2021 increased 20% compared with Q4 2019 while outpacing the recovery in passenger revenue, and we are on track for expected benefits in 2022. Our new markets continue to develop and perform overall in line with expectations aside from the impacts from the Delta and Omicron waves. Hawaii markets also showed improvement, and all of these markets turned in line with a broad-based improvement we saw across the rest of the network.

當然，第四季度最值得注意的項目是我們與 Chase 的新信用卡協議帶來的增量收入，我們在投資者日對此進行了介紹，並包含在我們最近的收入指南中。雖然我們無法分享新信用卡協議帶來的增量收入的具體細節，但您可以看到 2021 年第四季度的其他收入與 2019 年第四季度相比增長了 20%，同時超過了客運收入的複蘇，我們有望實現2022 年的預期收益。除 Delta 和 Omicron 浪潮的影響外，我們的新市場繼續發展並總體表現符合預期。夏威夷市場也出現了改善，所有這些市場都與我們在網絡其他部分看到的廣泛改善一致。

Now looking at first quarter, we estimate the weather-related and staff-related flight cancellations in January resulted in a $50 million negative impact to operating revenues. Additionally, bookings have slowed for January and February, which are seasonally low travel periods anyway for leisure. And trip cancellations were running quite high beginning in early January but have moderated and are back to normal trends. We expect the Omicron-related negative revenue impact in January and February combined to be roughly $330 million. Like the Delta variant, the impact of Omicron-related trip cancellations has been mainly focused in the closed-in window, and we remain optimistic about the likelihood of demand recovery and time for spring break travel.

現在來看第一季度，我們估計 1 月份與天氣和員工相關的航班取消對營業收入造成了 5000 萬美元的負面影響。此外，1 月和 2 月的預訂量有所放緩，因為這兩個季節是休閒旅遊的淡季。從 1 月初開始，旅行取消率很高，但已經放緩並恢復正常趨勢。我們預計 1 月和 2 月與 Omicron 相關的負面收入影響合計約為 3.3 億美元。與 Delta 變體一樣，與 Omicron 相關的旅行取消的影響主要集中在封閉的窗口中，我們對需求恢復的可能性和春假旅行的時間保持樂觀。

On the corporate travel side, the business demand we experienced in December has slowed, but we continue to believe there is pent-up demand for business travel, and we are hearing from many of our corporate customers that they intend to travel post-President's Day. I think that will depend on where we are with COVID case counts and hospitalizations, but we are encouraged by what we are hearing from our customers in terms of their future travel plans. We expect first quarter managed business revenues to be down 45% to 55% versus 2019, and improve sequentially from January through March. And our Southwest and GDS business initiatives is also on track for expected benefits in 2022. When you put all these moving parts together, that gets us to our first quarter operating revenue guidance of down 10% to 15% versus first quarter 2019. This outlook is in line where we were in the fourth quarter, but we are currently expecting a step change in improvement in March. As far as our other initiatives, new fare product remains on track for deployment by midyear, and the new revenue management system continues its progressive rollout.

在商務旅行方面，我們在 12 月經歷的商務需求已經放緩，但我們仍然認為商務旅行的需求被壓抑，我們從許多商務客戶那裡得知他們打算在總統節後旅行.我認為這將取決於我們在 COVID 病例數和住院情況方面的情況，但我們從客戶那裡聽到的關於他們未來旅行計劃的信息感到鼓舞。我們預計第一季度管理業務收入將比 2019 年下降 45% 至 55%，並從 1 月到 3 月連續改善。我們的西南和 GDS 業務計劃也有望在 2022 年實現預期收益。當您將所有這些活動部件放在一起時，我們的第一季度營業收入指引將比 2019 年第一季度下降 10% 至 15%。這個展望與我們在第四季度的水平一致，但我們目前預計 3 月份的改善將出現階梯式變化。就我們的其他舉措而言，新的票價產品仍有望在年中部署，新的收入管理系統將繼續逐步推出。

And lastly, we're in the process of adjusting our published flight schedules in March through May in order to further support the operations and adjust to available staffing trends. The results of this exercise, combined with the flight cancellations we have experienced so far this month, is a 3-point reduction in first quarter 2022 capacity from down 6% to down 9% compared with the first quarter 2019. And for full year 2022, as Tammy mentioned, it's a 4-point reduction from roughly flat to down 4% compared with the full year 2019. Our flight schedules remain subject to further adjustments if needed. But while this is a slight delay to our previous capacity plan, we still have time to get back on track. As of March 2022, we are roughly 75% restored based on trips and we continue to expect to restore the vast majority of our route network by the end of 2023.

最後，我們正在調整 3 月至 5 月發布的航班時刻表，以進一步支持運營並適應可用的人員配備趨勢。與 2019 年第一季度相比，這項工作的結果，加上我們本月迄今經歷的航班取消，使 2022 年第一季度的運力下降了 3 個百分點，從下降 6% 到下降 9%。對於 2022 年全年，正如 Tammy 所說，與 2019 年全年相比，從大致持平下降 4% 至下降 4%。如果需要，我們的航班時刻表仍會進一步調整。但是，雖然這比我們之前的產能計劃略有延遲，但我們仍有時間重回正軌。截至 2022 年 3 月，我們已根據行程恢復了大約 75%，我們繼續預計到 2023 年底將恢復絕大多數路線網絡。

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

有了這個，我會把它交給邁克。

Well, thank you, Andrew, and hello, everyone. Our people did face quite a bit of adversity in 2021, and I just am really proud of their tremendous finish to the year, and they've built quite a bit of momentum thus far into 2022. As we've all said, we've moderated or we began moderating our capacity in the fourth quarter to provide more staffing cushion in the environment. But at the same time, we knew we had some peak holiday travel periods over Thanksgiving and Christmas through the New Year's time frame, and we really did jump up our daily trips. And we needed all hands on deck to those periods, and we incented folks, and we urge them or those that were willing to pick up open time or voluntarily work on their days off with premium pay. And that certainly worked. Our people really responded.

好吧，謝謝你，安德魯，大家好。我們的員工在 2021 年確實面臨著相當多的逆境，我為他們在這一年取得的巨大成就感到非常自豪，到目前為止，他們在 2022 年已經建立了相當多的勢頭。正如我們都說過的，我們我們已經緩和，或者我們在第四季度開始緩和我們的能力，以在環境中提供更多的人員配備緩衝。但與此同時，我們知道在感恩節和聖誕節到新年期間，我們有一些假期旅行高峰期，我們確實增加了日常旅行。在那些時期，我們需要全力以赴，我們激勵人們，我們敦促他們或那些願意在休息日上班或自願以高薪工作的人。這當然奏效了。我們的人真的回應了。

So if you exclude the day of Thanksgiving, we averaged about 3,500 trips a day during that Thanksgiving holiday period, and that was up roughly 320 trips a day above the weeks leading into Thanksgiving. And our on-time performance for that period was 87%, and that was better than our 5-year average. So we ran a similar play over the Christmas holiday, and our daily trips there increased to roughly 3,600 a day. And again, our people responded. So normally, during the Christmas holiday, we deal with weather, but this year, we also saw the beginning of a sudden in the surging spike in COVID cases. And because we had those people to pitch in to pick up extra shifts during that week of Christmas, we had a completion factor of 99.2%, and we had less than 1% of our flights canceled in the face of that COVID surge.

因此，如果排除感恩節這一天，我們在感恩節假期期間平均每天有大約 3,500 次出行，這比感恩節前幾週的每天出行次數增加了大約 320 次。我們在此期間的準點率為 87%，這比我們 5 年的平均水平要好。因此，我們在聖誕節假期進行了類似的演出，我們每天在那裡的旅行增加到每天大約 3,600 人次。再一次，我們的人做出了回應。所以通常情況下，在聖誕節期間，我們會處理天氣問題，但今年，我們也看到了 COVID 病例激增的突然開始。而且因為我們有這些人在聖誕節的那一周投入額外的班次，我們的完成率為 99.2%，面對 COVID 激增，我們的航班取消率不到 1%。

All told, we ended up the fourth quarter with an on-time performance of 72.6%, mainly due to some of the challenges we faced in October. That's certainly not up to our standards. We must do better, and we will. But our holiday performances were very good, and we know that we can operate in our peak travel days when everyone is available. So we really have momentum to build on.

總而言之，我們以 72.6% 的準時率結束了第四季度，這主要是由於我們在 10 月份面臨的一些挑戰。這當然不符合我們的標準。我們必須做得更好，我們會的。但是我們的假期表現非常好，我們知道我們可以在每個人都有空的高峰旅行日運營。所以我們真的有動力繼續發展。

So in contrast to those previous holiday periods, January started in the face of severe weather and this Omicron variant spreading rapidly. And as Bob mentioned, we had roughly 2.5x the number of employees with COVID cases for Omicron than we did with Delta. And we had roughly 5,000 employees become sick in the first 3 weeks of January. And so the biggest impacts were in terms of flight cancellations for the period of time, the first week of January, January 1 through January 7. In that week, we canceled roughly 3,800 flights. About 1,900 of those were for weather and about 1,600 of those were for staffing. And then our on-time performance of that period was 41.5%. So we reinstated the incentive pay program to encourage, again, those who would come in and pick up extra shifts and help cover the flight schedule. And again, the response was superb. We got all that implemented. And so from January 9 through the 25th, our on-time performance jumped to almost 87%, and that leads the industry for marketing carriers, and the incentive pay program runs through February 8.

因此，與之前的假期相比，1 月份開始時面臨惡劣的天氣，這種 Omicron 變體迅速蔓延。正如 Bob 提到的，我們在 Omicron 處理 COVID 病例的員工數量大約是 Delta 的 2.5 倍。在 1 月的前 3 週，我們大約有 5,000 名員工生病了。因此，最大的影響是在 1 月的第一周，1 月 1 日至 1 月 7 日期間的航班取消。在那一周，我們取消了大約 3,800 個航班。其中約 1,900 個用於天氣，其中約 1,600 個用於人員配備。然後我們在那個時期的準時率是 41.5%。因此，我們恢復了激勵薪酬計劃，以再次鼓勵那些願意參加額外班次並幫助完成航班時刻表的人。再一次，反響非常好。我們已經實現了所有這些。因此，從 1 月 9 日到 25 日，我們的準點率躍升至近 87%，領先於營銷運營商行業，激勵薪酬計劃將持續到 2 月 8 日。

We're also benefiting from a decline in our employees that were sidelined due to COVID. Our case counts peaked in that first week of January. And just by way of example, we had over 700 pilots and 1,500 flight attendants that were able to work in that time frame. And thus, the incentive program to help cover those that were out. Those COVID numbers have dropped substantially since then to roughly 100 to 150 people for each group, and that's a lot closer to what we originally expected.

我們還受益於因新冠疫情而被擱置的員工人數減少。我們的病例數在 1 月的第一周達到頂峰。僅作為示例，我們有 700 多名飛行員和 1,500 名空乘人員能夠在該時間範圍內工作。因此，激勵計劃幫助覆蓋那些出局的人。從那時起，這些 COVID 人數已大幅下降至每組大約 100 到 150 人，這與我們最初的預期非常接近。

Next, we continue to aggressively hire. Bob mentioned that getting staffed is one of our key objectives of 2022. We also want to make progress toward our historic operational reliability and efficiency metrics. And then a lot of ways, those go hand in hand as we're not operating at optimal levels today nor is our network restored to where we want to be relative to 2019. For the over 8,000 employees that we intend to hire this year, about 40% of them are fly crews, about 40% of them are ground operations. So it's very heavily operations-focused to support the schedule this year and beyond as we resume the growth.

接下來，我們繼續積極招聘。 Bob 提到，配備人員是我們 2022 年的主要目標之一。我們還希望在我們歷史上的運營可靠性和效率指標方面取得進展。然後有很多方式，這些方式齊頭並進，因為我們今天沒有以最佳水平運營，我們的網絡也沒有恢復到相對於 2019 年的水平。對於我們今年打算僱用的 8,000 多名員工，其中約 40% 是飛行機組人員，其中約 40% 是地面操作人員。因此，隨著我們恢復增長，今年及以後的時間表非常注重運營。

As we restore the route network this year into 2023, that should provide the foundation to recapture better operating leverage. And we're also working on other initiatives to improve efficiencies. Of course, we've got the fleet modernization cost initiative, but we're also working on things like enhancing our turn times which are already the best in the industry; expanding self-service options for our customers; and investing in daily schedule management tools, which will help us manage regular operations more efficiently. So we've got many items in our technology and process improvement pipeline in order to support our low-cost position within the industry and improve our overall efficiency and our resilience.

隨著我們今年將航線網絡恢復到 2023 年，這將為重新獲得更好的運營槓桿奠定基礎。我們還致力於其他提高效率的舉措。當然，我們有車隊現代化成本計劃，但我們也在努力提高我們的周轉時間，這已經是業內最好的；為我們的客戶擴展自助服務選項；並投資於日常日程管理工具，這將幫助我們更有效地管理日常運營。因此，我們的技術和流程改進管道中有許多項目，以支持我們在行業中的低成本地位並提高我們的整體效率和彈性。

Just in closing, as we move forward into 2022, we have an exceptional order book for the fleet with its economics and its flexibility. We have new technology foundations in place for our maintenance and our airport systems. We have a laser focus on getting staffed and running a reliable operation, and we're building an operations modernization portfolio of initiatives that I touched on, and our employees have sacrificed. They've worked hard through a challenging and ever-changing environment, and I think that positioned us well to carry this January momentum through the first quarter and beyond. So I am immensely grateful for their grit, their determination and, of course, their care for our customers.

最後，隨著我們邁向 2022 年，我們擁有出色的船隊訂單，具有經濟性和靈活性。我們為維護和機場系統建立了新的技術基礎。我們專注於配備人員和運行可靠的運營，並且我們正在構建我提到的運營現代化計劃組合，我們的員工已經做出了犧牲。他們在充滿挑戰且不斷變化的環境中努力工作，我認為這使我們能夠很好地在第一季度及以後保持今年一月份的勢頭。因此，我非常感謝他們的勇氣、決心，當然還有他們對客戶的關心。

And so with that, Ryan, back to you.

所以，瑞恩，回到你身邊。

Well, thank you, Mike. I believe we have analysts queued up. So Chad, if you please go ahead and begin our analyst Q&A.

好吧，謝謝你，邁克。我相信我們有分析師排隊。乍得，請繼續開始我們的分析師問答。

(Operator Instructions) And the first question will come from Jamie Baker with JPMorgan.

（操作員說明）第一個問題將來自摩根大通的 Jamie Baker。

Just quickly, Gary, when I first met you back at Kidder Peabody, I could not have been less relevant, but you showed me just as much respect as you did to the Glen Angles and Kevin Murphys and Sam Butricks of that era. And it really meant a lot to me, and it gave me the confidence to continue on my career trajectory. And I just wanted to thank you for that. I will sincerely miss speaking to you on these calls, but I do look forward to hopefully being a thorn in Bob's side.

很快，加里，當我第一次在基德皮博迪見到你時，我的相關性簡直不能太低，但你向我展示了你對那個時代的格倫安格爾斯、凱文墨菲和薩姆布特里克一樣的尊重。這對我來說真的很重要，它讓我有信心繼續我的職業生涯。我只是想為此感謝你。我將真誠地想念在這些電話中與您交談，但我確實希望能成為 Bob 身邊的一根刺。

I would expect nothing less.

我會期待什麼。

Okay, good. I'll start with Tammy, though. So Tammy, you emphasized that your cost outlook does envision higher wage rates, but I had asked you about that at Investor Day. And at that time, you said you weren't accruing for new labor contracts. I think I probably got my wires crossed. Could you just clarify that there's something for new union contracts in your forward cost guide. Is that accurate?

好的。不過，我將從 Tammy 開始。所以塔米，你強調你的成本前景確實設想了更高的工資率，但我在投資者日問過你這個問題。那時，你說你沒有累積新的勞動合同。我想我可能把我的電線交叉了。您能否澄清一下您的遠期成本指南中有關於新工會合同的內容。那準確嗎？

Yes. Thanks, Jamie, and I appreciate the question there. So yes, we are not currently accruing for open labor contract today. So we are not accruing for that, so there is nothing in our first quarter guidance. Longer term, though, we have incorporated our best estimate of annual labor rate increases into all of our targets. So here and then here, just to be clear, for 2022, we know we have some inflation here. So we're doing our very best to incorporate what we think we're going to incur here in 2022. So hopefully, that clears that up for you.

是的。謝謝，傑米，我很欣賞那裡的問題。所以，是的，我們目前沒有在今天累積公開勞動合同。因此，我們沒有為此計提，因此我們的第一季度指導中沒有任何內容。不過，從長遠來看，我們已將我們對年度勞動力增長率的最佳估計納入我們的所有目標。所以在這裡，然後在這裡，為了清楚起見，對於 2022 年，我們知道這裡有一些通貨膨脹。因此，我們正在盡最大努力整合我們認為我們將在 2022 年在這裡發生的事情。希望這可以為您解決問題。

It does. And any update on the fourth fair run that you intend to load this spring? Are you still on track? If you're not ready to disclose, what it includes? Could you share any ideas that maybe you ruled out from a pricing perspective?

確實如此。以及您打算在今年春天加載的第四次公平運行的任何更新？你還在路上嗎？如果你不准備透露，它包括什麼？您能否分享您從定價角度排除的任何想法？

Jamie, it's Andrew answering your question. We're still on track for a midyear rollout of that. We're going through right now the technology user acceptance, and it's all going well. We expect this to be above Wanna Get Away, so we've ruled out taking away features from customers and charging them more. These will be features that are in addition to Wanna Get Away for which we believe customers will happily pay a little bit extra. We also believe these features will be relevant to business travelers, especially some small- and medium-sized business travelers. So that's how we want to position it versus, say, the fair product just above and just below it. Does that answer your question?

傑米，是安德魯回答你的問題。我們仍有望在年中推出該產品。我們現在正在經歷技術用戶的接受，一切進展順利。我們預計這將高於 Wanna Get Away，因此我們排除了從客戶那裡拿走功能並向他們收取更多費用的可能性。這些將是 Wanna Get Away 之外的功能，我們相信客戶會樂意為此多付一點錢。我們也相信這些功能將與商務旅客相關，尤其是一些中小型商務旅客。因此，這就是我們想要將其與例如位於其上方和下方的公平產品進行定位的方式。這是否回答你的問題？

It does indeed. Yes, that will be it. I'm sure a lot of accolades coming for Gary. (inaudible). Take care.

確實如此。是的，就是這樣。我敢肯定，加里會獲得很多讚譽。 （聽不清）。小心。

And the next question will be from Duane Pfennigwerth with Evercore ISI.

下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

I don't actually have any ancient Wall Street history. But I did want to ask you, Gary, if you received any calls from music producers since you dropped your recent tribute?

我實際上沒有任何古老的華爾街歷史。但我確實想問你，加里，自從你放棄最近的致敬後，你是否接到過音樂製作人的電話？

We've always been very circumspect about confidential information here, so I'm going to have to decline to answer your question.

我們一直對這裡的機密信息非常謹慎，所以我將不得不拒絕回答你的問題。

Fair enough. I wish you well on that journey. With respect to the 4-point cut to full year capacity, is that all about the rate of demand improvement in first half? Or was any of that a function of kind of looking at the operation and deciding you needed even more buffer on staffing?

很公平。祝你旅途順利。全年產能下調4個百分點，是否與上半年需求改善率有關？還是其中任何一種功能是查看操作並決定您需要更多的人員緩衝？

Yes, I'll jump in, and Andrew and others may want to chime in. But no, we -- it really was more about adjusting, being a little more cautious with regard to our operations. Obviously, Omicron had a significant impact on us here in the first quarter, so just we felt that it was prudent to take some capacity out. And as we have stabilized the operation and as you've heard us comment here, we're doing a great job in that respect with really an outstanding performance here over the last couple of days.

是的，我會加入，安德魯和其他人可能想插話。但不，我們 - 這實際上更多是關於調整，對我們的操作更加謹慎。顯然，Omicron 在第一季度對我們產生了重大影響，所以我們認為將一些產能撤出是謹慎的做法。由於我們已經穩定了運營，並且正如您在這裡聽到我們的評論，我們在這方面做得很好，過去幾天在這裡的表現非常出色。

The only thing I'd add to what Tammy said is it was designed to make it more offerable and give cushion to the operation, so that's both how much we're flying but also where we're flying given the -- some of our ground-based staffing shortages. So the combination of those 2 were the crux of it. Obviously, we look at demand when we're making those adjustments, but the motivation here was operational reliability.

我要對 Tammy 所說的唯一補充的是，它的設計目的是讓它更容易提供並為操作提供緩衝，所以這既是我們飛行的數量，也是我們飛行的地點——我們的一些地面人員短缺。所以這兩者的結合是它的癥結所在。顯然，我們在進行這些調整時會考慮需求，但這裡的動機是操作可靠性。

Yes, Duane, the only thing I would add too is that the -- it's all the gas, right, at this point. So we're making our best guess based on -- we have terrific staffing plans, I'm confident we will meet those here in 2022. If we get ahead of those, we -- obviously, we preserve the ability to sort of work on our capacity on the other end in the back end of 2022. We just don't know yet. But yes, it's really all due to staffing at this point. We've got to run a reliable operation. We've got to have enough staff cushion.

是的，Duane，我唯一要補充的就是——這就是所有的氣體，對，在這一點上。所以我們做出最好的猜測是基於——我們有很棒的人員配置計劃，我相信我們會在 2022 年在這裡遇到這些。如果我們領先於這些，我們——顯然，我們保留了工作的能力關於我們在 2022 年底另一端的容量。我們只是還不知道。但是，是的，這實際上都是由於目前的人員配備。我們必須進行可靠的操作。我們必須有足夠的員工緩衝。

And then you mentioned it with ground handling, but I wonder if you could provide some anecdotes of where you know today? You're obviously overstaffed from a longer-term perspective. What are some of the functions beyond ground handling where you're actively deciding to keep a higher buffer and where predictability is just not there yet?

然後你提到了地面處理，但我想知道你是否可以提供一些你今天知道的軼事？從長遠的角度來看，你顯然人手過多。除了地面處理之外，還有哪些功能是您積極決定保持更高的緩衝區並且還沒有可預測性的地方？

Yes, I might separate sort of the experience at the beginning of January and then the rest of the year as we had a really rapid rise in COVID cases in the first couple of weeks of January. You had an overall Southwest Airlines impact operationally and then you had very locational impacts. An example would be the Denver ramp. We had a rapid rise in our Denver cases on the Denver ramp, and we literally had to quickly moderate the Denver schedule to be able to operate there.

是的，我可能會將 1 月初的經歷與今年餘下的時間分開，因為在 1 月的前幾週，我們的 COVID 病例真的迅速上升。你對西南航空公司的運營產生了整體影響，然後你對位置產生了非常大的影響。一個例子是丹佛坡道。我們在丹佛坡道上的丹佛案件迅速增加，我們必須迅速調整丹佛時間表才能在那裡開展業務。

But I think it's really -- the overall adjustments to capacity is really all groups. We need pilots, we need flight attendants, we need ramp staffing, and you need the appropriate amount of buffer in all of those areas until we sort of see our way past COVID and understand what more normalized staffing, more normalized behaviors, more normalized sick leave looks like. So I would argue, we -- it's really not one group. We have buffer -- we're looking for buffer in all of those groups.

但我認為這真的是——容量的整體調整真的是所有的群體。我們需要飛行員，我們需要空乘人員，我們需要坡道人員配備，並且您需要在所有這些領域提供適當數量的緩衝，直到我們看到我們過去 COVID 的方式並了解更規範的人員配置、更規範的行為、更規範的病假離開的樣子。所以我會爭辯說，我們——它真的不是一個群體。我們有緩衝區——我們正在所有這些組中尋找緩衝區。

And the next question will come from Hunter Keay with Wolfe Research.

下一個問題將來自 Wolfe Research 的 Hunter Keay。

To reiterate to you, Gary, you're a legend, man. It's been a pleasure. Thank you for keeping it interesting over the years. I had a question for you. And it's -- I'd love to get your parting thoughts on the industry's outlook over the next 2 to 3 years. It's not a question about Southwest. I'm sure you're going to say you're leaving the company in a good position to compete and win and succeed. But as someone that's made a lot of good predictions over the years, what is your view, your sort of parting view on how the industry unfolds competitively whatever growth-wise over the next 2 to 3 years?

向你重申，加里，你是個傳奇，伙計。這是我的榮幸。感謝您多年來一直保持有趣。我有一個問題要問你。它是——我很想听聽你對未來 2 到 3 年行業前景的臨別看法。這不是西南航空的問題。我敢肯定，你會說你離開公司後處於有利地位，可以競爭、取勝和成功。但是作為一個多年來做出了很多好的預測的人，你的看法是什麼，你對未來 2 到 3 年行業如何以競爭方式展開競爭的看法？

Well, thanks, Hunter. Well, I don't know how good of a prognosticator I've ever been or I don't think of myself that way. I do think that if you compare the U.S. to other countries, the U.S. has left the commercial airline industry in pretty darn good shape. And were it not for the CARES Act, I think we'd be having a very different conversation. So I think it's just important to acknowledge that upfront.

好吧，謝謝，亨特。好吧，我不知道我曾經是一個多麼優秀的預言家，或者我不這麼認為自己。我確實認為，如果將美國與其他國家進行比較，美國已經讓商業航空業保持了相當不錯的狀態。如果不是因為 CARES 法案，我認為我們的對話會非常不同。所以我認為提前承認這一點很重要。

Having said that, there are still significant variations. So when you talk about the industry, it's hard to think about it that way because there's strong and there's weak. There are strong balance sheets, there are weak balance sheets. And I think what we've experienced in 2021 is really humbling. A year ago, -- even I haven't talked in a while, but I think everyone I've run into where we had the sort of video tape replayed, I would have never bet a year ago that this is where we would be here in early 2022. I thought we would have this pandemic beat and behind us, and it's far from that. So I think that just sort of provides the same and even bigger quandary now, which is where we think we're going to be with the pandemic 2 years from now.

話雖如此，仍然存在重大差異。所以當你談論這個行業時，很難這樣想，因為有強也有弱。有強大的資產負債表，也有弱的資產負債表。而且我認為我們在 2021 年所經歷的確實令人謙卑。一年前——即使我已經有一段時間沒說話了，但我想我遇到的每個人都曾在我們重放過那種錄像帶的地方，一年前我絕不會打賭我們會在這裡2022 年初在這裡。我以為我們會經歷這場大流行病並在我們身後，但遠非如此。所以我認為這只是現在提供了相同甚至更大的困境，這就是我們認為從現在起 2 年後我們將面臨大流行的地方。

We were honoring a former Dallas Mayor earlier this week, and he and I were having the exact same conversation, and his guess was 10 years. We're going to be dealing with this for 10 years. So I think that has a direct correlation with travel, tourism, hospitality, restaurants, all of that. We just have to be -- we need to hope for the best, plan for the worst, is sort of age-old advice that we've all gotten.

本週早些時候，我們正在紀念一位前達拉斯市長，他和我進行了完全相同的對話，他的猜測是 10 年。我們將處理這個問題 10 年。所以我認為這與旅行、旅遊、酒店、餐館等所有這些都直接相關。我們只需要——我們需要抱最好的希望，做最壞的打算，這是我們都得到的古老建議。

It does feel like business travel wants to come back, and I think that's encouraging. We were hoping for stronger business travel here in Jan, Feb than what we're realizing. We all know why that hasn't happened. So just again, a perfect example. But I think the industry is pretty darn well capitalized. It's taken on a lot of debt, which is going to have to be carefully managed. It's -- we're going to have to be more heavily dependent on consumer travel than where we were before. I think international also kind of fits into that category of it's probably different in the future than it has been in recent history, and we'll just have to be prepared to be more successful domestically over the next couple of years.

確實感覺商務旅行想要回來，我認為這是令人鼓舞的。我們希望 1 月和 2 月的商務旅行比我們想像的要好。我們都知道為什麼沒有發生。再一次，一個完美的例子。但我認為這個行業資本充足。它承擔了很多債務，必須小心管理。這是 - 我們將不得不比以前更加依賴消費者旅行。我認為國際也有點適合這一類，它在未來可能與最近的歷史不同，我們只需要準備好在未來幾年在國內取得更大的成功。

But in my opinion, and that's why I put it in my remarks, I think it's the best service and the lowest price wins. And if you have that combination within the industry, you're going to win. I think it is a low-cost gain always, but I think that's even more acutely important right now, and that will be a laser focus for our leadership team certainly for the next couple of years.

但在我看來，這就是為什麼我把它放在我的評論中，我認為這是最好的服務和最低的價格獲勝。如果你在行業內擁有這種組合，你就會贏。我認為這始終是一種低成本的收益，但我認為現在這一點更為重要，這將成為我們領導團隊未來幾年的激光焦點。

That's very helpful. I appreciate that. And then I asked you this question about a year ago, Gary, about you are a never-say-never guy if there was anything you'd never say never to. I guess the same question goes for Bob. Is there anything that we can expect that you would say you'd never do as CEO or Southwest would never do as long as you're running the company?

這很有幫助。我很感激。然後我在一年前問過你這個問題，加里，如果有什麼事情你永遠不會說永遠，那麼你就是一個永遠不會說永遠的人。我想鮑勃也有同樣的問題。有什麼事情是我們可以期待的，你會說你作為 CEO 永遠不會做，或者西南航空永遠不會做，只要你在經營這家公司？

Well, there's some easy things here. We're not going to charge for bags. We're not going to have change fees. I mean, we're going to stay -- we're going to always be transparent. We're going to be open and honest with our consumers. Now things changed over the years for sure. In my 34 years here at Southwest, we've changed a hoarding, we've changed some of our product, we've added WiFi, we've added Rapid Rewards program. So things always change, but we're always going to lean to our customers. So yes, I think the #1 thing that comes to mind, obviously, is no bag fees, no change fees. The other thing is not going to change. We're going to treat our employees right, we're going to treat our customers right, and we're going to stand for service, and we're going to stand for serving others before ourselves.

嗯，這裡有一些簡單的事情。我們不會對行李收費。我們不會收取改簽費。我的意思是，我們會留下來——我們會一直保持透明。我們將對消費者開誠佈公。現在，這些年來情況肯定發生了變化。在我在西南航空工作的 34 年中，我們改變了囤積，我們改變了一些產品，我們增加了 WiFi，我們增加了快速獎勵計劃。所以事情總是在變化，但我們總是會傾向於我們的客戶。所以，是的，我認為我想到的第一件事，顯然是沒有行李費，沒有改簽費。另一件事不會改變。我們將正確對待我們的員工，我們將正確對待我們的客戶，我們將支持服務，我們將支持先為他人服務。

Congratulations, Gary.

祝賀你，加里。

The next question will be from Helane Becker with Cowen.

下一個問題將來自 Helane Becker 和 Cowen。

Yes, Gary. I'm going to miss you as well. In fact, I remember our first meeting when you, Tammy and me were sitting in my office at Lehman Brothers. And it just seems like we're too young to retire, and I wish you the best in whatever you decide to do with your free time going forward, although maybe not so much free time that you'll have. Thank you actually for everything.

是的，加里。我也會想念你的。事實上，我記得我們第一次見面時，你、塔米和我坐在雷曼兄弟的辦公室裡。看起來我們還太年輕，不能退休，我祝你在未來的空閒時間裡，無論你決定做什麼，都最好，儘管你可能沒有那麼多空閒時間。謝謝你所做的一切。

And then separate from that, my question is really, not sure who wants to answer, has to do with the credit card program. Is there a way for Chase to separate out for you the past -- the charges that come for travel and the airline versus charges that come for staff? Because as you think about going forward, the percentage of staff should decline as people have their pelotons and their computers and all the other stuff they bought during the pandemic, and they should start to shift back to travel. So I'm wondering if Chase can parse that out for you and if you can gain any intelligence from that?

然後除此之外，我的問題真的是，不確定誰想回答，與信用卡計劃有關。蔡斯有沒有辦法為你區分過去——旅行和航空公司的費用與員工的費用？因為當你考慮向前發展時，員工的比例應該會下降，因為人們擁有了他們的大部隊、他們的電腦以及他們在大流行期間購買的所有其他東西，他們應該開始重新開始旅行。所以我想知道 Chase 是否可以為您解析出來，您是否可以從中獲得任何情報？

Helane, it's Andrew. Yes, as part of our relationship with Chase, we do receive that on a regular basis, and we review it on a regular basis. And indeed, as you probably would have seen through macroeconomic indicators, charges during the pandemic skew towards goods and less towards services. And then the services would also mirror the pandemic, and we could see when restaurants were more active with our card members or flight activity as well. And so that is something that I think tracks very well with what you see in the macroeconomics. When you have it sort of in a high-frequency basis like this, when we see it a bit earlier, that does help us with understanding the pace and duration of these waves. So it's been very useful for us, and we expect a skew towards services going forward, which obviously would be beneficial to our industry.

海蘭，我是安德魯。是的，作為我們與 Chase 關係的一部分，我們確實會定期收到該信息，並且我們會定期對其進行審查。事實上，正如你可能通過宏觀經濟指標看到的那樣，大流行期間的收費偏向商品，而不是服務。然後這些服務也將反映大流行，我們可以看到餐廳何時更活躍於我們的卡會員或航班活動。因此，我認為這與您在宏觀經濟學中看到的情況非常吻合。當你在這樣的高頻基礎上看到它時，當我們更早看到它時，這確實有助於我們理解這些波的速度和持續時間。所以它對我們非常有用，我們預計未來會向服務傾斜，這顯然對我們的行業有利。

Right. So you would expect that the rate of growth would, what, accelerate with services or decelerate?

正確的。所以你會期望增長率會隨著服務而加速還是減速？

I think it would accelerate. Given the composition of people's spend, services are underweight now versus what they were in 2019. And given that customers have very good [balance sheets themselves, the stimulus program] has put a lot of cash in people's pockets, and so they have some pent-up demand of potential expenditures above and beyond their kind of normal salary-based or compensation-based spending.

我認為它會加速。鑑於人們的支出構成，與 2019 年相比，現在的服務偏低。而且鑑於客戶擁有非常好的 [資產負債表本身，刺激計劃] 已將大量現金放在人們的口袋裡，因此他們有一些被壓抑的- 對超出其正常的基於工資或基於薪酬的支出的潛在支出的需求。

And so we expect that composition to revert back more to normal as we would get past the pandemic, whatever that might be, as Gary pointed out. So therefore, services spending on our card and economies as a whole should increase as the health crisis abates.

因此，正如加里指出的那樣，我們預計隨著我們度過大流行病，這種成分會恢復到更多正常水平，無論那可能是什麼。因此，隨著健康危機的消退，我們的信用卡和整個經濟體的服務支出應該會增加。

Okay. That's very helpful. And then on the constraining spring capacity due to labor constraints, will you be able to offset that with pricing?

好的。這很有幫助。然後由於勞動力限製而限制彈簧容量，您能否通過定價來抵消它？

Helane, I'll jump in on that. Obviously, we don't comment on pricing. So we -- as always, we're going to work hard to achieve our financial objectives, but we'll decline to comment specifically on pricing.

海倫，我會加入的。顯然，我們不對定價發表評論。所以我們 - 一如既往，我們將努力實現我們的財務目標，但我們將拒絕具體評論定價。

And I might just point you to back to the fourth quarter, which is we had -- I think we had a really strong performance revenue pricing, fair yield. So we -- I think on sort of my memory is that it was 92% or so of capacity restored. We had 88% of revenues restored, which is leading in the industry. And yields and fares were just slightly below 2019. So not speaking to your direct question, but just if you look at the fourth quarter, we had a very strong revenue performance.

我可能會讓你回到第四季度，這是我們擁有的 - 我認為我們的業績收入定價非常強勁，收益率公平。所以我們 - 我認為我的記憶是恢復了 92% 左右的容量。我們恢復了 88% 的收入，在行業中處於領先地位。收益率和票價略低於 2019 年。所以不要直接回答你的問題，但如果你看看第四季度，我們的收入表現非常強勁。

That's very helpful. And bye, Gary. It's very sad.

這很有幫助。再見，加里。這很令人悲傷。

And the next question will come from Mike Linenberg from Deutsche Bank.

下一個問題將來自德意志銀行的 Mike Linenberg。

Gary, it goes without saying. I mean you're going to be missed. And to be on a Southwest conference call without Gary Kelly, it's going to -- we're going to get used to it, but Bob is the right guy. In that regard, I do want to ask you one final question on a call. In your new role -- or I should say new role, but as your continuing role on the Board, will you still dress up for Halloween?

加里，不言而喻。我的意思是你會被想念的。在沒有加里凱利的情況下參加西南電話會議，我們會習慣它，但鮑勃是合適的人選。在這方面，我確實想在電話會議上問你最後一個問題。在你的新角色——或者我應該說是新角色，但作為你在董事會的持續角色，你還會為萬聖節打扮嗎？

I don't think anybody can stop me. So that was one of my pure joys in life, and I do have grandchildren who get a kick out of it. So -- but it's all about me. I really enjoy dressing up.

我想沒有人能阻止我。所以那是我一生中純粹的快樂之一，我確實有孫子們從中獲得樂趣。所以——但這都是關於我的。我真的很喜歡打扮。

That's great to hear. So Gene Simmons will live on through Gary Kelly.

聽到這個消息我很高興。所以吉恩西蒙斯將通過加里凱利繼續生活。

Yes, he'll live on. He's still my pal. So...

是的，他會活下去。他還是我的朋友。所以...

Super awesome. All right. Well, on to a more serious topic here. I just -- I want to go back to the capacity change for 2022. I mean -- and I guess, Tammy, this is to you, where -- for the March quarter, you're shaving 3 points. But for the full year, you're cutting 4 points, and it's obviously having a tremendous upward pressure on your full year unit cost. And you did highlight that the June quarter looks like it's going to take obviously a big cut there. But as I think about the math, it just seems like that you are taking a lot out. You did say you're being cautious. It's all about returning operations, returning the integrity of the operations back to a normalcy.

太棒了。好的。好吧，這裡進入一個更嚴肅的話題。我只是 - 我想回到 2022 年的容量變化。我的意思是 - 我猜，Tammy，這是給你的，在哪裡 - 對於 3 月季度，你將減少 3 分。但是對於全年而言，您將減少 4 個點，這顯然對您的全年單位成本產生了巨大的上行壓力。你確實強調了 6 月季度看起來顯然會大幅削減。但是當我想到數學時，看起來你已經拿出了很多東西。你確實說過你很謹慎。一切都是關於返回操作，將操作的完整性恢復到正常狀態。

It does feel like it's extra conservative. Or are you -- is that down 4% for the year, assume that you're not going to exercise the 37 remaining options? Can you just give some additional color there? Just it seems sizable.

它確實感覺它更加保守。或者你是——假設你不打算行使剩下的 37 種期權，這一年是否下降了 4%？你能在那裡給一些額外的顏色嗎？只是看起來很大。

Sure. I'll give some color here, and then we may have some others chime in here. But yes, we -- I guess we haven't given up here on adding additional capacity in the second quarter. Again, we're just going to have to see how things go here on the staffing front. And obviously, as we've already said, our priority is on the operations. But in -- wherever we end up with regard to our capacity for the full year, at least at this point in time, we intend to exercise all of our remaining options.

當然。我會在這裡給一些顏色，然後我們可能會在這裡有一些其他的提示。但是，是的，我們——我想我們並沒有放棄在第二季度增加額外的產能。同樣，我們只需要看看人員配備方面的情況如何。顯然，正如我們已經說過的，我們的首要任務是運營。但是在 - 無論我們最終的全年產能如何，至少在這個時間點，我們打算行使我們所有剩餘的選擇權。

And the reason for that is really straightforward, Mike, we have a really strong NPV on those aircraft either way. Obviously, we hope that we're putting those into growing the network either in '22 or 2023. But we have a lot of flexibility here, and the fact is we just don't have to decide right now. So if we do not have a need for those in the network, we would just simply retire and accelerate the retirements of our -700s. So we're in the -- we've got a good fortune here of having tremendous flexibility, which was by design when we work through our order book with Boeing.

原因很簡單，邁克，無論哪種方式，我們在這些飛機上都有非常強大的 NPV。顯然，我們希望我們在 22 年或 2023 年將這些投入到發展網絡中。但我們在這裡有很大的靈活性，事實上我們不必現在就做出決定。因此，如果我們不需要網絡中的那些，我們只會簡單地退休並加速我們的 -700 的退休。所以我們在 - 我們很幸運擁有巨大的靈活性，這是我們在處理波音訂單時的設計。

And Mike, I would just add, too, that this is all forecast. If you look at look at Omicron and how quickly we have adjusted, I think my memory is our network planning team is doing 2 or 3x the number of changes that they would typically. And so while we've got a great plan for '22, it all comes down to hiring. And I'm pleased that we're on our hiring plans for the fall, and we're on our hiring plan so far for January.

邁克，我也想補充一點，這都是預測的。如果您看看 Omicron 以及我們調整的速度，我想我的記憶是我們的網絡規劃團隊所做的更改數量是他們通常所做的 2 或 3 倍。因此，雖然我們為 22 年制定了一個偉大的計劃，但一切都歸結為招聘。我很高興我們正在製定秋季的招聘計劃，到目前為止，我們正在製定一月份的招聘計劃。

But in the case that we were able to beat those, we've got up -- you'd have some upside, but we'll just continue to adjust. I think if you look at our fleet today, again, because we are flying and therefore our ASMs are constrained based on our staffing, you probably have 5% to 6% of the fleet that is effectively unflown. In other words, we could be generating 5% to 6% more ASMs with the current fleet but for the staffing. So we'll work really hard to make progress there, and so I wouldn't call that -- we've got a great plan, but I wouldn't call it a year done yet in terms of capacity.

但如果我們能夠擊敗那些，我們已經站起來了——你會有一些上升空間，但我們會繼續調整。我認為，如果您今天再次查看我們的機隊，因為我們正在飛行，因此我們的 ASM 受到我們人員配置的限制，您可能有 5% 到 6% 的機隊實際上沒有飛行。換句話說，我們可以用現有的機隊多產生 5% 到 6% 的 ASM，但要考慮人員配備。所以我們會非常努力地在那裡取得進展，所以我不會這麼說——我們有一個很棒的計劃，但就產能而言，我不會說它一年就完成了。

Okay. So it's very fluid. And then just, Bob, I guess just as a quick follow-up, and this follows on Hunter's, sort of, the never say never. You did mention change fees. You talked about bags. I think I saw about a week or 2 ago, there was something about seat assignments. But again, it may have been a reporter putting words in your mouth. Anything that you can highlight with respect to that? Maybe it was a misinterpretation.

好的。所以它非常流暢。然後只是，鮑勃，我想這只是一個快速的跟進，這是亨特的，有點像，從不說永遠。你確實提到了變更費。你談到了包包。我想我大約在一兩週前看到了關於座位分配的問題。但同樣，可能是記者把話放在了你的嘴裡。你有什麼可以強調的嗎？也許這是一種誤解。

No. A reporter would never put words in your mouth, right? No, it was just an illustration. I was sort of going through the kinds of things that, over time, I think you have a duty to look at, just like we have a duty to -- Mike talked about our operational tools. We have a duty to look at our customer experience and how to enhance that. And at some point, I think just like we did years and years ago, we will probably want to resurrect the work that we did there and just understand what our customers prefer, what our business customers prefer, what that does to the efficiency of the operation. So there was no prediction at all. It was just an example of the types of things that you do have to take a look at over time.

不，一個記者永遠不會把話放在你嘴裡，對吧？不，這只是一個插圖。我有點經歷了一些事情，隨著時間的推移，我認為你有責任看看，就像我們有責任一樣——邁克談到了我們的操作工具。我們有責任審視我們的客戶體驗以及如何增強這種體驗。在某些時候，我認為就像我們多年前所做的那樣，我們可能希望恢復我們在那裡所做的工作，並了解我們的客戶喜歡什麼，我們的商業客戶喜歡什麼，這對提高效率有什麼影響手術。所以根本沒有預測。這只是隨著時間的推移您必須查看的事物類型的一個示例。

The next question will be from Savi Syth from Raymond James.

下一個問題將來自 Raymond James 的 Savi Syth。

Just kind of curious on the Managed Business revenues. I know you kind of talked about expecting a step change in March. But how does kind of the trends you're seeing today compared to how you exited the year? And just any color on how much that is getting boosted by some of the GDS initiatives that you've rolled out?

只是對託管業務的收入有點好奇。我知道你談到了期待三月份的一步變化。但是，與您今年的退出方式相比，您今天看到的趨勢如何？您推出的一些 GDS 計劃在多大程度上促進了這一點？

Sure. This is Andrew. I'll start off by saying we see that Managed Business Travel like our overall travel fluctuate with COVID wave. So there will be a period of time early in the wave where cancellations surged and then bookings slowed down. And then the next part of that is as cases and hospitalization start to come on the backside, we see those cancellations attenuate and bookings pick up. So we're on the backside of that -- the bookings right now for Managed Business. And so we can see then that if we go back on its trend that we saw throughout 2021, where it [buffies] up and down, you were on a solid trend from January through December.

當然。這是安德魯。我首先要說的是，我們看到管理式商務旅行就像我們的整體旅行一樣隨著 COVID 浪潮而波動。因此，在這波浪潮的早期，會有一段時間取消量激增，然後預訂量就會放緩。然後下一部分是隨著病例和住院人數開始減少，我們看到這些取消人數減少，預訂量增加。所以我們支持這一點——現在是託管業務的預訂。所以我們可以看到，如果我們回到我們在整個 2021 年看到的趨勢，它會上下波動，那麼從 1 月到 12 月你處於穩定的趨勢中。

Now with regards to our initiatives, we can see that we are having a shift of travel from our previous channels to the GDS, but we also can see there's incremental on top of that. Now because COVID has created such a disruption in travel patterns, we don't want to extrapolate and give final numbers on that, but we already see that we are achieving our business case. And it is causing some channel shift, but that was all part of our plan to be able to offer our corporate customers the choice of the channels from which they want to buy with Southwest Airlines.

現在關於我們的舉措，我們可以看到我們正在從以前的渠道轉移到 GDS，但我們也可以看到除此之外還有增量。現在，由於 COVID 對旅行模式造成瞭如此大的破壞，我們不想對此進行推斷並給出最終數字，但我們已經看到我們正在實現我們的業務案例。它正在導致一些渠道轉移，但這都是我們計劃的一部分，以便能夠為我們的企業客戶提供他們想要從西南航空公司購買的渠道選擇。

Makes sense. And just curious, some -- shifting gears a little bit, on the regional airline side, you had some of your legacy competitors cut a lot of small markets. Regional airlines are struggling a little bit from a piloting standpoint as well as some of the kind of the 5G issues. Curious if you're seeing a benefit given that Southwest does fly into some of the smaller markets than you see some ULCCs flying, if you're seeing any benefit from maybe this kind of capacity that's being constrained.

說得通。只是好奇，一些 - 在區域航空公司方面稍微換檔，你的一些傳統競爭對手削減了很多小市場。從試點的角度以及一些 5G 問題的角度來看，支線航空公司都在苦苦掙扎。很好奇，鑑於西南航空確實飛入了一些較小的市場，而不是看到一些 ULCC 飛行，您是否看到了好處，如果您從這種受到限制的運力中看到任何好處。

Well, I can certainly -- you read about their unfortunate situation. However, the COVID wave is such a predominant force in bookings right now, it's really hard to tease out a lot of other trends within that. And so right now, as Bob and Tammy mentioned, we're managing our network for our customers and our employees, and so that's really what we're aiming at. And so we don't really kind of look outside of our lane, so to speak, to what's going with others to be opportunistic because right now. We're just trying to keep ourselves good stable operation and achieve our financial goals.

好吧，我當然可以——你讀到了他們不幸的處境。然而，COVID 浪潮是目前預訂的主要力量，很難梳理出其中的許多其他趨勢。所以現在，正如 Bob 和 Tammy 提到的，我們正在為我們的客戶和員工管理我們的網絡，這就是我們的目標。因此，我們並沒有真正從我們的車道之外看，可以這麼說，因為現在其他人的機會主義。我們只是在努力保持自己良好的穩定運營並實現我們的財務目標。

All right. And then Gary, I'd like to echo a lot of the comments that have been shared on this call and wish you the best.

好的。然後是加里，我想回應在這次電話會議上分享的許多評論，並祝你一切順利。

And the next question will be from David Vernon from Bernstein.

下一個問題將來自伯恩斯坦的大衛弗農。

I wonder if you can give us an update on where you are with Boeing on getting the MAX 7 certified. And as you look out over the next 2, 3 years, obviously, there's 136 from orders 60 or so more options, how do we think about retirement expectations in relation to that? Should we be thinking that as these aircraft are going in, you're going to be retiring or getting rid of some of the older classics?

我想知道您是否可以向我們提供有關您在波音公司獲得 MAX 7 認證的最新情況。當您展望未來 2、3 年時，顯然，有 136 個訂單來自 60 個左右的更多選項，我們如何看待與此相關的退休預期？我們是否應該認為隨著這些飛機的加入，您將要退役或擺脫一些較舊的經典飛機？

Yes. So David, this is Mike. So we've got about 450-ish 700s, and so at least half of our order book will probably be focused on replacing those airplanes. Boeing is telling us that they're targeting ATC for the MAX 7 by the end of the first quarter. Of course, that's contingent on the FAA review process, which is a little bit different for new airplanes after the MAX grounding. Once they get that type certificate, it will take us about 7 months or we're planning on about 7 months to be able to bring that airplane on our operating certificate. So we'll need to do things like get performance data from Boeing for the airplane, ingest that performance data into our systems, do all the quality assurance work on that, update our manuals and then get our own CMO to approve our manuals before we can add the airplane to our ops spec.

是的。大衛，這是邁克。所以我們有大約 450 架 700 架，所以我們至少有一半的訂單可能會集中在更換這些飛機上。波音公司告訴我們，他們的目標是在第一季度末為 MAX 7 提供 ATC。當然，這取決於美國聯邦航空局的審查過程，這對於 MAX 接地後的新飛機來說有點不同。一旦他們獲得該型號證書，我們將需要大約 7 個月的時間，或者我們計劃大約 7 個月的時間才能讓那架飛機進入我們的運營證書。所以我們需要做一些事情，比如從波音公司獲取飛機的性能數據，將這些性能數據輸入我們的系統，做所有的質量保證工作，更新我們的手冊，然後讓我們自己的 CMO 批准我們的手冊，然後我們可以將飛機添加到我們的操作規範中。

So we've just got -- we've got a lot of flexibility in that order book. Boeing is a very good partner with us. And so we still expect to take the 114 airplanes at this point, but we may not be flying the MAX 7 until early 2023.

所以我們剛剛得到 - 我們在該訂單簿中有很大的靈活性。波音是我們非常好的合作夥伴。因此，我們目前仍預計將使用 114 架飛機，但我們可能要到 2023 年初才能駕駛 MAX 7。

That's very, very helpful. And Andrew, maybe just as a quick follow-up. I'm assuming that despite the lack of business travel, the selling efforts on the corporate side have been continuing through the pandemic.

這非常非常有幫助。安德魯，也許只是作為一個快速跟進。我假設儘管缺乏商務旅行，但企業方面的銷售努力一直在持續通過大流行。

Is there any color you can give to us in terms of how GDS enrollment has impacted your traction in terms of like the number of corporate units you have or the win rate in bid process? Anything you can give us to help us gauge kind of how effective this is going to be in terms of the -- continuing for corporate share going forward would be really helpful.

就 GDS 註冊如何影響您的牽引力（例如您擁有的公司單位數量或投標過程中的中標率）而言，您有什麼可以告訴我們的嗎？你可以給我們的任何東西來幫助我們衡量這將是多麼有效 - 繼續推進公司份額將非常有幫助。

Certainly, I'll try to give you some color. You can also look in the ARC data because we went in the GDS-s, but also settled into ARC, so you can track for yourself what we're selling in ARC as well. But if you look at our accounts, even going -- before going into the GDS, especially going to Sabre, we had built up our corporate sales force, and in anticipation of this and our overall effort had increased the number of our accounts like we shared at Investor Day.

當然，我會盡量給你一些顏色。您還可以查看 ARC 數據，因為我們使用了 GDS-s，但也進入了 ARC，因此您也可以自己跟踪我們在 ARC 中銷售的產品。但是，如果您查看我們的賬戶，甚至在進入 GDS 之前，尤其是去 Sabre 之前，我們已經建立了我們的公司銷售隊伍，並且在預料到這一點的同時，我們的整體努力增加了像我們這樣的賬戶數量在投資者日分享。

Now these accounts, they buy through multiple channels already. Some may be 100% one channel. But today, you take our largest corporate clients, and they will buy through SWABIZ, they will buy through our Direct Connect and now they'll buy through GDS as well. It depends on the travel purpose as well as the subsidiary or a population group within that company of how they buy it. So what we're doing is we're letting them move in between. And we do see some like the government moving pretty strongly towards some GDS transactions. We see professional services not really abandoning some of the first 2, the Direct Connect and the SWABIZ and adding on GDS on top of it. So it really depends on the travel purpose and on the corporation as to which channel they prefer, which is the thesis of our strategy of let the customer choose and get out of the way and stop having friction.

現在這些賬戶，他們已經通過多種渠道購買了。有些可能是 100% 一個頻道。但是今天，我們最大的企業客戶將通過 SWABIZ 購買，他們將通過我們的 Direct Connect 購買，現在他們也將通過 GDS 購買。這取決於旅行目的以及該公司內的子公司或人口群體如何購買。所以我們正在做的是讓他們在兩者之間移動。我們確實看到一些像政府這樣的人非常強烈地轉向一些 GDS 交易。我們看到專業服務並沒有真正放棄前兩個中的一些，即 Direct Connect 和 SWABIZ，並在其之上添加 GDS。所以這真的取決於旅行目的和公司他們更喜歡哪個渠道，這是我們讓客戶選擇並讓路並停止摩擦的策略的主題。

And so as I mentioned earlier, the COVID waves really scramble a lot of trends, so you can't be as precise as you would be in normal times. But at the highest level, we do see incremental volume we're getting, and we're hearing from corporates that they are giving us incremental volume when we speak of it because of these channels.

正如我之前提到的，COVID 浪潮確實擾亂了很多趨勢，所以你不能像平時那樣精確。但在最高級別，我們確實看到了我們正在獲得的增量銷量，並且我們從企業那裡聽到，當我們談到這些渠道時，他們正在給我們增加銷量。

And Gary, congratulations on the move up.

還有加里，祝賀你升職了。

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

我們有時間再問一個問題。我們將向 Jefferies 的 Sheila Kahyaoglu 提出最後一個問題。

Gary, I echo those comments and congratulations. Maybe if I could ask about the bottleneck in terms of ramping capacity from '22 and '23, it seems like a lot of the industry has faced supply constraints rather than demand constraints, especially domestically. How do you think about Southwest overcoming those challenges as you take on 200 aircraft or so? And I understand maybe half of those are for replacement.

加里，我贊同這些評論和祝賀。也許如果我可以問一下從 22 年到 23 年產能提升方面的瓶頸，似乎很多行業都面臨供應限製而不是需求限制，尤其是在國內。您如何看待西南航空在使用 200 架左右的飛機時克服這些挑戰？我知道其中一半可能是為了更換。

Well, I'll jump in and start and you all can add. So in 2021, we made some assumptions about the operating environment that we would be in and the environment that people would live in. And it was just clear to us as we went through this Delta variant that, that environment, it was not appropriate. And we've spent a lot of time in 2021 reacting to that. Caused our crews to be rescheduled. It caused irregular operations, and we had a reliability challenge for the airline.

好吧，我會跳進去開始，你們都可以添加。因此，在 2021 年，我們對我們所處的運營環境和人們將生活的環境做出了一些假設。當我們經歷這個 Delta 變體時，我們很清楚，那個環境是不合適的。我們在 2021 年花了很多時間對此做出反應。導致我們的工作人員被重新安排。它導致運營不正常，我們對航空公司的可靠性提出了挑戰。

Our approach in 2022 really is to just accept that the environment that we're in currently might be the environment that we're in for a while and go ahead and plan the airline and staff the airline like that. And so that's what you're seeing with respect to the capacity adjustments here in 2022, is just making the assumption that let's still assume things are going to get better until they actually do.

我們在 2022 年的做法實際上是接受我們目前所處的環境可能是我們在一段時間內所處的環境，然後繼續規劃航空公司並像這樣為航空公司配備人員。所以這就是你在 2022 年看到的關於產能調整的情況，只是假設讓我們仍然假設事情會變得更好，直到他們真正做到這一點。

So we have a very aggressive plan to go hire people. I think our wage rate increases, especially in the front line for the ground, will help us accelerate our staffing. I think we'll have plenty of access to pilots and flight attendants. So I feel good that our staffing plan is going to come to fruition. And then the question just is, as we bring the people on and we mitigate the premium pay, we mitigate some of the regular operations, we run a more stable operation, can we -- will we see different behaviors? And if we do, that gives us upside.

所以我們有一個非常積極的計劃去僱傭員工。我認為我們的工資率增加，特別是在一線的地面，將幫助我們加快我們的人員配備。我認為我們將有很多機會接觸到飛行員和空乘人員。因此，我對我們的人員配置計劃將取得成果感到高興。然後問題是，當我們讓人們加入並減少溢價時，我們會減少一些常規操作，我們會運行更穩定的操作，我們會看到不同的行為嗎？如果我們這樣做，那會給我們帶來好處。

Will -- and Sheila, you add back just sort of what's the constraint. At the beginning of the pandemic, it was all about managing down your capacity because of demand. Demand fell 97% and then stayed down 70% for a long time, so it was all about managing to lower demand. Well, that's not where we are today, again. Sort of back to the fourth quarter, we had stronger -- obviously, strong revenue, strong yields, strong fares, strong demand overall. And that's with business demand down 50%. So very strong leisure. In my mind, leisure has returned to 2019. Obviously, that was interrupted by Omicron, but I'm confident that the leisure demand is restored.

威爾 - 和希拉，你補充一下限制是什麼。在大流行開始時，一切都是為了管理因需求而降低的產能。需求下降了 97%，然後長期保持在 70%，所以一切都是為了設法降低需求。好吧，這又不是我們今天所處的位置。有點回到第四季度，我們有更強勁的 - 顯然，強勁的收入，強勁的收益率，強勁的票價，強勁的整體需求。那是在業務需求下降 50% 的情況下。所以很強烈的休閒。在我看來，休閒已經回到了 2019 年。顯然，那是被 Omicron 打斷的，但我有信心恢復休閒需求。

And we just need to get the staffing levels to the point where we can operate our aircraft, operate them reliably, produce the kind of operational performance that our customers need and want and deserve, and it's just going to take staffing to do that. And obviously, that staffing in a strong labor market, which is why you saw us raise our starting wages. But no, to me, the moderation is all about staffing, not because of any concern over demand. And so then again, you layer on to the fourth quarter, the 50% recovery in business continues to recover in 2022, and we're hopeful that it recovers by the end of the year to, say, down 10 to 20. I think we'll have plenty of demand. It's all about getting the hiring to restore the capacity.

我們只需要將人員配備水平提高到可以操作我們的飛機、可靠地操作它們、產生我們的客戶需要、想要和應得的那種操作性能的程度，而這只是需要人員配備來做到這一點。很明顯，勞動力市場強勁，這就是為什麼你看到我們提高了起薪。但不，對我來說，節製完全是關於人員配備，而不是因為對需求的任何擔憂。話又說回來，你繼續看第四季度，50% 的業務復甦將在 2022 年繼續復甦，我們希望它在年底前恢復到 10 到 20 之間。我認為我們會有很多需求。這一切都是為了讓招聘來恢復能力。

All right. Any last thoughts before we wrap up?

好的。在我們結束之前有什麼最後的想法嗎？

Yes. Thanks, Ryan. I just wanted to acknowledge all the kind comments from everyone. I'm very appreciative of that. And some of the old-timers that caused me to reminisce when I started as CFO, it was 1989, and in those days, we didn't do this. I talked -- I was Investor Relations, and Tammy is laughing because I had to beg her 5 years into this to come bail me out. But I did the Investor Relations. We had the CFO, we had a controller, and we had a treasurer. And we're cheap now, but we were really cheap then. So we had one assistant that supported all 3 of us, and I did the Investor Relations. So we would send out -- we had this auto fax system, where we would fax out the press releases. And then some of you would be really angry with us because you were at the bottom of the fax list, which meant that you were -- I don't know how long this (expletive) thing took, but it was not instantaneous. We'll put it that way.

是的。謝謝，瑞恩。我只是想感謝大家的所有善意評論。我對此非常感激。當我開始擔任首席財務官時，一些讓我回想起的老前輩，那是 1989 年，在那些日子裡，我們沒有這樣做。我談到了——我是投資者關係部，塔米在笑，因為我不得不乞求她 5 年後才能保釋我。但我做了投資者關係。我們有首席財務官，我們有一個控制器，我們有一個財務主管。我們現在很便宜，但那時我們真的很便宜。所以我們有一個助理來支持我們三個人，我負責投資者關係。所以我們會發送——我們有這個自動傳真係統，我們可以在那里傳真新聞稿。然後你們中的一些人會真的生我們的氣，因為你在傳真列表的底部，這意味著你——我不知道這件事花了多長時間，但這不是瞬間的。我們會這樣說。

And then I would talk to each analyst individually on the phone. And then when I couldn't take it anymore, I said -- I begged Tammy to come over from -- leading financial reporting to come to Investor Relations. She was the very first Investor Relations professional in the history of Southwest Airlines, and she modernized all of the things that we enjoy today. It took a while for her to beat that in to me, but she eventually did.

然後我會通過電話單獨與每位分析師交談。然後當我無法忍受時，我說——我請求 Tammy 過來——領導財務報告來到投資者關係部。她是西南航空公司歷史上第一位投資者關係專業人士，她將我們今天所享受的所有事物都現代化了。她花了一段時間才把它告訴我，但她最終做到了。

The other thing you caused me to reminisce on is Tammy, who was and is a star, she moved on to other jobs and hired Marcy. And then Marcy moved on to other jobs and now we hired Ryan, and that's pretty remarkable. In a 33 years' time, we've only had 3 people, 3 different people leading Investor Relations. So I'm very proud of you guys.

你讓我想起的另一件事是塔米，她曾經和現在都是明星，她轉行其他工作並聘請了馬西。然後 Marcy 轉到其他工作，現在我們聘請了 Ryan，這非常了不起。在 33 年的時間裡，我們只有 3 個人，3 個不同的人領導投資者關係。所以我為你們感到驕傲。

And I -- and for all my friends here, I will tell you, and I've told all my Southwest colleagues this, I learned more from doing Investor Relations than I learned going to school. And the questions that you all have, the ideas, the way you challenge me, at least over the years, has been invaluable, and not to mention the very rich friendships that we had. Helane will remember, and this -- I think I was a controller at the time in the late '80s, we would do a show at the big Shearson Lehman Hutton investor conference, which was multi days. And people would come, they would stay for days. And then Southwest, we put on this Broadway-like parody of the industry and we'd pick on Frank Lorenzo especially, who's a good friend of mine, by the way, and Crandall and others. But Helane, I remember the first year that you came on working for [Bob Jodik]. We paraded you, and we had an actor walk across the stage. I don't remember the song, but we had -- we anointed Helane Miss Shearson Lehman Hutton because she added a lot of glamor the sales side analyst community to this day.

我和我在這裡的所有朋友，我會告訴你，我已經告訴我西南地區的所有同事，我從做投資者關係中學到的東西比我在學校學到的更多。至少多年來，你們所有人的問題、想法、挑戰我的方式都是非常寶貴的，更不用說我們擁有的非常豐富的友誼了。 Helane 會記得，而這——我想我在 80 年代後期當時是一名控制者，我們會在大型 Shearson Lehman Hutton 投資者會議上做一場表演，那是數天。人們會來，他們會呆幾天。然後西南航空，我們對這個行業進行了百老匯式的模仿，我們會特別挑選弗蘭克洛倫佐，順便說一句，他是我的好朋友，還有克蘭德爾和其他人。但是 Helane，我記得你為 [Bob Jodik] 工作的第一年。我們為你游行，我們讓一個演員走過舞台。我不記得這首歌了，但我們有 - 我們任命了 Helane Shearson 小姐 Lehman Hutton，因為她為今天的銷售分析師社區增添了很多魅力。

But in any event, I'm very grateful for the friendships, very blessed to have been in a really great company for 36 years. And I just heard this morning that I knew Parker was retiring in March. And I didn't translate that into, well, that means that this is his last analyst call. And I was told that he reported that he's done between being CEO and CFO 107 of these quarterly things. And I did the math on mine, and I want every one of you to know that it's 134 for me. So not that I'm keeping score with Parker, but I will leave you all with that and leave Southwest Airlines in great hands. And as you all know, I'm not going anywhere. We've got lots of work to do, and I'm going to be here doing my little part.

但無論如何，我非常感謝這些友誼，非常幸運能夠在一家非常棒的公司工作了 36 年。今天早上我剛剛聽說我知道帕克將在三月份退休。我沒有把它翻譯成，嗯，這意味著這是他最後一次分析師電話。有人告訴我，他報告說他在擔任 CEO 和 CFO 107 之間完成了這些季度的事情。我自己算了一下，我想讓你們每個人都知道，對我來說是 134。因此，並不是說我要與帕克計分，而是我會留給你們所有人，讓西南航空公司掌握在偉大的手中。眾所周知，我哪兒也不去。我們有很多工作要做，我會在這裡做我的一小部分。

So Ryan, thank you very much. Back to you, sir.

所以瑞安，非常感謝你。回到你身邊，先生。

Well, that's fantastic. Thank you for sharing. Of course, you are a legend, and I think you're the GOAT. Not a goat, but the GOAT. Sign off here, and that wraps up the analyst portion of our call today. I appreciate everyone joining, and have a great day.

嗯，這太棒了。謝謝你的分享。當然，你是一個傳奇，我認為你是山羊。不是山羊，而是山羊。在這裡簽字，這就是我們今天電話會議的分析師部分。我感謝大家的加入，祝您有美好的一天。

Thank you. Ladies and gentlemen, we will now begin our media portion of today's call. I'd like to first introduce Ms. Linda Rutherford, Executive Vice President, People and Communications.

謝謝你。女士們，先生們，我們現在開始今天電話會議的媒體部分。我想首先介紹一下人事與傳播部執行副總裁琳達·盧瑟福女士。

Thank you, Chad. We can go ahead and get started with the media portion of our call today. I just want to welcome everyone. And you can go ahead, Chad, if you want to just give them instructions to get queued up and we'll get started.

謝謝你，乍得。我們可以繼續今天電話會議的媒體部分。我只想歡迎大家。查德，你可以繼續，如果你想指示他們排隊，我們就開始吧。

(Operator Instructions) And the first question will come from Kyle Arnold with Dallas Morning News.

（操作員說明）第一個問題將來自達拉斯晨報的凱爾·阿諾德。

I was wondering with those 5,000 COVID calls that you had in January. How much of a fallout are you seeing from -- are all of those individuals being sick themselves? Are you guys seeing much fallout from family members or from schools being closed, daycare, those kind of other hiccups that we're seeing in the economy?

我想知道您在一月份接到的那 5,000 個 COVID 電話。您從中看到了多少後果——所有這些人自己都生病了嗎？你們是否看到家庭成員或學校關閉、日託以及我們在經濟中看到的其他問題的影響？

Kyle, those were all people that had tested positive for COVID themselves. They weren't not coming to work because of some family issues. They tested positive and reported the positive COVID to us.

凱爾，這些人都是自己的新冠病毒檢測呈陽性的人。因為一些家庭問題，他們沒有來上班。他們檢測呈陽性並向我們報告了陽性 COVID。

And Kyle, the good thing, too, is the -- different than Delta, the cases came on really quickly. So the rise was alarming. But on the other side, the fall in the cases was similar. So the wave was very narrow, which was painful on the front end, helpful on the back end because we got people back a lot faster than Delta.

凱爾，同樣的好處是 - 與三角洲不同，案件來得非常快。因此，上漲令人震驚。但另一方面，案件的下降情況也相似。所以波非常窄，這在前端很痛苦，在後端很有幫助，因為我們讓人們回來的速度比 Delta 快得多。

One thing, but no doubt, everything that you mentioned, Kyle, I'm sure we were incurring too. It's just been an incredibly challenging time for everyone. So all the additional demands that households have now, I'm sure impacted that, with just be it caring for a sick spouse or child or a school closure or just dealing with everyday lives. So I think that would be on top of the numbers that we shared with you.

有一件事，但毫無疑問，你提到的一切，凱爾，我相信我們也遇到了。對每個人來說，這都是一個非常具有挑戰性的時期。因此，家庭現在的所有額外需求，我肯定會影響到這一點，無論是照顧生病的配偶或孩子，還是學校停課，或者只是處理日常生活。因此，我認為這將在我們與您分享的數字之上。

The next question will be from Leslie Josephs from CNBC.

下一個問題將來自 CNBC 的 Leslie Josephs。

With your hiring for 2022, I was wondering how much of those -- how many of those people are replacing other workers? And net, where do you expect to end up in headcount by the end of the year? And overall, do you expect salaries to be lower than 2019 before the pandemic with junior workers are coming in?

隨著您在 2022 年的招聘，我想知道其中有多少——有多少人正在取代其他工人？淨，您預計到今年年底員工人數最終會在哪裡？總體而言，在初級工人大流行到來之前，您是否預計工資會低於 2019 年？

So Leslie, the 8,000 number that you hear, that would be the net increase in our full-time active equivalent employees. And then one of the benefits that you do get from hiring people is you do get to average down the scale increases in the contract. And we've got about, like I said earlier, about 40% of that group will be flight crews, 40% will be ground ops. All of those are covered work groups, and so I do think we'll have an opportunity on our wage rates as we have newer people come in to average those down. I haven't looked to see what that means exactly as compared to 2019, and we'll just -- that's a good question.

所以萊斯利，你聽到的 8,000 人，這將是我們全職在職員工的淨增長。然後，您從僱用人員中獲得的好處之一是您確實可以平均降低合同中的規模增長。就像我之前說的，我們已經知道，該組中大約 40% 將是飛行機組，40% 將是地面操作。所有這些都是涵蓋的工作組，所以我確實認為我們將有機會提高我們的工資率，因為我們有新人進來平均下來。與 2019 年相比，我還沒有看到這意味著什麼，我們只是 - 這是一個很好的問題。

And Leslie, I think...

還有萊斯利，我想...

Okay. And then overall, your -- sorry, go ahead.

好的。然後總的來說，你的 - 對不起，繼續。

Yes, one thing embedded in your question maybe, and then just the numbers on the totals, I think maybe you were implying so what -- is it an add and what's happening to attrition. Our attrition is up -- during COVID, our attrition is up modestly, but it's not up alarmingly, which is a good thing. But sort of back to the numbers, I think we're ending -- we ended '21 at roughly 55,000 active employees. You add the 8,000 plus, and so the plan would be to end 2022 at about 63,000, 64,000 active.

是的，您的問題中可能包含一件事，然後只是總數中的數字，我想您可能是在暗示那是什麼 - 它是一個添加以及消耗發生了什麼。我們的減員增加了——在 COVID 期間，我們的減員略有增加，但並沒有驚人地增加，這是一件好事。但是回到數字上，我認為我們正在結束——我們在 21 年結束時大約有 55,000 名在職員工。你加上 8,000 多，因此計劃到 2022 年底大約有 63,000，64,000 活躍。

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

下一個問題將來自華爾街日報的 Alison Sider。

I think we've probably asked about this pretty much every quarter, but just curious what you're hearing or what you're picking up about the mask mandate, the likelihood it would get extended. Yes, just curious how you're seeing that playing out in a couple of months.

我想我們可能幾乎每個季度都問過這個問題，但只是好奇你聽到了什麼，或者你對面具授權的看法，它會被延長的可能性。是的，只是好奇你在幾個月內會看到這種情況。

Alison, well, yes, I don't believe there is any current discussion about extending or terminating the mask mandate, right? I think it's well established that once you're onboard the aircraft, the environment is very healthy with the continuous air refresh. Adding the mask is an added layer of safety. And given the fact that we're right in the midst of this Omicron surge, now is not really the time to revisit that question in our opinion.

艾莉森，嗯，是的，我不相信目前有任何關於延長或終止面具授權的討論，對吧？我認為，一旦你登上飛機，環境就會非常健康，因為空氣會持續更新。添加面罩是增加了一層安全性。鑑於我們正處於 Omicron 激增的過程中，我們認為現在不是重新審視這個問題的時候。

And I think that's representative of the A4A opinion as well. We survey our customers, and there are -- there's still a significant number of customers who feel safer with the mask. There'll come a time when the mask won't be necessary. I think we all look forward to that, but right now is not the right time.

我認為這也代表了 A4A 的觀點。我們對客戶進行了調查，發現仍然有大量客戶覺得戴口罩更安全。總有一天，不需要戴口罩。我想我們都很期待，但現在還不是時候。

And I guess if I could ask about hiring and kind of the challenging labor market. in addition to the minimum wage increase, just curious if there's anything else you all are doing. I know last year, you talked about kind of making on-the-spot offers and doing all these job fares. Are you -- are there any other kind of creative tactics you're having to utilize to bring in all these people?

我想我是否可以詢問有關招聘和具有挑戰性的勞動力市場的問題。除了提高最低工資，只是好奇你們是否還有其他事情要做。我知道去年，你談到了提供現場報價和支付所有這些工作費用。您是否 - 您必須使用任何其他類型的創造性策略來吸引所有這些人？

Yes, Alison, I think in the current tough environment, you use every lever that you have. And so obviously, you've seen us move our starting wage rates along from sort of where they were to $15 to $17. And some airports, there were even $20 at this point. We've got a team that's worked very hard on the processes. So how can you take steps out of the process? So if it took -- I'm just making this up. But if it took 30 days to get from interview to hire, can we get that to 10 or 8? Because the longer that process is, the more you run the risk that, that person takes a job somewhere else.

是的，艾莉森，我認為在當前艱難的環境中，你會使用你擁有的每一個槓桿。很明顯，您已經看到我們將起始工資率從原來的 15 美元提高到 17 美元。一些機場，此時甚至還有 20 美元。我們有一個在流程上非常努力的團隊。那麼，您如何才能走出流程呢？所以，如果它需要 - 我只是在編造這個。但如果從面試到錄用需要 30 天，我們能把它縮短到 10 天或 8 天嗎？因為這個過程越長，你冒的風險就越大，那個人在其他地方工作。

We're doing instant offers in some cases, as you mentioned. We're using different techniques to get people "into the funnel of hiring". So a lot of social media, a lot of mining for information. So I would just tell you, we're using every lever out there because, I mean, Southwest is a wonderful company. We are -- we get our share of resumes and interest, but it's just tougher than normal one. So we're turning over every rock in terms of what we can do to hire employees. And a lot of that is, yes, it's about -- it's about pay and it's about pace.

正如您所提到的，我們在某些情況下會提供即時報價。我們正在使用不同的技術讓人們“進入招聘渠道”。所以很多社交媒體，大量挖掘信息。所以我只想告訴你，我們正在使用所有的槓桿，因為，我的意思是，西南航空是一家很棒的公司。我們是——我們得到了我們的簡歷和興趣，但它比正常的更難。因此，我們正在竭盡全力僱傭員工。其中很多是，是的，這與 - 與薪酬有關，與節奏有關。

And the next question will be from Dawn Gilbertson from USA Today.

下一個問題將來自《今日美國》的 Dawn Gilbertson。

Gary, you mentioned 1989. I must sound a little bit like Jamie Baker here. But I'm in possession of a Gary Kelly, Vice President of Finance business card. I'm wondering maybe I can monetize it through an NFT or something. I wanted to wish you well.

加里，你提到了 1989 年。我在這裡聽起來一定有點像傑米貝克。但我有一張財務副總裁加里凱利的名片。我想知道也許我可以通過 NFT 或其他方式將其貨幣化。我想祝你好運。

Thank you, Dawn. I remember all the rough interviews I had to suffer through with you. So thanks for all of that.

謝謝你，黎明。我記得我與你一起經歷的所有艱難的採訪。所以感謝所有這一切。

A couple of questions here on the traveler front. First, pretty quickly on the March to May flight cuts, could someone put that capacity decrease into the number of daily flights for me and tell me like how much of that business is already on the books? In other words, how many people you're going to have to notify again about schedule changes?

關於旅行者方面的幾個問題。首先，很快在 3 月到 5 月的航班削減中，有人可以將運力的減少計入我的每日航班數量，並告訴我該業務中有多少已經在賬簿上？換句話說，您將不得不再次通知多少人有關日程安排的更改？

And then more importantly, on the new fare category. Bob, I'm wondering, I think Andrew mentioned we're not going to take anything away from Wanna Get Away. And I'm wondering if you're willing to go on the record to say, I mean, with something like offering people who buy Wanna Get Away 1 bag instead of 2, is that taking something away? And on a related front on that, I'm trying to figure out what could you guys add that you don't always have? And my mind goes to early boarding. So are you considering adding early boarding, the early bird fee, to that second fare category? Because I know you -- in some test a couple of years ago, you called it, Wanna Get Away Plus. And if you do include early bird in this new fare category, would early bird, as an ancillary item, go away?

然後更重要的是，關於新的票價類別。 Bob，我想知道，我想 Andrew 提到我們不會從 Wanna Get Away 中拿走任何東西。我想知道你是否願意公開表示，我的意思是，給購買 Wanna Get Away 的人提供 1 個袋子而不是 2 個，這會帶走一些東西嗎？在這方面的相關方面，我試圖弄清楚你們可以添加哪些你並不總是擁有的東西？我的想法是提早登機。那麼，您是否考慮在第二個票價類別中增加早登機、早鳥費？因為我認識你——在幾年前的某個測試中，你稱它為 Wanna Get Away Plus。如果你在這個新的票價類別中包含早鳥票，作為輔助項目的早鳥票會消失嗎？

Dawn, I'll let Andrew come back to the flight count. But you -- so you need to join our marketing team because you probably put everything that we've looked at on the table. But no, I'll just tell you, yes, it's just too early to give away exactly what -- for a lot of reasons. Competitively, we're not ready to reveal exactly what that fare product looks like.

黎明，我會讓安德魯回到航班計數。但是你——所以你需要加入我們的營銷團隊，因為你可能把我們看到的所有東西都放在了桌面上。但是不，我只是告訴你，是的，現在給出確切的內容還為時過早——原因有很多。在競爭中，我們還沒有準備好確切地透露該票價產品的外觀。

Andrew is right, we're not taking anything away. It's going to be very attractive in terms of where it's positioned. I think it will be what you would expect from Southwest Airlines in terms of consumer-friendly, but we're just not ready to let you know, but it's coming soon.

安德魯是對的，我們不會拿走任何東西。就其定位而言，它將非常有吸引力。我認為這將是西南航空公司在消費者友好方面的期望，但我們還沒有準備好讓你知道，但它很快就會到來。

And just to double down, we will not take anything away from Wanna Get Away. So there'll be Wanna Get Away and something above it, but we will not take anything away from Wanna Get Away.

只是為了加倍努力，我們不會從 Wanna Get Away 中拿走任何東西。所以會有 Wanna Get Away 和上面的東西，但我們不會從 Wanna Get Away 中拿走任何東西。

And for the flight counts, the March flight counts have already been prosecuted, and so those who have already been handled. The April through May have not yet been published, so that's what we're -- we mentioned in the press release and in our conversation that we're in the process of doing that. So we don't have a flight count yet to give you on that. Those we expect to have prosecuted in a couple of weeks' time, so it will be well in advance of travel and be less disruptive.

而對於航班數量，3月份的航班數量已經被起訴，所以那些已經被處理的人。 4 月至 5 月尚未發布，所以這就是我們 - 我們在新聞稿和談話中提到我們正在這樣做。因此，我們還沒有航班數量可以提供給您。我們預計將在幾週內起訴的人，因此會在旅行之前很長時間，並且破壞性較小。

But the bookings are out that far are pretty much...

但是預訂量已經遠遠超過了......

Yes, bookings during COVID generally skew closer in. And so what we have -- that part far of the book is modest. So it will be some customers are impacted, but it will be a modest number because we're doing it well in advance.

是的，在 COVID 期間的預訂通常會更接近。所以我們所擁有的——這本書的那部分是適度的。因此，一些客戶會受到影響，但這將是一個適度的數字，因為我們提前做好了。

If I can ask one very quick follow-up on the new fare category. What are you going for there? And I know it will vary by route, et cetera, et cetera. But obviously, this is a revenue initiative you've been talking about for a few years. What are you going for in terms of the fare differential, average fare differential, between Wanna Get Away and whatever this new product is called? And again, best to you, Gary.

如果我可以就新票價類別快速跟進。你去那裡做什麼？而且我知道它會因路線而異，等等。但顯然，這是您多年來一直在談論的一項收入計劃。就 Wanna Get Away 和這個新產品的名稱之間的票價差異、平均票價差異而言，你打算怎麼做？再一次，對你最好，加里。

What we've done over the pandemic, if you look at our website, you'll see more modest step-ups between Wanna Get Away and Anytime and Business Select. And we think that has had a laudatory effect on our revenues, and that customers are giving us good feedback. And so we like more modest step-ups compared to what was perhaps there a number of years ago. So having a fourth one that comes in there, we would desire to have at the end, 4 products with modest step-ups in between with features that customers are willing to pay that modest step-up for. So it's designed to be pro-consumer and get someone who can -- someone willing to give us additional money for additional features.

我們在大流行期間所做的工作，如果您查看我們的網站，您會看到 Wanna Get Away 與 Anytime 和 Business Select 之間的升級幅度較小。我們認為這對我們的收入產生了美譽，客戶給了我們很好的反饋。因此，與幾年前可能存在的情況相比，我們更喜歡適度的升級。因此，如果有第四個產品進來，我們希望最終有 4 種產品之間有適度的升級，其功能是客戶願意為適度的升級付費。因此，它的設計初衷是支持消費者，並讓有能力的人——願意為我們提供額外功能的人提供額外資金。

And the next question will come from David Slotnick from TPG.

下一個問題將來自 TPG 的 David Slotnick。

Congratulations again, Gary. I wanted to know if there is any update on when you're planning to bring back full onboard service, including alcohol.

再次祝賀你，加里。我想知道您計劃何時恢復完整的機上服務（包括酒精）是否有任何更新。

So we had planned to bring that back around the middle of February, and we ended up because of the Omicron virus. And just making sure that we had enough separation in the cabin for room, we delayed that. And then -- so we're looking at that here sometime in late in the first quarter, maybe early in the second quarter.

因此，我們計劃在 2 月中旬左右將其恢復，但最終因為 Omicron 病毒而告終。只是確保我們在機艙內有足夠的空間分隔房間，我們推遲了這一點。然後 - 所以我們在第一季度末的某個時間，可能在第二季度初的某個時候在這裡查看。

And the next question will come from Mary Schlangenstein from Bloomberg News.

下一個問題將來自彭博新聞的 Mary Schlangenstein。

I wanted to ask 2 quick questions. The first is you've said that over the past year that you hope to add a total of 25,000 workers over 3 years. I wanted to see if you still think that's a realistic number, or if that's one you will have to increase.

我想問兩個簡單的問題。第一個是你說在過去的一年裡你希望在 3 年內總共增加 25,000 名工人。我想看看你是否仍然認為這是一個現實的數字，或者如果那是一個你必須增加的數字。

And the second question is for Gary. Gary, is there something that you were unable to accomplish in your years as CEO that you would like to see Bob take on and accomplish?

第二個問題是給加里的。加里，有什麼事情是你在擔任 CEO 的那些年裡無法完成的，你希望鮑勃接手並完成嗎？

Well, let me take the -- just take the hiring. And again, sometimes you have to separate gross hiring and net because we always have attrition. But the 8,000 -- as you think about our growth going forward, the 8,000 per year that we're talking about here for '22, I can see that persisting. We've got a lot of air into the future in future years -- we've got a lot of aircraft coming this year, we've got 114 in our plan. We've got a lot of work to do to restore our network back to what it was in 2019. I think, Andrew, we're roughly 75% restored at this point by memory. There's a lot of work to do to add back depth after we opened the 18 cities.

好吧，讓我接受 - 只是接受招聘。再一次，有時你必須將總招聘和淨招聘分開，因為我們總是有減員。但是 8,000 - 當您考慮我們未來的增長時，我們在這裡談論的 22 年每年 8,000，我可以看到這種情況持續存在。在未來的幾年裡，我們有很多未來的空氣——我們今年有很多飛機，我們的計劃中有 114 架。我們有很多工作要做，才能將我們的網絡恢復到 2019 年的狀態。我想，安德魯，我們現在已經恢復了大約 75% 的記憶。在我們開放 18 個城市之後，要增加深度，還有很多工作要做。

Beyond that, we have -- I mentioned this in my remarks, we've got a lot of growth opportunities. We're picking up substantial gates in Denver and Phoenix and Baltimore and Nashville and others. And so all of that will take aircraft, and all of that will take employees. So is it exactly 25,000 over 3 years? I can't tell you that, but it -- you sort of take the 8,000 in 2022 and extrapolate that, it's a significant number.

除此之外，我們還有——我在講話中提到了這一點，我們有很多增長機會。我們正在丹佛、鳳凰城、巴爾的摩和納什維爾等地建立大量大門。所以所有這些都需要飛機，所有這些都需要員工。那麼3年內正好是25,000嗎？我不能告訴你，但它——你可以從 2022 年的 8000 人中推斷出來，這是一個很大的數字。

And Mary, I hadn't really thought about it the way you asked the question, but it is a wonderful question. I think the -- as we think about Southwest Airlines and year 51, it is so much stronger and better prepared at any point in time in our history. And I think back 18 years ago, it -- we had a lot of challenges. It was post 9/11, and the world was just different. There was a shift from -- away from short-haul travel to longer-haul travel. We weren't necessarily well prepared for that, and a lot of things needed to be retooled and still retain the essence of Southwest Airlines, which I feel like we've been able to do.

瑪麗，我並沒有像你提出問題的方式那樣真正考慮過，但這是一個很好的問題。我認為——當我們想到西南航空公司和第 51 年時，它在我們歷史上的任何時候都變得更加強大和準備得更好。我回想 18 年前，我們遇到了很多挑戰。那是 9/11 後，世界不同了。從短途旅行轉向長途旅行。我們不一定為此做好了充分的準備，很多事情需要重新調整，仍然保留西南航空公司的精髓，我覺得我們已經能夠做到。

The speed of change in today's world is just faster than it was 20 years ago. And so I would wish for Bob that we have a better technology platform in place compared to 18 years ago that would enable a faster and more tactical like decisions. For us, anything that we wanted to do that was different in the 2000s meant years and millions in terms of construction. So it became a really significant strategic choice about which road you took when you came to the fork. So I think we have a much more settled and stable strategic outlook today, which I know that both of us -- Bob is impatient, and I think that, that's a good and a bad quality for a CEO. But certainly, he's urgent and has been a huge contributor, of course, to getting us to this point and laying out the direction that we're headed. So it's not like these are new ideas for Bob. He's been working on this for a long time like I have.

當今世界的變化速度比 20 年前還要快。因此，我希望 Bob 與 18 年前相比，我們擁有一個更好的技術平台，這將能夠實現更快、更具戰術性的決策。對我們來說，我們想做的任何與 2000 年代不同的事情都意味著數年和數百萬的建設。因此，當你來到岔路口時，選擇哪條路成為了一個非常重要的戰略選擇。所以我認為我們今天有一個更加穩定和穩定的戰略前景，我知道我們倆 - 鮑勃都沒有耐心，我認為這對首席執行官來說是一個好壞的品質。但可以肯定的是，他很緊迫，當然，他一直是一個巨大的貢獻者，讓我們走到了這一步，並為我們指明了前進的方向。所以這對鮑勃來說並不是新想法。他和我一樣在這方面工作了很長時間。

I think the one thing that I'm grateful for looking back is that the things that we decided to do, we had a very supportive Board, we had willing and eager employees to embrace the change, and we were able to fulfill the visions that we had. And that's pretty rare. A lot of things you try, they don't work. Or for whatever reason, they get derailed. And for us, we were pretty much able to do just about everything we wanted to do.

我認為回顧過去時我很感激的一件事是，我們決定做的事情，我們有一個非常支持的董事會，我們有願意和渴望的員工接受變革，我們能夠實現願景我們有。這非常罕見。你嘗試了很多東西，它們都不起作用。或者出於某種原因，他們出軌了。對我們來說，我們幾乎可以做任何我們想做的事情。

There's a couple of things that we engage that we set aside. Code sharing is an example that eventually we'll come back to. But you look at the things that we're accomplished, and it's a pretty mighty list there. So he'll -- he's got just as ambitious list going forward. Mike, he's detailed with a few words, but there's a lot of depth to what Mike's strategy is for ops, and it's just critical to our future. So -- but hats off to the technology and the business leaders who have gotten us to this point. We're a far better place today than we were then. And I think we're -- as I said, I think we're extremely well positioned certainly for the next 5 years and beyond. I'm very excited, and I'm very enthused. And I know Bob is, too.

我們擱置了一些我們參與的事情。代碼共享是一個最終我們會回來的例子。但是你看看我們已經完成的事情，這是一個非常強大的清單。所以他會 - 他有同樣雄心勃勃的名單。邁克，他用幾句話說得很詳細，但邁克的運營策略有很多深度，這對我們的未來至關重要。所以——但要向讓我們走到這一步的技術和商業領袖致敬。我們今天比那時要好得多。而且我認為我們 - 正如我所說，我認為我們在未來 5 年及以後的時間里肯定處於非常有利的位置。我很興奮，也很興奮。我知道鮑勃也是。

Thanks very much, Gary. Good luck going forward.

非常感謝，加里。祝你前程似錦。

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

女士們，先生們，我們的問答環節到此結束。我想把會議轉回給盧瑟福女士做任何閉幕詞。

And I just wanted to add, Gary, you know that you had many hats to where in the roles in the last 18 years. And on behalf of the communications team, just really wanted to thank you for being our Chief spokesperson. You've made our jobs easy, and we appreciate and love you.

我只是想補充一點，加里，你知道在過去的 18 年裡，你在角色中扮演了很多角色。並代表溝通團隊，真的很想感謝您成為我們的首席發言人。你讓我們的工作變得輕鬆，我們感謝並愛你。

And with that, if you all have any further follow-up for us, you can reach the communications team at (214) 792-4847 or via the media website at www.swamedia.com. Thank you.

有了這個，如果你們對我們有任何進一步的跟進，您可以撥打 (214) 792-4847 或通過媒體網站 www.swamedia.com 聯繫溝通團隊。謝謝你。

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。