Azul SA (AZUL) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome all to Azul's first quarter earning call.

大家好，歡迎大家參加 Azul 第一季財報電話會議。

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

我叫扎克，今天我將擔任您的接線生。

This event is being recorded.

該事件正在被記錄。

(Operator Instructions)

（操作員說明）

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

我想將演講交給投資者關係主管 Thais Haberli。

Please proceed, Thais.

請繼續，泰國人。

Thank you, Zach, and welcome all to Azul's first quarter earnings call.

謝謝扎克，歡迎大家參加 Azul 第一季財報電話會議。

The results that we announced this morning, the audio of this call, and the slides that we reference 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。

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

今天的演講嘉賓是 Azul 創辦人兼董事長 David Neeleman；和執行長約翰·羅傑森。

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

亞歷克斯‧馬爾菲塔尼 (Alex Malfitani)，我們的財務長； Azul 總裁 Abhi Shah 也出席了問答環節。

Before I turn the call over to David, I would like to caution you regarding our 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。

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 are 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。

Dave?

戴夫？

Thanks, Thais.

謝謝，泰國人。

Welcome, everyone, and thanks for joining us for our first quarter 2024 earnings call.

歡迎大家，感謝您參加我們的 2024 年第一季財報電話會議。

First of all, I wish to express my solidarity with the people of Rio Grande do Sul, during this very difficult time.

首先，在這個非常困難的時刻，我謹向南里奧格蘭德州人民表示聲援。

We are deeply saddened by the loss of lives, the displacement of people, and the widespread destruction caused by severe flooding in that region.

我們對該地區嚴重洪災造成的生命損失、人民流離失所和廣泛破壞深感悲痛。

On a personal note, my family has deep connections to that region.

就我個人而言，我的家人與該地區有著深厚的聯繫。

My father has done business there for decades.

我父親在那裡做生意幾十年了。

My daughter served a mission for our church there and we have many, many dear friends.

我女兒在那裡為我們的教會傳教，我們有很多很多親愛的朋友。

Azul crew members from all over the country have put their heart and soul into relief efforts, donating time, money and supplies, while at the same time running the day-to-day operation.

來自全國各地的 Azul 船員全心全意地投入到救援工作中，捐贈時間、金錢和物資，同時進行日常工作。

I've always stated that we have the best crew members in the world, and they are once again proving it.

我一直說我們擁有世界上最好的船員，他們再次證明了這一點。

I cannot thank them enough for their passion, and their dedication.

我對他們的熱情和奉獻精神感激不盡。

We've already received more than 1,300 tons of supplies in donations, and the challenge now is to swiftly get these supplies to those who need them.

我們已經收到了1300多噸捐贈物資，現在的挑戰是如何將這些物資迅速送到有需要的人手中。

With that in mind, we have created, together with Itau Bank, a fund to enable as many dedicated flights, and truck shipments as possible.

考慮到這一點，我們與 Itau 銀行一起創建了一項基金，以支持盡可能多的專線航班和卡車運輸。

I want to especially thank Milton Maluhy, the CEO of Itau, for his partnership and support in these efforts.

我要特別感謝 Itau 執行長 Milton Maluhy 在這些努力中的合作和支持。

During our earnings -- turning to our earnings presentation, I want to remind you of the fundamentals of our business.

在我們的收益報告中，我想提醒您我們業務的基本面。

Our exclusive network, diverse business units combined with a growing, efficient, and flexible fleet are key drivers to another record quarter of results.

我們獨特的網路、多元化的業務部門以及不斷成長、高效且靈活的機隊是推動季度業績再創新高的關鍵因素。

One clear example of this is the fact that we continue to be the only carrier in 82% of our routes.

一個明顯的例子是，我們仍然是 82% 航線的唯一承運商。

Many thought that as we grew, we would have to encounter more competition, but in fact, the opposite has happened.

很多人認為，隨著我們的成長，我們會遇到更多的競爭，但事實恰恰相反。

We stayed true to our strategy, we grew within our network and by doing that, the percentage of routes, that we are the only carrier of, has actually increased.

我們堅持我們的策略，我們在網路中不斷發展，透過這樣做，我們作為唯一承運人的航線的百分比實際上有所增加。

On Slide 5, we show 1 great example of this effect, our focus city, Belem in the North of Brazil.

在投影片 5 上，我們展示了這種效果的 1 個很好的例子，即我們的焦點城市，巴西北部的貝倫。

In the past, if a customer from the north of Brazil wanted to fly to another destination in the north, they first needed to fly south, the so-called V route, adding hours and sometimes more than a day to their journey.

過去，如果來自巴西北部的乘客想要飛往北部的另一個目的地，他們首先需要飛往南方，即所謂的V航線，這會增加幾個小時，有時甚至一天以上的旅程。

We saw that as an incredible opportunity to connect all of the north of Brazil via Belem.

我們認為這是一個透過貝倫連接整個巴西北部的絕佳機會。

Since 2019, only in Belem, we are up 70% in departures.

自 2019 年以來，光是貝倫的出發航班數量就增加了 70%。

Out of the 23 destinations served, we have competition on only five of them.

在提供服務的 23 個目的地中，我們僅在其中 5 個目的地存在競爭。

This is just another of the many examples around the country, of how we've been able to grow by finding and developing new demand.

這只是全國各地眾多例子中的另一個，展示了我們如何透過發現和開發新需求來實現成長。

We are confident Brazil still has a lot more room to grow, and Azul will continue to explore that opportunity.

我們相信巴西仍有更大的成長空間，藍色海岸將繼續探索這個機會。

On Slide 6, we summarize Azul's ecosystem of business, which has powered our growth and diversified our strategy.

在投影片 6 中，我們總結了 Azul 的商業生態系統，它推動了我們的成長並實現了我們的策略多元化。

In Q1, our core businesses of loyalty, vacations, and cargo once again had solid results.

第一季度，我們的忠誠度、假期和貨運等核心業務再次取得了不錯的業績。

For example, gross billings of our loyalty program increased 31% versus the first quarter of 2023, and our vacations business increased gross billings by 75% year-over-year, thanks to strong demand in leisure markets supported by our dedicated vacations network.

例如，我們的忠誠度計畫的總帳單較2023 年第一季成長了31%，而我們的假期業務的總帳單同比成長了75%，這要歸功於我們專門的度假網路支持的休閒市場的強勁需求。

Even with all this growth in the Brazilian market since we founded Azul in 2008, Brazilians still travel significantly less than countries such as Colombia, Chile, or Mexico.

儘管自 2008 年我們創立 Azul 以來巴西市場取得瞭如此巨大的成長，但巴西人的出行量仍明顯少於哥倫比亞、智利或墨西哥等國家。

So imagine the opportunities we have to grow even more in these businesses.

因此，想像一下我們在這些業務中獲得更大發展的機會。

In addition, we continue to ramp up our maintenance unit, Azul TecOps, our overhaul and maintenance unit.

此外，我們持續加強我們的維修部門、Azul TecOps、我們的檢修和維護部門。

We have seen accelerated growth in our charter unit, Azul OnDemand as well.

我們的包機部門 Azul OnDemand 也出現了加速成長。

These fast-growing, high-margin businesses strengthen our leverage in our business model, and are a major factor in driving margin expansion.

這些快速成長、高利潤的業務增強了我們在業務模式中的影響力，是推動利潤率擴張的主要因素。

I am proud to see the great strength of our company.

我很自豪看到我們公司的強大實力。

Once again, we are reporting record results and margin growth.

我們再次報告創紀錄的業績和利潤成長。

We are doing all we can to help the people of Rio Grande do Sul, at the same time are laser focused on our business, and our path through 2024 and beyond.

我們正在盡一切努力幫助南里奧格蘭德州人民，同時專注於我們的業務以及 2024 年及以後的發展道路。

With that, I will now turn the time over to John, to give you more details on our record first quarter results.

現在，我將把時間交給約翰，向您提供有關我們創紀錄的第一季業績的更多詳細資訊。

John?

約翰？

Thanks, David.

謝謝，大衛。

First, as David said, our heart goes out to all the people affected by the devastating floods in Rio Grande do Sul.

首先，正如大衛所說，我們的心與所有受到南里奧格蘭德州毀滅性洪水影響的人們同在。

I've been in contact with dozens of our crew members, and we're doing all we can to support them during this difficult time.

我已經與數十名船員取得了聯繫，我們正在盡一切努力在這個困難時期為他們提供支援。

I'm so proud of all of our crew members for their incredible volunteer efforts, which are deeply appreciated by the people in the South.

我為我們所有的機組人員感到非常自豪，他們做出了令人難以置信的志工努力，南方人民對此深表讚賞。

The culture and sense of family at Azul are stronger than ever.

Azul 的文化和家庭意識比以往任何時候都更加強烈。

One question I'm sure you all have is, when do we expect the Porto Alegre airport to reopen?

我相信大家都有一個問題是，我們預期阿雷格里港機場何時重新開放？

The answer is, we do not know yet and of course, ANAC -- report are monitoring this difficult situation and we will determine when the airport can be reopened safely.

答案是，我們還不知道，當然，ANAC 報告正在監控這一困難局勢，我們將確定機場何時可以安全地重新開放。

In the meantime, we're working with authorities to allow a limited number of commercial flights into the neighboring Canoas air base.

同時，我們正在與當局合作，允許有限數量的商業航班飛往鄰近的卡諾阿斯空軍基地。

This will allow the industry to reconnect the region to the Brazilian airline network, enabling critical movement of people and supplies.

這將使該行業能夠將該地區與巴西航空網絡重新連接起來，從而實現人員和物資的重要流動。

We will keep you updated as the situation develops.

隨著情況的發展，我們將隨時向您通報最新情況。

Focusing now on our results.

現在關注我們的結果。

As you can see on Slide 7, we once again had a record quarter.

正如您在幻燈片 7 中看到的，我們再次實現了創紀錄的季度業績。

Our operating revenue increased 4.5% to BRL4.7 billion, driven by a healthy demand environment, robust ancillary revenues, and growth in our business units.

在健康的需求環境、強勁的輔助收入和業務部門成長的推動下，我們的營業收入成長了 4.5%，達到 47 億雷亞爾。

RASK and PRASK stood at record levels for our first quarter, demonstrating the strength -- of our business model.

第一季度，RASK 和 PRASK 創下歷史新高，展現了我們業務模式的實力。

Capacity for the quarter grew 2.6%, supported by a 6% growth in domestic market, offset by a temporary reduction in our international network, due to a transition in our widebody fleet.

本季運力成長 2.6%，這得益於國內市場 6% 的成長，但由於我們的寬體機隊轉型而導致國際網路暫時減少，從而抵消了這一影響。

EBITDA reached BRL1.4 billion, a record for a first quarter and an increase of 37.4% compared to first quarter 2023.

EBITDA 達到 14 億雷亞爾，創第一季紀錄，較 2023 年第一季成長 37.4%。

Our EBITDA margin of 30.3% was also a first quarter record, and one of the highest in the world.

我們 30.3% 的 EBITDA 利潤率也創下了第一季的記錄，也是全球最高的之一。

It clearly confirms our ability to grow, and extend margins at the same time.

它清楚地證實了我們同時成長和擴大利潤的能力。

As David mentioned, as we grow, we get stronger and more profitable.

正如大衛所提到的，隨著我們的成長，我們變得更強大，利潤也更高。

On Slide 8, you can see the continued evolution of our EBITDA.

在投影片 8 上，您可以看到我們 EBITDA 的持續發展。

Since first quarter 2019, our EBITDA has more than doubled as the company has grown, but now our EBITDA margin has reached a record as well, to more than 30%.

自 2019 年第一季以來，隨著公司的發展，我們的 EBITDA 成長了一倍多，但現在我們的 EBITDA 利潤率也達到了創紀錄的水平，達到 30% 以上。

This is especially remarkable given the fact that both currency, and fuel are much more challenging today than they were in 2019.

考慮到今天的貨幣和燃料都比 2019 年更具挑戰性，這一點尤其引人注目。

So even with these headwinds, we were able to grow and expand margins, demonstrating once again the strength of our business.

因此，即使面臨這些不利因素，我們仍然能夠成長並擴大利潤率，再次證明了我們業務的實力。

On Slide 9, I want to highlight one of our key initiatives, to further expand margins this year and beyond, aircraft utilization.

在投影片 9 上，我想強調我們的一項關鍵舉措，即飛機利用率，以進一步擴大今年及以後的利潤率。

We have significantly increased aircraft utilization compared to last year, supported by strong demand throughout our businesses.

與去年相比，在整個業務的強勁需求的支持下，我們的飛機利用率顯著增加。

For example, our vacations business alone has doubled its dedicated route network.

例如，光是我們的度假業務就將其專用航線網路擴大了一倍。

These flights allow us to increase utilization at non-peak times, while at the same bringing us a whole new segment of demand.

這些航班使我們能夠提高非尖峰時段的使用率，同時也為我們帶來了全新的需求領域。

These are opportunities that we continue to develop, and we're extremely excited with the progress we are making.

這些是我們繼續開發的機會，我們對所取得的進展感到非常興奮。

Looking ahead to the rest of 2024, I want to talk about a key driver of our growth and EBITDA expansion, our E2 deliveries.

展望 2024 年剩餘時間，我想談談我們成長和 EBITDA 擴張的關鍵驅動力，即我們的 E2 交付量。

As you can see on Slide 10, we significant -- we will significantly increase the rate of E2 deliveries this year with 13 new Embraer E2s.

正如您在投影片 10 中看到的，我們很重要——今年我們將大幅提高 E2 的交付率，推出 13 架新的巴西航空工業公司 E2。

To remind you, the E2 has 18 more seats and delivers 18% lower fuel burn, compared to the E1.

提醒您的是，與 E1 相比，E2 多了 18 個座位，燃油消耗降低了 18%。

This means we get a 26% reduction in our cost per seat.

這意味著我們的每個席位成本降低了 26%。

In summary, with this aircraft, we can have more revenue and lower cost, compared to the first-gen E1s that we're flying today.

總而言之，與我們今天飛行的第一代 E1 飛機相比，使用這架飛機，我們可以獲得更多的收入和更低的成本。

Today we have 20 E2s flying, but by the end of 2025, that number will more than double.

目前，我們有 20 架 E2 飛行，但到 2025 年底，這個數字將增加一倍以上。

Slide 11 shows how relevant the E2s are becoming.

幻燈片 11 顯示了 E2 的重要性。

In the next 12 months alone, the flights and capacity flown on E2s will more than double.

僅在接下來的 12 個月內，E2 的航班數量和運能將增加一倍以上。

The economics of the E2 allows us to fly longer stage-length and more hours in a day, and as a result drive significant operational leverage and margin expansion.

E2 的經濟性使我們能夠在一天內飛行更長的航程和更多的時間，從而推動顯著的營運槓桿和利潤擴張。

Azul will be a larger airline as we exit this year.

隨著我們今年退出，蔚藍航空將成為一家規模更大的航空公司。

Our broad network and unique connectivity serve as the ideal platform for this profitable growth going forward.

我們廣泛的網路和獨特的連接性是未來獲利成長的理想平台。

Moving on to Slide 12, you can see we have a consistent growth in EBITDA expansion over the last 15 years, only interrupted by the pandemic.

轉到投影片 12，您可以看到過去 15 年中我們的 EBITDA 擴張持續成長，只是受到疫情的影響。

But if you exclude that period, you can see that we're back to the earnings growth trajectory that we've always had, and there's more to go.

但如果排除這段時期，您會發現我們又回到了一直以來的獲利成長軌跡，而且還有更多的路要走。

Our 2024 EBITDA of BRL6.5 billion will be by far our best year ever, and still the best is yet to come.

2024 年，我們的 EBITDA 為 65 億雷亞爾，這將是我們迄今為止最好的一年，而且最好的一年還在後頭。

Our strong operational performance, leads to improved cash flow and reduced leverage.

我們強勁的營運業績改善了現金流並降低了槓桿率。

On Slide 13, you can see that even in a seasonally weak quarter, from a cash perspective, the operation was able to generate enough cash to pay down aircraft debt, CapEx, and interest.

在幻燈片 13 中，您可以看到，即使在季節性疲軟的季度，從現金角度來看，該業務也能夠產生足夠的現金來償還飛機債務、資本支出和利息。

We've also been able to invest in our growth with, for example, pre-delivery payments for upcoming aircraft, which we know will come back when these aircraft are delivered.

我們還能夠透過例如即將推出的飛機的交付前付款來投資於我們的成長，我們知道這些付款將在這些飛機交付時收回。

In the second half of this year, the airline will be about 15% larger than it is today.

今年下半年，該航空公司的規模將比現在擴大約 15%。

Combined with favorable demand seasonality, EBITDA will be even higher, while the cash outflows will practically not change, clearly leading to improved free cash flow generation.

加上有利的需求季節性，EBITDA 將更高，而現金流出實際上不會改變，這顯然會改善自由現金流的產生。

As we annualize these numbers, you can clearly see that we're on the path to sustained cash generation.

當我們對這些數字進行年度化時，您可以清楚地看到我們正在繼續創造現金。

As a result, as we show on Slide 14, thanks to significant EBITDA generation in 2024 and continued pay down in debt, our leverage at the end of this year will be around 3, lower than what we had in the fourth quarter of 2019.

因此，正如我們在幻燈片 14 中所示，由於 2024 年產生了大量 EBITDA 以及債務的持續償還，我們今年年底的槓桿率將在 3 左右，低於 2019 年第四季度的水平。

As we reach this milestone, we will exit 2024 as a truly stronger company than we've ever been.

當我們達到這一里程碑時，我們將在 2024 年成為一家真正比以往任何時候都更強大的公司。

Concluding on Slide 15, our business is doing extremely well with record revenues and EBITDA.

投影片 15 的結論是，我們的業務表現非常出色，營收和 EBITDA 都創歷史新高。

Going forward, our continued fleet transformation and increased aircraft utilization, will lead to much higher growth in EBITDA than in lease payments or CapEx.

展望未來，我們持續的車隊轉型和飛機利用率的提高將導致 EBITDA 的成長遠高於租賃付款或資本支出。

Our interest payments will also reduce as we paydown debt and our cost of capital improves.

隨著我們償還債務和資本成本的改善，我們的利息支付也將減少。

This leads directly to higher cash generation, which is why we're so excited about the future.

這直接導致更高的現金產生，這就是我們對未來如此興奮的原因。

More importantly, our customers love to fly us and our crew members love to work with us.

更重要的是，我們的客戶喜歡搭乘我們的航班，我們的機組人員也喜歡與我們合作。

We are sharply focused on executing our business plan for 2024 and beyond.

我們高度專注於執行 2024 年及以後的業務計劃。

With that, David, Alex, Abhi, and I are available to answer your questions.

這樣，我和 David、Alex、Abhi 就可以回答您的問題了。

And I turn the call over to the operator.

我將電話轉給接線生。

(Operator Instructions)

（操作員說明）

Gabriel Rezende, sell-side analyst, Itau.

Gabriel Rezende，Itau 賣方分析師。

It would be great, if you could provide some comments regarding the forward bookings, and the respective yields you are seeing at this point for the coming months, the months that you already have some visibility.

如果您能提供一些有關遠期預訂的評論，以及您目前在未來幾個月（您已經有一定知名度的月份）看到的相應收益率，那就太好了。

Mainly considering that, Azul has been able to maintain yields at a very attractive level, increasing on a year-on-year basis, despite what has been happening with fuel costs, and the [ favorable ] effects on a year-on-year basis as well.

主要考慮到，儘管燃料成本發生了變化，但Azul仍能夠將產量維持在非常有吸引力的水平，同比增長，並且同比產生[有利]影響以及。

So that's my first point.

這是我的第一點。

The second point, if you could provide some comments regarding potential supply chain risks that could challenge your expectations for the aircraft to be delivered this year.

第二點，您是否可以就潛在的供應鏈風險提供一些評論，這些風險可能會挑戰您對今年交付的飛機的期望。

I understand this might be a key point for your guidance, and expectations regarding fuel savings as well.

我知道這可能是您指導的關鍵點，也是您對節省燃油的期望的關鍵點。

Yes.

是的。

Gabriel.

加布里埃爾.

Abhi here.

阿比在這裡。

I can take the first part.

我可以接受第一部分。

So overall, we feel pretty good about demand.

總的來說，我們對需求感覺良好。

We are in the middle of second quarter, so there is second quarter seasonality, which is very similar to last year.

我們正處於第二季度中期，因此存在第二季度的季節性，這與去年非常相似。

So I expect similar flown RASKs this second quarter, to last second quarter.

因此，我預計今年第二季將有類似的 RASK 飛行，與去年第二季類似。

But we are seeing really good momentum in terms of future sales.

但我們在未來的銷售方面看到了非常好的勢頭。

I'll give you some highlights here for the month of April.

我將在這裡向您介紹四月份的一些亮點。

So, the month of April, for example, we had a 100% recovery in corporate volumes versus pre-pandemic.

因此，以 4 月為例，與疫情前相比，我們的企業數量恢復了 100%。

We had a 40% increase year-over-year in corporate volumes, versus last year and a 40% increase in leisure volumes versus last year as well.

與去年相比，我們的企業客流量年增了 40%，休閒客流量也比去年增長了 40%。

So looking ahead to the end of -- middle of June, end of June - July onwards.

因此，展望六月底、六月中旬、六月底至七月以後。

We feel pretty good about how the curves are building, and how the demand is kind of moving forward.

我們對曲線如何形成以及需求如何向前發展感覺非常好。

So I would say second quarter seasonality, very similar to last year, but a really good month in terms of forward bookings, like I said, up 40% in the month of April looking ahead.

因此，我想說第二季的季節性，與去年非常相似，但就遠期預訂而言，這是一個非常好的月份，正如我所說，四月份的預訂量增加了 40%。

John?

約翰？

Just quickly, on the supply chain issue that you highlighted, we have a great partner in Embraer.

很快，關於您強調的供應鏈問題，我們有一個很好的合作夥伴—巴西航空工業公司。

We have a great partner in Airbus, as well as ATR, and we're closely tracking the deliveries this year.

我們有空中客車公司和 ATR 等優秀合作夥伴，我們正在密切追蹤今年的交付情況。

And we were assured by our partners that all the deliveries we're supposed to get, will happen on the new schedule.

我們的合作夥伴向我們保證，我們應該得到的所有交付都將按照新的時間表進行。

And so, they're more back-end-loaded than we would want.

因此，它們的後端負載比我們想要的要多。

However, that's why we're exiting 2024 a much larger airline, which rolls forward to 2025, that we'll be a much larger airline going into 2025, because of the back-end nature of when the aircraft will deliver.

然而，這就是為什麼我們要在 2024 年退出一家規模更大的航空公司，並滾動到 2025 年，進入 2025 年我們將成為一家規模更大的航空公司，因為飛機交付時間具有後端性質。

I just want to remind everybody that all of our engines are under power-by-the-hour agreements, which is a strategic advantage at this time in the industry.

我只是想提醒大家，我們所有的引擎都簽訂了按小時計費的協議，這是目前該行業的戰略優勢。

People that do not have deals locked in with the OEMs, it's a strategic disadvantage and all of our engines are now under a long-term agreement with the OEMs, which means we've got great partnerships, and the ability to grow going forward.

對於沒有與原始設備製造商簽訂交易的人來說，這是一個戰略劣勢，我們所有的引擎現在都與原始設備製造商簽訂了長期協議，這意味著我們擁有良好的合作夥伴關係，並且有能力繼續發展。

Victor Mizusaki, Bradesco.

維克多·水崎，布拉德斯科。

Congrats for the quarter.

恭喜本季。

We have two questions here.

我們這裡有兩個問題。

The first one is a follow-up with regards to the aircraft deliveries.

第一個是飛機交付的後續行動。

So John, considering that the deliveries are back-loaded this year, what does this mean in terms of capacity growth for 2025?

那麼約翰，考慮到今年的交付量有所回載，這對 2025 年的產能成長意味著什麼？

And my second question is, if you can comment about a potential deal with Gol or the negotiations with Abra?

我的第二個問題是，您是否可以評論與 Gol 的潛在交易或與 Abra 的談判？

Yes.

是的。

Hi, Victor.

嗨，維克多。

So the aircraft for this year, I think our guidance for capacity growth was 10% to 11%.

因此，對於今年的飛機，我認為我們對運力成長的指導是 10% 到 11%。

There's going to be a little bit of an impact now with the Porto Alegre network.

阿雷格里港網絡現在將會受到一些影響。

So I think 10% to 11% is a good number for this year.

所以我認為今年 10% 到 11% 是一個不錯的數字。

When you then take the aircraft that we are expecting second half and beyond, and you annualize that towards next year, you can expect a slightly higher rate for 2025.

然後，當您購買我們預計下半年及以後的飛機，並將其年化到明年時，您可以預期 2025 年的成長率會略高。

We don't have 2025 guidance yet, and of course, we're still closing the fleet plan, but this year between 10% and 11% and a little bit above that for 2025 versus 2024 in terms of overall ASK growth.

我們還沒有 2025 年的指導，當然，我們仍在結束機隊計劃，但就整體 ASK 增長而言，今年在 10% 到 11% 之間，略高於 2025 年與 2024 年的水平。

And Victor, obviously we can't comment on kind of any of the news reports.

維克多，顯然我們不能對任何新聞報導發表評論。

The only thing I'll say is, we believe strongly in what Azul is building.

我唯一要說的是，我們堅信 Azul 正在建造的東西。

We believe strongly in what we have going forward.

我們堅信我們的未來。

And we're big fans of consolidation.

我們非常熱衷於整合。

I think that that's also something that we've been pretty open about for the last five years or so.

我認為這也是我們在過去五年左右的時間裡一直非常開放的事情。

And so, we'll see what happens going forward.

因此，我們將看看未來會發生什麼。

There's a process in place, and we're watching very closely, and that's all we can really say.

已經有一個流程，我們正在密切關注，這就是我們真正能說的。

Savi Syth.

薩維·賽斯.

Raymond James.

雷蒙德詹姆斯.

Hi, this is [Laura] on for Savi.

大家好，我是薩維的[勞拉]。

Our first question is, can you comment on what you're seeing in the domestic market in terms of competitive capacity?

我們的第一個問題是，您能評估一下國內市場的競爭能力嗎？

Yes, absolutely.

是的，一點沒錯。

So regarding competitive capacity, we see a pretty mild competitive capacity environment, disciplined.

因此，就競爭能力而言，我們看到了一個相當溫和、有紀律的競爭能力環境。

We think overall capacity growth this year, I think, is going to be low single-digits for the industry overall.

我們認為，今年整個產業的整體產能成長將是低個位數。

We're not seeing any large variations from any of the players.

我們沒有看到任何球員有任何重大的變化。

So it feels pretty disciplined overall.

所以整體感覺還蠻有紀律的。

I think everybody is focused on results.

我認為每個人都注重結果。

And even the allocation of capacity within the networks, as I've said many times before, I think airlines are focusing where they are strong, and I think that's providing the best results for each one.

即使是網路內的運力分配，正如我之前多次說過的那樣，我認為航空公司也將重點放在自己的優勢領域，我認為這為每個航空公司提供了最佳結果。

And I think that's the best for the consumer.

我認為這對消費者來說是最好的。

I think it's the best for the industry overall.

我認為這對整個行業來說是最好的。

So if you were to model the whole year domestic market, I would say overall capacity growth this year, a little bit -- now Porto Alegre puts that in doubt, but I would say low single-digits.

因此，如果你要對全年國內市場進行建模，我會說今年的整體運力增長有一點——現在阿雷格里港對此表示懷疑，但我會說低個位數。

And I just want to highlight, the OEM issues that exist with engines across all of the engine manufacturers are making it really tough to add capacity in the short term.

我只想強調，所有引擎製造商的引擎都存在 OEM 問題，這使得短期內增加產能非常困難。

And Airbus and Boeing having issues delivering aircraft on time, so I think that keeps capacity in check for the foreseeable future as well, which -- that makes for a healthy environment.

空中巴士和波音在按時交付飛機方面存在問題，因此我認為在可預見的未來也能控制產能，這將創造一個健康的環境。

And then just one more quick one.

然後再快一點。

Do you have any color on cargo demand as well?

您對貨物需求還有什麼顏色嗎？

Yes.

是的。

So cargo continues to be sideways, I would say.

所以我想說，貨物繼續橫盤整理。

Internationally, we're not yet seeing a robust -- we're seeing strong demand, but we have not seen a return in cargo yields.

在國際上，我們還沒有看到強勁的需求——我們看到了強勁的需求，但我們還沒有看到貨運收益率的回報。

International cargo yields are still low, and I think many airlines that have reported so far have already commented on that.

國際貨運收益率仍然很低，我認為迄今為止已經發布報告的許多航空公司已經對此發表了評論。

Domestically, we are growing, which is good.

在國內，我們正在成長，這是好事。

We see strength in our partnership with e-commerce players like Amazon, for example.

例如，我們看到了與亞馬遜等電子商務企業合作的優勢。

Amazon had a press release about Azul a couple of weeks ago.

幾週前，亞馬遜發布了有關 Azul 的新聞稿。

So we're growing with them.

所以我們正在與他們一起成長。

So we are growing.

所以我們正在成長。

I would say growth is going to be in the mid-single-digits this year, which is still a positive scenario compared to many airlines around the world that are still reporting negative cargo revenue growth.

我想說，今年的成長將達到中個位數，與世界各地許多仍在報告貨運收入負成長的航空公司相比，這仍然是一個積極的情況。

So, I would say domestic growing mid-single digits.

所以，我想說國內的成長是中個位數。

International, good demand, but yields still soft and we haven't seen -- so, I would say kind of mid-single-digit growth on the cargo side.

國際需求良好，但收益率仍然疲軟，我們還沒有看到——所以，我想說貨運方面出現了中等個位數的增長。

Alberto Valerio, UBS.

阿爾貝托·瓦萊裡奧，瑞銀集團。

First, I would like to congratulate all Azul team for the initiatives that they are doing in Rio Grande do Sul.

首先，我要祝賀所有 Azul 團隊在南里奧格蘭德州所做的舉措。

I have two questions.

我有兩個問題。

First one, it's about the seasonality of the year.

第一個是關於一年中的季節性。

Usually, we have a first and second quarter very close one to each other.

通常，我們的第一季和第二季非常接近。

Last year we have a slightly worse second quarter compared to the first quarter.

去年第二季的情況比第一季稍差。

Would like to see about this year, how this year will be.

想看看今年的狀況，今年會怎麼樣。

And my second one is about the cash generation for the year.

我的第二個問題是關於今年的現金產生。

We -- in the beginning of the year, we are forecasting a 0 cash burn for the year.

今年年初，我們預測今年的現金消耗為零。

If you can keep thinking that way, we have a slightly negative numbers for the quarter compared to our numbers.

如果您繼續這樣思考，那麼與我們的數字相比，本季的數字略有負值。

I think it's BRL200 million difference.

我認為相差 2 億雷亞爾。

I would like to see if you can still keep this cash in the ratio at 0 for the year?

我想看看你們這一年的現金比例還能維持在0嗎？

Yes.

是的。

Hi, Alberto.

嗨，阿爾貝托。

On the seasonality, yes, this year as well, we will have 2Q slightly below 1Q levels, very similar to last year.

就季節性而言，是的，今年第二季的水平也將略低於第一季的水平，與去年非常相似。

And then the rebound in 3Q and 4Q.

然後是第三季和第四季的反彈。

Last year we had many holidays in 2Q, especially in April.

去年第二季度，特別是四月份，我們有許多假期。

This year we have much fewer holidays, which is good from a bookings perspective.

今年我們的假期少了很多，從預訂的角度來看這很好。

We are seeing significantly higher bookings, especially with the more days available.

我們發現預訂量顯著增加，尤其是在可用天數增加的情況下。

But we are seeing a more diluted flown revenue environment, just not as peaky, not as many peak days as we had last year.

但我們看到飛行收入環境更稀釋，只是沒有去年那麼高峰，也沒有那麼多高峰天。

So overall we will have similar seasonality to last year, 2Q slightly below 1Q, and then a rebound in 3Q and 4Q, which is normal for Brazil.

因此，總體而言，我們的季節性將與去年相似，第二季度略低於第一季度，然後第三季度和第四季度反彈，這對巴西來說是正常的。

Yes.

是的。

And Alberto, on the cash, right, we're very excited.

阿爾貝托，關於現金，我們非常興奮。

I think this is a year where you're starting to see everything that we've built and everything that this strong EBITDA generation can provide.

我認為今年你將開始看到我們所建立的一切以及這個強大的 EBITDA 世代所能提供的一切。

And you can see by the slide that we provided, kind of using the direct method, right.

您可以透過我們提供的幻燈片看到，有點使用直接方法，對吧。

You can see that our EBITDA in a seasonally unfavorable quarter, in terms of cash like Q1, was enough for us to pay everything that we have to pay, right?

你可以看到，在季節性不利的季度，就現金而言，如第一季度，我們的 EBITDA 足以讓我們支付我們必須支付的所有費用，對吧？

We generate a lot of cash inflows from the operation, and that's enough for us to pay for all of our rent, to pay for all of the interest, all of the CapEx.

我們從營運中產生了大量的現金流入，足以讓我們支付所有的租金、所有的利息、所有的資本支出。

Normally, in a seasonally unfavorable quarter, you could even burn a little bit of cash on that basis, right, of free cash flow to firm and still generate cash for the full year, right, especially the way that Abhi talked about the seasonality.

通常情況下，在季節性不利的季度，你甚至可以在公司自由現金流的基礎上燒掉一點現金，對吧，但仍然可以為全年產生現金，對吧，特別是阿比談到季節性的方式。

He talked about first quarter and second quarter.

他談到了第一季和第二季。

But also you have to think about how the first half is different from the second half right, right, in terms of when the capacity growth is coming.

但你也必須考慮上半年與下半年有何不同，對，對，就產能成長何時到來而言。

What is the fuel curve for the year, right?

今年的燃油曲線是多少，對嗎？

Clearly, fuel is going to be higher in the first and second quarter than it's going to be for the third and fourth.

顯然，第一和第二季的燃油價格將高於第三和第四季。

And just the natural demand seasonality that you have during the year, you always have demand accelerating into third quarter and fourth quarter.

由於一年中的自然需求季節性，需求總是會加速到第三季和第四季。

So, if we're breaking even in a quarter like Q1, we're very excited about what the result is going to be for the full year, right.

因此，如果我們在像第一季這樣的季度實現收支平衡，我們對全年的結果感到非常興奮，對吧。

And we reaffirmed our leverage guidance, right, on -- for the year, right.

我們重申了今年的槓桿指導，對吧。

We will be below the leverage that we had in 2019 in the pre-pandemic, which gives you an estimate for what the cash position is going to be.

我們的槓桿率將低於 2019 年大流行前的水平，這可以讓您估算現金部位。

And that's 2025, right, that we're very excited about -- that's 2024 that we're very excited about.

那就是 2025 年，對吧，我們非常興奮 - 那就是 2024 年，我們非常興奮。

But if you start doing this math for 2025, 2026, the number that we're going to generate this year, which will be a positive number, can increase by about a BRL1 billion every year after that, right.

但如果你開始計算 2025 年、2026 年，我們今年將產生的數字（這將是一個正數）在此之後每年可能會增加約 10 億雷亞爾，對吧。

It's not that we turn positive this year and then stay at those levels.

這並不是說我們今年變得積極，然後保持在這些水平。

EBITDA generation is going to continue to grow, and as you know, we don't really have a lot of increased fleet costs, right.

EBITDA 的產生將繼續增長，而且如您所知，我們的機隊成本實際上並沒有增加很多，對吧。

The CapEx is what it is.

資本支出就是這樣。

The rent goes up, but it doesn't go up as much as EBITDA.

租金上漲，但漲幅不如 EBITDA。

It doesn't even go up by as much as capacity, because some of the capacity growth comes from the up-gauging of E1s into E2s and A320s, some of it comes from increased aircraft utilization, as we described, right?

它甚至沒有像運力那樣增長，因為運力增長的一部分來自於將 E1 升級為 E2 和 A320，一部分來自於飛機利用率的增加，正如我們所描述的，對吧？

So, the revenue growth and the capacity growth is going to outpace growth in rent and so when you do that math, you can see these significant jumps in the cash flow generation year-over-year going forward,

因此，收入成長和產能成長將超過租金成長，因此當你進行數學計算時，你可以看到未來現金流量的同比大幅成長，

Especially as the airline just gets size with all these E2s that we're talking.

尤其是當航空公司透過我們正在談論的所有這些 E2 飛機來擴大規模時。

Rogerio Araujo, Bank of America.

羅傑裡奧·阿勞霍，美國銀行。

I have a couple here.

我這裡有一對。

One is one-off costs and expenses.

一是一次性成本和費用。

The company had been reporting 5%, 7% of revenue in one-off costs in the previous quarters, but now it was 0.

該公司前幾季的一次性成本佔收入的 5%、7%，但現在為 0。

And this led to a strong margin gain when taking out this -- when actually including these one-off expenses.

當扣除這些一次性費用後，這會導致利潤率大幅增加。

My question is, how should we think about it in upcoming quarters?

我的問題是，在接下來的幾季我們該如何思考？

Should it continue to be close to no?

它應該繼續接近“否”嗎？

And that's the first one.

這是第一個。

The second is on the 2.6% capacity expansion in the quarter.

第二個是本季2.6%的產能擴張。

You talked about a temporary reduction, because of international capacity on this widebody fleet transition.

您談到了暫時減少，因為寬體機隊過渡中的國際運能。

If we could have more detail on that would be great.

如果我們能提供更多細節，那就太好了。

Great.

偉大的。

Yes, on non-recurrent -- a lot of the non-recurrent that you had been seeing in 2023 was related to the restructuring, right.

是的，就非經常性業務而言——您在 2023 年看到的許多非經常性業務都與重組有關，對吧。

We were deeply in restructuring mode last year, and that caused restructurings in the fleet, in the lease payment schedule, obviously, a lot of one-time fees to advisors, a lot of fees for new issuances.

去年我們深陷重組模式，這導致了船隊、租賃付款時間表的重組，顯然，向顧問收取了大量一次性費用，為新發行收取了大量費用。

So going forward, unless there's anything that's actually extraordinary, we do not expect to have anything relevant in terms of one-time adjustments.

因此，展望未來，除非有什麼真正非凡的事情，否則我們預計不會有任何與一次性調整相關的事情。

And Rogerio, on the capacity growth, yes, so, big impact this quarter from the international widebody fleet.

Rogerio，就運力成長而言，是的，國際寬體機隊對本季產生了巨大影響。

To give you more detail, we had our two A350s that were flying.

為了向您提供更多詳細信息，我們有兩架 A350 正在飛行。

They, as part of their restructuring from last year, were returned to the lessor at the end of January.

作為去年重組的一部分，它們於一月底歸還給出租人。

So they exited the fleet.

於是他們退出了艦隊。

We have four A330s coming to replace them, but due to the transition of the fleet, they are coming now.

我們有四架 A330 來取代它們，但由於機隊的過渡，它們現在就來了。

So one is already flying.

所以有人已經在飛了。

It started flying in April.

它於四月開始飛行。

The second one is going to start flying in the first week of June.

第二架飛機將於六月第一週開始飛行。

The third one is going to start flying third week of July and the last one at the end of August.

第三架將於七月第三週開始飛行，最後一架將於八月底開始飛行。

So that's why you have the slow ramp-up in capacity.

這就是產能成長緩慢的原因。

You have the dip that was February, March, April, and then you have the recovery in international capacity as we go through 2Q, 3Q, and 4Q.

2 月、3 月、4 月有下降，然後當我們經歷第二季、第三季和第四季時，國際運力有所恢復。

So that's on the international side.

這是國際方面的。

We basically have two widebodies leaving the fleet end of January, and then we have four coming in.

基本上，我們在一月底有兩架寬體機離開機隊，然後又有四架加入。

We also had some heavy maintenance, calendar timing.

我們也進行了一些繁重的維護和日曆計時。

And then as John mentioned, we have the E2s coming sort of second half of the year.

然後正如約翰所提到的，我們將在今年下半年推出 E2。

That's going to provide some capacity for this year and then for next year.

這將為今年和明年提供一些產能。

But that's the detail on the widebody fleet.

但這就是寬體機隊的細節。

Okay.

好的。

So this closes our Q&A session for this call.

本次電話會議的問答環節到此結束。

We'll move the call over now to John for closing remarks.

我們現在將電話轉給約翰，讓他發表結束語。

Please, John.

拜託，約翰。

I appreciate everybody, and look forward to seeing many of you in New York this week.

我感謝大家，並期待本週在紐約見到你們中的許多人。

And once again, let's pray for the people in Rio Grande do Sul, very catastrophic what's happened there.

讓我們再次為南里奧格蘭德州的人們祈禱，那裡發生了非常災難性的事情。

And rest assured, Azul is doing all we can to help as we run a fantastic business.

請放心，Azul 正在竭盡全力幫助我們經營出色的業務。

We'll continue to grow this business going forward.

未來我們將繼續發展這項業務。

We feel very strongly about what we've built and we're going to continue expanding margins and generating cash on a going-forward basis.

我們對我們所建立的東西有非常強烈的感覺，我們將繼續擴大利潤率並在未來的基礎上產生現金。

Thanks, everybody.

謝謝大家。

Okay.

好的。

Thank you.

謝謝。

This concludes the Azul audio conference call for today.

今天的 Azul 音訊電話會議到此結束。

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。