Spirit Airlines Inc (SAVE) 2023 Q1 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Spirit Airline's Q1 2023 Earnings Conference Call. (Operator Instruction] I will now turn the conference over to Vivian Tavarez. You may begin.

謝謝你的支持。我叫 Bailey，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Spirit Airline 的 2023 年第一季度收益電話會議。 （操作員說明）我現在將會議轉交給 Vivian Tavarez。你可以開始了。

Thank you, Bailey. And welcome, everyone, to Spirit Airlines First Quarter 2023 Earnings Conference Call. This call is being recorded and simultaneously webcast. A replay of this call will be archived on our website for a minimum of 60 days. 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. Following our prepared remarks, there will be a question-and-answer session for analysts.

謝謝你，貝利。歡迎大家參加 Spirit Airlines 2023 年第一季度收益電話會議。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至少 60 天。 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。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 contained in our forward-looking statements, including, but not limited to, various risks and uncertainties related to the acquisition of Spirit, (inaudible) JetBlue and other 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我們前瞻性陳述中包含的結果存在重大差異的重大風險和不確定性，包括但不限於與收購 Spirit、（聽不清）JetBlue 和其他風險因素相關的各種風險和不確定性我們在提交給 SEC 的報告中進行了討論。

We undertake no duty to update any forward-looking statements. And investors should not place undue reliance on these forward-looking statements. In comparing results today, we will be adjusting all periods to exclude special items unless otherwise noted. For an explanation and reconciliation of these non-GAAP measures to GAAP, please refer to the reconciliation tables provided in our first quarter 2023 earnings release, a copy of which is available on our website under the Investor Relations section at ir.spirit.com. I will now turn the call over to Ted Christie, Spirit's President and CEO.

我們不承擔更新任何前瞻性陳述的責任。投資者不應過分依賴這些前瞻性陳述。在比較今天的結果時，除非另有說明，否則我們將調整所有期間以排除特殊項目。有關這些非 GAAP 措施與 GAAP 的解釋和對賬，請參閱我們 2023 年第一季度收益發布中提供的對賬表，其副本可在我們網站 ir.spirit.com 的投資者關係部分下獲取。我現在將把電話轉給 Spirit 的總裁兼首席執行官 Ted Christie。

Thanks, Viv, and thanks to everyone for joining us on the call today. I want to start by thanking all our team members and business partners across the network for their contributions in delivering a high-value experience for our guests. Spirit recently had the privilege of being named Value Airline of the Year by ATW and the most affordable airline and #2 overall airline in WalletHub's 2023 Best Airline Awards. I am proud of the Spirit family who made these recognitions possible through their hard work, innovation and commitment to serving each other and our guests. Regarding our merger with JetBlue. As expected, in early March, the DOJ sued to block the transaction. The trial date has been set for October 16, 2023.

謝謝 Viv，也感謝大家今天加入我們的電話會議。首先，我要感謝我們所有的團隊成員和整個網絡的業務合作夥伴，感謝他們為我們的客人提供高價值體驗所做的貢獻。 Spirit 最近有幸被 ATW 評為年度最具價值航空公司，並在 WalletHub 的 2023 年最佳航空公司獎中被評為最實惠的航空公司和排名第二的綜合航空公司。我為 Spirit 家族感到自豪，他們通過辛勤工作、創新和致力於為彼此和我們的客人服務而使這些認可成為可能。關於我們與捷藍航空的合併。不出所料，3 月初，司法部起訴阻止交易。審判日期已定為 2023 年 10 月 16 日。

The creation of a fifth challenger to the Big 4 with both, low cost and low fares, seems to us to be 100% aligned with the government's views on a competitive industry. So while we are disappointed with the DOJ's decision, we are confident that we can successfully illustrate to the court the significant benefits to both, consumers and employees of the JetBlue-Spirit merger. Turning now to our first quarter 2023 performance. Our adjusted operating margin came in better than expected at negative 6.8%, helped by lower fuel and a strong total RASM performance. Operationally, numerous weather events during the first quarter made for a challenging operating environment. And it was exacerbated by the continued understaffing at various air traffic control centers throughout the country.

在我們看來，以低成本和低票價創建第五家四大挑戰者似乎 100% 符合政府對競爭性行業的看法。因此，儘管我們對 DOJ 的決定感到失望，但我們有信心能夠成功地向法庭說明 JetBlue-Spirit 合併對消費者和員工雙方的重大好處。現在轉向我們 2023 年第一季度的業績。我們調整後的營業利潤率好於預期，為負的 6.8%，這得益於較低的燃料和強勁的 RASM 總體表現。在運營方面，第一季度的眾多天氣事件造成了充滿挑戰的運營環境。全國各地空中交通管制中心的人員持續不足加劇了這種情況。

Lately, we've seen Las Vegas, where we are now the #2 carrier, emerged as the newest hotspot as runway construction has driven unprecedented approach and departure configuration changes and ground delay programs, creating significant delays and cancellations. That said, our team has done an excellent job minimizing the impact to our network and solving for problems within our control. In our mid-March update, we shared that we pulled about 0.5 percentage point of capacity from the first quarter due to an increase in the number of unscheduled engine removals. Pratt is a long-term partner and is working closely with us to help solve these engine availability issues. Unfortunately, there is no quick fix, but we do expect to see some improvement as we move throughout the year.

最近，我們已經看到拉斯維加斯，我們現在是排名第二的航空公司，成為最新的熱點，因為跑道建設推動了前所未有的進近和離場配置變化以及地面延誤計劃，造成嚴重的延誤和取消。也就是說，我們的團隊做得非常出色，最大限度地減少了對我們網絡的影響並解決了我們控制範圍內的問題。在 3 月中旬的更新中，我們分享了由於計劃外發動機拆卸數量的增加，我們從第一季度減少了約 0.5 個百分點的運力。普拉特是我們的長期合作夥伴，正在與我們密切合作，幫助解決這些發動機可用性問題。不幸的是，沒有快速解決方案，但我們確實希望在全年移動時看到一些改進。

Before I turn it over to Matt, I want to give some extra kudos to our entire Spirit team. In mid-April, the Fort Lauderdale area experienced severe flash flooding referred to by meteorologists as a 1,000-year event, requiring a 40-hour closure of the Fort Lauderdale Airport, where we are the #1 carrier. As a result of this weather event, Spirit canceled nearly 600 flights and diverted many others, disrupting travel plans for a substantial number of our guests and driving numerous complications for our crews.

在我將其交給 Matt 之前，我想對我們整個 Spirit 團隊表示額外的敬意。 4 月中旬，勞德代爾堡地區經歷了氣象學家稱之為 1,000 年一遇的嚴重山洪暴發，需要我們作為排名第一的航空公司的勞德代爾堡機場關閉 40 小時。由於這一天氣事件，Spirit 取消了近 600 次航班並改道許多其他航班，擾亂了我們大量客人的旅行計劃，並給我們的機組人員帶來了許多麻煩。

Despite the significant and outsized disruption to our network, our team was primed and ready to go on Friday morning once the airport reopened. The quick recovery is a testament to the diligent efforts of our entire team as well as the innovative changes we have put in place to help accelerate recovery operations. I also want to thank the Broward County Aviation Department, and the FAA for their assistance in getting the airport up and running as quickly as possible. Matt, over to you.

儘管我們的網絡受到嚴重和超大的中斷，但我們的團隊已做好準備，並準備在機場重新開放後於週五早上出發。快速恢復證明了我們整個團隊的辛勤努力以及我們為幫助加快恢復操作而進行的創新變革。我還要感謝布勞沃德縣航空局和美國聯邦航空局在盡快啟動和運行機場方面提供的幫助。馬特，交給你了。

Thanks, Ted. I also want to thank the Spirit team members for their contributions during the quarter. Load factors in the peak days were quite high, and our team did a terrific job caring for our guests. Turning now to our first quarter revenue performance. Compared to the first quarter last year, total revenue was $1.35 billion, up 39.5%. And total RASM was $0.1022, up nearly 24% on a capacity increase of 13%. This was a great outcome and continues a trend of strong topline revenue production.

謝謝，泰德。我還要感謝 Spirit 團隊成員在本季度所做的貢獻。高峰期的載客率相當高，我們的團隊在照顧客人方面做得非常出色。現在轉向我們第一季度的收入表現。與去年第一季度相比，總收入為 13.5 億美元，增長 39.5%。總 RASM 為 0.1022 美元，增長近 24%，產能增加 13%。這是一個很好的結果，並延續了強勁的收入增長趨勢。

Load factor increased 3.6 percentage points versus the same period last year. As a reminder, in the first quarter of 2022, we were dealing with fallout from the Omicron variant, which had an adverse impact on flow and load factors. So while load factor for the first quarter 2023 was up year-over-year, it was a bit lower than historic norms for the period. As noted previously, we have been flying more on off-peak days. And we have had less variability in the number of flights operated by day of week since the summer last year.

載客率同比上升3.6個百分點。提醒一下，在 2022 年第一季度，我們正在處理 Omicron 變體的後果，這對流量和負載係數產生了不利影響。因此，儘管 2023 年第一季度的載客率同比上升，但仍略低於該時期的歷史標準。如前所述，我們在非高峰期飛行的次數更多。自去年夏天以來，每週運營的航班數量變化較小。

However, given the technology investments we have made together with network changes and changing how we flow our aircraft as well as opening additional crew bases, we are comfortable that we can begin to have a more varied day [of] week schedule again, while maintaining good operational performance. Beginning in June, we will start to introduce a more varied day of week schedule again, which should fuel improve the load factors and benefit unit revenue as well. On a per segment basis, total revenue per passenger increased to over $127, a 12% increase compared to the first quarter 2022. Passenger revenue per segment increased about 17% to over $57. And non-ticket per segment increased over 8% to a first quarter record of $70.

然而，考慮到我們進行的技術投資、網絡變化、改變我們的飛機流動方式以及開放額外的機組人員基地，我們很高興我們可以再次開始有一個更加多樣化的每週日程安排，同時保持良好的運行性能。從 6 月開始，我們將再次開始引入更多樣化的每週時間表，這應該會提高載客率並有利於單位收入。按細分市場計算，每位乘客的總收入增加到 127 美元以上，比 2022 年第一季度增長 12%。每個細分市場的乘客收入增長約 17%，超過 57 美元。每個細分市場的非門票增加了 8% 以上，達到第一季度 70 美元的記錄。

Important to note for the second quarter of 2023 on a year-over-year basis, we will begin to compare our results to a period of unusually robust TRASM performance on a year-over-year basis. In other words, the comparison to last year is not a true reflection of the underlying demand strength we continue to see. It feels like we are returning to a more normalized seasonality period much like we saw prior to the COVID-19 pandemic. In terms of our network structure, we had reduced our Latin American and Caribbean footprint to under 20% of our capacity for an interim period of time, while we were dealing with a fluctuating fleet plan due to issues that Ted previously mentioned. We are now ahead of that curve again from a planning perspective, and that has allowed us to resume our growth in this region.

重要的是要注意 2023 年第二季度的同比情況，我們將開始將我們的結果與 TRASM 表現異常強勁的時期進行同比比較。換句話說，與去年的比較並不能真實反映我們繼續看到的潛在需求強度。感覺就像我們正在回到一個更正常的季節性時期，就像我們在 COVID-19 大流行之前看到的那樣。就我們的網絡結構而言，由於 Ted 之前提到的問題，我們正在處理一個波動的機隊計劃，期間我們已將拉丁美洲和加勒比地區的足跡減少到我們容量的 20% 以下。從規劃的角度來看，我們現在再次領先於這條曲線，這使我們能夠恢復在該地區的增長。

Starting next month, we are back to having at least 20% of our capacity in Latin America and the Caribbean on a monthly basis. Taking all this into account, we estimate total revenue for the second quarter 2023 will range between $1.46 billion and $1.48 billion, up about 6.5% to 8% on a capacity increase of 17.7% compared to the second quarter 2022. This equates to a total RASM estimate of down 8% to 9.3% year-over-year. As a reminder, second quarter last year benefited greatly from pent-up travel demand. So while total RASM is down year-over-year, the demand environment does remain very strong. If you were to compare this expectation to the second quarter of 2019, it equates to total RASM being up 11.5% to 13% on a capacity increase of nearly 30%, which is an excellent result. And with that, I will now turn it over to Scott.

從下個月開始，我們將恢復到每月至少有 20% 的容量在拉丁美洲和加勒比地區。考慮到所有這些因素，我們估計 2023 年第二季度的總收入將在 14.6 億美元至 14.8 億美元之間，與 2022 年第二季度相比，產能增長 17.7%，增長約 6.5% 至 8%。這相當於總收入RASM 估計同比下降 8% 至 9.3%。提醒一下，去年第二季度大大受益於被壓抑的旅行需求。因此，儘管 RASM 總量同比下降，但需求環境仍然非常強勁。如果將這一預期與 2019 年第二季度進行比較，則相當於總 RASM 增長 11.5% 至 13%，產能增長近 30%，這是一個很好的結果。有了這個，我現在將把它交給斯科特。

Thanks, Matt. I will start by covering our Q1 results and some Q2 guidance updates. And then I want to outline a few things happening in our business today. Our first quarter operating costs were $1.44 billion with both, fuel and nonfuel expenses, coming in better than expected. Fuel price per gallon was still up significantly, up 16% year-over-year. The good news is that we have seen fuel prices decline over the past couple of months, the correct spreads coming down over that period. The current curve implies that WTI will remain roughly flat, so (inaudible) that crack spreads will continue its downward trend.

謝謝，馬特。我將首先介紹我們第一季度的結果和一些第二季度的指導更新。然後我想概述一下我們今天的業務中發生的一些事情。我們第一季度的運營成本為 14.4 億美元，包括燃料和非燃料費用，都好於預期。每加侖燃油價格仍大幅上漲，同比上漲 16%。好消息是，過去幾個月我們看到燃料價格下降，正確的價差在那個時期下降。目前的曲線意味著 WTI 將大致保持平穩，因此（聽不清）裂解價差將繼續呈下降趨勢。

Total nonoperating expense came in higher than estimated due to the periodic valuation of the derivative liability associated with the 2026 convertible notes, driving about $2 million of additional noncash expense in the quarter. Liquidity at the end of the first quarter was $1.7 billion, which includes unrestricted cash and cash equivalents, short-term investments and the $300 million of undrawn capacity under our revolving credit facility. During the first quarter, we took delivery of 5 A320neo aircraft and retired 4 A319ceo aircraft, ending the period with 195 aircraft in the fleet. We are taking delivery of our first A321neo aircraft over the next week with 7 more expected before year-end.

由於與 2026 年可轉換票據相關的衍生負債的定期估值，非運營總費用高於預期，導致本季度額外增加了約 200 萬美元的非現金費用。第一季度末的流動性為 17 億美元，其中包括不受限制的現金和現金等價物、短期投資以及循環信貸額度下 3 億美元的未動用能力。第一季度，我們接收了 5 架 A320neo 飛機並退役了 4 架 A319ceo 飛機，期末機隊擁有 195 架飛機。我們將在下週接收第一架 A321neo 飛機，預計年底前還會接收 7 架。

We are excited to be introducing this larger fuel-efficient variant of the A320neo family of aircraft into our fleet. Our first A320neo aircraft will interservice -- scheduled service in June. We disclosed in our investor update last night that total capital expenditures would be about $360 million, with $75 million of that coming from net PDPs. We received updated delivery dates from Airbus recently, and that number is now reduced to $20 million. We will modify the investor update today. So total capital expenditures will be approximately $305 million, of which $20 million of this is related to net predelivery deposits and about $150 million is related to our new headquarter facility in Dania Beach, with the remainder primarily related to engines and spare parts.

我們很高興將 A320neo 系列飛機的這種更大的省油型號引入我們的機隊。我們的第一架 A320neo 飛機將在 6 月進行定期服務。我們在昨晚的投資者更新中披露，總資本支出約為 3.6 億美元，其中 7500 萬美元來自淨 PDP。我們最近從空中客車公司收到了更新的交付日期，這個數字現在減少到 2000 萬美元。我們將在今天修改投資者更新。因此，總資本支出約為 3.05 億美元，其中 2000 萬美元與交付前淨存款有關，約 1.5 億美元與我們位於達尼亞灘的新總部設施有關，其餘主要與發動機和備件有關。

We are on track to begin phasing in the occupancy of the new facilities in the first quarter of 2024. Looking ahead to the second quarter, there are a couple of items to highlight that are included in our second quarter 2023 guidance. We estimate the flood in Fort Lauderdale earlier this month cost us about $8.5 million of operating income or about 50 basis points on the margin, primarily from lost revenue. And in mid-April, we reached an amended collective bargaining agreement with our flight attendants represented by the AFA, which adds an estimated $9 million of cost to 2Q and $24 million for the full year of 2023.

我們有望在 2024 年第一季度開始分階段入住新設施。展望第二季度，我們的 2023 年第二季度指南中包含一些需要強調的項目。我們估計本月早些時候勞德代爾堡的洪水使我們損失了約 850 萬美元的營業收入或利潤率約 50 個基點，主要是收入損失。 4 月中旬，我們與 AFA 代表的空乘人員達成了經修訂的集體談判協議，估計第二季度的成本增加了 900 萬美元，2023 年全年的成本增加了 2400 萬美元。

Taking these items into consideration for the second quarter of 2023, we estimate our operating margin will range between 4.5% to 6.5%. And this, along with a few other guidance metrics are noted in the investor update furnished in our Form 8-K filing with the SEC, a copy of which can be found on our website at ir.spirit.com. I mentioned this specifically, because we are now providing our guidance in a separate investor update rather than in the body of our earnings release. So with all that said, for clarity, I want to highlight 5 overall key takeaways. Number one, our utilization has been and will continue to be hampered by NEO engine availability and pilot attrition, both of which should gradually improve throughout the rest of the year.

考慮到 2023 年第二季度的這些項目，我們估計我們的營業利潤率將在 4.5% 至 6.5% 之間。在我們向美國證券交易委員會提交的 8-K 表格中提供的投資者更新中指出了這一點以及其他一些指導指標，其副本可以在我們的網站 ir.spirit.com 上找到。我特別提到這一點，因為我們現在在單獨的投資者更新中提供我們的指導，而不是在我們的收益發布的正文中。因此，綜上所述，為清楚起見，我想強調 5 個總體要點。第一，我們的利用率已經並將繼續受到 NEO 發動機可用性和飛行員流失的阻礙，這兩者都應該在今年餘下的時間裡逐漸改善。

We saw a new pilot contract to the end of -- we are disappointed, but we are assuming attrition levels will improve as the year progresses. Number two, growth during this period of inefficiency has not been as productive as it would be in a normal environment. The growth opportunities are significant. And once our constraints are remedied, we expect to return to accretive and efficient growth. Number three, operations are solid and investments in the operation and changes in our infrastructure and network are paying off. Our ability to handle disruptive activity is much improved as evidenced by our fast recovery after the sudden airport closure in early April. In the past, this would have been a much more impactful event.

我們在年底看到了一份新的試點合同——我們很失望，但我們假設隨著時間的推移，人員流失水平會有所改善。第二，在這段低效率時期的增長並沒有像在正常環境中那樣富有成效。增長機會是巨大的。一旦我們的製約因素得到糾正，我們預計將恢復增長和高效增長。第三，運營穩固，對運營的投資以及我們基礎設施和網絡的變化正在取得回報。我們處理破壞性活動的能力大大提高，我們在 4 月初機場突然關閉後的快速恢復就證明了這一點。在過去，這將是一個更有影響力的事件。

Number four, we estimate our full year CASM ex fuel will be about $0.07. CASM ex fuel should decline throughout the year as NEO engine availability and pilot attrition improves. And we estimate our CASM ex fuel exit rate for the year will be in the high 6s. And number five, we are still on track to be profitable in each of the remaining quarters this year and anticipate we will be profitable for the full year. Given the external constraints on our business, our capacity is heading towards the lower end of our full year 2023 guide of 18% to 20%. Not being able to operate the airline we want to right now is obviously frustrating. And this demand environment and with declining fuel prices, if we were operating at full utilization, the business should be producing double-digit operating margins for the second quarter.

第四，我們估計我們全年的 CASM ex 燃料將約為 0.07 美元。隨著 NEO 發動機可用性和飛行員流失率的提高，CASM ex 燃料全年應該會下降。我們估計我們今年的 CASM ex 燃料退出率將達到 6s。第五，我們仍有望在今年剩餘的每個季度實現盈利，並預計我們將在全年實現盈利。鑑於我們業務的外部限制，我們的產能正朝著我們 2023 年全年指南 18% 至 20% 的下限邁進。無法立即運營我們想要的航空公司顯然令人沮喪。在這種需求環境和燃料價格下降的情況下，如果我們以充分利用的方式運營，那麼該業務第二季度的運營利潤率應該會達到兩位數。

We are, however, running a great airline. And I'm proud of the way our team members are taking care of our guests and committed to handling all of the unique curve balls that are being thrown our way. So a big thank you to all of the hard-working Spirit team members. And with that, I'll turn it back over to Ted.

然而，我們經營著一家偉大的航空公司。我為我們的團隊成員照顧客人的方式感到自豪，並致力於處理所有扔給我們的獨特曲線球。非常感謝所有辛勤工作的 Spirit 團隊成員。有了這個，我會把它轉回給泰德。

Thanks, Scott. The outlook for peak summer leisure demand remained strong, both domestically and internationally. Non-ticket revenue per passenger segment is robust. And we anticipate seeing a sequential improvement from the first quarter. And the setup is favorable to have a new record performance throughout the year. With our 235-seat A321neo deliveries beginning this month, and the A319 retirements well underway, we will be gradually increasing our average gauge, which will drive efficiencies that will benefit our unit cost and fuel burn.

謝謝，斯科特。國內外夏季休閒需求高峰期的前景依然強勁。每個乘客細分市場的非機票收入強勁。我們預計從第一季度開始會出現連續改善。該設置有利於全年創下新紀錄。隨著本月開始交付 235 座 A321neo，以及 A319 退役的順利進行，我們將逐步提高平均軌距，這將提高效率，從而有利於我們的單位成本和燃油消耗。

Pilot attrition is still too high, but our new deal, coupled with the unique benefits to our team members associated with the combination with JetBlue and an improving pipeline in new certificated pilots will we expect, provide some relief in the coming years. In conclusion, while we are facing several headwinds related to staffing and fleet and have continued to grow our business in what has proven to be a particularly challenging environment, our team is doing a great job managing the volatility and making tactical adjustments to our plan. And although it may take as much as another year to get to normalized profitability, double-digit op margins are in sight, which will provide a base from which we can continue to refine and improve. And with that, Bailey, back to you.

飛行員流失率仍然過高，但我們的新協議，加上與捷藍航空合併為我們的團隊成員帶來的獨特好處，以及我們預計新認證飛行員的改進管道，將在未來幾年提供一些緩解。總而言之，雖然我們面臨著與人員配置和機隊相關的一些不利因素，並且在事實證明特別具有挑戰性的環境中繼續發展我們的業務，但我們的團隊在管理波動性和對我們的計劃進行戰術調整方面做得很好。儘管可能還需要一年的時間才能實現正常化的盈利能力，但兩位數的運營利潤率已經在望，這將為我們繼續完善和改進提供基礎。然後，貝利，回到你身邊。

Thank you, Ted. We are now ready to take questions from the analysts. We ask that you limit yourself to one question with one related follow-up. Bailey, we are ready to begin.

謝謝你，泰德。我們現在準備好接受分析師的提問。我們要求您將自己限制在一個問題和一項相關的後續行動中。貝利，我們準備開始了。

[Operator Instruction] We will take our first question from Duane Pfennigwerth.

[操作員說明] 我們將從 Duane Pfennigwerth 那裡回答我們的第一個問題。

Just on the attrition, Ted, I wonder if you might put some numbers to it. I don't know if you can talk about kind of a monthly attrition rate and what improvement you've seen and what -- versus what improvement you were hoping for and what your line of sight is for stabilization there?

就減員而言，特德，我想知道你是否可以給它一些數字。我不知道您是否可以談談每月的流失率以及您看到的改進以及什麼 - 與您希望的改進以及您對那裡穩定的視線是什麼？

Sure. Thanks, Duane. So when we signed our deal, we did anticipate that attrition would begin to mitigate, although we knew it would take some time. And we were pleasantly surprised with the results; January, February and March. We saw sort of an anomaly in April which put it back into the levels we saw last year. And that's kind of made us be a little bit more conservative in our view, but we don't know if that's a one data point or not.

當然。謝謝，杜安。因此，當我們簽署協議時，我們確實預計人員流失會開始減輕，儘管我們知道這需要一些時間。我們對結果感到驚喜；一月、二月和三月。我們在 4 月份看到了某種異常情況，這使它回到了我們去年看到的水平。在我們看來，這有點讓我們變得更加保守，但我們不知道這是否是一個數據點。

So we're certainly not, we're still very optimistic that the results will come in the way we hope. And I think all you're hearing from us is it's still an issue. And over the course of this year, we expect it to continue to mitigate and go down. We haven't disclosed the actual rates, but I can tell you, just like we said before, it's definitely elevated. We are successfully recruiting the number of pilots we need right now to make the airline run, but you can imagine there's quite a bit of infrastructure and training involved in handling that, that as this improves, will be a tailwind to costs.

所以我們當然不是，我們仍然非常樂觀地認為結果會以我們希望的方式出現。而且我認為您從我們這裡聽到的只是這仍然是一個問題。在今年的過程中，我們預計它會繼續減輕和下降。我們沒有透露實際利率，但我可以告訴你，就像我們之前說的，它肯定是高的。我們正在成功招募到我們現在需要的飛行員數量來維持航空公司的運營，但你可以想像處理這些問題需要大量的基礎設施和培訓，隨著這種情況的改善，這將成為成本的順風。

Okay. And then maybe one for Matt. Just with respect to the trade-off between load factor and yield, I wonder if you could backtrack a little bit on the first quarter. Is this an outcome that you anticipated from a load factor perspective, maybe sitting in the beginning of March? Or did you see some resistance in the month of March to high fares? And then I guess the punchline is looking forward, I appreciate your comments about day of week getting more refined on the schedule out into June. But are we taking more of a kind of load factor active approach here into the second quarter given the experience of the first?

好的。然後也許是給馬特的。關於載客率和收益率之間的權衡，我想知道你是否可以在第一季度稍微回溯一下。這是您從載客率角度預期的結果嗎，也許是在 3 月初？還是您在 3 月份看到了對高票價的一些阻力？然後我想重點是期待，我感謝您關於星期幾在 6 月的日程安排上變得更加完善的評論。但是，鑑於第一季度的經驗，我們是否會在第二季度採取更多的負載因子主動方法？

Yes, sure, Duane. Thanks for the question. Let me just start off by saying just as a general statement, the demand remains strong out there. The off-peak period in Q1 performed as we had suggested on our last quarterly call, we talked about this. So this was not a surprise to us at all in what we saw in Q1. And I think it's important to add that spring break was very strong. It's continuing the trend of peak periods showing both, load factor and yield strength. For the rest of Q2, we expect the next month here to be a relatively normal, what we would call, shoulder period. But then we'll ramp up, which we expect will lead to a strong Memorial Day holiday and strong June in general.

是的，當然，杜安。謝謝你的問題。讓我首先作為一般性聲明說，那裡的需求仍然強勁。第一季度的非高峰期表現正如我們在上次季度電話會議上所建議的那樣，我們談到了這一點。因此，對於我們在第一季度看到的情況，我們一點也不感到意外。而且我認為重要的是要補充春假非常強烈。它延續了高峰期的趨勢，同時顯示了負載係數和屈服強度。對於第二季度的剩餘時間，我們預計下個月將是一個相對正常的時期，我們稱之為肩期。但隨後我們會加快步伐，我們預計這將導致一個強勁的陣亡將士紀念日假期和整個 6 月的強勁表現。

Just for some added detail on that, we are anticipating through normal seasonality, we could see around 1 week of shoulder period demand in early June between the holiday ending and schools getting out for the summer across the system. As we all know, schools getting out generally then kicks off the peak summer travel season. I would add though that by comparison in 2022, that early June shoulder period that normally happens, it didn't really happen last year.

關於這方面的一些額外細節，我們預計通過正常的季節性，我們可以看到 6 月初在假期結束和整個系統的學校暑假期間會有大約 1 週的肩期需求。眾所周知，學校普遍放假，暑期旅遊旺季就此拉開序幕。我要補充的是，相比 2022 年，通常會發生的 6 月初的肩期，去年並沒有真正發生。

And summer really started a couple of weeks early last year from a realized results perspective, a little bit unusual last year, but everything was a little bit unusual probably last year. I'd say the takeaway with all that is that normal seasonality continues to return to the Americas, which is where we're operating, with 1 caveat. The off-peak periods we're a little bit off normal trends and the peaks are performing some much stronger than normal trends.

從實現結果的角度來看，去年夏天真的開始了幾週，去年有點不尋常，但去年可能一切都有點不尋常。我想說的是，正常的季節性繼續回到美洲，這是我們經營的地方，但有 1 個警告。非高峰期我們有點偏離正常趨勢，而高峰期的表現比正常趨勢強得多。

We expect that to continue, Duane, through Q2 and Q3. And I give you all that detail because this is the level that we think about this. When you talk about fare versus load factor trade-offs, we're thinking about and targeting what we know to be shoulder periods. You don't really have a true off-peak per se in Q2. And as you know, Q3 doesn't really hit anything like that until you get after Labor Day.

Duane，我們預計這種情況將持續到第二季度和第三季度。我給你所有的細節，因為這是我們考慮這個的級別。當您談論票價與載客率的權衡時，我們正在考慮並瞄准我們所知道的肩期。 Q2 本身並沒有真正的非高峰期。如您所知，在勞動節之後，Q3 才真正達到這樣的水平。

So we are targeting periods that we think need more volume. We will target those with lower fares if we need to. The Tuesday and Wednesday situation for us even like post-Easter in May, we would normally have a little bit of Tuesday, Wednesday pull downs in those shoulder periods. So a little bit of a headwind for us there. All of that will be tailwinds in the future, especially once we get past Labor Day, presuming that we'll be able to hold up with these new operating trends that we like to see.

因此，我們的目標是我們認為需要更多交易量的時期。如果需要，我們會瞄準那些票價較低的人。週二和周三的情況對我們來說甚至像 5 月的複活節後，我們通常會在那些肩部時期有一點週二、週三的下跌。所以對我們來說有點不利。所有這些都將成為未來的順風，尤其是一旦我們度過了勞動節，假設我們能夠堅持我們希望看到的這些新的運營趨勢。

So long answer to your question, but the reality is we are still seeing some periods that need low fares. We're doing that when we need to, but we expect the peaks to be very strong. We expect the yields there to be relatively healthy as well. Last year was very, very strong. So we'll see if we can catch last year. But in general, the strength is still there, we expect to realize that.

這麼長的時間回答你的問題，但現實是我們仍然看到一些需要低票價的時期。我們會在需要時這樣做，但我們預計峰值會非常強勁。我們預計那裡的收益率也將相對健康。去年非常非常強勁。所以我們看看我們是否能趕上去年。但總的來說，實力仍然存在，我們希望能夠意識到這一點。

And then just maybe one minor follow-up there. I guess just on load specifically. Longer term, to the extent there is a longer term for Spirit, what is the target load factor that you're driving towards or that you're solving for?

然後可能只是一個小的後續行動。我想只是在負載上。從長遠來看，如果 Spirit 有更長的期限，您正在努力實現或正在解決的目標負載係數是多少？

Yes, sure, Duane. I wouldn't say there's exactly a target load factor that we're shooting for. Clearly, for us, volume -- because of our non-ticket and the model in general, with non-ticket revenue strength, higher loads does obviously help us to some extent. But what we're not going to do is just sell low fares for the sake of selling low fares. We're looking at total revenue production, and we always have that in our calculus. When we have off-peak periods, we will definitely drive more demand with low fares, but it can be very, very yield dilutive to try to get one more point of load factor in an already a peak period that can have pretty detrimental effect. So we're thinking about all of that when we think about total revenue generation.

是的，當然，杜安。我不會說我們正在爭取一個目標負載因子。顯然，對我們來說，數量——由於我們的非票務和一般模型，非票務收入強勁，更高的負載顯然在一定程度上幫助了我們。但我們不會為了賣低價而賣低價。我們正在研究總收入生產，我們總是在計算中考慮到這一點。當我們有非高峰期時，我們肯定會以低票價推動更多需求，但在已經是高峰期的情況下試圖再增加一個點的載客率可能會非常、非常攤薄收益，這可能會產生相當不利的影響。因此，當我們考慮總收入時，我們正在考慮所有這些。

And your next question comes from Jamie Baker.

你的下一個問題來自 Jamie Baker。

Actually, just one for me today. So the takeaway feels like many of your current challenges are considered transitory, and I'm sure some of them are. I mean, globally, discount airlines still appear to have the upper hand. But the longer it takes for Spirit's challenges to get sorted out, during that period, the more SkyMiles members get signed up, the more [big 3] credit cards get issued, the stronger the big 3 international margins become.

實際上，今天只給我一個。所以外賣感覺就像你當前的許多挑戰被認為是暫時的，我相信其中一些是。我的意思是，在全球範圍內，折扣航空公司似乎仍然佔據上風。但 Spirit 的挑戰得到解決所需的時間越長，在此期間，“飛凡里程常客計劃”會員註冊的越多，發行的 [big 3] 信用卡越多，國際 3 大的利潤率就越強。

I'm confident Spirit can do better and perhaps the merger solves for this, but simply doing better doesn't mean that you restore the pre-COVID margin superiority that you used to enjoy. So I guess I can see a path towards improvement, but not a restoration of consistently superior margins to those of the industry. What am I missing?

我相信 Spirit 可以做得更好，也許合併可以解決這個問題，但僅僅做得更好並不意味著你可以恢復你過去享受的 COVID 之前的利潤率優勢。所以我想我可以看到一條改進的道路，但不會恢復到行業利潤率始終高於行業的水平。我錯過了什麼？

Thanks, Jamie. Plenty of loaded questions in there. Look -- and thanks for your expression and confidence, we agree with you that while it is a challenging environment right now, we do have line of sight to addressing the issues that get us back to the margin production we expect. And it's hard to say what the future will be from a normalized perspective when you compare a more legacy product against a low-cost product. You really don't know right now what will happen with the macro economy, what will happen with capacity. What history has told us is that in times, a very strong premium demand out large legacy carriers do relatively outperform and then in down cycles, low-cost carriers tend to outperform.

謝謝，傑米。裡面有很多問題。看 - 感謝您的表達和信心，我們同意您的看法，雖然現在是一個充滿挑戰的環境，但我們確實有解決讓我們回到我們預期的利潤生產的問題的視線。當您將更傳統的產品與低成本產品進行比較時，很難從標準化的角度說出未來會怎樣。你現在真的不知道宏觀經濟會發生什麼，容量會發生什麼。歷史告訴我們的是，有時大型傳統航空公司的非常強勁的保費需求確實表現相對優於大盤，然後在下行週期中，低成本航空公司往往表現優於大盤。

But the good news is that low-cost carriers when they're operating at peak efficiency are the most resilient models in the business. And that's really what we're pushing towards. I mentioned that double-digit op margins are well within sight at this point. That's still not where we would target ourselves, we're usually looking at a number that's more towards the mid-teens level on the upside. And so it's incumbent upon the management team to start to refine the way we get there once we kind of cross the hurdle of getting into the double-digit territory. And I think we have ways to do that. I've mentioned a couple of them on this call and prior that as our airline matures through this phase, we're going to start picking up real margin points in our fuel burn effectivity.

但好消息是，以最高效率運營的低成本航空公司是業內最具彈性的模式。這確實是我們正在努力的方向。我提到過兩位數的運營利潤率在這一點上是遙遙無期的。這仍然不是我們的目標，我們通常會看到一個更接近十幾歲中期水平的數字。因此，一旦我們跨過進入兩位數領域的障礙，管理團隊就有責任開始改進我們到達那裡的方式。我認為我們有辦法做到這一點。我在這次電話會議上提到了其中的幾個，在此之前，隨著我們的航空公司在這個階段的成熟，我們將開始在我們的燃油燃燒效率中獲得真正的利潤點。

We're moving more and more towards NEO aircraft faster than any of the big 4, which relatively will pick up absolute margin points, probably based on our calculation somewhere between 1 and 2 relative to where everyone else is today. You couple that with the unit efficiency of the larger gauge airplane in this demand environment, where it is basically untapped demand, we should see relative efficiency in the way that our more fixed costs are spread the cost of the airplane, the cost of the crew on board the airplane, the way that our fixed costs at airports are charged.

我們越來越多地轉向 NEO 飛機，比四大飛機中的任何一個都快，相對而言，這將獲得絕對利潤點，根據我們的計算，相對於今天其他人的位置可能在 1 到 2 之間。在這種需求環境中，將其與大型飛機的單位效率結合起來，基本上是未開發的需求，我們應該看到相對效率，即我們更多的固定成本分攤飛機成本，機組人員成本在飛機上，我們在機場收取固定成本的方式。

And all of those things create margin efficiency, which we expect we will claw back incremental points that way as well. And so we will be and are tackling those to get us back to the kind of target way we think about things. Will that be the best margin in the business? Don't know. I think that, as I said earlier, I think it's a pretty good season right now to be a legacy carrier, but that's not always true. And so we'll just have to do what we do best, which we will do and see how the rest of the industry shakes out.

所有這些都創造了利潤率效率，我們希望我們也能以這種方式收回增量點。因此，我們將會並且正在解決這些問題，讓我們回到我們思考事物的目標方式。這將是該行業的最佳利潤率嗎？不知道。我認為，正如我之前所說，我認為現在是成為傳統承運人的一個非常好的賽季，但這並不總是正確的。因此，我們只需要做我們最擅長的事情，我們就會去做，看看其他行業將如何擺脫困境。

And our next question comes from Savi Syth.

我們的下一個問題來自 Savi Syth。

This is Matt on for Savi. First question, maybe if you could just talk about how you're expecting utilization to trend throughout the year, particularly what rates are embedded into that 4Q exit rate in the high 6s.

這是 Savi 的 Matt。第一個問題，也許你可以談談你對全年利用率趨勢的預期如何，特別是在高 6s 中嵌入到 4Q 退出率中的比率是多少。

I can start. This is Ted. And Scott, feel free to jump in. So we've been saying all along, we're on a steady march here to a more normalized fleet utilization, which would be total aircraft divided by block hours. And -- or excuse me, total block hours about a total aircraft. And right now, that fleet number is artificially penalized with the number of aircraft on ground we have in the NEO fleet because of the engine issues, which we expect to start to move in the right direction, but won't be fully remedied by the end of the year based on our current expectations from Pratt.

我可以開始了。這是泰德。斯科特，請隨時加入。所以我們一直在說，我們正在穩步前進，以實現更正常的機隊利用率，即飛機總數除以輪轉小時數。並且 - 或者對不起，關於一架飛機的總輪轉時間。而現在，由於發動機問題，機隊數量人為地受到 NEO 機隊地面飛機數量的影響，我們希望這個問題開始朝著正確的方向發展，但不會被根據我們目前對普拉特的預期，今年年底。

So full utilization in the fourth quarter for Spirit, used to be lower than average utilization for the year. It's a lower utilization quarter. But it's somewhere in -- on a fleet basis in the high 11s. So 11.6, 11.7, 11.8 hours per day, 11.8 hours per day. We're still sort of moving in that direction and expect to get pretty close to that number by the end of this year. But that's artificially limited by the number of aircraft we have on the ground right now. And we're expecting in there to continue to see crew attrition mitigate that will help us catch back up. So next year, we'll still have some recovery in it, but we're definitely moving in the right direction. Scott, do you want to add anything?

因此，Spirit 在第四季度的全部利用率過去低於全年的平均利用率。這是一個利用率較低的季度。但它在某個地方——以艦隊為基礎，在高 11 年代。所以每天 11.6、11.7、11.8 小時，每天 11.8 小時。我們仍在朝著這個方向前進，預計到今年年底將非常接近這個數字。但這受到我們目前在地面上的飛機數量的人為限制。我們期待在那裡繼續看到船員流失減少，這將幫助我們趕上來。所以明年，我們仍然會有一些復甦，但我們肯定是在朝著正確的方向前進。斯科特，你想補充什麼嗎？

Yes, that's exactly right. Q4 is typically lower, just seasonality is the point there. But like that said, we won't be back to full capacity in Q4. Even if we do reach historical Q4 levels, which are generally lower, we won't be at what we would call full capacity. So we would expect that to happen as we enter 2024, but Q4 will be close to historical utilization levels.

是的，完全正確。第 4 季度通常較低，只是季節性才是重點。但話雖如此，我們不會在第四季度恢復滿負荷生產。即使我們確實達到了通常較低的歷史第四季度水平，我們也不會達到所謂的滿負荷運轉。因此，我們預計這種情況會在我們進入 2024 年時發生，但第四季度將接近歷史利用率水平。

Okay. That's very helpful. And maybe if you could just on the operational front, maybe provide an update what you're seeing in Florida in terms of ATC there. And then also, any additional color on Vegas, how long you expect that to persist?

好的。這很有幫助。也許如果你能在運營方面，也許可以提供你在佛羅里達州看到的 ATC 方面的更新。然後還有，維加斯的任何其他顏色，你希望它持續多久？

Sure. Thanks. So the good news is we are seeing some progress in Florida. And that's excellent news for Spirit, given the exposure we have here and how important Florida is to us. In fact, based on the FAA's own data, delay minutes in the first 2 months of this year versus the first 2 months of last year, actually down in both the Jacksonville Center and the Miami Center, the 2 most important routing centers in Florida, which is a positive trend. I suspect some of that is related to gently improving staffing, although not fully staffed in those centers, but also the airlines have reacted by having less capacity. So it's beginning to have the effect. So that's the good news.

當然。謝謝。所以好消息是我們在佛羅里達看到了一些進展。考慮到我們在這裡的知名度以及佛羅里達對我們的重要性，這對 Spirit 來說是個好消息。事實上，根據美國聯邦航空局自己的數據，今年前 2 個月的延誤分鐘數與去年前 2 個月相比，實際上在佛羅里達州最重要的 2 個路由中心傑克遜維爾中心和邁阿密中心都有所下降，這是一個積極的趨勢。我懷疑其中一部分與人員配置的溫和改善有關，儘管這些中心的人員配備不足，而且航空公司的反應是容量減少。所以它開始有效果了。這是個好消息。

The bad news, however, is that in the Northeast, we're going to have a very challenging setup this summer. And we've seen the FAA voluntarily -- or asked the airlines to volunteer to not operate slot positions in the slot-controlled airports, and I know some of the larger airlines who operate there are partaking in that, we will have a very small presence of doing the same because we're relatively small in that area. But that's going to be a challenge. And I believe I heard JetBlue mention that staffing there is nearly half of what they expected to be or what it was even in 2015. So that's not a good fit up.

然而，壞消息是，在東北部，今年夏天我們將面臨非常具有挑戰性的設置。我們已經看到美國聯邦航空局自願 - 或者要求航空公司自願不在插槽控制的機場運營插槽位置，我知道一些在那裡運營的大型航空公司參與其中，我們將有一個非常小的存在做同樣的事情，因為我們在那個領域相對較小。但這將是一個挑戰。而且我相信我聽到 JetBlue 提到那裡的員工人數幾乎是他們預期的一半，甚至是 2015 年的一半。所以這不是一個很好的選擇。

And then in Las Vegas, when we look at the same data compared to the first 2 months of 2022 versus 2023, delay minutes are up 1,600%. That's not 160%. That's not 16%. That's 1600% which is driving real problems for the larger airlines in and out of Vegas. And while Vegas, we are the #2 airline in Vegas, it represents about 25% of our domestic capacity. So there's runway construction there, which will move through the summer. And once that's done, we hope that, that's a step in the right direction, but we're going to see challenges in and out of Vegas probably through the remainder of the summer.

然後在拉斯維加斯，當我們查看與 2022 年前兩個月和 2023 年前兩個月相同的數據時，延誤分鐘數增加了 1,600%。這不是 160%。這不是 16%。這是 1600%，這給進出維加斯的大型航空公司帶來了真正的問題。雖然維加斯，但我們是維加斯排名第二的航空公司，它約占我們國內運力的 25%。所以那裡有跑道建設，將在整個夏天進行。一旦完成，我們希望這是朝著正確方向邁出的一步，但我們可能會在今年夏天的剩餘時間裡看到維加斯內外的挑戰。

And that kind of leads me to a thought, which is over the last decade or so that I've been at Spirit, and I imagine even prior to that, and I know most airlines have been doing this, we have been actively lobbying the government for significant investment in the air traffic control system to take the United States back into a premier position and increase efficiency across the network, which is good for the environment because it will reduce fuel burn. It will improve the utilization of slot-controlled airports today. There is room at airports in the slot controlled areas. It's just that they're restricted because there's not enough airspace, but an improved air traffic control system will improve that. And what that does is free up capacity for low-cost carriers, which will stimulate competition. All those things are very much aligned with what they say they're doing, but they're not doing that yet.

這讓我想到，在過去十年左右的時間裡，我一直在 Spirit，我想甚至在那之前，而且我知道大多數航空公司一直在這樣做，我們一直在積極遊說政府對空中交通管制系統進行了大量投資，以使美國重新回到領先地位並提高整個網絡的效率，這對環境有好處，因為它將減少燃油消耗。它將提高當今時隙控制機場的利用率。在插槽控制區域的機場有空間。只是它們受到限制是因為沒有足夠的空域，但是改進的空中交通管制系統將改善這一點。這樣做的目的是為低成本航空公司釋放運力，從而刺激競爭。所有這些事情都非常符合他們所說的他們正在做的事情，但他們還沒有這樣做。

And so we, as a carrier, we're advocating for that. And we said, well, if we can't get better competitive hold on the industry that way, then help us in real estate constrained airports. These large legacy hub airports where the incumbent carrier is very inefficient in the use of their real estate, and we're the opposite of that. And we're saying to the Department of Justice and the Department of Transportation, "Hey, help us figure out a way to free up some of that real estate so we can enhance competition that way." And we've routinely been told, "No, we can't do anything there."

因此，作為承運人，我們正在倡導這一點。我們說，好吧，如果我們不能通過這種方式在行業中獲得更好的競爭力，那麼請在房地產受限的機場幫助我們。這些大型遺留樞紐機場的老牌航空公司在使用其不動產方面效率非常低下，而我們恰恰相反。我們對司法部和交通部說，“嘿，幫我們想辦法騰出一些不動產，這樣我們就可以通過這種方式加強競爭。”我們經常被告知，“不，我們不能在那裡做任何事情。”

So then we go to our third option, which is -- well, I guess we need to get bigger because scale is the best way for us to compete with these dominant airlines that control 80% of the capacity in the United States. So we've been getting bigger over that decade, obviously, dramatically so, but it's not happening fast enough. They continue to use their -- the power of their networks to stifle our growth and our effectivity. And it's something that we try to tackle every day. So instead, we did the next best thing, which was we decided we're going to merge with another airline and they're saying, they're going to object to that, too.

那麼我們進入第三個選擇，那就是——好吧，我想我們需要變得更大，因為規模是我們與這些控制美國 80% 運力的主導航空公司競爭的最佳方式。所以我們在那十年裡一直在變得更大，顯然，戲劇性地如此，但它發生的速度還不夠快。他們繼續使用他們的——他們網絡的力量來扼殺我們的成長和我們的效率。這是我們每天都在努力解決的問題。因此，相反，我們做了下一個最好的事情，那就是我們決定與另一家航空公司合併，他們說，他們也會反對。

It's quite frustrating for us around here where we say, we're trying to stimulate competition, and we've come up with real ideas, and it's not happening yet. So as I said in my prepared comments, I think we have a really good path towards a stronger fifth competitor, which will still be half the size of the fourth competitor, but one that can actually start to create competitive balance in the industry. And I think we'll lay out a very successful case. But in the meantime, we will be looking for the government to find ways to improve the air traffic control system and to provide more access for low-cost carriers in constrained airports.

這讓我們在這裡感到非常沮喪，我們說，我們正在努力刺激競爭，我們已經提出了真正的想法，但它還沒有發生。因此，正如我在準備好的評論中所說，我認為我們有一條非常好的通往更強大的第五個競爭對手的道路，它的規模仍然是第四個競爭對手的一半，但實際上可以開始在行業中創造競爭平衡。我認為我們會提出一個非常成功的案例。但與此同時，我們將尋求政府尋找改善空中交通管制系統的方法，並為受限機場的低成本航空公司提供更多通道。

And our next question comes from Stephen Trent.

我們的下一個問題來自 Stephen Trent。

Just 1 or 2 for you, actually. So the first, you mentioned that 20-some-odd percent of your capacity should be back to Latin America and the Caribbean, I believe. And any high-level view on how the weighting of that deployment may have changed versus where you guys were in 2019?

實際上，只有 1 或 2 個適合您。所以首先，你提到你的產能的 20 多個百分比應該回到拉丁美洲和加勒比地區，我相信。與你們在 2019 年的情況相比，該部署的權重可能發生了怎樣的變化？

Yes, Stephen, it's Matt. Yes, so a lot of our growth from, say, '18, '19 into today, we had our very successful Fort Lauderdale franchise heading to South America, Latin America and the Caribbean out of Fort Lauderdale. Late '18 into '19, we started to grow Orlando South as well. So a lot of the growth initially started in Orlando and then throughout the last few years, we've really seen a relatively large increase for ourselves.

是的，斯蒂芬，我是馬特。是的，從 18 年、19 年到今天，我們的很多增長，我們擁有非常成功的勞德代爾堡特許經營權，從勞德代爾堡前往南美、拉丁美洲和加勒比地區。 18 年底到 19 年，我們也開始發展奧蘭多南部。所以很多增長最初是在奧蘭多開始的，然後在過去的幾年裡，我們確實看到了相對較大的增長。

And what you call -- some of it's sort of tourist leisure like Cancun and other growth has been in what we would call VFR traffic, which, to some extent, you can call Puerto Rico, both tourist and VFR. So we've really grown a lot in Puerto Rico as well, and we're continuing that growth with some new routes actually starting next month and into the summer as well. So we're excited about all that. The advanced bookings look strong there for us as well. And it really continues along where we do well, and our model works great. Low-cost lead the low fares and it's great, especially for VFR traffic, so we can create travel opportunities for people that may otherwise not have them.

你所說的——其中一些是像坎昆這樣的旅遊休閒活動，而其他增長則是我們所說的 VFR 交通，在某種程度上，你可以稱之為波多黎各，包括遊客和 VFR。因此，我們在波多黎各也取得了長足的進步，我們將繼續保持這種增長，實際上從下個月開始，到夏季也會開設一些新航線。所以我們對這一切感到興奮。對我們來說，提前預訂看起來也很強勁。它真的沿著我們擅長的地方繼續發展，我們的模型運作良好。低成本導致低票價，這很好，特別是對於 VFR 流量，因此我們可以為本來可能沒有的人創造旅行機會。

I appreciate that, Matt. And really also appreciate your guys' comments on the regulatory situation. I'm just curious, in that regard, I know you reached an agreement with the pilots you're still seeing some attrition. Do you think that it's going to be necessary for regulatory-related steps to help (inaudible) the situation? I know there was kind of a proposal out there to raise the retirement age of pilots and this kind of thing. And anything else you think that the regulatory side could help in terms of pilot supply?

我很感激，馬特。也非常感謝你們對監管情況的評論。我只是很好奇，在這方面，我知道你與飛行員達成了協議，你仍然看到一些人員流失。您是否認為有必要採取監管相關措施來幫助（聽不清）這種情況？我知道有人提議提高飛行員的退休年齡之類的。還有什麼你認為監管方面可以在試點供應方面提供幫助？

Sure, Stephen. This is Ted. Yes. So on that front, obviously, the airlines have been advocating for some changes there. And I think you mentioned one of them, which is move in the retirement age, which would really act as a short-term buffer as retirements in the industry are going to be peaky here for the next 2 or 3 years. But the other has to do with the way the training and experience is gained for pilots. And there's some discussion about the minimum of 1,500 hours, how you achieve those 1,500 hours, are certain hours' worth more than other hours?

當然，斯蒂芬。這是泰德。是的。因此，在這方面，顯然，航空公司一直在倡導在那裡進行一些改變。我想你提到了其中一個，那就是退休年齡的變化，這真的可以作為一個短期緩衝，因為這個行業的退休將在未來 2 或 3 年內達到頂峰。但另一個與飛行員獲得培訓和經驗的方式有關。還有一些關於最低 1,500 小時的討論，您如何實現這 1,500 小時，某些小時是否比其他小時更有價值？

So if you spend time in a dual engine airplane, for example, you spend time in a simulator or you're doing things, are those hours potentially worth more than if you're flying a single engineer plane? Those types of debates are out there and going on. And I think that we're certainly supportive of that kind of thing because we see that there is tremendous demand for people who want to be professional pilots.

因此，如果你花時間在雙引擎飛機上，例如，你花時間在模擬器上或你正在做事情，這些時間是否可能比你駕駛單引擎飛機更有價值？這些類型的辯論在那裡並且還在繼續。而且我認為我們當然支持這種事情，因為我們看到對想成為專業飛行員的人有巨大的需求。

I think that, that is absolutely happening. The career is a very attractive career. And there are now considerably more avenues for private individuals, not members of the military, because we are seeing considerably less pilots come out of the military than we used to have, for private individuals to gain their certification and become a certificated commercial pilot, but it still takes a while and it's expensive. And so there are ways for the government to ease that, either in the speed at which they gain their certification or allowing the application of 529 Programs for pilots who want to use that to gain their experience.

我認為，這絕對正在發生。該職業是一個非常有吸引力的職業。現在有更多的途徑供個人而不是軍人使用，因為我們看到從軍隊中出來的飛行員比以前少得多，私人獲得認證並成為合格的商業飛行員，但是它仍然需要一段時間，而且很昂貴。因此，政府有多種方法可以緩解這種情況，無論是在他們獲得認證的速度上，還是允許希望使用它來獲得經驗的飛行員應用 529 計劃。

There's a number of things that we believe, and are being advanced at the government level, will help the industry because, again, at the end of the day, what we're really talking about is competitive fares for travelers. We, as an industry, are limited today on how much capacity we're deploying. You're seeing it in small communities where regional providers are actively cutting capacity because there are no pilots to serve. And so getting more pilots will be good for the consumer, be good for fare levels. And it would be great for us because we can continue to expand and probably expand into those markets that are now vacated, which is a tremendous opportunity going forward.

我們相信並且正在政府層面推進的許多事情將有助於該行業，因為歸根結底，我們真正談論的是為旅客提供有競爭力的票價。作為一個行業，我們今天部署的容量有限。你會在小社區看到它，因為沒有飛行員可以服務，區域供應商正在積極削減產能。因此，獲得更多飛行員對消費者有利，對票價水平也有好處。這對我們來說是件好事，因為我們可以繼續擴張，並可能擴張到那些現在騰出的市場，這是一個巨大的前進機會。

And our next question comes from Conor Cunningham.

我們的下一個問題來自 Conor Cunningham。

Just around your growth as we think about next year, a lot of these constraints feel a bit stickier. I know that some of them are a bit of a onetime item. But just maybe it would be helpful if you could provide some context on how fast you plan to be growing as you exit 2022. I mean, again, like when I think about your original capacity plan in August of last year, it's basically half the size of what you wanted to grow, so you lost a fair bit. So just trying to understand your growth algorithm as we think about 2024 and beyond.

就在我們考慮明年的成長過程中，很多這些限制讓人感覺有點棘手。我知道其中一些有點過時了。但是，如果您能提供一些關於您計劃在 2022 年結束時增長多快的背景信息，這可能會有所幫助。我的意思是，再一次，就像我在去年 8 月考慮您的原始產能計劃時，它基本上是一半你想要增長的大小，所以你失去了很多。因此，在我們考慮 2024 年及以後時，只是想了解您的增長算法。

Sure, Conor. I'll start. Scott, you can correct me where I'm wrong. So I disagree with you that the constraints are sticky. I think the horizon by which you consider them maybe the debate but over time, our fleet will get remedied. We will have a full utilization of the fleet, probably over the next year. And when we do, that fleet will be the most fuel-efficient and the youngest fleet in -- amongst the youngest fleet in the world, which will provide us with a significant benefit on the maintenance side and the reliability side. So I do think that, that's obviously an active constraint right now. It's one that's very frustrating for us, but I think that, that does get remedied, because that's purely engineering and throughput in that side of the business. And those guys are experts in solving that problem.

當然，康納。我會開始。斯科特，你可以糾正我的錯誤。所以我不同意你認為約束是粘性的。我認為你認為他們的地平線可能是爭論的焦點，但隨著時間的推移，我們的艦隊將得到補救。我們可能會在明年充分利用機隊。當我們這樣做時，該機隊將成為最省油和最年輕的機隊 - 世界上最年輕的機隊之一，這將為我們在維護方面和可靠性方面帶來重大好處。所以我確實認為，這顯然是目前的一個積極限制。這對我們來說非常令人沮喪，但我認為，這確實得到了補救，因為這純粹是業務那方面的工程和吞吐量。這些人是解決該問題的專家。

The secondary constraint is labor. And clearly, we've all learned that the pandemic was a generational disruption in that regard. And I don't think any of us did a good job at forecasting the impact of that. And we're all reaping the benefits of choices that had to be made during there to preserve the vast majority of jobs to keep the industry healthy to have capacity available for people who wanted to travel when there was limited or no demand.

次要約束是勞動力。很明顯，我們都知道，在這方面，大流行是一種代際破壞。而且我認為我們中沒有人能很好地預測其影響。我們都在收穫必須做出的選擇的好處，這些選擇是為了保留絕大多數工作崗位，以保持行業健康，以便在需求有限或沒有需求時為想要旅行的人提供容量。

All of those things are now bearing fruit, and it's working its way through the system. Supply and demand will eventually intersect. There is a considerable number of people who want to be professional pilots. We see it in the number of people who are filing for their licenses. They need to work their way through the system, which will take some time. We have a lot of pilots retiring, they're reaching the maximum age, which is a downward pressure on that. But again, that will rectify. And once it does, those 2 constraints are lifted. Don't know exactly when they happen, but I don't think they're sticky.

所有這些事情現在都取得了成果，並且正在通過系統發揮作用。供需最終會相交。有相當一部分人想成為職業飛行員。我們在申請執照的人數中看到了這一點。他們需要通過系統工作，這需要一些時間。我們有很多飛行員退休，他們已經達到最大年齡，這是一個下行壓力。但同樣，這將得到糾正。一旦這樣做，這兩個限制就會解除。不知道它們何時發生，但我不認為它們很粘。

Yes. Maybe a third component of that, Conor, is supply chain and really in regards to aircraft. Obviously, we've talked about delays in deliveries, and they've been relatively small. I mean we're talking over the '22 to '24 period, about 10 aircraft get moved out of that period. So it does help smooth deliveries a bit. I mean we'll take 24 deliveries this year and plan for 37 deliveries next year, of which 23, 24 of those will be A321s. So we'll still see significant capacity growth next year in terms of fleet size and a return to utilization. So the numbers we haven't given yet, but it will be considerable as we think about next year.

是的。 Conor，也許其中的第三個組成部分是供應鏈，而且實際上與飛機有關。顯然，我們已經討論過交貨延遲，而且它們相對較小。我的意思是我們談論的是 22 到 24 年期間，大約有 10 架飛機從那個時期移出。所以它確實有助於順利交付一點。我的意思是我們今年將交付 24 架，明年計劃交付 37 架，其中 23 架、24 架將是 A321。因此，就車隊規模和利用率恢復而言，明年我們仍將看到顯著的運力增長。所以我們還沒有給出數字，但考慮到明年，這將是相當可觀的。

But supply chain will help smooth deliveries and that will kind of give us a little bit of a reduction as we think about next year, smoothing into '25 and '26. But all those 3 things together, a return to full utilization or whatever we call full utilization at that time and the return or at least a predictable supply chain of aircraft will be a component as well as we talked about the 319 retirements, those will also be in our calculus as we think about capacity growth. But all of that sort of yields a capacity growth of some significant number next year.

但供應鏈將有助於順利交付，這將讓我們在考慮明年時有所減少，順利進入 25 和 26 年。但所有這三件事加在一起，即恢復充分利用或我們當時稱之為充分利用的任何東西，以及回歸或至少是可預測的飛機供應鏈將是一個組成部分，我們談到了 319 架飛機的退役，這些也將當我們考慮容量增長時，請將其納入我們的計算之中。但所有這些都會在明年產生一些顯著的產能增長。

And then I'm still -- Matt -- maybe this is for Matt. I'm still a little surprised on the implied unit revenue guide for the second quarter. I mean I totally get the comp is year. That makes a lot of sense. But relative to some of the -- your peers, you're underperforming a bit. So I was just curious if you could unpack that a little bit more Duane talked about the load factor or seal. But just is there anything else within the network that we should be aware of that is kind of impacting the second quarter specifically.

然後我仍然——馬特——也許這是給馬特的。我對第二季度的隱含單位收入指南仍然感到有些驚訝。我的意思是我完全明白了 comp 是一年。這很有意義。但相對於一些 - 你的同齡人，你表現不佳。所以我很好奇你是否可以進一步解開 Duane 談到的負載係數或密封件。但是，網絡中是否還有其他我們應該注意的事情會特別影響第二季度。

Yes. I think -- no, I think I touched on it earlier. Really, it's -- the shoulder periods are a little bit weaker than we've seen in the past. The peaks have been very strong. So we're comfortable with all that. We recognize that our guide is a little bit below what others are talking about. Some of that is still the way that we have the network set up by day of week. So there is still a little bit of a drag in there for that.

是的。我想 - 不，我想我早些時候談到了它。真的，它是——肩期比我們過去看到的要弱一些。峰已經非常強。所以我們對這一切都很滿意。我們認識到我們的指南略低於其他人正在談論的內容。其中一些仍然是我們按星期幾設置網絡的方式。所以那裡仍然有一點阻力。

Last quarter, for example -- in the first quarter, some of the drags we had out there, we had predicted to be about 1.5 points of TRASM drag and it actually came out to be just about right on top of that number, we calculate. And that has to do with some of the things Ted mentioned too, with the Jacksonville center constraints that we've seen in there. Day of week flying is still not exactly where we would like it to be. These will all become tailwinds for us as we think they will be by the time we get to the end of this year into next year. So we're still dealing with that a little bit. Overall, demand just remains strong. And really, last year, part of what we're looking at here is we're comping our own incredible strength last year as well.

例如，上個季度——在第一季度，我們遇到了一些拖累，我們曾預測 TRASM 拖累大約 1.5 個點，而實際上結果恰好在這個數字之上，我們計算.這也與泰德提到的一些事情有關，與我們在那裡看到的傑克遜維爾中心的限制有關。星期幾飛行仍然不是我們想要的。這些都將成為我們的順風，因為我們認為它們將在我們到今年年底到明年的時候出現。所以我們仍在處理這個問題。總體而言，需求仍然強勁。真的，去年，我們在這裡看到的部分內容是去年我們也在發揮我們自己令人難以置信的實力。

So we took a very large step-up in unit revenue production as well as capacity [to] growth last year. So we are comping a period that is incredibly strong. I mean I'm not 100% updated for other airlines that reported this morning, but our top line growth versus second quarter of '19 is going to be up 45% versus second quarter '19. So we are growing the revenues there. It looks -- and there's one metric, it looks like we're behind the industry year-over-year. But if you go back to pre-COVID to today, we're performing very well.

因此，去年我們在單位收入生產和產能增長方面取得了很大的進步。因此，我們正在經歷一個非常強勁的時期。我的意思是我沒有 100% 了解今天早上報告的其他航空公司的最新情況，但與 19 年第二季度相比，我們的收入增長將比 19 年第二季度增長 45%。所以我們正在增加那裡的收入。看起來 - 有一個指標，看起來我們每年都落後於行業。但如果你回到 COVID 之前的今天，我們的表現非常好。

I think that last point -- this is Ted. That last point that Matt made is one of the most important ones. It's difficult to precisely calculate. But coming out of the Omicron variant which really depressed Q1 last year. Q2 screened, and where did it screen? Florida, because nobody was going international yet. And where are we biggest? Florida, and I think we reaped the benefits of that, which we're thrilled about, by the way. So New York, the Northeast, those things didn't do very well last year in the second quarter, and they're probably going to do better. So I think that what you're seeing is the abnormalities of the exit of COVID starting to work its way into normal seasonality, which is why you got to smooth it a little more than just year-over-year.

我認為最後一點——這是泰德。 Matt 提出的最後一點是最重要的一點。很難精確計算。但是來自去年 Q1 真正壓低的 Omicron 變體。 Q2篩選，篩選在哪裡？佛羅里達州，因為還沒有人走向國際。我們最大的地方在哪裡？佛羅里達州，我認為我們從中獲益，順便說一句，我們對此感到非常興奮。所以紐約，東北部，這些東西去年第二季度表現不佳，他們可能會做得更好。所以我認為你所看到的是 COVID 退出的異常開始進入正常的季節性，這就是為什麼你必須比去年同期多一點來平滑它。

And your next question comes from Helane Becker.

你的下一個問題來自 Helane Becker。

Can you say how much of -- this is for Matt, how much of second quarter is already booked?

你能說出多少——這是給馬特的，第二季度有多少已經被預訂了嗎？

Helane, we don't comment on that. We never have historically, and we're not going to start today as well. Sorry about that.

Helane，我們不對此發表評論。歷史上我們從未有過，今天也不打算開始。對於那個很抱歉。

No, that's quite all right. So my second question then is if you can talk about the number of aircraft that were grounded during the quarter because of engine issues. And if you get the sense that Pratt says, we'll just give you an engine this week and -- kind of to keep you quiet. And then when you complain loudly, again, they give you another one as opposed to really having a plan for delivering as they're supposed to do.

不，那完全沒問題。那麼我的第二個問題是，您是否可以談談本季度因發動機問題而停飛的飛機數量。如果你明白 Pratt 所說的，我們將在本週給你一個引擎——有點讓你安靜。然後，當你再次大聲抱怨時，他們又給了你一個，而不是真正按照他們應該做的那樣制定交付計劃。

Yes, Helane, -- good question. So it's been volatile through the quarter and to date in the second quarter. It's bounced around from sort of 3 aircraft to 6 aircraft and we work with Pratt on forecasting the flat forward to see what engines we expect. Obviously, we have our own VOD issues occasionally that may drive something and in turn times of engines that are in the shop, those exiting. So all those variables create volatility in the number. But we're probably going to be looking at 5, 6 aircraft as we think about heading into the summer, we'll see what happens after the second quarter. But it's going to be something that's not a quick fix, as we mentioned in the prepared comments. It's going to continue through the summer into the fall and the end of the year. So we'll probably be dealing with this for the next sort of 7, 8, 9, 10 months. And we'll have to see where both, throughput of shop visits and production from Pratt ends up. And we'll have to see where we end up.

是的，Helane，——問得好。因此，整個季度和第二季度迄今為止，它一直在波動。它從大約 3 架飛機反彈到 6 架飛機，我們與 Pratt 合作預測平前，看看我們期望的發動機。顯然，我們偶爾會遇到自己的 VOD 問題，這些問題可能會驅動某些東西，反過來又會影響商店中的引擎和退出的引擎。所以所有這些變量都會造成數字的波動。但是當我們考慮進入夏季時，我們可能會考慮 5、6 架飛機，我們將看看第二季度之後會發生什麼。但正如我們在準備好的評論中提到的那樣，這不是一個快速解決方案。它將持續整個夏天，一直持續到秋天和年底。所以我們可能會在接下來的 7、8、9、10 個月內處理這個問題。我們必須看看 Pratt 的商店訪問量和生產量最終會在哪裡結束。我們必須看看我們最終會在哪裡。

Okay. And since I got shut down to my first question, can I ask about the new corporate headquarters and how we should think about the spending for that, where that shows up? Is that included in the numbers you've already given us? And what percent is it is complete?

好的。由於我無法回答我的第一個問題，我可以問一下新公司總部的情況嗎？我們應該如何考慮它的支出，它在哪裡出現？這是否包含在您已經給我們的數字中？完成的百分比是多少？

Yes. So Helane, from a CapEx perspective, we'll spend about $150 million or so. And we're probably -- sorry, this year in CapEx, to clarify. And we're probably 60% spent and developed on the property. We'll spend in total, including what we've already spent, which is we bought land in 2019 of $40-something million and we'll spend some this year as well. So we're probably in the sort of $200 million-ish probably a little more than that actually, and we'll spend some that will spill over into 2024. But the total cost is probably in the $275, $280 million range, and we spent 60%, 70% of that to date. And we're probably on a completion of the facility in a similar number.

是的。所以 Helane，從資本支出的角度來看，我們將花費大約 1.5 億美元左右。我們可能 - 抱歉，今年在資本支出中澄清。我們可能有 60% 的錢花在了房產上並進行了開發。我們將總共支出，包括我們已經支出的支出，即我們在 2019 年購買了 40 多萬美元的土地，今年我們也會支出一些。因此，我們的支出可能在 2 億美元左右，可能比實際支出多一點，我們將花費一些資金，這些支出將延續到 2024 年。但總成本可能在 275 美元、2.8 億美元之間，而且我們迄今為止花費了 60%、70%。我們可能正在以相似的數量完成該設施。

Our next question comes from Mike Linenberg.

我們的下一個問題來自 Mike Linenberg。

Matt, I have a question just on distribution through Google Flights, the Price Guarantee program. I did see that you're one of the few airlines that seems to be testing it out, I guess. Any early reads and I guess maybe just a bigger question here is that we are seeing a lot of different alternative forms of being able to sell tickets. And it's -- given your low cost, it does seem like these platforms that are out there maybe lower cost than anything except, I guess, other than direct. What are your thoughts on it and just maybe the evolution here? Any color would be great.

Matt，我有一個關於通過 Google Flights（價格保證計劃）進行分銷的問題。我確實看到你們是少數幾家似乎正在測試它的航空公司之一，我猜。任何早期閱讀，我想這裡可能只是一個更大的問題是我們看到了很多不同的銷售門票的替代形式。而且它 - 考慮到你的低成本，看起來這些平台的成本可能比任何東西都低，我猜，除了直接。您對此有何看法，也許這裡的演變？任何顏色都會很棒。

Yes, sure, Mike. So just to be clear that the product you're referring to on Google with their guarantee, that's something that Google is doing on their own through their own algorithms and their own analytics. So we are not specifically participating in that guarantee. That is something that Google is doing on their own. But it leads into your second part of your question there, which is about having this NDC, new distribution capability, distribution of our product and our content. And partners like Google are very good partners in that, and then they're ingesting our content, and they're not the only ones.

是的，當然，邁克。所以要明確一點，你在谷歌上提到的產品有他們的保證，這是谷歌通過他們自己的算法和他們自己的分析自己做的事情。所以我們沒有特別參與該保證。這是谷歌自己做的事情。但這引出了你問題的第二部分，即關於擁有這個 NDC、新的分發能力、我們產品和內容的分發。像谷歌這樣的合作夥伴在這方面是非常好的合作夥伴，然後他們正在攝取我們的內容，而且他們並不是唯一的。

There's a lot of progress that we've made on this topic. This has been something that's been going on for 7, 8 years of a journey and a lot of other airlines are starting to talk about this in terms of progress that they've made recently. We made all this progress really before COVID and through COVID. So we're very comfortable with understanding how this new distribution capability works. And it's great for us because it gets more of our product out in front of our customers further in advance of travel.

我們在這個主題上取得了很多進展。這已經持續了 7、8 年的旅程，許多其他航空公司開始談論他們最近取得的進展。我們確實在 COVID 之前並通過 COVID 取得了所有這些進展。所以我們很樂意理解這種新的分發功能是如何工作的。這對我們來說很棒，因為它可以在旅行前將更多產品展示在我們的客戶面前。

So whether the customer wants to say, for example, add that big front seat to their itinerary upfront, it's not necessarily that they add it right away, but the fact that they're introduced to it or that they see it more often leads to better take rates later on. Better take rates will then lead to better blended rates as we call it or the price of the service charge down the line. So more engagement leads to more volume, which should lead to better yields, which leads to overall better revenue production. That's the idea. And we think it's great that other airlines are starting to catch up on that because the more ubiquitous this becomes for the industry, just the better distribution is overall for customers.

因此，無論客戶是否想說，例如，提前將那個大前排座位添加到他們的行程中，他們不一定會立即添加它，但他們被介紹給它或他們更經常看到它的事實會導致最好稍後再考慮利率。更好的收費率將導致我們稱之為更好的混合費率或服務費的價格。因此，更多的參與會帶來更多的銷量，這應該會帶來更好的收益，從而帶來更好的整體收入。就是這個主意。我們認為其他航空公司開始追趕這一點是件好事，因為這個行業越普遍，客戶的整體分佈就越好。

That it's sort of along those lines, if I were to go back, I don't know, 15, 20 years it would seem that the majority of what was purchased at the first point, 90%, 100%, maybe you bought a soda on an airplane and a bag of chips. For you guys today, like what percent of your revenue is actually purchased maybe in that second or third or fourth transaction. Is -- that's got to be moving away from that initial not just ancillary, but I'm thinking things like car rental, hotel, et cetera. that's got to be shifting to the right, right?

它有點像那些線，如果我要回去，我不知道，15 年，20 年，似乎大部分是在第一點購買的，90%，100%，也許你買了一個飛機上的汽水和一袋薯片。對於今天的你們來說，例如您的收入中實際購買的百分比可能是在第二筆、第三筆或第四筆交易中購買的。是 - 這必須遠離最初的不僅僅是輔助，但我正在考慮汽車租賃，酒店等。那一定是向右移動，對吧？

Well, yes, it is. We don't talk about the metrics publicly that you just brought up, you bring up a great point and you're following on to it perfectly. That's exactly how we think about distribution and the more engagement -- look, this is why we're not the only ones. This is why apps are important. The more engagement you have with your airline specific app, just the more that you're introducing product and to the customer. And that's why we've spent a decent amount of investment in getting our technology up to speed and really improving from where we were, say, 5, 6 years ago, to today from a technology perspective for guest-facing technology is night and day from where it was. And we do think it's important and we do expect there to be a lot more on that front as we move forward. We have -- we still -- as great as our progress has been, we still have a lot of opportunity to still capture there.

嗯，是的，是的。我們不會公開談論您剛剛提出的指標，您提出了一個很好的觀點，並且您正在完美地遵循它。這正是我們對分銷和更多參與的看法——看，這就是為什麼我們不是唯一的。這就是應用程序很重要的原因。您與航空公司特定應用程序的互動越多，您向客戶介紹產品的次數就越多。這就是為什麼我們花費了大量投資來加快我們的技術發展速度，並從我們現在的狀態（比如 5 年、6 年前）到今天，從技術角度來看，面向客人的技術日夜不停地改進從它原來的地方。我們確實認為這很重要，並且我們確實希望在我們前進的過程中在這方面有更多的東西。我們已經 - 我們仍然 - 與我們的進步一樣大，我們仍然有很多機會仍然抓住那裡。

And the final question will come from Dan McKenzie.

最後一個問題將來自 Dan McKenzie。

My last -- my 2 questions really sort of put a fine point on some of the ones that were asked before. And just going back to the release and the outlook for improving margins throughout the year. Is it really just utilization and cost driven? Or is there some network normalization that can contribute to RASM and margin improvement as well?

我的最後一個 - 我的 2 個問題確實對之前提出的一些問題提出了一個很好的觀點。回到發布和全年提高利潤率的前景。真的只是利用率和成本驅動嗎？或者是否有一些網絡標準化也可以有助於 RASM 和利潤率的提高？

And I guess in the past, you shared that the network this summer was going to be suboptimal just given the air traffic control understaffing in Florida. You guys have addressed that. You talked about Latin America, but I guess just higher level. I'm wondering if the -- where the overall network stands? What kind of revenue penalty, if any, is embedded in the second quarter outlook? And if the network evolves to get planes where you want them, if that's going to help you drive better unit revenue later this year.

我想在過去，你曾說過，鑑於佛羅里達州的空中交通管制人員不足，今年夏天的網絡將無法達到最佳狀態。你們已經解決了這個問題。你談到了拉丁美洲，但我想只是更高層次的問題。我想知道——整個網絡在哪裡？第二季度展望中包含什麼樣的收入懲罰（如果有）？如果網絡不斷發展，可以讓飛機到達你想要的地方，如果這將幫助你在今年晚些時候提高單位收入。

Sure, Dan. This is Ted. I can kick off. Matt, you feel free to offer anything. But I think you're right, we're definitely seeing improvement in at least as it relates to Florida. And we're getting closer on a percentage basis to pre-pandemic network percentages in and out of Florida.

當然，丹。這是泰德。我可以開始了。馬特，你可以隨意提供任何東西。但我認為你是對的，我們肯定看到至少在與佛羅里達相關的方面有所改善。而且我們在佛羅里達州內外的網絡百分比基礎上越來越接近大流行前的網絡百分比。

However, given the demand strength in Florida, we probably want to do more. And so we still are artificially limiting ourselves in and out of floor. It's probably another point on the margin right now, by the way. And so it won't get better immediately because we're going to watch how things operate throughout the course of the summer in the peak. And then we head into the fall. And if we have good signs, that will allow the network team to start to relax a little bit more in and out of Florida. So there's definitely still room to go there. You heard Matt mention about Latin America. We are excited about opportunities that continue to evolve there and that will be a tailwind to us as well.

然而，鑑於佛羅里達州的需求強勁，我們可能希望做更多。所以我們仍然人為地限制自己進出地板。順便說一句，這可能是目前邊緣上的另一個點。因此，情況不會立即好轉，因為我們將觀察整個夏季高峰期的情況。然後我們進入秋天。如果我們有好的跡象，那將使網絡團隊開始在佛羅里達內外放鬆一點。所以肯定還有去那裡的空間。你聽 Matt 提到了拉丁美洲。我們對那裡不斷發展的機會感到興奮，這也將成為我們的順風。

So to the first part of your question, margins improving throughout the course of the year, which is our current view. It is a mix of utilization, improving the overall marginal throughput of the business because you're getting just a better spread on unit cost and unit revenue. And that's some of it. But the rest of it is continued optimization of all the things that kind of hammered us during COVID, which was throttling the network in certain geographies and inserting a lot of buffer in the system to make sure that we had the ability to recover while we were deploying new technology and new processes in our scheduled planning process.

因此，對於您問題的第一部分，我們目前的看法是，全年利潤率都在提高。它是利用率的組合，提高了業務的整體邊際吞吐量，因為你在單位成本和單位收入上得到了更好的分配。這就是其中的一部分。但其餘部分是繼續優化在 COVID 期間對我們造成影響的所有事情，這在某些地區限制了網絡，並在系統中插入了大量緩衝區，以確保我們有能力恢復在我們預定的計劃過程中部署新技術和新流程。

So a lot of block pad and a lot of turn pad and a lot of [throughput] buffer in and out of tougher geographies that, again, as we learn more and deploy the right systems and processes, which appear to be working, we can start to relax some of that and you gain more efficiency that way. So it's sort of all in there. We think utilization is amongst the biggest lever, but those other things are meaningful, too.

因此，大量的阻塞墊和大量的轉向墊以及大量的 [吞吐量] 緩衝區進出更艱難的地區，再次，隨著我們了解更多並部署正確的系統和流程，這似乎是有效的，我們可以開始放鬆一些，這樣你就會獲得更高的效率。所以里面都有。我們認為利用率是最大的槓桿之一，但其他因素也很有意義。

And Dan, one thing I would add to that, too, is in order to try to run even more efficiently, especially maneuvering through some of the air traffic control issues this summer. We're we took an approach to extend our stage. Our stage had kind of shrunk in a little bit for about 6 months or so, and we're pushing that stage back out, so we can produce the capacity, produce the available seat miles unless departures should help us overall from navigating through air traffic control a little bit better. So that's an example of something that we don't talk about that much, but that's an example of trying to find more creative solutions to some of the constraints that are hampering us and hampering the industry for that matter.

丹，我還要補充一件事，就是為了嘗試更有效地運行，尤其是在今年夏天通過一些空中交通管制問題進行機動。我們正在採取一種方法來擴展我們的舞台。我們的階段在大約 6 個月左右的時間裡有點縮小，我們正在把那個階段推後，這樣我們就可以產生容量，產生可用的座位英里數，除非起飛應該幫助我們從整體上通過空中交通導航控制好一點。所以這是一個我們沒有談論太多的例子，但這是一個試圖找到更有創意的解決方案來解決一些阻礙我們和阻礙行業的限制的例子。

Yes. Very helpful. And staying on that point here of double-digit margins in the path back there, you guys have done a great job today detailing the transitory issues in a resolution. But yes, just going back to an earlier question, is it possible to put some loose brackets around how transitory they are, 3 to 6 months transitory, 1 to 2 years? And are the pieces there to get you to your double-digit margins next year?

是的。很有幫助。在返迴路徑中保持兩位數的利潤點，你們今天做得很好，詳細說明了決議中的暫時性問題。但是，是的，回到之前的一個問題，是否可以用一些鬆散的括號來圍繞它們的短暫性，3 到 6 個月的短暫性，1 到 2 年？明年的利潤率能達到兩位數嗎？

So we don't know for sure. And that's part of the frustration because they are somewhat outside of our control, most notably on the fleet side. But we are encouraged by what our partners are doing to remedy the issue. Although as Scott mentioned earlier, we expect the fleet to continue to have penalty throughout the course of the summer at the levels we're seeing right now. And it really won't start to improve until probably the third or fourth quarter.

所以我們不確定。這是令人沮喪的部分原因，因為它們在某種程度上超出了我們的控制範圍，尤其是在艦隊方面。但我們對我們的合作夥伴正在採取的補救措施感到鼓舞。儘管正如 Scott 之前提到的，我們預計車隊在整個夏季將繼續受到我們目前看到的水平的懲罰。直到第三或第四季度，它才會真正開始改善。

But the reason for that delay is that we are seeing significantly more engines input into the shop. And those should start to spit out in the fall and winter of this year, which assuming all of that executes well, then we can start to gain in some confidence and probably do a better job at bracketing it for you. But based on the current plan, we should expect improvement through this year and into 2024 on that side. On the pilot side of things or the broader staffing side of things, we're just going to have to digest a little bit more intel before we can call it, for sure.

但延遲的原因是我們看到更多的發動機投入車間。這些應該會在今年秋季和冬季開始出現，假設所有這些都執行得很好，那麼我們就可以開始獲得一些信心，並且可能會更好地為你把它括起來。但根據目前的計劃，我們應該期望今年和 2024 年在這方面有所改善。在試點方面或更廣泛的人員配備方面，我們只需要消化更多的情報，然後才能調用它，這是肯定的。

We've only had our new deal in place here for about 3.5 months. And we do have a looming transaction with JetBlue, which we think will be highly accretive to all constituents, our team members, the consumer group and our shareholders. And when that actually that uncertainty is removed, I think that's going to be a natural stimulus for any staffing challenges we face. And so there's probably some of that in there as well. So I wish I could put exact terms to it, but it does feel like it's over the next year or so as we crawl our way back.

我們在這裡的新交易只實施了大約 3.5 個月。我們確實與 JetBlue 進行了一項迫在眉睫的交易，我們認為這將對所有選民、我們的團隊成員、消費者群體和我們的股東產生巨大的影響。當這種不確定性實際上被消除時，我認為這將成為我們面臨的任何人員配置挑戰的自然刺激。所以里面可能也有一些。所以我希望我能對它提出確切的條件，但它確實感覺就像是在明年左右，因為我們爬回了原路。

And there are no further questions at this time. I will hand the call back over to Ms. Vivian Tavarez.

目前沒有其他問題。我會將電話轉回給 Vivian Tavarez 女士。

Thanks, Bailey, and thank you, everyone, for joining the call today. Please contact investor relations at investor.relations@spirits.com if you have any further questions. And we look forward to talking to you next quarter.

謝謝貝利，也謝謝大家今天加入電話會議。如果您有任何進一步的問題，請通過 investor.relations@spirits.com 聯繫投資者關係。我們期待在下個季度與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。