Frontier Group Holdings, Inc. (ULCC) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Frontier Group Holdings' Q1 2026 earnings call. After today's prepared remarks, we will host a question and answer session. I will now hand the conference over to David Erdman, Senior Director, Investor Relations. David, please go ahead.

大家好。感謝各位加入我們，歡迎參加Frontier Group Holdings 2026年第一季財報電話會議。在今天的事先準備發言之後，我們將進行問答環節。現在我把會議交給投資人關係資深總監David Erdman。David，請開始。

Thank you. Good morning, everyone. Welcome to our first quarter 2026 earnings call. Joining me today in speaking order are Jimmy Dempsey, President and Chief Executive Officer, Bobby Schroeder, Chief Commercial Officer, and Mark Mitchell, Chief Financial Officer. Each will deliver brief prepared remarks. Then we'll open the call for questions. Before we begin, I'll remind you that today's discussion will include forward-looking statements subject to risks and uncertainties. We will be referring to certain non-GAAP financial measures throughout the call. Reconciliations to these non-GAAP financial measures can be found in the earnings release issued today and also posted on our investor relations website. We'll also be referencing stage-length adjusted unit metrics, which are based on 1,000 miles. I'll give the call over to Jimmy to begin his prepared remarks. Jimmy.

謝謝。各位早安。歡迎參加我們2026年第一季財報電話會議。今天依發言順序與我一同出席的有：總裁兼執行長Jimmy Dempsey、商務長Bobby Schroeder，以及財務長Mark Mitchell。各位都將發表簡短的事先準備發言。之後我們將開放提問。在開始之前，提醒各位，今天的討論將包含前瞻性陳述，並受風險與不確定性影響。在本次電話會議中，我們將引用若干非GAAP財務衡量指標。這些非GAAP財務衡量指標的調節表可見於今日發布的財報新聞稿，亦已張貼於我們的投資人關係網站。我們也會提及航段長度調整後的單位指標，其係以1,000英里為基礎。接下來我把電話交給Jimmy，開始他的事先準備發言。Jimmy。

Thanks, David. Before I review the quarter, I'd like to briefly address Spirit's shutdown. Spirit played a meaningful role in providing affordable travel to a wide range of consumers in an industry dominated by four major airlines. While Frontier remains focused on ensuring consumers have access to affordable travel, our thoughts are with our friends and colleagues during this difficult time. Over the weekend, we provided discounted fares to assist affected customers on over 100 Spirit routes. We extended travel benefits to assist Spirit team members to return home and are encouraging them to apply for open positions in Frontier. Spirit's exit meaningfully alters the supply landscape. Given our network, low-cost structure, and disciplined approach to capacity deployment, Frontier is best positioned to provide low fares and the best value in those markets in a manner consistent with our strategic priorities around network shape and long-term value creation.

謝謝你，David。在我回顧本季之前，我想先簡要談談Spirit的停運。在由四大航空公司主導的產業中，Spirit在為廣大消費者提供平價旅行方面扮演了重要角色。儘管Frontier仍專注於確保消費者能夠享有平價旅行，我們的心與朋友及同業在這段艱難時期同在。週末期間，我們在超過100條Spirit航線上提供折扣票價，以協助受影響的旅客。我們也延伸旅行福利，協助Spirit團隊成員返家，並鼓勵他們申請Frontier的職缺。Spirit的退出將顯著改變供給格局。憑藉我們的航網、低成本結構，以及對運能投放的紀律化作法，Frontier最有能力在符合我們對航網形狀與長期價值創造之策略優先事項的前提下，在這些市場提供低票價與最佳價值。

We will expand service this summer with 9 additional routes plus 15 daily departures across 18 former Spirit routes, including Orlando, Las Vegas, Dallas, Fort Worth, Fort Lauderdale, and Detroit. This gives customers more options to rebook their travel plans with confidence while keeping fares low. Turning to the quarterly recap, we delivered adjusted revenue of nearly $1.1 billion, a company record, with stage-adjusted RASM up 17% year-over-year, reflecting sustained progress across our commercial initiatives and strong demand. This performance drove an EPS guidance beat despite sharply higher fuel prices. We remain centered on the 4 strategic priorities previously outlined to strengthen the business and return the airline to sustained profitability, including rightsizing the fleet, strengthening cost discipline, improving operational reliability, and building customer loyalty. I'll briefly update you on the progress of each. Firstly, we have made excellent progress on fleet rightsizing.

今年夏季我們將擴大服務，新增9條航線，並在18條原Spirit航線上增加每日15個航班班次，包括奧蘭多、拉斯維加斯、達拉斯、沃斯堡、勞德岱堡與底特律。這讓旅客在維持低票價的同時，有更多選擇可安心重新安排其旅行計畫。回到本季回顧，我們交出接近11億美元的調整後營收，創公司紀錄；航段調整後RASM年增17%，反映我們各項商業計畫持續取得進展且需求強勁。儘管燃油價格大幅上升，這項表現仍帶動每股盈餘（EPS）優於指引。我們仍聚焦先前提出的四項策略優先事項，以強化業務並使航空公司回到可持續獲利，包括：機隊規模調整、強化成本紀律、提升營運可靠性，以及建立客戶忠誠度。我將簡要更新各項進展。首先，我們在機隊規模調整方面已取得極佳進展。

We executed the previously announced 69 aircraft deferrals with Airbus and 24 lease terminations with AerCap. We expect all 24 aircraft to leave our fleet by early June. Secondly, on cost discipline, we have high confidence and remain on track to deliver $200 million of targeted annual run cost savings by 2027, including rent reductions, network optimization, and productivity benefits. Third, on operational reliability, we're focused on completion factor and on-time performance. We launched a system-wide maintenance strategy to improve maintenance planning and reliability, reduced unscheduled aircraft out-of-service events, which enables improved aircraft return to service performance at the beginning of the day. We're also enhancing our airport operations, simplifying our ticket counters, and improving turn times. Although this is a multi-year project, we are seeing positive early results. For the April year-to-date period, we ranked fourth among major domestic carriers in completion factor.

我們已執行先前宣布與Airbus的69架飛機交付延期，以及與AerCap的24項租約終止。我們預期這24架飛機將於6月初前全數退出我們的機隊。第二，在成本紀律方面，我們高度有信心並仍按計畫於2027年前達成每年2億美元的目標年度化成本節省，包括租金下調、航網最佳化與生產力效益。第三，在營運可靠性方面，我們聚焦於航班完成率與準點表現。我們推出全系統維修策略，以改善維修規劃與可靠性，降低非計畫性飛機停飛事件，從而提升每日開始時的飛機復飛（return to service）表現。我們也在強化機場營運、簡化售票櫃檯流程並改善航班周轉時間。雖然這是一項多年期計畫，但我們已看到初步的正面成果。以截至4月的年初至今期間計算，我們在主要國內航空公司中之航班完成率排名第四。

Finally, our loyalty programs delivered over 30% growth in the 1st quarter, our 4th consecutive quarter of double-digit growth. This is the result of continued momentum from investments in our co-brand credit card and membership programs. As previously announced, we plan to enhance the onboard experience with the introduction of first class seating and Wi-Fi service later this year and into next year. Turning to the current environment, in response to the fuel spike, we have taken decisive action to adjust capacity fares and ancillaries. We anticipate recapturing approximately 35%-45% of fuel prices in Q2. As a result, we expect RASM to increase by over 20% year-over-year in Q2 and stage adjusted RASM to be up high teens on capacity growth of approximately 7%. We expect continued improvement in fuel recovery as the year progresses.

最後，我們的忠誠度計畫在第一季成長超過30%，為連續第四季達成雙位數成長。這是我們持續投資聯名信用卡與會員方案所帶來的動能成果。如先前所宣布，我們計畫於今年稍晚至明年期間，透過導入頭等艙座位與機上Wi‑Fi服務來提升機上體驗。就目前環境而言，為因應燃油價格飆升，我們已果斷採取行動調整運能、票價與附加收入項目。我們預期在第二季可回收約35%至45%的燃油價格上漲影響。因此，我們預期第二季RASM將年增超過20%，在運能約成長7%的情況下，航段調整後RASM預計將年增高十幾個百分點。我們預期隨著年度推進，燃油回收情況將持續改善。

This is enhanced by the capacity adjustments we are seeing in overlap markets where our competitive capacity is down 4% in Q2. Our liquidity position at the end of March is strong at nearly $1 billion and anticipate our liquidity to be between $900 million and $950 million at the end of Q2. This puts Frontier in a very strong position to take advantage of the opportunities provided by the fuel crisis. Higher fuel does not change our strategic priority to return to profitability. By staying aligned with our framework and focusing on items we can control, we believe we are well-positioned to navigate near-term volatility while emerging stronger as macro conditions normalize. This is an exciting time for Frontier as America's value airline.

此外，在我們與競爭對手重疊的市場中，我們看到競爭運能於第二季下降4%，這也強化了上述趨勢。截至3月底，我們的流動性部位強勁，接近10億美元，並預期第二季末流動性將介於9億至9.5億美元。這使Frontier處於非常有利的位置，得以把握燃油危機所帶來的機會。較高的燃油成本不會改變我們回到獲利的策略優先事項。透過持續與我們的框架保持一致並聚焦於我們可控的事項，我們相信能妥善因應短期波動，並在總體環境正常化時以更強的姿態脫穎而出。對Frontier而言，作為美國的價值型航空公司，這是一個令人振奮的時刻。

Before concluding, I'd like to recognize Team Frontier for driving operational performance improvements and for upholding our commitment to the highest safety standards. This sustained commitment to safety was reinforced by our recent receipt of the FAA's Diamond Award of Excellence for the second consecutive year, the agency's highest recognition for maintenance, training, and safety. The discipline and professionalism our people bring to the airline every day are fundamental to our progress, and I sincerely thank them for their focus and execution. I'll now turn it over to Bobby.

在結束之前，我想表揚Frontier團隊在推動營運表現改善，以及堅守我們對最高安全標準承諾方面的努力。我們對安全的長期承諾，近期也因連續第二年獲得FAA「鑽石卓越獎」而再次獲得肯定；這是該機構對維修、訓練與安全所頒發的最高榮譽。我們的同仁每天為航空公司帶來的紀律與專業精神，是我們進展的根本，我由衷感謝他們的專注與執行力。接下來我把電話交給Bobby。

Thanks, Jimmy. First quarter adjusted revenue was a record for any quarter in Frontier's history, driven by both yield and load factor strength. Total adjusted revenue per passenger increased 10% year-over-year to approximately $128, supported by a nearly 4-point improvement in flown load factor to approximately 78%. This performance came despite the operational disruptions from severe winter weather and extensive TSA delays during the busy spring break travel period. Loyalty momentum extended into the first quarter on record co-brand card acquisitions in February, then again in March, with March card spend reaching an all-time monthly high. Our loyalty assets have consistently been one of our strongest long-term value drivers, and their trajectory is accelerating.

謝謝你，Jimmy。第一季調整後營收創下Frontier歷史上任何季度的紀錄，主要受惠於收益率與載客率的強勁表現。每位旅客的總調整後營收年增10%至約128美元，並由實際飛行載客率提升近4個百分點至約78%所支撐。儘管在繁忙的春假出行期間遭遇嚴峻冬季天候造成的營運中斷，以及TSA大範圍延誤，本季仍達成此一表現。忠誠度動能延續至第一季：2月聯名卡新增發卡量創紀錄，3月再創新高，且3月刷卡金額達到歷史單月最高。我們的忠誠度資產一向是最強的長期價值驅動因素之一，而其成長軌跡正在加速。

Turning to the second quarter, our guidance reflects RASM growth of greater than 20% and stage-adjusted RASM up high teens year-over-year, supported by durable demand trends and lower competitive capacity on Frontier routes. We have participated in five broad industry fare actions since the start of March, a clear signal that demand at higher fares remains resilient and that industry capacity discipline is supporting a more constructive pricing environment. As we think about the foundation of our performance expectations, the recent conclusion of Spirit's operations represents an incremental opportunity for Frontier. Our team is focused on helping impacted customers get to their destinations. We have seen significant revenue intake since the weekend, a trend we expect to continue throughout this coming week as those customers who are most acutely impacted seek alternatives.

展望第二季，我們的指引反映RASM成長超過20%，以及經航段調整後的RASM年增達高十幾個百分點，主要受惠於穩健的需求趨勢，以及Frontier航線上較低的競爭運能。自3月初以來，我們已參與了五次全產業範圍的票價調整行動，這清楚顯示在較高票價水準下的需求仍具韌性，且產業運能自律正支持更具建設性的定價環境。在思考我們績效預期的基礎時，Spirit近期結束營運，對Frontier而言代表一項額外的機會。我們的團隊正專注於協助受影響的旅客抵達目的地。自週末以來，我們看到顯著的營收流入；我們預期這一趨勢將在接下來一週持續，因為受影響最嚴重的旅客正在尋找替代方案。

Demand for the Frontier product is strong. In the second quarter of 2026, we have more route overlap with Spirit than any other U.S. carrier, uniquely positioning us to recapture the demand they left behind. Drawing on the benefits realized from prior Spirit capacity adjustments, we believe their exit supports a RASM uplift of 3% to 5% going forward. Scheduled average utilization, net of fuel-driven capacity adjustments, is expected to be higher sequentially, consistent with our strategic plan. Second quarter capacity is expected to be up 6-8% year-over-year on an average stage length of approximately 890 miles, both lower than originally planned, reflecting targeted reductions concentrated in long-haul flying.

對Frontier產品的需求強勁。在2026年第二季，我們與Spirit的航線重疊程度高於任何其他美國航空公司，使我們具備獨特優勢，可重新吸收其退出後留下的需求。基於先前Spirit調整運能所帶來的效益，我們認為其退出將在未來支持RASM提升3%至5%。在扣除因燃油因素所做的運能調整後，預期排定的平均使用率將較前一季提高，符合我們的策略計畫。第二季運能預期年增6%至8%，平均航段長度約890英里；兩者皆低於原先規劃，反映我們針對長程航班所做的集中式削減。

We'll continue to be nimble and tightly manage capacity based on fuel and demand trends, and accordingly, we are reserving updated long-term capacity guidance at this time. On the product side, first-class installations will run through the second half of the year. Wi-Fi vendor selection is in its final stages, with installations beginning in 2027. Combined with the bundle and segmentation enhancements driving non-ticket for passenger growth, we these additions position us to serve a broader customer base while preserving the cost discipline that defines our model. The combination of industry-wide capacity discipline and the continued maturation of our commercial initiatives give us real conviction in our trajectory through year-end. I'll now turn the call to Mark for the financial update.

我們將持續保持彈性，並依據燃油與需求趨勢嚴格管理運能，因此目前暫不提供更新後的長期運能指引。在產品方面，頭等艙安裝將持續到今年下半年。Wi‑Fi供應商遴選已進入最後階段，並將於2027年開始安裝。再加上套裝方案與分眾強化所帶動的旅客非票務收入成長，這些新增項目使我們能在維持定義我們商業模式的成本紀律下，服務更廣泛的客群。全產業的運能自律，加上我們商業計畫持續成熟的組合，讓我們對年底前的發展軌跡具有高度信心。接下來我把電話交給Mark進行財務更新。

Thanks, Bobby. Total adjusted operating expenses in the first quarter were $1.1 billion, including $268 million of fuel expenses at an average cost of $2.88 per gallon. Adjusted non-fuel operating expenses were $868 million or $0.0885 per ASM, with the increase over the corresponding 2025 quarter driven largely by lower average daily aircraft utilization and higher fleet-related costs across reduced capacity. As utilization increases and targeted cost savings materialize in line with our strategic plan, we expect a meaningful reduction in our adjusted non-fuel unit costs. First quarter adjusted pre-tax loss was $69 million and adjusted net loss was $68 million, resulting in adjusted loss per share of $0.30 favorable to guidance.

謝謝你，Bobby。第一季調整後營運費用總額為11億美元，其中包含2.68億美元燃油費用，平均成本為每加侖2.88美元。調整後非燃油營運費用為8.68億美元，或每ASM 0.0885美元；相較於2025年同期的增加，主要由較低的每日平均飛機使用率，以及在運能縮減下較高的機隊相關成本所驅動。隨著使用率提升，且依策略計畫推動的目標成本節省逐步落實，我們預期調整後非燃油單位成本將顯著下降。第一季調整後稅前虧損為6,900萬美元，調整後淨虧損為6,800萬美元，導致調整後每股虧損0.30美元，優於指引。

We ended the quarter with $974 million in liquidity, including unrestricted cash and availability from our revolving loan facility. The increase from year-end was principally the result of a significant increase in our air traffic liability, fleet-related activity, and an expansion of our prepaid miles facility, net of operating losses and capital expenditures. As Jimmy mentioned, we expect to exit the second quarter with $900 million-$950 million of total liquidity, bolstered by internal liquidity measures, including fleet-related activity and advanced discussions associated with an extension of the company's co-brand credit card agreement. Our second quarter guidance reflects continued commercial momentum alongside observed demand trends, while elevated fuel prices weigh on expected results. We remain focused on disciplined capital allocation and preserving liquidity through our fleet rightsizing and cost-saving initiatives, lower planned capital spending, and capacity optimization.

本季末我們的流動性為9.74億美元，包括不受限制現金及循環貸款額度的可用額度。相較於年底的增加，主要來自航空交通負債的大幅上升、機隊相關活動，以及預付里程融資額度的擴大，並扣除營運虧損與資本支出後的淨額。如Jimmy所提及，我們預期第二季末總流動性將達9.00億至9.50億美元，並將受內部流動性措施支撐，包括機隊相關活動，以及與延長公司聯名信用卡協議相關的提前討論。我們的第二季指引反映在觀察到的需求趨勢下，商業動能持續；同時，較高的燃油價格將對預期結果造成壓力。我們仍專注於嚴謹的資本配置，並透過機隊規模調整與節省成本措施、較低的計畫性資本支出，以及運能最佳化來維持流動性。

From a fleet perspective, following the 7 aircraft inductions in the first quarter, 1 additional than expected, we now expect to take delivery of another 7 aircraft in the second quarter and return 24 aircraft. Furthermore, for full year 2026, we lowered our capital spending guidance range by $30 million, and we are reaffirming the expectation of a reduction in our pre-delivery deposit balance in the range of $170 million-$210 million. We expect our pre-delivery deposit balance to be reduced by this amount resulting from the previously announced agreement to defer the induction of 69 Airbus aircraft, with a similar reduction expected in our related PDP financing facility balance. For more details on our second quarter and full year guidance, refer to the announcement we published this morning.

就機隊而言，在第一季引進7架飛機（比預期多1架）之後，我們目前預期第二季將再交付7架飛機，並退回24架飛機。此外，就2026全年而言，我們將資本支出指引區間下調3,000萬美元，並重申預期預交付訂金（PDP）餘額將減少1.70億至2.10億美元。我們預期PDP餘額將因先前公告的協議（延後引進69架空中巴士飛機）而降低上述金額，相關PDP融資額度餘額亦預期將有類似幅度的下降。關於第二季與全年指引的更多細節，請參閱我們今早發布的公告。

Given fuel volatility, we expect to provide full year EPS guidance once we have improved visibility into the macro outlook. With that, Elizabeth, we're ready to open the line for questions.

鑑於燃油價格波動，我們預期在對總體前景有更清晰的能見度後，才會提供全年EPS指引。接下來，Elizabeth，我們準備開放提問。

(Operator Instructions)

（接線員指示）

Savanthi Syth, Raymond James.

Savanthi Syth，Raymond James。

Hey, good morning, everyone. Maybe just on the observation that you're expecting like a 3 to 5 percentage point RASM uplift from Spirit's exit. Curious, if that's in the guide that you provided and if just how, you know, what if you're seeing that in current trends or just kinda based on historical trends?

嗨，大家早安。也許先就你們提到預期因Spirit退出而帶來約3到5個百分點的RASM提升。我想了解，這是否已包含在你們提供的指引中？以及你們是如何判斷的——你們是在目前趨勢中已看到，還是主要根據歷史趨勢推估？

Hi, Savi. It's Jimmy here. the 3%-5% RASM uplift is linked to historical trends that we've seen structural change on Spirit's network, where either we had existing capacity or replaced capacity that they walked away from. That's effectively a run rate RASM uplift. We think it's approximately 3%-5%. We actually think it could be higher than that going forward. What's in the guide, we estimate given that the we're guiding Q2, and we're largely halfway through the quarter, we think about 2 points of improvement in the quarter that's built into the guide that we gave today is linked to Spirit shutting down.

嗨，Savi。我是Jimmy。3%到5%的RASM提升是連結到我們過去觀察到的歷史趨勢：當Spirit的航網出現結構性變化時，在我們原本就有運能、或我們補上他們退出後留下的運能之處。那基本上是一個常態化（run rate）的RASM提升。我們認為大約是3%到5%。我們其實認為未來可能會高於這個水準。至於指引中包含的部分，我們估計，考量我們是在指引第二季、且本季大致已過半，我們認為本季約有2個百分點的改善已納入今天提供的指引，並與Spirit停運相關。

That's helpful. Thank you. If I might just on the fleet, are you still expecting kind of 25 aircraft this year in total and none next year?

這很有幫助。謝謝。如果我可以再問一下機隊方面，你們今年仍預期總共大約25架，明年則沒有交付嗎？

Savi, we have 24 aircraft, you know, for this year, and we have 6, you know, for next year. One of the things that wanna highlight, we have, you know, as part of the fleet, the last 5, you know, deliveries of this year and the first 6, you know, of next year, you know, we have an agreement in principle, you know, to sell those aircraft without a corresponding leaseback agreement. You know, as you think about the fleet, while there will be 24 inductions, you will end the year with roughly 171 aircraft, and then there will be no, you know, deliveries that we retain next year.

Savi，我們今年是24架，明年是6架。我想強調的一點是，就機隊而言，今年最後5架交付以及明年前6架交付，我們已有原則性協議，將出售這些飛機，且不會搭配相對應的售後回租安排。當你看整體機隊時，雖然會有24架引進，但年底機隊規模約為171架，而明年將不會有我們保留的交付。

I mean, said another way, Savi, you know, we effectively begin 2026 with the same number of aircraft that we largely end 2027. You know, we'll effectively have the same fleet for those 2 years. That's what's planned at the moment.

換句話說，Savi，我們在2026年初的飛機數量，基本上會與2027年底的飛機數量大致相同。也就是說，這兩年我們的機隊規模將大致維持不變。目前的規劃就是如此。

Yep.

對。

Now we're replacing --

現在我們正在替換--

Thank you.

謝謝。

where we're getting the upside on that is actually removing 320 NEOs from the fleet. They're obviously fuel efficient aircraft, but they're 320s, and we're replacing them as we progress through this year, largely with 321 NEOs, which is really an efficiency drive in the airline that's been going on for years.

我們在這方面取得上行空間，實際上是把機隊中的 320 NEO 移除。它們顯然是省油的飛機，但畢竟是 320，而我們在今年推進的過程中，主要會以 321 NEO 來替換，這其實是航空公司多年來持續進行的效率提升動能。

Along with utilization, I'm assuming. Perfect. Thank you.

再加上使用率，我想也是。完全正確。謝謝。

Yeah.

對。

Jon Heidorn, Citigroup.

Jon Heidorn，花旗集團。

Hey, guys. Thanks for taking my question. Appreciate the color on what's going on with competitive capacity, Spirit overlapping markets, et cetera. You know, there's a debate out there about kind of short term versus long term. Clearly, your commentary and your guidance suggests that there's a benefit that you see and that's growing in kind of the short to medium term as we get to that 3% to 5%. What can you do to kind of protect those profits and those markets longer term? It does seem like there's other competitive capacity kind of trying to backfill Spirit as well.

嗨，各位。謝謝讓我提問。也感謝你們分享競爭運能、Spirit 重疊市場等等的情況。你知道，外界一直在討論短期與長期的差異。顯然，你們的評論與指引顯示，你們看到的效益在短中期會逐步擴大，達到 3% 到 5%。那麼，從長期來看，你們能做些什麼來保護這些利潤與市場？看起來也有其他競爭運能在嘗試補上 Spirit 的空缺。

Hi, Jon. Look, there's always going to be in a situation like this that arises, there's always going to be a chase for capacity that occurs across their network. We positioned ourselves over the last 6 to 9 months on launching routes that we thought would be opportunities that come as they reduce their capacity, with the possibility that they would cease operations. You've seen us move quite quickly with an overlap of over 100 routes against Spirit. Look, I'm, we are going to be very, very disciplined in how we deploy incremental capacity into the business. I mean, we're very disciplined on what we're doing in our fleet. Our fleet determines, you know, the availability of aircraft to drive incremental capacity.

嗨，Jon。你看，像這種情況發生時，整個網路上一定會出現追逐運能的現象。過去 6 到 9 個月，我們已經先行布局，推出我們認為在他們縮減運能、甚至可能停止營運時會出現機會的航線。你也看到我們動作很快，與 Spirit 重疊的航線超過 100 條。我們會非常、非常嚴格自律地決定如何把增量運能投放到業務中。我們在機隊方面做的事情也非常自律。機隊決定了可用飛機的供給，進而推動增量運能。

You know, that discipline is something that we're putting in place across the airline as we administer the new plan that was announced in February, where we're really focused on right-sizing fleets, cost control in the airline, you know, fundamentally fixing the operations to drive loyalty into the business. And we'll make decisions around Spirit capacity as a result or lost capacity in the marketplace, using those measures. In terms of protection of capacity, we're already in over 30% of our business overlapped with them. We'll continue to look at further opportunities as the weeks and months progress.

你知道，這種自律也正在全公司落實，配合我們在 2 月公布的新計畫：我們真正聚焦於讓機隊規模更貼合需求、控制航空公司的成本，並從根本上修復營運，以提升客戶忠誠度。因此，對於 Spirit 的運能、或市場上流失的運能，我們會依據這些衡量標準來做決策。就運能保護而言，我們的業務中已有超過 30% 與他們重疊。未來幾週到幾個月，我們也會持續尋找更多機會。

One thing I'd add too, just in terms of history here, you know, Spirit has already come out of markets. As we said, we've we have that history to showcase what we think the benefit to us will be. Just the absorption of this, the reductions that have already existed, you know, in May, the backfill of that from an industry perspective has been about 50%. We've been about 40% of that 50%. It showcases the discipline that's existing throughout the industry on capacity adds and backfill.

我再補充一點，從歷史來看，Spirit 其實已經退出過一些市場。如同我們所說，我們有這段歷史可以用來說明我們認為對我們的效益會是什麼。就吸收這些變化而言，既有的減班減量，你知道，在 5 月，從全產業角度來看，對這些空缺的補位大約只有 50%。而在那 50% 裡，我們大約占了 40%。這也顯示整個產業在新增運能與補位方面都保持自律。

Okay. If I could just clarify that last point, it sounds like embedded in your 3%-5% view is some sort of normal historical backfill that you've seen from other players as well. Is that fair?

好的。我想釐清你剛才最後一點：聽起來你們 3%–5% 的看法，內含了你們過去看到其他業者也會進行的、某種正常的歷史性補位。這樣理解對嗎？

No. Like, the 3% to 5% is what is based on history, and there's obviously been a substantial capacity change over the past few days. That's what we expect a 3% to 5% run rate improvement across the system on the back of that, given the overlap that we had with Spirit. As I said to Savi earlier.

不是。3% 到 5% 是基於歷史經驗推估的；而且過去幾天運能確實出現了大幅變化。基於我們與 Spirit 的重疊程度，我們預期這會帶來全系統 3% 到 5% 的運行率改善。就像我先前跟 Savi 說的。

Okay.

好的。

We anticipate about 2 points of that in the near term, and then we'll see how it develops as things normalize in the coming weeks. We think it may be more than 3-5 points.

我們預期其中大約有 2 個百分點會在短期內出現，接下來幾週隨著情況正常化，我們再看它如何發展。我們認為可能會超過 3 到 5 個百分點。

Okay. Fair enough. Then just one last one on this topic. Over the last year or so, there have been so many scenarios playbooked with Spirit. I'm just curious from here, now that we've had the cessation in operations, are there any opportunities to pick up assets or anything like that? Are there remaining assets? I mean, are there more plays in the playbook from here, or are we done?

好的。了解。那這個主題最後一題。過去一年左右，關於 Spirit 已經推演過很多種情境與劇本。我想問的是，既然現在已經停止營運，是否有機會承接資產或類似事項？是否還有剩餘資產？我的意思是，從現在開始劇本裡還有更多招數可走嗎，還是就到此為止？

I mean, look, Spirit announced yesterday that they'll have effectively an orderly wind down of the business. We will look at assets that come out during that wind down. Clearly there's an immediate availability of aircraft assets in their business, and we'll look at opportunities as they present themselves in the coming days and weeks as to whether that is incremental to our business. You know, I just want to reassert that, you know, we're going to be disciplined in any decision we make on the basis that it either improves our unit cost base, improves our market position and network deployment, and fundamentally is a value creator for the business and generates profitability.

你看，Spirit 昨天宣布他們將對業務進行基本上有序的收尾。在這個收尾過程中釋出的資產，我們都會評估。很明顯，他們公司裡的飛機資產會立即釋出，我們會在接下來幾天到幾週視機會而定，評估這是否能為我們的業務帶來額外增量。我想再次強調，我們對任何決策都會保持自律，前提是它必須能改善我們的單位成本結構、提升我們的市場地位與航網投放，並且從根本上為公司創造價值、帶來獲利。

We'll be focused on that, but we know that there's a significant amount of opportunities that are coming around assets that are within Spirit.

我們會聚焦在這些面向；但我們也知道，Spirit 內部資產所帶來的機會相當多。

Excellent. Thanks, guys.

很好。謝謝各位。

Thanks.

謝謝。

Thanks.

謝謝。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, thanks. Good morning. Can you speak to how your second half growth plans may have changed in light of higher fuel? I think the original plan was to dial up utilization in off-peak periods. Again, from arm's length, off-peak historically sounds less exciting from a fuel pass-through perspective. Just how do we square what has changed in the backdrop with the plan to push more in off-peak?

嗨，謝謝。早安。在燃油價格較高的情況下，你能談談你們下半年成長計畫可能有哪些改變嗎？我記得原本的計畫是在淡季提高使用率。再說一次，從旁觀角度看，歷史上淡季在燃油成本轉嫁方面似乎沒那麼吸引人。在背景條件改變之後，我們要如何把這些變化與在淡季加碼的計畫對齊？

Yeah. Hey, Duane. You know, our plan it continues to be to bring off-peak flying back into the business. You know, we just believe we overcut off-peak capacity in the last year, particularly, but certainly in the last two years. What we've seen recently actually is the off-peak capacity performing pretty well from a RASM perspective. I mean, you see our Q2 RASM up over 20%, year-over-year. I mean, that's a huge performance improvement. Obviously, oil prices and fuel recapture on oil prices across the industry is helping that. What we're seeing on off-peak days is pretty positive. Like, I look at our capacity deployment in the last in May and June. We probably cut June a little bit too much.

對。嗨，Duane。我們的計畫仍然是把淡季航班帶回到業務中。我們相信過去一年、尤其是過去兩年，我們對淡季運能削減得太多了。我們最近看到，淡季運能在 RASM（每可用座位英里營收）表現其實相當不錯。你看我們第二季 RASM 年增超過 20%。這是非常大的表現改善。當然，油價以及全產業對油價的燃油回收（轉嫁）也在幫忙。我們在淡季日看到的情況相當正面。例如我看我們在 5 月與 6 月的運能投放。我們可能把 6 月砍得稍微太多了。

We look at maybe redeploying some capacity opportunistically in June. I do believe we'll continue to trim capacity as the year progresses as part of a package of measures to preserve liquidity and cash, but also to manage the fuel recapture in the business. Certainly Tuesdays, Wednesdays, you know, will probably be the primary focus of that or long stage off-peak times of the day, where we reduce and trim capacity. We're not guiding the second half. Obviously, it's volatile in terms of fare and fuel in the industry at the moment. Directionally, I think we'll be slightly smaller than we had anticipated earlier in the year, but I'm not sure meaningfully smaller.

我們可能會在6月視情況機會性地重新部署部分運能。我確實相信，隨著今年推進，我們會持續削減運能，作為一整套措施的一部分，以維持流動性與現金，同時也為了管理業務中的燃油回收。當然，週二、週三等日子，可能會是主要的著力點，或是在航段較長、一天當中離峰的時段，我們會在那裡降低並精簡運能。我們不對下半年提供指引。顯然，就目前產業而言，票價與燃油都非常波動。就方向性來看，我認為我們的規模會比年初先前預期略小一些，但我不確定是否會小得很明顯。

Okay, Jimmy, I appreciate that. Cutler, I just wanted to follow up with one of Savi's questions. You referred to outright sale of aircraft, and I just wondered, is that a part of the transaction where you're giving back previously leased aircraft, or is this separate, and are you actually selling delivery positions? If so, can you speak to the cash inflow that you would expect in total or per shell, if that's what you're doing? Thank you.

好的，Jimmy，感謝你的說明。Cutler，我想就Savi其中一個問題再追問一下。你提到直接出售飛機，我想確認一下：這是否屬於交易的一部分，也就是你們歸還先前租賃的飛機，還是這是另外一件事？以及你們是否實際上在出售交付順位（delivery positions）？如果是的話，你能談談你們預期的現金流入嗎？不論是總額或每架（如果你們是這麼做的話）。謝謝。

Yeah, Duane. Hey. We're not gonna go into the commercial terms of the deal that we've done. We're, you know, as part of the fleet management strategy that we put in place, we wanted to end 2027 with similar number of aircraft as starting 2026, and that's just part of that process.

是的，Duane。嗨。我們不會深入討論我們所完成交易的商業條款。我們是這樣的：作為我們已制定的機隊管理策略的一部分，我們希望在2027年底的飛機數量與2026年初相近，而這只是該流程的一部分。

Thank you.

謝謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks. Good morning. Jimmy, you said a couple of times, like, maybe it's gonna be more than 3% to 5%. Maybe it's just too early, but, like, what are you seeing in real time the last few days on those, you know, 100 or so routes where you overlap? Like, you know, if it's truly 30% of your capacity, I would have thought maybe the uplifts could have been more than that 3% to 5%. You seem to think, like, maybe it can, but I don't know. Maybe just some real-time color on what's actually happening in the market.

嗨，謝謝。早安。Jimmy，你提到過幾次，可能會超過3%到5%。也許現在還太早，但就最近幾天的即時情況來看，在你們重疊的那大約100條航線上，你們看到了什麼？如果那真的是你們30%的運能，我原本以為提升幅度可能會超過3%到5%。你似乎覺得可能可以，但我不太確定。能否提供一些即時的觀察，說明市場實際正在發生什麼？

I mean, the 3%-5% is based on history, not based on the last four or five days of activity. What you're seeing in the last four or five days is effectively a reaccommodation process for unfortunate spare consumers who've lost their flights. You're seeing that across the industry. We happen to be in a position where we offer significant value in the industry and at very low fares. Our recapture offer or our rescue fare offer was very attractive into the marketplace. What we're talking about in the 3%-5% is really the run rate on a go-forward basis that we anticipate is improving our system-wide RASM.

我的意思是，3%到5%是基於歷史經驗，而不是基於過去四、五天的活動。你在過去四、五天看到的，基本上是一個為不幸失去航班的旅客進行改簽安置（reaccommodation）的流程。你會在整個產業都看到這種情況。我們剛好處於一個位置：我們在產業中提供顯著的價值，而且票價非常低。我們的回收方案（recapture offer）或救援票價方案（rescue fare offer）在市場上非常有吸引力。我們所談的3%到5%，其實是指我們預期在未來常態化運行下的水準，能改善我們全系統的RASM。

We just need to normalize out of this period where there's a reaccommodation process going on, and move to a more normalized RASM improvement in these markets. We'll see where we go. The 3-5 points is based on history where we've seen them reduce capacity or exit markets across our system, and the impact it has on us. This is obviously more significant, it could lead to a higher RASM uplift, but we'll just have to wait and see.

我們需要先從目前這段正在進行改簽安置的期間回到常態，然後在這些市場中轉為較正常的RASM改善。我們會看看後續發展。這3到5個百分點是基於歷史：我們曾看到他們在我們系統內縮減運能或退出市場時，對我們造成的影響。這次顯然更為重大，可能帶來更高的RASM提升，但我們只能再觀察。

Right. Assuming you get that, right, what does this mean for your longer term capacity growth? Like, is it a lot more, a little bit more? Could it mean, hey, we don't want to add any, so we want to keep the benefits of the price? How do you think about that without I know you're not giving specific numbers around long-term capacity, but what are your initial thoughts here?

了解。假設你們確實達到那樣的提升，這對你們較長期的運能成長意味著什麼？會多很多、還是多一點點？會不會代表：嘿，我們不想再增加任何運能，想保留票價帶來的好處？我知道你們不會提供長期運能的具體數字，但你們初步怎麼思考這件事？

I mean, primarily we want to move the airline back to profitability. I mean, we were on a very, very good trajectory in Q1 prior to the fuel price spike. We were actually gonna get very close to break even in Q1, and we were certainly on a trajectory to make money in Q2, to move our business back to a profitable state, which was very important. We were ahead of our plan. We were quite excited about the progress of the business. That doesn't change, right? We've got a fuel price spike that we've got to manage through, but managing the business over the long term in a disciplined fashion.

我的意思是，我們主要是希望讓航空公司回到獲利。在燃油價格飆升之前，我們在第一季其實走在非常、非常好的軌道上。第一季我們原本其實會非常接近損益兩平，而且我們確實正朝著第二季獲利的方向前進，讓業務回到獲利狀態，這非常重要。我們當時超前於計畫。我們對業務進展感到相當振奮。這一點不會改變，對吧？我們遇到燃油價格飆升必須去管理，但長期而言仍要以紀律性的方式經營這門生意。

What we talked about in February was lowering the capacity growth in the airline from, say, 20% to 25% annually to somewhere slightly less than 10% each year. We've got to go through a reset phase in the business so that we can improve utilization. Some of that utilization is delayed given the fuel price spike and the management of the fuel price spike in the short term, but that'll come back in time. We're actually quite excited about the business moving back into a profitable state as fuel prices normalize or as the industry moves to recapture a higher proportion of the fuel price as you progress through this year.

我們在2月談到的是，把航空公司的運能成長從例如每年20%到25%，降低到每年略低於10%的某個水準。我們必須讓業務經歷一個重置階段，才能提升使用率（utilization）。其中一部分使用率的提升，因為燃油價格飆升以及短期內對燃油價格飆升的管理而被延後，但隨著時間會回來。當燃油價格正常化，或當產業在今年推進過程中逐步回收更高比例的燃油成本時，我們其實對業務回到獲利狀態感到相當振奮。

Like, our expectation is that you start recapturing a higher proportion of fuel as you progress through this quarter to the end of this quarter and through the rest of the year. Like, I anticipate that we're recapturing close to 50% of the fuel price by the end of Q2. Above the range that we gave you this morning, but progressing to a positive state where maybe the end of this year or into early next year, you're actually recapturing all of the oil price.

例如，我們的預期是：隨著本季推進到本季末，並延續到今年剩餘時間，你會開始回收更高比例的燃油成本。例如，我預期到第二季末，我們對燃油價格的回收接近50%。會高於我們今天早上給你的區間上緣，但會逐步走向正向狀態，也許到今年年底或明年初，你實際上就能回收全部的油價。

Okay. Just last one, if I can. I don't know if I missed any sort of cost or overall or CASM guidance for Q2, but there's so many moving pieces with the models, depreciation, sale, leaseback gains.

好的。如果可以的話，最後一個問題。我不確定我是否漏掉了第二季任何成本或整體、或CASM的指引，但模型裡有太多變動因素，包括折舊、出售、售後回租（sale-leaseback）收益。

Yes.

是的。

Any color around some of the moving parts there.

能否就其中一些變動因素提供一些說明？

Yeah. A couple of things, right? As you look at, you know, the financials that are in the P&L and the earnings release, you know, within the rent, maintenance, and depreciation line, you see $139 million of non-recurring charges tied to, you know, the early return of the 24 aircraft. And we have that, you know, detailed out in the release, you just need to normalize for that. If you step back, you know, for the quarter, you know, the CASM X, you know, that we had, you know, is elevated given, you know, the lower utilization in the quarter, you know, on a larger fleet, you know, understanding that we have growth planned, you know, for this year.

好的。幾件事，對吧？當你看損益表（P&L）以及財報新聞稿中的財務數字時，在租金、維修與折舊那一行，你會看到1.39億美元的一次性費用，與提前歸還24架飛機相關。我們在新聞稿中有把這部分細項列出，你只需要把它常態化調整掉。如果你退一步看，就本季而言，我們的CASM X偏高，原因是本季使用率較低、但機隊規模較大；同時也要理解，我們今年是有規劃成長的。

Keep in mind as well, when you compare to the prior year, you know, there is a lease extension benefit in that prior year period. If you look forward, as we've highlighted, we expect a meaningful reduction in our CASM X, as we work through the fleet right sizing that we've talked about, as we work through, you know, the cost savings initiatives and those begin to materialize. You are gonna see, you know, a meaningful progress, you know, on the CASM X front. We haven't provided specific guidance, but, you know, we've given those general parameters.

也請記住，當你拿來和前一年相比時，你知道，前一年期間有租約延長所帶來的利益。往前看，如同我們已強調的，隨著我們推進先前談到的機隊規模調整，並推動各項成本節省措施且開始逐步顯現，我們預期我們的 CASM X 會有顯著下降。你將會看到，在 CASM X 方面會有相當明顯的進展。我們尚未提供具體指引，但我們已給出那些一般性的參數。

Thank you, guys.

謝謝，各位。

Michael Linenberg, Deutsche Bank.

Michael Linenberg，德意志銀行。

Oh, hi. This is Shannon Doherty on for Mike. Thanks for taking my questions. Maybe Jimmy, when is the $75 million to $95 million cash charge associated with the lease termination being incurred? You know, we expect that you gave us the range last quarter as it was still a work in progress, but do you have a final number now since everything presumably is locked down? Should we expect to see a hit this quarter?

喔，嗨。我是 Shannon Doherty，代替 Mike 發問。謝謝你們回答我的問題。也許問 Jimmy，與租約終止相關的 7,500 萬到 9,500 萬美元現金費用，會在什麼時候發生？你知道，我們預期你們上季給了區間，因為當時仍在進行中，但現在既然一切應該都已敲定，你們是否已有最終數字？我們是否應該預期本季就會反映一次衝擊？

Mark's gonna say.

Mark 會來回答。

I could touch base on it. Shannon Doherty, in the AK we'd put out earlier in the quarter, we'd given a range of $200 million to $270 million in total, most of that non-cash charges. The range now is right in the middle of that, $212 million to $239 million. When you look at the cash component that we had highlighted before, what you mentioned, the $75 million to $95 million, those cash payments will occur largely in 2028 and 2029.

我可以說明一下。Shannon Doherty，在我們本季稍早發布的 8-K（AK）裡，我們給的是總額 2 億到 2.7 億美元的區間，其中大部分是非現金費用。目前的區間落在中間位置，為 2.12 億到 2.39 億美元。至於你先前提到、我們之前強調過的現金部分，也就是 7,500 萬到 9,500 萬美元，那些現金支付將主要發生在 2028 年與 2029 年。

Okay, thanks to the caller there. For my second question, you know, U.S. government officials have basically expressed that the airline industry does not need a bailout. Where do you stand today in your conversations? Are they still happening maybe as a part of the A4A, you know, in seeking support for higher fuel prices? Thanks for taking the question.

好的，謝謝剛才那位回答。我的第二個問題是，你知道，美國政府官員基本上表示航空業不需要紓困。你們目前在對話中立場如何？這些對話是否仍在進行，可能是透過 A4A 的一部分，尋求對較高燃油價格的支持？謝謝你們回答。

Hi, Shannon. Yeah, look, we've got a very strong relationship with Secretary Duffy and the DOT. They requested that we share our perspective on the impact of fuel and the industry dynamics associated with that. You know, Frontier and the A4A, we were encouraged to share the estimates of the fuel impact on the airlines, and we did that and shared the cost impact this year if the volatility persists across the year. Look, we're very focused on self-help and managing the liquidity in the business in a strong fashion. You can see our liquidity position at the end of March is very strong. You've 25% of trading 12 months revenues in cash at the end of March from a liquidity perspective.

嗨，Shannon。是的，你看，我們與 Duffy 部長以及交通部（DOT）有非常良好的關係。他們要求我們分享對燃油影響以及相關產業動態的看法。你知道，Frontier 與 A4A 都被鼓勵分享燃油對航空公司的影響估算，我們也這麼做了，並分享若全年波動持續，今年的成本影響。我們非常專注於自助措施（self-help）以及以強健的方式管理公司流動性。你可以看到我們在 3 月底的流動性部位非常強。從流動性角度看，截至 3 月底，我們持有的現金約相當於過去 12 個月營收的 25%。

I mean, that's at the upper end of where this airline has been for many years. We'd prefer it to be a little bit higher, but it's in a pretty strong position. We anticipate, given some measures that we're doing internally, to largely keep it around the same, maybe slightly lower, in terms of liquidity at the end of June. We feel pretty good about our liquidity position as it stands right now. We'll continue to inform the government as to where we are across the A4A members. We feel very good about our liquidity position right now.

我的意思是，這已經在這家航空公司多年來的區間上緣。我們希望能再高一點，但目前其實相當穩健。我們預期，考量我們內部正在採取的一些措施，到 6 月底流動性大致會維持在相近水準，可能略低一些。就目前而言，我們對流動性狀況感到相當有信心。我們也會持續透過 A4A 成員向政府更新我們的狀況。我們對目前的流動性部位感到非常放心。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Great. Thanks. Morning, everyone. I think you said that you had participated in 5 jet fuel rate price increases this year. I'm not sure if the industry has had 5 or 6 so far. Just wanted to confirm that you guys do intend to participate in kind of any further jet fuel round of price increases across the industry, or will it be more opportunistic?

很好。謝謝。各位早安。我想你們說今年已參與了 5 次航空燃油附加費（jet fuel rate）的漲價。我不確定產業到目前為止是 5 次還是 6 次。只是想確認，你們是否打算參與後續產業內任何一輪航空燃油的漲價，還是會更偏向伺機而動？

Ravi, we're gonna be opportunistic. I mean, we tend to react to the prices that exist in the marketplace. We've observed multiple attempts at price increases and price increases that have come through. That I suspect will continue as the airline industry seeks to recapture fuel. Look, the fuel price itself is volatile, and the revenue environment is reacting to that at the moment.

Ravi，我們會伺機而動。我的意思是，我們通常會對市場上存在的價格做出反應。我們觀察到多次嘗試漲價，以及已成功落地的漲價。我猜這種情況會持續，因為航空業正試圖回收燃油成本。你看，燃油價格本身波動很大，而目前營收環境也正在對此做出反應。

Yeah, and this is Bobby. I mean, look, you know, we're gonna be opportunistic, as Jimmy said, and frankly, you've seen that the customer's resilient with higher fares on that. We'll continue to look at that and optimize it as appropriate.

對，我是 Bobby。我的意思是，你知道，我們會像 Jimmy 說的那樣伺機而動；坦白說，你也看到客戶對較高票價的承受力很強。我們會持續觀察並在適當時機加以最佳化。

Got it. Thank you for that. Bobby, maybe you're kind of a good segue to my follow-up question, which is, you know, outside of the Spirit situation, if you guys can just summarize the demand environment as you see it overall, and maybe kind of the confidence that you have that your customer base will be able and willing to accept these price increases without any cracks.

了解。謝謝你們。Bobby，這剛好銜接到我的追問：撇開 Spirit 的情況不談，你們能否概述一下你們所看到的整體需求環境，以及你們對客群能夠且願意接受這些漲價、而不出現裂痕的信心程度？

I mean, look, the demand environment is quite strong. You've seen in Q1 we talked about this. It came from both sides. It came from an increase in yield, and it came in an increase in load factor, flown load factor year-over-year. Seeing is higher fares and people transacting and flying at a higher rate as well. Quite a strong environment from a revenue perspective. Frankly, you know, going forward, there are a variety of things, including the conclusion of Spirit's, you know, operations that provides a lot of opportunity that we'll capitalize on.

我的意思是，你看，需求環境相當強勁。你在第一季已看到我們談到這點。它來自兩個面向。一方面是收益率（yield）提升，另一方面是載客率提升，也就是運輸載客率（flown load factor）年增。你看到票價更高，同時人們也以更高的頻率在交易與搭乘。從營收角度來看，環境相當強。坦白說，往前看，有各種因素，包括 Spirit 你知道的營運結束，帶來很多機會，我們會加以把握。

Yeah, Ravi, just to add to that, like, and we mentioned it in the transcript earlier, you know, our competitive overlap capacity is down 4% year-over-year, which is helpful to Frontier. You can see us outperforming the industry in a year-over-year RASM perspective. We feel pretty good about the RASM trajectory that the airline is on. It was on a very positive RASM trajectory prior to the oil price crisis. You're seeing us perform pretty well in terms of recapture of revenue in our business. You know, we do operate the most fuel-efficient aircraft in the industry.

對，Ravi，我再補充一下：就像我們在前面逐字稿提到的，我們的競爭重疊運能年減 4%，這對 Frontier 有利。你可以看到我們在 RASM（每可用座位英里營收）年增表現上優於產業。我們對公司目前的 RASM 走勢感覺相當不錯。在油價危機之前，RASM 走勢其實非常正向。你也看到我們在業務的營收回收（recapture）方面表現得相當不錯。你知道，我們營運的是業界最省油的機型。

We have a substantial portion of our fleet are 321 NEO aircraft that have the lowest per passenger cost for fuel in the industry. We feel pretty good about the recapture potential in the airline as you progress through this year, particularly given the demand backdrop that we have in the business today.

我們機隊中有相當大一部分是 321 NEO 機型，其每位乘客的燃油成本在業界最低。在今年推進的過程中，尤其在目前業務所處的需求背景之下，我們對航空公司營收回收的潛力感到相當樂觀。

Very helpful. Thanks, everyone.

非常有幫助。謝謝各位。

Christopher Stathoulopoulos, Susquehanna International Group.

Christopher Stathoulopoulos，Susquehanna International Group。

Good morning. Wanna go back to the 3% to 5% RASM uplift. I understand that that's history, it's not exact math here, more directional. If you could, is that market specific? If I look at Spirit's selling schedule and overlaps, I mean, there's a few markets where I think it would perhaps make more sense than others just stage length adjusting RASM. Wanna understand the context, or is that just broad stroke kinda system, "Hey, this is historically how it's looked," and perhaps I'm kind of overthinking this. Thanks.

早安。我想回到 3% 到 5% 的 RASM 提升。我理解那是歷史數據，這裡不是精確的數學計算，而是偏方向性的。如果可以的話，那是特定市場的情況嗎？如果我看 Spirit 的銷售排程與重疊情形，我是說，有幾個市場我覺得可能比其他市場更有意義，而不只是用航段長度去調整 RASM。我想了解其脈絡，還是那只是比較概括性的系統性說法：「嘿，歷史上大概就是這樣」，也許是我想太多了。謝謝。

Well, it's Look, this is built on a route specific level in terms of how we're reviewing it, and then of course that's rolling up to a range that exists. we've seen, you know, historical benefit that again translates to that 3 to 5. As we've said too, look, there's, you know, connections, variety of other things that can get thrown into there that can create benefit beyond what we've seen. It's early days, we're gonna see, we think that again, that 3 to 5 is a solid number based on what we viewed historically on a route level basis, and there's opportunity for upside potentially within that as well.

嗯，這個是這樣：你看，我們在檢視時是建立在航線層級（route specific level）之上，然後當然會彙總成一個存在的區間。我們看到的歷史效益，確實會轉換成那個 3 到 5 的數字。我們也說過，你看，還有像是轉機（connections）以及各種其他因素可能會被納入，進而帶來超出我們過去所見的效益。現在還是早期階段，我們會再觀察；我們認為基於我們在航線層級歷史所看到的情況，3 到 5 是一個扎實的數字，而且在此之上也可能還有上行空間。

Okay. Then on the 2Q RASM guide, appreciate you giving the stage length. Could you parse out, if you did, apologies, but on revenue initiatives and peak versus off-peak and any uplift from Spirit that you're seeing there? Just wanna get a better sense of what core is doing, given all the other moving parts around that. Thanks.

好的。那關於第二季（2Q）RASM 指引，謝謝你們提供航段長度（stage length）。你們能否拆解一下（如果你們已經講過先抱歉），在營收措施、尖峰與離峰，以及你們從 Spirit 那邊看到的任何提升？我只是想更清楚了解在其他各種變動因素之下，核心業務表現如何。謝謝。

Yeah. We're actually seeing, Chris, an improvement in off-peak days over and above what we're seeing in other days of the week across this period, which is interesting. We're not gonna specify exactly what that is. It's encouraging to the overall strategy that we're putting in place to bring off-peak capacity back in. What we did lay out for you was the impact of the 3% to 5% run rate improvement in Spirit on the quarter earlier in the call. We mentioned that, you know, given that we're more than halfway through the quarter from a booking perspective, you know, we think it's about 2 points of the 20 in RASM that we're talking about for the quarter.

好的。Chris，我們其實看到離峰日（off-peak days）的改善幅度，甚至高於這段期間一週其他日子的表現，這點很有意思。我們不會具體說明到底是多少。這對我們正在推動、把離峰運能加回來的整體策略而言，是個令人鼓舞的訊號。我們在稍早的電話會議中已向你們說明，Spirit 的 3% 到 5% 走勢（run rate）改善對本季的影響。我們也提到，從訂位（booking）角度來看，我們已經超過本季的一半，因此我們認為，在我們談到本季 RASM 的 20 個點（points）變動中，大約有 2 個點來自這部分。

Okay. Thank you.

好的。謝謝你。

RASM improvement. Yeah.

RASM 改善。對。

Jamie Baker, J.P. Morgan Securities LLC.

Jamie Baker，J.P. Morgan Securities LLC。

Hey, good morning, guys. Thanks for the time. Maybe to start off here, could you share how much of 2Q was booked prior to the spike in fuel? I ask 'cause maybe there's a thought that, you know, the leisure customer has a shorter term booking curve and maybe there is a chance to recapture fuel above peers. Is that the way to think about it?

嘿，各位早安。謝謝撥冗。先從這裡開始，你們能分享一下第二季（2Q）在燃油價格飆升之前，已經訂了多少嗎？我這麼問是因為可能有人會想，休閒旅客的訂位曲線（booking curve）比較短期，因此或許有機會比同業更能把燃油成本轉嫁回收（recapture）。可以這樣理解嗎？

I'm not sure that I think our booking curves are different depending on the segment of the end of the airlines that you're looking at. Q1, you know, obviously March is a bigger portion of the quarter than individually January or February, given that we operate lower capacity. What we have been seeing, and we've been saying this for quite some time, Jamie Baker, is we've been seeing continued improvement in year-over-year RASM in the business. That is across the booking curve that we're seeing.

我不確定我是否認為，我們的訂位曲線會因你所看的航空公司端的不同客群區隔而有所不同。第一季（Q1）你知道，顯然 3 月在該季中占比更大，相較於 1 月或 2 月各自的占比，因為我們的運能較低。我們一直看到、而且我們也講了好一段時間了，Jamie Baker，我們看到公司在年對年（year-over-year）的 RASM 持續改善。這個改善是橫跨我們所看到的整條訂位曲線。

It's improved post the fuel price spike as a result of some things that we've done in terms of capacity adjustments that we've made in our business, but also the industry fare umbrella that exists from the fare increases that are being pushed through by mostly by the major airlines.

在燃油價格飆升之後，RASM 也有所改善，原因包括我們在業務上做了一些運能調整；同時也因為產業的票價保護傘（industry fare umbrella）存在，主要航空公司推動的票價調漲正在逐步落實。

Okay. That's helpful, Jimmy, thanks. Maybe following up on Bobby's question on demand, you know, and maybe given your experience with Ryanair, you know, how long do you think the consumer can sustain demand at current levels given fuel prices? Is there, you know, a historical time period where you might expect to see consumer softening on kind of discretionary spend?

好的。這很有幫助，Jimmy，謝謝。接著延伸 Bobby 關於需求的問題，考量你在 Ryanair 的經驗，你認為在燃油價格這樣的情況下，消費者能在目前水準維持需求多久？是否有某個歷史期間，你會預期看到消費者在可自由支配支出（discretionary spend）方面開始轉弱？

We don't see any sign of the softening of demand in the environment, and we're seeing constructive capacity deployment across the industry. I mean, we feel pretty good about it at the moment. I mean, I can't give you any insight into what happens, you know, beyond the next 3 or 4 months that we're seeing in our booking engine, but what we're seeing in our booking engine continues to be very positive on a year-over-year basis, which gives us confidence that the fuel recapture rate continues to improve as the year progresses.

我們在目前環境中沒有看到任何需求轉弱的跡象，而且我們也看到整個產業的運能投放（capacity deployment）是偏建設性的。就目前而言，我們感覺相當不錯。我無法就超出接下來 3 到 4 個月、也就是我們訂位系統（booking engine）所能看到的範圍，提供任何洞見；但我們在訂位系統中看到的年對年表現仍然非常正向，這讓我們有信心，隨著年度推進，燃油回收率（fuel recapture rate）會持續改善。

Okay. Thanks for the time.

好的。謝謝撥冗。

Daniel McKenzie, Seaport Global.

Daniel McKenzie，Seaport Global。

Good morning. Thanks for the time here. Couple of questions, apologies for kicking a dead horse here. The 3 to 5 percentage point RASM uplift, one caveat I think is that neither Frontier or Spirit had a meaningful premium product historically. I guess my first question is, I guess, Bobby, can you speak to the revenue contribution from the new premium products and how that's compares with the back of the cabin? I guess in particular, how many points of RASM increase are coming from the premium products today?

早安。謝謝撥冗。有幾個問題，抱歉我又在重提老問題。關於 RASM 提升 3 到 5 個百分點，我認為有一個但書是：Frontier 或 Spirit 過去都沒有具規模的高端產品（premium product）。我想我的第一個問題是，Bobby，你能談談新高端產品的營收貢獻，以及它與機艙後段（back of the cabin）的比較嗎？特別是，目前有多少個 RASM 增加點數是來自高端產品？

Yeah. Look, right now we have our premium product. We have a variety of them, but UpFront Plus is the one that drives quite a bit of benefit. Won't get into numbers, but it has increased significantly. We think that that actually showcases the demand that we'll have for the first class product as we roll that out in the second half. You know, this is upside, an opportunity that we think exists with our product base and what we can do from a premium product perspective. You're right, we haven't had what other carriers have, and we're starting to move towards where we can capture a larger share from a premium perspective with that product.

是的。你看，目前我們有高端產品。我們有好幾種，但 UpFront Plus 是帶來相當多效益的那一個。我不會談具體數字，但它已經顯著成長。我們認為這其實展現了當我們在下半年推出頭等艙產品時，市場對它的需求。你知道，這是上行空間，是我們認為在產品基礎上、以及從高端產品角度能做的事情所帶來的機會。你說得對，我們過去沒有其他航空公司所擁有的那些，而我們正開始朝向能從高端面向用這個產品去取得更大份額的方向前進。

Yeah, I mean, just to add to what Bobby said, like our loyalty program as a whole is quite immature. There's a huge opportunity within the business to improve loyalty. It requires us, in my opinion, to improve operational performance in the business. We're, you know, we're quite focused on actually improving the operation. There's actually quite a bit of excitement internally in terms of improving the operation of the business and giving value and showcasing our value to the customers. You know, we have put a comprehensive plan in place to improve operations on a multi-year basis. We're seeing some really good positive returns on it. That improved operation and value pro- that we provide to the customer will enhance our loyalty programs over time.

是的，我補充 Bobby 的說法：我們的整體忠誠計畫（loyalty program）其實還相當不成熟。公司內部在提升忠誠度方面有很大的機會。依我看，這需要我們改善公司的營運表現（operational performance）。我們確實非常專注在改善營運。內部其實對於改善營運、為客戶提供價值並展現我們的價值，感到相當振奮。我們已經制定一套全面性的計畫，以多年期（multi-year）為基礎來改善營運。我們看到一些非常好的正向回報。隨著時間推進，這種更好的營運與我們提供給客戶的價值主張（value pro-）將會強化我們的忠誠計畫。

First class seats, the introduction of Wi-Fi, they're all additive to diversifying the revenue base of the airline, which we think is very, very important as we move the airline back to profitability.

頭等艙座位、導入 Wi‑Fi，這些都是用來多元化航空公司營收基礎的加分項目；我們認為，當我們推動航空公司重返獲利時，這點非常、非常重要。

Just over the, you know, talking about loyalty specifically, over the past year, we've seen significant penetration increases in the loyalty bookings, so people that are attached to the program itself on the credit card penetration and GoWild! Pass as well. Significant moves, and that's even prior to some of the things that we just talked about. We anticipate again, acceleration and increased benefit in the loyalty program as we move forward through a lot of these initiatives.

再稍微談一下，您知道，特別是忠誠度方面，過去一年我們看到忠誠度訂位的滲透率顯著提升，也就是與該計畫本身綁定的客群，在信用卡滲透率以及 GoWild!Pass 方面也是如此。有很明顯的進展，而且這甚至是在我們剛剛談到的一些事項之前就已經發生。我們預期，隨著我們推進許多這些計畫，忠誠度計畫的加速與效益提升還會再出現。

Yeah. Actually raises a lot more questions. I guess, next question is really an OEM question, CASMx question. You know, I'm just wondering if you can speak to the quality and reliability of the A321neos. You know, for those of us that are not close to the OEMs and, you know, close to the quality today, you know, how many spares are you having to carry today, and where would you like that to be preferably? I guess, you know, I'm just trying to get a sense of how much friction might be in the cost structure today from the A321neos.

是的。其實這又引出了更多問題。我想下一個問題其實是 OEM 的問題、CASMx 的問題。您知道，我只是想請您談談 A321neo 的品質與可靠性。對於我們這些不太貼近 OEM、也不太了解目前品質狀況的人來說，您們現在需要配備多少備件，理想上希望是多少？我想了解的是，A321neo 目前在成本結構上可能帶來多少摩擦。

Daniel McKenzie, we started delivering A321neos in 2022. We were really at the very tail end of the powdered metal issue that occurred with the GTF. We have limited friction in our business in relation to the GTF issues. We did last year add to our spares ratio from an engine spare ratio perspective in order to manage any latent issues that we had kind of at the tail end of that powdered metal issue, and that's actually been quite successful in managing, you know, the operational capacity that we can deploy.

Daniel McKenzie，我們在 2022 年開始交付 A321neo。當時我們其實正好處在 GTF 發生粉末金屬問題的尾聲。就 GTF 的問題而言，我們的業務受到的摩擦有限。去年，從引擎備件比率的角度，我們確實提高了備件配置，以便管理在粉末金屬問題尾端可能仍存在的潛在問題，而這在管理我們可部署的營運運能方面其實相當成功。

We're clearly carrying a higher number of spares than you would optimally carry in the business, but we think that that conservative approach is actually performing well from an operational perspective in the business. I do think the overall business is carrying too many spares. But I'm not interested in changing that at the moment from a spare aircraft perspective. I want to see a meaningful improvement in our ability to return aircraft to service every day on time and not eat our spares in the morning in order to do that. That is a multi-year strategy in the business that I think will provide, over time, a meaningful improvement in the ability to lower the spares ratio if we think that that makes sense.

很明顯，我們目前攜帶的備件數量高於在業務中最理想的水準，但我們認為，這種保守作法在營運面上的表現其實不錯。我確實認為整體業務攜帶了太多備件。但就備用飛機的角度而言，我目前不打算改變。我希望看到我們每天準時讓飛機回到可用狀態的能力有實質改善，而不是為了做到這點，在早上就把備用機都用掉。這是一個我認為需要多年推動的策略；隨著時間推進，如果我們認為合理，它將能在降低備件比率的能力上帶來實質改善。

In the next year to year and a half, I don't see that as an opportunity in the business.

在接下來一年到一年半內，我不認為這會是業務上的一個機會點。

All right. Thanks for the time, you guys.

好的。謝謝你們撥冗。

Savanthi Syth, Raymond James.

Savanthi Syth，Raymond James。

Hey, thanks for taking my follow-up. I'm just curious, as kind of Spirit's kind of freeze up, states in various airports, you know, how is that being allocated? Are you able to kinda access the gates that you need, or is there some airports that you still have to wait and see if you can expand into?

嗨，謝謝讓我追問。我只是好奇，隨著 Spirit 在各個機場的狀況有點凍結，您知道，這些資源是如何分配的？你們是否能取得所需的登機門，還是有些機場你們仍需要觀望是否能擴張進去？

It's different by airport, Savi. Yes, I mean, we are very connected into the airport infrastructure discussion at the moment across the network. I mean, look, we're very focused on, as we've announced, growing in Orlando, Vegas, DFW, Fort Lauderdale, and Detroit. We'll continue to pursue infrastructure to support that.

這會因機場而異，Savi。是的，我的意思是，我們目前在整個航網都非常深入參與機場基礎設施的討論。我的意思是，你看，正如我們已宣布的，我們非常專注於在奧蘭多、拉斯維加斯、DFW、勞德岱堡以及底特律成長。我們會持續爭取能支援這些成長的基礎設施。

Got it. Then just to clarify, it doesn't seem like your plans are significantly different in terms of capacity for the second half. I know that's a moving target right now, are you still thinking?

了解。那再確認一下，看起來你們下半年在運能方面的計畫並沒有顯著不同。我知道現在這是個變動目標，你們仍然是這麼想嗎？

Yeah.

是的。

kind of reaching 11 and a half hours of utilization by next, by next summer or sometime between here and next summer?

也就是在明年夏天之前的某個時間點，將使用率提升到 11.5 小時左右？

A good question. I do think the drive back to getting above 11 hours, so to 11 and a half hours as you mentioned, will be somewhat delayed because of the fuel price spike. I don't think it'll be meaningfully delayed. We are managing our cost base very diligently. And that's inclusive of training classes for pilots and flight attendants and other things in order to manage the timing of new hires into the business to support like a production level of 11 and a half hours a day. I think it will be slightly delayed, but not by much.

好問題。我確實認為，回到 11 小時以上、也就是如你所說到 11.5 小時的推進，會因為燃油價格飆升而稍微延後。但我不認為會有實質性的延遲。我們非常嚴謹地管理成本基礎。這也包括飛行員、空服員的訓練班次以及其他事項，以便管理新進人員加入的時點，來支援每天 11.5 小時的生產水準。我認為會稍微延後，但不會太多。

Got it. Thank you.

了解。謝謝。

Really depends on how long the fuel crisis goes on for.

這真的取決於燃油危機會持續多久。

Makes sense.

有道理。

There are no further questions at this time. I will now turn the call back to Jimmy Dempsey for closing remarks.

目前沒有其他問題。我現在把電話交回給 Jimmy Dempsey 做結語。

Yeah. Thanks everybody for attending our call. We are very focused on delivering the plan that we set out in February. We're seeing real promise in the airline in terms of performance and driving the airline back to a return to profitability. Clearly, recapturing higher fuel prices is very important to the business, and we're working diligently to do that as we progress through this year. I think the airline sits in a very strong position given the opportunity that exists from the last few days, where capacity has changed quite dramatically on overlap routes. We think that's very positive for Frontier, and we look forward to talking to you guys in the coming months about our progression around taking advantage of that opportunity.

是的。謝謝各位參加我們的電話會議。我們非常專注於落實我們在二月提出的計畫。就表現而言，我們看到這家航空公司展現出真正的潛力，並推動航空公司重返獲利。很明顯，收回較高燃油價格帶來的影響對業務非常重要，我們也正隨著今年的推進而努力不懈地做到這點。我認為，鑑於過去幾天在重疊航線上的運能出現相當劇烈的變化，航空公司處於非常有利的位置。我們認為這對 Frontier 非常正面，也期待在接下來幾個月與各位談談我們如何把握這個機會的進展。

Thank you very much.

非常感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。