西南航空 (LUV) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the Southwest Airlines third 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 年第三季電話會議。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 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 Southwest Airlines third quarter 2004 earnings call. I'm joined today by our President and CEO, Bob Jordan; Chief Operating Officer, Andrew Watterson; and Executive Vice President and CFO, Tammy Romo. Bob will start us off by reviewing the key points from our Southwest even better framework, introduced last month at Investor Day and cover how our third-quarter results reflects initial progress against our plan.

太感謝了。大家好，歡迎參加西南航空 2004 年第三季財報電話會議。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。鮑伯將首先回顧上個月在投資者日推出的西南航空更好框架的要點，並介紹我們的第三季業績如何反映我們計劃的初步進展。

He will then turn it over to Andrew to share updates on our revenue and our industry-leading operational performance. Tammy will follow to discuss our cost performance, balance sheet and capital allocation before turning it back over to Bob, who will provide a brief statement on Elliott Investment Management, after which we'll move into Q&A.

然後，他會將其轉交給安德魯，分享我們的收入和領先業界的營運績效的最新資訊。塔米將隨後討論我們的成本績效、資產負債表和資本配置，然後將其轉回給鮑勃，鮑勃將提供有關埃利奧特投資管理公司的簡短聲明，之後我們將進入問答環節。

Ryan Green, EVP of Commercial transformation is also in the room with us today to support Q&A. A quick reminder that we will make forward-looking statements, which are based on current expectation of future performance, and our actual results could differ materially from expectations. Also, we will reference our non-GAAP results, which exclude special items that are called out and reconciled to GAAP results in our earnings press release.

商業轉型執行副總裁 Ryan Green 今天也與我們一起支持問答。快速提醒一下，我們將做出前瞻性陳述，這些陳述基於當前對未來業績的預期，我們的實際結果可能與預期有重大差異。此外，我們將參考我們的非 GAAP 業績，其中不包括在我們的收益新聞稿中指出並與 GAAP 業績進行協調的特殊項目。

Our press release with third quarter 2024 results and a supplemental presentation that includes additional details on the expected [EBIT] contributions of our planned initiatives. As well in the draft initiative scorecard for both issued this morning and are available on our Investor Relations website.

我們的新聞稿包含 2024 年第三季的業績以及補充演示文稿，其中包括有關我們計劃舉措的預期 [EBIT] 貢獻的更多詳細資訊。以及今天早上發布的計劃計分卡草案，可在我們的投資者關係網站上找到。

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。

Thanks, Julia, and thanks, everyone, for joining us today. As you know, we laid out ourselves was even better transformational plan a few weeks ago at Investor Day, it's plan designed to deliver increased value for our shareholders and our customers. And since then, we've engaged with many of our shareholders that I truly appreciate the constructive feedback.

謝謝茱莉亞，也謝謝大家今天加入我們。如您所知，我們在幾週前的投資者日上製定了更好的轉型計劃，該計劃旨在為我們的股東和客戶提供更高的價值。從那時起，我們與許多股東進行了接觸，我非常感謝他們的建設性回饋。

The message is simple. Now that we have set out a clear path it's all about executing, and that's exactly what the team and I will be discussing today. Before turning to that, I want to recognize a widespread devastation caused by recent hurricanes and communities across the Southeast, when we were able to quickly recover our operation we know that for so many, it will take much longer.

訊息很簡單。既然我們已經制定了一條清晰的道路，那麼一切都與執行有關，這正是我和團隊今天將討論的內容。在談到這個問題之前，我想認識到最近的颶風和東南部地區的社區造成了廣泛的破壞，當我們能夠迅速恢復我們的業務時，我們知道對於許多人來說，這將需要更長的時間。

We're leaning on our national disaster response partners, providing financial donations and offering complementary travel to aid in a recovery efforts. And our employee catastrophic assistance charity is currently assisting all employees requesting support to ensure that their cared for and receive immediate release.

我們依靠我們的國家救災合作夥伴提供財務捐款並提供補充旅行來幫助復原工作。我們的員工災難援助慈善機構目前正在協助所有請求支持的員工，以確保他們得到照顧並立即得到釋放。

Our hearts are with our employees and our communities as they recover and rebuild. Returning to business, I'll start by reiterating the path we laid out in our third quarter results reflect an initial progress against our plan. As we shared at Investor Day, airplanes detailed actionable and highly intentional. We are fully committed to delivering the robust set of tactical and strategic initiatives we presented and restoring the financial prosperity that our plan supports.

當我們的員工和社區恢復和重建時，我們的心與他們同在。回到正題，我將首先重申我們在第三季業績中製定的路線，這反映了我們計劃的初步進展。正如我們在投資者日分享的那樣，飛機詳細說明了可操作性和高度有意性。我們完全致力於實施我們提出的一套強有力的戰術和戰略舉措，並恢復我們計劃所支持的金融繁榮。

And at Southwest and our shareholders expect that includes a steady march to direct ROIC of 15% or higher well above our cost of capital in 2027, even without tailwinds from our fleet strategy. As part of the plan that we provided specific targets for capacity, the operating margin, ROIC, leverage and free cash flow in 2027. While we have work to do all actions to achieve those goals are well underway and progressing as planned. The team and I are accountable for delivering on the planned results and being transparent regarding our progress.

在西南航空，我們的股東預計，即使我們的機隊策略沒有推動，到 2027 年，投資回報率仍將穩步前進，達到 15% 或更高，遠高於我們的資本成本。作為計劃的一部分，我們提供了 2027 年產能、營業利潤率、ROIC、槓桿率和自由現金流的具體目標。我和團隊有責任實現計劃的結果，並對我們的進展保持透明。

To that end, we included a scorecard and supplemental detail this morning that we will use to report on progress against initiative development and expected financial results, including updates on critical milestones and the status of meaningful value capture going forward. We also included additional detail this morning on the composition of the initiatives driven EBIT contributions and how that builds between now and 2027, including additional clarification on the contribution from our fleet strategy.

為此，我們今天早上提供了一份記分卡和補充細節，我們將用它來報告計劃開發的進展情況和預期的財務結果，包括關鍵里程碑的更新以及未來有意義的價值獲取的狀態。今天上午，我們還提供了有關驅動息稅前利潤貢獻的舉措的構成以及從現在到 2027 年如何構建的更多詳細信息，包括對我們機隊戰略的貢獻的進一步說明。

At the highest level, our plan builds as follows. Value at 2025, is driven by improving the base business, executing tactical and efficiency initiatives and building the capabilities to launch our strategic initiatives. Value is created in 2026, through strategic initiatives coming online with the most significant value being unlocked through the introduction of assigned and premium seating options.

在最高層面上，我們的計劃如下。 2025 年的價值是透過改善基礎業務、執行戰術和效率計劃以及建立啟動戰略計劃的能力來驅動的。透過線上策略舉措，價值將在 2026 年創造，並透過引入指定座位和高級座位選項來釋放最重要的價值。

Finally value in 2027, is created by the initiative portfolio hitting run rate where initiatives aimed at the core operation or side that roughly $3.5 billion of cumulative incremental EBIT contribution and this includes full realization of the cost plan. When you add the estimated benefit from the fleet strategy, you got a $4 billion of total incremental EBIT that we shared at Investor Day.

2027 年的最終價值是由計劃組合達到運行率而創造的，其中計劃針對核心業務或一側，累計增量 EBIT 貢獻約為 35 億美元，其中包括成本計劃的完全實現。當您新增機隊策略的估計收益時，您將獲得我們在投資者日分享的 40 億美元的增量息稅前利潤總額。

Importantly, we do not view the fleet monetization strategy as part of our core business. While the combination of a favorable secondary market and our attractive aircraft pricing provides a unique and lucrative opportunity to both significantly reduce our aircraft CapEx and drive earnings accretion. We feel confident that we can achieve all of our 2027 targets even without the benefits expected from our fleet monitazaton strategy.

重要的是，我們並不將車隊貨幣化策略視為核心業務的一部分。有利的二級市場和我們有吸引力的飛機定價相結合，提供了一個獨特且利潤豐厚的機會，可以顯著降低我們的飛機資本支出並推動獲利成長。我們相信，即使我們的機隊監測策略沒有帶來預期的好處，我們也能實現 2027 年的所有目標。

Looking at the second half of 2024, we're encouraged by both positive results from our recent actions and by recent industry trends. We are highly confident in our ability to deliver on our plan. In terms of tactical initiatives, everything is progressing in line with what is needed to hit our 2025 commitments. We had third quarter record operating revenues of nearly $7 billion, a unit revenue increase of 2.8% compared to last year.

展望 2024 年下半年，我們近期行動所取得的正面成果以及近期的產業趨勢都令我們感到鼓舞。我們對實現計劃的能力充滿信心。在戰術舉措方面，一切都在按照實現 2025 年承諾所需的進展進行。我們第三季的營業收入創歷史新高，接近 70 億美元，單位收入比去年增長 2.8%。

The improvement in unit revenue reflects both the more constructive industry backdrop and a proof point of our effective execution. Improvements resulting from our revenue management actions are particularly encouraging. The team is focusing on improving yields on our best performing flights while achieving a non-dilutive load strategy on our lower demand itineraries.

單位收入的改善既反映了更具建設性的產業背景，也證明了我們有效執行的能力。我們的收入管理行動所帶來的改善尤其令人鼓舞。該團隊專注於提高表現最佳的航班的收益，同時在需求較低的航線上實現非稀釋負載策略。

Well, not yet in the run rate we saw better than expected improvement in 3Q, and we are pleased to see all months in 4Q tracking as expected. Our strategic initiative work is also progressing as planned. On the seating and cabin front, we are working actively with both regulatory agencies and vendor partners toward successful approval and certification of our new premium cabin configurations.

嗯，在運行率方面，我們還沒有看到第三季的改善好於預期，我們很高興看到第四季度所有月份的追蹤都符合預期。我們的策略性舉措工作也在按計畫進行。在座椅和客艙方面，我們正在與監管機構和供應商合作夥伴積極合作，以成功批准和認證我們的新高級客艙配置。

That would allow aircraft rental fits to begin early next year. We will start with our larger aircraft and the 700 will follow. We are planning to retrofit 50 to 100 aircraft per month, completing the work late next year. We're also announcing today that we have signed our first three direct lodging partners for our Getaways by Southwest product that is planned to launch mid next year, and that includes Caesars properties in Las Vegas.

這將使飛機租賃工作可以在明年初開始。我們將從大型飛機開始，隨後是 700。我們計劃每月改裝 50 至 100 架飛機，並在明年底完成這項工作。今天我們也宣布，我們已經為我們的 Getaways by Southwest 產品簽署了首批三個直接住宿合作夥伴，該產品計劃於明年中期推出，其中包括拉斯維加斯的凱撒酒店。

And finally, we are narrowing the launch date of our previously announced partnership with Iceland Air for the first quarter of 2025. Looking at cost and efficiency initiatives, we continue to expect to end this year with head count down 2,000 as compared to year end 2023. Improved turn times are reflected in the existing schedules starting in November, and red eye service will begin next February.

最後，我們將先前宣布的與冰島航空的合作夥伴關係的啟動日期縮短為 2025 年第一季。反映在從11 月開始的現有時間表中，紅眼服務將於明年2 月開始。

We're also very proud of our industry leading domestic operational reliability. We had the best completion factor and on-time performance of any major airline this quarter and Andrew will share additional highlights shortly. Regarding progress on our fleet monetization strategy we're already starting actively exploring the market are encouraged by what we are seeing.

我們也對我們行業領先的國內營運可靠性感到非常自豪。本季度，我們在所有主要航空公司中擁有最佳的完成率和準點率，安德魯將很快分享更多亮點。關於我們的車隊貨幣化策略的進展，我們已經開始積極探索市場，我們所看到的情況令人鼓舞。

All that said, while our financial results are demonstrating improvement, I recognize that we still have a lot of work to do to fulfill our commitment to return to prosperity. We have a great plan, and I'm confident in our ability to execute and deliver, and we will be transparent about progress and results along the way. It's a really exciting time at Southwest, I want to take a moment to recognize all the efforts by our incredible employees who are committed to making this plan a reality.

儘管如此，儘管我們的財務表現有所改善，但我認識到，要履行恢復繁榮的承諾，我們仍有大量工作要做。我們有一個偉大的計劃，我對我們執行和交付的能力充滿信心，我們將在過程中對進展和結果保持透明。在西南航空，這是一個非常激動人心的時刻，我想花一點時間來表彰我們那些致力於使這一計劃成為現實的出色員工所付出的所有努力。

Thank you for all your extraordinary dedication. Our continued transformational progress would not be possible without all of you.

感謝你們非凡的奉獻。沒有你們所有人，我們就不可能持續取得轉型進展。

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

這樣，我就把它交給安德魯。

Thank you, Bob, and thanks all for joining us today. To start, I would emphasize how proud I am of our talented team and Brazilian operation that enabled Southwest to lead the industry with the best on-time performance and completion factor for any major domestic airline in the third quarter. We managed to achieve these outstanding results despite a quarter filled with challenging weather. Including four named Hurricanes.

謝謝你，鮑勃，也謝謝大家今天加入我們。首先，我要強調的是，我對我們才華橫溢的團隊和巴西業務感到非常自豪，這使得西南航空在第三季以所有主要國內航空公司中最好的準點率和完成率引領行業。儘管本季天氣充滿挑戰，但我們仍取得了這些出色的成果。其中包括四個名為颶風的颶風。

Overall, our third quarter completion factor was 99.3%, even with critical parts of our network impacted by storms. These weather challenges continued into the fourth quarter, most recently with Hurricane Milton or our operating teams, core did incredibly well, and we're able to plan in ways that allow for proactive cancellations with minimal disruption. In the face of these events, we remain steadfastly focused on safely delivering strong operational performance, prioritizing the well-being of our people and supporting impacted communities.

總體而言，即使我們的網路關鍵部分受到風暴影響，我們第三季的完成率為 99.3%。這些天氣挑戰持續到第四季度，最近在颶風米爾頓或我們的營運團隊中，核心表現非常好，我們能夠以允許主動取消的方式進行計劃，並儘量減少干擾。面對這些事件，我們仍然堅定不移地專注於安全地提供強大的營運績效，優先考慮我們人民的福祉並支持受影響的社區。

Turning now to revenue performance for the quarter. As Bob mentioned, benefits from the tangible initiatives we've implemented are afflicted the strength of both our nominal and unit revenue growth rates. And our aided by a more constructive supply-demand environment, Southwest contributes significantly to capacity rationalization.

現在轉向本季的營收表現。正如鮑伯所提到的，我們實施的實際措施所帶來的好處會影響我們名義和單位收入成長率的強度。在更具建設性的供需環境的幫助下，西南航空為產能合理化做出了重大貢獻。

Bob covered the improvements we are seeing from our revenue management action plan, which are evidenced by the yield improvements from the work we did to recalibrate our systems and processes to better optimize the booking curve for our highest man flights. Third quarter managed business revenue also grew nicely with double-digit year over year.

鮑伯介紹了我們從收入管理行動計劃中看到的改進，我們為重新調整系統和流程以更好地優化最高人員航班的預訂曲線而進行的工作帶來的收益改進證明了這一點。第三季管理業務收入年比也實現了兩位數的良好成長。

This is driven largely by GDS bookings and the success of our investment in Southwest business. We're continuing to see an increase in unique customers, up 7% year over year. Deeper penetration of our existing accounts was 76% of the new individual travelers, one over the quarter coming from existing corporate accounts.

這主要是由 GDS 預訂和我們對西南航空業務投資的成功所推動的。我們繼續看到獨特客戶的成長，年增 7%。我們現有帳戶的更深入滲透率為 76% 的新個人旅行者，其中四分之一來自現有公司帳戶。

And finally, strong yield performance. Looking at booking trends, we are serving more managed business customers than ever, but they continue to take fewer trips per year and therefore occupier fewer seats than they did pre-COVID. So we continue to see opportunities to grow our managed business and backfill those six new customers.

最後，強勁的收益率表現。從預訂趨勢來看，我們為比以往更多的託管企業客戶提供服務，但他們每年的出行次數仍然較少，因此佔用的座位也比新冠疫情爆發前要少。因此，我們繼續看到發展我們的託管業務並回填這六個新客戶的機會。

As such, we also continue to focus on initiatives at closing the load factor gap. These include network changes and distribution and marketing initiatives. Starting with our network schedules from August 4, are designed to recalibrate supply to demand. This includes aligning capacity to demand in specific geographies and also the seasonal and holiday demand patterns. Look into the fourth quarter, we have created multiple schedules to adjust down for lower periods including the anticipated electric trough.

因此，我們也持續關注縮小載客率差距的舉措。其中包括網路變化以及分銷和行銷舉措。從 8 月 4 日起，我們的網路時間表旨在重新調整供需關係。這包括根據特定地區的需求以及季節性和假日需求模式調整產能。展望第四季度，我們制定了多個時間表來調整較低時期，包括預期的電力低谷。

And then increased flight activity to capitalize on peak holiday demand. Well, we have made changes we are seeing positive results, and we expect to see additional benefits from changes in our 2025 schedule. We also continue to extend the reach of our distribution and a low cost fashion by adding new metasearch partners, including Google Flights and Cadillac earlier this year and just this month Skyscanner, these channels have introduced Southwest to new customers and strengthen our presence in point-of-sale, or we have traditionally been weaker.

然後增加航班活動，以利用假期高峰需求。嗯，我們已經做出了一些改變，我們看到了積極的成果，我們預計 2025 年時間表的改變會帶來更多好處。我們也透過增加新的元搜尋合作夥伴，包括今年稍早的Google Flights 和凱迪拉克以及本月的Skyscanner，繼續擴大我們的分銷和低成本時尚的覆蓋範圍，這些管道已將西南航空介紹給新客戶，並加強了我們在以下領域的存在：要么我們傳統上比較弱。

Looking ahead to the fourth quarter as a result of our actions, capacity is projected to be down approximately 4% year over year. With seats and trips down about 8%. We anticipate seeing the benefits for our initiatives and the capacity moderation as rather them inflected positive in August and we continue to see sequential rise of acceleration into the fourth quarter. With that we expect fourth quarter revenue to be up in the range of 3.5% to 5.5% on a year over year basis.

展望第四季度，由於我們的行動，運力預計將年減約 4%。座位數和行程減少了約 8%。我們預計會看到我們的舉措和產能放緩的好處，因為它們在 8 月出現了積極的變化，並且我們繼續看到加速到第四季度的連續上升。因此，我們預計第四季營收將年增 3.5% 至 5.5%。

The range contemplates just under a 0.5 point headwind from booking cancellations associated with Hurricane Milton earlier this month. In addition to these revenue initiatives, a key part of our strategic plan is reducing operating inefficiencies and increasing asset productivity. These efforts are clearly paying-off. For example, we continue to have industry-leading turn time. We want to do even better.

預計本月稍早與颶風米爾頓相關的預訂取消將導致該範圍略低於 0.5 個百分點。除了這些收入計劃之外，我們策略計劃的關鍵部分是減少營運效率低下並提高資產生產力。這些努力顯然得到了回報。例如，我們繼續擁有業界領先的周轉時間。我們想要做得更好。

To that end, we have a plan to reduce our minimum turn the time when the plane is unproductive at the gate by five minutes by November 2025. As we previously shared, this initiative is well underway and the reductions already built in the next month schedule for 12 hours stations. The turn initiative will make our current fleet more productive and create the equivalent of 63 aircraft at system wide of mutation.

為此，我們計劃在2025 年11 月將飛機在登機口無法正常工作的最短轉彎時間減少5 分鐘。了停機時間12小時站。轉彎計劃將使我們目前的機隊更俱生產力，並在系統範圍內產生相當於 63 架飛機的突變。

As more investments come into the day-to-day operation, we are confident the selfless turn will be a unique competitive differentiator. In addition to reducing turn times, the introduction of red eye flights is another key component of increasing asset productivity and improving the connectivity and efficiency of the network. The June 2025 based schedule with 33 daily red eyes will be published next week on October 30.

隨著越來越多的投資進入日常運營，我們相信這種無私的轉變將成為獨特的競爭優勢。除了縮短週轉時間之外，紅眼航班的引入是提高資產生產力、改善網路連接性和效率的另一個關鍵組成部分。基於 2025 年 6 月、每日 33 個紅眼的賽程表將於下週 10 月 30 日發布。

As a reminder, the turn in red eye initiatives allow us to have modest year-over-year capacity growth of 1% to 2% in 2025 and limit our planned aircraft CapEx exclusively for fleet modernization. To recap, we are focused on delivering on our tactical initiatives to drive financial performance, and we'll continue to look for opportunities to optimize our network, advance our revenue management capabilities and strengthen our marketing flows.

提醒一下，紅眼計劃的轉變使我們能夠在 2025 年實現 1% 至 2% 的同比運力小幅增長，並限制我們專門用於機隊現代化的計劃飛機資本支出。總而言之，我們專注於實施戰術舉措以推動財務業績，我們將繼續尋找機會優化我們的網絡、提高我們的收入管理能力並加強我們的行銷流程。

Before I close, I want to express my gratitude to our people for their focus on safety and warrior spirit, which allows us to drive industry-leading operational excellence and provide our known selfless hospitality. We could not do it without them.

在結束之前，我想對我們的員工表示感謝，感謝他們對安全的關注和勇士精神，這使我們能夠推動行業領先的卓越運營，並提供我們眾所周知的無私款待。沒有他們我們就無法做到這一點。

With that, I'll turn it over to Tammy to share updates on our financial performance.

接下來，我將把它交給 Tammy，分享我們財務表現的最新情況。

Thank you, Andrew, and hello, everyone. As Bob mentioned, just a few weeks ago, we presented our plans to transform our plan to transform Southwest to make our company even better including outlining how these plans will restore our financial prosperity and drive sustainable shareholder value. We're focused on moving swiftly and deliberately to execute our plan, controlling what we can and adapting as needed. We have the right team in play supported by our incredible people whose warrior spirit, hard work and continue sentiment will help us deliver these results.

謝謝你，安德魯，大家好。正如鮑勃所提到的，就在幾週前，我們提出了改造西南航空的計劃，以使我們的公司變得更好，包括概述這些計劃將如何恢復我們的財務繁榮並推動可持續的股東價值。我們專注於迅速、謹慎地執行我們的計劃，控制我們能做的事情並根據需要進行調整。我們擁有一支優秀的團隊，得到了我們令人難以置信的員工的支持，他們的戰士精神、辛勤工作和持續的情緒將幫助我們取得這些成果。

I am so appreciative and at each and every one of our amazing and dedicated employees. As Bob and Andrew spoke to the macro revenue and operational performance, I will start with our cost performance and then cut our fleet balance sheet and capital allocation update. Looking at our cost performance. Overall, our third quarter CASM-X increased 11.6% year over year on the better than expectations.

我非常感謝我們每一位出色且敬業的員工。當鮑伯和安德魯談到宏觀收入和營運績效時，我將從我們的成本效益開始，然後削減我們的機隊資產負債表和資本配置更新。看看我們的性價比。整體而言，我們第三季 CASM-X 年增 11.6%，優於預期。

For the fourth quarter, we expect continued cost pressure driven primarily by new labor contracts and overstaffing with additional pressure on the lower capacity, including over a 0.5 point of unexpected unit cost headwind from flight cancellations associated with Hurricane Milton. We currently estimate our fourth quarter CASM-X to increase in the range of 11% to 13% year over year.

對於第四季度，我們預計持續的成本壓力主要由新的勞動合約和人員過剩以及運力下降帶來的額外壓力推動，其中包括與颶風米爾頓相關的航班取消導致單位成本意外增加超過 0.5 個百分點。我們目前預計第四季 CASM-X 將年增 11% 至 13%。

We are deliberately pursuing actions to mitigate cost inflation. Looking ahead, we are at a much more stable position. We have ratified all 12 at our labor contracts, creating better cost certainty over the next three years for the largest cost item. We've implemented a voluntary leave and time off program that allows us to regain our overstaffing impact.

我們正在刻意採取行動來減輕成本膨脹。展望未來，我們的處境更加穩定。我們已經批准了全部 12 項勞動合同，為未來三年最大的成本項目創造了更好的成本確定性。我們實施了自願休假和休假計劃，使我們能夠重新獲得人員過剩的影響。

In addition, we outlined a cost plan at investor day aimed at enhancing cost-efficiency, which includes improving efficiencies and our brand operation and optimizing our operations around our new labor rules. As we shared, we expect savings from the opportunities we've identified to ramp over the next three year and reached over $500 million in run rate cost savings in 2027.

此外，我們在投資者日概述了一項旨在提高成本效率的成本計劃，其中包括提高效率和我們的品牌運營，以及圍繞新勞工規則優化我們的運營。正如我們所分享的，我們預計未來三年內我們所發現的機會將帶來更多節省，並在 2027 年實現運行成本節省超過 5 億美元。

This demonstrates our commitment to drive efficiency and preserve or improve our relative cost performance. And again, benefit from that fleet monetization strategy will be incremental to the saving. Our third quarter fuel cost were $2.55 per gallon was in line with our expectations. And as we have seen fuel prices come down recently.

這表明我們致力於提高效率並保持或提高我們的相對成本效益。再說一遍，從車隊貨幣化策略中受益將逐漸增加節省。我們第三季的燃油成本為每加侖 2.55 美元，符合我們的預期。正如我們所看到的，燃油價格最近有所下降。

We now estimate fourth quarter fuel to be in the $2.25 to $2.35 per gallon range. Turning to our fleet, this is one of the key areas where we're seeing our prudent planning and ability to adapt early pay-off. We came into the year expecting to receive 79 Boeing aircraft deliveries. In March, Boeing informed as we would receive 46.

我們現在估計第四季度燃油價格為每加侖 2.25 美元至 2.35 美元。談到我們的機隊，這是我們看到我們審慎的規劃和適應早期回報的能力的關鍵領域之一。今年我們預計將收到 79 架波音飛機交付。 3 月份，波音公司通知我們將收到 46 架。

After going through a detailed process we conservatively planned for 20 deliveries in April to reduce the risk of further operational impact. As we close out the year, we have received 19 aircraft and expect to receive one more exactly in line with our internal expectations. And the third quarter, we pull forward the retirement of six additional -700 in 2024 for bringing our count for this year to 37 -700 retirement and for -800 lease returns for a total of 41 retirements. We shared our plans to opportunistically monetize the value of our fleet and order book at Investor Day.

經過詳細的流程後，我們保守地計劃在 4 月交付 20 次，以降低進一步影響營運的風險。年底時，我們已收到 19 架飛機，並預計將收到更多符合我們內部預期的飛機。第三季度，我們將另外 6 架 -700 飛機的退役時間提前到 2024 年，使今年的 -700 飛機退役數量達到 37 架，並實現 -800 租賃回報，總共 41 架 -700 飛機退役。我們在投資者日分享了我們的計劃，即利用我們的機隊和訂單簿的價值來實現貨幣化。

As a reminder, we are finding annual capacity growth of 1% to 2% over the next three years, through our turn time modernization and red eye flying, which results and access to more aircraft and we need to find our capacity plan. Therefore, a combination of a favorable secondary markets are attractive aircraft pricing and the excess aircraft available in our order book provides us a unique opportunity to reduce our aircraft CapEx and drive earnings accretion.

提醒一下，透過我們的周轉時間現代化和紅眼飛行，我們發現未來三年的年運力增長 1% 至 2%，這將導致獲得更多飛機，我們需要找到我們的運力計劃。因此，有利的二級市場與有吸引力的飛機定價以及我們訂單簿中可用的過剩飛機的結合為我們提供了減少飛機資本支出並推動收益成長的獨特機會。

We plan to capitalize on this opportunity to both sales and lease back. We will pursue our fleet monetization strategy with a focus on delivering a positive NPV across the portfolio of sale lease back transactions. We are actively exploring the market and are encouraged by what we're seeing. And again, we consider our fleet strategy as incremental to our core business.

我們計劃利用這個機會進行銷售和回租。我們將奉行我們的機隊貨幣化策略，重點是在售後回租交易組合中實現正的淨現值。我們正在積極探索市場，並對所看到的情況感到鼓舞。再次，我們認為我們的機隊策略是我們核心業務的增量。

As such, we provided additional breakdown of the EBIT contribution and our supplemental third quarter earnings materials available on our Investor Relations website. Given the complexity of the transaction, the competitive nature of the market and the fluidity of new aircraft deliveries, we are going to limit the level of detail provided on future transactions that we are planning.

因此，我們在投資者關係網站上提供了息稅前利潤貢獻的更多細目以及第三季收益補充資料。考慮到交易的複雜性、市場的競爭性質以及新飛機交付的流動性，我們將限制我們計劃的未來交易的詳細程度。

And of course, we'll update you as we close deal. Regardless our plan comfortably support all of our 2027 Investor Day financial targets with that benefits from our fleet strategy. Ultimately, we remain committed to achieving our ROIC call and in doing so have committed into longer term capacity discipline. With its discipline and the plans we have outlined, we believe we are well-positioned to achieve ROIC greater than or equal to 15% in 2027, which is well in excess of a lag.

當然，我們會在交易完成後向您通報最新情況。無論如何，我們的計劃都能輕鬆支持我們 2027 年投資者日的所有財務目標，這得益於我們的機隊策略。最終，我們仍然致力於實現我們的投資回報率目標，並在過程中致力於更長期的能力紀律。憑藉其紀律和我們概述的計劃，我們相信我們有能力在 2027 年實現投資回報率大於或等於 15%，這遠遠超過了滯後。

Our expected capital spending for this year is approximately $2.1 billion, of which just under $1 billion in aircraft CapEx excluding any impact from our fleet strategy. Obviously, there is a lot of uncertainty around future aircraft availability, given continued challenges at Boeing. We have taken that risk into consideration in our 2025 contingency planning. While planning and re-planning remain a challenge.

我們今年的預期資本支出約為 21 億美元，其中飛機資本支出略低於 10 億美元，不包括我們機隊策略的任何影響。顯然，鑑於波音公司面臨的持續挑戰，未來飛機的可用性有許多不確定性。我們已在 2025 年應急計劃中考慮到了這項風險。雖然規劃和重新規劃仍然是一個挑戰。

Our moderated capacity plan reduces our need for new aircraft, and we have a lot of flexibility to make further adjustments with plant retirements. Selling production is something we're watching closely, and we'll defer providing more detail on CapEx and additional 2025 guidance until we have a better line of sight to an updated order book.

我們適度的產能計畫減少了對新飛機的需求，我們有很大的靈活性來根據工廠退役進行進一步調整。銷售生產是我們正在密切關注的事情，我們將推遲提供有關資本支出和額外 2025 年指導的更多細節，直到我們對更新的訂單簿有更好的了解。

Finally, our balance sheet remains a lasting competitive advantage, and we continue to be the only airline with an investment grade rating by all three rating agencies. We ended the third quarter and a net cash position with cash and short-term investments of $9.4 billion and a fully available revolving credit line of $1 billion for total liquidity at $10.4 billion, well in excess of our $8 billion of outstanding debt.

最後，我們的資產負債表仍然具有持久的競爭優勢，而且我們仍然是唯一一家獲得所有三個評級機構投資等級評級的航空公司。截至第三季末，我們的淨現金部位為94 億美元，其中現金和短期投資為94 億美元，完全可用的循環信貸額度為10 億美元，流動性總額為104 億美元，遠遠超過我們的80 億美元的未償債務。

We remain committed to providing significant returns to our shareholders through dividends and share repurchases. We have returned more than $13.7 billion through share repurchases and dividends since 2010, including $431 million in dividends to shareholders this year. As we announced at Investor Day, our board authorized a $2.5 billion share repurchase program, which we expect to be significantly earnings accretive.

我們仍然致力於透過股利和股票回購為股東提供可觀的回報。自 2010 年以來，我們透過股票回購和股息返還了超過 137 億美元，其中今年向股東派發的股息為 4.31 億美元。正如我們在投資者日宣布的那樣，我們的董事會批准了一項 25 億美元的股票回購計劃，我們預計該計劃將顯著增加收益。

And as we announced this morning, we will soon be launching an initial ASR under this authorization. So and to wrap up, I want to reiterate that we have a strong financial foundation and compelling plan to support a return to prosperity and strong shareholder return. We have a comprehensive and measurable plan that we expect will enable us to cover our wax in 2026 and achieve after-tax ROIC of at least 15% and 2027. There is a significant body of work underway and we believe we are taking all the necessary steps to deliver.

正如我們今天早上宣布的那樣，我們很快就會根據該授權啟動初始 ASR。最後，我想重申，我們擁有強大的財務基礎和令人信服的計劃來支持恢復繁榮和強勁的股東回報。我們有一個全面且可衡量的計劃，預計將使我們能夠在2026 年覆蓋蠟，並在2027 年實現至少15% 的稅後投資回報率。措施交付步驟。

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

這樣，我會將其轉回給鮑伯。謝謝。

Thank you, Tammy. And before we go to Q&A, I want to briefly address our recent settlement with Elliott last night. The board has taken lot of time to engage with shareholders and get feedbacks and taken significant steps based on that feedback. There's been a lot of board refresh that was it had already begun and is ongoing and we're very pleased to have come to a collaborative resolution with Elliott. As we welcome our new members to our board of all of whom had a chance to interview and talk to get to know our focus remains on executing our plan, and that's exactly what we are going to do. I can promise you it's all lies forward years we have work to set up Southwest for success for generations to come.

謝謝你，塔米。在我們進行問答之前，我想先簡單談談我們昨晚與艾利歐特最近達到的和解協議。董事會花費了大量時間與股東互動並獲得回饋，並根據回饋採取了重大措施。董事會已經進行了大量的更新，並且正在進行中，我們很高興與 Elliott 達成了合作解決方案。當我們歡迎新成員加入我們的董事會時，所有成員都有機會接受採訪和交談以了解我們的重點仍然是執行我們的計劃，而這正是我們要做的。我可以向你保證，這一切都是謊言，在我們努力建立西南航空、為子孫後代帶來成功的歲月裡，這一切都是謊言。

And with that, I'll pass it back to Julia to start our Q&A session.

然後，我會將其傳回給 Julia 以開始我們的問答環節。

Thank you, Bob. This completes our prepared remarks. We will now transition to analyst questions. We'd like to get as many of you as possible, so we ask that you please limit yourself to one question, Gary. We are ready for the first question.

謝謝你，鮑伯。我們準備好的演講到此結束。我們現在將轉向分析師問題。我們希望盡可能多的人參與進來，因此請您只回答一個問題，加里。我們準備好回答第一個問題。

(Operator Instructions)

（操作員說明）

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Hi, yes, good afternoon, everybody, and thanks very much for taking my questions. I will -- just curious, when do we think about your CASM for 2025 and going forward, how are you thinking about your goals with respect to sale leaseback gains in the event that you might not receive equipment at the pace at which you're currently expecting. Thank you.

大家好，大家下午好，非常感謝您回答我的問題。我只是好奇，我們什麼時候考慮您的 2025 年 CASM 以及未來的發展，如果您可能無法按照預期的速度收到設備，您如何考慮銷售回租收益方面的目標目前正在期待。謝謝。

First, I just say we obviously, as is just think about our unit costs generally today, there are costs in there that are really one-time step-up, things like labor to labor, agreements and you have costs in there like the hurricane that you are one-time pressures that don't occur and items like the labor step-ups obviously we will lap those, but there's a lot of work in our transformational plan that we put in front of a few weeks ago.

首先，我只是說，我們顯然，就像今天一般考慮一下我們的單位成本一樣，其中的成本實際上是一次性的，例如勞動力對勞動力、協議之類的成本，以及颶風等成本你是一次性的壓力，不會發生，像勞動力升級這樣的項目顯然我們會接受這些，但我們幾週前提出的轉型計劃中有很多工作要做。

A lot of that's around efficiency like the red eyes and compressing time out of the turn, driving their aircraft deficiency. And then there's cost plan we're committed to fully realizing by 2027. And so looking at '25 and beyond, just going to you're thinking about run rate, we're just not ready to guide yet. There's a lot of uncertainty out there with Boeing and particularly result of the contract was not approved. And so it's just early be able to guide the year at this point. Obviously, it's something that we're very focused on, Tammy can add anything.

其中許多都與效率有關，例如紅眼和壓縮轉彎時間，導致飛機缺陷。然後是我們致力於在 2027 年完全實現的成本計劃。波音公司存在著許多不確定性，特別是合約未獲批准的結果。因此，現在就能夠為今年提供指導還為時過早。顯然，這是我們非常關注的事情，塔米可以添加任何內容。

And the only thing I might add is just in regard to your question on the sale lease back, obviously we have flexibility there and that is we would keep our fleet for some period of time. So we continue to have opportunities there on the sale lease back front. And again, just a lot of flexibility to manage to the targets that we laid out at Investor Day.

我唯一要補充的是關於您關於售後回租的問題，顯然我們在那裡有靈活性，那就是我們將保留我們的機隊一段時間。因此，我們在銷售租賃方面繼續有機會。再說一次，我們需要很大的彈性來實現我們在投資者日所設定的目標。

Appreciate the time. Thank you.

珍惜時間。謝謝。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good afternoon, everyone. I was just wondering if you could share from the revenue trend perspective, just what you're seeing on the managed corporate side and as well as kind of generally how the quarter is progressing, given the noise. I know this call that the Milton -- Hurricane Melton impact here, but just wondering if there's anything else in the quarter that we should consider that's going to be on the core.

嘿，大家下午好。我只是想知道您是否可以從收入趨勢的角度分享您在管理公司方面所看到的情況，以及考慮到噪音的情況下本季的整體進展。我知道米爾頓-梅爾頓颶風在這裡影響，但只是想知道本季是否還有其他我們應該考慮的核心問題。

Possibly regards specifically to manage business? So we did see during the hurricanes, there was a disadvantage business travel because, as you might imagine, within that geography. And so that's did have a down, but then it bounced back up after the of both hurricanes of went through kind of return to its previous run rate. So we don't see it any kind of structural change in demand for business travel at this point in time.

可能是專門為了經營業務？因此，我們確實在颶風期間看到，商務旅行處於不利地位，因為正如您可能想像的那樣，在該地理位置內。因此，這確實有所下降，但在兩次颶風都恢復到先前的運行速度後，它又反彈了。因此，目前我們認為商務旅行需求不會有任何結構性變化。

And then sorry, just generally on revenues, obviously, travel demand and bookings are strong yield during the fourth quarter and the holidays periods looks strong as well. We're really pleased that you saw our unit revenue performance in the third year. We saw with the actions that are being taken to revenue management and network and distribution and marketing, we saw an acceleration in the trends across the quarter, and that continues into the fourth quarter. So a good tailwind from the actions that are being taken. So I'm very pleased with that. More to come. And but we're on track in terms of the performance out of those tactical actions that we need to hit what we told you concerning 2025 goals and Investor Day.

抱歉，就收入而言，顯然，第四季度的旅行需求和預訂產量強勁，假期期間看起來也很強勁。我們非常高興您看到我們第三年的單位收入表現。我們看到，透過在收入管理、網路、分銷和行銷方面採取的行動，我們看到整個季度的趨勢加速，並且這種情況持續到第四季度。因此，正在採取的行動是一個很好的推動力。所以我對此非常滿意。未來還會有更多。但就實現我們告訴您的有關 2025 年目標和投資者日所需的那些戰術行動的表現而言，我們正在走上正軌。

Appreciate that and tell me if I might follow up on the previous question, when it comes to sale-lease backs, given that Boeing delivery uncertainties in the considerations that it includes like existing aircraft in the fleet that you could do sale lease backs, how are you thinking about that? Didn't assets the progression.

感謝這一點，並告訴我我是否可以跟進上一個問題，當涉及到售後回租時，考慮到波音交付的不確定性，它包括像機隊中現有的飛機一樣，你可以進行售後回租，如何你在想那個嗎？沒有獲得進步。

Yes, I think finding that's exactly right. I mean, obviously aircraft and are fully are certainly eligible. So it would include exist in aircraft in our fleet again, we have a lot of flexibility, I believe when it comes to add to the sale lease backs risks with regard to outright sales in our obviously we would pace does based on that would be informed by Boeing and the delivery schedule. So we've got some work to do here given the news that was out yesterday.

是的，我認為這是完全正確的。我的意思是，顯然飛機完全符合資格。因此，這將再次包括我們機隊中存在的飛機，我們有很大的靈活性，我相信，在增加銷售租賃支援方面的直接銷售風險時，我們顯然會根據這一點進行調整波音公司和交付時間表。鑑於昨天發布的消息，我們有一些工作要做。

Appreciate it. Thank you.

欣賞它。謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. Not to beat a dead horse, but certainly appreciate for competitive reasons you might not want to be that specific. But many investors left the Investor Day with the perception that fleet monetization over the three-year time horizon only means sale lease back gains. Is that how investors should be viewing? Is that the right takeaway? Or is it more than that specifically on the new side?

嘿，謝謝。不是為了打敗一個死馬，但當然感謝出於競爭原因你可能不想那麼具體。但許多投資者在投資者日結束時認為，三年內的船隊貨幣化僅意味著售後回租收益。投資人應該這樣看待嗎？這是正確的外帶嗎？或者說新方面的具體內容不只這些？

Yes, Duane. Now we -- it would include potential sales and that's over the three-year period, and we'll just have to obviously considered the fluidity of the situation at Boeing. But just again, we have 694 aircraft in our order book. And with our moderated capacity plans, we don't need that many airplanes. So we'll manage accordingly based on what's thrown our way with regard to the situation at Boeing. But I certainly in the near term, we have opportunities without consideration for sale lease back. So I will as always the world's constantly changing, but we again just have a lot of flexibility and we'll take the news that we all heard yesterday into consideration as we solidify our plans for next year.

是的，杜安。現在我們——它將包括三年內的潛在銷售量，我們顯然只需要考慮波音情況的流動性。但我們的訂單簿中有 694 架飛機。根據我們適度的運力計劃，我們不需要那麼多飛機。因此，我們將根據波音公司的情況進行相應的管理。但我肯定在短期內，我們有機會不考慮出售回租。因此，我將一如既往，世界不斷變化，但我們再次擁有很大的靈活性，在鞏固明年的計劃時，我們將考慮昨天聽到的消息。

Yeah, the way you have we thought we were cleared by apologies, but we are cleared at Investor Day that yesterday we're going to have fewer we will be monetizing the value that is in the fleet order book and yet it could be sale lease backs could be direct sales will be flexible on that front and obviously take into account where we are with the market looks like. But I think we're open to whatever approach maximizes the value.

是的，就像你說的那樣，我們以為我們已經通過道歉澄清了，但我們在投資者日澄清了，昨天我們的數量將會減少，我們將把船隊訂單中的價值貨幣化，但它可能會被出售租賃後面可能是直接銷售，在這方面會很靈活，並且顯然會考慮到我們與市場的情況。但我認為我們對任何能夠最大化價值的方法都持開放態度。

Thanks, and certainly appreciate the uncertainty with respect to fleet next year, but can you give us any high level shaping on cost trends, non-fuel cost trends? Maybe first half, second half is the down one to three? I think in the first call, is that new information or was that kind of your thinking at Investor Day? And I just to put a bow on it, like when do you expect unit revenue growth to exceed our non-fuel cost growth? Thanks for taking the questions.

謝謝，當然也理解明年機隊的不確定性，但是您能給我們提供有關成本趨勢、非燃料成本趨勢的高水準資訊嗎？也許上半場、下半場是一比三落後？我認為在第一次電話會議中，這是新資訊還是您在投資者日的想法？我只是想問一下，您預計單位收入增長何時會超過我們的非燃料成本增長？感謝您提出問題。

What you were referencing was our capacity, I believe our capacity guidance. We did not exactly, we didn't provide CASM-X guidance for next year and we'll come back given the moving parts here at our next earnings call and give more specific guidance for next year. But our targets that we provided at Investor Day with regard to our operating margin all of that still stands.

你所指的是我們的能力，我相信我們的能力指導。確切地說，我們沒有提供明年的 CASM-X 指導，我們將在下一次財報電話會議上考慮這些變化，並為明年提供更具體的指導。但我們在投資者日提供的有關營業利潤率的目標仍然有效。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Hi, everyone. Thanks very much for the time. Would you mind providing us an update with where things stand with the revenue management system is giving you a tail wind power, which the latest on that? Thanks.

大家好。非常感謝您抽出時間。您介意向我們提供最新情況嗎？謝謝。

Thanks, Tom, it's Andrew. The or classify the system and processes and organization together wasn't just one thing to accommodation of factors and we put those in the place latent due to as your call we forecast at a 2 point drag to Q3, and we ended up with just a 1 point drag in Q3. So that shows that we saw an inflection point in a way that we highlighted at Investor Day. That August was a particularly inflection point where we saw that particularly the last half of August. So we've recovered our system, hire new people put in place new processes, new tooling to support them. And that is driving your growth on our strongest flights, which is on which was the objective. So we could see the intended actions are manifesting in actual outcome. So it gives us confidence this is working for us.

謝謝，湯姆，我是安德魯。將系統、流程和組織分類在一起不僅僅是容納因素的一件事，我們將這些因素放在潛在的位置，因為根據您的電話，我們預測第三季將出現2 個百分點的拖累，最終我們只得到了第三季拖累1分。這顯示我們看到了投資者日強調的轉折點。那年八月是一個特別的轉捩點，尤其是八月的後半段。因此，我們恢復了我們的系統，僱用了新人員，實施了新流程，使用了新工具來支援他們。這正在推動您在我們最強大的航班上成長，這就是我們的目標。所以我們可以看到預期的行動正在實際結果中體現。所以這讓我們相信這對我們有用。

Thanks very much. That's really helpful, Andrew. And then any color, it seems like just anecdotally interisland tariff in Hawai'i, they have been down picking up lately. You've seen any benefit from that? Thanks again for the time, everyone.

非常感謝。這真的很有幫助，安德魯。然後，任何顏色，似乎只是傳聞中的夏威夷島際關稅，最近一直在下降。您從中看到了什麼好處嗎？再次感謝大家抽出時間。

My pleasure. So why we view of the franchise, but knowing there's different parts of your franchise. And we have seen a results of our focused effort that we mentioned Investor Day, we're seeing RASM increase quite significantly above system RASM which is, as you saw from our results also increasing. And those both for inter-island in Mainland to Hawai'i. And so we're pleased with the progress we have teams that are cross-functional teams that are organized, the focus and drive this. And we're seeing the results, those efforts and those continue and will continue until we reach a business case.

我的榮幸。那麼為什麼我們看待特許經營權，但知道特許經營權有不同的部分。我們已經看到了我們提到的投資者日集中努力的結果，我們看到 RASM 顯著高於系統 RASM，正如您從我們的結果中看到的那樣，RASM 也在增加。這些都是從大陸到夏威夷的島際航班。因此，我們對所取得的進展感到滿意，我們的團隊是跨職能團隊，有組織、專注並推動這一目標。我們正在看到結果，這些努力以及這些努力將繼續下去，直到我們達成業務案例。

And you got future actions coming next year around a moderating, modestly moderating interesting capacity and then adding red eyes and really helping connections and connecting complex back to the mainline. So all that should continue to drive improvement as well on top of what you're seeing already today.

明年，你會採取一些行動，圍繞著調節、適度調節有趣的功能，然後添加紅眼，真正幫助連接，並將複雜的連接回主線。因此，除了您今天所看到的之外，所有這些都應該繼續推動改進。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. Good afternoon. So I apologize if for turning this into a sale leaseback call, but I am still a little confused because I think I heard something different at the Analyst Day and then when I just heard so maybe time. And can you just clarify the 3% to 5% margin for next year, does that include or exclude any potential sale leaseback? And then just separately on the cost side, I know we talk a lot about CASM, but if I just looked Q3, got employees down 1% and labor cost up 18% year over year. I know we've got like new contracts, but I don't know that dropped that much like. Can you just help us understand like why labor costs are up so much?

嘿，謝謝。午安.因此，我很抱歉將其轉變為銷售回租電話，但我仍然有點困惑，因為我認為我在分析師日聽到了不同的東西，然後當我剛剛聽到時，也許是時間。您能否澄清一下明年 3% 至 5% 的利潤率，這是否包括或排除任何潛在的售後回租？然後就成本方面而言，我知道我們談論了很多 CASM，但如果我只看第三季度，員工成本比去年同期下降 1%，勞動力成本同比增長 18%。我知道我們已經簽訂了新合同，但我不知道合約下降了這麼多。您能幫我們理解為什麼勞動成本上漲這麼多嗎？

So on your first question on the margin guidance that was provided at Investor Day, we provided you a range, the low end of that range would it be without the fleet monetization strategy and the high end of that range contemplates our fleet strategy. So that which is why we provided you a range that you can think of it more or less with or without the fleet strategy. So hopefully that clarifies that.

因此，關於您在投資者日提供的關於保證金指導的第一個問題，我們為您提供了一個範圍，該範圍的低端是否沒有機隊貨幣化策略，而該範圍的高端考慮了我們的機隊策略。這就是為什麼我們為您提供了一個範圍，您可以或多或少地考慮它，無論是否有艦隊策略。希望這能澄清這一點。

And then with regard to the cost pressures we looking ahead, I guess as a starting point, we would expect for next year just our normal inflationary cost pressure to continue and keep in mind an important input into all of that is our moderator capacity growth. So as we've already shared, we will be moderating our capacity growth next year.

然後，關於我們展望未來的成本壓力，我想作為一個起點，我們預計明年正常的通膨成本壓力將繼續存在，並記住所有這一切的一個重要投入是我們的調節能力成長。因此，正如我們已經分享的那樣，我們明年將放緩產能成長。

And then we'll also have costs associated with the investment and the launch of our assigned seating and premium seating initiative. And but offsetting in a -- we are well, we have realized savings from our cost plan. So again, we'll provide more insight into all of that on our next earnings call. And but the inflation costs obviously was much more significant.

然後，我們還將產生與投資和啟動分配座位和高級座位計劃相關的成本。但抵消了——我們很好，我們已經從我們的成本計劃中實現了節省。因此，我們將在下一次財報電話會議上提供有關所有這些的更多見解。但通貨膨脹成本顯然要大得多。

And as Bob said, we'll be lapping some of the abnormal labor cost pressure, but there is just a normal annual inflationary cost pressures baked into our labor contracts. And that includes also some work rule changes as well. So that is all factored into again, the guidance that we gave you for next year for an operating margin in the 3% to 5% range.

正如鮑伯所說，我們將承受一些異常的勞動成本壓力，但我們的勞動合約中只包含正常的年度通膨成本壓力。這也包括一些工作規則的變更。因此，我們再次將所有因素都考慮在內，即我們為您提供的明年營業利潤率在 3% 至 5% 範圍內的指導。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Hey, there, everybody Scott's question was the same as mine, so we should interpret today's 3% to 5% margin has essentially your guidance lift versus last month since fleet initiatives are now separate, correct?

嘿，斯科特每個人的問題都和我的一樣，所以我們應該解釋今天的3% 到5% 的利潤率基本上與上個月相比有你的指導提升，因為艦隊計劃現在是分開的，對嗎？

No, there's no change here and what we said at Investor Day. And Jamie, it's X. Yeah, the 3% is X fleet on operating margin. And the 5% would include fleet.

不，這裡和我們在投資者日所說的沒有改變。 Jamie，是 X。 5% 包括機隊。

Jamie for each year there was a there was a page in there that we had an operating margin range and we had ROIC range, and the way to think about that is I see that is one is without fleet and based business and one with fleet. And then I think for 2027, you said that ROIC greater than or equal to 15% would be exceeded with and without fleet. So the ranges were intended to provide you with or without fleet number. And then I think we also clarified that the fleet contribution was roughly $500 million a year.

傑米每年都會有一個頁面顯示我們有營業利潤範圍和投資資本回報率範圍，思考這個問題的方法是，我認為一個是沒有車隊和基礎業務，一個是有車隊。然後我想，到 2027 年，您說無論有沒有機隊，ROIC 都會超過大於或等於 15%。因此，這些範圍旨在為您提供有或沒有車隊號碼的資訊。然後我想我們也澄清了機隊每年的貢獻約為 5 億美元。

Okay. So the change in tone, Bob, in your prepared remarks in the end of the answers on this topic, what drove that? Would that something maybe that we have pushed for? Was it just sort of trying to clear up misperceptions? And I'm just curious, you handle for a while now I called it out as a special item.

好的。那麼，鮑勃，在您準備好的評論中關於這個主題的答案的最後，語氣發生了變化，是什麼推動了這一變化？這可能是我們一直在推動的事情嗎？只是想消除誤解嗎？我只是好奇，你處理了一段時間，現在我稱它為特殊物品。

On the fleet?

在艦隊上？

Yeah.

是的。

No, nothing effect of I probably thought we were clear at Investor Day about the other with and without then on the scorecard to grab scorecard that we presented today at an even more clarity around that even decomposition, but that also the with and without fleet and then the fleet become composition across the a year.

不，沒有任何影響，我可能認為我們在投資者日上清楚地了解了記分卡上的其他情況，然後在記分卡上抓住記分卡，我們今天在甚至分解方面更加清晰地展示了記分卡，但也有和沒有艦隊和那麼船隊就變成了跨越一年的組合。

So no, that doesn't do with no connection at all. Now and subsea again, no after Investor Day, we as you would. I guess we did a lot of shareholder engagement discussions and one of the items was a little more clarity on the EBIT stack and '27 and some of the things you just talked about, which is why we added that into the presentation that was filed this morning.

所以不，這與完全沒有聯繫無關。現在又是海底，投資者日之後，我們會如您所願。我想我們進行了很多股東參與討論，其中一個項目是關於息稅前利潤堆疊和 27 以及您剛才談到的一些事情更加清晰，這就是為什麼我們將其添加到提交的演示文稿中的原因早晨。

And then for my second topic, just quickly on loyalty. It seems to me that with the local changes in the plants to better monetize the cabin, that there could be room for a more premium credit card than the I guess, two consumer cards that you offer through chase right now. I'm just wondering, like mechanically, how does that work? Are you guys free to potentially offer a third card if you choose to or does that require reopening the contract stuff like that? Just wondering about those mechanics and whether there's maybe a loyalty benefit on top of the cabin stuff that you've already announced? Thanks in advance.

接下來是我的第二個主題，就是忠誠。在我看來，隨著工廠的當地變化，以更好地使機艙貨幣化，可能會有比我猜的更高級的信用卡的空間，兩張消費者卡現在通過大通提供。我只是想知道，就像機械一樣，它是如何運作的？如果你們選擇的話，你們可以自由地提供第三張卡嗎？只是想知道這些機制以及您已經宣布的客艙設施之外是否還有忠誠度福利？提前致謝。

I'll let Ryan take the details, but I think we said at Investor Day was that there's a lot of opportunity inside everything we announce things like the seating changes, the airline partnerships, getaways, all that to further monetize the card relationship with chase. And there's just work to do there. And generally what could be, tailwind there with continuing to monetize the chase relationship was not included in the numbers that we gave you at Investor Day. So it's on top of that. There's work to do there. But just to make scanning of how you get there. Obviously, it's a negotiation. I'll let Ryan talk about that.

我會讓瑞安透露細節，但我想我們在投資者日說過，我們宣布的所有事情都有很多機會，例如座位變化、航空公司合作夥伴關係、度假，所有這些都可以進一步將與大通的卡關係貨幣化。那裡還有工作要做。一般來說，我們在投資者日向您提供的數據中並未包含繼續將追逐關係貨幣化的順風車。所以這是最重要的。那裡有工作要做。但只是為了掃描一下你是如何到達那裡的。顯然，這是一場談判。我會讓瑞安談談這件事。

Jamie, we can't do. We could not just create a card on our own apps chase. They have to underwrite it we have to come to agreement on what the associated benefits with the card with the new card product is and what the economics around that is we don't, but we do those things from time to time. And we have to there are boarding benefits associated with our cards today that will no longer be relevant and exciting and premium seating world.

傑米，我們做不到。我們不能僅僅在我們自己的應用程式追逐中創建一張卡片。他們必須承保它，我們必須就新卡產品的卡的相關好處是什麼以及圍繞它的經濟學我們沒有達成一致，但我們時不時會做這些事情。我們今天必須擁有與我們的卡片相關的登機福利，而這些福利將不再是相關的、令人興奮的高級座位世界。

And so discussions with chase. So just how we're going to evolve the product structure to account for an assigned seating world are currently underway. It doesn't take a reopening of the entire contract. We can make amendments to the contract. But yeah, that's a conversation between us and chase.

與蔡斯的討論也是如此。因此，我們目前正在研究如何改進產品結構以適應指定的座位世界。不需要重新開放整份合約。我們可以對合約進行修改。但是，是的，這是我們和蔡斯之間的對話。

Dan Mckenzie, Seaport Global Securities.

丹‧麥肯齊 (Dan Mckenzie)，海港環球證券公司。

Bob, I know it's really early and I know your focus is the current plan, but when you were interviewing the board additions, I'm curious if the new members have begun to affect your thought process initially and if there were any ideas here that you're contemplating, I guess somehow the current strategic initiatives are being received?

鮑勃，我知道現在還很早，我知道您的重點是當前的計劃，但是當您採訪董事會新增成員時，我很好奇新成員是否已經開始影響您的思維過程，以及這裡是否有任何想法你在想，我猜目前的策略舉措正在被接受？

Dan, I may give you a little broader answer. Just to clarify all this week, the Board has been undergoing a lot of refresh that was on that was going on before Elliott. And then obviously that's accelerated and we announced the six-off and then with Gary 7, and then we've been looking to fill those and we feel one of those it would help us with peer.

丹，我可以給你一個更廣泛的答案。為了澄清這一切，董事會在本週進行了許多更新，這些更新是在艾利奧特之前進行的。然後顯然這一切都在加速，我們宣布了六場比賽，然後是加里七場，然後我們一直在尋找填補這些空缺的機會，我們覺得其中之一將有助於我們與同行的合作。

And then the five from Elliott. And just to make sure you know that I had a chance to introduce their slate, and I've talked to those folks extensively about their views of Southwest. What they bring to the Board would bring to Southwest Airlines. And I can tell you that they're all committed to serving Southwest and looking forward to be part of our Board and serving our shareholders.

然後是埃利奧特的五個。只是為了確保您知道我有機會介紹他們的名單，並且我已經與這些人廣泛討論了他們對西南航空的看法。他們為董事會帶來的東西也會為西南航空公司帶來。我可以告訴你，他們都致力於為西南航空服務，並期待成為我們董事會的一員並為我們的股東服務。

The obviously we've added a number of airline experts have both Southwestern them with what was announced last night. So we've added, recast we've added Bon Fornaro and Gregg Saretsky and David Cush. And they all bring a wealth of airline experienced and when I like is that they bring a variety of experience.

顯然，我們已經添加了一些航空公司專家，其中包括西南航空，以及昨晚宣布的內容。所以我們添加了 Bon Fornaro、Gregg Saretsky 和 ​​David Cush。而且他們都帶來了豐富的航空公司經驗，而我最喜歡的是他們帶來了各種各樣的經驗。

And so you've got folks that have started Airlines have worked, obviously ULCCs low cost, something closer to a legacy. And so it had a lot of different types of service, not arguing that we're going to do any of those things as Southwest Airlines, but they will certainly help stretch our thinking. Obviously, there'll another plan after this plan are always evolving and so their input will be welcome. And I think constructive in terms of how we think about Southwest five and 10 to 15 years from now. And the same time I can assure you they're all have a genuine respect for Southwest or history or culture and are all looking forward to working together.

因此，有些人已經開始了航空公司的工作，顯然 ULCC 成本低廉，更接近遺產。因此，它有很多不同類型的服務，並不是說我們會像西南航空一樣做任何這些事情，但它們肯定會幫助拓展我們的思維。顯然，在這個計劃不斷發展之後還會有另一個計劃，所以他們的意見將受到歡迎。我認為，對於我們如何看待西南航空 5 年、10 到 15 年後的情況而言，這是有建設性的。同時我可以向您保證，他們都真誠地尊重西南航空、歷史或文化，並且都期待著合作。

Congrats on putting that behind you. Tammy, thanks for the comment around the fleet monetization strategy and apologies for going back to this again. But is the primary driver of the benefit just really a function of reduce depreciation and maintenance expense. Just wondering if there's a labor component in there or high level I guess, I'm just curious what the big drivers are to that customer that range?

恭喜你把它拋在身後了。 Tammy，感謝您對機隊貨幣化策略的評論，並對再次回到這個問題表示歉意。但收益的主要驅動力實際上只是減少折舊和維護費用的功能。只是想知道其中是否存在勞動力成分或我猜是高水平的，我只是好奇該範圍內的客戶的主要驅動因素是什麼？

Yes. No, the a big driver, of course, would be the gain that we would report. Again, we have very attractive pricing on our aircraft and on our existing fleet. Of course, that would be reflected in the net book value. So the primary driver there would be gains on the monetization of that strategy, particularly for the potential aircraft sale.

是的。不，當然，最大的推動因素是我們將報告的收益。同樣，我們的飛機和現有機隊的價格非常有吸引力。當然，這會反映在帳面淨值中。因此，該策略的貨幣化收益是主要驅動力，特別是潛在的飛機銷售。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Everyone. Thank you. On the $1 billion EBIT build do you call up for '25? I believe most of that's revenue, but could you just you just talk about what percentage already enacted you show an ongoing network optimization and I know you're doing marketing now on revenue management? If you could just talk about where we're at now in terms of percentages of that already in the network today. Thank you.

每個人。謝謝。在 10 億美元的息稅前利潤基礎上，您是否會呼籲「25」？我相信其中大部分是收入，但您能否僅談談您已經制定的顯示持續網絡優化的百分比，我知道您現在正在收入管理方面進行行銷？您能否談談我們目前在網路中所佔百分比的情況。謝謝。

Is that the network changes or the overall revenue progression.

是網路變化還是整體營收進展。

The $1 billion of EBIT coming from network optimization, marketing and so on. What is already in the market to the I know you made a lot of adjustments to your network in general, and you're doing marketing and so on. But if you could just level set up on what's already been put out there.

這10億美元的息稅前利潤來自於網路優化、行銷等。市場上已經有什麼我知道你們對你們的人脈做了很多調整，你們正在做行銷等等。但如果你能在已經發布的內容上進行水平設定的話。

I'll get started and then Andrew can combine with detailed. Yeah, obviously you've got three things. You've got the revenue management changes that were enacted primarily to take effect in August. You had network changes that are ongoing we use another set that comes into play next year were things like Atlanta, and you've got the distribution and marketing efforts and changes, things like Skyscanner that just went active. And the ones that are in place today, primarily revenue management or the contributor to why we're seeing the acceleration in the unit revenue trends across the third quarter. And that so far is continuing into the fourth quarter. So you take all that together.

我會開始，然後安德魯可以結合詳細。是的，顯然你有三件事。您已經獲得了主要於 8 月生效的收入管理變更。您正在進行網絡更改，我們使用明年開始使用的另一套網絡，例如亞特蘭大，並且您已經進行了分銷和營銷工作和更改，例如剛剛投入使用的 Skyscanner。今天實施的措施主要是收入管理或我們看到第三季單位收入趨勢加速的原因。到目前為止，這種情況一直持續到第四季。所以你把所有這些放在一起。

What is in place so far, which is, again, some of that work, primarily revenue management were on track for what we need to see in terms of improvement to hit that $1 billion in 2025. That's a little different than other question. I can't quantify it. But the main point is that we're on track in terms of a build to hit that $1 billion in 2025.

到目前為止，我們所做的一些工作，主要是收入管理，正在按計劃實現我們需要看到的改進，以在 2025 年達到 10 億美元。我無法量化它。但主要的一點是，我們正朝著 2025 年達到 10 億美元目標的目標邁進。

You're right. But I don't think there imposed though we have not how much and when it's up a job as far as the actions that lead to that value, the scope of the network on whether there will be published next week through the summer. So what you'll see them will be a reflection of the network changes largely in place. Then that you have the revenue management marketing activities.

你說得對。但我不認為有強加的，儘管我們沒有太多以及什麼時候完成一項工作，就導致該價值的行動而言，網絡的範圍是否會在下周到整個夏天發布。因此，您將看到它們將很大程度上反映網路變化。然後你就可以進行收益管理行銷活動。

Would you have the first couple of ways. Those are already being the implement of automotive motors and you're seeing them ramp up of their benefits. There are further actions to comb and both revenue management, pricing and margin distribution for us to drive further value to get to that a tactical initiatives business case that you'll see reflected 2025. So I would say that a lot of the actions are done and underway in the market with a value would ramp up as we progress through next year.

你有前幾種方法嗎？這些已經成為汽車馬達的應用，並且您將看到它們的優勢不斷增強。我們還需要採取進一步的行動，包括收入管理、定價和利潤分配，以推動進一步的價值，以實現您將在 2025 年看到的戰術計劃業務案例。的進展，市場上正在進行的項目的價值將會上升。

Got it. That's helpful. And then maybe back to just put the headcount question that Scott was talking about. I know you're offering now paid time off to some employees and you're working through headcount general through natural attrition. Has there been any internal debate around being more aggressive with Pechiney, whether it's early retirements or so on Brazil, I ask you're buying back stock if you feel comfortable with the outlook? Has there been more of a focus on trying to get heads out that our tenants to certainly as productive as they're going to be given your expectations around classy growth. Thank you.

知道了。這很有幫助。然後也許回到剛剛提出斯科特正在談論的人數問題。我知道您現在正在向一些員工提供帶薪休假，並且您正在透過自然減員來處理一般員工人數。內部是否有過關於對 Pechiney 採取更加激進的態度的爭論，無論是提前退休還是巴西的其他問題，我問如果您對前景感到滿意，您是否會回購股票？是否更重視讓我們的租戶提高工作效率，就像您對優質成長的期望一樣。謝謝。

Just to level set on where we are. Sorry, this is redundant or commitment was to be down, 2,000 headcount this year compared to last year you had modest growth and we're on track to do that. We have another it's kind of a visible. We have another close to 2,000 that are effectively out through the short term lead programs.

只是為了確定我們所處的位置。抱歉，這是多餘的，或者承諾會減少，與去年相比，今年的員工人數為 2,000 人，增長幅度不大，我們正在努力做到這一點。我們還有另一個，它是可見的。我們還有近 2,000 名員工透過短期領導計畫有效退出。

You have a day, a week, and month out of saying so they show up as an FCE, but there's no cost because there are effectively on a short-term lease for basically just time off without pay. And then we're committed to down again next year. Now your question is, are we willing to go further? And as we as part of the cost project, in addition to serve your typical supply chain efforts, Tech, Ops, you parts all the kinds of things that, you know, efficiencies will be working hard on overhead and which we're just now starting, I’m not predicting anything, but we've done it before.

你有一天、一周和一個月的時間，所以他們會以 FCE 的身份出現，但沒有任何成本，因為他們實際上是短期租約，基本上只是無薪假。然後我們承諾明年再次下調。現在你的問題是，我們願意走得更遠嗎？作為成本項目的一部分，除了為您典型的供應鏈工作、技術、運營提供服務之外，您還分解了各種事情，您知道，效率將在開銷上努力工作，而我們現在正在這樣做首先，我不是預測任何事情，但我們以前已經做過了。

We've maybe that we do offer tools around things like early, we just need to first see the numbers understand where we are and then look at what tool that takes a hit the target. So we have a lot more for you as we progress our way through the cost initiative. But just start with, we are committed to hitting the cost initiative committed to being more efficient across the company through overhead, corporate overhead. And we used the techniques that we need to get there.

我們也許確實提供了圍繞早期問題的工具，我們只需要先查看數字，了解我們所處的位置，然後看看什麼工具可以達到目標。因此，隨著成本計劃的進展，我們為您提供了更多資訊。但首先，我們致力於實現成本計劃，致力於透過管理費用、企業管理費用來提高整個公司的效率。我們使用了實現這一目標所需的技術。

I think, Bob sometimes people do FTEs times of salary equals a cost which is appropriate for a white collar workforce before an hourly workforce. And this is the fact that as hours in there. So if you were looking at their ground ops and the public that you'd say FTEs per trip of about 22% versus pre-pandemic book of ours, paid us up 14%. So you see a big gap between the hours were paying out and headcount of now that residual 14% is still something we need to work on.

我認為，鮑伯有時人們的 FTE 倍數的工資等於適合白領勞動力而不是小時工的成本。這就是事實，在那裡待了幾個小時。因此，如果您查看他們的地面操作人員和公眾，您會發現每次旅行的 FTE 約為 22%，而我們在大流行前的帳本上則支付了 14%。所以你會看到支付的時間和現在的員工人數之間存在著很大差距，剩下的 14% 仍然是我們需要解決的問題。

But you could take roughly half of that. That is a staffing we did we needed pre-pandemic and we did have we sold windstorm Elliott, we needed to have that. So that is in there than that portion of that, which is like me, the airline industry, the economy in general were less productive or efficient than would be used to be sort of works.

但你大約可以拿一半。這是我們在大流行前需要的人員配置，我們確實出售了風暴埃利奧特，我們需要這樣做。所以這就是其中的一部分，就像我一樣，航空業、整個經濟的生產力或效率低於以往的工作。

We have going forward, whether it's the turn red eyes standards that were put in place, lots of other tools where we wanted to work down that kind of inefficiency of that's come in a post pandemic and then also worked back that extra headcount, the need that extra headcount that we saw, the we need to do it because of the winner ops demands.

我們繼續前進，無論是製定的紅眼標準，還是許多其他工具，我們希望降低大流行後出現的低效率，然後還可以減少額外的人員數量，需要我們看到額外的人數，我們需要這樣做，因為獲勝者的行動要求。

And so the overstaffing portion has been mitigated by the reduced hours, I illustrated earlier for the remaining. Ours are needed for the operation we have yet. There's still a need to get more efficient. And so we need to get more efficient is the next step and on our journey and not necessarily less people since we've got the hours down with regard to this particular workgroup and maybe the work groups has a similar dynamic from one work of the does not have that dynamic is our pilots, as we've discussed previously.

因此，人員過剩的部分已經透過減少工作時間而得到緩解，我之前對剩餘部分進行了說明。我們的行動還需要我們的。仍然需要提高效率。因此，我們下一步需要提高效率，並且在我們的旅程中，不一定要減少人員，因為我們已經減少了這個特定工作組的工作時間，也許這些工作組與其他工作組的一項工作有類似的動態正如我們之前討論過的，我們的飛行員沒有這種動力。

However, as of this year, we are paying minimums, meaning there's times when we don't need as many pilots, we have not every month. And over the months of this year, we had realized next year that will then start to eat into that period. We are paying minimums because there will be incremental flying for which we don't need incremental a pilot. So it's a journey, but you can't just do the FTEs time salary are mapped onto a potential savings. You have to really work for the hours and hourly workforce. Except for the overhead, which Bob mentioned.

然而，截至今年，我們支付最低工資，這意味著有時我們不需要那麼多飛行員，不是每個月都需要。在今年的幾個月裡，我們已經意識到明年這將開始侵蝕這段時期。我們支付最低費用，因為將會有增量飛行，而我們不需要增量飛行員。所以這是一個旅程，但你不能只是將 FTE 的時間工資映射到潛在的節省。你必須真正按小時和按小時計算工作。除了鮑伯提到的開銷之外。

Just one final urgent note, that might be helpful. Just on the what's embedded in terms of the net overstaffing impact as I shared, as I believe at Investor Day, we expect that to be roughly $120 million this year. And as Andrew to detail, the impact is primarily coming from our pilot weren't credit. And I guess just to demonstrate how we are continuing to work that down for the fourth quarter, that impact is expected to be less than $20 million, again, what that impact coming primarily from the pilot. So we're working it down and we're very focused on our cost initiatives next year. I have to continue to reign the impact from our staffing.

最後還有一個緊急說明，可能會有所幫助。正如我在投資者日所分享的那樣，就淨人員過剩影響而言，我們預計今年的影響約為 1.2 億美元。正如安德魯所詳述的那樣，影響主要來自我們的試點，而不是功勞。我想只是為了展示我們如何在第四季度繼續降低這一影響，預計影響將低於 2000 萬美元，同樣，這種影響主要來自試點。因此，我們正在努力解決這個問題，並且非常關註明年的成本計劃。我必須繼續控制人員配置的影響。

[Chris Staffalous], SIG.

[克里斯·斯塔法洛斯]，SIG。

Thank you. Good afternoon, everyone. Bob, I'm going to keep it to one question three parts here though, and it's really about capacity. I want to take it back to your opening remarks when you talk about tactics and strategy. So we think about the network for '25. Could you speak to the composition, so stage gauge departures? And then also where you see the opportunities where you're focusing on, I guess, and within those markets, is that going to be more about frequency and connectivity?

謝謝。大家下午好。鮑勃，我將在這裡將其保留為一個問題的三個部分，這實際上與容量有關。當你談論戰術和戰略時，我想回到你的開場白。所以我們考慮 25 年的網路。能談談構圖、舞台儀表的偏離嗎？我想，在這些市場中，您所關注的機會是否更與頻率和連結性有關？

And then part B, so the 1% to 2% guide for next year, it's not a wide range at some point, but all the moving pieces, particularly as they relate to the revenue side, why isn't 1% a better way to think about this? Again, all things considered with the plan out there and how dynamic the marketplaces? Thank you.

然後是 B 部分，所以明年 1% 到 2% 的指導，在某些時候範圍並不廣泛，但所有的變化，特別是與收入方面相關的部分，為什麼 1% 不是一個更好的方法想想這個？再說一次，所有的事情都考慮到了現有的計劃以及市場的活力如何？謝謝。

It's just this capacity and what that kind of decomposing that generally maybe a couple of things sorry, to be redundant the capacity is increased through initiatives. This making sure that's clear is coming from red eyes and the turn compression that creates a significant amount of aircraft without having to apply aircraft CapEx. So a modest capacity that we do have is being created without spending money to buy those aircraft on the decomposition of the network. And Andrew can add a lot more here were basically pulling capacity from areas that maybe talk a little bit.

只是這種能力和那種分解，通常可能有幾件事抱歉，為了冗餘，能力是透過主動性增加的。確保這一點的清晰來自紅眼和轉彎壓縮，無需應用飛機資本支出即可創建大量飛機。因此，我們所擁有的適度能力正在被創造出來，而無需花錢購買這些飛機來分解網路。安德魯可以在這裡補充更多內容，基本上是從可能會談論一點的領域拉動容量。

You saw the changes we announced to Atlanta, Chicago here. We've closed a few cities and they've been generally redeployed points of strength like the Nashville and Austin, those kinds of things. And it's a little bit of everything sometimes it's a new round. Sometimes it's frequency on a route, Andrew, I think generally the stage is continuing to rise just generally, as it may be a little rule of thumb, especially with business travel continuing and not be all the way back then puts some pressure on short haul.

您在這裡看到了我們對亞特蘭大和芝加哥宣布的變化。我們已經關閉了一些城市，通常重新部署了一些力量點，例如納許維爾和奧斯汀之類的。有時它是新一輪的一切。有時是路線上的頻率，安德魯，我認為一般來說，階段會繼續上升，因為這可能是一個小經驗法則，特別是在商務旅行繼續進行的情況下，而不是一路回來，然後給短途旅行帶來一些壓力。

But I would say we're going to do is we're going to continue to apply capacity in points of strength and where we see the demand on the narrow range between one and the two. Yes, that's really tight. I'm not sure I understand the question on why one versus two, but it's really a modest amount. And you know that already creates obviously unit cost pressure to be growing at that small of a rate and anything below that exacerbates that.

但我想說，我們要做的是，我們將繼續在優勢點上應用產能，我們看到需求在一到兩者之間的狹窄範圍內。是的，確實很緊。我不確定我是否理解為什麼一對二的問題，但這確實是一個適度的數量。你知道，以這麼小的速度增長已經明顯造成了單位成本壓力，低於這個速度的任何東西都會加劇這種壓力。

But we're just committed to a lower capacity number until we earn our cost of capital, exceed our cost of capital and hit the targets that we've talked to you about. Now, the wildcard, obviously for '25 is what about Boeing. I'm proud of our focus to the planned really effectively for '24. We plan for a strike we created our own number of 20 deliveries is going to come in right on top of that.

但我們只是致力於降低產能數量，直到我們賺取資本成本、超過資本成本並達到我們與您討論的目標。現在，25 年的通配符顯然是波音公司。我為我們真正有效地專注於 24 年的計劃感到自豪。我們計劃進行一次我們自己創建的 20 次交付的罷工，這將是最重要的。

And '25, the strike goes much longer they'll be an impact. We have a lot of flexibility to fleet will have to deal with that and adapt. But the strike goes a long time. It's going to make it hard. I'll just admit it's going to make it hard to hit those. A the higher end certainly have that capacity number because you're just not getting the deliveries. So a lot of this has really opened the year until we know more about Boeing when the strike ends when they get back online and within the hit their rate. So I just would say that '25, we just show you an answer there as we know more about both Boeing. And then just on the decomposition, Andrew.

25年，罷工持續時間更長，他們將產生影響。我們有很大的靈活性，車隊必須處理並適應這一點。但罷工持續了很久。這會讓事情變得困難。我承認這會讓擊球變得困難。高端肯定有這個容量數字，因為你只是沒有得到交付。因此，很多事情都真正開啟了這一年，直到我們對波音有更多了解，當罷工結束，當他們恢復在線並達到其速度時。所以我只想說，'25，我們只是向您展示一個答案，因為我們對兩家波音公司都有更多了解。然後就進行分解，安德魯。

That we already see this year that our stage inflicted upward was good push in mid-single digits. And as we go into next year, you can see what's already published that our trips we are going to be down year over year, but our actual gateway aircraft is about 1% in those months already published and you start to get the lower single digits for stage increase.

今年我們已經看到，我們的舞台向上造成了中等個位數的良好推動。當我們進入明年時，您可以看到已經發布的信息，我們的旅行將逐年下降，但在已經發布的那些月份中，我們的實際門戶飛機約為1％，並且您開始獲得較低的個位數用於階段增加。

So the stage engage will drive a assumes a reduced frequencies, for by that going to be on not short haul business markets that necessarily but a kind of mixed business leisure and that are more medium, we call view of how distance which is we're around thousand miles on average is what you can expect to see for all the new stuff.

因此，舞台參與將推動假設頻率降低，因為這將不是短途商務市場，而是一種混合商務休閒，而且更加中等，我們稱之為“距離的看法”所有新東西的平均行駛里程約為一千英里。

Okay. That wraps up the analyst portion of today's call. I appreciate everyone joining and hope you all 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，並希望大家有個愉快的一天。

Ladies and gentlemen, we'll now transition to our media portion of today's call. Ms. Whitney Eichinger, Chief Communications Officer. Please 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。艾辛格 (Whitney Eichinger) 女士，首席通訊官。請我們離開。請繼續，惠特尼。

Thanks, Gary was going to media on our call today. Before we begin taking your questions Gary can you please share instructions on how to queue up for questions.

謝謝，加里今天要參加我們的電話會議。在我們開始回答您的問題之前，加里，請您分享如何排隊提問的說明。

(Operator Instructions)

（操作員說明）

Robert Silk, Travel Weekly.

羅伯特‧希爾克，《旅遊週刊》。

Thanks for taking my question of probably a question for Ryan. So the getaway product. So have you decided yet if your work the figure only sell direct or will you also reselling through travel agencies? And the second part of that question, as you all noted (inaudible) partners, but there were two others for you're able to say with the other two are?

感謝您提出我的問題，這可能是瑞安的問題。所以是逃亡產品。那你有沒有決定你的作品是直接銷售還是也透過旅行社轉售？這個問題的第二部分，正如你們都指出的（聽不清楚）合作夥伴，但還有另外兩個合作夥伴，你能說另外兩個是嗎？

Sure. Yes, Getaways as you know, we'll launch mid next year. And today we announced partnerships, three direct lodging partnerships, Caesars Entertainment in Las Vegas, and then Sandoz and Playa in Canton and in the Caribbean are the three direct lodging partners. We also we have access to hotel inventory outside of direct lodging partners as well. We announced our bank partner today, a hotel that as well.

當然。是的，如您所知，Getaways 我們將於明年年中推出。今天我們宣布了合作夥伴關係，三個直接住宿合作夥伴，拉斯維加斯的 Caesars Entertainment，然後是坎頓和加勒比地區的 Sandoz 和 Playa，這是三個直接住宿合作夥伴。我們還可以訪問直接住宿合作夥伴以外的酒店庫存。今天我們宣布了我們的銀行合作夥伴，還有一家酒店。

And there are a couple of other announcements out there on some technology that we're using to package for the packages together. So a lot of announcements today making really good progress towards our launch of mid next year. As it relates to how we're going to go to market. There are primarily it will be direct for us from our website. We have the largest airline website in the United States where we have we carry a lot of customers to these large leisure markets that have the highest share of packages.

還有一些關於我們用來將軟體包打包在一起的技術的其他公告。今天發布的許多公告為我們明年年中的推出取得了非常好的進展。因為它關係到我們如何進入市場。主要是從我們的網站直接向我們提供。我們擁有美國最大的航空公司網站，我們將大量客戶運送到這些擁有最高份額的大型休閒市場。

So we've already got we already have customers on our website that we can monetize these packages to. Does that mean that we won't sell through travel agents at all that answered and you know, the answer there is no, but the primary source of that will be our own direct distribution.

因此，我們的網站上已經有了客戶，我們可以透過這些套餐獲利。這是否意味著我們根本不會透過旅行社進行銷售？

Okay. So you have it will work through you're still going to they're going to be select agencies or will there be for general reach out to agencies?

好的。所以你認為它會發揮作用，你仍然會選擇他們作為選定的機構，還是會與機構進行一般接觸？

We're working through our go-to-market plans on that. So there's nothing to share specifically on that today, but I think you should just think about it generally is primarily a direct distribution on our own through our own channels.

我們正在製定這方面的上市計劃。因此，今天沒有什麼可以具體分享的，但我認為您應該考慮一下，通常主要是我們自己透過自己的管道進行直接分銷。

Rajeev Singh, Reuters.

拉吉夫·辛格，路透社。

Although I will ask two questions. one on Boeing, on second one on Elliott, but how vendors Boeing I thought the cycle, but the impacting your growth plans?

雖然我會問兩個問題。第一個關於波音，第二個關於艾利奧特，但供應商波音如何看待這個週期，但影響了你的成長計畫？

Well on Boeing, I think we just you know, we just don't know. I mean, we're already feeling like we talked about we are expecting near 80 aircraft this year. We're going to take 20 so far off of our plan. We will no doubt far off of our contractual plan next year, the fact that we lowered our capacity appetite to 1% to 2% is certainly helpful. I we've been at something higher. We've had a much more difficult issue.

關於波音公司，我想我們只是你知道，我們只是不知道。我的意思是，我們已經感覺到我們預計今年將有近 80 架飛機。到目前為止，我們的計劃將減少 20 個。毫無疑問，明年我們將遠遠超出我們的合約計劃，事實上，我們將產能需求降低至 1% 至 2%，這當然是有幫助的。我們已經達到了更高的境界。我們遇到了一個更困難的問題。

We do have a lot of flexibility in our fleet plan because of that because we act we just need a smaller number of aircraft to fill the growth. And the growth is coming through initiatives anyways. But the end of the day we need a good Boeing and a strong Boeing and we need a Boeing that is on track in terms of its rate and on track and in terms of its delivering its aircraft to Southwest Airlines.

因此，我們的機隊計劃確實有很大的靈活性，因為我們只需要更少數量的飛機來滿足成長。無論如何，成長都是透過舉措來實現的。但歸根究底，我們需要一家優秀的波音公司和一家強大的波音公司，我們需要一家在速度、向西南航空交付飛機方面都步入正軌的波音公司。

So we could tolerate a bit of an interruption here with the strike because we planned for it. But at the strike goes much for further. Obviously, we'll have to decide how we adjust our fleet next year or adjust our appetite in our schedule. So a lot more to come. There are obviously in terms of Boeing, clearing up what's happening.

因此，我們可以容忍罷工造成的一些幹擾，因為我們已經計劃好了。但罷工還有更進一步的意義。顯然，我們必須決定明年如何調整我們的機隊或調整我們的日程安排。所以還有更多的事情要做。顯然，就波音而言，正在澄清正在發生的事情。

And then second, once we know that we can deal with what we can do to mitigate the impact. But no, it's an issue for sure.

其次，一旦我們知道我們可以採取措施來減輕影響。但不，這肯定是一個問題。

Congrats for getting the deal done. But point of view that the deal has come at a very high price that they have got five board seats. Some people are calling it more of a true than deal. Do you foresee it being disruptive or going forward for your turndown strategy?

恭喜您完成交易。但有觀點認為，這筆交易的代價非常高，他們已經獲得了五個董事會席位。有些人認為這更像是真實的而不是交易。您預計這會對您的關閉策略產生破壞性影響還是會繼續前進？

We'll first the just remind you that we have been a the Board has been an ongoing long-planned refreshment period here. We've added a lot of new members. We had already announced that we would have six step off and then Gary will so that's a set that seven, and we did accelerate that November 1, as far as the agreement that we had announced, seven, we're coming off and we had plans to if we couldn't get an agreement with Elliott continue to march through filling those seeds, which is what you saw with us adding, Pierre.

我們首先要提醒您的是，我們董事會已經在這裡進行了長期規劃的茶點活動。我們增加了很多新成員。我們已經宣布我們將有六步，然後加里會，所以這是一組七步，我們確實在 11 月 1 日加速了，就我們宣布的協議而言，七步，我們即將起步，我們已經如果我們無法與艾利歐特達成協議，我們計劃繼續填充這些種子，這就是你在我們添加的內容中看到的，皮埃爾。

So it's basically seven of six on was peer. So the Board is still shrinking. I think the main thing is that it is a portion of that of all of you. It's a portion of the Board. It is not control the company, not control the Board at the subset. And they really our focus has been on interviewing these folks and understanding what they bring to the Board, who they are, what the personalities rely Cal-Weld, they'll get along with our current Board members and assimilate because at the end of the day, you want great Board members to support Southwest Airlines and our shareholders and our plans.

所以基本上就是同行的六分之七。所以董事會仍在縮減。我認為最重要的是它是你們所有人的一部分。它是董事會的一部分。它不控制公司，不控制子集董事會。我們的重點實際上是採訪這些人，了解他們為董事會帶來了什麼，他們是誰，他們的個性依賴什麼，Cal-Weld，他們將與我們現任的董事會成員相處融洽並被同化，因為在董事會結束時今天，您希望優秀的董事會成員支持西南航空、我們的股東和我們的計劃。

And again, I had a chance to interview there, five that we took and I think we've got some great Board members here. They bring a wealth of experience and there will be additive to our Board. So was that they came from Elliott or another route for just looking for good Board members. If you just go down the list again, Gregg Saretsky, clouded airline experience, WestJet Alaska, Cush experience with Virgin America and others, air Fiber governmental affairs. As a background, Kristen President, Mary, a lot of retail, Patty Watson, CIO NCR, brings a lot of technology experience which we can use.

我再次有機會在那裡面試，我們接受了五次面試，我認為我們這裡有一些很棒的董事會成員。他們帶來了豐富的經驗，將為我們的董事會帶來補充。他們來自埃利奧特或其他途徑，只是為了尋找優秀的董事會成員。如果你再看一次清單，格雷格·薩雷茨基（Gregg Saretsky），雲端航空公司經驗，阿拉斯加西捷航空，維珍美國航空和其他公司的庫什經驗，空氣光纖政府事務。作為背景，Kristen 總裁、Mary、許多零售業、Patty Watson、NCR CIO，帶來了許多我們可以利用的技術經驗。

And then Pierre River, who we know who we have sourced ourselves of retired CFO at Chevron, brings both the financial background. All those folks, I think will serve our Board, bring expertise and serve our shareholders.

然後是皮埃爾·里弗（Pierre River），我們知道他是我們從雪佛龍公司退休的財務長那裡找到的，他帶來了這兩種財務背景。我認為所有這些人都將為我們的董事會服務，帶來專業知識並為我們的股東服務。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Everyone. Thanks for taking my question. Just curious on the MAX7, then knowing what we know now on when do you easily expect that to fly for Southwest?

每個人。感謝您提出我的問題。只是對 MAX7 感到好奇，然後了解我們現在所知道的信息，您預計它什麼時候會飛往西南航空？

And then secondly, this is a little as essential, but Boeing is looking at it and then what it would look like in five years, slimming down and all its changes. How do you you're making a lot out of changes at Southwest. How do you see the airline in five years’ time in 10 years time at that and keep it going to look at a level where like some of the legacy carriers and how do you expect to stand out?

其次，這也同樣重要，但波音正在研究它，然後考慮五年後它會是什麼樣子，精簡和所有的變化。您如何從西南航空的變革中做出很多改變？您如何看待這家航空公司在五年甚至十年後的情況，並使其繼續保持與一些傳統航空公司相同的水平？

I'll take the first one and Bob second one, obviously, via the MAX7, we still expect it to be certified sometime middle of next year on the Internet issue for us, which is a pacing item. It's undergoing tests now and the change. So we have our engineers have confidence that the typical changes that are proposed on the FAA, ultimately aside if there's sufficient, but once that is sufficient than they have to finish, the rest of the are the sort of kicks activities, which to us looking to almost all but done there after that, we'll need at least a six month lag between that and put in revenue service folks that we have to then bring it into our certificate, get our manuals updated and improved by the FAA as such.

我會選擇第一個，鮑勃選擇第二個，顯然，通過 MAX7，我們仍然希望它能在明年年中的某個時候在我們的互聯網問題上獲得認證，這是一個進度項目。它現在正在接受測試和改變。因此，我們的工程師對聯邦航空局提出的典型變更充滿信心，最終除了是否有足夠的改變之外，但一旦足夠了，他們必須完成，其餘的都是踢活動，對我們來說在那之後，我們將需要至少六個月的滯後時間，並安排收入服務人員將其納入我們的證書中，並由美國聯邦航空管理局更新和改進我們的手冊。

And you obviously can't rush those type things. So therefore, our plan for next year does not include the MAX7, but a plan for the following year. Could you know, given that the Boeings delivery for levels over the last few years, we don't lock down that plan with regards to their code type of gauge they deliver to us at this point in time. But as we get closer, we do see certification. We began in earnest for the details of our 2026 plan. We would and perhaps integrate that into our flight schedule.

顯然你不能急於完成這些事情。所以因此，我們明年的計畫不包括MAX7，而是後一年的計畫。您是否知道，考慮到波音公司在過去幾年中交付的水平，我們不會就他們目前向我們提供的儀表代碼類型鎖定該計劃。但隨著我們越來越接近，我們確實看到了認證。我們認真地開始製定 2026 年計畫的細節。我們可能會將其納入我們的航班時刻表中。

And Leslie, just on the maybe the longer-term Boeing longer much longer term, Southwest Airlines, I'll tell you we've got a great order book in place with Boeing that goes through 2031 access to a lot of aircraft at very attractive pricing. So we've got really good protection there. Kind of no matter what we wanted to do with that. And we've talked a lot about monetizing the opportunity to monetize the fleet.

萊斯利，就可能是更長期的波音公司而言，西南航空公司，我會告訴你，我們已經與波音公司簽訂了一份很棒的訂單簿，到2031 年可以以非常有吸引力的價格獲得大量飛機定價。所以我們在那裡得到了很好的保護。不管我們想用它做什麼。我們已經討論了很多關於將機隊貨幣化的機會。

But we have ex-US again, the main thing is we have access to a lot of aircraft at terrific pricing and we need Boeing to fix the issues and deliver those aircraft. As you think about other than that would maybe it has been a year ago and the number one for Southwest Airlines, we're focused on delivering the transformational plan that we just laid out a few weeks ago.

但我們又遇到了美國以外的國家，最主要的是我們能夠以極好的價格獲得大量飛機，我們需要波音來解決問題並交付這些飛機。正如你所想，除此之外，這可能是一年前的事，也是西南航空的頭號大事，我們專注於交付我們幾週前剛剛制定的轉型計劃。

Science seating and extra leg room and partnerships and Getaways by Southwestern. So much more and our focus is delivering all those initiatives and hitting the targets that we laid out as any company. You are always there's always a strategy mode out there. You're always thinking about what about five years from now, what about 10 years from now, and we're just not ready to talk about any of that. one thing you know for sure, is the Southwest that you see in 10 years look like this out.

科學座椅和額外的腿部空間以及合作夥伴關係和西南航空的逍遙遊。更重要的是，我們的重點是實施所有這些措施並實現我們為任何公司設定的目標。你總是有策略模式。你總是在想五年後、十年後會怎樣，而我們只是還沒準備好談論這些。你肯定知道的一件事是，十年後你看到的西南地區會變成這樣。

Was that you see today because you're always evolving and that could include all kinds of things. Just. Yes, just I'd just be speculating. The main thing is we've got a great order with Boeing. It takes us well into the future to 2031. And we're fully focused on executing the plan that's in front of us.

你今天看到的是這樣的，因為你總是在不斷發展，這可能包括各種各樣的事情。只是。是的，我只是猜測。最主要的是我們從波音公司得到了一份大訂單。它帶我們邁向 2031 年的未來。

Okay, thank you. And then you mentioned earlier that if the strike goes on much longer, you're going to have to revisit the fleet plan. What is much longer? Is it for the end of the year? Is it a couple of weeks would have said that cost?

好的，謝謝。然後你之前提到，如果罷工持續更長時間，你將不得不重新審視艦隊計畫。什麼是更長？是為了年底嗎？難道是幾週就會說費用嗎？

You know, it probably an exact answer. The We plan for strike roughly, I think, Andrew, in the five-ish weeks kind of range kind of where we are because I believe historically, that's been a typical strike for Boeing. So we planned for that and the amount of adjustment, it obviously fluctuates a lot based on how long this goes. So it's just really hard to speculate if the strike goes a lot further, again, we'll look at our fleet opportunities in terms of what we can do and maintain capacity sets. At some point, it becomes difficult to do that.

你知道，這可能是個確切的答案。安德魯，我認為我們計劃在大約五週的時間內進行罷工，因為我相信從歷史上看，這是波音公司的典型罷工。所以我們對此和調整量進行了計劃，它顯然會根據持續時間的長短而有很大波動。因此，很難推測罷工是否會進一步擴大，我們將再次根據我們能做什麼和維持容量設定來審視我們的機隊機會。在某些時候，要做到這一點變得很困難。

And do you think about having to adjust schedules that are way out in the future? We don't want to do that because it's disruptive to our customers. So it's all total speculation at this point. And what I'm most proud of is that our folks planned for the strike and they plan appropriately. We're getting exactly the number of aircraft this year that we planned on and you've got to control what you can control.

您是否考慮過必須調整未來的時間表？我們不想這樣做，因為這會對我們的客戶造成乾擾。所以目前這完全是猜測。我最自豪的是我們的員工為罷工做好了計劃，而且計劃得當。我們今年的飛機數量正是我們所規劃的，你必須控制你能控制的。

And we are and we've planned on a moderated number in '25 as well kind of compare to what the original expectation was. I think we just have to see where we are. Again, we have options to managers within our fleet and you know, but at some point you'd have to moderate the capacity and schedules are just not there yet.

我們計劃在 25 年調整數字，與最初的預期進行比較。我想我們只需要看看我們在哪裡。同樣，我們對機隊內的管理人員有選擇，但在某些時候，您必須調整運力，而時間表還沒有實現。

It is less about the duration or say than the ramp up afterwards. Yes, longer it goes on for more. It could circle back in the supply chain and cause delays. There are any manufacturing process, the airlines aircraft or whatever shutdown of the longest shut down the longer it takes to ramp back up. And it's not often one for one. So it's really understanding how long it ramp up will be. It will be the pay zone. We can speculate now than planned for, but ultimately, oil have to master that and communicate with customers.

這與持續時間無關，或者說與之後的上升無關。是的，時間越長，就越多。它可能會在供應鏈中循環並導致延誤。任何製造過程、航空公司的飛機或任何停工時間最長的停工時間就越長，恢復所需的時間就越長。而且通常不是一對一的。因此，我們確實了解它的上升時間會持續多久。這將是付費區。我們現在可以比計劃進行推測，但最終石油必須掌握這一點並與客戶溝通。

You see that Boeing has furloughs or plans. And then a year now that suppliers have furloughs and all that has to be restarted once they have a contract in place.

您會看到波音公司有休假或計劃。一年後，供應商開始休假，一旦簽訂合同，所有工作都必須重新開始。

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, everyone. Have any further questions or communications group is standing back. Their contact information along with today's news release are available at swamedia.com.

謝謝大家。有任何進一步的問題或溝通小組正在後面。他們的聯絡資訊以及今天的新聞稿可在 swamedia.com 上取得。

The conference has concluded. Thank you all for attending. Will meet again here next quarter. You may now disconnect.

會議結束了。感謝大家的出席。下個季度將在這裡再次相聚。您現在可以斷開連線。