SkyWest Inc (SKYW) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby and I'll be your conference operator today. At this time, I would like to welcome everyone to the SkyWest Incorporated fourth quarter and full year 2024 results call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫艾比 (Abby)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 SkyWest Incorporated 2024 年第四季和全年業績電話會議。（操作員指令）

I would now like to turn the conference over to Mr. Rob Simmons, Chief Financial Officer. You may begin.

現在，我想將會議交給財務長 Rob Simmons 先生。你可以開始了。

Thanks, Abby. And thanks everyone for joining us on the call today. As Abby indicated, this is Rob Simmons, SkyWest's Chief Financial Officer. On the call with me today are Chip Childs, President and Chief Executive Officer; Wade Steel, Chief Commercial Officer; and Eric Woodward, Chief Accounting Officer.

謝謝，艾比。感謝大家今天參加我們的電話會議。正如艾比所說，這是天西航空的首席財務官羅布·西蒙斯 (Rob Simmons)。今天與我一起通話的有總裁兼執行長 Chip Childs；韋德‧史蒂爾 (Wade Steel)，首席商務官；以及首席會計長 Eric Woodward。

I'd like to start today by asking Eric to read the Safe Harbor then I will turn the time over to Chip for some comments. Following Chip, I will take us through the financial results then Wade will discuss the fleet and related flying arrangements. Following Wade, we will have the customary Q&A session with our sell-side analysts. Eric?

今天，我首先想請 Eric 閱讀《安全港》，然後我會將時間交給 Chip 發表一些評論。在 Chip 之後，我將向我們介紹財務結果，然後 Wade 將討論機隊和相關的飛行安排。在韋德之後，我們將與賣方分析師進行慣例問答環節。埃里克？

Today's discussion contains forward-looking statements that represent our current beliefs, expectations, and assumptions regarding future events and are subject to risks and uncertainties. We assume no obligation to update any forward-looking statement whether as a result of new information, future events, or otherwise. Actual results will likely vary and may vary materially from those anticipated, estimated, or projected for a number of reasons. Some of the factors that may cause such differences are included in our most recent Form10-K and other reports and filings with the Securities and Exchange Commission.

今天的討論包含前瞻性陳述，代表我們目前對未來事件的信念、期望和假設，並受風險和不確定性的影響。我們不承擔更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件或其他原因。由於多種原因，實際結果可能會有所不同，甚至可能與預期、估計或預測的結果有重大差異。我們最近的 Form10-K 以及向美國證券交易委員會提交的其他報告和文件中列出了一些可能導致此類差異的因素。

And now, I'll turn the call over to Chip.

現在，我將電話轉給 Chip。

Thank you, Rob and Eric. Good afternoon, everyone. Thank you for joining us on the call today. I want to start and acknowledge last night; the unthinkable happened when a military aircraft collided with an American Eagle aircraft on approach to Washington's Reagan National Airport claiming the lives of all on board.

謝謝你，羅布和艾瑞克。大家下午好。感謝您今天的參加電話會議。我想開始並承認昨晚；令人難以想像的是，一架軍用飛機與一架美國之鷹飛機在接近華盛頓雷根國家機場時相撞，造成機上所有人員死亡。

SkyWest has offered our resources and support to our colleagues at PSA and American and extended our deepest condolences to those involved and their loved ones. This is a tragedy for all of us in aviation and we support our aviation and military colleagues throughout the industry who have been affected by this tragic event.

天西航空已向 PSA 和美國的同事提供了資源和支持，並向相關人員及其親屬表達了最深切的哀悼。這對我們所有航空業者來說都是一場悲劇，我們支持整個產業中受到這一悲劇事件影響的航空和軍事同事。

As an airline, we invest hundreds of millions of dollars to safely fly thousands of flights each day. That investment includes in-fleet, on-board system and technology, rigorous training programs, and safety management systems that enable ongoing safe adaptation to our dynamic industry's challenges. The NTSB investigation will undoubtedly be extensive and we and we stand ready to offer support needed to ensure safe airspace across the nation.

作為一家航空公司，我們投資數億美元來確保每天數千個航班的安全飛行。這項投資包括船隊、船上系統和技術、嚴格的培訓計劃和安全管理系統，以持續安全地適應我們動態的行業挑戰。美國國家運輸安全委員會的調查無疑將是廣泛的，我們隨時準備提供所需的支持，以確保全國空域的安全。

Just this week, SkyWest was named one of Fortune's world's most admired companies for 2025. SkyWest is one of only three US airlines and the only regional airline on the list. This honor is not remotely possible without the integrity and teamwork of our more than 14,000 professionals and I'm humbled to be part of this outstanding team.

就在本週，天西航空被《財星》雜誌評為 2025 年全球最受尊敬的公司之一。天西航空是名單上僅有的三家美國航空公司之一，也是唯一一家地區性航空公司。如果沒有我們 14,000 多名專業人員的誠信和團隊合作，這項榮譽是不可能獲得的，我很榮幸能成為這個傑出團隊的一員。

During the fourth quarter, together our people completed nearly 30,000 more flights than the same quarter last year delivering 99.9% adjusted completion. As we continue our work to execute on our growth plan to first, restore or bring new service to underserved communities; second, redeploy and fully utilize our existing fleet; and third, prepare to receive our upcoming deliveries of 16 new E175 between this year and next.

第四季度，我們的員工共完成航班比去年同期多出近 30,000 個，調整後完成率為 99.9%。我們將繼續努力執行我們的成長計劃，首先，為服務不足的社區恢復或提供新的服務；第二，重新部署並充分利用現有機隊；第三，準備接收我們今年和明年即將交付的 16 架新 E175。

Our ability to maintain strong operating credibility remains a key differentiator for SkyWest. Today, SkyWest reported net income of USD97 million or USD2.34 per diluted share for the fourth quarter of 2024. We also reported net income of USD323 million or USD7.77 per diluted share for the 2024 year.

我們維持強大營運信譽的能力仍然是 SkyWest 的關鍵差異化因素。今天，SkyWest 報告 2024 年第四季淨收入為 9,700 萬美元，即每股攤薄收入 2.34 美元。我們還報告稱，2024 年淨收入為 3.23 億美元，即每股稀釋收入 7.77 美元。

We're also pleased to announce that during the fourth quarter, we reached a contract extension with American Airlines that allows for a total of 74 CRJ700 under agreement. This new multi-year agreement extends SkyWest's current American CRJ700 flying along with our United and Delta CRJ550s and places nearly all of SkyWest's CRJ700 aircraft under long-term agreements.

我們也很高興地宣布，在第四季度，我們與美國航空達成了續約合同，根據協議，我們總共可以訂購 74 架 CRJ700 飛機。這項新的多年協議延長了 SkyWest 目前的美國航空 CRJ700 以及聯合航空和達美航空 CRJ550 的飛行時間，並使幾乎所有 SkyWest 的 CRJ700 飛機都納入了長期協議。

Additionally, as we receive another 16 E175s over the next couple of years, we will have 278 total by the end of 2026. We are proud to become the first carrier to operate the one E175 into Aspen in December. Our dual-class aircraft generated 87% of our block hour production during the fourth quarter and the ongoing strong demand and delivery book continues to position us for increased regional market share.

此外，隨著未來幾年我們將接收另外 16 架 E175，到 2026 年底我們的飛機總數將達到 278 架。我們很榮幸成為 12 月第一家將 E175 飛機開往阿斯彭的航空公司。我們的雙艙飛機在第四季度完成了 87% 的飛行小時產量，持續強勁的需求和交付量繼續為我們增加區域市場份額奠定基礎。

Our overall pilot staffing balance and outlook continues to improve. We believe we are now in a place where our pilot staffing, hiring, and production are well matched with a very robust pipeline.

我們的整體飛行員人員配置平衡和前景持續改善。我們相信，現在我們的飛行員人員配置、招募和生產已經與非常強大的管道完美匹配。

We are fully confident in the measures we have put into place over the past three years will ensure staffing is stabilized over the long term. With this continued progress, we expect block hour production to be up about 12% this year compared to 2024. As we discussed last quarter, this places us near the pre-COVID utilization levels.

我們完全有信心，過去三年採取的措施將確保人員配置長期穩定。隨著這一持續進展，我們預計今年的每小時產量將比 2024 年增加約 12%。正如我們上個季度所討論的那樣，這使我們的利用率接近 COVID 之前的水平。

We remain disciplined in our long-term strategy and we will continue to make smart investments in our people and fleet as we redeploy and restore utilization and execute on our growth pathways. As part of those ongoing investments, we expect our aircraft and maintenance spend will increase compared to last year. Wade, we will speak more about that in a minute.

我們將繼續嚴格遵守長期策略，在重新部署和恢復利用率並執行成長路徑的同時，繼續對員工和車隊進行明智的投資。作為持續投資的一部分，我們預計我們的飛機和維護支出將比去年增加。韋德，我們稍後會進一步談論這個問題。

Overall, with our well-positioned fleet operation and our strong partnerships and demand, we remain optimistic about the year ahead. We continue to play the long game and have spent the last several years investing heavily in our fleet and in our people to ensure we are in the best possible situation to respond to strong market demands. Rob will now take us through the financial data.

總體而言，憑藉我們良好的船隊營運狀況以及強大的合作夥伴關係和需求，我們對未來一年的前景仍然持樂觀態度。我們將繼續打持久戰，並在過去幾年中對我們的船隊和員工進行了大規模投資，以確保我們處於最佳狀態來滿足強勁的市場需求。Rob 現在將帶我們了解財務數據。

Today, we reported fourth quarter GAAP net income of USD97 million or USD2.34 earnings per share. Q4 pre-tax income was USD134 million. Our weighted average share count for Q4 was USD41.7 million and our effective tax rate was 27.1%.

今天，我們報告了第四季度 GAAP 淨收入為 9,700 萬美元，即每股收益 2.34 美元。第四季稅前收入為1.34億美元。我們第四季的加權平均股數為 4,170 萬美元，有效稅率為 27.1%。

For the 2024 year, we reported GAAP net income of USD323 million or USD7.77 earnings per share. First, let's talk about revenue. Total Q4 revenue of USD944 million is up 3% sequentially from USD913 million in Q3 2024 and up 26% from USD752 million in Q4 2023. Q4 revenue breaks down with contract revenue at USD786 million, up 3% from Q3 2024 and up 27% from Q4 2023. Prorate and charter revenue was USD126 million in Q4, up 3% from Q3, 2024 and up 14% from Q4 2023. Leasing and other revenue was USD32 million in Q4, up 8% from Q3 and up 34% from a year ago.

2024 年，我們報告的 GAAP 淨收入為 3.23 億美元，或每股收益 7.77 美元。首先，我們來談談收入。第四季總營收為 9.44 億美元，較 2024 年第三季的 9.13 億美元季增 3%，較 2023 年第四季的 7.52 億美元成長 26%。Q4 營收細分為合約營收 7.86 億美元，較 2024 年第三季成長 3%，較 2023 年第四季成長 27%。第四季的比例和租船收入為 1.26 億美元，比 2024 年第三季成長 3%，比 2023 年第四季成長 14%。第四季租賃及其他收入為 3,200 萬美元，季增 8%，較去年同期成長 34%。

These Q4 GAAP results include the effect of recognizing USD20 million of previously deferred revenue this quarter similar to the USD19 million recognized in Q3 2024. We deferred recognizing USD63 million of revenue in Q4 2023. As of the end of Q4, we had USD322 million of cumulative deferred revenue that will be recognized in future periods. We expect this Q4 run rate to continue in 2025 subject to production levels. Our GAAP results also reflect USD5 million of below-the-line other income related to mark to market gains on our equity investments and gains from the sale of equipment.

這些第四季 GAAP 結果包括本季確認 2,000 萬美元先前遞延收入的影響，與 2024 年第三季確認的 1,900 萬美元相似。我們延後確認 2023 年第四季的 6,300 萬美元收入。截至第四季末，我們累計遞延收入為 3.22 億美元，將在未來期間確認。我們預計，第四季的運作率將根據生產水準持續到 2025 年。我們的 GAAP 結果也反映了 500 萬美元的低於線的其他收入，這些收入與我們股權投資的以市價計價的收益以及設備銷售的收益有關。

Let me move to the balance sheet. We ended the quarter with cash of USD802 million; slightly down from USD836 million last quarter and USD835 million at Q4 2023. The decrease in cash during the quarter included the accretive actions of: one, repaying USD115 million in debt before the financing on the four new E175s delivered in Q4; two, buying back 47,000 shares of SkyWest stock in Q4 for USD5 million at an average price of USD104 per share. Since the beginning of 2023, we have repurchased 11.2 million shares or approximately 22% of the outstanding shares of the company for USD332 million at an average price of USD29.76 per share; and three, investing USD186 million in CapEx including four new E175 aircraft, additional E175 spare engines, the CRJ550s purchased from United, construction payments toward a new hangar in Tucson, along with other CapEx.

讓我轉到資產負債表。本季結束時，我們的現金為 8.02 億美元；較上一季的 8.36 億美元和 2023 年第四季的 8.35 億美元略有下降。本季現金減少包括以下增值行動：一是償還第四季度交付的四架新 E175 融資前 1.15 億美元的債務；二、第四季以平均每股104美元的價格回購47,000股SkyWest股票，回購金額500萬美元。自2023年初以來，我們以平均每股29.76美元的價格回購了1,120萬股，約占公司流通股的22%，回購金額為3.32億美元；第三，投資 1.86 億美元的資本支出，包括四架新的 E175 飛機、額外的 E175 備用發動機、從聯合航空購買的 CRJ550、圖森新機庫的建設費用以及其他資本支出。

Our CapEx investment in Q4 is up from USD97 million in CapEx in Q3 and is an important catalyst to achieving our growth initiatives. We ended Q4 with debt of USD2.7 billion down from USD3 billion as of year end 2023.

我們第四季的資本支出高於第三季的 9,700 萬美元，這是實現我們成長計畫的重要催化劑。截至第四季度，我們的債務為 27 億美元，低於 2023 年底的 30 億美元。

Cash flow is an important component of our shareholder value creation calculus. We generated over USD500 million in free cash flow in 2024 and deployed it primarily to delever and derisk the balance sheet to the benefit of our partners, our employees, and our shareholders.

現金流是我們股東價值創造計算的重要組成部分。我們在 2024 年創造了超過 5 億美元的自由現金流，主要用於降低資產負債表的槓桿率和風險，從而使我們的合作夥伴、員工和股東受益。

Our strong balance sheet and well grounded liquidity are powerful tools as we pursue a variety of growth opportunities including acquiring and financing 16 additional E175s, repaying over USD400 million in debt in 2025, and continuing to execute opportunistically on our share repurchase program.

我們強勁的資產負債表和充足的流動性是我們追求各種成長機會的有力工具，包括收購和融資另外16 架E175 飛機、在2025 年償還超過4 億美元的債務，以及繼續抓住機會執行我們的股票回購計畫。

As we remain focused on improving our return on invested capital, we would like to highlight the following:

由於我們仍然致力於提高投資資本回報率，因此我們想強調以下幾點：

Our debt net of cash and leverage ratios are at their lowest point in over a decade. As a result of repurchasing over 11 million shares since the beginning of 2023, we had 40.3 million shares outstanding as of December 31, 2024 compared to 50.6 million shares as of the start of 2023.

我們的債務淨現金和槓桿率處於十多年來的最低點。由於自 2023 年初以來回購了超過 1,100 萬股，截至 2024 年 12 月 31 日，我們的流通股為 4,030 萬股，而 2023 年初為 5,060 萬股。

As of December 31, we had USD48 million remaining under our current share repurchase authorization. We anticipate our total 2025 CapEx funding our growth initiatives will be approximately USD600 million, including the purchase of eight new E175s and aircraft and engines supporting our CRJ550 opportunity. Total CapEx in 2024 was USD340 million.

截至 12 月 31 日，我們目前的股票回購授權剩餘金額為 4,800 萬美元。我們預計，2025 年用於成長計畫的總資本支出將達到約 6 億美元，其中包括購買八架新的 E175 以及支援我們的 CRJ550 機會的飛機和引擎。2024 年的總資本支出為 3.4 億美元。

Consistent with our policy and practice, we are not giving any specific EPS guidance at this time but let me give you a little additional color on 2025.

根據我們的政策和慣例，我們目前不提供任何具體的每股收益指導，但讓我為您提供一些有關 2025 年的更多資訊。

As Wade will discuss in a minute, we now anticipate our 2025 block hours to be up approximately 12% over 2024. The improved outlook in our 2025 block hours is driven primarily by improving fleet utilization and availability and ongoing strong demand for our production.

正如韋德稍後將討論的那樣，我們現在預計 2025 年的區塊小時數將比 2024 年增加約 12%。我們 2025 年飛行小時數前景的改善主要得益於車隊利用率和可用性的提高，以及對我們生產的持續強勁需求。

We expect our 2025 GAAP EPS could be in the [USD9-per-share] area if we are successful in executing on the opportunities in front of us. For modeling purposes, we expect our 2025 depreciation expense will be flat to slightly down from 2024.

如果我們成功抓住眼前的機遇，我們預計 2025 年 GAAP EPS 可能會達到 [每股 9 美元] 左右。為了建模目的，我們預計 2025 年的折舊費用將與 2024 年持平或略有下降。

Our CRJ700 contract extension and opportunities to place the CRJ550 aircraft into service are pushing out the estimated useful lives on our older CRJ700 fleet by a few years, offsetting the expected new depreciation expense from our incremental investment in CapEx.

我們的 CRJ700 合約延期以及將 CRJ550 飛機投入使用的機會將使我們老舊的 CRJ700 機隊的預計使用壽命延長幾年，從而抵消了我們在資本支出增量投資中預期的新折舊費用。

We are optimistic about our growth possibilities going into 2025 and 2026 including the following three focus areas: first, growth in underserved communities driven partial by the deployment of over 20 additional CRJ550 aircraft; second, improved aircraft utilization and availability on our ERJ and CRJ fleets; and third, placing 16 new E.175s into service in 2025 and '26.

我們對 2025 年和 2026 年的成長可能性持樂觀態度，包括以下三個重點領域：首先，服務不足社區的成長部分得益於部署超過 20 架 CRJ550 飛機；第二，提高了我們的 ERJ 和 CRJ 機隊的使用率和可用性；第三，在 2025 年和 2026 年投入使用 16 架新型 E.175。

We believe that our strong balance sheet and liquidity and the actions we will be taking to invest in a variety of growth opportunities will position us well to drive total shareholder returns. Wade?

我們相信，我們強勁的資產負債表和流動性以及我們將採取的投資各種成長機會的行動將使我們能夠很好地推動股東總回報。韋德？

Thank you, Rob. During the fourth quarter, we reached an extension of a multi-year flying agreement that would allow for SkyWest to operate a total of 74 CRJ700s with American under revenue agreements. This new agreement will allow for these aircraft to fly for American through most of this decade.

謝謝你，羅布。在第四季度，我們達成了多年期飛行協議的延期，該協議允許天西航空根據收益協議與美國航空共運營 74 架 CRJ700 飛機。這項新協議將允許這些飛機在未來十年的大部分時間內為美國飛行。

Last quarter, we announced a new multi-year flying agreement for a total of 40 CRJ550s with United including 11 that we committed to purchase from United. United also had an option to add 10 additional CRJ550 to this agreement bringing the total to 50.

上個季度，我們宣布與聯合航空達成新的多年期飛行協議，共購買 40 架 CRJ550 飛機，其中 11 架是我們承諾從聯合航空購買的。美聯航還可以選擇在本協議中再增加 10 架 CRJ550 飛機，使總數達到 50 架。

As of year end, we had purchased 7 of the 11 aircraft and expect to purchase the rest by the end of this quarter. We were operating four of these aircraft at yearend 2024 and expect to operate 30 by the end of this year with the last 10 entering service during 2026.

截至年底，我們已購買了 11 架飛機中的 7 架，並預計在本季末購買其餘飛機。我們在 2024 年底營運其中 4 架飛機，預計今年底將營運 30 架飛機，最後 10 架將於 2026 年投入使用。

Of the 40 CRJ550s, 29 will be modified from our existing CRJ700 fleet. I want to point out that this agreement represents net growth aircraft along with additional new E175s arriving by the end of 2026.

在這 40 架 CRJ550 飛機中，有 29 架將由我們現有的 CRJ700 機隊改裝而成。我想指出的是，該協議代表飛機的淨增長以及到 2026 年底將有更多新的 E175 抵達。

We are excited about our continued strong partnership with United. We successfully launched our first Delta CRJ550 flying last July. And we anticipate transitioning 15 CRJ550 to our Delta fleet by the end of this quarter. These new Delta and United CRJ550 agreements along with our CRJ700 extension with American bringing the number of unassigned dual-class CRJ700 and 900 down to single digits. We expect these few aircraft will be assigned to one of our major partners soon.

我們對與 United 繼續保持緊密的合作夥伴關係感到非常興奮。去年 7 月，我們成功發射了第一架達美航空 CRJ550 飛機。我們預計本季末將有 15 架 CRJ550 飛機加入達美航空機隊。達美航空與聯合航空簽署的這些新 CRJ550 協議以及我們與美國航空簽署的 CRJ700 延期協議使未分配的雙艙 CRJ700 和 900 數量降至個位數。我們預計這幾架飛機將很快分配給我們的主要合作夥伴之一。

You'll recall that earlier in 2024, we announced a flying agreement for 20 United owned E175s from another United Express carrier to replace 20 CRJ 200s under our United contract. As of year end, we transitioned all of these aircraft and they were operating as of December.

您可能還記得，早在2024 年，我們就宣布了一項飛行協議，根據我們的聯合航空合同，我們將從另一家聯合快遞航空公司購買20 架聯合航空擁有的E175 飛機，以取代20 架CRJ 200 飛機。截至年底，我們已完成所有這些飛機的轉換，並且它們於 12 月開始投入運作。

We also took delivery of four new E175s for United during Q4. We have 16 new E175s currently on order -- 15 for United and 1 for Alaska. We expect delivery of eight in 2025 and eight in 2026. At the end of 2026, our E175 fleet total will be 278; continuing to enhance SkyWest position as the largest Embraer operator in the world.

我們還在第四季度向聯合航空交付了四架新的 E175 飛機。我們目前訂購了 16 架新的 E175 飛機——其中 15 架給聯合航空，1 架給阿拉斯加航空。我們預計 2025 年交付 8 艘，2026 年交付 8 艘。到 2026 年底，我們的 E175 機隊總數將達到 278 架；持續鞏固天西航空作為全球最大巴西航空工業公司營運商的地位。

Let me review our production. Q4 completed block hours were up more than 5% compared to Q3 2024. Based on the current schedules from our major partners for Q1, we anticipate similar block hours to Q4. As a point of reference, our 2024 block hours increased by approximately 13% compared to 2023. We anticipate a 12% increase in 2025 compared to 2024; approaching our 2019 levels.

讓我回顧一下我們的生產情況。與 2024 年第三季相比，第四季完成的小時數增加了 5% 以上。根據我們主要合作夥伴目前第一季的計劃，我們預計第一季的班次與第四季度的班次相似。作為參考，我們 2024 年的區塊小時數與 2023 年相比增加了約 13%。我們預計 2025 年將比 2024 年成長 12%；接近2019年的水準。

We expect block hour seasonality to return to the model as utilization improves during the strong summer months. We still have approximately 30 parked dual-class CRJ aircraft that will be returned to service. The majority of these aircraft are currently under flying agreement and will be operating in 2025 and 2026.

我們預計，隨著夏季旺季利用率的提高，時段季節性將重新回到模型中。我們仍有大約 30 架停放的雙艙 CRJ 飛機將重新投入使用。其中大部分飛機目前已簽訂飛行協議，並將於 2025 年和 2026 年投入營運。

As flying quickly returns and we place CRJs into service. We continue experiencing challenges in our third party MRO network including labor and parts challenges. We expect maintenance expense to average USD200 million a quarter during 2025 as we bring aircraft out of long-term storage and service the current fleet as production continues to increase.

隨著航空業的快速恢復，我們將 CRJ 投入使用。我們的第三方 MRO 網路繼續面臨挑戰，包括勞動力和零件方面的挑戰。隨著飛機產量不斷增加，我們將從長期儲存中恢復並為現有機隊提供服務，預計 2025 年維護費用平均每季將達到 2 億美元。

As you would expect, the maintenance expense will happen before the aircraft goes back into service. Our partners remain very engaged in supporting our efforts to restore production. I also want to review our plans to monetize our CRJ 200 assets. We still own over 140 CRJ 200 aircraft. These aircraft will have very little book value and no associated debt and we have approximately four million cycles remaining to monetize. Our priority is to fly them at SkyWest Airlines under contract with our partners or in our prorate business.

正如您所預料的，維護費用將在飛機重新投入使用之前產生。我們的合作夥伴仍然積極支持我們恢復生產的努力。我還想回顧一下我們將 CRJ 200 資產貨幣化的計畫。我們仍擁有超過 140 架 CRJ 200 飛機。這些飛機的帳面價值很小，也沒有相關債務，我們還有大約四百萬個週期可以貨幣化。我們的首要任務是根據與合作夥伴簽訂的合約或按照我們的按比例分攤業務，讓這些乘客乘坐天西航空的航班。

Our next priority is to operate these aircraft at SkyWest Charter or SWC. We currently have 18 SWC aircraft flying on demand charter service. You'll also recall that our minority ownership stake in Contour includes an asset provisioning agreement under which SkyWest will provide CRJ airframes and engines to Contour.

我們的下一步任務是在 SkyWest Charter 或 SWC 運營這些飛機。我們目前擁有 18 架 SWC 飛機，提供隨選包機服務。您還會記得，我們​​在 Contour 的少數股權包括一項資產配置協議，根據該協議，SkyWest 將向 Contour 提供 CRJ 機身和發動機。

As far as our prorate business demand remains extremely strong with great community support, we are seeing opportunities to return SkyWest service to several communities as we restore CRJ production. We will continue to work with the communities we serve on the best way to expand our service.

由於我們的按比例分配的業務需求在社區的大力支持下依然保持著極強的勢頭，隨著 CRJ 生產的恢復，我們看到了讓 SkyWest 航空服務重新回到多個社區的機會。我們將繼續與我們服務的社區合作，以最佳方式擴展我們的服務。

As we increase our prorate business, we will see more seasonality reintroduced into our model. As typical with all airlines, Q2 and Q3 are strong revenue quarters and Q1 and Q4 are softer. We feel good about our ongoing effort to reduce risk and enhance fleet and financing flexibility. And remain committed to continuing our work with each of our major partners to provide creative solutions to the continued demand for our products.

隨著我們按比例分攤業務的增加，我們將看到更多的季節性重新引入我們的模型中。與所有航空公司一樣，第二季和第三季是營收強勁的季度，而第一季和第四季則較為疲軟。我們對於持續降低風險、增強船隊和融資靈活性的努力感到滿意。並將繼續致力於與我們的每個主要合作夥伴繼續合作，為滿足我們產品的持續需求提供創造性的解決方案。

Okay, operator. We're ready now for our Q&A.

好的，接線生。我們現在準備好進行問答了。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Savanthi Syth, Raymond James Ltd.

Savanthi Syth，雷蒙德詹姆斯有限公司

Hey, good afternoon, everyone. Maybe I can start off where we end up there. Just on the kind of ability to kind of bring back service to small communities. And I didn't notice SkyWest Charter had one more aircraft this quarter. I was curious just as you think about bringing back prorate. Is that more of a kind of post this summer or if you're expecting a lot of that prorate to come back this summer and then just kind of specifically related to SkyWest Charter? Was curious if you kind of reengaged with the FAA any differently on getting that commuter authority now that the administration has changed or if it's still too early?

嘿，大家下午好。也許我可以從我們最終到達的地方開始。只是關於如何將服務帶回給小社區的能力。我沒有註意到 SkyWest Charter 在本季度又多了一架飛機。正如您所想，我很好奇恢復按比例分配。這更像是今年夏天的一種帖子，還是您預計很多比例會在今年夏天回歸，並且只是與 SkyWest Charter 具體相關？好奇的是，現在政府已經更換，您是否會以不同的方式與聯邦航空局重新接觸，以獲得通勤權，或者現在是否為時過早？

Yeah. Hey, Savi, this is Wade; I'll talk a little bit about the prorate side. So as far as prorate, we have added a few markets in the fourth quarter and there will be a couple in the first and second quarters. But the majority of what we're seeing is the demand for the summer flying on a contract basis and our existing prorate is very, very strong for the summer time. And so we're looking more to Q3 -- at the end of Q3 and Q4 to add a lot of additional or other additional markets on the prorate side.

是的。嘿，薩維，這是韋德；我會稍微談一下比例分配方面。就比例而言，我們在第四季度增加了一些市場，第一季和第二季還會增加幾個市場。但我們看到的大部分是合約基礎上的夏季飛行需求，而我們現有的夏季飛行比例非常非常強勁。因此，我們更加關注第三季度——在第三季和第四季末，按比例增加大量額外或其他額外的市場。

Yes, this is Chip; I'll answer the second half of your question. I think the term that you use being reengaged in this is an understatement. We certainly do see a very good opportunity relative to the 2.5-year challenges at SkyWest Charter to get commute authority.

是的，這是 Chip；我來回答你問題的後半部。我認為你使用的「重新參與」一詞還不足以表達這一點。相對於 SkyWest Charter 面臨的 2.5 年通勤權挑戰，我們確實看到了一個非常好的機會。

We certainly are extraordinarily sensitive to the events that happened last night and the priorities of the Department of Transportation but we look forward with optimism to reengaging this incredibly important strategic opportunity that we have to better serve communities. And so yes, we are definitely reengaging in that process.

我們當然對昨晚發生的事件和交通部的優先事項極為敏感，但我們滿懷樂觀地期待著重新抓住這一極其重要的戰略機遇，以便更好地為社區服務。所以是的，我們肯定會重新參與這個進程。

Appreciate that. And if I might just along those lines, Air Wisconsin recently lost the American contract and talked a lot about doing a lot of prorate and EAS and just curious if you're seeing that as impacting your opportunities or still too early?

非常感謝。如果我可以順著這個思路說的話，威斯康星航空公司最近失去了美國的合同，並且談了很多關於按比例分攤和EAS 的事情，我只是好奇，您是否認為這會影響您的機會，或者還為時過早？

Now, we don't sense that it's going to impact what our strategy is. You know, again, we have a tremendous model with deep roots to all of these communities. It's what we built on 50 years ago.

現在，我們感覺它不會影響我們的策略。您知道，我們擁有一個在所有這些社區中根深蒂固的偉大模式。這是我們50年前所建立的。

And I think we deliver an exceptional product that's going to be very difficult to compete with mostly because of our passion and how integrated we are with these communities. So we're going to continue to press forward and do this in a very calculated safe manner.

我認為我們提供的是一款卓越的產品，將很難受到競爭對手的青睞，這主要歸功於我們的熱情以及我們與這些社群的緊密結合。因此，我們將繼續推進，並以非常謹慎和安全的方式開展工作。

Appreciate it, thank you.

非常感謝，謝謝。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

Oh, hi there. This is [Shannon Baron] for Mike. This is my first question. On the contract extension with American, can you give us some color on how the terms of that extension may compare to the previous contract?

哦，你好。我是 [Shannon Baron]，代表 Mike 報道。這是我的第一個問題。關於與美國航空續約的問題，您能否向我們介紹一下續約條款與先前的合約相比有何不同？

Yes, this is Wade. So as we said, we extended up to 74 aircraft. The term goes through but it's close to the end of the decade and the economics are very similar to what we have today.

是的，這是韋德。正如我們所說的，我們的飛機數量擴大到 74 架。這個任期已經結束，但已經接近十年末，經濟狀況與我們今天的情況非常相似。

Got it, thanks. And maybe just touching on the EAS flying and I know that you're focused on growing the service. Is there a risk that the Trump administration, perhaps under DOGE, eliminates any certain markets under the EAS flying? You know, any insights on policy changes from your conversations with the Department of Transportation or any other government officials would be helpful.

明白了，謝謝。也許只是談談 EAS 飛行，我知道您專注於發展這項服務。川普政府（或許是在 DOGE 政策下）是否會取消 EAS 飛行下的某些市場？您知道，您與交通部或任何其他政府官員的對話中對政策變化的任何見解都會有所幫助。

Yeah, look, I mean -- I think we monitor this. This is Chip, we monitor this very carefully. Essential Air Service is something that has a lot of deep roots in a lot of locations throughout the United States. We understand what the direction of DOGE is and obviously, there's been some things this last week that we know that they're going to be very aggressive about it. I would also take you back to the confirmation hearings of the new Transportation Secretary. There was a lot of comments, six or seven times about his commitment to Essential Air Service.

是的，看，我的意思是——我認為我們會監控這一點。這是 Chip，我們對此非常密切地監視。基本航空服務在美國許多地方都有著深厚的根基。我們了解 DOGE 的方向，顯然，上週發生的一些事情讓我們知道他們會非常積極地採取行動。我還要帶你回顧新任交通部長的確認聽證會。有很多評論，其中有六七次是關於他對基本航空服務的承諾。

There's a lot of political support for this program, not mostly because you deem it as wasteful spending which is prevalent throughout the federal government, mostly because of the investment and the circular nature. Which it gives back to the economy in extraordinarily positive ways for these small communities.

該計劃得到很多政治支持，主要不是因為你認為這是聯邦政府普遍存在的浪費性支出，而是因為投資和循環性。它以極其積極的方式回饋這些小社區的經濟。

Look, our job is to make sure that we find the right tools and systems to serve these small communities. And we've been doing this for a long time and have faced a lot of challenges through various aspects of making sure small communities are served. And I think that we've got some good approaches and plans to make sure that we're successful for the long-term in this.

看，我們的工作是確保我們找到合適的工具和系統來服務這些小社區。我們已經這樣做了很長時間，並在確保小社區得到服務的各個方面面臨了許多挑戰。我認為我們有一些好的方法和計劃來確保我們在這方面取得長期成功。

That's great. Thanks for taking my questions.

那太棒了。感謝您回答我的問題。

Catherine O'brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Good afternoon, Rob, thanks for the time. So we continue to hear more about the larger US airlines needing to grow into their pilot workforces given aircraft delivery delays the industry continues to face. In some cases we're seeing head count reductions in pilots.

下午好，Rob，感謝您抽出時間。因此，由於美國航空業持續面臨飛機交付延遲的問題，我們不斷聽到有關美國大型航空公司需要擴大飛行員隊伍的消息。在某些情況下，我們看到飛行員人數減少。

You know, you had called out last year, I think like on the same call, you need 1,000 pilots to get back to '19 levels and then another 1,000 to meet demand. You know, how many more pilots do you have today versus a year ago and in the pipeline? And then, just based on what you're saying about demand, is it perhaps you still need another one -- like even if you have 1,200 more pilots, do you still need another 1,000 just as demand continues to grow? Any color there would be helpful.

你知道，你去年曾呼籲過，我想就像同一次呼籲一樣，你需要 1,000 名飛行員來恢復到 19 年的水平，然後再需要 1,000 名來滿足需求。您知道嗎，與一年前相比，現在您增加了多少名飛行員以及有多少名正在籌備中的飛行員？然後，僅根據您所說的需求，是否可能還需要再招募一名飛行員——例如，即使您有 1,200 名飛行員，但隨著需求不斷增長，您是否還需要再招募 1,000 名飛行員？任何顏色都有幫助。

Yeah, Katie, this is Chip. I'm going to put a twist into probably what we said, a year to 18 months ago because there's been some minor changes in how our aircraft are being flown; still very good for SkyWest. But we certainly have -- I think the major carriers have been very disciplined with our schedules to be a little bit more strategic and our utilization levels are slightly down compared to what it was, obviously, back in 2019. And I think that's worked out well for both of us. So with -- we probably -- today have another 700 pilots than we did a year to 18 months ago for sure.

是的，凱蒂，這是奇普。我可能要對我們一年到一年半前說過的話做些改動，因為我們的飛機的飛行方式發生了一些細微的變化；對於 SkyWest 來說仍然非常好。但我們確實有——我認為主要的航空公司對我們的航班時刻表非常嚴格，使其更具戰略性，而且我們的利用率與 2019 年相比略有下降。我認為這對我們雙方都有好處。因此，與一年前到一年半前相比，我們今天可能肯定增加了 700 名飛行員。

We're not at the 2019 levels of pilots yet. But I think from our perspective, we got a very disciplined approach. We've got some good, slow consistent growth coming which is at a better pace than what I think we were initially looking at, certainly what Wade mentioned with aircraft coming out and being maintained and you know, some supply challenges with that helps us.

我們的試點尚未達到 2019 年的水準。但我認為從我們的角度來看，我們採取了非常嚴謹的方法。我們獲得了良好的、緩慢而持續的成長，這個成長速度比我們最初預期的要好，當然還有韋德提到的飛機的產出和維護，你知道，一些供應方面的挑戰對我們有幫助。

And so to be candid, we're on a very, very good pace of our growth. We like the way that it's come out and I think it's stable, it's predictable, and in a manner which we have a very, very strong pipeline. But as of today, we are not hiring as many pilots as we anticipated we needed and our attrition levels are extremely low. So from that perspective, I think for us, we're in a very, very good place with a good consistent growth plan that's going to enable us to do things on a very, very strong consistent basis in the future.

坦白說，我們的成長速度非常非常好。我們喜歡它的推出方式，我認為它很穩定、可預測，而且我們有非常非常強大的管道。但截至今天，我們僱用的飛行員數量還沒有達到我們預期需要的數量，而且我們的人員流失率極低。因此從這個角度來看，我認為對於我們來說，我們處於一個非常非常好的位置，擁有一個良好的持續成長計劃，這將使我們能夠在未來以非常非常強勁的持續基礎開展工作。

Makes sense. And then maybe just one on the uptick in the block hour production for this year. Now that growth looks a little more stable than perhaps the pace of what you thought was going to come back a year or so ago. You know what would provide further upside to that 12 -- now 12% increase in block hours? Like where around the edges could that move up? Is it more prorate flying?

有道理。那麼也許今年的整機小時產量只會有一個上升。現在，這種成長速度看起來比你一年前預期的回升速度稍微穩定一些。您知道什麼能為這 12 — — 現在 12％ 的區塊小時數增加帶來進一步的上升空間嗎？例如，邊緣的哪個部分可以往上移動？這是更按比例分配的飛行嗎？

Is it incremental aircraft get out in the year, I'm not even sure if that's possible. November aircraft or I don't know if that would be like new partner aircraft coming to your property away from someone else. Like what would drive further upsides that plus 12, that was plus 10 a quarter ago? Thanks so much.

今年是否會有增量飛機投入生產，我甚至不確定這是否可能。十一月的飛機或我不知道這是否會像新的合作夥伴飛機一樣遠離別人而進入您的財產。例如，有什麼因素會推動該數字進一步上漲至 12（一個季度前為 10）呢？非常感謝。

Yeah. No, that's a great question. This is Wade. So there's really a couple of things that I would say. Number one is fleet utilization could continue to drive that number. That's probably the biggest thing, as Chip mentioned, our utilization is still a little bit lower than where it was in 2019.

是的。不，這是一個很好的問題。這是韋德。因此我確實有幾件事想說。第一是車隊利用率可能會繼續推動這個數字。這可能是最重要的事情，正如 Chip 所提到的，我們的利用率仍然比 2019 年略低。

The second thing I would say is fleet availability as we talked about -- as we start to get through our MRO supply chain challenges both from a labor and part standpoint. If we exceed some of our expectations and that could drive additional utilization, additional block hours into the system just as the aircraft become more and more available during 2025.

我想說的第二件事是車隊的可用性，正如我們所討論的——我們開始從勞動力和零件的角度解決 MRO 供應鏈挑戰。如果我們超出了某些預期，那麼就可以推動額外的利用率，並在 2025 年飛機變得越來越可用時，將額外的飛行時間投入到系統中。

That makes sense. And if maybe I'll squeeze third one in. So it sounds like on the dual-class CRJ700, CRJ900, you know, it's a rounding error, what's not on a long-term contract at this point. I know you still have some more on the CRJ200 front and you walk through kind of your waterfall of preferences where they go to a partner or prorate, or secondarily, they go to charter.

這很有道理。也許我會擠進第三個。因此，聽起來，在雙艙 CRJ700、CRJ900 上，您知道，這是一個舍入誤差，目前還不屬於長期合約。我知道您在 CRJ200 方面還有一些問題，您會逐步了解您的偏好，是選擇合作夥伴還是按比例分配，或者是選擇包機。

And then you also mentioned like the asset offtake agreement with Contour. If we get to that part of the waterfall, I guess those would be straight sales. Is that how we should think about that? Outside of Contour with the third choice also be to sell to another entity. And and what's the market look like in terms of demand for CRJ200? That was not a quick third question so I apologize. Thank you.

然後您也提到了與 Contour 達成的資產承購協議。如果我們到達瀑布的那部分，我想那些將是直接銷售。我們應該這樣思考這個問題嗎？除了 Contour 之外，還有第三個選擇，就是賣給另一個實體。那麼，市場對 CRJ200 的需求情況如何？這不是一個快速的第三個問題，所以我很抱歉。謝謝。

That's a good one though. So as far as the last part of the waterfall there, just getting rid of some of the assets. It is actually a combination with Contour. Generally, we sell the airframes and we lease the engines. The demand is still very strong out there. We're just very patient with our fleet.

但這是一個很好的例子。至於瀑布的最後一部分，只是去掉了一些資產。它實際上是與 Contour 的組合。一般來說，我們出售機身，租賃引擎。那裡的需求仍然非常強勁。我們對我們的艦隊非常有耐心。

There's a lot of interest in our assets because they've been well maintained and they have great records and things like that. So there is still good demand. And as Rob mentioned in his script, there was some sales during the quarter that added some value. So you know -- that we're still actively looking to monetize our fleet and we'll continue to do that.

人們對我們的資產很感興趣，因為它們維護得很好，而且有很好的記錄等等。因此需求仍然良好。正如羅佈在腳本中提到的那樣，本季的一些銷售增加了一些價值。所以你知道 - 我們仍在積極尋求將我們的機隊貨幣化，而且我們會繼續這樣做。

Thank you so much.

太感謝了。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德（TD Cowen）。

Hi, everyone. Thanks so much for the time and congrats on a really incredible year.

大家好。非常感謝您抽出時間並祝賀您度過了非常不可思議的一年。

Just thinking about the long term and not trying to get too ahead of myself. But I'm just wondering if you could help us frame how, as people start modeling '27 and beyond, how we should think about the fleet?

只考慮長遠，不想太超越自己。但我只是想知道，您是否可以幫助我們構思，當人們開始模擬 27 年及以後的情況時，我們應該如何看待艦隊？

And then just with the theme of restoring service to small communities and we've talked together about this deurbanization that's occurred post-pandemic. It seems like there's a lot of upside just beyond even just kind of getting back to 2019. So I'd love if you could just help frame how investors should think about the -- some of the long-term secular tailwinds you guys have.

然後，我們以恢復小社區服務為主題，一起討論了疫情後出現的去城市化現象。看起來，即使只是回到 2019 年，仍有許多好處。因此，如果您能幫助闡述投資者應該如何看待你們所面臨的一些長期順風因素，我將非常高興。

Yeah, so great question. This is Wade, I'll answer the fleet portion of it and Chip can help out with some of those other ones there. But the fleet, as we talk about, we still have very strong deliveries in '25 and '26. By the end of 2026 we'll have 278 Embraer 175s under long-term contracts.

是的，這個問題問得真好。我是韋德，我將回答有關艦隊部分的問題，而奇普可以幫忙解決其他一些問題。但正如我們所說，我們在25年和26年的交付量仍然非常強勁。到 2026 年底，我們將擁有 278 架 Embraer 175 飛機的長期合約。

We will also have our CRJ550s all fully transitioned and up and flying and then we still have dual-class airplanes that are still under long-term contracts on the CRJ side.

我們的 CRJ550 也將全面轉型並投入飛行，而且我們仍然擁有與 CRJ 簽訂了長期合約的雙艙飛機。

So you know that we will have continued growth getting into 2027 on the 175 fleet. And then there's a lot of those 550 that will come up in that time frame that we'll have a very stable, great fleet that will -- we think that we can continue to operate well into 2030.

所以您知道到 2027 年，我們的 175 架飛機數量將繼續增長。在這段時間內，這 550 艘飛機中的大部分都會投入使用，我們將擁有一支非常穩定、優秀的機隊——我們認為我們可以繼續運作到 2030 年。

Yes, Tom, this is Chip. I'll kind of tackle, long term; how to look at it. And I would probably just reiterate, I would say an 8 to 10 year playbook that we've been playing. That's been extraordinarily good for 175. Redeployment of our CRJ fleet across four amazing partners. And I would tell you that that playbook is still alive and well and will likely be alive and well into the future.

是的，湯姆，這是奇普。我會採取長期措施；怎麼看待它。我可能只是想重申一下，我們一直在玩的是 8 到 10 年的劇本。對於 175 來說，這已經是非常好的結果了。將我們的 CRJ 機隊重新部署到四個出色的合作夥伴處。我想告訴你們，這個劇本現在仍然有效，並且很可能在未來也將繼續有效。

I think Wade talked on an earlier question about the impact of fleet utilization, fleet conversion to 550 but I would reiterate -- still probably one of our biggest strategic assets is fleet flexibility. We're very strategic in how we make sure that we're taking care of partners within the length of these contracts and terms.

我認為韋德在之前的問題上談到了機隊利用率、機隊轉換為 550 的影響，但我要重申——機隊靈活性仍然可能是我們最大的戰略資產之一。我們非常有策略地確保在這些合約和條款的期限內照顧好合作夥伴。

We're getting to a little bit more of a mature state with our 175, coming off contract in the next couple of years. And all of that gives us a tremendous amount of flexibility to do some things; to potentially continue to order more 175s for the long term. You know, we don't have anything to announce today, but I would tell you that we continue to have good strong robust conversations with our partners about being the leader of flying the E175.

我們的 175 飛機即將進入更成熟的階段，合約將在未來幾年到期。所有這些都為我們做了一些事情提供了極大的靈活性；可能會繼續長期訂購更多 175 型飛機。你知道，我們今天沒有任何消息要宣布，但我要告訴你，我們將繼續與我們的合作夥伴進行良好而有力的對話，以成為 E175 飛行的領導者。

The Aspen market has proven that we know how to do certain things with the aircraft really, really well. But without getting into specifics, I just wanted to maybe reiterate that we've got a very strong playbook. We have incredible credibility within the marketplace. Our team is the best in the industry -- from our professionals perspective, pilots, flight attendants, mechanics, dispatch -- everything; that credibility, combined with fleet flexibility. We are optimistic for the long term as well.

阿斯彭市場已經證明，我們非常非常清楚如何利用飛機做某些事情。但無需談論細節，我只是想重申，我們有一個非常強大的劇本。我們在市場上享有極高的信譽。我們的團隊是業內最好的——從我們的專業人員角度來看，飛行員、空服員、機械師、調度——一切；可靠性與船隊靈活性相結合。我們對長期前景也抱持樂觀態度。

Okay, great. That's all incredibly helpful and that makes a ton of sense. Thanks so much. And then just as a follow up, I believe the nonoperating expense tailwind from the debt associated with the 175 fleet starts to kick in next year. So maybe if we -- I think it'd be helpful if you just reminded everybody about that aspect. Again, thanks again for the time. Congrats.

好的，太好了。這一切都非常有用且非常有意義。非常感謝。然後作為後續事宜，我相信與 175 架飛機隊相關的債務帶來的非營業費用順風將於明年開始顯現。所以也許如果我們——我認為如果你提醒大家注意這一點會很有幫助。再次感謝您抽出時間。恭喜。

Well, with respect -- Hi, Tom, it's Rob here. So with respect to the nonoperating portion this quarter, I can say that in the fourth quarter there was about a dime worth of nonoperating benefit that came from the combination of asset sales and other items. But you know, going forward, you know, that won't yet -- that's not something that you should expect on a run rate basis.

嗯，恕我直言 - 嗨，湯姆，我是羅布。因此，就本季的非營業部分而言，我可以說，第四季有大約一角錢的非營業收益來自資產出售和其他項目的組合。但你知道，展望未來，這還不會發生——這不是你應該在運行率基礎上期待的事情。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, good afternoon. This is Jake gunning on for Dan. Thanks for taking our questions. To kind of follow up on Tom's second question. Leverage is at its lowest level in a decade mentioned the delevering occurring just as the E175 fleet starts to get fully paid off. Do you have any target leverage levels that you could speak to?

嘿，下午好。這是傑克 (Jake) 向丹 (Dan) 發動攻擊。感謝您回答我們的問題。為了跟進湯姆的第二個問題。槓桿率處於十年來的最低水平，而去槓桿化恰逢 E175 機隊開始獲得全部回報之時。能談談目標槓桿率水準嗎？

Hey, thanks, Jake; It's Rob here again. So with respect to target leverage again, we've been sort of waiting for -- we've been building toward this moment for the last several years as we've been deleveraging, we've been derisking our balance sheet.

嘿，謝謝，傑克；羅布又來了。因此，就目標槓桿率而言，我們一直在等待——過去幾年來，我們一直在為這一刻而努力，我們一直在去槓桿，我們一直在降低資產負債表的風險。

So as we're now to the point where we continue to have a strong order book. Again, the eight 175 that we'll be taking in 2025 and the eight in '26, you know, we will expect to finance those the usual way with 12 year, fully amortizing mortgage-style debt like we have for the bulk of our fleet.

因此，我們現在繼續擁有強勁的訂單量。再說一遍，我們將在 2025 年和 2026 年各借入 8 筆 175 美元，你知道，我們將以通常的方式用 12 年期完全攤銷的抵押貸款式債務來融資，就像我們大部分的艦隊。

So similarly, as we see an increase in our other CapEx related despair engines, we may or may not choose to leverage those. We want to obviously continue to keep strong liquidity. And I think we've been, again, as I said, we've been preparing for the past several years for these growth opportunities that we now see in front of us.

因此，同樣地，當我們看到與其他資本支出相關的絕望引擎增加時，我們可能會或可能不會選擇利用它們。我們顯然希望繼續保持強勁的流動性。而且我認為，正如我所說的，過去幾年我們一直在為現在擺在我們面前的成長機會做準備。

And being able to release those opportunities or take advantage of those liquid -- those opportunities because of the liquidity and the deleveraging that we've been able to do. So we're proud of the flexibility that we've got, the debt capacity that we've been growing on our balance sheet, the unpledged collateral of over USD1.5 billion that we've got right now. We have a lot of flexibility depending on the nature of the growth opportunities in front of us.

並且能夠釋放這些機會或利用這些流動性——這些機會是因為我們能夠實現的流動性和去槓桿化。因此，我們對所擁有的靈活性、我們資產負債表上不斷增長的債務能力以及我們目前擁有的超過 15 億美元的未質押抵押品感到自豪。根據我們面臨的成長機會的性質，我們擁有很大的靈活性。

Okay. Thank you, Rob. That's helpful. And I guess just to follow up. The 12% 2025 block hour growth, can you just give any color on the mix between contract flying prorate and charter flying?

好的。謝謝你，羅布。這很有幫助。我想這只是為了跟進。2025 年飛行小時數將增加 12%，您能否對合約飛行比例和包機飛行的比例進行一下說明？

Yeah, this is Wade. The vast majority of that is contract flying. We -- the vast majority of our flying is contract and so it's really just getting airplanes better utilized on the contract side; that's number one. Number two is just bringing airplanes that have been parked, getting them up into service that are under long-term contracts too so the vast majority of that increases on the contract side.

是的，這是韋德。其中絕大部分是合約飛行。我們的絕大多數飛行都是合約飛行，因此這實際上只是為了在合約方面更好地利用飛機；這是第一點。第二種是將已經停飛的飛機重新投入使用，這些飛機也屬於長期合同，因此絕大部分的成長都是在合約方面。

Okay. Thank you.

好的。謝謝。

And there are no further questions at this time. So I would now like to turn the conference back over to Mr. Chip Childs for closing remarks.

目前沒有其他問題。因此，現在我想將會議交還給 Chip Childs 先生，請他作結束語。

Yeah. I'll end with where we started. Again, our hearts and minds go out to those that were affected by the unfortunate event of last evening. We continue to support our colleagues in that effort. We're humbled to be associated with the most amazing team in the industry, with our people, and hats off to how good that they continue to support and buy into our integrated model that we have to continue to grow long term.

是的。我就從我們開始的地方來結束我們的演講。我們再次向那些在昨晚的不幸事件中受到影響的人們表示深切的慰問。我們將繼續支持我們的同事們的努力。我們很榮幸能與業界最出色的團隊和員工合作，也非常感謝他們一直以來的支持和認可，並相信我們的綜合模式能夠幫助我們繼續實現長期發展。

We appreciate the support from shareholders and everyone that's interested in our call. We appreciate the --and that the opportunity which we have to do the things in which we do because we're very passionate about it. So with that, we'll end the call and talk to you next quarter. Thank you.

我們感謝股東和所有對我們的電話會議感興趣的人的支持。我們很感激——並且珍惜這個機會去做我們所做的事情，因為我們對此充滿熱情。好了，我們將結束本次通話，並在下個季度與您進行交流。謝謝。

And ladies and gentlemen, this concludes today's call and we thank you for your participation. You may now, disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。