Spirit Airlines Inc (SAVE) 2023 Q4 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name, is Greg and I will be your conference operator today.

我叫格雷格，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Spirit Airlines fourth quarter 2023 earnings conference call.

此時此刻，我歡迎大家參加精神航空 2023 年第四季財報電話會議。

(Operator Instructions) I would now like to turn the call over to DeAnne Gabel, Senior Director, Investor Relations.

（操作員說明）我現在想將電話轉給投資者關係高級總監 DeAnne Gabel。

Again, please go ahead.

再次，請繼續。

Thank you, Greg, and welcome, everyone to Spirit Airlines Fourth Quarter 2023 earnings conference call.

謝謝格雷格，歡迎大家參加精神航空 2023 年第四季財報電話會議。

This call is being recorded and simultaneously webcast.

此次通話正在錄音並同時進行網路直播。

As soon as it is available, we will archive a replay of this call on our website for a minimum of 60 days.

一旦可用，我們將在我們的網站上將此通話的重播存檔至少 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.

Spirit 執行長 Ted Christie 出席了今天的電話會議。 Matt Klein，我們的商務長；和我們的財務長史考特·哈拉爾森。

Also joining us are other members of our senior leadership team.

加入我們的還有我們高階領導團隊的其他成員。

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

在我們準備好的發言之後，將為分析師舉行問答環節。

Today's discussion contains forward-looking statements that are based on the company's current expectations and are not a guarantee of future performance.

今天的討論包含基於公司目前預期的前瞻性陳述，並非對未來業績的保證。

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 by JetBlue and other risk factors discussed in our reports on file with the SEC.

可能存在重大風險和不確定性，導致實際結果與我們的前瞻性陳述中包含的結果存在重大差異，包括但不限於與捷藍航空收購Spirit 相關的各種風險和不確定性以及我們的報告中討論的其他風險因素。向 SEC 提交文件。

We undertake no duty to update any forward-looking statements, and investors should not place undue reliance on these forward-looking statements.

我們不承擔更新任何前瞻性陳述的責任，投資者不應過度依賴這些前瞻性陳述。

In comparing results today, we will be adjusting all periods to exclude special items unless otherwise noted.

在今天比較結果時，除非另有說明，我們將調整所有期間以排除特殊項目。

For an explanation and reconciliation of these non-GAAP measures to GAAP, please refer to the reconciliation tables provided in our Q4 2023 earnings release, a copy of which is available on our website under the Investor Relations section at ir.spirit.com. And now I will turn the call over to Ted Christie.

有關這些非 GAAP 指標與 GAAP 的解釋和調節，請參閱我們 2023 年第四季度收益發布中提供的調節表，該調節表的副本可在我們網站 ir.spirit.com 投資者關係部分下找到。現在我將把電話轉給特德·克里斯蒂。

Thanks, DeAnne, and thanks to everyone for joining us on the call today.

謝謝 DeAnne，也謝謝大家今天加入我們的電話會議。

As we look back on 2023, while our financial results for the full year were unsatisfactory, I am proud of what our team accomplished.

回顧 2023 年，雖然我們全年的財務表現並不理想，但我為我們團隊的成就感到自豪。

And we are well on our way to make the necessary strategic shifts that will enable spirit to compete effectively in the current demand environment.

我們正在努力做出必要的策略轉變，使烈酒能夠在當前的需求環境中有效競爭。

First of all, I thank all our Spirit team members for their dedication and commitment in caring for our guests and each other, while overcoming the operational and financial challenges we faced in 2023 and a special thank you to all who carried the extra burden of preparing for the court case and working on merger integration planning while attending to their regular full-time duties.

首先，我感謝所有 Spirit 團隊成員在克服 2023 年面臨的營運和財務挑戰的同時，為照顧我們的客人和彼此而做出的奉獻和承諾，並特別感謝所有承擔額外準備工作負擔的人處理法庭案件並制定合併整合計劃，同時履行日常全職職責。

The professionalism and enthusiasm of the Spirit team is unmatched, and I am honored to work alongside such remarkable people as we deploy our plan to return to sustained profitability.

Spirit 團隊的專業和熱情是無與倫比的，我很榮幸能與這些傑出的人一起工作，部署我們的計劃以恢復持續盈利。

Regarding the merger when JetBlue first made the offer to us in 2022, and we subsequently signed a merger agreement which had overwhelming support from our stockholders, our Board of Directors anticipated it would be a long litigious road to obtaining regulatory approval.

關於合併，當捷藍航空在2022 年首次向我們提出要約時，我們隨後簽署了一份獲得股東壓倒性支持的合併協議，我們的董事會預計，要獲得監管部門的批准將是一條漫長的訴訟之路。

To compensate for that, we negotiated meaningful protections for the company and our constituents against an adverse regulatory outcome.

為了彌補這一點，我們透過談判為公司和我們的選民提供了有意義的保護，以應對不利的監管結果。

Nonetheless, we believed and we continue to believe a merger between JetBlue and Spirit as a compelling combination, not only for our business, but also for the American consumers.

儘管如此，我們相信並且仍然相信捷藍航空和精神航空之間的合併是一個引人注目的組合，不僅對我們的業務而言，而且對美國消費者而言也是如此。

As such, we strongly disagree with the court's ruling to grant an injunction against the merger.

因此，我們強烈不同意法院針對合併發出禁令的裁決。

Together with JetBlue, we filed a notice of appeal and our request for an expedited review has been granted.

我們與捷藍航空一起提交了上訴通知，並且我們的快速審查請求已獲得批准。

We will not be commenting further or entertaining questions about the merger on today's call.

在今天的電話會議上，我們不會進一步評論或討論有關合併的問題。

Moving on to a recap of 2023.

繼續回顧 2023 年。

At the beginning of the year, we made the decision to allocate resources and go full throttle on hiring the necessary number of pilots and building the infrastructure to support getting back to full fleet utilization by year-end '23.

今年年初，我們決定分配資源，全力招募必要數量的飛行員並建造基礎設施，以支持到 23 年底恢復機隊的全面利用率。

We also recognized that we needed to derisk the business and give ourselves the means to digest the high growth rate we had coming out of the pandemic However, due to contractual obligations, the first practical opportunity to slow our pace of forward deliveries was in 2024.

我們也認識到，我們需要降低業務風險，並為自己提供消化大流行病帶來的高成長率的方法。然而，由於合約義務，減緩遠期交付速度的第一個實際機會是在 2024 年。

Therefore, in the summer of 2023, we negotiated a deferral of 11 aircrafts originally slated for delivery in 2024 and smooths out the remaining deliveries between 2025 and 2029 to slow the pace of our growth over the next few years.

因此，在2023年夏天，我們協商推遲了原定於2024年交付的11架飛機，並在2025年至2029年之間平滑剩餘的交付，以減緩未來幾年的成長速度。

At the time, together with achieving full-fleet utilization, we believe this would be enough to set us up for a return to profitability in 2024.

當時，加上實現機隊全部利用率，我們相信這足以讓我們在 2024 年恢復獲利。

Things, of course, changed as the year progressed.

當然，隨著時間的推移，事情發生了變化。

We did not foresee the number of parked NEO aircraft in 2024 and beyond due to GTF NEO engine availability further complicating and delaying our ability to achieve full-fleet utilization.

我們沒有預見到 2024 年及以後停放的 NEO 飛機數量，因為 GTF NEO 發動機的可用性進一步複雜化並延遲了我們實現全機隊利用率的能力。

In addition, shifts in the balance of supply and demand for domestic air travel and leisure markets during last summer and fall had a very profound negative impact on revenue trends for the second half of 2023.

此外，去年夏季和秋季國內航空旅行和休閒市場供需平衡的變化對2023年下半年的收入趨勢產生了非常深遠的負面影響。

In October, we stated we were prepared to make the necessary strategic shifts to enable spirit to compete effectively, and we began to do just that and are executing on a plan that we believe will provide us a platform for margin health.

十月份，我們表示我們準備進行必要的策略轉變，以使烈酒能夠有效競爭，我們開始這樣做，並正在執行一項計劃，我們相信該計劃將為我們提供一個保證利潤健康的平台。

We are making changes to network construction peak versus off-peak flying and geographic and market concentration.

我們正在對網路建設高峰與非高峰飛行以及地理和市場集中度進行變更。

And we'll assess the success of various components and make some inevitable adjustments.

我們將評估各個組件的成功程度並做出一些不可避免的調整。

We are not prepared to share all the details of our plan with you today as we await some clarity on our appeal.

我們今天不准備與您分享我們計劃的所有細節，因為我們正在等待我們的上訴得到澄清。

However, Matt and Scott will share some of the actions in progress that are already having the desired impact before I hand it over to them to provide details on our fourth quarter financial performance and first quarter 2024 outlook, I want to comment on the recent speculation about Spirit's ability to make it as a standalone carrier should the merger not close.

然而，在我將其交給他們提供有關我們第四季度財務業績和2024 年第一季前景的詳細信息之前，馬特和斯科特將分享一些正在進行的行動，這些行動已經產生了預期的影響，我想對最近的猜測發表評論如果合併未完成，精神航空有能力將其打造成一家獨立的航空公司。

This misguided narrative has been advanced by an assortment of pundits.

這種誤導性的敘述是由各種各樣的專家提出的。

However, back in the real world, we are focused on facts.

然而，回到現實世界，我們關注的是事實。

Liquidity is always king, and we have enhanced our levels to give us the necessary flexibility to successfully close with JetBlue or to pursue our stand-alone plans.

流動性永遠是王道，我們提高了我們的水平，為我們提供必要的靈活性，以成功地與捷藍航空達成交易或追求我們的獨立計劃。

Above all else, margin repair is the key.

最重要的是，保證金修復是關鍵。

And we have been making network adjustments and cost decisions to recover our margin production.

我們一直在進行網路調整和成本決策，以恢復我們的利潤生產。

First, Matt, over to you.

首先，馬特，交給你了。

Thanks Ted.

謝謝特德。

I want to start by commending our team for delivering excellent operating results throughout the fourth quarter.

首先，我想讚揚我們的團隊在整個第四季度都取得了出色的經營業績。

And during the busy peak holiday period, we achieved a near perfect completion factor.

在繁忙的假期高峰期間，我們實現了近乎完美的完成率。

Running a great operation as a key focus at all times.

始終把開展出色的營運作為重點。

However, high load factors like we had over the peak holiday period and winter weather disruptions add extra complexities and running a reliable operation, and our team did a fantastic job managing both.

然而，像我們在假期高峰期和冬季天氣中斷這樣的高負載率增加了額外的複雜性和可靠的運行，而我們的團隊在管理這兩方面方面做得非常出色。

Moving on to our fourth quarter revenue performance.

接下來是我們第四季的營收表現。

Total revenue for the fourth quarter was $1.32 billion, a decrease of 5% year over year, which was better than the high end of our initial guide.

第四季總營收為 13.2 億美元，年減 5%，優於我們最初指南的上限。

Total RASM was $0.0894, a decrease of 17.3% on a capacity increase of about 15%.

RASM 總額為 0.0894 美元，容量增加約 15%，但減少了 17.3%。

Load factor was 80.1%, down around one point year over year.

載客率為80.1%，較去年同期下降約1個百分點。

On a per segment basis, passenger revenue per segment decreased 25% year over year to $48.24. Our non-ticket results weren't quite as strong as they were in the fourth quarter last year, declining 6.6% year over year to $66.60.

以航段計算，每個航段的乘客收入年減 25% 至 48.24 美元。我們的非門票業績不如去年第四季強勁，年減 6.6% 至 66.60 美元。

But I would call the non-ticket trend from an exit rate perspective, strong as we head into Q1.

但從退出率的角度來看，我認為隨著進入第一季度，非門票趨勢強勁。

I'll add some more color on this non-ticket topic further down in my prepared remarks.

我將在我準備好的評論中進一步對這個非票務主題添加更多色彩。

It is not apparent by looking only at the quarterly averages, but leisure demand in the peak holiday periods was very strong.

只看季度平均值並不明顯，但假期高峰期的休閒需求非常強勁。

However, with the return of corporate business traffic still lagging that of leisure, it feels like there is still a bit too much capacity chasing leisure demand to gain real traction and drive historical load factors during the off-peak periods.

然而，由於企業業務流量的恢復仍落後於休閒流量，感覺仍有太多的運力追逐休閒需求，以在非高峰時段獲得真正的牽引力並推動歷史載客率。

In the immediate term, primarily January through the first half of February, we felt the best way to address this continuing issue was to reduce flights on off-peak days to a greater degree than we typically do.

在短期內，主要是從一月到二月上半月，我們認為解決這個持續問題的最佳方法是比平常更大程度地減少非尖峰時段的航班。

We also made other network changes, including suspending a few of our recently launched markets and slowing our overall pace of introducing new markets to our network.

我們也進行了其他網路變革，包括暫停一些最近推出的市場，並放慢了向網路引入新市場的整體步伐。

We are also continuing to make other adjustments to the network to better align our capacity towards markets where the supply demand trends are more in balance.

我們也正在繼續對網路進行其他調整，以更好地將我們的產能調整到供需趨勢更加平衡的市場。

We started to get more aggressive in this process in Q4, nd we will continue to refine the network throughout the balance of the first half of the year.

我們從第四季度開始在這一過程中變得更加積極，我們將在今年上半年繼續改善網路。

For the first quarter, we estimate our capacity will be up approximately 1.5% year over year, which is about 5.5 percentage points lower than we projected back in October.

對於第一季度，我們預計產能將年增約 1.5%，比 10 月的預測低約 5.5 個百分點。

About half of this variance is related to the reduction of scheduled flights on off-peak days that I just spoke about.

這種差異大約有一半與我剛才談到的非尖峰時段定期航班的減少有關。

The other half is a combination of having to pull NEO aircraft from service to position them for engine removals due to the powdered metal disc inspections.

另一半是由於粉末金屬盤檢查而必須停止使用 NEO 飛機以將其定位以拆除引擎。

And some impact still remains related to ongoing ATC issues.

一些影響仍然與持續存在的空中交通管制問題有關。

ATC issues are improving.

空中交通管制問題正在改善。

They just have not improved to the degree we thought they would.

他們只是沒有改善到我們想像的程度。

Therefore to help support operational reliability, we have not yet been able to reduce scheduled block times as much as we had originally anticipated.

因此，為了幫助支援操作可靠性，我們尚未能夠像最初預期的那樣減少預定的區塊時間。

We'll get there, but it's taking longer than any of us would like.

我們會到達那裡，但是花費的時間比我們任何人想要的都要長。

For the remainder of the year based on our current assumptions regarding engine removals, we anticipate year-over-year capacity for Q2 to be up low single digits, Q3 up high single digits, Q4 expected to be about flat, which leads to full year 2024 capacity ranging between flat to up mid single digits versus full year 2023.

在今年剩餘時間裡，根據我們目前關於引擎拆除的假設，我們預計第二季的年比產能將出現低個位數成長，第三季將出現高個位數成長，第四季預計將持平，這將導致全年與 2023 年全年相比，2024 年產能在持平到中個位數之間變化。

The timing of engine removals and aircraft being pulled from service is fluid.

發動機拆除和飛機退役的時間是不穩定的。

So this is just our baseline estimate for now.

所以這只是我們目前的基線估計。

Please note that our published schedules for the second quarter and beyond do not yet reflect the estimates I just provided.

請注意，我們公佈的第二季度及以後的時間表尚未反映我剛剛提供的估計。

I'll now turn to how we're thinking about the demand environment and what we think the trajectory will be headed into the summer.

現在我將談談我們如何考慮需求環境以及我們認為夏季的發展軌跡。

There is a material amount of industry capacity coming online in some of the markets we serve.

在我們服務的一些市場中，大量的產業產能正在上線。

However, we have also seen some cuts in protracted industry capacity growth rates for 2024, which should be constructive for yield production as we move through the year, our domestic demand over the peak holiday period and early trends we are seeing for spring break give us confidence that we will see more normalized demand trends for domestic travel this summer.

然而，我們也看到 2024 年行業產能成長率長期下降，這對今年的產量生產應該是有建設性的，假期高峰期的國內需求以及我們看到的春假早期趨勢給我們帶來了希望。我們有信心今年夏天國內旅遊的需求趨勢將更加正常化。

In regard to non-ticket trends throughout Q4, we saw core ancillary products improve in each month in each month.

從整個第四季的非票務趨勢來看，我們看到核心配套產品每個月都有所改善。

On a year-over-year basis.

按年計算。

This trend is continuing into Q1 as well.

這一趨勢也持續到第一季。

Some network shifts as well as some adjustments to our revenue management strategies has non-ticket back on track.

一些網路轉變以及對我們收入管理策略的一些調整使非票務重回正軌。

Additionally, some new merchandising techniques are going into production this month, which we anticipate will continue to push on to get higher as we exit the off peak and head into spring break in Q2.

此外，一些新的行銷技術將於本月投入生產，我們預計，隨著我們退出非高峰期並進入第二季的春假，這些技術將繼續推高。

As a reminder, we are lapping what was a very strong first quarter last year.

提醒一下，我們正在經歷去年非常強勁的第一季。

So for the year basis, we are estimating first quarter 2024 TRASM will be down compared to the first quarter last year.

因此，就年度基礎而言，我們預計 2024 年第一季 TRASM 將低於去年第一季。

However, our network and schedule changes together with non-ticket revenue trends should provide a nice tailwind to our sequential unit revenue performance from Q4 into Q1 and that sets us up well to continue this positive trend into Q2.

然而，我們的網路和時間表的變化以及非門票收入趨勢應該為我們從第四季度到第一季的連續單位收入表現提供良好的推動力，這使我們能夠將這種積極趨勢延續到第二季度。

We estimate the first quarter 2020 for total revenue will range between $1.25 billion and $1.28 billion.

我們預計 2020 年第一季的總營收將在 12.5 億美元至 12.8 億美元之間。

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

現在，我將把它交給斯科特。

Thanks, Matt. 2023 was a year of many distractions and unpredicted events.

謝謝，馬特。 2023 年是充滿許多幹擾和意外事件的一年。

Our team did a great job preparing for and reacting to all the issues we faced with professionalism and a positive attitude.

我們的團隊以專業和積極的態度做好了準備和應對我們面臨的所有問題的出色工作。

For that, I want to give thanks to everyone in the Spirit team.

為此，我要感謝 Spirit 團隊的每個人。

Turning to our fourth quarter results, our fourth quarter operating costs were $1.49 billion, an increase of 11.3% compared to the fourth quarter of 2022 on a capacity increase of 14.8%.

轉向第四季業績，第四季營運成本為 14.9 億美元，較 2022 年第四季成長 11.3%，產能成長 14.8%。

Non-fuel operating expenses were $998 million, much better than our initial expectations, driven largely by lower airport rents lower costs resulting from real reliable operational performance and various cost savings initiatives.

非燃油營運支出為 9.98 億美元，遠優於我們最初的預期，這主要是由於真正可靠的營運績效和各種成本節約措施帶來的機場租金下降和成本降低。

Also better fuel efficiency drove lower than expected fuel expense, despite fuel price per gallon coming in higher.

儘管每加侖燃油價格上漲，但更好的燃油效率也導致燃油費用低於預期。

Together with the better than expected revenue results (technical difficulty) operating margin for the fourth quarter of 2023 was negative 12.4%, about 2.5 points better than the high end of our initial guide.

加上好於預期的收入結果（技術難度），2023 年第四季的營業利潤率為負 12.4%，比我們最初指導的上限高出約 2.5 個百分點。

While I applaud our team for beating expectations, these are clearly unsustainable results overall, and we remain determined to return to profitability and have been adjusting our strategy accordingly.

雖然我對我們的團隊超出預期的表現表示讚賞，但總的來說，這些結果顯然是不可持續的，我們仍然決心恢復盈利，並一直在相應地調整我們的策略。

There is considerable economic power in the spirit business model, but we do understand some of the limitations and issues with it as well.

白酒商業模式具有相當大的經濟實力，但我們也了解它的一些限制和問題。

We believe we have some things in the works that will address these issues while maintaining the power of the model.

我們相信我們正在做一些事情來解決這些問題，同時保持模型的力量。

We look forward to discussing these enhancements as the year unfolds.

我們期待著隨著時間的推移討論這些增強功能。

Total non-operating expense came in about $5 million higher than our initial guide in part due to lower interest income, higher interest expense and mark-to-market valuation of the derivative liability associated with the 2026 convertible notes.

非營業費用總額比我們最初的指導價值高出約 500 萬美元，部分原因是利息收入減少、利息支出增加以及與 2026 年可轉換票據相關的衍生負債按市值計價。

We ended 2023 with $1.3 billion of liquidity, which includes unrestricted cash and cash equivalents, short-term investments, and the $300 million of available capacity under our revolving credit facility.

截至 2023 年末，我們擁有 13 億美元的流動資金，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安排下的 3 億美元可用能力。

During the fourth quarter of 2023, we modified our credit facility, extending the final maturity to September 30 of 2025.

2023 年第四季度，我們修改了信貸安排，將最終期限延長至 2025 年 9 月 30 日。

We recently completed sale leaseback transactions for aircraft we previously owned and operated.

我們最近完成了我們之前擁有和運營的飛機的售後回租交易。

We completed 20 of these transactions in December and five more in early January.

我們在 12 月完成了其中 20 筆交易，並在 1 月初完成了另外 5 筆交易。

In total, these transactions resulted in net cash proceeds of approximately $420 million.

這些交易總共產生了約 4.2 億美元的淨現金收益。

We retired one A319 aircraft and took delivery of two new A320 NEOs and two new A321 NEOs during the fourth quarter, ending the year with 205 aircrafts in our fleet.

我們在第四季度退役了一架 A319 飛機，並接收了兩架新的 A320 NEO 和兩架新的 A321 NEO，到年底我們的機隊共有 205 架飛機。

Before I move on to the Q1 outlook and plans for 2024, just a quick update on our GTF engine availability issues.

在我繼續討論第一季展望和 2024 年計畫之前，先簡單介紹一下我們的 GTF 引擎可用性問題。

Beginning in January, we averaged 13 grounded NEO aircraft and continue to estimate this number will climb steadily to an average of about 40 in December, averaging about 25 EOG's for the full year 2024.

從 1 月開始，我們平均有 13 架 NEO 飛機停飛，並繼續估計這一數字將在 12 月穩步攀升至平均約 40 架，2024 年全年平均約 25 架 EOG。

The situation remains very fluid.

局勢仍然非常不穩定。

So we'll keep you updated as things develop.

因此，隨著事態的發展，我們會及時向您通報最新情況。

While we are working closely with Pratt & Whitney to predictably manage the engine removals and finalize a compensation arrangement that will partially cover the cost of the AOGs, we won't be able to achieve what we would consider an optimized cost structure until we get past the engine availability issues net of expected reimbursements.

雖然我們正在與普惠公司密切合作，以可預測的方式管理引擎拆除並最終確定補償安排，以部分支付 AOG 的成本，但在我們通過之前，我們將無法實現我們所認為的優化成本結構扣除預期補償後，引擎的可用性問題。

We expect this current AOG issue to cost us a few margin points in 2024.

我們預計目前的 AOG 問題將使我們在 2024 年損失幾個利潤點。

Looking ahead to the first quarter and full year of '24, we continued to face cost pressures from carrying costs related to the NEO engine availability issues, inflationary pressures on wages.

展望 24 年第一季和全年，我們繼續面臨與 NEO 引擎可用性問題相關的持有成本、薪資通膨壓力等成本壓力。

And we will also see increases in aircraft rent due to the higher mix of leased versus debt financed aircraft.

由於租賃飛機與債務融資飛機的混合比例較高，我們也將看到飛機租金的上漲。

On the positive side, we continue to improve fuel efficiency, driven by the increase in the number of NEO aircraft in our fleet, particularly the eight A321 NEOs added in 2023.

從積極的一面來看，我們機隊中 NEO 飛機數量增加，特別是 2023 年增加的 8 架 A321 NEO 飛機，推動了我們不斷提高燃油效率。

In 2024, we are scheduled to take 20 more A321 NEOs, which will drive further fuel efficiency.

2024 年，我們計劃再購買 20 架 A321 NEO，這將進一步提高燃油效率。

We are also making progress in improving utilization of our non AOG aircraft, which we define as total fleet minus any aircraft on the ground due to engine availability and engine availability issues.

我們在提高非 AOG 飛機的利用率方面也取得了進展，我們將非 AOG 飛機的利用率定義為總機隊減去由於發動機可用性和發動機可用性問題而在地面上的任何飛機。

And this is a better comparable metric to historical fleet utilization numbers.

這是與歷史車隊利用率數據更好的可比較指標。

We expect the benefits from better fuel efficiency, improved utilization of our non-A&D fleet and the rightsizing of our labor cost to be the platform for our ongoing unit cost repair.

我們預計，更好的燃油效率、提高非 A&D 車隊的利用率以及合理調整勞動成本所帶來的好處將成為我們持續進行單位成本修復的平台。

Regarding liquidity, we believe our $1.3 billion of total liquidity at the end of 2023 should be more than adequate to sustain us until the business is back to generating cash.

關於流動性，我們認為到 2023 年底我們的 13 億美元總流動性應該足以維持我們的業務，直到業務恢復產生現金。

This is a milestone we think we will cross as we enter March of this year and then begin building cash in the second quarter and beyond.

我們認為，進入今年 3 月後，我們將跨越這一里程碑，然後在第二季及以後開始累積現金。

And while we have confidence in our ability to return to positive cash generation, we will continue to look at other opportunities to further shore up liquidity as we progress through the year.

雖然我們對恢復正現金流的能力充滿信心，但隨著今年的進展，我們將繼續尋找其他機會進一步增強流動性。

Also, while Spirit remains focused on consummating the merger with JetBlue and is looking forward to prosecuting the expedited appeal of the US District Court's order, the company is aware of its 2025 and 2026 debt maturities and is assessing options to address those maturities when the time is appropriate.

此外，雖然Spirit 仍專注於完成與捷藍航空的合併，並期待對美國地方法院的命令提起快速上訴，但該公司了解其2025 年和2026 年的債務到期日，並正在評估解決這些到期日的方案。是合適的。

We anticipate capital expenditures, including net pre-delivery deposits for the full-year 2024 to be about $235 million.

我們預計 2024 年全年的資本支出（包括淨交付前押金）約為 2.35 億美元。

For the fourth quarter of 2024, we estimate our operating margin will range between negative 15% to negative 12% with fuel cost per gallon averaging $2.90. So now I'll turn it back to Ted for closing remarks.

對於 2024 年第四季度，我們預計我們的營業利潤率將在負 15% 至負 12% 之間，每加侖燃料成本平均為 2.90 美元。現在我將把它轉回 Ted 做結束語。

Thanks, Scott.

謝謝，斯科特。

As we enter 2024, we are beginning to see the benefits from the tactical and strategic changes we implemented in 2023, including day of week schedule.

當我們進入 2024 年時，我們開始看到我們在 2023 年實施的戰術和策略變革（包括每週的日程安排）所帶來的好處。

Adjustments, eliminating a number of underperforming cities, refocusing our network on areas of obvious strength like Fort Lauderdale and directing more discretionary airplanes to markets with better supply demand characteristics.

我們進行了調整，取消了一些表現不佳的城市，將我們的網絡重新集中在勞德代爾堡等優勢明顯的地區，並將更多可自由支配的飛機引導到供需特徵更好的市場。

In addition, current booking trends support our view that domestic environment is beginning to rebound.

此外，目前的預訂趨勢也支持了我們的觀點，即國內環境正在開始反彈。

Together with the changes we have made, we estimate this will result in an unprecedented sequential improvement in TRASM from fourth quarter 2023 to first quarter 2024, which supports our view of a domestic recovery in 2024.

加上我們所做的改變，我們估計這將導致 TRASM 從 2023 年第四季到 2024 年第一季出現前所未有的連續改善，這支持了我們對 2024 年國內復甦的看法。

After 20-plus years of working for lower cost carriers.

在為低成本航空公司工作了 20 多年之後。

It has become ever more clear to me that we exist in an uneven playing field to quote, Judge William Young and his decision to enjoin the merger between spirit and JetBlue quote, the airline industry is an oligopoly that has become more concentrated due to a series of mergers in the first decades of the 21st century with a small group of firms in control with the vast majority of the market end quote, no truer words were stated in the entire opinion.

對我來說，越來越清楚的是，我們存在於一個不公平的競爭環境中，引用威廉楊法官的話以及他禁止精神航空和捷藍航空合併的決定，航空業是一個寡頭壟斷，由於一系列的原因變得更加集中。儘管在 21 世紀的前幾十年裡，少數公司控制著絕大多數市場最終報價，但整個意見中沒有更真實的說法。

Despite that explicit acknowledgment, the government continues to do nothing to address the anticompetitive structure of our industry.

儘管明確承認，政府仍然沒有採取任何措施來解決我們行業的反競爭結構。

Instead, they have just engaged in an expensive and long litigation process to block the merger of the sixth and seventh largest airlines that when combined would still be half the size of the force, this case should never have been brought beyond absurd for the government to claim a victory for the American consumer.

相反，他們剛剛進行了一場昂貴而漫長的訴訟程序，以阻止第六大和第七大航空公司的合併，這兩家航空公司合併後仍然只有一半的力量，這個案子不應該讓政府變得荒謬至極。宣稱美國消費者的勝利。

In fact, it's ridiculous as kind as I can be on the matter would be to confirm that the law of unintended consequences is in full effect, either through direct government intervention or lack thereof.

事實上，在這個問題上，我盡力確認意外後果法完全有效，無論是透過政府直接幹預還是不干預，這都是荒謬的。

The end result has been to perpetuate a small group of haves that control the market at the expense of the have-nots and the American consumer.

最終結果是一小部分富人繼續控制市場，而犧牲了窮人和美國消費者的利益。

Nonetheless, you can rest assured that the Spirit team is 100% clear and focused on the adjustments we are currently deploying and will continue to make throughout 2024 to drive us back to cash flow generation and profitability.

儘管如此，您可以放心，Spirit 團隊 100% 清楚，並專注於我們目前正在部署的調整，並將在 2024 年繼續進行調整，以推動我們恢復現金流生成和盈利能力。

And now back to DeAnne.

現在回到德安妮。

Thank you, Ted, Scott, Matt.

謝謝你，泰德、史考特、馬特。

And I also want to apologize for the background noise you may have heard.

我還想對您可能聽到的背景噪音表示歉意。

I'm not sure where it was coming from, but it does seem to have resolved itself.

我不確定它是從哪裡來的，但它似乎已經自行解決了。

And with that, Greg, we are now ready to take questions from the analysts, we do ask that you limit yourself to one question and one related follow-up.

格雷格，我們現在準備好回答分析師的問題了，我們確實要求您將自己限制在一個問題和一個相關的後續行動上。

(Operator Instructions) Christopher Stathoulopoulos, Susquehanna.

（操作員說明）Christopher Stathoulopoulos，薩斯奎哈納。

Good morning.

早安.

Thanks for taking my question from Ted, with regards to network optimization, could you talk a little bit in perhaps some more detail around the changes with your crew scheduling placement?

感謝您接受 Ted 提出的關於網路優化的問題，您能否更詳細地談談您的機組人員安排安排的變化？

And then also how you're thinking about your seat distribution by market.

然後還有您如何考慮按市場劃分的席位分配。

Sounds like perhaps something similar to what we heard from Frontier this week, but any additional color here as we think about the composition or distribution of your capacity as well as some of the tactical changes you made around scheduling and the crew as we look at 2024?

聽起來可能與我們本週從Frontier 聽到的類似，但是當我們考慮你們的能力組成或分佈，以及我們展望2024 年時你們圍繞日程安排和人員所做的一些戰術變化時，這裡有任何額外的顏色？

Thank you.

謝謝。

Sure.

當然。

Let me kind of make a couple of comments specifically on how we've designed out the how the airplane network interfaces with the crew.

讓我專門就我們如何設計飛機網路與機組人員的介面發表一些評論。

And then I'll let Matt also opine on how he feels like seats and capacity are being deployed in the markets.

然後我會讓馬特也談談他對市場上座位和運能配置的看法。

So over the last 2.5 years, we've made a number of structural improvements to come to the core network and how it enhances our reliability.

因此，在過去的 2.5 年裡，我們對核心網路以及如何增強我們的可靠性進行了許多結構改進。

And one of the biggest changes we made at the early part of the later part of 2021 and into early '22 was restructuring on how many crews originate and come back to their base and what percentage of the flying originates and comes back to its base and how long those crews are away from their base.

我們在 2021 年下半年初期和 22 年初做出的最大改變之一是重組了出發和返回基地的機組人員數量以及出發和返回基地的飛行比例，以及這些船員離開基地多久了。

Those changes were made back then.

這些改變是當時做出的。

And if you follow our reliability since then while on-time performance ebbs and flows, depending on how our utilization is doing throughout the year.

如果您從那時起就專注於我們的可靠性，而準時效能會出現起伏，這取決於我們全年的使用率如何。

And of course, depending on air traffic control and weather, completion factor has been excellent.

當然，根據空中交通管制和天氣，完成率非常好。

And that's really what's key to us is to see that signal first, then we can start tweaking further in ways that we think can drive even better on-time performance.

對我們來說，真正關鍵的是首先看到該訊號，然後我們可以開始進一步調整，以我們認為可以推動更好的準時效能。

And if you look at the peak part of the holiday periods, the end of last year we were in the top three.

如果你看看假期的高峰部分，去年底我們就進入了前三名。

And for the month of January, we are in the top three and in the top two in completion factor.

一月份，我們的完成率位居前三名和前兩名。

So I think as far as structural enhancements go, we're getting wiser and wiser about how we can enhance further reliability if we think about how the networks are being deployed from a seat perspective, maybe, Matt, you want to and give some perspective on that too.

因此，我認為，就結構增強而言，如果我們從座位角度考慮網路的部署方式，我們會越來越明智地了解如何增強進一步的可靠性，也許，馬特，你想給出一些觀點也在這一點上。

Yeah, sure.

好，當然。

Chris, we own when you look at first quarter this year versus sort of the last 12 months rolling into the quarter, we have added on a year-over-year basis, 55 new routes, and we suspended or exited 37 routes.

克里斯，當你看看今年第一季與進入本季的過去 12 個月相比，我們發現，我們比去年同期增加了 55 條新航線，並暫停或退出了 37 條航線。

And part of those suspensions includes our nine city exits or suspension where we think we'll be back into the city.

這些暫停的一部分包括我們的九個城市出口或我們認為我們將返回城市的暫停。

So those are those are some material material moves for us.

這些對我們來說都是一些實質的舉措。

And I think Ted mentioned in his prepared prepared remarks, the shift in the ASM.

我認為特德在他準備好的演講中提到了 ASM 的轉變。

So some of it has gone to Fort Lauderdale where we continue to see very good strength.

因此，其中一些已經流向勞德代爾堡，我們在那裡繼續看到非常好的實力。

And we've also seen a good bit of growth for Spirit on the New York metro area as well.

我們也看到 Spirit 在紐約大都會區也有很大的成長。

Again, a great, great source of strength for us.

這對我們來說又是一個巨大的力量來源。

And what we're seeing is some shift away from some other leisure destinations, Orlando's a little smaller for us.

我們看到的是與其他一些休閒目的地的一些轉變，奧蘭多對我們來說有點小。

Vegas is also smaller for us.

維加斯對我們來說也更小。

So I'm really just surveying the landscape, which we do all the time.

所以我其實只是在勘察風景，這是我們一直在做的事情。

And those are the actions that we've been taking and on.

這些就是我們一直在採取的行動。

I think for now, we're really happy with what we're seeing early returns on that.

我認為目前我們對所看到的早期回報感到非常滿意。

And we'll just continue to accentuate our strengths and look for opportunities where we think the supply demand balance, it favors us a little bit more.

我們將繼續強調我們的優勢，並尋找我們認為供需平衡的機會，這對我們更有利。

Okay, thank you.

好的謝謝。

And as my follow up, Matt or Scott, maybe if you could walk us through the cadence of how we should think about the GTF aircraft groundings?

作為我的後續行動，馬特或斯科特，也許您可以引導我們了解我們應該如何考慮 GTF 飛機接地？

Excuse me, you do give your capacity guide by quarter here for 2024.

抱歉，您確實在此提供了 2024 年按季度的容量指南。

So thank you.

所以謝謝。

But as we start to or rework, if you will, are bottoms up models for next year.

但當我們開始或返工時，如果你願意的話，明年的模型是自下而上的。

Any detail you could give us so far as the cadence of GTF groundings through 2024, how we should think about 2025?

到目前為止，GTF 停飛的節奏到 2024 年為止，您能給我們任何細節嗎？我們應該如何考慮 2025 年？

Thank you.

謝謝。

Yes, Chris, this is Scott.

是的，克里斯，這是史考特。

I'll start.

我開始吧。

For 2024 I think I mentioned a little bit in the prepared remarks.

對於 2024 年，我想我在準備好的演講中提到了一點。

We will have an AOG number in the first quarter in the high teens, and that will steadily climb through the year and probably end up in the fourth quarter averaging about 40 AOGs, and that would translate to an annual number for 24 to about 25 AOGs for the year for 2025.

我們第一季的AOG 數量將達到十幾位，而這一數字將在全年中穩步攀升，最終可能會在第四季度達到平均約40 個AOG，這將轉化為每年24 到約25 個AOG的數量2025 年。

It's going to be difficult to estimate today.

今天很難估計。

I mean, in actuality, really looking out into the third and fourth quarter had some bit of volatility.

我的意思是，實際上，第三季和第四季確實存在一些波動。

So looking into 2025 is going to be tough to estimate.

因此，展望 2025 年將很難估計。

It is a lot of things that we're doing and Pratt is doing to to help manage the number.

我們和普拉特正在做很多事情來幫助管理這個數字。

So we really only have a good bit of visibility inventory for at this point.

所以目前我們確實只有一點可見性庫存。

And I would just -- this is Matt.

我只是——這是馬特。

I would just add to that to Scott's point, there is still some volatility in the number and we'll just continue to adjust the fleet and the network will move around some of that.

我想補充一下斯科特的觀點，數量仍然存在一些波動，我們將繼續調整機隊，網絡將圍繞其中的一些進行移動。

We feel pretty good that we have a better number now than we had even a few months ago.

我們感覺非常好，因為我們現在的人數甚至比幾個月前還要多。

So that's good above.

所以上面說的很好。

We'll just continue to move as necessary.

我們將根據需要繼續採取行動。

Okay.

好的。

Thank you.

謝謝。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Yes, hey, good morning, and I apologize if I missed this, Scott, but when we think about the airplanes coming in for the year, I think what is it 26 or 27 new Airbuses are how are those being financed?

是的，嘿，早上好，如果我錯過了這個，我很抱歉，斯科特，但是當我們想到今年即將到來的飛機時，我想這 26 架或 27 架新空中巴士是如何融資的？

And as each airplane comes in, should we think of that as a as a cash accretive transaction as you bring in each airplane with all of the puts and takes?

當每架飛機進來時，我們是否應該將其視為一項現金增值交易，因為您將每架飛機都帶來了所有的投入和投入？

Yes.

是的。

Hey, Mike, thanks for the question.

嘿，麥克，謝謝你的提問。

Yes, the number of deliveries for on for 2024 will be 27 aircraft and they are all fully financed with either the ones coming from Airbus, our sale leaseback transactions, and we also have deliveries that are coming from lessors as direct operating leases.

是的，2024 年交付的飛機數量將為 27 架，它們的資金全部來自空中巴士公司、我們的售後回租交易，而且我們還有來自出租人的直接經營租賃交付的飛機。

So those are all fully financed.

所以這些都是全額資助的。

And in fact, we're fully financed through the second quarter of 2025, minus second quarter of 25 airplanes so on, that's the delivery stream.

事實上，我們在 2025 年第二季之前的資金充足，減去第二季的 25 架飛機等，這就是交付流。

And in regards to the financing, and we typically will finance the cost of the airplane.

在融資方面，我們通常會為飛機的成本提供融資。

So we're usually plus or minus the cost of the airplane, we don't typically over finance and also maybe it's a good good time to point out, maybe some some clarification too on how that stuff works on because we've had some questions from analysts are around what do we do with the gains and losses.

因此，我們通常會加上或減去飛機的成本，我們通常不會過度融資，也許現在是指出的好時機，也許還需要澄清這些東西是如何運作的，因為我們已經有了一些分析師提出的問題是我們如何處理收益和損失。

So they have asked whether or not we include the gains or losses in our operating expense.

所以他們問我們是否將收益或損失計入我們的營運費用。

And to be clear, we do not we actually calculate the gains or loss and account for them as a nonoperating expense and they are excluded from our non-GAAP metrics.

需要明確的是，我們實際上並沒有計算收益或損失，並將其作為非營運費用進行核算，並且它們被排除在我們的非公認會計原則指標之外。

So we know some airlines do account for gains and losses, those credits operating expense, but we don't do that.

因此，我們知道有些航空公司確實會計算損益、這些積分的營運費用，但我們不會這樣做。

Yes, I would say actually the airlines that do -- most airlines that with respect to sale leaseback gains actually follow what you do.

是的，我想說實際上是這樣做的航空公司——大多數在售後回租收益方面實際上遵循你所做的事情的航空公司。

Southwest excludes and as well when they take themselves.

西南航空在採取自己行動時也將其排除在外。

No, I think that's just that.

不，我認為僅此而已。

That's sort of what it's been historically.

這就是歷史上的情況。

My second question is just related on on cash.

我的第二個問題與現金有關。

You mentioned that you anticipate getting into positive operating cash in March and then beyond June quarter and beyond.

您提到您預計將在三月以及六月季度及以後獲得正營運現金。

Clearly, there is a seasonal tailwind that will that will start kicking in probably if it's not now it's within the next week or two.

顯然，季節性的順風可能會開始出現，如果不是現在，而是在接下來的一兩週內。

And so we know that, that carries you through part of the year.

所以我們知道，這會陪伴你度過一年中的部分時間。

But as we think through the full year, are you implicitly telling us that, you know, the operating performance or I should say the financial performance of the airline is expected to get a lot better in the back half of the year and or will that be supplemented by other things like whether it's deferred maintenance or other levers that you can pull to generate on additional cash on the operating side.

但是，當我們思考全年時，您是否含蓄地告訴我們，您知道，航空公司的經營業績，或者我應該說，航空公司的財務業績預計在今年下半年會變得更好，或者會嗎？可以透過其他方式進行補充，例如延期維護或其他可以在營運方面產生額外現金的槓桿。

Thanks for taking my questions.

感謝您回答我的問題。

Yes, hey, Mike.

是的，嘿，麥克。

I'll start and I'm sure Ted and Matt, want to jump in here, too.

我先開始，我確信泰德和馬特也想加入。

I'll just start at the high level sort of, you know, sort of financial forecast for the business.

我將從高層開始，對企業進行財務預測。

And yes, we'll will likely burn some operating cash and the beginnings of the first quarter, which we talked about January and February.

是的，我們可能會在第一季初消耗一些營運現金，我們談到了一月和二月。

But but things will make a turn as we head into spring break and in the second, third and fourth quarters, we do expect to generate some some operating cash for the business and those cores, which we expect margin to be, you know, positive for those periods.

但是，隨著我們進入春假，在第二、第三和第四季度，情況將會發生轉變，我們確實預計將為業務和這些核心業務產生一些運營現金，我們預計利潤率為正值對於那些時期。

And it's really premised on the domestic return, our ability to manage some of the costs of the business, which we are already seeing returns on.

這實際上取決於國內回報，我們管理部分業務成本的能力，我們已經看到了回報。

So that's really what the premise of the cash generation is, but I'll let Matt and Ted talk about some of the markets though.

這確實是現金生成的前提，但我會讓馬特和特德談論一些市場。

Yes.

是的。

I mean, I think I don't want to add, Mike, that when we hit and I think I made a comment when we hit the late summer of last year, there was there was some notable shift in domestic demand, and we're obviously heavily skewed domestic and today and that, coupled with, you know, Pratt & Whitney not moving in our direction by any means and getting considerably worse burden the business with both kind of like a bad set up on the top line and a lot of burden on the in the cost structure.

我的意思是，我想我不想補充，邁克，當我們達到目標時，我想我在去年夏末的時候發表了評論，國內需求出現了一些顯著的變化，我們’今天的國內市場顯然嚴重傾斜，再加上普惠公司沒有以任何方式朝著我們的方向發展，而且情況變得越來越糟，這給業務帶來了負擔，例如營收設置不佳等等。成本結構中的負擔。

And that was not a good start, but we're starting to make the adjustments we need to make moving as rapidly as we can looks like the market should stabilize just based on what we saw in the peak of the fourth quarter and what we're already seeing for spring break and we'll make some ask, as Scott alluded to, some adjustments, you know, to rightsizing the business as well.

這不是一個好的開始，但我們開始做出我們需要的調整，以盡可能快地採取行動，看起來市場應該根據我們在第四季度的高峰期看到的情況和我們的情況穩定下來。我們已經看到了春假，我們會提出一些要求，正如斯科特提到的，一些調整，你知道的，以調整業務規模。

And all of that combined, while not fully done and we still have a lot of work to do to get back to where we want to be its progress in the right direction.

所有這些加起來，雖然還沒有完全完成，但我們仍然有很多工作要做，才能回到我們希望的正確方向上取得進展。

That gives us some confidence that we can start moving the cash needle in the right way.

這給了我們一些信心，讓我們相信我們可以開始以正確的方式移動現金。

Very good.

非常好。

Thanks.

謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, good morning.

嗨，早安。

This is Jake on for Duane.

這是傑克替杜安發言。

In your prepared remarks, you mentioned rightsizing the labor cost.

在您準備好的發言中，您提到了合理調整勞動成本。

If that's if that's coming from headcount, can you quantify how overstaffed you are and what particular groups?

如果這是來自員工人數，您能否量化您的人員過剩程度以及哪些特定群體？

And then just relating to commentary on the last call, you see the same as the rest of the industry regarding improving pilot staffing.

然後，就上次電話會議的評論而言，您會看到與業內其他公司在改善飛行員人員配置方面的情況相同。

Thanks for the question.

謝謝你的提問。

This is Ted.

這是特德。

I'll start, maybe, Scott, you want to jump in.

我會開始，史考特，也許你想加入。

So as I stated, we moved full-bore into hiring to hit what we thought was going to be a full utilization airline on a much bigger fleet as we were moving through the second half of 2023.

因此，正如我所說，隨著 2023 年下半年的到來，我們開始全力招聘，以期在更大的機隊中打造一家充分利用航空公司。

And we that did not materialize.

而我們卻沒有實現。

We're going to be as Scott said, down on average 25 airplanes from where we thought we would be by the time we hit the end of the year, it's 40.

正如史考特所說，到今年年底，我們將平均減少 25 架飛機，而我們以為會減少 40 架。

And so that's a lot of staffing and that's across the board.

所以這是大量的人員配置，而且是全面的。

It's everything from from our front-line people, our pilots, our flight attendants, some of the folks at the at the airports, quite frankly, even the general administrative workforce has some on a more direct related expense associated with it when you get bigger.

這一切都來自我們的前線人員、我們的飛行員、我們的空服員、機場的一些人員，坦白說，即使是一般的行政人員，當你變得更大時，也會有一些與之相關的更直接的相關費用。 。

So you know, we're working with all those various constituents to come up with solutions.

所以你知道，我們正在與所有這些不同的群體合作提出解決方案。

We've already have some progress on that.

我們已經在這方面取得了一些進展。

I hesitate to give you a number right now.

我現在猶豫是否要給你一個電話號碼。

But last year, we alluded to the fact that we're pursuing $100 million in structural cost enhancements and it's sort of tied to that.

但去年，我們提到我們正在尋求 1 億美元的結構性成本增強，這與此有關。

So at least gives you some guidance on the on the buckets.

所以至少給你一些關於桶子的指導。

And then as to your question on pilot staffing.

然後關於你關於飛行員人員配置的問題。

You know, we saw the warm start to turn a little bit in the middle part of last year, and attrition really started to go down for us.

你知道，我們看到去年中期的熱度開始有所轉變，我們的人員流失率確實開始下降。

And I've heard similar comments from other airlines as well.

我也從其他航空公司聽過類似的評論。

So it sounds like all the work that the industry is doing collectively to create more opportunities for pilots to get training to move through the process is bearing some fruit, and we're starting to see once again, the principles of supply and demand working the way it supposed to wages have gone up for pilots.

因此，聽起來整個行業正在集體做的所有工作，為飛行員創造更多接受培訓的機會，以完成整個過程，正在取得一些成果，我們開始再次看到，供需原則在運作飛行員的工資按理應上漲。

There's more opportunity for prospective pilots to find out options to get trained and to become a professional pilot.

未來的飛行員有更多機會找到接受培訓並成為專業飛行員的選擇。

And that's beginning to bear fruit.

這已經開始取得成果。

So I think we are starting to get closer and closer in balance.

所以我認為我們開始越來越接近平衡。

You want to add anything more?

您還想添加什麼嗎？

There is nothing you hit on that.

你沒有碰到任何東西。

I think that's the point is when we when we think about hiring crew you know, it's and it's well in advance of taking deliveries of airplanes.

我認為重點是，當我們考慮僱用機組人員時，你知道，這遠早於接收飛機。

And so when the we know when the COGs issue started to materialize in the back half of last year, we had to react and the number of resources that we had internally was already embedded into the business.

因此，當我們知道去年下半年 COG 問題開始出現時，我們必須做出反應，並且我們內部擁有的資源數量已經融入業務中。

So this is really all about rightsizing our cost and a lot of that is labor, as Ted mentioned, and two to the size of the business.

因此，這實際上是為了調整我們的成本，其中很大一部分是勞動力，正如特德所提到的，另外兩個是業務規模。

And that will be muted in 2024 and 2025 and maybe even beyond that.

到 2024 年和 2025 年，甚至可能更久之後，這種情況將會減弱。

So part of what we're going to do is figure out the right staffing levels in all components of the business too, and to make sure there are fit for where we are.

因此，我們要做的一部分就是找出業務所有組成部分的正確人員配備水平，並確保適合我們的情況。

Okay, thanks.

好的謝謝。

And then just to follow up, you talked about the timing of AOG, but do you have any insight or can you provide any details for the timeline of GTF engine compensation?

接下來，您談到了 AOG 的時間安排，但是您是否有任何見解或可以提供有關 GTF 引擎補償時間表的任何細節嗎？

Yeah, I mean, from a timing perspective, let me just give you a little history.

是的，我的意思是，從時間的角度來看，讓我向您介紹一些歷史。

We've been in discussions with Pratt & Whitney for the better part of a few months of figuring out how to best our negotiated structure to compensate us for that for the AOG aircraft.

在幾個月的大部分時間裡，我們一直在與普惠公司進行討論，以找出如何最好地完善我們的談判結構，以補償我們在 AOG 飛機方面的損失。

And and while I think we are in the later innings.

雖然我認為我們已經進入了後幾局。

So we don't have an agreement yet.

所以我們還沒有達成協議。

So it's difficult to say from where where we think that will hit and when but we do have some amount of compensation embedded in our guidance.

因此，很難說我們認為這種情況會在何時何地發生，但我們的指導中確實包含了一定數量的補償。

Just to be clear, I just can't give you details of what that is.

需要澄清的是，我無法向您提供具體內容。

There is a commercial agreement with Pratt that we will we will not be able to disclose the details, but I will tell you that it's the.

我們與普拉特有一項商業協議，我們將無法透露細節，但我會告訴你，就是這樣。

Okay.

好的。

Thank you.

謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

Just as we talk about this margin recover opportunity at some of the other domestic airlines have talked about about that as well.

正如我們談論這種利潤恢復機會一樣，其他一些國內航空公司也談到了這一點。

But as you sit here today, the plans that you've currently that you're currently laying out gets you back to breakeven by year end, it just seems very unit revenue driven right now?

但當你今天坐在這裡時，你目前正在製定的計劃可以讓你在年底前恢復盈虧平衡，現在看起來單位收入驅動力很強？

I'm just trying to understand the building blocks of how we get there overall.

我只是想了解我們如何實現這一目標的基本要素。

Thanks.

謝謝。

Thanks, Conor.

謝謝，康納。

It's Ted.

這是特德。

Yeah, so look, it has to be at least some, if not a portion, a significant portion driven around the recovery that we're seeing.

是的，所以看，它至少有一部分（如果不是一部分的話）是圍繞著我們所看到的復甦推動的。

And I think that speaks a little bit to how bad it was in the latter part of summer and the fall of last year that didn't feel right to anybody and feels like it was a little bit of a demand shift and maybe some some macro concern about where the economy was heading.

我認為這在一定程度上說明了去年夏末和秋季的情況有多麼糟糕，任何人都感覺不對勁，感覺像是需求的一點變化，也許還有一些宏觀因素的影響。對經濟走向的擔憂。

And I think those two things are starting to stabilize.

我認為這兩件事正在開始穩定下來。

So and if we weren't seeing some some confidence in that and the way people were booking in both the peaks and off peaks right now, we would view what we would tell you, but they are it does appear to be moving in the right direction.

因此，如果我們沒有看到對此有一些信心，以及人們現在在高峰期和非高峰期預訂的方式，我們會看看我們會告訴你的內容，但他們確實似乎在朝著正確的方向發展方向。

So yes, it does imply that we start to continue to see that momentum, coupled with the efforts that we're making on the cost structure and the utilization that that were not right in the second half of last year either.

所以，是的，這確實意味著我們開始繼續看到這種勢頭，再加上我們在成本結構和使用率方面所做的努力，這在去年下半年也是不正確的。

So, you know, it's it's definitely both items, but it does does require the the demand environment to behave the way we're starting to see it behave.

所以，你知道，這肯定是兩者兼而有之，但它確實需要需求環境以我們開始看到的方式運作。

Yeah, hi, Conor.

是的，嗨，康納。

Let me make one other comment, and Matt will probably want to chime in, too.

讓我再發表一篇評論，馬特可能也想插話。

But just mathematically, as we think about the year-over-year move on, we've talked about our growth rate being in the low single digits, kind of flat to up mid-single digits range that that alone will provide a tailwind to unit revenue sort of this no growth scenario versus our historical double-digit growth rate.

但僅從數學角度來看，當我們考慮逐年增長時，我們已經討論過我們的增長率處於低個位數，從持平到中個位數範圍，僅此一點就可以為與我們歷史上的兩位數成長率相比，單位收入有點沒有成長。

And so we think that the move in unit revenue for us and really the domestic landscape doesn't have to be fantastic for us to get to the unit revenue number that we're expecting for the year.

因此，我們認為，我們的單位收入以及國內情況的變化並不一定對我們達到我們今年預期的單位收入數字來說非常好。

And I don't think we're being aggressive because we do have some puts and takes on the network changes and the sort of no growth benefit to unit revenues.

我不認為我們過於激進，因為我們確實對網路變化進行了一些看跌期權和承擔，並且單位收入沒有成長效益。

So I think the the assumption around the domestic recovery, I think, is not aggressive for us at this point.

因此，我認為目前圍繞國內復甦的假設對我們來說並不激進。

Conor, this is Matt.

康納，這是馬特。

I can add a little bit of color in terms of the trends that we've been seeing, especially as we moved out of the fourth quarter and into January.

我可以根據我們所看到的趨勢添加一些色彩，特別是當我們從第四季度進入一月份時。

We're definitely starting to see what you think about the sort of the year-over-year unit revenue production on.

我們肯定已經開始了解您對年比單位收入產出的看法。

It was very, obviously not up to where we wanted it to be in Q4.

顯然，第四季的表現並沒有達到我們想要的水平。

And what we're seeing now as you head into January, it's still January, but the year over year unit revenue change of what we saw in Q4 as we head into January and into the first quarter, we're seeing significant unit revenue improvement on a year-over-year basis, still down in Q1, but significantly less down if that makes sense for what we expect in Q1 relative to what we saw in Q4.

當你進入一月份時，我們現在看到的仍然是一月份，但是當我們進入一月份和第一季度時，我們在第四季度看到的單位收入同比變化，我們看到單位收入顯著改善與去年同期相比，第一季仍然下降，但如果這符合我們對第一季的預期，相對於第四季的情況而言，下降幅度明顯較小。

And our domestic is leading that charge back, which is what we were expecting to see.

我們的國內正在領先這一衝鋒，這正是我們所期望看到的。

And it's good to see it start starting to come through that way.

很高興看到它開始以這種方式發展。

One other piece, I think it's worth noting on geographically and everybody has some amount of geographic diversity just so happens, right now we talked in the past, I think it was like last summer into the fall, how can tune really took a turn in the wrong way as we headed into the summer and exited the summer.

另一件作品，我認為在地理上值得注意，每個人都有一定程度的地理多樣性，就這樣發生了，現在我們過去談論過，我認為就像去年夏天到秋天一樣，曲調如何真正發生轉變當我們進入夏天並結束夏天時，我們走錯路了。

We're still seeing some issues there.

我們仍然看到一些問題。

So I'll conclude and some of our Caribbean leisure routes.

所以我將總結我們的一些加勒比海休閒路線。

Think of that as like Montego Bay from to Kona, we're still seeing a material unit revenue declines there.

就像從蒙特哥灣到科納一樣，我們仍然看到那裡的實質單位收入下降。

So some of our numbers here are including, of course, including that part of the network, which which might be worth at least a couple of margin points right there, just from some geographic issues we're having.

因此，我們這裡的一些數字當然包括網路的那部分，僅從我們遇到的一些地理問題來看，這部分可能至少值得幾個邊緣點。

We expect that to come back.

我們預計這種情況會回來。

But we the timing is taking longer than what we had -- what we would have liked.

但我們的時間比我們所希望的要長。

So that's still out there affecting our numbers.

所以這仍然影響著我們的數字。

And domestic is definitely starting to lead this charge back for us.

而國內肯定開始為我們帶回這一衝鋒。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then, you know, I know you're talked about you feel comfortable with the liquidity situation, but can you just talk about where the unencumbered asset base sits today?

然後，你知道，我知道你說你對流動性狀況感到滿意，但你能談談今天未支配資產基礎的情況嗎？

I feel like you got a lot of equity in your order book just or anything that you have on your currently?

我覺得你的訂單簿中有很多股本，或是你目前擁有的任何東西？

And then maybe if you could just talk about that, your current discussions with the refinancing of the loyalty bond in 2025.

然後也許您可以談談您目前關於 2025 年忠誠度債券再融資的討論。

Thank you.

謝謝。

Yeah, I'll mention the unencumbered assets and really the the financeable base, I guess, is sort of what you're getting to.

是的，我會提到未支配資產和真正的融資基礎，我想，這就是你所要達到的。

So today unencumbered assets, excluding the 319s, which are already contracted for sale, some hard assets sit in the sort of $350 million range.

因此，今天的未支配資產（不包括已經簽訂銷售合約的 319），一些硬資產大約在 3.5 億美元左右。

We also have $425 million of PDPs with Airbus and roughly $500 million of equity sitting in airplanes.

我們還擁有空中巴士價值 4.25 億美元的 PDP，以及約 5 億美元的飛機股權。

And so that's sort of $1.2 billion of financeable assets.

這相當於 12 億美元的可融資資產。

It was sort of what we start with our LTVs are unknown at this point, but it also doesn't assess the value of the order book, which has a different concept, but just sort of the financeable bases over $1 billion.

我們從 LTV 開始的內容目前尚不清楚，但它也沒有評估訂單簿的價值，訂單簿有一個不同的概念，但只是超過 10 億美元的可融資基礎。

And then the the other discussions around the loyalty bonds aren't aren't at a point at which we can we can discuss today.

然後，圍繞忠誠度債券的其他討論還沒有達到我們今天可以討論的程度。

We're in the early innings of thinking about how we address those.

我們正處於思考如何解決這些問題的早期階段。

But we are aware and that's about all I can say about those today.

但我們都知道，這就是我今天能說的全部。

Okay, thank you.

好的謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

So just before we get to questions, just wondering I want to clarify you made a comment that the GTF recovery is reflected in your guidance?

因此，在我們提問之前，我想澄清一下您的評論，即 GTF 的復甦已反映在您的指導中？

And what do you mean when you say that?

你這麼說是什麼意思？

Yeah, the comment was around the compensation agreement with Pratt & Whitney for the AOG.s. While we have we don't have an agreement in place today, we do have an estimate for that compensation that will show up as a credit to non-operating expenses that is in our guidance and assumption for that.

是的，評論是圍繞著與 Pratt & Whitney 就 AOG.s 達成的補償協議展開的。雖然我們今天尚未達成協議，但我們確實對該補償有一個估計，該補償將作為我們的指導和假設中的非營業費用貸項顯示。

And that's I mean, you're saying in the Q1 guide reflects some assumption for the recovery.

我的意思是，您在第一季指南中說反映了對復甦的一些假設。

That is what I'm saying, yeah.

這就是我要說的，是的。

Are you assuming that spread over the course of the year?

您是否假設這種情況會在一年中蔓延？

Are you taking like the full recovery assumption in Q1, so I understand like the real starting point for Q1 on costs are.

您是否像第一季的全面復甦假設一樣，所以我理解第一季成本的真正起點是。

Sure.

當然。

Fair enough.

很公平。

Yeah, the way the the estimate will work in our guide is that we assume that we get compensated on a per AOG amount come over the year.

是的，在我們的指南中進行估算的方式是，我們假設我們在一年中以 AOG 金額獲得補償。

So the number of AOGs that happened in the first quarter will have a corresponding amount as a credit to that expense in the period.

因此，第一季發生的 AOG 數量將有相應的金額作為該期間費用的貸項。

So that will it will be spread over the year and in other words.

因此，它將在一年內傳播，換句話說。

Okay.

好的。

That's helpful.

這很有幫助。

And then just maybe along those lines, just how are you thinking about the trajectory of CASM over the course of the year?

那麼也許沿著這些思路，您如何看待 CASM 在這一年的發展軌跡？

I think a lot of it will be in part to what Matt mentioned around capacity, but we're not going to give guidance for CASM for the year.

我認為其中很大一部分與馬特提到的容量有關，但我們不會為今年的 CASM 提供指導。

There's a number of moving pieces around that at this point.

目前，圍繞這一點還有很多變化。

But we do expect to be sort of year over year.

但我們確實預計會逐年成長。

We've talked about it being up probably mid-single digits year over year, and that's primarily due to capacity constraints and some of the lingering sort of rightsizing components that will address through the year.

我們已經討論過，它可能會逐年上升中個位數，這主要是由於產能限制以及一些將在全年解決的揮之不去的規模調整組件。

Okay.

好的。

And then just lastly on is Eric, I know you said $230 million of CapEx.

最後是艾瑞克，我知道你說的是 2.3 億美元的資本支出。

Is there a cash CapEx number to think about?

是否需要考慮現金資本支出數字？

And then have you guys publicly talked about any sort of minimum liquidity targets?

然後你們公開談論過任何形式的最低流動性目標嗎？

Thank you.

謝謝。

The $235 million of CapEx is cash.

2.35 億美元的資本支出是現金。

So that's the cash number for CapEx.

這就是資本支出的現金數字。

And we we we've been asked around minimum liquidity and I'll say a couple of things.

我們被問到最低流動性，我會說幾件事。

One is that there is no specific operating minimum for us, but we do have some contractual minimums we've talked about and the $400 million minimum in our royalty bond.

一是我們沒有具體的營運最低限額，但我們確實有一些我們已經討論過的合約最低限額，以及我們的特許權使用費保證金中的 4 億美元最低限額。

Our revolver has a similar number and people often ask about holdback of which we can't give details on, but just as a marker in our ATL balances, you know, just under $4 million for either the end of 2023.

我們的左輪手槍也有類似的數字，人們經常詢問有關扣留的問題，但我們無法提供詳細信息，但正如我們的ATL 餘額中的一個標記一樣，您知道，到2023 年底，扣留金額將略低於400萬美元。

So the the holdback is usually some some factor of that at which we can't give specifics, but those are sort of markers.

因此，阻礙通常是某些因素，我們無法給出具體細節，但這些都是標記。

But other than that, I can't give you a specific number.

但除此之外，我無法給你一個具體的數字。

Very helpful.

很有幫助。

Thank you, guys.

感謝你們。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Hey, good morning, everyone.

嘿，大家早安。

A lot of my questions have already been addressed, but Scott, just you're with me in answer to the last question here, the $235 million of cash CapEx in 2024, that is before any financing, correct?

我的許多問題已經解決，但斯科特，請您和我一起回答最後一個問題，即 2024 年 2.35 億美元的現金資本支出，這是在任何融資之前，對嗎？

That is correct.

那是對的。

That is not, you know, sort of the gross fleet CapEx number.

你知道，這並不是艦隊資本支出總額。

You know that really includes our sort of aircraft-related CapEx, you know, call it, net of PDPs in engines and those things plus other CapEx like we have some remaining spend left on the headquarters from some other rotable spend apart spend and other IT projects sort of your normal run rate CapEx.

你知道，這實際上包括我們與飛機相關的資本支出，你知道，稱之為，扣除發動機中的PDP 和這些東西加上其他資本支出，就像我們在總部留下了一些剩餘的支出，除了支出和其他IT 支出之外，還剩下一些其他可輪換支出項目有點像你的正常運作率資本支出。

Okay.

好的。

And then just going back to the GTF, the time you reach the end of 2024, how much of your fleet will already be kind of through the process and done?

然後回到 GTF，當你到 2024 年底時，你的車隊中有多少已經完成了這個過程並完成了？

Just trying to get a sense for what's to come in 2025 Thank you.

只是想了解 2025 年會發生什麼，謝謝。

Well, this is a tough one.

嗯，這是一項艱難的任務。

We're sort of looking at each other as the best way to answer it.

我們將彼此視為回答這個問題的最佳方式。

It's an excellent question, but unfortunately, we don't have clarity on that, the number that would trigger the right answer there would be some stability in what we call the wing to wing turn time of the engine.

這是一個很好的問題，但不幸的是，我們不清楚這一點，觸發正確答案的數字，我們所說的引擎的機翼轉動時間會有一定的穩定性。

So after it comes off, how long does it take for it to come back once it's through the shop.

那麼它脫落後，經過商店後需要多長時間才能恢復原狀。

And historically and I'm really reaching back into my early days in the business.

從歷史上看，我真的回到了我進入這個行業的早期。

We used to see the engine manufacturers get windowing turn times somewhere in the 90 to 120 day range.

我們過去常常看到引擎製造商的窗口週轉時間在 90 到 120 天範圍內。

Unfortunately, we're seeing Pratt numbers that are in the 300-plus range.

不幸的是，我們看到 Pratt 的數字在 300 多個範圍內。

And we're not sure whether or not that is stable or whether or not it will continue to increase or decrease.

我們不確定這個數字是否穩定，或者是否會繼續增加或減少。

And so until we get a feel for that it's hard to say how many quote unquote engines will be through the process.

因此，在我們對此有所了解之前，很難說有多少引用非引用引擎將通過該過程。

The reason that they will be removed over the course of the year is because they will have reached their threshold to be removed.

它們之所以會在一年內被移除，是因為它們已經達到了被移除的門檻。

So this is obviously the way that the process would work on, and we'll just have to see how quickly they can either start to move that turn time up and get us back engines and/or produce more spares available for the worldwide fleet to start offsetting some of the pressure.

因此，這顯然是該流程的工作方式，我們只需要看看他們能夠以多快的速度開始延長週轉時間，讓我們找回發動機和/或生產更多可供全球機隊使用的備件開始抵消一些壓力。

And I think Scott said earlier, that it's hard to guess on what's going to happen in 2025 right now.

我認為斯科特之前說過，現在很難猜測 2025 年會發生什麼。

And that's one of the primary reasons is we don't we don't yet have clarity from them on how they're going to how quickly they'll be able to move through this process.

這就是我們不這樣做的主要原因之一，我們還沒有從他們那裡得到關於他們將如何以及他們能夠以多快的速度完成這一過程的明確信息。

Got it, understood.

明白了，明白了。

Thanks, Ted.

謝謝，泰德。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Hey, good morning, guys.

嘿，早上好，夥計們。

This is James on for Jamie.

這是詹姆斯替補傑米。

Just a couple of quick follow-ups on liquidity, but for the pre-delivery payments, my understanding is that the OEM has been breached for those who returned?

只是對流動性進行了一些快速跟進，但對於交付前付款，我的理解是，對於那些退貨的人來說，OEM 已經被破壞了？

Is that correct?

那是對的嗎？

Or is there some negotiation that Spirit can have to reclaim them?

或者是否需要透過某種談判才能讓神靈收回它們？

We're not in discussions around the return of PDP payments at this point.

目前我們並未討論 PDP 付款回饋的問題。

I think if you're commenting on my previous words, it was around the PDP financing, not a return of PDP.

我想如果你評論我之前的話，那是圍繞 PDP 融資，而不是 PDP 回報。

Okay.

好的。

Got you.

明白你了。

And then just a quick one, the new HQ, is that unencumbered and if it is or can you give a value there?

然後是一個快速的問題，新總部是否不受阻礙，如果是，或者你能在那裡給出一個值嗎？

It is unencumbered.

它是不受阻礙的。

We've built that with cash at this point and then we'll probably look to use it as collateral for some sort of financing in the future.

目前我們已經用現金建立了這個項目，然後我們可能會考慮將其用作未來某種融資的抵押品。

Of the $350 million, if that number is set for unencumbered, it's a significant portion of that in the $250 million to $300 million range.

在這 3.5 億美元中，如果該數字設定為無負擔，那麼它佔 2.5 億至 3 億美元範圍內的很大一部分。

Okay.

好的。

Thanks for the questions.

感謝您的提問。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

Hey, good morning.

嗨，早安。

Thanks, guys.

多謝你們。

Matt, putting a finer point, I guess on the network questions, big picture, what percent of the network needs to get reconfigured to get back to profitability?

馬特，說得更詳細一點，我想關於網路問題，從大局來看，需要重新配置百分之多少的網路才能恢復獲利？

And I guess how far along are you today?

我猜你今天進展到什麼程度了？

I mean, are we are we halfway there, three-quarters of the way there?

我的意思是，我們已經完成了一半，四分之三了嗎？

And just sort of the timeframe for completion, and I'm just trying to get a sense of how easy or how hard it is from where you sit?

只是完成的時間範圍，我只是想從你所在的位置了解它有多容易或多難？

Yes, Dan, thanks.

是的，丹，謝謝。

That's a great question.

這是一個很好的問題。

And I would tell you that's the moves we're making now and the moves that we have planned to make throughout the rest of the first half of this year is what we need to do to get us back on track to head towards profitability.

我想告訴你們，這就是我們現在正在採取的舉措，以及我們計劃在今年上半年剩餘時間內採取的舉措，這些舉措是我們需要採取的措施，讓我們重回正軌，實現盈利。

I quoted some numbers for you there earlier in terms of some city exits and new routes and suspensions, all of that is us moving methodically towards getting the network to a place where we can take advantage of our strengths and look for where the supply demand balance is more appropriate.

我早些時候為您引用了一些關於一些城市出口、新路線和停運的數字，所有這些都是我們有條不紊地努力使網絡達到我們可以利用我們的優勢並尋找供需平衡的地方更合適。

So I don't have an exact percentage that I'm going to give to you on that question.

因此，對於這個問題，我無法給出確切的百分比。

It's a great question.

這是一個很好的問題。

But the moves that we're making throughout the first half of this year should should set us up for that.

但我們今年上半年採取的措施應該會為我們做好準備。

And of course, once we then hit after summer and into the fall and winter, we may have some additional moves that are just seasonal in nature, but the vast majority of what we should be doing should come should be in place by the first half by the end of the first half of this year?

當然，一旦我們在夏季過後進入秋季和冬季，我們可能會採取一些季節性的額外舉措，但我們應該做的絕大多數事情應該在上半年就位在今年上半年年底？

Yes.

是的。

Okay.

好的。

Very good.

非常好。

And then, Scott, in response to an earlier question, you mentioned generating operating cash and margins being positive.

然後，斯科特，在回答先前的問題時，您提到產生的營運現金和利潤率為正。

And I think that was for the second third quarter.

我認為那是第二個第三季的情況。

Does that positive margin reference reflect the compensation from Pratt?

正利潤率參考是否反映了普拉特的補償？

And does the current outlook contemplate profitability in any of the quarters this year?

目前的前景是否考慮了今年任何季度的獲利能力？

Yes, it does.

是的，它確實。

I mean, as I mentioned earlier, the the guidance that we issued does include compensation from Pratt Now I mentioned in my prepared remarks as well that the the compensation doesn't fully cover what the impact of the AOGs are for the businesses was partially offset in both the direct cost and an opportunity cost.

我的意思是，正如我之前提到的，我們發布的指導確實包括來自 Pratt Now 的補償，我在準備好的發言中也提到過，補償並沒有完全涵蓋 AOG 對企業的影響，部分抵消了包括直接成本和機會成本。

I mean, our unit costs would be lower, but for the AOGs, our margins would be higher, but for the AOG.

我的意思是，我們的單位成本會更低，但對於 AOG，我們的利潤率會更高，但對於 AOG。

So just to be clear, that is the case.

需要明確的是，情況就是如此。

But notwithstanding, we do still think that that we will be in a situation that have positive margins for the second, third and probably the fourth quarter as well.

但儘管如此，我們仍然認為第二季、第三季甚至第四季的利潤率都將為正值。

We know it's all part of the discussions we had earlier around market recovery and in our unit cost bench.

我們知道這是我們之前圍繞市場復甦和單位成本基準進行的討論的一部分。

Thanks for the time, guys.

謝謝你們抽出時間。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hi, this is Zara on for Savi Syth.

大家好，我是 Zara 的 Savi Syth。

Our question today is that there seems to be investor concern around credit card holdback, which seems premature.

我們今天的問題是，投資者似乎對信用卡扣押感到擔憂，這似乎為時過早。

What type of discussions are you having with your administrator on this topic and what are the thresholds they are looking at?

您與管理員就該主題進行了何種類型的討論？他們正在考慮的閾值是什麼？

Yeah, as I mentioned earlier, I can't disclose the credit card holdback number, and that is a competitive commercial arrangements, um, but I mentioned that the ATL balance today is you know, is just under $400 million and credit card holdback is usually some factor of that number.

是的，正如我之前提到的，我不能透露信用卡扣留金額，這是一個競爭性的商業安排，嗯，但我提到今天的ATL 餘額是你知道的，略低於4 億美元，信用卡扣留金額是通常是該數字的某個因數。

And we had an agreement renegotiated with them a couple of years ago that lowered the actual hold back that we were required to have or the, I should say, lower than the minimum cash balance that we were required to have.

幾年前，我們與他們重新談判了一項協議，降低了我們需要擁有的實際保留金額，或者我應該說，低於我們需要擁有的最低現金餘額。

So we feel like we're in a pretty good spot there.

所以我們覺得我們處於一個非常好的位置。

Hey, Greg (multiple speakers) oh, sorry, go ahead.

嘿，格雷格（多個發言者）哦，抱歉，請繼續。

Oh, no worries.

哦，不用擔心。

And then one more, although you guys touched on this earlier, if you could talk about any additional cost headwinds and tailwinds in 2024, that would be great.

還有一點，雖然你們早些時候談到了這一點，但如果你們能談論 2024 年任何額外的成本逆風和順風，那就太好了。

Thank you.

謝謝。

Yeah, sure.

好，當然。

I mean, I think it's a similar story as we've talked about the big movers are labor costs, aircraft rent due to more leased aircraft and then owned.

我的意思是，我認為這是一個類似的故事，因為我們談到了勞動力成本、飛機租金（由於更多租賃飛機然後擁有）。

And I mean, as we look through the year, it's going to be those things that we'll have to address in our airport costs are also part of that.

我的意思是，當我們回顧這一年時，我們必須在機場成本中解決的問題也是其中的一部分。

And the good guys, though, I mean, we saw in the fourth quarter was running a good operation.

不過，我的意思是，我們在第四季度看到的好人運作良好。

That was critical for us, and we saw that throughout the P&L including fuel burn, as I mentioned, running a good operation has no obvious direct expenses with labor and interrupted trip expense.

這對我們來說至關重要，正如我所提到的，我們看到，在整個損益表（包括燃料消耗）中，良好的營運沒有明顯的直接人工費用和中斷旅行費用。

But we benefit in fuel burn and not having to fly so fast and and really thinking about the network team allocates Neos to market appropriate places.

但我們在燃油消耗方面受益，不必飛得那麼快，並且真正考慮網路團隊將 Neos 分配到市場適當的地方。

And we will see real benefit and fuel burn in '24.

我們將在 24 年看到真正的效益和燃料消耗。

With that, hey, Greg, we have time for one more question, if you move on to that someplace.

嘿，格雷格，我們還有時間再問一個問題，如果你繼續問這個問題的話。

Helene Becker, TD Cowen.

海倫·貝克爾，TD·考恩。

Thanks very much, operator.

非常感謝，接線生。

Matt, can you say what percentage of the forecast revenue for 2024 first quarter is already booked?

Matt，您能透露一下 2024 年第一季的預測收入已經預訂了多少百分比嗎？

Yeah, so our regional comment specifically on that, Helane, I would tell you, though, that on for the spring break period, we like to set up very well.

是的，所以我們的區域評論專門針對這一點，Helane，不過，我想告訴你，在春假期間，我們希望安排得很好。

We think our revenue management plans there are going to bear fruit for us, and we're looking forward to getting closer and closer to March because we do believe that the setup is really good for spring break and we're looking forward to getting there.

我們認為我們的收入管理計劃將會為我們帶來成果，我們期待著越來越接近三月，因為我們確實相信這個設定對於春假來說真的很好，我們期待著到達那裡。

Okay, thanks.

好的謝謝。

That was my only question.

這是我唯一的問題。

Great.

偉大的。

Well, thanks, everyone, for joining us today.

好的，謝謝大家今天加入我們。

And we will catch you next quarter.

我們將在下個季度抓住您。

All right.

好的。

Ladies and gentlemen, that does conclude today's call.

女士們、先生們，今天的電話會議到此結束。

Again, thank you all for joining, and you may now disconnect.

再次感謝大家的加入，現在可以斷開連線了。

Have a great day everyone.

祝大家有個美好的一天。