Azul SA (AZUL) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome all to Azul's fourth-quarter earnings.

大家好，歡迎大家關注 Azul 第四季財報。

My name is Zack and I will be your operator for today.

我叫扎克，今天我將擔任您的接線生。

(Operator Instructions)

（操作員說明）

I would like to turn over to Dave temporarily, Head of Investor Relations.

我想暫時交給投資人關係主管戴夫 (Dave)。

Please proceed.

請繼續。

Thank you, Zack, and welcome all to Azul's fourth-quarter earnings call.

謝謝扎克，歡迎大家參加 Azul 的第四季財報電話會議。

The results that we announced this morning, the audio of this call and the slides that we referenced are available on our IR website.

我們今天早上宣布的結果、本次電話會議的音訊以及我們引用的幻燈片都可以在我們的 IR 網站上找到。

Presented today will be David Neeleman, Azul's Founder and Chairman, and John Rodgerson, CEO.

今天出席的嘉賓包括 Azul 創辦人兼董事長 David Neeleman 和執行長 John Rodgerson。

Alex Malfitani, our CFO, and Abhi Shah, the President of Azul are also here for the Q&A session.

我們的財務長 Alex Malfitani 和 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 the forward-looking statements.

在我將電話轉給大衛之前，我想提醒您注意前瞻性陳述。

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.

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 I subject to uncertainties and risks that are discussed in detail in our CVM and SEC filings.

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

Also, during the course of the call, we will discuss non-IFRS performance measures, which should not be considered in isolation.

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.

這樣，我就把電話轉給大衛。

David?

大衛？

Thank you, Thais.

謝謝你們，泰國人。

Welcome, everyone, and thank you for joining us for our fourth-quarter 2003 (sic - "2023") earnings call.

歡迎大家，並感謝您參加我們的 2003 年第四季（原文如此，「2023 年」）財報電話會議。

I'm happy to report that Azul had a record 2023.

我很高興地報告 Azul 在 2023 年創下了紀錄。

As you can see on slide 3, we reported record revenues of almost BRL19 billion for the year with BRL5 billion in a single quarter for the very first time.

正如您在幻燈片 3 中看到的，我們報告的全年收入接近 190 億雷亞爾，創歷史新高，單季收入首次達到 50 億雷亞爾。

Record yearly and quarterly RASK and an EBIT of BRL5.2 billion, BRL2 billion above our previous year. 2023 was also transformational, thanks to the conclusion of our capital optimization plan, where we partnered with all of our stakeholders to create a win-win solution that set up Azul for long-term success.

年度和季度RASK 和息稅前利潤均創歷史新高，達52 億雷亞爾，比上年高出20 億雷亞爾。 2023 年也是變革性的一年，這得益於我們資本優化計畫的完成，我們與所有利害關係人合作創建了雙贏的解決方案，幫助 Azul 取得長期成功。

And finally, in 2023, we continue to deliver exceptional operational performance by being the second most on-time airline in the world.

最後，到 2023 年，我們將繼續提供卓越的營運績效，成為全球準點率第二高的航空公司。

For this, I have to thank our incredible crew members for what they are doing each and every day.

為此，我必須感謝我們出色的工作人員每天所做的事情。

They are taking care of our customers and each other.

他們照顧我們的客戶和彼此。

On slide 4, you can see that our network strength is foundational to our structural and long-term competitive advantages.

在投影片 4 上，您可以看到我們的網路實力是我們結構性和長期競爭優勢的基礎。

We continue to be the only carrier in 82% of our routes.

我們仍然是 82% 航線的唯一承運商。

This is a direct result of our unique network combined with our fleet flexibility where we put the right aircraft on the right market at the right time.

這是我們獨特的網路與機隊靈活性相結合的直接結果，我們在正確的時間將正確的飛機投放到正確的市場。

In fact, I remember when we went public, investors would say, as we grew, there would be more overlap.

事實上，我記得當我們上市時，投資人會說，隨著我們的成長，會有更多的重疊。

The opposite is the case.

情況恰恰相反。

We have more than doubled in size over the past several years.

在過去的幾年裡，我們的規模擴大了一倍以上。

Always staying true to our business -- into our business model, we have gotten stronger and stronger.

始終忠於我們的業務—忠於我們的商業模式，我們變得越來越強大。

The construction of this unique network strategy together with our fleet transformation, with the A320s and E2s is a critical ingredient to our continued sustainability and profitable growth.

這種獨特的網路策略的建構以及我們的機隊轉型（包括 A320 和 E2）是我們持續可持續發展和獲利成長的關鍵因素。

On slide 5, we show a little more detail of how our network strength is so unique.

在投影片 5 中，我們更詳細地展示了我們的網路優勢為何如此獨特。

We have always said that our mission is to grow the Brazilian market to serve cities that have never been served before and to provide connectivity and convenience like never before.

我們一直說，我們的使命是發展巴西市場，為從未有過服務的城市提供服務，並提供前所未有的連結性和便利性。

Let me give you an example.

讓我舉一個例子。

Today, a customer can travel from [Sohizo], a strong agribusiness market in the Midwest of Brazil.

如今，客戶可以從巴西中西部一個強大的農業綜合企業市場 [Sohizo] 出發。

And with one convenient connection, our customer can be in Sao Paulo for a Monday morning meeting -- for a morning meeting.

透過一個便捷的連接，我們的客戶可以在聖保羅參加週一早上的會議 - 參加早上的會議。

A journey that would otherwise take 26 hours by car, this has never existed before, and it only does because of Azul.

原本需要 26 小時車程的旅程，這在以前從未存在過，而這只是因為 Azul。

This is how we grow the market, and this is how we continue to profitably grow.

這就是我們發展市場的方式，也是我們持續獲利成長的方式。

On slide 6, I want to show you another example, our Recife Hub.

在投影片 6 上，我想向您展示另一個範例，我們的累西腓中心。

We have long identified Recife as a strong market in the northeast of Brazil.

我們長期以來一直認為累西腓是巴西東北部的一個強大市場。

A growing city that has elements of a strong leisure demand -- with a growing corporate demand in technology and automotive.

這個不斷發展的城市擁有強大的休閒需求元素——企業對科技和汽車的需求不斷增長。

In 2017, we started to build out our Recife Hub, connecting every major city via non-stop service and then onto the rest of our network.

2017 年，我們開始建立累西腓樞紐，透過直達服務連接每個主要城市，然後連接到我們網路的其他部分。

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Today, Recife is better served than ever, rivaling cities like Brasilia in terms of departures and even Sao Paulo in terms of destinations served.

如今，累西腓的服務比以往任何時候都更好，在出發航班方面可與巴西利亞等城市相媲美，在服務目的地方面甚至可與聖保羅相媲美。

Today, our entire fleet from the caravans to the A330s fly in and out of Recife, bringing service and connectivity to Brazil and beyond.

如今，我們的整個機隊（從大篷車到 A330 飛機）往返於累西腓，為巴西及其他地區提供服務和連接。

Recife is also a great example of market discipline where we are focusing on where we are strong and the industry is focusing on where they are strong.

累西腓也是市場紀律的一個很好的例子，我們專注於我們的優勢，而整個產業也關注他們的優勢。

This is the type of network development supported by our flexible fleet and allows us to continue growing within our network.

這是我們靈活的機隊支援的網路開發類型，使我們能夠在網路內繼續發展。

Finally, on slide 7, I'm excited and proud of the partnership we have with the Brazilian Olympic Committee.

最後，在投影片 7 中，我對我們與巴西奧委會的合作夥伴關係感到興奮和自豪。

Azul is unique and uniquely Brazilian.

Azul 是獨一無二的、獨一無二的巴西人。

The cities we serve, the warmth and attention you feel when you fly us, and it's all unique to us and reflect the best of Brazil and the best of -- Azul.

我們服務的城市，您乘坐我們航班時感受到的溫暖和關注，這一切對我們來說都是獨一無二的，反映了巴西和阿祖爾最好的一面。

With that spirit, we are so happy to partner with the Brazilian team for the Paris 2024 games.

本著這種精神，我們很高興能與巴西隊合作參加 2024 年巴黎奧運。

And with that, I'll turn the time over to John who will give you more details on our amazing results.

接下來，我將把時間交給約翰，他將為您提供有關我們令人驚嘆的結果的更多詳細資訊。

Thanks, David.

謝謝，大衛。

I would also like to thank our amazing crew members for everything they do.

我還要感謝我們出色的船員所做的一切。

I've always said we are a people business, and our crew members are our greatest asset.

我一直說我們是一家以人為本的企業，我們的船員是我們最大的資產。

We know that sometimes the operating environment can be challenging, but the fact that we continue to deliver exceptional service and performance is all credit to them.

我們知道，有時營運環境可能充滿挑戰，但我們持續提供卓越服務和績效的事實都歸功於他們。

On slide 8, I want to highlight the big numbers for the fourth quarter.

在投影片 8 上，我想強調第四季的重要數字。

As David mentioned, 2023 was a record year and particularly the fourth quarter.

正如 David 所提到的，2023 年是創紀錄的一年，尤其是第四季。

For the first time ever, we did BRL5 billion in revenue, 60% higher than 2019.

我們的營收首次達到 50 億雷亞爾，比 2019 年成長 60%。

We had a record RASK of BRL45.3, up 6% year over year on top of a very strong base and with 7% capacity growth.

我們的RASK達到創紀錄的45.3巴西雷亞爾，在非常強勁的基礎和7%的產能成長的基礎上，年增6%。

Fourth-quarter EBITDA of BRL1.5 billion with a 29% EBITDA margin.

第四季 EBITDA 為 15 億雷亞爾，EBITDA 利潤率為 29%。

These are direct results of our competitive advantages and profitable growth strategy.

這些是我們的競爭優勢和獲利成長策略的直接結果。

On slide 9, I want to highlight a really important and strategic shift that has been happening at Azul over the past year.

在幻燈片 9 上，我想強調 Azul 在過去一年中發生的一個非常重要的策略轉變。

More than 25% of our RASK is now non ticket revenue.

現在，我們的 RASK 超過 25% 是非門票收入。

This is because of our business units, vacations, loyalty, cargo, ancillary revenue and charter are all growing even faster than the based airline.

這是因為我們的業務部門、假期、忠誠度、貨運、輔助收入和包機的成長速度甚至比總部航空公司還要快。

This is a key diversification strategy that further extends our competitive advantages.

這是進一步擴大我們競爭優勢的關鍵多元化策略。

This strategy captures customers from all different segments and brings them into the Azul universe from where we can cross-sell across all of our products and services.

這項策略吸引了來自不同細分市場的客戶，並將他們帶入 Azul 領域，我們可以在其中交叉銷售我們的所有產品和服務。

Even better, business units like vacations and loyalty can grow faster by providing services such as hotels, experiences, shopping, travel on other airlines, products that do not depend exclusively on Azul's growth.

更好的是，假期和忠誠度等業務部門可以透過提供飯店、體驗、購物、其他航空公司的旅行等服務以及不完全依賴 Azul 成長的產品來更快地成長。

This diversification and contribution are a further example of why we are so confident in our profitable growth strategy going forward.

這種多元化和貢獻進一步說明了為什麼我們對未來的獲利成長策略如此充滿信心。

It's hard to believe, but the BRL6 billion in revenue from these business units is almost the same as all of Azul's revenue when we went public in 2017.

難以置信，但這些業務部門帶來的 60 億雷亞爾收入幾乎與 Azul 2017 年上市時的全部收入相同。

Turning to slide 10, we show a bridge for 2022 EBITDA to 2023.

轉向幻燈片 10，我們展示了 2022 年 EBITDA 到 2023 年的橋樑。

You could see the BRL2 billion increase David mentioned in EBITDA, with contributions from RASK expansion, network growth, lower fuel and currency and offsetting effects from inflation, increased maintenance expenses and investments in the future that I will discuss shortly.

您可以看到David 在EBITDA 中提到的20 億雷亞爾的成長，其中包括來自RASK 擴張、網路成長、較低的燃料和貨幣以及抵消通貨膨脹的影響、增加的維護成本和未來投資的貢獻，我將很快討論這一點。

We significantly increased margins, improved revenue performance, grew the airline and therefore, produced the best results in our history.

我們顯著提高了利潤率，改善了收入績效，發展了航空公司，因此創造了我們歷史上最好的業績。

On slide 11, we bridge immediate liquidity from the third quarter to the fourth quarter.

在投影片 11 中，我們將第三季的即時流動性連接到第四季。

You can clearly see the operation generated positive cash flow, which was used to pay down debt and deferrals.

您可以清楚地看到該業務產生了正現金流，用於償還債務和延期付款。

Cash flow from operations was significant enough that even after aircraft rent, CapEx, and interest payments, we generated BRL300 million in cash.

來自營運的現金流量足夠大，即使扣除飛機租金、資本支出和利息支付後，我們仍產生了 3 億雷亞爾的現金。

This clearly shows that our EBITDA directly results in cash flow generation and deleveraging.

這清楚地表明我們的 EBITDA 直接導致現金流的產生和去槓桿化。

As a result, as we show on slide 12, our leverage at the end of last year was down to 3.7, a full two turn improvement since 2022 and in line with our guidance.

結果，正如我們在幻燈片 12 中所示，去年年底我們的槓桿率降至 3.7，自 2022 年以來整整改善了兩輪，符合我們的指導。

Even more exciting is that thanks to the significant EBITDA generation in 2024 and the continued pay down in debt, our leverage at the end of this year will be a very solid 3 times.

更令人興奮的是，由於 2024 年 EBITDA 的大幅成長以及債務的持續償還，我們今年年底的槓桿率將達到非常穩定的 3 倍。

This is lower than what we had in the fourth quarter of 2019, when using the same methodology.

這低於我們使用相同方法時 2019 年第四季的數據。

We told you we would emerge as a stronger company, and we truly are, a remarkable achievement by our team.

我們告訴過您，我們將成為一家更強大的公司，我們的團隊確實取得了非凡的成就。

Transitioning now to the future, the exciting part of Azul, I want to talk about how we're preparing and investing so that we can meet and exceed our updated EBITDA guidance of BRL6.5 billion for 2024 and even higher in the years to come.

從現在過渡到未來，這是Azul 令人興奮的部分，我想談談我們正在如何準備和投資，以便我們能夠達到並超過2024 年更新的EBITDA 指導值65 億雷亞爾，甚至在未來幾年更高。 。

We realized late last year that we needed to invest in our operational capabilities to prepare for this growth.

去年年底，我們意識到我們需要投資我們的營運能力，為這種成長做好準備。

We invested in operational staffing, allowing us to reduce aircraft ground time and increase aircraft utilization.

我們投資於營運人員配置，使我們能夠減少飛機的地面時間並提高飛機的利用率。

We invested in fleet and engine availability, ensuring we have adequate spare engines.

我們投資於機隊和引擎可用性，確保我們有足夠的備用引擎。

We invested in our maintenance facilities, bringing forward by three years additional heavy maintenance capabilities that we are not dependent on external MRO capacity.

我們投資了我們的維護設施，將額外的重型維護能力提前了三年，而我們不依賴外部 MRO 能力。

Finally, we invested in pilots and flight attendant hiring so that we can have the crew trained and ready to go.

最後，我們投資招募飛行員和空服員，以便機組人員接受培訓並做好出發準備。

All of this, combined with our next gen deliveries, especially the E2s, this year means that we are ahead of the curve and are more in control in terms of our fleet availability and capacity.

所有這些，再加上我們的下一代交付，尤其是 E2，今年意味著我們處於領先地位，並且在機隊可用性和運力方面擁有更多控制權。

On slide 14, you can already see the results of some of these investments.

在投影片 14 上，您已經可以看到其中一些投資的結果。

While aircraft utilization improved in 2023, there are still opportunities to grow it.

儘管飛機利用率在 2023 年有所改善，但仍有成長的機會。

Looking ahead at our planned network for 2024, reaping the rewards operational investments and reduction in ground time, we can take another significant step to increase aircraft utilization.

展望 2024 年規劃的網絡，獲得營運投資回報和地面時間減少，我們可以採取另一個重大步驟來提高飛機利用率。

All fleet types will once again increase aircraft utilization in 2024.

2024 年，所有機隊類型將再次提高飛機利用率。

These are opportunities that we continue to develop, but we're extremely excited at the progress we're already making in 2024.

這些是我們繼續開發的機會，但我們對 2024 年已經取得的進展感到非常興奮。

On slide 15, we thought it would be important to give you a panorama of our OEM partnerships.

在投影片 15 上，我們認為向您提供我們 OEM 合作夥伴關係的全景非常重要。

For the A320neo fleet, we have the LEAP engine as well as the CFM34 for our Embraer E1 fleet.

對於 A320neo 機隊，我們為巴西航空工業公司 E1 機隊配備了 LEAP 引擎以及 CFM34。

For our E2s and ATRs, we have partnered with Pratt & Whitney.

對於我們的 E2 和 ATR，我們與普惠公司合作。

For our wide body fleet, we have partnered with Rolls-Royce.

對於我們的寬體機隊，我們與勞斯萊斯合作。

With each of these partners, we have ongoing long-term maintenance agreements that support the operational reliability of our fleet.

我們與每個合作夥伴都簽訂了持續的長期維護協議，以支援我們機隊的營運可靠性。

On the aircraft manufacturer side, the majority of our future deliveries over the next few years will come from Embraer, a relationship that we are very close to and in this OEM -- and is an OEM that we believe is better positioned than others to deliver aircraft on time.

在飛機製造商方面，我們未來幾年的大部分交付量將來自巴西航空工業公司，我們與這家原始設備製造商的關係非常密切，我們相信，我們認為比其他原始設備製造商更有能力交付飛機。飛機準時。

While the situation is still volatile, we strongly believe that these are the best possible partnerships.

儘管局勢仍然不穩定，但我們堅信這些是最好的合作關係。

And with our own internal capabilities, we are well positioned to continue our fleet transformation and growth plans.

憑藉我們自己的內部能力，我們有能力繼續我們的機隊轉型和成長計劃。

As I draw to a close, I want to share that we released updated guidance this morning.

在我接近尾聲時，我想分享我們今天早上發布了更新的指南。

As you can see on slide 17, we expect BRL6.5 billion of EBITDA this year on an overall capacity increase of 11%.

正如您在幻燈片 17 中看到的，我們預計今年的 EBITDA 為 65 億雷亞爾，整體產能將成長 11%。

Leverage, as I mentioned earlier, will be around 3 below 2019 levels.

正如我之前提到的，槓桿率將比 2019 年的水平低 3 倍左右。

Our fundamentals are strong, our business model is very unique, and I'm very excited to see all the great results Azul will deliver.

我們的基礎很強大，我們的商業模式非常獨特，我很高興看到 Azul 將帶來的所有出色成果。

And thanks to our incredible and passionate crew members, I'm confident that Azul will deliver better than expected results on a going forward basis.

感謝我們令人難以置信和熱情的工作人員，我相信 Azul 將在未來取得比預期更好的成果。

With that, David, Alex, Abhi and I are here to answer any of your questions.

大衛、亞歷克斯、阿比和我將在這裡回答你們的任何問題。

(Operator Instructions)

（操作員說明）

Victor Mizusaki, Bradesco.

維克多·水崎，布拉德斯科。

Hi.

你好。

I have a few questions here.

我在這裡有幾個問題。

The first one, I mean, matter of fact talking about the audit figures or the audit financial statements.

第一個，我的意思是，事實上談論審計數據或審計財務報表。

But at the same time, I mean, when we take a look at the Brazilian (inaudible), we can see all almost the, I mean, the financial statements.

但同時，我的意思是，當我們看一下巴西人（聽不清楚）時，我們幾乎可以看到所有的財務報表。

So my first question, I mean, if you can comment what exactly -- if you can comment, right, I mean, what kind of change we can expect for the other figures if there's something related to negotiations with our leasing companies?

所以我的第一個問題，我的意思是，如果你能評論一下具體是什麼——如果你能評論一下，對，我的意思是，如果與我們的租賃公司的談判有關，我們可以期待其他數字發生什麼樣的變化？

And the second one, talking about cash flow for 2024, you released the guidance for EBITDA, but if you start to think about, let's say, CapEx and working capital in the case of working capital, we can see a drop in Q4 in terms of account receivables.

第二個，談到 2024 年的現金流，您發布了 EBITDA 指導，但如果您開始考慮資本支出和營運資本，我們可以看到第四季度的下降應收帳款。

If you think about in terms of days, if this is a kind of a sustainable level for on the '24, and, if you can also comment about the CapEx, what we can expect for this year?

如果您以天數來考慮，如果這是 24 小時的可持續水平，並且如果您也可以對資本支出發表評論，那麼我們今年可以期待什麼？

Thank you.

謝謝。

Thanks, Victor.

謝謝，維克多。

It's Alex here.

亞歷克斯在這裡。

So on the audit statement, no change.

所以審計報表上沒有變動。

It's really more, our independent auditors kind of finishing up their work and documenting, formalizing.

更重要的是，我們的獨立審計員完成了他們的工作並記錄、正式化。

We do not expect any changes to our financial statements, and that's why we put out, both the earnings release and the complete financial statements, but they are unaudited.

我們預計我們的財務報表不會發生任何變化，這就是我們發布收益報告和完整財務報表的原因，但它們未經審計。

We do not have the audit report yet, but we will have it in a few days and then we'll update the market accordingly.

我們還沒有審計報告，但幾天後我們就會收到，然後我們會相應地更新市場。

So we do not expect any change.

所以我們預計不會有任何變化。

On the EBITDA, I mean, you're in Brazil, but I think it's good for us to highlight that in Brazil, flows and differences between your cash balance and the account receivable balance do not mean the same thing that they mean in other worlds.

關於 EBITDA，我的意思是，你在巴西，但我認為我們有必要強調一下，在巴西，現金餘額和應收帳款餘額之間的流量和差異與在其他世界中的意義不同。

That's why in other countries.

這就是為什麼在其他國家。

That's why we look at cash plus receivables together.

這就是我們同時考慮現金和應收帳款的原因​​。

Because, for example, in quarters where we have big capital raises, for example, like we did in Q3, we do not need to advance receivables, right, because it costs not a lot of money to advance receivables, but it does cost a little bit.

因為，例如，在我們進行大規模融資的季度，例如，就像我們在第三季度所做的那樣，我們不需要預收應收帳款，對吧，因為預收應收帳款的成本不是很多，但確實花了一點。

So if we don't need to advance receivables because we have a lot of cash that we just raised, normally, that quarter is a quarter where, the receivable balance goes up.

因此，如果我們不需要預付應收帳款，因為我們剛剛籌集了很多現金，那麼通常該季度是應收帳款餘額上升的季度。

Normally, if you're looking at a company and you see the receivable balance going up, you think that is a problem.

通常，如果您查看一家公司並發現應收帳款餘額上升，您會認為這是一個問題。

In Brazil, that is a sign of strength showing that you just raised cash and you actually have a lot of cash from another source.

在巴西，這是實力的標誌，表明您剛剛籌集了現金，並且實際上您從其他來源擁有大量現金。

Then in normal terms, right, because selling in installments is a very unique Brazilian feature, and it's a powerful sales tool and very economical, very good way to motivate our customers to buy tickets and to be able to afford travel and other purchases.

那麼在正常情況下，對吧，因為分期銷售是巴西的一個非常獨特的特色，它是一種強大的銷售工具，也是一種非常經濟、非常好的方式來激勵我們的客戶購買門票並能夠負擔旅行和其他購買的費用。

We sell in advance and then we sell in installments, and then we advance these cash flows forward.

我們提前出售，然後分期出售，然後我們預支這些現金流。

And, again, it costs just a little bit of money more than the risk free rate in Brazil.

而且，它的成本只比巴西的無風險利率高一點點。

So I encourage everyone to look at the cash flows receivable balance.

所以我鼓勵大家看一下應收現金流餘額。

And fluctuations are more a question of whether, there was a capital raise in the quarter or not.

波動更多的是本季是否有融資的問題。

And that's the case with Q3.

第三季就是這種情況。

If you're comparing Q3 to Q4, you may think that the policy or the advancement of receivables changed, but it's really because they are fungible.

如果您將第三季與第四季進行比較，您可能會認為保單或應收帳款預付款發生了變化，但這實際上是因為它們是可替代的。

So no change there.

所以那裡沒有變化。

For CapEx, we don't give guidance specifically on that, but I think that Q4 is a somewhat representative number.

對於資本支出，我們沒有專門給予指導，但我認為第四季是一個代表性的數字。

I don't think it was much higher or lower than what the average quarter will be going forward.

我認為這不會比未來季度的平均水平高或低很多。

And Victor, just to highlight a couple of things.

維克多，只是為了強調幾件事。

We got the approved line with GE Celma, which is $200 million credit line for CapEx this year.

我們獲得了 GE Celma 的批准，今年的資本支出信貸額度為 2 億美元。

But I think, as you look at cash generation, take a look at what we did in the fourth quarter.

但我認為，當你審視現金產生時，請看看我們在第四季所做的事情。

With that EBITDA, we paid the aircraft rent.

我們用這筆 EBITDA 支付了飛機租金。

We paid CapEx.

我們支付了資本支出。

We actually paid the interest and still had money left over.

我們實際上支付了利息，而且還有剩餘的錢。

And so that is the plan, going forward to continue to pay down more expensive debt, generate cash, operating the airline, and deleveraging company as quickly as possible.

這就是我們的計劃，繼續償還更昂貴的債務，產生現金，運營航空公司，並儘快對公司進行去槓桿化。

All right, thank you.

好吧。謝謝。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good afternoon, everyone.

嘿，大家下午好。

You called out -- for my first question, you called out strength in domestic and international in the release.

對於我的第一個問題，你在新聞稿中強調了國內和國際的實力。

I was kind of curious if you could provide a little bit more color on what you're seeing and your expectations before the second quarter and beyond?

我很好奇您能否在第二季度及之後的時間裡提供更多關於您所看到的情況和預期的信息？

Hey Savi, Abhi here.

嘿薩維，阿比在這裡。

Sure.

當然。

So first of all, even 4Q, 6.1% RASK improvement on already a very high base, more than 35% RASK versus 2019.

首先，即使是第四季度，RASK 也提高了 6.1%，而基數已經非常高，與 2019 年相比，RASK 提高了 35% 以上。

So the demand environment continues to be strong.

因此，需求環境持續強勁。

And what we thought way past back about pent-up demand has continued and continues to be the case, first quarter and second quarter of this year.

我們過去對被壓抑的需求的看法在今年第一季和第二季仍然如此。

So we feel pretty good about the demand environment.

所以我們對需求環境感覺很好。

This year is going to be a little bit different, it feels to me, in terms of seasonality.

我覺得今年在季節性方面會有點不同。

I think second quarter is going to be stronger than we expect.

我認為第二季將比我們預期的更強勁。

And one of the reasons is that last year, we had a lot of holidays throughout the year, especially in April.

其中一個原因是去年我們全年都有很多假期，尤其是四月。

So we had a little bit of bunched up demand in March and then a weak April, May.

因此，三月的需求有點集中，然後四月、五月的需求疲軟。

If I look ahead right now at April, May and June, which is seasonally the weakest quarter, all of the three months are actually running ahead of March right now in the domestic market.

如果我現在展望四月、五月和六月，這是季節性最弱的季度，那麼這三個月實際上在國內市場上都領先於三月。

So that gives me a lot of confidence going forward in the domestic market.

這讓我對國內市場的發展充滿信心。

International is holding steady.

國際保持穩定。

We do have some capacity variations, especially now as we transition the A350 fleet, which was -- which stopped flying at the end of January.

我們確實存在一些運力變化，尤其是現在我們正在過渡 A350 機隊，該機隊已於 1 月底停止飛行。

And we have some wide bodies coming in now to replace that service April, May, June, July, onwards.

我們現在有一些廣泛的機構來取代四月、五月、六月、七月以後的服務。

So -- but overall, I'm not seeing anything different in terms of international, appears to be very, very steady.

所以——但總的來說，我在國際方面沒有看到任何不同，似乎非常非常穩定。

And just like last year, the European summer, I think, is going to be very, very strong, especially Paris with the Olympics and even Lisbon as well.

就像去年一樣，我認為歐洲的夏季將會非常非常強勁，尤其是舉辦奧運的巴黎，甚至里斯本。

And on the US side for us, continues to be strong with Orlando and Fort Lauderdale and with our partnership with JetBlue and Tap and United.

在美國方面，我們與奧蘭多和勞德代爾堡以及捷藍航空、Tap 和美聯航的合作關係繼續保持強勁。

So I would say steady overall.

所以我想說整體穩定。

I think we're going to be pretty happy with second-quarter seasonality this year.

我認為我們會對今年第二季的季節性感到非常滿意。

Honestly, last year, I think we were disappointed but I think this year, it's going to behave differently.

老實說，去年，我認為我們很失望，但我認為今年，情況將會有所不同。

A lot more steady between 1Q and 2Q.

第一季和第二季之間更加穩定。

You can expect positive unit revenue growth in 1Q and then higher unit revenue growth in 2Q, and then we get into strong second half seasonality.

您可以預期第一季的單位營收將出現正成長，然後第二季的單位營收將出現更高的成長，然後我們將進入下半年強勁的季節性。

Hey, Savi.

嘿，薩維。

If I could just add something to what Abhi said, the demand remains very strong in Brazil and we wanted to highlight the OEM relationships and the problems that the world is seeing, because capacity is going to be in check for the foreseeable future with all the problems that the large OEMs are having in delivering aircraft with engine availability.

如果我可以在 Abhi 所說的基礎上補充一些內容，巴西的需求仍然非常強勁，我們想強調 OEM 關係和世界所面臨的問題，因為在可預見的未來，所有的產能都將受到限制。大型原始設備製造商在交付具有發動機可用性的飛機時遇到的問題。

And one of the unique strengths that (technical difficulty) all of our deals are on powered by the hour, and we have the spare engine capability in place.

我們的獨特優勢之一（技術難度）是按小時提供動力，並且我們擁有備用引擎能力。

And so we see a strong demand environment, and we see capacity very much in check for the foreseeable future.

因此，我們看到了強勁的需求環境，在可預見的未來，產能受到很大限制。

That's a great point.

這是一個很好的觀點。

And actually, it takes me to my second question, if I might ask.

事實上，如果我可以問的話，這讓我想到了第二個問題。

The incremental addition in capacity, I was wondering where that's coming from?

容量的增量增加，我想知道它來自哪裡？

And maybe just generally, are you still -- if your thoughts are changed at all on where the capacity is going to be allocated this year?

也許只是一般而言，您對今年產能分配的想法是否有任何改變？

Yeah.

是的。

I mean, not really, Savi.

我的意思是，不是真的，薩維。

We still see a lot of opportunity in our network.

我們在我們的網路中仍然看到很多機會。

In Belo Horizonte, for example, is doing very well for us.

例如，在貝洛奧裡藏特，我們的表現就非常好。

Belem recently is a focus city for us.

貝倫最近是我們的重點城市。

We added some flights there, which are doing really well, Campinas as well.

我們在那裡增加了一些航班，這些航班的表現非常好，坎皮納斯也是如此。

So again, as David talked about the network and how foundational it is for us -- and just one factoid, we still had 77,000 departures in 2023 on the E1s, 77,000.

再說一次，正如 David 談到網路及其對我們的基礎性而言，這只是一個事實，到 2023 年，我們仍有 77,000 趟 E1 出發航班，77,000 趟。

All of which we want to go to the E2s as soon as we possibly can. 18 more seats, 25% lower trip cost on each and every one of them.

所有這些我們都希望盡快進入 E2。增加 18 個座位，每個座位的旅行成本降低 25%。

So there's still a lot of opportunity to up gauging in our own network.

因此，在我們自己的網路中仍然有很多機會進行評估。

Very helpful.

很有幫助。

Thank you.

謝謝。

Gabriel Rezende, Itau.

加布里埃爾·雷森德，伊塔烏。

Thanks, and good afternoon, everyone.

謝謝，大家下午好。

Just following up on the last topic regarding the demand and overall -- what you are foreseeing in terms of yields.

只是跟進有關需求和總體的最後一個主題 - 您對收益率的預測。

If you could comment a little bit about competition as well.

如果您也可以對競爭發表一些評論。

You just mentioned that the capacity furnace industry remains somewhat capped given the supply chain bottlenecks we are seeing right now.

您剛才提到，鑑於我們目前看到的供應鏈瓶頸，容量爐產業仍然受到一定程度的限制。

But it would be great to hear, once again, how are you feeling that your competitors are behaving in terms of prices, at least in the first two months of the year and the three months of the year and on the already booked flights as well.

但很高興再次聽到您的競爭對手在價格方面的表現如何，至少在今年的前兩個月和今年的三個月以及已經預訂的航班上。

And a second topic here, if you could also comment about the labor expenses we saw in the fourth quarter.

這是第二個主題，您是否也可以評論我們在第四季度看到的勞動力支出。

You saw them increasing on both a year-on-year basis and a quarter-on-quarter basis, looking at the unit expenses.

從單位費用來看，您可以看到它們同比和環比都有所增長。

You mentioned that you need to increase your number of pilots as well as crew members.

您提到需要增加飛行員和機組人員的數量。

Just wondering if you already have seen a portion of this increase in the fourth quarter and the unit growth from here on should be more limited.

只是想知道您是否已經在第四季度看到了部分增長，並且從現在開始單位增長應該更加有限。

Thank you.

謝謝。

Hi, Gabriel.

嗨，加布里埃爾。

So look, I think the industry overall is doing as good as it can.

所以看，我認為整個產業的表現已經盡力了。

I think it is pretty disciplined on the capacity side, as John said.

正如約翰所說，我認為它在容量方面非常有紀律。

And I think the industry is doing all of the right things on the fair side as well.

我認為該行業也在公平方面做著所有正確的事情。

There have been several -- so the industry is moving fares, as fuel varies, as dollar varies and is doing a really good job of recapturing those costs.

已經有好幾個了——因此，隨著燃料的變化、美元的變化，該行業正在調整票價，並且在收回這些成本方面做得非常好。

So I think the industry is very motivated on maximizing results.

所以我認為這個行業對於最大化結果非常積極。

Like I said, you can expect positive year-over-year RASK in 1Q, even higher positive year-over-year RASK in 2Q.

正如我所說，您可以預期第一季度的同比RASK 為正，第二季度的同比RASK 甚至更高。

And a big part of this is because the industry is doing the right things, in my opinion, on making sure that we maximize results.

在我看來，這很大程度上是因為該行業正在做正確的事情，以確保我們實現成果最大化。

And if that's yields, that's fine.

如果這就是收益率，那就沒問題了。

And if that's load factor, that's fine as well.

如果這是負載因子，那也沒關係。

So I'm very comfortable right now with the overall industry environment.

所以我現在對整個產業環境非常滿意。

And looking ahead, I don't really see that changing, whether it's overall capacity, whether it's yields and also sort of competitive dynamics.

展望未來，我並沒有真正看到這種變化，無論是整體產能、產量或競爭動態。

As we mentioned in the opening remarks, I see the industry focusing where each one is strong.

正如我們在開場白中提到的，我認為行業重點關注每個企業的優勢。

And I think that actually generates the best results for everybody and I don't see that changing in any meaningful way.

我認為這實際上會為每個人帶來最好的結果，而且我認為這種情況不會發生任何有意義的改變。

So overall, I think we can be pretty satisfied with industry discipline.

總的來說，我認為我們對行業紀律非常滿意。

Hey, Gabriel.

嘿，加布里埃爾。

And then on the labor side, I think we explained qualitatively what's going on in this quarter.

然後在勞動力方面，我認為我們定性地解釋了本季發生的情況。

But just to give you a little bit more color, I would separate it in two things right?

但為了給你更多的色彩，我會把它分成兩件事，對嗎？

One is we found opportunities inside Azul to reduce total cost, but that is increasing the salary line and it's reducing another line.

一是我們在 Azul 內部找到了降低總成本的機會，但這就是增加工資線並減少另一條線。

But in that, it is providing a reduction in cost.

但就這一點而言，它降低了成本。

For example, we internalize a lot of maintenance services.

例如，我們將許多維護服務內部化。

And if we didn't have these maintenance services today with the supply chain issues and with the MRO restrictions that exist, we would never be flying as much as we're flying, right?

如果我們今天沒有這些維護服務，由於供應鏈問題和現有的 MRO 限制，我們永遠不會像現在這樣飛行，對嗎？

So that is an example of the salary line going up, but enabling the amazing revenue performance that we're seeing, right?

這是一個薪資線上升的例子，但帶來了我們所看到的驚人的收入表現，對嗎？

But the net result is obviously very positive for Azul.

但最終結果對於 Azul 來說顯然是非常積極的。

Same thing with insourcing.

內包也是如此。

We saw that there were situations where we had third-party providers and outside people, where it would be much more efficient, much more affordable and we would have a better quality if we just used our own crew members for that work, right?

我們看到，在某些情況下，我們有第三方提供者和外部人員，如果我們只使用自己的工作人員來完成這項工作，效率會更高，價格更實惠，而且品質也會更好，對吧？

So that's an example.

這就是一個例子。

And then there's all the investment in the future that John and David mentioned.

然後是約翰和大衛提到的對未來的所有投資。

We had to hire pilots.

我們只好僱用飛行員。

Sometimes, you have to hire pilots six months before they are actually going to fly, right?

有時，您必須在飛行員實際飛行前六個月僱用他們，對嗎？

We had to increase airport staffing.

我們必須增加機場人員配置。

But in exchange, we got a decrease in minimum ground time, which, again, gives us more aircraft hours to fly, which more than pay for the incremental cost of staff.

但作為交換，我們得到了最短地面時間的減少，這又讓我們有更多的飛機飛行時間，這超過了員工的增加成本。

So what that means is that the number that you saw for Q4 will not increase significantly.

這意味著您在第四季度看到的數字不會大幅增加。

It's also, I think, pretty representative of what the average quarter will be in '24.

我認為，這也很能代表 24 年的平均季度情況。

That means we're going to grow into the staffing that we have already brought into the company.

這意味著我們將擴大我們已經引入公司的人員配置。

Thanks, Abhi and Alex, very clear.

謝謝阿比和亞歷克斯，非常清楚。

Alberto Valerio, UBS.

阿爾貝托·瓦萊裡奧，瑞銀集團。

Hi, John, Alex, Abhi.

嗨，約翰，亞歷克斯，阿比。

Thank you for taking my question.

感謝您回答我的問題。

I have two on my side.

我這邊有兩個。

The first one, it's about guidance.

第一個，是關於指導。

If you take, the fourth-quarter results and annualize it on a seasonal base that is a little bit stronger than the other quarters.

如果您採用第四季度的業績，並在季節性基礎上將其年化，該業績比其他季度要強一些。

We remain a little bit, adding the 11%, capacity expansion for 2024.

我們保持一點成長，2024 年產能擴張增加 11%。

In my estimate, we will be lacking BRL300 million.

據我估計，我們將缺少 3 億雷亞爾。

I would like to know if you are expecting, as Abhi said up-gauging aircraft if you are expecting higher yields or higher margins for 2024?

我想知道您是否像 Abhi 所說的那樣期待 2024 年更高的收益率或更高的利潤率？

This is my first question.

這是我的第一個問題。

And my second one is about the quarter-over-quarter results.

我的第二個問題是關於季度環比的結果。

If there is some different mix on the quarters, we see a little bit lower RPKs, from third quarter for this fourth quarter, and as well the margins was a little bit below 2.5 percentage points.

如果各季度有一些不同的組合，我們會看到從第三季到第四季的 RPK 略有下降，而且利潤率略低於 2.5 個百分點。

If this was just point off for the zero or if you -- we can see a different trend for 2024 and afterwards, on this seasonality during the year?

如果這只是零的點，或者如果你——我們可以看到 2024 年及之後的季節性趨勢有所不同？

Thank you.

謝謝。

Yeah.

是的。

Let me just kind of address your second question first, and then we'll get I'll go back to your first question.

讓我先解決你的第二個問題，然後我們再回到你的第一個問題。

Keep in mind that, I think we did BRL1.6 billion or BRL1.7 billion of EBITDA in the third quarter, but fuel increased about 16%, 17% quarter over quarter.

請記住，我認為第三季度我們的 EBITDA 為 16 億雷亞爾或 17 億雷亞爾，但燃油增長了約 16%，環比增長了 17%。

So the third quarter into the fourth quarter, fuel was up significantly.

所以從第三季到第四季，燃油明顯上漲。

And so yeah, we delivered almost the same amount of EBITDA with significantly higher fuel prices in the fourth quarter compared to the third quarter.

所以，是的，我們第四季的 EBITDA 幾乎與第三季相同，但燃油價格明顯高於第三季。

So I think that shows the strength of the business.

所以我認為這顯示了該業務的實力。

As you're going into 2024 where we are today, keep in mind, we are significantly increasing our capacity to 11%, but that capacity is next gen capacity.

當您進入 2024 年時，請記住，我們正在將產能大幅提高到 11%，但該產能是下一代產能。

And utilizing these existing aircraft we have even more and you should have a lower fuel price, an average lower fuel price in 2023 than you -- in 2024 than you had in '23.

利用這些現有的飛機，我們擁有更多的飛機，你應該有一個更低的燃油價格，2023 年的平均燃油價格比你低——2024 年比你 23 年的平均燃油價格低。

So yeah, you will see margin expansion because of that and we should be getting more economies of scale as we grow this business.

所以，是的，你會看到利潤率因此而擴大，隨著我們發展這項業務，我們應該獲得更多的規模經濟。

Thank you very much.

非常感謝。

So seasonality should keep the same.

所以季節性應該保持不變。

It was just more from one product to the other day the fuel, right?

只是從一種產品到另一天的燃料，對吧？

It was just the fuel.

這只是燃料。

Take a look at the average fuel price fourth quarter versus third quarter.

看看第四季與第三季的平均燃油價格。

And then also, we use Bloomberg to forecast fuel going forward.

然後，我們也使用彭博社來預測未來的燃料。

We use HOA.

我們使用 HOA。

So you can also see that what we expect for Q2, Q3, Q4 is very different than what you saw in Q4.

所以你也可以看到，我們對第二季、第三季、第四季的預期與你在第四季看到的非常不同。

So multiplying by four, like, is a very, I think, easy way to say that it doesn't take much for you to see that our exit rate of 2023 provides us great momentum into the BRL6.5 billion that we guided for 2024.

因此，我認為乘以四是一種非常簡單的方法，您不需要花太多時間就可以看到我們2023 年的退出率為我們提供了巨大的動力，使我們能夠實現2024 年指導的65 億雷亞爾目標。

And then you add the capacity growth.

然後添加容量增長。

And then you add the fact that we are already paying for staff in Q4 and Q1 that's going to produce EBITDA in the full year of '24, that there are maintenance lines that we installed in our hangar that did not work necessarily for all of Q4, but they will work for all of 2024.

然後你補充一個事實，我們已經在第四季度和第一季度支付員工工資，這將在 24 年全年產生 EBITDA，我們在機庫安裝的維護線不一定適用於整個第四季度，但它們將在2024 年全年有效。

So there's a lot that it's more about the run rate than about the seasonality.

因此，更多的是運行率而不是季節性。

Yeah.

是的。

I think it's also important.

我認為這也很重要。

I want to really address this point on OEMs.

我想真正針對原始設備製造商解決這個問題。

There's a battle worldwide with the OEMs, right?

全球範圍內都在與原始設備製造商進行鬥爭，對嗎？

People are fighting over spare engines.

人們正在爭奪備用引擎。

They're fighting over slots at engine facilities.

他們正在爭奪引擎設施的位置。

And the fact that we have a long-term relationship with GE, CFM, with Pratt & Whitney, I think that's a competitive advantage that we locked it in going forward.

事實上，我們與 GE、CFM、普惠公司有著長期的合作關係，我認為這是我們未來鎖定的競爭優勢。

And what you saw in the fourth quarter was us ensuring that we have the assets in place to grow.

您在第四季度看到的是我們確保擁有可成長的資產。

Makes total sense.

完全有道理。

Thank you very much, both.

非常感謝你們兩位。

Thanks so much.

非常感謝。

Bruno, Goldman Sachs.

布魯諾，高盛。

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

I just have a follow-up on the outlook for this year.

我只是對今年的前景進行了跟進。

If we look at the fourth quarter results, if we adjust for what happened with fuel prices since then to your point, and if we account for the growth in capacity for the improvement in the competitive environment.

如果我們看一下第四季的業績，如果我們根據自那時以來燃料價格發生的情況進行調整，如果我們考慮到競爭環境改善所帶來的產能成長。

We can easily get you the margin that you are guiding for this year just by taking into account the jet fuel benefit.

只需考慮航空燃油的好處，我們就可以輕鬆地為您提供今年指導的利潤。

And on top of that, you have the capacity growth improving competitive environment.

最重要的是，你的能力成長可以改善競爭環境。

Is it fair to say the guidance is conservative or am I missing something here?

可以公平地說該指導意見是保守的還是我在這裡遺漏了一些東西？

Thank you.

謝謝。

Hey, Bruno.

嘿，布魯諾。

Thanks.

謝謝。

We usually try to underpromise and overdeliver.

我們通常會嘗試少承諾多兌現。

So our guidance, I would not say, is our 50-50 number.

所以我不會說我們的指導是 50-50 的數字。

But it's the beginning of the year.

但現在是年初。

It's Brazil, but you're right.

這是巴西，但你是對的。

I mean, there is a lot that we're -- we talked about this when we finalized our capital optimization plan, right?

我的意思是，我們在最終確定資本優化計劃時討論了很多事情，對吧？

We're very proud of that plan.

我們對這個計劃感到非常自豪。

I think we're proud of the support that we got, but obviously it took a lot of work, right?

我認為我們為獲得的支持感到自豪，但顯然這需要做很多工作，對吧？

It took a lot of energy and time from the senior management team.

這花費了高階管理團隊大量的精力和時間。

Now we can just divert all that bandwidth to our Azul and to do what we'd like to do, which is to take care of the business, take care of our customers, look for opportunities.

現在我們可以將所有頻寬轉移到我們的 Azul 上，做我們想做的事情，即照顧業務、照顧我們的客戶、尋找機會。

I'm not going to say that there's a lot of padding, but I think it is on us to absolutely work all year to deliver something better than the 6.5.

我不會說有很多填充，但我認為我們絕對有責任全年努力提供比 6.5 更好的東西。

And, Bruno, rest assured, we're shooting higher.

布魯諾，請放心，我們的目標會更高。

Thank you.

謝謝。

Have a good day.

祝你有美好的一天。

Daniel McKenzie, Seaport Global.

丹尼爾·麥肯齊，海港全球公司。

So we will move -- we will turn the microphone over now to Thais so that she may ask the question.

所以我們將採取行動——我們現在將麥克風交給泰國人，以便她可以提出問題。

Thank you, Zack.

謝謝你，扎克。

Daniel is asking about the heating oil prices.

丹尼爾正在詢問取暖油的價格。

So what is the capacity flexibility that we have and what is the willingness to put back on growth to help support loads and revenue?

那麼，我們擁有的產能彈性是什麼，以及為支持負荷和收入而恢復成長的意願是什麼？

Yeah, hey Dan, Abhi here.

是的，嘿丹，阿比在這裡。

Look.

看。

I mean, we want to be disciplined overall, right?

我的意思是，我們希望整體上遵守紀律，對嗎？

We want to grow within the network.

我們希望在網路中成長。

We want to up gauge.

我們想要提高規格。

So I think we'll do what maximize the result and what makes sense.

所以我認為我們會做那些最大化結果、有意義的事情。

In terms of delivery flexibility, I think we do have a little bit flexibility second half of the year on the E2 side, depends how Embraer delivers, but I think there is a couple of little bit of flexibility there to anticipate if we want.

在交付靈活性方面，我認為今年下半年我們在 E2 方面確實有一點靈活性，這取決於巴西航空工業公司的交付方式，但我認為如果我們願意的話，可以預期有一些靈活性。

But we're going to focus on making sure we maximize margins, maximize the result and still stay disciplined to the overall market because we think that's healthy now, and we think that's healthy long-term.

但我們將專注於確保利潤最大化、結果最大化，並且仍然遵守整個市場的紀律，因為我們認為現在這是健康的，而且我們認為從長遠來看這是健康的。

So, I think we'll do what makes sense and we'll do what's kind of right for the market overall.

所以，我認為我們會做有意義的事情，我們會做適合整個市場的事情。

The second question is, about corporate volume and revenue trends.

第二個問題是關於企業數量和收入趨勢。

What are your expectations throughout the year?

您對這一年的期望是什麼？

The economic backdrop has surprised it to the upside.

經濟情勢的改善令其感到意外。

Is that driving an uptick in corporate travel?

這是否會推動商務旅行的增加？

Yeah, corporate travel has been strong.

是的，商務旅行一直很強勁。

It was very strong second half of last year, especially kind of the September, October, November timeframe.

去年下半年的表現非常強勁，尤其是九月、十月和十一月。

We actually had periods where we've crossed over a 100% in corporate volume recovery.

事實上，我們曾經經歷過企業銷售恢復超過 100% 的時期。

Revenue, just to remind everybody is way -- is well ahead, more than 50% ahead because of the average fares and the yields are up so significantly.

只是提醒大家，收入遙遙領先，領先 50% 以上，因為平均票價和收益率大幅上升。

So we're not seeing any resistance in terms of corporate revenue, in terms of corporate volumes.

因此，我們在企業收入、企業數量方面沒有看到任何阻力。

We think, Brazilians are flying, they're flying on leisure.

我們認為，巴西人正在飛行，他們正在休閒飛行。

They're flying to meet their customers.

他們正飛去見客戶。

They're flying to make new deals.

他們飛去達成新的交易。

We're not really hearing any resistance from corporate customers at all.

我們其實根本沒有聽到企業客戶的任何抵制。

So I think now it's just kind of moving forward, update the network and continue to capitalize on the strong environment.

所以我認為現在只是向前邁進，更新網路並繼續利用強大的環境。

Thanks, Abhi.

謝謝，阿比。

And the last one is regarding the government support to create funds to help the airlines.

最後一個是關於政府支持設立資金來幫助航空公司。

Is your sense that the fund would be competitive with the capital markets with respect to borrowing?

您是否認為該基金在藉貸方面將與資本市場競爭？

And is the fund something that Azul would want to tap?

Azul 願意利用該基金嗎？

Yes.

是的。

So, what I would say is I think there's been a great dialogue with the Brazilian government.

所以，我想說的是，我認為與巴西政府進行了很好的對話。

I think the three airlines are working jointly to kind of show some of the main concerns that the Brazilian industry has faced over the last few years.

我認為這三家航空公司正在共同努力，以展示巴西航空業在過去幾年中面臨的一些主要問題。

One of which is having the highest fuel prices in the world, which that -- holds growth in place because of that.

其中之一是擁有世界上最高的燃料價格，因此保持了成長。

And so we've kind of showed that to the Brazilian government.

所以我們已經向巴西政府展示了這一點。

I think they're very receptive to those concerns.

我認為他們非常願意接受這些擔憂。

Also, there's a lot of lawsuits in Brazil and we represent 3% of the world's flights, 90% plus of the world's lawsuits.

此外，巴西有許多訴訟，我們代表全球 3% 的航班，佔全球訴訟量的 90% 以上。

And so the Brazilian government is working jointly with the airlines.

因此，巴西政府正在與航空公司合作。

And I think that it's a very open dialogue.

我認為這是一次非常開放的對話。

But the credit is where we're getting the most traction overall.

但整體而言，信用是我們獲得最大吸引力的地方。

And there's a significant burden on the airlines because the cost of capital has gone up significantly and because the Brazilian industry did not get any government aid at all.

由於資本成本大幅上升，而且巴西工業根本沒有得到任何政府援助，航空公司承受著巨大的負擔。

A lot of people are talking about a bailout package in Brazil.

很多人都在談論巴西的紓困計畫。

Really, what you're talking about is access to credit at more competitive rates than the capital markets, right?

確實，您所說的是以比資本市場更具競爭力的利率獲得信貸，對吧？

And so if there's more competitive rates in the capital markets, then we would certainly would access that.

因此，如果資本市場上有更具競爭力的利率，那麼我們肯定會獲得這種利率。

And that would help us continue our growth plans going forward, bring more capacity into the market.

這將有助於我們繼續推動未來的成長計劃，為市場帶來更多產能。

And I think that the Brazilian government would like to see more capacity because the demand environment is very strong.

我認為巴西政府希望看到更多的產能，因為需求環境非常強大。

But I think the dialogue with the Brazilian government has been very good.

但我認為與巴西政府的對話非常好。

They've been very receptive.

他們非常樂於接受。

And we have an agenda, and we're working through that agenda jointly.

我們有一個議程，我們正在共同努力完成該議程。

And so we're excited about what that can mean for the industry as a whole moving forward.

因此，我們對這對整個行業的發展意味著什麼感到興奮。

Thanks, John.

謝謝，約翰。

Mike Linenberg from Deutsche Bank also has some questions.

德意志銀行的 Mike Linenberg 也有一些問題。

The first one is a follow-up on the government's support.

第一個是政府支持的後續行動。

He thinks it was going to be BRL1.2 billion credit line.

他認為信貸額度將達到 12 億雷亞爾。

He wants to know how it it's going to be divided among the airlines and what will be the terms of the credit line?

他想知道這筆錢將如何在航空公司之間分配以及信用額度的條款是什麼？

Yes.

是的。

So I don't think it's fully defined yet.

所以我認為它還沒有完全定義。

But in our conversations with Brazilian government, they're talking about roughly BRL6 billion to BRL8 billion divided kind of equally between the major airlines in Brazil.

但在我們與巴西政府的對話中，他們談論的是巴西各大航空公司平均分配的約 60 億至 80 億雷亞爾。

And so that's what we're looking at.

這就是我們正在研究的。

Still ongoing conversations.

仍在進行中的對話。

We'll be in Brazilian next week to discuss this again.

下週我們將在巴西再次討論這個問題。

And as I said, I think we're getting some great traction.

正如我所說，我認為我們正在獲得一些巨大的吸引力。

And this is very positive overall, reminding everybody there was no help given previously.

整體而言，這是非常正面的，提醒大家以前沒有提供任何幫助。

And so this is an opportunity for the Brazilian government to help the industry grow.

因此，這是巴西政府幫助該行業發展的機會。

Helping the industry grow is helping Brazilians travel more, which is really good for the economy.

幫助該行業發展就是幫助巴西人更多旅行，這對經濟確實有利。

Yeah.

是的。

And just to add, what John said.

補充一下約翰所說的話。

I think sometimes in the press, this is portrayed as a negotiation or a rescue package.

我認為有時在媒體上，這被描述為談判或救援計劃。

And that's, like John said, that's not it.

正如約翰所說，事實並非如此。

What I think both the government and the industry has seen is that Brazil has a huge potential and we want to unlock that potential.

我認為政府和業界都看到巴西擁有巨大的潛力，我們希望釋放這種潛力。

So we're going after the root causes of why that potential has not been materialized yet, but we're confident that we can work together and work at a few of these structural issues that this is going to be great for Brazil, great for the consumer and great for the industry.

因此，我們正在尋找尚未實現這一潛力的根本原因，但我們有信心我們可以共同努力解決其中一些結構性問題，這對巴西、對巴西來說都是好事。對消費者來說，對整個產業來說都是偉大的。

And one thing Alex always likes to remind us, none of this is in our forecast.

亞歷克斯總是喜歡提醒我們一件事，這一切都不在我們的預測之內。

And so if we can reduce judicial claims, that's upside.

因此，如果我們能夠減少司法索賠，那就是有利的。

If we can get a better cost of capital, that's upside.

如果我們能夠獲得更好的資本成本，那就有好處。

If we can get traction on fuel prices in Brazil, that's upside.

如果我們能夠推動巴西的燃油價格上漲，那就是上行趨勢。

Thanks, John.

謝謝，約翰。

The second question is an update on the Embraer's deliveries.

第二個問題是巴西航空工業公司交付的最新情況。

Are you seeing the same type of delays that Embraer that airlines are seeing from Airbus and Boeing?

您是否也看到與巴西航空工業公司、空中巴士和波音航空公司相同類型的延誤？

Are you on track to get it 13 aircraft this year or could that be delayed?

今年您是否有望獲得 13 架飛機，或者是否會推遲？

Yeah, hey Mike.

是的，嘿麥克。

No, we feel good about where we are with Embraer.

不，我們對巴西航空工業公司的處境感到滿意。

Obviously, we're working very, very closely with them on making sure the deliveries flow.

顯然，我們正在與他們非常非常密切地合作，以確保交貨順利。

We had three aircraft already enter service in January of this year.

我們有三架飛機已於今年一月投入使用。

And now sort of June onwards, you will start to see a steady stream of aircraft between June and January for 2025.

從 6 月開始，您將開始看到 2025 年 6 月至 1 月之間的穩定飛機流。

So far, we're on track.

到目前為止，我們已步入正軌。

Obviously, talking very close with them and with the engine manufacturer to make sure that the engines are in place as well for the deliveries.

顯然，我們要與他們和引擎製造商密切交談，以確保引擎在交付時就位。

So far seems good.

到目前為止看起來不錯。

So yes, we have a little bit of upside potentially in our plan, but, we're on track for now.

所以，是的，我們的計劃有一些潛在的好處，但是，我們目前正在步入正軌。

I think, Mike, the only thing I would say on that is back end loaded like most OEMs.

我想，麥克，我唯一要說的是像大多數原始設備製造商一樣的後端加載。

And so I think Azul's exit rate of 2024 is going to be a much larger company than certainly we enter 2024 just because a lot of those deliveries are second half of the year.

因此，我認為 Azul 到 2024 年的退出率將比我們進入 2024 年時的規模大得多，因為其中許多交付都是在今年下半年。

Guilherme Mendes, JPMorgan.

吉列爾梅·門德斯，摩根大通。

Good afternoon, everyone.

大家下午好。

Thanks for taking my question.

感謝您提出我的問題。

My question is on the liability management front and thinking about the equity efficiency that's coming up in the third quarter of this year going up until the 2027.

我的問題是關於負債管理方面的問題，以及對今年第三季直至 2027 年出現的股權效率的思考。

Assuming that the stock won't be at BRL36, how do you guys think about the potential use of proceeds to compensate the resource, potentially additional equity dilution or using debt?

假設股票價格不是 36 巴西雷亞爾，你們如何看待潛在使用收益來補償資源、潛在的額外股權稀釋或使用債務？

And if that is the case or cash flow or whatever, if it's included on the leverage guidance for this year?

如果是這種情況，現金流或其他什麼，是否包含在今年的槓桿指導中？

Thank you.

謝謝。

Hey, Guilherme.

嘿，吉列爾梅。

So we have the option, right?

所以我們有選擇，對嗎？

When we finalized our plan, we communicated this as an equity structure that we had the option to pay in cash.

當我們最終確定計劃時，我們將其作為股權結構進行了傳達，我們可以選擇以現金支付。

The option is solely on us.

選擇權完全在於我們。

So you could also foresee -- you could also look at this as in a different way.

所以你也可以預見──你也可以以不同的方式看待這個問題。

You can look at this as debt that matures over the course of 14 quarters all the way into 2027 with zero interest, where I have the option, if I want to give shares instead of cash, right?

你可以將其視為在 14 個季度內到期的債務，一直到 2027 年，利息為零，如果我想給予股票而不是現金，我可以選擇，對嗎？

So if you look at it that way, I think it's a great facility, that's very comfortable, that fits within our cash flow generation.

因此，如果你這樣看，我認為這是一個很棒的設施，非常舒適，適合我們的現金流生成。

And obviously, we're going to look at the stock and make a determination on whether we think the stock is fairly priced and decide whether we pay that in cash or we pay that in shares.

顯然，我們將查看股票並確定我們是否認為股票定價合理，並決定我們是否以現金支付或以股票支付。

That's clear.

很清楚。

Thanks, Alex.

謝謝，亞歷克斯。

Okay, thank you.

好的謝謝。

So this closes the Q&A session.

那麼問答環節到此結束。

I'll turn to John for the final remarks.

我將請約翰發表最後的評論。

Thanks everybody for joining us today, and a special thanks and shout out to all of our great crew members who continue to deliver fantastic results.

感謝大家今天加入我們，特別感謝並讚揚我們所有繼續取得出色成果的優秀船員。

Feel free to reach out to any of us in our Investor Relations team.

請隨時聯繫我們投資者關係團隊中的任何人。

We look forward to seeing you over the next -- over the coming weeks.

我們期待在接下來的幾週內見到您。

Thank you.

謝謝。

This concludes the Azul's audio conference for today.

今天 Azul 的音訊會議到此結束。

Thank you very much for your participation, and have a good day.

非常感謝您的參與，祝您有美好的一天。