西南航空 (LUV) 2025 Q2 法說會逐字稿

Hello, everyone and welcome to the Southwest Airlines second quarter 2025 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2025年第二季電話會議。我是加里，我將主持今天的電話會議，會議正在錄音。重播將在 southwest.com 的投資者關係部分提供。（操作員指示）

Now, [Lauren Yett from Investor Relations] will begin the discussion. Please go ahead, Lauren.

現在，[投資者關係部的 Lauren Yett] 將開始討論。請繼續，勞倫。

Thank you. Hello, everyone, and welcome to Southwest Airlines second quarter 2025 earnings call. In just a moment we will share our prepared remarks, after which we will move into Q&A.

謝謝。大家好，歡迎參加西南航空 2025 年第二季財報電話會議。稍後我們將分享我們準備好的發言，然後進入問答環節。

I'm joined today by our President, 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 expectation of future performance and our actual results could differ materially from expectations. 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 second quarter 2025 results and supplemental information were both issued yesterday afternoon and are available on our investor relations website.

今天與我一同出席的還有我們的總裁、執行長兼董事會副主席鮑勃·喬丹 (Bob Jordan)、首席營運官安德魯·沃特森 (Andrew Watterson) 以及執行副總裁兼首席財務官湯姆·多克西 (Tom Doxey)。需要提醒的是，我們將根據我們目前對未來表現的預期做出前瞻性陳述，而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 結果，其中不包括在我們的收益新聞稿中提及並與 GAAP 結果相協調的特殊項目。我們的 2025 年第二季業績和補充資訊的新聞稿均於昨天下午發布，可在我們的投資者關係網站上查閱。

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

現在我很高興把電話轉給你，鮑伯。

Thank you, Lauren, and thanks to everyone for joining us today. Southwest is on a transformational journey, the largest in our history as we work to evolve our product and deliver increased value for shareholders and more choice for our customers. Our plan remains on track, and I have high confidence in our transformational journey and the significant value it brings. And that value accelerates this year and then more meaningfully in 2026. Additionally, I'm happy to report that we are seeing signs of improvement in industry demand.

謝謝你，勞倫，也謝謝大家今天加入我們。西南航空正處於轉型之旅，這是我們歷史上最大的轉型之旅，我們致力於改進產品，為股東創造更多價值，為客戶提供更多選擇。我們的計劃仍在按計劃進行，我對我們的轉型之旅及其帶來的巨大價值充滿信心。今年這一價值將加速成長，到 2026 年將更加顯著。此外，我很高興地報告，我們看到了行業需求改善的跡象。

Changes in enhancements are being implemented very rapidly. In first quarter, we amended our agreement with Chase. We implemented enhancements to our Rapid Rewards program and launched Expedia, which continues to exceed our expectations. We began 24 hour operations with our first Red Eye flights, and we launched our partnership with Icelandair. We accelerated our cost reduction plan and continue to execute very well on cost with broad-based cost discipline across the company.

增強功能的變化正在非常迅速地實施。第一季度，我們修改了與大通的協議。我們對快速獎勵計劃進行了改進，並推出了 Expedia，這繼續超出了我們的預期。我們啟動了首批紅眼航班的 24 小時運營，並與冰島航空建立了合作夥伴關係。我們加快了成本削減計劃，並繼續在全公司範圍內透過廣泛的成本紀律很好地執行成本削減計劃。

Moving to the second quarter. The pace and the quality of execution continued. We began charging checked bag fees. We reintroduced the expiration of flight credits and implemented our basic economy product and enhanced fare structure, which lays the foundation for meaningful product differentiation when assigned and premium seating become available. Those changes were announced in March and successfully launched in less than 100 days.

進入第二季。執行的速度和品質持續保持。我們開始收取托運行李費。我們重新引入了機票積分的有效期，並實施了基本經濟艙產品和增強的票價結構，這為指定座位和高級座位可用時的有意義的產品差異化奠定了基礎。這些變更於三月宣布，並在不到 100 天的時間內成功實施。

I'm just extremely proud of our operations, commercial and technology teams for their work to support an exceptional operational rollout. The revenue contribution from bag fees has exceeded our expectations so far and we've experienced no negative impact to the operation. Additionally, during the quarter, we began retrofitting aircraft for extra legroom seating with about a quarter of our fleet now modified.

我對我們的營運、商業和技術團隊為支援卓越的營運推廣所做的工作感到非常自豪。到目前為止，行李費的收入貢獻已經超出了我們的預期，而且我們的營運沒有受到任何負面影響。此外，在本季度，我們開始對飛機進行改裝，以增加腿部空間，目前我們大約四分之一的機隊都進行了改裝。

Moving on to the third quarter. Earlier this week, we announced that we will begin selling assigned and premium seating on July 29 for flights beginning on January 27. We announced service to St. Thomas, which will begin operation early next year. And just this morning, we announced new and enhanced benefits to our co-brand credit cards offered through Chase.

進入第三季。本週早些時候，我們宣布，我們將於 7 月 29 日開始在 1 月 27 日出發的航班上銷售指定座位和高級座位。我們宣布了飛往聖托馬斯的航班，該航班將於明年初開始運營。就在今天早上，我們宣布了透過大通銀行提供的聯名信用卡的全新增強優惠。

These benefits line with our new product offering and are designed to incentivize increased spending with perks like more points for everyday spending on things like groceries, gas and dining purchases. And I'm pleased with the pace of the execution and we are not slowing down. Our initiatives will continue to roll up and to ramp, and we expect them to deliver a more meaningful contribution in the fourth quarter of this year and a much greater contribution in 2026 once we began operating a signed and premium seating along with this year's enhancements.

這些福利與我們的新產品相符，旨在透過諸如在日常購買食品雜貨、汽油和餐飲等消費中獲得更多積分等額外福利來激勵增加支出。我對執行的速度感到滿意，而且我們並沒有放慢速度。我們的舉措將繼續推進和升級，我們預計這些舉措將在今年第四季度做出更有意義的貢獻，並在 2026 年我們開始經營簽名和高級座位以及今年的改進後做出更大的貢獻。

And I want to reiterate that our current initiatives are not the endpoint in our product strategy and evolution. As we've stated before, we are committed to evolving further to meet the needs of our current and our future customers.

我想重申，我們目前的舉措並不是我們產品策略和發展的終點。正如我們之前所說，我們致力於進一步發展以滿足現有和未來客戶的需求。

Turning to the macro environment. Industry demand stabilized in the second quarter. And while it's early, our recent bookings show clear signs of improvement. This improving demand environment, along with moderated capacity in the industry and the accelerating ramp-up of the contribution from our Southwest specific initiatives provides a constructive backdrop for the second half of the year and into 2026.

轉向宏觀環境。第二季產業需求趨於穩定。雖然還為時過早，但我們最近的預訂情況明顯好轉。這種不斷改善的需求環境，加上產業運力的放緩以及我們西南地區特定計畫貢獻的加速提升，為今年下半年乃至 2026 年提供了建設性的背景。

We have provided an updated full year EBIT guide of $600 million to $800 million and a reconciliation to our previous guide of $1.7 billion. This includes nearly a $1 billion drop from the precipitous decline in the macro environment as being felt by the industry, net of some inflection back up for the rest of the year and a $100 million decrease from higher fuel costs with our $1.8 billion portfolio of initiatives and relative domestic unit revenue outperformance continuing to drive incremental value for the year.

我們提供了更新後的全年息稅前利潤 (EBIT) 指引，為 6 億至 8 億美元，並與先前 17 億美元的指引進行了調整。這包括因行業感受到宏觀環境急劇下滑而導致的近 10 億美元損失，扣除今年剩餘時間的一些回升，以及因燃料成本上漲而導致的 1 億美元損失，而我們的 18 億美元計劃組合和相對國內單位收入的優異表現繼續推動今年的增量價值。

Our updated full year EBIT guide still represents meaningful year-over-year improvement, and we continue to expect significant EBIT expansion in 2026 as the value contribution from our slate of initiatives continues to accelerate. On top of that, given our overweighting to the domestic market, we would expect to be an outsized beneficiary of any recovery in the domestic demand environment. Our strong and efficient investment-grade balance sheet continues to provide support and flexibility as well.

我們更新的全年息稅前利潤指南仍然代表著同比有意義的改善，隨著我們一系列舉措的價值貢獻不斷加速，我們預計 2026 年息稅前利潤將大幅增長。除此之外，鑑於我們對國內市場的過度重視，我們預期國內需求環境的任何復甦都將使我們成為最大的受益者。我們強大而高效的投資等級資產負債表也持續提供支援和靈活性。

Underscoring the belief in our transformational plan, strong management execution, and the ability to deliver significant value for our shareholders, our Board of Directors has authorized a new $2 billion share repurchase program expected to be completed over a period of up to two years. Tom will provide insight into our strong capital allocation framework, which balances a strong and durable investment-grade balance sheet with the capacity for further share buybacks at what we believe are attractive levels.

出於對我們的轉型計劃、強大的管理執行力以及為股東創造重大價值的能力的信心，我們的董事會已批准一項新的 20 億美元股票回購計劃，預計將在兩年內完成。湯姆將深入了解我們強大的資本配置框架，該框架在強勁持久的投資等級資產負債表與我們認為有吸引力的水平上進一步回購股票的能力之間取得平衡。

I'm very excited about the future that we're building here at Southwest, and we will continue executing on our plans with urgency and with purpose. Above all, I want to recognize our incredible employees for their excellence and their one-of-a-kind hospitality as we all work together to deliver on our vision.

我對西南航空正在建立的未來感到非常興奮，我們將繼續緊迫而有目的地執行我們的計劃。最重要的是，我要表彰我們出色的員工，感謝他們的卓越表現和獨特的熱情好客，我們共同努力實現我們的願景。

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

好了，安德魯，我將把這個任務交給你了。

Thanks, Bob. I'll start by also recognizing our people for continuing to run an excellent operation. I'm especially proud that we led the industry in on-time performance for the first half of this year. We continue to have a strong completion factor, canceling fewer flights during irregular operations compared with our larger peers and recovering very quickly with little to no hangover the days that follow. I commend our teams for rising to the challenge during this transformational time.

謝謝，鮑伯。我首先要感謝我們的員工繼續出色地開展工作。我特別自豪的是，我們在今年上半年的準點率方面領先業界。我們繼續保持著強勁的完成率，與規模較大的同行相比，在非正常運營期間取消的航班更少，而且恢復得非常快，隨後的幾天幾乎沒有任何後遺症。我讚揚我們的團隊在這個轉型時期迎接挑戰。

We reached a key milestone with the launch of our basic economy products and check bag fees on May 28. A tremendous amount of work enabled that rollout, including training for our people on new policies and tools. The operational rollout was incredibly smooth. Employing these changes in May was designed to set the foundation for our product differentiation, ahead of beginning to sell assigned premium seating. Today, the incentives to buy up are primarily flexibility and free check bags. We began selling the sign and premium seating next week, more enhancement and choices will exist, allowing from incremental product differentiation for customers.

5 月 28 日，我們推出了基本經濟艙產品和托運行李費，達到了一個重要的里程碑。大量的工作促成了這項舉措，包括對我們的員工進行新政策和新工具的培訓。整個營運部署異常順利。五月實施這些變更的目的是為我們的產品差異化奠定基礎，然後開始銷售指定的高級座位。如今，購買的激勵因素主要是靈活性和免費托運行李。我們將於下週開始銷售標誌和高級座位，屆時將有更多的增強功能和選擇，從而為客戶提供漸進式產品差異化。

As we've previously shared, we did not see a measurable customer impact in the period between the announcement of these changes back in March and the implementation in late May. The day before the changes were implemented, we did see a modest pull forward in bookings. In the days following May 28, we experienced a temporary decline in bookings, primarily in basic economy.

正如我們之前所分享的，從 3 月宣布這些變更到 5 月底實施期間，我們並沒有看到對客戶產生可衡量的影響。在實施這些變更的前一天，我們確實看到預訂量略有上升。5 月 28 日之後的幾天裡，我們的預訂量暫時下降，主要是基礎經濟艙的預訂。

Starting from day 1, the team has worked continuously to optimize our approach to selling basic economy. There has been an ongoing effort to optimize the product descriptions and the basic economy booking flow, which initially included barriers to booking basic economy that resulted in reductions in overall website conversion.

從第一天開始，團隊就不斷努力優化我們銷售基本經濟的方式。我們一直在努力優化產品描述和基本經濟艙預訂流程，最初包括設置預訂基本經濟艙的障礙，導致網站整體轉換率降低。

We quickly refined the booking flow in product descriptions to reduce friction and bookings have returned to expected levels with promotional activity backfilling gaps from this brief period of lower conversion. This resulted in an impact to second quarter 2025 year-over-year RASM of nearly 0.5 point. And we expect an impact to third quarter 2025 year-over-year RASM of approximately 1 point.

我們迅速改進了產品描述中的預訂流程，以減少摩擦，預訂量已恢復到預期水平，促銷活動填補了這段短暫的低轉換率時期的空白。這對 2025 年第二季的 RASM 造成年比近 0.5 個百分點的影響。我們預計 2025 年第三季 RASM 年比影響約為 1 個百分點。

Moving to checked bags, well over half of our customers are now flying on bookings made beginning May 28. We are encouraged to be seen higher-than-anticipated take rates for paid bags. At this early stage, we're already trending at the higher end of the bag revenue per passenger rate of our larger peers, which is in excess of our estimates.

談到托運行李，我們超過一半的乘客現在都是透過 5 月 28 日開始預訂航班的。我們很高興看到付費行李的收費率高於預期。在這個早期階段，我們的每位乘客的行李收入已經達到較大同行的較高水平，這超出了我們的預期。

We've seen a modest increase in gate check bags as expected, but have experienced no negative impact to the operation. We prepared for this change by implementing new systems and processes, which has supported the exceptional operational rollout. For example, we're using a machine learning tool that protects the number of gate check bags need for each flight, which enables our teams to act early and keep the operation running smoothly.

正如我們所料，登機口托運行李數量略有增加，但這並未對營運產生負面影響。我們透過實施新系統和流程為這項變更做好了準備，這支持了卓越的營運推廣。例如，我們正在使用機器學習工具來保護每個航班所需的登機口托運行李數量，這使我們的團隊能夠儘早採取行動並確保營運順利進行。

Overall, we're pleased with the product changes and look forward to the continued ramp of these initiatives according to our plan. We're excited to begin selling the sign and premium seat on Tuesday, and look forward to operating these new products beginning January 27. As Bob mentioned, we've modified about a quarter of our fleet. We've already started to monetize these retrofit aircraft by notifying customers that will be on a flight with extra legroom seats and inviting them to take advantage of our existing upgraded boarding product.

整體而言，我們對產品的變化感到滿意，並期待這些舉措能夠按照我們的計劃繼續推進。我們很高興在周二開始銷售標誌和高級座位，並期待從 1 月 27 日開始運營這些新產品。正如鮑伯所提到的，我們已經改造了大約四分之一的車隊。我們已經開始透過這些改裝飛機賺錢，方法是通知將乘坐具有額外腿部空間座位的航班的乘客，並邀請他們利用我們現有的升級登機產品。

We've been very pleased with our co-brand agreement with Chase, and we're excited about the new and enhanced benefits on our credit cards announced this morning, which align with our new product offering. New benefits include one free checked bag, pre-flight seat selection and upgrades to extra leg room with any fair bundle as well as earlier boarding. Even before these new products and card enhancements, we've seen increased sign-ups with our existing card.

我們對與大通銀行達成的聯名品牌協議感到非常滿意，並且對今天早上宣布的信用卡的全新和增強的優惠感到非常興奮，這與我們的新產品相一致。新的優惠包括免費托運行李一件、飛行前選擇座位、使用任意組合票價升級至額外腿部空間以及提前登機。甚至在這些新產品和卡片增強功能推出之前，我們已經看到使用現有卡片的註冊人數增加。

Beginning in our August schedule, we're providing more connecting opportunities to drive load factors. We still have the largest point-to-point network in the industry, but with additional connection options layered in, driving improved network utility and more options for our customers. The connection opportunities will vary by season, day of week and time of day with less structured connectivity and peak times. We're expanding our network and look forward to launching services in St. Thomas early next year. This is our first new destination to launch since 2021, and we expect to announce at least two more new destinations later this summer.

從八月的航班時刻表開始，我們將提供更多的轉機機會來提高載客率。我們仍然擁有業內最大的點對點網絡，但增加了額外的連接選項，從而提高了網路實用性並為客戶提供了更多選擇。連結機會將隨著季節、星期和一天中的時間而變化，連接結構性較差且高峰時段較多。我們正在擴展我們的網絡，並期待明年初在聖托馬斯推出服務。這是我們自 2021 年以來推出的第一個新目的地，我們預計將在今年夏天晚些時候宣布至少另外兩個新目的地。

We recently announced our second airline partner, China Airlines, and plan to launch operations with them early next year. We also announced three new gateways for our Icelandair partnership, Pittsburgh, Orlando and Raleigh Durham, bringing us to a total of six gateways. We've made progress with the gateways by Southwest product, which is planned to launch this quarter. And through the combination of turn and red-eye initiatives, we have exceeded 2019 aircraft utilization levels while at the same time improving the quality of our operation.

我們最近宣布了第二個航空合作夥伴——中華航空，並計劃明年初與其營運。我們也宣布與冰島航空合作新增三個門戶，即匹茲堡、奧蘭多和羅利達勒姆，使我們的門戶總數達到六個。我們在西南航空門戶產品的研發方面取得了進展，該產品計劃於本季推出。透過轉彎和紅眼措施的結合，我們超過了 2019 年的飛機利用率水平，同時提高了營運品質。

After a steady trend of deteriorating demand starting the first quarter, the macro environment stabilized at lower levels during the second quarter and resulted in 2Q RASM down 3.1% year-over-year, including the nearly 0.5 point impact from the decline in bookings following our May 28 policy changes. I'm pleased that we again outperformed our large industry peers on domestic unit revenue.

從第一季開始，需求持續惡化，但宏觀環境在第二季穩定在較低水平，導致第二季 RASM 年減 3.1%，其中包括 5 月 28 日政策變化後預訂量下降造成的近 0.5 個百分點的影響。我很高興我們在國內單位收入方面再次超越了大型行業同行。

Our 3Q RASM guide of down 2% to up 2% year-over-year, assumes a modest sequential improvement demand includes roughly 1 point impact from decline in bookings following our May 28 policy change, a 1 point headwind from lapping last year's crowd strike incident and is partially mitigated by our initiatives continuing to ramp.

我們的第三季 RASM 指引為年減 2% 至上升 2%，假設需求出現溫和的連續改善，其中包括 5 月 28 日政策變化後預訂量下降約 1 個百分點的影響，以及去年人群罷工事件造成的 1 個百分點的阻力，並透過我們持續加大的舉措得到部分緩解。

Looking to 4Q RASM, we assume further sequential improvement from third quarter both from anticipated improvement in domestic leisure travel trends and accelerating incremental revenue from our initiatives continuing to ramp. We will provide more specific RASM guidance for the fourth quarter through our next earnings call.

展望第四季的 RASM，我們預計第三季的 RASM 將進一步環比改善，這既得益於國內休閒旅遊趨勢的預期改善，也得益於我們持續推進的計劃帶來的增量收入的加速增長。我們將在下次財報電話會議上提供更具體的第四季 RASM 指導。

We remain committed to our reduced capacity plan for this year with full year capacity up just 1% year-over-year, with trips down roughly 2% this year and the modest growth driven by our turn and Red Eye efficiency initiatives. We've made tremendous progress, and we're not slowing down.

我們仍致力於今年的減運力計劃，全年運能同比僅增長 1%，今年的出行次數下降約 2%，而適度的增長則得益於我們的轉彎和紅眼效率舉措。我們已經取得了巨大的進步，而且我們不會放慢腳步。

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

說完這些，我就把麥克風交給湯姆。

Thanks, Andrew, and hello, everyone. As you've heard from both Bob and Andrew, we remain on track for our slate of initiatives. We are reiterating our incremental initiative EBIT contribution targets of $1.8 billion in 2025 and $4.3 billion in 2026. Of the $1.8 billion initiative even in 2025, we have successfully executed and met our planned expectations in both the first and second quarter of the year, already realizing roughly one third of this year's expected value. We continue to expect the remaining two thirds of this year's EBIT contribution to be achieved in the back half of this year as the ramp of the initiatives continues to accelerate according to our product rollout and plan.

謝謝，安德魯，大家好。正如鮑勃和安德魯所說，我們的一系列舉措仍在按計劃推進。我們重申增量計畫息稅前利潤貢獻目標，即 2025 年為 18 億美元，2026 年為 43 億美元。即使在 2025 年，18 億美元的計劃中，我們也已在今年第一季和第二季成功執行並達到了計劃預期，已經實現了今年預期價值的約三分之一。隨著各項舉措按照我們的產品推出和計劃繼續加速推進，我們預計今年剩餘的三分之二息稅前利潤貢獻將在今年下半年實現。

We feel confident in our ability to deliver against these targets and the Southwest specific levers we have to mitigate the current industry demand environment. We'd like to provide more detail into some of the early successes that we are seeing from several of our initiatives.

我們有信心實現這些目標，並能利用西南航空特有的手段來緩解當前的產業需求環境。我們希望更詳細地介紹我們在多項措施中取得的一些早期成功。

First, check bags. As Andrew mentioned, we are already trending at the higher end of the bag revenue per passenger rate of our legacy peers. We currently estimate that checked bag fees will result in more than $350 million of EBIT for the full year 2025, which compares favorably to our initial estimates and has a run rate of approximately $1 billion of EBIT had it been in place for the full year.

首先，檢查行李。正如安德魯所提到的，我們的每位乘客行李收入已經處於傳統同行的較高水準。我們目前估計，托運行李費將在 2025 年全年產生超過 3.5 億美元的息稅前利潤，這與我們的初步估計相比更為有利，如果全年實行該政策，其息稅前利潤的運行率將達到約 10 億美元。

Second, we remain on track with our cost savings target of $370 million for 2025 based on actions we have taken to date. Most notably, the head count reductions in the first half of this year and the related salaries, wages and benefit savings and additional cost savings that have been identified. Leaders across our organization are highly engaged in our cost reduction plan and we are seeing cost discipline across the company.

其次，根據我們迄今採取的行動，我們仍有望實現 2025 年 3.7 億美元的成本節約目標。最值得注意的是，今年上半年的員工人數減少以及相關的工資、薪水和福利節省以及已確定的額外成本節省。我們整個公司的領導都積極參與我們的成本削減計劃，我們看到整個公司的成本紀律。

Third, the evolution of our marketing and distribution strategy, as Bob mentioned, bookings through our new channels have exceeded our expectations in particular, with Expedia, which now represents roughly 5% of our passenger volume and more than half of that 5% being customers that are net new to Southwest.

第三，我們的行銷和分銷策略發生了變化，正如鮑伯所提到的，透過我們新管道的預訂量已經超出了我們的預期，特別是 Expedia，它現在約占我們客流量的 5%，而這 5% 中的一半以上是西南航空的新客戶。

These items, together with other initiatives, such as our loyalty program, earn and burn changes, our amended Chase deal, new credit card sign-ups, flight credit expiration, network changes, the creation of additional connection opportunities, Red Eye flying and more give us high confidence in our ability to achieve our target this year.

這些項目以及其他舉措，例如我們的忠誠度計劃、賺取和消耗變化、我們修改後的大通交易、新信用卡註冊、航班積分到期、網絡變化、創造額外的連接機會、紅眼飛行等，使我們對實現今年目標的能力充滿信心。

And finally, our new basic economy product is now in place, and sets the stage for the additional product differentiation that will come from the operation of seat assignments and extra leg room seats that will start in January. We expect EBIT contribution to continue to increase into 2026 and as our current year initiatives mature and as we launch new initiatives. We're pleased to have provided the full year 2025 EBIT guidance that Bob walked you through and we'll remain focused on strong execution to drive meaningful EBIT expansion in 2026.

最後，我們新的基本經濟艙產品現已推出，並為明年 1 月開始的座位分配和額外腿部空間座位營運帶來的額外產品差異化奠定了基礎。我們預計，隨著我們當前年度計劃的成熟和新計劃的推出，息稅前利潤貢獻將在 2026 年繼續增加。我們很高興為 Bob 提供了 2025 年全年息稅前利潤 (EBIT) 指導，我們將繼續專注於強有力的執行，以推動 2026 年息稅前利潤 (EBIT) 的顯著增長。

Turning to nonfuel costs. Second quarter CASM-X came in at up 4.7%, near the midpoint of our guidance range and included a headwind of roughly 0.5 point from a noncash mark-to-market adjustment for nonqualified deferred compensation plans, which was driven solely by the recent strong stock market performance. I am pleased with our management of controllable cost items in the second quarter.

轉向非燃料成本。第二季度，CASM-X 上漲 4.7%，接近我們指導範圍的中點，其中包括非合格遞延薪酬計劃的非現金按市價調整約 0.5 點的阻力，這完全是由近期強勁的股市表現推動的。我對我們第二季可控成本項目的管理感到滿意。

We expect third quarter CASM-X to be in the range of up 3.5% to 5.5%, sequentially in line with the second quarter, but on a lower capacity base and includes roughly 0.5 point from aircraft retrofit costs to support our extra legroom seating with launches in 2026. And roughly a point of year-over-year pressure from the timing of engine overhaul expenses in the quarter.

我們預計第三季 CASM-X 的漲幅將在 3.5% 至 5.5% 之間，與第二季持平，但運力基數較低，並且包括約 0.5 個點的飛機改裝成本，以支持我們在 2026 年推出的額外腿部空間座位。本季引擎大修費用的時間安排給同比帶來了大約一個點的壓力。

Fourth quarter CASM-X, excluding the impact of book gains from fleet transactions in the fourth quarter of both years, is expected to be in the low single digits. As a reminder, we had a large sale leaseback transaction that resulted in a $92 million book gain in the fourth quarter of 2024. We also expect aircraft retrofit costs to drive up to 1 point of 4Q CASM-X pressure. We will provide more specific cost detail for the fourth quarter during our next earnings call.

第四季CASM-X（不包括兩年第四季船隊交易帳面收益的影響）預計將達到低個位數。提醒一下，我們進行了一筆大額售後回租交易，導致 2024 年第四季的帳面收益為 9,200 萬美元。我們也預期飛機改裝成本將使第四季 CASM-X 壓力上升 1 個百分點。我們將在下次收益電話會議上提供第四季更具體的成本細節。

Overall, we are managing costs very well. And again, I am very pleased with our overall cost management and cost reduction efforts, which create good momentum as we head into 2026.

整體而言，我們的成本管理得很好。我對我們的整體成本管理和成本削減工作感到非常滿意，這為我們邁向 2026 年創造了良好的勢頭。

Moving to fuel. We recently terminated our remaining hedge portfolio for cash proceeds of $40 million, which reduces our future premium expense through 2027. Further detail was included in yesterday's press release. We now have no active fuel derivative contracts and currently estimate third quarter fuel cost per gallon to be in the $2.40 to $2.50 range.

轉向燃料。我們最近終止了剩餘的對沖投資組合，獲得了 4000 萬美元的現金收益，從而減少了我們到 2027 年的未來保費支出。昨天的新聞稿中包含了進一步的細節。我們現在沒有活躍的燃料衍生合約，目前估計第三季每加侖燃料成本在 2.40 美元至 2.50 美元之間。

Turning to fleet. We've updated our 2025 aircraft delivery assumption from 38 to 47 deliveries this year as Boeing continues to ramp up production. We continue to be encouraged by the progress being made by Boeing and are pleased to have received 17 aircraft deliveries in the second quarter. As we have previously communicated, additional deliveries of new aircraft give us increased fleet flexibility. As Bob and Andrew stated, we're committed to keeping our full year capacity growth at up about 1% this year.

轉向艦隊。隨著波音公司繼續提高產量，我們已將 2025 年飛機交付量假設從 38 架更新為 47 架。波音公司取得的進展繼續令我們感到鼓舞，並很高興在第二季度收到了 17 架飛機的交付。正如我們之前所傳達的，新飛機的額外交付將提高我們機隊的靈活性。正如鮑勃和安德魯所說，我們致力於將今年的全年運力成長率保持在 1% 左右。

With these incremental deliveries, we now expect to retire roughly 55 aircraft in 2025, an increase of about 5 from the previous estimate, and this also includes 5, 737-800 aircraft that we expect to sell this year. And just recently, we also executed agreements for the sale of 8, 737-800 aircraft that will occur in the first half of 2026.

隨著這些增量交付的完成，我們現在預計 2025 年將退役約 55 架飛機，比先前的估計增加約 5 架，其中還包括我們預計今年將出售的 5 架 737-800 飛機。就在最近，我們還簽署了 8 架 737-800 飛機的銷售協議，將於 2026 年上半年完成。

And we're in the process of negotiating additional sales transactions. We continue to expect 2025 capital spending to be in the range of $2.5 billion to $3 billion, which includes the additional aircraft deliveries expected this year as well as the expected proceeds from aircraft sales.

我們正在就額外的銷售交易進行談判。我們仍預期 2025 年的資本支出將在 25 億至 30 億美元之間，其中包括今年預期的額外飛機交付以及預期的飛機銷售收益。

Moving to the balance sheet. We repurchased the remaining $1.5 billion under the previously announced $2.5 billion buyback and expect final settlement of shares to complete by the end of this month. We're pleased with the expected outcome of this program, having purchased shares at prices well below current levels.

轉到資產負債表。我們根據先前宣布的 25 億美元回購計畫回購了剩餘的 15 億美元，預計最終的股票結算將在本月底完成。我們對該計劃的預期結果感到滿意，並以遠低於當前水平的價格購買了股票。

Completion of this share repurchase authorization effectively offsets the dilution from our common stock offering in May 2020. And yesterday, we announced that our Board of Directors has approved a new $2 billion share repurchase authorization which we expect to be completed over a period of up to two years, demonstrating our continued optimism around our plan.

此次股份回購授權的完成有效抵銷了我們 2020 年 5 月普通股發行造成的稀釋。昨天，我們宣布董事會已批准一項新的 20 億美元股票回購授權，我們預計該授權將在兩年內完成，這表明我們對計劃持續持樂觀態度。

I'd also like to provide more detail on the capital allocation framework that we will use as a guide as we move forward, which will support our continued commitment to a strong and efficient investment-grade balance sheet. We will be shifting from a cash target to a liquidity target, which will be $4.5 billion, comprised of $3 billion in cash and an upsized revolver of $1.5 billion, which is an increase of $500 million from the previous revolver size.

我還想提供更多關於資本配置框架的細節，我們將在未來使用該框架作為指導，這將支持我們繼續致力於強大而高效的投資等級資產負債表。我們將從現金目標轉向流動性目標，即 45 億美元，其中包括 30 億美元現金和 15 億美元的擴大版循環信貸額度，比先前的循環信貸額度增加了 5 億美元。

We completed the upsizing of the revolver earlier this week. This target provides appropriate liquidity levels to cover near-term business needs with access to additional liquidity available through a significant amount of unencumbered assets. We will target a gross leverage range of 1 times to 2.5 times adjusted debt, meaning gross debt plus operating leases to adjusted EBITDAR.

我們本週早些時候完成了左輪手槍的升級。此目標提供適當的流動性水平，以滿足近期業務需求，並透過大量無抵押資產獲得額外的流動性。我們將目標總槓桿範圍設定為調整後債務的 1 倍至 2.5 倍，即總債務加上經營租賃加上調整後的 EBITDAR。

After paying off $2.6 billion of debt from the prepayment of the first tranche of the payroll support program notes and the payoff of our convertible notes, we ended the quarter with leverage of 2.1 times. We will prioritize our use of capital to; one, continue to invest in the business; two, reduce leverage and maintain balance sheet strength; and three, provide returns to shareholders through repurchases or dividends through free cash flow, surplus cash or surplus debt capacity.

在償還了工資支持計畫票據第一批預付款和可轉換票據的償付所造成的 26 億美元債務後，我們在本季末的槓桿率為 2.1 倍。我們將優先考慮以下資本用途：第一，繼續投資於業務；第二，降低槓桿率並維持資產負債表實力；第三，透過回購或股息，透過自由現金流、剩餘現金或剩餘負債能力向股東提供回報。

And with that, I'll hand it back to Bob.

說完這些，我就把它交還給鮑伯。

Thank you, Tom. Before we move on to Q&A, I want to leave you with a few key points. First, we are performing well on a relative basis and are encouraged with the recent signs of improvement in the demand environment. We continue to execute on our initiatives. We had an exceptional operational rollout of bags in basic, and we are making rapid progress to sell and operate a sign in premium seating, which will bring many of our initiatives together.

謝謝你，湯姆。在我們進入問答環節之前，我想先告訴大家幾個重點。首先，我們的表現相對良好，並且對近期需求環境改善的跡象感到鼓舞。我們將繼續執行我們的措施。我們在基礎行李營運方面取得了顯著進展，並且在銷售和營運高級座位標誌方面也取得了快速進展，這將把我們的許多舉措結合在一起。

Second, we are confident we have an appropriate capital allocation framework and guardrails in place to operate as efficiently as possible and maintain our relative balance sheet strength and position, which we view as a significant strategic advantage.

其次，我們相信，我們擁有適當的資本配置框架和護欄，可以盡可能有效率地運作並維持我們相對的資產負債表實力和地位，我們認為這是一個重要的策略優勢。

Finally, we remain committed to the plan we have in place, including successful execution and implementation of our transformational initiatives. All of this is focused on controlling what we can control to not only deliver exceptional customer value and continued loyalty, but also restore the financial returns we are known for, while maintaining our unique and differentiated culture with much more to come as we roll out further enhancements to our product offering.

最後，我們將繼續致力於現有的計劃，包括成功執行和實施我們的轉型措施。所有這些都集中在控制我們能夠控制的事情上，不僅可以提供卓越的客戶價值和持續的忠誠度，還可以恢復我們所熟知的財務回報，同時保持我們獨特和差異化的文化，隨著我們進一步增強產品供應，未來還會有更多。

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

說完這些，我將把它交還給勞倫，開始我們的問答環節。

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, so we ask 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，因此請你們只問一個問題。我們現在回答第一個問題。

(Operator Instructions)

（操作員指示）

Catherine O’Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Hey, good morning team. Thanks so much for the time. I just had a question on how we should think about the EBITDA initiatives ramping up over 3Q and 4Q? I realized two thirds of the initiatives are coming back half of the year. But on my math, your guide implies an EBIT loss in the third quarter, which is taken in conjunction with the first half means the majority of this year's expected EBIT will be produced in the fourth quarter. What drives that 4Q versus 3Q ramp? I'm just trying to understand how much of it is ramping initiatives versus industry assumptions? Thanks

嘿，大家早安。非常感謝您抽出時間。我只是想問一個問題：我們應該如何看待第三季和第四季 EBITDA 計畫的進展？我意識到三分之二的措施在半年後就會恢復。但根據我的計算，您的指南暗示第三季度的息稅前利潤將出現虧損，如果與上半年的情況結合起來，則意味著今年預期的息稅前利潤大部分將在第四季度產生。是什麼推動了第四季相對於第三季的成長？我只是想了解其中有多少是主動舉措而非產業假設？謝謝

Yeah. Catie, thanks for the question. I'll give it a start and then pass it over to Andrew. But you've got a combination of obviously, initiatives ramping up like bags, we gave you an annualized number on bags at $1 billion in EBIT. And with booking curve, most of that's in place on -- in the fourth quarter, you have flight credits and rapid rewards optimization and a long, long list of initiatives that ramp across that period.

是的。Catie，謝謝你的提問。我會先開始，然後將其交給安德魯。但顯然，你們已經採取了一系列舉措，例如袋子，我們給出了袋子的年化數字，息稅前利潤為 10 億美元。並且，隨著預訂曲線的出現，大部分舉措已在第四季度到位，您將獲得航班積分和快速獎勵優化，以及一系列在該時期內陸續推出的舉措。

You also have some assumptions around the continued sequential improvement in the demand environment. And I think split between kind of those two, you've got about 4 points of improvement between the initiatives ramping and the assumptions around sequential improvement. But it's really that. But Andrew, -- take you a little more detail.

您也對需求環境的持續持續改善做出了一些假設。我認為，將這兩者分開來看，在計劃的提升和圍繞連續改進的假設之間，你會得到大約 4 點的改進。但事實確實如此。但是安德魯，請向您詳細介紹一下。

Yes, so the -- so flat RASM in Q3 the guide implies roughly a 6 point improvement in RASM so those focused on the revenue side. So all 6.2 point are the kind of a lack of a negative. So we have the basic economy headwind in Q3 as well as the CrowdStrike compared in Q3, so that leaves you with the 4 points of Bob referenced, split between macro and initiatives.

是的，所以第三季的 RASM 持平，指南暗示 RASM 大約提高了 6 個百分點，因此那些人關注的是收入方面。所以所有的 6.2 分都是一種缺乏的負面因素。因此，我們在第三季度面臨著基本的經濟逆風，並且與 CrowdStrike 進行了比較，這樣就得到了 Bob 提到的 4 點，分為宏觀和舉措。

If you decompose of macro, you have the improved environment we see right now. So we -- like others, we see from June to July, we saw improvement in the macro environment. And that means Q4, its booking curve is much less exposed to weakness compared to Q3. So that's a tailwind that will position even if nothing else improves.

如果你分解宏觀，你會看到我們現在看到的改善的環境。因此，與其他人一樣，我們看到從六月到七月，宏觀環境有所改善。這意味著第四季度的預訂曲線與第三季相比，受疲軟影響較小。因此，即使其他方面沒有改善，這也是一種順風。

And you also have the capacity coming out of the marketplace starting post-summer ramping through. So a combination of already published capacity reductions, they already seen macro improvement gives you tailwinds into Q4. And we see, I think, a strengthening trend, so it could be more than that.

而且，夏季過後，市場產能也會逐漸增加。因此，已經公佈的產能削減和已經看到的宏觀改善相結合，為第四季度帶來了順風。我認為我們看到了一種加強的趨勢，因此實際數字可能不只如此。

And then on the initiative side, Tom and Bob both gave you the bag numbers. And so those, as you see ramp through the whole booking curve, all of Q3 was not exposed to bag fees, but essentially all of Q4 will be because of the nature of when the bookings take place. And then a few other things that are also in the initiative bucket that are also previously implemented and still in the booking curve compared to earlier in the year. The earned burn change will be fully into Q4. And then the flight credit expiration as well will be fully in there. And so those initiatives together provide a sequential 3Q to 4Q improvement as we kind of fully pick this into the booking curve.

然後，在主動方面，湯姆和鮑伯都給了你行李號碼。因此，正如您所看到的，在整個預訂曲線中，第三季度的所有航班都沒有受到行李費的影響，但基本上第四季度的所有航班都會受到行李費的影響，這是因為預訂發生的時間性質。然後，還有一些其他的事情也屬於計劃範疇，這些事情之前也已經實施，並且與今年早些時候相比仍然處於預訂曲線中。所賺取的銷毀零錢將全部進入第四季。然後航班積分也將完全到期。因此，當我們將其完全納入預訂曲線時，這些舉措共同帶來了第三季至第四季的連續改善。

What's not in there though is a basic economy. We're assuming it will be kind of a flattish impact. We assume there will be a positive impact in Q1 when we go to assigned seat because that's a more compelling buy-up of a basic economy to choice. However, should we succeed in making it a positive before then, that's an additional tailwind as we go throughout the second half.

但其中缺少的是基本經濟。我們假設它會產生一種較為平緩的影響。我們假設當我們轉到指定座位時，第一季將會產生正面的影響，因為這是比基本經濟艙更具吸引力的選擇。然而，如果我們在此之前成功實現積極的結果，那麼這將成為我們下半年的額外順風。

Tom, anything to add to that?

湯姆，還有什麼要補充的嗎？

no, I think you said it well.

不，我認為你說得很好。

Okay. Great. Maybe just one follow-up on the bag fees. So I guess, you said that it's tracking ahead of plan. Is that just a volume thing, the rate you're able to charge? How do we think about that? And then -- on the other side, how are you tracking any potential book away from bag fees. As customers were used to your fare including a bag fee, has there been any impact to sold fares post bag fee rollout? Like can you talk about book PRASM, pre and post bag fee that was a loaded question. I'm sorry. So please cover whatever you want.

好的。偉大的。也許只是對行李費進行一次跟進。所以我猜，您說的是它正在提前完成計劃。你們能收取的費用只是數量問題嗎？我們對此有何看法？然後——另一方面，您如何追蹤任何潛在的免除書包費用的書籍？由於乘客已經習慣了包含行李費的票價，推出行李費後，對已售票價有影響嗎？例如，您能否談談預訂 PRASM、行李前和行李後的費用，這是一個引導性問題。對不起。因此請涵蓋您想要涵蓋的任何內容。

And Catie, no, the rollout of bag fees and basic economy, which came together along with some other things. I've just got to stop and just say thank you to our folks, I'm really pleased. I mean from sort of conception in agreement, we were going to do that to the implementation on 528 was, I think, 91 days. So just a terrific execution. And then the execution and the launch itself, we were well prepared to saw no operational impact. We're checking about third less bags. Very few of those are turning into gate check bag. So very prepared operationally, so no impact there.

還有 Catie，不，行李費和基本經濟艙的推出，是與其他一些事情一起推出的。我必須停下來向我們的家人說謝謝，我真的很高興。我的意思是，從達成一致的構想來看，我們將在 528 上實施這項計劃，我認為需要 91 天。所以這只是一次出色的執行。然後是執行和發布本身，我們已經做好了充分的準備，不會看到任何營運影響。我們正在檢查三分之一少的行李。其中只有極少數會被轉入登機口托運行李。因此在操作上做好了充分準備，不會產生影響。

And then really no customer impact that we can detect. -- certainly no book away. We did have a couple of week period where we were tweaking really the digital flows of selling basic economy, but that was more about how we were selling it versus customers not buying. So there's no customer reaction to bag fees and what we put in on the 28.

然後我們實際上就檢測不到對客戶的任何影響了——當然也沒有書籍遺失。我們確實花了幾週的時間調整基本經濟銷售的數位流程，但這更多的是關於我們如何銷售它而不是顧客不購買。因此，乘客對於行李費以及我們在 28 日增加的費用沒有任何反應。

The outperformance really is because we've not modified our pricing. It really is -- we're checking more bags per passenger than expected. That's really where the outperformance is. We're sort of middle to above midpoint of the industry in terms of bags that are being checked and paid for. So that's really where the outperformance is. And it's been incredibly stable from the day we started 528 just calculating an annualized number through today, it's been sitting right on top of that $1 billion number the whole time. Andrew?

業績優異的真正原因是我們沒有修改定價。確實如此——我們每位乘客托運的行李數量超出預期。這才是真正表現優異的地方。就托運行李和付費行李的數量而言，我們的水平處於行業中等偏上水平。這才是真正表現優異的地方。從我們開始 528 的那一天起，僅計算年化數字到今天，它一直非常穩定，一直徘徊在 10 億美元這個數字之上。安德魯？

And, I'd add to that, Bob, that if people were displeased with our offering and no longer had an affinity for Southwest Airlines, they wouldn't come to our website. And we actually saw no change in website traffic kind of pre, post 528. We did see, as we went through the booking flow, lower conversion on the basic economy fare. And in particular, that was from 528 through June 15.

鮑勃，我想補充一點，如果人們對我們提供的服務不滿意，並且不再對西南航空感興趣，他們就不會訪問我們的網站。實際上，我們發現 528 前後網站流量沒有改變。在完成預訂流程後，我們確實發現基本經濟艙票價的轉換率較低。具體來說，這是從 528 到 6 月 15 日的情況。

So -- that a couple of week period of times, we saw that reduced conversion rate as people who are booking basic economy, kind of the -- it was concentrated in further out DBDs where people's travel plans are less certain combined with the kind of increased restrictions on the product that comes from want to get away from moving to base economy.

因此，在那幾週的時間裡，我們發現轉換率有所下降，因為預訂基本經濟艙的人們，主要是在較遠的 DBD，那裡人們的旅行計劃不太確定，再加上產品限制的增加，人們不想轉而選擇基本經濟艙。

And so the teams were able to modify language, booking flow and such on the website, a combination of digital marketing teams. And so that conversion rate then came back up. So in 615, we were back to regular business, if you will, -- now there was a cold period of dislocation, we had to backfill the missed bookings, if you will. And so we had a heightened promotional activity after that to kind of backfill those missed bookings.

因此，團隊能夠修改網站上的語言、預訂流程等，這是數位行銷團隊的結合。因此轉換率又回升了。因此，在 615 年，我們恢復了正常業務，如果你願意的話——現在有一個混亂的冷淡時期，如果你願意的話，我們必須填補錯過的預訂。因此，我們隨後加強了促銷活動，以彌補那些錯過的預訂。

And then in addition to that, unrelated to our promotional activity, at the end of June, like simply look to us like June 28, we saw this kind of macro step up that happened. It was a further tailwind to our bookings. So overall, it was kind of a brief period of dislocation related to conversion and related specifically to basic economy conversion really focused on further LTBDs.

除此之外，與我們的促銷活動無關，在 6 月底，就像 6 月 28 日一樣，我們看到了這種宏觀的進步。這對我們的預訂來說是一個進一步的推動。因此總體而言，這是一個與轉換相關的短暫混亂時期，特別是與基本經濟轉換相關的混亂時期，主要集中在進一步的 LTBD 上。

And the impact that we've talked about, the 0.5 point in 2Q and the full point in 3Q, just to be very clear on Andrew's comments, those are bookings for flights -- bookings that occurred during that temporary time period immediately following that Andrew just outlined --

我們討論過的影響，第二季度的 0.5 個點和第三季度的整點，只是為了清楚地說明安德魯的評論，這些都是航班預訂——在安德魯剛剛概述的那個臨時時間段內發生的預訂--

Or should have occured.

或應該發生。

Or would have occurred for flights that would have been flown in second quarter and third quarter. So the 1 point that is the impact for 3Q is not about a continuation of that dislocation. It's from that period of when the bookings should have occurred for flights that would have been flown in 3Q. So that is behind us.

或者會發生在第二季和第三季飛行的航班上。因此，對第三季產生影響的一點並不是這種混亂局面的延續。從那個時期起，應該開始預訂原本應該在第三季飛行的航班。這已經是過去的事了。

Excellent clarification.

非常好的澄清。

Thanks for the time.

謝謝你的時間。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

Hey, good afternoon, everybody. So building on this on the EBIT MAP, you're guiding $1.8 billion of incremental EBIT, but $600 million of total EBITDA at the low end. So obviously, that implies that $1.2 billion of your core may have weakened. And Bob, I know you cited the macro, you could see the basic economy got off to a challenging start, however you want to put it. But does the macro plus basic economy explain the entire $1.2 billion decline or apparent decline in your core? Or should -- or could there be some other contributing factors?

嘿，大家下午好。因此，基於 EBIT MAP，您可以預期增量 EBIT 為 18 億美元，但總 EBITDA 的最低值為 6 億美元。顯然，這意味著你的核心資產中的 12 億美元可能已經貶值。鮑勃，我知道你提到了宏觀經濟，你可以看到基礎經濟開局面臨挑戰，不管你想怎麼說。但宏觀經濟加上基本經濟能解釋核心業務全部 12 億美元的下降或明顯下降嗎？或者應該——或者可能存在其他一些促成因素？

Hey, Jamie, thank you. No, I think it's fully explained.

嘿，傑米，謝謝你。不，我認為它已經解釋得很清楚了。

Okay.

好的。

So yeah, the 1 point -- and there's a lot of moving parts and math in here, but the one -- so we reiterated the $1.8 billion contribution from the initiatives. And those -- it's like the bags, they're all performing very well. They're on track from a timing perspective. They're on track from a financial perspective. And in fact, when you hear us talking about the impact of this temporary conversion of basic period, the half point in Q2 and the full point in Q3, we're capturing that and reiterating the $1.8 billion. So in other words, making up for that and other initiatives is part of the $1.8 billion. So reiterating the $1.8 billion there.

是的，第一點——這裡面有很多活動部件和數學計算，但第一點——我們重申了這些舉措將貢獻 18 億美元。而那些——就像包包一樣，它們的表現都非常好。從時間角度來看，他們的進度正常。從財務角度來看，他們的進展順利。事實上，當您聽到我們談論基本期間臨時轉換的影響時，即第二季度的一半點和第三季度的整個點，我們正在抓住這一點並重申 18 億美元。換句話說，彌補這一損失和其他舉措是 18 億美元的一部分。因此重申 18 億美元。

So the offset from the guided for the year to the current midpoint [7], so it's $1 billion. It's really fuels up a bit, and then it really is it's the macro. And we've talked about macro impact of 5% to 6%. Basically, all of our competitors have talked about a macro impact in the 5% to 6% range. And if you just -- and we all know that started kind of in February 1, and then step down in March, step down in April.

因此，從今年的指引值到目前中點的偏移量[7]是 10 億美元。它確實會提供一些能量，然後它實際上是宏觀的。我們討論過 5% 到 6% 的宏觀影響。基本上，我們所有的競爭對手都談到了 5% 到 6% 範圍內的宏觀影響。如果你只是——我們都知道那是在 2 月 1 日開始的，然後在 3 月下台，4 月下台。

And if you think about booking curves and kind of do the math, you'll come to the $1 billion. And especially as you think about a modest sequential improvement of third, more sequential into fourth. So not trying to get too wonky on you, but if you take that and then you kind of pro forma that impact on first, second, third and fourth, you get the macro impact of $1 billion. So it is completely that 5% to 6% macro impact, not some other thing occurring in the base business.

如果你考慮預訂曲線並進行計算，你就會得出 10 億美元的結果。尤其是當您考慮第三名的適度連續改進，以及第四名的連續改進時。因此，我並不是想給你找太多難題，但是如果你接受這一點，然後你以某種形式計算出對第一、第二、第三和第四個方面的影響，你就會得到 10 億美元的宏觀影響。因此，這完全是 5% 到 6% 的宏觀影響，而不是基礎業務中發生的其他事情。

All right. Got it. And then a quick one for Tom. So cash is down to its targeted level. You've got the new repurchase plan. You've got CapEx. It looks to us like Southwest might need to raise debt, if that's the case, should we be thinking unsecured public bonds or aircraft debt? Thanks in advance.

好的。知道了。然後對湯姆來說，這是一個快速的過程。因此現金已降至目標水準。您已獲得新的回購計劃。您有資本支出。在我們看來，西南航空可能需要舉債，如果是這樣的話，我們應該考慮無擔保公共債券或飛機債務嗎？提前致謝。

I think there's an opportunity if we decide to go that route, I think there's an opportunity for us to do either. Again, this is where the balance sheet strength comes in. We saw an issuance from one of our competitors a couple of months back, it was really well received in the market. Maybe even just taking a step back from that. We were very deliberate about the time period with which -- we're rolling out this next round of share repurchases.

我認為如果我們決定走這條路，我們就有機會，我認為我們有機會做任何一件事。再次，這就是資產負債表實力發揮作用的地方。幾個月前，我們看到我們的一個競爭對手推出了一款產品，它在市場上受到了熱烈歡迎。甚至可能只是退一步。我們非常慎重地考慮了下一輪股票回購的時間段。

We, over the next couple of years, have a lot of incremental EBIT generation that we're expecting based on these initiatives as they roll in. And as that occurs, that gives us that flexibility that we have or that we would want to use that free cash flow that comes from the business that excess debt or surplus debt capacity that would be there within the framework that we've communicated today, but it's about doing that in conjunction with the improvements in the base business. And if that means that we raised some debt or refinance some debt as it matures, we'll do that.

隨著這些措施的實施，我們預計未來幾年內息稅前利潤將大幅增加。當這種情況發生時，這給了我們靈活性，或者我們希望使用來自業務的自由現金流，這些自由現金流將在我們今天溝通的框架內存在超額債務或剩餘債務能力，但這需要與基礎業務的改進結合起來。如果這意味著我們要增加一些債務或對到期的債務進行再融資，我們就會這樣做。

Thank you very much.

非常感謝。

Thank you, Jamie.

謝謝你，傑米。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

This is Hillary calling in for Mike. I just have a quick question on other revenue. That line was lower despite the start of back season late May. Was there any accounting or noncash revenue recognition change is impacting that line? Or any impact from royalty change there? Thanks.

這是希拉蕊為麥克打來的電話。我只是想問一個關於其他收入的簡單問題。儘管淡季已於 5 月底開始，但該線仍然較低。是否有任何會計或非現金收入確認變更影響該行？或者版稅變化會對其產生什麼影響？謝謝。

Yeah. I'd say that our loyalty program hasn't been doing as well as we'd like in recent times. That is also the subject of our card -- enhanced card portfolio an issue today, which goes hand in hand with the product changes we've made. So we fully expect that line item to improve starting in Q3 as we come out with a new card portfolio with new benefits.

是的。我想說的是，我們的忠誠度計劃最近表現並不如我們所願。這也是我們今天所討論的卡片主題——增強型卡片組合，它與我們所做的產品變化密切相關。因此，隨著我們推出具有新優勢的新卡組合，我們完全預計該項目將從第三季開始改善。

Benefits include a seating benefit, which is not common in the industry as well as the bag benefit, which is common and improved bonus points on dining gas and groceries, which will increase kind of the debit active rate, how often one uses ones card, aka it'll move to the top of the wallet. And these things are part of the new agreement with Chase, and that will drive increased acquisitions as well as increased spending per cardholder. And so we fully expect that then to show up into Q3 and beyond. That's one of the initiatives I referenced earlier in answering Catie's question.

福利包括業內不常見的座位福利和常見的行李福利，以及餐飲汽油和雜貨方面的獎勵積分，這將增加借記卡活躍率，即使用卡的頻率，也就是說它會移到錢包頂部。這些都是與大通銀行達成的新協議的一部分，這將推動收購量的增加以及每個持卡人支出的增加。因此，我們完全預期這一情況將在第三季及以後顯現。這是我之前在回答 Catie 的問題時提到的舉措之一。

And we made announcement today about additional benefits on the Chase card really seating benefits, and -- but even before that, when we began to talk about the bag benefit in the car, we've seen a meaningful step up in the -- an increase in signups for the co-brand card, and I expect that to accelerate with the announcements today around the seating benefits that come with the card.

我們今天宣布了大通卡的額外福利，特別是座位福利，但在此之前，當我們開始談論車內行李福利時，我們已經看到了聯名卡註冊人數的顯著增加，我預計，隨著今天宣布該卡附帶的座位福利，這一增長將會加速。

They started 528. So people knew about it after we announced it in March, but really, we saw the behavior change the day went live.

他們開始了 528。因此，人們在我們三月宣布這一消息後就知道了這一點，但實際上，我們在發布當天就看到了行為的變化。

Got it. That's helpful. Thank you. And then just regarding your fleet planning, you increased your delivery assumptions to 47 aircraft from 38 previously. Is that number subject to increase again depending on Boeing's ramp-up in production, I guess, during the rest of the year. And if you just talk about what you're seeing from Boeing, as you may see if it added?

知道了。這很有幫助。謝謝。關於您的機隊規劃，您將交付飛機數量假設從先前的 38 架增加到 47 架。我猜，根據波音公司在今年剩餘時間內產量的增加，這個數字是否會再次增加？如果您只是談論您從波音公司看到的情況，您可能會看到它是否增加了？

Sure. Probably better questions for Boeing, next Tuesday. But no, we're seeing -- I think we're seeing good stability out of Boeing, they ramp to rate 38 on the 737 production, and they've done a good job holding that. Next step would be, I think rate 42 so -- and we're seeing good quality. So I think everything that we see out of Boeing is heading the right direction.

當然。下週二，波音公司可能會提出更好的問題。但不，我們看到——我認為我們看到波音表現良好，他們將 737 產量提升到 38%，並且他們在保持這一水平方面做得很好。下一步是，我認為評級為 42，所以我們看到了良好的品質。所以我認為波音的一切都朝著正確的方向發展。

Now the production and our deliveries are still well behind our contractual plan and what we actually need, but the point is we're seeing them move up, not down, which is good. So yeah, we changed -- we moved our assumptions up from 38 to 47. Our retirements are fixed at roughly 55% this year. So as we get incremental aircraft or deliveries from Boeing beyond what we expected in our plan, we have a lot of flexibility in terms of what we can do with those replacing older aircraft. We've got these sales into the market right now of -800.

現在，我們的產量和交付量仍然遠遠落後於合約計劃和實際需要，但關鍵是我們看到它們在上升，而不是下降，這是好事。是的，我們改變了——我們將假設從 38 提高到了 47。我們今年的退休率固定在55%左右。因此，當我們從波音公司獲得的飛機數量或交付量超出我們的計劃時，我們在如何處理這些替換舊飛機方面擁有很大的靈活性。我們目前的市場銷售量為 -800。

So yeah, but I think net-net, the -- what we're seeing out of Boeing is a positive improvement. There's no -- you didn't ask, but there's no real new news on the -7 certification. We're still expecting that sometime for us -- sometime maybe first half of 2026, which would put entry into service for us at earliest late in '26. But there's really no new news on that certification at this point.

是的，但我認為總體而言，我們看到波音公司的表現是積極的改善。沒有——你沒有問，但關於 -7 認證沒有真正的新消息。我們仍然期待著某個時候——也許是 2026 年上半年，這將使我們最早在 2026 年底投入使用。但目前關於該認證確實沒有新消息。

And with the increase in deliveries coming from Boeing, as you know, we're not changing our capacity plans, and you saw in the release that we talked about an incremental five aircraft which gets to the 55, Bob referenced that we'll be selling later this year and then an additional eight aircraft that we'll be selling at the beginning of next year. This gives us the confidence to be able to execute those sorts of sales as we start to see these deliveries come in with a higher frequency.

如您所知，隨著波音公司交付量的增加，我們不會改變我們的運力計劃，您在新聞稿中看到，我們談到了增加 5 架飛機，使總數達到 55 架，鮑勃提到我們將在今年晚些時候出售這些飛機，然後再在明年年初出售另外 8 架飛機。當我們開始看到這些交付的頻率更高時，這給了我們執行此類銷售的信心。

Got it. Thank you. That's helpful. Thank you very much.

知道了。謝謝。這很有幫助。非常感謝。

Thank you.

謝謝。

Scott Group, Wolf Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks, afternoon. I just have one really, really quick one and then just a bigger picture question. So does your -- am I looking at this right that you're implying closer to like 4% capacity growth in the fourth quarter?

嘿，謝謝，下午好。我只想問一個非常非常簡短的問題，然後是一個更大的問題。那麼——我的看法是否正確？您暗示第四季的運力成長接近 4%？

Yeah. The fourth quarter of last year was kind of abnormally low because of fleet shortages, so it was down lower. If you look at sequentially from Q3 to Q4, we're about 1 point high, but that's because Q2 to Q3 is about 3 points low.

是的。由於船隊短缺，去年第四季的產量異常低，因此下降幅度較小。如果按順序從 Q3 到 Q4 來看，我們大約高出 1 點，但這是因為 Q2 到 Q3 大約低 3 點。

We are modulating that capacity versus peak off peak, which creates kind of like slightly abnormal sequential changes and particularly we wanted to reduce exposure to August, September but keep exposure to the strong parts of Q4, which was in October, November, and December. They all have good peak periods in them. And so as we're taking that 1% growth we promised, we're putting that in places where it gives us the most return on our capital.

我們正在調節高峰和低谷之間的容量，這會產生類似略微異常的連續變化，特別是我們希望減少對 8 月和 9 月的敞口，但保持對第四季度強勁部分（即 10 月、11 月和 12 月）的敞口。他們都經歷過巔峰時期。因此，當我們實現承諾的 1% 成長時，我們會將其投入到能為我們帶來最大資本回報的地方。

Right. I mean, I guess my bigger picture question is you and others, seem to be counting on a much better Q4 this year. And your capacity is accelerating in Q4. We heard from American and they're going to be accelerating a little bit in Q4, like -- is that -- are we at risk of we're capacity is picking up in Q4, but we're counting on RASM to get meaningfully better in Q4?

正確的。我的意思是，我想我更大的問題是你和其他人似乎都指望今年第四季會表現得更好。而您的產能在第四季正在加速成長。我們從美國航空聽說，他們將在第四季度稍微加速，例如——我們是否面臨第四季度運力回升的風險，但我們指望 RASM 在第四季度會有顯著好轉？

I think it's a comp issue, not necessarily what the market bears. So right now what we see in the bookings, we like what we see. We've only modified October, by the way. November, December has not been modified in our promised reduction to get to our 1%. And so October is not 100% firm, but it's the one that had the reduction that we promised at Q1 earnings.

我認為這是一個競爭問題，不一定是市場承受的問題。所以現在我們在預訂中看到的是，我們喜歡我們所看到的。順便說一下，我們只修改了十月。11 月和 12 月我們承諾的減幅沒有進行調整，以達到 1% 的水平。因此，10 月份的業績並不是 100% 確定，但我們已經實現了第一季收益中所承諾的減幅。

Yeah. I was going to say you're not seeing final schedules just yet, and yeah, we're going to end the full year capacity of one seats -- I think I've got roughly down one to five trips down to, so yeah -- I mean it's all a very constructive backdrop in terms of capacity, especially on top of what we all hope is a continued inflection in domestic demand here.

是的。我本來想說，您還沒有看到最終的時間表，是的，我們將結束全年的載客量——我認為我大約已經將一到五次旅行減少了，所以是的——我的意思是，就載客量而言，這是一個非常建設性的背景，特別是在我們都希望國內需求繼續好轉的基礎上。

Yeah. Because our seats in Q4 are going to be up like 0.7%. So what we need to sell is not actually a big Herculean lift, because we introduced Red Eyes in some longer haul and utilization. The ASM seems bigger, but the kind of lift to sell our capacity is much more modest than that.

是的。因為我們第四季的席次將增加 0.7%。因此，我們需要銷售的實際上並不是大型的重型運輸工具，因為我們在更長的運輸時間和更多的利用率方面引入了「紅眼」運輸。ASM 看起來更大，但出售我們產能的提升幅度卻比這小得多。

Makes sense. Thank you. Appreciate it.

有道理。謝謝。非常感謝。

Thank you.

謝謝。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Hey, good afternoon. I'm curious on the aircraft sales just to follow up on there, just how you plan on handling that in terms of kind of cash flow and P&L?

嘿，下午好。我對飛機銷售情況很好奇，想跟進一下，您打算如何在現金流和損益方面處理這個問題？

Yeah. So the aircraft sales will flow in and you've got the book side of it, but you've also got the cash proceeds side of it. These are largely aircraft that are fully paid for. And so as we sell these aircraft, of course, the market continues to be very strong for used aircraft. A lot of the values in -- for the aircraft is in the engine value.

是的。因此，飛機銷售額將會流入，您不僅獲得了帳面收益，還獲得了現金收益。這些飛機大多已全額付款。因此，當我們出售這些飛機時，二手飛機市場當然會繼續保持強勁。飛機的許多價值都體現在發動機的價值上。

And so that becomes from a cash flow standpoint, basically flowing through kind of fully accretive to us. And there's book gains that are there as well. And maybe one thing to clarify, we continue to guide without any book gains in any of our guide. So that number that we gave you for the full year does not include any gains from sale. So we'll continue to do that as well. The bookings are less than the cash that will come to the business just with the net book values that are still on the aircraft.

因此，從現金流的角度來看，這基本上對我們來說是一種完全增值的流動。此外還有書籍收益。也許有一件事需要澄清，我們繼續提供指導，但在我們的任何指南中都沒有任何書籍收益。因此，我們給您的全年數字不包括任何銷售收益。因此我們也會繼續這樣做。訂單金額少於僅憑飛機的帳面淨值就能為企業帶來的現金。

Thanks. And then maybe I can ask on the recovery side, you're seeing demand, is that kind of leisure, is that corporate, and could you give a little bit of color on what you saw corporate do in 2Q and how it's progressing?

謝謝。然後也許我可以問一下，在復甦方面，您看到的需求是休閒需求，還是企業需求，您能否稍微介紹一下您看到企業在第二季度的表現以及進展情況？

Certainly, I'll start with the corporate, which we saw in Q2, May was the worst. And so then June was better than May, July is better than June, and August is off to a strong start. It's kind of further on the book abd good for corporate. So good inflection in Q2 for corporate. And then also leisure, it was the same thing we saw leisure customers really come alive there just before the July 4, holiday.

當然，我將從企業開始，我們在第二季度看到，5 月的情況是最糟糕的。因此，六月的表現比五月好，七月的表現比六月好，八月的表現也開始強勁。這本書比原書更進一步，對企業很有益處。因此，第二季對於企業來說是一個很好的轉捩點。還有休閒，我們看到在 7 月 4 日假期之前休閒顧客真的活躍起來。

And I think just generally, but I was saying, again, it's four or five weeks of trend. It's always hard to tell. But what -- I think what feels really different is just overall is that it was just tough to get volume. I mean you could get yield close and on the flights that we knew were very strong. But even with promotions, it was tough to get volume going back several months, and we're starting to see the volume return. And that -- I think that's a strong sign that it's a broad-based recovery, again, short period of time. But to me, that's very encouraging.

我認為這只是一般情況，但我再次說，這是四到五週的趨勢。這總是很難說。但是 — — 我認為真正不同的是總體而言，獲得銷售非常困難。我的意思是，你可以在我們所知的非常強勁的航班上獲得接近的收益。但即使有促銷活動，幾個月來銷量仍難以恢復，而且我們開始看到銷量回升。我認為這是一個強烈的信號，表明這是一次廣泛的復甦，而且是在短時間內。但對我來說，這非常令人鼓舞。

That's helpful color. Thank you.

這是很有幫助的顏色。謝謝。

Dan McKenzie, Seaport Global.

丹麥肯齊 (Dan McKenzie)，Seaport Global。

Hey, thanks for the time you guys. A couple of questions here on revenue segmentation. First, what percent of tickets today are clearing at an ultra low-cost carrier fare? And what would you expect it to look like in 2026 once assigned seats are offered?

嘿，謝謝大家的時間。這裡有幾個關於收入細分的問題。首先，今天有多少比例的機票是以超低成本航空公司的票價出售的？一旦指定座位開始提供，您認為 2026 年的情況會是怎樣？

I actually don't have that data off the top of my head. I apologize. We are seeing kind of a reduction in basic economy fares sold versus want to get away as you will buy up in a choice. And so we like the momentum of people deciding to voluntarily buy up. We do have bags now with it.

我實際上並沒有掌握這些數據。我很抱歉。我們看到基本經濟艙票價的銷售量下降，而人們想要出遊時則會選擇購買。因此，我們喜歡人們決定自願購買的勢頭。我們現在確實有帶它的袋子。

So at the margin, it would give you incentive to sell a slightly lower fare. And if you thought a bag would come with it. But it really doesn't change our pricing strategy at the moment. And really, we want to use as a segment customers into those who are flexible in their travel and those who are not flexible or travel. And those are not flexible give them different options to buy up quality enhancements to their fair product.

因此從邊際上來說，這會激勵你出售略低的票價。如果您認為它會附帶一個袋子。但目前這確實不會改變我們的定價策略。實際上，我們希望將顧客分為旅行靈活的顧客和旅行不靈活的顧客。而且這些都不靈活，無法為他們提供不同的選擇來購買公平產品的品質增強功能。

Yeah. And I think it's more about giving you a reason to buy up. And especially when we have the seating benefits, and you'll see this again next week when we started selling the new products with the seating benefit, give you a reason to buy it because in addition to other flexibility and other things and you've got a seating benefit or seating map and extra leg room access that goes with the product.

是的。我認為這更多的是為了給你一個購買的理由。尤其是當我們提供座位優惠時，下週我們開始銷售帶有座位優惠的新產品時，您會再次看到這一點，這會給您一個購買的理由，因為除了其他靈活性和其他東西之外，您還可以獲得座位優惠或座位圖以及與產品一起提供的額外腿部空間。

It's more about letting you buy it to get the thing that's important to you. And Andrew said it, but just to give you a little more color, I mean, we haven't given you exact numbers, but the vast majority of our seats before were sold and got made and want to get away. And there was a limited number of seats sold in that next column, want to get away plus.

它更多的是讓你購買它來獲得對你來說重要的東西。安德魯也這麼說過，但只是為了給你更多的信息，我的意思是，我們沒有給你確切的數字，但我們之前的絕大多數座位都已售出並被佔用，並希望離開。而且下一欄的座位數量有限，想離開的趕緊加。

And today -- and again, obviously, it's very early after just weeks, roughly half of seats are being -- half of passengers and seats are being sold in that lowest now called basic economy bucket. So that does give you some indication of the level of mix change we're already seeing in and by up we're seeing. And I expect that to continue because the reasons to buy up with the seating benefits should drive even more, but we're already seeing that vast majority become more like half.

今天——顯然，僅僅幾週之後，大約有一半的座位——一半的乘客和座位是在現在所謂的「基本經濟艙」中出售的。因此，這確實可以讓你了解我們已經看到的混合變化水平以及我們正在看到的混合變化水平。我預計這種情況會持續下去，因為購買座位優惠的理由應該會推動更多人購買，但我們已經看到絕大多數人變成了一半。

Yeah. Second question here, going back to the script that current initiatives are not the end point of the strategy evolution. I know the focus is on the fleet side. I know the focus is on the MAX 7, but is there any interest in the MAX 10 aircraft once approved and potentially a further segmentation of premium demand?

是的。第二個問題，回到腳本，目前的舉措不是策略演變的終點。我知道重點是在艦隊方面。我知道焦點是 MAX 7，但是一旦獲得批准，人們是否對 MAX 10 飛機感興趣，並有可能進一步細分高端需求？

Yeah. I think -- and again, I'm not trying to be coy. I've hinted at things we could be doing. And you know what those could be because there's only a limited number of things you can do. So it's either more that we can do to segment the existing cabins we have, which would be more premium as an example.

是的。我認為──我再說一遍，我並不是想害羞。我曾暗示過我們可以做的事情。你知道這些可能是什麼，因為你能做的事情非常有限。因此，我們可以對現有的客艙進行更多的細分，例如，可以細分為更高檔的客艙。

And things could come along with that. I've even mentioned things like lounges. And then beyond that, you've got network expansion. So being able to fly to places that our customers want to go, we cannot serve with the current aircraft. And so the point rather than to say, we've got specific plans to do all those things. The point is to say that -- we're going to follow the customer and work very hard to give you reasons not to split your wallet.

事情可能會隨之而來。我什至提到了休息室之類的東西。除此之外，還有網路擴充。因此，我們無法使用現有的飛機飛往客戶想去的地方。所以重點不是說我們有具體的計劃來完成所有這些事情。重點是－我們將專注於客戶，並盡力為您提供不掏錢包的理由。

Today, people love Southwest Airlines. But today, you've got to split your wallet in even cities where we're strong because we can't offer you some of the things that you want, especially long-haul international is just one example. So this is a point on the journey, which we're incredibly focused on, but not the endpoint.

如今，人們喜愛西南航空。但今天，即使在我們實力雄厚的城市，您也必須付出代價，因為我們無法提供您想要的一些東西，尤其是長途國際航班就是其中一個例子。所以這是我們旅程中的一個點，我們非常關注它，但不是終點。

And I'll take just one quick one minute detour. I'm just really pleased with the execution of this point on the journey. If you go back just over the last, even five months, I mean we've got a new Chase agreement. We've got enhancements to rapid rewards. We launched Expedia. We started Red Eyes. We've added partners. We accelerated our cost plan from $170 million to $370 million for the year. We've launched Bag fees, Basic Economy, reintroduced flight credits, and now we're selling a signing seats an extra leg room next week.

我只想快速繞一分鐘的路。我對這一點的執行感到非常滿意。如果回顧過去五個月，我們會發現我們已經與大通達成了一項新的協議。我們對快速獎勵進行了增強。我們推出了 Expedia。我們開始了「紅眼」活動。我們增加了合作夥伴。我們將今年的成本計畫從 1.7 億美元提高到 3.7 億美元。我們推出了行李費、基本經濟艙，重新引入了航班積分，現在我們將於下週出售帶有額外腿部空間的簽約座位。

So I mean just an incredible list in five months, and there's a lot more to come this year. And my point is beyond that, we're not stopping. We're going to continue to understand how we keep serving our customers and meeting their needs. And it's one of those more to come. We're focused on the current transition and transformation, but this is not the endpoint.

所以我的意思是，五個月內就會出現一份令人難以置信的名單，而且今年還會有更多。我的觀點是，我們不會停止。我們將繼續了解如何繼續服務我們的客戶並滿足他們的需求。這只是其中之一。我們專注於當前的過渡和轉型，但這並不是終點。

Thanks so much. That's perfect.

非常感謝。那很完美。

Thank you.

謝謝。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

Hey, good afternoon, everyone. Most of my questions have been asked and answered already, but just one for Tom. And just on the new liquidity and balance sheet targets. When we look at them versus kind of where Southwest was pre-pandemic, they both seem a little bit more aggressive here. I guess, how did you get comfortable with these new targets, particularly in a much more difficult macro and at a time when you're going through a pretty significant brand revamp. Just curious how you thought about that? Thank you.

嘿，大家下午好。我的大部分問題都已經被問過並得到解答了，但只有一個問題想問湯姆。僅討論新的流動性和資產負債表目標。當我們將它們與西南航空在疫情前的情況進行比較時，它們似乎都更具侵略性。我想問一下，您是如何適應這些新目標的，尤其是在宏觀情況更加困難，而且您正在經歷相當重大的品牌重塑的時候。只是好奇你怎麼想到的？謝謝。

Yeah. Thanks for the question, Andrew. Our balance sheet is a big differentiator for us. To my knowledge, there are three investment-grade airlines in the world. And there's a lot of benefits that come along with that. And that's something that we need to protect as we move forward. And as you look at the various metrics, whether it's a debt-to-EBITDA ratio, cash levels, those sorts of things, we want to set a framework that sets us strongly in that investment grade. And we feel like what we're seeing here does that.

是的。謝謝你的提問，安德魯。我們的資產負債表對我們來說是一個很大的差異。據我所知，全球有三家投資級航空公司。這會帶來很多好處。這是我們前進過程中需要保護的東西。當您查看各種指標時，無論是債務與 EBITDA 比率、現金水平還是諸如此類的東西，我們都希望建立一個框架，使我們在該投資級別上保持強勁。我們感覺我們在這裡看到的情況確實如此。

Now we want to have a strong and efficient balance sheet as well. And so you'll continue to see us work within that framework. And as we continue to improve the business through all of the things that we've talked about today, I mean, the list that Bob just went through is a really impressive list and to think that in less than 100 days, we're rolling these different things out and they will ramp up as the year goes on and into next year, they create additional free cash flow for us that gives us the ability to also return capital to shareholders.

現在我們也希望擁有強大且有效率的資產負債表。因此，您將繼續看到我們在該框架內開展工作。隨著我們透過今天討論的所有事項繼續改善業務，我的意思是，鮑勃剛剛列出的清單確實令人印象深刻，想想在不到 100 天的時間裡，我們推出了這些不同的項目，而且隨著時間的推移和明年，它們會逐漸增加，為我們創造額外的自由現金流，使我們能夠向股東返還資本。

But we thought it was important that as we are sort of on the front end of this journey that we've been talking about today, that we put a framework there so that -- so that our investors understand the guardrails that we want to work in as we move forward.

但我們認為，當我們處於今天所談論的旅程的前端時，重要的是我們要建立一個框架，以便我們的投資者了解我們在未來前進過程中想要採取的護欄。

Understood. Thanks for the thoughts.

明白了。謝謝你的想法。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah, good afternoon. I wanted to ask you how you think about load factor -- load factor down, I think, a little over 400 basis points year-over-year. And it's, I think, relatively low level compared to other industry, other network players and big players in the industry. Is that something that you say, okay, this is kind of not what we're optimizing on at the moment, we're optimizing on bag fees and other things, and that will come back eventually?

是的，下午好。我想問一下您對載客率有何看法——我認為載客率比去年同期下降了 400 個基點多一點。我認為，與其他行業、其他網路參與者和行業大公司相比，我們的水平相對較低。您是否說，好吧，這不是我們目前正在優化的，我們正在優化行李費和其他方面，這些最終會回來的？

Or is that something that -- is that just improving supply-demand driven that it improved? Or does that actually affect how much you grow capacity in the future? Just want to get some thoughts around that because it does -- you have a number of positive things happening, but that seems like that's a meaningful drag in terms of the pressure on load factor?

或者這只是供應需求改善所導致的改善嗎？或者這實際上會影響您未來產能的成長嗎？只是想對此進行一些思考，因為確實如此——您發生了許多積極的事情，但從負載率的壓力來看，這似乎是一個有意義的拖累？

Yeah. Tom, no, there's a lot in there, and I'll let Andrew chime in as well. But the, yeah, our load factor change year-over-year was sort of roughly what we saw from our competitors. But we started at a base where you're right, we have a gap. And it's a gap that we are squarely in our focus to close.

是的。湯姆，不，裡面有很多內容，我也會讓安德魯加入。但是，是的，我們的載客率同比變化與我們的競爭對手的大致相同。但我們從一個基礎開始，您說得對，我們有一個差距。我們正致力於彌補這一差距。

We have been -- in the first half of the year, we were really focused on targeting yields to get the improvement you're seeing that. But really targeting load factor is the objective here in the back half of the year. Beginning next month, we have a whole series of network changes that are intended to drive extra connectivity because especially at the beginning, the early and the later part of the day, that's where you see the load factor gap showing up and connectivity will really assist that.

我們—在今年上半年，我們真正專注於提高收益率，以獲得您所看到的改善。但真正瞄準載客率才是今年下半年的目標。從下個月開始，我們將進行一系列網路變革，旨在推動額外的連接，因為特別是在一天的開始、清晨和傍晚時分，您會看到負載率差距顯現出來，而連接將真正有助於解決這一問題。

I think our points, the number of -- if you want to call them, we call them intentional connections to the kind of banking to offer connecting opportunities, Andrew, I think it's up 40% year-over-year beginning in August. And it is solely intended to create itineraries that help fill that load factor gap. But yes, if you want to add anything, Andrew, but no, it is absolutely in focus.

我認為我們的觀點，數量——如果你願意稱呼它們，我們稱之為有意與銀行建立聯繫以提供連接機會，安德魯，我認為從 8 月開始同比增長了 40%。其唯一目的就是要創造有助於填補載客率缺口的行程。但是的，如果你想添加任何東西，安德魯，但不，它絕對是焦點。

Indeed, and we've been saying for almost a year now that the first half of this year, we would focus on yield, primarily through getting more money of our best flights we have the ability to move your yields. And then the second half would be focused on load factor, both with the intentional connecting opportunities. Bob talked about the connectivity as well as the introduction of basic economy. Those in our distribution channels that Tom hit on, those are things that give us more volume at the top of the funnel, if you will.

確實，我們已經說了將近一年，今年上半年，我們將重點關注收益，主要是透過從我們最好的航班中獲取更多的錢，我們有能力提高您的收益。下半年將重點放在載客率，兩者都有意提供連線機會。鮑伯談到了連結性以及基本經濟的介紹。如果你願意的話，湯姆提到的我們的分銷管道可以讓我們在漏斗頂部獲得更多的銷售。

And those are working. So right now, August is only down 0.5 load factor points year-over-year. And last August itself was up, if I'm not mistaken, it 1 points or 2 points in August before that. So during this period of macro weakness, we focused on not unduly discounting. And I think that our year-over-year RASM performance compared to others showed that was a wise choice to go for yield and not necessarily try to chase a falling knife.

這些都正在發揮作用。因此，目前 8 月的載客率年比僅下降了 0.5 點。如果我沒記錯的話，去年 8 月本身就上漲了，在那之前的 8 月上漲了 1 點或 2 點。因此，在宏觀經濟疲軟期間，我們注重避免過度折價。我認為，與其他公司相比，我們的 RASM 同比表現表明，追求收益是明智的選擇，而不一定試圖追逐下跌的刀子。

But now as we rotate in the volumes available, we are pushing that load factor back up. One thing to kind of keep in mind is the load factor reduction is not a sign of customers moving away. It's -- we're taking MAX 8's and MAX 7, our seats per trip is up about 7% of pre-to-post pandemic, the underlying trend.

但現在，隨著我們輪換可用容量，我們正在將負載率推高。需要記住的一點是，載客率的降低並不代表顧客流失。我們正在乘坐 MAX 8 和 MAX 7，與疫情前後相比，每次旅行的座位數增加了約 7%，這是潛在趨勢。

And then -- but our customers per trip is only up 1%. So customers are up slightly, insufficient easy to fill the extra seats. But these efforts we talked about are opportunities to fill those seats, which is a potential tailwind for us.

然後——但我們每次出行的乘客數量僅增加了 1%。因此顧客稍微多起來，不夠就容易填補多餘的座位。但我們談到的這些努力是填補這些席位的機會，這對我們來說是一個潛在的順風。

We have been moving capacity peak, off peak because you could say, well, Andrew, your seats per trip up 7%, do some reductions on your roots. And our trips per nonstock market are actually down 10% kind of pre and post pandemic. So we are moving capacity around to try to address the supply-demand imbalance. But as Bob mentioned, it's mostly time a day and we have these actions we're taking to try to solve that. And August is a good, encouraging first month where we're seeing traction on load factor.

我們一直在調整高峰和非高峰容量，因為您可能會說，好吧，安德魯，您的每次旅行的座位數增加了 7%，請減少一些座位數。疫情前後，我們每個非股票市場的出行次數實際上下降了 10%。因此，我們正在轉移產能，試圖解決供需失衡問題。但正如鮑伯所提到的，這主要是每天的時間問題，我們正在採取這些行動來嘗試解決這個問題。八月是一個很好、鼓舞人心的第一個月份，我們看到載客率上升。

So, okay. Just to follow up on that, we -- it sounds like your initiatives are may be a key connecting flights and everything, and that's kind of the key driver. It's not necessarily just kind of improving demand? Or is it maybe both of those together helping you in August?

那麼，好吧。為了跟進這一點，我們—聽起來您的舉措可能是關鍵的轉機航班和一切，而這算是關鍵的驅動因素。這不一定只是一種需求的改善？或者這兩者會在八月一起幫助你？

Well, it is the connections, the connection opportunities. We do have a lot more connected itineraries. Therefore, our connecting composition is up in August. So that's a check. We do see that basic economy does allow us to have a shopper price points in certain areas and that led to stimulate without fear of diluting corporate demand, and the distribution agreements that we referenced earlier are giving us additional net new customers.

嗯，這就是聯繫，聯繫機會。我們確實有更多相關的行程。因此，我們的連接組成在八月就已完成。這就是一張支票。我們確實看到，基本經濟確實允許我們在某些地區擁有購物者價格點，並且這可以刺激經濟而不必擔心削弱企業需求，而我們之前提到的分銷協議為我們帶來了額外的淨新客戶。

So all those things come together to allow us to make -- take advantage of the additional seats per trip we get from taking MAX 8 to sort of MAX 7s.

因此，所有這些因素結合在一起，使我們能夠充分利用從 MAX 8 到 MAX 7 每次旅行中獲得的額外座位。

Well, when you look at the changes, yes, the -- this is all intended to drive financial performance and that both yield and it's managing costs and it's bringing new customers to Southwest Airlines. That's the whole basis of the transformational plan is giving our customers what they want, giving them more and more reasons to fly Southwest Airlines.

嗯，當你看到這些變化時，是的，這一切都是為了提高財務業績，提高收益和管理成本，並為西南航空帶來新客戶。整個轉型計畫的基礎就是滿足客戶的需求，讓他們有更多理由選擇搭乘西南航空。

We just took the launch of a sign seating and extra legroom, which we begin flying late January next year. We know that the -- more than 80% of our customers want a signed seating, 85% of those who don't fly us on a signed seating seating is the number one reason -- open seating is the number one reason people leave us and open seating is the number one reason that customers who won't fly Southwest, or fly Southwest.

我們剛剛推出了標誌座位和額外腿部空間，並將於明年 1 月底開始飛行。我們知道，超過 80% 的乘客想要簽名座位，85% 的乘客不搭乘我們航班的首要原因是簽名座位，而開放式座位是乘客離開我們航班的首要原因，開放式座位也是乘客不搭乘西南航空或不搭乘西南航空的首要原因。

So all those barriers would tell you it's very logical that you'll have share shift, you'll have customers coming your way because they'll now put Southwest Airlines in the consideration set because we have a signed seating. So I think all these things together, the intentional connections. And then the initiatives over time do a lot to restore that load factor gap.

因此，所有這些障礙都會告訴你，這是非常合乎邏輯的，你將會有份額轉移，你會有客戶來找你，因為他們現在會把西南航空納入考慮範圍，因為我們有簽約的座位。所以我認為所有這些事情結合在一起，就是有意的連結。隨著時間的推移，這些舉措將在很大程度上彌補載客率差距。

And if you could reminder, Bob, our initiative value for signed seating and an extra leg roon, did not include a share shift from people all of a sudden being willing to fly Southwest since we have signed seating, so that's an unquantified upside, would show up as load factor as well. So lots of opportunity here to get incremental EBIT from those seats.

鮑勃，如果你能提醒我一下，我們簽署的座位和額外腿部空間的主動價值，並不包括由於我們簽署了座位而突然願意乘坐西南航空的人們所佔份額的變化，所以這是一個未量化的上升空間，也會顯示為載客率。因此，有很多機會可以從這些席位獲得增量息稅前利潤。

(inaudible)

（聽不清楚）

Thank you, my pleasure.

謝謝，我很榮幸。

Thank you. That wraps up the analyst portion of today's call. We appreciate everyone joining.

謝謝。今天電話會議的分析師部分到此結束。我們感謝大家的加入。

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

女士們、先生們，我們現在進入今天電話會議的媒體部分。首席通訊官惠特尼·恩德女士帶領我們出發。請繼續，惠特尼。

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

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

(Operator Instructions)

（操作員指示）

Alison Sider, The Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

Hi, thanks so much. I wanted to ask -- I know it's not decided or done deal, but as you think about potential for lounges, what might that look like? Or what sorts of things would have to happen? Or how could that play out? I'm just sort of curious how you're thinking about it at this point?

你好，非常感謝。我想問一下——我知道這還沒有決定或完成，但是當您考慮休息室的潛力時，它會是什麼樣子？或說會發生哪些事情？或者說，事情會如何發展？我只是有點好奇你現在是怎麼想的？

Hey Ali. Hey, it's Bob. No. I always -- we were running the risk of getting over with skies, which we are a bit because I've used that premium long-haul as examples, not decisions. We certainly not made any kind of decision. So I can't answer your question because that's -- there's just not that work here.

嘿，阿里。嘿，我是鮑伯。不。我總是——我們冒著失去天空的風險，我們有點冒這個風險，因為我用優質長途航線作為例子，而不是決策。我們當然沒有做任何決定。所以我無法回答你的問題，因為──這裡沒有那項工作。

The whole point again is that we're just not going to be caught short of what our customers want. In other words, many things that I've talked about. And again, if you use those examples, they take a long time to implement, decide and implement if you're going to fly long-haul international as an example.

重點還是在於，我們不會滿足客戶的需求。換句話說，我已經談論了很多事情。再說一次，如果你使用這些例子，它們需要很長時間來實施、決定和實施，例如如果你要搭乘長途國際航班。

So we're going to be careful to understand what our customers want, why they split wallet, what customers that will fly Southwest Airlines want and then if it makes sense, we'll do it. So my point is, I didn't want anybody to perceive that this set of initiatives is the stopping point. The point is that we're going to continue to pursue our customers. And there's a next set of things that I know will come as we finish up this set year. So again, I don't have any specific report on lounges or premium or international or long-haul international. Again, it's just -- I just want to make sure that everyone understands that we're not stopping. We're going to continue to pursue and understand what our customers want from us.

因此，我們會仔細了解我們的客戶想要什麼，他們為什麼要分攤錢包，乘坐西南航空的乘客想要什麼，然後，如果合理的話，我們就會去做。所以我的觀點是，我不希望任何人認為這一系列舉措就是終點。重點是，我們將繼續追求我們的客戶。我知道，當我們完成這一年時，下一組事情就會發生。所以，我再說一遍，沒有關於休息室、高級艙、國際艙或長途國際艙的具體報告。再說一次，我只是想確保每個人都明白我們不會停下來。我們將繼續追求並了解客戶對我們的需求。

And on long haul, I mean, is there a lot of like technological kind of systems work that would have to get done before you could really consider that or labor agreements? Or is there a lot of stuff like that, that you'd have to work through?

從長遠來看，我的意思是，在你真正考慮這一點或勞動協定之前，是否有許多類似技術系統的工作需要完成？或是有很多類似的事情需要你去解決？

Again, this is all totally hypothetical. So I just really -- yeah, I prefer not to answer just because we don't -- we're not doing the work. We're looking at the strategy in terms of what is it our customers want, which is very different than the detail on what would it take? So yeah, I'd rather just not answer because I'm afraid it might be viewed as more speculation on what we're doing.

再說一遍，這完全是假設。所以我真的——是的，我不想回答，因為我們沒有——我們沒有做這項工作。我們從客戶的需求角度來制定策略，這與我們需要做什麼的細節有很大不同。是的，我寧願不回答，因為我擔心這可能會被視為對我們正在做的事情的更多猜測。

The one thing I'll add to that, Bob, is today, we are taking tickets sold by Icelandair in many different currencies, and we're lifting them and processing them, and there's no problem.

鮑勃，我要補充一點，今天，我們正在接受冰島航空以多種不同貨幣出售的機票，我們正在提取和處理它們，沒有任何問題。

I think the only one obvious thing, again, this is not for speculation of what we're doing. It's just -- it's obvious, is if you're going to fly a long-haul mission, it requires aircraft that can fly a lot longer. So it would take a different aircraft to be able to do that. I mean, that's very, very obvious. But again, that's just to give you an example. It's not to give you any insight into something that we're doing. So -- but I appreciate the question, Ali.

我認為唯一顯而易見的事情是，這並不是為了猜測我們在做什麼。很明顯，如果你要執行長途任務，就需要能夠飛行更長的飛機。因此需要一架不同的飛機才能做到這一點。我的意思是，這是非常非常明顯的。但再說一遍，這只是舉個例子。這並不是為了讓您了解我們正在做的事情。所以——但我很感謝你提出這個問題，阿里。

Robert Silk, Travel Weekly.

羅伯特‧西爾克（Robert Silk），《旅遊週刊》。

Hey there, thanks for taking my call. Can you all provide maybe Andrew, a little bit more detail on the connectivity that you're -- where you're talking about connecting itineraries, where that's happening? Is it particular airport or particular type of routes, anything like that?

嘿，感謝您接聽我的電話。安德魯，您能否提供一些有關連結性的更多細節？您所說的連線行程在哪裡？是特定的機場還是特定類型的航線，諸如此類嗎？

Sure, Robert. It's kind of a cross of our network. You look at our bigger stations. And those are places where we have a lot of flights and the opportunity to have more connectivity. The one I'd highlight that I'm most excited about is we launched Red Eyes. So we have a number of Red Eyes now that arrive into Baltimore in the morning.

當然，羅伯特。這有點像是我們網路的交叉。你看看我們更大的車站。這些地方是我們航班較多的地方，因此我們有機會實現更多的連通。我要強調的是，最讓我興奮的是我們推出了 Red Eyes。因此，我們現在有許多紅眼航班在早上抵達巴爾的摩。

And then those flights connect to flights predominately north bound, but kind of shorter haul flights from Baltimore. And so if you're going to the West Coast to a smaller city in the East Coast, this is a very efficient itinerary for you to fly a Red Eye into Baltimore and connect to the first flight. Those first flights generally have -- are less full. And so that allows us to get incremental load factor on those flights, as well as incremental opportunities for our customers in the West to get to the Easter, if people in the East to return home.

然後，這些航班將與主要向北飛行但從巴爾的摩出發的短途航班連接起來。因此，如果您要去西海岸的東海岸較小的城市，這是一個非常有效的行程，您可以乘坐紅眼航班飛往巴爾的摩並轉乘第一班航班。首班航班的乘客通常較少。這樣，我們就可以提高這些航班的載客率，同時也為西方的乘客提供更多機會度過復活節，讓東方的人們可以回家。

And so that's one that I think is -- we really didn't have in past years. There's some -- we had past years were just bringing back. There will be some of those in Denver. And now some in Nashville now we've built out Nashville. So we've added some kind of all throughout our network since we don't have like 3 really huge airports, we have like maybe 10 big airports and all those 10 to 12, we've got these connecting banks sprinkled in.

所以我認為，這是我們過去幾年確實沒有遇到的情況。有一些——我們過去幾年剛剛恢復了。丹佛也會有一些這樣的活動。現在我們在納許維爾建造了一些納許維爾。因此，我們在整個網路中添加了某種類型的服務，因為我們沒有 3 個真正的大型機場，我們可能有 10 個大型機場，並且在這 10 到 12 個機場中，我們都設有連接銀行。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

My pleasure.

我的榮幸。

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，談一些結束語。

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.

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。

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

會議已經結束。感謝大家的出席。我們下個季度會在這裡再次見面。您現在可以斷開連線。