西南航空 (LUV) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to the Southwest Airlines second-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 年第二季電話會議。我是加里，我將主持今天的電話會議，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 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 Julia Landrum 將開始討論。請繼續，朱莉婭。

Thank you so much. Hello, everyone, and welcome to our second-quarter 2024 earnings call. I am joined today by our President and CEO, Bob Jordan; Chief Operating Officer, Andrew Watterson; and Executive Vice President and CFO, Tammy Romo. Bob will get us started with an overview of the company performance and strategy and will also provide color on the strategic initiatives announced this morning. Andrew will provide an update on the revenue, and Tammy will cover our costs and balance sheet. Ryan Green, EVP of Commercial Transformation, is also in the room with us today.

太感謝了。大家好，歡迎參加我們的 2024 年第二季財報電話會議。今天我們的總裁兼執行長鮑勃喬丹 (Bob Jordan) 也加入了我的行列。營運長安德魯沃特森；執行副總裁兼財務長 Tammy Romo。鮑伯將向我們介紹公司的業績和策略，並為今天早上宣布的策略舉措提供詳細資訊。安德魯將提供最新的收入狀況，塔米將承擔我們的成本和資產負債表。商業轉型執行副總裁 Ryan Green 今天也在場。

A quick reminder that we will make forward-looking statements, which are based on our current expectation of future performance, and actual results could differ materially from expectations. Also, we will reference non-GAAP results, which exclude special items that are called out and reconciled to GAAP results on our earnings press release. Our press release was second-quarter 2024 results and a separate press release announcing select strategic initiative for both issued this morning and are available on our Investor Relations website.

快速提醒您，我們將根據我們目前對未來業績的預期做出前瞻性陳述，實際結果可能與預期有重大差異。此外，我們將參考非 GAAP 業績，其中不包括在我們的收益新聞稿中提及並與 GAAP 業績進行協調的特殊項目。我們的新聞稿包括 2024 年第二季業績，以及今天早上發布的另一份新聞稿，宣布了這兩項計劃的選定策略舉措，可在我們的投資者關係網站上查看。

And with that, I'm pleased to turn the call over to Bob.

至此，我很高興將電話轉給鮑伯。

Thank you, Julie, and thanks, everyone, for joining us this morning. We have a lot to cover today, so let's jump right in. In my comments today, I will touch briefly on our results for the quarter and then provide detail on the plans we announced earlier this morning to implement meaningful changes to our business and better position Southwest Airlines to produce higher returns in a more competitive higher cost environment.

謝謝朱莉，也謝謝大家今天早上加入我們。今天我們有很多內容要講，所以讓我們直接進入主題。對我們的業務實施有意義的變革，並更好地實現這一目標。

As Julie mentioned, Andrew will provide details on our revenue performance, including the work underway to calibrate our revenue management system and processes; and Tammy will discuss our cost, CapEx, and balance sheet.

正如朱莉所提到的，安德魯將提供有關我們收入績效的詳細信息，包括正在進行的校準我們的收入管理系統和流程的工作； Tammy 將討論我們的成本、資本支出和資產負債表。

Starting with our overall results, they are not where we need them to be, and they are not reflective of what we are capable of delivering. We will cover where we fell short, as well as our action plan in detail later on the call.

從我們的整體結果開始，它們沒有達到我們需要的水平，也沒有反映我們有能力交付的成果。我們將在稍後的電話會議上詳細介紹我們的不足之處以及我們的行動計劃。

But I'll hit on a few highlights first. Our frontline employees executed very well as we continue to improve in nearly every operating and customer metric. Once again, we ran a high-quality operation with a completion factor of 99.5% despite challenging weather.

但我首先要強調一些亮點。我們的第一線員工執行得非常好，我們在幾乎每一個營運和客戶指標上都在不斷改進。儘管天氣惡劣，我們再次以 99.5% 的完成率實現了高品質作業。

This was further evidenced by our performance following Hurricane Beryl earlier this month. We experienced an 8% cancel rate on July 8 as the storm moved through the Houston area but had only a 0.3% cancel rate the following day as we recovered quickly with almost no operational hangover from the prior day. I am very proud of our team.

本月早些時候我們在颶風貝裡爾之後的表現進一步證明了這一點。 7 月 8 日，當風暴穿越休士頓地區時，我們的取消率達到了 8%，但第二天我們的取消率僅為 0.3%，因為我們恢復得很快，幾乎沒有前一天的運作後遺症。我為我們的團隊感到非常自豪。

And following the global technology outages, we were able to recover very quickly and experienced a near zero cancel rate. Investments made to advance core operations and modernize technology meant that we had redundancy in place for key systems that we're experiencing issues.

在全球技術中斷之後，我們能夠非常迅速地恢復，取消率接近零。為推進核心營運和實現技術現代化而進行的投資意味著我們為遇到問題的關鍵系統提供了冗餘。

Time and time again, the purposeful investments we've made to improve our resilience and ability to recover from disruptions are demonstrating their value and that investment will continue. Our exceptional customer service continues to improve as well and was recently recognized by JD Power, where we were awarded the leading Economy Class Customer Satisfaction distinction for the third consecutive year. Reliable operational performance and customer service are and always will be cornerstones of our business model.

我們為提高恢復能力和從中斷中恢復的能力而進行的有目的的投資一次又一次地證明了它們的價值，並且這種投資將繼續下去。我們卓越的客戶服務也在不斷改善，最近得到了 JD Power 的認可，我們連續第三年被授予領先的經濟艙客戶滿意度榮譽。可靠的營運績效和客戶服務始終是我們業務模式的基石。

Moving on to revenue performance. Unit revenue for the quarter declined 3.8% year over year primarily as a result of domestic capacity outpacing demand. The decline was also a result of Southwest specific challenges as we fully mature our usage of a new O&D-based revenue management system.

接下來是收入表現。該季度的單位收入年減 3.8%，主要是由於國內產能超過需求。這一下降也是西南航空面臨的具體挑戰的結果，因為我們完全成熟了基於 O&D 的新收入管理系統的使用。

Andrew will go into more detail later. But bottom line, we sold too many seats for the peak summer travel period too early in the booking curve. It's not unusual to have growing pains with these types of systems.

安德魯稍後將詳細介紹。但最重要的是，我們在夏季旅行高峰期在預訂曲線上太早售出了太多座位。使用這些類型的系統時遇到成長的煩惱並不罕見。

We are working quickly to action opportunities to drive performance improvement. We're also adding additional leadership expertise and support, including our plan to hire a Chief Revenue Officer to focus on revenue management and pricing. We continue to have confidence that the new revenue management system will be a driver of long-term revenue improvement.

我們正在迅速尋找行動機會，以推動績效改善。我們還增加了額外的領導專業知識和支持，包括我們計劃聘請首席收入長來專注於收入管理和定價。我們仍然相信新的收入管理系統將成為長期收入改善的驅動力。

The management team and I, with the support of our Board, are completely aligned on the imperative to produce results, and ultimately, deliver returns ahead of our cost of capital. Doing so requires an evaluation of all opportunities and a willingness to evolve some long-standing selfless policies while staying true to our values. With that in mind, I'll discuss some of the changes we are making to further evolve Southwest Airlines.

在董事會的支持下，我和管理團隊在取得成果的必要性上完全一致，並最終在資本成本之前實現回報。要做到這一點，需要評估所有機會，並願意制定一些長期無私的政策，同時堅持我們的價值觀。考慮到這一點，我將討論我們為進一步發展西南航空所做的一些改變。

These are part of an ongoing strategic transformation of the business, and we will share more details during our Investor Day, where we will outline a comprehensive plan to deliver transformational commercial initiatives, improved operational efficiency, and capital allocation discipline.

這些是正在進行的業務策略轉型的一部分，我們將在投資者日分享更多細節，屆時我們將概述一項全面的計劃，以實現轉型商業計劃、提高營運效率和資本配置紀律。

As I shared back in April, our teams have been hard at work evaluating fundamental changes to our seating, cabin. and boarding procedures. It's clear that the open seating model that served us well for so many years is no longer optimal for today's customer.

正如我在四月分享的那樣，我們的團隊一直在努力評估我們的座椅和客艙的根本性變化。以及登機手續。很明顯，多年來為我們提供良好服務的開放式座位模式對於當今的客戶來說不再是最佳選擇。

I want to stress that this decision was not made lightly. We have been very thorough and deliberate in how we approach the question, conducting multiple sophisticated research studies over many months that evaluated customer preference and looked at different types of cabin layouts and seating methods.

我想強調的是，這個決定並不是輕易做出的。我們非常徹底和深思熟慮地處理這個問題，在數月內進行了多項複雜的研究，評估了客戶的偏好，並研究了不同類型的客艙佈局和座位方法。

Our research shows that 80% of our customers prefer an assigned seat, and 86% of our potential customers prefer an assigned seat. Further, when a customer defects from Southwest to one of our competitors, our open seating policy is cited as the number-one reason why.

我們的研究表明，80% 的客戶更喜歡指定座位，86% 的潛在客戶更喜歡指定座位。此外，當客戶從西南航空轉向我們的競爭對手之一時，我們的開放座位政策被認為是首要原因。

The answer is clear: there is more demand for Southwest Airlines with an assigned seating model. And there is a significant ability to monetize the cabin more effectively with a premium seating option.

答案很明確：對西南航空指定座位模型的需求較大。透過高級座椅選項，可以更有效地透過客艙貨幣化。

By extension, these changes are expected to drive significant value for our shareholders. We feel confident that the solution we are implementing will retain the positive elements of the Southwest Airlines experience and enable us to evolve in a manner that's consistent with what today's air traveler is seeking.

推而廣之，這些變化預計將為我們的股東帶來巨大的價值。我們相信，我們正在實施的解決方案將保留西南航空經驗的積極元素，並使我們能夠以符合當今航空旅行者所尋求的方式發展。

While specific cabin layouts are still being finalized, we expect roughly one-third of seats across the fleet to offer extended legroom. We're also designing a boarding process that retains the organized calm our customers enjoy today, but also complements an assigned seating model. We've been studying this in depth to preserve our operational efficiency and how quickly we turn an aircraft.

雖然具體的客艙佈局仍在最終確定中，但我們預計機隊中大約三分之一的座位將提供更大的腿部空間。我們也設計了一個登機流程，既能保持乘客如今所享受的井井有條的平靜，又能補充指定的座位模型。我們一直在深入研究這一點，以保持我們的營運效率以及飛機的轉向速度。

We've conducted both live boarding tests to understand passenger movement in a real-world environment and also more than 8 million digital simulations to test different boarding options. These digital boarding simulations include data from real flights with real passenger manifest to understand differences in boarding times stemming from passenger mix, things like families traveling together, customers who may need more time to board, experienced versus inexperienced travelers, and more. The data clearly indicates that any operational impacts are neutral or an enhancement to current performance.

我們進行了即時登機測試，以了解現實環境中的乘客移動情況，並進行了超過 800 萬次數位模擬，以測試不同的登機選項。這些數位登機模擬包括來自真實航班和真實旅客名單的數據，以了解由於旅客組合、家庭一起旅行、可能需要更多時間登機的客戶、經驗豐富的旅客與缺乏經驗的旅客等而導致的登機時間差異。數據清楚地表明任何營運影響都是中性的或對當前績效的增強。

We're also approaching this change in a capital-efficient manner. New aircraft will be delivered with our improved RECARO seats beginning early next year. For existing aircraft where we must retrofit to a new configuration, we plan to use existing seats within our fleet to avoid a large capital expenditure.

我們也以資本效率高的方式來應對這項變化。從明年初開始，新飛機將配備我們改良的 RECARO 座椅。對於必須改裝為新配置的現有飛機，我們計劃使用機隊內的現有座位，以避免大量資本支出。

We're working quickly to realize the value of this new model as soon as possible. New seat configurations require FAA certification, which typically takes several months, and only then can we begin the process of retrofitting the fleet. We, therefore, expect to make bookings available beginning next year. The aircraft downtime should be minimal to complete the cabin changes, but keep in mind that we have a fleet of roughly 800 aircraft to retrofit and that will take time.

我們正在迅速開展工作，以盡快實現這一新模型的價值。新的座椅配置需要美國聯邦航空局 (FAA) 認證，這通常需要幾個月的時間，然後我們才能開始改裝機隊的過程。因此，我們預計從明年開始提供預訂。完成機艙更換所需的飛機停機時間應該最短，但請記住，我們有大約 800 架飛機的機隊需要改造，這需要時間。

Changing from an open seating model an assigned seating model will be a complex and transformational change that cuts across almost all aspects of the company and is one of several commercial initiatives currently underway to be detailed at our Investor Day.

從開放式座位模式改為指定座位模式將是​​一項複雜的變革，幾乎涉及公司的所有方面，也是目前正在進行的幾項商業舉措之一，將在我們的投資者日詳細介紹。

Given the significance of the changes I've asked our Chief Commercial Officer, Ryan Green, to take on leadership of this initiative on a full-time basis. As EVP of Commercial Transformation, Ryan will lead this effort along with other commercial initiatives already underway. Ryan has led the work to this point and is steeped in knowledge regarding customer trends and previously and successfully led efforts to transform our Rapid Rewards loyalty program and the digital customer experience, and Ryan will report directly to me.

鑑於這些變化的重要性，我已要求我們的首席商務官瑞安·格林 (Ryan Green) 全職領導這項舉措。作為商業轉型執行副總裁，瑞安將領導這項工作以及其他已經在進行的商業計劃。 Ryan 領導了這項工作，對客戶趨勢有著深入的了解，之前曾成功領導過我們的快速獎勵忠誠度計劃和數位客戶體驗的轉型工作，Ryan 將直接向我匯報。

Additionally, today, we are publishing schedule that incorporate red-eye flying, which will phase in rapidly by summer 2025 and combined with ongoing reductions in turn time through new technologies and procedures will enable us to fund nearly all new capacity the next three years through initiatives rather than additional aircraft CapEx. These initiatives are part of a comprehensive strategic transformation and reflect a commitment and my personal commitment to deliver an implementing plan aimed at driving shareholder value and achieving ROIC well in excess of our cost of capital.

此外，今天，我們發布了包含紅眼飛行的時間表，該計劃將於2025 年夏季迅速實施，再加上透過新技術和程序不斷減少週轉時間，將使我們能夠在未來三年內為幾乎所有新產能提供資金計劃而不是額外的飛機資本支出。這些措施是全面策略轉型的一部分，反映了我的承諾和我個人的承諾，即交付旨在推動股東價值並實現遠遠超出我們資本成本的投資回報率的實施計劃。

We will provide more details around the timing and value of these initiatives and other tactical and strategic initiatives when we gather for Investor Day in late September. But we wanted to keep you up to speed on some of the decisions that we've made already and the deliberate plans we have in place to implement them.

當我們在 9 月底的投資者日聚會時，我們將提供有關這些舉措以及其他戰術和策略舉措的時間和價值的更多詳細資訊。但我們希望讓您隨時了解我們已經做出的一些決定以及我們為實施這些決定而製定的深思熟慮的計劃。

And before I close, I want to again recognize all the efforts from our incredible employees. Thank you all for the excellence and the dedication that you bring to work every single day.

在結束之前，我想再次感謝我們出色的員工所付出的所有努力。感謝你們每一天在工作中的卓越表現和奉獻精神。

And with that, I will turn it over to Andrew to provide a full update on our revenue performance and outlook.

接下來，我將把它交給安德魯，以提供有關我們收入表現和前景的完整更新。

Thank you, Bob. I'm very excited about the strategic initiatives we have coming. I am also very proud of our people for their continued focus on safety, running a quality operation with the lowest year-to-date cancellation rate in the industry, and our strong customer service performance trends.

謝謝你，鮑伯。我對我們即將推出的策略舉措感到非常興奮。我也為我們的員工感到非常自豪，他們持續關注安全，以業內最低的取消率運行高品質的運營，以及我們強大的客戶服務績效趨勢。

Moving to revenue performance. We have experienced challenges in managing demand across booking curves as we deployed efforts to address load factor underperformance. As a result, we experienced yields and ultimately, revenue dilution from selling too many seats too early in the booking curve.

轉向收入表現。當我們努力解決載客率表現不佳的問題時，我們在管理整個預訂曲線的需求方面遇到了挑戰。結果，我們經歷了收益下降，並最終因在預訂曲線中過早出售過多座位而導致收入稀釋。

As you will likely recall, back in the spring of 2023, we transitioned to a new and modernized revenue management system. The system is fundamentally different from and superior to our prior system. The new system manages revenue on an origin of destination basis compared with our prior leg-based system.

您可能還記得，早在 2023 年春天，我們就過渡到了全新的現代化收益管理系統。該系統與我們以前的系統有根本的不同，並且優於我們以前的系統。與我們先前基於航段的系統相比，新系統以始發地和目的地為基礎管理收入。

The decision to implement this new system followed an extensive review of our options, including a comprehensive 18-month long pilot to evaluate and test two new revenue management systems against our prior system. What we directly observed during the testing period was the system we selected, consistently produced superior results.

實施這個新系統的決定是在對我們的選項進行了廣泛審查之後做出的，其中包括為期 18 個月的全面試點，以根據我們先前的系統評估和測試兩個新的收入管理系統。我們在測試期間直接觀察到的是我們選擇的系統始終產生優異的結果。

The goal is to maximize the revenue performance of our flights, especially our best flights. And the new system accomplishes just that by considering what customers are willing to pay at different phases of the booking curve, including taking note of the differentiation between business and leisure customers.

我們的目標是最大限度地提高我們航班的收入表現，尤其是我們最好的航班。新系統透過考慮客戶在預訂曲線的不同階段願意支付的費用（包括注意到商務客戶和休閒客戶之間的差異）來實現這一目標。

However, adapting to a new system is not straightforward. Add to that, changing schedules from Boeing delivery shifts and what we got was a complicated rollout. Regardless, while we estimate about 2 points of year-over-year headwind to the third quarter from bookings already in place, we were taking decisive actions to recalibrate the system.

然而，適應新系統並不容易。除此之外，由於波音交車班次的變化，我們得到的是複雜的推出。無論如何，雖然我們預計第三季的預訂量將比去年同期下降約 2 個百分點，但我們正在採取果斷行動來重新校準系統。

The estimated impact is already built in to our 3Q RASM outlook of flat to down 2% on a year-over-year basis. The outside experts, that Bob mentioned, are supporting our employees and getting the most as the capabilities of this new system. The good news is that we have confidence in the superiority of new system as evidenced by the month-long AB testing that we conducted.

我們的第三季 RASM 展望中已包含了估計的影響，即同比持平至下降 2%。鮑伯提到的外部專家正在為我們的員工提供支持，並充分利用這個新系統的功能。好消息是，我們對新系統的優越性充滿信心，我們進行的為期一個月的 AB 測試證明了這一點。

As we gain expertise in optimizing system, we expect to see a noticeable tailwind to performance, likely starting in September of this year. Adopting a new revenue management system is a once-in-a-generation implementation, and we are committed to executing a successful turnaround in our revenue performance.

隨著我們在優化系統方面獲得專業知識，我們預計從今年 9 月開始，效能將出現明顯的提升。採用新的收入管理系統是一個千載難逢的實施方案，我們致力於成功扭轉我們的收入績效。

In addition to the improvement we expect to see in our revenue management performance, our plan includes continued network optimization and capacity moderation moving to the back half of the year. Our summer, fall, and recently published winter-based schedules all include actions to target supply demand across geographies and calendar periods, as well as scheduled quality actions to facilitate demand capture. By the fourth quarter, we expect less capacity oversupply as well improvements in our revenue management.

除了我們期望收入管理績效得到改善外，我們的計劃還包括在今年下半年繼續進行網路優化和容量調整。我們的夏季、秋季和最近發布的冬季時間表都包括針對跨地區和日曆期間的供應需求的行動，以及促進需求捕獲的預定品質行動。到第四季度，我們預計產能過剩情況將會減少，收入管理也會得到改善。

We are planning for our capacity to decline 4% year over year in fourth quarter, with seats and trips down roughly 8% and therefore, we expect RASM growth to be positive year over year by fourth quarter. We will deliberately and urgently pursue tactical opportunities to improve financial performance, including calibrating our revenue management process, continuing our work to optimize our network. Further, we also have a plan to capitalize on transformational opportunities to generate incremental revenue, some of which Bob shared with you.

我們計劃在第四季運力年減 4%，座位數和出行量下降約 8%，因此，我們預計 RASM 到第四季同比將實現正成長。我們將刻意且緊急地尋求戰術機會來改善財務業績，包括調整我們的收入管理流程，繼續優化我們的網路。此外，我們還有一個計劃，利用轉型​​機會來產生增量收入，鮑勃與您分享了其中的一些計劃。

Before I close, I want to thank our people again for doing such an amazing job driving operational excellence and providing our legendary hospitality. I am so appreciative of their contributions.

在結束之前，我要再次感謝我們的員工，他們所做的工作非常出色，推動了卓越運營，並提供了我們傳奇般的熱情款待。我非常感謝他們的貢獻。

With that, I'll turn it over to Tammy.

有了這個，我會把它交給塔米。

Thank you, Andrew, and hello, everyone. As Bob mentioned, I will provide an update on our cost performance before turning to fleet and balance sheet. Overall, our second-quarter CASM-X increased 6% year over year and we continue to expect CASM-X for full-year 2024 to increase in the range of 7% to 8% on a year-over-year basis.

謝謝你，安德魯，大家好。正如鮑伯所提到的，在轉向機隊和資產負債表之前，我將提供有關我們成本績效的最新資訊。總體而言，我們第二季的 CASM-X 年成長 6%，我們繼續預期 2024 年全年的 CASM-X 年成長 7% 至 8%。

The higher year-over-year CASM-X growth in the second half of this year is driven primarily by a continuation of market-driven labor cost pressure from our new contracts, as well as from the moderation of year-over-year capacity growth. We are urgently and deliberately pursuing opportunities to mitigate cost pressures, including the drag from overstaffing related to previously reported Boeing delivery delays.

今年下半年 CASM-X 年成長率較高，主要是由於新合約帶來的市場驅動的勞動成本壓力持續存在，以及年比產能成長放緩。我們正在緊急而刻意地尋求機會來減輕成本壓力，包括先前報告的波音交付延誤導致的人員過剩所帶來的影響。

As discussed on our first-quarter earnings call, we have expanded our voluntary leave and time off programs to further reduce labor expenses and bring staffing levels in line with our current fleet. We have halted all the critical hiring, and we continue to expect to end this year with head count down roughly 2,000 from year-end 2023. And we continue to plan for headcount to be down again in 2025 as attrition levels exceed our controlled hiring levels.

正如我們在第一季財報電話會議上所討論的那樣，我們擴大了自願休假和休假計劃，以進一步減少勞動力支出並使員工配備水平與我們現有的機隊保持一致。我們已經停止了所有關鍵招聘，預計到今年年底，員工人數將比 2023 年底減少約 2,000 人。

Our second-quarter average fuel price of $2.76 per gallon was in line with our expectations. Our hedge portfolio continues to provide protection against spikes in prices. And we are continuing to opportunistically add protection with no change to our target of a roughly 50% hedge position.

我們第二季的平均燃油價格為每加侖 2.76 美元，符合我們的預期。我們的對沖投資組合持續提供針對價格飆升的保護。我們將繼續機會性地增加保護，而我們對沖頭寸約 50% 的目標不會改變。

Turning to our fleet. We prudently adjusted our 2024 delivery expectations prior to our April earnings report to mitigate Boeing delivery risk to our internal planning functions. We, therefore, continue to plan for 20-8 aircraft deliveries, 31-700 retirements, and 4-800 lease returns for the year.

轉向我們的艦隊。在 4 月的收益報告發布之前，我們謹慎地調整了 2024 年的交付預期，以減輕波音對我們內部計畫職能部門的交付風險。因此，我們繼續計劃今年交付 20 至 8 架飛機、退役 31 至 700 架飛機以及返回 4 至 800 架租賃飛機。

We remain committed to our fleet modernization benefit and our planned reduction in aircraft exceeds our planned delivery. We also remain committed to longer-term capacity discipline and ROIC production. We expect third-quarter capacity to increase approximately 2% and fourth-quarter capacity to decrease approximately 4%. Accordingly, our expectation for full-year 2024 capacity continues to be up approximately 4% year over year.

我們仍然致力於實現機隊現代化效益，並且計劃減少的飛機數量超出了計劃交付量。我們也持續致力於長期產能紀律和投資報酬率生產。我們預計第三季產能將成長約 2%，第四季產能將下降約 4%。因此，我們對 2024 年全年產能的預期將持續年增約 4%。

Looking beyond 2024, we remain committed to earning our right to grow and plan to keep any future growth at or below macroeconomic growth trends until we reach long-term financial goal of returns on invested capital consistently in excess of our cost of capital. Our expected capital spending for 2024 is approximately $2.5 billion, which is in line with our prior guidance and well below our expectations of $3.5 billion to $4 billion at the beginning of the year.

展望2024年後，我們仍然致力於贏得成長權，並計劃將未來的成長保持在或低於宏觀經濟成長趨勢，直到我們實現投資資本回報率持續超過資本成本的長期財務目標。我們預期 2024 年的資本支出約為 25 億美元，符合我們先前的指引，遠低於我們年初 35 億至 40 億美元的預期。

We are in ongoing discussions with Boeing regarding the financial impact of delivery delays. And as with past compensation, we expect any financial damages to be realized as a reduction in the cost basis of certain aircraft.

我們正在與波音公司就交付延誤的財務影響進行持續討論。與過去的賠償一樣，我們預計任何經濟損失都將透過降低某些飛機的成本基礎來實現。

Our balance sheet is obviously a critical competitive strength with an investment-grade rating by all three rating agencies. We continue to be in a net cash position as we ended second quarter with cash and short-term investments of $10 billion versus $8 billion outstanding debt.

我們的資產負債表顯然是關鍵的競爭優勢，三大評級機構都給予我們投資等級。截至第二季末，我們仍處於淨現金狀況，現金和短期投資為 100 億美元，而未償債務為 80 億美元。

We expect a modest $29 million in scheduled debt repayments for the full year. And currently, 2024 interest income is still expected to more than offset 2024 interest expense. Following the pandemic, we have maintained elevated liquidity levels primarily to fund fleet modernization efforts, labor contract ratification bonuses, debt service considerations, and to provide insurance against unforeseen business risk.

我們預計全年計劃償還債務金額為 2,900 萬美元。目前，2024年的利息收入預計仍將超過2024年的利息支出。疫情發生後，我們保持了較高的流動性水平，主要用於為機隊現代化工作、勞動合約批准獎金、償債考慮以及為不可預見的業務風險提供保險提供資金。

With much of the uncertainty largely behind us, we intend to start normalizing our liquidity levels back towards pre-COVID levels targeting minimum total liquidity, including our undrawn revolver. Our long-term financial goals remain unchanged: maintain a strong balance sheet, investment grade credit ratings and ample liquidity, grow earnings, margins and capital returns.

由於大部分不確定性已基本過去，我們打算開始將流動性水平正常化回新冠疫情前的水平，目標是最低總流動性，包括未提取的左輪手槍。我們的長期財務目標保持不變：維持強勁的資產負債表、投資等級信用評級和充足的流動性，增加收益、利潤和資本回報。

As Andrew said, we intend to pay off 2025 debt maturities at least partially in cash and specifically plan to repay or refinance the first tranche of the payroll support program loans as the associated interest rates start to ratchet higher for the industry beginning next year.

正如安德魯所說，我們打算至少部分以現金償還 2025 年到期的債務，並特別計劃償還或再融資第一筆工資支持計劃貸款，因為從明年開始，該行業的相關利率開始走高。

We also remain committed to our legacy of healthy shareholder returns. We are proud of our history of returning capital to our shareholders. We returned more than $13.5 billion through share repurchases and dividends since 2010 and we returned $215 million to shareholders through dividends in the first half of this year.

我們也持續致力於維護股東健康回報的傳統。我們為我們向股東返還資本的歷史感到自豪。自 2010 年以來，我們透過股票回購和股利返還超過 135 億美元，今年上半年透過股利向股東返還 2.15 億美元。

We paid another dividend just a couple of weeks ago here in third quarter. We are actively reviewing our return of capital policies, and ultimately, our goal is to restore shareholder returns to historic levels.

就在幾週前，我們在第三季支付了另一筆股息。我們正在積極審查我們的資本回報政策，最終我們的目標是將股東回報恢復到歷史水平。

As I close, I want to reiterate that our financial performance is not reflective of what we can and must deliver. As shareholders, you expect us to lead the industry in financial performance and we will be satisfied with nothing less. There are areas we need to improve, which we are owning and addressing as a management team. Despite these distractions, our employees remain steadfast in their dedication to the mission of the company and to providing our storied and world-class hospitality to our valued customers.

在我結束演講時，我想重申，我們的財務表現並不反映我們能夠和必須實現的目標。作為股東，您期望我們在財務表現方面領先於行業，我們將對此感到滿意。我們作為管理團隊擁有並解決一些需要改進的領域。儘管有這些幹擾，我們的員工仍然堅定不移地致力於公司的使命，並為我們尊貴的客戶提供傳奇的世界一流的接待服務。

I am both proud and grateful for our employees. I am excited about the plans we have in place to secure a bright future for Southwest and to share more about our tactical and strategic initiatives, as well as our capital allocation plan at investor day in September. We remain fully committed to executing on a plan to restore returns on invested capital in excess of our cost of capital, as this remains our guiding financial principles.

我對我們的員工感到自豪和感激。我對我們為確保西南航空光明未來而製定的計劃感到興奮，並在 9 月的投資者日分享更多有關我們的戰術和戰略舉措以及我們的資本配置計劃的信息。我們仍然完全致力於執行一項計劃，以恢復超過資本成本的投資資本回報，因為這仍然是我們的指導財務原則。

And with that, I will turn it back over to you, Julia.

這樣，我會把它交還給你，茱莉亞。

Thank you, Tammy. This completes our prepared remarks. They will now open the line for analyst questions. We would like to get as many of you as possible. So we ask that you please limit yourself to one question and a brief follow-up if necessary. We will now take the first question.

謝謝你，塔米。我們準備好的演講到此結束。他們現在將開通分析師提問專線。我們希望得到盡可能多的人。因此，我們要求您只提出一個問題，並在必要時進行簡短的跟進。我們現在回答第一個問題。

(Operator Instructions)

（操作員說明）

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, good afternoon and thanks for taking my question. Bob, we definitely appreciate the new product changes that you announced today, like extra leg room, red-eye flying. But I think you'd agree, these have been offered for decades at your competitors.

嘿，下午好，感謝您提出我的問題。鮑勃，我們非常感謝您今天宣布的新產品更改，例如額外的腿部空間、紅眼飛行。但我想你會同意，你的競爭對手已經提供了幾十年。

So I guess can you give us insight into the timing of this? Why now? And why wasn't this with that maybe even just a few years ago when you did do like a cabin redesign?

所以我想你可以跟我們介紹一下這個時間嗎？為什麼是現在？為什麼幾年前你確實喜歡重新設計機艙時，為什麼不這麼做呢？

Yeah, Brandon. I think a lot of things changed. I mean, you have changing demand patterns. We have customer preference that is always changing. It changed to some extent, also coming out of the pandemic. You can always debate when. At end of the day, it's the right thing to do right now, particularly as we over time have flown longer and flights are more full; I think that is a large driver of this.

是的，布蘭登。我認為很多事情都改變了。我的意思是，需求模式正在改變。我們的客戶偏好總是在改變。它在某種程度上發生了變化，也是從大流行中恢復過來的。你總是可以爭論什麼時候。歸根結底，現在做的事情是正確的，特別是隨著時間的推移，我們飛行的時間越來越長，航班也越來越滿；我認為這是一個很大的推動因素。

One of the things that's obvious is if you have a longer flight, customers have a preference to know where they are sitting, just like they have a preference to have seat back power. And I was, I'll admit, a bit surprised. We did extensive research here. Tens of thousands of customers, surveyed a lot work, conjoint analysis to understand products, what customers prefer, what they're willing to pay for.

顯而易見的事情之一是，如果您的航班時間較長，乘客更願意知道自己坐在哪裡，就像他們更願意擁有座椅靠背電動一樣。我承認，我有點驚訝。我們在這裡做了廣泛的研究。數以萬計的客戶，調查了大量的工作，結合分析來了解產品，客戶喜歡什麼，他們願意支付什麼費用。

And while I wasn't surprised that the preference ended up coming out for assigned seating, and more premium options in the cabin. I was surprised at the level of the preference, 80% in favor of assigned seating among our customers, 86% among those that fly other carriers. And then, of course, we reported, it was the number-one reason that customers when they defect from Southwest Airlines that they leave us.

雖然我並不感到驚訝，但最終選擇的是指定座位以及機艙內更多高級選項。我對這種偏好程度感到驚訝，80% 的乘客支援指定座位，而搭乘其他航空公司航班的乘客則有 86% 的乘客支援。當然，據我們報道，這是客戶離開西南航空後離開我們的首要原因。

So it's very clear that there's strong, strong demand. But you can always pick the time and the place. I'm 100% forward focused. In other words, we've done the work to ensure that this is the right change. The change is right to do now.

所以很明顯，需求非常強勁。但您隨時可以選擇時間和地點。我百分百專注於前方。換句話說，我們已經做了工作來確保這是正確的改變。現在改變是正確的。

We are not quite ready to share the timelines other than that we plan on selling the new seating in 2025. And we'll share all of that at our Investor Day in September. But it's clearly the right thing to do for our customers, for our employees, and for our shareholders.

除了計劃在 2025 年出售新座位之外，我們還沒有準備好分享時間表。但這對我們的客戶、我們的員工和我們的股東來說顯然是正確的事情。

Well, I think your investors appreciate the effort here to make changes. But I think some of the public criticism being levied on the company and the Board is that, it's been such an insular culture. These things couldn't even have been discussed years ago. I guess, what are you doing from that aspect? Are you looking to fill some of these executive positions externally?

嗯，我認為你的投資者很欣賞這裡做出改變的努力。但我認為，公眾對公司和董事會的一些批評是，這是一種非常孤立的文化。這些事情甚至在幾年前都無法討論。我想，從這方面來說，你在做什麼？您是否希望從外部填補其中一些高階主管職位？

Yes. I think you could always -- hindsight is always a lot more perfect. And so you can always look back and criticize the timing of a decision. I'm just telling you that we're 100% focused on transformational change here at Southwest Airlines, driving forward and driving forward with pace.

是的。我認為你總是可以──事後諸葛亮總是更完美。所以你總是可以回顧並批評決策的時機。我只是告訴您，西南航空 100% 專注於轉型變革，不斷前進，不斷前進。

You heard us today announce not just the assigned seating and the cabin changes; you heard us announce red-eye flying, which is not something we are working on. It's something we have worked on. And it's in the schedules published today. We've been working aggressively on operational systems, which we could talk about.

您今天聽到我們宣布的不僅是分配的座位和客艙的變化；你聽到我們宣布紅眼飛行，這不是我們正在研究的事情。這是我們一直在努力的事情。這在今天發布的時間表中。我們一直在積極開發作業系統，我們可以討論這一點。

And that work on operational systems allowed us during the tech outage last week to have a -- I believe, was a 99.8% completion factor on the day of the tech outage. And we had systems, critical systems to the operation affected.

在上週的技術中斷期間，作業系統方面的工作使我們能夠在技術中斷當天實現 99.8% 的完成率。我們的系統、關鍵系統都受到了影響。

So we are fully focused on transforming the company, driving forward at pace, and having a plan that addresses comprehensively, delivering transformative commercial initiatives, improving our operational efficiency, and addressing capital allocation discipline.

因此，我們完全專注於公司轉型，快速前進，制定全面的計劃，提供變革性的商業計劃，提高營運效率，並解決資本配置紀律問題。

Thank you.

謝謝。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Hey, good afternoon, everybody. On assigned seating, do you envision still being able to board an aircraft with just a single agent?

嘿，大家下午好。在指定座位上，您是否仍可只由一名工作人員登機？

Yes, absolutely, that would be the intent. We're still working on product design and some of the specifics. We have a lot of line of sight to the layout of the cabin. We have a lot of line of sight right now to the product design.

是的，絕對是，這就是意圖。我們仍在研究產品設計和一些細節。我們對機艙的佈局有很多視線。我們現在對產品設計有很多關注。

We're working on the boarding. One of the things that we get a lot of credit for today, Jamie, is the calm and order of our boarding. We board in an ordinal manner in order and our customers that we survey really like that. So there's a lot of focus on maintaining the boarding in the form that our customers love, but doing it in a manner that it pairs with assigned seating.

我們正在辦理登機手續。傑米，今天我們得到很多讚揚的事情之一就是我們登機時的平靜和秩序。我們按順序登機，我們調查的客戶非常喜歡這樣。因此，我們非常注重以客戶喜歡的方式維持登機，但要以與指定座位相符的方式進行。

And again, more to share at our Investor Day but that would be the goal. And we want to do this whole thing the Southwest way. And we're known for, obviously, things that make sense, common sense, not adding complexity. So if you look at the cabin, again, we're not ready to share everything. But we'll have a -- again, a third of the seats or so across the fleet in this extended leg room and there will be differentiation.

再說一次，我們的投資者日有更多內容可以分享，但這就是我們的目標。我們想以西南方式完成這一切。顯然，我們以那些有意義、常識性的事情而聞名，而不是增加複雜性。因此，如果你再看看小屋，我們還沒準備好分享一切。但我們將再次在機隊中擁有三分之一左右的座位，在這個擴展的腿部空間中，並且會有差異化。

It will be different than the rest of the cabin. But it won't a different seat and a curtain and meals and ovens. And so we'll do this in Southwest way. And the same exact thing applies to boarding.

它將與機艙的其他部分不同。但它不會有不同的座位、窗簾、食物和烤箱。所以我們將以西南方式進行。同樣的事情也適用於登機。

Perfect. Thanks. And second, and I don't know if you've ever commented on this in the past. But from a Rapid Rewards perspective, how important is Hawaii? Like, for example, could you disclose what percent of overall redemptions choose Hawaii, something like that? I'm just trying to model how important Hawaii is to getting credit cards into people's wallets and driving brand profits, that kind of stuff? Thanks in advance.

完美的。謝謝。其次，我不知道你過去是否對此發表過評論。但從快速獎勵的角度來看，夏威夷有多重要？例如，您能否透露選擇夏威夷之類的整體兌換比例是多少？我只是想模擬夏威夷對於讓信用卡進入人們的錢包和推動品牌利潤之類的事情有多重要？提前致謝。

Jamie, it's very important, particularly as you think about the West Coast and the franchise, but I'll let Andrew take a crack at the details here.

傑米，這非常重要，特別是當你考慮西海岸和特許經營權時，但我會讓安德魯來看看這裡的細節。

Yeah. I can't recall off the top of my head, Jamie, but it is high. It's not as high as Aruba. Aruba is actually our highest redemption and that goes for kind of our East Coast customers who want a kind of aspirational vacation destination. And that allows them to redeem for that.

是的。傑米，我記不清了，但它很高。沒有阿魯巴那麼高。阿魯巴實際上是我們最高的救贖，這適合我們想要一個理想的度假目的地的東海岸客戶。這讓他們能夠贖回這一點。

In the West, we have a very business-centric network in the West, with leisure options being Vegas and Phoenix in season. So Hawaii is important to our customer franchise in the Western US who are closer geographically to Hawaiian than, say, Florida for their beach and warm weather destination. So it's important for that customer base who is a repeat purchase customer base.

在西方，我們有一個非常以商業為中心的網絡，旺季的休閒選擇是拉斯維加斯和鳳凰城。因此，夏威夷對於我們在美國西部的客戶群來說非常重要，因為他們的海灘和氣候溫暖的目的地比佛羅裡達州更接近夏威夷。因此，對於重複購買的客戶群來說，這一點很重要。

So Rapid Rewards reflects someone who identifies their brand and wants in the credit cards. So we have to have a multipurpose travel network for them and Hawaii is that for our Western US customers. So there -- that's one of the importance there and that why we spend so much time trying to mature, doing so many adjustments to it to make sure it can fit profitably into our network, as well as give that kind of customer adhesion point of aspirational vacation destination.

因此，Rapid Rewards 反映了某人認同自己的品牌並希望獲得信用卡。因此，我們必須為他們建立一個多功能旅行網絡，而夏威夷就是為我們美國西部客戶提供的。這就是其中的重要性之一，這也是為什麼我們花這麼多時間試圖成熟，對其進行如此多的調整，以確保它能夠有利地融入我們的網絡，並給予這種客戶粘著點嚮往的度假勝地。

That's good detail. Thanks very much. I would not have guessed the Aruba nugget. That's a good one. Thanks.

這個細節很好啊非常感謝。我不會猜到阿魯巴金塊。這是一件好事。謝謝。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning. Just on the O&D revenue management system, you kind of shared a lot of details. It seems like you've had revenue management changes in the past that have kind of come up with some issues as well. But I was curious, I think, Bob, in your comment on CNBC, you mentioned that you just sold too many seats at too low prices.

嘿，早安。就 O&D 收入管理系統而言，您分享了許多細節。您過去似乎對收入管理進行了更改，但也出現了一些問題。但我很好奇，鮑勃，你在 CNBC 的評論中提到，你只是以太低的價格出售了太多座位。

And I don't know, Ryan, if you want to kind of talk about you're seeing a lot of fair sales still out there, and that doesn't seem to jive with realizing that you've sold too many seats at too low prices. I was kind of curious if you could talk about the fair sale activity you're doing today and how we should interpret that?

我不知道，瑞安，你是否想談談你看到仍然有很多公平銷售，而這似乎與意識到你已經售出了太多座位而感到不舒服。我很好奇您能否談談您今天正在進行的公平銷售活動以及我們應該如何解釋它？

Yes. Maybe just talking about revenue management generally. The O&D systems are, by nature, more complex. And it's not unusual that they take time to be tuned and adapted. And also we've had, not making excuses, but we've also had a lot of noise around the demand with scheduled changes, adapting to Boeing delivery issues and that's not help.

是的。也許只是一般性地談論收入管理。 O&D 系統本質上更加複雜。它們需要時間進行調整和適應並不罕見。而且我們也沒有找藉口，但我們也對預定的需求進行了很多調整，以適應波音的交付問題，但這無濟於事。

But clearly, we sold too many seats early for the peak summer travel period, which means you're going to take them in lower booking classes. And it also means when you get to the summer and you have those strong flights, you have fewer seats to sell later in the booking curve, which obviously comes in higher booking classes.

但顯然，我們在夏季旅行高峰期提前售出了太多座位，這意味著您將在較低的預訂艙等中預訂這些座位。這也意味著，當你進入夏季並且航班數量充足時，你在預訂曲線後期可出售的座位就會減少，這顯然是在更高的預訂艙位中出現的。

So we've had a strong diagnostic to understand what's happening. We've had experts -- third-party experts in to help. We have a strong action plan. And that action plan is being put into place right now. We're also adding more expertise, senior leadership over the area simply because it is more complex.

所以我們有一個強有力的診斷來了解正在發生的事情。我們有專家－第三方專家來提供協助。我們有一個強而有力的行動計劃。該行動計劃目前正在實施中。我們還在該領域增加了更多的專業知識和高階領導，只是因為它更加複雜。

Maybe tearing that apart a little bit from the fare sale, it's also clear -- and the RM system, it's also clear that there's simply more capacity than on the domestic side than demand right now. And so that's got to be a piece of what you're talking about.

也許將其與票價銷售分開一點，這一點也很清楚——而 RM 系統，也很明顯，目前國內的運力多於需求。所以這一定是你所說的一部分。

I mean, for Southwest Airlines, we're taking actions for ourselves here. Capacity was up about 8 point, I think, 6% in the second quarter. We're going to moderate that to 2% in the third. It will actually be down roughly 4% in the fourth and sort of underneath that, trips will actually be down about 8% in the fourth quarter. So we are working down capacity aggressively on our part here.

我的意思是，對於西南航空來說，我們正在為自己採取行動。我認為第二季的運力成長了約 8 個百分點，即 6%。我們將在第三季將這一比例降低至 2%。第四季實際上會下降約 4%，在此之下，第四季的出行實際上會下降約 8%。因此，我們正在積極降低產能。

But yes, Andrew, you want to comment more specifically on RM?

但是，安德魯，您想對 RM 進行更具體的評論嗎？

I think I would say just in the fair sale, Bob, that can be a red hearing we get often. We distribute directly to consumers, which means you always have to be out there pulling them to your website and promotional activity is the way that you do that. So the frequency of our sales does not hold a special meaning. It's a depth of a sale that would give you indications about any kind of promotional level of discounts we're giving.

我想我會說，就在公平銷售中，鮑勃，這可能是我們經常遇到的紅色聽證會。我們直接向消費者分發產品，這意味著您必須始終將他們拉到您的網站，而促銷活動就是您這樣做的方式。所以我們的銷售頻率並沒有什麼特殊意義。這是一種銷售深度，可讓您了解我們提供的任何類型的促銷折扣等級。

In that situation, I don't think anything has really changed. If you look at the current sales. So kind of we always expect us to be out there promoting to customers from our website that often has have a number attached to it to get them there. But that's a normal course of business, has been that way through good times and bad over the years.

在這種情況下，我認為沒有什麼真正改變。如果你看看現在的銷量。因此，我們總是希望我們能夠透過我們的網站向客戶進行促銷，該網站通常附有一個號碼，可以幫助他們到達那裡。但這是正常的業務過程，多年來無論順境或逆境都是如此。

That's helpful clarification. And just if I might on the -- I know there's a lot more information coming at Investor Day, but I was curious on the -- for the changing of the seating on the plane, once the FA approves it, just how long is that process generally to kind of doing a whole -- a large fleet like yours?

這是很有幫助的澄清。如果我可以的話——我知道投資者日會有更多信息，但我很好奇——對於飛機上座位的改變，一旦英足總批准，需要多長時間流程通常是做一個整體——像你這樣的大型艦隊？

Yes, you've got two -- maybe three sides here. You've got to finish up the design of the LOPO or the layout, which we're very close to here. And then, there's a month-long certification process. And then, of course, we have roughly 800 aircraft that need to be modified.

是的，這裡有兩個——也許三個方面。您必須完成 LOPO 或佈局的設計，我們已經非常接近了。然後，還有為期一個月的認證過程。當然，我們還有大約 800 架飛機需要改裝。

We're going to do this in a capital-efficient way. We're going to utilize, obviously, the new RECARO coming off the line with new aircraft beginning early next year or existing seats. But an 800 aircraft, it still takes a while to move all the way through the fleet even if it's a relatively rapid modification. Obviously, it's a complex change, so you have technology, process, training, other work to be done.

我們將以資本效率高的方式做到這一點。顯然，我們將利用明年初開始生產的新飛機或現有座位的新 RECARO。但一架800架飛機，即使是相對較快的改裝，仍然需要一段時間才能在機隊中完全移動。顯然，這是一個複雜的變化，所以你有技術、流程、培訓和其他工作要做。

It will be a pacing item as well. And again, we'll be revealing the timelines in more detail in September. So the only tidbit we have out there right now is that our plan is to sell in the new form. So in the assigned seating rolled beginning in 2025.

這也將是一個節奏項目。我們將再次在 9 月公佈更詳細的時間表。因此，我們現在唯一掌握的消息是我們的計劃是以新形式出售。因此，分配的座位將從 2025 年開始滾動。

But more to come. And again, the fleet -- the mod is not complex. It just has to be approved. And then, again, we have to move through 800 aircraft in the fleet.

但還會有更多。再說一次，艦隊——這個模組並不複雜。只需要獲得批准即可。然後，我們必須再次檢查機隊中的 800 架飛機。

I'm one of those 80% of passengers who like to see the change. So we'll have to see that. Thanks.

我是那 80% 喜歡看到變化的乘客之一。所以我們必須看到這一點。謝謝。

Oh, you're welcome. Thank you.

哦，不客氣。謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone. Thank you. Maybe just sticking on the premium stuff. So have you secured slots from an MRO perspective? And then, you mentioned doing this on all 800 aircraft. I'm just curious on why you're doing the 700s if we're talking about retiring those over the next 10 years?

大家好。謝謝。也許只是堅持優質的東西。那麼，您是否從 MRO 角度確保了插槽？然後，您提到在所有 800 架飛機上都這樣做。我只是好奇如果我們正在討論在未來 10 年內讓 700 年代退役，為什麼你還要做 700 年代？

And sorry for extra question on top of this. Like when you think about the layout, are you expecting the same amount of seats on each plane, not losing any seats by adding premium? Thank you.

很抱歉在此基礎上提出額外的問題。就像當您考慮佈局時，您是否期望每架飛機上有相同數量的座位，而不會因增加溢價而損失任何座位？謝謝。

We're still -- and Ryan can add a lot of detail here. We're still working on specific LOPOs and layouts. We want to do this in a Southwest way and be true to our values here. So in the same manner that our intent is not to change our customer-friendly policies and take anything away from you, we want to have not just in the extra legroom section, but in the remainder of the cabin, we want to have an attractive pitch. So we're still working through that question.

我們仍然——瑞安可以在這裡添加很多細節。我們仍在研究特定的 LOPO 和佈局。我們希望以西南航空的方式做到這一點，並忠於我們在這裡的價值觀。因此，就像我們的目的不是改變我們的客戶友好政策並剝奪您的任何東西一樣，我們希望不僅在額外的腿部空間部分，而且在機艙的其餘部分，我們希望有一個有吸引力的瀝青。所以我們仍在解決這個問題。

The 700s, they're going to be in the fleet, I believe, for a while, for a long while here. And so, again, we're going to be sharing the detail on the math as well, just the financial benefit. But it's clear that a modification to the 7s, you want the extra legroom seats in the 700s as well.

我相信，700 型飛機將在機隊中存在一段時間、很長一段時間。因此，我們將再次分享數學方面的細節，只是經濟利益。但很明顯，對 7 系列進行改裝後，您還希望 700 系列擁有額外腿部空間的座椅。

Sort of roughly the same. About a third, desire to get the center or third of the seats across the entire fleet. And then, just mechanically for our customers, it would make no sense to -- you're just buying a flight.

大致上是一樣的。大約三分之一的人希望獲得整個機隊的中間或三分之一的座位。然後，對於我們的客戶來說，僅僅機械地購買航班是沒有意義的。

So it make no sense to buy one flight and there are a lot of extra legroom seats and buy another flight and simply because that's a different aircraft type. There are none or very few. So we want to do this in a way that it makes sense to our customers. And that extra legroom section is available on every single flight.

因此，購買一個航班並且有很多額外的腿部空間座位併購買另一個航班是沒有意義的，僅僅因為那是不同的飛機類型。沒有或很少。因此，我們希望以對我們的客戶有意義的方式來做到這一點。每趟航班均提供額外腿部空間。

Yes. I think that's the most important part, Conor, is that when you start wrapping seating benefits, premium seating benefits into your overall value proposition, whether you're selling it as an ancillary or a fair, the customer, when they go on to buy their flight from Dallas to Denver, they don't know if we're going to operate it with the 700 or a MAX 8 aircraft. And you want a consistent value proposition across the board to serve the customers' needs. So I think that's the most important piece of that equation to your question there.

是的。康納，我認為這是最重要的部分，當你開始將座位福利、高級座位福利納入你的整體價值主張時，無論你是將其作為輔助產品還是公平銷售，當客戶繼續購買時他們從達拉斯飛往丹佛的航班，他們不知道我們將使用700 還是MAX 8 飛機來運營該航班。您需要全面一致的價值主張來滿足客戶的需求。所以我認為這是你的問題中最重要的部分。

Okay. And then, on the comment of growing at or below macro trends in 2025, I'm trying to understand why growth is even on the table right now given where returns are?

好的。然後，關於 2025 年成長等於或低於宏觀趨勢的評論，我試圖理解，考慮到回報在哪裡，為什麼現在成長仍然擺在桌面上？

In that same context, like you're talking about unit revenue down today, but then seats down 6% to 8% that inflects unit revenue positive. I just try to understand why we should then ramp back up in line with the economic growth. And then, in the context of all that, can you just frame up how you view the current demand environment in general? Thank you again.

在同樣的背景下，就像您今天談論的單位收入下降一樣，但隨後席位下降 6% 至 8%，這會使單位收入產生積極影響。我只是試圖理解為什麼我們應該隨著經濟成長而恢復成長。然後，在所有這些背景下，您能否概括一下您如何看待當前的整體需求環境？再次感謝您。

Yes, Conor, you bet. And we are still working on 2025, so I wouldn't take anything as an exact number. That was a commitment, obviously, over the next number of years and obviously, commitment until we are able to earn our cost of capital here. So we've not picked a number necessarily for 2025. But we are going to be managing, obviously, our capital expenditures aggressively.

是的，康納，你敢打賭。我們仍在努力爭取 2025 年，所以我不會採取任何確切的數字。顯然，這是一個在接下來的幾年裡的承諾，而且顯然是一個承諾，直到我們能夠在這裡賺取我們的資本成本。因此，我們沒有為 2025 年選擇一個數字。

Tied to that, and we haven't talked about the red-eye flying, but we're also announcing that today which I'm really proud of. And our customers want it, but what it also does for us is it produces ASMs without having to buy extra aircraft. I mean, the aircraft are available, obviously, overnight. That and the sophisticated technology and processes going into turn management, but that's allowing us to take time out of the turn.

與此相關的是，我們還沒有談論紅眼飛行，但我們今天也宣布了這一點，我對此感到非常自豪。我們的客戶想要它，但它對我們的好處還在於，它可以生產 ASM，而無需購買額外的飛機。我的意思是，顯然，飛機一夜之間就可以使用。這以及輪流管理中的複雜技術和流程，但這使我們能夠從輪流中抽出時間。

The combination of those two things, the red-eye flying, and then the turn compression will allow us to fund nearly all, if not all, capacity, 2025, 2026, 2027 through initiatives and do buying incremental aircraft and spending incremental CapEx.

紅眼飛行和轉彎壓縮這兩件事的結合將使我們能夠透過舉措為 2025 年、2026 年、2027 年幾乎所有（如果不是全部）產能提供資金，併購買增量飛機並支出增量資本支出。

Okay. That's helpful. Thank you.

好的。這很有幫助。謝謝。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Hey. Bob, I know you had mentioned earlier you talked about sort of capacity domestically running a bit higher than demand and maybe what was driving the price weakness. But how much of it do you think may also be attributable to just that more price-sensitive consumer who may be pushing back? I mean, we are seeing that in other sectors. And I would think that you tend to carry a healthy amount of that type of segment. Are you seeing it?

嘿。鮑勃，我知道您之前提到國內產能略高於需求，也許是什麼導致了價格疲軟。但您認為其中有多少可能是因為對價格更敏感的消費者可能會抵制？我的意思是，我們在其他領域也看到了這種情況。我認為您傾向於擁有大量此類細分市場。你看到了嗎？

Hey, Mike. It's Andrew. We're not seeing any specific thing in regards to customer segments that are pulling back, so to speak. I think sometimes because we aspire to have low fares, people assume we're going for a lower fluent passenger, which is not the case. And so we want to have low fares and high quality.

嘿，麥克。是安德魯。可以這麼說，我們沒有看到任何有關客戶群退出的具體情況。我認為有時因為我們渴望低票價，人們會認為我們會接待不太流利的乘客，但事實並非如此。因此，我們希望擁有低票價和高品質。

As I mentioned earlier, we have large parts of our network, which are very high business contribution, which implies a customer that's relatively more affluent. And so we're seeing, I think, business travel actually grow faster than capacity both in Q1 and Q2. So you do see that part of the economy going well. It's just that, I think, there's some choppiness with regards to off-peak times and how much leisure spending is going on there.

正如我之前提到的，我們的網路有很大一部分，它們的業務貢獻非常高，這意味著客戶相對更富裕。因此，我認為，我們看到，商務旅行實際上在第一季和第二季的成長速度都快於運力成長速度。所以你確實看到經濟的這一部分進展順利。我認為，只是非高峰時段以及那裡的休閒支出存在一些波動。

That was a characteristic of COVID where people would more frequently take off-time trips for leisure reasons. And there's less of that now. And so that does create this kind of period of the year where then there's more capacity than demand.

這是新冠疫情的一個特點，人們會更頻繁地出於休閒原因進行休假旅行。而且現在這樣的情況越來越少了。因此，這確實造成了一年中的這種時期，產能大於需求。

And Mike, just -- this is Ryan. Just to add a little bit of color to what Andrew said there. When you look at our customer base demographically and how that compares to our peers in the industry, it looks a lot more like -- our customer base looks a lot more like our legacy peers than it does LCCs or ULCCs -- the LCC or ULCC, peer set.

麥克，這是瑞安。只是為了給安德魯所說的話增添一點色彩。當你從人口統計角度觀察我們的客戶群以及與業內同行相比時，我們的客戶群看起來更像是我們的傳統同行，而不是 LCC 或 ULCC——LCC 或 ULCC ，對等集。

Specifically, when you talk about households with incomes in the $100,000-plus bracket and $200,000 bracket, that looks much closer to legacy than it does the LCC and ULCC peer set.

具體來說，當您談論收入在 100,000 美元以上和 200,000 美元範圍內的家庭時，與 LCC 和 ULCC 同等群體相比，這看起來更接近遺產。

Great. Very helpful. And then, just my last question, this may be for Tammy. When I look at your CASM guide for the year, which you were able to maintain, we come off the third quarter and at the midpoint, we're looking at, call it, 12% on a couple of percent of capacity.

偉大的。非常有幫助。然後，我的最後一個問題可能是問塔米的。當我查看你們今年能夠維持的 CASM 指南時，我們從第三季開始，在中點，我們正在考慮，稱之為 12%，在幾個百分點的產能上。

When we get to the fourth quarter, we're up maybe high single digits, but now that's on a capacity reduction of about 4%. So sequentially, there is a healthy improvement there. Is there something in 2023? I know there was a restatement, but is there anything in credits or one-timers that would allow you to see that sort of progression? Or maybe we're just anniversarying some of these various contracts and cost inflationary items? Thanks for taking my question.

當我們進入第四季時，我們的成長可能會達到高個位數，但現在產能減少了約 4%。因此，接下來，將會有健康的改善。 2023年有事嗎？我知道有重述，但是片尾字幕或一次性節目中是否有任何內容可以讓您看到這種進展？或者也許我們只是在紀念這些不同的合約和成本通膨項目中的一些？感謝您提出我的問題。

Yeah. No, absolutely, Mike. And no, you -- there really isn't anything unusual to point out. We are anniversarying some of the contracts. So that is certainly contributing to that.

是的。不，絕對，麥克。不，你——確實沒有什麼不尋常的地方需要指出。我們正在慶祝一些合約的周年紀念日。所以這肯定對此有所貢獻。

And just to clarify on CASM-X numbers for last year. I know we've had, I think, some questions coming in on that just to make sure you all have the correct numbers. The specific numbers for the third quarter is $0.1067; and 4Q, it's $0.1097, bringing the full year to $0.1109.

只是為了澄清去年的 CASM-X 數據。我想，我知道我們對此提出了一些問題，只是為了確保你們都掌握了正確的數字。第三季的具體數字是0.1067美元；第四季為 0.1097 美元，全年達到 0.1109 美元。

So just to make sure you've got all the right numbers in your model. But yeah, you got it. It's mostly anniversarying the contracts.

所以只是為了確保您的模型中包含所有正確的數字。但是，是的，你明白了。主要是合約週年紀念日。

And just to be -- just to break it down, I'm sure you know this -- sort of our normal -- if you look at our midpoint of our Q3 guide, 12, kind of normal would be low 4s. We've got close to 5 points of abnormal labor pressure with the new contracts.

只是為了 - 只是為了打破它，我相信你知道這一點 - 有點我們的正常 - 如果你看看我們的第三季度指南的中點，12，有點正常將是低 4s。新合約使我們的異常勞動力壓力接近 5 個百分點。

So as Tammy said, as you begin to anniversary that is material. And then, between Boeing direct impacts and Boeing overstaffing impacts, you've got about 3 points. So as that tails off and the overstaffing begins to tail off, and we are mitigating a large number of that. We can talk about that later if you want. So as those extraordinary items come off, it's very helpful, or you anniversary them.

正如塔米所說，當你開始慶祝週年紀念日時，這很重要。然後，在波音公司的直接影響和波音公司人員過剩的影響之間，你得到了大約 3 分。因此，隨著這種情況的減少以及人員過剩的情況開始減少，我們正在大量減少這種情況。如果你願意的話，我們可以稍後再討論。因此，當這些非凡的物品脫落時，這是非常有幫助的，或者你可以紀念它們。

Great. Thank you.

偉大的。謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Thanks for the time. I wanted to ask you about network changes versus product changes, things like assigned seats and which area do you think will be the bigger contributor to your lagging margins here. Do you see a path on margin improvement before these product enhancements come on board?

謝謝你的時間。我想問您關於網路變化與產品變化的問題，例如分配的席位，以及您認為哪個領域對您的落後利潤貢獻更大。在這些產品增強功能出現之前，您是否看到了利潤率改善的途徑？

The only reason I ask is there are some carriers out there that have all the premium bells and whistles, but still have lagging margins, which suggests that premium in isolation is not a silver bullet. So is there a network issue and a new markets issue that we can address first?

我問的唯一原因是，有些業者擁有所有保費附加功能，但利潤率仍然滯後，這表明單獨的保費並不是靈丹妙藥。那麼我們是否可以先解決網路問題和新市場問題？

Hi, Duane, it's Andrew. I would say there is obviously a lag with the implementation of the initiatives. So between now and then, we absolutely are aiming toward having margin improvement. I would actually put it on the back of three efforts, network changes many of which we've put in, and we will keep putting more in.

嗨，杜安，我是安德魯。我想說的是，這些措施的實施顯然有落後。因此，從現在到那時，我們絕對致力於提高利潤率。實際上，我會把它歸功於三項努力，即我們已經投入的網路變革，並且我們將繼續投入更多。

You saw some big ones in Q1, and there's still some good modest-sized ones throughout the year this year. And then, when the capacity is set then on the shorter duration, we're focused on yield improvements. You saw through the discussion about revenue management system, both the raising the negative that you saw in Q2, but also getting more out of the system is a positive on top of limiting the negative. So that's one factor.

你在第一季看到了一些大的，今年全年仍然有一些不錯的中等規模的。然後，當產能設定為較短的持續時間時，我們將重點放在產量的提高上。您透過有關收益管理系統的討論看到，不僅提高了您在第二季度看到的負面因素，而且還從該系統中獲得更多收益，這是限制負面因素之外的積極因素。這是一個因素。

And then on the other is some -- we have a load gap and folks in that load gap in particular, you see our efforts on our new advertising campaigns, our entry into Google Flights, and some of our customer acquisition activities help us to kind of broaden our customer base.

另一方面是——我們有一個負載差距，特別是在這個負載差距中的人們，你會看到我們在新的廣告活動上所做的努力，我們進入谷歌航班，以及我們的一些客戶獲取活動幫助我們形成擴大我們的客戶群。

It's down a little bit because we find that our road warriors don't travel as much per person as they did pre-pandemic. And so those efforts in the short to medium term will give a tailwind to load. So those marketing activities, revenue activities and network changes, they are all three that we intend to work between now and the go-live of the initiatives.

下降了一點，因為我們發現我們的公路戰士每人出行次數沒有大流行前那麼多。因此，這些短期到中期的努力將為負載帶來推動力。因此，這些行銷活動、收入活動和網路變化是我們打算從現在到計劃上線之間開展的三項工作。

Appreciate that. And we'll be watching for progress on that front. And Bob, in the spirit of your comment about looking at all opportunities, I wanted to ask you about bags and not from the traditional revenue perspective, but just from a Southwest take rate and cost per bag perspective. Do you have a feel for how much higher your bag take rate is versus the rest of the industry? How many more bags per flight you carry and what you estimate your cost per bag to be?

很欣賞這一點。我們將關注這方面的進展。鮑勃，本著您關於尋找所有機會的評論的精神，我想問您有關行李的問題，不是從傳統的收入角度，而是從西南航空的拿貨率和每件行李的成本角度。您是否知道您的行李提取率與行業其他公司相比高出多少？您每次航班多攜帶多少件行李？

Yes. I believe, just to get right your question and check bags, I believe we carry about 2x the industry standard. But then also, you've got bags that come out of the cabin that also has an issue in terms of how you manage the operation.

是的。我相信，為了正確回答您的問題並檢查行李，我相信我們的標準約為行業標準的兩倍。但另一方面，從機艙出來的行李在如何管理操作方面也存在問題。

Just to be real clear on bags-like-free as a policy, I mean, we're not looking at this point to change that policy. Our industry-leading set of initiatives of customer-friendly policies. And you know the list is a big part of what attracts people to Southwest Airlines. And after fair and schedule, bags fly free is cited as the number-one issue in terms of why customers choose Southwest.

我的意思是，為了真正明確免費行李政策，我們不會考慮在這一點上改變該政策。我們業界領先的一系列客戶友善政策舉措。您知道，這份清單是吸引人們選擇西南航空的重要原因。在展會和日程安排結束後，行李免費飛行被認為是客戶選擇西南航空的首要問題。

So it's not something under consideration right now as we rethink our products related to the seating and the cabin.

因此，當我們重新考慮與座椅和客艙相關的產品時，現在還沒有考慮這個問題。

I would say also, Bob, that as far as the cost, there can be breakpoints at certain volume scales in individual airports. But any given flight having one or less bags or 10 or more or less bags, doesn't necessarily change the cost profile to handle that as the number of people and equipment required to load and unload the aircraft is static in that range. So there's not a variable cost as far as the handling part. Of course, the weight is variable with the fuel burn, but that would be the true if it was in the cabin instead of under the valley.

鮑勃，我還要說，就成本而言，個別機場在某些規模上可能存在斷點。但任何擁有一件或更少行李或10 件或更多或更少行李的航班，並不一定會改變處理這種情況的成本狀況，因為裝卸飛機所需的人員和設備數量在該範圍內是靜態的。因此，就處理部分而言，不存在變動成本。當然，重量會隨著燃料燃燒而變化，但如果它是在機艙內而不是在山谷下，那就是事實。

Well, the thing you have to think about, too, is the bags move around. And so we're working to take -- and we'll share a lot about this at our Investor Day. We are working through technology and processes to take time out of a turn because your free time there and basically free aircraft just fall out because you're able to utilize the aircraft more effectively during the day.

嗯，你還必須考慮的是袋子會四處移動。因此，我們正在努力採取行動，我們將在投資者日分享許多相關內容。我們正在透過技術和流程來減少輪流時間，因為您在那裡的空閒時間和基本上免費的飛機都會消失，因為您可以在白天更有效地利用飛機。

And we don't have a large issue today with cabin overhead bags that are then slowing down the operation because the overheads are slowing, they have to be moved down into the check and moved into the haul or to the bins. And so you'll just move the issue around. I mean, I'm sure you've flown on others, and there's a massive last-minute checking of bags from the cabin down into the bin under the aircraft. And that cost you a lot of turn time potentially, which then just burns aircraft time that could be used more effectively. So it's a trade and we do look at the trade.

今天，我們在機艙頂行李方面沒有遇到大問題，這些行李會減慢運營速度，因為架空行李正在減慢，它們必須移入檢查並移入運輸或垃圾箱。所以你只需轉移這個問題即可。我的意思是，我確信您乘坐過其他航班，並在最後一刻對行李進行大規模檢查，從機艙到飛機下方的垃圾箱。這可能會花費大量的周轉時間，浪費了原本可以更有效利用的飛機時間。所以這是一筆交易，我們確實關注這筆交易。

And just to add one other point on that. It's about twice as many check bags. We carry as many check bags legacies, and it gets closer to 3 times more check bags than ULCC. So I think that that just points to the popularity of the policy and goes to indicate one of the reasons why customers choose Southwest Airlines.

在此基礎上再補充一點。托運行李數量大約是其兩倍。我們承運的托運行李數量與 ULCC 的托運行李數量一樣多，而且數量接近 3 倍。所以我認為這正好說明了這項政策的受歡迎程度，也是客戶選擇西南航空的原因之一。

I appreciate the thoughts. Thank you.

我很欣賞這些想法。謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Thanks. Good afternoon. So I know you're going to quantify the changes in September, but just directionally, should we be thinking hundreds of millions? Is it more? Any way to help us think about how much CapEx this requires.

謝謝。午安.所以我知道您將量化 9 月份的變化，但只是方向性的，我們是否應該考慮數億？還多嗎？有什麼方法可以幫助我們思考這需要多少資本支出。

And then, just more conceptually, like some of the legacies would say, hey, it's not just extra legroom that you need for it to truly be sort of premium, like -- are there other changes you're contemplating beyond just extra legroom?

然後，從更概念的角度來說，就像一些遺產會說的那樣，嘿，要讓它真正成為優質產品，你需要的不僅僅是額外的腿部空間，例如——除了額外的腿部空間之外，你是否還在考慮其他改變？

Yes, Scott, you bet. And again, yes, we're going to share a lot more in September. But just maybe just to put a ballpark figure out there, our ancillary products today around boarding, like early bird upgraded boarding, generate just shy of $1 billion for us. And the opportunity in the assigned seating and extra legroom world is substantially north of that. So I'm not going to give you a range, but just maybe give you a little directional.

是的，斯科特，你敢打賭。再說一次，是的，我們將在九月分享更多內容。但也許只是粗略估計一下，我們今天圍繞著登機的輔助產品，例如早鳥升級登機，為我們帶來了近 10 億美元的收入。分配座位和額外腿部空間的機會遠不止於此。所以我不會給你一個範圍，但也許會給你一點方向。

And also, hopefully, giving you the stat that roughly a third of the seats in our fleet will be in the extra legroom configuration can give you kind of a ballpark there as well. There's very little CapEx to invest, because we're not buying a whole different configuration, that kind of thing. So it's mostly about adjusting the cabin more than it is buying a lot of stuff to change the cabin. We already have a new seat coming from RECARO that customers really like. We're already working on some of the other components of the cabin anyway. So there's actually very little incremental CapEx related to this change.

而且，希望向您提供我們機隊中大約三分之一的座位將採用額外腿部空間配置的統計數據，也可以為您提供大概的信息。可供投資的資本支出非常少，因為我們不會購買完全不同的配置之類的東西。所以主要是對機艙進行調整，而不是購買很多東西來改變機艙。我們已經有了一款來自 RECARO 的新座椅，客戶非常喜歡。無論如何，我們已經在研究機艙的其他一些組件了。因此，與此變化相關的增量資本支出實際上非常少。

Then maybe on your last point, we're still defining the products and exactly the detail around what we want to attach extra legroom. But again, just to be clear, we're not looking at first class where you really have a huge differentiation and where you really have a huge differentiation in cost.

那麼也許關於您的最後一點，我們仍在定義產品以及我們想要附加額外腿部空間的具體細節。但再次強調一下，我們並不是在尋找頭等艙，因為頭等艙確實有巨大的差異化，而且在成本上也確實有巨大的差異化。

We really took a revenue per square foot view of a way to solve for this. You have so many fees in the cabin that you can deal with and maximizing that revenue per square foot is how we attack the problem.

我們確實從每平方英尺的收入角度來考慮解決這個問題的方法。機艙內有如此多的費用，您可以處理，最大化每平方英尺的收入就是我們解決這個問題的方法。

That's helpful. And just to clarify, when you talk about substantially north of $1 billion, do we -- is that a -- I'm trying to -- is that a gross number or net number? Meaning in theory, we'll lose like the early boarding in flight that we have today, I would assume?

這很有幫助。我想澄清一下，當你談論遠遠超過 10 億美元時，我們——我正在嘗試——這是一個總數還是淨值？這意味著從理論上講，我們會像今天提前登機一樣失敗，我想？

That's an incremental. So incremental, too. In other words, obviously, hurdle one, if those products are generating shy of $1 billion, whatever we do has to clear that as a hurdle. And so anything that we talk about will be the net change.

這是一個增量。也是增量的。換句話說，顯然，第一個障礙是，如果這些產品的營收低於 10 億美元，那麼無論我們做什麼，都必須清除這個障礙。因此，我們談論的任何事情都將是淨變化。

But again, we're just not ready to share that in detail. But no, we wouldn't be making the change if number one, it wasn't what our customers wanted; number two, it wasn't what our employees wanted; and number three, it wasn't significantly beneficial financially for our shareholders.

但同樣，我們還沒有準備好詳細分享這一點。但不，如果第一，這不是我們的客戶想要的，我們就不會做出改變；第二，這不是我們員工想要的；第三，這對我們的股東來說並沒有帶來顯著的經濟利益。

Thank you, guys.

謝謝你們，夥計們。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Great. Thank you, guys. I want to maybe ask about 2025 growth in a little different way. When you look at the contractual order book, it has 70 aircraft getting delivered plus ASMs from the red-eye aircraft.

偉大的。謝謝你們，夥計們。我想以不同的方式詢問 2025 年的成長情況。當你查看合約訂單簿時，會發現已交付的飛機有 70 架，還有紅眼飛機的 ASM。

So how should we think about that in the context of at or below GDP growth? Are we getting to the point maybe where fleet growth needs to be net neutral? Do you accelerate retirement? How do we think about that?

那麼，在GDP增速等於或低於GDP增速的背景下，我們該如何看待這個問題呢？我們是否已經到了機隊成長需要保持淨中性的地步？你會加速退休嗎？我們對此有何看法？

Yes. Hi, Sheila. Yes, we have a lot of flexibility with our order book from Boeing. We're not ready yet to lay out all of our plans. We'll do that out at Investor Day. But we have ample flexibility to reflow the order book to ultimately meet our needs. And we'll balance all of that clearly, given all of our objectives and including CapEx spend and also our initiative to renew the fleet. So we'll lay out all those details for you at Investor Day.

是的。嗨，希拉。是的，我們的波音訂單具有很大的靈活性。我們還沒有準備好制定所有計劃。我們將在投資者日解決這個問題。但我們有足夠的靈活性來重新安排訂單，以最終滿足我們的需求。考慮到我們的所有目標，包括資本支出以及我們更新機隊的舉措，我們將清楚地平衡所有這些。因此，我們將在投資者日為您列出所有這些細節。

And obviously, we're still working with Boeing on settling up against the issues that we've seen here with delayed deliveries and those late deliveries against plan continue into 2025. So again, more to share later on that as well.

顯然，我們仍在與波音公司合作解決我們在這裡看到的延遲交付問題，這些延遲交付將持續到 2025 年。

OK. And then, maybe one on cost to follow by them. With the red-eye buying, how do we think about additional headcount required for that or any cost impact?

好的。然後，也許是他們遵循的成本。對於紅眼採購，我們如何考慮為此所需的額外人員數量或任何成本影響？

Yes. So Sheila, it's Andrew. The incrementality is quite low on this. Obviously, this fuel incrementality, but the nature of this is the aircraft apart the West, while it's still the operating day for those airports and then it arrives in the East during their operating days. So you're staffing both in, so it doesn't require ground operations.

是的。希拉，是安德魯。這方面的增量相當低。顯然，這種燃料增量，但其本質是飛機遠離西方，而這仍然是這些機場的運作日，然後它在運作日到達東方。所以你要為兩者配備人員，所以不需要地面操作。

We have a situation where we have ample pilots right now. And so does not require us to hire additional pilots to be able to operate the red-eye. So it's a way to kind of get more flying out of the current employee base and the current asset base for next year.

我們現在有足夠的飛行員。因此不需要我們僱用額外的飛行員來操作紅眼。因此，這是一種讓明年的現有員工基礎和現有資產基礎得到更多飛翔的方法。

Thank you.

謝謝。

And Sheila was our final analyst question.

希拉是我們最後一個分析師問題。

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

謝謝。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 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, can you remind everyone and share instructions on how to queue up for a question?

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

(Operator Instructions) Alexandra Skores, Dallas Morning News.

（操作員指示）亞歷珊卓·斯科雷斯，《達拉斯晨報》。

Yeah. This feels like a very historic step for Southwest with regard to the changes in policy today. I wanted to ask, are we entering a new era? Is this a step toward a new era for the company? And how is Southwest going to kind of differentiate itself from other major air carriers? Because that's been the history of Southwest. So I'm wondering if you can kind of speak to that.

是的。就今天的政策變化而言，這對西南航空來說是非常歷史性的一步。我想問，我們是否進入了一個新時代？這是否是公司邁向新時代的一步？西南航空將如何與其他主要航空公司區分開來？因為這就是西南航空的歷史。所以我想知道你是否可以談談這一點。

We do it thoughtfully and carefully, but we've always been willing to adapt and change here at Southwest at the time that I've been here. And we always kind of hate about the plastic boarding passes, but we've made a lot of change. I will tell you, I do and think our team does view this as a strategic transformation of the company. We are making -- as we talked about, we've made significant and continuing investments in our operational capabilities.

我們深思熟慮、謹慎行事，但當我來到西南航空時，我們一直願意適應和改變。我們總是有點討厭塑膠登機證，但我們已經做出了很多改變。我會告訴你，我確實並且認為我們的團隊確實將此視為公司的策略轉型。正如我們所說，我們正在對我們的營運能力進行重大且持續的投資。

And you see it showing up. I mean, we've taken 16 million pieces of paper a year out of the cockpit. The turn is going completely paperless on iPads. If you fly out of Dallas and Baltimore and other stations, you'll see big ramp information displays up that are managing the turn and much, much more.

你會看到它出現了。我的意思是，我們每年從駕駛艙中取出 1600 萬張紙。 iPad 上將完全無紙化。如果您從達拉斯和巴爾的摩以及其他車站起飛，您會看到顯示大型坡道訊息，這些資訊正在管理轉彎等。

And the investment in core technology there is allowing us to operate really well. I talked about it earlier, but we had an 8% cancel rate when the hurricane came through Houston and almost no cancels the following day, so the ability to recover. And you saw that when the global tech outage hit last week and we ran basically a normal day. So those investments in the operation are more than tactical. They're really transformational investments to change the way we operate our resilience and reliability.

對核心技術的投資使我們能夠運作得非常好。我之前談過，但當颶風穿過休士頓時，我們的取消率是 8%，第二天幾乎沒有取消，所以有能力恢復。你看到，當上周全球科技中斷時，我們基本上過著正常的一天。因此，這些營運投資不僅僅是戰術性的。它們確實是變革性投資，可以改變我們的彈性和可靠性運作方式。

And the same thing is going on in the commercial space. We are announcing the seating and the cabin changes today, but it's been a purposeful build that goes back two years to begin add power and larger bins and Wi-Fi. And we're reworking the cabin and you have upgraded in different more modern uniforms coming to our crews.

同樣的事情也發生在商業領域。我們今天宣布了座位和客艙的變化，但這是一個有目的的建造，可以追溯到兩年前，開始增加電力和更大的垃圾箱和 Wi-Fi。我們正在改造機艙，您已經為我們的機組人員升級了不同的更現代的製服。

Our digital approach is significantly different if you just go back maybe even 18 months. Today, you can track your bags and you can do things that manage your same-day standby and there's much, much more to come on the digital front. So we do see this as a fundamental transformation of Southwest Airlines to meet our customers' needs to be more efficient and to add capabilities.

如果你回溯到 18 個月前，我們的數位化方法就會大不相同。如今，您可以追蹤您的行李，還可以管理當日待命的事情，而且數位化方面還有很多很多的事情要做。因此，我們確實認為這是西南航空的根本轉型，以滿足客戶提高效率和增加能力的需求。

All that said, we're not going to change the core of what we stand for here: true hospitality, the best employees in the industry, customer policies that make sense, being transparent with our customers. So we're going to adhere to the things that make Southwest the Southwest you love, but we're going to make this an even better Southwest Airlines.

話雖如此，我們不會改變我們在這裡所代表的核心：真正的熱情好客、業內最優秀的員工、有意義的客戶政策、對客戶保持透明。因此，我們將堅持那些讓西南航空成為您喜愛的西南航空的東西，但我們將使其成為更好的西南航空。

Thanks for that, Bob. And then, my second question, just for some of the Dallas passengers, too, I've been noticing have been pretty vocal about concerns about how this will be implemented. And I know you're not sharing specifics, but one that they are rather interested in is family boarding. And that's like a prime reason why folks come into love field and have localized that to me. Can you share anything about how family boarding might be implemented with this new policy?

謝謝你，鮑伯。然後，我的第二個問題，也只是針對達拉斯的一些乘客，我注意到他們對如何實施這項計畫表示了相當大的擔憂。我知道你沒有透露具體細節，但他們相當感興趣的一個是家庭寄宿。這就是人們進入愛情領域並將其定位於我的主要原因。您能否分享這項新政策如何實施家庭寄宿？

No. I mean, we're -- and Ryan can talk about this. For still -- there are, as you could I would expect there are 1,000 details to be worked through. But if you just think about that as a family, especially if you're on a long-haul flight and the uncertainty in today's world, the uncertainty of: are we going to be able to sit together, is a huge question and it comes up as a stress point for families that we carry.

不，我的意思是，我們——瑞安可以談論這個。儘管如此，我預計仍有 1,000 個細節需要解決。但如果你作為一個家庭考慮這一點，特別是當你乘坐長途航班時，以及當今世界的不確定性，那麼不確定性是：我們是否能夠坐在一起，這是一個巨大的問題，它來了成為我們所承載的家庭的壓力點。

And so in the new world, in the assigned seating world, you'd have an assurance that you're going to sit together because you have assigned seats that take that stress away. And if you want to sit together in an extra legroom section, even better. And so I think for -- as we've surveyed a lot of what the changes are accomplishing are actually taking stress out of the boarding process and the seating process because most of the stress comes from: where am I going to sit?

因此，在新世界中，在指定座位的世界中，您可以保證您會坐在一起，因為你們已經指定了座位，可以消除這種壓力。如果您想坐在有額外腿部空間的區域，那就更好了。因此，我認為，正如我們調查的許多變化所實現的那樣，實際上減輕了登機過程和座位過程的壓力，因為大部分壓力來自：我要坐在哪裡？

Not just am I going to get a good seat, but where am I going to sit? Am I going to say close to the folks that I want to, for example. So moving to assigned seating, takes all of that stress out of the process. The goals we talked about earlier is to marry the things that folks love about our boarding with that assigned seating change.

我不僅要找到一個好座位​​，而且要坐在哪裡？例如，我是否要對我想要的人說親近的話？因此，轉移到指定座位可以消除整個過程中的所有壓力。我們之前談到的目標是將人們喜歡我們登機的事情與指定的座位變化結合起來。

But Ryan don't know if you want to add anything?

但Ryan不知道你是否想補充什麼？

No, yes. I think moving -- there are friction points in the current customer experience that come along with open seating that we've had to adapt to by creating things like our family boarding section today. Just to give a little insight into that, almost 60% of customers are checked in within the first 30 seconds of the 24-hour check-in window opening. And that goes up to about 75% of customers checked in within the first hour.

不，是的。我認為移動——當前的客戶體驗中存在一些摩擦點，這些摩擦點伴隨著開放式座位，我們必須透過創造像今天的家庭登機區這樣的東西來適應這些摩擦點。舉個例子，近 60% 的顧客在 24 小時報到視窗開放後的前 30 秒內完成了報到。大約 75% 的顧客會在第一個小時內登記入住。

So if you're a busy family and you don't hit the check-in window right on the nose, that causes anxiety. And so like Bob mentioned, this is one of those -- this is a way to solve lot of those friction points at the current open seating process has introduced and just causes more anxiety than we want. So I think families at the end of the day are going to love the change.

因此，如果您是一個忙碌的家庭，並且沒有立即辦理登機手續，就會導致焦慮。正如鮑勃所提到的，這就是其中之一 - 這是解決當前開放座位流程中許多摩擦點的方法，只會引起比我們想要的更多的焦慮。所以我認為家庭最終會喜歡這種改變。

And for employees, I mean, our employees end up on the aircraft, if there is an issue, family boards late, there aren't seats together, the open seats together, our flight attendants end up having to manage that situation or police that situation.

對於員工來說，我的意思是，我們的員工最終會在飛機上，如果出現問題，家庭板遲到，沒有座位在一起，空位在一起，我們的空服員最終不得不管理這種情況或警察情況。

And if you are customers that are in the last boarding group and the flight is full, you get on board, and it's tough to see the open seats. So you have what we call spinners. People going up and down the aisle spinning and looking for the open seat because it's hard to see since the aircraft is full. So that's obviously stressful and the assigned seating change basically eliminates all of that.

如果您是最後一個登機組的乘客，而且航班已滿，那麼當您登機時，很難看到空位。所以你就有了我們所說的旋轉器。人們在走道上來回走動，尋找空位，因為飛機已經滿員，很難看到。所以這顯然是有壓力的，而分配的座位變化基本上消除了所有這些。

Thank you.

謝謝。

Rajesh Singh, Reuters.

拉傑什辛格，路透社。

Hi. Bob, can you provide an update on your discussions with ALS management? Do you expect a compromise with them that are threatening a proxy fight?

你好。鮑勃，您能提供您與 ALS 管理層討論的最新情況嗎？您是否期望與威脅代理權之爭的他們達成妥協？

Rajesh, I can't speak for Elliott or speculating on what Elliot may or may not do. But so far, they've not shown any willingness to engage in any meaningful conversations with us. Most of that has been public personal attacks on leadership and the Board. So like any shareholder, we love to engage and hear their feedback.

拉傑什，我不能代表艾利歐特發言，也不能猜測艾利歐特可能會做什麼或不會做什麼。但到目前為止，他們還沒有表現出與我們進行任何有意義的對話的意願。其中大部分是對領導階層和董事會的公開人身攻擊。因此，像任何股東一樣，我們喜歡參與並聽取他們的回饋。

But so far, there's been no willingness on their part to do that. So for our part here as a leadership team, we're focused 100% on moving the company forward on the plans that -- some of which we laid out today and on transforming this company ending our desired financial returns.

但到目前為止，他們還沒有意願這麼做。因此，作為領導團隊，我們將 100% 專注於推動公司向前推進我們今天制定的一些計劃，並致力於改造這家公司，最終實現我們期望的財務回報。

Bob, my second question is that about premium seating. Have you done any calculation that how much of an investment will require? And what kind of boost it will provide to your revenue and earnings next year?

鮑勃，我的第二個問題是關於高級座位的問題。您是否計算過需要多少投資？它會為你明年的收入和收益帶來什麼樣的推動？

Yes. I think, Rajesh, we'll have more to share on the overall value opportunity of the premium seating and assigned seating initiative at Investor Day this fall. On the cost side of the equation, we're doing it in a very capital efficient way. We're using existing seats. So there's a very little capital outlay here. And then, on the revenue side, we'll have a value share here later in the fall.

是的。 Rajesh，我想，我們將在今年秋天的投資者日分享更多有關高級座位和分配座位計劃的整體價值機會的資訊。在成本方面，我們正在以一種非常資本有效的方式來做這件事。我們正在使用現有的座位。所以這裡的資本支出非常少。然後，在收入方面，我們將在秋季晚些時候在這裡獲得價值份額。

Thank you very much.

非常感謝。

David Koenig, Associated Press.

大衛‧科尼格，美聯社。

Yes. Hi. Actually, Alexandra asked some of my questions. But just as a follow-up, I'm curious how much did -- in regard to the open seating demise here, how much did the current gaming of the system factor in your decision?

是的。你好。事實上，亞歷珊德拉問了我一些問題。但作為一個後續行動，我很好奇，關於這裡開放座位的取消，系統當前的博弈在多大程度上影響了你的決定？

Hey, Dave. We haven't called it the demise of open seating. It's a shift to assigned seating, but anyway. I would say that it didn't factor in terms of the analysis. So we -- this is all about trying to make right decision and making it not in emotion, but in data.

嘿，戴夫。我們並沒有稱之為開放座位的消亡。這是分配座位的轉變，但無論如何。我想說的是，它沒有考慮到分析。所以我們——這一切都是為了努力做出正確的決定，並且不是透過情感而是透過數據做出決定。

As Ryan can talk about, just extensive surveying of our customers or non-customers to understand their preferences. And then, also to understand things like if you have status on Southwest today, you know your A list preferred, what benefits -- how do you value benefits and what would be attached to your status in the assigned seating and extra legroom world, for example.

正如瑞安所說，只需對我們的客戶或非客戶進行廣泛調查，以了解他們的偏好。然後，也要了解一些事情，例如如果您今天在西南航空有地位，您知道您的A 名單首選，有哪些好處- 您如何評價好處以及在分配的座位和額外腿部空間世界中您的地位會附加什麼，例如例子。

So just a ton of effort there and then a ton of effort to understand the operational impacts, if any. Because we certainly don't want assigned seating to turn the aircraft slower, which everything that worked on proved that it will not. So it was really about the change itself.

因此，只需付出大量努力，然後付出大量努力來了解營運影響（如果有的話）。因為我們當然不希望指定的座位使飛機速度變慢，所有的工作都證明它不會。所以這實際上是關於改變本身的。

We do know for our employees, in particular, managing the boarding process, as you described, can be stressful and it can be for some of our customers. So while that wasn't a direct item that we studied, I think it could be that that is an indirect benefit that we see.

我們確實知道，對於我們的員工來說，特別是管理登機流程（正如您所描述的）可能會帶來壓力，對於我們的一些客戶來說也是如此。因此，雖然這不是我們研究的直接項目，但我認為這可能是我們看到的間接好處。

Okay. And I think you kind of -- I have heard from your earlier remarks, Bob, that you were surprised by the degree to which people wanted to see assigned seating. And I don't know what your history, what baseline polling you had or surveys. Is that something that happened very recently? And is it because of the encouraging more passengers to pay extra to move up in the line? What was timing there?

好的。我認為你——我從你之前的言論中聽到，鮑勃，你對人們希望看到分配座位的程度感到驚訝。我不知道你的歷史，你有什麼基線民意調查或調查。這是最近發生的事嗎？是不是因為鼓勵更多的乘客支付額外費用來排隊？那裡的時間是什麼？

Yes. I think customers' preferences shift over time. And I think it's been clear, I think their preferences shift over time and travel patterns and travel behavior shift over time. Customers are just taking fewer short-haul trips today.

是的。我認為客戶的偏好會隨著時間的推移而改變。我認為很明顯，他們的偏好會隨著時間的推移而變化，旅行模式和旅行行為也會隨著時間的推移而變化。如今，乘客的短途旅行數量正在減少。

They are flying longer. And when they fly longer, the importance of an assigned seat goes up. We've talked a lot about our desire and initiatives to grow market share with corporate business travelers in the managed business space and their preference is for an assigned versus an open seat. And so I think that that goes into it.

他們飛得更長。當他們飛行時間較長時，指定座位的重要性就會上升。我們已經談了很多關於在託管商務空間中增加企業商務旅行者的市場份額的願望和舉措，他們更喜歡指定座位而不是開放座位。所以我認為這就是其中的原因。

And then when you look at premium, premium, just -- you can see it with -- in the airline industry ourselves, premium product growth has outpaced the growth in main cabin revenue for some time here. And then, in other parts of the economy, consumers are just reducing nonessential retail purchases and spending that on experiences. So it's a combination of travel patterns changing and customer preferences changing over time that we're adapting to here.

然後，當你看看航空業的高端產品時，你可以看到，高端產品的成長在一段時間內已經超過了經濟艙收入的成長。然後，在經濟的其他領域，消費者只是減少非必要的零售購買，並將其花在體驗上。因此，我們正在適應旅行模式的變化和客戶偏好隨著時間的推移而變化的組合。

Okay. Thanks.

好的。謝謝。

Lori Aratani, The Washington Post.

洛里‧阿拉塔尼，《華盛頓郵報》。

Hi. Thank you for pulling me out of the queue. Sort of building on what David asked and what you just said, Bob, customers are fickle, right? And their preferences change. So are you worried that this is what everyone wants now a few years back, the legacies were moving to basic economy, right? Because that was the hot concept.

你好。謝謝你把我從隊列中拉出來。有點建立在大衛問的和你剛才說的基礎上，鮑勃，顧客是善變的，對吧？他們的偏好也會改變。那麼您是否擔心這是幾年前每個人都想要的，遺產正在轉向基礎經濟，對嗎？因為那是熱門概念。

Do you worry that you're going to make this change? And then, a couple of years from now, people are going to want something different.

您擔心自己要做出這樣的改變嗎？然後，幾年後，人們會想要一些不同的東西。

No, I don't think I said customers are fickle. Just kidding. But no, we --

不，我不認為我說顧客是善變的。只是在開玩笑。但不，我們——

OK. Sorry about that. They have been changing, I guess.

好的。對此感到抱歉。我猜他們一直在改變。

No, no, I'm kidding with you. I mean, preferences do change over change over time, and they sometimes long periods of time. And just more philosophically, you can have beliefs. We, as a company, can have beliefs and hold on to them.

不，不，我在跟你開玩笑。我的意思是，偏好確實會隨著時間的推移而改變，有時會持續很長一段時間。從更哲學的角度來說，你可以擁有信念。作為一家公司，我們可以擁有信念並堅持下去。

But if you don't understand in data, what is happening with your customers, that they can move away from you. So you've got to be willing to challenge everything that's not fundamental to you as an airline.

但如果你不了解數據，不了解你的客戶正在發生什麼，他們可能會離開你。因此，您必須願意挑戰對您作為航空公司而言不重要的一切。

We have periodically surveyed assigned seating. This is by far the deepest analysis we have ever done. And it has moved toward assigned seating over decades. I think the last time we looked at it, which was years -- many -- actually several years ago, the preference was more 50-50. But the -- you've got a different generation -- you've got -- what we're trying to point out too is, it's very clear that as different generations emerge and spend more on travel, their preferences are potentially very different than the prior generation. I mean, not making a value call at all, but you've got to aim. Because you're always working, you've got to aim at the customer that you're going to see in 5 years and 10 years.

我們定期調查分配的座位。這是迄今為止我們做過的最深入的分析。幾十年來，它已經轉向指定座位。我想我們上次查看它時，已經是很多年了，實際上是幾年前，偏好是 50-50 左右。但是，我們也想指出的是，很明顯，隨著不同世代的出現並在旅行上花費更多，他們的偏好可能會非常不同比上一代。我的意思是，根本不做任何價值判斷，但你必須瞄準。因為你一直在工作，你必須瞄準 5 年和 10 年後你會見到的客戶。

So I don't worry that -- the fact this is what I love about way we're implementing this. We're not doing anything way out on the front. We're moving to assigned seating. We're moving to extra legroom. And we're doing it in a way that is consistent with Southwest Airlines, which is we're doing it in a very efficient way.

所以我不擔心——事實上，這就是我喜歡我們實現這一點的方式。我們沒有在前面做任何出路。我們將前往指定座位。我們正在轉向額外的腿部空間。我們正在以與西南航空一致的方式來做這件事，即我們正在以非常有效的方式做這件事。

And we're not putting in seats with -- that have doors and seats that massage you or something like that. We're doing things that make sense for Southwest. So I'm comfortable that we're moving toward the customer and that those customer desires will not shift on us.

我們不會放置有門和座椅的座椅，可以給你按摩或類似的東西。我們正在做對西南航空有意義的事。因此，我很高興我們正在向客戶邁進，而客戶的需求不會轉移到我們身上。

Okay. Can I sneak one more in because we have readers that are, of course, very engaged in this. Do you guys -- have you worked out yet what this is going to mean for A list, the folks that have A list status?

好的。我可以再偷偷地寫一篇嗎，因為我們的讀者當然非常熱衷於此。你們有沒有弄清楚這對 A 名單、那些擁有 A 名單地位的人來說意味著什麼？

That's part of what we are hard at work finalizing. Now, I think it's safe to assume that just like our current A list, A list preferred customers, there is a boarding benefit associated with their status level. I think it's safe to assume that there will be a seating benefit -- seating benefits that are associated with it. But the exact nature of that and the details there are things that we're defining as we speak.

這是我們正在努力完成的工作的一部分。現在，我認為可以安全地假設，就像我們目前的 A 名單、A 名單優先客戶一樣，他們的身份等級也有相關的登機福利。我認為可以肯定的是，會有座位優勢——與之相關的座位優勢。但其確切性質和細節是我們在發言時正在定義的。

Great. Thank you so much.

偉大的。太感謝了。

Alison Sider, The Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

Hi. Thanks so much. I just wanted to ask a safety-related question. Obviously, the FAA review is just starting or hasn't yet started. But as you internally look at some of the incidents that you've had recently, are there any common themes that are emerging? Are there any lessons learned or changes that you're thinking about implementing to training or procedures?

你好。非常感謝。我只是想問一個安全相關的問題。顯然，FAA的審查才剛開始或說還沒開始。但是，當您在內部審視最近發生的一些事件時，是否有任何共同的主題正在出現？您是否正在考慮對培訓或程序實施任何經驗教訓或改變？

Yes. And Ali, I'll let obviously Andrew talk in detail, but I did want to take time before our call in just to -- just reiterate that there is nothing more important than safety, period. We have had recent issues. We take them very seriously.

是的。阿里，顯然我會讓安德魯詳細談談，但我確實想在我們打電話之前花點時間——只是重申，沒有什麼比安全更重要的了。我們最近遇到了問題。我們非常重視他們。

Andrew can talk about it, but we've got a team focused on understanding what happened and how we can improve. I did speak to FAA Administrator Whittaker earlier this week to reinforce our commitment, my personal commitment to safety and our support and really appreciation for the work that the FAA is doing. So I just want to preface anything we say about the issues with the fact that there is nothing more important than safety and we fully support the FAA.

安德魯可以談論它，但我們有一個團隊專注於了解發生了什麼以及我們如何改進。本週早些時候，我確實與美國聯邦航空局局長惠特克進行了交談，以加強我們的承諾、我個人對安全的承諾以及我們對美國聯邦航空局正在進行的工作的支持和真正的讚賞。因此，我只想以這樣一個事實作為序言：沒有什麼比安全更重要，我們完全支持美國聯邦航空局。

Bob, I don't know that the -- it's not just the words we say safety is the priority, it's in our actions as well. So efforts started actually in April. We noticed some things that caught our eye. We merited further involvement from us.

鮑勃，我不知道——這不僅是我們說的安全第一，也體現在我們的行動中。所以其實從四月就開始了努力。我們注意到一些引起我們注意的事情。我們值得我們進一步參與。

So within the construct of our safety management system, we engaged our flights safety personnel within the company with the representatives from our pilots union, their safety committee, as well as the FAA and our certificate management office to set up a joint team to do some joint analysis and investigation of what are root cause drivers and what are actions we can take in the short-term and the medium-term.

所以在我們的安全管理系統建設中，我們讓公司內的飛行安全人員和我們的飛行員工會、他們的安全委員會以及FAA和我們合格證管理辦公室的代表組成一個聯合小組，做一些工作。調查根本原因驅動因素以及我們在短期和中期可以採取的行動。

Some of the short-term actions was about enhanced communication and transparency because aviation safety today is based upon that kind of -- that transparency and collaboration. So that actually led to us communicating proactively to our personnel about what's going on, which then, of course, led to these things getting out in the press and getting more media. So there's a little bit of self-reinforcing there.

一些短期行動是關於加強溝通和透明度，因為當今的航空安全是建立在這種透明度和協作的基礎上的。因此，這實際上導致我們主動與我們的人員溝通正在發生的事情，當然，這導致這些事情被媒體報導並得到更多媒體的關注。所以那裡有一點自我強化。

But we clearly saw issues and we clearly see things that we need to work on. So we have been, since that time, as we've dug into it, increased our focus and tempo on it. And the FAA now has increased theirs as well. So this is a carrier certificate holder evaluation process.

但我們清楚地看到了問題，也清楚地看到了我們需要解決的問題。因此，從那時起，隨著我們的深入研究，我們一直在加強關注和節奏。美國聯邦航空局現在也增加了他們的數量。所以這是一個承運人證書持有者評估過程。

It's something that every airline goes roughly every five years, but it can be voted off cycle. The FAA -- that was one other airline this year. Now, they're doing with us. They can either do a kind of broad-based review or kind of audit or focus. They've chosen here as a focused effort for us. And so we expect that to begin here in the coming weeks and finite duration.

每家航空公司大約每五年進行一次這樣的活動，但可以透過投票取消週期。美國聯邦航空局—這是今年的另一家航空公司。現在，他們正在和我們一起做。他們可以進行廣泛的審查，也可以進行審計或重點關注。他們選擇這裡作為我們的重點工作。因此，我們預計這將在未來幾週內開始，並且持續時間有限。

However, the other work we already started will continue, that process should always be ongoing. And so they can we can -- both sides can flex in additional resources from inside companies, inside organizations, as well as outside.

然而，我們已經開始的其他工作將繼續進行，這個過程應該始終持續下去。所以他們可以，我們也可以──雙方都可以從公司內部、組織內部、以及外部獲得額外的資源。

So this is a multilayer approach to safety, and I think it makes us better, but also it gives the FAA the more visibility to bring back into the rest of the aviation system and vice versa because a lot of the topics we see other airlines see and vice versa. So we're super happy to have this kind of great relationship and joint investigations.

因此，這是一種多層的安全方法，我認為它使我們變得更好，它也使美國聯邦航空管理局能夠更好地了解航空系統的其他部分，反之亦然，因為我們看到其他航空公司看到的許多主題反之亦然。因此，我們非常高興能夠建立這種良好的關係並進行聯合調查。

And I know a couple of the incidents seems to have involved less experienced first officers or people new in their seats. Is there anything that you're looking at specifically to address that issue?

我知道有幾起事件似乎涉及經驗不足的副駕駛或新坐的人。您是否正在專門尋找解決該問題的方法？

No. I would say that what we're looking at in new product, internal communications is a human factor. So it's not the experience or airmanship necessarily of an individual; it's what's called kind of generically in the industry cockpit resource management. The how you interact between the pilot flying and the pilot monitoring.

不，我想說的是，我們在新產品中關注的內部溝通是人為因素。因此，這不一定是個人的經驗或飛行技術；而是個人的經驗或飛行技術。這就是業界所謂的駕駛艙資源管理。飛行員飛行和飛行員監控之間的互動方式。

There's insights to be gained there. And I think that's what we're focused on. We've brought in external help; the FAA's bringing external help. And they've told us they've seen some other things elsewhere that would be helpful to us. So this is a more about that dynamic than there's about any specific demographic.

在那裡可以獲得一些見解。我認為這就是我們關注的重點。我們引入了外部幫助；美國聯邦航空局正在提供外部幫助。他們告訴我們他們在其他地方看到了一些對我們有幫助的其他東西。因此，這更多的是關於這種動態，而不是任何特定的人口統計。

Thank you.

謝謝。

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞。

Hi. I just wanted to follow-up on that. Andrew, what did you see back in April that triggered the Southwest review? Was it some of the specific incidents that have been reported? Or was it something else?

你好。我只是想跟進此事。安德魯，四月你看到了什麼觸發了西南航空的審查？是一些已報導的具體事件嗎？還是別的什麼？

And then the second question is if this is a focused investigation from the FAA or focus review, is that focused solely on pilot training and just all focus on pilots? Or what is the focus?

第二個問題是，這是否是美國聯邦航空局的重點調查或重點審查，是否僅關注飛行員培訓並僅關注飛行員？或者說重點是什麼？

There is a focus on flight operations and pilot training, but there's a couple of items as well that will be finalized as they start up. So it's not everything. It's a handful of items.

重點是飛行操作和飛行員培訓，但還有一些項目將在啟動時最終確定。所以這並不是全部。這是一些項目。

And with regards to what caught our eyes, we had two flights in particular in April that had some similarities that caught our eye and let us start this process. So that was one too many, if you will, and that's when we started up ASAP. Really, literally within days of us seeing that, we started the joint exercise with the FAA and our pilots union.

至於引起我們注意的地方，特別是四月我們有兩次航班，它們有一些相似之處引起了我們的注意，讓我們開始這個過程。所以，如果你願意的話，這實在是太多了，那就是我們盡快啟動的時候。確實，在我們看到這一點的幾天內，我們就開始與美國聯邦航空局和我們的飛行員工會進行聯合演習。

And can you be more specific on what the similarities were? What problem did you see?

能更具體地說明一下兩者的相似之處嗎？你看到了什麼問題？

Well, I won't go into too much detail. I mentioned aviation safety is based on transparency and collaboration is part of that's voluntary disclosure. So since individual actors in the aviation safety system to self-disclose things that they saw they did in exchange for indemnity from that.

好吧，我不會講太多細節。我提到航空安全是基於透明度，而合作是自願揭露的一部分。因此，自從航空安全系統中的個體行為者自我揭露他們所看到的事情以來，他們就以此換取了賠償。

And so I'm not at liberty to go into exactly what it is there. But you can see where the programs we've launched, you can see what the FAA has launched and how these things all fit together.

所以我不能自由地詳細討論其中的內容。但你可以看到我們在哪裡啟動了項目，你可以看到美國聯邦航空局啟動了哪些項目以及這些項目如何結合在一起。

Thank you.

謝謝。

This concludes our question-and-answer session for media. So back 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, everyone. If you 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. Thank you.

謝謝大家。如果您還有任何疑問，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。謝謝。

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。