Spirit Airlines Inc (SAVE) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Spirit Airlines Third Quarter 2022 Earnings Conference Call. (Operator Instructions) And please be advised that this call is being recorded. After the speakers' prepared remarks, there will be a question-and-answer session. (Operator Instructions)

早上好，女士們，先生們，歡迎來到 Spirit Airlines 2022 年第三季度收益電話會議。 （操作員說明）請注意，此通話正在錄音中。在演講者準備好的發言之後，將進行問答環節。 （操作員說明）

And now at this time, I'll turn things over to DeAnne Gabel, Senior Director, Investor Relations. Please go ahead, Ma'am.

現在這個時候，我將把事情交給投資者關係高級總監 DeAnne Gabel。請繼續，女士。

Thank you, Bob, and welcome, everyone, to Spirit Airlines' third quarter earnings conference call. This call is being recorded and simultaneously webcast. A replay of this call will be archived on our website for 60 days.

謝謝 Bob，歡迎大家參加 Spirit Airlines 第三季度財報電話會議。此通話正在錄音並同時進行網絡廣播。此通話的重播將在我們的網站上存檔 60 天。

Presenting on today's call are Ted Christie, Spirit's Chief Executive Officer; Matt Klein, our Chief Commercial Officer; and Scott Haralson, our Chief Financial Officer. Also joining us are other members of our senior leadership team.

Spirit 的首席執行官 Ted Christie 出席了今天的電話會議；我們的首席商務官 Matt Klein；和我們的首席財務官 Scott Haralson。加入我們的還有我們高級領導團隊的其他成員。

Following our prepared remarks, there will be a question-and-answer session for analysts.

在我們準備好的評論之後，將有一個分析師問答環節。

Today's discussion contains forward-looking statements that are based on the company's current expectations and are not a guarantee of future performance. There could be significant risks and uncertainties that cause actual results to differ materially from those reflected by the forward-looking statements, including the risk factors discussed in our reports on file with the SEC.

今天的討論包含基於公司當前預期的前瞻性陳述，並非對未來業績的保證。可能存在導致實際結果與前瞻性陳述所反映的結果存在重大差異的重大風險和不確定性，包括我們在美國證券交易委員會備案的報告中討論的風險因素。

We undertake no duty to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

In comparing results today, we will be adjusting all periods to exclude special items. Please refer to our third quarter 2022 earnings release, which is available on our website for the reconciliation of our non-GAAP measures.

在比較今天的結果時，我們將調整所有時期以排除特殊項目。請參閱我們的 2022 年第三季度收益發布，該發布可在我們的網站上獲取，以了解我們的非 GAAP 措施的對賬情況。

And with that, I turn the call over to Ted Christie.

就這樣，我把電話轉給了泰德·克里斯蒂。

Thanks, DeAnne. Thanks everyone for joining us today, and thanks to everyone on the Spirit team. The daily demands of operating an airline are complex and often come with unexpected challenges, and I want to thank our team for being committed to bringing their best day in and day out and delivering excellent service to our guests.

謝謝，德安妮。感謝大家今天加入我們，感謝 Spirit 團隊的每一個人。運營一家航空公司的日常需求很複雜，而且經常會遇到意想不到的挑戰，我要感謝我們的團隊致力於為我們的客人提供最好的每一天，並提供優質的服務。

Before discussing our third quarter results, just a quick update about the merger agreement with JetBlue. On October 19, our stockholders voted to approve the transaction. This is an important step forward on our path to closing a combination that will create a compelling low-fare challenger to the dominant U.S. carriers. The transaction remains subject to regulatory approval. JetBlue is taking the lead on this. We are committed to assisting them in whatever way we can.

在討論我們的第三季度業績之前，先快速更新一下與捷藍航空的合併協議。 10 月 19 日，我們的股東投票批准了該交易。這是我們在完成合併的道路上向前邁出的重要一步，該合併將為占主導地位的美國航空公司創造一個引人注目的低票價挑戰者。該交易仍有待監管部門批准。捷藍航空在這方面處於領先地位。我們致力於盡我們所能幫助他們。

Turning now to our third quarter results. The business performed well against a set of negative headwinds, including much higher fuel costs, Hurricane Ian, and Florida capacity constraints. Strong demand and sound revenue management coupled with excellent operational reliability, which led to good cost execution, helped mitigate the impacts of these headwinds. We achieved a break-even adjusted pretax margin and $3.6 million of adjusted net income or a profit of $0.03 per share.

現在轉向我們的第三季度業績。該業務在一系列負面逆風中表現良好，包括燃料成本高得多、颶風伊恩和佛羅里達州的產能限制。強勁的需求和良好的收入管理，加上出色的運營可靠性，從而實現了良好的成本執行，有助於減輕這些不利因素的影響。我們實現了收支平衡的調整後稅前利潤率和 360 萬美元的調整後淨收入或每股 0.03 美元的利潤。

Leisure demand remained strong throughout the entire quarter, leading to total revenue increasing 35.4% and compared to the third quarter of 2019 on 13.5% more capacity.

整個季度的休閒需求依然強勁，導致總收入增長 35.4%，與 2019 年第三季度相比，產能增加 13.5%。

Operationally, we are running great. Despite challenging operating conditions during the quarter with Hurricanes Ian, Florida and the Caribbean. Spirit achieved the best third quarter DOT on-time performance in our company's history. Our team did a fantastic job planning for and reacting to Hurricane Ian as it developed and changed course, minimizing the impact to our guests and on the operation. The crew scheduling and network changes we made earlier in the year also contributed to these record results. There are still many in our home state of Florida that are dealing with the devastating impacts from Hurricane Ian, and our heartfelt thoughts are with them.

在運營上，我們運行良好。儘管本季度伊恩颶風、佛羅里達州和加勒比海地區的運營條件充滿挑戰。 Spirit 實現了我們公司歷史上最好的第三季度 DOT 準時性能。我們的團隊在颶風伊恩的發展和改變過程中做了出色的規劃和應對工作，最大限度地減少了對我們的客人和運營的影響。我們在今年早些時候所做的機組安排和網絡更改也促成了這些創紀錄的結果。在我們的家鄉佛羅里達州，仍有許多人正在應對颶風伊恩的毀滅性影響，我們衷心地關心他們。

While our third quarter 2022 results were in line with our expectations, we continue to face infrastructure constraints that are impeding our return to normalized margins and full utilization. One of the primary limitations is the constraint on flight volume to and from Florida. There has been some improvements since the issue first arose, and we continue to work closely with the FAA on alternative options to increase throughput, but this will likely be a multiyear headwind limiting our network optimization. Our network team has plenty of other growth opportunities, but growing service in our hometown state of Florida is key to our return to normalized operating margins.

雖然我們 2022 年第三季度的業績符合我們的預期，但我們繼續面臨基礎設施的限制，這些限制阻礙了我們恢復正常的利潤率和充分利用。主要限制之一是對往返佛羅里達的航班量的限制。自問題首次出現以來，已經有了一些改進，我們將繼續與 FAA 密切合作，尋找替代方案來提高吞吐量，但這可能會成為限制我們網絡優化的多年逆風。我們的網絡團隊還有許多其他增長機會，但在我們家鄉佛羅里達州不斷增長的服務是我們恢復正常營業利潤率的關鍵。

We are also facing high rates of labor inflation. Increasing productivity will help mitigate this, which is in part tied to the pace at which we can hire and train pilots. Attrition rates remain elevated, which means we've had to build a bigger schoolhouse and increase resources to train the number of pilots needed to support our growth and to cover the higher attrition. Additionally, attracting new pilot talent has been more challenging as regional airlines and major airlines have announced new pay structures.

我們還面臨著高勞動力通脹率。提高生產力將有助於緩解這種情況，這在一定程度上與我們僱用和培訓飛行員的速度有關。流失率仍然居高不下，這意味著我們不得不建造更大的校舍並增加資源來培訓支持我們增長所需的飛行員數量並彌補更高的流失率。此外，隨著支線航空公司和主要航空公司宣布新的薪酬結構，吸引新的飛行員人才變得更具挑戰性。

However, in September, we began negotiations to amend the current collective bargaining agreement with ALPA, the union representing our pilots. Both parties are working towards an agreement, which may in part address the higher attrition rates. We are very pleased with how smoothly the operation is running, and we are encouraged with the strength we are seeing in demand trends as we head into the fourth quarter.

然而，在 9 月，我們開始與代表我們飛行員的工會 ALPA 就修改當前的集體談判協議進行談判。雙方正在努力達成一項協議，該協議可能在一定程度上解決更高的人員流失率問題。我們對運營的順利進行感到非常滿意，並且在進入第四季度時我們看到需求趨勢的強勁勢頭，這讓我們感到鼓舞。

And now I'll hand it over to Matt and Scott to share additional details about our third quarter performance as well as some color around our fourth quarter outlook.

現在我將把它交給 Matt 和 Scott 來分享有關我們第三季度業績的更多細節以及我們第四季度展望的一些顏色。

Matt, over to you.

馬特，交給你了。

Thanks, Ted. I also want to thank the Spirit team members for their resiliency in the face of challenging circumstances and for making Spirit a great place to work.

謝謝，泰德。我還要感謝 Spirit 團隊成員在充滿挑戰的環境中表現出的韌性，並使 Spirit 成為一個理想的工作場所。

Turning now to our third quarter 2022 revenue performance. Total revenue was $1.34 billion, up 35.4% compared to the third quarter 2019. Total RASM for the quarter was $0.1107, up 19.3% versus 2019, an excellent result in any environment, but especially impressive in conjunction with our increased capacity footprint.

現在轉向我們 2022 年第三季度的收入表現。總收入為 13.4 億美元，比 2019 年第三季度增長 35.4%。本季度 RASM 總額為 0.1107 美元，比 2019 年增長 19.3%，在任何環境下都是出色的結果，但與我們增加的產能足跡相結合尤其令人印象深刻。

Demand was strong throughout the entire quarter to include holding up particularly well in September. Although September load factor was 2.2 points below that of September 2019 on 26% more capacity, the percent change in total RASM was up nearly 20%. We are not seeing any signs of leisure demand slowing down as one might assume given the overall economic environment.

整個季度的需求都非常強勁，尤其是在 9 月份。儘管 9 月的載客率比 2019 年 9 月低 2.2 個百分點，運力增加了 26%，但總 RASM 的百分比變化上升了近 20%。考慮到整體經濟環境，我們沒有看到任何休閒需求放緩的跡象。

On a per segment basis, again, compared to the third quarter 2019, total revenue per passenger increased 22% to over $134. Passenger revenue per segment increased 23% to $67.52 and non-ticket per segment increased 21% to $67.07. Our array of dynamically priced ancillary items allows our guests to customize their itinerary and flight experience that works best for their budget and we continue to see guests respond favorably to the options we provide them.

同樣，與 2019 年第三季度相比，按細分市場計算，每位乘客的總收入增長了 22%，達到 134 美元以上。每個航段的乘客收入增長 23% 至 67.52 美元，每個航段的非機票收入增長 21% 至 67.07 美元。我們一系列動態定價的輔助項目允許我們的客人定制最適合他們預算的行程和飛行體驗，我們繼續看到客人對我們提供的選項反應良好。

Looking ahead to the fourth quarter of 2022, we are anticipating strong revenue results even with the continued constraints on Florida flight volume, which carries a RASM penalty for the quarter, especially during what is typically the beginning of Florida's peak season. This constraint also limits our connectivity options in Fort Lauderdale, which has effects on how we flow the rest of the network.

展望 2022 年第四季度，即使佛羅里達州的航班量持續受到限制，我們預計收入也會強勁，這對本季度造成了 RASM 懲罰，尤其是在通常是佛羅里達州旺季開始的時候。此限制還限制了我們在勞德代爾堡的連接選項，這影響了我們如何流動網絡的其餘部分。

Rather than get too much into the weeds discussing network scheduling, I'll summarize by saying that we believe having less variability in the number of flights day-to-day at any given airport better supports our operational reliability and is more likely to maximize earnings in this environment. Our fourth quarter schedules were built with this in mind. This strategy may have a slight downward impact on load factor and total RASM, but we are comfortable this is the right decision in this particular set of circumstances.

與其過多地討論網絡調度問題，我想總結一下，我們認為，在任何給定機場，日常航班數量的可變性越小，就越能支持我們的運營可靠性，也更有可能實現收益最大化在這種環境中。考慮到這一點，我們制定了第四季度的時間表。該策略可能會對載客率和總 RASM 產生輕微的下行影響，但我們很高興這是在這組特定情況下的正確決定。

Taking all of this into account, we estimate total RASM for the fourth quarter will be up between 15% to 16.5% and versus fourth quarter 2019 on a capacity increase of 24.5%. The implied revenue range based on these inputs is between $1.39 billion and $1.41 billion.

考慮到所有這些因素，我們估計第四季度的 RASM 總量將增長 15% 至 16.5%，與 2019 年第四季度相比，運力增長 24.5%。基於這些輸入的隱含收入範圍在 13.9 億美元至 14.1 億美元之間。

As we look ahead to 2023, we plan to continue to take a pragmatic approach to how we deploy our assets. Given the various infrastructure constraints on our network, anticipated Airbus delivery delays and engine supply chain issues, for planning purposes, we are now targeting 60 billion to 62 billion available seat miles for 2023 or up 23% to 27% and compared to full year 2022.

展望 2023 年，我們計劃繼續以務實的方式部署我們的資產。鑑於我們網絡的各種基礎設施限制、預期的空中客車交付延遲和發動機供應鏈問題，出於規劃目的，我們現在的目標是到 2023 年實現 600 億至 620 億可用座位英里數，與 2022 年全年相比增長 23% 至 27% .

And with that, I will now turn it over to Scott.

有了這個，我現在將把它交給斯科特。

Thanks, Matt. During the quarter, we added 3 destinations to the network, opened 2 new crew bases and carried a new Spirit record of almost 10 million passengers and hired and trained over 800 new crew members and did it all while setting a new on-time performance record for a third quarter even with the hurricane ripping through a large part of our network. I want to acknowledge our entire team and congratulate them on a job well done.

謝謝，馬特。本季度，我們在網絡中增加了 3 個目的地，開設了 2 個新的機組人員基地，載客量近 1000 萬人次，創造了 Spirit 的新記錄，僱用和培訓了 800 多名新機組人員，並創造了新的準點率記錄第三季度，即使颶風席捲了我們大部分網絡。我要感謝我們的整個團隊，並祝賀他們出色地完成了工作。

Turning to our third quarter cost performance. Nonfuel operating costs came in better than expected. In addition to good cost management, the benefits of running a great operation drove better-than-expected results throughout the P&L. On the other hand, fuel cost per gallon was $3.82, about $0.15 higher than we had initially expected, driving approximately $27 million of additional fuel expense.

轉向我們第三季度的成本表現。非燃料運營成本好於預期。除了良好的成本管理外，出色運營的好處還推動了整個損益表的結果好於預期。另一方面，每加侖燃料成本為 3.82 美元，比我們最初的預期高出約 0.15 美元，導致約 2700 萬美元的額外燃料費用。

Adjusted operating income for the quarter was $11.3 million. We estimate the direct impact of Hurricane Ian on third quarter operating income was approximately $5 million and will be about $5 million in the fourth quarter as well. In addition, we saw some softness in bookings to Florida destinations and to Myrtle Beach in early October immediately following the hurricane and estimate this will negatively impact fourth quarter 2022 revenue by another $3 million to $5 million.

本季度調整後營業收入為 1130 萬美元。我們估計颶風伊恩對第三季度營業收入的直接影響約為 500 萬美元，第四季度也將約為 500 萬美元。此外，颶風過後，我們發現 10 月初佛羅里達目的地和默特爾比奇的預訂量有些疲軟，估計這將對 2022 年第四季度的收入產生另外 300 萬至 500 萬美元的負面影響。

Liquidity at the end of the third quarter was $1.3 billion, which includes unrestricted cash and cash equivalents, short-term investments and $240 million of available capacity under our revolving credit facility. We took delivery of 4 A320neo aircraft during the third quarter, ending the period with 184 aircraft in our fleet. All of these aircraft were delivered under sale-leaseback transactions.

第三季度末的流動性為 13 億美元，其中包括不受限制的現金和現金等價物、短期投資以及我們循環信貸額度下的 2.4 億美元可用能力。我們在第三季度接收了 4 架 A320neo 飛機，期末機隊擁有 184 架飛機。所有這些飛機都是在售後回租交易下交付的。

Year-to-date through September 30, we've made debt payments, including principal, interest and fees of $232 million and have incurred capital expenditures, including net purchase deposits of $190 million. For the full year of 2022, we estimate our capital expenditures, including net purchase deposits, will be approximately $260 million.

從年初至今到 9 月 30 日，我們已經支付了 2.32 億美元的債務，包括 2.32 億美元的本金、利息和費用，並發生了資本支出，包括 1.9 億美元的淨購買定金。對於 2022 年全年，我們估計我們的資本支出（包括淨購買定金）約為 2.6 億美元。

For 2023, we estimate gross CapEx will be about $350 million, about $150 million of this is related to the building of our new headquarters facility in Dania Beach. This estimate also includes $10 million of net PDP payments and 5 spare engines. Aircraft utilization for the third quarter was 10.6 hours, down 15.2% compared to the same period in 2019.

到 2023 年，我們估計總資本支出約為 3.5 億美元，其中約 1.5 億美元與我們在達尼亞比奇的新總部設施建設有關。該估算還包括 1000 萬美元的 PDP 淨付款和 5 台備用發動機。第三季度飛機使用時間為10.6小時，比2019年同期下降15.2%。

Looking ahead, we have 13 aircraft scheduled for delivery during the fourth quarter. Even with the large number of Q4 deliveries, we expect to see sequential quarter-to-quarter improvement in utilization. As mentioned on prior calls, we plan to gradually improve fleet utilization reaching a return to full utilization around the middle of 2023. We estimate our operating margin for the fourth quarter of 2022, a range between 1% to 3%. This assumes total operating expenses of $1.365 billion to $1.375 billion and the fuel price per gallon assumption of $3.55.

展望未來，我們計劃在第四季度交付 13 架飛機。即使第四季度交付量很大，我們預計利用率也會出現環比改善。正如之前的電話所述，我們計劃逐步提高機隊利用率，在 2023 年年中左右恢復充分利用。我們估計 2022 年第四季度的營業利潤率在 1% 至 3% 之間。這假設總運營費用為 13.65 億美元至 13.75 億美元，假設每加侖燃料價格為 3.55 美元。

One housekeeping item that I want to mention is to explain why we changed our guidance from pretax margin to operating margin. There is one unique accounting item related to a change in the accounting for our 2026 convertibles. Due to a change in how the notes are to be settled under the merger agreement, we are now required to bifurcate the equity component of the 2026 convertible notes. The fair value of the derivative liability will be mark-to-market every quarter. This quarter, the mark-to-market credit was sizable and resulted in a credit to interest expense of approximately $15 million. It is difficult, if not impossible, to estimate the impact of the mark-to-market exercise each quarter. Therefore, we will guide to operating margin going forward.

我想提到的一個內務項目是解釋為什麼我們將我們的指導從稅前利潤率更改為營業利潤率。有一個獨特的會計項目與我們 2026 年可轉換債券的會計變更有關。由於合併協議下票據的結算方式發生了變化，我們現在需要將 2026 年可轉換票據的股權部分分開。衍生負債的公允價值將每季度按市值計價。本季度，按市值計價的信貸額度相當可觀，導致貸記利息費用約為 1500 萬美元。很難（如果不是不可能）估計每個季度按市值計算的影響。因此，我們將指導未來的營業利潤率。

We did provide an estimate for total nonoperating expense for the fourth quarter of 2022 was $22 million, so this does not include any potential change in the mark-to-market adjustment related to the derivative portion of the convertible notes.

我們確實提供了 2022 年第四季度總非運營費用的估計為 2200 萬美元，因此這不包括與可轉換票據的衍生部分相關的按市值調整的任何潛在變化。

With that, I'll hand it back to Ted.

有了這個，我會把它交還給泰德。

Thanks, Scott. I'll close with an update on our near-term initiatives. One, network reliability enhancements and growth. Despite the impact of Hurricane Ian and the Florida operational constraints, we capped off one of our most reliable summers on record. We have seen improvement in Florida operations since the spring, but we are going to be very disciplined and pragmatic about building back to our normalized peak.

謝謝，斯科特。最後，我將介紹我們近期計劃的最新情況。第一，網絡可靠性的增強和增長。儘管受到颶風伊恩和佛羅里達運營限制的影響，我們還是結束了有記錄以來最可靠的夏季之一。自春季以來，我們已經看到佛羅里達州的業務有所改善，但我們將非常自律和務實地恢復正常的高峰期。

Regarding network, we are the largest airline in Fort Lauderdale and second largest in Las Vegas and Orlando and have opportunistically grown in Los Angeles and Newark, so both cities are now in our top 10 markets.

在網絡方面，我們是勞德代爾堡最大的航空公司，在拉斯維加斯和奧蘭多是第二大航空公司，並且在洛杉磯和紐瓦克有機會發展，因此這兩個城市現在都在我們的前 10 大市場中。

Second, utilization and profitability. Our target is to achieve normalized utilization by mid-2023. Utilization in Q4 of this year is on track to show the progress we expected, which reinforces our confidence in achieving this target.

第二，利用率和盈利能力。我們的目標是到 2023 年年中實現正常利用率。今年第四季度的利用率有望顯示出我們預期的進展，這增強了我們實現這一目標的信心。

Third, record non-ticket performance. While non-ticket results continue to be the shining star of our revenue results and it's not an official target, $70 per passenger segment is now within reach. And the improvement in non-ticket per segment does not appear to be dilutive to ticket revenue per segment.

三是記錄非票務業績。雖然非機票業績仍然是我們收入業績的亮點，而且這不是官方目標，但現在每個乘客段 70 美元是可以實現的。而且每個細分市場非門票的改善似乎不會稀釋每個細分市場的門票收入。

And fourth, costs. ex-fuel CASM is still high with labor costs, the primary pressure across the business, but it will mitigate as utilization returns. Fuel price is driving significant margin pressure today, but our burn will continue to improve as fleet mix favors larger NEO aircraft.

第四，成本。前燃料 CASM 仍然很高，勞動力成本是整個企業的主要壓力，但隨著利用率的恢復，它會減輕。今天燃油價格正在推動巨大的利潤壓力，但我們的燃燒將繼續改善，因為機隊組合有利於更大的近地天體飛機。

Spirit is a group of passionate aviation professionals who want to deliver for our guests and stockholders. So our current financial results are disappointing. However, we believe it is prudent for us to build back the network more methodically, which will allow our team to digest the growth and learn from our experience. 2023 will be a big year for all of us, and I look forward to delivering on our objectives.

Spirit 是一群熱情的航空專業人士，他們希望為我們的客人和股東提供服務。因此，我們目前的財務業績令人失望。然而，我們認為，我們更謹慎地重建網絡是明智的，這將使我們的團隊能夠消化增長並從我們的經驗中學習。 2023 年對我們所有人來說都是重要的一年，我期待著實現我們的目標。

With that, back to DeAnne.

有了這個，回到DeAnne。

Thank you. We are now ready to take questions from the analysts. (Operator Instructions) Operator, we are ready to begin.

謝謝你。我們現在準備好接受分析師的提問。 （操作員說明）操作員，我們準備開始了。

Thank you, Ms. Gabel. (Operator Instructions) We'll take our first question this morning from Michael Linenberg at Deutsche Bank.

謝謝你，加貝爾女士。 （操作員說明）今天早上我們將從德意志銀行的 Michael Linenberg 那裡回答我們的第一個問題。

I guess two questions here. This is probably to Matt or Ted. When I look at your current schedule, it doesn't look like that you, at least at this point, have included the 16 runway timings that you were awarded by the DOT. Is that just subject to some sort of final sign-off? Or is that something that shows up in 2023? When do you start doing those 8 round trips?

我想這裡有兩個問題。這可能是給馬特或泰德的。當我查看您當前的時間表時，至少在這一點上，您似乎沒有包括 DOT 授予的 16 個跑道計時。這是否只是受某種最終簽字的影響？還是 2023 年會出現這種情況？你什麼時候開始做這 8 次往返？

Mike, it's Matt. I'll take that question. So we have deployed the use of those peak times in Newark. We were able to take advantage for a while of some of the waivers that were in Newark due to some of the international slots not being used. So we were already scheduling a lot of that flying.

邁克，是馬特。我會回答這個問題。所以我們在紐瓦克部署了那些高峰時段的使用。由於一些國際時段未被使用，我們能夠利用紐瓦克的一些豁免。所以我們已經安排了很多飛行。

Yes, what the award did was allow us to make that flying permanent and then allow us, as we utilize our gates fully in Newark, to add back in some of the off-peak times to fully utilize those assets up there.

是的，該獎項所做的是讓我們能夠讓這種飛行成為永久性的，然後允許我們在我們充分利用紐瓦克的登機口時，在一些非高峰時段重新加入，以充分利用那裡的這些資產。

Okay. That makes sense. And as I recall, those runway timings were sort of peak time slots. So that's good. Okay. So that makes sense.

好的。這就說得通了。我記得，那些跑道時間是高峰時段。所以這很好。好的。所以這是有道理的。

Just a second question on -- when we think about next year and CapEx and sort of it's a big year for growth, how many aircraft are you taking delivery of in 2023? And when we think about -- in the past, you've resorted for many of your craft sale leasebacks, should we assume that most of those airplanes are going to be leased? And have you locked down that financing? Or is that still to be determined on at least a portion of the airplanes for next year?

關於第二個問題——當我們考慮明年和資本支出時，這是增長的重要一年，你們將在 2023 年交付多少架飛機？當我們考慮 - 過去，你已經訴諸於你的許多工藝售後回租，我們是否應該假設其中大部分飛機將被出租？你鎖定了融資嗎？還是明年的至少一部分飛機仍有待確定？

Mike, this is Scott. We do take 33 aircraft next year, 17 of which are direct order from our order book, 16 are additional leases from lessors. And 13 of those are A321neos that we take as well. But we do have financing lined up for those. We're in the final innings of signing the documents on that, but we do have committed financing for all those. So we're in a good spot there.

邁克，這是斯科特。我們明年確實需要 33 架飛機，其中 17 架是我們訂單簿上的直接訂單，16 架是出租人的額外租賃。其中 13 架也是我們採用的 A321neo。但我們確實為這些準備好了資金。我們正處於就此簽署文件的最後階段，但我們確實已承諾為所有這些提供資金。所以我們在那裡的位置很好。

And to your point around the deliveries from Airbus, it is also leaseback financing. So there will be no debt associated.

就您關於空客交付的觀點而言，這也是回租融資。所以不會有相關的債務。

We go next now to Duane Pfennigwerth at Evercore.

接下來我們去 Evercore 的 Duane Pfennigwerth。

So you did such a good job in your initial defense. It's a little bit hard for us to forget about some of the risk factors that you flagged. I just wanted to ask you about attrition and hiring since the merger announcement and trends there. And what, if anything, that you've implemented to create change there or to stem the bleeding for lack of a better word?

所以你在最初的防禦中做得很好。我們很難忘記您標記的一些風險因素。我只是想問一下自合併公告以來的人員流失和招聘情況以及那裡的趨勢。如果有的話，你已經實施了什麼來創造變化或因缺乏更好的詞而止血？

Duane, thanks. And I assume you're referring specifically to our defense of our original merger agreement and then where we sit today with.

杜安，謝謝。而且我假設你指的是我們對我們最初的合併協議的辯護，然後是我們今天所處的位置。

Yes. So part of the primary restructuring of our agreement with JetBlue was to give us comfort that we were putting ourselves in the best position regardless of the outcome, We're, of course, supportive of and optimistic that we will be granted authority to merge with them and create a real viable fifth competitor to the big 4, which is the primary objective.

是的。因此，我們與 JetBlue 協議的主要重組的一部分是讓我們感到安慰，無論結果如何，我們都將自己置於最佳位置，我們當然支持並樂觀地認為我們將被授權合併他們並為四大創造一個真正可行的第五個競爭對手，這是主要目標。

But we put in place structures, be they economic or commitment otherwise, that actually have reassured a good deal of our team members that they will be part of the go-forward business. JetBlue has made verbal commitments as such as well. So when you're talking about the kind of general and administrative folks, there is quite a bit of effort there to reassure them that this is just a much bigger airline that will require all of their efforts. And I think they've largely digested that and understand and feel good about that.

但我們建立了結構，無論是經濟結構還是其他方面的承諾，這實際上讓我們的很多團隊成員放心，他們將成為未來業務的一部分。捷藍航空也做出了口頭承諾。因此，當您談論一般和行政人員時，需要付出很多努力才能讓他們放心，這只是一家更大的航空公司，需要他們付出所有努力。我認為他們在很大程度上已經消化了這一點，理解並對此感覺良好。

When you look at the bigger part of the organization, which is all of our folks who operate the airline every day, our pilots, our flight attendants, our technicians, the people working at our airports, our contracts and service providers, the good news there is this is broadly an accretive transaction for them. They're going to be part of a much larger business. They're going to have greater opportunities of new places to fly, new bases to live in, opportunities for growth, both airlines are growth airlines, and they've been told that story and they understand it. Setting that aside -- so I don't think that, that's incremental to any of the either attrition risk that we're seeing or any change in that regard. If anything, we view it as a positive because it is something that can look forward to be part of a bigger business.

當您查看組織的更大部分時，即我們每天運營航空公司的所有人、我們的飛行員、我們的乘務員、我們的技術人員、我們機場的工作人員、我們的合同和服務提供商，好消息這對他們來說是一項廣泛的增值交易。他們將成為更大企業的一部分。他們將有更多的機會去新的飛行地點、新的居住基地、發展機會，兩家航空公司都是成長型航空公司，他們已經被告知了這個故事並且他們理解了。撇開這一點——所以我認為，這不會增加我們看到的任何減員風險或這方面的任何變化。如果有的話，我們認為這是積極的，因為它可以期待成為更大企業的一部分。

Nonetheless, we are experiencing attrition. I think we've talked about that for the better part of a year now. and it's elevated. It's still elevated. It hasn't really moved off of the level we've seen, which is, I guess, in some respects, good that we can forecast it. But nonetheless, it's still too high and that would be across all work groups.

儘管如此，我們正在經歷消耗。我想我們已經討論了一年的大部分時間了。它升高了。它仍然很高。它並沒有真正脫離我們所看到的水平，我想，在某些方面，我們可以預測它是件好事。但儘管如此，它仍然太高，而且所有工作組都會遇到這種情況。

And I think that, that's a product of more the labor market than it is anything else. But we are looking at ways to address that. I referred to in my prepared comments, specifically our pilots, but we have other things that we talk about at airports and with our technicians and with our flight centers as well. And we keep plugging away. I mean there is a bit -- it is definitely one of the limiting factors for us today is attrition on the back end and attracting and hiring on the front end. But we've addressed that with the schoolhouse and making ourselves a good landing spot for our team members, and we'll continue to hammer away at it.

而且我認為，這是勞動力市場的產物，而不是其他任何東西。但我們正在尋找解決這個問題的方法。我在準備好的評論中提到，特別是我們的飛行員，但我們在機場、我們的技術人員以及我們的飛行中心還有其他事情要談。我們一直在努力。我的意思是有一點 - 這絕對是我們今天的限制因素之一是後端的消耗和前端的吸引和招聘。但我們已經通過校舍解決了這個問題，並使我們自己成為我們團隊成員的一個很好的著陸點，我們將繼續努力。

Ted, I appreciate that very direct answer, and I don't want to put you on the spot, but could we put numbers to pilots, so kind of where are we today? And what do you need to hire to hit the growth plan or the capacity guidance that you've outlined there? Is this simply a function of getting folks that you've already hired through the schoolhouse? Or is this about net new hiring?

特德，我很欣賞這個非常直接的回答，我不想讓你難堪，但我們可以給飛行員提供數字嗎，所以我們今天在哪裡？您需要雇用什麼才能實現您在那裡概述的增長計劃或容量指導？這僅僅是讓你已經通過校舍僱用的人的功能嗎？或者這是關於淨新招聘？

Sure. So it's both, Duane. It's -- obviously, we have -- and I think we talked about this over the last few calls, we have ramped up the size of our flight operations schoolhouse and our in-flight schoolhouse, both our flight attendants and our pilots considerably like we more than doubled the size of that throughput in either case and have been successful at attracting new candidates and moving them through that process. But that requires us to not only hire to address the deficit and utilization that we have today because, remember, we're flying about 2 hours per aircraft less than we want to fly today. But we're delivering new airplanes as well. And as we attrit off the back end, we have to make up for that.

當然。所以兩者都是，杜安。這是——顯然，我們已經——我想我們在過去的幾個電話中談到了這一點，我們已經擴大了飛行運營校舍和機上校舍的規模，我們的乘務員和飛行員都非常喜歡我們在這兩種情況下，吞吐量都增加了一倍多，並且成功地吸引了新的候選人並讓他們完成了這個過程。但這要求我們不僅要雇傭來解決我們今天的赤字和利用率，因為請記住，我們每架飛機的飛行時間比我們今天想要飛行的時間少大約 2 小時。但我們也在交付新飛機。當我們消耗掉後端時，我們必須彌補這一點。

So it's quite a bit of effort. The team has done a great job in a very abbreviated amount of time in building that infrastructure to make that happen, which I'm very proud of them of being able to do. It's a daily activity. But I would say that the numbers to think about, and I think Scott even mentioned that in the quarter we hired 800 people. We're onboarding a significant number of new pilots every day. The class sizes are, like I said, more than double what they used to be. And I'd say that's true for flight attendance as well. And that will remain the case for the foreseeable future as we both address attrition, and hopefully, it starts to wane, and we chew into our utilization deficit in the additional airplanes.

所以這是相當多的努力。該團隊在非常短的時間內完成了出色的工作，構建了基礎設施以實現這一目標，我為他們能夠做到這一點感到非常自豪。這是一項日常活動。但我會說要考慮的數字，我認為斯科特甚至提到我們在本季度僱用了 800 人。我們每天都在招募大量新飛行員。正如我所說，班級人數是過去的兩倍多。而且我會說這對於飛行出勤率也是如此。在可預見的未來，這種情況將繼續存在，因為我們都在解決減員問題，希望它開始減弱，我們會在額外的飛機上解決我們的利用率不足問題。

We take our next question now from Chris Stathoulopoulos at Susquehanna.

我們現在接受來自 Susquehanna 的 Chris Stathoulopoulos 的下一個問題。

Ted, I was wondering if you could give us some color on what you're seeing around peak versus nonpeak travel and seasonality? And whether any of those trends are perhaps signaling what you think might be a shift with respect to leisure travel due to hybrid work. So meaning our sort of any anomalies showing up there that perhaps non-peaks are less nonpeak, if you will, and seasonality is not behaving the way it normally would, which you believe you could attribute to this hybrid work.

泰德，我想知道你是否可以給我們一些關於你在高峰期與非高峰期旅行和季節性所看到的情況的顏色？以及這些趨勢中的任何一個是否可能預示著您認為由於混合工作可能導致休閒旅行發生轉變。因此，這意味著我們在那裡出現的任何異常情況，如果你願意的話，非高峰期可能會減少非高峰期，並且季節性的表現不像往常一樣，你相信你可以將其歸因於這種混合工作。

Sure, Chris. I'm actually going to let Matt jump in and give some thoughts on that, Matt?

當然，克里斯。我真的要讓 Matt 介入並對此發表一些想法，Matt？

Yes, sure thing. Yes, Chris, so some of the language we've heard out there in the industry in terms of how passengers have shifted around by day a week, it's something that we're seeing as well. We've seen that all through COVID. And all of a sudden, Thursday became the peak day of the week and Monday became a peak day of the week, more so than Friday and Sunday. And we're seeing similar patterns with that. As we move out of the summer into the fall with a school back in session, it's not as pronounced as we have seen in prior years in terms of day-a-week shift, but we still see some of that, which is good. It stretches the days of the week out and it lends to more flying in general. More trips are happening in general, which is why when we talk about the ULCC model in general and the growth of travel, there's more travel opportunities being opened up now than there ever has been before.

是的，當然。是的，克里斯，所以我們在業內聽到的一些關於乘客每週一天如何轉移的語言，這也是我們所看到的。我們已經通過 COVID 看到了這一點。突然間，週四成為一周中的高峰日，週一成為一周中的高峰日，比周五和周日還要多。我們看到了類似的模式。當我們從夏季進入秋季，學校重新開學時，每週輪班的情況不像往年那樣明顯，但我們仍然看到了其中的一些，這很好。它延長了一周中的幾天，並且總體上有助於更多的飛行。總的來說，更多的旅行正在發生，這就是為什麼當我們談論一般的 ULCC 模型和旅行的增長時，現在開放的旅行機會比以往任何時候都多。

And we believe part of that is hybrid work allows for more trips, shorter trips and more trips to fill in some of those off-peak previously known as off-peak days of the week. Now having said that, we are still seeing differences in yields and load factors on off-peak days of the week. Tuesdays and Wednesdays for us are still Tuesdays and Wednesdays in terms of their demand relative to the days of the week. But overall, they definitely are closer to the median as to where they were pre-COVID.

我們相信其中一部分是混合工作允許更多的旅行、更短的旅行和更多的旅行來填補一些以前被稱為一周中的非高峰日的非高峰期。話雖如此，我們仍然看到一周中非高峰日的收益率和載客率存在差異。就相對於一周中的幾天的需求而言，週二和周三對我們來說仍然是周二和周三。但總的來說，他們肯定更接近 COVID 之前的中位數。

I would also add in that we are seeing some shift, not just by day a week, but also by time of year. We're definitely seeing, as we mentioned in my prepared remarks, even in September, while load factor was down a little bit versus 2019, overall demand is strong, and the yields were especially impressive coming out of the summer into the fall period. So I guess in summary, you could say, yes, we are seeing some shift we saw throughout COVID, it's still there. Not as pronounced as it was during COVID, but it's definitely still there. And I'd say part of the best part is that we are seeing people move into off-peak times of month, which, over time, will be very beneficial for overall earning production.

我還要補充一點，我們看到了一些變化，不僅是每週的一天，而且是每年的某個時候。正如我們在準備好的發言中提到的，我們肯定會看到，即使在 9 月，雖然載客率比 2019 年略有下降，但總體需求強勁，而且從夏季到秋季的收益率尤其令人印象深刻。所以我想總而言之，你可以說，是的，我們看到了我們在整個 COVID 中看到的一些轉變，它仍然存在。不像 COVID 期間那麼明顯，但它肯定仍然存在。我想說最好的部分是我們看到人們進入每月的非高峰時間，隨著時間的推移，這將對整體收入產生非常有利。

Okay. And my follow-up question. So Ted, you spoke about in your prepared remarks about this multiyear headwind to the network as it relates to Florida. But at the same time, you're targeting a full return to utilization by mid-2023. So if we put those together as well as perhaps some of the shift here in travels due to this hybrid phenomena, if you will, is low $0.06 CASM ex still the plan for next year?

好的。我的後續問題。所以泰德，你在準備好的評論中談到了與佛羅里達相關的網絡多年逆風。但與此同時，您的目標是到 2023 年年中完全恢復利用率。因此，如果我們將這些以及可能由於這種混合現象而導致的旅行中的一些轉變放在一起，如果你願意的話，低 0.06 美元的 CASM ex 仍然是明年的計劃嗎？

Sure. So let me make a couple of comments, I'll let Scott jump in, too, as it relates specifically how we're thinking about CASM. So yes, Florida is a constraint. We're still going to get back to utilization. It's just from a revenue production perspective it's not going to be the optimal answer. So we'll fly to non-Florida places where we have opportunities, but Florida is a big earnings generator for us. Fort Lauderdale is a big powerful spot for us. We're now the second largest airline in Orlando. And those are both a big piece of our network. So we would prefer to have more flying in Florida from a revenue perspective.

當然。所以讓我發表一些評論，我也會讓 Scott 插話，因為它具體涉及我們如何考慮 CASM。所以是的，佛羅里達州是一個制約因素。我們仍將恢復利用率。這只是從創收的角度來看，它不會是最佳答案。因此，我們將飛往我們有機會的非佛羅里達州的地方，但佛羅里達州是我們的重要收入來源。勞德代爾堡對我們來說是一個強大的地方。我們現在是奧蘭多第二大航空公司。這些都是我們網絡的重要組成部分。所以從收入的角度來看，我們更願意在佛羅里達州有更多的航班。

But the utilization will come in other places, which are still good opportunities for us. And that will drive by the middle part of next year, middle to late part of summer, utilization sort of more normalized. But the pressures I referenced before are still pressures on CASM ex.

但是利用會出現在其他地方，這對我們來說仍然是很好的機會。這將在明年中旬，即夏季中後期，使利用率更加正常化。但是我之前提到的壓力仍然是CASM ex的壓力。

So Scott, what would you add on...

所以斯科特，你會補充什麼......

Yes. No, I think that's right. I mean, I think it's around -- we're going to fly the capacity we can fly where we fly, partially dictated by some of the stuff happening in Florida and what we'll have to reallocate the network. But from a cost perspective, really, all we talked about in 2023, and Matt alluded to a slightly lower level of capacity and look, we're still trying to figure out what fleet deliveries will look like. We have insights really into the first half of 2023, and we're going to make some assumptions around how that carries forward the rest of the year. And we'll continue to work with our partners on figuring out delivery dates.

是的。不，我認為這是對的。我的意思是，我認為它是——我們將在我們飛行的地方飛行我們可以飛行的能力，部分取決於佛羅里達州發生的一些事情以及我們必須重新分配網絡的情況。但從成本的角度來看，實際上，我們在 2023 年談論的所有內容，馬特都提到了略低的產能水平和外觀，我們仍在努力弄清楚車隊交付會是什麼樣子。我們對 2023 年上半年有了真正的了解，我們將就今年餘下時間的情況做出一些假設。我們將繼續與我們的合作夥伴合作確定交貨日期。

But right now, we're sitting at something slightly lower than what we thought about. So we're probably going to see a little pressure on CASM ex. We had talked about low 6s. So it's probably in the low to mid-6s given the reduced level of capacity. But we'll refine that as we get through the planning process and get definitive dates on deliveries. But capacity is going to be the biggest driver here as we think about 2023 CASM.

但是現在，我們所處的位置比我們想像的要低一些。所以我們可能會看到 CASM ex 有點壓力。我們討論過低 6s。因此，考慮到容量水平的降低，它可能處於 6 中低水平。但我們會在完成規劃過程並確定交付日期時對其進行完善。但是當我們考慮 2023 CASM 時，容量將成為這裡最大的驅動力。

We go next now to Conor Cunningham at Melius Research.

接下來我們去 Melius Research 的 Conor Cunningham。

I was just wondering if you could just speak to the strategy on both ancillary and base fares. One of your -- I think you alluded to this a little bit in the prepared remarks, but one of your competitors is clearly prioritizing ancillary over base and you guys are coming out of a much more balanced approach. I'm just curious on why you would go that way versus first pushing ancillary. Any thoughts would be helpful.

我只是想知道你是否可以談談輔助票價和基本票價的策略。你們中的一個——我想你們在準備好的發言中提到了一點，但你們的一個競爭對手顯然將輔助優先於基礎，你們正在採用一種更加平衡的方法。我只是很好奇為什麼你會這樣做而不是先推輔助。任何想法都會有所幫助。

Sure, Conor. It's Matt. Generally speaking, I understand your question. We are in the game of producing total RASM. So the way that we see our network and the way that we see our long-term production, we think a balanced approach is the right way to go moving forward.

當然，康納。是馬特。一般來說，我理解你的問題。我們正在參與生產總 RASM 的遊戲。因此，我們看待我們的網絡的方式和我們看待我們的長期生產的方式，我們認為平衡的方法是前進的正確方法。

We're not sure if we were to see a reduction in economic activity, what would happen to non-ticket. So we know it's stickier and it's proven to be sticky. But at some point, you might get to a level where you can't maintain a number that moves too high too fast relative to the more traditional method of base fare.

我們不確定如果我們看到經濟活動減少，非機票會發生什麼。所以我們知道它更粘，而且它被證明是粘的。但在某些時候，您可能會達到這樣一個水平：相對於更傳統的基本票價方法，您無法維持一個移動得太高太快的數字。

So that's the approach that we're taking right now. We're trying to be very measured and pragmatic in our movements. We're definitely trying to maximize both metrics. So it's not -- we're not trying to minimize one as it relates to the other. I don't know if our competitors are thinking of it the same way or not. But I know for us, we are actively trying to not trade between the 2 buckets. We're trying to make sure that we maximize both on the way up. We think that's a better long-term approach to driving revenue.

這就是我們現在正在採取的方法。我們正努力在我們的行動中非常謹慎和務實。我們肯定在努力最大化這兩個指標。所以它不是 - 我們不是試圖最小化其中一個，因為它與另一個相關。我不知道我們的競爭對手是否也有同樣的想法。但我知道對我們來說，我們正在積極嘗試不在兩個桶之間進行交易。我們正在努力確保我們在上升的過程中最大化兩者。我們認為這是推動收入的更好的長期方法。

Okay. And then on the '23 capacity adjustment that you're making, can you just flesh out a little bit of the puts and takes, like from gauge, new markets, that frequency, that type of things. What I'm trying to really understand is just like what a new normal is for utilization, we talked about normalized utilization all the time, but I just want to know if that number is the same that it was prepandemic. So just any thoughts on the actual makeup of the capacity in '23, I think that would be helpful.

好的。然後在你正在進行的 23 年產能調整中，你能否充實一些投入和投入，比如來自儀表、新市場、那種頻率、那種類型的東西。我想真正了解的是，就像新常態的利用率一樣，我們一直在談論標準化的利用率，但我只想知道這個數字是否與大流行前相同。因此，關於 23 年容量的實際構成的任何想法，我認為這會有所幫助。

I guess I can offer -- this is Ted, I can offer a couple of comments, and Matt, if you want to jump in as well. But at the highest level, fleet utilization prior to the pandemic here at Spirit was in the low 12 hours range, somewhere 12.25 or maybe plus or minus a little bit more than that, depending on how we felt about the season. Today, we're at 10.6, so we're well underneath that. I think getting back to a 12-plus number is the objective. And that's still the objective.

我想我可以提供——我是泰德，我可以提供一些意見，還有馬特，如果你也想加入進來的話。但在最高水平上，Spirit 大流行之前的機隊利用率處於 12 小時的較低範圍內，大約為 12.25，或者可能比這高出一點點，這取決於我們對這個季節的看法。今天，我們在 10.6，所以我們遠低於這個水平。我認為回到 12 以上的數字是目標。這仍然是目標。

We updated or gave a view on ASM production next year at 60 billion to 62 billion ASMs, which was less than where we were before and alluded to a few inputs. But direct -- putting it directly, we are seeing supply chain-related issues on aircraft deliveries and supply chain-related issues on engine manufacturing and engine overhaul, which is forcing us to take aircraft out of service. So we're losing active airplanes, which is the primary driver of the reduction in ASMs, which is not the best answer, to be honest. But nonetheless, those are the facts. We'll continue to optimize around that as best we can. We have airplanes that can work a little harder. We have some that we are evaluating eventually retiring and we've got to make decisions on that. So there are still refinements coming, but that's probably the primary reason that we're seeing ASM kind of like come down a little bit in the year. The mix of flying, I would turn it over to Matt, to see if he have a view on that.

我們更新或給出了明年 ASM 產量為 600 億至 620 億 ASM 的觀點，這低於我們之前的水平，並提到了一些投入。但直接——直接地說，我們看到了飛機交付方面的供應鏈相關問題以及發動機製造和發動機大修方面的供應鏈相關問題，這迫使我們停止使用飛機。所以我們正在失去現役飛機，這是 ASM 減少的主要驅動因素，老實說，這不是最好的答案。但儘管如此，這些都是事實。我們將盡我們所能繼續圍繞它進行優化。我們的飛機可以更努力地工作。我們有一些我們正在評估最終退休，我們必須就此做出決定。所以仍然會有改進，但這可能是我們看到 ASM 在今年有所下降的主要原因。飛行的混合，我會把它交給馬特，看看他是否對此有看法。

Geographically, we are still a little bit constrained as we talked about in Florida. And we learn a lot as we move through the winter here in spring for Florida and how to sort of industry traffic, including general aviation, plays a role in running through the air traffic control system.

從地理上講，我們在佛羅里達州談到的時候仍然有點受限。當我們在佛羅里達度過春天的冬天時，我們學到了很多東西，以及如何對包括通用航空在內的行業交通進行分類，在空中交通管制系統中發揮作用。

So we'll learn a lot. We'll continue to learn more. What we will do is what you'll see us doing, like we're doing in the fourth quarter now as well, is just continue to run a little bit more during the off-peaks in order to generate as many ASMs as we can. As we said in the prepared remarks, running more on off-peaks may have an impact on some metrics like RASM, but we believe at the end of the day, in the environment we're in today, it's better to have the most efficient crew network we possibly can and to have the most efficient crew network we can it requires us to do some things like run a little bit more off-peaks, but that ultimately drives earnings because we're generating more capacity and we're not having an issue of filling that capacity with good yields at this time.

所以我們會學到很多東西。我們會繼續了解更多。我們將做的就是您將看到的我們正在做的事情，就像我們現在在第四季度所做的那樣，只是在非高峰期間繼續多運行一點，以便盡可能多地生成 ASM .正如我們在準備好的評論中所說，在非高峰時段運行更多可能會對 RASM 等一些指標產生影響，但我們相信，歸根結底，在我們今天所處的環境中，最好擁有最高效的我們可能可以建立船員網絡，並擁有最高效的船員網絡，這需要我們做一些事情，比如在非高峰期運行更多一些，但這最終會推動收益，因為我們正在產生更多的容量，而我們沒有目前以良好的產量填補該產能的問題。

We go next now to Scott Group at Wolfe Research.

接下來我們去 Wolfe Research 的 Scott Group。

I just want to talk about utilization near term. So it's been sort of trending slightly lower throughout '22. It sounds like you think it gets better in Q4. I guess what's the target for utilization in Q4 within the guidance? And then what's the driver of that inflection higher in Q4?

我只想談談近期的利用率。因此，在整個 22 年，它一直呈略微走低的趨勢。聽起來你認為它在第四季度會變得更好。我想在指南中 Q4 的使用目標是什麼？那麼第四季度這種拐點更高的驅動因素是什麼？

Scott, I'll let our Scott jump in, too. But yes, utilization did trend down. We were very vocal about the fact that we had to pull flying from the third quarter because of Florida ATC constraints and that was a direct impact to utilization. It was not the answer we wanted, but that's where we landed.

斯科特，我也會讓我們的斯科特加入進來。但是，是的，利用率確實呈下降趨勢。由於佛羅里達州空中交通管制的限制，我們不得不從第三節開始取消飛行，這對利用率有直接影響，我們對此直言不諱。這不是我們想要的答案，但這就是我們著陸的地方。

You are correct, though, that as we turned the corner heading into the fourth quarter, we are going to see an uptick in utilization. It's not dramatic. So if we landed about 10.5 hours in the third quarter, it will be more like 10.75 hours. But that's right on the line of our expected return to normalization as we move between now and the middle part of next year.

不過，你是對的，當我們轉入第四季度時，我們將看到利用率上升。這不是戲劇性的。因此，如果我們在第三季度降落約 10.5 小時，則更像是 10.75 小時。但隨著我們從現在到明年年中移動，這正好符合我們預期的恢復正常化的路線。

So feeling good that, that's exactly where we want to be, Scott, what would...

感覺很好，這正是我們想要成為的地方，斯科特，什麼會......

Yes, that's exactly right. Look, I mean, we took -- or will take a large number of aircraft in Q4, which will, you can say, mathematically pressure that number in the quarter. But the plan has always been to methodically move utilization from here until the middle of 2023, and we're doing that. We feel good about where our capacity and utilization sit for Q4, where it looks for Q1, Q2 and Q3 of next year. And so I think that's what we're doing is we're balancing the hiring, operational reliability and the economic production of the business. So it's happening along the plan that we had always sort of thought.

是的，完全正確。看，我的意思是，我們在第四季度採用了——或者將採用大量飛機，你可以說，這將從數學上對本季度的這個數字施加壓力。但計劃一直是有條不紊地將利用率從這裡轉移到 2023 年年中，我們正在這樣做。我們對第四季度的產能和利用率感到滿意，明年第一季度、第二季度和第三季度的產能和利用率也將處於這一水平。所以我認為我們正在做的是平衡招聘、運營可靠性和企業的經濟生產。所以它正在按照我們一直想的計劃進行。

We knew this was not going to be a snap your fingers over the ninth trick and we've said that for probably a year now that it's going to take some time. Obviously, the attrition that happened in the crew network has slowed that down a bit, but we're still targeting the middle of next year. So I think we're still moving in that direction.

我們知道這不會是第九個技巧的彈指，而且我們已經說過可能需要一年時間，現在這需要一些時間。顯然，船員網絡中發生的人員流失稍微減緩了速度，但我們仍將目標定在明年年中。所以我認為我們仍在朝著那個方向前進。

Okay. That's helpful. And then just want to follow up on the CASM commentary for next year. So one of the other airlines, they talked about first half next year flat to up first half '23 versus '22 and then down year-over-year second half versus '23 versus '22. Directionally, is that how you'd be thinking about CASM for you guys as well, still up in the first half and then down in the second half?

好的。這很有幫助。然後只想跟進明年的 CASM 評論。因此，其中一家航空公司，他們談到明年上半年持平，23 年上半年與 22 年相比增長，然後下半年與 23 年和 22 年相比同比下降。從方向上講，這是否也是你們對 CASM 的看法，上半場仍然上漲，下半場下跌？

We haven't talked about any quarter or sort of 2023 distribution of how CASM looks. But CASM will be down year-over-year. As we get production back in the business, we will see an annual reduction in unit cost. We do see sometimes the first quarter will be slightly higher just due to a handful of timing, components. But in the year, we do expect CASM to be down as we get utilization back in the airline. But we haven't given any detail to the quarterly breakout.

我們還沒有討論 CASM 外觀的任何季度或 2023 年分佈情況。但 CASM 將逐年下降。隨著我們恢復生產，我們將看到單位成本每年都在下降。我們確實看到，有時第一季度會因為一些時間因素和組件而略高。但在今年，我們確實預計 CASM 會下降，因為我們在航空公司中恢復了利用率。但我們沒有提供季度突破的任何細節。

We'll go next now to Jamie Baker of JPMorgan.

接下來我們將請摩根大通的 Jamie Baker 發言。

Most of my questions have been addressed. So I'll try to ask something from left field. A question on pilots. The deal you struck back in 2018 had a preferential bidding system. I know that transitioning to a PBS is time consuming, there's some calibration along the way. Just curious if the current results, your current financials fully reflect that benefit. And assuming that it does, does the benefit square with what your expectations were back in the day?

我的大部分問題都得到了解決。所以我會嘗試從左邊的領域問一些事情。關於飛行員的問題。你在 2018 年擊退的交易有一個優惠投標系統。我知道過渡到 PBS 非常耗時，在此過程中需要進行一些校準。只是好奇目前的結果，您目前的財務狀況是否充分反映了這種好處。假設確實如此，收益是否符合您當時的期望？

Jamie, it's Ted. Thanks for the left field question.

傑米，我是泰德。感謝您的左場問題。

So yes, we did put PBS in as part of our 2018 contract. It took us about a year to get that implemented. So we got about a year of pre-COVID experience with it. And I'd say that it behaved exactly as the way both parties had agreed, so both the union and ourselves. So that we did get the benefit and they got what they needed out of it. Of course, COVID has disrupted all that. So I wouldn't say anything is included in the way production works today. But yes, it's working the way we anticipated, which is a good sign.

所以是的，我們確實將 PBS 作為我們 2018 年合同的一部分。我們花了大約一年的時間才實施。因此，我們獲得了大約一年的 COVID 前經驗。我要說的是，它的表現完全符合雙方同意的方式，工會和我們自己也是如此。所以我們確實得到了好處，他們也從中得到了他們需要的東西。當然，COVID 破壞了這一切。所以我不會說今天的製作方式中包含任何內容。但是，是的，它按照我們預期的方式工作，這是一個好兆頭。

Okay, good. And then a more conventional follow-up. The aforementioned shifts in travel patterns that you and everyone is discussing these days, how does that flow through to scheduling and maintenance? I would have thought it would have been trickier if you have a more consistent schedule. I would think peaks and valleys would make maintenance easier, but that's not the case, that Frontier site. So I'm just kind of curious about how you're flying the airline any differently as a result of these travel patterns.

好的。然後是更常規的跟進。您和每個人最近都在討論的上述旅行模式轉變，這如何影響到日程安排和維護？如果你有一個更一致的時間表，我會認為它會更棘手。我認為高峰和低谷會使維護更容易，但 Frontier 站點並非如此。所以我很好奇，由於這些旅行模式，您乘坐航空公司的航班有何不同。

Well, at the highest level, operators want consistency. They want level stuff, right? And airline commercial people push you into peaks and valleys because they want to maximize revenue. And that tug, that push/pull is what's going on at any business today.

好吧，在最高層次上，運營商想要一致性。他們想要水平的東西，對吧？航空公司的商業人員會把你推向高峰和低谷，因為他們想要最大化收入。而這種拉力，這種推/拉是當今任何企業都在發生的事情。

And so what you addressed, you said you would have thought that peaks and valleys would make maintenance easier, what it does is it pushes all the maintenance into the valley, right? And so you may think that, that was like optimized, but I don't think the maintenance people would tell you they want to do that, right? They want a plan, and they want something that's -- because they can staff easier to it, they can order easier to it, they can hangar easier to it. It's just the logistics of it ends up being a lot smoother.

所以你說的是，你說你會認為高峰和低谷會使維護更容易，它所做的是將所有維護推入低谷，對吧？所以你可能會認為，這就像優化一樣，但我不認為維護人員會告訴你他們想要這樣做，對吧？他們想要一個計劃，他們想要這樣的東西——因為他們可以更容易地配備人員，他們可以更容易地訂購，他們可以更容易地停放機庫。只是它的物流最終變得更加順暢。

So again, the push/pull is still there today. It's just that we've taken learnings away from the way we operated in the summer of last year. And one of the things that we're doing is smoothing the schedule out because it does make it easier on the airports, it makes it easier on tech ops and it makes us easier on staffing.

所以，推/拉今天仍然存在。只是我們從去年夏天的運營方式中吸取了教訓。我們正在做的其中一件事就是理順日程安排，因為它確實讓機場更容易，讓技術操作更容易，也讓我們更容易安排人員。

We'll go next now to Quinn Wasko of Cowen.

接下來我們將請 Cowen 的 Quinn Wasko 發言。

This is Quinn on for Helane. So last call, you talked about having 30% more pilots in prepandemic. I know a part of that is due to aircraft deliveries, part of it is positioning for higher attrition. But are you seeing airport infrastructure improve in your Florida market? Are you confident enough in your own operational performance that you'd be willing to scale back the excess reserve levels of pilots you guys are managing as you add back capacity?

這是 Helane 的 Quinn。所以最後一次通話，你談到在大流行前有 30% 以上的飛行員。我知道部分原因是飛機交付，部分原因是定位更高的損耗。但是您是否看到佛羅里達市場的機場基礎設施有所改善？您對自己的運營績效是否有足夠的信心，願意在增加運力時縮減你們正在管理的飛行員的超額儲備水平？

Let me kick off, and then Scott, you feel free to update if we have. But you're right, what's been happening over the course of our recovery here as we build back is that we've been adding in infrastructure, that's pilots, flight attendants, airplanes, staffing, broadly speaking, ahead of the actual ASM production, in addition to the fact that you have the larger schoolhouses across the business, which really has the additional people and expense in it that are not producing anything. Those are just bigger cost drags today than they were before.

讓我開始，然後是斯科特，如果有的話，你可以隨時更新。但你是對的，在我們重建的恢復過程中發生的事情是，我們一直在增加基礎設施，即飛行員、空乘人員、飛機、人員配備，從廣義上講，在實際 ASM 生產之前，除了你在整個企業擁有更大的校舍這一事實之外，它確實有額外的人員和費用，但沒有產生任何東西。這些只是今天比以前更大的成本拖累。

And so they're ahead of where overall growth in ASM production would normally be. So yes, that gives us confidence that we will hit our ASM targets. But it is one of the things that makes CASM look higher than it should be. And what are you going to...

因此，它們領先於 ASM 產量通常的整體增長水平。所以是的，這讓我們有信心實現我們的 ASM 目標。但這是使 CASM 看起來比應有的更高的原因之一。還有你要...

Yes. So the only thing I would add there, Quinn, is obviously, when there's volatility in the staffing components of the airline, call out the crew, right? We have higher attrition. We have bigger numbers that we have to hit. We have moving utilization, growing fleet, all those things. So that has given us a bit of caution to make sure we have enough, I'll call it, slack in the system to feel comfortable in predicting where the numbers need to be and actually hitting those.

是的。所以我唯一要補充的是，奎因，顯然，當航空公司的人員配置出現波動時，召集機組人員，對嗎？我們有更高的損耗。我們有更大的數字，我們必須打。我們有移動的利用率，不斷增長的車隊，所有這些東西。因此，這給了我們一些謹慎，以確保我們有足夠的，我稱之為系統鬆弛，以便在預測數字需要在哪裡並實際達到這些數字時感到自在。

So as volatility in the ranks reduces, we'll feel more comfortable reducing some of the slack. And over time, that sort of means returning back to traditional reserve levels. And we're doing things to the network that make it slightly easier to operate. And so as we put all those puzzle pieces back together, it's growing the airline and also gaining efficiency as we do it. So all these things will sort of combine over time. But yes, I think once we get levels that we can predict and we get comfortable on how they operate, then we'll be ready to remove some of the slack and that includes reserves.

因此，隨著隊伍波動的減少，我們會更願意減少一些鬆弛。隨著時間的推移，這意味著恢復到傳統的儲備水平。我們正在對網絡做一些事情，讓它更容易操作。因此，當我們將所有這些拼圖拼湊在一起時，它正在發展航空公司並在我們這樣做的同時提高效率。所以所有這些東西都會隨著時間的推移結合起來。但是，是的，我認為一旦我們達到可以預測的水平並且我們對它們的運作方式感到滿意，那麼我們將準備好消除一些鬆弛，其中包括儲備。

Got it. That makes sense. And second question, so load factors took a bit of a hit in 3Q. Yields remained strong, though. I'm just wondering in the September month, were you getting any sort of pushback on the fares or seeing any sort of ceiling there?

知道了。這就說得通了。第二個問題，所以載客率在第三季度受到了一些打擊。不過，收益率仍然強勁。我只是想知道在 9 月份，您是否對票價有所抵製或看到任何形式的上限？

Quinn, this is Matt. actually, what we started to see happen throughout September was some efforts because we had mentioned about our off-peak day of week and some of the increases we've done in off-peak days of the week, what we found is that the traffic ended up being relatively sticky compared to the fares. What I mean by that is trying to drive a little bit more load factor on those off-peak days a week wasn't necessarily generating the revenue outcome that we thought was maximizing for the company. So we actually found that the fare levels themselves were at the right price points to maximize TRASM. Reducing the fare did not drive higher TRASM, which is why we went back to the sort of our going rate, so to speak. They were still off peak. They were still September. But they weren't as low as they've been in prior years, and that actually drove the best revenue outcome for us.

奎因，這是馬特。實際上，我們在整個 9 月開始看到的是一些努力，因為我們已經提到了每週的非高峰日以及我們在每週的非高峰日所做的一些增加，我們發現交通與票價相比，最終變得相對粘稠。我的意思是，試圖在每週的非高峰日增加一點載客率並不一定會產生我們認為對公司來說最大化的收入結果。所以我們實際上發現票價水平本身處於合適的價格點以最大化 TRASM。降低票價並沒有推動更高的 TRASM，這就是為什麼我們回到了我們的現行利率，可以這麼說。他們仍然處於非高峰期。他們還是九月。但它們並不像前幾年那麼低，這實際上為我們帶來了最好的收入結果。

And on top of that, if I can drive higher TRASM with a little bit less activity at the airport, that's better for everybody involved. So that's actually worked out pretty well for us that we learned last month.

最重要的是，如果我可以在機場少一點活動的情況下駕駛更高的 TRASM，那對每個相關人員都更好。因此，我們上個月了解到，這對我們來說實際上非常有效。

And we'll go next now to Stephen Trent of Citi.

接下來我們將請花旗銀行的 Stephen Trent 發言。

Just a quick one for you. I appreciate the comments on the Florida capacity constraints. When you think about the growth opportunities in some of the other markets? Any high-level views on how you're seeing maybe a westbound flow or Mexico cross-border Caribbean basis? Sort of any high-level views on the growth opportunities you're seeing in other markets?

給你一個快速的。我感謝有關佛羅里達容量限制的評論。當您考慮其他一些市場的增長機會時？關於您如何看待西向流動或墨西哥跨境加勒比基礎的任何高層觀點？您對您在其他市場看到的增長機會有何高層看法？

Stephen, it's Matt. I would tell you that I think we mentioned this on the last call, we were seeing a little bit of a slowdown in traffic to some of our international VFR markets. We saw a little bit of that in Central America, a little bit in South America. The good news is, while we did see some of that slowing down earlier this year, it came back. It's almost all the way back to where it was before -- and this is speculation. We don't know if it was because of just economic slowdown, was it the end of COVID activity, was it inflation, was it currency-related issues? We're not entirely sure. Take your pick. It might have been all of them.

斯蒂芬，我是馬特。我想告訴你，我認為我們在上次電話會議中提到了這一點，我們看到一些國際 VFR 市場的流量有所放緩。我們在中美洲看到了一點，在南美洲也看到了一點。好消息是，雖然今年早些時候我們確實看到其中一些放緩，但它又回來了。它幾乎一直回到以前的狀態——這是猜測。我們不知道這是否只是因為經濟放緩，是 COVID 活動的結束，是通貨膨脹，還是與貨幣相關的問題？我們不完全確定。拿你的選擇。可能是他們所有人。

But the good news is that we are seeing that bounce back as well. So where we did see some slowdown geographically in our international VFR, that's come back. It's where we would like to see that. And what we've been able to do is continue to grow a little bit more out on the West Coast and in the middle of the country. So Los Angeles has been a spot that we've been seeing great profitable growth in. Las Vegas continues to grow for us as well. So while we are seeing the constraints on our Florida network, we are able to reallocate that to other parts of the country and we're comfortable with the unit revenue production there. It will serve us well in the future because we're establishing more predictability in our future network now in some of the growth opportunities that we saw for the future. So we're doing those growth opportunities now. And as we and the industry feel more comfortable with throughput into Florida, and I say the industry I'm talking about air traffic control throughput, we'll be able to then grow back into Florida, which is a major strength for us today.

但好消息是，我們也看到了這種反彈。因此，我們確實看到我們的國際 VFR 在地理上有所放緩，但又回來了。這是我們希望看到的地方。我們能夠做的是繼續在西海岸和美國中部發展更多一點。所以洛杉磯一直是我們看到巨大利潤增長的地方。拉斯維加斯也繼續為我們增長。因此，雖然我們看到佛羅里達網絡受到限制，但我們能夠將其重新分配到該國其他地區，我們對那裡的單位收入生產感到滿意。它將在未來為我們提供良好的服務，因為我們現在在我們看到的未來的一些增長機會中，正在我們未來的網絡中建立更多的可預測性。所以我們現在正在做這些增長機會。隨著我們和整個行業對進入佛羅里達州的吞吐量感到更加滿意，我說的行業我正在談論空中交通管制的吞吐量，然後我們將能夠重新回到佛羅里達州，這對我們今天來說是一個主要優勢。

So it's worked out all right. We are taking somewhat of a RASM penalty because of the network construction right now. But for the long term, it should work out quite fine as we ramp back up into our strengths.

所以一切順利。由於現在的網絡建設，我們正在接受一些 RASM 懲罰。但從長遠來看，隨著我們恢復實力，它應該會很好。

The next now will be Savi Syth at Raymond James.

下一個現在將是 Raymond James 的 Savi Syth。

I was curious with the peak of state changes you're seeing. Is there a change in kind of ancillary revenue the way where people are purchasing ancillary revenue items? And along with that, just what's driving some of the ancillary revenue growth currently and into next year? What would you see as kind of being the big drivers?

我很好奇您所看到的狀態變化的峰值。人們購買輔助收入項目的方式是否改變了輔助收入的種類？除此之外，是什麼推動了當前和明年的一些輔助收入增長？您認為什麼是主要驅動力？

Sure, Savi. It's Matt again. I'll take that one. In terms of the timing as to when our guests are adding ancillaries onto their itineraries, we're not seeing a real difference in advanced purchase of those ancillaries. What I would tell you, and we don't talk about this very often, but I do think it's important for Spirit and our business model is the use of new technology that is referred to as NDC, which is a new distribution capability technology that is in conjunction with IATA. It's been out for a long time. It continues to improve, and we've really adopted that across the board for our call it, our third-party distribution.

當然，薩維。又是馬特。我會拿那個。就我們的客人何時在他們的行程中添加輔助設施的時間而言，我們沒有看到提前購買這些輔助設施的真正差異。我要告訴你的是，我們不經常談論這個，但我確實認為這對 Spirit 和我們的商業模式很重要是使用稱為 NDC 的新技術，這是一種新的分發能力技術與國際航空運輸協會聯合。已經出來很久了。它在不斷改進，我們真的全面採用了它，我們稱之為第三方分發。

And what that allows us to do is basically treat third-party pricing and display what we provide to those parties is going to be very similar, if not the same, as to what they see at spirit.com and our app. And what that means is it allows us, as we dynamically price more and more of our ancillaries, we're able to push that pricing out to those third-parties. And those third-parties are displaying and selling those products for us. That's a change from pre-COVID to today. And that's a big deal as we continue to move forward, that gives more access to the optional services that our guests lunch and what they want to add to their itineraries. So it just gives us another channel to have more reach.

這使我們能夠做的基本上是處理第三方定價，並顯示我們向這些第三方提供的內容與他們在 spirit.com 和我們的應用程序上看到的內容非常相似，如果不相同的話。這意味著它允許我們，隨著我們對越來越多的輔助設備進行動態定價，我們能夠將定價推給那些第三方。這些第三方正在為我們展示和銷售這些產品。這是從 COVID 之前到今天的變化。隨著我們繼續前進，這是一件大事，它讓我們的客人有更多機會享受午餐時提供的可選服務以及他們想要添加到行程中的內容。所以它只是為我們提供了另一個渠道來擴大影響範圍。

And I think that's important. So I don't think that's exactly the question you were asking, but I think that's the color that's important to understand is where we're collecting our ancillaries from is changed, not necessarily when we collect them.

我認為這很重要。所以我不認為這正是你要問的問題，但我認為了解重要的顏色是我們收集輔助設備的地方發生了變化，不一定是我們收集它們的時間。

And in terms of drivers for next year?

就明年的車手而言？

Sure. In terms of drivers for next year, well, we're continuing to build out our bundled services offerings. Those are continuing to get more fine-tuned. Some of our growth in our non-ticket rate that we've seen throughout this year has been due to those offerings. And in conjunction with all of that, we're still seeing nice growth. The trajectory is now really moving more vertically for us, which is great in terms of our co-branded credit card partnership that we have out there. We relaunched the program about 18, 19 months ago now, continues to grow.

當然。就明年的驅動程序而言，我們將繼續構建我們的捆綁服務產品。這些正在繼續得到更精細的調整。我們在今年全年看到的一些非門票費率的增長是由於這些產品。結合所有這些，我們仍然看到了良好的增長。對我們來說，現在的軌跡確實在更垂直地移動，這對我們現有的聯名信用卡合作夥伴關係來說非常好。我們在大約 18、19 個月前重新啟動了該計劃，現在仍在繼續增長。

One of our largest distribution channels is when we offer the card on our flights themselves and our flight attendant group, our inflate group has been fantastic with that. We were pre-COVID. We had a little bit of a lull during COVID for what I think will be obvious reasons. And now coming out of COVID, we've seen a great adoption once again, and it's been a great partnership throughout the entire company. So I think that is another option for us to keep growing as we get into next year as well.

我們最大的分銷渠道之一是當我們在我們的航班上和我們的空乘人員團隊中提供該卡時，我們的 inflate 團隊對此非常滿意。我們在 COVID 之前。由於我認為顯而易見的原因，在 COVID 期間我們有一點平靜。現在從 COVID 中脫穎而出，我們再次看到了廣泛的採用，這是整個公司的良好合作夥伴關係。所以我認為這是我們進入明年時保持增長的另一種選擇。

That's helpful. And if I might, just real quickly, on the margin side, is it -- what's really going to get you back to kind of historical margins. Is it -- can I -- just getting back to utilization sufficient? Or do you need to be able to start kind of growing in Florida again? What are the kind of the key triggers to build back that margin?

這很有幫助。如果我可以的話，真的很快，在利潤率方面，它是什麼——真正會讓你回到某種歷史利潤率。是——我可以——回到足夠的利用率嗎？或者您是否需要能夠再次在佛羅里達州開始種植？重建利潤率的關鍵觸發因素是什麼？

Yes, Savi, it's Ted. Thanks for asking the question. I was going to offer that clarity on an earlier question and I kind of got timed out. But I think it's a valid point because we've been talking a lot about what Florida means, where we are with utilization, why is our margin where it is. And I think if you -- we've done some math on this, if we were at peak utilization today, you could probably add about 4 points to the margin. And if we were flying Florida the way we wanted to fly Florida and network -- the way we wanted to fly network, we'd probably be another 3 to 4 points.

是的，Savi，是 Ted。感謝您提出問題。我打算就一個較早的問題提供清晰的說明，但我有點超時了。但我認為這是一個有效的觀點，因為我們一直在談論佛羅里達的含義，我們的利用率在哪裡，為什麼我們的利潤率在哪裡。而且我認為，如果你 - 我們已經對此做了一些數學計算，如果我們今天處於最高利用率，你可能會增加大約 4 個百分點。如果我們以我們想要飛佛羅里達和網絡的方式飛佛羅里達——我們想要飛網絡的方式，我們可能會再獲得 3 到 4 分。

So in today's fuel environment, with utilization the way we want it to be, we'd be a double-digit kind of op margin business. Not -- again, not where we wanted to be long term, but closer. And I think that, that's -- those are the building blocks, right, is getting the utilization back up and allowing the network to be where it optimally wants to be. And that's why we've sort of -- and we said this a few times, we've used words like methodical and pragmatic and all that other kind of stuff. We've drawn our guidance line as to when we think we can get back to that type of operation, and we're on that line today. And so admittedly, it's not where we would prefer to be today, but we understand where it is, and we're confident that we will get there by the middle part of next year.

因此，在今天的燃料環境中，以我們希望的方式利用，我們將成為兩位數的運營利潤率業務。不是——再說一遍，不是我們想要的長期目標，而是更接近的目標。而且我認為，那是 - 那些是構建塊，對，正在恢復利用率並允許網絡處於最佳狀態。這就是為什麼我們有點 - 我們說過幾次，我們使用了有條不紊和務實等詞以及所有其他類型的詞。我們已經制定了我們認為何時可以恢復那種類型的操作的指導線，我們今天就在這條線上。所以不可否認，這不是我們今天想要的地方，但我們知道它在哪裡，我們有信心在明年年中到達那裡。

So I think we've time for one more question.

所以我想我們還有時間再問一個問題。

And we'll take that question this morning from Andrew Didora of Bank of America.

今天早上我們將從美國銀行的 Andrew Didora 那裡回答這個問題。

Most of my questions have been answered. Just maybe a random one for Ted. Obviously, a lot has transpired over the course of this year. You have the lengthy kind of regulatory process coming up. Where are you and the team spending your time today? And can you focus as much around the day-to-day as you did, say, kind of pre February of this year?

我的大部分問題都已得到解答。對泰德來說，也許只是一個隨機的。顯然，這一年發生了很多事情。您將面臨冗長的監管流程。你和團隊今天在哪裡度過你的時間？你能像今年 2 月之前那樣專注於日常工作嗎？

Sure. Well, yes, it was a distracting period for a select number of senior management as we worked through the various ups and downs throughout the course of this M&A drama. But that's all behind us now. We are running the business like we would run the business any other day. And I speak for everyone from the ramper all the way up. So 100% time being focused on achieving those objectives that I laid it out for you and kind of hitting the points that I just laid out to Savi, which is getting us back to where we want to be, both on the margin and on utilization.

當然。嗯，是的，對於一些高級管理人員來說，這是一個讓人分心的時期，因為我們在整個併購過程中經歷了各種起伏。但現在這一切都已經過去了。我們像其他任何一天一樣經營業務。我代表從坡道一直向上的每個人說話。因此，100% 的時間都專注於實現我為您制定的目標，並達到我剛剛向 Savi 提出的要點，這讓我們回到了我們想要的位置，無論是在利潤率還是在利用率上.

Great. That's it for this call, folks. We'll catch you next quarter. Thank you for joining us.

偉大的。伙計們，這就是這個電話。我們會在下個季度抓住你。感謝您加入我們。

Thank you, Ms. Gabel. Again, ladies and gentlemen, that will conclude Spirit Airlines Third Quarter 2022 Earnings Conference Call. We'd like to thank you all so much for joining us and wish you all a great remainder of your day. Goodbye.

謝謝你，加貝爾女士。再次，女士們，先生們，Spirit Airlines 2022 年第三季度收益電話會議將結束。非常感謝大家加入我們，祝大家度過美好的一天。再見。