Frontier Group Holdings Inc (ULCC) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Frontier Group Holdings Inc. Q4 and full-year 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Frontier Group Holdings Inc. 2024 年第四季和全年財報電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指令）

I would now like to hand the conference over to your speaker today, David Erdman, Senior Director, Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係高級總監 David Erdman。

Thank you, and good morning. Welcome to our fourth-quarter and full-year 2024 earnings call. On the call this morning are Barry Biffle, Chief Executive Officer; Jimmy Dempsey, President; Mark Mitchell, Chief Financial Officer; and Bobby Schroeder, Chief Commercial Officer. Each will deliver brief prepared remarks. But before they do, let me recite the customary Safe Harbor provisions.

謝謝，早安。歡迎參加我們的 2024 年第四季和全年財報電話會議。參加今天早上電話會議的有執行長 Barry Biffle；總裁吉米·登普西 (Jimmy Dempsey)；米切爾 (Mark Mitchell)，財務長；以及首席商務長 Bobby Schroeder。每位代表將發表簡短的準備好的發言。但在此之前，請容許我先宣讀慣常的安全港條款。

During the call, we will be making forward-looking statements which are subject to risks and uncertainties. Actual results may differ materially from those predicted in these forward-looking statements. Additional information concerning risk factors which could cause such differences are outlined in the announcement we released earlier along with reports we file with the Securities and Exchange Commission.

在電話會議中，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響。實際結果可能與這些前瞻性陳述中的預測有重大差異。有關可能導致此類差異的風險因素的更多資​​訊已在我們先前發布的公告以及向美國證券交易委員會提交的報告中概述。

We will also discuss non-GAAP financial measures. Actual results of which are reconciled to the nearest comparable GAAP measure in the appendix of this earnings announcement.

我們也將討論非公認會計準則財務指標。實際結果與本收益公告附錄中最近可比較的 GAAP 指標相協調。

And I'll yield the floor to Barry to begin his prepared remarks. Barry?

現在我將請巴里開始他的準備好的發言。巴里？

Thanks, David, and good morning everyone. Our fourth-quarter results demonstrate the momentum of our commercial initiatives placing us on a trajectory for meaningful RASM growth and margin expansion this year, including our target of double-digit pre-tax margins in the summer.

謝謝，大衛，大家早安。我們的第四季業績證明了我們商業舉措的強勁勢頭，使我們今年走上了 RASM 有意義增長和利潤率擴大的軌道，包括我們夏季實現兩位數稅前利潤率的目標。

Our fourth-quarter adjusted pre-tax margin was 5.1%, significantly higher than the original guidance, resulting from the culmination of our revenue and network optimization initiatives and our long-standing commitment to cost discipline. I'd like to thank Team Frontier for their contributions to achieving solid margins in the quarter and for our operational performance during the busy holiday travel season.

我們第四季的調整後稅前利潤率為 5.1%，遠高於最初的預期，這得益於我們的收入和網路優化計劃以及我們對成本控制的長期承諾。我要感謝 Frontier 團隊為我們在本季度實現穩健的利潤以及在繁忙的假期旅遊季節的營運表現所做的貢獻。

While operating our busiest ever schedule in December, Frontier ranked second among US carriers in completion factor. We expect our industry-leading costs combined with our continued progress on our commercial initiatives will support significant margin expansion in 2025.

儘管 12 月 Frontier 的航班時刻表歷史最繁忙，但其完成率在美國航空公司中排名第二。我們預計，我們行業領先的成本加上我們在商業計劃上的持續進展將支持我們在 2025 年的利潤率大幅擴大。

Our cost advantage accounted to 48% in 2024 compared to 41% in 2023 and just 39% in 2019. And we will continue to leverage this advantage to stimulate demand and generate profitable growth.

我們的成本優勢在 2024 年將達到 48%，而 2023 年為 41%，2019 年僅為 39%。我們將繼續利用這一優勢來刺激需求並實現獲利成長。

I'll now turn the call over to Jimmy for a commercial review. Jimmy?

現在我將把電話轉給吉米進行商業審查。吉米？

Thanks, Barry, and good morning, everyone. Briefly recapping results, total operating revenue in the fourth quarter increased 12% versus the prior year quarter to a record $1 billion on 2% lower capacity. RASM was $0.1023, 15% higher with stronger than expected demand in December.

謝謝，巴里，大家早安。簡單回顧業績，第四季總營業收入較去年同期成長 12%，達到創紀錄的 10 億美元，而產能下降了 2%。RASM 為 0.1023 美元，上漲 15%，12 月需求強於預期。

Departures increased 3% on an 8% shorter average stage. Total revenue per passenger was $117, up 6% versus the prior year quarter due to a 26% increase in fare revenue, partly offset by slightly lower ancillary revenue per passenger. We completed 2024 with a record 33 million passengers traveling with Frontier, 10% higher than 2023.

平均路程縮短了 8%，但出發人數增加了 3%。每位乘客的總收入為 117 美元，比去年同期增長 6%，原因是票價收入增長 26%，但每位乘客的輔助收入略有下降，部分抵消了這一增長。2024 年，搭乘 Frontier 航空出行的乘客數量達到創紀錄的 3,300 萬人次，比 2023 年高出 10%。

We launched 22 new routes in December spanning coast to coast. Over two-thirds of these routes were launched from one of our 13 crew bases as we leverage our investments in these stations to build scale and reliability to our simplified network.

12 月份，我們開通了 22 條橫跨東西海岸的新航線。超過三分之二的航線都是從我們的 13 個機組人員基地之一發射的，我們利用對這些站點的投資來增強我們簡化的網路的規模和可靠性。

The largest launch was from our Tampa base, where we added service to Boston, Dulles, Chicago O'Hare, Portland, and Burlington. And we added four routes from Chicago to Fort Myers, Tampa, Palm Beach, and Sarasota.

最大的一次發射是從我們的坦帕基地進行的，我們在那裡增加了飛往波士頓、杜勒斯、芝加哥奧黑爾、波特蘭和伯靈頓的航班。我們還增加了從芝加哥飛往邁爾斯堡、坦帕、棕櫚灘和薩拉索塔的四條航線。

We also continue to expand at LAX, adding service to Houston, Salt Lake City, Portland, and Seattle. Moreover, we launched new service to key leisure destinations, Palm Springs and Vail Eagle, both accessible from our Denver crew base and other key stations, including DFW and San Francisco.

我們也繼續擴張洛杉磯國際機場，增加了飛往休士頓、鹽湖城、波特蘭和西雅圖的服務。此外，我們還開通了飛往主要休閒目的地棕櫚泉和韋爾鷹的新航班，這兩個目的地均可從我們的丹佛機組基地和其他主要車站（包括 DFW 和舊金山）抵達。

Looking ahead, our pivot to a more balanced capacity deployment is expected to enable Frontier to outperform domestic carriers on our RASM recovery. We invested heavily in adjusting our network throughout 2024 by initially reducing exposure to oversupplied markets, followed by managing our day of week capacity deployment to match demand patterns.

展望未來，我們轉向更均衡的容量部署，預計將使 Frontier 在 RASM 復原方面勝過國內航空公司。我們在 2024 年投入了大量資金來調整我們的網絡，首先是減少對供應過剩市場的敞口，然後管理我們每週的容量部署以匹配需求模式。

This change, in addition to helping improve the margin performance of the business, has created a resilient network that enables speedy operational recovery from our regular operations. The setup of a more disciplined industry capacity deployment this year provides a positive backdrop for unit revenue improvements that meet our targets.

這種變化除了有助於提高業務的利潤率外，還創建了一個有彈性的網絡，使我們能夠從常規營運中快速恢復營運。今年更規範的行業產能部署為實現我們的目標的單位收入改善提供了積極的背景。

Building on 2024, we have shaped our monthly capacity deployment to be at our highest in the peak travel periods. The capacity growth in the first quarter is expected to be up mid-single digits versus the prior year quarter.

面向 2024 年，我們將每月的運力部署調整為在旅遊高峰期達到最高水準。預計第一季的產能成長率將比去年同期上升中等個位數。

Average stage length this year will be marginally higher compared to 2024. As we finalize our schedules into the second half of the year, our expectation is that we will manage capacity to align with demand. And we'll provide more details as the year progresses.

今年的平均賽段長度將比 2024 年略長。當我們最終確定下半年的計劃時，我們期望能夠管理運力以滿足需求。隨著時間的推移，我們將提供更多詳細資訊。

I want to congratulate our network and operations teams for all the great work that's been done establishing our 13 base network over the past 18 months. We are seeing the benefit of our maturing base network benefiting our revenue performance and importantly the operations performance of the airline. As Barry noted, we finished second in the industry in completion factor in December, inclusive of the busy holiday period.

我要祝賀我們的網路和營運團隊，他們在過去 18 個月為建立我們的 13 個基礎網路所做的一切出色工作。我們看到日趨成熟的基礎網路有利於我們的收入表現，更重要的是，有利於航空公司的營運表現。正如巴里所說，包括繁忙的假期在內，12 月我們的完成率在行業中排名第二。

I'll now hand it over to Bobby to provide a brief overview of the next chapter of the new Frontier and the innovative ways we're enhancing our customers' travel experience.

現在我將把主題交給 Bobby，讓他簡要介紹新 Frontier 的下一章以及我們提升客戶旅行體驗的創新方式。

Thanks, Jimmy, and good morning, everyone. Beyond the operational improvements that Jimmy highlighted, we are also focused on enhancing additional parts of customer experience in ways that drive demand, strengthen engagement, and create long-term financial value.

謝謝，吉米，大家早安。除了 Jimmy 強調的營運改善之外，我們還致力於透過推動需求、加強參與度和創造長期財務價值的方式來增強客戶體驗的其他部分。

As part of the new Frontier, we are making targeted investments that improve how customers interact with Frontier at every stage of their journey. Premium seating is a key focus, providing customers with more choice while driving revenue growth. Upfront Plus, introduced last year, has performed very well, attracting customers willing to pay for added comfort.

作為新 Frontier 的一部分，我們正在進行有針對性的投資，以改善客戶在旅程的每個階段與 Frontier 的互動方式。高級座位是我們關注的重點，它為顧客提供了更多選擇，同時推動了收入成長。去年推出的 Upfront Plus 表現非常出色，吸引了願意為增加舒適度付費的客戶。

Building on this success, we will launch a two-by-two first class product at an affordable price point in late 2025. This will enhance the experience for customers seeking more space while attracting higher yielding travelers who typically book premium products on other airlines.

基於這項成功，我們將在 2025 年底推出價格實惠的二乘二一流產品。這將提升尋求更多空間的乘客的體驗，同時吸引通常在其他航空公司預訂優質產品的更高收益的旅客。

We are also making significant upgrades to the digital experience. With more than 80% of customers using our app for check-in and airport services, we are launching a redesigned, more intuitive version to improve how customers interact with Frontier. The Android app will launch very shortly, followed by iOS, with a redesigned website coming later this year.

我們也正在對數位體驗進行重大升級。超過 80% 的客戶使用我們的應用程式辦理登機手續和享受機場服務，我們正在推出重新設計的、更直觀的版本，以改善客戶與 Frontier 的互動方式。Android 應用程式將很快推出，iOS 版本隨後也將推出，重新設計的網站也將於今年稍後推出。

This stronger focus on customer experience, coupled with our low fares, will naturally foster loyalty. And we are building on that foundation with strengthening Frontier Miles to drive greater engagement and long-term value.

我們更重視客戶體驗，再加上低票價，自然會培養客戶忠誠度。我們正在此基礎上進一步加強 Frontier Miles 計劃，以推動更大的參與和長期價值。

Over the past year, we introduced free check bags for cardholders and simplified the path to elite status, making the program more competitive. We recently announced plans to expand mileage redemption beyond airfare to include ancillary purchases. We also introduced complimentary premium seat upgrades for elite members and announced upcoming free unlimited companion travel for platinum and diamond members, both of which further enhance the appeal of Elite status.

在過去的一年裡，我們為持卡人推出了免費托運行李服務，並簡化了獲得精英身份的途徑，使該計劃更具競爭力。我們最近宣布了將里程兌換範圍擴大到機票以外的輔助購買的計劃。我們還為精英會員推出了免費的高級座位升級服務，並宣布即將為白金會員和鑽石會員提供免費無限次陪同旅行，這兩項服務都進一步增強了精英會員身份的吸引力。

Since launching free checked bags in August and rolling out our latest program updates, we've seen strong early results. Co-brand card acquisitions are up 35% and spend per cardholder increased 11% year over year in fourth quarter.

自從八月推出免費托運行李服務並推出最新的計畫更新以來，我們已看到了強勁的早期成果。第四季聯名卡持有量年增 35%，每位持卡人消費金額較去年同期成長 11%。

Loyalty remains a significant financial opportunity. Today, our co-brand revenue per passenger is under $3 compared to over $30 at legacy and other low-cost carriers. Even capturing a fraction of the legacy and low-cost carrier levels represents a meaningful and achievable growth opportunity over the next few years.

忠誠度仍然是一個重要的財務機會。如今，我們的聯合品牌每位乘客的收入不到 3 美元，而傳統航空公司和其他廉價航空公司的平均每位乘客收入則超過 30 美元。即使只佔據傳統和廉價航空公司的一小部分，也代表著未來幾年有意義且可實現的成長機會。

All of these efforts, operational improvements, premium product expansion, digital enhancements, and a more rewarding frequent flyer program work together to create a smoother, more enjoyable travel experience while diversifying revenue and strengthening Frontier's financial position. By offering more choice, improving the travel experience, and increasing reliability, we are deepening customer engagement, strengthening our brand, and driving both near- and long-term value for our customers and the company.

所有這些努力、營運改進、優質產品擴展、數位增強以及更有價值的飛行常客計劃共同創造了更順暢、更愉快的旅行體驗，同時實現了收入多元化並增強了 Frontier 的財務狀況。透過提供更多選擇、改善旅行體驗和提高可靠性，我們正在加深客戶參與度、加強我們的品牌、並為我們的客戶和公司帶來短期和長期價值。

With that, I'll turn it over to Mark for the financial update.

說完這些，我會把財務更新交給馬克。

Thanks, Bobby, and good morning, everyone. Briefly recapping the quarter, total revenue was just over $1 billion, 12% higher than the 2023 quarter. Fuel expense totaled $229 million, 20 4% lower than the '23 quarter, driven by a 22% decrease in the average fuel cost which was $2.48 per gallon for the quarter. We also generated a record 106 ASMs per gallon during the quarter, a 1% fuel efficiency improvement over the prior year.

謝謝，Bobby，大家早安。簡要回顧本季度，總收入略高於 10 億美元，比 2023 年季度高出 12%。燃料支出總計 2.29 億美元，比 23 年季度下降 20.4%，原因是平均燃料成本下降 22% 至本季每加侖 2.48 美元。本季度，我們還創造了每加侖 106 個 ASM 的記錄，燃油效率比前一年提高了 1%。

Adjusted non-fuel operating expenses were $728 million, within guidance, or $0.0695 per ASM on a stage-adjusted basis to 1,000 miles. The increase from the prior year quarter is mainly due to a 15% reduction in average daily aircraft utilization resulting from our disciplined capacity deployment that is proven to be margin accretive, an increase in airport costs due in part to a larger proportion of high revenue pull stations in our mix, partly offset by our cost savings program launched in the third quarter of '23.

調整後的非燃料營運費用為 7.28 億美元，在指導範圍內，或按階段調整後每 ASM 0.0695 美元至 1,000 英里。與去年同期相比的成長主要由於我們嚴格的運力部署導致日均飛機利用率下降 15%，這被證明可以增加利潤，機場成本的增加部分是由於我們的組合中高收入拉站的比例較大，部分被我們在 23 年第三季度啟動的成本節約計劃所抵消。

The 2023 quarter also includes a $36 million reduction in fleet-related costs driven by the extension of four aircraft leases. On a full-year basis for 2024, adjusted CASM, excluding fuel, stage adjusted to 1,000 miles was down 1.2% versus the prior year, consistent with guidance.

2023 年季度還包括因延長四架飛機租賃而減少 3,600 萬美元的機隊相關成本。從 2024 年全年來看，調整後的 CASM（不包括燃料）調整至 1,000 英里階段比前一年下降了 1.2%，與預期一致。

Fourth-quarter pre-tax income was $51 million, yielding a 5.1% margin; and net income was $54 million or $0.23 per diluted share. Net income includes a $3 million income tax benefit resulting from the release of the valuation allowance related to our net operating loss deferred tax asset in conjunction with the pre-tax earnings generated during the quarter, along with the impact of share-based compensation activity.

第四季稅前收入為5,100萬美元，利潤率為5.1%；淨收入為 5,400 萬美元，即每股 0.23 美元。淨收入包括 300 萬美元的所得稅收益，該收益源於釋放與我們的淨營業虧損遞延所得稅資產相關的估值準備金以及本季度產生的稅前收益，以及股權激勵活動的影響。

We ended the year with $935 million of total liquidity comprised of unrestricted cash and cash equivalents of $730 million and $205 million of availability from our undrawn revolving line of credit. Our total liquidity represents approximately 25% of trailing 12-month revenue, a significant increase compared to 21% at the end of September and 17% at the end of '23.

截至年底，我們的總流動資金為 9.35 億美元，其中包括 7.3 億美元的無限制現金和現金等價物以及 2.05 億美元的未動用循環信用額度。我們的總流動資金約佔過去 12 個月收入的 25%，與 9 月底的 21% 和 23 年底的 17% 相比有顯著增長。

The increase versus the prior quarter is driven by the $64 million of EBITDA generated in the fourth quarter, $40 million dollars of proceeds received from the legal settlement we disclosed previously, other working capital benefits, and PDP-related activity, partly offset by approximately $30 million of capital expenditures.

與上一季相比，這一增長主要得益於第四季度產生的 6,400 萬美元 EBITDA、我們先前披露的法律和解協議所得的 4,000 萬美元收益、其他營運資金收益以及 PDP 相關活動，但約 3,000 萬美元的資本支出部分抵銷了這一增長。

We had 159 aircraft in our fleet at quarter end after taking delivery of six A321neo aircraft during the fourth quarter, all financed with sale leaseback transactions. We expect to take delivery of four A321neos in the first quarter, all of which have committed sale leaseback financing.

在第四季接收六架 A321neo 飛機後，截至季度末，我們的機隊共有 159 架飛機，這些飛機均透過售後回租交易融資。我們預計第一季將交付四架 A321neo，所有飛機均已承諾售後回租融資。

To recap our fleet plan for the remainder of the year, we expect to take delivery of another four A321neo aircraft in the second quarter and two in the third quarter, while the 11 deliveries expected in the fourth quarter will be split by type, three A321neos and eight A320neos. These expected deliveries also have committed sale leaseback financing.

總結今年剩餘時間的機隊計劃，我們預計第二季度將接收另外 4 架 A321neo 飛機，第三季將接收 2 架，而第四季預計交付的 11 架飛機將按類型劃分，分別為 3 架 A321neo 和 8 架 A320neo。這些預計交付的產品也已承諾售後回租融資。

Our first-quarter and full-year guidance was published in the earnings announcement we issued this morning. We made the decision this quarter to narrow our guidance metrics to EPS, CapEx, and PDP in order to more closely align expectations with our focus on delivering bottom-line results.

我們第一季和全年的業績指引已在今天上午發布的收益公告中公佈。本季度，我們決定將我們的指導指標縮小到 EPS、CapEx 和 PDP，以便使預期與我們對實現底線結果的關注更加緊密地結合起來。

With that, our adjusted diluted earnings per share for the first quarter is estimated to be in the range of breakeven to $0.07 per share, a significant improvement from the loss per share of $0.12 per share in the comparable prior year quarter, driven by the continued strength expected from our revenue and network initiatives. We expect full year 2025 adjusted diluted EPS to be at least $1 per share based on the blended jet fuel curve on February 4, 2025.

因此，我們預計第一季調整後每股攤薄收益將在盈虧平衡至每股 0.07 美元之間，較去年同期每股 0.12 美元的虧損有顯著改善，這得益於我們收入和網絡計劃預期持續強勁的增長。根據 2025 年 2 月 4 日的混合航空燃料曲線，我們預計 2025 年全年調整後稀釋每股收益至少為每股 1 美元。

We expect to maintain a cost advantage of over 40% this year based on peer consensus and our internal forecast. Capital spending, including capitalized heavy maintenance, is expected to be $175 million to $235 million; and pre-delivery payments, net of refunds, is expected to be $10 million to $45 million.

根據同儕共識和我們的內部預測，我們預計今年的成本優勢將維持40%以上。資本支出（包括資本化的重型維護）預計為 1.75 億美元至 2.35 億美元；扣除退款後的交付前付款預計為 1000 萬至 4500 萬美元。

With that, I'll turn the call back to Barry for closing remarks.

說完這些，我會把電話轉回給巴里，請他作最後發言。

Thanks, Mark. The transformational changes we've implemented during 2024, creating a strong foundation for margin expansion in 2025 with double-digit pre-tax margins expected this summer. And I'm proud of Team Frontier for their contributions to this improved outlook, and I'm excited to be working alongside them as we deliver an exceptional customer experience and the best overall value in air travel.

謝謝，馬克。我們在 2024 年實施的轉型變革為 2025 年的利潤率擴大奠定了堅實的基礎，預計今年夏天的稅前利潤率將達到兩位數。我為 Frontier 團隊為改善前景所做的貢獻感到自豪，我很高興能與他們並肩工作，為客戶帶來卓越的體驗和最佳的航空旅行整體價值。

Before we turn to Q&A, I want to make a brief statement to address our proposal to combine with Spirit that we disclosed last week. Our proposal offers more value than Spirit's standalone plan. This includes substantial value for equity holders who will otherwise receive nothing through Spirit's plan with the bankruptcy court.

在我們進入問答環節之前，我想先簡單談談我們上週披露的與 Spirit 合併的提議。我們的提案比 Spirit 的獨立計劃更有價值。這為股東帶來了巨大的價值，否則他們將無法透過 Spirit 向破產法庭提出的計劃獲得任何利益。

As a combined airline, we would be positioned to provide more options and deeper savings, as well as enhanced travel experience and service for consumers. We would also be able to provide better career opportunities for team members.

作為一家合併後的航空公司，我們將致力於為消費者提供更多選擇、更大節省，以及更優質的旅遊體驗和服務。我們也能夠為團隊成員提供更好的職業機會。

We stand ready to engage with Spirit regarding our proposal and note their disclosure yesterday to extend the tender deadline for their equity rights offering by a week. We obviously know Spirit very well and are prepared to move quickly to engage to make this compelling opportunity happen.

我們已準備好與 Spirit 就我們的提案進行接觸，並注意到他們昨天披露的消息，將其股權發行的投標截止日期延長一周。我們顯然非常了解 Spirit，並準備迅速採取行動，讓這個引人注目的機會成為現實。

With that said, today, we're here to discuss our 2024 financial results and go-forward guidance. We ask that you please keep your questions focused on these topics. Thanks again for joining us this morning. Operator, we're ready to begin the Q&A segment.

話雖如此，今天，我們在這裡討論我們的 2024 年財務表現和未來指引。我們請求您將問題集中在這些主題上。再次感謝您今天早上加入我們。接線員，我們現在準備開始問答環節。

Thank you. (Operator Instructions) Brandon Oglenski, Barclays.

謝謝。（操作員指示） 巴克萊銀行的布蘭登·奧格倫斯基 (Brandon Oglenski)。

Barry, good to see the stock up today. Your guidance didn't provide a lot of details on the metrics. And I guess in some sense, that's actually refreshing. But can you give us a sense of where you're seeing some of your unit trends on revenue and cost and how you think that's going to play out in 2025 within the context of the guidance range?

巴里，很高興看到今天股票上漲。您的指導沒有提供有關指標的許多細節。我想從某種意義上來說，這實際上令人耳目一新。但是，您能否讓我們了解您對收入和成本的一些單位趨勢的看法，以及您認為在指導範圍內，這些趨勢在 2025 年將如何發展？

Well, look, I mean, you can see very clearly that our revenue trends are really performing well on the heels of what we've done in the network, which was mainly started last year in the May-June time frame. So we'll annualize that by the time we get there. So there's still a lot in the tank, if you will, just from the network initiatives, and we're really just getting started on the new Frontier.

嗯，我的意思是，您可以非常清楚地看到，我們的收入趨勢確實表現良好，這得益於我們在網路上所做的工作，這項工作主要是去年 5 月至 6 月期間開始的。因此，到那時，我們將實現年度化。因此，如果你願意的話，僅從網路計劃來看，我們還有很多工作要做，而我們實際上才剛開始新的前沿領域。

So we made the merchandizing changes, but all of the premium focus that Bobby mentioned with the seating -- the first class doesn't even begin until the end of this year -- and the loyalty, there's just a lot of tailwinds still to come on the revenue side.

因此，我們進行了商品銷售方面的變革，但 Bobby 提到的所有高端焦點，例如座位（頭等艙甚至要到今年年底才開始）和忠誠度，在收入方面仍有許多順風因素。

On the cost side, as Mark mentioned, we're planning to continue to maintain over 40% cost advantage, which will be up versus 2019. So we have pretty much ensured that our place, even including potential labor contracts in the future, will ensure that we continue to main our cost advantage versus our peers.

在成本方面，正如馬克所提到的，我們計劃繼續保持 40% 以上的成本優勢，這將比 2019 年有所上升。因此，我們基本上確保了我們的位置，甚至包括未來的潛在勞動合同，將確保我們繼續保持相對於同行的成本優勢。

Appreciate that, Barry. And then maybe, can you elaborate a little bit more. Because you've had so many changes on the commercial side. What initiatives are gaining traction right now? Because I know first class isn't going to be for another year, right? But are you seeing traction with some of the premium options you've already put in the market and the bundle fares that you launched last year?

非常感謝，巴里。然後也許您可以進一步詳細說明。因為你們在商業方面已經發生了很多變化。目前哪些措施正在獲得支持？因為我知道頭等艙還要等一年，對吧？但是，你們已經投放到市場上的一些高級選項以及去年推出的套餐票價是否受到了歡迎？

Yeah. Brandon, Jimmy here. Look, we've spent the last about 18 months trying to adjust our network to meet the demand patterns that exist in today's environment, as you move beyond the COVID recovery period and into normalized growth in the industry and also reflecting on overcapacity that we saw in certain markets that we flew to at the back end of 2023 and into 2024.

是的。布蘭登，我是吉米。看起來，在過去的大約 18 個月裡，我們一直在嘗試調整我們的網絡，以滿足當今環境中存在的需求模式，因為您已經度過了 COVID 恢復期，進入了行業的正常化增長，同時也反映了我們在 2023 年末和 2024 年飛往的某些市場中看到的產能過剩問題。

And so what we've done is really shaped the week in a better way where we focus a lot of our flying on peak days. And it goes to the expense of off peak days of the week. And so we're obviously seeing an improved unit revenue performance as a result of that network shaping.

因此，我們所做的實際上是以更好的方式安排一周的航班，將大量飛行集中在高峰日。而且這還會以犧牲一週中非高峰日為代價。因此，我們顯然看到網路塑造帶來的單位收入表現的提升。

But we've also launched over that period quite a dramatic change in the way we operate our business with an out and back network from 13 bases across United States. And we suffered from immaturity throughout last year as we established that network.

但在此期間，我們也透過遍佈美國 13 個基地的往返網絡，對我們的業務運作方式進行了相當大的改變。去年我們在建立這個網絡時，一直因不成熟而受苦。

One of the things that you're seeing from a revenue perspective is some maturity coming into that business, where bases that were launched in March, April, May last year are -- even though they're still in the first year of operation, they're starting to mature and mature relatively quickly. And we saw that in the peak period in December, where we outperformed our own expectations in terms of revenue performance. And we're seeing really strong demand patterns across that network, particularly focused on that peak days of the week.

從收入角度來看，我們看到的一件事就是該業務日趨成熟，去年三月、四月、五月啟動的基地——儘管它們仍處於運營的第一年，但它們已經開始成熟，而且成熟得相對較快。我們看到，在12月份的高峰期，我們的收入表現超出了我們自己的預期。我們發現整個網路的需求模式非常強勁，尤其集中在一週的高峰期。

I'll hand it over to Bobby to talk about some of the diversity products that we're launching and progressing through this year to build a stronger, more diversified revenue base, which will be foundational for the business for the next three or four years.

我將把時間交給 Bobby，讓他談談我們今年推出和推進的一些多元化產品，以建立更強大、更多樣化的收入基礎，這將為未來三到四年的業務奠定基礎。

Yeah. So you talk about the new Frontier, and we're using that as a generally umbrella statement around a variety of different topics, some of those of which have customer experience benefits and have near and long-term revenue benefits.

是的。所以您談到新的 Frontier，我們將其用作涵蓋各種不同主題的整體聲明，其中一些主題具有客戶體驗優勢並具有近期和長期收入優勢。

So of course, we've talked before about the premium seating that we've put in place. We're seeing revenue benefit right now from what we implemented last year with Upfront Plus, very good load factors within that. Still some upside opportunity that exists there and upside opportunity that exists when we think about how do we make that more flexible within the cabin as well when we introduce what's coming later in the year with the two-by-two first-class product. So quite a bit of opportunity there just in terms of direct sales.

當然，我們之前已經談論過我們設置的高級座位。我們現在看到，去年實施的 Upfront Plus 帶來了收入效益，其中的負載率非常好。當我們考慮如何讓機艙內部變得更加靈活，以及在今年稍後推出的二乘二頭等艙產品時，仍然存在一些上行機會。因此，從直接銷售的角度來看，有相當多的機會。

But some of the things that we've started tying these experiences into and really what's a big focus on is in the near term in terms of transforming, but something that we think is a very large level of value but will take some time to achieve that value, is the loyalty program.

但是，我們已經開始將這些體驗與之聯繫起來，而我們真正關注的重點是在短期內實現轉變，但我們認為忠誠度計劃具有非常大的價值，但需要一些時間才能實現。

And so we made a variety of changes within the loyalty program over the past year. And more recently, some of the big things that we introduced there are tying into some of these premium products. So we think about this as this ecosystem that we can play into and utilize to provide a better experience, create more appeal around the elite side. And frankly, with that better experience overall, that will create more loyalty that will want people to engage more on the loyalty program itself.

因此，我們在過去的一年裡對忠誠度計劃做出了各種改變。最近，我們推出的一些重要產品與其中一些高端產品相關。因此，我們認為這是一個生態系統，我們可以利用它提供更好的體驗，為精英階層創造更多的吸引力。坦白說，整體上更好的體驗將會創造更多的忠誠度，並希望人們更多地參與忠誠度計劃本身。

So we saw recent benefits. I already talked about that in the initial comments. But we anticipate that growing as we move through and people start to understand and see those benefits. Other carriers, one of the things that they have are a tremendous amount of folks who have status but aren't able to actually capture value within that status. We're going to be able to provide value to folks like that.

因此我們看到了最近的好處。我在最初的評論中已經談到了這一點。但我們預計，隨著我們的進步以及人們開始理解和看到這些好處，這個數字將會成長。對其他航空公司來說，他們擁有的一個優勢就是，擁有大量擁有地位但無法真正獲得相應價值的人員。我們將能夠為這樣的人們提供價值。

So we're excited about what that is. Like I said, we're under $3, frankly, per passenger. Other carriers are $30 and over. We're not sitting there saying that we're going to absolutely get to that level, but even a fraction of that is a massive opportunity for us that we're moving towards very quickly. And we anticipate again seeing some near term value, but the biggest amount of value is going to come over the course of a few years within that.

我們對此感到非常興奮。就像我說的，坦白說，每位乘客的費用不到 3 美元。其他承運商的收費為 30 美元及以上。我們並不是說我們絕對會達到那個水平，但即使只有一小部分，對我們來說也是一個巨大的機遇，我們正在快速地朝著這個方向前進。我們預計將再次看到一些短期價值，但最大的價值將在未來幾年內實現。

Michael Linenberg, Deutsche Bank.

德意志銀行的麥可‧林伯格（Michael Linenberg）。

Can you talk about -- the month of December looked exceptionally strong from a RASM perspective. And I get the sense that that's going to carry through into the first quarter. But then how much of an Easter effect is going to impact you, if anything?

您能談談嗎—從 RASM 的角度來看，12 月表現異常強勁。我感覺這種趨勢將持續到第一季。但是復活節的影響會對你產生多大的影響呢？

Yeah. Michael, I can start. Look, I think December was very strong. We finally got a lot of our changes in, the day of week changes as well, as we're starting to see a little bit of the maturity start to come into the markets, as Jimmy mentioned.

是的。邁克爾，我可以開始了。看，我認為十二月非常強勁。正如 Jimmy 所提到的，我們最終做出了很多改變，包括一周中的日子也發生了變化，因為我們開始看到市場開始逐漸成熟。

The Easter effect is going to be a drag on Q1. It's always difficult to tell, and I don't think we've had it quite this late post pandemic in this full recovery. But it's at least 1 to 2 points on the quarter, and we see a pretty strong March as a result.

復活節效應將會對第一季造成拖累。這總是很難說，而且我認為我們在疫情後還沒有這麼晚才實現全面復甦。但本季至少成長了 1 到 2 個百分點，因此我們看到 3 月的表現相當強勁。

Generally speaking, and we've talked about this a lot and looked back, it's generally good for the front half even though it's a drag on Q1, right? So even if you get it up to 2 point hit, your overall for the first half will actually be better because Q2 is going to be that much stronger.

總的來說，我們已經討論了很多次，回顧一下，雖然這對第一季造成了拖累，但總體來說對上半年來說還是不錯的，對嗎？因此，即使你的得分只達到 2 分，你上半場的整體表現實際上會更好，因為 Q2 會更加強勁。

Yeah. And I would just add, I mean, on the spring break period, which obviously go in that, seeing good demand there. Some of the big bases we have actually for spring break have those -- the spring break in the March time period, and our network planning team, of course, considers that when we're thinking about capacity planning.

是的。我還要補充一點，我的意思是，在春假期間，顯然會看到良好的需求。我們實際上為春假安排的一些大型基地都有這些——三月的春假，我們的網路規劃團隊在考慮容量規劃時當然會考慮到這一點。

So there is a drag in that regard. There's also -- from a spring break period perspective, some of that actually cuts into March itself.

因此，從這方面來說，存在著阻力。此外，從春假的角度來看，其中一些假期實際上會延續到三月。

Yeah. And just to add to what the guys have said, Michael, you look at this closely, right, in terms of the capacity deployment by month across the industry. If you look at our capacity deployment within the month for March and April, you'll see that there's significantly more capacity deployed in the peak travel weeks of March and the peak weeks that we see in April.

是的。我只是想補充大家所說的內容，邁克爾，你要仔細觀察整個產業按月進行的產能部署。如果您查看我們三月和四月的運力部署情況，您會發現，三月的旅遊高峰期和四月的旅遊高峰期部署的運力明顯更多。

And so that's one of the things that we're doing that's a little bit different than what we previously did when we deployed capacity. We're trying to match as best we can the assets that we have in the business, like pilots and obviously, aircraft, to outperform in peak weeks of the year and then manage the business through the off peak periods.

這是我們正在做的事情之一，與我們之前部署容量時所做的事情略有不同。我們正在盡力匹配我們在業務中擁有的資產，例如飛行員和飛機，以便在一年中的高峰期表現出色，然後在非高峰期管理業務。

And I think that's one big change that's happened in the business in the last twelve months and, you can see, has been quite positive in terms of the performance in the fourth quarter, which really was the first quarter -- full quarter that we deployed this network of managing off peak days and peak days of the week -- off peak periods and peak periods of the quarter in a better fashion.

我認為這是過去十二個月裡業務發生的一大變化，你可以看到，從第四季度的表現來看，變化相當積極，這實際上是我們部署此網絡的第一個季度，整個季度，我們以更好的方式管理非高峰日和一周的高峰日——非高峰期和季度高峰期。

Great. Thanks. And just my follow-up, I guess, to Mark. When we think about where you're headed from a profitability perspective, we're going to start seeing taxes feature more prominently. And yet, we could see that in this quarter, you're getting benefits.

偉大的。謝謝。我想，這只是我對馬克的後續行動。當我們從獲利能力的角度考慮您的發展方向時，我們將開始看到稅務問題變得更加突出。然而，我們可以看到，在本季度，您獲得了收益。

How should we think about your NOL position, which I think is actually pretty sizable? And what that -- from a cash taxpayer perspective, are we not going to see you paying any cash taxes until maybe late this decade? How should we think about it as we're modeling your cash flows out over the next few years?

我們應該如何看待您的 NOL 部位？而且從現金納稅人的角度來看，是不是要到本世紀末我們才會看到您繳現金稅？當我們為您未來幾年的現金流建模時，我們應該如何考慮這個問題？

Yeah, no problem, Michael. Yeah, so from a high level, when you look at, number one, from a rate perspective, the valuation allowance that is remaining that -- as that valuation allowance is released as we generate earnings, it will impact our rate. There's roughly $19 million of that allowance remaining as you look into this year.

是的，沒問題，麥可。是的，從高層次來看，首先，從利率的角度來看，剩餘的估值準備金 - 隨著我們產生收益而釋放的估值準備金將影響我們的利率。從今年來看，該補貼還剩餘約 1,900 萬美元。

And then when you think about the cash tax opportunity, so beyond the shield that is tied to that valuation allowance, there's another roughly $30 million or so cash opportunity. And so based upon the earnings we expect to generate this year, we certainly think we'll be able to take advantage of that NOL benefit. But this isn't going to be a multi-year item.

然後，當您考慮現金稅收機會時，除了與該估值準備金相關的盾牌之外，還有另外約 3000 萬美元左右的現金機會。因此，根據我們預計今年的收益，我們當然認為我們能夠利用 NOL 福利。但這不會是一個持續多年的計畫。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

This is Jake Gunning on for Duane. Just given all the network changes that you had in 2024, I know you're keeping it high level. Can you just maybe speak to the network priorities for 2025?

這是傑克甘寧 (Jake Gunning) 代替杜安 (Duane)。考慮到您在 2024 年進行的所有網路變革，我知道您會將其保持在高水準。您能談談 2025 年的網路優先事項嗎？

I mean, it's really to build on the structural change that we made in the business in 2024. I mean, as the airline grows in the next two, three years, you'd expect to see us advance from 13 bases to more bases. I'm not going to preannounce where they are.

我的意思是，這實際上是為了建立在我們 2024 年對業務進行的結構性變革的基礎上。我的意思是，隨著航空公司在未來兩三年內的發展，您可以預見到我們的基地將從 13 個發展到更多的基地。我不會預先宣布他們在哪裡。

But as we see a benefit both from a revenue and commercial perspective, but importantly also from an operational perspective, bases for our airports performing well for the business, we'll move to have more than 13 bases as we deliver the aircraft from Airbus and grow the airline. And we like the shape of the 13 bases across this year.

但是，我們看到，無論是從收入和商業角度，還是從營運角度，都有益處，我們的機場基地為業務帶來了良好的表現，隨著空中巴士的交付和航空公司的發展，我們將把基地數量增加到 13 個以上。我們喜歡今年 13 個基地的形態。

We may feed some bases going into '26 and '27 that advances the network. But it will be similar to what we've done in the last year and a half, just maybe not as aggressively as we changed through 2024. So more modest immaturity in the business and getting the benefit then of maturity coming into the business from stabilization in these base airports and also the airports that we fly to from those locations.

我們可能會為26年和27年提供一些基礎，以推動網路的發展。但它將與我們在過去一年半所做的類似，但可能不像 2024 年那麼激進。因此，業務的不成熟程度會比較低，而隨著這些基地機場以及我們從這些地點飛往的機場的穩定，業務將逐漸成熟，從而受益。

And look, our maturity profile in our business is far, far stronger, particularly in Q2 and Q3 this year, than it was in Q2 and Q3 last year where we tried to push the airline back to a full utilization basis and grow seat capacity quite aggressively. That led to quite an immature network that is lapping now, which is a good thing. And you're seeing -- starting to see that in the results of the business.

而且，我們業務的成熟度遠高於我們今年的第二季度和第三季度，而去年的第二季度和第三季度，我們試圖將航空公司推回到滿載的基礎，並積極增加座位數。這導致了現在網路還很不成熟，但這是一件好事。並且您開始在業務結果中看到這一點。

Okay. And then just to clarify on the cost advantage spread to competitors, is that total CASM plus net interest? And then you're targeting 40% on that, but are there any quarters in the year where you would expect that to expand or contract just given any lumpiness in your costs?

好的。然後，只是為了澄清與競爭對手的成本優勢，這是總 CASM 加上淨利息嗎？然後您的目標是達到 40%，但是考慮到成本的波動，您預計一年中有哪些季度的成長率或收縮？

Yeah. So first of all, yeah, that is the total CASM plus net interest. So I mean, as we think about cost, it's important to us that we're looking at cost overall. So any time we've given that metric, we're looking at it in total, and we've got a footnote in the release that speaks to the specific calculation.

是的。首先，是的，這是 CASM 總額加上淨利息。所以我的意思是，當我們考慮成本時，對我們來說，考慮整體成本是很重要的。因此，任何時候我們給出該指標，我們都會從總體上來考慮，並且在新聞稿中會附上腳註來說明具體的計算方法。

But then beyond that, I don't -- we're not getting into specifics for the quarter. I mean, we have worked very hard to remain cost disciplined, obviously, have increased that advantage. And as we progress through this year, what we think is important is that we remain committed to being cost disciplined and we remain committed to having that advantage be over 40%.

但除此之外，我們不會討論本季的具體細節。我的意思是，我們一直非常努力地保持成本紀律，顯然，我們已經增加了這一優勢。隨著今年的進展，我們認為重要的是我們將繼續致力於控製成本，並將繼續致力於將這一優勢保持在 40% 以上。

Savi Syth, Raymond James.

薩維·斯斯、雷蒙德·詹姆斯。

If I look at your -- taking a step back, if I look at one -- or first quarter, it looks like you're seeing 3 to 5 points of year-over-year improvement in margin. And to get to double digits by the summer, that requires 7 to 10 points, so maybe you're halfway there.

如果我看一下你的 — — 退一步來說，如果我看一下 — — 或者第一季度，看起來你看到利潤率同比提高了 3 到 5 個百分點。而要想在夏天之前達到兩位數，就需要獲得 7 到 10 分，因此也許你已經成功了一半。

I'm guessing most of that comes on the revenue side. I was wondering if you can talk a little bit about how much of that comes from maybe your market maturity being higher than it is today or maybe the premium products doing better than today. Just trying to understand what drives that incremental 3 to 5 points of margin improvement versus what you're already seeing in the first quarter.

我猜大部分都來自於收入方面。我想知道您是否可以稍微談一談其中有多少是因為您的市場成熟度比現在更高，或者高端產品的表現比現在更好。只是想了解與第一季已經看到的情況相比，是什麼推動了利潤率增加 3 到 5 個百分點。

Yeah, thanks. So I think first, remember that 3 to 5 points is including Easter. So it's really more like 5 to 7, I think. So then the bridge then, just seasonality alone pretty much should get you to your 10 points by summer. But in addition to that you've got the market maturity that we've talked about coming in as well as the other revenue initiatives.

是的，謝謝。所以我首先認為，請記住 3 到 5 分包括復活節。所以我認為實際上更像是 5 到 7。那麼，到夏天，僅憑季節性因素，您應該能夠獲得 10 分。但除此之外，我們還要考慮我們所討論的市場成熟度以及其他收入計劃。

So you just look at those trajectory, it's becoming pretty clear to us. And I think the other thing you can do is you can just look historically relationships, just look at the sequential 4Q to 1Q minus Easter seasonality. I think you just get there. But yeah, on top of the seasonality, you've got plenty coming in from network maturity and from revenue initiatives.

所以你只要看看這些軌跡，我們就會明白。我認為您可以做的另一件事是查看歷史關係，只需查看連續的第 4 季至第 1 季減去復活節季節性的影響。我認為你剛剛到達那裡。但是，除了季節性因素之外，網路成熟度和收入計劃也會帶來許多收入。

And I know you mentioned just giving further color on capacity later on. I was just wondering if you could help guardrail that for us and to add a final point to the maturity comments. Like, where are you in terms of -- and I'm guessing that applies to like percentage of new markets. Like, how do you see that progressing over the next few quarters? And where is it today and how do you see it progressing?

我知道您稍後會提到進一步說明容量問題。我只是想知道您是否可以幫助我們對此進行監管，並為成熟度評論添加最後一點。例如，您在哪裡——我猜這適用於新市場的百分比。例如，您認為接下來幾季會有什麼進展？它目前的發展如何？

Well, we have flexibility in our capacity. And so as you can see -- I mean, we just closed the near term, but we don't see a whole lot of growth in the first half for sure. We're looking at the second half and we're monitoring it, but we're not going to commit to a capacity growth number until we see where things are at.

嗯，我們的能力具有靈活性。正如您所看到的 - 我的意思是，我們剛剛結束了短期交易，但我們肯定不會看到上半年出現大量增長。我們正在關注下半年的情況並對其進行監控，但在了解情況之前，我們不會承諾產能成長數字。

We have flexibility with utilization and other things we can do, and we're committed to earnings number. And so if we see the RASM not coming in, we're going to dial back capacity. If we see getting significantly ahead, we have the opportunity to play with several points there in capacity. So we're not going to commit to that yet until we see how the summer starts to shape up, and we'll know that probably in the next few months.

我們在利用率和其他可以做的事情上具有靈活性，並且我們致力於獲利數字。因此，如果我們發現 RASM 沒有進入，我們就會減少容量。如果我們認為自己能夠取得明顯領先，我們就有機會在那裡獲得幾分。因此，我們暫時不會對此做出承諾，直到我們看到夏季的情況開始如何，我們可能會在接下來的幾個月內知道答案。

And on the maturity side, I'm sorry, just how many -- like, what's the percentage of new markets today versus like where it will be in the next couple of quarters?

就成熟度方面而言，抱歉，具體有多少——例如，目前新市場的百分比是多少，以及未來幾季新市場的百分比是多少？

It will continue to go down as a result of the maturity.

隨著成熟，它將繼續下降。

Yeah, I would say we get -- go ahead. Yeah, we get closer to more historical norms. I mean, it's been high, of course, as you've seen over the past really six months plus. So that'll shrink, as Barry said, as we progress through.

是的，我想說我們得到--繼續。是的，我們更接近歷史規範。我的意思是，當然，正如你在過去六個多月裡看到的那樣，這個數字一直很高。正如巴里所說，隨著我們不斷進步，這個數字將會縮小。

I mean, to put numbers on it, Savi, we were -- had immature markets of well over 20% last year. I mean, that's at least half of that, if not less than that in certain periods of the year.

我的意思是，用數字來表示，薩維，去年我們的市場不成熟程度遠超過 20%。我的意思是，這個數字至少是這個數字的一半，甚至在一年中的某些時期還會更低。

And so you're seeing that maturity, and these are still relatively young in terms of haven't actually performed for more than a year yet, but they are maturing and maturing relatively quickly. And so I think the network team has deployed the aircraft in a way that allows us to manage the business this year without carrying a significant portion of immaturity. And so having less than half the immature network that we had last year is really helpful to us.

所以你看到了這種成熟度，雖然這些仍然相對年輕，實際上還沒有表演一年多，但它們正在成熟，而且成熟得相對較快。因此，我認為網路團隊已經以一種允許我們今年管理業務的方式部署了飛機，而沒有承擔太多不成熟的業務。因此，我們目前的不成熟網路數量還不到去年的一半，這對我們非常有幫助。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

So great to see the improvement as you had said last year actually coming through with double-digit margin, et cetera. So over $1 of earnings in 2025. How do you think about that in terms of a normalized EPS in the out years? Where is the ultimate destination here? Obviously, we're not asking you for 2026 guidance, but what do you think you can achieve when this is fully normalized?

很高興看到我們取得了進步，正如您去年所說的那樣，實際上實現了兩位數的利潤率等等。因此到 2025 年收入將超過 1 美元。從未來幾年的正常化每股盈餘來看，您如何看待這一點？這裡的最終目的地是哪裡？顯然，我們並不是要求您提供 2026 年的指導，但是您認為當這一切完全正常化時您能實現什麼目標？

Look, I think if we get to 10% margins, you can do the math. I mean, we're trending to, call it, $5 billion airline by next year. We've actually got some filings out there. You could go look where we think this is headed.

看，我認為如果我們達到 10% 的利潤率，你就可以算一下。我的意思是，我們預計在明年成為價值 50 億美元的航空公司。我們實際上已經收到了一些文件。你可以去看看我們認為這將會走向何方。

Got it. And just in terms of the premium traction here, I think there's some debate as to ultra-low-cost carriers putting in premium products in their planes, what the reception is going to be. So have you guys commissioned the customer surveys? What's the initial reaction on the customer feedback to the potential for you guys putting in a first-class product and our co-brand and trying to launch somewhat of a more premium product here?

知道了。就高端產品的吸引力而言，我認為對於超低成本航空公司在其飛機上推出高端產品以及其反響如何存在一些爭論。那你們委託進行客戶調查了嗎？對於你們投入一流產品和我們的聯合品牌並嘗試在這裡推出更優質的產品的可能性，客戶回饋的最初反應是什麼？

Well, I'm glad you asked that. So the feedback was good. We surveyed, but we got something better than that. We actually launched our Upfront Plus product, which is just a blocked middle seat European-style business class, and we achieved over 70% sold load factors in the fourth quarter. And that's within six months of launching it.

嗯，我很高興你問這個問題。因此反饋很好。我們進行了調查，但得到了比這更好的結果。實際上，我們推出了 Upfront Plus 產品，這只是一個封閉的中間座位的歐式商務艙，我們在第四季度實現了超過 70% 的銷售載客率。這距其推出還不到六個月。

So we're pretty jazzed about our customers looking for a premium experience. And we're not attracting; we're not stealing share or anything. This is just customers that were already on board willing to pay for a better experience.

因此，我們對於尋求優質體驗的客戶感到非常興奮。而我們並沒有吸引人；我們並沒有竊取份額或做任何事情。這只是那些已經加入的客戶願意為更好的體驗付費。

So they're telling us, yes, that they want first class, but we're focused on the data. And the data says that the consumers have changed, and they're willing to pay for a new product. And we're excited to deliver it to them.

所以他們告訴我們，是的，他們想要一流的服務，但我們關注的是數據。數據顯示消費者已經改變，他們願意購買新產品。我們非常高興將它交付給他們。

Yeah. And I'd just add, I mean, look, we can deliver this at a lower cost than others. So when you talk about the affordability of these products, that to us, combined with the survey and the data we have from Upfront Plus, says that this is a really good product for us that should be accretive.

是的。我還要補充一點，我的意思是，看，我們可以以比其他人更低的成本來實現這一目標。因此，當您談到這些產品的價格承受能力時，對於我們來說，結合調查和我們從 Upfront Plus 獲得的數據，可以得出結論，這對我們來說確實是一款好產品，應該可以帶來增值。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

This is Ryan Capozzi on for Scott. So last year on about 5% capacity growth, load factors were down 4.5 points, but yields were up double digits. Just curious how you see this load factor yield dynamic playing out this year given another year of, call it, roughly mid-single digit growth?

這是 Ryan Capozzi，代替 Scott 發言。因此，去年運力成長約 5% 的情況下，載客率下降了 4.5 個百分點，但收益率卻上升了兩位數。我只是好奇，考慮到另一年的成長率，大約中等個位數，您如何看待今年的載客率收益率動態？

One thing I would point out is that we report flown, not booked. So we tend to trend between 7% to 9% no show, which is up significantly since pre-COVID. So I think you need to add a few points to normalize.

我想指出的一點是，我們報告的是飛行情況，而不是預訂情況。因此，我們的失約率往往在 7% 到 9% 之間，自新冠疫情爆發之前以來，這一數字大幅上升。因此我認為您需要添加幾點來使其正常化。

But the biggest issue has been -- we continue to see it. Tuesday, Wednesday, Saturdays are just not in demand like they were pre-COVID, and that's why we've reshaped the capacity to that demand. And so I think you're going to see load factors improve because of that shaping as we get through the year.

但最大的問題是——我們繼續看到它。週二、週三和週六的需求不像疫情前那麼旺盛，這就是我們根據需求調整運力的原因。所以我認為，隨著我們度過這一年，你會看到載客率會因為這種調整而改善。

Now if work from home were to go back and shift and people go back to more normal patterns, then I think Tuesday, Wednesday might improve again. But right now, we're not making that change to increase utilization on Tuesday, Wednesday until we see it.

現在，如果在家工作得以恢復並且人們恢復更正常的模式，那麼我認為週二和週三的情況可能會再次好轉。但現在，我們不會做出這樣的改變來增加週二和週三的使用率，直到我們看到效果為止。

I know there's a lot of discussion now recently about how much more people who go back the office will start to improve the Tuesday, Wednesday for the industry. But I think that's going to be something that ourselves and I would suspect the whole industry will watch this year. And I think it's probably a benefit to 2026 and beyond, but not yet.

我知道最近有很多討論，關於返回辦公室的人員將在多大程度上改善該行業的周二和周三的工作效率。但我認為這是我們自己以及整個產業今年都會關注的事情。我認為這可能對 2026 年及以後有利，但現在還不是。

Got it. Helpful color. And then just within revenue last year, average fares were up modestly, but ancillary revenue per passenger was down high single digits. Just curious that you see these two segments unfolding this year and maybe even into next year.

知道了。有用的顏色。僅在去年的收入方面，平均票價略有上漲，但每位乘客的輔助收入卻下降了個位數。只是好奇您是否看到這兩個部分在今年甚至明年展開。

Yeah. Don't underestimate the impact that stage has on unit per -- unit revenue performance or unit per passenger performance. I mean, we shrunk the stage quite dramatically last year as we deployed the new network. And so it drives more sectors per day per aircraft, more passengers, but slightly less revenue on a unit basis from an ancillary perspective in the business.

是的。不要低估該階段對單位收入表現或單位每位乘客表現的影響。我的意思是，去年我們部署新網路時大幅縮小了舞台。因此，它可以帶動每架飛機每天運送更多的航班、更多的乘客，但從業務的輔助角度來看，單位收入會略有減少。

We like the shape of the network. You can see the results that are coming. And so we've got to balance the way we've shortened the stage a little bit with the unit performance of ancillary products.

我們喜歡網路的形狀。您可以看到即將出現的結果。因此，我們必須在縮短舞台的方式和輔助產品的單位性能之間取得平衡。

I mean, we're really focused. If you listen to what everybody is saying on this call, we're very focused on the bottom line and performance to hit the bottom line. And we feel a shorter stage with more departures per aircraft per day is a good place for the airline to be in today's environment. And that drives a metric like you're seeing in terms of non-ticket being slightly down.

我的意思是，我們非常專注。如果你聽這次電話會議上大家說了什麼，你會發現我們非常注重底線和實現底線的表現。我們認為，在當今環境下，縮短航段、增加每架飛機每天的起飛次數對航空公司來說是一個很好的開始。這導致非票務方面的指標略有下降。

Chris Stathoulopoulos, Susquehanna International Group.

薩斯奎漢納國際集團 (Susquehanna International Group) 的克里斯·斯塔索洛普洛斯 (Chris Stathoulopoulos)。

So Barry, just want to -- a lot of detail given on capacity or how we should think about it, different data points here. So your selling schedule as I see it now is 5% in 1Q, 3% in 2Q. I guess that's still maturing. You said you don't see a lot of growth in the first half, new markets are lower.

所以 Barry，只是想——給出關於容量或我們應該如何考慮它的大量細節，這裡有不同的數據點。所以我現在看到的您的銷售計劃是第一季銷售 5%，第二季銷售 3%。我想，它仍在不斷成熟。您說上半年不會有太多成長，新興市場表現較低。

If you just want to -- if you could better understand the composition here of capacity for the year, right, because not all capacity is created equal, et cetera. But maybe if you could speak to how you're thinking about frequencies, peak versus off peak, stage gauge, and then markets where we would expect to see meaningful growth versus deceleration. Just want to tie up of all the points here you've given us on capacity for this year.

如果你只是想——如果你能更了解這裡年度產能組成，對的，因為並非所有產能都是平等的，等等。但也許您可以談談您對頻率、高峰與非高峰、階段性的看法，以及我們預計會看到有意義成長與減速的市場。我只想把您在這裡提出的有關今年產能的所有要點聯繫起來。

Yeah, we've brought back our growth dramatically, and we've said that we will continue to moderate growth until capacity and demand come in balance and we're solidly back to double digit margins. And that's going to mean that we continue to focus on peak periods, as Jimmy mentioned earlier, but most importantly, peak days a week.

是的，我們已經大幅恢復了成長，我們說過，我們將繼續適度成長，直到產能和需求達到平衡，並且我們的利潤率穩固地回到兩位數。這意味著我們將繼續關注高峰時段，正如吉米之前提到的，但最重要的是，每週的高峰日。

And so we are looking to run maximum utilization on your Thursday, Friday, Sunday, Monday and do more maintenance and get the fleet back ready on those other days. And so I think that's where you're going to see us concentrate. We're going to fly on the days and periods people want to go, and we're not going to chase utilization.

因此，我們希望在周四、週五、週日和週一最大限度地利用資源，並在其他日子進行更多維護，讓車隊重新做好準備。所以我認為這就是我們集中精力的地方。我們會在人們想要出遊的日子和時段飛行，我們不會追求利用率。

What we've seen, looking across the industry -- and I think this is globally. The aircraft rent is important, but the variable costs are real. And you've seen some of your largest variable increases as a percentage terms on the airport side and -- as well as fuel is considerably higher versus say 2018, 2019.

縱觀整個產業，我們看到的是──我認為這是全球性的。飛機租金很重要，但變動成本也是真實存在的。並且您已經看到，機場方面的一些最大變數以百分比形式增加，而且燃料費用與 2018 年、2019 年相比大幅增加。

So you have to be very conscious of that last seat. It may impact your CASM negatively. But as you've seen, we're doing lower utilization, higher CASM, higher margin as a result. And as I always joke, best way to stop losing money is stop doing things that lose money. And last year,, flying on Tuesday, Wednesdays was losing money.

所以你必須非常清楚最後一個座位。它可能會對您的 CASM 產生負面影響。但正如您所看到的，我們的利用率降低了，CASM 提高了，利潤率也提高了。正如我經常開玩笑說的那樣，停止虧損的最佳方法就是停止做虧損的事情。去年，週二、週三的班機都在虧損。

And so we're fixing that by reducing the capacity and we expect to continue to do that. And we remain fluid on the future second half. We will continue to focus on the -- you'll see a lot more of the first half. If things don't change, if they were to improve a little bit, if we saw a little bit Tuesday, Wednesday, there's the ability to add some more; but we're not planning on it at this moment.

因此，我們透過減少容量來解決這個問題，我們希望繼續這樣做。我們對未來下半年仍持不確定態度。我們將繼續關注——你會看到更多上半部的內容。如果情況沒有變化，如果情況有所改善，如果我們在週二、週三看到一點改善，那麼就有能力增加更多；但我們目前還沒有這個計劃。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克 (Jamie Baker)。

This is James on for Jamie. I appreciate the fleet comments in the prepared remarks. Is there any reason to think that the level of sale leaseback premiums realized in 2025 will deviate materially from the ones realized in 2024?

這是詹姆斯 (James) 代替傑米 (Jamie) 上場。我很欣賞準備好的評論中的艦隊評論。是否有理由認為 2025 年實現的售後回租溢價水準將與 2024 年實現的售後回租溢價水準有重大偏差？

I mean, from a sale leaseback perspective -- so the key change year over year is just tied to the number of inductions. So we had 23 in '24. We'll have 21, as we highlighted, for '25. And not only the numbers it's down to, but then the mix. It was all 321s in '24 percent and you'll have 8 of the 21 in '25 that are 320s. So relative to the premium tied to each of those, there's no issue. But that -- there will be a difference tied to the number and the mix.

我的意思是，從售後回租的角度來看，逐年的關鍵變化僅與入職人數有關。所以我們在'24年就有23個。正如我們所強調的，25 年我們將有 21 個。這不僅取決於數字，還取決於組合。'24 年全部都是 321，而 '25 年 21 個中 8 個是 320。因此，相對於與每個相關的保費，不存在任何問題。但在數量和組合方面會存在差異。

Got it. That's helpful. And for my second question, there's been a lot of calls for air traffic control reform in the recent days. And I think you guys have been vocal on that in previous quarters. Have you ever done internal modeling in terms of how much incremental capacity successful ATC reform could generate for you guys, holding pilots and aircraft consistent?

知道了。這很有幫助。我的第二個問題，最近幾天有很多人呼籲進行空中交通管制改革。我認為你們在前幾個季度已經對此表達過看法。你們有沒有做過內部建模，研究成功的空中交通管制改革能在保持飛行員和飛機一致的情況下為你們帶來多少增量容量？

Yeah. So yeah, I've been vocal and I know -- I guess it was repeated again in some of the things I've said last year here recently.

是的。是的，我一直在表達自己的看法，而且我知道——我想最近我又重複了去年我在這裡說過的一些話。

Look, first, our hearts go out to those folks that were impacted. That was a horrible incident. And hopefully, we can stop any of that thing happening in the future. But the truth is that we are understaffed and there's some pretty long lead times to training someone new.

首先，我們對那些受到影響的人們深表同情。那是一次可怕的事件。希望我們能夠阻止將來再發生任何此類事情。但事實是我們人手不足，培訓新員工需要相當長的時間。

I was excited to hear last night the Secretary of Transportation talking about some things that we've talked about for a while, which is potentially extending the age from 56 to higher. As I understand it, there's a significant amount of trained, capable folks, very seasoned, that I think could be added quickly.

昨晚我很高興聽到交通部長談論一些我們已經討論了一段時間的事情，這可能會將年齡從 56 歲延長到更高。據我了解，有大量訓練有素、能力強、經驗豐富的人員，我認為可以快速補充。

So you could increase the supply and get us back staffed pretty quickly by increasing the age. I mean, quite honestly, we allow you to fly as a pilot to 65, but we cap you at 56 for an air traffic controller. Which one of these numbers is wrong?

因此，您可以透過增加年齡來增加供應量，並讓我們很快恢復人員配備。我的意思是，老實說，我們允許作為飛行員飛行的年齡限制為 65 歲，但作為空中交通管制員，我們的限制年齡為 56 歲。這些數字哪一個是錯的？

And I would argue that in an ATC environment, there's likely someone down the chain. If you're worried about a health issue, there's probably someone who could step in a lot quicker than if you're at 36,000 feet. So I think that is a practical approach that's really exciting to me to hear them talking about that. And I'm really excited for them to be focused on safety and getting the numbers there.

我認為在空中交通管制環境中，很可能有人處於控制鏈下游。如果您擔心健康問題，可能有人可以比在 36,000 英尺的高空更快介入。所以我認為這是一種實用的方法，聽到他們談論這個問題我真的很興奮。我真的很高興他們專注於安全並取得成果。

The second part of your question though, with regard to modernization, I've seen a lot of different studies on this. We don't necessarily have the capacity ourselves to model this, but I've seen multiple studies. And it ranges somewhere between 18 and 22 minutes I've seen in terms of savings per flight in the United States, and that would come from two areas.

不過，你問題的第二部分是關於現代化，我已經看到很多不同的研究。我們自己不一定有能力對此進行建模，但我已經看到多項研究。就我所知，美國每趟航班可節省的時間大約在 18 到 22 分鐘之間，這源自於兩個面向。

One is just more efficient flight planning solutions, but also what happens on IRAP days, all of the different holds, and so forth. So that's a significant amount of savings in terms of flying, fuel, and so forth.

一是更有效的飛行計畫解決方案，還有 IRAP 日發生的情況、所有不同的情況等等。因此，從飛行、燃料等方面來說，這可以節省大量資金。

But I think it's two part. The pre-planned flight part could add incremental utilization and actually save consumers' money because there could be more flights, et cetera. The second piece is that it would improve the overall experience because you simply would be able to get rid of inefficiencies related to IRAP events. So I think you'd get a little bit of efficiency, but you would also get better experience for consumers.

但我認為這分為兩部分。預先規劃的航班部分可以增加增量利用率，並且實際上可以為消費者節省資金，因為可能會有更多的航班等等。第二點是，它將改善整體體驗，因為您將能夠擺脫與 IRAP 事件相關的低效率。因此我認為你會獲得一點效率，但你也會為消費者帶來更好的體驗。

And quite honestly, above all, getting back to the original component, which is safety, I think you'd have a much safer system. So I'm really excited about them getting the staffing fixed and secondly, working on the modernization of air traffic control. It's been far too long, and I'm glad that this is now finally a focus.

老實說，最重要的是回到最初的組件，即安全性，我認為您將擁有一個更安全的系統。因此，我很高興他們能夠解決人員配置問題，並致力於空中交通管制的現代化。這已經過去太久了，我很高興現在這終於成為了焦點。

Thomas Wadewitz, UBS.

瑞銀的 Thomas Wadewitz。

This is Atul Maheswari on from Tom Wadewitz. Thanks a lot for taking our questions. So just circling back on the new market maturity topic, can you provide some perspective on how much are RASMs or profit margins in those immature markets below that of the mature ones? Just any color there that can help us dimensionalize what's possible as those markets mature.

我是 Atul Maheswari，來自 Tom Wadewitz。非常感謝您回答我們的問題。那麼回到新市場成熟度話題，能否提供一些觀點，說明不成熟市場的 RASM 或利潤率與成熟市場相比低多少？任何顏色都可以幫助我們確定這些市場成熟後可能出現的情況。

Yeah. Look, so when you put in new capacity, you're going to take a 30% to 35% hit on RASM versus the average in the first year. And so if you just do the math, right, if you had 20% incremental growth versus your baseline from before, 20% times 30%, 35%, that's 6% to 7% on the system.

是的。你看，當你投入新產能時，與第一年的平均值相比，RASM 將下降 30% 到 35%。所以如果你做個計算，對吧，如果你與之前的基線相比有 20% 的增量增長，20% 乘以 30%，35%，那就是系統上的 6% 到 7%。

And so it's just mechanical, the maturity that takes place once you get to year over year. That's why when you say where we're at now, you just take Q4 and roll that forward both seasonally as well as just market maturity, you solidly get into the double digit margins by summer.

所以這只是機械的，隨著時間的流逝，它會變得成熟。這就是為什麼當你說我們現在所處的位置時，你只需將第四季度的數據按照季節和市場成熟度向前推進，到夏天你就能穩固地獲得兩位數的利潤率。

And just to add to what Barry said, we're pretty aggressive in how we manage the network. You've seen that over the last few years. If we're not seeing a route mature and move beyond like a 70% of what the RASM should be on that route and start to creep up to 100% over time, we will cut it.

除了 Barry 所說，我們還要補充一點，我們在網路管理方面非常積極。過去幾年您已經看到了這一點。如果我們發現某條航線還未成熟，且 RASM 尚未達到該航線的 70% 左右，並且隨著時間的推移開始上升到 100%，我們就會將其削減。

And so part of our immaturity in our business is replacing immature routes that are not performing with new routes, in addition to immature activity that comes from aircraft deliveries and growth in the business. And so we are very, very focused on that in here.

因此，我們業務不成熟的部分原因在於用新航線取代表現不佳的不成熟航線，以及來自飛機交付和業務成長的不成熟活動。因此，我們非常非常關注這一點。

We watch the performance of the immature markets and are not shy to remove them if they're not performing. We don't hold on to things for very long. So you can take comfort in the fact that the stuff that we're holding on year over year is performing and is heading on a trajectory to get to either network average or above the network average.

我們關注不成熟市場的表現，如果它們表現不佳，我們就會毫不猶豫地將其剔除。我們不會堅持事物太久。因此，您可以放心，我們年復一年堅持的東西表現良好，並且正朝著達到網路平均或高於網路平均的軌跡發展。

And then the stuff that's taken out may not have worked for us for a variety of different reasons. We're not going to hang on to it. And so that's a good component of how we manage the network here. And you saw that actually quite aggressively throughout last year as we redeployed assets. And now, you're starting to see that that redeployment work and some maturity developed as a result of that.

而由於各種不同的原因，那些被取出的東西可能對我們沒有作用。我們不會堅持下去。這是我們在此管理網路的一個很好的組成部分。我們在去年重新部署資產時實際上已經取得了相當積極的進展。現在，您開始看到重新部署工作以及由此產生的一些成熟度。

Got it. That's very helpful. And as my follow-up, just for this year, it would seem like there are some cost pressures in the business either from maybe lower sale leaseback gains, higher rent, or other cost pressures. But will next year, that is 2026 -- will that be a cleaner cost year or does a potential pilot deal mean 2026 is going to be an inflationary year as well?

知道了。這非常有幫助。我的後續問題是，就今年而言，我們的業務似乎面臨一些成本壓力，可能是由於售後回租收益降低、租金上漲或其他成本壓力。但明年，也就是 2026 年，會是成本更低的一年嗎？

Yeah. I mean, as we've continued to prove, I mean we are very focused on cost, remaining cost disciplined. We've grown our cost advantage, and so that will continue to be a focus.

是的。我的意思是，正如我們不斷證明的那樣，我們非常注重成本，並保持成本紀律。我們已經增強了成本優勢，因此這將繼續成為我們的重點。

As you look at 2025, as we've mentioned, you've got a number of commercial initiatives that are going to drive some movement in the CASM. But any of those decisions are tied to disciplined capacity deployment driving the maximum margin.

正如我們所提到的，展望 2025 年，將會有一系列商業措施推動 CASM 的發展。但任何這些決定都與嚴格的產能部署有關，以實現最大利潤。

And then beyond that, we touched on the fleet impact, but you also have the full-year benefit of the cost savings program we talked about. So there are a number of pieces and parts. But at the end of the day, we're focused on driving the lowest cost number possible.

除此之外，我們還談到了對車隊的影響，但您還可以獲得我們所討論的成本節約計劃的全年利益。因此，有許多零件和部分。但最終，我們還是專注於盡可能降低成本。

And as you look to '26 and think about a potential labor deal, what we highlighted is being over 40%. That's inclusive of a deal. So I mean, we're very focused on keeping that above 40% cost advantage.

當你展望26年並思考潛在的勞工協議時，我們強調的比例超過40%。其中包括一項交易。所以我的意思是，我們非常注重維持 40% 以上的成本優勢。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德（TD Cowen）。

Jimmy, just on your last answer, how many months of data do you need to see before determining if a route is working or if you need to cut it? Is that like a six-month thing, a little bit less, a little bit longer?

吉米，針對你上一個問題的回答，你需要查看多少個月的數據才能確定一條路線是否正常或是否需要取消它？這就像是六個月的事情，短一點，長一點嗎？

I mean, typically 6 to 12 months, but like -- I mean, we can -- we also watch how it's performing in the run into operating the route. So between announcing it and actually the first departure, we can see the trends that are coming.

我的意思是，通常是 6 到 12 個月，但是——我的意思是，我們可以——我們也會觀察它在運營這條路線時的表現。因此，從宣布消息到實際首次出發之間，我們可以看到未來的趨勢。

And obviously, we have a significant history of growth and managing immaturity in our business. And so --but typically, 9, 12 months is your -- is the point of which you're very confident that it's maturing in a very strong fashion. But it can happen at any point after you put it on sale, where you actually see the actual activity that's happening in the business.

顯然，我們的業務在成長和管理不成熟方面有著悠久的歷史。所以 — — 通常來說，9 到 12 個月是 — — 是您非常有信心它會以非常強勁的方式成熟的時間點。但它可能在您將其出售後的任何時候發生，那時您實際上會看到業務中正在發生的實際活動。

And so we have cut routes relatively shortly after launching them because the market isn't there that we thought maybe was there. Or you see a competitive dynamic that crops up that we want to deploy the capacity somewhere else, and an opportunity exists somewhere else and we move it because of an underperforming immature market. So it's very fluid. It's the best way to put it.

因此，我們在開通航線後不久就削減了一些航線，因為市場並不像我們想像的那樣存在。或者你看到出現了一種競爭態勢，我們想將產能部署到其他地方，而其他地方也存在機會，我們因為市場不成熟、表現不佳而將產能轉移到其他地方。所以它非常流暢。這是最好的說法。

Yeah, yeah, yeah. That's very helpful. And then just as a follow-up, would you mind just providing an update on your customer demographics, just given all the changes in the business and all the product changes you're announcing, both within the cabin and on the loyalty side? I'd just love to hear what you're seeing by age cohort and then income cohort. Thanks again for the time.

是的，是的，是的。這非常有幫助。然後作為後續問題，考慮到您宣布的所有業務變化和產品變化（包括客艙內部和忠誠度方面），您介意提供有關客戶人口統計的最新資訊嗎？我只是想聽聽你對年齡層和收入組的看法。再次感謝您抽出時間。

Yeah. So some of the changes that we've completed over the past year have created benefit in terms of what we're seeing on the demographic side. We've seen an increase actually on the business side in terms of the travelers there. Incomes have gone up.

是的。因此，從人口統計學角度來看，我們在過去一年中完成的一些變革已經帶來了效益。我們實際上看到商務遊客數量增加。收入增加了。

Specifically, I talked earlier about credit card applications and the things that we're seeing as it pertains to the frequent flyer program. Those, in terms of incomes and FICO scores, have gone up fairly dramatically.

具體來說，我之前談到了信用卡申請以及我們所看到的與飛行常客計劃相關的事情。就收入和FICO分數而言，這些數字已經大幅上升。

So the things that we're doing, we're excited about the folks that we're providing premium products to. These are the demographics are moving in the right direction that will be able to purchase that and engage with that. So overall, good movement we've seen there.

因此，對於我們所做的事情，我們為那些提供優質產品的人感到興奮。這些人口統計數據正朝著正確的方向發展，他們將能夠購買並參與其中。總體而言，我們看到了良好的進展。

Thank you. I would now like to turn the call back over to Barry Biffle for any closing remarks.

謝謝。現在我想將電話轉回給巴里·比弗爾 (Barry Biffle)，請他做最後發言。

Yeah. I want to thank everybody for joining. We're really excited about 2025 and what we have in store. All the hard work that our team is doing in 2024 is really paying off, and we're excited about the future. Thanks again for joining and we'll talk to you next quarter.

是的。我要感謝大家的加入。我們對 2025 年以及我們所擁有的一切感到非常興奮。我們團隊在 2024 年所做的所有努力都得到了回報，我們對未來充滿期待。再次感謝您的加入，我們將在下個季度與您聯繫。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。