Azul SA (AZUL) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to Azul's Cecond Quarter's Earnings Call. My name is Zach, and I will be your operator for today. This event is being recorded and all participants will be in a listen-only mode until we conduct a Q&A session following the company's presentation. If you have a question, click on the Q&A icon at the bottom of your screen and in your name and company. When your name is announced, please turn your microphone on and proceed. (Operator Instructions)

大家好，歡迎參加 Azul 第二季度的財報電話會議。我叫扎克，今天我將擔任您的接線員。該活動正在錄製中，所有參與者都將處於監聽模式，直到我們在公司演示後進行問答環節。如果您有疑問，請單擊屏幕底部以及您的姓名和公司中的“問答”圖標。當您的名字被宣布後，請打開麥克風並繼續。 （操作員說明）

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

我想將演講交給投資者關係主管 Thais Haberli。泰國人，你可以繼續。

Thank you, Zach, and welcome all to Azul's second quarter earnings call. The results that we announced this morning, the audio of this call and the slides that we reference are available on our IR website.

謝謝扎克，歡迎大家參加 Azul 第二季度財報電話會議。我們今天早上宣布的結果、本次電話會議的音頻以及我們引用的幻燈片都可以在我們的 IR 網站上找到。

Presenting today will be David Neeleman, Azul's Founder and Chairman; and John Rodgerson, CEO; Alex Malfitani, our CFO; and Abhi Shah, the President of Azul are also here for the Q&A session.

今天的演講嘉賓是 Azul 創始人兼董事長 David Neeleman；和首席執行官約翰·羅傑森（John Rodgerson）；亞歷克斯·馬爾菲塔尼 (Alex Malfitani)，我們的首席財務官； 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.

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，特別是有關公司未來計劃、目標和預期業績的評論均構成前瞻性陳述。

These statements are based on a range of assumptions that the company believes are reasonable but are subject to uncertainties and risks that are discussed in detail 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.

這些陳述基於公司認為合理的一系列假設，但會受到我們的 CVM 和 SEC 文件中詳細討論的不確定性和風險的影響。此外，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?

這樣，我就把電話轉給大衛。大衛？

Thanks, Thais. Welcome, everyone, and thanks for joining us for our second quarter 2023 earnings call. This quarter was one of the most important in our history. I could not start without recognizing the impressive work of our leadership team. In this quarter, we made significant progress on our comprehensive and permanent capital optimization plan, leading to a successful conclusion in July. John and Alex together with their skillful teams successfully implemented our plan, which included new agreements with lessors and OEMs an exchange offer and new and a new money rate. John will give you more details later. It is absolutely incredible what they were able to achieve all of this in just a 6-month window. I also want to thank all of our partners and investors who supported us throughout this process. Together, we have delivered a true win-win solution that we promised on the outset, one that is value-maximizing for all stakeholders. I thank you for your vote of confidence and in our company and in our future.

謝謝，泰國人。歡迎大家，感謝您參加我們的 2023 年第二季度財報電話會議。本季度是我們歷史上最重要的季度之一。我無法在不認可我們領導團隊令人印象深刻的工作的情況下開始。本季度，我們全面、永久的資本優化計劃取得了重大進展，並於7月份圓滿結束。約翰和亞歷克斯與他們熟練的團隊一起成功實施了我們的計劃，其中包括與出租人和原始設備製造商的新協議、交換要約以及新的和新的匯率。約翰稍後會給你更多細節。他們能夠在短短 6 個月的時間內實現這一切，這絕對令人難以置信。我還要感謝所有在整個過程中支持我們的合作夥伴和投資者。我們共同交付了我們一開始就承諾的真正雙贏的解決方案，為所有利益相關者實現價值最大化。我感謝您對我們公司和我們的未來投下的信任票。

Finally, most importantly, I have to thank our passionate crew members who continue to deliver excellence every day without our industry-leading operation, customer service and a company that produces over $1 billion of EBITDA per year, none of this would have been possible. Thanks to their continued efforts. We are now in a position where we can put the crisis behind us, and we can focus on the future.

最後，最重要的是，我要感謝我們熱情的工作人員，他們每天都在不斷提供卓越的服務，如果沒有我們行業領先的運營、客戶服務和每年產生超過10 億美元EBITDA 的公司，這一切都不可能實現。感謝他們的持續努力。我們現在可以把危機拋在腦後，專注於未來。

Turning to Slide #4. You can see that our network is stronger than ever. Our superior business model and structured competitive advantage allow us to connect all of Brazil. We are the only carrier in 81% of our routes and fly to over 160 destinations 3x more than our competition. We are the leader in more than 90% of our routes, which supports our industry-leading profitability. During the second quarter, we launched our expanded Mongolian service, more than doubling the daily departures now serving all of the top corporate destinations. In addition, we launched our newest international destinations, Paris and Curacao. Both of these are off to a very strong start.

轉向幻燈片 #4。您可以看到我們的網絡比以往任何時候都更強大。我們卓越的商業模式和結構化的競爭優勢使我們能夠連接整個巴西。我們是唯一一家覆蓋 81% 航線的航空公司，飛往 160 多個目的地的航班數量比競爭對手多 3 倍。我們在 90% 以上的航線上處於領先地位，這支持了我們行業領先的盈利能力。第二季度，我們推出了擴展的蒙古服務，使每日出發航班數量增加了一倍以上，目前服務於所有頂級企業目的地。此外，我們還推出了最新的國際目的地：巴黎和庫拉索。兩者都有一個非常強勁的開端。

On Slide #5, you can see the outstanding performance of our business units this quarter. Our loyalty program to Azul more than doubled in gross billings versus 2019 and is clearly benefiting from our new Mongolian flights. Sign-ups to the program have increased more than 80% since we launched our expanded concurrence schedule. I could not be proud of our vacations business, which has had another exceptional quarter with more than a 40% growth in gross billings compared to the second quarter of 2022. Now this business is now 4x the size in terms of net revenue than in 2019. Azul Viagens is the second largest vacations agency in all of Brazil, and we continue with our strong growth, expecting to double our stores to more than 100 by the end of this year. Azul Cargo, our logistics business continues to be the largest air logistics provider with the market share -- with a domestic market share of 34% and with net revenues more than doubled compared to 2019. As I said, this is an important quarter for us. I could not be prouder of how the entire team has pulled together to deliver these amazing results for our shareholders.

在幻燈片#5 上，您可以看到我們的業務部門本季度的出色表現。與 2019 年相比，我們對 Azul 的忠誠度計劃的總賬單增加了一倍多，並且顯然受益於我們新的蒙古航班。自我們推出擴展並發計劃以來，該計劃的註冊人數增加了 80% 以上。我不能為我們的度假業務感到自豪，該業務又經歷了一個出色的季度，與2022 年第二季度相比，總賬單增長了40% 以上。現在，該業務的淨收入規模是2019 年的4倍Azul Viagens 是巴西第二大度假機構，我們將繼續強勁增長，預計到今年年底我們的門店數量將增加一倍，達到 100 多家。我們的物流業務Azul Cargo 仍然是市場份額最大的航空物流提供商——國內市場份額為34%，淨收入比2019 年增加了一倍多。正如我所說，這對我們來說是一個重要的季度。我對整個團隊如何齊心協力為我們的股東帶來這些驚人的成果感到無比自豪。

With that, I'll pass the time to John to give you more details on our second quarter results.

接下來，我將請約翰向您提供有關我們第二季度業績的更多詳細信息。

Thanks, David. I would also like to thank our crew members for their incredible work. Every day, I see how passionate and caring our people are for each other and our customers. It is this special culture that will fuel our company for years to come. Turning to the numbers, I would like to highlight our record results, as you can see on Slide #6. In the second quarter, we achieved record revenues for a second quarter of R$4.3 billion, 9% up versus second quarter 2022. Revenue in the second quarter '23 was up an impressive 63% compared to the same period in 2019. Yield and RASK were also second quarter records at R$46.8 and R$0.44, respectively. Our EBITDA grew a remarkable 88% year-over-year, reaching an all-time record for a second quarter of R$1.2 billion with one of the highest margins in the industry at 27%, 11.4% points higher year-over-year.

謝謝，大衛。我還要感謝我們的工作人員所做的出色工作。每天，我都能看到我們的員工對彼此以及我們的客戶充滿熱情和關懷。正是這種特殊的文化將在未來幾年為我們公司提供動力。談到數字，我想強調一下我們創紀錄的結果，正如您在幻燈片#6 中看到的那樣。第二季度，我們實現了創紀錄的收入43 億雷亞爾，比2022 年第二季度增長9%。與2019 年同期相比，23 年第二季度的收入增長了63%，令人印象深刻。 收益率和RASK第二季度的記錄也分別為 46.8 雷亞爾和 0.44 雷亞爾。我們的 EBITDA 同比增長 88%，第二季度創下 12 億雷亞爾的歷史記錄，利潤率為 27%，為行業最高水平之一，同比增長 11.4 個百分點。

As you can see on Slide #7, our EBITDA increased 58% versus second quarter '19 even with a 60% increase in fuel prices. This is a clear demonstration of the strength and the resiliency in our business. Our structural competitive advantages, combined with our rational and profitable growth allow us to expand earnings in any macroeconomic scenario. On Slide #8, you can see that average fares were up 6% versus last year, while fuel prices dropped 24% year-over-year. This is a very positive sign when we are in the -- as we transition into the seasonally strongest part of the year under a very constructive demand and pricing environment in contrast to what you're seeing in other regions in the world.

正如您在幻燈片 #7 中看到的那樣，即使燃油價格上漲了 60%，我們的 EBITDA 仍比 19 年第二季度增長了 58%。這清楚地表明了我們業務的實力和彈性。我們的結構性競爭優勢，加上合理的盈利增長，使我們能夠在任何宏觀經濟情況下擴大收益。在幻燈片 #8 上，您可以看到平均票價比去年上漲 6%，而燃油價格同比下降 24%。這是一個非常積極的跡象，當我們進入一年中季節性最強的時期時，需求和定價環境非常有建設性，與世界其他地區的情況形成鮮明對比。

As you can see on Slide #9, we continue to effectively manage our costs with a 10% decrease in CASK year-over-year. This is mainly driven by the reduction in fuel prices and by our cost-reduction initiatives and productivity gains. Just to give you an example, a record 76% of our customers now use automated self-service tools for their check-in. In addition, productivity measured by ASKs per full-time employee has also increased, with the company now generating 13% more ASKs per FTE than in 2019. And this is with an on-time performance of 87% and no small feat. In addition, our fleet transformation and fuel savings initiatives resulted in a 4% reduction in fuel consumption per ASK compared to last year.

正如您在幻燈片 #9 中看到的，我們繼續有效地管理成本，CASK 同比下降了 10%。這主要是由於燃料價格的下降以及我們的成本削減計劃和生產力的提高所推動的。舉個例子，我們 76% 的客戶現在使用自動化自助服務工具辦理登機手續，這一比例創歷史新高。此外，以每位全職員工的 ASK 衡量的生產力也有所提高，公司現在每 FTE 產生的 ASK 比 2019 年增加了 13%。而且準時率高達 87%，這絕對是一個不小的成就。此外，我們的機隊改造和燃油節約舉措使單位 ASK 的燃油消耗比去年減少了 4%。

We have the lowest CASK in the region even with a diversified fleet and lower average aircraft size. As we promised you, we are now more efficient airline and better than ever. Azul has one of the highest EBITDA margins in the industry, as you can see on Slide #10. The strength of our revenue performance, efficiency of our next-gen fleet growth in our business units and world-class customer service directly led to these results. As David mentioned in the opening remarks, we've now concluded our capital optimization plan. This was an incredible achievement in such a short period of time, and I joined David in thanking our teams, our partners for their dedication and their support.

即使機隊多元化且平均飛機尺寸較小，我們的 CASK 也是該地區最低的。正如我們向您承諾的那樣，我們現在是比以往更高效、更優秀的航空公司。正如您在幻燈片 #10 中看到的那樣，Azul 是業內 EBITDA 利潤率最高的公司之一。我們的收入表現強勁、業務部門下一代機隊增長的效率以及世界一流的客戶服務直接導致了這些結果。正如大衛在開場白中提到的，我們現在已經完成了資本優化計劃。這是在如此短的時間內取得的令人難以置信的成就，我和大衛一起感謝我們的團隊、我們的合作夥伴的奉獻和支持。

On Slide #11, we remind you of the pillars of our plan. As announced before, we successfully reached agreements with lessors, OEMs to exchange COVID deferral payments into a combination of debt and equity. We also agreed with our lessors to make mark-to-market adjustments on our leases with any differences to the original lease rates also to be in exchange for a combination of debt and equity. Less stores and OEMs agreed to receive an unsecured tradable note maturing in 2030 with a coupon of 7.5% a year and an equity instrument convertible into preferred shares to be issued quarterly installments starting at the end of 2024 with all issuances to be completed by the end of 2027 and minimal dilution to our shareholders of roughly 17%.

在幻燈片 #11 中，我們提醒您我們計劃的支柱。正如之前所宣布的，我們成功與出租商、整車廠達成協議，將新冠延期付款轉換為債務和股權的組合。我們還與出租人達成協議，對我們的租賃進行按市價調整，與原始租賃費率的任何差異也以債務和股權的組合作為交換。減量商店和整車廠同意接收將於2030 年到期、年利率為7.5% 的無擔保可交易票據，以及可轉換為優先股的權益工具，將於2024 年底開始按季度分期發行，所有發行將於年底前完成到 2027 年，我們的股東的稀釋度將降至約 17%。

The next step in the plan was the restructuring of our debt obligation, which is why in June, we launched a par-for-par exchange offer to extend the maturities of our 2024 and 2026 notes to 2029 and 2030. We successfully concluded this offer in July with an aggregate acceptance rate of 86% of the principal outstanding. The final step was a new capital raise, which was concluded in July with the issuance of $800 million in bonds maturing in 2028. The offer was 3x covered, enabling Azul to obtain the lowest coupon among our peers in the region. The success of our comprehensive plan clearly demonstrates Azul's ability to execute and represents a significant vote of confidence in our company by the market and all of our stakeholders. I just want to remind everyone that this entire process was done amicably with our partners and stakeholders based on the guiding principle that our partners would receive 100% of what was committed to them. We always believe that this was the value maximizing solution for all, and I'm happy to say that this is what we have achieved.

該計劃的下一步是重組我們的債務義務，這就是為什麼我們在 6 月份推出了同等交換要約，將 2024 年和 2026 年票據的期限延長至 2029 年和 2030 年。我們成功完成了這一要約7月，未償還本金的總承兌率為86%。最後一步是新一輪融資，於7 月份完成，發行了8 億美元的債券，將於2028 年到期。此次發行的發行價為3 倍，使Azul 能夠獲得該地區同行中最低的票息。我們全面計劃的成功清楚地表明了 Azul 的執行能力，並代表了市場和所有利益相關者對我們公司投下的重要信任票。我只是想提醒大家，整個過程是與我們的合作夥伴和利益相關者友好地完成的，其指導原則是我們的合作夥伴將獲得 100% 的承諾。我們始終相信，這是所有人價值最大化的解決方案，我很高興地說，這就是我們所取得的成就。

On Slide #12, we show you the updated amounts related to the reduction in our lease payments resulting from our lessor negotiations. As you can see, we are reducing our annual lease payments by R$1.5 billion in 2023 and over R$1 billion in 2024, taking our recurring annual rent to below R$3 billion. In summary, the plan delivered the lease payment reductions we were targeting to optimize our cash flow and enable our future growth. On Slide #13, you can clearly see the runway that we have created. We have no significant maturities for the next 5 years, another key targeted outcome from our plan. Both in terms of yearly cash flow and future debt maturities, we overachieved versus what we expected. We now have a strong balance sheet and liquidity to match our industry-leading operating performance.

在幻燈片 #12 上，我們向您展示了與出租人談判導致的租賃付款減少相關的更新金額。如您所見，我們將在 2023 年將年度租賃付款減少 15 億雷亞爾，在 2024 年減少超過 10 億雷亞爾，使我們的經常性年租金降至 30 億雷亞爾以下。總之，該計劃實現了我們目標的租賃付款減少，以優化我們的現金流並實現我們未來的增長。在幻燈片 #13 上，您可以清楚地看到我們創建的跑道。未來 5 年我們沒有重大的到期日，這是我們計劃的另一個關鍵目標成果。無論是在年度現金流還是未來債務期限方面，我們都超出了我們的預期。我們現在擁有強大的資產負債表和流動性，以匹配我們行業領先的經營業績。

As you can see on Slide #14, the second quarter leverage organically decreased a full turn from 5.2x to 4.2x as we paid down debt and increased our EBITDA. This is even more impressive considering it does not yet reflect the reduction in leverage expected from our capital optimization plan. With the reduction in lease liabilities from our successful agreements with lessors, our deleveraging process will accelerate. You can see that by the end of the year, leverage will reduce almost another full turn to 3.5x in line with the guidance we gave last quarter. We also remain with our expectations to end 2024 with a leverage of 3x, in line with our pre-pandemic levels. This leverage also includes the 2028 senior secured notes issued in July and the 2030 unsecured notes to be issued to lessors no later than September. As a result of the optimization plan, all 3 rating agencies have already upgraded Azul, reinforcing our financial health going forward.

正如您在幻燈片 #14 中看到的，隨著我們償還債務並增加 EBITDA，第二季度槓桿率從 5.2 倍有機下降到 4.2 倍。考慮到它尚未反映我們的資本優化計劃預期的槓桿率降低，這一數字更令人印象深刻。隨著我們與出租人成功達成的協議減少了租賃負債，我們的去槓桿化進程將會加速。您可以看到，到今年年底，槓桿率將幾乎再次降低至 3.5 倍，與我們上季度給出的指導一致。我們仍維持 2024 年底槓桿率 3 倍的預期，與大流行前的水平一致。該槓桿還包括 7 月發行的 2028 年高級擔保票據和不晚於 9 月向出租人發行的 2030 年無擔保票據。由於優化計劃，所有 3 個評級機構均已升級 Azul，增強了我們未來的財務健康狀況。

On Slide #15, we show our view on Azul's valuation. With our optimized balance sheet, positive cash flows, high liquidity and earnings growth, our current multiple should be closer to our historical levels versus the 4.5x we are trading at now. There is significant upside in our market valuation. I truly believe this, and I look forward to having this discussion with all of you and our investors in the days and weeks to come. Wrapping up on Slide #16. I just want to remind everybody that our senior leadership team spent countless hours on this plan. And having successfully concluded it, we can now turn our efforts to our business in all of the opportunities ahead of us. Our fundamentals are strong. Our business model is unique. Our upside is clear and most importantly for me, our crew members are as passionate as ever. Once again, I want to thank all of our crew members, our partners and our stakeholders and our investors for all their support. What we have achieved together is remarkable, and the best for Azul is yet to come.

在幻燈片 #15 中，我們展示了對 Azul 估值的看法。憑藉我們優化的資產負債表、正現金流、高流動性和盈利增長，我們當前的市盈率應該更接近歷史水平，而不是目前的 4.5 倍。我們的市場估值有顯著的上升空間。我真的相信這一點，我期待在未來的幾天和幾週內與你們所有人和我們的投資者進行討論。幻燈片 #16 結束。我只是想提醒大家，我們的高級領導團隊在這個計劃上花費了無數的時間。成功結束後，我們現在可以將我們的努力轉向我們的業務，抓住我們面前的所有機會。我們的基礎很強大。我們的商業模式是獨一無二的。我們的優勢是顯而易見的，對我來說最重要的是，我們的工作人員一如既往地充滿熱情。我要再次感謝我們所有的工作人員、我們的合作夥伴、我們的利益相關者以及我們的投資者的所有支持。我們共同取得的成就是非凡的，而 Azul 最好的時刻尚未到來。

With that, we're here to take your questions.

那麼，我們就來回答您的問題。

Ladies and gentlemen, thank you. We will now begin the Q&A session. (Operator Instructions) Let's move on to the first question. It is from Philip Newsom sell-side analyst from Citi. Please, Philippe, we will open your microphone, so you can ask your question.

女士們、先生們，謝謝。我們現在開始問答環節。 （操作員說明） 讓我們繼續討論第一個問題。這是花旗賣方分析師菲利普·紐瑟姆 (Philip Newsom) 發來的。菲利普，請我們打開您的麥克風，以便您提出問題。

Thank you very much guys and thanks for taking my questions. So I have 2 questions on my side and congrats on the results. The first one would be on the international corridors. I saw that -- I know that we have in Brazil, some backlog of U.S. visas. -- tourist visa aligned for people to issue new visas and -- but we know as well that there are some corridors that might be performing well. And we saw in this quarter, you guys shifting -- continuing to shift aircraft from cargo to international corridors using wide-body. So I'd like to understand which are the markets where you see more opportunities in terms of international? And the second question would be in terms of the adjustments that you made on EBITDA in this quarter. Just wanted to hear your thoughts and some extra clarification about the adjustments made in the EBITDA. So, thank you,

非常感謝你們，也感謝你們提出我的問題。所以我有兩個問題，祝賀結果。第一個將在國際走廊上。我看到了——我知道巴西有一些積壓的美國簽證。 - 旅遊簽證適合人們簽發新簽證 - 但我們也知道，有一些走廊可能表現良好。我們在本季度看到，你們正在轉變——繼續將飛機從貨運飛機轉移到使用寬體飛機的國際走廊。所以我想了解一下您在哪些市場上看到了更多的國際機會？第二個問題是關於本季度 EBITDA 所做的調整。只是想听聽您的想法以及有關 EBITDA 調整的一些額外說明。所以謝謝，

Philippe, I'll be here. I can start with the first part about the international. So you're right. We are happy with the performance of the international network. Our international capacity in 2023, we'll be larger than 2019. So we are fully recovered and more in our international capacity. You're also right that last year, especially, we had some wide-bodies flying dedicated cargo missions to Brussels, Fort Lauderdale and even domestically in Brazil. We've now shifted them to our international long-haul passenger network. And the market is holding up very well. In general, what you're hearing from other airlines is true for us as well. The European market is doing better, but the U.S. market is strong as well. We have great partnerships with JetBlue and United in the U.S. and with TAP and (inaudible) in Europe that allows us to feed lots and lots of cities beyond our gateways. So we have compensour main hub, but we also have Recife and Belo Horizonte. So we're connecting our strongest hubs to the strongest hubs of our partners as well. So overall, we're very happy. Unit revenues are significantly higher this year than 2019, and we expect that to continue. So overall, we're fully recovered and larger, and we're happy with the results of the international network.

菲利普，我會在這裡。我可以從關於國際的第一部分開始。所以你是對的。我們對國際網絡的表現感到滿意。到 2023 年，我們的國際產能將比 2019 年更大。所以我們已經完全恢復，國際產能也更大。你也說對了，特別是去年，我們有一些寬體飛機執行專門的貨運任務，飛往布魯塞爾、勞德代爾堡，甚至巴西國內。我們現在已將它們轉移到我們的國際長途客運網絡。市場表現良好。一般來說，您從其他航空公司聽到的情況對我們來說也是如此。歐洲市場表現更好，但美國市場也很強勁。我們與美國的捷藍航空和聯合航空以及歐洲的 TAP 和（聽不清）建立了良好的合作夥伴關係，這使我們能夠為我們門戶之外的許多城市提供航班服務。所以我們有補償主要樞紐，但我們也有累西腓和貝洛奧里藏特。因此，我們還將我們最強大的中心與合作夥伴最強大的中心連接起來。總的來說，我們非常高興。今年的單位收入明顯高於 2019 年，並且我們預計這種情況將持續下去。總的來說，我們已經完全康復並且規模更大，我們對國際網絡的結果感到滿意。

Yes. And Phillip, on the adjustments, they're mainly tied to the capital optimization plan that we talked about. There were, obvious as you know, a lot of negotiations with lessors some of these negotiations, we were actually able to early deliver some aircraft that we did not want on our fleet. You all know how excited we are about our fleet transformation and how we want to replace all of our old-generation Embraers, which worked great for us to start the company. But now we have much better aircraft on the Embraer E2 and the A320neos. And with the demand the way it is today, there were some opportunities for us to accelerate the exit of some aircraft.

是的。菲利普，關於調整，它們主要與我們談到的資本優化計劃有關。正如您所知，顯然我們與出租人進行了很多談判，其中一些談判中，我們實際上能夠提前交付一些我們機隊中不想要的飛機。你們都知道我們對機隊轉型有多興奮，以及我們如何希望更換所有老一代的巴西航空工業公司，這對我們創辦公司很有幫助。但現在我們擁有更好的飛機 Embraer E2 和 A320neos。鑑於目前的需求，我們有機會加速某些飛機的退出。

When you do that, you have some costs that are not recurrent. So you have to adjust, for example, the expected right of use that you would have on that aircraft. You expected the aircraft to remain on the fleet for a certain number of years. And all of a sudden, it's not going to stay for that number of years. That creates a one-time impact on the P&L that is not recurrent. And so we removed that from the results so that you can have a better perspective on what the result of the company will be going forward when we don't have that effect anymore. And we're proud of having followed the approach that we did with our restructuring as opposed to a more competitive and longer and also more expensive approach that some of our competitors took, but there is still some costs, right? You still have some advisers and lawyers and one-time fees involved in the structure. So we also removed those. Those are mainly the main drivers of the adjustment that we had this quarter.

當您這樣做時，您會產生一些非經常性成本。因此，例如，您必須調整您對該飛機的預期使用權。您預計飛機將在機隊中保留一定年限。突然之間，它就不會再持續那麼多年了。這會對損益表產生一次性影響，但這種影響不是經常性的。因此，我們從結果中刪除了這一點，以便您可以更好地了解當我們不再有這種影響時，公司的結果將如何發展。我們很自豪遵循了我們在重組時所採取的方法，而不是我們的一些競爭對手採取的更具競爭力、時間更長、成本更高的方法，但仍然存在一些成本，對嗎？您仍然需要一些顧問和律師以及涉及該結構的一次性費用。所以我們也刪除了那些。這些主要是我們本季度調整的主要驅動因素。

Azul has 185 aircraft and almost every single aircraft was renegotiated. And as Alex said, some were redelivered early, and it's just kind of part of the process. And so -- but we feel very good about where we're at. We had the ability to have a few eons exit earlier. So we're very confident that -- going forward, we'll be able to continue to kind of expand margins even further.

Azul 擁有 185 架飛機，幾乎每架飛機都經過重新談判。正如亞歷克斯所說，有些被提前重新交付，這只是過程的一部分。所以——但我們對自己所處的位置感覺非常好。我們有能力提前幾個億退出。因此，我們非常有信心——展望未來，我們將能夠繼續進一步擴大利潤率。

Great. Thank you very much, guys.

偉大的。非常感謝你們。

The next question comes from Victor sell-side analysts, Bradesco BBI. Victor, we're going to open your audit so that you can ask your question. Please proceed.

下一個問題來自 Bradesco BBI 的 Victor 賣方分析師。維克多，我們將開啟您的審核，以便您提出問題。請繼續。

Hi, thank you. Congrats for the results and the restructuring. I have 2 questions here. The first one is related to your fleet plan, right? So now that you conclude all these restructuring. So I don't know if you can give additional details about the plan for this year and the next? And my second question is related to block hours, right? So we can see an improvement. But if we compare with a pre-COVID level, I mean, you were talking about something at around 11 hours per day and now it's (inaudible). So how fast do you believe that's possible to reach these kind of asset utilization level? Thank you.

嗨，謝謝你。祝賀結果和重組。我這裡有兩個問題。第一個和你的艦隊計劃有關吧？現在您已經完成了所有這些重組。不知道你能否介紹一下今年和明年的計劃？我的第二個問題與封鎖時間有關，對吧？所以我們可以看到改進。但如果我們與新冠疫情之前的水平進行比較，我的意思是，您每天大約 11 小時談論某件事，而現在是（聽不清）。那麼您認為達到這種資產利用率水平的速度有多快？謝謝。

And just starting quickly on the fleet. Obviously, all the OEMs are late, including Embraer and Airbus and others. We expect Embraer to fix most of their issues by the end of this year and into next year. So we have a significant amount of E2s coming in to replace older generation aircraft. And every time we take a need to, it's currently the most profitable thing we do, because we get rid of the ones, we up gauge that aircraft even further from 118 seats to 136 seats with fuel burn, that's about 25% lower per seat. So we're pretty excited about that. And so the next couple of years is really the 2 years for Azul, and so you're going to see a significant improvement in the fleet going forward. But I'll let Rodeger, you talk to the utilization.

艦隊剛剛起步。顯然，所有的原始設備製造商都遲到了，包括巴西航空工業公司和空客公司等。我們預計巴西航空工業公司將在今年年底和明年解決大部分問題。因此，我們有大量 E2 飛機來取代老一代飛機。每當我們需要時，這都是我們目前所做的最有利可圖的事情，因為我們擺脫了這些，我們將飛機的座位數從 118 座進一步增加到 136 座，燃油消耗減少約 25% 。所以我們對此感到非常興奮。因此，接下來的幾年實際上是 Azul 的兩年，因此您將看到未來機隊的顯著改進。但我會讓 Rodeger 來談談利用率。

Hi, Victor, we did make improvements in utilization year-over-year, up 6.8%, 7%, which is a very good sign. It's a reflection of the fuel prices coming down as well, which allows us to add more flying on weekends, more flights at night, stretching out the day. We are making our way back to pre-pandemic utilizations. We will continue to see sequential improvement in this number in 3Q and 4Q as well as we redesigned the network as we take advantage of all the pockets of opportunity out there. We do have to be a little bit careful because fuel is still higher compared to pre-pandemic levels. And so we want to make sure that as we stretch the day out, we don't lose the quality of the revenue. So that is the balance that we're striking when it comes to utilization. But I fully expect that we're going to continue to make progress. And over the next quarter, as you will see us get closer to that 11 hours number.

你好，Victor，我們的利用率確實同比有所提高，分別增長了 6.8%、7%，這是一個非常好的跡象。這也反映了燃油價格的下降，這使我們能夠增加週末的航班和夜間的航班，從而延長一天的時間。我們正在回到大流行前的利用狀態。我們將在第三季度和第四季度繼續看到這一數字的連續改善，並且我們將重新設計網絡，因為我們利用了所有的機會。我們確實必須小心一些，因為與大流行前的水平相比，燃料仍然較高。因此，我們希望確保，隨著時間的延長，我們不會失去收入的質量。這就是我們在利用率方面尋求的平衡。但我完全希望我們能夠繼續取得進展。在下個季度，您將看到我們越來越接近 11 小時的數字。

But this is the big debate internally. Alex and I'll have this every single day. And so we know that's the greatest leverage we have, increasing utilization. It's going to decrease our CASK overall and make us a more profitable company going forward.

但這是內部的大爭論。亞歷克斯和我每天都會吃這個。所以我們知道，提高利用率是我們擁有的最大槓桿。這將整體減少我們的 CASK，並使我們成為一家未來盈利能力更高的公司。

Thank you.

謝謝。

The next question will come from Gabriel Rezende, sell-side analyst from Itaú BPA. We're going to open year our microphone so that you can ask your question, Gabriel. Please proceed.

下一個問題將來自 Itaño BPA 的賣方分析師 Gabriel Rezende。加布里埃爾，我們將開放麥克風，以便您可以提出問題。請繼續。

Thanks and congrats on the results, guys. I would like to talk a little bit about profitability, given the strong 27% EBITDA margin that we saw in the second quarter. So 2 questions on that front. You managed to reach this strong level despite the second quarter weak seasonality factor. So if you could just touch on the -- on your view on what levels should we be thinking about in terms of EBITDA margins looking forward, considering the improving operational leverage in my reach in the second semester, that would be great. And also on the subject, if you could provide a little bit more color on our personal expenses, your personnel expenses, we saw a 26% increase year-on-year, which was higher than the increase in ASKs in the period, both quarter-on-quarter and year-on-year. So should we expect the level to be maintained in the next quarters as well, or was there some one-off effect in the second quarter that should not repeat going forward? Those are my questions.

伙計們，謝謝並祝賀結果。鑑於我們在第二季度看到 27% 的強勁 EBITDA 利潤率，我想談談盈利能力。所以有兩個關於這方面的問題。儘管第二季度季節性因素較弱，但您還是成功達到了這一強勁水平。因此，如果您能談談您對未來 EBITDA 利潤率應該考慮到什麼水平的看法，考慮到我在第二學期所達到的運營槓桿的改善，那就太好了。另外，在這個問題上，如果您能對我們的個人開支（即您的人員開支）提供更多說明，我們發現同比增長了 26%，這高於該期間的 ASK 增幅，兩個季度-環比和同比。那麼，我們是否應該期望這一水平在接下來的幾個季度中也能保持不變，或者第二季度是否會出現一些一次性的影響，而這種影響不應在未來重複出現？這些是我的問題。

Thanks, Gabriel. Yes, so we're confident on the $5.5 billion EBITDA guidance that we gave out, right? So the guidance that we gave on EBITDA on capacity and on leverage are all still valid. We had things moving in different directions, right? We had the PESCO that was approved, which is positive. We had the fuel curve moving up which obviously is a headwind. But we -- like John said, we have so much opportunity that we want to tackle that we are confident that we can deliver on a R$5.5 billion EBITDA for this year. That's what we're going to be working on for the next few months and then make sure that we have great momentum going into the next year where the EBITDA can expand even further, right, at least starting with a 6, which is something that we're very excited about.

謝謝，加布里埃爾。是的，所以我們對我們給出的 55 億美元 EBITDA 指導充滿信心，對吧？因此，我們對 EBITDA 產能和槓桿率的指導仍然有效。我們的事情朝著不同的方向發展，對嗎？我們的 PESCO 已獲得批准，這是積極的。我們的燃油曲線向上移動，這顯然是一個逆風。但正如約翰所說，我們有如此多的機會需要抓住，因此我們有信心今年能夠實現 55 億雷亞爾的 EBITDA。這就是我們在接下來的幾個月裡要做的事情，然後確保我們在明年有強勁的動力，EBITDA 可以進一步擴大，對吧，至少從 6 開始，這是我們非常興奮。

The second half is where most of that profitability comes from because that's how our seasonality works, as you pointed out. The second quarter is the weakest quarter in the year. And now we're entering a third quarter, which is going to be better than the second. And then a fourth quarter that's going to be better than the third, which is something that's very exciting. And still, in terms of EBITDA production, we are at our record, as we pointed out, but there's still upside on the margin, right? We are still working to recover margins. Our 2Q margin was still lower than 2Q '19 and even delivering on the R$5.5 billion EBITDA for the year, it will still be a lower margin than the margin that we had in 2019. That's why we're excited about '24 and beyond because we want to get back to that EBITDA margin that we had in 2019. And we think we can go even further, right, because we didn't have the performance in 2019 of the business units that we have today. We didn't have the 80% plus of next-generation capacity -- we didn't have Congolese. So there's a lot of opportunity for us to go even beyond the margin that we delivered in 2019.

下半年是大部分盈利能力的來源，因為正如您所指出的，這就是我們的季節性運作方式。第二季度是全年最疲軟的季度。現在我們正在進入第三季度，這將比第二季度更好。然後第四季度會比第三季度更好，這是非常令人興奮的。儘管如此，就 EBITDA 產量而言，正如我們所指出的，我們仍處於創紀錄的水平，但利潤率仍有上升空間，對嗎？我們仍在努力恢復利潤。我們第二季度的利潤率仍然低於 2019 年第二季度，即使今年實現了 55 億雷亞爾的 EBITDA，它仍然低於我們 2019 年的利潤率。這就是為什麼我們對 24 年及以後感到興奮因為我們希望恢復到2019 年的EBITDA 利潤率。而且我們認為我們可以走得更遠，對吧，因為我們的業務部門在2019 年的業績不如今天。我們沒有 80% 以上的下一代容量——我們沒有剛果語。因此，我們有很多機會超越 2019 年交付的利潤。

And you're also -- I referenced it in the script, but we now have the full focus of our management team on running the business as opposed to fixing the balance sheet, right? And so as you look at how do we fully optimize to Azul, how we fully optimize the utilization levels of the airline? How do we get to extract as much out of all these business units? And so that's how we're going to move forward. But again, as I said previously on the fleet plan question, there's a lot of E2s coming. And those 2 are very profitable. There's more A320 is coming. We're exiting out. We still fly more E1 flights a day than we fly E2 flight today, right? So that's a significant amount of upside going forward.

我在劇本中提到了這一點，但現在我們的管理團隊將全部精力放在經營業務上，而不是修復資產負債表上，對嗎？因此，當您了解我們如何全面優化藍色航空時，我們如何全面優化航空公司的利用率水平？我們如何從所有這些業務部門中獲得盡可能多的收益？這就是我們前進的方式。但正如我之前在機隊計劃問題上所說，將會有很多 E2 即將推出。這兩個都是非常有利可圖的。還有更多 A320 即將推出。我們要出去了。我們每天飛行的 E1 航班仍然多於今天的 E2 航班，對嗎？因此，未來的上漲空間很大。

Yes. And on the personnel side, let me give you some guidance. I think will help you with your estimates for the rest of the year. It is a tough comp in 2Q because of what happened in 2Q '22. We had phantom options as part of our long-term incentive plan, and they are very volatile. That's one of the reasons that we are going back to regular options as part of our long-term reset. But last year, the stock price went down in the second quarter, the market was getting nervous and that actually reduced our personnel expense because we recognized a reduction in the long-term incentive expense accrual. That should not happen anymore going forward right now with actual stock options as part of our long-term incentive, you just calculate the cost of those options and then recognize that over time, the volatility is a lot lower. We're also going to get economies of scale, right? Because obviously, we're going to fly a lot more. Avi talked about the increased utilization we're going to get in Q3 and Q4. So you can look forward to a reduction in labor CASK from Q2 to Q3 and Q4, probably in the mid-to-high single digits. You will see our labor cast going down into the back end of the year.

是的。在人員方面，讓我給你一些指導。我認為這會對您對今年剩餘時間的估計有所幫助。由於 22 年第二季度發生的事情，第二季度的比賽非常艱難。作為我們長期激勵計劃的一部分，我們有虛擬期權，它們的波動性非常大。作為長期重置的一部分，這就是我們回歸常規選擇的原因之一。但去年第二季度股價下跌，市場變得緊張，這實際上減少了我們的人員費用，因為我們認識到長期激勵費用應計費用減少了。現在這種情況不應該再發生了，因為實際的股票期權作為我們長期激勵的一部分，你只需計算這些期權的成本，然後認識到隨著時間的推移，波動性會低得多。我們還將獲得規模經濟，對吧？因為顯然，我們將會飛更多的航班。 Avi 談到了我們將在第三季度和第四季度提高利用率。因此，您可以期待勞動力桶從第二季度到第三季度和第四季度的減少，可能是中高個位數。你會看到我們的勞工陣容一直持續到今年年底。

Thanks, Alex. That was very clear. Thanks.

謝謝，亞歷克斯。這非常清楚。謝謝。

Thank you.

謝謝。

Okay. So let's move on to the next question, which will come from Savi Syth, sell-side analyst, Raymond James. So I think you were going to open your microphone, so that you can ask your question. Please proceed.

好的。那麼，讓我們繼續討論下一個問題，該問題將由賣方分析師雷蒙德·詹姆斯 (Raymond James) 提出。所以我想你會打開麥克風，這樣你就可以提出你的問題。請繼續。

Hey, good morning, everyone. I was curious on the domestic market. I appreciate the color you gave Philippe on the international. But on the domestic market, I was wondering if you could provide a little bit more color on leisure versus business. And I've noticed kind of capacity as being mostly kind of trimmed as you get closer in. So just updated thoughts on kind of capacity growth here in the domestic market.

嘿，大家早上好。我對國內市場很好奇。我很欣賞你在國際比賽中給菲利普帶來的色彩。但在國內市場上，我想知道你們是否可以在休閒與商務方面提供更多的色彩。我注意到，隨著時間的推移，產能大多會被削減。因此，我只是更新了對國內市場產能增長的想法。

Hi, Savi, absolutely. So yes, we feel really good about the trends that we're seeing coming out of 2Q into second half seasonality. July, especially was very resilient in terms of flowing unit revenues and bookings as well. So in terms of demand, domestic demand, for example, the last 4 weeks, 2 of them, corporate volumes have been 100% of 2019 and -- so this is the first time I can confidently say that we've actually recovered 100% of corporate volume. Now average fares are up 40%, 50%. So corporate revenue is up 43%. But in terms of volume, it's very, very good to see that we've now recovered 100%, and this is a sample of 4 weeks -- 2 out of these 4, they're very close.

嗨，薩維，絕對是。所以，是的，我們對從第二季度到下半年季節性的趨勢感到非常滿意。尤其是 7 月份，在流動單位收入和預訂方面也非常有彈性。因此，就需求而言，國內需求，例如，過去 4 週，其中 2 週，企業銷量已達到 2019 年的 100%，所以這是我第一次可以自信地說我們實際上已恢復 100%的企業數量。現在平均票價上漲了40%、50%。因此，企業收入增長了 43%。但就數量而言，非常非常高興看到我們現在已經恢復了 100%，這是 4 週的樣本——這 4 周中的 2 週，它們非常接近。

In terms of pricing environment, I think the industry is doing everything correctly in terms of what needs to be done to take advantage of second half seasonality, obviously, the run-up in fuel as well. Our booked average fares for the month of July were higher than last year. and that's with the reduction in fuel year-over-year. Our booked average fares now are 30% above what we were seeing back in May. And so I think the trends are very positive. And finally, on the capacity side, as you correctly said, capacity is being trimmed. Year-over-year capacity in the second half of the year is actually lower than what we saw in 2Q. So we're going to be coming into a favorable demand environment, a favorable pricing environment. The industry this year domestically is going to grow less than what the U.S. domestic market is doing. We're going to grow about 3% versus 2019. 3% growth over 4 years. It's about roughly half what the U.S. market is doing. And that's why we feel good about continuing to increase RASK. Last year of tough comps, all-time record raps but we think things are set up to kind of repeat that this year. So demand environment, very solid, pricing environment is solid and a favorable capacity discipline as well.

就定價環境而言，我認為該行業在利用下半年季節性因素（顯然還有燃料的上漲）所需採取的一切方面做得都是正確的。我們預訂的 7 月份平均票價高於去年。這是燃料逐年減少的結果。我們現在預訂的平均票價比 5 月份的價格高出 30%。所以我認為趨勢是非常積極的。最後，在容量方面，正如您所說，容量正在被削減。下半年的同比產能實際上低於我們在第二季度看到的水平。因此，我們將進入一個有利的需求環境和有利的定價環境。今年該行業在國內的增長將低於美國國內市場的增長。與 2019 年相比，我們的增長約為 3%。4 年內增長 3%。這大約是美國市場的一半。這就是為什麼我們對繼續增加 Rask 感到滿意。去年的比賽很艱難，說唱創歷史新高，但我們認為今年的情況將會重演。因此，需求環境非常穩固，定價環境也很穩固，而且產能紀律也很有利。

That's super helpful. If I might ask just I know the cargo environment has softened, but it seems like it's still healthy. Just curious what the revised plan is for setting up the logistics unit that you were working towards?

這非常有幫助。我只想問一下，我知道貨運環境已經疲軟，但似乎仍然健康。只是好奇您正在努力建立的物流部門的修訂計劃是什麼？

Yes. Look, you're right. It's international cargo, especially that is weak, and you've seen reports from LATAM, Avianca, Turkish, Sing International UPS. It's mostly international cargo that is down, especially on the yield side. Our domestic logistics business keeps growing. It's growing about mid-to-high single digits, and that's still very encouraging. And also remember that our freighter exposure is very, very limited. We have 2 737 freighters and a couple of 4E-Jets here in Brazil. So all for domestic purposes. So we still continue to believe that Azul Cargo will transform logistics in Brazil. There's still a huge opportunity in getting e-commerce out to the rest of the country. And so domestically, it's still growing, not as fast as last year, but we're still about 2.5x bigger than 2019. International is a challenge. It's going to be a challenge, but we're 85% domestic, and that continues to be our focus.

是的。你看，你是對的。國際貨運尤其疲軟，您已經看到了 LATAM、Avianca、Turkish、Sing International UPS 的報告。下降的主要是國際貨運，尤其是收益率方面。我們的國內物流業務不斷增長。它正在以中高個位數增長，這仍然非常令人鼓舞。另請記住，我們的貨機風險非常非常有限。我們在巴西擁有 2 737 架貨機和幾架 4E-Jets。所以一切都是為了國內目的。因此，我們仍然相信 Azul Cargo 將改變巴西的物流業。將電子商務推廣到全國其他地區仍然存在巨大的機會。因此，在國內，它仍在增長，速度不如去年，但仍比 2019 年增長約 2.5 倍。國際是一個挑戰。這將是一個挑戰，但我們 85% 的業務都在國內，這仍然是我們的重點。

And also, Savi, I think there was a boom post-COVID international that everybody got to ride that wave. But it's the network we've built domestically, which is the strength of our cargo business, and that's the greatest advantage we have. The fact that we fly to 160 cities in Brazil compared to 50 of our next closest competitor. And the majority of those 50 cities that our competitors fly to is really truck cargo, right? And so we're flying all throughout Brazil, and that's the advantage that we have.

另外，薩維，我認為新冠疫情后國際社會出現了繁榮，每個人都可以順應這一浪潮。但我們在國內建立的網絡，是我們貨運業務的強項，也是我們最大的優勢。事實上，我們有飛往巴西 160 個城市的航班，而緊隨其後的競爭對手只有 50 個城市。我們的競爭對手飛往的 50 個城市中，大多數都是卡車貨運，對吧？我們的航班遍及巴西各地，這就是我們的優勢。

Super helpful. Thank you.

超級有幫助。謝謝。

The following question will come from Michael Linenberg, sell-side analyst, Deutsche Bank. We're going to open your microphone, Michael, so that you can ask your question. You may proceed.

以下問題將由德意志銀行賣方分析師 Michael Linenberg 提出。邁克爾，我們將打開你的麥克風，以便你可以提出你的問題。您可以繼續。

(technical difficulty) Let's see. Just with respect to in the release, Alex, you talked about finalizing in September, your agreements with the lessors and the OEMs. Presumably, that's just dotting your eyes, crossing your ties. Is there anything else in that that we should expect, like with respect to CapEx later this year, what your CapEx plans are for next year? What else needs to get done other than maybe what you've shown in the release here? Thanks.

（技術難度）讓我們看看。就在新聞稿中，Alex，您談到了在 9 月份敲定與出租人和 OEM 的協議。想必，這只是點綴你的眼睛，穿過你的領帶。還有什麼是我們應該期待的，比如今年晚些時候的資本支出，你們明年的資本支出計劃是什麼？除了您在此處發布的版本中展示的內容之外，還需要完成哪些工作？謝謝。

Thanks, Mike. Not much. It is a bit of gating the eyes and crossing the Ts. It's also issuing the unsecured 2030 notes that's part of the negotiation with lessors, implementing the equity instrument that we negotiated. So those are all kind of conditions subsequent to all the agreements that we have signed, but then now we need to deliver on those mechanisms. In terms of CapEx, this year is still going to be lower than sort of our recurrent CapEx here. In terms of recurring CapEx for your modeling, I mean, we talked about something in the R$1.8 billion to R$2 billion. To remind everyone, this is all maintenance CapEx. We don't have CapEx coming from new aircraft because we -- most of the aircraft that are coming are going to be under operating leases. Over time, we would like to do some capital, some finance leases, but you don't need to expect any cash outflow from new aircraft. It's all about maintenance and especially engine overhauls.

謝謝，邁克。不多。有點閉眼、跨T的感覺。它還發行無擔保 2030 年票據，這是與出租人談判的一部分，實施我們談判的權益工具。這些都是我們簽署的所有協議之後的所有條件，但現在我們需要落實這些機制。就資本支出而言，今年仍將低於我們的經常性資本支出。就建模的經常性資本支出而言，我的意思是，我們討論了 18 億雷亞爾至 20 億雷亞爾的情況。提醒大家，這都是維護資本支出。我們沒有來自新飛機的資本支出，因為我們——大多數即將到來的飛機都將進行經營租賃。隨著時間的推移，我們願意做一些資本、一些融資租賃，但你不需要期望新飛機有任何現金流出。這一切都與維護，尤其是發動機大修有關。

And Mike, if I can just add one thing, although the documentation is still being finalized, we're paying the new rents. We're acting under the new agreements. We've already had celebratory dinners with the lessors on the agreement because the capital raise happened in July, and this all kind of follow suit from there. And so no issues at all. And for full disclosure, we have 1 lessor. We didn't get over the line, represents less than 4% of our total leases. It's actually, as somebody just pointed out that it's 2.7%. And so -- and we're still talking to them, but we're done. We've turned the page, we're moving forward.

邁克，如果我可以補充一件事，儘管文件仍在最終確定中，但我們正在支付新的租金。我們正在根據新協議行事。我們已經與出租人就協議舉行了慶祝晚宴，因為融資發生在 7 月份，所有這些都是從那裡開始的。所以完全沒有問題。為了充分披露，我們有 1 名出租人。我們沒有超過這條線，占我們總租賃量的不到 4%。事實上，正如有人剛剛指出的那樣，它是 2.7%。所以——我們仍在與他們交談，但我們已經完成了。我們已經翻過新的一頁，繼續前進。

One other, can you just tell me what your liquidity will be in rough numbers at the end of September? I mean -- and if I use sort of the R$5.5 billion as a base, which was the end of June, you incorporate the USD 800 million. There's probably some put and takes there? What would be a good liquidity guide that you could provide us?

另外，您能告訴我 9 月底您的流動性的大致數字是多少嗎？我的意思是，如果我使用 55 億雷亞爾作為基礎，即 6 月底，那麼您就將 8 億美元納入其中。那裡可能有一些看跌期權？您可以為我們提供什麼好的流動性指南？

Yes, we have some payments that we made right on the 2024 note. There was a 19% paydown on who accepted the exchange. We have some advances that we had gotten from one of our lessors. We are paying down some of our convertible debentures. So when you kind of bake all of that in, we're going to be between $4 billion and $4.5 billion.

是的，我們在 2024 年票據上支付了一些款項。接受兌換的人需支付 19% 的首付。我們從一位出租人那裡獲得了一些預付款。我們正在償還一些可轉換債券。所以當你把所有這些都考慮在內時，我們的收入將在 40 億美元到 45 億美元之間。

Okay. And then just one quick last one. Your other revenue has obviously been an area of good strength for you when I think about your vacation business and TudoAzul, it is down year-over-year. That's obviously being driven by cargo. Can you tell us if we were to pull cargo out of that what the other ancillary businesses would be up on a revenue basis, maybe rough numbers? Thank you for taking my questions.

好的。然後就是最後一件事。當我想到你的度假業務和 TudoAzul 時，你的其他收入顯然是你的優勢領域，它逐年下降。這顯然是由貨物驅動的。您能否告訴我們，如果我們從中提取貨物，其他輔助業務的收入會增加多少，也許是粗略的數字？感謝您回答我的問題。

Yes. So Mike, just on that line, essentially that's all cargo. There's a little bit of charter on it. Everything else in terms of TudoAzul is on the passenger side, right? So as it's growing a lot. TudoAzul is growing a lot. Cargo domestic is growing, like Abhi mentioned. But that line is basically cargo and charters.

是的。邁克，就在那條線上，基本上都是貨物。上面有一點章程。 TudoAzul 的其他一切都在乘客方面，對吧？所以隨著它的增長很多。 TudoAzul 成長了很多。正如阿比提到的，國內貨運正在增長。但該線路基本上是貨運和包機。

Okay, thank you.

好的謝謝。

So moving on to the next question. It will come from Guilherme Mendes, sell-side analyst, JPMorgan. Guilherme, we will open your microphone, so that you can ask your question. Please proceed.

那麼繼續下一個問題。它將來自摩根大通賣方分析師吉爾赫姆·門德斯 (Guilherme Mendes)。 Guilherme，我們將打開您的麥克風，以便您提出問題。請繼續。

Good morning, everyone, thanks for taking my question. I have 2 follow-up questions actually related to yield and fuel. So Abhi, to your point on passing to fuel costs, I mean, how fast do you think you managed to pass through a potential additional increase on your prices? And on the same topic, how do you guys think about your hedging strategy going forward?

大家早上好，感謝您提出我的問題。我有兩個與產量和燃料實際相關的後續問題。那麼，Abhi，就您關於轉嫁給燃料成本的觀點而言，我的意思是，您認為您能夠以多快的速度轉嫁潛在的價格進一步上漲？關於同一主題，你們如何看待未來的對沖策略？

Hi, Guilherme. Look, I think the industry has, at every turn, try to do the right things and done the right things in terms of recapturing these costs We, of course, have additional benefits in terms of controlling our own destiny because so much of our network is by ourselves. And so we can always be testing and always be managing our own, not having to wait for the industry to catch up. So I'm optimistic. I mean just look at what we'll be able to achieve in terms of average fares in 2Q, a seasonally weaker 2Q versus a post-Omicron 2Q last year, and we still had higher average fares. And so with corporate demand coming back strong, our corporate survey tells us that corporations will fly more in the second half of the year with capacity discipline that we are seeing. I think it's a continuous process, but I'm confident that the industry and us are going to do the right things to make it happen.

嗨，吉列爾梅。聽著，我認為這個行業在每一個轉折點上都試圖做正確的事情，並在收回這些成本方面做了正確的事情。當然，我們在控制自己的命運方面還有額外的好處，因為我們的網絡有太多是我們自己。因此，我們可以始終進行測試並始終管理自己的產品，而不必等待行業迎頭趕上。所以我很樂觀。我的意思是，看看我們在第二季度的平均票價方面能夠實現的目標，與去年 Omicron 之後的第二季度相比，第二季度季節性疲軟，但我們的平均票價仍然較高。因此，隨著企業需求的強勁回升，我們的企業調查告訴我們，按照我們所看到的產能紀律，企業將在今年下半年進行更多的飛行。我認為這是一個持續的過程，但我相信行業和我們將採取正確的措施來實現這一目標。

Yes. And on the hedging side, I think your question makes a lot of sense because they do go together, right? The more pricing ability we have to pass through cost increases to fares, the less hedging we need to do, right? I don't think any airline is going to tell you that they are able to predict whether oil prices are going to go up or down better than the market, right? If they say that that's their competitive advantage, why would kind of run away from that because hedging is insurance. We expect insurance to cost us a little bit of money, and we expect hedging to cost us a little bit of money in terms of the premium. So we always monitor our ability to pass through cost increases to fares together with our hedge position. Now that we see demand continuing to be strong and we see a seasonally strong quarter coming in. We don't need to be hedged as much. We're around 15%, 16% right now. I think the whole industry is somewhat light on hedges, and I think that makes a lot of sense. We want to hedge the inventory that we have already sold that inventory, we cannot do anything about. But the future inventory, we're very confident on our ability to continue expanding margins to try to get back at least to the 2019 levels. Because, yes, it's true that fuel prices went down significantly year-over-year, but they did go up from the last quarter, but they're still much higher than they were in 2019, right? I think it's important to remember that they're still much higher than 2019.

是的。在對沖方面，我認為你的問題很有意義，因為它們確實是相輔相成的，對嗎？我們將成本增加轉嫁給票價的定價能力越強，我們需要做的對沖就越少，對嗎？我不認為任何航空公司會告訴你他們能夠比市場更好地預測油價是否會上漲或下跌，對吧？如果他們說這是他們的競爭優勢，為什麼會逃避這一點，因為對沖是保險。我們預計保險會花費我們一點錢，我們預計對沖也會花費我們一點保費。因此，我們始終監控我們將成本增加轉嫁給票價的能力以及我們的對沖頭寸。現在我們看到需求持續強勁，並且我們看到季節性強勁的季度即將到來。我們不需要那麼多對沖。我們現在大約是 15%、16%。我認為整個行業對套期保值的態度有些淡薄，我認為這很有道理。我們想要對沖我們已經售出的庫存，但我們對此無能為力。但未來的庫存，我們對繼續擴大利潤率以嘗試至少恢復到 2019 年水平的能力非常有信心。因為，是的，燃油價格確實同比大幅下降，但確實比上個季度有所上漲，但仍然比 2019 年高得多，對嗎？我認為重要的是要記住，它們仍然比 2019 年高得多。

Super for you guys. Thank you. Have a great day.

超級適合你們。謝謝。祝你有美好的一天。

Thank you.

謝謝。

Going on to the next question. It will come from Neil Glynn, sell-side analyst Air Control Tower. Neil, we will open your microphone, so that you may ask your question. You can proceed.

繼續下一個問題。它將來自空中控制塔賣方分析師尼爾格林。尼爾，我們將打開您的麥克風，以便您提出問題。您可以繼續。

Thank you for taking the questions. If I could ask 2, please, both with respect to the recent negotiations and capital optimization. So the first one on currency really. Back at the end of the first quarter, you were hoping for R$2.9 billion, R$1 billion of lease payments in 2024. And I noticed the real has obviously strengthened against the dollar since this time. So I'm just interested as to whether the updated payments fully reflect recent recovery of the real against the dollar. And if you could give us some feel for your exposure to potential further real recovery on the dollar for these payments.

感謝您提出問題。如果我可以問兩個關於最近談判和資本優化的問題。所以第一個關於貨幣的確實是。早在第一季度末，您就希望 2024 年的租賃付款額達到 29 億雷亞爾、10 億雷亞爾。我注意到，自此時以來，雷亞爾兌美元明顯走強。因此，我只是想知道更新後的付款是否完全反映了最近雷亞爾兌美元的複蘇。如果您能讓我們了解您對這些付款的美元潛在進一步實際復甦的風險敞口。

And then the second question, security deposits and maintenance reserves are obviously a large part of your balance sheet, about $2.6 billion at June. Should the lessor negotiations that are now largely -- that are now resolved impact this part of the balance sheet? And should that have any ramifications for cash flows over the course of the next few months? Thank you.

然後是第二個問題，保證金和維護準備金顯然是您資產負債表的很大一部分，6 月份約為 26 億美元。目前已基本解決的出租人談判是否會影響資產負債表的這一部分？這是否會對未來幾個月的現金流產生任何影響？謝謝。

Thanks, Neil. The lease payments that we provided on the presentation, they do reflect an exchange rate of $4.82, which is the exchange rate at the end of Q2. So they are all dollar-denominated, and they do fluctuate with the exchange rate. So if the is roughly where the exchange rate is today, if you see further strengthening of the real, those numbers can come down. If you compare those numbers to the communication that we sent out last quarter, which also had the breakdown of the '23 and '24 lease payments. The changes that you see there are mainly from FX but also from additional aircraft that we took delivery of in that time frame. But those numbers should be the latest information with the latest FX, right?

謝謝，尼爾。我們在演示中提供的租賃付款確實反映了 4.82 美元的匯率，這是第二季度末的匯率。所以它們都是以美元計價的，而且確實會隨著匯率的變化而波動。因此，如果匯率大致相當於今天的匯率，如果您看到雷亞爾進一步走強，那麼這些數字可能會下降。如果您將這些數字與我們上季度發出的通信進行比較，其中也包含 23 年和 24 年租賃付款的細目。您看到的變化主要來自 FX，但也來自我們在該時間範圍內交付的其他飛機。但這些數字應該是最新外彙的最新信息，對吧？

And then in terms of security deposits and maintenance reserves, yes, those were part of the negotiations with the lessors as well. There is a change there. Normally, you would see that balance increasing over time as we increase the size of the fleet and also has the fleet aged. Right now, you should see them staying stable. And then as we execute on maintenance events or return aircraft, those maintenance balance will go down. It will take a few years for those maintenance balance to go down, but they will happen because we negotiated that we won't add to the balance of the maintenance reserves, and then we will drop on those maintenance reserves as the maintenance events are delivered and the aircraft are returned.

然後就保證金和維護準備金而言，是的，這些也是與出租人談判的一部分。那裡有一個變化。通常，您會看到隨著我們增加機隊規模並且機隊老化，餘額會隨著時間的推移而增加。現在，您應該看到它們保持穩定。然後，當我們執行維護活動或返航飛機時，這些維護餘額將會下降。這些維護餘額需要幾年時間才能下降，但這種情況會發生，因為我們協商不會增加維護儲備金的餘額，然後隨著維護事件的交付，我們將減少這些維護儲備金並返回飛機。

I think that's one big thing, big difference that is not reflected in the market is that not only did we do mark-to-market on the leases, not only did we deal with the COVID-related deferrals, we also dealt with security deposits and maintenance reserves on a going-forward basis as well. So that's not a P&L impact, but it's certainly a cash impact over the next 5 years. And so as we became a much better credit profile for the lessors, they understand that, that's good for us. And so there's a reduction -- significant reduction going forward in those payments. And so that's additional benefit to our cash flow over the coming years.

我認為這是一件大事，市場上沒有反映出來的巨大差異是，我們不僅對租賃進行了按市價計算，我們不僅處理了與新冠病毒相關的延期，我們還處理了保證金以及未來的維護儲備。因此，這不是對損益的影響，但肯定是對未來 5 年現金的影響。因此，當我們為出租人提供更好的信用狀況時，他們明白，這對我們有好處。因此，這些付款將會減少——顯著減少。因此，這對我們未來幾年的現金流來說是額外的好處。

All right. Moving on to the next question. It will come from Lucas Barbosa, analyst Santander. Lucas, we're going to open your microphone, so that you can ask your question. Please proceed.

好的。繼續下一個問題。它將來自桑坦德銀行分析師盧卡斯·巴博薩(Lucas Barbosa)。盧卡斯，我們將打開你的麥克風，以便你可以提出你的問題。請繼續。

Lucas Cates' question is online. So I think I can read it. Essentially, he would like to know more on the CapEx line related to aircraft and maintenance and checks it was around R$140 million this quarter. In 1Q '23, it was much lower. And in 2Q '22, it was lower as well if there was any concentration of maintenance this quarter and what these levels should be in the coming quarters. Yes, I think especially 1Q was particularly low. I mean we were preserving cash. We knew that we were going to have negotiations with lessors and OEMs. We're going to have new commercial terms with both of those groups of stakeholders. And so I think it was more that 1Q was low. I think 2Q is still low. Like I said, I think you should project in total CapEx, which includes this line, something between R$1.8 billion to R$2 billion on a go-forward basis growth.

盧卡斯·凱茨 (Lucas Cates) 的問題在線。所以我想我可以讀它。本質上，他想了解更多與飛機和維護相關的資本支出，並檢查本季度約為 1.4 億雷亞爾。 23 年第一季度，這一數字要低得多。在 2022 年第二季度，如果本季度有集中維護，以及未來幾個季度的維護水平，該水平也較低。是的，我認為尤其是第一季度特別低。我的意思是我們保留了現金。我們知道我們將與出租人和原始設備製造商進行談判。我們將與這兩個利益相關者群體簽訂新的商業條款。所以我認為第一季度較低的原因更多。我認為第二季度仍然很低。就像我說的，我認為你應該預測總資本支出（包括這條線）在未來增長的基礎上在 18 億雷亞爾到 20 億雷亞爾之間。

Okay. So this closes our Q&A session. We will now move on to John for the closing remarks.

好的。我們的問答環節到此結束。我們現在請約翰致閉幕詞。

Thanks, everybody, and we appreciate your time today on the call. Alex, myself, Thais will be on the road meeting with many of you in the upcoming months to kind of further update you on the story. We're excited about where we are, seasonally strongest part of the year ahead of us, and full dedication of this management team to continue to build the greatest airline in the world. Thanks, everybody.

謝謝大家，我們非常感謝您今天撥冗參加電話會議。亞歷克斯（Alex），我本人，泰國人（Thais）將在接下來的幾個月裡與你們中的許多人會面，以進一步向你們通報這個故事的最新情況。我們對自己所處的位置感到興奮，即將到來的一年中季節性最強的部分，以及管理團隊的全力奉獻，繼續打造世界上最偉大的航空公司。謝謝大家。

Thank you. This concludes this audio conference call for today. Thank you very much for your participation, and have a great day.

謝謝。今天的音頻電話會議到此結束。非常感謝您的參與，祝您有美好的一天。