西南航空 (LUV) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to the Southwest Airlines fourth-quarter 2025 conference call. My name is Jamie, and I will be monitoring today's conference call, which is being recorded. A replay will be available on southwest.com in the Investor section. (Operator Instructions)

大家好，歡迎參加西南航空2025年第四季業績電話會議。我叫傑米，我將監聽今天的電話會議，會議正在錄音。節目回放將在southwest.com網站的投資者關係板塊提供。（操作說明）

Now Danielle Collins, Managing Director of Investor Relations, will begin the discussion. Please go ahead, Danielle.

現在，投資者關係總經理丹妮爾柯林斯將開始討論。請繼續，丹妮爾。

Thank you. Hello, everyone, and welcome to Southwest Airlines fourth-quarter 2025 earnings call. In just a moment, we'll share our prepared remarks, after which we will move to Q&A. Joining me today are Bob Jordan, our President and Chief Executive Officer; Andrew Watterson, our Chief Operating Officer; and Tom Doxey, our Chief Financial Officer.

謝謝。大家好，歡迎參加西南航空2025年第四季財報電話會議。稍後我們將分享準備好的發言稿，之後我們將進入問答環節。今天與我一同出席的有：我們的總裁兼執行長鮑伯‧喬丹；我們的營運長安德魯‧沃特森；以及我們的財務長湯姆‧多克西。

Before we begin, a reminder that today's session, we'll make forward-looking statements, which are based on our current expectations of future performance, and our actual results could differ materially from expectations. Also, we will reference our non-GAAP results, which exclude special items that are called out and reconciled to GAAP results in our earnings press release.

在開始之前，提醒大家，在今天的會議中，我們將發表一些前瞻性聲明，這些聲明是基於我們目前對未來業績的預期，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業績，其中不包括特殊項目，這些特殊項目已在我們的盈利新聞稿中列出並與GAAP業績進行了核對。

With that, I'll turn the call over to Bob.

這樣，我就把電話交給鮑伯了。

Thank you, Danielle, and good morning, everyone, and thank you for joining our earnings call today. We've been looking forward to 2026 when all the incredible work undertaken by the Southwest team will show dramatically improved results.

謝謝丹妮爾，大家早安，謝謝各位參加今天的財報電話會議。我們一直期待著 2026 年，屆時西南航空團隊所做的所有傑出工作都將取得顯著的成果。

First, however, a few comments on this past year and our fourth quarter 2025 results. The fourth quarter capped a year of meaningful transformation and accelerated execution at Southwest. We finished the year and the quarter strong for both revenue and cost, achieving full year EBIT of $574 million, which was above our prior of $500 million.

不過，首先我想先對過去一年以及我們 2025 年第四季的業績做一些說明。第四季為西南航空意義重大的轉型和加速執行的一年畫上了句號。我們在營收和成本方面都取得了強勁的年終和季度業績，全年息稅前利潤達到 5.74 億美元，高於我們先前設定的 5 億美元目標。

Operating revenues of $7.4 billion for fourth quarter and $28 billion for the full year were quarterly and annual records. Our fourth quarter and full year results underscore that our initiatives are generating the desired results and provide great momentum as we head into 2026.

第四季營業收入達 74 億美元，全年營業收入達 280 億美元，均創下季度和年度新高。我們的第四季和全年業績表明，我們的各項舉措正在產生預期效果，並為我們邁向 2026 年提供了強勁的動力。

We also ran a terrific operation coming in number one in on-time performance, completion factor, and the lowest extreme delays in December and our strong operational performance throughout the year led to Southwest earning the top spot as the Wall Street Journal's Best US Airline of 2025. I'm proud of the results, but I'm especially proud of our people, who are the ones that getting this done every single day, day in and day out.

我們在12月份的準點率、完成率和最低的極端延誤方面也表現出色，位居第一。我們全年強勁的營運表現使西南航空榮膺《華爾街日報》2025年美國最佳航空公司榜首。我為所取得的成果感到自豪，但我尤其為我們的員工感到自豪，正是他們日復一日、兢兢業業地完成這項工作。

Before moving to 2026 and the exciting year ahead, I want to underscore some of the key initiatives that we successfully implemented in 2025 and here are the larger ones. We changed our product offering, including the implementation of bag fees, addition of a basic economy fare product, and flight credit expiration, optimized our Rapid Rewards program, including variable earn and burn rates, amended our co-brand credit card agreement with Chase including new benefits and improved economics, launched free Wi-Fi for loyalty program members in partnership with T-Mobile, expanded our online presence through new partnerships with Expedia and Priceline, outperformed our $370 million cost reduction target for 2025, including the first layoff of noncontract and management employees.

在展望 2026 年和令人興奮的新一年之前，我想強調我們在 2025 年成功實施的一些關鍵舉措，以下是一些較大的舉措。我們調整了產品供應，包括實施行李費、增加基本經濟艙票價產品和飛行積分有效期；優化了快速獎勵計劃，包括可變賺取和消耗率；修改了與 Chase 的聯名信用卡協議，包括新的福利和更優惠的經濟效益；與 T-Mobile 合作，為忠誠度計劃推出免費 Wi-Fi；透過與 Expedia 和 Priceline 建立新的合作夥伴億美元的成本削減目標，包括首次裁減非合約工和管理人員。

Added six new airline partners, launched Getaways by Southwest; added red-eye flying, reduced turn time to increased aircraft utilization, deployed new technology to boost operational reliability, a key enabler of our top spot in the Wall Street Journal ranking of airlines, discontinued the fuel hedging program, completed $2.6 billion in share buybacks in 2025, representing about 14% of shares outstanding while maintaining our investment grade rating.

新增六家航空公司合作夥伴，推出西南航空度假套餐；增加紅眼航班，縮短週轉時間以提高飛機利用率，部署新技術以提高運營可靠性，這是我們在《華爾街日報》航空公司排名中名列前茅的關鍵因素，終止了燃油對沖計劃，在 2025 年完成了 26 億美元的股票回購，約佔流通流通的 14%，同時保持了我們的投資級評級。

And on Tuesday, we implemented assigned an extra leg room seating, which required retrofitting over 800 aircraft. It is just a stunning list of initiatives undertaken by the Southwest team, all implemented on time and all delivered with excellence.

週二，我們實施了分配額外腿部空間的座位制度，這需要對 800 多架飛機進行改裝。這是一份令人驚嘆的西南航空團隊所採取的一系列舉措清單，所有舉措都按時實施，並且都取得了卓越的成果。

In my 38-year career in this industry, I cannot think of another airline that embarked on so many fundamental changes to their business model, and in such a short time, let alone, executed so well. The list of initiatives falls into two categories: one, focused on offering a significantly better experience for our customers, and the other focused on revenue growth and operational efficiency.

在我從事航空業的 38 年裡，我想不出還有哪家航空公司像它一樣，在如此短的時間內對其商業模式進行瞭如此多的根本性變革，更不用說執行得如此出色了。這些措施分為兩類：一類著重於為客戶提供更好的體驗，另一類著重於收入成長和營運效率。

Collectively, the large investments we have made result in a fundamental transformation and evolution of our business model while building on our core historic strengths, the largest domestic network, a strong balance sheet, unmatched customer loyalty to our brand, outstanding service and hospitality, low cost and operational efficiency, our unique culture, and especially our unrivaled people.

總而言之，我們投入的大量資金使我們的商業模式發生了根本性的轉變和發展，同時鞏固了我們的核心歷史優勢，包括最大的國內網絡、強大的資產負債表、無與倫比的客戶忠誠度、卓越的服務和熱情好客、低成本和營運效率、我們獨特的文化，尤其是我們無與倫比的員工。

This transformation is expected to result in a significant step-up in how we grow earnings as compared to the past few years and for 2026, we are forecasting earnings that are dramatically higher than 2025. For the full year, we are not yet guiding an EPS range. While being well above Wall Street consensus, we are providing EPS guidance that represents the lower end of our internal forecast. With that qualifier, we are guiding full year 2026 adjusted EPS of at least $4, which is materially higher than 2025 adjusted EPS of $0.93.

與過去幾年相比，這項轉型預計將使我們的獲利成長速度大幅提升，我們預測 2026 年的獲利將比 2025 年大幅成長。對於全年，我們暫不給出每股盈餘預期範圍。雖然遠高於華爾街的普遍預期，但我們提供的每股盈餘預期代表了我們內部預測的下限。考慮到這一限定條件，我們預計 2026 年全年調整後每股收益至少為 4 美元，這比 2025 年調整後每股收益 0.93 美元要高得多。

Let me share our reasoning why we are not yet providing an upper range for 2026 earnings. Assigned and extra light room seating became operational just two days ago, and we see earnings upside based on how booking behavior related to those initiatives unfolds, specifically upsell revenue from close-in bookings, which are more closely affiliated with business and price flexible customers; and second, we expect growth in both the business and leisure customer base driven by our new, more attractive product offering.

讓我來解釋一下為什麼我們還沒有給出 2026 年獲利的上限範圍。指定座位和額外照明房間座位兩天前才開始運營，我們認為，根據與這些舉措相關的預訂行為的發展情況，盈利將有所增長，特別是臨近入住日期預訂的追加銷售收入，這些預訂與商務和價格靈活的客戶關係更為密切；其次，我們預計，在我們新的、更具吸引力的產品供應的推動下，商務和休閒客戶都將增長。

We expect to have better visibility to the upside potential from these initiatives in the next month or two, and we'll provide range-bound EPS guidance when the current quarter results are reported, if not before. Also going forward, we plan to follow the industry norm of providing guidance to investors using broad company forecasts and results.

我們預計在未來一兩個月內，這些措施帶來的成長潛力將更加明朗，我們將在公佈本季業績時（如果可能的話）提供每股收益區間指引。展望未來，我們計劃遵循行業慣例，透過提供公司整體預測和業績報告來指導投資者。

This means we will step back from providing details and specific numbers around activities such as bag fees, assigned seating, the co-brand program, and so on. I believe that Southwest 2026 earnings growth will stand out when compared to other major airlines. This is largely due to the nature of the many initiatives we have implemented initiatives that were previously implemented by other airlines over the last decade or more where Southwest is implementing these initiatives now.

這意味著我們將不再提供有關行李費、指定座位、聯名計劃等活動的詳細資訊和具體數字。我認為，與其他主要航空公司相比，西南航空2026年的獲利成長將非常突出。這主要是因為我們實施的許多舉措的性質，這些舉措在過去十年或更長時間裡已被其他航空公司實施，而西南航空現在正在實施這些舉措。

And the work will not stop here. We see meaningful opportunities ahead to grow earnings from areas such as route network optimization under a backdrop of improved operating margins in the business, increasing our corporate customer base, driven by product changes that better appeal to the business traveler, and this is a long-term journey, and we believe that, executed well, we will see the rewards; and additional cost takeout and efficiency efforts.

這項工作並不會就此停止。我們看到，在業務營運利潤率提高的背景下，透過優化航線網絡、擴大企業客戶群（這得益於產品變革，使其更能吸引商務旅客）等領域，未來將有顯著的盈利增長機會。這是一項長期計劃，我們相信，只要執行得當，就能獲得回報；此外，我們還將努力降低成本並提高效率。

We have an exciting year ahead as we continue to deliver for our customers and for our shareholders. I am incredibly proud of our people. They are the ones getting it done every single day, running a strong operation, serving our customers, and transforming our company for the future.

未來一年令人振奮，我們將繼續為客戶和股東創造價值。我為我們的人民感到無比自豪。他們每天都在努力完成工作，有效率地運營，服務客戶，並引領公司走向未來。

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

接下來，我將把麥克風交給安德魯。

Thank you, Bob. From a network perspective, Q4 capacity grew 5.8% year over year despite the fleet count being roughly flat year over year. Efficiency initiatives, like reduced turn times and the introduction of red-eye flying, allowed us to maximize asset utilization while maintaining industry-leading reliability.

謝謝你，鮑伯。從網路角度來看，儘管機隊數量與去年同期基本持平，但第四季運力年增了 5.8%。提高效率的舉措，例如縮短週轉時間和引入夜間航班，使我們能夠在保持業界領先的可靠性的同時，最大限度地利用資產。

For the full year, operating revenue increased 1.7% year over year, supported by initiatives kicking in, and strong demand that drove both traffic and realized fares. My comment on realized fares reflects effective buyouts from the changes we implemented. Fourth quarter RASM, which was impacted by the FAA mandate schedule cuts was down slightly at negative 0.2% year over year.

全年來看，在各項措施的推動下，以及強勁的需求帶動了客流量和實際票價的成長，營業收入較去年同期成長了 1.7%。我對實際票價的評論反映了我們實施的改革措施所帶來的有效買斷效應。受美國聯邦航空管理局強制削減航班計畫的影響，第四季 RASM 年比略微下降 0.2%。

Looking on the strong foundation, we're entering Q1 with momentum and confidence. We expect RASM to increase by at least 9.5% year over year with contributions from yield, load factor, initiatives, and loyalty programs.

憑藉著堅實的基礎，我們帶著強勁的勢頭和十足的信心進入第一季。我們預計 RASM 將年增至少 9.5%，這主要得益於收益率、客座率、各項舉措和會員忠誠度計劃的貢獻。

Q1 capacity is expected to grow between 1% and 2% year over year, even as we operate with approximately seven fewer aircrafts, a reflection of continued efficiency gain. Importantly, Tuesday marked the launch of two major product enhancements: assigned seating and the extra legroom offering. All aircraft conversions, technology development, and employee training were completed on schedule. Customer response has been overwhelmingly positive.

儘管我們營運的飛機數量減少了約七架，但預計第一季的產能將年增 1% 至 2%，這反映了效率的持續提高。值得注意的是，週二推出了兩項重大產品改進：指定座位和額外腿部空間。所有飛機改裝、技術開發和員工培訓均按計劃完成。客戶反饋非常正面。

And these products are expected to be meaningful contributors to further revenue growth and customer satisfaction in 2026. I want to take a moment and reflect on the changes implemented two days ago. Overnight, we made the switch to assigned seating, implemented a differentiated service in our new extra legroom section, and changed our boarding process.

預計這些產品將在 2026 年為進一步的收入成長和客戶滿意度做出重要貢獻。我想花點時間回顧一下兩天前實施的各項變革。一夜之間，我們改用指定座位，在新推出的額外腿部空間區域實施差異化服務，並改變了登機流程。

On Tuesday, we operated more than 3,200 flights as a different airline while continuing to deliver our usual high-quality operation, a testament to our incredible team. These initiatives aren't just enhancements. They represent a fundamental transformation and how Southwest delivers value to customers and shareholders. We're evolving our product to meet the needs of today's travelers while staying true to the Southwest brand.

週二，我們以另一家航空公司的名義運營了 3200 多個航班，同時繼續提供我們一貫的高品質運營，這證明了我們傑出的團隊。這些舉措不僅僅是改進。它們代表著一次根本性的變革，以及西南航空如何為客戶和股東創造價值。我們正在不斷改進產品，以滿足當今旅客的需求，同時保持西南航空的品牌特色。

In summary, Southwest is executing with discipline and delivering results that position us for sustained success. Our operational reliability, product changes, and strong demand trends give us confidence as we move into 2026.

總而言之，西南航空以嚴謹的執行力所取得的成果，為我們持續成功奠定了基礎。我們的營運可靠性、產品變革和強勁的需求趨勢，讓我們對邁入 2026 年充滿信心。

I'll now turn it over to Tom.

現在我把麥克風交給湯姆。

Thanks, Andrew. We delivered a solid quarter with an EBIT of $386 million. We continued our strong cost performance with CASM-X up 0.8% year over year despite operating less capacity than initially planned. Our fourth quarter performance reflects the strength of the transformation underway at Southwest and reflects well on our evolving culture, one that is relentlessly pursuing new revenue streams and operational efficiencies in areas that, in the past, we had not focused on. At the same time, we continue to invest heavily in our customers, our people, and our technology to position Southwest for long-term success.

謝謝你，安德魯。本季業績穩健，息稅前利潤達 3.86 億美元。儘管營運產能低於最初計劃，但我們的成本控製表現依然強勁，CASM-X 年比成長 0.8%。我們第四季度的業績反映了西南航空正在進行的轉型的強勁勢頭，也很好地體現了我們不斷發展的企業文化，這種文化正不懈地追求新的收入來源和運營效率，而這些領域是我們過去沒有關注過的。同時，我們將繼續大力投資我們的客戶、員工和技術，以使西南航空長期成功。

Looking ahead, our initiatives, which represent a deep fundamental transformation of our business, are set to drive significant earnings growth in 2026. The impact from the initiatives launched in 2025 is well understood by us at this stage of the rollout and we have confidence in our ability to deliver meaningful margin expansion and strong earnings growth this year.

展望未來，我們的各項舉措代表著我們業務的深刻根本性變革，預計在 2026 年推動獲利大幅成長。在目前的推廣階段，我們已經充分了解了 2025 年推出的各項舉措的影響，並且我們有信心在今年實現有意義的利潤率擴張和強勁的盈利增長。

As Bob stated, for full year 2026, we are providing an adjusted EPS guide of at least $4 which represents the lower end of our forecast. For the first quarter of 2026, we are guiding an adjusted EPS of at least $0.45 per share, which also represents the lower end of our forecast and compares to a loss of $0.13 in the first quarter of 2025.

正如鮑伯所說，對於 2026 年全年，我們提供的調整後每股盈餘指引至少為 4 美元，這代表了我們預測的下限。我們預計 2026 年第一季調整後每股收益至少為 0.45 美元，這也代表了我們預測的下限，而 2025 年第一季虧損 0.13 美元。

We expect continued strong cost discipline, with CASM-X projected to increase approximately 3.5% year over year which includes approximately 1.1 points of impact from the removal of six seats from our 737-700 fleet to enable extra-legroom seating. We plan to keep management head count expense flat to 2025 levels in 2026 and will also be focused on operational efficiency within our frontline teams.

我們預計成本控制將繼續保持強勁勢頭，CASM-X 預計將同比增長約 3.5%，其中包括因從我們的 737-700 機隊中移除 6 個座位以實現更大的腿部空間座位而產生的約 1.1 個百分點的影響。我們計劃在 2026 年將管理人員數量支出保持在 2025 年的水平，並將專注於提高第一線團隊的營運效率。

Turning to fleet. Boeing continues to execute on its delivery commitments. We expect 66 Boeing 737-8 deliveries in 2026 and anticipate retiring 60 aircraft during the year. Full year net capital spending is expected to be in the range of $3 billion to $3.5 billion.

轉向艦隊。波音公司持續履行交付承諾。我們預計 2026 年將交付 66 架波音 737-8 飛機，並預計當年將退役 60 架。預計全年淨資本支出將在 30 億美元至 35 億美元之間。

In November, we issued $1.5 billion unsecured bonds at industry-leading terms. We ended the quarter with $3.2 billion in cash and a gross leverage ratio of 2.4 times, both within our targets. During 2025, we repurchased $2.6 billion of shares and distributed $399 million in dividends. At the same time, we plan to make the necessary investments in our business while staying within the guardrails that support our investment-grade rating.

11月，我們以業界領先的條款發行了15億美元的無擔保債券。本季末，我們擁有 32 億美元的現金，總槓桿率為 2.4 倍，均符合我們的目標。2025年，我們回購了價值26億美元的股票，並發放了3.99億美元的股利。同時，我們計劃在保持投資級評級的前提下，對我們的業務進行必要的投資。

In closing, 2026 is positioned to be a year of significant margin expansion and earnings growth for Southwest, and we remain confident in our ability to deliver and create long-term value for our shareholders.

綜上所述，2026 年預計將成為西南航空利潤率大幅提升和獲利成長的一年，我們仍有信心為股東創造長期價值。

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

接下來，我將把麥克風交還給丹妮爾，讓她開始我們的問答環節。

Thank you, Tom. This concludes our prepared remarks. We will now open the line for analyst questions. To help us manage time efficiently, we'll ask that you please ask your one to two questions back-to-back at the outset.

謝謝你，湯姆。我們的發言稿到此結束。現在我們將開放分析師提問專線。為了幫助我們有效率地管理時間，請在開始時連續提出一到兩個問題。

(Operator Instructions) Catherine O'Brien, Goldman Sachs.

（操作說明）凱瑟琳‧歐布萊恩，高盛。

Hey. Good morning, everyone. Thanks for the time. So I'll listen to the rules, Danielle, and ask my two questions up front. So first question is, I realize it's very early innings on the rollout of your seat products. But I'm just trying to get a sense of how you're thinking about the upside to your base case you shared today. How does January booked RASM compare to one-half February? And how do both of those time frames compared to that 9.5% base case guide.

嘿。各位早安。感謝您抽出時間。丹妮爾，我會遵守規則，先問我的兩個問題。第一個問題是，我知道你們的座椅產品目前還處於非常早期的推廣階段。但我只是想了解一下，對於你今天分享的基本情況，你是如何看待其利好因素的。1 月的 RASM 預訂量與 2 月的一半相比如何？那麼，這兩個時間段與9.5%的基本預期值相比如何？

I'm just trying to get a sense of like what you're evaluating on potential upside. Is that higher upsell potentially higher upsell going forward, share shift, something else? I know that was a long first one.

我只是想了解你對潛在上漲空間的評估。更高的追加銷售額是指未來可能更高的追加銷售額、市佔率轉移，還是其他原因？我知道第一篇很長。

Second one I'll keep it quick. You beat your 4Q CASM guide pretty handily. What drove that? Anything shift out of the quarter we should be aware of as we model '26 CASM-X beyond 1Q? Thanks for the time.

第二個問題我就長話短說。你輕鬆超越了 4Q CASM 指南。是什麼原因導致這種情況？在對 2026 年 CASM-X 進行第一季之後的建模時，我們應該注意哪些與季度不同的變化？感謝您抽出時間。

Hey there, Catie. It's Bob. I'll take the first one, and then Tom will take the second. On the upper range, well, first, I would just say that bookings for everything related to our new products and initiatives all look really good. So everything is on track. We're just not ready to provide an upper range or upside today.

嗨，凱蒂。是鮑伯。我拿第一個，然後湯姆拿第二個。就高端市場而言，首先，我想說的是，與我們新產品和新措施相關的所有預訂情況都非常好。一切都在按計劃進行。我們今天還不便給出預測上限或上漲空間。

I mean it's really simple. We've got lots of booking data related to the new initiatives, but we have limited data regarding close-in bookings, and the behavior of fare upsell and seat ancillaries, especially with those close-in bookings, overweight business, and customers that are more flexible and that tends to have higher ancillary take rates. So we just need to see it.

我的意思是，這真的很簡單。我們有許多與新措施相關的預訂數據，但對於臨近出發日期的預訂、票價追加銷售和座位附加服務的行為，尤其是臨近出發日期的預訂、超重商務艙以及更靈活的客戶（這些客戶往往有更高的附加服務消費率），我們的數據有限。所以我們需要親眼看看。

And by the way, I'm dying to know the upside as well and asking Andrew every day. But seriously, we will let you know as soon as possible. We just need a month or two to really see the potential.

順便說一句，我也很想知道好處是什麼，我每天都問安德魯。但說真的，我們會盡快通知您。我們只需要一兩個月的時間就能真正看到它的潛力。

And then maybe separate from that, we're not stopping there. We have -- there's no victory lap. We have other things that we are focusing on above and beyond this potential with the current initiatives. I mean, we have the opportunity for more cost takeout, efficiency, network optimization. With our new products, we think we can grow our corporate share. And of course, we're going to continue to optimize the revenue initiatives that we've just put in place.

而且，除此之外，我們也不會止步於此。我們沒有──沒有慶祝勝利的環節。除了目前這些措施所蘊含的潛力之外，我們還有其他面向需要重點關注。我的意思是，我們有機會進一步降低成本、提高效率、優化網路。憑藉我們的新產品，我們認為可以提高公司市場份額。當然，我們也會繼續優化我們剛剛實施的各項創收措施。

Catie, thanks for your question on cost. I'm really excited -- continue to be really excited about the way in which the entire management team is aligned and spending smartly and being efficient with our costs. There's no shift that we're talking about today out of 4Q into 1Q. So this is truly us going in and finding efficiencies in different areas of the business and its widespread throughout really every line item there, we're finding cost items.

Catie，謝謝你詢問費用方面的問題。我感到非常興奮——我對整個管理團隊的協調一致、精明支出和高效控製成本的方式感到非常興奮。我們今天討論的並非從第四季到第一季的任何轉變。所以，我們真正深入到業務的各個領域，尋找提高效率的方法，而這種方法幾乎滲透到每個成本項目中，我們都在尋找降低成本的方法。

All right. Next question.

好的。下一個問題。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Hi, everyone. Thank you. Just on the load factor decline in 3Q -- sorry, in 4Q and then it just was larger than the decline in 3Q. Can you just help frame up what's happening there? I was under the impression that you were pushing for additional loads given this OTA distribution and so on. And within that comment, maybe you could talk about like is there a load factor target that you need to hit your bag fee target for 2026?

大家好。謝謝。僅就第三季的客座率下降而言——抱歉，是第四季度，而且第四季度的下降幅度比第三季度更大。你能幫忙梳理一下那裡發生了什麼事嗎？我原以為鑑於這次OTA分發等等，您正在推動增加負載。在那篇評論中，或許你可以談談，為了達到 2026 年的行李費目標，你們是否需要達到一定的載客率目標？

And then my second question, sorry. I was hoping you could talk about the decline in the ATL. I realize that there's a revised credit -- Chase agreement in there. But just if you could just frame up the drivers. I think that there is some concern out there in terms of like there being a larger decline from 3Q to 4Q and then you expect a pretty big revenue uplift in 2026. So just any thoughts around there would be helpful. Thank you.

不好意思，我還有第二個問題。我希望你能談談亞特蘭大的衰落。我知道裡面有一份修訂後的信貸協議——Chase 協議。但如果能把那些司機繩之以法就好了。我認為目前存在一些擔憂，例如第三季到第四季可能會出現更大幅度的下滑，然後預計 2026 年營收將大幅成長。所以，大家如果有什麼想法，都會很有幫助。謝謝。

Hey. It's Andrew, I'll take the first one. And so I'd say that our employees are super engaged with the new Southwest and extends to our tech ops employees, and they did such a great job of retrofits of the aircraft overnight. They get so efficient that we were able to delay the 787-700 retrofits until January. Because the 737-700, as you probably know, we took out a row of seats.

嘿。我是安德魯，我想要第一個。因此，我認為我們的員工對新的西南航空非常投入，這其中也包括我們的技術營運員工，他們一夜之間出色地完成了飛機的改裝工作。它們的效率非常高，因此我們可以將 787-700 的改裝推遲到一月份。正如你可能知道的那樣，我們為737-700飛機拆除了一排座椅。

Now doing that late in the booking curve means there's limited revenue upside, but there is revenue upside, especially in the peak holiday travel dates. And extending that in that came out of it almost nil cost and so doing that was EBIT positive.

現在，在預訂曲線後期預訂意味著收入成長空間有限，但仍存在收入成長空間，尤其是在假日旅遊高峰期。而將這項業務擴展到這個領域幾乎沒有任何成本，因此這樣做反而帶來了正的息稅前利潤。

And so we don't manage the business to -- for any submetric of load factor yield. We're largely managing for RASM or the RASM/CASM spread. And so in that situation, we chose a decision that maximize earnings but was unflagging perhaps a load factor, but it was the right decision. That's how we want to manage the company.

因此，我們不會對業務進行管理—針對任何載重係數收益率的子指標。我們主要關注的是 RASM 或 RASM/CASM 差值。因此，在這種情況下，我們選擇了一個可以最大化收益但可能會降低載客率的決定，但這是正確的決定。這就是我們希望管理公司的方式。

And to your second question on APLs, one of the benefits that we have now is we have more differentiation in our product and the ability to provide differentiation to those that are at different levels within in the loyalty program is that more of the revenue can be recognized -- the loyalty revenue can be recognized sooner, whereas previously, we had to wait primarily the benefit that was derived from being in the program was when you would ultimately redeem points.

關於您提出的第二個問題，即 APL，我們現在的優勢之一是我們的產品更具差異化，並且能夠為忠誠度計劃中不同級別的用戶提供差異化服務，這樣可以更快地確認更多收入——忠誠度收入可以更快地確認，而以前，我們主要需要等待，加入該計劃帶來的好處只有在最終兌換積分時才能體現出來。

Well, now, depending on your status, you have the ability to derive a benefit. You may book a flight paying cash tomorrow, where you have the ability because of your status to select a seat for free. You may have the ability to have a free bag or bags.

現在，根據你的身份，你有能力獲得某種好處。您可以明天用現金預訂機票，由於您的會員身份，您可以免費選擇座位。您或許有機會獲得一個或多個免費袋子。

So those are benefits that can be derived sooner. So that differentiation that we have in our product offering now allows us to recognize more revenue sooner. So obviously, that means that there is less that falls into that ATL category. So if anyone is looking at that ATL category and seeing that it's smaller and trying to forecast some revenue weakness in the future, that's not what's happening.

所以這些都是可以更快獲得的好處。因此，我們目前在產品供應方面所取得的差異化優勢，使我們能夠更快地獲得更多收入。所以很明顯，這意味著屬於 ATL 類別的內容就比較少了。所以，如果有人看到 ATL 類別規模較小，並試圖預測未來收入會疲軟，那麼事實並非如此。

Appreciate it. Thank you.

謝謝。謝謝。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

Yeah. Good morning, everybody. A couple for Tom. So with assigned seating broadly anticipated by customers, I'd have thought there might have been a surge in early bird bookings given that there's this significant ramp from the new initiatives. But I guess, asked differently, wasn't there already a meaningful amount of early bird in the base? I just thought people have front-run the changes by protecting themselves with that.

是的。各位早安。給湯姆的一對。鑑於顧客普遍預期會安排指定座位，考慮到新措施帶來的顯著增長，我認為早鳥預訂量可能會激增。但我想，換個角度問，基地裡不是已經有相當數量的早鳥了嗎？我只是覺得人們為了保護自己而搶先一步應對了這些變化。

And then second, with so many changes that Southwest taking place. I reckon that the team isn't going to rule anything out. But maybe for Bob, can you disclose if you have any aircraft RFPs in the market. This is not usually a state secret. Everybody knew Delta had a wide-body campaign, stuff like that. Just curious if you can comment on that. Thank you to you, both.

其次，西南航空也發生了許多變化。我認為球隊不會排除任何可能性。但或許鮑勃，你能透露一下你們目前是否有任何飛機招標項目嗎？這通常不屬於國家機密。大家都知道達美航空進行了一項寬體客機推廣活動，諸如此類的事情。我只是好奇您是否可以對此發表一下看法。謝謝你們兩位。

Yeah, Jamie, I'll take the quick one, I'll take the first, and then Andrew will take the second because it's quick. No, we do not have any active aircraft RFPs in the market.

是的，傑米，我來做最快的那個，我做第一個，然後安德魯做第二個，因為它很快。不，我們目前在市場上沒有任何正在進行的飛機招標項目。

Okay.

好的。

And then the other one, the early bird, we -- if I understand your question correctly, we see selling early departures after Tuesday. And so now people can get a good seat by buying the stand-alone ancillary. And we do see stand-alone ancillary accelerate close-in, and that's the part that Bob talked about, we don't fully understand yet and expect to have in the next month or two more insights on how the booking curve ends for those higher fare passengers.

還有另一種情況，就是早起的鳥兒有蟲吃——如果我理解你的問題沒錯的話，我們看到週二之後的早鳥票正在售賣。因此，現在人們可以透過購買單獨的附加票來獲得好座位。我們確實看到獨立輔助服務在接近截止日期時加速增長，這也是鮑勃提到的部分，我們目前還沒有完全理解，預計在未來一兩個月內，我們會對高票價乘客的預訂曲線最終走向有更多了解。

Well, so maybe I misunderstood. I thought four weeks ago, somebody could have bought early bird to avoid the seating fees. So that's not how it worked?

哦，或許是我誤會了。我當時以為四周前有人會買早鳥票來避免支付座位費。所以事情並不是那樣發生的？

Not for departures on Tuesday, the 27th and beyond. All those were just seat assignment. We do have a upgraded boarding, early boarding you could do, and we didn't really push it and promote it that much because we didn't want to add customer confusion. We will do that later, but that's a modest thing. The large money is coming from fare upsells. So buying a higher fare product or buying stand-alone ancillary.

不適用於週二、27日及之後出發的航班。那些都只是座位安排而已。我們確實有升級版的登機服務和提前登機服務，但我們並沒有大力推廣，因為我們不想給顧客造成困惑。我們稍後會做這件事，但這只是件小事。大部分收入來自票價溢價。所以，要嘛購買更高票價的產品，要嘛購買單獨的附加服務。

Jamie, I think the easy thing is upgraded boarding and early bird, the old ancillaries ended on Monday with open seating and the new ancillary started on Tuesday from a revenue perspective, and that's the best way to think about it.

傑米，我認為最簡單的辦法是升級登機和提前登機，舊的輔助服務已於週一結束，座位開放，而新的輔助服務從週二開始，從收入的角度來看，這是最好的考慮方式。

Perfect. Thank you.

完美的。謝謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey. Thanks. So just a couple of things. So big picture, usually when ancillary goes up, fare goes down historically. What do you think is different here? Is there any way to share like what percent is going since Tuesday is going basic versus prior?

嘿。謝謝。就幾件事。從大局來看，歷史上通常情況下，當輔助成本上升時，票價就會下降。你覺得這裡有什麼不同？有沒有辦法分享一下，從週二開始恢復基本模式以來，與之前相比，恢復基本模式的百分比是多少？

And then maybe just, Tom, like a modeling question, like I'm guessing January, you didn't have seats, it's the toughest comp, like are we exiting the quarter with like RASM in the teens or something like that? Is that the implication of this guide? So I know there's a few but thank you.

然後，湯姆，也許可以問一個建模方面的問題，例如我猜是1月份，你們沒有座位，這是最難比較的時期，例如我們這個季度結束時的RASM（每百萬英鎊收入）會是十幾美元還是類似的情況？這是本指南的涵義嗎？我知道還有一些，但還是要謝謝你。

Yeah, I'll take the first one and Tom will take the second. I think they're really disconnected. So ancillaries, especially now that a lot of that is a seat ancillary, which comes much later, it tends to be a separate decision from the fare purchase, the original booking and purchase of the ticket. So we don't see the correlation in terms of the ancillaries go up, the fare goes down.

好，我拿第一個，湯姆拿第二個。我覺得他們之間真的沒什麼關聯。因此，附加服務，尤其是現在很多都是座位附加服務，而座位附加服務是在之後才提供的，所以它往往是與票價購買、原始預訂和購買機票分開的決定。因此，我們沒有看到輔助成本上升導致票價下降的相關性。

I mean, all of this change, especially with the assigned seating and extra legroom is driven from a revenue benefit perspective by offering customers choice and then giving them buy-up opportunities at the time that they book and then giving them ancillary opportunities at the time, for example, when they select a seat.

我的意思是，所有這些變化，特別是指定座位和額外腿部空間，都是從收入利益的角度出發，透過為客戶提供選擇，然後在他們預訂時提供升級機會，以及在他們選擇座位時提供輔助服務機會。

But no, we don't see that correlation at all that you're discussing.

但是，我們完全沒有看到您所討論的那種相關性。

And to your second question, of course, we're not going to give RASM guidance by month, but it is a true statement that the extra-legger seats and the seat assignments, those enhanced unit revenues.

至於你的第二個問題，當然，我們不會按月給出 RASM 指導，但可以肯定的是，額外的腿部座位和座位分配，這些增強的單位收入。

Great. Next question, please.

偉大的。下一個問題。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林恩伯格。

Yeah. Hey. Thanks, everyone. So yes, two questions. I have a CapEx question for Tom and a revenue question for Andrew. So I guess, Tom, in the release, you did give us the CapEx number, although you indicated that it was a net CapEx number.

是的。嘿。謝謝大家。是的，兩個問題。我有一個關於資本支出的問題想問湯姆，一個關於收入的問題想問安德魯。所以我想，湯姆，你在新聞稿中確實給出了資本支出數字，儘管你指出這是一個淨資本支出數字。

So presumably, either I don't know if there's either sale leasebacks or there's aircraft divestitures. Can you give us a rough sense of maybe what the gross CapEx number is? Or maybe to give us a sense of divestiture gains from aircraft sales in 2025?

所以，我大概不是不知道是否有售後回租，就是不知道是否有飛機剝離。您能否大致估算一下資本支出總額是多少？或者，也許是為了讓我們了解 2025 年飛機銷售的資產剝離收益？

Sure, Mike. So we'll stick with the rents that we've guided. There is an element of aircraft sales that are there that bring that down from the gross number. But we'll stick with what's out there in the public number is the net CapEx.

當然可以，麥克。所以我們會堅持之前訂定的租金標準。飛機銷售的因素會拉低毛收入。但我們還是堅持使用公開數據，也就是淨資本支出。

Okay. But it's specifically aircraft sales offsetting it. It's not sale-leaseback gains or anything else?

好的。但正是飛機銷售抵消了這一影響。不是售後回租收益或其他什麼收益嗎？

That's correct.

沒錯。

Okay. Great. And then just my question to Andrew. Segmentation, it's a new thing. I mean, maybe you'll disagree with me, but I think it is somewhat of a new thing for Southwest.

好的。偉大的。然後，我只想問安德魯一個問題。市場區隔，這是個新概念。我的意思是，也許你會不同意我的看法，但我認為這對西南航空來說算是一種新做法。

I mean, even in your commentary -- you said that you're learning a lot about customer behavior. As we think about how things evolve, what inning are we in? And what are the milestones that you're going to look for that things are really starting to pick up? And maybe as a a teaser here, I know in the past, I recall you indicating that the majority of your bookings or tickets sold used to be in the lowest fare bucket.

我的意思是，即使在你的評論中——你也說過你正在學習很多關於客戶行為的知識。當我們思考事物的發展演變時，我們現在處於第幾局？那麼，您認為哪些里程碑事件標誌著事情真正開始好轉？也許可以先透露一點，我記得你以前說過，你售出的大部分預訂或機票都是最低票價。

And I would suspect that, that's going to change, especially as people want the assigned seats and the extra legroom. Can you just give us thoughts on how you see that evolving and maybe some of the key milestones? Thanks for taking my question.

我懷疑這種情況將會改變，尤其是隨著人們想要指定座位和額外的腿部空間。您能否談談您對這一發展趨勢的看法，以及一些關鍵的里程碑事件？謝謝您回答我的問題。

Thanks, Mike. The -- yes, we're going from a favorable base segmentation. We always had segmentation like device purchases and stuff like that to a product-based segmentation, which you can pay more to get more. And so the question becomes, who will pay more to get more from our current customer base? And we're seeing that our current customers who previously bought the base products all in, wanted to buy up. They wanted more from us.

謝謝你，麥克。是的，我們從一個有利的基礎細分開始。我們以前有基於設備購買等因素的細分，現在則有基於產品的細分，你可以花更多的錢獲得更多產品。因此，問題就變成了：誰願意花更多錢從我們現有的客戶群中獲得更多？我們發現，先前購買基礎產品的現有客戶現在想要升級購買。他們想要從我們身上得到更多。

They wanted the ability to buy these extra product features and even if they're buying early in the booking curve, they're willing to pay for them. And of course, later in the booking curve where most of those people are that are price flexible, you expect to see a a surge of people demanding the higher products.

他們希望能夠購買這些額外的產品功能，即使他們是在預訂曲線的早期階段購買，他們也願意為此付費。當然，在預訂曲線的後期，也就是那些對價格比較靈活的人最集中的時候，你會看到對更高價位產品的需求激增。

And so we expect to go from like 80%-plus by the lowest fare product down to something half or less buying the very basic product. And so we don't know what they'll look over the full booking curve for the full year to high season, low season, but we know that, that accelerates at the end, and that's what we're waiting for. So the level of acceleration we see through the February and March where you have low season, high season will give us a really good idea of what the upside is for this.

因此，我們預計最低票價產品的購買比例將從 80% 以上下降到購買最基本產品的購買比例的一半甚至更低。因此，我們不知道他們會如何看待全年的預訂曲線，包括旺季和淡季，但我們知道，旺季和淡季的預訂量會加速成長，而這正是我們所期待的。因此，我們在二月和三月（淡季和旺季）看到的加速水平將讓我們對這種趨勢的上升空間有一個非常清晰的了解。

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

Hey, guys. Thanks for taking my question. Congrats on the big RASM guide. I wanted to just re-ask it a little bit on the 9.5%. What is literally in that number? And what is -- and it sounds like there's a low expectation of the ancillaries coming in, but it's not like you have zero. I just wanted to understand really what's in there versus what could be upside. That's question one.

嘿，夥計們。謝謝您回答我的問題。恭喜你發布了大型 RASM 指南。我想再問一下關於9.5%的問題。這個數字到底代表什麼？而實際情況是──聽起來大家對附屬設施的預期不高，但也不是完全沒有。我只是想真正了解裡面到底有什麼，以及可能有哪些潛在收益。這是第一個問題。

And question two, it seems like there's a decent chance this year is an all-time high EPS annual year for you. When I look at the last time that happened, ASM growth was considerably higher. So as you get back to your return target, I'm curious how we should be thinking about a reacceleration in growth. Thanks.

第二個問題，看來今年很有可能成為貴公司每股盈餘（EPS）創歷史新高的一年。回顧上一次出現這種情況時，ASM 的成長要高得多。所以，當你重新達到預期回報目標時，我很好奇我們應該如何考慮重新加速成長。謝謝。

Yeah. I'll take the first one and then maybe a combo maybe, Andrew, on the sick one, especially the thinking about capacity. Thinking about breaking down RASM detail. I mean, last year, just got a pause. It was just a fundamental transformation of the business model of this company.

是的。我先選第一個，然後也許可以組合一下，安德魯，關於生病的那個，特別是關於容量的思考。正在考慮分解 RASM 的細節。我的意思是，去年只是暫停了一下。這僅僅是這家公司商業模式的根本變革。

And it went extremely well. I'm so very pleased and proud of our people. And now all of that -- I mean, all these initiatives, they are the business. They are the new business, the Southwest Airlines. It's not a set of initiatives any longer. And we're managing that way.

一切都非常順利。我為我們的人民感到非常高興和自豪。現在所有這些——我的意思是，所有這些舉措，它們是關鍵所在。他們就是這家新公司，西南航空。它不再是一系列倡議了。我們就是用這種方式來管理的。

And -- so everything in our 2026 guides include those run rates coming off of the implementation in '25 and then of course, the assigned eating launch year on Tuesday and that's just how we're managing the business. And we're focused even more beyond that on the additional upside managing those initiatives and optimizing and then our incremental opportunities, again, like network optimization, further cost takeout.

因此，我們 2026 年指南中的所有內容都包含了 2025 年實施後的運行率，當然還有周二指定的飲食啟動年份，這就是我們管理業務的方式。除此之外，我們也更重視管理這些措施和優化帶來的額外收益，以及我們的增量機會，例如網路優化、進一步降低成本。

So we are moving to, as you obviously know, an EPS guide, everything related to the initiatives and the run rates are baked in. And that's how we're thinking about managing the business, and we will provide the upside once we are able to quantify it.

所以，如您所知，我們正在轉向 EPS 指南，所有與計劃和運行率相關的內容都已包含在內。這就是我們管理業務的思路，一旦能夠量化收益，我們將公佈收益狀況。

And then on the growth, I mean we're not thinking about any crazy growth rates or anything like that. We're thinking about mostly in addition to whatever modest growth rates we choose is a reallocation of capacity.

至於成長方面，我的意思是，我們並沒有考慮任何瘋狂的成長率之類的東西。我們主要考慮的是，除了我們選擇的任何適度成長率之外，還要重新分配產能。

And so we have a product now that we see demand for that before we weren't offering and then also the water line for all of our markets rises with increased profitability. So we have a great opportunity to redeploy capacity within our current footprint to have less of a negative and more of a positive by moving capacity around. That's what we're really focused on in the next 12 to 24 months. And we think that's upside to the numbers we've currently given you.

因此，我們現在有了一種以前我們沒有提供的產品，我們看到了市場對這種產品的需求，而且隨著盈利能力的提高，我們所有市場的供水線也隨之上升。因此，我們有機會在現有佈局內重新部署產能，透過調整產能來減少負面影響，增加正面影響。這就是我們未來 12 到 24 個月的工作重點。我們認為這是我們目前提供的數據的優勢所在。

Duane Pfennigwerth, Evercore ISI.

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

Hey. Thank you. I wanted to follow up, Tom, on a comment you made about the loyalty, faster loyalty Rev Rec. I assume there was a bump up with the bag fees and now another bump up with seats and extra legroom. So whatever the RASM tailwind was from Rev Rec in 4Q, it's likely larger now in 1Q. I wonder if you would frame how many points of your 10 points in RASM growth is due to Rev Rec policy changes?

嘿。謝謝。湯姆，我想就你之前關於忠誠度、更快的忠誠度收入記錄的評論做個後續說明。我估計行李費上漲了，現在座位和額外腿部空間的價格又漲了。因此，無論第四季營收成長對 RASM 帶來的利多因素是什麼，現在第一季的利多因素可能更大。我想知道您能否說明一下，您 RASM 成長的 10 個點中有多少點是由於收入確認政策的變化造成的？

And then my follow-up, do you have any data or early learnings on receptivity of seats or maybe uplift in core Southwest markets versus maybe more jump ball markets where you have lower share. Thanks for taking the questions.

那麼，我的後續問題是，您是否有任何數據或初步經驗，了解西南航空核心市場（例如，市場份額較低的市場）的座位接受度或提升情況，以及與那些更具挑戰性的市場（例如，市場份額較低的市場）相比的情況？謝謝您回答問題。

Thanks, Duane. We haven't quantified publicly what the change is there. There's a shift that goes where the split prior was part ATL, part of the revenue. Now it's part ATL, some to other revenue and some of the passenger revenue. But the exact percentages there, some of that relates to the way that our program is structured. And so we don't get into the details of that. Our Qs and Ks have a bit more color on it, but we don't go into the specific percentages.

謝謝你，杜安。我們尚未公開量化這方面的變化。有一種轉變，以前是部分 ATL，部分收入。現在一部分來自亞特蘭大機場，一部分來自其他收入來源，一部分來自乘客收入。但具體百分比，部分原因與我們專案的結構方式有關。所以我們就不深入探討細節了。我們的 Q 和 K 部分會添加一些色彩，但我們不會詳細說明具體的百分比。

The second one, we find that the new product is giving us a strong tailwind in all of our markets. So it's not just a traditional Southwest stronghold we see the benefit. It's across all customer segments and across all geographies. And what's really encouraging for us.

其次，我們發現新產品在我們所有市場都帶來了強勁的成長動能。所以，我們看到的益處不僅體現在傳統的西南地區據點。它涵蓋所有客戶群體和所有地區。而真正令我們感到鼓舞的是…

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Hey. Thanks so much for the time. Just curious on the extra legroom fee, I think last fall, we had talked about that hitting the full run rate potential in the third quarter. Is that still the expectation as you sit here today? And then on the fuel side, I think at one point last year, Tom, we had talked about there being like a nice -- with bag fees there've been a nice fuel offset from the bag implementation. And I'm wondering if you started to see that this year. Thanks, again, for the time.

嘿。非常感謝您抽出時間。我只是對額外的腿部空間費用感到好奇，我想去年秋天我們討論過，第三季度這項費用可能會達到全部的運行率。今天坐在這裡，你仍然抱持這樣的期望嗎？至於燃油方面，湯姆，我想去年我們曾討論過，行李收費可以很好地抵消行李收費帶來的燃油成本。我想知道你今年是否開始意識到這一點了。再次感謝您抽出時間。

Yeah. I think previously in our guidance, we've given that we expect next year that we have the full run rate benefit of the seats. Obviously, we're endeavoring to get that faster. We know there's a ramp-up as customers adapt to. That's also part of a discussion of we don't -- of the complete upside. But right now, we're seeing a strong initial reaction, as I said earlier, both to buy-ups and seat ancillaries.

是的。我認為我們先前的指導方針中已經提到，我們預計明年我們將獲得這些座位帶來的全部收益。顯然，我們正在努力加快這一進程。我們知道，隨著客戶逐漸適應，這個過程會有一個逐步前進的過程。這也是關於我們不討論的——關於完全有利的方面。但正如我之前所說，目前我們看到市場對收購和座位附屬產品都做出了強烈的初步反應。

And Tom, I love that you asked about fuel. Just last week, I'll brag a little bit about our operations team here. Just last week, I was at a meeting where we were walking through the full list of fuel savings initiatives that we have. You are correct. One of those is that as we carry fewer bags overall, which we knew would be a by-product of the bag fee, there are fewer bags on board the aircraft and there is a fuel savings that comes from that.

湯姆，我很高興你問到了燃料方面的問題。就在上週，我得稍微誇誇我們的營運團隊。就在上週，我參加了一個會議，我們詳細列出了我們所有的節油措施。你說得對。其中之一是，由於我們攜帶的行李總數減少了（我們知道這是行李費的副產品），飛機上的行李也減少了，從而節省了燃油。

But there are so many other things that we're doing as a company. New technology tools that we have that are helping us as well as just the behavior that we have in our airports and our maintenance facilities to be able to save fuel. So often in this industry, we talk about CASM-X and it's appropriate. But fuel is a big expense, too, and we're doing a lot to become more efficient there as well.

但作為一家公司，我們還在做很多其他事情。我們擁有的新技術工具，以及我們在機場和維修設施中採取的措施，都有助於我們節省燃料。在這個行業裡，我們經常談到 CASM-X，這很恰當。但燃料也是一筆很大的開支，我們也努力提高這方面的效率。

Atul Maheswari, UBS.

阿圖爾‧馬赫什瓦里，瑞銀集團。

Good morning. Thanks a lot for taking my question. Two questions. First, based on your implied RASM for the full year and based on what we've heard from others, it would appear that if you all hit your outlooks, there might be a meaningful shift in airline revenues as a percentage of GDP this year versus the past few years.

早安.非常感謝您回答我的問題。兩個問題。首先，根據你們對全年隱含的 RASM 以及我們從其他人那裡聽到的情況來看，如果你們都能實現預期目標，那麼今年航空公司收入佔 GDP 的百分比與過去幾年相比可能會發生顯著變化。

I know you can only see for Southwest. So the question is, is the incremental revenues that you're generating this year, is that primarily coming from your existing customers who always wanted to spend more at Southwest, but basically could not in the past since you did not have that offering? And that would explain why the revenue GDP equation moves to the right?

我知道你只能看到西南方向的風景。所以問題是，您今年獲得的增量收入是否主要來自您現有的客戶，他們一直想在西南航空消費更多，但過去由於您沒有提供此類服務而基本上無法做到？這就解釋了為什麼收入GDP方程式向右移動？

Or is the incremental revenues that you're generating this year coming from attracting customers of other airlines, which would mean that the revenue GDP equation does not change much for the overall industry even as Southwest generates significant revenue dollars? So that's question one.

或者，您今年獲得的增量收入是否來自吸引其他航空公司的客戶？這意味著，即使西南航空創造了可觀的收入，整個產業的收入與 GDP 的比值也不會發生太大變化？這是第一個問題。

And then a question two in the at least $4 EPS target, what is assumed for macro given Southwest and really the product industry clearly lost a good portion of revenues last year due to macro issues. So in that $4, what portion like that you get back? Thank you very much.

那麼，在至少 4 美元的每股盈餘目標下，第二個問題是：考慮到西南航空以及整個產品產業去年由於宏觀經濟問題明顯損失了很大一部分收入，宏觀經濟方面有哪些假設？那麼，在這 4 美元中，你能拿回多少呢？非常感謝。

Yeah, Atul, it's Bob. I can take both of those. Really, the -- what's in our guide for 2026 is it's the performance of the initiatives on our current customer base. So there's no assumption number one of a big snapback in the macro, and there is no assumption net of a big share shift.

是的，阿圖爾，我是鮑伯。這兩個我都可以接受。實際上，我們 2026 年指南的內容是：這些措施對我們現有客戶群的影響。因此，第一個假設是宏觀經濟會大幅反彈，第二個假設是市佔率會大幅變動。

And now again, I do think with the far more attractive product offering, especially to our business customers, that is part of the upside that we can pursue over time. That's a longer journey. But I do think the product offering now certainly appeals more to everybody but certainly appeals more to our business customers.

現在，我認為，憑藉更具吸引力的產品，特別是對於我們的企業客戶而言，這是我們未來可以追求的優勢之一。那是一段更長的旅程。但我認為，現在的產品系列肯定更能吸引所有人，尤其能吸引我們的企業客戶。

So that is something we'll be attacking this year, and that provides additional upside. But no, to be specific, there's not a share shift in the calculation and there's not a planned snapback in the economy in the macro.

所以這是我們今年要著手解決的問題，而且這會帶來額外的收益。但具體來說，計算中沒有份額轉移，宏觀經濟中也沒有計畫中的快速反彈。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey. Good morning and congratulations to the greater Southwest team on that number one Wall Street Journal ranking, especially in a year that you've been doing a lot of change.

嘿。早安，恭喜西南航空團隊榮獲《華爾街日報》排名第一，尤其是在你們進行了許多變革的一年裡。

I know you're not providing granular guidance, but I was curious, Tom, if you could provide color on CASM-X progression through the year. particularly, is it fair that the 3.5% pressure in 1Q is maybe the high watermark, especially with capacity stepping up?

我知道您沒有提供詳細的指導，但我很好奇，湯姆，您能否就 CASM-X 全年的發展做些說明？特別是，考慮到產能的提升，第一季 3.5% 的壓力是否可能是最高點？

And then maybe for my second question, on the corporate front, I'm curious what corporate revenue growth you saw in 4Q and maybe what the trends are that you're seeing so far in 1Q?

那麼，我的第二個問題是關於公司方面的，我很好奇您在第四季度看到了怎樣的公司收入成長，以及您在第一季目前為止看到了哪些趨勢？

Thanks, Savi, and thanks for the shout out on the Wall Street Journal number one ranking. It is a big deal, another thing to brag about our really great operations team and for people. On CASM-X, we've given guidance for the first quarter. That will be -- we'll give guidance for unit cost and unit revenues during the quarters.

謝謝薩維，也謝謝你在《華爾街日報》排名第一的報導中提到我。這是件大事，又多了一件值得我們炫耀的關於我們優秀的營運團隊和員工的事。關於 CASM-X，我們已經給了第一季的業績指引。屆時，我們將給出季度單位成本和單位收入的預期。

And so it won't go beyond 1Q. But what I will say is that I feel like we have a good handle for what the costs are this year. It's been a couple of years now since we've had our labor agreements. It usually takes a little bit of time for some of those costs to come in.

因此，它不會超過第一季。但我想說的是，我覺得我們對今年的成本有了比較清楚的了解。我們已經兩年沒有簽訂勞動協定了。有些費用通常需要一段時間才能到達。

And so now that we're a couple of years separated for that and we've got, I think, a pretty good view on what cost will look like for the year, and we're able to take that into account as we develop the full year EPS number that we've given to you today.

現在，我們已經間隔了幾年時間，我認為我們對當年的成本情況有了相當清晰的了解，因此我們在製定今天提供給大家的全年每股收益數據時，能夠考慮到這一點。

And for corporate, you pulled out government, which was volatile there in Q4. Our corporate business is up mid-single digits. And then entering this year and in January, we had very high bookings that others have reported. So a very strong start to the year in corporate bookings. The benefit, though, as we talked about before, is the new product.

至於企業方面，你剔除了政府部門，因為政府部門在第四季波動較大。我們的企業業務實現了中等個位數的成長。進入今年，尤其是在一月份，我們的預訂量非常高，其他媒體也報導了這一點。今年企業預訂量開局非常強勁。不過，正如我們之前討論過的，好處在於新產品。

We invested in our corporate infrastructure a while ago, a couple of years ago. We have now presence in the distribution channels. We have a sales force the BTN rankings about how well we are to do business. We're number two just behind Delta. And so what's missing is a product that the corporate travelers want to buy.

我們幾年前，也就是兩、三年前，對公司基礎建設進行了投資。我們現在已經進入分銷管道。我們的銷售團隊根據 BTN 排名來衡量我們的業務表現。我們排名第二，僅次於達美航空。因此，目前缺少的是一款商務旅客想要購買的產品。

And frankly, the companies let them expense. And so having this new product, we will combine that with marketing efforts, our sales force efforts, incremental distribution efforts, and we think there's upside to our corporate business from this new product on top of the infrastructure we already built.

坦白說，這些公司允許他們報銷。因此，有了這款新產品，我們將結合行銷、銷售團隊的努力、逐步擴大分銷管道的努力，我們認為，在我們已經建立的基礎設施基礎上，這款新產品將為我們的企業業務帶來成長。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Hey. Good morning, everyone. Andrew, I know you mentioned earlier that obviously managed to RASM at a yield or load factor. But just curious like if you could give us any color on how you're thinking about load factor, particularly here into 1Q. Obviously, you're coming off a pretty low base last year, I think, around 74%, historically, 1Qs are closer to 80%. So any thoughts around that would be helpful.

嘿。各位早安。Andrew，我知道你之前提到過，顯然已經成功地以一定的收益率或負載係數實現了 RASM。但我很好奇，您能否就您如何考慮載重係數，特別是第一季的載重係數，給我們一些建議？顯然，你們去年的基數相當低，我認為只有 74% 左右，而從歷史數據來看，第一季的業績通常接近 80%。所以，任何相關想法都會很有幫助。

And then for my second question, I know, Bob, you spoke to the opportunity for maybe some more cost take out this year. Could you speak to maybe where that going from and maybe how to think about CASM and cost opportunities in a 2% to 3% growth world? Thank you.

至於我的第二個問題，我知道，鮑勃，你之前提到今年或許還有機會進一步削減成本。您能否談談未來的發展方向，以及在2%到3%的成長環境下，我們該如何看待CASM和成本機會？謝謝。

Yeah. Andrew, I'll let me just give it a start. The main point was a couple of things. I don't want anybody to think that we're done. I mean there's no victory lap years, as I said, there's a lot of hard work to have. We're pleased the momentum but we are not done.

是的。安德魯，我先來試試。重點有兩點。我不想讓任何人覺得我們已經結束了。我的意思是，沒有所謂的勝利年，正如我所說，還有很多艱苦的工作要做。我們對目前的勢頭感到滿意，但我們還沒有完成任務。

This is a journey, and we're going to keep pressing on additional opportunities beyond the transformation that's been underway. So we took a lot of cost out last year, more this year. We doubled the original cost target. We did our first corporate layoff, which was tough.

這是一段旅程，我們將繼續努力，在正在進行的轉型之外，尋求更多機會。所以去年我們削減了很多成本，今年又削減了更多。我們將原先的成本目標提高了一倍。我們進行了公司歷史上第一次裁員，這很艱難。

But what I can tell you is nothing broke the company as anything is moving faster. There's more agility, more pace. And so I think that's been somewhat enlightening that we can press harder. And so the -- our corporate overhead will be down -- head count will be down again this year.

但我可以告訴你的是，公司沒有任何問題，一切進展都更快了​​。更靈活，速度更快。所以我認為這在某種程度上是很有啟發性的，說明我們可以更努力。因此，今年的公司營運成本將會下降，員工人數也將再次減少。

So I'm just admitting that we're going to press even harder on cost, on efficiency. So we're not ready to quantify anything yet but just making sure that everybody understands that we are done with this transformation, we will be attacking other opportunities throughout the year.

所以我承認，我們將更努力降低成本，提高效率。所以我們目前還無法量化任何事情，但要確保每個人都明白，我們已經完成了這項轉型，我們將在今年抓住其他機會。

I would say our teams, revenue management, marketing, we focus on revenue maximization. We don't get caught up in load factor yield. Now our tools and our people now include the incremental upsells we get an incremental passenger comes with a bag fee, a seat fee, other type of ancillaries, that's included under our calculus.

我認為我們的團隊，包括收益管理和行銷團隊，都專注於實現收益最大化。我們不會過度在意載重率。現在，我們的工具和人員都考慮到了每增加一位乘客所帶來的額外收入，例如行李費、座位費和其他類型的輔助服務，這些都已納入我們的計算範圍。

So quantitatively, that's in there, but they're all about revenue maximization not going after the submetrics because that can really lead you down a bad path. And I think just look at revenue maximization, we have done a good job over the last 18 months of doing that, and we'll continue to do that going forward.

所以從數量上看，這些指標都包含在內，但它們都是為了實現收入最大化，而不是為了追求子指標，因為那真的會讓你走上一條錯誤的道路。我認為，就收入最大化而言，我們在過去 18 個月裡做得很好，我們將繼續努力實現這一目標。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Great. Thanks. Morning, everyone. Sorry to go back to the Jan 27 change is obviously an important topic here. So I had one topic with multiple questions. I think you said that it's going better than expected. A, can you confirm that? And B, can you -- do you guys know if both the incoming revenues and the book away are higher than expected? Or is the book away lower than you initially expected?

偉大的。謝謝。大家早安。很抱歉，我們又要回到1月27日的變化上來，這顯然是一個重要的議題。我有一個主題，但其中包含多個問題。我想你說過情況比預期好。A，你能確認一下嗎？還有，B，你們知道嗎－你們知道實際收入和預訂量是否都高於預期嗎？或者，這本書的價格比你原先預期的要低？

And maybe a second question on the same topic. Is there a risk that the ancillary revenues are higher out of the gate because people are maybe taken by surprise with some of the changes and maybe that normalizes over time? Or do you think it gets better from here? Thank you.

或許還可以就同一主題提出第二個問題。輔助收入初期可能會較高，因為人們可能對某些變化感到意外，但隨著時間的推移，這種情況可能會恢復正常，這是否有風險？還是你認為情況會從這裡開始好轉？謝謝。

I'll try to go through your questions there. So yes, the EOR and the preferred seats, assigned seats in general is going better than expected. We are getting book away from other carriers when they have poor reliability. We have that consistently over the last couple of years. So that is a tailwind doesn't happen every single day but does happen quite frequently is a benefit and those people now come over and buy a stand-alone seed or higher fare. So that's very helpful to have that extra book away.

我會盡量在那裡解答你的問題。所以，是的，EOR 和優選座位，以及總體上指定的座位，情況比預期的要好。當其他航空公司的可靠性較差時，我們會停止從它們預訂服務。過去幾年我們一直保持著這種狀態。所以，順風雖然不是每天都會發生，但確實經常發生，這算是一種好處，這些人現在過來購買獨立的種子或更高的價格。所以，手邊多備一本這樣的書很有幫助。

And then the ancillary we find that what people do when they get to the games are crowded flight, they have a higher propensity to buy up. So you get to the gate, it's crowded and you're like, well, what seat am I? Oh, I want to change my seat, I will pay more. And so that we see the full of the flight, the higher the ancillary benefit.

此外，我們發現，當人們到達比賽現場時，如果航班擁擠，他們更有可能購買比賽門票。當你到達登機口時，那裡人山人海，你會想，我的座位在哪裡？哦，我想換個座位，我願意多付錢。因此，我們看到的航班越完整，其附帶效益就越高。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Okay. Thank you, guys, so much. My first question, and congrats on the entire undertaking and the progress you've made. I'd love to hear what feedback you're getting on the product segmentation. Are customers even aware? How does that change your promotional activity.

好的。非常感謝各位。我的第一個問題是：恭喜你完成了整個專案並取得如此大的進展。我很想知道你們在產品細分方面收到了哪些回饋。顧客知道嗎？這會如何改變你的促銷活動？

And in cities like Chicago, where become a hot city of late, what really differentiates Southwest versus a network carrier? And maybe my follow-up on the $4 of EPS, what is assumed paid load factor in total ancillary lift and Baxter leg room seats relative to the '25 base? Thanks.

在像芝加哥這樣近年來成為熱門城市的城市，西南航空與網路營運商之間究竟有何不同？關於 EPS 的 4 美元，我或許可以進一步探討一下，相對於 25 款基本型，總輔助升降機和 Baxter 腿部空間座椅的假定付費載重係數是多少？謝謝。

Let me take a piece of the first one, and I think Andrew will take the second. What is different about Southwest Airlines now obviously has been common a common question since we implemented a science seating. And I've been here 38 years, and we have changed constantly over those 38 years. And every single one was well, you're just not the same Southwest in every single time. That person or those folks were wrong.

讓我拿一塊第一塊，我想安德魯會拿第二塊。自從我們實施科學座位安排以來，西南航空現在有何不同顯然一直是人們經常提出的問題。我在這裡工作了38年，這38年來我們一直在不斷變化。而每個人都說，嗯，西南航空每次都不一樣。那個人或那些人錯了。

So I just want to clear this up. I mean our people and their heart for serving our customers. I mean, that is and always will be the greatest competitive advantage at Southwest has. That's the difference.

所以我想把這件事澄清一下。我指的是我們的員工以及他們為客戶服務的熱情。我的意思是，這始終是西南航空最大的競爭優勢。這就是差別所在。

That was true on Monday, what was open seating and it was true on Tuesday with the assigned seating and nobody, no other airline can copy the heart and the soul and the service of our people. So that's what makes Southwest Airlines different.

週一是自由入座，週二是指定座位，情況也是如此。沒有任何一家航空公司能夠複製我們員工的熱情、精神和服務。這就是西南航空的獨特之處。

And I would say, in a place like Chicago Midway, we have a very strong network. And so that our offering to customers where you want to go, we have the strong network there. Price. We have lower costs than our competitors, and so we can offer great deals. Conscious we're still pushing RASM with lower cost, we pushed great deals.

而且我認為，在像芝加哥中途島這樣的地方，我們擁有非常強大的網路。因此，無論您想去哪裡，我們都能為您服務，我們在那裡擁有強大的網路。價格。我們的成本比競爭對手低，所以我們可以提供優惠的價格。我們意識到我們仍在以更低的成本推廣 RASM，因此我們推出了優惠活動。

Reliability. Now airlines talk about reliability, but it's extraordinarily difficult to copy. And the fact that we have much higher reliability than in airline in Chicago, customers can count on coming to midway and having a much better reliability than over here.

可靠性。現在航空公司都在談論可靠性，但可靠性卻極難複製。而且，我們的可靠性比芝加哥的航空公司高得多，乘客可以放心，來到中途島後，航班可靠性會比這裡好得多。

And then hospitality. Once again, one says our employees are the best. But guess what, look at MPS scores. Our employees really deliver a great hospitality and a high score. And it's extraordinarily difficult to copy. You can -- your people to treat customers better but if they don't what do you do?

然後是待客之道。又有人說，我們的員工是最棒的。但你猜怎麼著，看看MPS分數。我們的員工服務熱情周到，獲得了很高的評價。而且極難複製。你可以要求你的員工更好地對待顧客，但如果他們不這麼做，你該怎麼辦？

For us, our customers, our employees want to treat customers well and so these are durable advantages of having great hospitality, great reliability.

對我們、我們的客戶、我們的員工來說，我們希望善待客戶，因此，熱情好客、高度可靠是我們持久的優勢。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Hey. Good morning and congrats as well. I think I'll just keep it to one here. But Bob, I mean, I think just judging by some of these questions and definitely like the bloggers and the airline observer in the ecosystem. There's this view, and I think you've hit on it in the answer to a couple of these questions, but like Southwest is losing its uniqueness. No more free bags and now it's -- or maybe less egalitarian.

嘿。早安，也恭喜你。我想我還是只留一個吧。但是鮑勃，我的意思是，我覺得僅從這些問題來看，而且肯定像博客作者和航空業觀察員在生態系統中的觀點來看，情況確實如此。有一種觀點，我認為你在回答其中幾個問題時也提到了這一點，那就是西南航空正在失去其獨特性。不再提供免費購物袋，現在——或者說，平等性有所下降。

But the reality is, I think if we listen to all your competitors, things have moved much more towards a premium focus with consumers. So I don't know, can you just maybe wrap this up a little bit? Like isn't it just offering the market what they wanted. And incrementally, I think you hit on the culture, too, but has the employee base really fully embrace those, too? Thank you.

但現實情況是，我認為如果我們聽聽所有競爭對手的說法，就會發現消費者越來越重視高端產品。所以，我不知道，您能不能稍微總結一下？這不就是迎合市場需求嗎？我覺得你逐漸也觸及了企業文化，但員工群真的完全接受了這些嗎？謝謝。

Hey, Brandon. Thank you. And yeah, this is about one thing, and that is chasing our customer. We are committed to following the customer, providing what they want today, which is different than what they wanted 5 and 10 years ago and what they want in the future because we know if Southwest Airlines doesn't provide it, they're going to go to a competitor, and we are not going to let that happen over time. So this is completely -- this has nothing to do with copying anybody. This has to do with offering our customers what they want.

嘿，布蘭登。謝謝。是的，這一切都關乎一件事，那就是追趕我們的客戶。我們致力於以客戶為中心，提供他們今天想要的東西，這與他們 5 年前、10 年前想要的東西不同，也與他們未來想要的東西不同，因為我們知道，如果西南航空不能提供他們想要的東西，他們就會轉向競爭對手，我們不會允許這種情況隨著時間的推移而發生。所以這完全——這與抄襲任何人沒有任何關係。這與滿足客戶的需求有關。

And then as Andrew said, doing it even better because we've got the employees and the service delivery and the reliability that they cannot match. I mean just look -- I'm not meaning to brag, maybe I am, but we won the number one ranking in the Wall Street Journal best US airline for 2025 for a reason.

正如安德魯所說，我們做得更好，因為我們擁有他們無法比擬的員工、服務交付和可靠性。我的意思是，你看——我不是想吹噓，也許我是，但我們在《華爾街日報》2025 年美國最佳航空公司排名中名列第一是有原因的。

That's because our service was better, our operation was better and customers see it. And again, at the high level, we are on track. I mean, you see the numbers that we're guiding for 2026. So we're seeing customers embrace the changes, book the product. We are not seeing book away from Southwest Airlines.

那是因為我們的服務更好了，我們的營運更好了，客戶也看到了這一點。再次強調，從宏觀層面來看，我們正按計畫進行。我的意思是，你們看看我們對 2026 年的預測數字。所以我們看到客戶接受了這些變化，並預訂了產品。我們目前沒有看到西南航空的預訂量下降。

If anything, we're encouraged that we'll see share shift to Southwest Airlines because the product is a stronger offering now, especially with corporate. So again, this is all about following the customer.

如果有什麼變化的話，那就是我們感到鼓舞，因為我們將看到市場份額轉移到西南航空，因為該公司的產品現在更具競爭力，尤其是在企業客戶方面。所以，歸根究底，一切都是為了滿足客戶的需求。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Great. Maybe Bob, just to build on that idea, right, you're going to be taking share, raising fares by something in the double digits, like normally, you would think there'd be some demand elasticity from in that math. Why isn't that the right way to think about this?

偉大的。鮑勃，或許可以這樣進一步闡述：你要搶佔市場份額，把票價提高兩位數，就像通常那樣，你會認為在計算中應該會有一些需求彈性。為什麼這種思考方式不對？

Why isn't the big risk here that you put all these changes in customers get used to them and then eventually they can just look across other airlines and maybe you're more expensive, and you see some of the expectations for what you're going to get in the unit revenue growth competed away because it is still a pretty competitive market as we look at it anyway. Any thoughts on the --

為什麼最大的風險不是在於你對客戶進行了所有這些改變，客戶逐漸習慣了這些改變，最終他們可能會考慮其他航空公司，而你的價格可能更高，這樣一來，他們對單位收入增長的預期就會被其他航空公司的競爭所抵消，因為無論如何，這仍然是一個競爭非常激烈的市場。有什麼想法嗎？--

Yeah. And thank you again, it's not -- this is not about raising fares. This is about offering our customers choice that we know that they want. So offering them a very basic fare if that's what they want. Offering them a fare that comes with extra legroom and a drink and a different level of service and boarding if that's what they want and a lot of products in between. So it's the customer's choice to buy which is very different than across the board raising fares.

是的。再次感謝，這不是——這不是關於提高票價的問題。這是為了向我們的客戶提供他們想要的選擇。所以，如果他們願意，就提供他們最基本的票價。為他們提供包含額外腿部空間、飲料、不同等級的服務和登機服務的票價（如果他們需要的話），以及介於兩者之間的各種產品。所以，這是顧客的自主選擇，與全面提高票價截然不同。

Same thing on the ancillary side. Just like we sold early bird and upgraded boarding. We're offering our customers a choice around priority boarding and obviously, a choice around seat selection. So this has nothing to do with raising the fares. This has to do with offering customers choice that they can then choose to buy or not buy. And what we are seeing is that they are choosing to buy those new options.

輔助設備方面也是如此。就像我們出售早鳥票和升級艙等一樣。我們為顧客提供優先登機的選擇，當然，也提供座位選擇的選擇。所以這和提高票價沒有任何關係。這與提供顧客選擇有關，顧客可以選擇購買或不購買。我們看到的是，他們選擇購買這些新的選擇權。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港環球公司。

Hey. Thanks for the time. First, huge congrats to the entire company for pulling off, I think, what most couldn't be done. But a couple of questions here. First, the 50% of the tickets that are sold with the buy-up feature, my question really is what percent of revenue does this account for? Or what would you expect it to account for once you're at maturity?

嘿。感謝您抽出時間。首先，我要向整個公司表達熱烈的祝賀，我認為，你們完成了大多數人無法完成的事情。但這裡有幾個問題。首先，對於透過加購功能售出的 50% 的門票，我的問題是，這佔總收入的百分之多少？或者，你認為成年後它會起到什麼作用？

And then secondly here, if corporate bookings are up high single digits or double digits, what fares are they replacing? My guess is they're displacing the $39 fare? And then just related to that corporate, I'm just curious if the CapEx guide embeds new lounges.

其次，如果企業預訂量增加了兩位數甚至更多，那麼它們取代了哪些票價？我猜他們是要取消39美元的票價？另外，就公司而言，我很好奇資本支出指南中是否包含了新建休息室的計畫。

So on the buy up, that's the type of stuff that we are working out that Bob's bugging before all the time. And so we're not going to give those right now. It will become clear over time as we give the high end of our guide, and we start to report. But right now, we're just focused on delivering the current guide.

所以，在收購過程中，我們正在努力解決鮑伯一直嘮叨的那種問題。所以我們現在不會提供這些資訊。隨著我們逐步介紹指南的高端內容並開始進行報道，這一點會逐漸明朗起來。但目前，我們只專注於提供當前的指南。

And corporate bookings, we found that the segmentation when we introduced the basic fare, the corporates found that they did not want that in their ecosystem. So our sales force did a great team of helping configure selling tools so that, that was not featured and that was beneficial to our corporate revenues.

對於企業預訂，我們發現，當我們推出基本票價時，企業發現他們不希望在他們的生態系統中出現這種細分。因此，我們的銷售團隊出色地完成了銷售工具的配置工作，使得該功能沒有被啟用，這對我們公司的收入是有利的。

And as we offer these ancillaries, we'll be doing the same thing. We anticipate additional benefit once the tools and expense policies calibrate to our new offerings, but we'll see additional benefits from that.

當我們提供這些輔助產品時，我們也會這樣做。我們預計，一旦工具和費用政策與我們的新產品相匹配，我們將獲得更多收益，但屆時我們將看到更多收益。

And then, just quickly on the lounge question. I think I mentioned before there obviously, we're looking at, again, things that our customers want. There's nothing specific to report there today. but just know that the assumptions that we have internally around what that could look like are built into our guide. So they're not incremental to the guidance that we've given you for the quarter, for the year.

然後，簡單回答一下休息室的問題。我想我之前也提到過，很顯然，我們正在關注客戶想要的東西。今天沒有什麼具體情況需要報告。但請知悉，我們內部對這種情況可能出現的假設已經體現在我們的指南中。所以，這些與我們之前給出的季度和年度預期並無新增內容。

And I want to go back to your first sentence. I just can't help myself about the congrats on the implementation. I just want to say thank you. And I got to thank our people, again, the level of execution last year was so many things. It was just done so flawlessly on time with quality and to be able to win the Wall Street Journal number one ranking at the same time you're changing the company then to have a winter storm that's historic and manage it incredibly well, come out of that with no hangover at all.

我想回到你第一句話。我忍不住要祝賀你們成功實施。我只想說聲謝謝。我再次感謝我們的員工，去年他們的執行水準在許多方面都表現出色。這件事不僅按時完美完成，而且品質優良。在公司進行變革的同時，還能贏得《華爾街日報》排名第一，然後又遭遇了一場歷史性的冬季風暴，並且應對得非常出色，最終毫髮無損地走出了困境。

And by the way, the next day to the largest changeover in the history of the company with assigned seating and to have excellent operating metrics on that day, I just don't know how to say anything, but we just stunned by what our people have done.

順便說一句，第二天就是公司史上規模最大的換班日，實行了指定座位製度，而且當天營運指標也十分出色，我真不知道該怎麼形容，我們都被員工們的表現驚呆了。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Yeah. Hey. Good morning. Thanks for getting me on the call. I guess I wanted to talk a little bit about the business commentary. And I guess what you're looking to see over the course of the next couple of weeks. Presumably, there's been some conversations there, and you seem optimistic about upside. So any insight there would be helpful and maybe where some of the share might be coming from?

是的。嘿。早安.謝謝你讓我參與通話。我想稍微談談商業評論。我想這就是你在接下來的幾週裡想看到的。想必你們之間已經進行了一些討論，而且你似乎對前景持樂觀態度。所以，任何見解都將很有幫助，或許還能解釋一下部分份額可能來自哪裡？

And then the second question would just be understanding what's embedded in the $4-plus guidance around buybacks. Thank you.

第二個問題就是要理解每股 4 美元以上的股票回購指引中蘊含著什麼。謝謝。

On the first one, I would separate out the two things between: one, the -- what we see as the upside from the ancillary sales and the buy up those are the normal booking curve management and what we expect to see there through the low season of February and the high season of March, that will help us understand better what the upside potential in the short term.

關於第一點，我想把兩件事分開來看：一是——我們看到的輔助銷售和採購帶來的增長，這些都是正常的預訂曲線管理，我們預計在二月淡季和三月旺季期間會看到這種情況，這將有助於我們更好地了解短期內的增長潛力。

What's not our guide is this medium-term benefit from increased corporate share or increased corporate revenue as people buy our ancillaries on the company dime. And so that is something that will unfold over a medium term, and it is not your guide.

我們不以人們用公司資金購買我們的輔助產品所帶來的中期收益（例如公司股份增加或公司收入增加）作為指導原則。所以，這件事會在中期內逐漸展開，它並不能引導你。

On the buyback question, we continue to believe that the shares are undervalued relative to the long-term fundamentals of the business. And so we'll continue to be opportunistic there, and we'll make sure that we stay in the guardrails that keep us with our investment grade rating.

關於股票回購問題，我們仍然認為，相對於公司的長期基本面而言，這些股票被低估了。因此，我們將繼續抓住機會，並確保我們始終遵守各項規定，以維持我們的投資等級。

One other thing I'll add to that, too, is we've invested a tremendous amount of capital into our people and into our business as well and into our customers. And we've talked about the investments we've made into the cabin like the bigger bins and the new lighting and the new seats and the in-seat power, free WiFi, and all of these things are part of that capital allocation as well. And so we stay within the guardrails.

我還要補充一點，我們已經對員工、業務和客戶投入了大量資金。我們也談到了我們對客艙的投資，例如更大的行李箱、新的照明、新的座椅、座椅電源、免費WiFi等等，所有這些都是資本配置的一部分。因此，我們始終恪守規則。

We invest in the business. We invest in our people, and we invest in our customers, and ensure that we stay in those investment-grade guardrails.

我們對這家企業進行了投資。我們投資員工，也投資於客戶，並確保我們始終遵循投資等級標準。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

Yeah. Thanks for squeezing me in the last minute. So the earlier comment about passengers making decisions at the gate. Have you padded your turn times to account for that? Is there any operational impact from that phenomenon? Thanks.

是的。謝謝你臨時抽空幫我。所以之前關於乘客在登機口做決定的評論是正確的。你是否為了彌補這種情況而延長了周轉時間？這種現象會對營運造成任何影響嗎？謝謝。

Actually, we took turn time out, Jamie, and yes. So all this is -- we've scripted out what we sell when and what happens when an our boarding. We have standards and those allow us to handle both employees travel for nonrevenue as well as upselling in the gate area. And so all of that, I think, works well for cost efficiency and optimization.

事實上，我們輪流休息，傑米，是的。所以這一切都是——我們已經制定了何時銷售什麼產品以及登機時會發生什麼的腳本。我們有相應的標準，這些標準使我們能夠處理員工的非營利差旅以及登機口區域的追加銷售。因此，我認為所有這些都有利於提高成本效益和優化營運。

And I've got to just add again. I mean, we took time out of the turn, managing all these changes, which include changes to boarding and Wall Street Journal ranking as the best US airline, most of which are operational metrics. I mean, not bad.

我還要再補充一點。我的意思是，我們抽出時間來應對所有這些變化，包括登機方式的改變以及《華爾街日報》將我們評為美國最佳航空公司，而這些變化大多是營運指標。我的意思是，還不錯。

And on that note, we'll conclude today's call. As always, if you have any follow-up questions, please reach out to Investor Relations, and we appreciate everyone for joining.

今天的電話會議就到此結束。如有任何後續問題，請聯絡投資人關係部門，感謝大家的參與。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。非常感謝您的參與。現在您可以斷開線路了。