西南航空 (LUV) 2025 Q1 法說會逐字稿

Hello everyone, and welcome to the Southwest Airlines first quarter 2024 conference call. I'm Jamie, and I'll be moderating today's conference, which is being recorded. A replay will be available on southwest.com in the Investor Relations section. (Operator Instructions) Now Julia Landrum, Vice President of Investor Relations, will begin the discussion. Please go ahead, Julia.

大家好，歡迎參加西南航空2024年第一季電話會議。我是傑米，我將主持今天的會議，會議正在錄製中。重播將在 southwest.com 的投資者關係部分提供。（操作員指示）現在，投資者關係副總裁 Julia Landrum 將開始討論。請繼續，朱莉婭。

Thanks, Jamie. Hello, everyone and welcome to Southwest Airlines first quarter 2025 earnings call. In just a moment we will share our prepared remarks after which we will move into Q&A. I'm joined today by our President and CEO and Vice Chairman of the Board, Bob Jordan; Chief Operating Officer, Andrew Watterson; and Executive Vice President and CFO, Tom Doxey. A quick reminder that we will make forward-looking statements which are based on our current expectations and future performance.

謝謝，傑米。大家好，歡迎參加西南航空 2025 年第一季財報電話會議。稍後我們將分享我們準備好的發言，然後進入問答環節。今天與我一同出席的還有我們的總裁兼執行長兼董事會副主席鮑勃‧喬丹 (Bob Jordan)；營運長 Andrew Watterson；以及執行副總裁兼財務長 Tom Doxey。快速提醒一下，我們將根據當前預期和未來表現做出前瞻性陳述。

And our actual results could differ materially from expectation. Also we will reference our non-GAAP results which excludes special items that are called out and reconciled to GAAP results in our earnings press release. Our press release with first quarter 2025 results and supplemental information, including our initiative highlights were both issued yesterday afternoon and are available on our Investor Relations website.

我們的實際結果可能與預期有重大差異。此外，我們還將參考我們的非 GAAP 結果，其中不包括在我們的收益新聞稿中被提及並與 GAAP 結果相協調的特殊項目。我們的新聞稿包含 2025 年第一季業績和補充資訊（包括我們的計劃亮點），均於昨天下午發布，並可在我們的投資者關係網站上查閱。

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

現在我很高興把電話交給你，鮑伯。

Thank you, Julia, and thanks, everyone, for joining us today. Before we get started, I want to welcome Tom to his first Southwest Airlines earnings call. We are very grateful to have you on the team, my friend.

謝謝你，茱莉亞，也謝謝大家今天的參與。在我們開始之前，我想歡迎湯姆參加他的第一次西南航空收益電話會議。我的朋友，我們非常高興您能加入我們的團隊。

Well, last month, we announced a plan to transform our revenue strategy, improve our cost performance and deliver meaningfully improved financial results on an accelerated timeline. Regardless of the economic environment, we remain focused on executing our strategic plan, which is a unique opportunity to Southwest and on controlling what we can control.

上個月，我們宣布了一項計劃，旨在轉變我們的收入策略，提高我們的成本績效，並在加速的時間內實現顯著改善的財務表現。無論經濟環境如何，我們仍然專注於執行我們的戰略計劃，這對西南航空來說是一個獨特的機會，也是我們控制我們能夠控制的事情。

We are very encouraged by the results from the initiatives we implemented in the first quarter. Just to name and highlight a few, we amended our agreement with Chase, we implemented enhancements to our Rapid Rewards program, including introducing dynamic reward pricing, and we launched Expedia with results exceeding our expectations thus far.

我們對第一季實施的措施所取得的成果感到非常鼓舞。僅舉幾例，我們修改了與大通銀行的​​協議，對我們的快速獎勵計劃進行了改進，包括引入動態獎勵定價，並且我們推出了 Expedia，迄今為止的結果超出了我們的預期。

We also seamlessly implemented our turn time initiative in more stations, and we now have removed five minutes of turn time from scheduled in 19 stations while leading the industry in on-time performance. And importantly, we executed on unit costs and our overall cost reduction plan. Transformational change in the implementation of our initiatives will continue at a very rapid pace.

我們還在更多車站無縫實施了轉彎時間計劃，目前我們已經在 19 個車站將轉彎時間縮短了 5 分鐘，同時在準點率方面處於行業領先地位。重要的是，我們執行了單位成本和總體成本削減計劃。我們的措施實施過程中的變革將以非常快的速度持續下去。

Next month, we will begin offering a basic economy product and new fair structure supporting increased buy up. We'll start charging check bag fees and introduce the expiration of flight credits. We also remain on track to begin selling premium and assigned seating in the third quarter of this year for flights in the first quarter of 2026.

下個月，我們將開始提供基本經濟產品和新的公平結構，以支持增加購買量。我們將開始收取托運行李費，並引入飛行積分的有效期限。我們也計劃於今年第三季開始為 2026 年第一季的航班銷售高級座位和指定座位。

In the first quarter, the team did a fantastic job focusing on execution. Our operating revenue was a quarterly record at $6.4 billion as RASM increased 3.5% on all-time record yields. Despite industry weakness in domestic main cabin travel where we are currently more heavily weighted compared to our larger industry peers, we finished at the high end of our guidance range, outperforming on a relative basis and underscoring the team's strong revenue execution and early returns from our revenue management, distribution and network initiatives.

在第一季度，球隊在執行方面做得非常出色。我們的營業收入創下季度新高，達到 64 億美元，RASM 收益率創歷史新高，成長 3.5%。儘管國內主艙旅行行業表現疲軟，而我們與業內其他大型航空公司相比在該領域的權重更高，但我們的業績仍達到了預期範圍的高端，相對而言表現出色，凸顯了團隊強大的收入執行力以及收入管理、分銷和網絡計劃帶來的早期回報。

CASM-X growth of 4.6% was materially better than our original guidance of up 7% to 9% and well below our revised guidance of approximately $6 million. Of course, the big topic on everyone's minds right now is the macroeconomic environment. As we shared last month, the year started out very strong.

CASM-X 成長率為 4.6%，大大高於我們最初預期的 7% 至 9%，但遠低於我們修訂後的約 600 萬美元的預期。當然，目前大家最關心的議題是宏觀經濟環境。正如我們上個月所分享的，今年的開局非常強勁。

However, that changed and we saw demand weakened as the quarter progressed, especially in leisure demand. Since that time, we have seen softer booking trends continue into the second quarter, which Andrew will cover in more detail here in just a moment.

然而，情況發生了變化，隨著季度的進展，我們看到需求減弱，尤其是休閒需求。自那時起，我們看到預訂趨勢持續疲軟進入第二季度，安德魯稍後將在這裡詳細介紹。

Amid the current macroeconomic uncertainty, it is very difficult to confidently forecast given recent and short-lived trends. Given this environment, we are not reiterating our full year 2025 or our full year 2026 EBIT guide. However, we remain confident and committed to continued strong execution of our initiatives, and we are reaffirming our targets of $1.8 billion full year 2025 and $4.3 billion full year 2026 incremental EBIT contribution from those initiatives.

在當前宏觀經濟不確定的情況下，很難根據近期和短暫的趨勢做出自信的預測。鑑於這種環境，我們不會重申 2025 年全年或 2026 年全年 EBIT 指南。然而，我們仍然有信心並致力於繼續強力執行我們的舉措，我們重申我們的目標，即透過這些舉措在 2025 年全年實現 18 億美元的增量息稅前利潤貢獻，在 2026 年全年實現 43 億美元的增量息稅前利潤貢獻。

At Southwest, we are uniquely positioned in the industry given the transforming initiatives we have rolling out the rest of this year and [end to] 2026, which should provide a significant benefit relative to our peers. Cost discipline is important in any environment. In an uncertain environment, it becomes paramount. I am very pleased that we are ahead of the game with our cost reduction plan.

西南航空在今年剩餘時間和 2026 年底前將推出一系列轉型舉措，因此我們在業界佔據著獨特的地位，這將為我們的同行帶來顯著優勢。在任何環境下，成本紀律都很重要。在不確定的環境中，它變得至關重要。我很高興我們的成本削減計劃已經領先一步。

The cost work is going very well, and we saw proof of that in our first quarter CASM-X performance. Those cost reduction targets are still in place, and we continue to seek opportunities to further increase and accelerate savings.

成本工作進展順利，我們在第一季的 CASM-X 表現中看到了證明。這些成本削減目標仍然有效，我們將繼續尋找機會進一步增加和加速節省。

We also had an already moderated capacity plan in place with full year 2025 planned ASM growth of 1% to 2%, with this growth driven entirely by our turn in RedEye efficiency initiatives. Given the current macroeconomic environment, we are being proactive and further reducing capacity in the second half of the year. These incremental schedule reductions are in progress, and we expect to reduce both third quarter and fourth quarter published schedules by roughly [8.5 point] each bringing expected full year 2025 capacity down to roughly 1% year-over-year.

我們也制定了適度調整的產能計劃，預計 2025 年全年 ASM 成長率為 1% 至 2%，這一成長完全由我們轉向 RedEye 效率計劃所推動。鑑於當前的宏觀經濟環境，我們正在積極主動地在下半年進一步削減產能。這些增量式航班時刻表削減正在進行中，我們預計第三季和第四季公佈的航班時刻表將分別減少約 [8.5 個百分點]，導致 2025 年全年預計運力年減約 1%。

We are making these changes quickly to capture as many cost savings as possible. We will continue to evaluate and modify as needed with a focus on margin-accretive adjustments as we move through the rest of the year. As we manage through these challenging times, we will stay focused on our plan but will also stay nimble.

我們正在迅速做出這些改變，以盡可能節省成本。在今年剩餘時間內，我們將繼續根據需要進行評估和修改，並專注於利潤成長調整。在度過這些充滿挑戰的時期時，我們將繼續專注於我們的計劃，但也保持靈活。

We have significant flexibility, including fleet flexibility, and we benefit from the industry's strongest investment-grade balance sheet with significant unencumbered assets. All of this helps us navigate the current environment while continuing to evolve for our customers and create value for our shareholders.

我們擁有極大的靈活性，包括船隊靈活性，我們受益於業內最強勁的投資級資產負債表和大量無抵押資產。所有這些都有助於我們應對當前環境，同時繼續為客戶發展並為股東創造價值。

Before I turn it over to Andrew, I want to say thank you to our people for their dedication and resilience and for the world-class hospitality they deliver day in and day out. Our people set us apart, and that cannot be duplicated.

在將時間交給安德魯之前，我想感謝我們的員工，感謝他們的奉獻精神和韌性，感謝他們日復一日提供的世界一流的款待。我們的人民使我們與眾不同，這是無法複製的。

Thank you, Bob, and thanks to our people for their exceptional efforts, which enabled us to lead the industry in on-time performance and the few extreme delays, our best first quarter performance in both categories in four years. Our first quarter completion factor of 98.6% was our best in 12 years. And despite some tough winter weather, we ranked number one in on-time percentage and number two in completion factor on the day after winter storms. Huge progress from several years ago.

謝謝你，鮑勃，也感謝我們員工的傑出努力，這讓我們在準時性和少數極端延誤方面領先於行業，這是我們四年來在這兩個類別中最好的第一季度表現。我們第一季的完成率為 98.6%，是 12 年來的最高水準。儘管冬季天氣十分惡劣，但在冬季風暴過後的第二天，我們的準時率排名第一，完成率排名第二。與幾年前相比有了巨大的進步。

We've already covered our first quarter RASM performance, so I'll jump in with some color on second quarter RASM guide of flat to down 4% on capacity up in the range of 1% to 2%, both on a year-over-year basis. Our guidance range contemplates a continuation of the current environment with the largest impact coming from lower leisure travel demand. Corporate travel, excluding the small percentage from government, has also been softer, but stable.

我們已經介紹了第一季的 RASM 表現，因此我將對第二季的 RASM 指南進行一些說明，即與去年同期相比，運力將持平或下降 4%，而運力將成長 1% 至 2%。我們的指導範圍考慮了當前環境的延續，其中最大的影響來自休閒旅遊需求的下降。商務旅行（不包括一小部分政府旅行）也有所減少，但保持穩定。

The impact of Southwest is mitigated by our initiatives, which are more targeted yields in the first half of this year, and we'll begin targeting load factor in the back half of this year as we work to close our RASM gap to the industry through improving network connectivity opportunities and marketing and distribution initiatives.

我們的舉措減輕了西南航空的影響，這些舉措在今年上半年將更有針對性地提高收益，並將在今年下半年開始瞄準載客率，同時我們努力通過改善網絡連接機會和營銷及分銷舉措來縮小我們與行業的 RASM 差距。

Sales of our initiatives are already live, and we're pleased with their performance. We expanded distribution to online travel agencies with the launch of Expedia in February, and our current performance is ahead of expectations. We're seeing better-than-anticipated booking volumes in this channel, similar to what we've seen in the metasearch tools.

我們的計劃已開始銷售，我們對其表現感到滿意。我們在二月推出Expedia，擴大了對線上旅行社的分銷，目前的業績超出了預期。我們發現該管道的預訂量好於預期，與我們在元搜尋工具中看到的情況類似。

We're very encouraged by the expanded customer base provided by this channel as many of these customers are new to Southwest or have not flown us in quite some time. We optimize our loyalty program to better align earn and burn rates and have seen no negative trend changes as a result, such as changes in either our credit card acquisitions or attrition.

我們對這個管道擴大的客戶群感到非常鼓舞，因為其中許多客戶都是西南航空的新乘客，或者很久沒有搭乘我們的航班了。我們優化了我們的忠誠度計劃，以更好地協調賺取率和消耗率，並且沒有看到任何負面趨勢變化，例如我們的信用卡獲取量或流失量的變化。

In fact, we had our record first quarter spend in our co-branded credit card. We've received the necessary approvals and certifications for the MAX 8 and 737-800 aircraft retrofits and expect to begin retrofitting aircraft next month. Our turn time reduction initiative, which Bob mentioned, is now in place in 19 airports, including several of our mega stations like Dallas and Nashville.

事實上，我們第一季的聯名信用卡消費額創下了歷史新高。我們已獲得 MAX 8 和 737-800 飛機改裝所需的批准和認證，預計下個月開始改裝飛機。鮑伯提到的縮短轉彎時間的舉措現已在 19 個機場實施，其中包括達拉斯和納許維爾等幾個大型機場。

Reducing turn time generates more flying from each aircraft, increasing our capital efficiency and unlike normal utilization increases, which typically extend the day earlier and later, this does not increase the operating date, so it is favorable to RASM and CASM.

減少轉彎時間可以使每架飛機飛行更多次，從而提高我們的資本效率，而且與正常的利用率增加不同，利用率增加通常會使飛行時間提前或延遲，但這不會增加運營日期，因此有利於 RASM 和 CASM。

And we launched RedEye in February with Hawaii RedEyes launched just this month. Our new initiatives launching next month include basic economy, flight credit expiration and bag fees. After announcing these changes, we saw no evidence of book away and real-time data. We've executed the turn in red eyes with no adverse operational impact and feel confident we'll be able to introduce bag fees next month with minimal disruption.

我們在二月推出了 RedEye，本月剛推出了 Hawaii RedEyes。我們將於下個月推出新舉措，包括基本經濟艙、航班積分到期和行李費。在宣布這些變化之後，我們沒有看到任何預訂和即時數據的證據。我們已經實施了紅眼轉彎，沒有對營運產生不利影響，並且有信心下個月我們將能夠在最大程度上減少干擾的情況下引入行李費。

Significant planning is already underway in key areas of our operations, including our gate and lobby experience, customer care and package service. Our goal is to mitigate any potential impact to transaction times in the lobby as well as designing new processes to manage the increase in expected checked bags --gate check bags, all while enabling our employees to continue to deliver incredible customer service. In addition, we are accelerating the installation of larger overhead bends in our aircraft.

我們營運的關鍵領域，包括登機口和大廳體驗、客戶服務和包裹服務，已經在進行重要規劃。我們的目標是盡量減輕對大廳交易時間的任何潛在影響，並設計新流程來管理預期托運行李（登機口托運行李）數量的增加，同時使我們的員工能夠繼續提供卓越的客戶服務。此外，我們正在加快在飛機上安裝更大的頂置式彎道。

Outside the cost reduction plan, our largest initiatives at maturity are premium and assigned seating, bag fees and the loyalty program optimization. Flight credit exploration is also material, estimated to yield in excess of $100 million per year. In terms of the ramp, the benefits from loyalty are expected to provide the largest lift to our 2025 EBIT and will only partially be reflected in the second quarter.

除了成本削減計劃之外，我們在成熟期最大的舉措是優質和指定座位、行李費和忠誠度計劃優化。飛行信貸勘探也很重要，預計每年收益將超過 1 億美元。就成長而言，忠誠度帶來的好處預計將為我們的 2025 年息稅前利潤帶來最大的提升，並且在第二季度只會部分體現出來。

We expect minimal contribution from imply based economy, bag fees and flight credit expiration in the second quarter given they only applied to flights booked on or after May 28. The incremental revenues from these initiatives will meaningfully ramp in the third quarter and into the fourth quarter as we increasingly shift towards bookings made on or after May 28. We will continue to be urgent and deliberative at our execution. With that, I'll turn it over to Tom.

我們預計，第二季隱含經濟艙、行李費和航班積分到期費用的貢獻將很小，因為它們僅適用於 5 月 28 日或之後預訂的航班。隨著我們越來越多地轉向 5 月 28 日或之後的預訂，這些舉措帶來的增量收入將在第三季和第四季大幅增加。我們將繼續緊急並慎重地執行。說完這些，我就把麥克風交給湯姆。

Thanks, Andrew. I'm happy to be joining my first earnings call today with Southwest. I have enjoyed getting to know our employees in break rooms, hangers and meeting rooms across our network, and I've enjoyed being on the road meeting with the investment community as well.

謝謝，安德魯。我很高興今天能參加西南航空的第一次財報電話會議。我很高興在我們網路的休息室、機庫和會議室認識我們的員工，我也很高興在路上與投資界人士會面。

While we have a lot of work ahead of us, I'm encouraged and excited about the progress that we've made so far, and I'm optimistic about our opportunities and where we are headed. Starting with our nonfuel costs, first quarter CASM-X came in at 4.6%, beating our previously adjusted guidance of approximately 6%. This improvement was roughly split between a variety of smaller onetime items and a hyper focus on cost discipline across our entire organization.

雖然我們還有很多工作要做，但我對我們迄今為止的進展感到鼓舞和興奮，我對我們的機會和前進的方向感到樂觀。從我們的非燃料成本開始，第一季 CASM-X 達到 4.6%，超過了我們之前調整後的約 6% 的指導。這種改進大致分為各種較小的一次性專案和整個組織對成本紀律的高度關注。

For example, we reduced consulting and marketing expense and pulled back further on discretionary spend. Looking ahead, we expect second quarter unit costs to increase in the 3.5% to 5.5% range. We are pleased with the execution of our cost reduction plan thus far -- and the entire organization's commitment to efficiency.

例如，我們減少了諮詢和行銷費用，並進一步削減了可自由支配的開支。展望未來，我們預計第二季單位成本將成長 3.5% 至 5.5%。我們對迄今為止的成本削減計劃的執行情況以及整個組織對提高效率的承諾感到滿意。

Moving to fuel, market prices have been extremely volatile in response to the broader macro environment. Overall, we have seen prices fall, which has helped offset some of the softness we are seeing on the demand front.

談到燃料，市場價格受更廣泛的宏觀環境影響而極不穩定。總體而言，我們看到價格下跌，這有助於抵消我們在需求方面看到的一些疲軟。

We currently estimate our second quarter fuel cost per gallon to be in the $2.20 to $2.30 range. We recently announced we have discontinued our fuel hedging program and have no plans to add to our portfolio. We remain 45% hedged in second quarter and 47% hedged for the full year with hedge positions in place into 2027. We will be opportunistic in unwinding our existing positions based on market conditions.

我們目前估計第二季度每加侖燃料成本在 2.20 美元至 2.30 美元之間。我們最近宣布，我們已經停止了燃料對沖計劃，並且沒有計劃增加我們的投資組合。我們第二季的避險比例為 45%，全年避險比例為 47%，避險部位將持續到 2027 年。我們將根據市場情況擇機平倉現有部位。

Moving to fleet. While we are not updating our previous assumption of 38 737 MAX 8 deliveries this year, we are increasingly optimistic about what we are seeing at Boeing and their ability to deliver. As we shared in January, we anticipate retiring roughly 50 aircraft during 2025. As a reminder, we will continue to opportunistically transact on aircraft in our existing fleet based on actual aircraft deliveries, market conditions and other factors.

移至艦隊。雖然我們沒有更新之前對今年 38 架 737 MAX 8 交付量的假設，但我們對波音公司的情況及其交付能力越來越樂觀。正如我們在一月份所分享的，我們預計在 2025 年將退役約 50 架飛機。提醒一下，我們將繼續根據實際飛機交付情況、市場狀況和其他因素，擇機交易現有機隊中的飛機。

As such, we continue to expect 2025 gross capital spending to be in a range of $2.5 billion to $3 billion. Moving to our capital allocation strategy, we remain committed to investing smartly in our business, ensuring a strong and efficient investment-grade balance sheet, and returning value to shareholders.

因此，我們繼續預期 2025 年總資本支出將在 25 億至 30 億美元之間。轉向我們的資本配置策略，我們仍然致力於對我們的業務進行明智的投資，確保強勁而高效的投資級資產負債表，並為股東帶來價值回報。

In the second quarter, we will pay down $2.6 billion of debt. This includes a $976 million prepayment of the first tranche of the payroll support program notes, which we actually paid last week and the payoff of our $1.6 billion convertible notes in cash on May 1. We will also continue to return value to shareholders. We have completed $1 billion of the previously authorized $2.5 billion share repurchase authorization.

第二季度，我們將償還26億美元的債務。其中包括預付的第一批工資支持計劃票據 9.76 億美元（我們實際上已在上週支付），以及 5 月 1 日以現金支付的 16 億美元可轉換票據。我們也將繼續為股東帶來回報。我們已經完成了先前授權的 25 億美元股票回購授權中的 10 億美元。

As we announced last month, we intend to complete the remaining $1.5 billion or more than 10% of our current market cap under our share repurchase authorization by the end of July. These decisions highlight our continued confidence in the execution of our plan and driving improved results.

正如我們上個月宣布的那樣，我們計劃在 7 月底之前完成股票回購授權中剩餘的 15 億美元或超過我們當前市值的 10%。這些決定凸顯了我們對執行計劃和推動改善結果的持續信心。

With that, I'll hand it back over to Bob.

說完這些，我就把它交還給鮑伯。

Well, thank you, Tom. And before we start Q&A, I'd like to leave you with a few key points. First, we remain committed to an exceptional execution regardless of the macro environment. We had strong execution in the first quarter, initiative implementation, cost discipline in our cost plan, capacity planning and operational excellence. We will take it, and we will move on to do the same in the second quarter.

好吧，謝謝你，湯姆。在我們開始問答之前，我想先告訴大家幾個重點。首先，無論宏觀環境如何，我們始終致力於卓越的執行。我們在第一季的執行力、計畫實施、成本計畫中的成本紀律、產能規劃和卓越營運方面表現強勁。我們會接受它，我們將在第二季度繼續做同樣的事情。

Second, we continue to deliver on our core business initiatives and are seeing positive results from recently launched initiatives, including the optimized loyalty program and amended Chase agreement and the launch of Expedia. Third, we are evolving more than ever, and we're moving quickly. We remain confident that our initiatives, including the additional initiatives announced last month will provide material incremental EBIT in 2025, 2026 and beyond.

其次，我們繼續推動核心業務計劃，並從最近推出的計劃中看到積極成果，包括優化的忠誠度計劃、修訂的大通協議以及 Expedia 的推出。第三，我們比以往任何時候進化得更快，而且我們行動迅速。我們仍然相信，我們的舉措，包括上個月宣布的其他舉措，將在 2025 年、2026 年及以後帶來實質的增量息稅前利潤。

And finally, we are resilient and well positioned to manage through a dynamic environment with our cost focus, capacity discipline, underscored by the additional reductions that we just announced our portfolio of Southwest specific initiatives and as Tom just covered our investment grade balance sheet. So we are not slowing down. We will keep evolving to meet the needs of our current and future customers, improve our financial performance and create value for our shareholders.

最後，我們具有韌性，能夠很好地管理動態環境，我們注重成本，嚴格控制產能，我們剛剛宣布了西南地區具體舉措組合的額外削減，正如湯姆剛剛介紹的我們的投資級資產負債表。所以我們不會放慢腳步。我們將持續發展以滿足現有和未來客戶的需求，提高我們的財務表現並為股東創造價值。

I'm confident in our plan, confident in our execution and confident in our people. But before I pass it back to Julia to start Q&A, I want to stop and acknowledge and thank her. This is her last earnings call as our Head of Investor Relations. That's a tough job. And Julia, you have done a fantastic job, and we will miss you on these calls, my friend.

我對我們的計劃充滿信心，對我們的執行充滿信心，對我們的人民充滿信心。但在我把它交還給朱莉婭開始問答之前，我想停下來向她致意並表示感謝。這是她作為我們的投資者關係主管的最後一次財報電話會議。這是一項艱鉅的工作。茱莉亞，你做得非常出色，我的朋友，我們會想念你的。

And with that, back to you.

好了，回到你身邊。

Thank you, Bob. This completes our prepared remarks. We will now open the line for analyst questions. We would like to get to as many of you as possible to be asked that you please limit yourself to one question. We will now take the first question.

謝謝你，鮑伯。我們的準備好的演講到此結束。我們現在將開通分析師提問專線。我們希望盡可能多地與你們聯繫，並請你們只提出一個問題。我們現在回答第一個問題。

(Operator Instructions) Ravi Shanker, Morgan Stanley.

（操作員指示） 摩根士丹利的 Ravi Shanker。

So great to see no evidence of bookaway here based on your comments. But I believe you recently broadly pulled your customer base on your recent initiatives. Can you share kind of what feedback you got from that pool? And kind of if you're confident that book away kind of is not something that's going to emerge later on in the year.

很高興看到，根據您的評論，這裡沒有 bookaway 的證據。但我相信您最近透過最近的舉措廣泛地吸引了客戶群。您能分享一下您從該池中得到的回饋嗎？如果你有信心，這種預訂不會在今年稍後出現。

I think, Rob, it's Andrew. So I did see that there's a lot of press pickup, I guess, somebody found a survey and tweeted up. I would just say we are constantly surveying our customer set, whether it's how is your flight today, what do you think about this initiative and so we curate different panels to try to get different feedback on different policies, different ideas. And so there was nothing abnormal about that survey.

羅布，我想是安德魯。所以我確實看到有很多媒體報道，我想，有人發現了一項調查並發了推文。我想說的是，我們一直在調查我們的客戶群，無論是您今天的航班怎麼樣，您對這項舉措有什麼看法，所以我們組織了不同的小組，試圖就不同的政策、不同的想法獲得不同的反饋。所以那次調查並沒有什麼異常。

We didn't do it just because we had the policy change. We've been doing stuff like that all along. And so this helps us understand the perceptions and how they evolve over time to different elements. And those surveys tell us kind of what we see overall, just our e-mails.

我們這樣做並不是因為政策改變了。我們一直在做這樣的事情。這有助於我們理解感知以及它們如何隨著時間的推移演變為不同的元素。這些調查告訴我們總體上看到的情況，只是我們的電子郵件。

There was -- in the beginning, people wrote us and said, "Hey, I'm concerned about this topic when we answer their questions, they kind of became -- they realized that, "Oh, if I'm going to engage customers, Southwest Airlines, the don't really apply to me and then so they kind of change their feelings about it.

一開始，人們寫信給我們說：「嘿，當我們回答他們的問題時，我很擔心這個話題，他們有點 - 他們意識到，「哦，如果我要吸引客戶，西南航空，這並不真正適用於我，然後他們有點改變了對此的看法。

We saw the same thing and surveys the sentiment of all as people better understood what they would keep and generally, our engaged customers keep their benefits and get more when we go to assign seats. And so the polling does show that those customers now fully internalize that difference from maybe the headlines originally and so we see a fairly satisfied and engaged customer set as they wait for this next level of benefits to come out.

我們看到了同樣的事情，並調查了所有人的情緒，因為人們更好地了解了他們會保留什麼，一般來說，當我們去分配座位時，我們的忠實客戶會保留他們的利益並獲得更多。因此，民意調查確實表明，這些客戶現在已經完全接受了最初標題中的差異，因此，我們看到了一群相當滿意和投入的客戶，他們正在等待下一層次的利益的出現。

So I think overall, we're pleased at is exceeded my expectations of how well our best customers have migrated to this new world we're going into with a such.

所以我認為總的來說，我們很高興看到我們的最佳客戶順利遷移到我們即將進入的這個新世界，這超出了我的預期。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

My question is for Tom. I'm getting just a lot of client questions with regards to the balance sheet and liquidity, given the buyback, all the debt paydown in 2Q CapEx. I guess any color you can provide on how you think about liquidity targets right now in this environment. Just how we should think about minimum cash right now.

我的問題是針對湯姆的。我收到很多客戶關於資產負債表和流動性的問題，考慮到回購，第二季資本支出中的所有債務都已償還。我想您可以提供一些關於您如何看待當前環境下的流動性目標的資訊。我們現在應該如何考慮最低現金。

Sure. Thanks, Andrew. Yes, we've been targeting, as you know, around $4 billion or so in cash. And as you look at the pay downs that we've had. In addition to that, the incremental $1.5 billion, that is the remainder of the previously announced 2.5 share repurchase that brings us down to write about that mark.

當然。謝謝，安德魯。是的，如你所知，我們的目標是約 40 億美元現金。如您所見，我們已經付出了代價。除此之外，增量的 15 億美元，也就是先前宣布的 2.5 股回購的剩餘部分，使我們達到了這個目標。

In addition to that, as you know, we've had significant unencumbered assets. We've talked about -- it was in our release where we reiterated that $16-or-so billion an aircraft and then there's some additional unencumbered assets there on the non-aircraft side as well. And so we look at all of that in totality.

除此之外，如您所知，我們擁有大量無抵押資產。我們已經討論過了——我們在新聞稿中重申，一架飛機的價格約為 160 億美元，而且在非飛機方面還有一些額外的未支配資產。因此，我們要從整體來看這一切。

And then one other thing that I would say in addition to that is the focus here, and this isn't necessarily a balance sheet answer, but we are laser-focused here on the incremental building of EBIT through the different initiatives that we have and are confident in those initiatives and both the rollout and magnitude of that.

除此之外，我還想說的一件事是這裡的重點，這不一定是資產負債表的答案，但我們專注於透過我們擁有的不同舉措逐步建立息稅前利潤，並且對這些舉措以及其推出和規模充滿信心。

And of course, that incremental EBIT is what ultimately gives you the optionality for your balance sheet when you look at the framework of investing in the business, maintaining that strong and efficient balance sheet and then any potential return to shareholders that would result.

當然，當您考慮投資業務的框架、維持強勁高效的資產負債表以及由此產生的任何潛在股東回報時，增量息稅前利潤最終會為您的資產負債表提供可選性。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

So I know you're suspending the full year EBIT guidance, but you're maintaining the EBIT initiative targets. Can you just walk us through what's giving you confidence in achieving those initiative targets and I really mean more on the revenue side, realize the cost ones are more baked. Are there not sensitivities on some of these revenue initiatives to the macro like there are for the core business? Or maybe you feel like you baked in enough cushion back in March? Just any color there would be helpful.

所以我知道您暫停了全年息稅前利潤預測，但您仍維持息稅前利潤計畫目標。您能否向我們介紹一下是什麼讓您有信心實現這些計劃目標？我的意思是，更多的是收入方面，而成本方面則更為重要。這些收入計劃對宏觀經濟的敏感度是否不像核心業務？或者您覺得您在三月就已經烤好了足夠的緩衝墊？任何顏色都有幫助。

Katy, yes, Bob, yes, it's all of that. We have a lot of confidence both in the portfolio of cost and revenue initiatives in terms of the timing, they're all on track and then the financial benefit that we intend for them play into the business. Of course, there are some sensitivities. There are some linkage to the base business and macro backdrop, but it's substantially smaller -- the base business is off a lot.

凱蒂，是的，鮑勃，是的，都是這樣。就時間安排而言，我們對成本和收入計劃組合都非常有信心，它們都在按計劃進行，我們預期為它們帶來的財務利益將為業務帶來好處。當然，也存在一些敏感性。基礎業務和宏觀背景之間存在一些聯繫，但聯繫要小得多——基礎業務偏離了很多。

We were off kind of roughly three points in the first quarter from what we thought back in January. And then the second quarter, the base business has come off about six points which is a substantial part of the top line. The revenue initiatives are targeted you take something like bag fees, for example, they just fall at such a smaller rate. If you lose -- if 6% of bag fees, as an example, comes off, it's a much smaller than a percent of the top line. [So everyone's like their] far more inelastic.

我們在第一季的得分比我們在一月份預想的低了大約三分。而第二季度，基礎業務下降了約 6 個百分點，佔營業收入的很大一部分。收入措施是有針對性的，像是行李費之類的費用，下降幅度就比較小。如果你虧損——例如，如果取消 6% 的行李費，那麼它所佔的比重就比營業額的百分比要小得多。 [所以每個人都像他們一樣]更加缺乏彈性。

So while you could see some tie to the macro, it's a far smaller number. So we have a lot of confidence, both in the timing of the initiatives coming online and then the value. What is really hard to predict, as everybody has been talking about today is the uncertainty in the booking trends in the macro economy.

因此，儘管你可以看到與宏觀的一些聯繫，但這個數字要小得多。因此，我們對這些計劃上線的時機以及其價值都充滿信心。正如今天大家所談論的，真正難以預測的是宏觀經濟中預訂趨勢的不確定性。

So while we've got a lot of confidence in 2025 on delivering on the $1.8 billion in initiative contribution, the ability to forecast with any reasonable level of certainty, the base business offset to that is what's really tough. So that's really the reason we couldn't affirm the $1.7 billion for the year.

因此，儘管我們對 2025 年實現 18 億美元的計劃貢獻充滿信心，但能夠以任何合理的確定性進行預測，基礎業務對此的抵消才是真正困難的。所以這就是我們無法確認今年 17 億美元的原因。

Now we're not taking the $1.7 billion off the table. I want to make sure you understand that is still the internal target. You get some inflection back of the trends here later in the year, you get some additional help on fuel, we guided the initiatives in March at kind of a baseline level. The initiatives outperform and there's absolutely a shot at hitting that $1.7 billion or some combination of all those things.

現在我們不會放棄這 17 億美元。我想確保你明白這仍然是內部目標。今年晚些時候，你會發現這裡的趨勢有所轉變，你會得到一些燃料方面的額外幫助，我們在 3 月份將這些舉措引導到基線水平。這些舉措表現出色，絕對有機會達到 17 億美元或所有這些目標的組合。

So we're not taking it off the table. It's just the uncertainty in the demand and base business side just made it impossible to reaffirm that $1.7 billion.

所以我們不會放棄這個提議。只是需求和基礎業務的不確定性使得重申 17 億美元變得不可能。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

A question for you on the -- just the load factor and the passenger count. In relation to this idea that we're not seeing any sort of book away or any sort of unique impact from some of the initiatives on the demand base, it looks like you guys are running lower from a demand destruction standpoint relative to peers on a year-over-year basis. How do you think about explaining that sort of gap? And then when you think about that load factor running 74-ish, what are your sort of expectations as we kind of get through the rest of the year?

我想問您一個問題—關於載客率和乘客人數。就這個想法而言，我們沒有看到任何類型的預訂或某些舉措對需求基礎產生任何獨特的影響，從需求破壞的角度來看，與同行相比，你們的同比需求破壞程度似乎較低。您認為該如何解釋這種差距？然後，當您考慮到負載率達到 74 左右時，您對我們度過今年剩餘時間有何期望？

Certainly, Andrew. If you kind of decompose the quarter, January was down like 2 points in load factor and then Feb in March were down 5.5 points. As you can see, there was really a tale of two quarters as that weakness, macro weakness started in quarter. And when you have that kind of demand discontinuity, you have to be very careful about how you price.

當然，安德魯。如果按季度分解，一月份的載客率下降了 2 個百分點，而二月和三月的載客率則下降了 5.5 個百分點。正如你所看到的，這實際上是兩個季度的故事，因為那個弱點，宏觀弱點，始於本季。當出現這種需求不連續性時，你必須非常小心定價。

I think in your business, they call it catching a falling knife in our business, but to be very careful not to try to close in discount because you could end up worse off. And so I think you see that in our yield numbers, which were quite robust.

我認為在你們的業務中，他們稱之為接下落的刀，而在我們的業務中，要非常小心，不要試圖以折扣價成交，因為最終可能會變得更糟。所以我想您可以從我們的收益率數字中看到這一點，我們的收益率相當強勁。

And so we maintained that in the quarter, and we saw very strong close in revenue performance in March and again in April. However, at the same time, we had previously been not participating in a lot of discounting, especially like 120-plus states before departure because we had low capacity growth.

因此，我們在本季度保持了這一水平，並且 3 月份和 4 月份的營收表現非常強勁。然而，與此同時，我們之前並沒有參與太多的折扣活動，尤其是像出發前 120 多個州的折扣活動，因為我們的運力增長較低。

So it would be wise not to kind of -- to be very prudent with your discounts further out. When we saw that macro environment kind of unfold in the quarter in Jan and Feb, we peeled off those kind of prohibitions, if you will, and participate further out in the booking curve which is not necessarily dangerous to have that kind of discounted to generate volume.

因此，明智的做法是不要——在給予折扣時要非常謹慎。當我們看到一月和二月季度宏觀環境的展開時，如果你願意的話，我們會取消這些禁令，並進一步參與預訂曲線，這對於透過這種折扣來產生銷量並不一定是危險的。

And you can see that in April, now our year-over-year load factor improved at least two points from March to April, and that was only a partial booking curve effect from that kind of renewed further out discounting. So we expect that kind of to normalize that kind of macro shock to normalize with a booking curve as we get more in the routine of this coming further out to make up for the kind of demand soften on the consumer side because on the business side, it's been very stable.

您可以看到，四月我們的同比載客率比三月至少提高了兩個點，而這只是這種新的進一步折扣帶來的部分預訂曲線效應。因此，我們預計這種宏觀衝擊將透過預訂曲線正常化，因為我們將進一步彌補消費者方面的需求疲軟，因為在商業方面，它一直非常穩定。

Ex government, both state and local and federal, our managed business is up and so those are generally higher-yielding customers. So we'll be very careful about how you price in an environment where you have consumer weakness but out of business strength. And so that's why we chose that approach which led to much higher yields than you would expect and lower load factor you'd expect, but you get a RASM on a year-over basis that overperformed our peers.

除了州、地方和聯邦政府以外，我們的管理業務都在成長，因此這些通常是收益較高的客戶。因此，在消費者疲軟但企業實力不足的環境下，我們會非常謹慎地定價。因此，我們選擇了這種方法，這種方法可以帶來比您預期更高的收益率和更低的負載率，但您獲得的 RASM 在同比基礎上卻超過了我們的同行。

All right. That's helpful. And then I guess, if you're thinking about kind of maintaining that kind of discipline on the pricing side, which I think many investors would -- would be very comfortable with. Does that not sort of advocate for the position of maybe cutting capacity a little bit more than you're estimating in the second half of the year?

好的。這很有幫助。然後我想，如果你想在定價方面保持這種紀律，我想很多投資者都會非常樂意接受。這是否意味著下半年的產能削減幅度可能比你預估的還要大一些？

I mean just to get the load factors back up a little bit. I mean it would seem like the trends you're proposing making in the back half of the year seemed a little bit light in relation to kind of what we're seeing in the results. And I'm just wondering how you're thinking about that capacity question as you get closer to the back half of the year.

我的意思是讓負載係數稍微回升一點。我的意思是，與我們在結果中看到的情況相比，您所提議的下半年趨勢似乎有點輕微。我只是想知道，隨著下半年的臨近，您是如何看待這個產能問題的。

Certainly, it's a reasonable question to ask, especially looking externally. You've heard people talk about off peak. It's been a post-COVID issue, and you've heard it really blossom this quarter. And so what that is that you have less travel in the off-peak times because business travel is down and the nature of business travel has changed.

當然，這是一個合理的問題，尤其是從外部來看。您曾聽過人們談論非高峰期。這是新冠疫情之後的一個問題，您已經聽說它在本季度真正蓬勃發展。那麼，非尖峰時段的出遊量就會減少，因為商務旅行減少了，而且商務旅行的性質也改變了。

So as a result of this time of day, day of week, time of year, you have less demand -- and then our gauge is up 7% post pandemic. So on those troughs, then you don't have -- you can't fill your aircraft; it shows up in lower load factor. At the peak time of day of week, time of year that you really like to have that 7% more gauge and you can't fill up and as you see we get high yield.

因此，由於一天中、一週中、一年中這個時間點，需求會減少——而我們的指標在疫情後上漲了 7%。因此，在那些低谷時期，你就沒有——你無法填滿你的飛機；它表現為較低的負載係數。在一周或一年中的高峰時段，您確實希望有 7% 以上的量，而且您無法填滿，正如您所見，我們獲得了高收益。

So in a world in which demand has grown, yet peaks are higher and values are lower, you would expect to see net lower load factor from us and higher yields was exactly what you see in our results because we are very strongly pushing the yields and those peaks and admittedly having difficulty the off-peak.

因此，在需求成長、峰值更高、價值更低的世界中，您會看到我們的淨負載率較低，收益率較高，這正是您在我們的結果中看到的，因為我們非常努力地推動收益率和那些峰值，並且不可否認在非高峰期遇到了困難。

If you just reduce capacity, you both take away the goodness on the peak and you don't get as much benefit from the valley. Now we're conscious that we need to fill back up our load factors in our plan. And so what we need to do for the off-peak is we can do a little bit of stimulation because with basic economy coming, we'll be able to offer maybe different types of leisure discounts that will not undermine or create business buy down because business travels are not generally blocked from buying business base economy.

如果你只是減少容量，那麼你既會失去高峰期的優勢，也不會從低谷期獲得那麼多的利益。現在我們意識到我們需要在計劃中重新填補我們的負載因素。因此，我們需要在非高峰期做一些刺激，因為隨著基礎經濟的到來，我們將能夠提供不同類型的休閒折扣，這些折扣不會破壞或造成商務購買，因為商務旅行通常不會因購買商務基礎經濟而受到阻礙。

And we see from some of our competitors flow or connectivity is a way to aggregate little bits of demand and the off-peak to fill up your flight. And so starting in August, we have a lot of connectivity -- cert connectivity for that off-peak period, we expect that to yield us more flow for that -- the off-peak load factor. Additionally, we've previously changed the network to reduce capacity in underperforming areas and put it into higher performing areas, and that actually just started this month in April.

我們從一些競爭對手那裡看到，流量或連接是一種聚集少量需求和非高峰時段來填滿您的航班的方式。因此，從八月開始，我們就有了很多連接 - 非高峰時段的認證連接，我們預計這將為我們帶來更多的流量 - 非高峰時段的負載率。此外，我們之前已經對網路進行了調整，減少了表現不佳地區的容量，並將其轉移到表現較好的地區，實際上這項調整從四月就開始了。

So all these things together, we think is a good plan to achieve our Investor Day promisesm of closing our yield gap to our competitors as well as including the load factor composition to ourselves pre-to post pandemic.

因此，我們認為，所有這些因素加在一起，是實現投資者日承諾的好計劃，即縮小與競爭對手的收益差距，並在疫情前後將載客率構成納入我們自己的範圍。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

So here's what I'm trying to reconcile. Well before Elliott, you had various initiatives that were obviously intended to be accretive, but margins were still declining which would imply assuming the initiatives worked, it would imply assuming the initiatives. So what would imply that sort of the core of Southwest was under pressure.

這就是我試圖調和的。在 Elliott 之前，您曾採取過各種舉措，這些舉措顯然是為了增加利潤，但利潤率仍在下降，這意味著假設這些舉措有效，意味著假設這些舉措有效。那麼這意味著西南航空的核心正面臨壓力嗎？

So when we think about the goals that you laid out this past March that you're talking about today, do you simply steady-state your sort of pre-initiative assumptions and then layer on the initiatives on top of that and call that the guide?

那麼，當我們思考您今天談到的今年三月制定的目標時，您是否只是簡單地穩定一下您的預先計劃假設，然後在其基礎上製定計劃，並將其稱為指南？

Because it deals that might be the way that you're doing it, whereas I think the more conservative approach would be if the core actually is slipping, you would add the initiatives in on top of some sort of reduction in the base of earnings, if that makes sense.

因為它處理的可能是你正在做的方式，而我認為更保守的方法是，如果核心實際上正在下滑，你會在收益基礎的某種減少的基礎上增加這些舉措，如果這有意義的話。

Yes, Jay, I think it does. I think yes, you're always -- Andrew can talk to this, too. I mean you need initiatives everything you year to continue to drive revenue production and RASM. And that's just the way the business works. You're constantly adding initiatives on top of the base business to produce gains.

是的，傑伊，我認為是的。我想是的，你總是——安德魯也可以談論這個。我的意思是，你需要每年都採取主動行動來繼續推動收入成長和 RASM。這就是商業運作的方式。您不斷在基礎業務上增加計劃以產生收益。

At the end of the day, the particularly coming out of [code] with the change in demand, the change in the cost structure with new labor contracts the stack of initiatives prior to what we talked about in the fall and then again in March was just insufficient to drive appropriate margins at Southwest Airlines, certainly, industry-leading margins.

歸根結底，特別是隨著需求變化而產生的[代碼]、隨著新勞動合約而產生的成本結構變化，以及我們在秋季和三月份討論的一系列舉措，都不足以推動西南航空獲得適當的利潤率，當然，也不足以推動西南航空獲得行業領先的利潤率。

We just had too many revenue streams as an example that were just left on the table that other airlines have in place and we just don't have a place at Southwest, and it was impossible to hit to hit appropriate returns without acknowledging that. So what you've seen is this move to a set of initiatives that meets consumers where they are.

舉個例子，我們有太多的收入來源被其他航空公司擱置了，而我們在西南航空卻沒有位置，如果不承認這一點，就不可能實現適當的回報。所以，您所看到的是，我們採取了一系列措施來滿足消費者的需求。

They want to size seating, they want access to premium and extra legroom and then adding revenue initiatives that will be very accretive to the business-like bag fees and fly credit exploration. And we'll continue to add initiatives, not ready to, obviously, report anything today. We'll continue to add initiatives that move towards the type of products that our customers and future customers want and will continue to add initiatives around expansion -- geographic expansion adds to the network, those kinds of things.

他們希望擴大座位尺寸，希望獲得更寬敞的座位和更大的腿部空間，然後增加一些收益計劃，這些計劃將對商務艙的行李費和飛行積分探索產生很大的增值作用。我們將繼續增加舉措，但顯然今天還沒有準備好報告任何內容。我們將繼續增加針對我們的客戶和未來客戶想要的產品類型的舉措，並將繼續增加圍繞擴張的舉措——地理擴張擴大了網絡，諸如此類的事情。

But I'm not sure if I'm answering your question, but you -- but we found ourselves at a point where the stack of initiatives prior, especially with the changes coming out of cohort are just insufficient to meet the level of returns that we need at Southwest Airlines. Andrew, go ahead.

但我不確定我是否回答了你的問題，但是你——但是我們發現我們處於這樣一個階段：之前的一系列舉措，特別是隨著群體變化而產生的舉措，不足以滿足西南航空所需的回報水平。安德魯，請說。

I would say on top of that, Jamie, I think we've pretty much admitted that the value proposition we had was not generating the revenue we needed and so we did then with the latest set of both Investor Day and when we announced at your conference, we've admitted that we were going to a different value proposition.

除此之外，傑米，我想說，我認為我們已經基本承認，我們的價值主張並沒有產生我們所需的收入，所以我們在最新的投資者日和你們的會議上宣佈時都承認，我們將採用不同的價值主張。

We have a more segmented offering where customers can pay more to get more and that would lead to the revenue production to be sufficient to return it back to previous levels of prosperity. And so that is, in essence, saying the old model wasn't working and so now we've pivoted to this new fit.

我們提供更細分的產品，客戶可以支付更多來獲得更多，這將導致收入產生足以使其恢復到以前的繁榮水平。從本質上講，舊模型不起作用，因此現在我們轉向了這種新模型。

And what -- and I've said this before, what I really like out. I mean nobody likes where we are with the economic backdrop and this weakness that has severely showed up in the last 90 days, but the majority of the levers -- certainly, the revenue levers that we have attacked in particular, the March and beyond that are really unique to Southwest Airlines. They're in place for other airlines today.

而且 — — 我之前已經說過了，我真正喜歡的是這個。我的意思是，沒有人喜歡我們現在的經濟背景和過去 90 天嚴重顯現的疲軟狀況，但大多數槓桿——當然，特別是我們攻擊的收入槓桿，3 月份及以後，對西南航空來說確實是獨一無二的。如今，其他航空公司也已實施這項政策。

So we have a unique set of revenue production that can come online for Southwest. I guess this weak backdrop that is not available to others. The second thing is there is a -- there's strong cost -- very, very strong cost discipline at Southwest right now. The -- we had an original first quarter guide of 8%. We came in and reguided at 6%, and we came in at 4.6%. And it's across the board reductions and efficiency in the company.

因此，我們擁有一套獨特的收入生產方式，可以為西南航空帶來收益。我想，這種薄弱的背景是別人所不具備的。第二件事是西南航空目前的成本管制非常嚴​​格。我們最初的第一季預測是 8%。我們重新調整了預期，達到了 6%，最終達到了 4.6%。這是公司全面削減開支、提高效率的措施。

We're seeing performance in every department across the company on the cost front, and that will continue. So we have unique levers that to me are just not available to others which will absolutely drive relative performance.

我們看到公司各部門在成本上的表現都很好，而且這種情況還會持續下去。因此，我們擁有其他人無法獲得的獨特槓桿，這絕對會推動相對錶現。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Maybe just to expand upon some of the questions. Could you talk about Bob or Andrew, whoever would like the expansion into mediums like Google Flights and Expedia and how the yields you're experiencing there relative to volumes ultimately shake out compared to the core customer base as we heard American talk about earlier today. I mentioned the discretionary consumer could often book in those channels is not surprisingly in that -- seeing that area of weakness?

也許只是為了擴展一些問題。您能否談談鮑勃 (Bob) 或安德魯 (Andrew)，無論誰希望擴展到 Google Flights 和 Expedia 等媒體，以及與核心客戶群相比，您在這些媒體上獲得的收益最終會如何，正如我們今天早些時候聽到美國人談論的那樣。我提到，非必需消費品消費者通常可以透過這些管道預訂，這並不奇怪——看到了這個弱點？

Andrew, I'll start off and see if I answer and Bob can chime in here. And so yes, the Expedia, I think, has ramped up faster to say Google Flights did. So we're pleased with that. Expedia represents probably between 4% and 5% of our booked customers for the recent months when we went live. It was a customer base that is majority we have not seen before or have not seen a long time.

安德魯，我先開始回答，看看我是否可以回答，然後鮑伯可以插話。是的，我認為 Expedia 的成長速度比 Google Flights 更快。所以我們對此感到高興。在我們上線後的最近幾個月裡，Expedia 大概佔了我們預訂客戶的 4% 到 5%。這個客戶群大部分是我們以前從未見過或很久沒見過的。

And so therefore, it's a new source of customers for us. As one might expect with an indirect distribution, it's particularly helpful in places where we don't have a strong point of sale, a big city. We're quite strong in San Diego. So we get lots of people come to our website there, but we're very underweight, let's call it, in Boston or New York. And so it helps us there.

因此，這對我們來說是一個新的客戶來源。正如人們所預料的那樣，間接分銷在我們沒有強大銷售點的地方（大城市）特別有用。我們在聖地牙哥相當強大。因此，有很多人造訪我們的網站，但我們在波士頓或紐約的業務非常不足。所以它對我們有幫助。

So the kind of indirect distribution is kind of servicing its inherent need, which is to generate new customers would not otherwise come to your business and it becomes a very, very cost-effective manner. So we're quite pleased with that. Google Flights is of a similar nature. The distribution doesn't go through, say, GDS, it just comes straight to our website. So it gives us additional opportunity to merchandise. So we're happy about that.

因此，這種間接分銷可以滿足其固有需求，即吸引原本不會光顧您企業的新客戶，而且這是一種非常非常經濟有效的方式。所以我們對此非常滿意。Google Flights 具有類似的性質。分銷不是透過 GDS，而是直接進入我們的網站。因此，這為我們提供了額外的商品銷售機會。所以我們對此感到高興。

But both the metasearch Google and Skyscanner and Expedia are really good partners. We don't -- it's not an either/or. We like introducing that into our portfolio of distribution and plan to expand it and makes sense over time.

但元搜尋 Google、Skyscanner 和 Expedia 都是非常好的合作夥伴。我們不會──這不是非此即彼的問題。我們希望將其引入我們的分銷組合中，並計劃隨著時間的推移擴大它。

Andrew, maybe just another one then, if I can follow up with you. You mentioned the initiative target yields in the first half and loads in the second half. How realistic is it that Southwest and initiatives buck that normal relationship that you trade off one for the other.

安德魯，如果我可以跟進你的話，也許只是另一個。您提到該計劃的目標是上半年實現收益，下半年將實現負荷。西南航空和各倡議之間打破正常關係、互相取代的現實性有多大？

Yes. I think what's -- kind of going back to my earlier discussion, you sort of peak off peak that you've heard probably a lot of other lines talk about the peak you have chances for yield. So a peak time demand exceeds supply and so you must take those opportunities to drive yield. And so that is what we're doing. You can see by our results, and that's kind of what we promised at Investor Day, we're getting, frankly, more traction than I expected.

是的。我認為——回到我之前的討論，你可能已經聽過很多其他關於高峰的討論，在高峰時你有機會獲得收益。因此，高峰時段的需求超過供應，所以您必須抓住這些機會來提高收益。這就是我們正在做的事情。您可以從我們的結果中看到，這也是我們在投資者日所承諾的，坦白說，我們獲得的關注比我預期的要多。

The load factor doesn't come from getting more volume during the peak because we're already full during the peak. Our problem is our empty seats are not the good times of day, the good days a week or a good time of the year, it's the off-peak. So how do we get more customers, more bottoms, and seats, if you will, in the off-peak? And so some of that will -- the big economy tactic when it comes online here. But a lot of it will be connectivity.

載客率並不是來自於高峰期客流量的增加，因為我們在高峰期已經滿了。我們的問題是，我們的空位不是在一天中的好時光、一周中的好日子或一年中的好時光，而是在非高峰時段。那麼，如果您願意的話，我們如何在非尖峰時段吸引更多的顧客、更多的座位和座位呢？因此，當其中一些措施上線時，就會成為大經濟策略。但其中很大一部分將是連通性。

And so it's taking people going from Albany to Tucson where there's never going to be a nonstop but will perhaps connect through our network. And so designing connectivity to facilitate these small bits of demand aggregate those small business demand enough and you help fill your aircraft. Some of our competitors are on big hub and spokes.

因此，人們可以從奧爾巴尼前往圖森，雖然沒有直飛航班，但也許可以透過我們的網路轉機。因此，設計連接來滿足這些小部分的需求，將這些小型企業的需求聚集在一起，就可以幫助您填滿您的飛機。我們的一些競爭對手處於大型樞紐地位。

They do this naturally -- but for us, it's something that's kind of like an addition to our normal point-to-point model. So we're going to focus that kind of connectivity and these off-peak times of day, a week of year to drive the load factor.

他們自然會這樣做——但對我們來說，這就像是我們正常點對點模型的補充。因此，我們將重點關注這種連接以及一天中的非高峰時段、一年中的一周來提高負載率。

So there's two distinct things so that you're not doing that trade-off of yield versus load you're talking about.

因此，這是兩件不同的事情，因此您不必進行所說的產量與負載之間的權衡。

I'd just point out, too, that it added a whole level another layer of sophistication to be able to manage this way. You have to understand where that -- where each flight is ultimately going to land in terms of how full it's going to be because it's going to be managed two different ways. It's going to be managed for yield where it's going to be managed for load.

我只是想指出，為了能夠以這種方式進行管理，它又增加了一層複雜性。你必須了解每個航班最終將降落在哪裡以及飛機的滿座情況，因為這將採用兩種不同的管理方式。它將針對產量進行管理，也將針對負載進行管理。

And the new revenue management system that we put in last year is designed to push yield and manage yields on those full flights. And you could see it. I mean we had record all-time yields in the first quarter -- not record first quarter yields but record all-time yields in the first quarter.

我們去年實施的新收益管理系統旨在提高收益並管理滿載航班的收益。你可以看到它。我的意思是，我們在第一季創下了歷史最高收益率——不是創下第一季收益率紀錄，而是創下第一季歷史最高收益率紀錄。

And now it's about building load on those flights that are not projected to go out full -- the change in the Rapid Rewards program and dynamic allocation on the bird's eye will help as well because it's very similar. You want to be able to manage up on the flights where those seats are very scarce because the flight is going to be full.

現在，我們需要增加那些預計不會滿載的航班的載客量——快速獎勵計劃的變化和鳥瞰圖中的動態分配也會有所幫助，因為它們非常相似。您希望能夠在座位非常稀缺的航班上進行管理，因為航班將會滿員。

And then you want to be able to manage for load factor on those flights that are going to have open seats and discount those from a rapid awards perspective. So I'm very pleased with the performance, especially on the yield side and now we'll attack the load side.

然後，您希望能夠管理那些有空位的航班的載客率，並從快速獎勵的角度對這些航班進行折扣。因此，我對性能非常滿意，特別是在產量方面，現在我們將攻擊負載方面。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

I wanted to go back to Jamie's question around the initiatives. It seems like you're approaching like the list of initiatives from a growth standpoint rather than a net. So it would suggest that you would need to continue to add to the list to keep improving. So when you do survey work, what are the customers asking for now? Are they asking for free Wi-Fi at this point given all the changes in the industry?

我想回到傑米關於這些舉措的問題。看起來你是從成長的角度而不是網路的角度來處理這些舉措的清單。因此，建議您需要繼續添加清單以不斷改進。那麼當你做調查工作時，客戶現在會要求什麼？鑑於行業發生的所有變化，他們現在是否要求免費 Wi-Fi？

And then, Tom, if you could just talk a little bit about the cost structure from an outsider's perspective, like as you've been there now for only a couple -- I guess, a couple of months. Can you just talk about what you see as low-hanging fruit outside of the initiatives that you've already been -- you're already working on?

然後，湯姆，如果你能從局外人的角度稍微談談成本結構，例如你現在才在那裡待了幾個月——我想，幾個月。您能否簡單談談除了您已在進行的計劃之外，您認為還有哪些容易實現的計劃？

Yes. This is Tom. I'll start. So first, the way that we're looking at the initiatives, and I think we've tried to be pretty clear with this, we feel like we've been conservative in the way that we've done these. These are not gross estimates these are net of the impact that we felt would be there. So it's a really important distinction from the first part of your question.

是的。這是湯姆。我先開始。首先，我們看待這些措施的方式，我想我們已經盡力明確這一點，我們覺得我們在執行這些措施的方式上比較保守。這些不是總體估計，而是我們認為會產生影響的淨值。因此，這與問題的第一部分有著非常重要的差異。

I'll jump to the last and then I'll turn it over to Andrew, he can revisit the second part of it. But what -- I think if you look at the first quarter performance for CASM-X, what for me is great is that it's not any one thing. Sometimes you get a question on the call, but what was it that drove it well ? It was -- we had some engine overhauls that shifted from here to here this one big thing that happened. Our answer today to that is that it's happening everywhere.

我將跳到最後一個部分，然後將其交給安德魯，他可以重新審視第二部分。但是——我認為如果你看看 CASM-X 第一季的表現，對我來說最棒的是它不是任何一件事。有時你會在電話中被問到問題，但是是什麼促使它順利進行？這是——我們對一些引擎進行了大修，從這裡轉移到了這裡，發生了一件大事。我們今天對此的回答是，這種事情隨處可見。

It's happening all throughout the company. And that's great. It's a bunch of things happening in every department, and we've got leaders across this company that are bought in. Southwest is used to winning and winning is fun. And we've got a team that's all rowing in the same direction because we want to win. And that's a really exciting thing.

整個公司都在發生這樣的事情。這太棒了。每個部門都在發生一連串的事情，我們公司的領導階層也對此十分支持。西南航空已經習慣了勝利，而勝利也是一種樂趣。我們擁有一支齊心協力的團隊，因為我們渴望勝利。這真是一件令人興奮的事。

And so I'm seeing a bought-in set of leaders that are all growing in the same direction and looking to be creative and spend smartly, right? It's having good cost control doesn't just mean cut, cut, cut. What it means is that you spend in the ways that are smart for the business where you invest in the product in the right way and you invest in our people in the right way and you get really efficient about the way that you do it. So I've been really pleased with what I've seen so far.

因此，我看到一群領導者都朝著同一個方向成長，並且希望發揮創意並明智地花錢，對嗎？良好的成本控制不只是意味著削減、削減、再削減。這意味著，您要以對業務有益的方式進行投資，以正確的方式投資產品，以正確的方式投資我們的員工，並以非常有效率的方式進行投資。我對目前所看到的一切感到非常滿意。

I'd say Bob's answered earlier about kind of what we're doing in the future. You always have to have initiatives and what we're doing in the future, I think, is a good kind of head towards what we have now, this new offering, which we like, the pathway there on, there will be additional things we add to it. So the value proposition we offer our customers. We're only strengthened as we go throughout the year and the next year.

我想說鮑伯之前已經回答過我們未來要做什麼了。你必須始終有主動性，我認為，我們未來所做的事情是對現有成果的一種良好引領，我們喜歡這種新的產品，沿著這種產品的發展路徑，我們還會添加其他內容。這就是我們為客戶提供的價值主張。隨著今年和明年的不斷前進，我們的力量只會不斷增強。

We have nothing to outline today on there will be things coming about how we strengthen the attractiveness of Southwest Airlines to the customers who want to be engaged with us and we have an extraordinarily large customer set, very loyal customer set, very loyal. They've been with us for years all across the country and so they want more from Southwest Airlines.

我們今天沒有什麼可以概述的，我們將如何加強西南航空對想要與我們合作的客戶的吸引力，我們擁有非常龐大的客戶群，非常忠誠的客戶群，非常忠誠。多年來，全國各地的顧客都與我們合作，因此他們希望西南航空能提供更多服務。

They're willing to pay more for more. And so we will continue to offer them more, I think, successfully.

他們願意付出更多來獲得更多。因此，我認為我們將繼續為他們提供更多服務，並取得成功。

Can I just follow up on that? Do you need to see things in the current initiative set before you can launch new ones? Like, is it that you want to make sure that premium is working the way it is before you do additional stuff? And then -- could you just talk about maybe like the loyalty component, like you mentioned a lot of changes, are people signing up for credit cards now to offset some of the potential book at? I know that you're not seeing it, but if it did happen in the future ?

我可以跟進一下嗎？在啟動新計劃之前，您是否需要先了解目前計劃中的內容？例如，在做其他事情之前，您是否想確保保費能夠正常運作？然後——您能否談談忠誠度部分，就像您提到的許多變化一樣，人們現在是否正在申請信用卡來抵消一些潛在的損失？我知道你沒有看到，但如果它在未來真的發生了？

No worries. So we definitely always have to have this list of initiatives. We don't need to see how extra legroom was booking. We know the path that we're going down. We know what we're going to offer. It's meat we're not ready to talk about right now. But we do have a pipeline. You always have to have a pipeline with your customers, you can never let it go stale. And so do have things that we know it's coming.

不用擔心。因此，我們絕對必須隨時有這份舉措清單。我們不需要了解額外的腿部空間是如何預訂的。我們知道我們要走的路。我們知道我們將提供什麼。我們現在還不准備談論肉。但我們確實有管道。您必須始終與客戶保持溝通管道，絕不能讓它變得陳舊。我們確實知道即將發生的事情。

We've taken a kind of bundled one-size-fits-all product, we added upper buy-up opportunities with extra lignin seats. We added kind of a base product with basic economy. There are more features coming, more destinations that are coming. And so the loyalty program is self-reinforcing with that. We have a new agreement with Chase, which is very strong.

我們採用了一種捆綁的、通用的產品，並透過額外的木質座椅增加了上層購買機會。我們添加了一種具有基本經濟性的基礎產品。將會有更多功能、更多目的地推出。因此忠誠度計劃是自我強化的。我們與大通銀行達成了一項非常強大的新協議。

We have new card offers that will be coming up very shortly. And so that portfolio of customers who have voted with their wallets to be engaged with Southwest Airlines. There's immense opportunities to keep offering them more to grow the -- that base of customers, especially in the cities where we have a lead, if you will, in customer share. And so all this is, I think, normal course of business.

我們很快就會推出新的卡片優惠。因此，這些客戶已經用自己的錢包投票支持西南航空。我們有巨大的機會繼續為他們提供更多服務，以擴大客戶群，特別是在我們在客戶份額方面處於領先地位的城市。所以我認為這一切都是正常的業務流程。

We're not waiting for any one thing to kick, if you will. It's more of a premeditated path that on that Bob talked about.

如果你願意的話，我們不會等待任何一件事發生。這更像是鮑伯所說的一條有預謀的道路。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Quick one first. Just -- I apologize if I missed this earlier, but it looked like at Investor Day, you had talked about having 68 extra legroom seats on the MAX and the 800s, but now it looks like it's only 46%. Is that correct? And if so, what changed?

先快一點。只是——如果我之前錯過了這一點，我很抱歉，但看起來在投資者日，你曾談到 MAX 和 800 上有 68 個額外的腿部空間座位，但現在看來只有 46%。對嗎？如果是的話，有什麼改變？

Yes. So we did change from the Investor Day layout. And so as we looked at the whole kind of cabin help best to monetize it behind the extra legroom was obviously going to be not as attractive as in the front of the exit row. So we decided to concentrate more extra leg room in front of the exit row to make them more attractive and to reinforce a price point for them and the ones that were formerly extra-legroom behind the exit row will turn those into a form of preferred seats. So they will have a little bit extra -- can't happen to have a little bit extra legroom.

是的。所以我們確實改變了投資者日的佈局。因此，當我們考慮整個客艙幫助時，最好將其貨幣化，因為額外的腿部空間後面顯然不會像出口排前面那樣有吸引力。因此，我們決定在出口排前面集中更多的額外腿部空間，以使它們更具吸引力，並強化它們的價位，而之前在出口排後面有額外腿部空間的座位將變成一種優先座位。因此，他們會有一點額外的——不可能有一點額外的腿部空間。

And so kind of a zero-sum space in the two, we moved the 32s and the 35s and 31s to configuration that has less ELR, we think gives us better revenue monetization opportunities in the end because overall, our end goal was to maximize the revenue per square foot from the AeroLOPA.

因此，在這兩者之間形成了一種零和空間，我們將 32、35 和 31 移到了 ELR 較低的配置，我們認為這最終會給我們帶來更好的收入貨幣化機會，因為總的來說，我們的最終目標是最大化 AeroLOPA 每平方英尺的收入。

Yes, what we showed at Investor Day as it was a very strong hypothesis of what we would do is we continue to do work and move through the design of the aircraft and the layout. Yes, to Andrew's point, we found that there was a better way to maximize the revenue per square foot in the aircraft, which is the whole game here now.

是的，我們在投資者日展示的是一個非常強大的假設，我們將繼續進行工作並推進飛機和佈局的設計和工作。是的，正如安德魯所說，我們發現有更好的方法來最大化飛機每平方英尺的收入，這就是現在的整個遊戲。

All of that, again, is well underway. I'm very excited that we're going to begin those aircraft retrofits here next week on the 30. And -- so the whole -- this entire initiative is moving along really well. But all along the way, you continue to discover things that have refined what we showed you at Investor Day, but I'm very pleased with the progress.

所有這些，再次，都在順利進行中。我很高興我們將於下週 30 日開始對這些飛機進行改裝。所以整個計劃進展非常順利。但一路走來，我們會不斷發現一些改進我們在投資者日所展示內容的東西，但我對這一進展感到非常滿意。

By the way, is that the mod is relatively simple. Now we have a lot of airplanes to modify -- but to the extent that we find that we want to make a change here or there, the ability to do that is very different than some of the more complicated modifications that you see happening around the industry.

順便說一下，這個模型相對簡單。現在我們有很多飛機需要改裝——但是當我們發現我們想在這裡或那裡做出改變時，我們做到這一點的能力與您在業內看到的一些更複雜的改裝非常不同。

Okay. That's really helpful. And then as a follow-up, just to kind of piggyback on some of the questions that Jamie and Conor have asked. One of your competitors talks a lot about being the brand loyal airline in a specific market. And I'm just thinking about markets where you're really dominant in like a St. Louis or Nashville versus some of the more competitive markets like a Denver or Chicago, and initiatives that you might need to become the brand loyal airline in some of those more competitive markets again.

好的。這真的很有幫助。然後作為後續，只是為了回答 Jamie 和 Conor 提出的一些問題。您的一個競爭對手經常談論自己是特定市場中品牌忠誠度最高的航空公司。我只是在考慮你們在聖路易斯或納許維爾等市場佔據主導地位，以及與丹佛或芝加哥等一些競爭更激烈的市場相比，你們可能需要採取哪些舉措才能再次成為這些競爭更激烈的市場中品牌忠誠度較高的航空公司。

And I'm just like wondering you talked a little bit -- you hinted a little bit this a month ago at JPMorgan, but other initiatives, just where you're thinking it -- where your head is at right now, your latest thinking on maybe fleet initiatives, whether it's trying to get scope relief to roll out RJs or partner with a regional airline or acquiring wide-bodies to be able to offer more of an international product.

我只是想知道您剛才談到了什麼——您一個月前在摩根大通暗示過這一點，但其他舉措，您現在的想法是什麼，您對機隊計劃的最新想法是什麼，無論是試圖減輕範圍以推出 RJ 還是與區域航空公司合作或收購寬體飛機以提供更多的國際產品。

But just love to think about how you're thinking -- if there's been any change in your thinking or any updates and the time line on that? Because if you think about Southwest in the 2030s, it seems like a lot of these decisions you have to start putting in place now to really get the airline humming where you'd like it to be.

但我只是想知道你的想法——你的想法是否有任何變化或任何更新以及時間表？因為如果你考慮 21 世紀 30 年代的西南航空，你會發現很多決定你現在必須開始實施，才能讓這家航空公司真正按照你所希望的方式發展。

Yes. It's interesting. The phrase brand loyal airline. Nobody has a stronger domestic network than Southwest Airlines. Nobody has more domestic customers than Southwest Airlines. Nobody has more loyal customers in those points of strength, who has higher NPS scores. So how you define brand loyal customers, Southwest Airlines is the winner and we're going to continue to grow more and more points of strength. And of course, we're going to continue to constantly understand what our customers want. That's why we're moving to a sign seating. That's why we're adding extra leg room.

是的。這很有趣。品牌忠誠航空公司這一短語。沒有一家航空公司擁有比西南航空更強大的國內網路。沒有哪家航空公司的國內客戶數量能比西南航空多。在這些優點方面，沒有人擁有比擁有更高 NPS 分數的顧客更忠誠的顧客。那麼，如何定義品牌忠誠客戶呢？西南航空是贏家，我們將繼續發展越來越多的優勢。當然，我們將繼續不斷了解客戶的需求。這就是我們轉向標誌座位的原因。這就是我們增加額外腿部空間的原因。

We'll continue to move to our customers' needs and meet their needs. And nobody is going to out hospitality, out-operate or to brand loyal Southwest Airlines.

我們將繼續專注於客戶的需求並滿足他們的需求。並且沒有人會在服務、營運或品牌忠誠度方面超越西南航空。

Duane Senningworth, Evercore ISI.

杜安·森寧沃斯，Evercore ISI。

Andrew, you mentioned -- I think you did anyway, managed business is up -- can you talk through the trends that you saw through March and April. One of your peers talked about a slowdown. It sort of turned negative on volume but has picked back up more recently to kind of low singles. Any green shoots you're seeing yet on that front?

安德魯，你提到——我想你確實提到過，管理業務正在成長——你能談談你在三月和四月看到的趨勢嗎？您的一位同事談到了經濟放緩。它的音量有點變差，但最近又回升到低音量。您在這方面看到任何正面的跡象了嗎？

I would say -- what I said is -- especially if you took out the government, both state and local and federal, which did see a market slowdown starting in January. The rest of it is up and stable. Within that, you always have geographies or industries that are plus or minus one quarter to the other -- insurance, technology banking were up this quarter.

我想說的是——尤其是如果你把州、地方和聯邦政府都排除在外，它們確實從一月份開始就看到了市場放緩。其餘部分均已恢復並穩定。其中，總是會有一些地區或行業的業績在一個季度內比另一個季度出現正增長或負增長——保險、科技銀行本季業績均有所增長。

Manufacturing and healthcare were down a little bit. So the -- I would consider those just the normal kind of vagaries of industries moving up and down the same with geography. So what's kind of different about this environment is that if you have kind of any kind of macro weakness usually shows up in business first and business travel is highly correlated with corporate earnings.

製造業和醫療保健業略有下降。所以——我認為這只是行業正常的波動，就像地理位置一樣。因此，這種環境的不同之處在於，如果你有任何宏觀的弱點，通常首先體現在商業上，而商務旅行與企業獲利高度相關。

Corporate earnings have held up business travel has held up, and so we're pleased with that. It's the customer's discretionary travel that is really the crux of the slowdown. And so I think others report on that, so nothing new there. But steady as she goes with managed business travel is certainly welcome.

企業獲利支撐了商務旅行的成長，我們對此感到滿意。客戶的自由支配旅行才是造成旅行放緩的真正關鍵。我認為其他人也對此進行了報道，因此沒有什麼新鮮事。但她在管理商務旅行方面的穩步發展無疑受到歡迎。

And then just on premium, it's come up a couple of other questions, but is it still -- is the target still 1/3 of your seats, when do you expect that to go live? And by that, I mean like which quarter would we actually start to see the contribution -- and then how big of a RASM tailwind does that represent going from effectively no premium to 130 your seats?

然後就高級版而言，又出現了其他幾個問題，但它是否仍然——目標仍然是 1/3 的席位，您預計什麼時候上線？我的意思是，我們實際上會在哪個季度開始看到貢獻 - 那麼這對 RASM 的順風有多大的影響，從實際上沒有保費到 130 個座位？

Yes. I'll answer part. Ultimately, the benefit was in our Investor Day number, which I'll ask to refer you back to that. But the -- I would -- people say premium, but Duane, I would think about it as four zones which we can monetize in the aircraft. So we're going from -- find your own seat with early burner upgrade boarding to assign seats, and we will have kind of a preferred behind the exit row we will have extra leg room.

是的。我來回答一部分。最終，好處體現在我們的投資者日號碼上，我會請您參考該號碼。但是 - 我想 - 人們說的是優質，但杜安，我認為它是我們可以在飛機上貨幣化的四個區域。因此，我們將從 - 找到您自己的座位，並通過提前升級登機來分配座位，並且我們將在出口排後面提供優先座位，我們將有額外的腿部空間。

We'll have preferred in front of the exit row and then to have the kind of standard at the very back. So you have multiple zones for which there will be different price points. The standard will be free for certain fare products. And so this really more than premium from my mind, gives us opportunities for discrete levels of sell up whether through fair product or ancillary for people to pay more, for more, which is either space or position in the aircraft for a particular price. And so customers are responding well to that idea.

我們優先考慮位於出口排前面的座位，然後是位於最後面的標準座位。因此，您有多個區域，每個區域有不同的價格點。對於某些票價產品，該標準將免費。因此，在我看來，這實際上不僅僅是溢價，它為我們提供了透過公平產品或輔助產品進行離散銷售的機會，讓人們支付更多，以特定的價格獲得更多的空間或飛機上的位置。因此顧客對這個想法反應良好。

Obviously, our peers do it. So that I think it gives us more opportunity to monetize the cabin, and it's part of this kind of segmented offering I talked about as we move away from a one size fits all.

顯然，我們的同行也這麼做。因此，我認為這為我們提供了更多機會將客艙貨幣化，這也是我所說的這種細分產品的一部分，因為我們不再採用一刀切的策略。

And we talked about the elements of the segmentation. But having basic economy and the ability to be able to buy out from that, is a really big deal, right? We've talked about the fact that we sell a lot of our inventory in the lowest of the four categories today which is one to get away. And in many cases, we are pricing against a basic economy fare at a competitor.

我們討論了細分的要素。但是擁有基本的經濟和從中購買的能力真的是一件大事，對吧？我們已經討論過這樣一個事實：我們今天銷售的許多庫存都是四類中最低的，這是可以避免的。在很多情況下，我們的定價都是與競爭對手的基本經濟艙票價相比較的。

And the offering of that basic economy is something much less than what we're offering and want to get away. So that's something that we're fixing as part of this. And then everything that Andrew described, whether it's bags, whether it's seats, all of these things layer on top of that to be able to provide that value. But that is sort of the underlying foundation that allows us to function.

而基本經濟所提供的東西比我們想要提供的東西少很多。所以這是我們正在解決的問題之一。然後，安德魯所描述的一切，無論是行李還是座椅，所有這些東西都層層疊加，以提供這種價值。但這是我們能夠正常運作的根本基礎。

And it's about timing. So yes, we'll begin selling the new assigned seating extra legroom in the third quarter of this year for operation in the first quarter of next year. So it's really a 2026 contribution. I do think you have a chance to see some contribution in '25 because will have retrofitted more and more aircraft before you get to that first quarter date.

這與時機有關。是的，我們將在今年第三季開始銷售新的指定座位和額外腿部空間，以便明年第一季投入營運。所以這其實是一項 2026 年的貢獻。我確實認為你有機會在 25 年看到一些貢獻，因為在到達第一季之前將會改裝越來越多的飛機。

And so if you buy early bird today, in that world, you'll have access by boarding early to what is basically the extra legroom seats that are already in the reconfigured aircraft. So I think there's a chance that you see some additional upsell in terms of products that we sell today simply because you now have access to that better seating.

因此，如果您今天購買早鳥票，在那個世界裡，您可以透過提前登機獲得重新配置的飛機上已有的額外腿部空間座位。因此，我認為您有可能看到我們今天銷售的產品出現一些額外的追加銷售，因為您現在可以獲得更好的座位。

Yes. So I think the way to model it won, is you get basic they don't have a buy to kind of more first level standard, which gives you some seating a buyout to preferred, a biotech or leg room. And so we've got those four buy-up opportunities today, which really don't exist. So that's the power of this change.

是的。所以我認為建模獲勝的方式是，你得到基本的東西，他們沒有購買那種更多的一級標準，這給你一些座位，買斷到優先股，生物技術或腿部空間。因此，我們今天有四次買入機會，但這些機會實際上並不存在。這就是這種變化的力量。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Just a follow-up on David's question earlier on the load factor. I was curious, you are getting MAX 8 and retiring 700s not getting the MAX 7, but you also talked about maybe in the future, not needing as many of the kind of the smaller gauge aircraft, like what kind of an impact is just not having the kind of the gauge of aircraft you want having on your load factor? Or is that not a driver here?

這只是對 David 之前關於負載係數的問題的後續問題。我很好奇，你們正在接收 MAX 8 並退役 700 而不是 MAX 7，但你也談到也許在未來，不需要那麼多小尺寸飛機，例如沒有你想要的那種尺寸的飛機會對你的載客率產生什麼樣的影響？還是那不是這裡的司機？

I think today, I'll let Andrew really give you more detailed information. I don't know that -- I don't think that it's a factor today. We're not so at a balance in terms of the number of aircraft at the $175 million. It really comes to play more today in terms of where we have potentially restricted operations like Chicago Midway as an example with the length of the runway.

我想今天，我會讓安德魯真正向你們提供更詳細的資訊。我不知道——我不認為這是今天的重要因素。在 1.75 億美元的預算中，我們在飛機數量方面還不太平衡。今天，它確實發揮了更大的作用，例如，我們可能因為跑道長度而限制了芝加哥中途機場等機場的運作。

Obviously, if this goes on and on and on, and they we're not -- Boeing is not delivering the MAX 7 and that smaller aircraft that becomes more of an issue, but we're really nowhere close to that.

顯然，如果這種情況一直持續下去，而波音公司卻沒有交付 MAX 7 和那種小型飛機，那麼問題就會變得更大，但我們真的還遠遠沒有達到這個程度。

Our load factor on the big plane is the same as a load factor in the small plane. And so we really appreciate having the more seats in the prime time where you need it. And so it's we're really able to make use of that extra seating when you have excess demand and that really gives us a good return.

我們大飛機的載客率與小型飛機的載客率相同。因此，我們非常感激能夠在您需要的黃金時段提供更多座位。因此，當需求過剩時，我們確實能夠利用額外的座位，這確實為我們帶來了豐厚的回報。

It's just when it off peak, you have that many more seats that are empty the trip cost doesn't really vary that much between a MAX 7 and MAX 8. And so carrying around 10 empty seats, or excuse me, 25 extra seats is not going to be -- is not that much different. Whereas you could sell those on a peak day, a peak time of year.

只是在非高峰時段，有更多座位是空的，因此 MAX 7 和 MAX 8 之間的旅行費用實際上並沒有太大差別。因此保留 10 個空位，或者對不起，保留 25 個額外座位不會有太大差異。而你可以在高峰日、一年中的高峰時間銷售這些產品。

So right now, we're pleased with the -- how the MAX 8 where there are certain situations where we want a MAX 7, so versus pre-pandemic, the percentage that we think we need has gone down. It's not but it is much smaller than it used to be.

因此，現在我們對 MAX 8 感到滿意，在某些情況下我們需要 MAX 7，因此與疫情之前相比，我們認為我們需要的百分比已經下降了。事實並非如此，但比以前小得多。

That's helpful. And if I might follow up on Duane's question on corporate. What's the size of that kind of government exposure? And I know some of your kind of competitors have kind of reduced the dedicated sets into those areas? Like have you been able to kind of offset some of that weakness? Or is that kind of a continuing drag here?

這很有幫助。我是否可以繼續回答杜安關於公司的問題？政府的這種風險敞口有多大？我知道你們的一些競爭對手已經將專用設備減少到這些領域了？您是否能夠彌補一些弱點？或者這是一種持續的拖累？

It's a modest percentage. I can't remember them off the top of my head. What sticks to my head was you take out government and we're up like 4% in managed business. So I just can't remember what it was.

這是一個不小的比例。我記不清它們了。我記得的是，如果取消政府，我們的管理業務就會成長 4%。所以我就是記不清那是什麼了。

I think the government -- my memory is the government exposure, depend on whether you count state it's sort of in the 2% range and maybe actually a little bit less. So while it's awful lot, the percent of the business that it represents is very small.

我認為政府——我記得政府的風險敞口，取決於你是否計算州，它在 2% 的範圍內，實際上可能要少一點。因此，儘管數量很多，但它所代表的業務比例卻很小。

All right. With that, we're going to wrap up our analyst portion of today's call. I appreciate everyone joining and hope you all have a great day.

好的。至此，我們將結束今天電話會議的分析師部分。我感謝大家的加入並希望大家度過愉快的一天。

Ladies and gentlemen, we now will transition to our media portion of today's call. With me (technical difficulty) Chief Communications Officer leads us off. Please go ahead, Whitney.

女士們、先生們，我們現在將進入今天電話會議的媒體部分。首席通訊官將和我一起（由於技術困難）帶領我們出發。請繼續，惠特尼。

Thanks, Jamie. Welcome to the media on our call today. Before we begin taking your questions, Jamie, could you place your instructions on how to queue up for a question?

謝謝，傑米。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，傑米，您能否提供如何排隊提問的說明？

(Operator Instructions) Alison Sider, Wall Street Journal.

（操作員指示）艾莉森·賽德，《華爾街日報》。

There's been a lot of talk on some of your competitors, even earlier today about O'Hare and ramping up there. And I was just curious kind of what you guys see as your future at O'Hare.

關於你們的一些競爭對手的討論很多，甚至今天早些時候也討論過奧黑爾機場以及在那裡的擴張。我只是好奇你們對自己在歐海爾機場的未來有何打算。

It was not uncommon for us to be in multiple airports in a multi-airport geography and use those multi-airport geographies, we have an anchor store, if you will, and that is a midway for us. And so O'Hare is designed to complement we have a Midway for a kind of fairly large customer base we have in the City of Chicago.

對我們來說，在多機場地區的多個機場開設門市並利用這些多機場地理位置的情況並不少見，如果你願意的話，我們會有一個主力店，這對我們來說是一個中間點。奧黑爾機場的設計是為了補充中途機場，以滿足我們在芝加哥市相當大的客戶群。

And so we're pleased that of Chicago's Department of Aviation can accommodate us in both airports. And so we tend to be in both airports and serve Chicago land to the best of our ability.

因此，我們很高興芝加哥航空局能夠在這兩個機場為我們提供服務。因此，我們傾向於在兩個機場都設立辦事處，並盡最大努力為芝加哥地區提供服務。

Got it. But you don't see it as a sort of a major growth airport?

知道了。但您不認為它是一個具有重大發展潛力的機場嗎？

We're low growth this year, next. So right now, we're pleased with what we have in Chicago, our growth this year is more focused on Nashville, Phoenix, Sacramento, some in Orlando. And so each year, we have kind of a growth vector, and it is in those I just mentioned this year and for future years, those haven't yet been decided.

今年和明年我們的成長都很低。所以現在，我們對在芝加哥的成績感到滿意，今年我們的成長主要集中在納許維爾、鳳凰城、薩克拉門托和奧蘭多的一些地區。因此，每年我們都有一個成長向量，這就是我剛才提到的今年以及未來幾年的成長向量，這些都尚未確定。

But Chicago has got a strong customer base for us and having a good diversified customer base around the country that allows us to move our capacity when one part of the country is booming and one's busy, we can move our aircraft and vice versa. And so that allows us to have good diversity. And so we're pleased with we have Chicago and the rest of our network.

但是芝加哥為我們提供了強大的客戶基礎，並且在全國範圍內擁有良好多樣化的客戶基礎，這使我們能夠在全國某個地區蓬勃發展、某個地區繁忙時調動我們的運力，我們可以調動我們的飛機，反之亦然。這樣我們就有很好的多樣性。因此，我們很高興擁有芝加哥和我們網絡的其他部分。

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞社。

I wanted to ask, as consumers view Southwest is becoming more and more like every other airline, I'm wondering in the promotions that you're working on going forward, what are going to be some of the hard assets, the product assets that you can point to that differentiate you in the future, not things like hospitality friendly employees. But what are some of the hard assets that you can point to that would be a reason for somebody to fly Southwest versus one of your competitors?

我想問一下，隨著消費者認為西南航空越來越像其他航空公司，我想知道在未來的促銷活動中，您將來會推出哪些硬資產、哪些產品資產讓您與眾不同，而不是像熱情好客的員工這樣的因素。但是，您能指出哪些硬資產可以成為人們選擇西南航空而不是您的競爭對手的原因嗎？

Mary, I mean, to start with, there's a lot. We have a network that is far different than our competitors rather than having a few strong hubs that we then connect the vast majority of the traffic through. We are large in dozens of cities and therefore have the most nonstops in the domestic network. So our schedule is far superior to our competitors. We're running a terrific operation.

瑪麗，我的意思是，首先，有很多。我們的網路與競爭對手截然不同，我們並不是透過幾個強大的樞紐來連結絕大多數流量。我們的業務覆蓋數十個城市，因此在國內網路中擁有最多的直飛航班。因此我們的日程安排比競爭對手優越得多。我們正在進行一項了不起的行動。

We were number one in the Wall Street Journal rankings in the first quarter, and that's what taking time out of the turn, and we're still running the top operation in the industry. Yes, you kind of say for hospitality. Hospitality is a huge piece of this. Our people and the services that they deliver and the way they treat our customers is a huge difference.

我們在第一季的《華爾街日報》排名中位居第一，這就是我們抓住機會、奮力拼搏的結果，我們仍然在業界保持領先地位。是的，你這麼說是為了熱情好客。熱情好客是其中很重要的一環。我們的員工、他們提供的服務以及他們對待客戶的方式有著巨大的差異。

The vast majority of the notes and compliments that I get from our customers is all about the way one of our employees made them feel went out of their way to help them with something. So I think that's a huge piece of this and that's what leads to the industry best NPS scores.

我從客戶那裡得到的絕大多數留言和讚美都是關於我們的員工如何讓他們感到不遺餘力地幫助他們。所以我認為這是其中很重要的一部分，這也是導致業界獲得最佳 NPS 分數的原因。

And in fact, the NPS scores in the aircraft during travel with our flight attendants, that's the highest scoring part of the journey. So I don't think you can dismiss that. And then as we move along, we'll continue to add the attributes, like adding different seating and the extra leg room. There are a lot of product attributes that we're looking at, not ready to announce different things today but we'll continue to add those along the way as well. But no, I think our list of differentiators is very long.

事實上，在與我們的空服員一起旅行時，飛機上的 NPS 評分是旅程中得分最高的部分。所以我認為你不能忽視這一點。然後，隨著我們的進展，我們將繼續添加屬性，例如添加不同的座位和額外的腿部空間。我們正在研究很多產品屬性，今天還沒有準備好宣布不同的內容，但我們也會繼續添加這些屬性。但不，我認為我們的差異化因素清單很長。

And ladies and gentlemen, this concludes our question-and-answer session for media. So back over to Whitney now for closing comments.

女士們、先生們，我們的媒體問答環節到此結束。現在回到惠特尼的最後發言。

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. Thanks.

如果您還有其他問題，我們的通訊小組隨時準備提供他們的聯絡信息，並且今天的新聞稿均可在 swamedia.com 上找到。謝謝。

The conference has now concluded. Thank you all for attending. We'll meet again here next quarter. You may now disconnect your lines.

會議現已結束。感謝大家的出席。我們下個季度會在這裡再次見面。現在您可以斷開線路了。