Azul SA (AZUL) 2023 Q1 法說會逐字稿

Hello, everyone. Welcome all to Azul's First Quarter Earning Call. My name is Zach, and I will be your operator for today. This event is being recorded. (Operator Instructions)

大家好。歡迎大家參加 Azul 的第一季度財報電話會議。我叫 Zach，今天我將擔任您的接線員。正在記錄此事件。 （操作員說明）

I would like to turn the presentation over to Thais Haberli, Head of Investor Relations. Please proceed.

我想將演示文稿轉交給投資者關係主管 Thais Haberli。請繼續。

Thank you, Zach, and welcome all to Azul's first quarter earnings call. The results that we announced this morning, the audio of this call, and the slides that we'll reference are available on our IR website. Presenting today with David Neeleman, Azul's founder and Chairman; John Rodgerson, CEO; and Alex Malfitani, our CFO. Abhi Shah, the President of Azul, is also here for the Q&A session.

謝謝 Zach，歡迎大家參加 Azul 第一季度的財報電話會議。我們今天早上宣布的結果、本次電話會議的音頻以及我們將參考的幻燈片都可以在我們的 IR 網站上找到。今天與 Azul 的創始人兼董事長 David Neeleman 一起發表演講；約翰·羅傑森，首席執行官；和我們的首席財務官 Alex Malfitani。 Azul 總裁 Abhi Shah 也出席了問答環節。

Before I turn the call over to David, I'd like to caution you regarding our forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives, and expected performance constitute forward-looking statements. These statements are based on a range of assumptions that the company believes are reasonable but are subjected to uncertainties and risks that are discussed in details in our CVM and SEC filings. Also during the course of the call, we will discuss non-IFRS performance measures, which should not be considered in isolation.

在我將電話轉給大衛之前，我想提醒您注意我們的前瞻性陳述。今天討論的任何非歷史事實的事項，特別是關於公司未來計劃、目標和預期業績的評論均構成前瞻性陳述。這些陳述基於公司認為合理的一系列假設，但受到不確定性和風險的影響，這些在我們的 CVM 和 SEC 文件中有詳細討論。同樣在電話會議期間，我們將討論非 IFRS 績效指標，不應孤立地考慮這些指標。

With that, I will turn the call over to David David?

有了這個，我會把電話轉給大衛大衛？

Thanks, Thais. Welcome, everyone, and thanks for joining us for our first quarter of 2003 (sic) [2023] earnings call. First of all, let me thank our crew members, as usual, for their incredible experience they delivered every day. In March, we were once again the most on-time airline in the world, following our recognition as World's Most On-Time Airline in 2022. We are flying more than ever, our NPS scores are high, and all of this with an airline that is more productive and more efficient than ever, 15% more than last year to be exact. It is truly remarkable what our crew members have achieved, and I could not be prouder.

謝謝，泰國人。歡迎大家，並感謝您參加我們 2003 年（原文如此）[2023] 第一季度的財報電話會議。首先，讓我像往常一樣感謝我們的機組人員，感謝他們每天提供的令人難以置信的體驗。繼我們在 2022 年被公認為世界上最準時的航空公司之後，我們在 3 月再次成為世界上最準時的航空公司。我們的飛行次數比以往任何時候都多，我們的 NPS 得分很高，所有這一切都與一家航空公司有關這比以往任何時候都更有生產力和效率，準確地說比去年高出 15%。我們的船員所取得的成就真是了不起，我感到無比自豪。

On Slide 4, you'll see that our business model is stronger than ever. We serve 158 destinations, we have a leadership position in 93% of our routes, and we have the most fuel-efficient fleet in the region. And we combine all of this into several fast-growing, high-margin businesses. One recent milestone has been the start of expanded Congonhas service, where we more than doubled our slots to 98 daily flights. We can now fly from Sao Paulo's downtown Airport to the largest corporate markets in Brazil. In addition, we just launched our nonstop service to Paris, the only nonstop from South America to convenient Orly airport. Excitingly, our data shows that more than 30% of our customers flying us in these new markets are first-time Azul customers. That means we have an incredible opportunity to bring them the Azul universe and showcase all that we have to offer.

在幻燈片 4 上，您會看到我們的商業模式比以往任何時候都強大。我們服務於 158 個目的地，我們在 93% 的航線上處於領先地位，並且我們擁有該地區最省油的機隊。我們將所有這些結合到幾個快速增長、高利潤的業務中。最近的一個里程碑是開始擴展孔戈尼亞斯服務，我們的航班時刻增加了一倍以上，達到每天 98 班。我們現在可以從聖保羅市中心機場飛往巴西最大的企業市場。此外，我們剛剛推出了直飛巴黎的服務，這是唯一從南美洲直飛奧利機場的直飛服務。令人興奮的是，我們的數據顯示，在這些新市場搭乘我們航班的客戶中有超過 30% 是 Azul 的首次客戶。這意味著我們有難得的機會為他們帶來 Azul 宇宙並展示我們所提供的一切。

On Slide 5, you can see that our business units performed -- you can see how our business units performed this quarter. TudoAzul, our loyalty program, more than doubled its gross billings since 2019 and is benefiting significantly from our expanded presence in Congonhas. My personal favorite, Azul Viagens, continues its remarkable expansion, growing an impressive 4x in gross billings versus the pre-pandemic level. Azul Viagens is now firmly the second-largest vacations agency in Brazil and the largest seller of Disney tickets in Latin America. Our logistics business, Azul Cargo, almost tripled since 2019 and continues to be the largest air logistics provider in Brazil with an impressive 33% market share. Finally, I'm excited to announce that we just launched our newest business unit, Azul TecOps. With a rich 15-year history in supporting Azul's operation and a world-class facility, we're in a unique position to be able to handle all of the region's heavy maintenance needs. Azul TecOps is now ready to bring this expertise for our customers, and we know how challenging the M/R capacity is around the world, so this is a perfect time to launch this new venture.

在幻燈片 5 上，您可以看到我們的業務部門的表現——您可以看到我們的業務部門本季度的表現。自 2019 年以來，我們的忠誠度計劃 TudoAzul 的總收入增加了一倍多，並且從我們在孔戈尼亞斯的擴張中受益匪淺。我個人最喜歡的 Azul Viagens 繼續其驚人的擴張，與大流行前的水平相比，總收入增長了令人印象深刻的 4 倍。 Azul Viagens 現在穩居巴西第二大度假代理機構和拉丁美洲最大的迪士尼門票銷售商。我們的物流業務 Azul Cargo 自 2019 年以來增長了近兩倍，並繼續成為巴西最大的航空物流供應商，市場份額高達 33%。最後，我很高興地宣布，我們剛剛推出了最新的業務部門 Azul TecOps。憑藉支持 Azul 運營的 15 年豐富歷史和世界一流的設施，我們處於獨特的位置，能夠處理該地區所有的重型維護需求。 Azul TecOps 現在已準備好為我們的客戶帶來這種專業知識，而且我們知道 M/R 能力在全球範圍內具有多麼大的挑戰性，因此現在是開展這項新業務的最佳時機。

Before I turn [the time over] to John, let me share my thoughts on the restructuring process that we have been working on this year. We set out with a goal to protect our shareholders and make our business partners whole. I am amazed at the progress this team has made, and I am excited about the opportunities that this new optimized Azul creates. As John and Alex will share in their presentation, the results of this process are transformational to our business. As we said before, these are permanent structural solutions that significantly improve our cash flow, leverage, and capital structure. I want to thank our team for their hard work. I also want to thank our partners who have supported us during this process. This is a unique plan that is strengthening Azul's capital structure and the cash generation matching it to our superior business model and profitability.

在我把 [時間] 交給 John 之前，讓我分享一下我對我們今年一直致力於的重組過程的看法。我們的目標是保護我們的股東並使我們的業務合作夥伴變得完整。我對這個團隊取得的進步感到驚訝，我對這個經過優化的新 Azul 創造的機會感到興奮。正如 John 和 Alex 將在他們的演講中分享的那樣，這個過程的結果對我們的業務來說是變革性的。正如我們之前所說，這些是永久性的結構性解決方案，可以顯著改善我們的現金流、槓桿和資本結構。我要感謝我們團隊的辛勤工作。我還要感謝在此過程中支持我們的合作夥伴。這是一項獨特的計劃，旨在加強 Azul 的資本結構和與我們卓越的商業模式和盈利能力相匹配的現金產生。

With that, I'll turn the time over to John to give you more details on the first quarter results. John?

有了這個，我將把時間交給約翰，為您提供有關第一季度業績的更多細節。約翰？

Thanks, David. I would also like to start off by thanking our crew members for taking care of each other and our customers every single day I recently spotted on the World of Statistics' Twitter account a listing of the world's most punctual airlines, and Azul was first on the list. That was really cool. We have a lot to show you today, including important updates on our restructuring plan.

謝謝，大衛。首先，我還要感謝我們的機組人員每天互相照顧和照顧我們的客戶 我最近在 World of Statistics 的 Twitter 帳戶上發現了一份世界上最準時的航空公司名單，而 Azul 排在第一位列表。那真的很酷。今天我們有很多內容要向您展示，包括我們重組計劃的重要更新。

Before that, though, let me describe our first quarter results. As you can see on Slide 6, we had a strong quarter. Revenue was an all-time record BRL4.5 billion, with an EBITDA of more than BRL1 billion, an increase of 74% versus last year, even with a 24% increase in fuel prices. EBITDA margin for the quarter was 23% and the operating result was BRL460 million, with an operating margin of 10.3%.

不過，在此之前，讓我描述一下我們第一季度的業績。正如您在幻燈片 6 中看到的那樣，我們有一個強勁的季度。收入達到創紀錄的 45 億巴西雷亞爾，EBITDA 超過 10 億巴西雷亞爾，比去年增長 74%，即使燃料價格上漲 24%。本季度的 EBITDA 利潤率為 23%，經營業績為 4.6 億雷亞爾，營業利潤率為 10.3%。

On Slide 7, you could see the strength of the revenue performance with a record first quarter RASK of BRL41.47. PRASK increased a strong 23% year over year, even with 120% increase in our long-haul widebody capacity. Looking at just the domestic market, PRASK increased 28% year over year, highlighting the advantages of our network and our disciplined capacity.

在幻燈片 7 上，您可以看到收入表現強勁，第一季度 RASK 達到創紀錄的 41.47 巴西雷亞爾。 PRASK 同比強勁增長 23%，而我們的長途寬體機運力增長了 120%。僅看國內市場，PRASK 同比增長 28%，凸顯了我們的網絡優勢和我們訓練有素的能力。

Turning to Slide 8, you could see that we generated more than BRL1 billion of EBITDA, 42% higher than first quarter 2019. This is even more impressive considering that fuel more than doubled since 2019. This clearly shows that our structural competitive advantages and fleet transformation program allow us to grow and at the same time recapture the effects of higher costs with higher revenues. One incredible example of this is that departures in 2023 versus 2019 will increase only 5%. Departures up 5%, while total ASKs will increase 25%, all on next-gen aircraft. This is truly sustainable, profitable growth.

轉到幻燈片 8，您可以看到我們產生了超過 10 億雷亞爾的 EBITDA，比 2019 年第一季度高出 42%。考慮到燃料自 2019 年以來翻了一番以上，這一數字更加令人印象深刻。這清楚地表明我們的結構競爭優勢和機隊轉型計劃使我們能夠發展壯大，同時重新獲得更高收入帶來的更高成本的影響。一個令人難以置信的例子是，與 2019 年相比，2023 年的離職人數僅增加 5%。離港數量增加 5%，而總 ASK 將增加 25%，全部採用下一代飛機。這是真正可持續的盈利增長。

On Slide 9, you can see our EBITDA trajectory and how we consistently grew profitability since we launched. COVID was a temporary setback, and now we're firmly back on our margin expansion for 2023 and beyond. With that, we expect 2023 EBITDA of BRL5.5 billion, by far the highest in our history. On Slides 10 and 11, we want to show you the combination of the tailwinds that we're seeing this year.

在幻燈片 9 上，您可以看到我們的 EBITDA 軌跡以及自推出以來我們如何持續提高盈利能力。 COVID 是暫時的挫折，現在我們堅定地回到 2023 年及以後的利潤率擴張。因此，我們預計 2023 年的 EBITDA 為 55 億雷亞爾，這是我們歷史上迄今為止最高的。在幻燈片 10 和 11 上，我們想向您展示我們今年看到的順風組合。

First, on Slide 10, you could see the effect of a significant reduction in jet fuel prices. The second half of the year is currently showing 29% lower fuel price in reais per liter versus the first quarter. This is a result of the reduction in global fuel prices as well as the strengthening of the Brazilian real versus the U.S. dollar. Combine this with Slide 11, which shows our expectation for RASK performance this year, we expect similar overall RASK performance oscillating just with seasonality. On the capacity side, we expect to grow 14% overall versus 2022, but only 6% in the domestic market, once again, strongly reaffirming our commitment to capacity discipline. The best part is that 100% of the capacity increase is from upgauging and transforming our fleet into extremely fuel-efficient aircraft. Trip cost actually goes down while revenue opportunities increase. The natural Brazilian market, stronger second half seasonality combines really well with the expected fuel curve for the remainder of the year.

首先，在幻燈片 10 上，您可以看到噴氣燃料價格大幅下降的影響。今年下半年目前顯示每升雷亞爾的燃油價格比第一季度低 29%。這是全球燃料價格下跌以及巴西雷亞爾兌美元走強的結果。將此與顯示我們對今年 RASK 性能的預期的幻燈片 11 相結合，我們預計 RASK 的整體性能與季節性類似。在產能方面，我們預計與 2022 年相比整體增長 14%，但國內市場僅增長 6%，這再次有力地重申了我們對產能紀律的承諾。最好的部分是 100% 的運力增長來自於升級我們的機隊並將其轉變為極其省油的飛機。旅行成本實際上下降，而收入機會增加。自然的巴西市場、更強的下半年季節性與今年剩餘時間的預期燃料曲線結合得非常好。

Slide 12 illustrates the combination of lower fuel with stable RASK and our expected EBITDA per quarter for the year. You could see how the fuel price reductions by themselves contribute to BRL1.1 billion of EBITDA over what we generated in the first quarter alone. Therefore, the first quarter result annualized together with lower fuel and seasonality gives us a high level of confidence to deliver on the guidance of BRL5.5 billion EBITDA for the full year.

幻燈片 12 說明了較低的燃料與穩定的 RASK 以及我們今年每個季度的預期 EBITDA 的結合。您可以看到，僅在第一季度，我們就產生了 11 億巴西雷亞爾的 EBITDA，而燃料價格下降本身是如何產生的。因此，第一季度年化結果加上較低的燃料和季節性因素使我們對實現全年 55 億雷亞爾 EBITDA 的指導充滿信心。

To summarize, we had a strong first quarter results. Revenue performance is robust, fuel prices are coming down, and the best seasonality is still ahead of us. Transitioning now from earnings to our restructuring plan, we're really excited to give you new details on the progress we have made. If you remember on our last call, we described a comprehensive and permanent plan to address our capital structure and significantly improve our cash flow and financial leverage. This plan has been implemented amicably, ensuring a fair treatment and full recovery to all of our partners. Today, we're excited to share with you new and important details about these commercial agreements and how they will positively impact our capital structure and cash flow going forward.

總而言之，我們的第一季度業績強勁。收入表現強勁，燃油價格正在下降，最好的季節性仍然在我們面前。現在從收益過渡到我們的重組計劃，我們真的很高興向您提供有關我們取得的進展的新細節。如果您還記得我們上次電話會議，我們描述了一項全面且永久的計劃，以解決我們的資本結構問題並顯著改善我們的現金流和財務槓桿。該計劃得到了友好的實施，確保了我們所有合作夥伴的公平待遇和全面康復。今天，我們很高興與您分享有關這些商業協議的新的重要細節，以及它們將如何對我們未來的資本結構和現金流產生積極影響。

Let me turn it over to Alex so he can give you the details on this plan.

讓我將其轉交給亞歷克斯，以便他可以向您提供有關該計劃的詳細信息。

Thanks, John. Yes, today we're proud to provide you additional details about the commercial agreements we announced during our last call in March. First, let me remind everyone of the general terms of that plan. Our agreements with lessors and OEMs contemplate the elimination of lease payments that were deferred during the pandemic. They also provide a permanent reduction in our lease payments going forward from the original contractual lease rates to agreed upon current market rates. We have also agreed to defer certain additional lease and OEM payments in 2023, as well as improved end-of-lease compensation and aircraft return conditions, the elimination of future maintenance reserve payments, and the negotiated early termination of certain aircraft leases. In exchange, lessors and OEMs have generally agreed to receive an unsecured tradable note maturing in 2030 with a coupon of 7.5% per year and an equity instrument convertible into preferred shares valued at BRL36 per share.

謝謝，約翰。是的，今天我們很自豪地向您提供有關我們在 3 月份最後一次電話會議中宣布的商業協議的更多詳細信息。首先，讓我提醒大家注意該計劃的一般條款。我們與出租人和原始設備製造商的協議考慮取消在大流行期間推遲的租賃付款。它們還使我們的租賃付款從最初的合同租賃費率永久減少到商定的當前市場費率。我們還同意在 2023 年推遲某些額外的租賃和 OEM 付款，以及改善租賃終止補償和飛機歸還條件、取消未來維修儲備金支付以及協商提前終止某些飛機租賃。作為交換，出租人和原始設備製造商普遍同意接收一張 2030 年到期的無抵押可交易票據，年利率為 7.5%，以及可轉換為每股價值 36 巴西雷亞爾優先股的權益工具。

On Slide 13, we show you exactly how these agreements reduce our lease payments each year. As you can see, we're reducing our annual payments in the neighborhood of BRL1 billion and even more in '23 and '24. As you'll recall, almost 80% of our nominal debt comes from operating leases, so this significantly reduces our debt burden and improves our cash flow. We now expect to be cash flow breakeven in 2023 and generate positive free cash flow in 2024. And more importantly is that Azul has more than 70% of our ASKs already coming from next-generation fuel-efficient aircraft, so we now have the most efficient fleet with also the most competitive lease rates. This is a permanent solution that enables us to convert our strong operational profitability to positive free cash flow.

在幻燈片 13 上，我們向您展示了這些協議每年如何減少我們的租賃付款。如您所見，我們將每年減少 10 億雷亞爾左右的年度付款，在 23 和 24 年甚至更多。您可能還記得，我們幾乎 80% 的名義債務來自經營租賃，因此這顯著減輕了我們的債務負擔並改善了我們的現金流。我們現在預計 2023 年將實現現金流盈虧平衡，並在 2024 年產生正的自由現金流。更重要的是，Azul 超過 70% 的 ASK 已經來自下一代節能飛機，因此我們現在擁有最多高效的車隊以及最具競爭力的租賃費率。這是一個永久性的解決方案，使我們能夠將強大的運營盈利能力轉化為正的自由現金流。

On Slide 14, you can see the aggregate results of these lease reductions. Our nominal lease payments are dropping by BRL5.4 billion in total, a 21% reduction. On a present value basis, assuming constant discount rates, this is a reduction of over BRL4.1 billion in our balance sheet debt and even bigger reduction for those who use 7x rent to capitalize our leases. In the first quarter, leverage organically decreased 0.5 turns to 5.2 as we paid down debt and increased our last 12-month EBITDA. With the reduction in lease liabilities from our agreements, our deleveraging process is accelerating.

在幻燈片 14 上，您可以看到這些租賃減少的匯總結果。我們的名義租賃付款總額減少了 54 億雷亞爾，降幅為 21%。在現值的基礎上，假設貼現率不變，我們的資產負債表債務減少了超過 41 億雷亞爾，對於那些使用 7 倍租金將我們的租賃資本化的人來說，減少幅度更大。在第一季度，隨著我們償還債務並增加我們最近 12 個月的 EBITDA，槓桿率有機地下降 0.5 至 5.2。隨著我們協議中租賃負債的減少，我們的去槓桿化進程正在加速。

On Slide 15, you can see that our 1Q '23 leverage would reduce another 0.6% to 4.6%. This already includes the 2030 notes that lessors and OEMs will receive in exchange for their contribution to the plan. And then if you recall, we originally expected to end leverage in 2023 starting with a 4x. With these agreements, we now expect to end 2023 with a leverage of 3.5x and 2024 around 3x, in line with our pre-pandemic levels. I would just like to remind everyone that we're returning our leverage to 3x in 2024 without any government support, without using bankruptcy or other judicial restructuring process, and without imposing a haircut on our creditors as other airlines around the world did.

在幻燈片 15 上，您可以看到我們的 23 年第一季度槓桿率將再降低 0.6% 至 4.6%。這已經包括出租人和原始設備製造商將收到的 2030 票據，以換取他們對該計劃的貢獻。然後，如果您還記得的話，我們最初預計將從 4 倍開始在 2023 年結束槓桿。有了這些協議，我們現在預計到 2023 年底槓桿率將達到 3.5 倍，到 2024 年槓桿率將達到 3 倍左右，與大流行前的水平一致。我只想提醒大家，我們將在 2024 年將槓桿率恢復到 3 倍，而無需任何政府支持，無需使用破產或其他司法重組程序，也無需像世界上其他航空公司那樣對我們的債權人進行折扣。

On Slide 16, we'll give you the details on the equity portion of our commercial agreements. You all saw the material fact we released this morning, but just to provide you with a little bit more detail. Lessors and OEMs are also receiving an equity instrument in exchange for their contribution to the plan. This instrument converts part of their contributions into preferred shares valued at BRL36 per share. The equity instrument is limited in its upside and downside, aiming to minimize dilution to our shareholders and, at the same time, to provide full recovery to our partners. The instrument has a lockup provision until the second half of 2024. After that, it vests over 14 quarterly installments, taking it all the way to the second half of 2027. That amount will vest per quarter -- the amount that will vest per quarter ranges from 3.2 million to 7.5 million shares. Just to give you a reference point, our preferred shares and ADRs trade almost 28 million shares per day, so vesting profile of the equity instrument should not create any noticeable selling pressure.

在幻燈片 16 上，我們將為您提供有關我們商業協議中股權部分的詳細信息。你們都看到了我們今天早上發布的重要事實，但只是為了向你們提供更多細節。出租人和原始設備製造商也將收到權益工具，以換取他們對該計劃的貢獻。該工具將他們的部分出資轉換為每股價值 36 巴西雷亞爾的優先股。該權益工具的上行和下行空間有限，旨在最大程度地減少對我們股東的稀釋，同時為我們的合作夥伴提供全面回收。該工具有一個鎖定條款，直到 2024 年下半年。之後，它授予超過 14 個季度分期付款，一直到 2027 年下半年。該金額將每季度授予 - 每季度授予的金額範圍從320萬股到750萬股。僅供參考，我們的優先股和 ADR 每天交易近 2800 萬股，因此權益工具的歸屬情況不應產生任何明顯的拋售壓力。

With a conversion price of BRL36 per share, we estimate the dilution from the equity instrument at 17.5%. Throughout the vesting period between the second half of '24 and the second half of '27, if at the time of measurement, Azul's market price is higher at certain thresholds, the number of shares issuable via the equity instrument will be reduced and dilution will therefore be lower. If the market price is lower than BRL36, we'll compensate our partners, and we may do so with additional shares or with cash or with the issuance of new debt instruments acceptable to our partners. Our comprehensive solution and its corresponding reduction of our net debt, combined with our EBITDA growth, give us strong confidence that we're creating all of the necessary elements for Azul's equity value to reflect our strong fundamentals, as John will explain on Slide 17.

以每股 36 巴西雷亞爾的轉換價格，我們估計權益工具的稀釋度為 17.5%。在 24 年下半年至 27 年下半年的整個等待期內，如果在計量時，Azul 的市場價格高於某些閾值，則通過權益工具發行的股份數量將減少，攤薄將因此要低。如果市場價格低於 36 巴西雷亞爾，我們將補償我們的合作夥伴，我們可能會以額外的股份或現金或發行合作夥伴可接受的新債務工具來補償。我們的全面解決方案及其相應減少的淨債務，加上我們的 EBITDA 增長，讓我們堅信我們正在為 Azul 的股權價值創造所有必要的要素，以反映我們強大的基本面，正如約翰將在幻燈片 17 中解釋的那樣。

Thanks, Alex. I'm extremely proud to see the evolution of our comprehensive plan and everything that you and your amazing team are doing for Azul. Since Azul's IPO, we've historically traded at about 8x EBITDA, and we're currently trading at 4x. We know the cost of capital around the world has increased since COVID, but our comprehensive plan was designed to optimize our capital structure and increase our cash generation going forward, reason why we estimate a significant upside in our stock price even at a reduced multiple. Considering our net debt estimated after reflecting the new capital structure and the equity investment and new shares to be issued as well as a multiple of 6.5x, lower than our historical average, our stock should be trading almost 3x the current market price. This is the reason we're so excited about this plan and all of the upside to come.

謝謝，亞歷克斯。看到我們全面計劃的演變以及您和您出色的團隊為 Azul 所做的一切，我感到非常自豪。自 Azul 首次公開募股以來，我們的歷史交易價格約為 8 倍 EBITDA，而我們目前的交易價格為 4 倍。我們知道自 COVID 以來全球資本成本有所增加，但我們的綜合計劃旨在優化我們的資本結構並增加我們未來的現金產生，這就是為什麼我們估計我們的股價即使在倍數下降的情況下也有顯著上漲的原因。考慮到我們在反映新資本結構和股權投資以及將發行的新股後估計的淨債務以及 6.5 倍的倍數，低於我們的歷史平均水平，我們的股票交易價格應該是當前市場價格的近 3 倍。這就是我們對這個計劃以及未來的所有好處感到如此興奮的原因。

As you can see on Slide 18, our fundamentals are strong, our business model is unique, and I'm very excited to see all the great things Azul will deliver in the coming years. And I also want to thank all of our incredible and passionate crew members, and I'm confident that Azul will deliver better-than-expected results as we move forward.

正如您在幻燈片 18 上看到的那樣，我們的基礎紮實，我們的商業模式獨一無二，我很高興看到 Azul 在未來幾年將帶來的所有偉大成就。我還要感謝我們所有令人難以置信和熱情的工作人員，我相信隨著我們的前進，Azul 將取得比預期更好的結果。

With that, David, Alex and Abhi and I will answer your questions as I turn the call over to the operator for Q&A.

有了這個，大衛、亞歷克斯和阿比和我將回答你的問題，因為我把電話轉給接線員進行問答。

(Operator Instructions) Let's go to the first question from Gabriel Rezende, sell side analyst, Itau BBA. We're going to open your microphone so that you can ask your question.

（操作員說明）讓我們來看看 Itau BBA 賣方分析師 Gabriel Rezende 提出的第一個問題。我們將打開您的麥克風，以便您提出問題。

David, John, and Alex, thanks for providing the valuable details on the restructuring. Actually my first question is on that thing. I would just like to confirm with you guys the understanding that we had on the details you shared. So you mentioned in the material fact that what happens in case Azul shares did not reach BRL36 between second half '24 and second half '27. And it seems like you have 3 options here: to issue additional shares, issue a new note, or pay it in cash. I would just like to understand who can decide on this, whether it is Azul, the lessors, or you expect some negotiations in that scenario?

大衛、約翰和亞歷克斯，感謝您提供有關重組的寶貴細節。其實我的第一個問題是關於那件事的。我只想與你們確認我們對你們分享的細節的理解。因此，您在重要事實中提到，如果 Azul 股價在 24 年下半年和 27 年下半年之間沒有達到 BRL36，會發生什麼情況。看起來您在這裡有 3 個選擇：增發股票、發行新票據或以現金支付。我只想了解誰可以對此做出決定，是 Azul、出租人，還是您希望在那種情況下進行一些談判？

The second point here on a different subject, you just released your guidance for 2023 mentioning that 14% increase, in this case, for the year, and also saying that international traffic should grow above that. So can you explore that a little bit more? Will this expansion on international traffic be sustained by Azul increasing on the same routes you operate right now or maybe creating new routes such as the 1 you just announced connecting Sao Paulo and Paris?

關於另一個主題的第二點，你剛剛發布了 2023 年的指導意見，提到了 14% 的增長，在這種情況下，這一年，還說國際交通的增長應該超過這個數字。那麼你能再探索一下嗎？ Azul 是否會增加您現在運營的相同航線，或者可能會創建新航線，例如您剛剛宣布的連接聖保羅和巴黎的 1 號航線，從而維持國際交通的擴張？

So we have the option to do it in shares. So obviously, lessors if we choose to do it in cash, they also accept that. And we also have the option to do it in debt, but the terms of that debt would be negotiated and agreed by the lessors. So in a way the option is ours, but the terms of the debt needs to be agreed by the lessors.

所以我們可以選擇以股份的形式進行。所以很明顯，出租人如果我們選擇以現金方式進行，他們也會接受。我們也可以選擇以債務方式進行，但該債務的條款將由出租人協商同意。所以在某種程度上，選擇權是我們的，但債務條款需要由出租人同意。

But I think it's really important to reinforce how much cash savings come as a result of this deal. When you're talking about not getting to BRL36, it would be an enormous disappointment. We'd need to continue trading at 4x this year, I think 3x next year to not move the stock from where it is today. And there's a significant improvement in our cash flow generation because of this deal. And with that, we'll pass it over to Abhi to talk about the ASK growth.

但我認為加強這筆交易帶來的現金節省非常重要。當你談論沒有達到 BRL36 時，那將是一個巨大的失望。我們今年需要繼續以 4 倍的價格交易，我認為明年是 3 倍，這樣才能不讓股票從今天的水平上漲。由於這筆交易，我們的現金流產生有了顯著改善。有了這個，我們將把它傳遞給 Abhi 來談談 ASK 的增長。

Gabriel, so overall, we're looking at 14% ASK growth. That's total. In the domestic market, as John mentioned in his remarks, we're growing only about 6%. So very disciplined overall and especially disciplined in the domestic market. Internationally, it's basically the network that we have right now. I do not see any major new markets or destinations for the remainder of the year. We are selling the capacity, we are [selling] the network that leads to that number. So nothing new. We do have some new stuff to fly, which is Recife to the U.S. as well as Confins to the U.S., but everything is already selling, 14% overall and 6% domestic.

加布里埃爾，總的來說，我們正在尋找 14% 的 ASK 增長。那是完全的。在國內市場，正如約翰在他的發言中提到的，我們僅增長了 6% 左右。整體上非常有紀律，尤其是在國內市場上。在國際上，它基本上就是我們現在擁有的網絡。在今年餘下的時間裡，我看不到任何主要的新市場或目的地。我們正在出售容量，我們正在 [出售] 導致該數字的網絡。所以沒什麼新鮮的。我們確實有一些新東西要飛，比如飛往美國的 Recife 和飛往美國的 Confins，但所有東西都已經在銷售了，整體 14%，國內 6%。

You know what, I just want to highlight 1 other thing, too, is that as we go through between now and 2027, as the stock rises, there can actually be less shares issued as well, right? I think you're looking at the downside scenario, but there's actually an upside scenario to it as well. And I want to remind everybody that we were trading in these ranges 2, 3 years ago, and now we're at EBITDA numbers that this business has never seen, cash flow generation that this business has never seen, and an improved capital structure as our leverage is down to 3x in 2024.

你知道嗎，我只想強調一件事，從現在到 2027 年，隨著股票上漲，實際上發行的股票也會減少，對吧？我認為您正在考慮不利的情況，但實際上也有有利的情況。我想提醒大家，我們在 2、3 年前就在這些範圍內交易，現在我們的 EBITDA 數字是這項業務從未見過的，現金流量的產生是這項業務從未見過的，而且資本結構也有所改善我們的槓桿率在 2024 年降至 3 倍。

The next question comes from Josh Milberg, sell side analyst, Morgan Stanley.

下一個問題來自摩根士丹利賣方分析師 Josh Milberg。

Can you guys hear me?

你們能聽到我說話嗎？

Yes, Josh.

是的，喬希。

My first question was if you could give some additional detail around the near BRL300 million of nonrecurring items that you recognized in the period. I think the biggest piece of that were fleet adjustments related to your restructuring, but you also had advisor fees and a onetime adjustment that you mentioned could reverse. So if you could just give some more color around that, it would be great.

我的第一個問題是，您是否可以就您在此期間確認的近 3 億雷亞爾的非經常性項目提供更多詳細信息。我認為其中最大的一部分是與重組相關的機隊調整，但你也有顧問費和你提到的一次性調整可能會逆轉。所以如果你能給它更多的顏色，那就太好了。

Sure. The biggest part of the BRL300 million, more than half of it is that adjustment on the engine power-by-the-hour agreement. Right now the agreement is being renegotiated. The agreement doesn't really exist, but we're confident that we're going to have another agreement in place before the end of the year. And those amounts that have been deposited towards future engine maintenance within the first life of the agreement should be restored once we have another agreement, right? And so we expect that amount, which represents more than half of the nonrecurrent adjustment for this quarter, to be reversed, right. The next biggest item, our advisory fees and legal fees related to all of the negotiations that we're doing with the multiple stakeholders, right, lessors, OEMs, bondholders we're going to raise additional capital as well. So all those fees related to restructuring then would be the next biggest item there. And then you have some adjustment as part of that restructuring as well. As we mentioned, we had some lease terminations as part of our agreement, some restructurings in the fleet, and that is the third largest item in the nonrecurrent adjustment that we mentioned.

當然。 3 億巴西雷亞爾的最大部分，其中一半以上是對發動機按小時功率協議的調整。目前正在重新談判該協議。該協議實際上並不存在，但我們相信我們將在今年年底之前達成另一項協議。一旦我們有另一個協議，那些在協議的第一個生命週期內已經存入的用於未來發動機維護的金額應該被恢復，對吧？因此，我們預計該金額（佔本季度非經常性調整的一半以上）將被逆轉，對吧。下一個最大的項目，我們的諮詢費和法律費用與我們與多個利益相關者進行的所有談判有關，對，出租人，原始設備製造商，債券持有人我們也將籌集額外資金。因此，所有與重組相關的費用將成為下一個最大的項目。然後你也有一些調整作為重組的一部分。正如我們所提到的，作為我們協議的一部分，我們有一些租賃終止，機隊中有一些重組，這是我們提到的非經常性調整中的第三大項目。

I think, Josh, what's really important is majority of that will be reverted back and we'll call it out as onetime when it comes back in as well, so.

我認為，Josh，真正重要的是其中的大部分將被恢復，我們也會在它恢復時將其稱為一次性，所以。

Perfect. My second question is just on the prospective lessors agreement. From our understanding, both the note component and equity instrument components that you're now contemplating are somewhat lower than what you had anticipated earlier in the year. But I think that the rent payment reductions are fairly in line, so I was just hoping you could reconcile those 2 items. And I also wanted to hear a little bit more about what hurdles remain to close a definitive agreement and to what extent a definitive agreement is linked to an agreement with your bondholders.

完美的。我的第二個問題是關於未來出租人協議。根據我們的理解，您現在考慮的票據成分和權益工具成分都略低於您今年早些時候的預期。但我認為租金減免是相當合理的，所以我只是希望你能調和這兩項。我還想更多地了解達成最終協議還有哪些障礙，以及最終協議在多大程度上與與債券持有人的協議相關聯。

So, we didn't provide -- we're only now close to the formalization of all of these agreements, so only now we're providing the details. I think last earnings call, we provided some general views, right, but not the full amount. So I think the reconciliation is essentially the fine tuning of the agreements as we continue to transform the high-level term sheet that we have negotiated to a final document with all the details that go into a new leasing agreement until the end of the leasing term and all the details that goes along with that. And in the meantime, you also saw the real strengthening throughout these last few weeks, so maybe there's a little bit of that as part of the reconciliation.

所以，我們沒有提供——我們現在才接近所有這些協議的正式化，所以現在我們才提供細節。我認為在上次財報電話會議上，我們提供了一些一般性觀點，但不是全部。所以我認為和解本質上是對協議的微調，因為我們繼續將我們談判的高級條款清單轉變為最終文件，其中包含新租賃協議中的所有細節，直到租賃期結束以及隨之而來的所有細節。與此同時，在過去的幾周里，你也看到了真正的加強，所以作為和解的一部分，可能會有一點這樣的加強。

And, Josh, we're a little conservative initially as well. And I think that was part of our plan. And as we talk about the next step, which is the bondholders, we're in active discussions with the bondholders, right? And the bondholders have organized around the '24s and the '26s, they have about 75% are in 1 unit, and those conversations are ongoing, and I think you're going to see something over the next couple of weeks with those bondholders. So we're excited that we're sequencing the plan exactly the way we said we would, and I think getting this information out to you was really important today. And I think the bondholders are excited about all the work we've done as well, right? And so there's discussions with the bondholders around, hey, how far out are we going to roll? What's the interest rate going to be? Can they provide new money capital? So there's robust discussions with the '24s and the '26s as part of our plan. And as we told you earlier, we hope to have all this wrapped up prior to the start of the third quarter.

而且，喬什，我們最初也有點保守。我認為這是我們計劃的一部分。當我們談論下一步，即債券持有人時，我們正在與債券持有人進行積極討論，對嗎？債券持有人圍繞 24 年代和 26 年代組織起來，他們有大約 75% 的人在 1 個單位，而且這些對話正在進行中，我認為你會在接下來的幾週內與這些債券持有人看到一些東西。因此，我們很高興我們正在按照我們所說的方式對計劃進行排序，而且我認為今天向您提供這些信息非常重要。我認為債券持有人也對我們所做的所有工作感到興奮，對吧？因此，與周圍的債券持有人進行了討論，嘿，我們要推出多遠？利率會是多少？他們能提供新的貨幣資本嗎？因此，作為我們計劃的一部分，與 24 年代和 26 年代進行了熱烈的討論。正如我們之前告訴您的那樣，我們希望在第三季度開始之前完成所有這些工作。

Yes. And we get that question a lot on whether the lessor agreements are conditional on the bondholder agreements. And that's not really how we think about this and how we structure this, right. The plan, as we said in the beginning, encompasses all stakeholders and benefits all stakeholders. And so I think we were able to come up with something fairly unique that you haven't really seen on any other airline restructurings. And it's also fairly unique in terms of other deals that you see in other industries where the agreement of 1 group of stakeholders actually benefits the other. So it's very synergistic. It's something that by resolving the issue with our lessors, which are 80% of our nominal debt, that's buying us the confidence -- giving us the confidence on reaching an agreement with the bondholders. And the bondholders love what we saw with the lessors, because really what they want is recovery, and every other airline out there that didn't get government help applied a haircut to bondholders, either through Chapter 11 or through an exchange offer. And so it's not that we think we need the bondholders to solidify the lessors. It's really the support that we got from the lessors that's giving us this tailwind to be able to reach an agreement with the bondholders as well.

是的。我們經常收到關於出租人協議是否以債券持有人協議為條件的問題。這並不是我們真正思考這個問題的方式，也不是我們構建這個問題的方式，對吧。正如我們一開始所說，該計劃涵蓋所有利益相關者並使所有利益相關者受益。所以我認為我們能夠想出一些你在任何其他航空公司重組中都沒有真正看到的相當獨特的東西。就您在其他行業中看到的其他交易而言，它也是相當獨特的，其中一組利益相關者的協議實際上使另一組利益相關者受益。所以這是非常協同的。通過解決我們名義債務 80% 的出租人的問題，這給我們帶來了信心——讓我們有信心與債券持有人達成協議。債券持有人喜歡我們在出租人身上看到的情況，因為他們真正想要的是複蘇，而其他所有沒有得到政府幫助的航空公司都通過第 11 章或交換要約對債券持有人進行了折扣。因此，我們並不認為我們需要債券持有人來鞏固出租人。這真的是我們從出租人那裡得到的支持，這讓我們能夠與債券持有人達成協議。

And it all starts, Josh, with a company that's going to produce over $1 billion of EBITDA this year, a company now that previously all of our EBITDA was eaten up by aircraft rent payments. But as you can see as you move forward into 2024, '25 and beyond, our aircraft rent is significantly lower, significantly lower, and that's where the cash generation goes going forward. That's great for our lessors for the long-term viability of our company, it's great for our bondholders, it's great for our shareholders as well.

喬希，這一切都始於一家公司，該公司今年將產生超過 10 億美元的 EBITDA，這家公司現在之前我們所有的 EBITDA 都被飛機租金支付吞噬了。但是正如你所看到的那樣，隨著你進入 2024 年、25 年及以後，我們的飛機租金顯著降低，顯著降低，這就是現金產生的方向。這對我們公司的長期生存能力的出租人來說非常好，對我們的債券持有人來說非常好，對我們的股東也很好。

The next question comes from Lucas Barbosa, sell side analyst from Santander.

下一個問題來自桑坦德銀行的賣方分析師 Lucas Barbosa。

We're not hearing you, Lucas.

我們沒有聽到你的聲音，盧卡斯。

[Interpreted] Lucas's question is I have 2 questions. Can you provide me more details on how the conditions on the convertible debt issued to lessors vary according to Azul's stock price? Second question, with the development on the agreement with lessors, how does Azul's fleet commitment plan look like for the next several years?

[解釋] Lucas 的問題是我有 2 個問題。您能否提供更多詳細信息，說明發行給出租人的可轉換債券的條件如何根據 Azul 的股價而變化？第二個問題，隨著與出租人協議的進展，蔚藍未來幾年的船隊承諾計劃如何？

Let me answer the second part and then Alex will answer the first part. I think what's really important about this is this doesn't change Azul's growth, right? The lessors believe in Azul. That's why they did this plan. That's why we did it amicably. So the number of aircraft we were expecting to take previously is the same number of aircraft we will continue to take over the next few years. There's some delivery delays because of the OEMs, but our fleet plan does not change. And as Alex highlighted, we are well ahead of all Latin American peers in terms of having next-generation aircraft in our fleet, right? And so you take a look at how many A320neos we have, how many A321neos we have, how many E2s we have. And so over the next couple of years we'll continue to finalize that fleet transformation to have an all next-gen fleet. And that's already reflected in our forecast and it's already reflected in our leverage assumptions as well. So when Alex talks about getting leverage down to 3.5x this year, 3.1x into 2024, that is the reflection of additional fleet coming in over the next couple of years.

讓我回答第二部分，然後 Alex 將回答第一部分。我認為真正重要的是這不會改變 Azul 的成長，對吧？出租人相信 Azul。這就是為什麼他們做了這個計劃。這就是為什麼我們友好地做到了。因此，我們之前預計接收的飛機數量與我們將在未來幾年繼續接收的飛機數量相同。由於原始設備製造商的原因，有一些交貨延遲，但我們的車隊計劃沒有改變。正如亞歷克斯強調的那樣，在我們的機隊中擁有下一代飛機方面，我們遠遠領先於所有拉丁美洲同行，對嗎？所以你看看我們有多少 A320neo，我們有多少 A321neo，我們有多少 E2。因此，在接下來的幾年裡，我們將繼續完成機隊轉型，以擁有一支全新一代機隊。這已經反映在我們的預測中，也已經反映在我們的槓桿假設中。因此，當亞歷克斯談到今年將槓桿率降至 3.5 倍，到 2024 年降至 3.1 倍時，這反映了未來幾年將有更多車隊加入。

Yes. And just continuing on the fleet, right? I think we've indicated to you the way we think about managing the fleet growth going forward, right? And I think we've created a lot of optionality throughout the pandemic, because right now what we're thinking is if the markets don't grow significantly, if Brazil grows only 1% a year GDP or less, we're going to keep our fleet fairly stable, with just a low-single-digit fleet growth in terms of aircraft count. But we're going to grow our capacity significantly because as we move into next-generation aircraft, we get a lot of incremental seats at a negative cost, right? And so we can stimulate the demand on Azul markets. We don't need to steal customers from other airlines. We can essentially just stimulate demand within our own markets with these costs, with these seats that are coming in at a negative cost.

是的。只是繼續艦隊，對吧？我想我們已經向您表明了我們考慮管理未來機隊增長的方式，對嗎？而且我認為我們在整個大流行期間創造了很多選擇權，因為現在我們的想法是，如果市場沒有顯著增長，如果巴西的 GDP 每年僅增長 1% 或更少，我們將保持我們的機隊相當穩定，機隊數量僅以低個位數增長。但是我們將顯著增加容量，因為隨著我們進入下一代飛機，我們將以負成本獲得大量增量座位，對嗎？因此我們可以刺激對 Azul 市場的需求。我們不需要從其他航空公司竊取客戶。我們基本上可以用這些成本刺激我們自己市場的需求，這些座位的成本是負的。

Now, if Brazil grows more than we expect, more than our conservative assumption, we have the ability of accelerating the aircraft deliveries, especially from Embraer, provided that these short-term supply chain issues are resolved, which we know they will be, right? So that gives us the optionality to grow safely at a low risk with the fleet transformation, but also be able to grow on an absolute basis if the demand is there, maintaining the capacity discipline that we've demonstrated throughout all these years, right? And then on the detail of the equity instrument, right? It's not a convertible debt. It is equity that we're going to issue to the lessors, but which will have an adjustment on the number of shares that are issued in case the shares trade better than we expect or worse than we expect.

現在，如果巴西的增長超過我們的預期，超過我們的保守假設，我們有能力加快飛機交付，尤其是巴西航空工業公司的飛機交付，前提是這些短期供應鏈問題得到解決，我們知道他們會的，對吧？因此，這使我們可以選擇通過機隊轉型以低風險安全增長，但如果有需求，也能夠在絕對基礎上增長，保持我們這些年來展示的能力紀律，對吧？然後是權益工具的細節，對吧？這不是可轉換債券。我們將向出租人發行的是股權，但如果股票交易好於我們預期或低於我們預期，將對發行的股票數量進行調整。

Now obviously, the price per share should be an output of everyone's model and not an input, right? And so when we do our valuation like we had on the slide on our presentation, when you look at the EBITDA guidance that we've provided, the new level of debt that we have achieved with the negotiation with our lessors and OEMs, if you use the historical multiple of 8, we would be way beyond the BRL36, right? And potentially, we might be talking about why we settled on BRL36 when the fundamental value of the shares of Azul are much higher than that, right? But assuming a conservative multiple, even at 6.5x, when you get to BRL36 with 2023 EBITDA, not even 2024, and as we indicated, we need the shares to be around the BRL36 level between the end of '24 and the end of '27, right? So at the end of '27, you're going to be looking at 2028 EBITDA, right? And I don't know what your EBITDA for 2028 for Azul is, but it's significantly higher than 5.5x. The share price is significantly higher than 36%, right? So as you calculate the fundamental value of Azul shares, if you get to more than BRL36, you don't have to worry about incremental dilution. The dilution will be to 90 million shares that we indicated. If you start getting to something higher than BRL36, then potentially that dilution could be even lower.

現在很明顯，每股價格應該是每個人模型的輸出而不是輸入，對吧？因此，當我們像在演示文稿的幻燈片中那樣進行估值時，當您查看我們提供的 EBITDA 指南時，我們通過與出租人和原始設備製造商的談判實現的新債務水平，如果您使用 8 的歷史倍數，我們將遠遠超過 BRL36，對嗎？潛在地，我們可能會討論為什麼我們在 Azul 股票的基本價值遠高於 BRL36 時結算，對嗎？但假設一個保守的倍數，即使是 6.5 倍，當你以 2023 年的 EBITDA 達到 BRL36，甚至不是 2024 年時，正如我們指出的那樣，我們需要股價在 24 年底和 20 年底之間保持在 36 巴西雷亞爾的水平附近27，對吧？所以在 27 年底，你會看到 2028 年的 EBITDA，對吧？我不知道 Azul 2028 年的 EBITDA 是多少，但它明顯高於 5.5 倍。股價明顯高於36%，對吧？因此，在計算 Azul 股票的基本價值時，如果超過 36 巴西雷亞爾，就不必擔心增量稀釋。稀釋將達到我們指出的 9000 萬股。如果你開始達到高於 BRL36 的水平，那麼稀釋可能會更低。

Okay. So the next question will come from Alberto Valerio, sell side analyst from UBS.

好的。所以下一個問題將來自瑞銀的賣方分析師 Alberto Valerio。

The first 1 I would like to know if there is a percentage of lessors that already agreed with these new conditions and how much would be that? The second 1 on the same subject, it's about the leasing payments that look more expensive for next year and then decrease. Why we have this dynamic for the future leases? And change subject, on the guidance, going a little bit over the follow up on Josh's question, you mentioned that the maintenance cancellation fee that you're paying this quarter might be reversed when you make a new agreement for the maintenance. How it works? And how much on your EBITDA guidance you have on nonrecurring items?

第一個 1 我想知道是否有一定百分比的出租人已經同意這些新條件，那是多少？關於同一主題的第二個 1，它是關於明年看起來更昂貴然後減少的租賃付款。為什麼我們對未來的租賃有這種動力？並根據指南改變主題，稍微跟進 Josh 的問題，你提到當你為維護達成新協議時，你本季度支付的維護取消費用可能會被撤銷。怎麼運行的？您對非經常性項目的 EBITDA 指導有多少？

Yes. Let me just address that. So it's not -- there wasn't a cancellation fee. It was just that we've already paid money into the Trent 7000, the Total Care agreement with Rolls-Royce, okay? And the contract is temporarily suspended as we negotiate a new contract, but the money has already been deposited there, and we're negotiating with them. So what we wanted to do from a guidance perspective is neutralize that. So it'll be a onetime bad guy in the first quarter, most likely a good guy in the second or third quarter. So that has nothing to do with the BRL5.5 billion that we have in there. It's neutral to that overall.

是的。讓我來解決這個問題。所以它不是 - 沒有取消費。只是我們已經為 Trent 7000 付了錢，這是與 Rolls-Royce 的 Total Care 協議，好嗎？合同暫時中止，因為我們正在談判一份新合同，但錢已經存在那裡，我們正在與他們談判。因此，從指導的角度來看，我們想做的是抵消它。所以在第一節它會是一個曾經的壞人，很可能在第二節或第三節成為一個好人。因此，這與我們在那裡擁有的 55 億雷亞爾無關。總體而言，它是中性的。

Right. And then on the percentage, so these are new agreements, right? These are -- essentially we're just detailing the agreements that we announced back in early March, right? So the agreements are exactly the same. We're just refining them. We've been refining the language in the documentation that we're signing. And we're now providing to you the details on those agreements, right? The table that we provided with the lease payments is essentially aimed at updating you for Notes 19.1 of our financial statements. When you look at our financial statements, Note 19.1 shows all of the lease payments that we are contractually obligated to make throughout the following years. And that is what gets calculated on a present value basis to get to the value of our lease liability on our balance sheet.

正確的。然後是百分比，所以這些是新協議，對嗎？這些 - 基本上我們只是詳細說明我們在 3 月初宣布的協議，對嗎？所以協議是完全一樣的。我們只是在改進它們。我們一直在改進我們正在簽署的文檔中的語言。我們現在向您提供這些協議的詳細信息，對嗎？我們隨租賃付款一起提供的表格主要是為了讓您了解我們財務報表附註 19.1 的最新情況。當您查看我們的財務報表時，附註 19.1 顯示了我們在接下來的幾年中根據合同有義務支付的所有租賃付款。這就是在現值基礎上計算得出的資產負債表上租賃負債的價值。

So now we're providing you with that updated 19.1 Note on a pro forma basis based on the agreements that we are finalizing, right? We had more than 90% of lessors in March when we announced these agreements originally. Now we're closer to 95%, and we're talking again to every lessor that hasn't committed to the commercial agreement yet. So we still believe that it is possible for us to reach 100%. Now for your cash flow estimates in terms of rent payments going forward, obviously, we're going to get more aircraft as we go forward. And so the rent payment will not be as low as what's indicated on Note 19.1, right? But it won't grow significantly. I think you can take 2024 as a starting point, and then, like I said, the fleet is not going to grow significantly unless there is significant demand in the Brazilian market. So with that low-single-digit growth in aircraft count, you can calculate how the lease payments would go forward from 2024 and beyond.

所以現在我們根據我們正在敲定的協議，以備考的形式向您提供更新的 19.1 Note，對嗎？當我們最初宣布這些協議時，我們在 3 月份擁有超過 90% 的出租人。現在我們接近 95%，我們正在與尚未承諾商業協議的每個出租人再次交談。所以我們仍然相信我們有可能達到100%。現在，對於未來租金支付方面的現金流量估計，顯然，隨著我們的前進，我們將獲得更多的飛機。因此，租金不會像附註 19.1 中顯示的那樣低，對嗎？但它不會顯著增長。我認為你可以以 2024 年為起點，然後就像我說的那樣，除非巴西市場有大量需求，否則機隊不會顯著增長。因此，隨著飛機數量的低個位數增長，您可以計算出 2024 年及以後的租賃付款額。

Yes. But just to highlight your question, why is it a larger reduction in '23 versus '24? It's just a negotiation with the lessors, right? And so that's -- we know that we're going to have more cash generation going into '24 and so we asked for more relief upfront. And so it's just a small timing issue there.

是的。但只是為了強調您的問題，為什麼 23 年與 24 年相比下降幅度更大？這只是與出租人的談判，對吧？所以這就是——我們知道我們將在 24 世紀產生更多的現金，所以我們要求提前提供更多的救濟。所以這只是一個小的時間問題。

Yes. In terms of annualized rent payment, I think you could look at 2024 as a representative year and then move forward from there.

是的。就年化租金支付而言，我認為您可以將 2024 年視為具有代表性的年份，然後從那裡向前推進。

Make total sense. Just a follow up. So taking these new numbers in consideration, we might find a cash (inaudible) now we have a positive cash for the year close to BRL300 million to BRL400 million. Is that correct?

完全有道理。只是跟進。因此，考慮到這些新數字，我們可能會發現現金（聽不清），現在我們今年的現金接近 3 億至 4 億巴西雷亞爾。那是對的嗎？

This year? This year we're expecting breakeven for 2023.

今年？今年我們預計 2023 年將實現收支平衡。

Okay, fantastic.

好的，太棒了。

And then positive '24 and beyond.

然後是積極的 '24 及以後。

Makes sense.

說得通。

The next question comes from Bruno Amorim, sell side analyst from Goldman Sachs.

下一個問題來自高盛的賣方分析師 Bruno Amorim。

So the first question is on the transaction with the lessors and suppliers. You mentioned the transaction, as it is, reduces the debt of the company by BRL1.8 billion, excluding the equity instruments. Can you just give us an idea of what would be the additional liability if eventually the equity instrument is not actually converted into shares? The second question is on the fleet plan. You have commented to some extent on it. Just wanted to understand what's the level of flexibility that you have around the base case and also what's the implied ask growth in that base case for the next couple of years?

所以第一個問題是與出租人和供應商的交易。你提到這筆交易實際上將公司的債務減少了 18 億雷亞爾，不包括權益工具。如果權益工具最終沒有實際轉換為股份，您能否給我們介紹一下額外負債是多少？第二個問題是艦隊計劃。你在一定程度上對此發表了評論。只是想了解您圍繞基本案例的靈活性水平是多少，以及未來幾年該基本案例的隱含詢價增長是多少？

And finally, 1 last question, if you deliver on the BRL5.5 billion EBITDA, as you showed, you seem to be on track. This would mean going back to margins similar to 30% roughly, which is similar to pre-pandemic levels. So is it fair to say that from 2024 onwards maybe that should be primarily driven by revenue growth as opposed to margin expansion? Or do you see it otherwise?

最後，最後一個問題，如果你實現了 55 億雷亞爾的 EBITDA，正如你所展示的那樣，你似乎走上了正軌。這將意味著利潤率大致回到 30%，這與大流行前的水平相似。那麼可以公平地說，從 2024 年開始，這應該主要由收入增長而不是利潤率擴張來驅動嗎？或者你有其他看法嗎？

I'll take the 1st and the 3rd and I'll let Abhi talk about the ASKs. So, again, the shares will be issued, right? And we believe that the market will trade based on our [strong] fundamentals. And if you calculate the value of Azul shares, as the market has always calculated, using the EBITDA, which we will deliver, and using a more conservative multiple than we've always had, the shares will be converted and no additional shares need to be issued, right?

我將參加第 1 次和第 3 次，然後讓 Abhi 談談 ASK。那麼，再次，股票將被發行，對嗎？我們相信市場將根據我們[強大的]基本面進行交易。如果你計算 Azul 股票的價值，就像市場一直計算的那樣，使用我們將提供的 EBITDA，並使用比我們一直以來更保守的倍數，股票將被轉換，不需要額外的股票發了吧？

So there isn't a chance that this becomes shares and additional debt, right? We're essentially committing to making our lessors whole. So 1 way or another, through debt -- through a combination of debt plus cash, through the combination of equity plus cash plus debt, they're going to get hundred cents on a dollar roughly. So if you assume that they don't get the equity, they're going to get debt or cash, but then you don't get the dilution, right? So when you're calculating your share price, you can include the debt as it was originally, whatever the lessors gave up. They're going to be made whole. But then the number of share count that we're using, which is north of $500 million in our pro forma calculation would be a lot lower than that. And you're going to get -- so it's a circular reference. If you do it either way, using it as fully as debt or using it fully as equity, you're going to get to a share price over BRL30, 1 way or another, as long as you don't double count, which I know you're not going to, right? But just to highlight that if you don't consider this equity and you consider this debt, right, you're going to have a reduced equity value for Azul, but you're also going to have a lower number of outstanding shares, and you're essentially going to get to the same number of shares, which is why we're confident that this goes back to BRL36 per share. And we pay our lessors in full using the shares.

所以這不可能變成股票和額外的債務，對吧？我們基本上致力於讓我們的出租人完整。因此，無論哪種方式，通過債務——通過債務加現金的組合，通過股權加現金加債務的組合，他們將大致獲得 1 美元的 100 美分。因此，如果您假設他們沒有獲得股權，他們將獲得債務或現金，但您不會得到稀釋，對嗎？所以當你計算你的股價時，你可以包括原來的債務，不管出租人放棄了什麼。他們會變得完整。但是，我們正在使用的股票數量（在我們的備考計算中超過 5 億美元）會比這低很多。你會得到——所以這是一個循環引用。無論哪種方式，將其完全用作債務或完全用作股權，只要您不重複計算，您的股價將超過 BRL30，一種方式或另一種方式，我知道你不會，對吧？但要強調的是，如果你不考慮這筆股權而考慮這筆債務，那麼你對 Azul 的股權價值將會降低，但你的流通股數量也會減少，而且您基本上將獲得相同數量的股票，這就是為什麼我們有信心這會回到每股 36 巴西雷亞爾。我們用這些股份全額支付給我們的出租人。

And Bruno, remember this is through 2027, a few million shares per quarter, and to the extent that the stock doesn't hit that, let's say, it comes up, oh, the stock is BRL30 as opposed to BRL36, big disappointment obviously for our equity holders. You're talking about a very minimal adjustment there overall.

布魯諾，記住這是到 2027 年，每季度幾百萬股，並且股票沒有達到那個水平，比方說，它出現了，哦，股票是 30 巴西雷亞爾而不是 36 巴西雷亞爾，顯然非常令人失望對於我們的股權持有人。你說的是總體上非常小的調整。

As we showed you, the first vesting period is about 3 million shares. If we're short by BRL6, we're talking about BRL18 million, out of a company that, at that point, is going to be north of BRL20 billion in revenue, right? So probably not a material number. The fact that this has been distributed over 14 quarterly installments, gives us a lot of confidence. And by the time you get to 2027, you're probably having the opposite problem where with the EBITDA that we're going to generate in those years, you will see a share price much higher than BRL36, and then you're going to compensate for whatever shortfall you have in the beginning, if you have any shortfall, right? The assumption that we wouldn't be -- that we would that we would pay more than what we owe is if the shares never trade based on fundamentals for the next 4.5 years, which is very unlikely, if not impossible.

正如我們向您展示的，第一個歸屬期約為 300 萬股。如果我們做空 6 巴西雷亞爾，我們談論的是 1800 萬巴西雷亞爾，而這家公司在那個時候的收入將超過 200 億巴西雷亞爾，對吧？所以可能不是一個物質數字。事實上，這已經分 14 個季度分期付款，這給了我們很大的信心。到 2027 年時，您可能會遇到相反的問題，即那些年我們將產生的 EBITDA，您會看到股價遠高於 BRL36，然後您將一開始有什麼不足就彌補什麼，如果有什麼不足，對吧？如果股票在未來 4.5 年內從未根據基本面進行交易，那麼我們不會 - 我們會支付比我們所欠的更多的假設，這即使不是不可能，也是極不可能的。

And let me talk about on the margin and then turn it over to Abhi. Yes, you're right. we're going to be in the high-20s in terms of EBITDA margin. Our best year was 2019 with 31.6% EBITDA margin. We believe that we will get back to those margin levels, but we believe that we should do better and the whole industry should do better because when you talk about cash flow generation, when you calculate the amount of cash flow that we generated in 2019, and just to remind everyone, we were free cash flow positive in 2019, to generate the same amount of cash with the real at 3.90, which was where it was in 2019, you need higher margins to generate the same amount of cash with the real at 4.90 where it is today, right. And hopefully, the whole industry is thinking that way that it's not enough to just go back to the pre-COVID margins. Because the real is weaker, we also need higher margins, right? When we do our 5-year plan and our valuation based on discounted cash flow, yes, we get back to that margin, and we get above that margin. I'm not going to say we're going to get to a 40% margin, but once we get there, obviously, we're not going to rest on our laurels and give up. But the first order of business is to get back to that pre-COVID margin and then to continue expanding beyond that.

讓我談談邊緣，然後將其交給 Abhi。你是對的。就 EBITDA 利潤率而言，我們將達到 20 多歲。我們最好的一年是 2019 年，EBITDA 利潤率為 31.6%。我們相信我們會回到那些利潤率水平，但我們相信我們應該做得更好，整個行業應該做得更好，因為當你談論現金流產生時，當你計算我們在 2019 年產生的現金流量時，提醒大家，我們在 2019 年的自由現金流為正，要產生與雷亞爾 3.90 相同數量的現金，這是 2019 年的水平，您需要更高的利潤率才能產生與雷亞爾相同數量的現金在今天的 4.90，對吧。希望整個行業都認為僅僅回到 COVID 之前的利潤率是不夠的。因為雷亞爾較弱，我們也需要更高的利潤率，對吧？當我們根據貼現現金流制定 5 年計劃和估值時，是的，我們回到了那個利潤率，並且我們超過了那個利潤率。我不會說我們會達到 40% 的利潤率，但一旦我們達到目標，顯然我們不會固步自封並放棄。但首要任務是恢復到 COVID 之前的利潤率，然後繼續擴大。

And Bruno, just to remind you, the entire Azul business is 76% larger than it was in 2019, but TudoAzul is 2x as big. our packaging business 4x as big, our cargo business 2.5x as big. We also have Congonhas that we didn't have previously. We also have more next-gen aircraft in our fleet as we move forward over the next couple of years as well. And so margin expansion should come through those highly profitable business units, adding our new Azul TecOps business unit as well as the next-gen aircraft taking place, we still fly 50 E1s in our fleet today, right. And so think about what that looks like when those 50 E1s come out and are replaced with 50 E2s in the coming years.

布魯諾提醒你，整個 Azul 業務比 2019 年大了 76%，但 TudoAzul 的規模是原來的兩倍。我們的包裝業務是原來的 4 倍，我們的貨運業務是原來的 2.5 倍。我們還有以前沒有的孔戈尼亞斯。隨著我們在未來幾年的發展，我們的機隊中也會有更多的下一代飛機。因此，利潤率的擴張應該來自那些高利潤的業務部門，增加我們新的 Azul TecOps 業務部門以及正在發生的下一代飛機，我們今天仍然在我們的機隊中飛行 50 架 E1，對吧。所以想想當這 50 輛 E1 出現並在未來幾年被 50 輛 E2 取代時會是什麼樣子。

Yes. And Bruno, just a final point. In terms of 2024 capacity and beyond, you can consider something around high single digits, 8% to 10% capacity growth 2024 and beyond. And the philosophy on unit revenue is similar to what we have right now, which is stable steady unit revenues. The industry overall is at a new level compared to pre-pandemic, 35% plus. It's maintained very steady the last 4 quarters. I expect that to continue this year apart from seasonality. And so as an industry, we're not giving that back. We should not be giving that back. Our philosophy certainly is not to give that back. And use the efficiencies, that John mentioned, to increase earnings and increase margins.

是的。布魯諾，最後一點。就 2024 年及以後的容量而言，您可以考慮大約 2024 年及以後的高個位數，即 8% 到 10% 的容量增長。單位收入的理念與我們現在的理念相似，即穩定穩定的單位收入。與大流行前相比，整個行業處於一個新的水平，增加了 35%。它在過去 4 個季度保持非常穩定。除了季節性因素，我預計今年這種情況還會繼續。因此，作為一個行業，我們不會回饋它。我們不應該把它還回去。我們的理念當然不是回饋。並利用約翰提到的效率來增加收入和利潤。

And the capacity growth that Abhi mentioned is consistent with what I mentioned in terms of the fleet growth, right? The fleet is almost not growing at all, maybe couple of aircraft here and there per year, but because we are shedding smaller aircraft and bringing in next-gen aircraft with higher seat count, which is what we call the upgauging, that's where the ASK growth comes from. So it's very low-risk growth because these seats are coming in at a negative cost, and we are deploying those seats in Azul markets, right, not using that to steal share from other competitors. Now if we grow more than the other competitors, obviously, our market share will grow. But that's just a mathematical construct, right? You need to distribute 100% of market share across all players. If we grow more than the other guys, then we will increase market share. But the plan here is to grow in Azul markets, stimulate Azul markets using our fleet transformation.

Abhi 提到的運力增長與我提到的機隊增長是一致的，對吧？機隊幾乎沒有增長，每年可能會有幾架飛機，但因為我們正在淘汰較小的飛機並引進座位數更多的下一代飛機，這就是我們所說的升級，這就是 ASK成長來自。所以這是非常低風險的增長，因為這些席位的成本是負的，我們正在 Azul 市場部署這些席位，不是用它來竊取其他競爭對手的份額。現在，如果我們比其他競爭對手增長更多，顯然，我們的市場份額將會增長。但這只是一個數學結構，對吧？您需要將 100% 的市場份額分配給所有參與者。如果我們比其他人發展得更快，那麼我們將增加市場份額。但這裡的計劃是在 Azul 市場發展，通過我們的機隊轉型刺激 Azul 市場。

Can you just clarify, Abhi, please, the 8% to 10% expansion in '24, is it evenly split between domestic and international, or is international still growing more recovering from the pandemic still?

Abhi，你能不能澄清一下，24 年 8% 到 10% 的擴張，是在國內和國際之間平均分配，還是國際仍在增長，更多是從大流行中恢復過來的？

Yes. Starting in '24, international will be more stable. The reason it's growing so much more now in '23 is because we are recovering our international network. We will actually be larger by the end of this year. So you have a little bit of full year effect in '24 and then from that point onwards it will be more stable.

是的。從'24開始，國際將更加穩定。它在 23 世紀增長如此之多的原因是因為我們正在恢復我們的國際網絡。到今年年底，我們實際上會更大。所以你在 24 年有一點全年的影響，然後從那時起它會更加穩定。

And just 1 final follow-up, sorry for so many questions. Alex, on your initial remarks, you commented on several scenarios. But is it possible to let us know roughly what would be the amount of debt or cash needed to settle the liability if shares are not issued just for reference? And I agree this is maybe a true pessimistic scenario, but just so we have the scenarios in mind.

只是 1 個最後的跟進，很抱歉有這麼多問題。亞歷克斯，在你最初的發言中，你評論了幾種情況。但可否讓我們大致知道，如果不發股，清償負債需要多少債務或現金，僅供參考？我同意這可能是一個真正的悲觀情景，但只是為了讓我們記住這些情景。

You have the vesting -- the number of shares that vest every quarter and that's the calculation, the number of shares times the surplus or the deficit against the BRL36.

你有歸屬——每個季度歸屬的股份數量，這就是計算，股份數量乘以 BRL36 的盈餘或赤字。

The next question comes from Michael Linenberg, sell side analyst from Deutsche Bank.

下一個問題來自德意志銀行的賣方分析師 Michael Linenberg。

Can you guys hear me?

你們能聽到我說話嗎？

Yes, Mike.

是的，邁克。

Just a couple here. By the way, congrats on getting through this process here. Just in the release that you put out, the separate release that has the notes, BRL2.3 billion, I know it was a 40:60 split, and maybe it's a rounding error but it looks like that it may be is more like 43:57 just based on that number there, but that could be rounding. It looks like it's a little bit more debt than what we thought, a little bit less equity which is fine.

這裡只有一對。順便說一句，恭喜你在這裡完成了這個過程。就在你發布的版本中，有註釋的單獨版本，23 億雷亞爾，我知道這是 40:60 的拆分，也許這是一個舍入誤差，但看起來它可能更像是 43 :57 只是基於那裡的數字，但這可能是四捨五入的。看起來它比我們想像的要多一點債務，少一點股權，這很好。

Yes, I think the way, some of this depends on how you're calculating the present value of the lease payments because essentially we're thinking the lessors weren't going to get all of the BRL5 billion plus today, right? They would get that across up to 12 years, right? So what they are giving up, what they're contributing to the plan has been calculated back using a PV and then that has been given back to them on a note and equity. The equity has a floor and a cap. So that all plays into it. So we did calculate using 40:60, but when you calculate the way you do it, Mike, it may end up slightly different just because of the present value calculation.

是的，我認為方式，其中一些取決於您如何計算租賃付款的現值，因為基本上我們認為出租人今天不會獲得全部 50 億巴西雷亞爾，對吧？他們最多可以使用 12 年，對嗎？因此，他們放棄的東西，他們為計劃做出的貢獻已經使用 PV 進行了計算，然後以票據和股權的形式返還給了他們。股權有下限和上限。所以這一切都發揮了作用。所以我們確實使用 40:60 進行了計算，但是當你計算你的計算方式時，邁克，它最終可能會因為現值計算而略有不同。

Yes, it's small. And then as we think about the next phase I think, Alex and John, you both said we get the sense in the next few weeks, and so maybe by mid-June we're actually done. What from an equity holder perspective should we anticipate additional dilution or I know you've talked about some of the some of your assets and your collateral and maybe that's the equity component that ties to this next round of negotiations.

是的，它很小。然後，當我們考慮下一階段時，Alex 和 John，你們都說我們會在接下來的幾週內了解情況，所以也許到 6 月中旬我們實際上已經完成了。從股權持有人的角度來看，我們應該如何預期額外的稀釋，或者我知道你已經談到了你的一些資產和你的抵押品，也許這就是與下一輪談判相關的股權部分。

Yes. Mike, I think it's really important, the dilution has happened via the lessor ordeal, right? And that's the way that our shareholders have contributed here. Just to remind you, we have TudoAzul, we have Azul Viagens, our packaging business, we have our cargo business. Those are all unencumbered assets. And so the idea is once complete, we will raise some new debt using TudoAzul, and that new debt -- and it's important to sequence it, right? And so get the lessors, (technical difficulty) bondholders done, and then raise the new capital to strengthen the balance sheet even further, but there's no -- especially given these equity prices, Mike, there's no intent to issue equity at these levels because we think we're 1/3 of where we should be trading at a 6.5x multiple, right? And I think as we migrate up, as you go into 2024 and beyond, the stock should be significantly better than where it is today.

是的。邁克，我認為這非常重要，稀釋是通過出租人的考驗發生的，對吧？這就是我們的股東在這裡做出貢獻的方式。提醒您，我們有 TudoAzul，我們有 Azul Viagens，我們有包裝業務，我們有貨運業務。這些都是未支配的資產。因此，這個想法一旦完成，我們將使用 TudoAzul 籌集一些新債務，以及那筆新債務——重要的是對其進行排序，對吧？所以讓出租人，（技術困難）債券持有人完成，然後籌集新資本以進一步加強資產負債表，但沒有 - 特別是考慮到這些股票價格，邁克，沒有打算在這些水平發行股票，因為我們認為我們是應該以 6.5 倍的倍數進行交易的 1/3，對嗎？而且我認為，隨著我們向上遷移，進入 2024 年及以後，股票應該比現在好得多。

And so I think we did this the right way. We got through the pandemic with those assets at our disposal to be able to use to raise debt at the right price levels. And so, obviously, getting the lessors was very important rolling the '24s and '26s is the next step that we'll be doing, then bringing in the new cash, and then we're off to the races, right? And I think that we're feeling very good about where we are today and about the progress because it's been a good, healthy process that's been amicable across the board, right? And so all lessors working with us, bondholders giving us their feedback and what they think is appropriate, right? And then also looking at these great assets that we have still at our disposal to use to raise cash.

所以我認為我們以正確的方式做到了這一點。我們利用這些資產度過了大流行，以便能夠以合適的價格水平籌集債務。因此，很明顯，讓出租人在 24 年代和 26 年代滾動是非常重要的，這是我們要做的下一步，然後帶來新的現金，然後我們開始比賽，對吧？而且我認為我們對今天所處的位置和取得的進展感覺非常好，因為這是一個良好、健康的過程，而且整個過程都很友好，對吧？所以所有與我們合作的出租人，債券持有人向我們提供他們的反饋以及他們認為合適的東西，對嗎？然後還要看看我們仍然可以用來籌集現金的這些重要資產。

Okay, good. Very good. And then just 2 nonrestructuring questions. Did I see that you guys renewed your deal with United? Maybe I did see that. And what were the changes, if any, and the term of the deal, et cetera?

好的。非常好。然後只有 2 個非重組問題。我看到你們和曼聯續約了嗎？也許我確實看到了。如果有的話，交易的條款是什麼變化等等？

Mike, we just put out a note saying we expanded the code share. So our commercial agreements continue with United. And so we expanded the code share to include more cities that they fly from Orlando and from Fort Lauderdale. That was the note that we put out.

邁克，我們剛剛發布了一份說明，說我們擴大了代碼共享。因此，我們與美聯航的商業協議繼續存在。因此，我們擴大了代碼共享，以包括他們從奧蘭多和勞德代爾堡起飛的更多城市。那是我們發出的便條。

Okay That's good. And then just, Abhi, since I have you, just 1 other. The new Congonhas service, the ramp up, presumably it's RASK accretive. How is it on margin basis? Is it margin accretive? I know you're ramping up, you added a bunch of new service, but historically, those tend to be some of the higher-yield markets out there. Any color that you can give on that?

嗯，很好。然後，Abhi，既然我有你，就只有另外 1 個。新的 Congonhas 服務，提升，大概是 RASK 的增長。保證金基礎如何？它能增加利潤嗎？我知道您正在加速發展，您添加了一系列新服務，但從歷史上看，這些往往是一些高收益市場。你可以給它上什麼顏色？

We expect them to be margin accretive once ramped up and especially once when we get into second half seasonality. We're still in second quarter, April, with Easter, had a bunch of holiday. But yes, our expectation and from what we know of the other markets we find Congonhas and Congonhas demographics in general is that this is definitely margin accretive, and we expect that to happen through the year. Again, just having so many new people fly the services is great because they're signing up for the credit card, our loyalty program, and flying internationally with us as well. But just by itself, yes, margin accretive.

我們預計一旦增長，尤其是當我們進入下半年季節性時，它們就會增加利潤。我們還在第二季度，四月，復活節，有很多假期。但是，是的，我們的預期以及我們對其他市場的了解，我們發現 Congonhas 和 Congonhas 的總體人口統計數據是，這絕對會增加利潤，我們預計這將在今年發生。同樣，有這麼多新人乘坐我們的服務很棒，因為他們正在註冊信用卡、我們的忠誠度計劃，並與我們一起乘坐國際航班。但就其本身而言，是的，利潤率會增加。

Moving on to the next question, it will come from Victor Mizusaki from Bradesco BBI.

繼續下一個問題，它將來自 Bradesco BBI 的 Victor Mizusaki。

Congrats on the restructuring. I have 2 questions here. The first 1, John, you just mentioned about the bonds and in this case we can see that you closed the deal with the lessors and these new bond you pay 7.5% per year. So Is there any kind of collateral that you need to grant to these lessors? And can you say that basically you are anchoring the negotiations with the bondholders for 2024 and 2026? And my second question, thinking about the guidance for this year, what you're assuming for (inaudible)? Do I assume that these tax benefit will pass in the Congress or basically it will terminate in May?

祝賀重組。我在這裡有兩個問題。第一個，約翰，你剛剛提到了債券，在這種情況下，我們可以看到你與出租人達成了交易，這些新債券你每年支付 7.5%。那麼，您需要向這些出租人提供任何類型的抵押品嗎？你能說基本上你正在與債券持有人就 2024 年和 2026 年進行談判嗎？我的第二個問題，考慮今年的指導，你假設（聽不清）是什麼？我是假設這些稅收優惠會在國會通過，還是基本上會在 5 月終止？

So, Victor, just quickly, the 7.5% is unsecured to the lessors, right? So we still have that collateral out there. The '24s and the '26s there is some security we're in discussions with them on, right? And so I think that that's a positive thing to help get the rate down overall. As far as the 2023 guidance of BRL5.5 billion, we're very confident that the PIS/COFINS tax will pass, but it's not in our current guidance. It was only for the first 5 months of this year. However, we may have positive news in that regard in the next 10 days which could be very beneficial as well.

所以，維克多，快點，7.5% 對出租人來說是無抵押的，對吧？所以我們仍然有抵押品。 24 年代和 26 年代，我們正在與他們討論一些安全問題，對嗎？因此，我認為這有助於降低整體利率是一件積極的事情。至於 2023 年 55 億巴西雷亞爾的指導意見，我們非常有信心 PIS/COFINS 稅將通過，但它不在我們目前的指導意見中。這只是今年的前 5 個月。然而，在接下來的 10 天內，我們可能會在這方面有積極的消息，這也可能非常有益。

Moving on to the next question. It will come from Daniel McKenzie, sell side analyst, at Seaport Global.

繼續下一個問題。它將來自 Seaport Global 的賣方分析師 Daniel McKenzie。

We can't hear you, Dan.

我們聽不到你的聲音，丹。

Okay, so let's move on to the next question. The next question will come from Jay Singh, sell side analyst from Citi.

好的，讓我們繼續下一個問題。下一個問題將來自花旗的賣方分析師 Jay Singh。

Yes. So my first question is regarding the most recent upgrade of your agreement with United. Do you see any possibility to adjust these agreements further with others such as JetBlue? And as a follow up, can you tell us a little bit more about how your demand patterns compare with 2019? And if they're different, then how you view these adjustments as temporary or structural?

是的。所以我的第一個問題是關於你與美聯航協議的最新升級。您是否認為有可能進一步調整與 JetBlue 等其他公司的這些協議？作為後續行動，你能告訴我們更多關於你的需求模式與 2019 年相比如何嗎？如果它們不同，那麼您如何看待這些調整是暫時的還是結構性的？

Jay, so currently, together with United and JetBlue, we've been slowly expanding our network into the United States. And actually we have a really a broad network with these 2 partners. So in total via our gateways in Orlando and Fort Lauderdale, we now can connect to 27 destinations in the U.S. and additional 8 in the Caribbean. And so that obviously, with all the major cities, U.S. domestic with a mix of JetBlue and United via Orlando in Fort Lauderdale, and we serve those cities in multiple origins here in Brazil, our hub in Sao Paulo, Recife, Belo Horizonte, Manaus, and Belem, as well. So a really broad network into the U.S. and then 35 destinations with our partners in the U.S. In addition, we also connect to 24 European cities via our partnership with TAP in Lisbon. So we're really able to provide great connectivity with our partners.

傑伊，目前，我們與美聯航和捷藍航空一起，一直在慢慢地將我們的網絡擴展到美國。實際上，我們與這兩個合作夥伴擁有非常廣泛的網絡。因此，通過我們在奧蘭多和勞德代爾堡的網關，我們現在可以連接到美國的 27 個目的地和加勒比地區的另外 8 個目的地。因此，很明顯，對於所有主要城市，美國國內有 JetBlue 和聯合航空通過奧蘭多在勞德代爾堡的混合，我們為巴西的多個起源城市提供服務，我們在聖保羅、累西腓、貝洛奧里藏特、馬瑙斯的樞紐，還有貝倫。因此，我們有一個真正廣泛的網絡進入美國，然後與我們在美國的合作夥伴一起到達 35 個目的地。此外，我們還通過與里斯本 TAP 的合作夥伴關係連接到 24 個歐洲城市。所以我們真的能夠與我們的合作夥伴提供良好的連接。

In terms of demand patterns, overall, average fares are higher as we've seen in the unit revenue performance. This is not just pent-up demand as was initially thought in the initial pandemic or even the post-Omicron recovery. The last 4 quarters we've seen RASKs basically between BRL0.41 and BRL0.42. So that shows very, very consistent unit revenue performance. Corporate revenue is above 2019 levels between 30%, 35% above. Large corporates, a little bit below, but 1 demand pattern that's changed that's very interesting is groups revenue. Groups, meetings, conventions revenue is more than double what we've seen before. Small and medium businesses are up very strong as well. From the customer behavior, we are seeing average, let's say, purchase size increasing. So people are taking 1 extra person with them on their trips, a little bit of a mix of business and leisure personnel. But, in general, we are 76% larger in terms of revenue right now than we were in the first quarter 2019. And I looked across many airlines across the world, and I couldn't find anybody else that was 76% larger. So this is really robust, sustained revenue performance.

就需求模式而言，總體而言，平均票價較高，正如我們在單位收入表現中看到的那樣。這不僅僅是在最初的大流行甚至是 Omicron 後的複蘇中最初認為的被壓抑的需求。過去 4 個季度，我們看到 RASK 基本上介於 BRL0.41 和 BRL0.42 之間。因此，這顯示了非常非常一致的單位收入表現。公司收入比2019年水平高出30%、35%以上。大型企業，稍低一點，但 1 種需求模式發生了變化，這非常有趣，那就是團體收入。團體、會議和大會的收入是我們之前看到的兩倍多。中小企業也表現強勁。從客戶行為來看，我們看到平均購買規模在增加。因此，人們在旅行中多帶了 1 個人，其中有一些是商務人員和休閒人員的混合體。但是，總的來說，我們現在的收入比 2019 年第一季度增加了 76%。我查看了世界各地的許多航空公司，但我找不到比 76% 大的航空公司。所以這是非常強勁、持續的收入表現。

We will open the audio for Daniel McKenzie, sell side analyst from Seaport Global.

我們將為 Seaport Global 的賣方分析師 Daniel McKenzie 打開音頻。

Hey, can you guys hear me this time?

嘿，這次你們能聽到我說話嗎？

Yes.

是的。

Okay, great. Sorry about that. So my question was you did talk about unsecured assets. That was my initial question, but big picture, what's the collective value of those unsecured assets? And then just on TudoAzul, what percent of EBITDA was TudoAzul in 2022? And how much capital would you like to raise ultimately here?

好的，太好了。對於那個很抱歉。所以我的問題是你確實談到了無擔保資產。這是我最初的問題，但總的來說，這些無擔保資產的總價值是多少？然後就 TudoAzul 而言，2022 年 EBITDA 佔 TudoAzul 的百分比是多少？您想最終在這裡籌集多少資金？

Dan, so, we mentioned at our last call, we had our unencumbered assets appraised TudoAzul, Azul Viagens, Azul Cargo, and our brand, and collectively they were valued at about BRL25 billion, so a little over $5 billion. And we're working with advisors to try to structure this. We want to use some of those unencumbered assets to renegotiate our convertible debenture and to raise new money and also to get some additional time on the 2024 and 2026 senior notes essentially extending them, and also keep some of our assets unencumbered too for a rainy day, right? We don't want to encumber everything because I think the main objective here is just to derisk the company. As we've been mentioning on this call, the business is doing great, and we are focused on generating cash going forward and derisking, right? So the idea is to not encumber everything. So we'll provide that detail over time as we get there. But the idea is to not encumber everything, and we want to use the assets that we do encumber to cover all of what I mentioned right, the new capital that we want to raise with a secured note, no equity, renegotiate our convertible debentures, and extend our '24 and '26 notes.

丹，所以，我們在上次電話會議上提到，我們對 TudoAzul、Azul Viagens、Azul Cargo 和我們的品牌進行了未支配資產評估，它們的總價值約為 250 億雷亞爾，略高於 50 億美元。我們正在與顧問合作，嘗試構建它。我們希望使用其中一些未抵押資產來重新談判我們的可轉換債券並籌集新資金，並在 2024 年和 2026 年的優先票據上獲得更多時間，從根本上延長它們，同時也讓我們的一些資產未被抵押以備不時之需， 正確的？我們不想阻礙一切，因為我認為這裡的主要目標只是降低公司的風險。正如我們在這次電話會議上提到的那樣，業務做得很好，我們專注於在未來產生現金和降低風險，對吧？所以我們的想法是不要阻礙一切。因此，當我們到達那裡時，我們會隨著時間的推移提供這些細節。但我們的想法是不要抵押所有東西，我們希望使用我們確實抵押的資產來支付我提到的所有內容，我們想用有擔保票據籌集的新資本，沒有股權，重新談判我們的可轉換債券，並擴展我們的 '24 和 '26 註釋。

Okay, that's terrific. Abhi, you talked about the current revenue environment, pricing today is pretty strong. And for those of us that track pricing, if foreign exchange continues -- if the Brazilian real continues to strengthen, should we expect fares to fall somewhat? Usually there has been -- or at least historically, there's been a link between the Brazilian real and pricing.

好吧，那太棒了。 Abhi，你談到了當前的收入環境，今天的定價非常強勁。對於我們這些跟踪定價的人來說，如果外匯繼續——如果巴西雷亞爾繼續走強，我們是否應該預期票價會有所下降？通常 - 或者至少在歷史上，巴西雷亞爾和定價之間存在聯繫。

Dan, I think that link is more a second order effect. I don't see the industry doing it just because. I think that it's more linked to capacity. And if I look at capacity in the system for the Brazilian industry today, it's pretty well disciplined, and I don't see a lot of new capacity coming in. We've given our number today around 6% domestic growth, [GO LATAM] have their guidance out as well. And you can do the math. And the industry overall domestically is growing about 4% to 5% versus 2019. We're talking 4 years ago, right? And so the capacities environment I think is actually very constructive for the industry to maintain these unit revenues. And so I think that as currency strengthens or fuel continues to come down, as long as the capacity situation remains disciplined, which from what I can see today, will continue to be disciplined, that should not affect unit revenue.

丹，我認為鏈接更多的是二階效應。我不認為這個行業這樣做只是因為。我認為它與容量更相關。如果我看看今天巴西工業系統的產能，它的紀律性很好，而且我沒有看到很多新產能進入。我們今天的國內增長率約為 6%，[GO LATAM ] 也有他們的指導。你可以算算。與 2019 年相比，國內整個行業增長了約 4% 至 5%。我們說的是 4 年前，對吧？因此，我認為產能環境實際上對行業保持這些單位收入非常有建設性。所以我認為，隨著貨幣走強或燃料繼續下降，只要運力情況保持規律，從我今天所看到的情況來看，這種情況將繼續受到規律，這應該不會影響單位收入。

Dan, 1 other thing too is. As we take a look at the industry in Brazil and our competitors, everybody's cost of capital is significantly higher today than it was in 2019. So everybody needs high fares, right? We have 2 of our closest competitors that need to get listed in New York over the next coming years. And I think it's going to be important for them to show positive results, and I think that's good overall for industry discipline across the board.

丹，還有一件事也是。當我們審視巴西和我們的競爭對手的行業時，今天每個人的資本成本都比 2019 年高得多。所以每個人都需要高票價，對吧？我們有兩個最接近的競爭對手需要在未來幾年在紐約上市。我認為對他們來說，展示積極的結果很重要，我認為這對整個行業的紀律來說都是好的。

The next question comes from [Krish Reddy], sell side analyst, TD Cowen.

下一個問題來自 [Krish Reddy]，賣方分析師 TD Cowen。

I just wonder if you can give me a little bit of insight into the forward-looking competition and capacity on the various routes you serve. And the rest of my questions have been answered.

我只是想知道您是否可以讓我了解一下您所服務的各條航線的前瞻性競爭和運力。我的其餘問題已得到解答。

Yes, [Krish]. We continue to have a very different network. We haven't seen significant changes in market overlap over time. In fact, they've actually reduced, which I think is a sign of a healthy industry dynamic, overall. I think airlines are focusing where they are strong and what makes them strong? Our network by nature is different. We are alone in 80% routes that we serve, a leadership position in over 90% of the routes that we serve. And again, I think that the industry is -- that discipline is good overall and the industry realizes that. So I don't envision, I don't see -- I haven't seen, frankly, any major changes to the market overlap or to the industry dynamic from a capacity. I don't see anybody trying to attack somebody else or enter into a hub or anything like that. I think airlines are focusing where they are strong.

是的，[克里什]。我們繼續擁有一個非常不同的網絡。隨著時間的推移，我們沒有看到市場重疊發生重大變化。事實上，它們實際上已經減少了，我認為這是整體行業健康動態的標誌。我認為航空公司正在關注他們的強項，是什麼讓他們強大？我們的網絡本質上是不同的。我們所服務的80%的航線都是我們一家，在我們所服務的90%以上的航線中處於領先地位。再一次，我認為這個行業——紀律總體上是好的，而且這個行業也意識到了這一點。所以我不設想，我沒有看到 - 坦率地說，我沒有看到市場重疊或容量的行業動態發生任何重大變化。我沒有看到任何人試圖攻擊其他人或進入集線器或類似的東西。我認為航空公司正在關注他們的強項。

The next question comes from Rogerio Araujo, sell side analyst, Bank of America.

下一個問題來自美國銀行賣方分析師 Rogerio Araujo。

I have a few follow-ups on the restructuring. One is you're talking about liability that is going to be recognized. I think this is linked to the equity instrument. And my question is, how is this going to be calculated? Is there going to be a market-to-market effect on that every quarter? And is there a starting point of how much this is going to be recognized in the next quarter or so when the deal is concluded? And then another 1 on the BRL36 per share conversion price, is there any adjustment rate to it into '27 or this is a fixed BRL36 days per share? Lastly, on a confirmation, you talked about several conditions on this restructuring, 1 of them is new capital raise. This can be a debt, correct? I think you talked about TudoAzul as a collateral on raising new debt. Is the new debt already fulfills this new capital raise condition?

我有一些關於重組的後續行動。一是你在談論將要被承認的責任。我認為這與權益工具有關。我的問題是，這將如何計算？每個季度都會對此產生市場對市場的影響嗎？是否有一個起點，即在下個季度左右交易完成時將確認多少？然後是每股 36 巴西雷亞爾的轉換價格的另一個 1，它是否有任何調整率到 27 年或這是固定的 36 雷亞爾每股天數？最後，在確認中，你談到了這次重組的幾個條件，其中之一是新的融資。這可能是債務，對嗎？我想你談到了 TudoAzul 作為籌集新債務的抵押品。新債是否已經滿足新的融資條件？

Yes. So, Rogerio, under IFRS, unless the amount of shares is completely fixed and predetermined, you need to recognize the whole structure as a liability, right? So it will be easy for you to look at the amount. It will be essentially what the lessors have given up on the equity side, so essentially the 60%. But if you include that as a debt, again, you don't include the 90 million shares that are going to be issued. But the way we see it is if you do the calculation, not including that debt and including the 90 million shares in your total shares outstanding, you're going to get something higher than BRL36. Therefore, there is no adjustment and the equity instrument will be equity as designed, right? But it will be either equity or debt, and in the balance sheet until that amount is determined, it will show up as 1 specific line on the balance sheet, kind of similar to the convertible debenture that we have maturing in '25, right? If you include that as debt, then you don't include it in the number of outstanding shares. If you do include it in the number of outstanding shares, then you disregard the debt component on the balance sheet, right? The BRL36 on the floor, there's no adjustment going forward and then you're right on the new money. As we mentioned, it will be a secured note essentially based on TudoAzul as collateral, with no equity component.

是的。所以，Rogerio，根據 IFRS，除非股份數量完全固定和預先確定，否則您需要將整個結構確認為負債，對嗎？因此，您很容易查看金額。這基本上是出租人在股權方面放棄的，所以基本上是 60%。但是，如果您將其作為債務包括在內，那麼您又不會包括將要發行的 9000 萬股股票。但我們的看法是，如果你進行計算，不包括債務和你已發行股票總數中的 9000 萬股，你將獲得高於 36 巴西雷亞爾的收益。因此，不做調整，權益工具設計為權益工具，對嗎？但它要么是股權，要么是債務，在資產負債表中，直到確定該金額，它才會顯示為資產負債表上的 1 條特定行，有點類似於我們在 25 年到期的可轉換債券，對吧？如果將其計入債務，則不會將其計入已發行股票的數量。如果你確實把它包括在已發行股票的數量中，那麼你就忽略了資產負債表上的債務部分，對吧？地板上的 BRL36，沒有任何調整，然後你就對了新錢。正如我們所提到的，它將是一種擔保票據，基本上以 TudoAzul 作為抵押品，沒有股權成分。

This ends our Q&A session. We will now have our final remarks.

我們的問答環節到此結束。我們現在將發表最後的評論。

Thank you for joining us today. Obviously, a lot to digest, a lot of information, and so we'll be available to take any of your questions offline. We're excited about what we have. This significantly improves our cash flow over the coming years and Azul is back to the races. Thanks, everybody.

感謝您今天加入我們。顯然，需要消化的內容很多，信息也很多，因此我們可以離線處理您的任何問題。我們對我們所擁有的感到興奮。這顯著改善了我們未來幾年的現金流，而 Azul 又回到了比賽中。謝謝大家。

Thank you. This concludes Azul's audio conference call for today. Thank you very much for your participation and have a good day.

謝謝。 Azul 今天的音頻電話會議到此結束。非常感謝您的參與，祝您有愉快的一天。