西南航空 (LUV) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to the Southwest Airlines First Quarter 2024 Conference Call. I'm Gary, and I'll be moderating today's call, which is being recorded. A replay will be available on southwest.com in the Investor Relations section. (Operator Instructions)

大家好，歡迎參加西南航空 2024 年第一季電話會議。我是加里，我將主持今天的電話會議，正在錄音。重播將在 Southwest.com 的投資者關係部分提供。 （操作員說明）

Now Mrs. Julia Landrum, Vice President of Investor Relations, will begin the discussion. Please go ahead, Julia.

現在投資者關係副總裁朱莉婭·蘭德魯姆女士將開始討論。請繼續，朱莉婭。

Thank you so much. Hello, everyone, and welcome to Southwest Airlines First Quarter 2024 Conference Call. In just a moment, we will share our prepared remarks, after which we will be happy to take your questions. On the call with me today, we have our President and CEO, Bob Jordan; Executive Vice President and CFO, Tammy Romo; Executive Vice President and Chief Commercial Officer, Ryan Green; and Chief Operating Officer, Andrew Watterson.

太感謝了。大家好，歡迎參加西南航空 2024 年第一季電話會議。稍後我們將分享我們準備好的發言，之後我們將很樂意回答您的問題。今天與我通話的有我們的總裁兼執行長鮑勃喬丹 (Bob Jordan)；執行副總裁兼財務長 Tammy Romo；執行副總裁兼首席商務長 Ryan Green；和首席營運長安德魯·沃特森。

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

快速提醒您，我們將根據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預期有重大差異。由於我們將參考我們的非GAAP 業績，其中不包括在我們的新聞稿中提及並與GAAP 業績進行核對的特殊項目，因此請參閱我們今天上午新聞稿中的披露內容，並訪問我們的投資者關係網站以獲取更多資訊。

And now I'm pleased to turn the call over to you, Bob.

現在我很高興將電話轉給你，鮑伯。

Thank you, Julia. Hello, everyone, and welcome to our first quarter call. Well, let me state right up front that I am disappointed with our first quarter performance. There are a lot of factors that I'll go into, and there's a lot to cover, including the latest Boeing challenges.

謝謝你，茱莉亞。大家好，歡迎來到我們第一季的電話會議。好吧，讓我先聲明一下，我對我們第一季的表現感到失望。我將討論很多因素，並且有很多內容需要討論，包括波音公司面臨的最新挑戰。

More importantly, there are significant efforts and progress underway as we cannot and we won't be satisfied until we are delivering the kind of returns you expect from Southwest Airlines. So before I go any further, I just want to sincerely thank our people for their extraordinary efforts as we work quickly to drive improvement.

更重要的是，我們正在進行重大努力並取得進展，因為在我們提供您期望從西南航空獲得的回報之前，我們無法也不會感到滿意。因此，在我進一步討論之前，我只想真誠地感謝我們的員工在我們迅速努力推動改進的過程中所付出的非凡努力。

Turning to our performance. We achieved records for first quarter operating revenues and passengers, continuing our streak of 8 straight quarters of record top line performance. We saw a nice acceleration in managed business revenues, up 25% nominally year-over-year. We also continued our streak of solid operational performance.

轉向我們的表現。我們第一季的營業收入和乘客量均創歷史新高，延續了連續 8 個季度創紀錄的營收業績。我們看到託管業務收入大幅成長，名義上年增 25%。我們也持續保持穩健的營運績效。

For a while now, we have been consistently running a great completion factor averaging right around 99%, and we continue to improve in nearly all operational and customer metrics. I'm also proud of the progress we made on our open labor agreements. It's been a long road, and I want to recognize everyone involved for continuing to work through to the finish line to reward our amazing employees for their contributions.

一段時間以來，我們一直保持著平均 99% 左右的出色完成率，並且我們在幾乎所有營運和客戶指標方面都在持續改進。我也為我們在開放勞工協議方面取得的進展感到自豪。這是一條漫長的道路，我想表彰所有參與其中的人，他們繼續努力直到終點線，以獎勵我們出色的員工的貢獻。

Ryan will go into our revenue performance in more detail in a moment. And while our revenue trends were solid in the first quarter and are expected to be a solid year again in the second quarter, we need to increase revenue production to offset cost inflation. The biggest opportunity to improve performance and profitability and urgency is continued focus on network optimization and capacity.

瑞安稍後將更詳細地介紹我們的收入表現。雖然我們第一季的營收趨勢穩健，預計第二季將再次穩健，但我們需要增加收入以抵消成本通膨。提高效能和獲利能力的最大機會和緊迫性是繼續專注於網路優化和容量。

We opened 18 new cities during the pandemic and worked hard in 2023 to restore our network and fly our full fleet on the heels of the demand surge in 2022. While that boosted aircraft utilization, it added significant capacity. And when combined with 2023 business travel coming in below projections, has resulted in a significant number of new markets under development and a material number of markets that are not performing at the level required in this higher cost environment.

疫情期間，我們新開了18 個城市，並在2023 年努力恢復網絡，並在2022 年需求激增後讓我們的全部機隊恢復運營。 。再加上 2023 年商務旅行低於預測，導致大量新市場正在開發中，而大量市場的表現未達到這種較高成本環境所需的水平。

Network adjustments planned last fall are in place as of the March schedule, and they are proving to be largely on track. Those optimization efforts were primarily aimed to adjust for changing demand trends, including lower capacity on Tuesday and Wednesday, a reduction in short-haul business markets and a material reduction in flights during shoulder periods of the day.

去年秋季計畫的網路調整已於三月的計畫中落實到位，事實證明這些調整基本上已步入正軌。這些優化工作主要旨在適應不斷變化的需求趨勢，包括週二和週三運力下降、短途業務市場減少以及平日航班數量大幅減少。

The changes are beneficial, and they contributed to us exiting the first quarter with healthy margins for the month of March. More is needed, and we are continuing efforts to optimize the network and reduce the number of markets in development that aren't performing to more historic levels.

這些變化是有益的，它們有助於我們在三月以健康的利潤結束第一季。我們還需要做更多的事情，我們正在繼續努力優化網路並減少正在開發中但未達到歷史水平的市場數量。

Along those lines, we have made the difficult decision to eliminate service in 4 cities: Syracuse, New York; Houston Intercontinental; Cozumel; and Bellingham, Washington. That is never an easy decision. We form bonds with the airports and the communities that we serve. These are wonderful communities, and we are very grateful for their support over the past several years.

沿著這些思路，我們做出了艱難的決定，取消 4 個城市的服務：紐約州錫拉丘茲；休士頓洲際酒店；科蘇梅爾；和華盛頓州貝靈厄姆。這從來都不是一個容易的決定。我們與我們服務的機場和社區建立了聯繫。這些都是很棒的社區，我們非常感謝他們在過去幾年的支持。

In addition, we are also restructuring several other stations. Most notably, we are reducing flights in Atlanta and Chicago O'Hare. While it's never our desire to exit a city or shrink service to a market, we are committed to our financial performance goals, and network and capacity actions will continue as a lever to improve overall financial performance.

此外，我們也正在重組其他幾個站。最值得注意的是，我們正在減少亞特蘭大和芝加哥奧黑爾的航班。雖然我們從來不希望退出一座城市或縮減對市場的服務，但我們致力於實現我們的財務績效目標，網絡和容量行動將繼續作為改善整體財務績效的槓桿。

In addition to network optimization, we have a number of other efforts underway to increase revenue productivity. First, tuning our new revenue management system by better anticipating and optimizing demand and fares along the booking curve and unlocking additional capabilities that will further boost the contribution from the system.

除了網路優化之外，我們還採取了許多其他措施來提高收入生產力。首先，透過更好地預測和優化預訂曲線上的需求和票價來調整我們的新收益管理系統，並釋放更多功能，進一步提高系統的貢獻。

Second, focusing on increasing passenger volume, including adding new attributes to our value proposition. We are working to ensure our current and future customers understand our terrific value proposition. That includes a significant new brand campaign, which started last week, highlighting our signature customer-friendly policies.

其次，專注於增加乘客量，包括為我們的價值主張添加新屬性。我們正在努力確保當前和未來的客戶了解我們出色的價值主張。其中包括上週開始的一項重要的新品牌活動，強調我們標誌性的客戶友善政策。

Separately, we are considering more transformational options and follow-on initiatives. That includes work previously underway to study customer preference around seating and our cabin. It's been several years since we last studied this in-depth, and customer preferences and expectations change over time. We are also studying the operational and financial benefits of any potential change.

另外，我們正在考慮更多的轉型選擇和後續措施。這包括先前正在進行的研究客戶對座位和客艙偏好的工作。自從我們上次深入研究這個問題以來已經有好幾年了，客戶的偏好和期望隨著時間的推移而變化。我們也正在研究任何潛在變化的營運和財務效益。

We remain committed to our industry-best, customer-friendly policies, but we are also committed to understanding and meeting customer expectations. We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed. It is too early to share the specifics of what we are exploring, but I want to be transparent and let you know that work is well underway.

我們仍然致力於業界最佳、客戶友善的政策，但我們也致力於了解並滿足客戶的期望。我們之前已經進行過轉型，添加了 WiFi、更大的垃圾箱和座椅電源等設施，我們將繼續根據需要進行調整。現在分享我們正在探索的具體細節還為時過早，但我想保持透明，讓大家知道工作正在順利進行中。

Of course, the biggest change we have experienced is the news from Boeing on deliveries. The Boeing issues are a significant impact, and we are taking quick action to replan based on expected 2024 and 2025 delivery delays. As I've said before, while it's impactful, I support Boeing taking the time to do the work to understand and fix the issues. A stronger Boeing company for the long term is good for Southwest Airlines.

當然，我們經歷的最大的變化還是波音關於交付的消息。波音問題影響重大，我們正在迅速採取行動，根據預計的 2024 年和 2025 年交付延遲重新規劃。正如我之前所說，雖然它具有影響力，但我支持波音公司花時間來了解和解決這些問題。長遠來看，波音公司實力更強對西南航空有利。

I visited Boeing in late March. And while there is much work to do, I am encouraged by the comprehensive approach that their leadership is taking. I will be back at Boeing this summer when they complete their plan, and I will be visiting Spirit AeroSystems as well.

我三月下旬參觀了波音公司。儘管還有很多工作要做，但他們的領導層所採取的全面方法讓我感到鼓舞。今年夏天，當波音公司完成他們的計劃時，我將回到他們，我也將參觀 Spirit AeroSystems。

I won't downplay the challenges from the Boeing issues. They are a big deal and contribute to changing capacity set. They're redoing schedules and forecasting now in accurate staffing levels. All of that is costly. It pulls people away from their regular work, and it creates a significant financial drag. That said, it won't deter from our work to improve our results.

我不會淡化波音問題帶來的挑戰。它們是一件大事，有助於改變容量設定。他們現在正在以準確的人員配置水準重新制定時間表和預測。所有這些都是昂貴的。它使人們遠離日常工作，並造成嚴重的財務拖累。也就是說，這不會阻止我們改善結果的工作。

We will continue to control what we can control and work our plan as they take the time to become a better Boeing company. Boeing issues aside, we already had aggressive plans in place to further optimize the network to improve profitability, moderate CapEx and capacity to improve free cash flow and ROIC and drive staffing and operational actions to improve efficiency.

我們將繼續控制我們能控制的事情並實施我們的計劃，因為他們花時間成為更好的波音公司。撇開波音問題不談，我們已經制定了積極的計劃，以進一步優化網絡，以提高盈利能力，適度資本支出和能力，以改善自由現金流和投資回報率，並推動人員配置和運營行動以提高效率。

All of that work is now being accelerated. As we continue our focus on capital efficiency, free cash flow generation and aggressively restoring our returns, we will continue to moderate both capacity and CapEx until we do so. Managing our CapEx is obviously key to improving free cash flow, which, along with ROIC, we are laser-focused on.

所有這些工作現在都在加速進行中。隨著我們繼續關注資本效率、自由現金流產生和積極恢復回報，我們將繼續調節產能和資本支出，直到我們做到這一點。管理我們的資本支出顯然是改善自由現金流的關鍵，這與投資資本回報率一起是我們重點關注的問題。

Our bias will remain to retire aircraft, as planned. And any capacity growth that we have in the near term will come entirely from gauge and initiatives to drive aircraft utilization, including tightening turn time through process innovation and automation, and introducing a modest level of red eye flying. Both of those initiatives boost aircraft utilization and create capacity without aircraft CapEx.

我們的傾向仍然是按計劃退役飛機。我們短期內的任何運力成長都將完全來自於提高飛機利用率的儀表和舉措，包括透過流程創新和自動化縮短週轉時間，以及引入適度的紅眼飛行。這兩項措施都提高了飛機利用率，並在無需飛機資本支出的情況下創造了容量。

The initiative to reduce turn time is going well. And as a first step, 12 stations will see a 5-minute reduction in turn time in the November 2024 schedule, with further reductions in early 2025. We will share details on the full plan, which includes these and other planned strategic initiatives at our Investor Day, now planned for September 26, and I look forward to welcoming everyone here to Dallas.

減少週轉時間的措施進展順利。作為第一步，2024 年11 月的時間表中，12 個車站的輪換時間將縮短5 分鐘，並在2025 年初進一步減少。其他計畫的策略性舉措。 投資者日現已計劃於 9 月 26 日舉行，我期待歡迎大家來到達拉斯。

On our cost control efforts, note that we already had plans in place to end 2024 with head count flat to down through efficiency efforts like deploying automation and Gen AI solutions for greater productivity and some customer support functions, and driving organizational efficiency by combining like functions. Further capacity reductions in 2024 and 2025 create additional head count and efficiency challenges, and we are moving quickly to address those through a combination of voluntary programs.

關於我們的成本控制工作，請注意，我們已經制定了到2024 年底的計劃，透過部署自動化和Gen AI 解決方案以提高生產力和一些客戶支援功能，以及透過組合類似功能來提高組織效率等效率工作，人員數量持平至下降。 2024 年和 2025 年的進一步產能削減將帶來額外的人員數量和效率挑戰，我們正在迅速採取行動，透過一系列自願計畫來解決這些問題。

We have essentially frozen and stopped all hiring, except for a limited number of critical positions, and now expect to end 2024 with head count down approximately 2,000 as compared to the end of 2023. Head count will be down again in 2025 through continued efficiency efforts. We are already seeing the benefits of time off without pay program that, in fact, the participation in these programs generated higher-than-expected savings in March, which was one of the factors that contributed to us beating our first quarter CASM-X guidance.

除有限數量的關鍵職位外，我們基本上凍結並停止了所有招聘，目前預計到 2024 年底，員工人數將比 2023 年底減少約 2,000 人。我們已經看到了無薪休假計劃的好處，事實上，參與這些計劃在 3 月產生了高於預期的節省，這是促使我們超越第一季 CASM-X 指導的因素之一。

Last quarter, we laid out a plan that included providing a line of sight to cover our cost of capital in 2024. We are admittedly materially off that plan. Much of the miss comes from external factors, including headwinds from increased market prices for fuel and impacts attributable to the most recent delays in Boeing deliveries, but we aren't accepting that as our fate and are taking swift action against what we can control. So there's a lot going on right now, and we have a good grip and plan around areas of the business where we can improve.

上個季度，我們制定了一項計劃，其中包括提供覆蓋 2024 年資本成本的視線。大部分失誤來自外部因素，包括市場燃料價格上漲帶來的不利因素以及最近波音交付延誤造成的影響，但我們並不接受這是我們的命運，而是針對我們能夠控制的事情迅速採取行動。因此，現在發生了很多事情，我們對可以改進的業務領域有很好的把握和計劃。

As a recap, we are continued to be guided by our goals to drive ROIC performance by making additional network adjustments to specifically address underperforming markets and adjusting capacity, enhancing revenue performance in the intermediate term through marketing and revenue management efforts, offsetting cost pressures with efficiency initiatives and programs to reduce head count and lower discretionary spending, curbing our capacity plans and managing down CapEx and investing in initiatives that create capacity without capital investment.

回顧一下，我們繼續以我們的目標為指導，透過進行額外的網路調整來專門解決表現不佳的市場和調整產能，透過行銷和收入管理工作提高中期收入績效，以效率抵消成本壓力，從而提高投資回報率績效減少員工數量和降低可自由支配支出的舉措和計劃，限制我們的產能計劃並管理資本支出，並投資於無需資本投資即可創造產能的舉措。

And finally, by creating a new set of strategic initiatives to share with you at our Investor Day this September, we will not tolerate underperformance of any kind, and everyone is committed to doing what it takes. I am truly blessed to lead the company with such passionate and dedicated employees, and I am confident that we can and will adjust as needed, as we have in the past, and work to hit our financial targets, which are not negotiable.

最後，透過制定一套新的策略舉措並在今年九月的投資者日與您分享，我們不會容忍任何形式的表現不佳，每個人都致力於採取必要的措施。我真的很幸運能夠領導擁有如此熱情和敬業的員工的公司，我相信我們能夠並且將會像過去一樣根據需要進行調整，並努力實現我們的財務目標，這是不容談判的。

So before I close, I just want to say thank you again to our employees for all that they do every single day. And with that, I will turn it over to Tammy for a more in-depth review of our financial performance and outlook.

因此，在結束之前，我想再次對我們的員工每天所做的一切表示感謝。接下來，我會將其交給 Tammy，以便對我們的財務表現和前景進行更深入的審查。

Thank you, Bob, and hello, everyone. As Bob just covered, this year is not shaping up as we had initially planned. We have never, and will never, accept underperformance. There are a lot of things that contributed to our current position, the impact of continued delivery delays from Boeing, significant market-driven inflationary pressure from new labor contracts, volatile fuel prices and dynamic customer travel patterns.

謝謝你，鮑勃，大家好。正如鮑勃剛剛提到的，今年的情況並沒有像我們最初計劃的那樣。我們從來沒有、也永遠不會接受表現不佳的事實。有許多因素導致了我們目前的處境，包括波音持續延遲交付的影響、新勞動合約帶來的巨大市場驅動的通膨壓力、波動的燃油價格和動態的客戶旅行模式。

Those are all very real reasons, but we will not use them as excuses. Instead, our focus is to control what we can control, to take aggressive actions, to adapt as required and to produce financial returns, period. Bob mentioned the warrior spirit of our employees. It's a very real thing, and it will be a key to our turnaround.

這些都是非常現實的原因，但我們不會以此為藉口。相反，我們的重點是控制我們能控制的事情，採取積極行動，根據需要進行調整併產生財務回報。鮑伯提到了我們員工的戰士精神。這是一件非常真實的事情，它將成為我們扭轉局面的關鍵。

So before I dive in, I want to thank our incredible employees for their resilience, their perseverance and their dedication as we gear up to tackle the challenge we have before us. Ryan and Andrew will speak to our revenue and operations performance in detail, so I'll start with our cost performance before moving to fleet and balance sheet.

因此，在我深入探討之前，我要感謝我們令人難以置信的員工，他們在我們準備好應對擺在我們面前的挑戰時所表現出的韌性、毅力和奉獻精神。瑞安和安德魯將詳細討論我們的收入和營運績效，因此我將從我們的成本績效開始，然後再討論機隊和資產負債表。

Overall, our unit cost, excluding special items, increased modestly, less than 1% year-over-year in first quarter. Our first quarter average fuel price of $2.92 per gallon came in a bit below our guidance range. Market prices have been volatile. And based on the April 18 market, we increased our full year fuel price guidance by roughly $0.15 to a range of $2.70 to $2.80 per gallon, and we're anticipating our second quarter fuel price to fall within that range as well.

整體而言，我們的單位成本（不包括特殊項目）小幅成長，第一季年增幅不到 1%。我們第一季的平均燃油價格為每加侖 2.92 美元，略低於我們的指導範圍。市場價格一直波動較大。根據 4 月 18 日的市場情況，我們將全年燃油價格指導上調了大約 0.15 美元，達到每加侖 2.70 至 2.80 美元的範圍，並且我們預計第二季度的燃油價格也將落在該範圍內。

We are currently 55% hedged here in the second quarter and 58% hedged for the full year. We continue to prudently add to our fuel hedge position for 2026, now 26% hedged, and are currently 47% hedged in 2025. Our treasury team continues to do a great job managing our program as we see cost-effective opportunities to expand our hedging portfolio, with the continued goal to get to roughly 50% hedging protection in each calendar year.

目前，我們在第二季對沖了 55%，全年對沖了 58%。我們繼續謹慎地增加2026 年的燃料對沖頭寸，目前對沖的比例為26%，目前對沖的比例為2025 年的47%。具有成本效益的機會投資組合，持續目標是每年實現約 50% 的對沖保護。

The purpose of our hedge is to provide protection from spikes when we need it most. Over the past 2 years, we have benefited significantly from our hedge portfolio, generating net settlement gains of $872 million and $145 million in 2022 and 2023, respectively. For our 2024, we are currently expecting only a very modest loss, but as Brent gets above $90 a barrel, our position would begin to materially kick in that obviously is helpful insurance to have in this volatile environment.

我們對沖的目的是在我們最需要的時候提供免受尖峰影響的保護。過去兩年，我們從對沖投資組合中獲益匪淺，2022 年和 2023 年分別產生 8.72 億美元和 1.45 億美元的淨結算收益。對於2024 年，我們目前預計只會出現非常溫和的損失，但隨著布倫特原油價格升至每桶90 美元以上，我們的頭寸將開始實質發揮作用，這顯然是在這種動蕩的環境中提供有用的保險。

Moving to nonfuel cost. Our first quarter unit cost, excluding special items, were up 5% year-over-year in first quarter. Of course, that was primarily driven by pressure from new labor agreement and an increase in planned maintenance associated with the -800s coming off their engine honeymoon. This was a point ahead of our previous expectations, primarily from favorable airport settlements, but also from some early benefits from our cost control initiatives, like voluntary time-off programs.

轉向非燃料成本。我們第一季的單位成本（不包括特殊項目）年增 5%。當然，這主要是由於新的勞工協議的壓力以及與結束發動機蜜月的-800相關的計劃維護增加所致。這比我們之前的預期提前了一點，主要是因為有利的機場協議，而且還因為我們的成本控制舉措（例如自願休假計劃）帶來的一些早期好處。

I am very thankful to all the employees who are pitching in to help reduce costs. It's always been part of our culture. And the contributions that our people are making across the company are a sign that our culture is alive and well.

我非常感謝所有致力於幫助降低成本的員工。它一直是我們文化的一部分。我們的員工在整個公司所做的貢獻表明我們的文化仍然充滿活力。

Throughout first quarter, we were reacting and adjusting to continuous information from Boeing on further aircraft delivery delays, causing some additional movement within our CASM-X guidance expectations as we quickly worked to revise our 2024 plans. While Boeing's challenges continue to significantly impact us, I am immensely proud of the way our team continues to handle such a dynamic situation, running multiple forecasting scenarios for critical decision support, including support in adjusting capacity and reoptimizing the network.

在整個第一季度，我們一直在對波音公司關於飛機交付進一步延遲的持續資訊做出反應和調整，導致我們在迅速修改2024 年計劃的同時，在CASM-X 指導預期範圍內發生了一些額外的變化。雖然波音面臨的挑戰繼續對我們產生重大影響，但我對我們的團隊繼續處理這種動態情況的方式感到非常自豪，他們運行多個預測場景來支持關鍵決策，包括支援調整產能和重新優化網路。

Looking to second quarter and full year 2024, we continue to expect similar cost pressures throughout the year, driven primarily by elevated labor costs and maintenance expenses. We currently estimate our second quarter CASM-X to increase in the range of 6.5% to 7.5% year-over-year and our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.

展望 2024 年第二季和全年，我們仍然預計全年將面臨類似的成本壓力，這主要是由於勞動成本和維護費用的上漲。我們目前預計第二季 CASM-X 將年增 6.5% 至 7.5%，全年 CASM-X 年增 7% 至 8%，由於下半年產能計畫降低，與我們之前的全年 CASM-X 指引相比。

The estimated sequential change in nominal CASM-X from first to second quarter is largely in line with historical norms when adjusted for capacity levels. Roughly 5 points of our full year CASM-X guidance is attributable to elevated salaries, wages and benefits expense and roughly 1 point is due to elevated maintenance and materials expense.

根據容量水準進行調整後，第一季至第二季名目 CASM-X 的估計連續變化在很大程度上符合歷史正常水準。我們全年 CASM-X 指導中大約有 5 個點是由於薪水、工資和福利費用增加，大約 1 個點是由於維護和材料費用增加。

While we continue to expect pressure from maintenance costs this year, we have reworked our maintenance plans given our new delivery expectations, and we now expect lower full year 2024 maintenance expense compared with our previous expectations. We are also planning more voluntary leave and time-off programs to further reduce labor expenses and address current overstaffing.

雖然我們仍然預計今年的維護成本將面臨壓力，但鑑於新的交付預期，我們重新制定了維護計劃，並且我們現在預計 2024 年全年維護費用將低於我們先前的預期。我們還計劃推出更多自願休假和休假計劃，以進一步減少勞動力支出並解決當前的人員過剩問題。

Despite these added pressures, which are a direct result of the Boeing aircraft delivery delays, we are aggressively working to control costs, reduce inflationary pressures and cut discretionary spending across all cost categories. I want to reiterate, we are far from satisfied with our current financial performance, and we will work relentlessly until we return to financial prosperity with our North Star being ROIC well exceeding our cost of capital. We will go into a lot more detail on our plans at Investor Day in September of this year.

儘管這些額外的壓力是波音飛機交付延誤的直接結果，但我們仍在積極努力控製成本，減少通膨壓力並削減所有成本類別的可自由支配支出。我想重申，我們對目前的財務表現還遠遠不夠滿意，我們將不懈努力，直到我們恢復財務繁榮，讓我們的北極星投資資本回報率遠遠超過我們的資本成本。我們將在今年 9 月的投資者日詳細介紹我們的計劃。

Now turning to our fleet. We have reacted quickly over the quarter to the updated Boeing delivery delays. We began the quarter with the expectation we receive 79 of our 85 contractual deliveries in 2024. That number dropped to an expected 46 -8 aircraft at the timing of our March 8-K, and has since reduced even further to a conservatively planned 20 -8 aircraft deliveries. Thus far, we have received 5 -8 aircraft from Boeing during the first quarter and have retired 3 -700 aircraft from our fleet.

現在轉向我們的艦隊。本季度我們對更新後的波音交貨延遲做出了迅速反應。在本季開始時，我們預計將在2024 年收到85 架合約交付中的79 架。的20 架 -交付8架飛機。到目前為止，我們第一季已從波音接收了 5 架 -8 飛機，並從我們的機隊中退役了 3 架 -700 飛機。

To reduce distractions and impacts to the business and hedge against further potential delivery delays, we will now plan to hold on to an additional 14 -700 aircraft that were originally planned to retire this year, bringing our expected 2024 total retirements down to 35 aircraft, including 4 -800 lease returns compared with our previous expectation for 49 aircraft retirements.

為了減少對業務的干擾和影響，並避免進一步潛在的交付延誤，我們現在計劃保留原計劃今年退役的另外 14 架 -700 架飛機，使我們預計 2024 年退役的飛機總數降至 35 架。 4 -800 架飛機的租賃回報，而我們先前的預期為49 架飛機退役。

While we remain committed to our fleet modernization, we feel it is prudent to retain some flexibility until we have better certainty around our aircraft deliveries and around the certification of the MAX-7. The updated Boeing delivery expectations has also impacted our capital expenditures and cash flow expectations for the year.

雖然我們仍然致力於機隊現代化，但我們認為，在我們對飛機交付和 MAX-7 認證有更好的確定性之前，保留一定的靈活性是明智之舉。更新後的波音交付預期也影響了我們今年的資本支出和現金流預期。

As a result of the 20 expected aircraft deliveries, we currently expect our capital spending to be approximately $2.5 billion, well below our previous guidance of $3.5 billion to $4 billion. Keep in mind, our 2024 CapEx guidance includes an estimate for progress payments based on our current contractual order book. And CapEx estimates will be fluid until we finish working our plans and aligning on updated expectations for actual 2025 deliveries, which we plan to share at our Investor Day this fall.

由於預計將交付 20 架飛機，我們目前預計資本支出約為 25 億美元，遠低於我們先前 35 億至 40 億美元的指引。請記住，我們的 2024 年資本支出指南包括基於我們目前合約訂單簿的進度付款估算。在我們完成計劃並調整 2025 年實際交付的最新預期之前，資本支出估計將是不穩定的，我們計劃在今年秋天的投資者日分享這一預期。

A quick note on our capacity plans. The Boeing delivery delays did not impact our first quarter capacity, finishing up 11% year-over-year on solid completion factor. Looking ahead, as we rework our capacity plans for the year, we now expect second quarter capacity to be up in the range of 8% to 9% year-over-year.

關於我們的容量計劃的快速說明。波音交貨延遲並未影響我們第一季的產能，完成率年增 11%。展望未來，隨著我們重新制定今年的產能計劃，我們現在預計第二季產能將年增 8% 至 9%。

The majority of the Boeing capacity cuts will occur over the second half of the year, with third quarter capacity expected to increase in the low single digits and fourth quarter capacity expected to decrease in the low to mid-single digits, placing our full year 2024 capacity up approximately 4% all year-over-year. Looking beyond 2024, we plan to keep any future growth at or below macroeconomic growth trends until we reach our long-term financial goals to consistently achieve ROIC well above our cost of capital.

波音公司的大部分產能削減將發生在今年下半年，第三季產能預計將在低個位數成長，第四季產能預計將在低個位數到中個位數下降，從而使我們的2024年全年產能下降產能年增約4%。展望 2024 年以後，我們計劃將未來的成長保持在宏觀經濟成長趨勢或低於宏觀經濟成長趨勢，直到我們實現長期財務目標，持續實現遠高於我們資本成本的投資回報率。

As a reminder, our aircraft delivery and retirement expectations are subject to Boeing's production capability. And we will react as quickly as possible if any further adjustments are needed, with the focus on taking care of our customers and aligning with our financial goals.

提醒一下，我們的飛機交付和退役預期取決於波音的生產能力。如果需要任何進一步的調整，我們將盡快做出反應，重點是照顧我們的客戶並與我們的財務目標保持一致。

Lastly, I am immensely grateful for our balance sheet strength as we move through another challenging year. We ended the quarter with $10.5 billion in cash and short-term investments, with a nearly $1 billion reduction from the prior quarter, driven by the payout of a labor agreement ratification bonuses, which are onetime in nature.

最後，在我們度過又一個充滿挑戰的一年之際，我非常感謝我們的資產負債表實力。本季結束時，我們的現金和短期投資為 105 億美元，比上一季減少了近 10 億美元，這是由於支付了一次性的勞工協議批准獎金。

In addition, we returned $215 million to our shareholders through the payment of dividends, and paid $8 million to retire debt and finance lease obligations. Finally, and most notably, I am proud to report we remain the only U.S. airline with an investment-grade rating by all 3 rating agencies. Both Moody's and Fitch affirmed our rating during first quarter, and S&P reviewed and left our rating unchanged. As ever, maintaining an investment-grade balance sheet is our utmost priority.

此外，我們還透過支付股息向股東返還 2.15 億美元，並支付 800 萬美元用於償還債務和融資租賃義務。最後，也是最值得注意的是，我很自豪地報告，我們仍然是唯一一家獲得所有 3 個評級機構投資等級評級的美國航空公司。穆迪和惠譽都確認了我們第一季的評級，標準普爾則進行了審查並維持我們的評級不變。一如既往，維持投資等級資產負債表是我們的首要任務。

As I close, I want to reiterate that we are not starting the year as we had hoped, and that is undeniably disappointing. However, throughout my years at this wonderful company, I have come to know that a better Southwest is often formed on the heels of adversity. I agree with Bob, that is all because of the fight and warrior spirit of our people. And with that, I will turn it over to Ryan.

在我結束演講時，我想重申，我們並沒有像我們希望的那樣開始新的一年，這無疑令人失望。然而，在這家出色的公司工作的這些年裡，我逐漸了解到，更好的西南航空往往是在逆境之後形成的。我同意鮑伯的觀點，這一切都是因為我們人民的戰鬥和戰士精神。有了這個，我會把它交給瑞安。

Thank you, Tammy. As Bob mentioned, I'm going to provide you with details on our first quarter revenue performance and base trends. I'll also share an outlook for the second quarter and full year, along with what we are assuming in the guide. And most importantly, I will give you some color on the additional actions we are taking to further improve our revenue performance.

謝謝你，塔米。正如鮑勃所提到的，我將向您提供有關我們第一季收入表現和基本趨勢的詳細資訊。我還將分享第二季和全年的展望，以及我們在指南中的假設。最重要的是，我將向您介紹我們為進一步提高收入績效而採取的其他行動。

Starting with first quarter. Unit revenue finished roughly flat on 11% capacity growth, both on a year-over-year basis. The variance to our original guidance is driven by a balance of higher-than-expected completion factor, closed-in leisure volumes that came in below our expectations in the month of March and underperformance in select development markets.

從第一季開始。單位營收與去年同期相比基本持平，運力成長 11%。與我們最初指引的差異是由於完成率高於預期、3 月份封閉休閒量低於我們的預期以及特定開發市場表現不佳的平衡造成的。

Development markets as a portfolio did not meet the maturation expectations, but the story isn't the same for all markets. Several development markets outperformed expectations, particularly Florida Beach destinations. But a few markets weighed down the portfolio. As Bob shared, we have made the difficult decision to address underperforming stations with closures effective August 4 and also to restructure and reduce capacity in other underperforming markets, which are included in our updated June schedule.

發展市場作為一個投資組合並未達到成熟預期，但並非所有市場的情況都相同。多個開發市場的表現超出預期，尤其是佛羅裡達海灘目的地。但有些市場拖累了投資組合。正如鮑勃所言，我們做出了艱難的決定，從8 月4 日起關閉表現不佳的車站，並重組和減少其他表現不佳市場的運力，這些都包含在我們更新的6 月時間表中。

Despite coming in below our expectations, first quarter had strong demand, setting numerous records, including record first quarter operating revenue, ancillary revenue passenger revenue and record first quarter passengers carried, and we also added a quarterly record number of new Rapid Reward members into the program.

Despite coming in below our expectations, first quarter had strong demand, setting numerous records, including record first quarter operating revenue, ancillary revenue passenger revenue and record first quarter passengers carried, and we also added a quarterly record number of new Rapid Reward members into the程式.

In addition to these records, we were also really pleased to see the continued incremental benefits from our investments in managed business as first quarter managed business revenue grew 25% year-over-year and was roughly flat to 2019 levels. We continue to pick up market share year-over-year as we perform in line with or above the rest of the industry. Finally, from a geographical perspective, we saw the strongest year-over-year improvements coming from the West Coast and the Northeast, regions where demand has been slower to return post-COVID.

除了這些記錄之外，我們還非常高興地看到我們對託管業務的投資持續帶來增量收益，第一季託管業務收入同比增長 25%，與 2019 年的水平大致持平。由於我們的表現與行業其他公司一致或高於其他公司，我們的市場份額繼續逐年上升。最後，從地理角度來看，我們看到最強的年比改善來自西海岸和東北部，這些地區在新冠疫情後需求恢復速度較慢。

I also want to stress that we had a better than historically normal sequential trend in nominal unit revenue. We are seeing improvement in revenue productivity and demand. Nominal RASM in the first quarter came in flat to fourth quarter, despite first quarter historically being seasonally softer than fourth quarter. And this is particularly true in a post-COVID environment, where peaks and troughs are magnified.

我還想強調的是，我們的名目單位收入的連續趨勢好於歷史正常水準。我們看到收入生產力和需求有所改善。第一季的名義 RASM 與第四季持平，儘管第一季的季節性表現比第四季還要疲軟。在新冠疫情後的環境中尤其如此，高峰和低谷都被放大了。

To illustrate this point, consider 2018 the most recent year in which Easter fell in the last weekend of March. Nominal RASM declined sequentially 5 points. So even in this seasonally challenged quarter, the sequential performance was much better than our best holiday comparison. The most significant driver of this sequential improvement was our network optimization efforts, but we also saw a benefit from our other revenue initiatives, especially managed business investments.

為了說明這一點，請考慮 2018 年是復活節在 3 月最後一個週末的最近一年。名目RASM季減5點。因此，即使在這個季節性挑戰的季度，連續表現也比我們最好的假期比較要好得多。這種連續改進的最重要驅動力是我們的網路優化工作，但我們也看到了其他收入計劃的好處，特別是託管業務投資。

Looking to second quarter, we expect our ninth consecutive quarter of record revenue performance. In fact, we expect an all-time quarterly record for operating revenue. Second quarter 2024 RASM, after being calibrated for recent booking trends, is now expected to decrease in the range of 1.5% to 3.5% year-over-year. The year-over-year comparison includes a little over 1 point of headwind for holiday timing, both from outbound Easter shifting to the first quarter and for more outbound for the July travel shifting to third quarter.

展望第二季度，我們預計我們將連續第九個季度創紀錄的營收表現。事實上，我們預期營業收入將創歷史新高。根據最近的預訂趨勢進行校準後，2024 年第二季的 RASM 目前預計將年減 1.5% 至 3.5%。與去年同期相比，假期時間的逆風略多於 1 個百分點，原因是復活節出境游轉移到第一季度，以及 7 月更多出境遊轉移到第三季度。

On a nominal sequential basis, this also implies another quarter of better than seasonally normal RASM improvement. Looking beyond second quarter, network planning teams are still reworking schedules in the back half of the year to accommodate Boeing delivery delays.

從名義上連續來看，這也意味著 RASM 改善又優於季節性正常水平。展望第二季之後，網路規劃團隊仍在重新制定下半年的時間表，以適應波音交付延遲的情況。

After adjusting expectations for both current booking trends and for Boeing delivery delays, we are forecasting 2024 operating revenue growth to approach high single digits on a year-over-year basis. This expected revenue growth implies healthy RASM growth in the back half of the year, driven by revenue initiatives as well as a reduction in year-over-year trips.

在調整對當前預訂趨勢和波音交付延遲的預期後，我們預測 2024 年營業收入年增率將接近高個位數。這一預期的收入成長意味著今年下半年 RASM 的健康成長，這是由收入計劃以及同比旅行減少所推動的。

While our development market maturation efforts are off track, which I'll discuss in a moment, our other revenue initiatives are expected to continue to drive value over the balance of the year. In fact, network optimization benefits contributed roughly $100 million in incremental revenue in March alone, primarily from reductions to shoulder flying, early morning and late evening flights and short haul flying.

雖然我們的開發市場成熟努力偏離了正軌（我稍後將討論這一點），但我們的其他收入計劃預計將在今年餘下時間繼續推動價值。事實上，網路優化帶來的收益僅在 3 月就貢獻了約 1 億美元的增量收入，主要來自肩扛飛行、清晨和深夜航班以及短途飛行的減少。

For full year, the incremental year-over-year pretax profits from our strategic initiatives is now estimated to be between $1 billion and $1.5 billion. After being updated for first quarter actual performance, development market adjustments and capacity changes in the back half of the year. The vast majority of the initiatives delivering value in 2024 continue to be revenue related.

就全年而言，我們的策略舉措帶來的年比稅前利潤增量預計在 10 億至 15 億美元之間。更新一季實際業績、下半年開發市場調整及產能變動。到 2024 年，絕大多數創造價值的措施仍然與收入相關。

So while we are encouraged to see strong demand for our brand and solid sequential improvement, it is short of our goals. And as Bob and Tammy shared, it's simply not enough given the escalation of market-driven inflationary cost pressures. Therefore, we are taking actions to generate both immediate and longer-term revenue enhancements.

因此，雖然我們欣喜地看到對我們品牌的強勁需求和紮實的連續改進，但這還達不到我們的目標。正如鮑勃和塔米所言，鑑於市場驅動的通膨成本壓力不斷升級，這根本不夠。因此，我們正在採取行動來增加即時和長期的收入。

We have stood up cross-functional teams to focus on things like accelerating the maturation of development markets further boost the value being delivered by our relatively new revenue management system and roll out new products and highlight our superior value proposition with our new brand campaign. We also have a larger team that is finalizing a more significant set of strategic initiatives, and they're tasked with delivering transformational streams of revenue productivity. Of course, we'll have more to share on this topic at Investor Day.

我們成立了跨職能團隊，專注於加速開發市場的成熟等工作，進一步提高我們相對較新的收入管理系統所提供的價值，推出新產品，並透過新的品牌活動突顯我們卓越的價值主張。我們還有一個更大的團隊，正在最終確定一組更重要的策略計劃，他們的任務是提供收入生產力的轉型流。當然，我們將在投資者日分享更多關於這個主題的內容。

As we build our plans, we will focus on leveraging our strengths, including those of our network, which, while it has optimization opportunities, remains incredibly relevant and well positioned based on size and population migration trends. We continue to hold the top position in 22 of the largest 50 domestic markets, and we are by far the market leader in that regard. Also, we're well positioned for the future as population and GDP growth trends are forecast to be strongest in the Southern and Mountain West regions of the country, regions where we have significant leadership.

在製定計劃時，我們將專注於利用我們的優勢，包括我們網路的優勢，儘管我們的網路具有優化機會，但根據規模和人口遷移趨勢，它仍然具有令人難以置信的相關性和良好的定位。我們在最大的 50 個國內市場中的 22 個市場中繼續保持領先地位，並且是迄今為止的市場領導者。此外，我們為未來做好了充分的準備，因為預計該國南部和西部山區的人口和 GDP 成長趨勢將最為強勁，而我們在這些地區擁有顯著的領導地位。

We'll also lean into the customer experience we deliver. Year-to-date, our Trip Net Promoter Score is up over 5 points year-over-year. And finally, we continue to enhance our award-winning Rapid Rewards program. Just this week, we began rolling out the ability to book and pay with part cash and part Rapid Rewards points, which I expect to be very popular with our customers.

我們還將專注於我們提供的客戶體驗。今年迄今為止，我們的旅行淨推薦值年增超過 5 個百分點。最後，我們繼續加強屢獲殊榮的快速獎勵計劃。就在本週，我們開始推出使用部分現金和部分快速獎勵積分進行預訂和支付的功能，我預計這將非常受我們的客戶歡迎。

So in closing, we have a large and relevant network, a strong demand environment and a loyal and highly engaged customer base. We also have the best people whom I want to sincerely thank. And we are committed to being aggressive and innovative as we adapt, adjust and evolve to meet the preferences of our customers and to unlock the revenue productivity required to meet our financial imperatives. With that, I'll turn it over to you, Andrew.

總之，我們擁有龐大的相關網絡、強大的需求環境以及忠誠且高度參與的客戶群。我們還有最優秀的人，我要真誠地感謝他們。我們致力於積極進取和創新，不斷適應、調整和發展，以滿足客戶的偏好，並釋放滿足我們財務需求所需的收入生產力。這樣，我就把它交給你了，安德魯。

Thank you, Ryan, and hello, everyone. I'd like to start out by thanking our incredible Southwest employees for continuing to deliver a strong operational performance. We produced a solid first quarter completion factor of 98.5%, our highest first quarter performance over the past 5 years. We delivered year-over-year improvement in early morning originators, turn compliance and turn differential and mishandled bag rate, and again saw a year-over-year improvement in our Trip Net Promoter Score, as Ryan mentioned. Our on-time performance declined slightly year-over-year, largely due to weather challenges and delays driven by ATC programs.

謝謝你，瑞安，大家好。首先，我要感謝我們優秀的西南航空員工持續提供強勁的營運表現。我們第一季的完成率達到了 98.5%，這是我們過去 5 年來最高的第一季業績。正如瑞安所提到的，我們在清晨始發者、轉彎合規性、轉彎差異和誤處理行李率方面實現了同比改善，並且我們的旅行淨推薦值再次同比改善。我們的準點率較去年同期略有下降，這主要是由於天氣挑戰和空中交通管制計畫造成的延誤。

However, I'm pleased to report that we improved year-over-year on-time performance for the month of March. I'm proud of the hard work and investments made to bolster our winter preparedness and modernize our operations, and I'm encouraged to see these efforts pay off in our operational performance.

不過，我很高興地報告，我們 3 月的準點率比去年同期有所提高。我為加強冬季準備和實現營運現代化而付出的辛勤工作和投資感到自豪，看到這些努力在我們的營運績效中得到回報，我感到很鼓舞。

Picking up where Bob and Tammy left off, I want to stress that we remain focused on wringing out operational inefficiencies, increasing asset productivity and creating operating leverage by reducing structural costs. Our Southwest Turn initiative, which Bob shared, is tracking ahead of schedule and is a critical component of these efforts.

繼續鮑勃和塔米的觀點，我想強調，我們仍然致力於消除營運效率低下、提高資產生產力以及透過降低結構成本來創造營運槓桿。鮑勃分享的我們的西南轉向計劃正在提前實施，並且是這些努力的重要組成部分。

One of the key elements include eliminating the need for printing on every flight, reducing the number of employee trips up and down the jet bridge, and recovering faster during the regular operations. We reached an important milestone in this multiyear effort just last week, with the launch of electronic flight folders, which modernized several of our flight planning processes by digitizing documents used by our pilots, dispatchers and ops agents.

關鍵要素之一包括消除每次航班上列印的需要、減少員工在登機橋上往返的次數以及在正常運作期間更快地恢復。就在上週，我們在這項多年努力中實現了一個重要的里程碑，推出了電子飛行文件夾，透過對飛行員、簽派員和運營代理使用的文件進行數位化，使我們的幾個飛行計劃流程實現了現代化。

We also continue to make progress on modernizing the airport experience, and that initiative is also coming together faster than originally planned. Our efforts for improving the lobby customer experience are on track to provide improvement to staffing standards ahead of the original schedule. We are working on updated schedules and look forward to sharing those with you as well.

我們在機場體驗現代化方面也持續取得進展，而且該措施的實施速度也比原計畫更快。我們改善大堂客戶體驗的努力正按計畫提前改善人員配備標準。我們正在製定更新的時間表，並期待與您分享。

I'd also like to highlight a new application called SkyPath we recently implemented and planned for our pilots and dispatchers to provide better awareness of turbulence along a flight path. This industry-leading system uses iPad sensors and GPS data from pilot's electronic flight bags to turbulence in real time, aggregating and sharing data from across -- from users across several airlines in North America.

我還想強調一個名為 SkyPath 的新應用程序，我們最近為飛行員和調度員實施和計劃，以更好地了解飛行路徑上的湍流。這個業界領先的系統使用 iPad 感測器和來自飛行員電子飛行包的 GPS 數據來即時匯總和共享來自北美多家航空公司用戶的數據。

Our teams worked cross-functionally to accelerate the launch of this app for the spring season when we intend to see more turbulence across the network. And it's another tool we can use to support employees with additional information for decision-making, improve the onboard experience for customers and reduce operational risk.

我們的團隊跨職能合作，加快了該應用程式在春季的推出速度，因為我們打算在整個網路中看到更多的動盪。這是我們可以用來為員工提供決策所需的額外資訊、改善客戶的機上體驗並降低營運風險的另一個工具。

We look forward to sharing more on these and expensive of multiyear initiative-based efforts at Investor Day in September. Finally, I'd like to close by congratulating all of our employees who reached agreements on new contracts over the past year or a little bit more than a year plus. Each contract requires a significant amount of work. And as always, we remain committed to rewarding our deserving employees. With that, I'll turn it back over to Julia.

我們期待在 9 月的投資者日分享更多關於這些以及昂貴的多年倡議努力的資訊。最後，我要祝賀所有在過去一年或一年多的時間裡達成新合約協議的員工。每份合約都需要大量的工作。一如既往，我們仍然致力於獎勵我們應得的員工。有了這個，我會把它轉回給朱莉婭。

Great. Thanks, Andrew. That completes our prepared remarks. We will now open the line for analyst questions. To allow for as many calls as possible, we ask that you limit yourself to one question and a brief follow-up, if needed. We will now take the first question.

偉大的。謝謝，安德魯。我們準備好的發言就到此結束了。我們現在將開通分析師提問專線。為了允許盡可能多的電話，我們要求您只回答一個問題，並在需要時進行簡短的後續。我們現在回答第一個問題。

(Operator Instructions) Our first question today comes from Michael Linenberg with Deutsche Bank.

（操作員說明）我們今天的第一個問題來自德意志銀行的 Michael Linenberg。

I guess, Tammy, I just want to -- on the bonuses to the employees incurred in the March quarter, just can you remind us that number again? I thought you -- I heard it. And then is it just we're going to see another piece in the second quarter with the approval of the flight attendant contract, by the way, congratulations, but another piece in the second? And then is that it for the year? If you can just remind me of those numbers.

我想，塔米，我只是想 - 關於三月份季度向員工發放的獎金，您能再次提醒我們這個數字嗎？我以為你——我聽到了。那麼，隨著空乘合約的批准，我們是否會在第二季度看到另一件作品，順便說一句，恭喜，但第二季度還有另一件作品？那麼今年就這樣了嗎？如果你能提醒我這些數字就好了。

Yes. Mike, thanks for the question. First of all, we are thrilled to have an agreement with our wonderful flight attendants. And at the end of the quarter, we had roughly $625 million accrued for labor agreements that we expect to pay out for the remainder of this year.

是的。麥克，謝謝你的提問。首先，我們很高興與我們優秀的空服員達成協議。截至本季末，我們已為勞工協議累積了約 6.25 億美元，預計將在今年剩餘時間內支付。

Okay. Great. And then just my second question, Ryan, I recently, I've seen you give some presentations and talk about red eyes and red eye flying coming to Southwest Airlines. And I think you said it's about a 2-year time frame. I'm just curious, what are the gating issues? What are the things that need to get done to be able to actually implement them? Because it does seem like a pretty long time, but I do realize it is something new for Southwest.

好的。偉大的。接下來是我的第二個問題，Ryan，我最近看到您做了一些演示，並談論了西南航空的紅眼和紅眼飛行。我想你說過大約是兩年的時間範圍。我只是好奇，門禁問題是什麼？需要做哪些事情才能真正實施？因為這看起來確實是相當長的時間，但我確實意識到這對西南航空來說是新鮮事。

Yes. Mike, the -- we can move technology time lines around by reprioritizing things here and there. And so some of the gating -- there are crew scheduling changes that need to be made on a -- from a red eye standpoint. There are some changes that need to be made with some of our operational systems. And we can choose how fast or how fast to do those things and what elements go before or after them. So the 2-year was a rough estimate. We can go faster than that if we choose to do so. But it's just kind of a myriad of technology-related items.

是的。麥克，我們可以透過重新調整事物的優先順序來改變技術時間線。因此，從紅眼的角度來看，一些門控——需要對機組人員的日程安排進行更改。我們的一些作業系統需要進行一些更改。我們可以選擇做這些事情的速度或速度，以及在它們之前或之後放置哪些元素。所以兩年是粗略的估計。如果我們選擇這樣做，我們可以走得更快。但這只是無數與科技相關的項目。

Yes, this is Andrew. I'll add on. Some of the kind of bigger issues that slowed us down was with our crew contracts, our reserve periods. We had 2 reserve periods, for the pilots, in particular, and didn't allow for good coverage of red eyes. And so with a new contract, we'll eventually go to 3 reserve periods and allow us to better have reserve pilots on standby should there be a problem.

是的，這是安德魯。我會補充一下。一些讓我們放慢腳步的更大問題是我們的船員合約、我們的預備期。我們有兩個保留期，特別是對於飛行員來說，並且沒有很好地覆蓋紅眼。因此，透過新合同，我們最終將進入 3 個預備期，以便在出現問題時更好地讓預備飛行員待命。

So we didn't want to have those -- on a larger scale, those flights unexposed -- or exposed, rather, to no reserve. So the new contracts allow us the flexibility to have extra reserve periods, and that makes us much more comfortable proceeding.

因此，我們不想讓這些——在更大的範圍內，那些航班不暴露——或者更確切地說，沒有保留。因此，新合約使我們能夠靈活地擁有額外的保留期，這使我們更加放心地進行。

And Mike, this is Bob. You didn't ask this, but on the why, maybe not just the. Timing. But obviously, we've known for a long time, our customers want red eye flying. It's a little bit limited in scope, but there are red eye flights that are very desirable for our customers. And so we wanted to do this.

麥克，這是鮑伯。你沒有問這個，但問的是為什麼，也許不只是這個。定時。但顯然，我們很早就知道，我們的客戶想要紅眼飛行。範圍有點有限，但有一些紅眼航班非常適合我們的客戶。所以我們想這樣做。

It also allows us to add capacity, just like this turn work where you can add the capacity, and there's no CapEx related. You are just using the aircraft at higher utilization. So that's something we want to do, obviously.

它還允許我們增加容量，就像這個輪流工作一樣，您可以添加容量，並且沒有資本支出相關。您只是以更高的利用率使用飛機。顯然，這就是我們想做的事。

And then in a period here where we are overstaffed because we were shooting for a higher fleet number. Any incremental flying like that, that makes sense. Obviously, it alleviates at least a piece of that overstaffing with our pilots. So that's one to give a background on the why in addition to the long.

然後，在一段時間內，我們人手過剩，因為我們正在爭取更多的機隊數量。任何像這樣的增量飛行都是有道理的。顯然，它至少緩解了我們飛行員的臃腫問題。除了長篇大論之外，這是一個關於原因的背景介紹。

The next question is from David Vernon with Bernstein.

下一個問題是大衛·弗農和伯恩斯坦提出的。

So Bob or Ryan, I think last quarter, we were talking about premium on the call. And you guys had made the comment that this is something that's cyclical, it comes up, it goes down. People put too much -- too many premium products in the cabin, and then they have to take them away in the down cycle.

所以鮑勃或瑞安，我想上個季度，我們正在討論電話會議的溢價。你們評論說這是周期性的，它出現，它下降。人們在機艙裡放了太多優質的產品，然後他們不得不在下行週期中將它們拿走。

Is the work that you're doing now in terms of looking at the product a sign that this shift could be something more permanent? Can you guys just help us understand how your view of the market may be changing a little bit that's precipitating this sort of more strategic review?

現在您在產品方面所做的工作是否表明這種轉變可能會更加持久？你們能否幫助我們了解你們對市場的看法可能會如何發生一些變化，從而促成​​這種更具策略性的審查？

You bet, and thanks for the question. I think maybe I'd just start a little wider, which is we are always studying what our customer preferences are and if they're changing. That's now, over time -- and we're committed to meeting them. It's over time, we've added things like WiFi, and now we're adding seat power. We've added larger overhead bins, and so we're committed to meeting our customers' preferences.

你打賭，謝謝你的提問。我想也許我應該從更廣泛的角度開始，我們一直在研究客戶的偏好是什麼以及他們是否正在改變。現在就是這樣，隨著時間的推移，我們致力於滿足這些要求。隨著時間的推移，我們添加了 WiFi 等功能，現在我們正在添加座椅​​電源。我們增加了更大的頭頂行李箱，因此我們致力於滿足客戶的偏好。

And just to be transparent, we've been seriously studying this question around onboard seating in our cabin for a while. And to get at what you just said, which is an understanding of what customer expectations are today, I'm proud of our product today and our customers love it. But it was designed at a time when load factors were lower.

為了透明起見，我們一段時間以來一直在認真研究機艙內座位的這個問題。為了了解您剛才所說的，即了解當今客戶的期望，我為我們今天的產品感到自豪，我們的客戶喜歡它。但它是在負載係數較低的時候設計的。

And higher load factors do change the way preferences work, the operation works and also our customer. The customer expectations change over time. So there's no decision. There's nothing to report, other than we are seriously looking at this. But early indications, both for our customers and for Southwest, look pretty darn interesting. So I'll just leave it there and more to follow.

更高的負載係數確實會改變偏好的運作方式、營運方式以及我們的客戶。客戶的期望隨著時間的推移而改變。所以沒有決定。除了我們正在認真研究此事之外，沒有什麼可報告的。但對於我們的客戶和西南航空來說，早期跡像看起來非常有趣。所以我就把它留在那裡，還有更多內容要跟進。

I appreciate that. And maybe just as a follow-up on the same topic. Is this -- if you were to go down this path, obviously, there's going to be cost of the cabin. But technologically, from a passenger service system and all that kind of stuff, like how complicated might that be to kind of think about doing things like seat assignments or segregating the cabin in some harder way? Is that a big technological challenge? Or is that something you guys already have the capability to do but just aren't doing?

我很感激。也許只是作為同一主題的後續行動。如果你要走這條路，顯然，會產生小屋的成本。但從技術上來說，從乘客服務系統和所有類似的東西來看，考慮像座位分配或以某種更困難的方式隔離客艙之類的事情會有多複雜？這是一個巨大的技術挑戰嗎？或者這是你們已經有能力做但沒有做的事情？

Well, we just don't -- I don't want to get into details because a lot of those we don't have. Again, we're looking at customer preference. Obviously, the -- how would you do it technically, how long would it, what impact, if any, would it have on the operation? Obviously, what's the financial impact?

好吧，我們只是不知道——我不想透露細節，因為很多細節我們都沒有。同樣，我們正在考慮客戶的偏好。顯然，從技術上講，你將如何做到這一點，需要多長時間，它會對營運產生什麼影響（如果有的話）？顯然，這對財務有何影響？

All of those things beyond the customer preference go on to how you make your decision. So again, I'll just say we're looking at this very seriously and more to come. And we look forward to sharing where we are at our Investor Day on September 26.

所有超出客戶偏好的事情都取決於您如何做出決定。再說一遍，我只想說，我們正在非常認真地看待這個問題，並且未來還會有更多的事情發生。我們期待在 9 月 26 日的投資者日分享我們的進展。

And I'd add, Bob, our PSS is the industry standard Amadeus tool, which obviously works in those environments. So the underlying system is not prohibited from doing that.

我想補充一點，鮑勃，我們的 PSS 是行業標準的 Amadeus 工具，顯然可以在這些環境中工作。所以底層系統不被禁止這樣做。

That's right.

這是正確的。

The next question is from Duane Pfennigwerth with Evercore ISI.

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

Just geographically, can you speak to how much differentiation you're seeing in unit revenue trends? You have a pretty broad-based domestic network. Could you just comment on like relative strength versus relative weakness geographically across the country?

就地理位置而言，您能談談您在單位收入趨勢中看到的差異有多大嗎？你們擁有相當廣泛的國內網絡。您能否評論一下全國範圍內的相對優勢與相對劣勢？

Duane, I think there is definitely regional performance. I mentioned in the prepared remarks that the West Coast did well. Particularly intra-Cal RASM and margins are up double digits year-over-year. Phoenix is doing really well. Vegas is doing really well. Of course, Vegas had some assistance there with the Super Bowl being there in February in the first quarter.

杜安，我認為肯定有區域表現。我在準備好的發言中提到，西海岸表現不錯。特別是加州內部的 RASM 和利潤率年增了兩位數。菲尼克斯的表現確實不錯。維加斯的表現非常好。當然，拉斯維加斯在二月份第一季度舉行的超級盃比賽中得到了一些幫助。

But all those markets performing very, very well. The Northeast performed well. In Florida, there's been a lot of talk about Florida. Florida, we have above system average RASM. In Florida, it's come under pressure with some of the capacity growth there, but still, RASM is above system averages in Florida. So there's strength across the network.

但所有這些市場的表現都非常非常好。東北表現良好。在佛羅裡達州，有很多關於佛羅裡達州的討論。佛羅裡達州，我們的 RASM 高於系統平均值。在佛羅裡達州，由於部分產能成長，它面臨壓力，但 RASM 仍然高於佛羅裡達州的系統平均值。所以整個網路都有力量。

Of course, we've got some weaknesses in the development markets, which we've talked about. And we've got plans underway to address with the station closures that we've talked about. And then we've restructured some of those development markets and some of the schedules that we've had to republish here as a result of the Boeing delivery delays.

當然，我們在開發市場中也存在一些弱點，我們已經討論過。我們正在製定計劃來解決我們已經討論過的車站關閉問題。然後，我們重組了其中一些開發市場和一些時間表，由於波音交付延遲，我們不得不在這裡重新發布這些時間表。

But yes, there's -- as always, with the network, the -- it's a portfolio, and you've got markets that performed better than others. We're focused on making some improvements in those development markets.

但是，是的，與往常一樣，網路是一個投資組合，而且你擁有比其他市場表現更好的市場。我們專注於在這些開發市場中做出一些改進。

Okay. Appreciate the thoughts. And then just on your capacity exit rate, why was it down low singles, low to mid-singles by the fourth quarter. How should we be thinking about early 2025? And are we still in a dynamic, where seats are down more than ASMs. In other words, I think that was by several points, maybe 5 points or so that seats were trailing ASMs. Is that still the dynamic in the fourth quarter?

好的。欣賞這些想法。然後就產能退出率而言，為什麼到第四季它會下降到低單打、低單打到中單打。我們該如何思考 2025 年初？我們是否仍處於動態中，席次下降幅度超過 ASM。換句話說，我認為席位落後 ASM 幾個百分點，也許是 5 個百分點左右。第四季仍然如此嗎？

Yes, Duane, thank you. And again, I'll just remind you that we're -- this is all very fluid as we work with Boeing on their delivery estimates. And obviously, '25 is more fluid than '24. And also, we are choosing how work -- so as we get some indication from Boeing, we're choosing how we're going to plan, which may be different because we don't want to have to go through this replanning the schedules over and over and over because it's very, very disruptive.

是的，杜安，謝謝你。我再次提醒您，當我們與波音公司合作估算交付量時，一切都非常不穩定。顯然，'25 比 '24 更具流動性。而且，我們正在選擇工作方式——因此，當我們從波音公司得到一些指示時，我們正在選擇計劃的方式，這可能會有所不同，因為我們不想重新規劃時間表一遍又一遍，因為它非常非常具有破壞性。

So it's early to give you a signal on '25. But that said, I just would point out again that any capacity is going to come through either gauge or initiative-based additions, again, like the turn time work or red-eye flying. And so, again, it's too early, but I think you're thinking directionally correctly. I'll just stop there. And Tammy, unless you want to add something?

因此，25 日向您發出信號還為時過早。但話雖如此，我只是想再次指出，任何能力都將透過基於儀表或基於主動性的添加來實現，例如輪班工作或紅眼飛行。所以，再說一遍，現在還為時過早，但我認為你的思考方向是正確的。我就到此為止吧。塔米，除非你想添加一些東西？

No. The only thing I just might reiterate is we'll look to align our capacity growth for 2025 with demand. So we've got a little bit of time here. And obviously, one thing I'd point out is we do have fleet flexibility by design. So we'll continue to evaluate that. And then just at a higher level, again, we do plan to grow below macroeconomic growth trends until we get our financial going in the right direction to achieve our goals.

不會。所以我們在這裡有一點時間。顯然，我要指出的一件事是，我們在設計上確實擁有機隊靈活性。所以我們將繼續評估這一點。然後，在更高的層面上，我們確實計劃將成長速度低於宏觀經濟成長趨勢，直到我們的財務朝著正確的方向發展以實現我們的目標。

And maybe the other thing to add, too, just to disconnect from Boeing, is the work on the network that work to moderate -- significantly moderate our capacity isn't just Boeing. I mean, this is something we need to do. We need to manage ourselves, manage our appetite, continue to mature the network, continues, as Ryan said, to work on the part of the network that is underperforming and moderate our capacity until we are hitting our financial targets.

也許還需要補充的另一件事，只是與波音公司斷開連接，是網路上的工作正在努力調節——顯著調節我們的能力不僅僅是波音公司。我的意思是，這是我們需要做的事情。我們需要管理自己，管理我們的胃口，繼續使網路成熟，正如瑞安所說，繼續對錶現不佳的網路部分進行工作，並調整我們的容量，直到我們實現我們的財務目標。

Obviously, moderating your capacity manages down CapEx. Managing down CapEx is critical to free cash flow. It all helps us achieve our ROIC targets. So I don't want to lay this at the feet. The capacity discipline and the network adjustments are Boeing. We are doing those things because we need to do those things to restore our financial -- our progress against our financial targets, and we will absolutely continue on that path until we get there.

顯然，調節容量可以降低資本支出。降低資本支出對於自由現金流至關重要。這一切都有助於我們實現投資報酬率目標。所以我不想把這個放在腳下。容量紀律和網路調整由波音負責。我們正在做這些事情，因為我們需要做這些事情來恢復我們的財務——我們在實現財務目標方面取得的進展，我們絕對會繼續沿著這條道路走下去，直到我們實現這一目標。

And I think you take the sources of growth that Bob talked about and the network restructure, that does imply that our central tenancy is for seats to trail ASMs and for trips to trail seats. That's a natural consequence of those actions.

我認為你考慮了鮑勃談到的成長來源和網路重組，這確實意味著我們的中央租賃是追蹤 ASM 的席位和追蹤席位的旅行。這是這些行動的自然結果。

The next question is from Jamie Baker with JPMorgan.

下一個問題來自摩根大通的 Jamie Baker。

Yes. So Tammy, how should we be thinking about operating cash flow for the rest of the year? I mean we've got the retro component in there with the flight attendants. But presumably, a weaker demand outlook suggests some pressure on the air traffic liability. And then related, I guess, somewhat to that, the dividend consumes, what, $450 million a year, $450 million of cash. Any idea how the Board is thinking about that in light of some of the challenges that you articulated today?

是的。那麼塔米，我們該如何考慮今年剩餘時間的營運現金流？我的意思是，我們在空服員中加入了復古元素。但據推測，需求前景疲軟顯示空中交通責任面臨一定壓力。然後，我想，與此相關的是，股息每年消耗 4.5 億美元，4.5 億美元的現金。鑑於您今天提出的一些挑戰，您知道董事會如何考慮這個問題嗎？

Yes. Jamie, we're focused, as Bob said, on generating free cash flow. Ultimately, we're working to restore our financial returns. So this year, we're very focused on what we can control. And we are working on lowering our CapEx. That's already come down quite a bit, as we've already shared. And just in terms of the liquidity targets that we have established with our Board, we do have a minimum cash target of $6 billion, which, of course, is on top of our revolver. So we're really working to manage, obviously, our operating cash flows and very focused on that, as we've taken you through in our remarks, and also working to balance that with our capital spending.

是的。傑米，正如鮑伯所說，我們專注於產生自由現金流。最終，我們正在努力恢復我們的財務回報。所以今年，我們非常關注我們可以控制的事情。我們正在努力降低資本支出。正如我們已經分享的那樣，這個數字已經下降了很多。就我們與董事會制定的流動性目標而言，我們確實有 60 億美元的最低現金目標，當然，這是我們左輪手槍的上限。因此，顯然，我們確實在努力管理我們的營運現金流，並且非常關注這一點，正如我們在演講中向您介紹的那樣，我們還努力平衡現金流與我們的資本支出。

So we are happy that we have our dividends reinstated. So no plans, at least, at this point, with the Board. But obviously, we'll continue to have those discussions as we move throughout the year.

因此，我們很高興我們恢復了股息。因此，至少目前董事會還沒有任何計畫。但顯然，隨著全年的進展，我們將繼續進行這些討論。

And again, Jamie, too, we -- our goal, as ever, is to maintain our investment-grade balance sheet and work towards our long-term leverage goal, which is in the low to mid-30% range. Obviously, we're sitting higher than that now, but we have our eye on that goal as well.

再說一次，傑米，我們的目標一如既往，是維持我們的投資等級資產負債表，並努力實現我們的長期槓桿目標，即 30% 的低至中水平。顯然，我們現在的目標比這個更高，但我們也著眼於這個目標。

Okay. And then Bob, so question, when you report earnings, does management then break up and host townhalls throughout the company. The reason I ask is that some airlines, some companies do that. I honestly don't know of Southwest. But I have to wonder, I mean, is the tone with the front line as somber as it is on this call? I mean, I guess it's hard to answer. But if I was in Baltimore right now, chatting up employees, do they get what's going on right now and just how grim this guide is?

好的。然後鮑勃，那麼問題來了，當你報告收益時，管理層是否會解散並在整個公司舉辦市政廳。我問的原因是有些航空公司、有些公司會這樣做。說實話，我對西南航空一無所知。但我不得不想，我的意思是，前線的語氣是否像這次通話中一樣陰沉？我的意思是，我想這很難回答。但如果我現在在巴爾的摩，與員工聊天，他們是否了解現在正在發生的事情以及本指南有多嚴峻？

And the reason I ask is that clients are asking me if today's messaging is just reserved for Wall Street or if this is truly an all-hands-on-deck call for change, much like what Richard Anderson delivered at Delta in 2012, which, in fairness, did represent a real turn for that franchise. Any thoughts?

我問這個問題的原因是，客戶問我今天的訊息是否只是為華爾街保留的，或者這是否真的是全員呼籲變革，就像理查德·安德森(Richard Anderson) 2012 年在達美航空發表的演講一樣，公平地說，這確實代表了該系列的真正轉變。有什麼想法嗎？

Yes. Jamie, there's a lot in your question. So let me just start with we -- just to balance things out. Our financial returns are nowhere close to what we need and what we want them to be, period. And we will be relentless until we achieve those. The company -- so that is absolute.

是的。傑米，你的問題很多。因此，讓我從我們開始——只是為了平衡事情。我們的財務回報遠未達到我們所需要的和我們想要的，就這樣。我們將堅持不懈，直到實現這些目標。公司——所以這是絕對的。

The company is not grim. In other words, we have significant demand for our product. We have awesome employees. We have real improvement in our operational performance and reliability. We had the best completion factor in 5 years. We have some of our highest NPS scores ever, on and on and on. So the company has a pile of just absolute attributes that our customers love. So I would sort of separate the grim in terms of our financial returns, which I agree, and the company is grim.

公司情況並不嚴峻。換句話說，我們的產品有很大的需求。我們有很棒的員工。我們的營運績效和可靠性得到了真正的提升。我們擁有五年來最好的完成率。我們有一些有史以來最高的 NPS 分數。因此，該公司擁有一堆我們的客戶喜愛的絕對屬性。因此，我會根據我們的財務回報來區分嚴峻的情況，我同意這一點，而公司的情況很嚴峻。

Now your second -- your question is, is that -- does everybody know that? And are we aligned? Absolutely. We had a special all-senior leader meeting Tuesday, as an example, before this, to walk through exactly what we need to be doing, how to be thinking, what to be doing around the plan, how to be executing.

現在你的第二個問題——你的問題是——每個人都知道嗎？我們是否一致？絕對地。例如，在此之前，我們週二舉行了一次特別的全高級領導人會議，以明確我們需要做什麼，如何思考，圍繞計劃做什麼，如何執行。

I have multiple times-per-year meeting with every leader at this company, from supervisors on up, that's 4,000 people, where I can talk directly to them about what we need to be doing. The messaging may be slightly different. In other words, the messaging for them may be how they need to think about costs, how they need to be thinking about winning and capturing and retaining customers.

我每年都會與這家公司的每位領導者（從主管到 4,000 人）舉行多次會議，在那裡我可以直接與他們討論我們需要做什麼。訊息傳遞可能略有不同。換句話說，向他們傳達的訊息可能是他們需要如何考慮成本，他們需要如何考慮贏得、捕獲和留住客戶。

But absolutely, there is a line of top to bottom and focus. We have a solid plan with solid actions that we are all committed to, and it's comprehensive. And it all drives towards restoring our financial returns and hitting our ROIC targets. We are committed to continued network adjustments to specifically address underperforming markets. We're committed to adjusting our capacity and managing down CapEx, as we just talked about.

但絕對有一條從上到下的線和焦點。我們有一個堅實的計劃和我們都致力於的堅實的行動，而且它是全面的。這一切都有助於恢復我們的財務回報並實現我們的投資報酬率目標。我們致力於持續進行網路調整，以專門解決表現不佳的市場。正如我們剛才所說，我們致力於調整產能並降低資本支出。

We're created -- we're committed to creating capacity through initiatives, like the turn reduction and the red-eye flying because that creates capacity while spending on aircraft. We're committed to enhancing our revenue performance and our demand through tuning our RM system and the major marketing efforts that Ryan has underway to drive demand and loyalty.

我們被創造出來了——我們致力於透過減少轉彎和紅眼飛行等措施來創造容量，因為這在飛機支出的同時創造了容量。我們致力於透過調整 RM 系統以及 Ryan 為推動需求和忠誠度而開展的主要行銷工作來提高我們的收入表現和需求。

We're committed to offsetting our cost pressures through efficiency efforts and programs to reduce head count. We're going to be down 2,000 this year, down further next year, and we're down close to another 800 right now on top of that through these voluntary time-off programs. And we're committed to a set of new strategic initiatives. I've hinted it, boarding and seating and the cabin, and we're going to share those with you at Investor Day.

我們致力於透過提高效率的努力和減少員工人數的計劃來抵消我們的成本壓力。今年我們將減少 2,000 人，明年進一步減少，透過這些自願休假計劃，我們現在又減少了近 800 人。我們致力於實施一系列新的策略措施。我已經暗示過，登機、座位和機艙，我們將在投資者日與您分享這些內容。

There's time for one more question. It will come from Savi Syth with Raymond James.

還有時間再問一個問題。它將由薩維·賽斯和雷蒙德·詹姆斯共同創作。

If I might, just on the business revenue, that was a good performance here. I was curious what your 2Q outlook is reflecting in terms of expectations and what you're seeing there.

如果可以的話，僅就業務收入而言，這已經是不錯的表現了。我很好奇您對第二季度的展望反映了什麼預期以及您在那裡看到的情況。

Savi, yes, managed business was up very healthy in the first quarter, up 25% and reached a significant milestone in getting back to flat to 2019 levels. So we were really pleased with that. That was driven by a double-digit increase in unique travelers traveling under a contract in the managed business space. So that just means we're penetrating deeper into accounts. We're growing the number of companies under accounts, and we continue to pick up market share there.

Savi，是的，管理業務在第一季成長非常健康，成長了 25%，並達到了恢復到 2019 年水準的重要里程碑。所以我們對此非常滿意。這是由於在託管業務領域簽訂合約的獨特旅行者數量出現了兩位數的增長。所以這只是意味著我們正在更深入地滲透到帳戶中。我們正在增加客戶下的公司數量，並且我們繼續擴大那裡的市場份額。

As we look forward, we expect the performance to continue and to accelerate the sequential performance in the second quarter to be better than the first. And it's kind of -- it's across the board. Our top 15 industries, 11 of those had double-digit growth year-over-year. So the performance is widespread, and we expect it to continue and to help our revenue performance as we go forward.

展望未來，我們預計第二季的業績將持續，並加速環比業績好於第一季。這是全面的。在我們排名前 15 的行業中，有 11 個行業同比增長兩位數。因此，這種表現是廣泛的，我們預計這種表現將持續下去，並在我們前進的過程中幫助我們的收入表現。

That's helpful. If I might just ask just a question related to CapEx and just given your current outlook. Thoughts, Tammy, on kind of free cash flow generation here and kind of looking forward a little bit, what's realistic?

這很有幫助。我只想問一個與資本支出相關的問題，並考慮您目前的前景。 Tammy，關於這裡自由現金流的產生以及有點期待的想法，什麼是現實的？

Yes, Savi. We're -- as we said, we're expecting CapEx this year at $2.5 billion, and that includes about $1 billion in aircraft spend. We are working through our plans for next year. So it's a bit early to give you guidance for next year. Obviously, we're working through that actively now. So we'll update you on our CapEx spending plans as part of our comprehensive update in September at our Investor Day.

是的，薩維。正如我們所說，我們預計今年的資本支出為 25 億美元，其中包括約 10 億美元的飛機支出。我們正在製定明年的計劃。因此，現在為您提供明年的指導還為時過早。顯然，我們現在正在積極解決這個問題。因此，我們將在 9 月的投資者日向您通報我們的資本支出計劃，作為我們全面更新的一部分。

Is the view that kind of -- is free cash flow generation important and possible? Or how are you thinking about kind of translating that CapEx into what...

這種觀點是──自由現金流的產生重要且可能嗎？或者您如何考慮將資本支出轉化為…

We are absolutely working with the view to generate free cash flow. We -- so that will obviously be part of the equation as we pull together our plan for next year.

我們絕對致力於產生自由現金流。我們——因此，當我們制定明年的計劃時，這顯然將成為等式的一部分。

Okay. That wraps up the analyst portion of today's call. I appreciate everyone joining, and have a great day.

好的。今天電話會議的分析師部分就到此結束。我感謝大家的加入，祝您有美好的一天。

Ladies and gentlemen, we will now transition to our media portion of today's call. Ms. Whitney Eichinger, Chief Communications Officer, leads us off. Please go ahead, Whitney.

女士們、先生們，我們現在將進入今天電話會議的媒體部分。首席通訊官 Whitney Eichinger 女士為我們引路。請繼續，惠特尼。

Thanks, Gary. Welcome to the media on our call today. Before we begin taking your questions, Gary, could you remind us and share instructions on how to queue up for questions?

謝謝，加里。歡迎媒體參加我們今天的電話會議。加里，在我們開始回答您的問題之前，您能否提醒我們並分享如何排隊提問的說明？

(Operator Instructions) And the first question comes from Alexandra Skores with the Dallas Morning News.

（操作員說明）第一個問題來自達拉斯晨報的亞歷山德拉·斯科雷斯（Alexandra Skores）。

Can you all hear me? Okay, perfect. I'm wondering if we could hone in on the 4 airports that were announced today that would be cut, and same with Atlanta and Chicago that are being reduced in flights. Could you talk a little bit about the decision to -- for those specific airports to be chosen?

你們都能聽到我說話嗎？好的，完美。我想知道我們是否可以專注於今天宣布將削減的 4 個機場，亞特蘭大和芝加哥也將減少航班數量。您能否談談選擇這些特定機場的決定？

Well, it's never -- I'll just start with this. It's never an easy decision to close a station or to materially reduce flights in the station. We love our airports. We serve our communities, and so it's always difficult.

好吧，從來沒有──我就從這個開始吧。關閉車站或大幅減少車站內的航班從來都不是一個容易的決定。我們熱愛我們的機場。我們為社區服務，所以這總是很困難。

But again, I'll just go back to we have portions of the network -- a higher-than-normal portion of the network that's just not performing to the level that we need, and for a variety of reasons. And so we need to hit our financial returns, and we will. And so you have to make the tough decision to continue working down the level of markets that aren't performing.

但我還是要回到我們的網路部分——網路中高於正常水平的部分，但由於各種原因，其效能未達到我們需要的水平。因此，我們需要實現財務回報，我們也會這麼做。因此，您必須做出艱難的決定，繼續降低表現不佳的市場水平。

So it was really that. It's just as we look at -- as we look at our network, it really relates to the areas that are -- just don't have a path to the level of financial performance that we need. That's really the basis for the decision. I don't know, Ryan, if you want to add anything else or Andrew?

確實如此。正如我們所看到的——當我們審視我們的網絡時，它確實與那些領域相關——只是沒有達到我們所需的財務績效水平的途徑。這確實是決定的基礎。我不知道，瑞安，你還想補充什麼，還是安德魯？

No, you covered it, I think.

不，我想你已經涵蓋了。

And my second question, what kind of communications have been given to the employees at those airports?

我的第二個問題，這些機場的員工進行了哪些溝通？

We have a very -- as you would expect, we take care of our employees, we take care of our partners, and we have a very rich communication plan that -- to go in the right order, to make sure we communicate with folks, it's done with compassion. Our employees will be offered jobs in other cities. And so they have a lot of options. But no, we handled all this, as you would expect, Southwest Airlines to handle it.

正如您所期望的那樣，我們有一個非常豐富的溝通計劃，以確保我們與人們溝通，這是用慈悲心來做的。我們的員工將在其他城市獲得工作機會。所以他們有很多選擇。但不，我們處理了這一切，正如你所期望的，西南航空處理它。

Yes. We staged senior leaders there last night. So at very early morning hours, our people -- our leaders were there to explain the whys to the employees as well as to the airports, and then also to go through with them the different options they'll have for moving. It's a seniority-based system with our unions, and so how that will all work for them. And so they've gone through that.

是的。昨晚我們在那裡邀請了高級領導人。因此，在清晨，我們的員工、我們的領導階層就在那裡向員工以及機場解釋原因，然後與他們一起討論搬遷的不同選擇。我們的工會採用的是基於資歷的製度，這對他們來說將如何運作。所以他們經歷了這一切。

There's obviously a range of emotions. People chose to relocate there, and so they will have some natural disappointment in the short term. But these people have long careers in Southwest Airlines, and our ground employees tend to move around a decent amount anyway. So we expect most of them to take advantage, if not all, of the opportunities to relocate to other stations.

顯然有一系列的情緒。人們選擇搬遷到那裡，所以他們在短期內自然會感到一些失望。但這些人在西南航空有很長的職業生涯，而且我們的地勤員工往往會經常流動。因此，我們預計他們中的大多數人都會利用（如果不是全部的話）來搬遷到其他車站的機會。

Got it. So that's every employee that's impacted is going to be offering some sort of job?

知道了。那麼，每個受到影響的員工都會提供某種工作嗎？

Yes. They will remain employed, so they choose to do so.

是的。他們將繼續就業，所以他們選擇這樣做。

The next question is from Mary Schlangenstein with Bloomberg News.

下一個問題來自彭博新聞社的瑪麗‧施蘭根斯坦。

I appreciate it. I wanted to see if you could talk about the extent of the reductions in O'Hare and Atlanta.

我很感激。我想看看你能否談談奧黑爾和亞特蘭大的削減程度。

There are about -- we took about half of O'Hare down from about 30 something flights to about 15, 18 flights during the seasoned day of the week. So it's about a 50% reduction in Atlanta. I can't remember off the top of my head, Ryan. It was 30%, I want to say, off the top of my head.

在一周中最繁忙的一天，我們將奧黑爾機場的航班數量從大約 30 架次減少到大約 15 架次、18 架次。所以亞特蘭大的減少量約為 50%。我一時記不起，瑞安。我想說，這已經是我想像不到的 30% 了。

Yes, about 1/3.

是的，大約1/3。

Yes, it's unfortunate. We had been restoring Atlanta over the course of post pandemic. We could never quite get back to the level of performance we needed there at the scale we needed. And so it's been reduced back down to a level just shortly coming out of the pandemic. And so it's still substantial activity there, it's just not as big as it was before.

是的，這很不幸。在大流行後的過程中，我們一直在恢復亞特蘭大。我們永遠無法完全恢復到我們所需規模的效能水準。因此，這一數字已降至疫情結束後不久的水平。所以那裡仍然有大量的活動，但沒有以前那麼大了。

Great. And if you could also address the impact of the new refund policies that were announced by the DOT yesterday, whether that's going to be a financial problem for Southwest? Or and if you expect to have any trouble complying with those new rules?

偉大的。如果您還可以解決交通部昨天宣布的新退款政策的影響，這是否會成為西南航空的財務問題？或者，如果您預計在遵守這些新規則時會遇到任何困難？

Mary, it's Ryan. Well, it's new. As you know, it was just issued yesterday. So we're digesting exactly what all of that means. But based on our read, so far, I don't expect that it's going to be a significant impact. Of course, we already have the most customer-friendly policies in the industry. So we're best positioned to comply with any of these new regulations out of the gate.

瑪麗，是瑞安。嗯，這是新的。如您所知，它是昨天剛發布的。所以我們正在消化這一切的確切意義。但根據我們的閱讀，到目前為止，我預計這不會產生重大影響。當然，我們已經擁有業界最對客戶友善的政策。因此，我們最有能力立即遵守這些新法規。

And today, if there's a long delay or a cancellation, customers can receive a refund from Southwest. So there's no real change there from our standpoint. And then, of course, unique in the industry, flight credits don't expire with Southwest, if you have to cancel your flight for any reason. But in general, we're proud to be unique among airlines in having these customer-friendly policies. No bag fees, no change fees, flight credits don't expire, we don't nickel and dime customers.

如今，如果出現長時間延誤或取消，乘客可以從西南航空獲得退款。因此，從我們的角度來看，並沒有真正的改變。當然，業內獨一無二的是，如果您因任何原因必須取消航班，西南航空的航班積分不會過期。但總的來說，我們很自豪能夠在航空公司中獨一無二地制定這些對客戶友善的政策。無行李費、無變更費、航班積分不會過期，我們不會向客戶收取小費。

But the -- those are our choices without government intervention. And it shows the marketplace works as consumers want different choices in who they fly. So again, I'd just point to the fact that we have the most customer-friendly policies in the industry, and I just don't see a tremendous amount of impact to Southwest from this.

但這些是我們在沒有政府乾預的情況下的選擇。它表明，當消費者希望對乘坐的航班有不同的選擇時，市場就會發揮作用。再次強調，我們擁有業界最有利於客戶的政策，但我認為這不會對西南航空產生巨大影響。

Your Next question is from Alison Sider with Wall Street Journal.

您的下一個問題來自《華爾街日報》的艾莉森賽德 (Alison Sider)。

I know that the overall demand environment remains very strong. But I am curious if you're seeing any indications of bookaway or traveler nervousness about Boeing or air safety more broadly?

我知道整體需求環境仍然非常強勁。但我很好奇，您是否看到任何預訂缺席或旅客對波音或更廣泛的航空安全感到緊張的跡象？

We -- I'll just give you a little overview and then, obviously, Ryan can jump in. We -- this is something that we look at. So we study, we survey to understand our customers' views, and whether anything that's going on impacts their view of Southwest or the industry generally.

我們——我只是給你一些概述，然後，顯然，瑞安可以介入。因此，我們進行研究、調查，以了解客戶的看法，以及正在發生的任何事情是否會影響他們對西南航空或整個產業的看法。

That's not perfect, but we don't see any -- we don't see an indication that this is having an impact on bookings or demand. It's not perfect. I think logic would tell you there could be something there. But certainly, we don't see anything material. Ryan?

這並不完美，但我們沒有看到任何影響——我們沒有看到任何跡象表明這對預訂或需求產生影響。它並不完美。我認為邏輯會告訴你那裡可能有東西。但當然，我們沒有看到任何實質的東西。瑞安？

Yes. The only other thing that I would add is that we certainly are serving on the front end to see how top of mind it is for consumers when they're making a booking. And then we also look at cancellations and ask customers once they cancel a flight, what their reasons for cancellations were. And safety concerns or a Boeing aircraft as a result of that on the cancellation side is 1% of our cancellations. So it's a very, very small number, not material, I don't think, to the overall picture.

是的。我要補充的唯一一件事是，我們當然會在前端提供服務，以了解消費者在預訂時最關心的是什麼。然後，我們也會查看航班取消情況，並在客戶取消航班後詢問取消航班的原因。出於安全考量或波音飛機取消的情況占我們取消航班的 1%。所以這是一個非常非常小的數字，我認為對於整體情況來說並不重要。

Interesting. And the 4 cities, the 4 markets that you're exiting, are those cities that you think would have been more successful if you had the MAX-7 in your fleet or had it coming soon?

有趣的。您正在退出的 4 個城市、4 個市場，您認為如果您的機隊中擁有 MAX-7 或即將推出 MAX-7，這些城市會更成功嗎？

I think the markets themselves were just performing at a level that we needed to make the tough choice to remove them from the network. And I don't think that a smaller aircraft would have had a material difference on those markets.

我認為市場本身的表現只是達到了我們需要做出艱難選擇將其從網路中刪除的水平。我認為較小的飛機不會對這些市場產生重大影響。

The next question is from Dawn Gilbertson with Wall Street Journal.

下一個問題來自《華爾街日報》的道恩‧吉爾伯特森。

Bob, about 6 months ago, you were asked, as you always are, about the premium question, the open seating versus assigned seating. And you mentioned, as you always do, that you always said it's customer preferences and if something changes, you'll adapt, as you said today.

鮑勃，大約 6 個月前，一如既往，有人問您有關開放座位與指定座位的高級問題。您提到，正如您一貫所做的那樣，您總是說這是客戶偏好，如果發生變化，您會適應，就像您今天所說的那樣。

But here's what you said then. You said there's nothing underway. There's no story here, nothing underway. So can you help us understand what has dramatically changed in the past 6 months on that particular front? And also related to that, is there any financially significant change to boarding or seating you can do without assigning seats?

但這就是你當時所說的。你說過沒有任何進展。這裡沒有故事，也沒有任何進展。那麼您能否幫助我們了解過去 6 個月在該特定領域的巨大變化？與此相關的是，您可以在不分配座位的情況下對登機或座位進行任何經濟上重大的變更嗎？

You bet, Dawn. Thank you. I think the -- it's what you say that the difference is we -- this is something that we look at on sort of on the surface pretty regularly. But in terms of a very deep dive of understanding customer preference and what we might do, that's something we do less frequently.

你敢打賭，黎明。謝謝。我認為——正如你所說，差異在於我們——這是我們經常從表面上看到的東西。但就深入了解客戶偏好和我們可能採取的行動而言，這是我們不常做的事情。

So the answer was different 6 months ago because the work has really accelerated. It's work that we've done since then. And there's a lot of discussion out there about just cabin and premium and all kinds of things. So it may be, just generally, a customer preference. So it makes sense in terms of timing to study that.

所以6個月前的答案是不同的，因為工作確實加速了。這是我們從那時起就一直在做的工作。關於客艙和高級艙以及各種各樣的事情有很多討論。因此，一般來說，這可能是客戶的偏好。因此，就研究這一問題的時機而言是有意義的。

Again, we always want to understand what our customers want and desire. And so again, we're -- I'll just again to tell you that we are very seriously studying this, and we're pretty deep in that study. And again, nothing to reveal today, except that there are some interesting indications in terms of what this could mean to us and what it can mean to our customers. Again, nothing to reveal.

同樣，我們始終希望了解客戶的需求和願望。再說一次，我再次告訴你們，我們正在非常認真地研究這個問題，而且我們在這項研究中非常深入。再說一次，今天沒有什麼可透露的，只是有一些有趣的跡象表明這對我們意味著什麼以及對我們的客戶意味著什麼。再說一次，沒有什麼好透露的。

On your question about, are there other things you could do in boarding in particular? Our boarding process, we changed -- actually, it's over -- I think it's over a decade ago at this point, is very well received by our customers because it's very organized and the way you line up. We have worked hard to monetize that and give our customers choice. You -- we give you choice around how you think about your boarding position, and that's more important to some customers than others.

關於您的問題，在寄宿期間您還可以做其他事情嗎？我們改變了登機流程——實際上，它已經結束了——我認為這是十多年前的事了，受到我們的客戶的好評，因為它非常有組織性和排隊方式。我們努力將其貨幣化並為客戶提供選擇。您—我們讓您選擇如何看待自己的登機位置，這對某些客戶來說比其他客戶更重要。

But we've got that. We've got Business Select. We have an upgraded boarding at the gate product. I will admit, it is hard for me. Ryan might tag in here. It's hard for me to think of how we can, really, from a financial perspective or a customer desire perspective, really push that even further. I think the products that we've added really attack what our customers want. So being just blunt. It is hard to think about how to implement more products related to boarding.

但我們已經做到了。我們有商務精選。我們有升級的登機口登機產品。我承認，這對我來說很難。瑞安可能會在這裡標記。我很難想像我們如何能真正從財務角度或客戶需求角度進一步推動這一目標。我認為我們添加的產品確實滿足了客戶的需求。所以就直言不諱了。很難思考如何落地更多與登機相關的產品。

Yes, I would agree with that on the incremental products. But what we are doing and what we can continue to do is to get better at how we price those products and drive incremental yield from those ancillary products.

是的，我同意增量產品的觀點。但我們正在做的以及我們可以繼續做的就是更好地定價這些產品並提高這些輔助產品的產量。

In total, our ancillary revenue in the first quarter was up 18% year-over-year. So well in excess of our O&D passenger growth. So we continue to push on optimizing for revenue there on our ancillary products, particularly the boarding products. But in terms of adding incremental products, it's tough to imagine how that would fit into the current boarding process.

總的來說，我們第一季的輔助收入年增了 18%。遠遠超過我們的 O&D 乘客成長。因此，我們持續推動輔助產品（尤其是寄宿產品）的收入優化。但就增加增量產品而言，很難想像這將如何適應目前的登機流程。

If I can follow up then. My question is about -- you're talking about transformational changes here, and you're hinting at boarding and seating. So can you do -- what kinds of things can you do, if anything, that doesn't involve assigning seats? Because to me, that would be transformational for Southwest.

如果我可以跟進的話。我的問題是——你在這裡談論的是變革，並且暗示了登機和座位。那麼，您能做哪些不涉及分配座位的事情（如果有的話）？因為對我來說，這對西南航空來說將是一場變革。

Like what -- can you give us -- I know you're not going to go into any detail until Investor Day, but what specifically is going to be different? Because just I think the price of upgraded boarding and early bird is obviously not going to meet your financial goals, as you just said.

例如，您能為我們提供什麼嗎？因為我認為升級登機和早鳥的價格顯然無法滿足您剛才所說的財務目標。

No, you're -- you -- I think you're exactly right, which is that's why you want to look at all of these things. And we're just not ready to tell you exactly what we're studying, and we're not ready to tell you then how that could, if we decide to go forward, turn into a different product design and a plan. But yes, just conceptually, that where you're going is the reason we're looking at this is we know, over time, customer preference has changed. They have my whole 36 years here at Southwest Airlines.

不，你——你——我認為你是完全正確的，這就是為什麼你想看看所有這些事情。我們還沒有準備好告訴你我們正在研究什麼，如果我們決定繼續前進，我們還沒有準備好告訴你如何變成不同的產品設計和計劃。但是，是的，只是從概念上講，您要去的地方就是我們關注這個問題的原因，我們知道，隨著時間的推移，客戶偏好已經改變了。我在西南航空度過了整整 36 年。

And we have changed a lot. We've changed our boarding. We've changed our -- the product that we offer on board. We added loyalty programs and modified those. So we are constantly changing to meet customer demand. So it's critical to understand 3 things. Number one, what do your customers want? And that's really what we're studying right now.

我們改變了很多。我們已經改變了登機方式。我們已經改變了我們在船上提供的產品。我們添加了忠誠度計劃並對其進行了修改。所以我們不斷改變以滿足客戶的需求。因此，了解三件事至關重要。第一，你的客戶想要什麼？這確實是我們現在正在研究的內容。

Two, what does that do to the way you operate the airline? Because we are obviously a bedrock of the company, is operating very efficiently, having a quick operation, great turn times, being efficient. And so making sure that whatever you might want to do, it's fit in with that.

第二，這對您經營航空公司的方式有何影響？因為我們顯然是公司的基石，營運非常高效，營運速度快，週轉時間長，效率高。因此，請確保無論您想要做什麼，它都符合此要求。

And then obviously, the third piece is, is it financially beneficial? Back to hitting our financial goals, a piece of this is, as Ryan mentioned, continuing to drive progress against our financial aspirations and goals and hitting our ROIC and margin goals. So all those 3 things have to work together. And we're just not ready to share details today, but we will be, as we move across the summer and into our Investor Day in September.

顯然，第三個問題是，它在經濟上有利嗎？回到實現我們的財務目標，正如 Ryan 所提到的，其中一部分是繼續推動我們的財務願望和目標取得進展，並實現我們的投資回報率和利潤率目標。因此，所有這三件事必須協同工作。今天我們還沒有準備好分享細節，但隨著整個夏天進入九月的投資者日，我們將分享細節。

The next question is from David Koenig with the Associated Press.

下一個問題來自美聯社的大衛柯尼格。

Well, I was going to ask about the transformational options proceeding, but I think you've probably said all you're going to say on that, Bob.

好吧，我本來想問有關轉型選項的進展，但我想你可能已經說了你要說的一切，鮑勃。

If I -- if you could go into a little bit of explanation on the 2,000 head count reduction. First of all, I'd like to know how many jobs you think will be eliminated by the closure of those 4 airports? And any drawdown at O'Hare and Atlanta and elsewhere? And then secondly, are you saying that you can get to 2,000 fewer jobs this year just through attrition and leaves? Can you rule out furloughs?

如果我——如果你能對減少 2,000 人的人數做一些解釋。首先，我想知道您認為這4個機場的關閉會減少多少工作？奧黑爾機場、亞特蘭大機場和其他地方是否有縮減規模？其次，你是說今年僅透過自然減員和離職就能減少 2,000 個工作崗位嗎？可以排除休假的可能嗎？

David, thank you. And yes, no, thanks for allowing me the ability to clarify that. We have line of sight on the 2,000 that does not include furloughs. or anything like that, that we don't want to put on the table. And then it also does not include a headcount that are effectively sort of out of the workforce in terms of not being paid because they are on voluntary unpaid leave. So it doesn't even count that.

大衛，謝謝你。是的，不，感謝您讓我能夠澄清這一點。我們的目標是 2,000 人，其中不包括休假。或類似的事情，我們不想放在桌面上。而且，它也不包括因自願無薪休假而沒有獲得報酬而實際上被排除在勞動力之外的人數。所以這根本不算。

So this is really through attrition, in some cases, reassigning folks to have the work that does need to be done. But it's also coming through pretty sophisticated initiatives. We have initiatives underway to use Gen AI to automate the way we handle -- cut some of our customer support functions, generate responses, decide what to do with the customer request.

因此，在某些情況下，這實際上是透過人員流失來重新分配人員來完成確實需要完成的工作。但它也是透過相當複雜的舉措實現的。我們正在採取一些舉措，利用 Gen AI 來自動化我們的處理方式——削減一些客戶支援功能、產生回應、決定如何處理客戶請求。

We have other significant continuous improvement in automation going on in other parts of the company, and we plan to accelerate that. So not furloughs. It is primarily through planned attrition that we know we have a line of sight to. So and again, the line of sight to the 2,000, the folks that are effectively out of the workforce because we're not -- they're not being paid in their own voluntary time-off programs. That's on top of the 2,000.

我們公司其他部門正在對自動化進行其他重大的持續改進，我們計劃加快這一進程。所以沒有休假。主要是透過有計劃的消耗，我們知道我們有一個視線。一次又一次，我們的目光投向了那 2,000 個人，這些人實際上已經脫離了勞動力市場，因為我們沒有——他們沒有在自己的自願休假計劃中獲得報酬。這還不算 2,000 人。

Okay. And how many of the 2,000 do you think will be pilots?

好的。您認為這 2000 人中有多少人會成為飛行員？

Yes. I don't think we give a breakdown by work group, David. There'll be some that will be back office, i.e., people that work at headquarters, some that will be at frontline. We have -- there's natural attrition that goes along throughout the company, whether one reaches retirement age or one decides to go find a different job. You have that natural.

是的。我認為我們不會按工作組進行細分，大衛。有些人將在後台工作，也就是在總部工作的人，有些人將在一線工作。我們整個公司都會存在自然減員，無論一個人達到退休年齡還是決定去找不同的工作。你有那麼自然。

We have a good history on that, so we can model out what that's going to look like and which ones we need to backfill, which ones do not need to backfill, and that's how we get to these projections. It's not any kind of reduction in force or eliminating people currently employed. It's more when positions become available, not backfilling them.

我們在這方面有很好的歷史，所以我們可以模擬出它會是什麼樣子，以及哪些我們需要回填，哪些不需要回填，這就是我們如何進行這些預測。這並不是任何形式的裁員或裁減現有員工。更重要的是當職位空缺時，而不是重新填補職位。

The next question is from Leslie Josephs with CNBC.

下一個問題來自 CNBC 的 Leslie Josephs。

Just knowing what you know now from these customer surveys about potential seating changes, are you thinking that it could be like a big front seat or bigger front seat-type product? Or do you think that, at some point, there will be a curtain on a Southwest Airlines plane?

只要知道您現在從這些客戶調查中了解到的有關潛在座椅變化的信息，您是否認為它可能會像一個大前座或更大的前座型產品？或者您認為在某個時候，西南航空的飛機上會拉上窗簾？

And secondly, are you ruling out baggage fees entirely? Is that still -- or is that something that's on the table for you as you're looking at revenue initiatives? And then on the 1% of bookings that were canceled because of concerns about air safety, how many people is 1%? And how does that compare with -- after the MAX crashes and the plane came back?

其次，您是否完全排除行李費？這仍然是——或者是您在考慮收入計劃時可以考慮的事情嗎？那麼那1%因為擔心航空安全而取消的預訂中，1%是多少人呢？與 MAX 墜毀後飛機返回之後相比如何？

Leslie, I'll try and take all of those. The first one on what we're learning from customer research, I think just stay tuned there. We'll have more to share on what we're learning and how that factors into what we may do different, if anything, at all. I will say though, the Southwest Airlines is -- we will stay true no matter what we do to the brand and who we are and how we approach customers. And I think things like curtains and things like that are a bit far field from Southwest Airlines is.

萊斯利，我會盡力接受這一切。第一篇是關於我們從客戶研究中學到的東西，我想請繼續關注。我們將更多地分享我們正在學習的內容，以及這些內容如何影響我們可能採取的不同行動（如果有的話）。不過，我要說的是，西南航空 - 無論我們對品牌做什麼，無論我們是誰以及我們如何接近客戶，我們都將保持忠誠。我認為像窗簾之類的東西與西南航空有點遙遠。

On your bag fee question, no, we are not considering bag fees. The reason we're not considering bag fees is because people choose Southwest Airlines because we don't have bag fees. If you go look the most recent J.D. Power survey, which, obviously, is an independent syndicated piece of research that's well respected in the industry. Over 60% of customers say that they choose Southwest Airlines as one of their top reasons because of bag fees. You -- companies love to have differentiation in their product that drives customer preference and drives customer choice.

關於您的行李費問題，不，我們不考慮行李費。我們不考慮行李費的原因是人們選擇西南航空是因為我們不收取行李費。如果你去看看 J.D. Power 最新的調查，很明顯，這是一項在業界備受推崇的獨立聯合研究。超過 60% 的乘客表示，他們選擇西南航空的首要原因之一是行李費。你——公司喜歡在他們的產品中具有差異化，以推動客戶偏好並推動客戶選擇。

Our next closest competitor on that measure is Alaska at 19%. So we get 3x the preference in terms of bag fees relative to our competition. So that's why bag fees are not on the table for consideration. On the 1% of cancellations, it's a very small number. We don't -- our overall cancellation rate is a very small number, so 1% of that is a very, very small number. So it's not material.

就這項指標而言，我們下一個最接近的競爭對手是阿拉斯加，佔 19%。因此，相對於我們的競爭對手，我們在行李費方面獲得了 3 倍的優惠。這就是為什麼行李費沒有被列入考慮範圍。對於 1% 的取消來說，這是一個非常小的數字。我們沒有——我們的整體取消率是一個非常小的數字，所以其中 1% 是一個非常非常小的數字。所以這不是物質的。

Yes. And I'll just quickly emphasize on that, Leslie. It's not 1% of our bookings that got canceled because of all of those people who canceled. And so yesterday, 0.4% of people canceled and 1% of that, 0.4%, said it was safety concerns. So it's a very small number of an extraordinarily small number that did that, which is why Ryan would say it's immaterial or even inconsequential.

是的。我會很快強調這一點，萊斯利。我們的預訂中不到 1% 是因為取消預訂的人而被取消的。昨天，0.4% 的人取消了預訂，其中 1%（0.4%）表示出於安全考慮。因此，只有極少數人做到了這一點，這就是為什麼瑞安會說這是無關緊要的，甚至是無關緊要的。

And how does that compare with when the MAX came back in 2020 after the crashes?

與 2020 年 MAX 事故發生後回歸時相比，情況如何？

That was also quite small. I mean we also track people who look at what the aircraft type is on the website, and those really didn't see any movement of consequence in there. And so it seems like this is not something that customers investigate any great deal. With the very early days of the MAX grounding, there were some interests heightened to that.

那也很小。我的意思是，我們還追蹤那些在網站上查看飛機類型的人，這些人確實沒有看到任何重要的變化。因此，客戶似乎並沒有對此進行大量調查。隨著 MAX 落地的早期，人們對此產生了一些興趣。

When the MAX came back, it was -- we prepared as if it would be a thing of interest, and it was not a thing of interest. And currently, customers are acting as if it's not a thing of interest as well. So it's I think that even though Boeing is having individual controllers as a company, customers are trusting at least Southwest Airlines and that we will operate our aircraft safely.

當 MAX 回來時，我們已經做好了準備，好像它會是一件有趣的事情，但其實它不是一件有趣的事。目前，客戶表現得好像這沒興趣。因此，我認為，儘管波音公司作為一家公司擁有單獨的管制員，但客戶至少信任西南航空公司，並且我們將安全地運營我們的飛機。

The next question is from Rajesh Singh with Reuters.

下一個問題來自路透社的 Rajesh Singh。

Bob, all the additional voluntary time-off programs that you're considering, does that include the pilots as well?

鮑勃，您正在考慮的所有額外自願休假計劃是否也包括飛行員？

Rajesh, this is Andrew. And so what we're doing right now that we've spoken of is the voluntary time-off has roughly been with our ground operations, flight attendants and some of our call center people. They've taken advantage of that for flexibility in their programs. We do not have anything with our pilots at the moment. A provision of our contract requires us to consult with them, and we will certainly do that before we do anything with regards to our pilots.

拉傑什，這是安德魯。因此，我們現在正在做的事情就是我們所說的自願休假，大致上是我們的地面運作人員、空服員和一些呼叫中心人員。他們利用這一點來提高計劃的靈活性。目前我們的飛行員沒有任何資訊。我們合約的一項條款要求我們與他們協商，在我們對飛行員採取任何行動之前我們肯定會這樣做。

Bob, you said that you were encouraged by Boeing's approach. Can you please share some specific examples and color that make you feel encouraged about their approach?

鮑勃，您說過波音的做法令您感到鼓舞。您能否分享一些讓您對他們的方法感到鼓舞的具體範例和顏色？

Andrew, again, I'll take that because I was up there with Bob on our visit. And so really, we're impressed by how Boeing is putting kind of quality ahead of short-term profit, so to speak. So an example is, they have many portions in their factory. There's like 10 stations they go through the construction. They don't allow anything to progress past stage 3 that has troubled work. And so that creates gaps in their factory, which then leads to obviously a plane that's not sold and delivered that month.

安德魯，我再次接受這一點，因為我們訪問期間我和鮑勃一起在那裡。事實上，可以說，波音公司將品質置於短期利潤之上的做法給我們留下了深刻的印象。舉個例子，他們的工廠有很多部分。他們正在建造大約10個車站。他們不允許任何有問題的工作通過第三階段。因此，這在他們的工廠中造成了缺口，這顯然導致一架飛機在當月無法銷售和交付。

So the fact they're taking this very strong approach to bring quality out in the early stages of the production process from their suppliers is a much different approach. And frankly, as when to put safety ahead of profitability in the short term. But it's obviously they're a long-term interest. So we were very impressed by that kind of not just change of awards, but by change of actions.

因此，他們採用這種非常強有力的方法來在生產過程的早期階段從供應商那裡提高質量，這是一種截然不同的方法。坦白說，短期內何時將安全置於盈利之上。但顯然它們是長期利益所在。因此，我們對這種不僅是獎項的變化，而且是行動的變化印象深刻。

Yes. You want to see the tone at the top be appropriate, which is an understanding that -- again, I can't speak for Boeing. I'm just thinking about how we view this. But a tone that recognizes that this is a big issue, and it's bigger than a quality escape. And to some extent, it is a cultural issue. And so they need to attack it very broadly.

是的。你希望看到高層的語氣是適當的，這是一種理解——再說一遍，我不能代表波音公司發言。我只是在想我們如何看待這個問題。但這種語氣承認這是一個大問題，而且比品質逃避更重要。從某種程度上來說，這是一個文化問題。因此他們需要非常廣泛地攻擊它。

And that is the way that they -- our view when we visit with them, that is the way that they appear to be tackling that, as Andrew said, it appears to be showing up in their actions. Now at the end of the day, they have to deliver and -- but no, no, we are encouraged by what we're seeing.

這就是他們的方式——當我們拜訪他們時，我們認為這就是他們解決這個問題的方式，正如安德魯所說，這似乎體現在他們的行動中。現在，歸根結底，他們必須兌現承諾——但是不，不，我們對所看到的感到鼓舞。

And have you increased your inspectors at the Boeing sites following the last fire incident?

上次火災事件發生後，你們是否增加了波音工廠的檢查人員數量？

Thank you for the question. In 2022, we increased from having just a representative, which other airlines have, to having a team of AMP-certified mechanics on process, on site to inspect our aircraft as they go through the production process. I believe there's north of 85 inspection points that they look at between entering the factory and exiting the factory.

感謝你的提問。 2022 年，我們從像其他航空公司一樣只有一名代表，增加到擁有一支經過 AMP 認證的機械師團隊，在我們的飛機生產過程中進行現場檢查。我相信從進廠到出廠他們都會檢查85個以上的檢查點。

And so that is the way we assure day-to-day that our quality of aircraft is maintained. We additionally have the engagement at the executive level that Bob talked about where we also see good results. So overall, our heightened attention to Boeing and the quality of the aircraft they manufacture has been going on for a while, and we think it's bearing fruit.

這就是我們日常確保保持飛機品質的方式。我們也進行了鮑伯所談到的高階主管的參與，我們也看到了良好的結果。總的來說，我們對波音公司及其製造的飛機品質的高度關注已經持續了一段時間，我們認為它正在取得成果。

The next question is from David Slotnick with TPG.

下一個問題來自 TPG 的 David Slotnick。

And going back to the transformation, you said that you're looking at changing customer preferences. And I'm sort of just wondering what perspective you're taking on that? Like are you looking at this as something where, because of those preferences, customers are choosing to book other airlines over Southwest? Or are you looking at this as maybe a place where Southwest is missing an opportunity to earn revenue on premiums or upsell what your rivals are from existing passengers?

回到轉型，您說您正在考慮改變客戶偏好。我只是想知道你對此有何看法？您是否認為，由於這些偏好，客戶會選擇預訂西南航空以外的其他航空公司的機票？或者您認為西南航空可能錯過了透過保費賺取收入或向競爭對手從現有乘客那裡追加銷售的機會？

Ryan can give you much more detail, but I think you want to know all those things. You want to know why do customers book Southwest? What do they expect of Southwest? You want to know why do they book others and not Southwest Airlines. You want to know if they have preferences for other things within our product that we don't offer today, how do you think about pricing, those kinds of things and how it affects their desire to book Southwest Airlines.

瑞安可以給你更多細節，但我認為你想知道所有這些事情。您想知道顧客為什麼要預訂西南航空嗎？他們對西南航空有什麼期望？您想知道為什麼他們預訂其他航空公司而不是西南航空的機票。您想知道他們是否對我們產品中我們今天不提供的其他內容有偏好，您如何看待定價，這些事情以及它如何影響他們預訂西南航空的願望。

But now you want to need to know all those things. And again, additionally, in addition to the customer preference, you need to know what does it do for the operation and how we how -- how quickly especially we turn our aircraft and we're studying that as well. Ryan?

但現在你需要知道所有這些事情。另外，除了客戶偏好之外，您還需要知道它對操作有什麼作用以及我們如何操作——特別是我們轉動飛機的速度有多快，我們也在研究這一點。瑞安？

I think you hit it all. Clearly, with any sort of transformational change, you're going to have a very robust, highly scientific, very sophisticated statistical models and research methodologies to test all of those things that Bob walked through. that's what anybody would expect of a company like Southwest, and that's the rigor at which we are approaching studying this issue.

我想你已經做到了一切。顯然，對於任何類型的轉型變革，您都將擁有非常強大、高度科學、非常複雜的統計模型和研究方法來測試鮑勃經歷的所有事情。這是任何人對西南航空這樣的公司的期望，也是我們研究這個問題的嚴格程度。

And I mean, back to the question before, just considering the share of their revenue that your rivals are earning from upsells and from premium. Do you think you can really rule out something like a curtain in the cabin?

我的意思是，回到先前的問題，只需考慮競爭對手從追加銷售和溢價中獲得的收入份額。你認為你真的可以排除機艙裡有窗簾之類的東西嗎？

Look, we're going to study customer -- like we've said, we're going to study customer preferences, but there's strong demand today for Southwest Airlines and the brand that we put and the product that we put in the marketplace today, it has worked for us for over 50 years, and customers understand well who we are and what we bring to the marketplace. We're not going to try to be somebody that we're not. And so we'll study it all, but we're -- at the end of the day, we're going to remain true to who Southwest Airlines is.

聽著，我們將研究客戶——就像我們說過的，我們將研究客戶偏好，但今天對西南航空、我們投放的品牌以及我們今天投放市場的產品有強勁的需求，它已經為我們服務了50 多年，客戶非常了解我們是誰以及我們為市場帶來了什麼。我們不會試圖成為我們不是的人。因此，我們將研究這一切，但最終，我們將忠於西南航空。

I think you also have to look at the revenue per square foot you get in the cabin, and so it can be seem like you may want to have a fancy product. But if it doesn't generate revenue off of that square foot you have in the cabin, then it's necessarily not worth it. So we take a strong eye to the revenue that any of our products would generate as we evaluate this.

我認為您還必須考慮機艙內每平方英尺的收入，因此您可能想要擁有一款精美的產品。但如果它不能從你的機艙面積中產生收入，那麼它肯定不值得。因此，在評估這一點時，我們會密切注意我們的任何產品將產生的收入。

And I think the -- I know we've said this probably 20 times on the call today, and I think the other short answer is we're not ready to go into detail. We have work to do here, obviously, to continue to finish up our work. And then if there are things we do want to change, understand how we would do it in the Southwest way. And so we will be back with detail when we're ready. And if there is something that we're going to change, we're aiming to do that at our Investor Day, which is planned in September. And we'll share, obviously, a lot more of that.

我認為——我知道我們在今天的電話會議上可能已經說了 20 次了，我認為另一個簡短的答案是我們還沒有準備好詳細說明。顯然，我們還有工作要做，繼續完成我們的工作。然後，如果我們確實想改變某些事情，請了解我們將如何以西南方式進行。因此，當我們準備好時，我們會回來提供詳細資訊。如果我們要改變什麼，我們的目標是在計劃於 9 月舉行的投資者日上進行。顯然，我們將分享更多內容。

This concludes our question-and-answer session for media. So back over to Whitney now for some closing thoughts.

我們的媒體問答環節到此結束。現在回到惠特尼來談一些結束語。

Thanks to everyone who joined us today. If you guys have any further questions, our Communications Group is standing by. Their contact information, along with today's news release, are all available at swamedia.com.

感謝今天加入我們的所有人。如果你們還有任何疑問，我們的通訊團隊隨時待命。他們的聯絡資訊以及今天的新聞稿都可以在 swamedia.com 上找到。

The conference has concluded. Thank you all for attending. We'll meet again here next quarter.

會議結束了。感謝大家的出席。下個季度我們將在這裡再次見面。