Spirit Airlines Inc (SAVE) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

At this time, I'd like to welcome everyone to the Spirit Airlines second quarter earnings conference call.

現在，我歡迎大家參加精神航空第二季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I'd now like to turn the call over to DeAnne Gabel, Senior Director of Investor Relations.

我現在想將電話轉給投資者關係高級總監 DeAnne Gabel。

Please go ahead.

請繼續。

Thank you, Adam, and good morning, and welcome, everyone, to Spirit's second-quarter 2024 earnings conference call.

謝謝亞當，早安，歡迎大家參加 Spirit 的 2024 年第二季財報電話會議。

Presenting on today's call will be Ted Christie, our CEO; Matt Klein, our Chief Commercial Officer; and Fred Cromer, our CFO.

我們的執行長 Ted Christie 將出席今天的電話會議。 Matt Klein，我們的商務長；和我們的財務長 Fred Cromer。

Also joining us for the call are other members of our senior leadership team, including our Chief Transformation Officer, Rana Ghosh.

加入我們電話會議的還有我們高階領導團隊的其他成員，包括我們的首席轉型長 Rana Ghosh。

Ted will open the call with an overview of Spirit's quarterly performance and strategic direction.

Ted 將首先概述 Spirit 的季度業績和策略方向。

Matt will then provide details about the drivers of our revenue performance and current demand environment.

然後，馬特將提供有關我們收入表現和當前需求環境的驅動因素的詳細資訊。

And Fred will discuss our cost performance, liquidity profile, and forward outlook.

弗雷德將討論我們的成本績效、流動性狀況和未來展望。

Ted will provide a few closing comments before we begin the question-and-answer session.

在我們開始問答環節之前，泰德將發表一些結束語。

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

今天的討論包含前瞻性陳述，這些陳述並非基於公司目前的預期，也不是對未來業績的保證。

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 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聲明中包含的結果有重大差異，包括但不限於我們向 SEC 提交的報告中討論的各種風險和不確定性。

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 second-quarter 2024 earnings release, a copy of which is available on our website under the Investor Relations section at ir.spirit.com.

有關這些非 GAAP 衡量標準與 GAAP 的解釋和調節，請參閱我們 2024 年第二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 的投資者關係部分找到。 。

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

接下來，我會將電話轉給特德·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。

During the quarter, we announced that Fred Cromer joined the team as our Chief Financial Officer.

在本季度，我們宣布 Fred Cromer 加入我們的團隊，擔任我們的財務長。

Many of you who follow the industry know Fred has a wealth of airline industry experience and will be a great asset to Spirit.

許多關注該行業的人都知道弗雷德擁有豐富的航空業經驗，並將成為 Spirit 的寶貴財富。

I'm delighted to welcome him to the Spirit team.

我很高興歡迎他加入 Spirit 團隊。

Thanks too to Brian McMenamy for agreeing to serve as our interim CFO prior to Fred joining.

也要感謝 Brian McMenamy 在 Fred 加入之前同意擔任我們的臨時財務長。

I also want to acknowledge and say thank you to all our Spirit team members.

我也要向我們所有 Spirit 團隊成員表示感謝。

In addition to the challenging revenue environment, it has been challenging operationally as well, and our team has done a great job managing through the difficulties.

除了收入環境充滿挑戰之外，營運方面也充滿挑戰，我們的團隊在克服困難方面做得很好。

Like most other airlines worldwide, Spirit was impacted by the IT outage on July 19.

與全球大多數其他航空公司一樣，精神航空也受到 7 月 19 日 IT 中斷的影響。

But despite the disruption, by midday Sunday, our team had most of the network stabilized.

但儘管出現了中斷，到週日中午，我們的團隊已經穩定了大部分網路。

It was a Herculean effort by all members of the team in operations and technology to return to normal operations so quickly, and I extend my sincerest thanks to all of them for their dedication.

能夠如此迅速地恢復正常運營，是營運和技術團隊所有成員付出的巨大努力，我對他們所有人的奉獻表示最誠摯的感謝。

We are going to focus this call on our Q2 results, our liquidity, our forward outlook, and the new travel options and guest experience enhancements we announced recently that we expect will help drive improved performance.

我們將在這次電話會議上重點關注我們的第二季度業績、我們的流動性、我們的前瞻性展望，以及我們最近宣布的新的旅行選擇和賓客體驗增強功能，我們預計這些將有助於推動業績的改善。

Before we get into the results, I want to note that we are engaged in productive conversations with the advisers of our bondholders to address the upcoming debt maturities.

在我們公佈結果之前，我想指出，我們正在與債券持有人的顧問進行富有成效的對話，以解決即將到來的債務到期問題。

Because those conversations are ongoing, we are not going to go into detail or take any questions on this topic or speculate on potential outcomes.

由於這些對話仍在進行中，因此我們不會詳細說明或回答有關此主題的任何問題或推測潛在結果。

Needless to say, it is a priority, and we are focused on securing the best outcome for the business as quickly as possible, while staying focused on driving performance and implementing our new travel options and elevated guest experience.

不用說，這是一個優先事項，我們致力於盡快確保業務取得最佳成果，同時繼續專注於提高業績並實施我們新的旅行選擇和提升的賓客體驗。

Moving on to our second-quarter 2024 financial results.

接下來是我們的 2024 年第二季財務表現。

We reported an adjusted net loss of $158 million.

我們報告調整後淨虧損為 1.58 億美元。

This is a disappointing result that was largely driven by weak revenue results.

這是一個令人失望的結果，很大程度是由於收入疲軟所致。

The elevated level of industry capacity continues to make it very difficult to drive yield improvement for the most price-sensitive leisure travel segment.

行業產能水準的提高繼續使得對價格最敏感的休閒旅遊領域的收益率提高變得非常困難。

While frustrating, these conditions validate that we are on the right path with our transformation strategy to redefine low-fare travel with new high-value travel options that allow guests to choose an elevated experience at an affordable price.

雖然令人沮喪，但這些情況證明我們的轉型策略走在正確的道路上，即透過新的高價值旅行選擇重新定義低票價旅行，讓客人能夠以實惠的價格選擇更高的體驗。

We believe this plan will place us on the path to profitability.

我們相信這個計劃將使我們走上獲利之路。

As the industry has recovered from COVID, the imbalance in the recovery between the full-service, large network carriers and smaller, low-cost carriers has become the narrative.

隨著產業從新冠疫情中復甦，提供全方位服務的大型網路營運商與規模較小的低成本營運商之間的復甦不平衡已成為人們關注的焦點。

I would like to dispel some of the untruths about why that is.

我想澄清一些關於其原因的不實說法。

First, the low-fare model is not, quote, broken, or quote, obsolete.

首先，低票價模式並沒有被打破，或者說已經過時。

Quite the opposite.

恰恰相反。

Our larger, higher-cost brethren have introduced products and services that mirror what we currently offer, and in doing so, have figured out ways over the last few years to more effectively compete for low-fare traffic.

我們規模更大、成本更高的同行推出了與我們目前提供的產品和服務一致的產品和服務，並在過去幾年中找到了更有效地爭奪低票價流量的方法。

In fact, they are boasting about selling more of that product.

事實上，他們正在吹噓要銷售更多該產品。

What has not happened until now is our introduction of new products and services that can provide us the ability to more effectively compete for some of their higher-yielding traffic while maintaining a low-cost structure.

直到現在我們還沒有推出新產品和服務，這些產品和服務使我們能夠更有效地競爭他們的一些高收益流量，同時保持低成本結構。

This doesn't mean we are going to be the travel choice for the corporate traveler.

這並不意味著我們將成為商務旅客的旅行選擇。

However, our combination of diversified product options, coupled with our cost structure, will make us the high-value travel option for our guests.

然而，我們多元化的產品選擇相結合，加上我們的成本結構，將使我們成為客人的高價值旅行選擇。

As we shared last quarter, we've done extensive research, reviewed the competitive set of products, and surveyed guests that have flown us and those who have not.

正如我們在上季度分享的那樣，我們進行了廣泛的研究，審查了具有競爭力的產品，並對乘坐過我們航班和未乘坐過我們航班的乘客進行了調查。

Based on those inputs, we will soon be introducing new products and services.

基於這些投入，我們很快就會推出新產品和服務。

In doing so, we are redefining Spirit as a high-value, low-cost carrier, offering a broader array of products, including a more premium leisure travel experience at an affordable price.

在此過程中，我們將精神航空重新定義為高價值、低成本的航空公司，提供更廣泛的產品，包括以實惠的價格提供更優質的休閒旅遊體驗。

As part of our transformation, we will offer four travel options that all include the flexibility of no change or cancellation fees.

作為我們轉型的一部分，我們將提供四種旅行選擇，全部包括免改簽或取消費用的靈活性。

We will still offer the quality, low-fare products many of our guests prefer, but we will also provide guests the opportunity to choose a premium leisure experience with more space, flexibility, and amenities at an affordable price.

我們仍將提供許多客人喜歡的優質、低價產品，但我們也將為客人提供以實惠的價格選擇擁有更多空間、靈活性和便利設施的優質休閒體驗的機會。

And we can do all that because we still have and expect to continue to have amongst the lowest cost in the industry.

我們可以做到這一切，因為我們仍然並且期望繼續保持行業中最低的成本。

We are not abandoning our low-cost position, but rather we are leveraging it.

我們並沒有放棄我們的低成本地位，而是我們正在利用它。

We will also debut other travel enhancing options, such as designated priority check-in and a new boarding process designed to prioritize our Go Big guests, Free Spirit Gold and Silver members, Free Spirit World Elite Mastercard holders and active-duty US service members.

我們還將推出其他旅遊增強選項，例如指定優先辦理登機手續和新的登機流程，旨在優先考慮我們的Go Big 客人、Free Spirit 金卡和銀卡會員、Free Spirit World 精英萬事達卡持有者和現役美國軍人。

The actual rollout of these offerings will happen very quickly.

這些產品的實際推出將會很快發生。

The new travel options will go on sale on August 16.

新的旅行選項將於 8 月 16 日開始銷售。

However, the adoption and acceptance of these changes by the marketplace will take time, and that means we need patience from our constituents and adequate liquidity to navigate the puts and takes of the environment.

然而，市場採用和接受這些變化需要時間，這意味著我們需要選民的耐心和足夠的流動性來應對環境的變化。

Fred will comment more on that later.

弗雷德稍後將對此發表更多評論。

To help us reframe how travelers perceive the Spirit brand as we enter this new chapter, we have engaged Tombras as our new marketing agency of record.

為了幫助我們在進入新篇章時重新建立旅客對 Spirit 品牌的看法，我們聘請 Tombras 作為我們新的行銷代理商。

Tombras has a strong track record and was named the 2024 Ad Age Independent Agency of the Year.

Tombras 擁有良好的業績記錄，並被評為 2024 年廣告時代年度獨立代理商。

We are confident they are the right strategic partner to bring our transformed offerings to market.

我們相信他們是將我們轉型後的產品推向市場的正確策略夥伴。

With that, here's Matt and Fred to share more details about our second-quarter performance and outlook.

接下來，馬特和弗雷德將分享有關我們第二季業績和前景的更多詳細資訊。

Matt, over to you.

馬特，交給你了。

Thanks, Ted.

謝謝，泰德。

I too want to thank the entire Spirit team.

我還要感謝整個 Spirit 團隊。

Successfully implementing our transformation strategy entails significant extra lifting for many of our team members, and I thank everyone for their patience as we execute on our plan to evolve our business.

成功實施我們的轉型策略需要為我們的許多團隊成員帶來顯著的額外提升，我感謝大家在我們執行業務發展計劃時的耐心等待。

And to all those on the front line, as well as everyone behind the scenes that keep our network flowing even when faced with unusual circumstances, thank you.

感謝所有奮戰在第一線的人們，以及在面對異常情況時仍然保持我們的網絡暢通的幕後所有人，謝謝你們。

Thank you for taking care of our guests and each other.

感謝您對我們的客人和彼此的照顧。

Now moving on to our second-quarter revenue performance.

現在轉向我們第二季的營收表現。

Total revenue for the second quarter was approximately $1.3 billion, a decrease of 10.6% year over year.

第二季總營收約13億美元，年減10.6%。

Total RASM for the second quarter was $0.0905, a decrease of 12.1% year over year.

第二季 RASM 總額為 0.0905 美元，年減 12.1%。

Elevated domestic industry capacity has restrained our ability to drive increased ticket yields, pressuring fair revenue per passenger flight segment during the second quarter.

國內產業產能的提高限制了我們提高機票收益率的能力，從而對第二季度每個客運航段的公平收入構成壓力。

We also experienced downward pressure on non-ticket revenue per segment.

我們也經歷了每個細分市場的非門票收入的下行壓力。

Non-ticket revenue per segment declined 9.6%, down nearly $7 year over year to $63.44 for the full quarter.

每個細分市場的非門票收入下降 9.6%，年減近 7 美元，至整個季度的 63.44 美元。

Last quarter, we mentioned that some of the changes we were planning to implement could result in lower non-ticket revenue per segment.

上個季度，我們提到我們計劃實施的一些變化可能會導致每個細分市場的非門票收入下降。

As planned, during the second quarter, we eliminated charges for change and cancellation fees.

按照計劃，我們在第二季取消了變更費和取消費。

We estimate that these changes contributed to a little more than half of the second-quarter year-over-year decline in non-ticket revenue per segment.

我們估計，這些變化導致第二季各細分市場非門票收入年減的一半多一點。

We expect the headwinds from eliminating change and cancellation fees to continue for at least the remainder of 2024.

我們預計取消變更和取消費用所帶來的不利影響將持續至少到 2024 年剩餘時間。

However, we believe these changes will result in a larger funnel of consumers willing to include us in their consideration set for air travel, which over time, will lead to higher overall revenue.

然而，我們相信這些變化將導致更多的消費者願意將我們納入他們的航空旅行考慮範圍，隨著時間的推移，這將帶來更高的整體收入。

It's still a relatively new change, but we are pleased to see that since implementing our new policy in mid-May, our flowing volumes have ticked up.

這仍然是一個相對較新的變化，但我們很高興地看到，自 5 月中旬實施新政策以來，我們的流量有所增加。

And for the first time, we have seen consecutive months of year-over-year load factor improvement since the first quarter of 2023.

自 2023 年第一季以來，我們首次看到載客率連續幾個月同比改善。

We also experienced incremental pressure on ancillary pricing due to changes in the competitive marketplace.

由於競爭市場的變化，我們也經歷了輔助定價的壓力。

Ancillary revenue is and will continue to be an important part of our strategy as we move forward.

隨著我們的前進，輔助收入現在並將繼續成為我們策略的重要組成部分。

However, given the product offerings and merchandising changes we are implementing, going forward, you will see us report only total revenue per passenger segment.

然而，考慮到我們正在實施的產品供應和銷售變化，展望未來，您將看到我們僅報告每個乘客部分的總收入。

As part of our go-forward strategy, we will offer four travel options: Go Big, Go Comfy, Go Savvy, and Go. Go Big and Go Comfy are designed for guests who desire a premium leisure experience.

作為我們前進策略的一部分，我們將提供四種旅行選擇：Go Big、Go Comfy、Go Savvy 和 Go。 Go Big 和 Go Comfy 專為渴望優質休閒體驗的客人而設計。

Our current Big Front Seat product is already known as the best value in the sky for a premium domestic 2-by-2 seating configuration.

我們目前的大前座椅產品已被認為是優質家用 2×2 座椅配置中最具價值的產品。

And with Go Big, it will get even better, with a checked and carry-on bag, priority check-in and priority boarding, included WiFi and snacks and drinks, including alcoholic beverages.

有了 Go Big，它會變得更好，提供托運行李和隨身行李、優先辦理登機手續和優先登機、包括 WiFi 以及零食和飲料（包括酒精飲料）。

Go Comfy offers a guaranteed blocked middle seat as well as a checked and carry-on bag and other amenities, including priority boarding, a snack, and a non-alcoholic drink per service.

Go Comfy 提供保證的中間座位、托運行李和隨身行李以及其他便利設施，包括優先登機、每項服務的小吃和非酒精飲料。

The Go Savvy travel option caters to our guests who only want a pre-assigned seat with a choice of either a carry-on or a checked bag, and we will still offer a fully unbundled Go option for those guests who prefer to add only those options they want for their travel experience.

Go Savvy 旅行選項適合只需要預先分配座位並可以選擇隨身攜帶或託運行李的乘客，我們仍將為那些只想添加這些行李的乘客提供完全非捆綁的 Go 選項他們想要的旅行體驗選擇。

So while we will still offer a la carte ancillary items for purchase, the majority of the most popular items will now be included as part of the bundled travel options that the guest selects.

因此，雖然我們仍將提供單點輔助商品供購買，但大多數最受歡迎的商品現在將包含在客人選擇的捆綁旅行選項中。

No other carrier has the combination of our premium leisure offerings, along with our low-cost structure, which we believe will be a winning formula.

沒有其他航空公司能夠將我們的優質休閒產品與低成本結構結合，我們相信這將是一個成功的秘訣。

All travel options will be available for sale beginning on August 16.

所有旅行選項將於 8 月 16 日開始發售。

The onboard experience, along with the enhanced airport experience that Ted mentioned in his opening remarks, will begin on August 27.

機上體驗以及特德在開場白中提到的增強機場體驗將於 8 月 27 日開始。

In addition to changing our products and services, we are continuing to make network changes to better align with what we are seeing in the demand environment.

除了改變我們的產品和服務之外，我們還將繼續進行網路變革，以更好地適應我們在需求環境中看到的情況。

As I've said before, making adjustments to better align our capacity towards markets where the supply-demand trends are more imbalanced is a continuous exercise.

正如我之前所說，調整產能以更好地適應供需趨勢更加不平衡的市場是一項持續的工作。

We are offering more day-of-week markets.

我們提供更多每週幾日的市場。

In July 2024, less-than-daily routes have increased nearly 140% year over year, which allows us to expand our route options at a lower-risk profile.

2024 年 7 月，非每日航線年增近 140%，這使我們能夠以較低風險的方式擴大航線選擇。

We are scheduling fewer flights on off-peak days of the week than on peak days.

我們在一週的非高峰日安排的航班數量少於高峰日。

The variance between daily flight schedules for peak and off-peak days of the week will be more pronounced than the off-peak and shoulder periods for the remainder of this year.

一週中高峰期和非高峰期的每日航班時刻表之間的差異將比今年剩餘時間的非高峰期和平峰期更加明顯。

Other network changes include introducing new routes and suspending many others.

其他網路變化包括引入新路線和暫停許多其他路線。

In the third quarter of this year as compared to the third quarter last year, we will have suspended 42 routes and introduced 77 new ones.

今年第三季度，與去年第三季相比，我們將停飛42條航線，新增77條航線。

Unfortunately, as we sit here today, the benefit of these changes is muted by an oversupply of industry capacity for the existing level of leisure demand.

不幸的是，當我們今天坐在這裡時，這些變化的好處被現有休閒需求水平的行業產能過剩所削弱。

This phenomenon is exacerbated as we move into the off-peak period for the fall travel season, which begins around mid-August when many schools go back into session.

隨著我們進入秋季旅行季節的非高峰期（秋季旅行季節從八月中旬開始，許多學校重新開學），這種現象會加劇。

As other carriers have already shared, the setup for Q3 revenue production is not favorable.

正如其他營運商已經分享的那樣，第三季收入生產的情況並不有利。

We are estimating third quarter 2024 TRASM will be down 6.4% to 8% compared to the third quarter last year and estimate that third-quarter 2024 total revenue will range between $1.155 billion and $1.175 billion.

我們預計 2024 年第三季 TRASM 將比去年第三季下降 6.4% 至 8%，並預計 2024 年第三季總營收將在 11.55 億美元至 11.75 億美元之間。

Including the impact of middle-seat blocks, for the third quarter, we estimate capacity will decrease 0.3% year over year.

考慮到中座區域的影響，我們預計第三季運力將年減0.3%。

And for the full-year 2024, we estimate capacity will be flat to down low single digits versus full-year 2023.

對於 2024 年全年，我們預計產能將與 2023 年全年持平甚至下降個位數。

Please note that our published schedules are finalized only through September.

請注意，我們公佈的時間表僅在 9 月之前最終確定。

Published schedules for October and beyond do not yet fully reflect the estimates provided.

公佈的 10 月份及以後的時間表尚未完全反映所提供的估計。

Our Aircraft on Ground, or AOG projections, for the full year average in 2024 have improved, and 2025 forecasts are slightly better than our previous estimates.

我們對 2024 年全年平均的飛機在地面 (AOG) 預測有所改善，2025 年預測略好於我們先前的估計。

For the full-year 2024, we now estimate we will have an average of about 20 AOGs versus our previous estimate of 25.

對於 2024 年全年，我們現在估計平均將有約 20 個 AOG，而先前的估計為 25 個。

Based on Pratt & Whitney's latest forecast for AOGs, the projection is that we will start 2025 with about 35 AOGs, and that number will continuously escalate throughout 2025, ending the year with about 67 AOGs.

根據普惠公司對 AOG 的最新預測，到 2025 年，我們將擁有約 35 個 AOG，而這個數字將在 2025 年持續上升，到年底約有 67 個 AOG。

Our working assumption for 2025 is that capacity will be down high single digits year over year.

我們對 2025 年的工作假設是，產能將比去年同期大幅下降個位數。

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

現在，我將把它交給弗雷德。

Thanks, Matt.

謝謝，馬特。

It's an exciting time to be joining the Spirit team, and I look forward to being part of this new era for Spirit.

加入 Spirit 團隊是一個令人興奮的時刻，我期待成為 Spirit 新時代的一部分。

As exciting as the prospects are, we acknowledge that we have a lot of work ahead of us to return Spirit to a state of financial health.

儘管前景令人興奮，但我們承認，要讓 Spirit 恢復財務健康狀態，我們還有很多工作要做。

I'll begin with a brief recap of our second-quarter financial performance and third-quarter outlook before discussing some balance sheet and liquidity items.

在討論一些資產負債表和流動性項目之前，我將首先簡要回顧我們第二季度的財務表現和第三季的前景。

For the second quarter, non-fuel costs were up 4.6% year over year on 1.7% more capacity, primarily due to expenses related to increased flight volume, inflationary pressures related to wage and labor costs, increased market share at high-cost airports, and a higher mix of aircraft financed under operating leases.

第二季度，非燃油成本年增 4.6%，運能增加 1.7%，這主要是由於與航班量增加相關的費用、與工資和勞動力成本相關的通膨壓力、高成本機場市場份額的增加以及更多透過經營租賃融資的飛機。

Fuel expense increased 4.2% due to a 6.1% increase in fuel cost per gallon, partially offset by better fuel efficiency.

由於每加侖燃料成本增加 6.1%，燃料費用增加了 4.2%，但部分被更好的燃料效率所抵消。

On an ASMs per gallon basis, fuel efficiency improved 3.7% year over year to 96.4%.

以每加侖 ASM 計算，燃油效率年增 3.7%，達到 96.4%。

Regarding AOG credits accumulated during the second quarter, Pratt & Whitney agreed to issue $37.2 million for AOGs during the period.

關於第二季累積的AOG積分，普惠公司同意在此期間為AOG發行3,720萬美元。

For the second quarter, we've recognized $7.1 million of credits within our income statement.

第二季度，我們在損益表中確認了 710 萬美元的貸項。

Per the compensation agreement signed in March 2024 that covers AOGs related to GTF engine issues from October 1, 2023 through the end of 2024, we estimate the full-year 2024 benefit to our liquidity will be approximately $150 million to $200 million.

根據2024 年3 月簽署的賠償協議，該協議涵蓋了從2023 年10 月1 日到2024 年底與GTF 發動機問題相關的AOG，我們估計2024 年全年我們的流動性收益將約為1.5 億至2億美元。

Year to date through June 30, Pratt & Whitney has agreed to issue us approximately $94 million in credits, of which we have recognized $75 million within the statement of cash flows.

今年迄今截至 6 月 30 日，普惠公司已同意向我們發放約 9,400 萬美元的信貸，我們已在現金流量表中確認了 7,500 萬美元。

Operating margin for the second quarter was negative 13%.

第二季營業利益率為負 13%。

Had we been able to recognize all of the AOG credits earned during the quarter, our operating margin would have been negative 10.7%.

如果我們能夠確認本季獲得的所有 AOG 積分，我們的營業利潤率將為負 10.7%。

This is clearly a disappointing result.

這顯然是一個令人失望的結果。

And unfortunately, based on our revenue projection for the third quarter, it's going to get worse before it gets better.

不幸的是，根據我們對第三季的收入預測，情況在好轉之前會變得更糟。

We understand the drivers underlying this performance and are working as expeditiously as possible to change course, but there's not a quick fix.

我們了解造成這種性能的驅動因素，並且正在盡快改變方向，但沒有快速解決方案。

We estimate it will -- excuse me, we will estimate it will take more than a year before we realize the full financial benefits of our transformation plan and for industry capacity to come more into balance with demand.

我們估計，對不起，我們估計需要一年以上的時間才能實現轉型計畫的全部財務效益，並使產業產能與需求更加平衡。

Moving on to our third-quarter outlook.

繼續我們的第三季展望。

We will continue to face cost pressures from carrying costs related to the NEO engine availability issues and other labor and inflationary pressures.

我們將繼續面臨與 NEO 引擎可用性問題相關的持有成本以及其他勞動力和通膨壓力的成本壓力。

In addition, we expect to see modest pressure on expenses in CASM ex-fuel related to the cost of implementing our transformation plan.

此外，我們預計與實施我們的轉型計劃的成本相關的 CASM 除燃料費用將面臨適度壓力。

There will also be some continuing pressure on CASM ex-fuel related to the introduction of our Go Comfy product, which will block six seats from every departure.

由於我們的 Go Comfy 產品的推出，CASM ex-fuel 還將面臨一些持續的壓力，該產品將在每次出發時佔用 6 個座位。

On a run rate go-forward basis, once all the changes are implemented, we anticipate our CASM ex will settle in the $0.08 range, maintaining our position among the lowest-cost producers in the US industry.

就運行率而言，一旦實施所有變化，我們預計我們的 CASM ex 將穩定在 0.08 美元的範圍內，保持我們在美國行業成本最低生產商中的地位。

For the third-quarter 2024, we estimate total operating expenses will be up 3% to 3.7% year over year, with fuel cost per gallon averaging $2.65. We remain on target to achieve our previously discussed annual run rate savings of about $100 million, of which we expect to achieve approximately $75 million before year-end 2024.

對於 2024 年第三季度，我們預計總營運費用將年增 3% 至 3.7%，每加侖燃料成本平均為 2.65 美元。我們仍然致力於實現先前討論的每年運行​​費用節省約 1 億美元的目標，其中我們預計在 2024 年底前實現約 7500 萬美元。

These cost savings initiatives include the suspension of recruiting and onboarding pilots and flight attendants in 2024, offering voluntary unpaid leaves of absences for flight attendants, rightsizing overhead and non-crew operational positions, reducing discretionary capital spend and the difficult but necessary decision to rightsize our pilot group, resulting in the furlough of approximately 240 pilots and the downgrade of about 100 captains effective September 1.

這些成本節約措施包括在2024 年暫停招募和入職飛行員和空服人員、為空服人員提供自願無薪缺勤、調整管理費用和非機組人員營運職位、減少可自由支配的資本支出以及調整我們的規模的困難但必要的決定。

We ended the second-quarter 2024 with $1.1 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 2024 年第二季末，我們擁有 11 億美元的流動性，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。

Of note, during the second quarter, we extended the maturity of our $300 million revolving credit facility to September 30, 2026, subject to certain conditions, including extending or refinancing our senior secured notes due 2025.

值得注意的是，在第二季度，我們將3 億美元循環信貸額度的到期日延長至2026 年9 月30 日，但須滿足某些條件，包括對2025 年到期的優先擔保票據進行延期或再融資。

Please refer to our 10-Q filing for additional details.

請參閱我們的 10-Q 檔案以了解更多詳細資訊。

Successfully extending or refinancing our senior secured notes remains one of our top priorities, and we will provide updates on our progress when appropriate.

成功延期或再融資我們的優先擔保票據仍然是我們的首要任務之一，我們將在適當的時候提供最新進展。

We will continue to aggressively manage our cost to maintain our position as a low-cost leader in the industry and make every effort to maintain adequate liquidity.

我們將繼續積極管理成本，維持業界低成本領導者的地位，並盡力保持充足的流動性。

Earlier this week, we disclosed a direct lease and predelivery payment transaction that raised in aggregate approximately $186 million.

本週早些時候，我們披露了一項直接租賃和預交付付款交易，籌集的資金總額約為 1.86 億美元。

We expect to end the year 2024 with over $1 billion of liquidity, including unrestricted cash and cash equivalents, short-term investments, liquidity available under our revolving credit facility, and additional liquidity initiatives, assuming that we are able to close those initiatives that are currently in process.

我們預計到 2024 年末將擁有超過 10 億美元的流動性，包括不受限制的現金和現金等價物、短期投資、循環信貸安排下可用的流動性以及額外的流動性計劃（假設我們能夠完成這些計劃）目前正在進行中。

And with that, I'll turn it back to Ted for closing remarks.

接下來，我將把它轉回 Ted 做結束語。

Thanks, Fred.

謝謝，弗雷德。

There is much to be thankful of and for here at Spirit.

在 Spirit，有很多值得感謝的地方。

As the saying goes, the hottest fire forges the strongest steel, and I'm seeing that every day with our group.

俗話說，越熱的火才能煉出最強的鋼，我每天都在我們的團隊中看到這一點。

The Spirit team has not and will not back away from the challenges, but instead is moving with speed and dedication to provide our guests with the best possible service.

Spirit 團隊沒有、也不會在挑戰面前退縮，而是快速、全心全意地前進，為我們的客人提供最好的服務。

And the best offering of products in our history we expect will drive real benefit over time.

我們期望，隨著時間的推移，我們歷史上最好的產品將帶來真正的好處。

Nonetheless, as we move through the period, we must consider every possible avenue available to us to find incremental revenue, cost savings, and market opportunities.

儘管如此，當我們度過這段時期時，我們必須考慮一切可能的途徑，以尋找增量收入、節省成本和市場機會。

The chatter in the market about Spirit is notable, but we are not distracted.

市場上有關 Spirit 的討論引人注目，但我們並沒有分心。

We are focused on refinancing our debt, improving our overall liquidity position, deploying our new, reimagined product into the market, and growing our loyalty programs.

我們專注於債務再融資、改善我們的整體流動性狀況、將我們重新設計的新產品推向市場，以及發展我們的忠誠度計劃。

We know the road is bumpy and uncertain and especially challenging for many of the smaller airlines and particularly so for Spirit, given the competitive dynamics in the markets we serve and the magnitude of impact from the GTF engine issues.

我們知道，鑑於我們服務的市場競爭激烈以及 GTF 引擎問題影響的嚴重性，這條道路充滿坎坷和不確定性，對於許多小型航空公司尤其是精神航空來說尤其具有挑戰性。

In this business, size does have its advantages, which is why over the last two years, we took decisive steps to improve our competitive positioning.

在這個行業，規模確實有其優勢，這就是為什麼在過去兩年裡，我們採取了果斷措施來提高我們的競爭地位。

When those efforts were blocked by the federal government and courts, we quickly and decisively pivoted, investing in a new strategy to improve our competitive positioning by diversifying the products we offer.

當這些努力遭到聯邦政府和法院的阻止時，我們迅速而果斷地轉向，投資於一項新策略，透過使我們提供的產品多樣化來提高我們的競爭地位。

We are excited to be implementing the first stages of our new strategic direction.

我們很高興能夠實施新戰略方向的第一階段。

Given the current industry dynamics and consumer behavior trends, we are convinced this is the right move for us to make.

鑑於當前的行業動態和消費者行為趨勢，我們相信這是我們採取的正確措施。

And now back to DeAnne for Q&A.

現在回到 DeAnne 進行問答。

Thank you, Ted.

謝謝你，泰德。

Adam, we are now ready to take questions from the analysts.

亞當，我們現在準備好回答分析師的問題。

(Event Instructions)

（活動須知）

(Operator Instructions) Andrew Didora, Bank of America.

（操作員指示）Andrew Didora，美國銀行。

Hey, good morning, everyone.

嘿，大家早安。

Fred, my first question, can you just give us an updated rundown on the unencumbered asset base you have available today?

弗雷德，我的第一個問題，您能給我們提供您今天可用的未支配資產基礎的最新概要嗎？

Hey, Andrew, it's Ted.

嘿，安德魯，我是特德。

I'm going to jump in here.

我要跳進去。

Obviously, Fred is on his third week, so I'll give you a view.

顯然，弗雷德已經進入第三週了，所以我會給你一個看法。

We still have unencumbered assets north of $0.5 billion in addition to we own around 50 airplanes that have equity value.

除了擁有約 50 架具有股權價值的飛機外，我們仍然擁有超過 5 億美元的未支配資產。

And we've estimated in the past that that's somewhere in the neighborhood of $0.5 billion as well.

我們過去估計這個數字也約為 5 億美元。

Got it.

知道了。

Thank you.

謝謝。

And then Ted or Matt, just given the product changes, any way you can help us understand how you think about like kind of -- I guess, how this new pricing strategy that you have compares versus the old?

然後，泰德或馬特，只要考慮到產品的變化，您可以透過任何方式幫助我們了解您的想法 - 我猜，您的新定價策略與舊定價策略相比如何？

And kind of any potential changes that you have to make to any of your systems?

您必須對系統進行哪些潛在的變更？

Just curious how that's going to evolve over the next year plus.

只是好奇接下來的一年會如何發展。

Yes, sure, Andrew.

是的，當然，安德魯。

This is Matt.

這是馬特。

So everything that we merchandise and sell here at Spirit is demand-based.

因此，我們在 Spirit 銷售和銷售的所有商品都是基於需求的。

So for the most part, a lot of the experience we've had in the recent past with selling a la carte options, but also our bundled service offerings, which we've been doing for quite a number of years, gives us some advantage in knowing already how to think about the positioning of products like that.

因此，在大多數情況下，我們最近在銷售點菜選項方面獲得的大量經驗，以及我們多年來一直在提供的捆綁服務產品，給我們帶來了一些優勢已經知道如何思考這樣的產品定位。

What's most exciting for us now is we're going to be able to make the merchandising and purchase experience for our customers significantly quicker for them as they move through spirit.com and also through the Spirit app.

現在對我們來說最令人興奮的是，當客戶瀏覽spirit.com 以及Spirit 應用程式時，我們將能夠大幅加快他們的推銷和購買體驗。

And then over time, we're going to also be including in our distribution strategy the ability to market these products through third parties as well, which we think is going to be a real game changer for Spirit.

隨著時間的推移，我們還將在我們的分銷策略中納入透過第三方行銷這些產品的能力，我們認為這將真正改變 Spirit 的遊戲規則。

Because today, our Big Front Seat product, and in the future, the Go Big product that includes other offerings, as well as the new Go Comfy, product will be distributed through third parties over time.

因為今天，我們的 Big Front Seat 產品，以及未來的 Go Big 產品（包括其他產品）以及新的 Go Comfy 產品將隨著時間的推移透過第三方進行分銷。

That's going to open up a whole new segment of customers for us that don't know the product today or haven't been exposed to the product today in normal shopping.

這將為我們開闢一個全新的客戶群，他們今天不了解該產品，或者在正常購物中尚未接觸過該產品。

So we think that's going to be quite a difference for us.

所以我們認為這對我們來說會有很大的不同。

And our systems are prepared internally, and we're working with our third-party partners externally to get that product disseminated as well.

我們的系統是在內部準備好的，我們正在與外部的第三方合作夥伴合作，以傳播該產品。

Got it.

知道了。

That makes sense.

這是有道理的。

Thank you, Matt.

謝謝你，馬特。

Sure.

當然。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Oh yeah, hey.

哦，是的，嘿。

Good morning, everyone.

大家早安。

Just a question here on the capacity now being flat to down low singles versus the prior, and yet the Aircraft on Ground improved from 25 to 20.

這裡只是一個問題，現在的容量與之前相比持平甚至下降，但地面飛機從 25 架增加到 20 架。

It can't be just the blocking of six seats per departure, Matt.

馬特，這不僅僅是每次出發時佔用六個座位的問題。

What else is driving that capacity?

還有什麼因素推動了這產能的成長？

Is it utilization?

是利用嗎？

Is it changes in the network?

是不是網路有變化？

Yes, sure, Mike.

是的，當然，麥克。

It's largely driven -- it is utilization, but think of it as the off-peak days a week that I had mentioned.

它很大程度上是由利用率驅動的，但可以將其視為我提到的每週非高峰日。

In say, last year, for example, if you look at the month of September, a day of week like Wednesday was about 80% flying on Wednesday relative to a peak day of week.

比如說，去年，如果你看看 9 月份，一周中的某一天，比如周三，相對於一周中的高峰日，週三的航班大約有 80%。

And this year, it's much closer to 65%.

今年，這一比例更接近 65%。

So some of these off-peak days, we're just trimming them down as a result of some of the supply situations and how demand is coming in.

因此，在某些非高峰日，我們只是根據一些供應情況和需求的變化來削減它們。

So a big piece of that is what I just mentioned there with some extra day of week trims.

所以其中很大一部分就是我剛才提到的一週中額外一天的修剪。

We expect that to be through the shoulder and off-peak periods through the rest of the year.

我們預計這一情況將持續到今年剩餘時間的平峰期和非高峰期。

And this is exactly why we're introducing new products like this is because we have to have broader reach and we have to go get new customers, people that haven't experienced Spirit in the past.

這正是我們推出這樣的新產品的原因，因為我們必須擁有更廣泛的影響力，我們必須去吸引新客戶，那些過去沒有體驗過 Spirit 的人。

And that will help fill in not just the peak days a week, but certainly will help us fill in the off-peak days of the week.

這不僅有助於填補一周中的高峰期，而且肯定會幫助我們填補一周中的非高峰期。

But we have to give it some time for it to take hold.

但我們必須給它一些時間讓它紮根。

Great.

偉大的。

And then just my second question, Fred, welcome back to the airline industry.

接下來是我的第二個問題，弗雷德，歡迎回到航空業。

Great to hear you.

很高興聽到你的聲音。

Just on this $186 million, can you just go into the details on it, this PDP financing?

就這1.86億美元，您能詳細介紹一下這個PDP融資嗎？

What airplanes are we talking about here tied to this?

我們在這裡談論的是什麼飛機與此相關？

Thanks for taking my questions.

感謝您回答我的問題。

Yeah.

是的。

Thanks for the welcome.

感謝您的歡迎。

It's great to be back, especially here with Spirit.

很高興能回來，尤其是和Spirit一起回來。

But to answer your question specifically, look at the near-term order book, and 36 of those aircraft now come out of our order book and we'll direct lease those going forward.

但要具體回答您的問題，請查看近期訂單簿，其中 36 架飛機現已從我們的訂單簿中取出，我們將直接租賃這些飛機。

So the PDPs associated with those come back to us, and we also avoid the PDP burden going forward because those are now direct-lease aircraft.

因此，與這些相關的 PDP 又回到了我們這裡，我們也避免了未來的 PDP 負擔，因為這些飛機現在是直接租賃飛機。

The remaining aircraft in the near-term order book now, we've rescheduled those out a little bit.

現在，我們對近期訂單中剩餘的飛機進行了一些重新安排。

And the second half of that transaction is a return of those PDPs as well given the rescheduling of those deliveries.

鑑於這些交付的重新安排，該交易的後半部分也是這些 PDP 的歸還。

So you can think about it in two ways, right?

所以你可以從兩方面來思考，對嗎？

36 aircraft that are going to be leased and then the remaining 52 as we think about the combination of those two aircraft groups going forward.

將租賃 36 架飛機，然後是剩餘的 52 架，因為我們正在考慮這兩個飛機組未來的合併。

Okay.

好的。

Thank you.

謝謝。

Thanks very much.

非常感謝。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

Yes, thanks.

是的，謝謝。

A couple of questions here.

這裡有幾個問題。

First is on the deliveries.

首先是交貨情況。

Is Airbus continuing to deliver aircraft with Pratt & Whitney engines that are going bad shortly after delivery?

空中巴士是否會繼續交付配備普惠引擎的飛機，但交付後不久就出現故障？

And then if so, have they provided any kind of timeline for when they can start to deliver planes that have reliable engines?

如果是這樣，他們是否提供了何時可以開始交付擁有可靠引擎的飛機的時間表？

Hey, Dan, it's Ted.

嘿，丹，我是特德。

My favorite topic, so I'll do my best to address it.

我最喜歡的話題，所以我會盡力解決它。

So Pratt has made progress in reconfiguring new delivery engines with the revised parts that no longer have the flaw with regard to the powdered metal.

因此，普拉特在使用不再存在粉末金屬缺陷的修訂部件重新配置新的輸送引擎方面取得了進展。

So that's beginning to bleed into your new deliveries.

所以這開始滲透到你的新交付中。

And whether or not that abates any early removal risk or eliminates, it remains to be seen, but that is a step in the right direction.

這是否會減少或消除任何早期移除風險，還有待觀察，但這是朝著正確方向邁出的一步。

The larger issue is that they are still experiencing issues from a supply chain and production perspective on those parts that are backing up the MRO.

更大的問題是，從供應鏈和生產角度來看，他們仍然遇到支援 MRO 的零件的問題。

And so the time to take an engine off wing and get it all the way through a heavy visit and back on wing is north of 400 days.

因此，將引擎從機翼上取下、經過一次繁重的訪問並重新安裝到機翼上需要 400 天以上的時間。

And that's why the worldwide system is backed up and why you're seeing us, for example, expecting north of 60 AOGs next year.

這就是為什麼全球系統會備份，以及為什麼您會看到我們，例如，預計明年 AOG 數量將超過 60 個。

There's simply not enough spares in the system and there's not enough throughput yet on the MRO side.

系統中根本沒有足夠的備件，而且 MRO 方面還沒有足夠的吞吐量。

Yeah.

是的。

Understood.

明白了。

Okay.

好的。

Second question here is on the credit card processing agreement just per the 10-Q this morning.

第二個問題是關於今天早上 10-Q 的信用卡處理協議。

It looks like there's a September 20 date in it and a $200 million deposit for a compensating balance arrangement.

看起來其中有一個 9 月 20 日的日期，以及用於補償餘額安排的 2 億美元存款。

And that's the term that I don't think I've seen before, but it sort of looks like a soft credit card holdback.

我想我以前從未見過這個術語，但它看起來有點像信用卡軟扣留。

And I'm just wondering if you can just elaborate a little bit that.

我只是想知道你是否可以詳細說明一下。

Is that at risk of being a hard credit card holdback at some point?

這是否會在某個時候面臨信用卡硬性扣押的風險？

No, it is just purely a deposit account at the parent bank of our credit card processor.

不，這只是我們信用卡處理機構的母行的純粹存款帳戶。

So it's unrestricted cash and unreported as such on the balance sheet.

因此，它是不受限制的現金，並且不會在資產負債表上報告。

And yes, there is a date in that agreement with Elavon that aligns with our plans for negotiations with the existing bondholders and their advisers to find a solution for the 2025 loyalty notes.

是的，與 Elavon 的協議中有一個日期，該日期與我們與現有債券持有人及其顧問進行談判的計劃一致，以找到 2025 年忠誠票據的解決方案。

Obviously, we're in regular contact with those guys.

顯然，我們與這些人保持著定期聯繫。

And as those negotiations with our bondholders mature, we will be continuing to update them on the status of that.

隨著與債券持有人的談判成熟，我們將繼續向他們通報最新進展。

I see.

我懂了。

Okay.

好的。

Thanks for the time, guys.

謝謝你們抽出時間。

Duane Pfennigwerth, Evercore ISI.

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

Hey, good morning.

嘿，早安。

This is Jake Gunning on for Duane.

我是杜安的傑克‧岡寧。

Just given the blocking of the middle seat and the various cost puts and takes, do you have an idea about how to think about total ex-fuel expense into the fourth quarter?

考慮到中間座位的堵塞以及各種成本投入和支出，您是否知道如何考慮第四季度的總燃油費用？

Well, I think for the fourth quarter, we haven't given a full guide.

嗯，我認為對於第四季度，我們還沒有給出完整的指導。

For the third, we've got -- the numbers are out there.

對於第三個，我們已經得到了——數字就在那裡。

You can do the math and arrive at it.

你可以計算一下並得出結果。

But the blocked middle seat, you're talking about six seats coming out of inventory, so that provides some natural pressure to unit costs.

但是中間座位被堵塞，你所說的是庫存中的六個座位，因此這給單位成本帶來了一些自然壓力。

I think Fred in his comments indicated that once everything sits its way out, meaning we're out of the utilization issues associated with the Pratt & Whitney engines today, with some of the near-term headwinds that we're experiencing.

我認為弗雷德在他的評論中表示，一旦一切都解決了，這意味著我們今天已經擺脫了與普惠引擎相關的利用率問題，以及我們正在經歷的一些近期阻力。

And dealing with that I can kind of outline some comments on that as well, we're sort of targeting an $0.08 CASM carrier from an ex-fuel perspective.

對此我也可以概述一些評論，從不使用燃料的角度來看，我們的目標是建造一艘 0.08 美元的 CASM 航空母艦。

The blocked middle seat is a very marginal component of that.

被堵塞的中間座位只是其中的一個非常邊緣的組成部分。

So it's not a material inflator to costs.

因此，這並不是成本的實質成長。

And in fact, the changes that we announced here, from a product perspective, don't move the unit cost needle very much at all.

事實上，從產品的角度來看，我們在這裡宣布的變化根本沒有對單位成本造成太大影響。

The combination of all of those things, it's probably about 4%, but we're expecting significant uplift in unit revenue.

所有這些因素加起來，可能約為 4%，但我們預計單位收入將大幅提升。

That will take time for us to develop over the coming -- and I think, as Fred indicated, probably more than a year for things to really take hold.

我們需要時間來發展未來的發展——而且我認為，正如弗雷德所指出的那樣，事情可能需要一年多的時間才能真正紮根。

But we do expect that revenue benefit to be 15%-plus.

但我們確實預期收入收益將達到 15% 以上。

So the impact of this reinvention, this reimagination of the brand is clearly margin accretive, which is why we believe it's the right answer.

因此，這種重塑、品牌重新想像的影響顯然會增加利潤，這就是為什麼我們相信這是正確的答案。

Okay.

好的。

And then just given the margin projections for the third quarter, do you have any insight what percent of the network is above breakeven?

然後，根據第三季的利潤預測，您是否知道網路中超過損益平衡點的百分比是多少？

Yeah, Jake.

是的，傑克。

That's a question that we're not going to address right now.

這是我們現在不打算解決的問題。

We think of the network overall, it lives as one large ecosystem.

我們認為整個網路是一個大型生態系統。

So it's just something that we're not going to address on a route-by-route basis.

所以這只是我們不會逐條解決的問題。

Okay, thank you.

好的，謝謝。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Oh hey, good morning.

哦嘿，早安。

Just a couple of questions on the pivot to an improved travel experience.

只是關於改善旅行體驗的幾個問題。

I guess my first question is, how do you get the message across to consumers?

我想我的第一個問題是，如何向消費者傳達訊息？

When I think about the industry rolling out basic economy, that was pretty time consuming and a pretty steep learning curve.

當我想到該行業推出基礎經濟時，這是相當耗時的，而且學習曲線相當陡峭。

But I'm not sure that that establishes precedent.

但我不確定這是否構成先例。

Just wondering how long you envision the new products taking to gain traction with a customer base that is unaccustomed to many of these new categories, these new options?

只是想知道您預計新產品需要多長時間才能吸引不習慣許多新類別、新選項的客戶群？

Thanks.

謝謝。

Hi.

你好。

Good morning, Jamie, it's Ted.

早安，傑米，我是泰德。

I'll start, and then maybe we can have either Matt or Rana jump in as well.

我先開始，然後也許我們可以讓馬特或拉納也加入進來。

But I did see your discussion on the analogy between the implementation of basic economy on one of your notes.

但我確實在你的一篇筆記上看到了你對實施基本經濟的類比的討論。

I thought that was an interesting comparison.

我認為這是一個有趣的比較。

I think things are a little different here.

我認為這裡的情況有點不同。

And the reason that I believe that's true is, first of all, we haven't spent any money or time telling the Spirit's story in the past.

我之所以相信這是真的，首先是因為我們過去沒有花任何金錢或時間來講述聖靈的故事。

That simply has not been the case.

事實並非如此。

We've let price drive the discussion.

我們讓價格來推動討論。

And so what will be completely different is we will be doing exactly that, which I think will have outsized impact.

因此，完全不同的是我們將這樣做，我認為這將產生巨大的影響。

And what I mean by that is, once we start talking, the media is going to pick up on it.

我的意思是，一旦我們開始談論，媒體就會注意到這一點。

The broader social media groups are going to start picking up on it, and we're going to get a lot of attention.

更廣泛的社群媒體團體將開始關注這一點，我們將得到很多關注。

And I think that that will have an outsized impact on traditional marketing.

我認為這將對傳統行銷產生巨大影響。

In addition to that, as we're developing that message and as I said in my comments, we appointed a brand-new ad agency and executor.

除此之外，正如我在評論中所說，當我們正在製定這一訊息時，我們任命了一家全新的廣告代理商和執行人。

Tombras is world recognized, who's helping us think through how we do that in the best possible way and how we do it in the most cost-efficient but effective way.

Tombras 是世界公認的，他幫助我們思考如何以最好的方式做到這一點，以及如何以最具成本效益但最有效的方式做到這一點。

So we have a real shot there.

所以我們在那裡有一個真正的機會。

In addition to that, Matt alluded to it, that the way that our products are currently configured and sold, the leverage that we get out of third-party distribution is muted today when compared to the way they will eventually be merchandised and sold.

除此之外，馬特還提到，與產品最終的銷售和銷售方式相比，我們產品目前的配置和銷售方式以及我們從第三方分銷中獲得的槓桿作用現在已經微乎其微。

To be direct about it, we have a product that simulates a business-class product, but it's not sold that way on the GDSs and the OTAs.

坦白說，我們有一款模擬企業級產品的產品，但它在 GDS 和 OTA 上並不是以這種方式銷售的。

If you sort by business class, we do not arrive.

如果您按商務艙排序，我們不會到達。

So over time, as we work with those partners, that will change.

因此，隨著時間的推移，當我們與這些合作夥伴合作時，這種情況將會改變。

And that's a natural and significant change in we think the size of the population that will consider us.

這是我們認為會考慮我們的人口規模的自然而重大的變化。

So a few thoughts from me.

我的一些想法。

I'm going to turn it over to Matt and let him jump in as well.

我要把它交給馬特，讓他也參與其中。

Yeah, Jamie.

是的，傑米。

One very large difference between -- and I recognize your analogy there.

兩者之間有一個非常大的區別——我認識到你的類比。

One large difference is that when basic economy was introduced, our competitors actively tried to not really sell that product.

一個很大的區別是，當基本經濟推出時，我們的競爭對手積極嘗試不真正銷售該產品。

And it wasn't something they really wanted to put out to market.

這並不是他們真正想推向市場的東西。

This is the opposite.

這是相反的。

We are very excited to put this out to market.

我們非常高興將其推向市場。

We can't wait to get the word out there.

我們迫不及待地想把消息傳出去。

And we know it's going to be received very well.

我們知道它會受到很好的歡迎。

We're very excited about, as Ted mentioned about, what we're doing from an advertising perspective and go out there and tell our story.

正如泰德所提到的，我們對從廣告角度所做的事情感到非常興奮，並走出去講述我們的故事。

And so I hope that makes sense, and we can't wait to get started.

所以我希望這是有道理的，我們迫不及待地想開始。

I think Matt made an interesting point as well, Jamie, that I wanted to add on to.

我認為馬特也提出了一個有趣的觀點，傑米，我想補充一下。

When basic economy was introduced, let's not forget, they were taking things away from the consumer.

我們不要忘記，當基本經濟推出時，他們正在從消費者手中奪走東西。

So harder to advertise that.

做廣告就更難了。

We're actually making things and adding things to the product.

我們實際上是在製造東西並向產品添加東西。

This is something for people to get energized about.

這是讓人們充滿活力的事。

And I just -- yesterday, when we -- or day before yesterday, we put out the release associated with it.

我只是 - 昨天，當我們 - 或前天，我們發布了與之相關的版本。

We hosted an entire company town hall that was attended by the entire business online, and we had probably 400 people in our training facility.

我們舉辦了整個公司的全體員工大會，整個企業都在線上參加了會議，我們的培訓設施中大約有 400 人。

And the energy in the building was palpable.

建築物中的能量是顯而易見的。

I mean I was honored and humbled to be a part of this organization that's ready to embrace change, that understands the challenges we face but knows that the products and services that we're implementing are going to be a real value add.

我的意思是，我很榮幸也很榮幸成為這個組織的一員，該組織已準備好擁抱變革，了解我們面臨的挑戰，但知道我們正在實施的產品和服務將成為真正的增值。

And we had over 13,000 people dialed in, watching this.

有超過 13,000 人撥打電話觀看此影片。

So you know for a fact the Spirit team is ready to go.

所以你知道，Spirit 團隊已準備就緒。

And that's important.

這很重要。

You've got to get alignment around your group to deploy these products.

您必須與您的團隊保持一致才能部署這些產品。

So we're excited to see how it transpires.

所以我們很高興看到它是如何發生的。

So Ted, you need to go on a late-night talk show circuit.

所以特德，你需要參加深夜脫口秀節目。

Remember when David Newman did that?

還記得大衛紐曼這麼做的時候嗎？

Different circumstance, but I'll be looking for you on a TV screen soon.

情況不同，但我很快就會在電視螢幕上尋找你。

Just a quick follow-up.

只是快速跟進。

Low-cost, no-frills is embedded in your managerial DNA, if you will.

如果您願意的話，低成本、樸素的理念已深植於您的管理 DNA 中。

And I get it, blocking middle seats isn't exactly rocket science.

我明白了，阻塞中間座位不完全是火箭科學。

But I want to ask this delicately, do you think you have to bring in any outside talent to really crack the premium code?

但我想問一個微妙的問題，你認為你需要引入任何外部人才才能真正破解高級程式碼嗎？

It just seems far afield from what your current bench is accustomed to.

這似乎與你目前的板凳席習慣相距甚遠。

Thanks

謝謝

(inaudible)

（聽不清楚）

I appreciate the delicate nature of the question, Jamie.

我很欣賞這個問題的微妙性質，傑米。

By the way, if you want to do a late-night circuit, you can play drums and I'll play guitar.

順便說一句，如果你想做深夜巡迴演出，你可以打鼓，我會彈吉他。

Is that fair?

這樣公平嗎？

Look, we're talking about the shift from being just low cost and low fare to delivering value with low cost.

看，我們正在談論從低成本和低票價到以低成本提供價值的轉變。

And yes, we are bringing in outside assistance to help us think about that.

是的，我們正在引入外部援助來幫助我們思考這個問題。

I mentioned that we have a new ad agency.

我提到我們有一家新的廣告公司。

We also have a strategic brand adviser that's helping us thinking about how we deliver that.

我們還有一位策略品牌顧問，幫助我們思考如何實現這個目標。

And as I said earlier, this is a reinvention and a reimagination that nobody around here is fighting, in fact, they're actually pushing for.

正如我之前所說，這是一種重新發明和重新想像，這裡沒有人反對，事實上，他們實際上正在推動。

So yes, we have DNA around low cost, and I'm glad for that, because that's going to be a part of what we do.

所以，是的，我們有低成本的基因，我對此感到高興，因為這將成為我們工作的一部分。

What's different is that we can give our team, the frontline, the management team all that the tools they need to deliver value.

不同的是，我們可以為我們的團隊、第一線、管理團隊提供他們交付價值所需的所有工具。

And that's where we think we're going to be a game changer.

這就是我們認為我們將成為遊戲規則改變者的地方。

That's great.

那太棒了。

Thanks, team.

謝謝，團隊。

Appreciate it.

欣賞它。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning, everyone.

嘿，大家早安。

Matt, can I ask a little bit more of a near-term question?

馬特，我可以問一些近期的問題嗎？

I was kind of curious if you're seeing -- is your exit rate, as you exit here this quarter, if that is showing any improvement, either because the industry is adjusting capacity or you're being a little bit more aggressive on adjusting your capacity over in those off-peak periods?

我很好奇你是否看到——當你本季度退出時，你的退出率是否顯示出任何改善，要么是因為行業正在調整產能，要么是因為你在調整方面更加積極您在非高峰時段的容量超了嗎？

Hey, Savi.

嘿，薩維。

So I would say right now, around some of the more shoulder periods, we're not necessarily seeing outsized advanced load factor benefit yet.

因此，我現在想說的是，在一些肩期較長的情況下，我們不一定會看到超額的提前負載係數收益。

But as we're moving through the booking curve, as we get closer and closer to the shoulder and off-peak periods, we're starting to see some of the clawback.

但隨著我們沿著預訂曲線移動，隨著我們越來越接近平峰期和非高峰期，我們開始看到一些回扣。

So we're not up year over year on advanced loads right now, but the clawback is happening and that's why we're continuing to make some adjustments close in.

因此，我們目前的高級負載並沒有逐年上升，但回撥正在發生，這就是我們繼續進行一些調整的原因。

The rapid nature of some of the moves that we're seeing in the industry overall does seem to be helping to move some traffic around.

我們在整個行業中看到的一些快速變化似乎確實有助於轉移一些流量。

And if trends hold, as we've seen for the last year, the amount of close-in demand will be there.

如果趨勢持續下去，正如我們去年所看到的那樣，近期的需求量將會存在。

And then with our new structure and the way we're handling peak, off-peak, it should be able to push more onto the right days of the week.

然後，透過我們的新結構以及我們處理高峰和非高峰的方式，它應該能夠將更多的時間推到一周中正確的日子。

So that's what we're hoping for.

這就是我們所希望的。

That's what we're starting to see.

這就是我們開始看到的。

It's a little bit too soon to talk about exit rate of third quarter.

現在談論第三季的退出率還為時過早。

But as we get closer and closer to those periods, we're seeing what we want to see from a booking curve perspective.

但隨著我們越來越接近這些時期，我們從預訂曲線的角度看到了我們想要看到的情況。

I appreciate that.

我很欣賞這一點。

And just on the leasing move that you just said, it just seems like then the order book has been monetized and nothing more.

就你剛才所說的租賃行動而言，訂單簿似乎已經貨幣化了，僅此而已。

And then should we expect leasing revenue to build as these get put on lease?

那麼，隨著這些設施的租賃，我們是否應該預期租賃收入會增加？

Hey, Savi, it's Ted.

嘿，薩維，我是泰德。

I'll take that.

我會接受的。

I wouldn't describe it as the order book being, quote, monetized.

我不會將其描述為訂單簿被貨幣化。

This was a structured transaction to basically do a form of a sale-leaseback on 36 airplanes in the forward delivery.

這是一項結構性交易，主要是對遠期交付的 36 架飛機進行售後回租。

So we just pre-financed them, and the PDPs, as a result of that, were refunded to us.

因此，我們只是為他們提供了預先融資，因此，PDP 被退還給我們。

And all forward obligations on those airplanes are now AerCap.

這些飛機上的所有遠期義務現在均由 AerCap 承擔。

So that's a notable working capital pick up over the next couple of years as well.

因此，未來幾年營運資金也會顯著增加。

I mean we're talking north of $300 million.

我的意思是我們談論的金額超過 3 億美元。

So that's an extreme benefit to the company going forward.

因此，這對公司未來的發展來說是極大的好處。

And then the remaining 52 aircrafts in our delivery stream, we did work on a structured way to basically get those PDPs advanced as well, with certain conditions that they will be repaid over time.

然後，我們的交付流程中剩餘的52 架飛機，我們確實以一種結構化的方式進行工作，基本上也讓這些PDP 也得到了進展，但有一定的條件，它們將隨著時間的推移得到回報。

But those airplanes remain in our order book and under our control.

但這些飛機仍然在我們的訂單簿中並且處於我們的控制之下。

It's just we reached a conclusion that that is liquidity enhancing in the near term.

只是我們得出的結論是，短期內流動性會增強。

Okay.

好的。

And I misunderstood the way that was structured, so that makes sense.

我誤解了它的結構方式，所以這是有道理的。

Appreciate it.

欣賞它。

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。

If you do some quick math on the 15% increase in unit revenue expected from the initiatives, I think it puts the new product opportunity at over $1 billion.

如果您對這些舉措預計帶來的單位收入成長 15% 進行快速計算，我認為新產品機會將超過 10 億美元。

Is that correct?

這是正確的嗎？

And then if you could just help frame up the revenue puts and takes from -- I assume you're going to lose some non-ticket, but that gets accreted up.

然後，如果你能幫助制定收入投入和支出——我認為你會損失一些非門票收入，但這種損失會不斷增加。

So just any thoughts around the opportunity as when it's at full run rate.

因此，只要圍繞這個機會的任何想法，就像它在全速運行時一樣。

Thank you.

謝謝。

Sure.

當然。

I can start.

我可以開始了。

Matt, you feel free to jump in.

馬特，你可以隨意加入。

But I think ballpark, your math is probably about correct, especially by the time we get to the landing zone, which as I described earlier, is still a year or more out.

但我認為，你的數學可能是正確的，特別是當我們到達著陸區時，正如我之前所描述的，仍然需要一年或更長時間。

But it will accrue over that time.

但它會隨著時間的推移而累積。

And yes, we are experiencing some of the non-ticket headwind immediately.

是的，我們立即遇到了一些非門票方面的阻力。

In fact, as Matt outlined, the elimination of change and cancel fees, some of the other benefits that we extended from a flexibility perspective to our guests, like credit vouchers and credit shell flexibility and the change in the -- excuse me, the checked bag from 40 to 50 pounds, all those are a natural headwind to unit revenue and to ancillary revenue, I think, in the near term as much as 4%.

事實上，正如馬特所概述的，取消變更和取消費用，我們從靈活性的角度為客人提供的一些其他好處，例如信用憑證和信用殼靈活性以及 - 對不起，檢查的變化袋子從40 到50磅，所有這些都是單位收入和輔助收入的自然阻力，我認為，在短期內高達4%。

So that's a now problem that comes back to us over time.

所以這是一個隨著時間的推移又回到我們身上的問題。

And so you can sort of think about that sort of crossing the streams over the next year or more as the benefits of the reimagined product, the widening of the funnel and getting access to new guests, the benefit associated with load factor, all of those things start to offset the headwinds we're experiencing in the near term from an ancillary perspective.

因此，您可以將這種在未來一年或更長時間內跨越流的方式視為重新設計產品的好處，擴大管道並接觸新客人，與載客率相關的好處，所有這些從輔助角度來看，事情開始抵銷我們近期遇到的不利因素。

Matt, do you want to add anything?

馬特，你想補充什麼嗎？

Yes, sure.

是的，當然。

Conor, I think your calculation is a little bit rich there.

康納，我認為你的計算有點豐富。

We hope your $1 billion number is right.

我們希望您的 10 億美元數字是正確的。

It's going to be a little bit below that.

它會比這個低一點點。

But one thing to keep in mind is as part of our loyalty program -- and I think we talked about it last quarter, I'll mention it again.

但要記住的一件事是作為我們忠誠度計劃的一部分 - 我想我們上個季度討論過它，我會再次提及。

A lot of our loyalty we've had historically is because we had very low fares, and that was something that is what people are looking for.

我們歷史上的忠誠度很大程度上是因為我們的票價非常低，而這正是人們所尋求的。

And the unbundled model was revolutionary, and the optionality that we offer for our guests is exactly what they wanted.

這種非捆綁模式是革命性的，我們為客人提供的選擇正是他們想要的。

But over time, in order to really build up a loyalty program, it has to be more relationship-driven.

但隨著時間的推移，為了真正建立忠誠度計劃，它必須更加以關係為驅動。

We have to have loyalty that is coming back to Spirit, not just for low fares.

我們必須擁有回歸精神的忠誠度，而不僅僅是為了低票價。

They want to come back to Spirit for the experience and they want to come back to Spirit for a program that is also more reflective of who we're going to be in the future also.

他們想回到精神號來體驗，他們想回到精神號來參加一個更能反映我們未來的計劃。

So we haven't really announced any changes for the loyalty program yet, but we are in works on things with that as well.

因此，我們還沒有真正宣布對忠誠度計劃進行任何更改，但我們也在努力解決這個問題。

And that is a piece of how we think about things moving forward, and that takes time to build.

這是我們對未來發展的思考方式，需要時間來建立。

So as Ted just mentioned, some of the unit revenue improvement, it will be there.

正如泰德剛才提到的，單位收入的一些改善將會存在。

And it'll take a little bit of time to get there, and it's sort of a -- it's an ongoing process to get everything in place.

到達那裡需要一點時間，這是一個持續的過程，讓一切都到位。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And I'm not so great at math, so I appreciate you checking that.

我的數學不太好，所以我很感謝你檢查一下。

But in the press release, you mentioned your liquidity target of over $1 billion.

但在新聞稿中，您提到了超過 10 億美元的流動性目標。

But then you kind of caveated it, assuming that your initiatives close that you're currently in process of working on.

但後來你有點警告了它，假設你的計劃已經結束，你目前正在進行工作。

I assume that's the product changes, but could you just clarify what you're trying to message there?

我認為這是產品的變化，但您能澄清一下您想傳達的訊息嗎？

Thank you.

謝謝。

Sure, Conor.

當然，康納。

No, we're talking about a few transactions that we're already in discussions on that -- I think in the initial question that was asked by Andrew about what is the basket of unencumbered and other assets that have equity value in them.

不，我們談論的是我們已經在討論的一些交易——我認為在安德魯提出的最初問題中，什麼是一攬子未支配資產和具有股權價值的其他資產。

And we're looking at a few aircraft-related transactions that are underway that we feel confident we will get done, and those are included in that number.

我們正在研究一些正在進行的與飛機相關的交易，我們有信心完成這些交易，這些交易都包含在該數字中。

Got you.

明白你了。

Thank you.

謝謝。

Stephen Trent, Citigroup.

史蒂芬‧特倫特，花旗集團。

Good morning, everybody, and thanks for taking my question.

大家早安，感謝您提出我的問題。

I was curious on CrowdStrike.

我對 CrowdStrike 很好奇。

I appreciate what you guys disclosed on that incident.

我很欣賞你們就該事件所披露的情況。

Can you tell us whether you are having any sort of conversations with them with respect to the losses you incurred as a result of their outage?

您能否告訴我們您是否正在與他們就因停電而造成的損失進行任何形式的對話？

Thanks, Stephen.

謝謝，史蒂芬。

What was interesting about the impact to Spirit is we are not a customer of CrowdStrike.

對 Spirit 的影響有趣的是我們不是 CrowdStrike 的客戶。

So this was an issue with regard to one of our third-party software providers.

所以這是我們的第三方軟體供應商之一的問題。

And so to the extent that we have service-level agreements with that provider, we will be in discussions with them about it.

因此，只要我們與該提供者簽訂了服務等級協議，我們就會與他們進行討論。

And they may be in discussions on the back end with their relationship with CrowdStrike.

他們可能正在後端討論與 CrowdStrike 的關係。

Okay.

好的。

Makes sense.

有道理。

Helpful.

有幫助。

And if I may, I know across the space, you have other airlines also making big moves with their domestic products.

如果可以的話，我知道在整個領域，其他航空公司也在利用其國內產品採取重大舉措。

Are you seeing any spillover, for example, with customers migrating over to your side of the fence from some competitor changes when you look at your booking curve?

例如，當您查看您的預訂曲線時，您是否看到任何溢出效應，客戶因某些競爭對手的變化而轉向您這邊？

Or is it just way too early to say at this point?

還是現在說還太早？

Well, I think that may be too early to say.

嗯，我認為現在說這可能還為時過早。

We did acknowledge that we are seeing, for the first time since 2023, some year-on-year load factor improvement, which we think at least is partially attributable to some of the flexibility we've granted in the second quarter.

我們確實承認，自 2023 年以來我們首次看到載客率同比有所改善，我們認為這至少部分歸因於我們在第二季度給予的一些靈活性。

But I think one of the benefits associated with this deployment for us, at least vis-a-vis the rest of the competition, because I have heard other people talking about changes in their product, is we're doing it right now, like this is not a promise of something happening in '25 or '26 with vague descriptions about what it might look like.

但我認為這種部署對我們來說的好處之一，至少相對於其他競爭對手，因為我聽到其他人談論他們產品的變化，就是我們現在正在這樣做，就像這並不是對25 或26年發生的事情的承諾，而且對它可能會是什麼樣子的描述也很模糊。

We're actually deploying this thing in the next two weeks, which is why we were so careful about the design, why we were careful about the way we were going to do it, the research we did.

我們實際上將在接下來的兩週內部署這個東西，這就是為什麼我們對設計如此謹慎，為什麼我們對我們要做的方式和我們所做的研究如此謹慎。

And acknowledging, we were getting pressure from our constituents to disclose what we were going to do, and we felt it was the right time to do it was when we were going to do it, which is happening right now.

並承認，我們受到選民的壓力，要求揭露我們將要做什麼，我們認為現在是這樣做的正確時機，而這正是我們正在做的事情。

So we're actually interested and excited to see whether or not we are successful at capturing share as a result of having a new product in the market faster than anyone else.

因此，我們實際上很感興趣並且很興奮地想看看我們是否能夠因為比其他任何人更快地將新產品推向市場而成功地佔領市場份額。

That, coupled with our low-cost structure, makes us a high-value play.

再加上我們的低成本結構，使我們成為一個高價值的公司。

And I think that that's the advantage that we're going to have and we're going to exploit.

我認為這就是我們將擁有並要利用的優勢。

Okay.

好的。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Hi, everyone.

大家好。

Thanks very much for the time.

非常感謝您抽出時間。

I just want to get a sense of -- with your long-term plan as we get to the end of 2025, where you see the mix of fare and non-fare revenue kind of settling out.

我只是想了解一下，到 2025 年底，你們的長期計劃，票價和非票價收入的混合情況將趨於穩定。

Hey, Tom, it's Matt.

嘿，湯姆，我是馬特。

As I said in my prepared remarks, we're only going to be reporting on a total revenue per passenger segment moving forward.

正如我在準備好的演講中所說，我們只會報告未來每個乘客部分的總收入。

Okay, okay.

好吧，好吧。

Fair enough.

很公平。

Thanks.

謝謝。

And then could you just comment on how those 77 new markets are performing just so far versus expectations?

那麼您能否評論一下這 77 個新市場迄今為止的表現與預期相比如何？

Thank you, guys, for the time.

謝謝你們，夥計們，花時間。

Yeah, sure, Tom.

是的，當然，湯姆。

I think one thing that's important to note, as opposed to talking about specifically those 77 new routes and how we move the network around wherever we see opportunities, one thing that we're doing you've heard me talk about in the past is about Latin America and the Caribbean.

我認為需要注意的一件事很重要，而不是具體談論這 77 條新航線以及我們如何將網絡移動到任何我們看到機會的地方，我們正在做的一件事你過去聽我談論過拉丁美洲和加勒比海地區。

So we used to be around 15% of our network was in that region.

所以我們過去大約 15% 的網路位於該地區。

We had moved that up to 20%.

我們已將其提高到 20%。

Some times of the year, it was even a little bit over 20%.

一年中的某些時候，這一比例甚至略高於 20%。

Now we're back down to that 15% number right now.

現在我們又回到了 15% 的數字。

There's a lot of capacity in that region, the near international plus US territories.

該地區、鄰近國際地區和美國領土擁有大量產能。

So we've been very careful there, and we're making sure that we're evaluating everything we're doing with the network.

因此，我們一直非常小心，並確保評估我們在網路上所做的一切。

But that's an example of how when we need to move things around, we will, and that's just an example of that.

但這是一個例子，說明當我們需要移動事物時，我們會這樣做，而這只是一個例子。

Ryan Capozzi, Wolfe Research.

瑞安‧卡波齊，沃爾夫研究中心。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

Ryan Capozzi on for Scott.

瑞恩·卡波齊 (Ryan Capozzi) 替補斯科特 (Scott)。

Could you just discuss your early CapEx plans for next year as well as other sources and uses of cash?

您能否討論一下明年的早期資本支出計畫以及其他現金來源和用途？

And then do you have any kind of minimum liquidity targets as we look out to next year?

那麼，當我們展望明年時，你們有什麼最低流動性目標嗎？

We're going to have to refine for you, Ryan, the 2025 CapEx expectations.

Ryan，我們必須為您完善 2025 年資本支出預期。

We usually give you guys a view on that once we get closer to the beginning of the year.

一旦接近年初，我們通常會向大家提供對此的看法。

So I wouldn't expect that our non-aircraft-related CapEx is going to be dramatically different than our run rate.

因此，我預計我們的非飛機相關資本支出不會與我們的運行率有很大不同。

And given that we've just moved considerable aircraft in the forward part of our delivery to a third party, that changes the PDP CapEx discussion as well.

鑑於我們剛剛在交付的前期階段將大量飛機轉移給第三方，這也改變了 PDP 資本支出的討論。

So we got to kind of do some math on that and get back to you on that, which we will do as we get closer to year end.

因此，我們必須對此進行一些數學計算，然後再回覆您，我們將在接近年底時這樣做。

Got it.

知道了。

Very helpful.

非常有幫助。

And then maybe if I could just squeeze in a follow-up.

然後也許我可以擠出一點後續行動。

You guys have outlined some of these new initiatives and products very well.

你們已經很好地概述了其中一些新舉措和產品。

Could you just, as they get implemented, talk about sort of the best-case scenario of when you get back to profitability or at least sort of the steps to getting there?

當它們實施時，您能否談談您何時恢復盈利的最佳情況，或至少談談實現這一目標的步驟？

Sure.

當然。

So look, we recognize that we're in a tough position today.

所以看，我們認識到我們今天處於一個艱難的境地。

And I don't think we're anywhere but heads up about that issue.

我認為我們除了關注這個問題之外別無他法。

And so the way I would think about margin repair at Spirit is I think you got to divide it into a few baskets so that we can start to build our way back to profitability.

因此，我對 Spirit 利潤率修復的看法是，我認為你必須將其分為幾個籃子，以便我們可以開始建立恢復盈利的方法。

The first is that in the current quarter, there are a number of both unique to Spirit and one-time items that are hitting us from a margin perspective.

首先，在本季度，有許多 Spirit 獨有的產品和一次性產品從利潤角度對我們造成了打擊。

The first is the Pratt issue.

首先是普拉特問題。

The mere accounting of the credits we receive and then are able to report on the income statement is about 1.5 of the margin.

僅對我們收到的、然後能夠在損益表中報告的信用進行會計處理，就相當於利潤的 1.5 左右。

But in addition to that, we previously disclosed that the inefficiency associated with removing aircraft from service and not being able to fully adjust the business is another couple of points.

但除此之外，我們之前曾披露過，因飛機停飛而導致的效率低下以及無法全面調整業務也是另外兩點。

So we've really got Pratt headwinds in the near term of around 3.5%.

因此，短期內我們確實遇到了大約 3.5% 的普拉特逆風。

In addition to that, we are exiting the remainder of the company's 319 fleet.

除此之外，我們還將退出該公司 319 機隊的剩餘飛機。

In fact, the last two aircrafts in service will go back to their lessors at the beginning part of next year.

事實上，最後兩架服役的飛機將於明年初歸還給出租人。

As a result of terminating that fleet type, and returning those aircraft, we have a one-time accrual in the current quarter that actually hits us at about 2 points on the margin.

由於終止該機隊類型並歸還這些飛機，我們在本季度獲得了一次性應計收益，實際上使我們的利潤率提高了約 2 個百分點。

So that's another couple of points there.

這是另外幾點。

We talked about the CrowdStrike IT outage.

我們討論了 CrowdStrike IT 中斷事件。

That actually was about 1 point on the margin for us this quarter.

實際上，本季我們的利潤率大約提高了 1 個百分點。

And then as we start to roll out the reimagined Spirit, we are incurring expenses in the near term that, first of all, don't have the revenue benefit associated with them yet, but also are somewhat one-time in nature.

然後，當我們開始推出重新構想的 Spirit 時，我們會在短期內產生費用，首先，這些費用還沒有與之相關的收入收益，而且本質上也是一次性的。

I'm talking about training of our personnel.

我說的是我們人員的訓練。

I'm talking about IT-related reconfiguration and e-commerce platform changes.

我說的是與IT相關的重新配置和電子商務平台的變更。

I'm talking about some airport-related expenses, both material that has to be delivered to introduce the new product as well, things like that.

我說的是一些與機場相關的費用，包括介紹新產品時必須交付的材料，諸如此類的費用。

And actually, it adds about 1 point -- excuse me, a couple of points of headwind in the near-term quarter.

實際上，它增加了大約 1 個點——對不起，近期季度的幾個點的逆風。

And then as we just talked about in detail, the change in the ancillary model from the removal of changing cancel fees and a few of the other things like the 50-pound bag and that sort of stuff is in the near term, a headwind of 3 to 4 points before it starts to benefit.

然後，正如我們剛才詳細討論的那樣，輔助模型的變化，包括取消更改費用和其他一些東西，例如 50 磅的袋子之類的東西，在短期內會帶來不利影響。 。

You add all that up, and you're 10 to 11 points of margin headwind in the near quarter.

將所有這些加起來，您在近季度的利潤率將面臨 10 到 11 個百分點的逆風。

But the benefit is we expect longer term, as I said earlier, bravo to deliver somewhere in the neighborhood of around -- or what we call internally, but like our reimagined Spirit, a neighborhood of around 15 points of incremental unit revenue.

但好處是，正如我之前所說，從長遠來看，Bravo 能夠在周圍的某個地方提供服務——或者我們內部所說的，但就像我們重新構想的Spirit 一樣，單位收入增量約為15 個百分點。

And that will come with some additional unit cost pressure I discussed earlier of around 3 to 4 points.

這將帶來一些額外的單位成本壓力，我之前討論過，大約有 3 到 4 點。

So we're talking 10-plus points of margin benefit associated with that.

所以我們談論的是與此相關的 10 多個點的利潤收益。

And then really the last lever, which is the one that's the hardest to predict, the most difficult to quantify but we think potentially has the biggest potential swing is today, we acknowledge that we're in a supply-demand imbalance.

最後一個槓桿是最難預測、最難量化的，但我們認為可能具有最大的潛在波動，那就是今天，我們承認我們正處於供需失衡。

And we are moving to make changes to that.

我們正在努力對此做出改變。

We're already talking about the fact that we deferred a number of aircraft out in the near term.

我們已經討論過我們在短期內推遲了一些飛機的交付。

In fact, next year, we're actually getting smaller.

事實上，明年我們的規模實際上會變得更小。

Some of that obviously is a result of the Pratt issues.

其中一些顯然是普拉特問題的結果。

But nonetheless, Spirit is contributing to that.

但儘管如此，精神正在為此做出貢獻。

And we're hearing other airlines making similar adjustments.

我們也聽到其他航空公司也在做類似的調整。

And as the market starts to return to a more balanced supply and demand market, we should see natural tailwinds to unit revenue and margin.

隨著市場開始恢復到更平衡的供需市場，我們應該會看到單位收入和利潤率的自然增長。

So you combo all of those three things together and you can build your way back to a profitable answer, most notably over that window of time, which will take some time.

因此，您將所有這三件事結合在一起，就可以找到盈利的答案，尤其是在這段時間內，這將需要一些時間。

You're getting more EBITDA and you're starting to cash flow, which is really where we want to be.

你將獲得更多的 EBITDA，並且開始產生現金流，這正是我們想要的。

So I wouldn't put an end zone on it right now.

所以我現在不會在上面設定端區。

It's definitely a year-plus, but those are the factors that will drive it.

這肯定是一年多了，但這些都是推動它的因素。

Super helpful.

超有幫助。

Thank you.

謝謝。

I will now turn the floor over to DeAnne Gabel for closing remarks.

我現在將請迪安妮·加貝爾 (DeAnne Gabel) 致閉幕詞。

Thank you, Adam.

謝謝你，亞當。

I just want to say thank you, everyone, for joining us today.

我只想說謝謝大家今天加入我們。

And if you have any questions, please feel free to reach out to Investor Relations or Media Relations.

如果您有任何疑問，請隨時聯繫投資者關係部或媒體關係部。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you, all, for joining.

謝謝大家的加入。

You may now disconnect.

您現在可以斷開連線。