Azul SA (AZUL) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome all to Azul's Second Quarter Earnings Call.

大家好，歡迎大家參加 Azul 第二季財報電話會議。

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 and all participants will be in listen-only mode, until we conduct a Q&A session following the company's presentation.

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。

(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, Thais, proceed.

泰國人，請繼續。

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

謝謝扎克，歡迎大家參加 Azul 第二季財報電話會議。

The results that we announced this morning, the outlook 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、本次電話會議的前景以及我們參考的幻燈片都可以在我們的 IR 網站上找到。

Presented today will be John Rodgerson, CEO; David Neeleman, Azul's Founder and Chairman; Abhi Shah, the President of Azul; and Alex Malfitani, our CFO.

今天出席的嘉賓是執行長約翰·羅傑森 (John Rodgerson)； David Neeleman，Azul 創辦人兼董事長；阿祖爾總統阿比·沙阿（Abhi Shah）；以及我們的財務長亞歷克斯·馬爾菲塔尼 (Alex Malfitani)。

Before I turn the call over to John, I'd like to caution you regarding our forward-looking statements.

在我將電話轉給約翰之前，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 John.

這樣，我就把電話轉給約翰。

Thanks, Thais.

謝謝，泰國人。

Welcome everyone and thanks for joining us for our second quarter earnings call.

歡迎大家，感謝您參加我們的第二季財報電話會議。

First, I would like to express our solidarity with the families, loved ones and the crew members affected by the aviation tragedy that occurred in Brazil on Friday.

首先，我謹向週五在巴西發生的航空悲劇中受影響的家人、親人和機組人員表示聲援。

Aviation safety is number one in everything that we do and as an industry, we always come together in times of need.

航空安全是我們所做的一切的第一位，作為一個行業，我們總是在需要的時候團結在一起。

We offer them our condolences and support and our prayers during this very difficult time.

在這個非常困難的時刻，我們向他們表示哀悼、支持和祈禱。

I would also like to thank our crew members for all their hard work during the second quarter.

我還要感謝我們的工作人員在第二季的辛勤工作。

Our strong culture was essential as we successfully navigated a challenging combination of seasonality, fleet, high fuel, and currency devaluation combined with the devastating floods in the south of Brazil, all of which made this an especially difficult quarter.

我們強大的文化至關重要，因為我們成功地應對了季節性、機隊、高燃料和貨幣貶值以及巴西南部毀滅性洪水的挑戰，所有這些都使這個季度變得特別困難。

I'm incredibly proud of our entire team for how quickly we adapted to the changing conditions, implemented initiatives, and delivered what I think is an industry-leading result.

我為我們整個團隊感到無比自豪，因為我們能夠如此迅速地適應不斷變化的條件、實施舉措並交付我認為行業領先的成果。

On slide 3, we summarized the results for the quarter.

在投影片 3 上，我們總結了本季的結果。

Our revenue was BRL4.2 billion with a RASK of 0.32. Unit costs reduced 1.8% even with fuel prices up compared to last year and the devaluation of the Brazilian real against the dollar.

我們的收入為 42 億雷亞爾，RASK 為 0.32。儘管燃油價格較去年上漲且巴西雷亞爾兌美元貶值，但單位成本仍下降了 1.8%。

Most importantly, our EBITDA was BRL1.1 billion and our EBIT was BRL441 million, representing a margin of 25.2% and 10.6%, respectively.

最重要的是，我們的 EBITDA 為 11 億雷亞爾，息稅前利潤為 4.41 億雷亞爾，利潤率分別為 25.2% 和 10.6%。

As I look around the world, even with all the challenges we face, this is a strong result.

當我環顧世界時，即使我們面臨所有挑戰，這也是一個強勁的結果。

The key was our ability to adapt and this is something we will talk a lot more about in this presentation.

關鍵是我們的適應能力，這是我們將在本次演講中詳細討論的內容。

Moving to slide 4, I wanted to provide an update and context on what happened in here Rio Grande do Sul, and how it impacted our results.

轉到幻燈片 4，我想提供有關南里奧格蘭德州發生的事情的最新情況和背景，以及它如何影響我們的結果。

As we mentioned on our last call, the State of Rio Grande do Sul was impacted in early May by severe flooding.

正如我們在上次電話會議中提到的，南里奧格蘭德州在五月初受到嚴重洪水的影響。

We were deeply saddened by the loss of lives, displacement of people and widespread destruction in the region.

我們對該地區的傷亡、流離失所和廣泛破壞深感悲痛。

Once again, our crew members and our clients stepped up, contributing over 3,000 tons in donations, which we delivered quickly to those who needed them most.

我們的船員和客戶再次挺身而出，捐贈了3000多噸善款，我們迅速地將這些善款送到了最需要的人手中。

The main airport in Porto Alegre remains closed.

阿雷格里港的主要機場仍然關閉。

The good news, however, is that it will now partially reopen on October 21.

不過好消息是，它將於 10 月 21 日部分重新開放。

Last Friday, we opened sales to that airport and we will be the largest airline again with 60 daily operations, almost 80% of our capacity pre floods.

上週五，我們向該機場開放銷售，我們將再次成為最大的航空公司，每天運營 60 趟航班，幾乎是洪水前運力的 80%。

For those who don't know, Rio Grande do Sul is the fourth largest state in Brazil in terms of economic activity and represented over 10% of our total capacity.

對於那些不知道的人來說，就經濟活動而言，南里奧格蘭德州是巴西第四大州，佔巴西總產能的 10% 以上。

The relevance to us is equivalent to the relevance of Los Angeles for a major US airline.

其與我們的相關性相當於洛杉磯與美國主要航空公司的相關性。

As a result, we estimate that the reduction in our capacity in that region negatively impacted our second quarter results by at least BRL200 million, and had an even bigger impact to cash when including the impact to ATL and the loss of forward bookings.

因此，我們估計該地區運力的減少對我們第二季度的業績產生了至少 2 億雷亞爾的負面影響，如果包括對 ATL 的影響和遠期預訂的損失，對現金的影響甚至更大。

On slide 5, you can see the rapid devaluation of the Brazilian real in 2024.

在投影片 5 上，您可以看到 2024 年巴西雷亞爾的快速貶值。

End of period exchange rate in the second quarter devalued 12% versus the first quarter, while at the same time, fuel prices increased 2.4%.

第二季期末匯率較第一季貶值12%，同時燃油價格上漲2.4%。

The combination of these negative effects required us to rapidly adapt during the quarter.

這些負面影響的結合要求我們在本季迅速適應。

For example, we quickly redeployed the capacity from Porto Alegre to other cities in our network.

例如，我們迅速將容量從阿雷格里港重新部署到網路中的其他城市。

While we were forced to sell this capacity quickly at a lower quality than we would have liked, we still were able to mitigate part of the EBITDA impact.

雖然我們被迫以低於我們預期的品質快速出售這些產能，但我們仍然能夠減輕部分 EBITDA 影響。

Turning to slide 6.

轉到投影片 6。

Our business units were very instrumental in our ability to adapt.

我們的業務部門對於我們的適應能力發揮了非常重要的作用。

We are extremely proud of the performance of our business units, which accounted for more than 20% of our RASK and over 30% of our EBITDA.

我們對業務部門的業績感到非常自豪，這些業務部門占我們的RASK 的20% 以上，占我們的EBITDA 的30% 以上。

Azul Fidelity batch, our loyalty program delivered strong results with all-time records in members, gross billings, and active credit card sales, highlighting our customers' preference in Azul.

我們的忠誠度計劃 Azul Fidelity 批次取得了強勁的業績，在會員、總帳單和活躍信用卡銷售方面創下了歷史新高，凸顯了客戶對 Azul 的偏好。

Azul Viagens, our vacations packaging business grew 63% in gross bookings in the second quarter versus second quarter 2023.

我們的度假包裝業務 Azul Viagens 第二季總預訂量較 2023 年第二季成長了 63%。

Our logistics business grew 12% quarter-over-quarter.

我們的物流業務較上季成長 12%。

In total, Azul's revenue was 60% above 2019 levels on an airline that is roughly 35% larger.

總體而言，藍色航空的收入比 2019 年的水平高出 60%，而航空公司的收入增加了約 35%。

Looking ahead to the rest of the year, we are very encouraged by the normalization of demand and capacity and the favorable seasonality with positive bookings and average fares plus additional revenue initiatives we are putting in place.

展望今年剩餘時間，需求和運力的正常化以及有利的季節性、積極的預訂量和平均票價以及我們正在實施的額外收入舉措令我們深受鼓舞。

To give you further details, I will now turn it over to Abhi.

為了向您提供更多詳細信息，我現在將其交給 Abhi。

Thanks, John.

謝謝，約翰。

Let me start by talking about recent trends in bookings because as we all know, good bookings will always lead to good flown revenue.

讓我先談談最近的預訂趨勢，因為眾所周知，良好的預訂總是會帶來良好的飛行收入。

As you can see on slide 7, we are seeing significantly improved average fares since the beginning of the quarter and even better since the bottom in mid-May.

正如您在幻燈片 7 中看到的那樣，我們看到自本季初以來平均票價顯著提高，自 5 月中旬觸底以來甚至更好。

The closure of Porto Alegre had three major impacts to our revenue.

阿雷格里港的關閉對我們的收入產生了三個主要影響。

First, a demand shock where 10% was immediately lost, not just to the routes to and from Porto Alegre, but also the network contribution from the largest city in the fourth largest state in Brazil.

首先，需求衝擊導致 10% 立即損失，不僅是往返阿雷格里港的航線，還有巴西第四大州最大城市的網路貢獻。

We also believe that the damage caused by the flood affected demand throughout the system, further deepening the weak seasonality in 2Q.

我們也認為，洪水造成的損害影響了整個系統的需求，進一步加深了第二季的弱季節性。

Finally, we have to rapidly reallocate this capacity in the months of May and June to other parts of our network and sell this capacity quickly with little advance notice.

最後，我們必須在 5 月和 6 月迅速將這些容量重新分配到我們網路的其他部分，並在幾乎不提前通知的情況下快速出售這些容量。

As John already mentioned, this resulted in lower-quality revenue but still mitigated a good part of the EBITDA impact.

正如約翰已經提到的，這導致收入品質下降，但仍然減輕了很大一部分 EBITDA 影響。

On slide 8, you can see the tangible positive results from the improving fare and demand environment.

在投影片 8 上，您可以看到票價和需求環境改善所帶來的實質正面成果。

Comparing 2Q RASK to what we just flew in July, RASK has improved a very strong 15%.

與我們 7 月剛飛過的 2Q RASK 相比，RASK 提高了 15%，非常強勁。

On a year-over-year basis while 2Q was down 5% in RASK, July was actually up 5% versus last year.

與去年同期相比，雖然第二季RASK 下降了5%，但7 月實際上比去年同期成長了5%。

This clearly indicates that the demand environment is improving faster than seasonality and the market is showing signs of strength.

這清楚地表明需求環境的改善速度快於季節性，市場正在顯示出走強的跡象。

The July trend continues in August and beyond as we see stronger booking curves for the rest of the year.

7 月的趨勢在 8 月及以後繼續，因為我們看到今年剩餘時間的預訂曲線更為強勁。

These booking curves are supported by the strong economic indicators here in Brazil.

這些預訂曲線得到了巴西強勁經濟指標的支持。

Contrary to what some are seeing in the US where there are some signs of reduced consumer demand, Brazil indicators like GDP, unemployment are strong and this gives us further confidence as we look to demand for the second half of the year.

與一些人在美國看到的消費者需求下降的跡象相反，巴西 GDP、失業率等指標強勁，這讓我們在展望今年下半年的需求時更有信心。

Moving to slide 9, I want to talk about our international network and the challenges we faced during the quarter.

前往投影片 9，我想談談我們的國際網路以及我們在本季面臨的挑戰。

As we migrated from the exit of the A350s earlier this year, our plan was to add six A330 aircraft as replacements.

隨著今年早些時候 A350 飛機的退出，我們的計劃是增加六架 A330 飛機作為替代品。

This transition resulted in a temporary reduction in our 2Q network.

這一轉變導致我們第二季網路暫時減少。

Due to the global fleet challenges, aircraft we had planned to enter into service in 2Q were moved to 3Q.

由於全球機隊面臨的挑戰，我們原計劃在第二季投入營運的飛機被推遲到了第三季。

As a result, we had to significantly cancel down almost half as you can see our international long-haul flights.

結果，我們不得不大幅取消近一半的航班，如您所見，我們的國際長途航班。

This created a large volume of customers we had to re-accommodate on our own flights blocking those seats for sale.

這導致大量客戶不得不重新安置在我們自己的航班上，從而阻止了這些座位的出售。

This had a big impact on our bookings and our flown unit revenue as we were not able to sell those closer in higher yielding fares.

這對我們的預訂量和飛行單位收入產生了重大影響，因為我們無法以更高收益的票價出售更接近的航班。

The very good news is that we are now beyond those effects and looking ahead, we see a 50% growth in our international long-haul capacity.

好消息是，我們現在已經擺脫了這些影響，展望未來，我們的國際長途運力將成長 50%。

This will have a very significant positive impact in bookings and fares.

這將對預訂和票價產生非常顯著的正面影響。

Finally, on slide 10, I wanted to show a longer-term view that demonstrates the resiliency in our business and our ability to recapture cost increases fund unfavorable macro drivers.

最後，在投影片 10 中，我想展示一個長期觀點，展示我們業務的彈性以及我們重新獲得成本增加以彌補不利的宏觀驅動因素的能力。

As David will explain later on, this is all because we are true to our model as we have grown over the years.

正如大衛稍後將解釋的那樣，這都是因為我們多年來一直在成長，忠於我們的模式。

A good part of our expenses and financing is dollar-denominated, and that creates some uncertainty with the Brazilian real devalues.

我們的支出和融資的很大一部分是以美元計價的，這造成了巴西雷亞爾貶值的一些不確定性。

Given our financial structure, a 5% increase in the dollar requires only a 3% increase in fares to offset the impact on expenses and cash.

考慮到我們的財務結構，美元升值 5% 只需要票價上漲 3% 即可抵消對費用和現金的影響。

But looking all the way back 2018, while the dollar has increased about 5% a year, our average fares have increased much more than the required 3%.

但回顧2018年，雖然美元每年升值約5%，但我們的平均票價漲幅卻遠遠超過了規定的3%。

They grew at a CAGR of 8%.

他們的複合年增長率為 8%。

And this has happened even as Azul has doubled in capacity.

即使 Azul 的容量增加了一倍，這種情況仍然發生。

The point here is to show that 100% of our revenue can be thought of in dollars because we have the ability to overcome the effects of currency.

這裡的要點是要表明我們 100% 的收入可以用美元來考慮，因為我們有能力克服貨幣的影響。

It does take some time to realize the effects of this revenue recapture, and during that time, you will see some negative impact.

確實需要一段時間才能意識到這種收入回收的影響，在此期間，你會看到一些負面影響。

But over the long term, we are able to expand our margins, continue to grow and offset these effects.

但從長遠來看，我們能夠擴大利潤，繼續成長並抵消這些影響。

As John mentioned in his opening, the key to this quarter and our long-term success has been our ability to adapt.

正如約翰在開場白中提到的，本季和我們長期成功的關鍵是我們的適應能力。

The recent challenges have encouraged us to do so again.

最近的挑戰鼓勵我們再次這樣做。

And so now I would like to turn over to David, who can talk about his vision on how Azul continues its growth trajectory.

現在我想請 David 談談他對 Azul 如何繼續其成長軌蹟的願景。

David?

大衛？

Thank you, Abhi.

謝謝你，阿比。

First to someone who has been in the industry for 40 years and part of six airlines, I am deeply saddened by the tragic events of Friday.

首先，我對一個在該行業工作了 40 年、曾在六家航空公司工作過的人來說，對週五發生的悲慘事件深感悲痛。

My heart and prayers go to the families and crew members.

我的心和祈禱與家人和船員同在。

And of course, we will do everything we can to provide support during this difficult time.

當然，在這個困難時期，我們將竭盡全力提供支援。

As we went through the quarter and realized that the new exchange rate -- realities of the new exchange rate, it became clear to me that Azul once again had to adapt, something we have done incredibly well as we have navigated the last 15 years.

當我們經歷這個季度並意識到新匯率——新匯率的現實時，我清楚地意識到 Azul 再次必須適應，在過去 15 年中，我們在這一點上做得非常好。

Slide 10 gives you a summary of just how much the environment has changed throughout the years yet how consistent our growth in revenue and earnings have been.

投影片 10 總結了這些年來環境發生了多大變化，以及我們收入和獲利成長的一致性。

We launched Azul 15 years ago with a single fleet type, aiming to serve regional destinations in Brazil.

15 年前，我們推出了單一機隊類型的 Azul，旨在為巴西的偏遠地區目的地提供服務。

We soon realized that the opportunity was much larger and we expanded that strategy via fleet diversification, a merger, and our expansion into international travel.

我們很快意識到機會更大，因此我們透過機隊多元化、合併以及向國際旅行的擴張來擴大這一策略。

At the same time, we diversified our business with high growth and high yield -- high margin business units like loyalty, vacations and logistics.

同時，我們實現了高成長和高收益的多元化業務——忠誠度、假期和物流等高利潤業務部門。

Most recently, our response to the pandemic and our capitalization -- our capital optimization plan was another clear example of our ability to evolve and adapt.

最近，我們對這場流行病的反應和我們的資本——我們的資本優化計劃是我們發展和適應能力的另一個明顯例子。

From a real of BRL1.67 to the dollar, to almost BRL6 to the dollar, from a fuel price of BRL2 per liter to BRL5 per liter, and we can count at least six major evolutions in our business.

從雷亞爾兌美元1.67 雷亞爾，到幾乎雷亞爾兌美元6 雷亞爾，從每升2 雷亞爾的燃油價格到每公升5 雷亞爾，我們的業務至少經歷了六次重大變革。

And the bottom line is, through it all, we have continued to grow and to be more profitable.

最重要的是，透過這一切，我們不斷發展並獲得更多利潤。

Turning to slide 12, you can see the core elements of our resiliency and growth.

翻到投影片 12，您可以看到我們的彈性和成長的核心要素。

Our network is a foundation of our structural and long-term competitive advantages.

我們的網路是我們結構性和長期競爭優勢的基礎。

We continue to be the only carrier in 84% of our routes.

我們仍然是 84% 航線的唯一承運商。

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

這是我們機隊靈活性的直接結果，我們在正確的時間將正確的飛機投放到正確的市場。

We have more than doubled in size over the past several years, always staying true to our business model.

在過去幾年裡，我們的規模擴大了一倍多，始終堅持我們的商業模式。

Our business units, as I mentioned, have played a critical role empowering our growth, while our team has done an incredible job of maintaining the special culture and passion amongst our more than 15,000 crew members.

正如我所提到的，我們的業務部門在推動我們的發展方面發揮了關鍵作用，而我們的團隊在保持 15,000 多名船員的特殊文化和熱情方面做出了令人難以置信的工作。

Our history shows a clear and key to trend of evolution and improvement.

我們的歷史清晰地展示了演變和改進的趨勢。

Building upon the successful completion of our capital optimization plan last year, the team was able to turn focus 100% back to the business.

在去年成功完成資本優化計畫的基礎上，團隊能夠將重點 100% 轉回業務。

To maintain this, once we realized the external factors affecting Q2, I challenged the team to an annual target of more than $1 billion in incremental value.

為了保持這一點，一旦我們意識到影響第二季度的外部因素，我就向團隊提出了超過 10 億美元增量價值的年度目標。

As we show on slide 13, the team developed and started implementing a plan which we named Elevate with multiple opportunities across revenue, cost, fleet and financing that once again allows Azul to continue to adapt and thrive for many years to come.

正如幻燈片13 所示，該團隊制定並開始實施一項名為Elevate 的計劃，該計劃在收入、成本、機隊和融資方面提供了多種機會，再次使Azul 能夠在未來的許多年裡繼續適應並蓬勃發展。

With that, I want to turn the call over to Alex to give more details on our Elevate plan.

因此，我想將電話轉給 Alex，以提供有關我們的 Elevate 計劃的更多詳細資訊。

Thanks, David.

謝謝，大衛。

As David said, the Elevate plan we are announcing today is a natural extension of the work we did last year to optimize our capital structure.

正如 David 所說，我們今天宣布的 Elevate 計畫是我們去年優化資本結構工作的自然延伸。

As we said then, we're now able to focus 100% on our business, and the Elevate plan galvanizes that focus across the entire company.

正如我們當時所說，我們現在能夠 100% 專注於我們的業務，而 Elevate 計劃則激發了整個公司的專注力。

I'm really excited about this opportunity and at the early results we are seeing.

我對這個機會以及我們看到的早期結果感到非常興奮。

Slide 14 illustrates some of the multiple opportunities we are already working on the revenue side.

投影片 14 展示了我們已經在收入方面開展的多種機會中的一些。

A main one, of course, is the co-chair with Gol.

當然，最主要的一位是與戈爾一起擔任聯合主席的人。

We're now jointly selling about 150 origins and destinations that connect the two networks.

我們現在聯合銷售連接這兩個網路的約 150 個始發地和目的地。

These connections provide increased options and convenience to all of our customers.

這些連接為我們所有的客戶提供了更多的選擇和便利。

We started selling the co-chair in July, so only in the beginning, but we're very happy with the early results and I want to thank our partners Gol.

我們從 7 月開始出售聯合主席，所以只是在開始階段，但我們對早期結果非常滿意，我要感謝我們的合作夥伴 Gol。

Ancillary revenues are another area of growth and focus.

輔助收入是另一個成長和關注的領域。

For the month of July, we hit a record in ancillary revenues with a 17% increase in revenue per passenger versus July '23.

7 月份，我們的輔助收入創下了新紀錄，與 2023 年 7 月相比，每位乘客的收入成長了 17%。

I especially want to thank our airport crew members who are selling double what they sold a year ago.

我特別要感謝我們的機場工作人員，他們的銷售額是一年前的兩倍。

Our business units continue to be a key driver of revenue expansion.

我們的業務部門仍然是營收擴張的關鍵驅動力。

On the loyalty side, direct point sales to our customers, enabled by our credit card, our club and our buy points product are now our largest source of revenue, providing dependable recurring cash flows.

在忠誠度方面，透過信用卡、俱樂部和購買積分產品直接向客戶進行積分銷售現在是我們最大的收入來源，提供可靠的經常性現金流。

On the vacation side, we are creatively using idle capacity available off-peak not only on weekends but also on weekdays to provide expanded customer choice and flexibility.

在假期方面，我們不僅在周末而且在工作日創造性地利用非高峰期的閒置產能，以提供更多的客戶選擇和靈活性。

This was one of the reasons that our vacation business grew more than 60% in the quarter.

這是我們的度假業務本季成長超過 60% 的原因之一。

Finally, as Abhi mentioned, the recovery and growth in our international network is a key driver of earnings and cash generation going forward.

最後，正如阿比所提到的，我們國際網路的恢復和成長是未來獲利和現金產生的關鍵驅動力。

On slide 15, turning to the cost side, we see some really exciting opportunities in fleet, utilization, efficiency, productivity and purchasing.

在投影片 15 中，轉向成本方面，我們在車隊、利用率、效率、生產力和採購方面看到了一些真正令人興奮的機會。

These will all allow us to reduce costs, utilize our resources more effectively and generate more cash.

這些都將使我們能夠降低成本，更有效地利用我們的資源並產生更多現金。

Let me share some examples in the next slides.

讓我在下一張投影片中分享一些範例。

On slide 16, I want to highlight one of the key initiatives to further expand margins this year, our aircraft utilization.

在投影片 16 上，我想強調今年進一步擴大利潤的關鍵舉措之一，即我們的飛機利用率。

We were already increasing utilization across the operation but in late June we decided to make a structural change by implementing a reduction in ground times across our network.

我們已經提高了整個營運的利用率，但在 6 月下旬，我們決定透過減少整個網路的停工時間來進行結構性改變。

Such a reduction of between 5 minutes and 15 minutes for every aircraft turn allows aircraft to be in the air longer, generating more capacity and therefore improving earnings.

飛機每次轉彎的時間減少了 5 至 15 分鐘，使飛機能夠在空中停留更長時間，產生更多的運力，從而提高收益。

The team immediately jumped to the task and developed a series of operational process changes that allowed us to safely implement this ground time reduction and most importantly, maintain the quality of our operation.

團隊立即開始執行任務，並制定了一系列操作流程變更，使我們能夠安全地減少地面時間，最重要的是，保持我們的操作品質。

This new network is already operating and I want to really thank the entire Azul team for their incredible work.

這個新網路已經投入運行，我要衷心感謝整個 Azul 團隊所做的出色工作。

So far this month we have a 99.2 completion factor with an on time performance of 87.2%, the best in Brazil.

本月到目前為止，我們的完成率為 99.2，準時率為 87.2%，是巴西最好的。

On slide 17 you can see another great example of opportunities on the fleet side which is our move from E1s into E2s.

在投影片 17 上，您可以看到機隊方面的另一個很好的機會範例，即我們從 E1 轉向 E2。

Now we ended 2Q with approximately 83% of our capacity coming from next-generation aircraft, considerably higher than any competitor in the region.

截至第二季末，我們約 83% 的運力來自下一代飛機，遠高於該地區的任何競爭對手。

This is extremely beneficial as E2 is a much more profitable aircraft that flies more hours per day with much lower seat costs.

這是非常有利的，因為 E2 是一架利潤較高的飛機，每天飛行時間更長，座位成本也低得多。

In July, for example, our E2s flew an average of almost 12 hours per day.

例如，7 月份，我們的 E2 平均每天飛行近 12 小時。

Plus the E2 has 18 more seats and delivers 18% lower fuel burn in total than the E1, leading to a 26% reduction in cost per seat.

此外，E2 比 E1 多了 18 個座位，整體燃油消耗降低了 18%，使每個座位的成本降低了 26%。

As we expect to receive another 15 E2s over the next 18 months, this difference in utilization and seat costs will significantly drive earnings growth.

由於我們預計在未來 18 個月內將收到另外 15 架 E2，因此利用率和座位成本的差異將顯著推動獲利成長。

But we want to further expense this advantage and we have made the decision to reduce utilization of the E1s and increase utilization of E2s by prioritizing the E2 as the scheduled aircraft type and use E1s as a spare, leveraging the commonalities across the two models but increasing profitability and also reducing CapEx, significantly improving cash.

但我們希望進一步利用這一優勢，因此我們決定減少 E1 的利用率並增加 E2 的利用率，優先將 E2 作為預定機型，並使用 E1 作為備用機型，利用兩種型號的共性，但增加盈利能力並降低資本支出，顯著改善現金。

I also want to show how our focus on efficiency and productivity has yielded significant results already.

我還想展示我們對效率和生產力的關注如何已經取得了顯著的成果。

On Slide 18, you can see that just within a period of four months, we are 17% more efficient at airports and the company overall is generating 16% more ASKs per FTE.

在投影片 18 上，您可以看到，僅在四個月的時間內，我們的機場效率提高了 17%，公司整體每 FTE 的 ASK 增加了 16%。

These levels of productivity will improve further as we continue our growth into the seasonally stronger Q3 and Q4.

隨著我們繼續成長到季節性強勁的第三季和第四季度，這些生產力水準將進一步提高。

Summarizing these actions on slide 19, compared to 2Q '23, CASK ex fuel reduced almost 3%, mainly driven by our cost reduction initiatives and productivity gains.

總結投影片 19 上的這些行動，與 2023 年第二季相比，CASK 不含燃料減少了近 3%，這主要是由我們的成本削減計劃和生產力提高推動的。

We made a promise to you that we would emerge from the pandemic as a more efficient airline, and that is exactly what we're doing.

我們向您承諾，我們將在疫情後成為一家更有效率的航空公司，而這正是我們正在做的事情。

These are just some examples.

這些只是一些例子。

As part of our Elevate plan, we have a list of over 40 initiatives spread across the entire airline and this plan will be our number one priority for the entire Company as we move forward.

作為我們 Elevate 計劃的一部分，我們在整個航空公司範圍內製定了 40 多項舉措，隨著我們的發展，該計劃將成為整個公司的首要任務。

Putting all of this together on slide 20, you can see how throughout the years, our EBITDA trajectory has exhibited strong and consistent growth, obviously, excluding the pandemic.

將所有這些放在幻燈片 20 上，您可以看到多年來我們的 EBITDA 軌跡如何表現出強勁且持續的成長，顯然，不包括疫情。

For 2024, we expect an EBITDA of over BRL6 billion, a 17% increase from 2023, and once again an all-time record for the airline.

我們預計 2024 年 EBITDA 將超過 60 億雷亞爾，比 2023 年成長 17%，再次創下該航空公司的歷史記錄。

To wrap up on slide 21, I couldn't be prouder of being a part of Azul.

最後，在幻燈片 21 上，我為自己是 Azul 的一員而感到無比自豪。

We're running an incredible operation.

我們正在進行一項令人難以置信的行動。

Our customers love to fly us and our crew members love to work for us.

我們的客戶喜歡搭乘我們的航班，我們的機組人員也喜歡為我們工作。

As David noted, we have adapted and evolved many times over the years, but have remained true to our essence.

正如大衛所指出的，多年來我們已經多次適應和發展，但仍然忠於我們的本質。

Everything we do is to build a stronger Azul and to expand our competitive advantages, benefiting all of our multiple stakeholders.

我們所做的一切都是為了建立一個更強大的 Azul 並擴大我們的競爭優勢，使我們所有的利害關係人受益。

Our Elevate plan is another step in this direction.

我們的 Elevate 計劃是朝這個方向邁出的又一步。

We're truly excited by the opportunities ahead of us.

我們對面前的機會感到非常興奮。

With that, we're all available to answer your questions.

這樣，我們就可以回答您的問題了。

So I'll turn the call over to the operator for Q&A.

因此，我會將電話轉給接線員進行問答。

Ladies and gentlemen, thank you.

女士們、先生們，謝謝。

We will now begin the Q&A session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

[Fernandez Hekas], BTG.

[費爾南德斯·赫卡斯]，BTG。

Thank you and good morning, everyone.

謝謝大家，早安。

Thank you for taking my questions.

感謝您回答我的問題。

Two from our side.

我們這邊有兩個。

The first, I would like to get an update on the debt conversion terms.

首先，我想了解債務轉換條款的最新情況。

If I'm not mistaken, the lockup period for the debt conversion expires now in Q3.

如果我沒記錯的話，債務轉換的鎖定期現已在第三季到期。

So maybe if you could comment a little bit how are you thinking to tackle the 3 million shares that are expected to vested by the lessors?

那麼，也許您可以評論一下，您認為如何處理預計出租人歸屬的 300 萬股股票？

And we know that there is a difference between the strike price and the current price that the stock is so maybe, guys, if you could comment what are the alternatives that you're thinking of, or if you're thinking on using cash to close this gap.

我們知道，股票的執行價格和當前價格之間存在差異，因此，夥計們，如果您能評論一下您正在考慮的替代方案是什麼，或者如果您正在考慮使用現金來縮小這一差距。

This is my first one.

這是我的第一個。

And the second regarding the supply chain issues that led for the guidance downward revision in terms of ASM.

第二個涉及供應鏈問題，導致 ASM 指導意見向下修正。

Could you update us on the latest fleet plan that you have for this year and the next?

您能否向我們介紹今年和明年最新的機隊計畫？

If I'm not mistaken, you were expecting to finish -- sorry, to receive around 12 E2 and around two Airbus A320.

如果我沒記錯的話，您本來期望完成 - 抱歉，收到大約 12 架 E2 和大約兩架空中巴士 A320。

What is the latest?

最新的是什麼？

And if you could comment on next year, how are you thinking on the aircraft deliveries?

如果您可以對明年發表評論，您對飛機交付有何看法？

That's it from my side.

從我這邊來說就是這樣。

Thank you.

謝謝。

Thanks, Fernandez.

謝謝，費爾南德斯。

This is Alex.

這是亞歷克斯。

I'll talk about what we call the lessor equity structure.

我將討論我們所謂的出租人股權結構。

Just to remind everyone first on the call what that is, right?

只是為了先提醒通話中的每個人那是什麼，對吧？

So this is essentially COVID deferrals that our lessors agreed to transform into essentially what's interest-free debt, where Azul has the option of paying in cash or equity, and then if there are shifting conditions that it may not be a good idea to pay in cash or equity, we always have the ability to talk to our lessors and negotiate new terms.

因此，這本質上是新冠病毒延期付款，我們的出租人同意將其轉變為無息債務，Azul 可以選擇以現金或股權支付，然後如果條件發生變化，支付債務可能不是一個好主意。 ，我們始終有能力與出租人交談並協商新條款。

And that's essentially what we're doing.

這基本上就是我們正在做的事情。

We're in bilateral conversations with our lessors and we always like to remind everyone also of the relationship that we have with our lessors, right?

我們正在與出租人進行雙邊對話，我們總是想提醒大家我們與出租人的關係，對嗎？

Lessors are partners who have a very long-term relationship with the airline and they look at a very long-term horizon.

出租人是與航空公司有長期合作關係的合作夥伴，他們的視野非常長遠。

And for them to maximize their economic value, obviously, what they need a thriving business, right?

而對他們來說，要最大化自己的經濟價值，顯然，他們需要蓬勃發展的業務，對吧？

So we always are able to kind of come up with a construct that works for us but also works for them.

所以我們總是能夠想出一個既適合我們又適合他們的結構。

Obviously, they have their own constraints as well, but they were able to -- we were able to count on their support last year and we know that we can count on their support going forward as well.

顯然，他們也有自己的限制，但他們能夠——去年我們能夠依靠他們的支持，我們知道我們也可以依靠他們的支持繼續前進。

So we are in these bilateral conversations with our lessors, and as we reach new terms with them we'll update you all.

因此，我們正在與出租人進行雙邊對話，當我們與他們達成新條款時，我們將向大家通報最新情況。

But as you've seen, we have not issued shares and so we are having these conversations and we'll update you over time.

但正如您所看到的，我們尚未發行股票，因此我們正在進行這些對話，我們會隨著時間的推移向您通報最新情況。

And again, as Alex said, they're partners -- they're partners in this business and they've seen what's happened.

再次強調，正如亞歷克斯所說，他們是合作夥伴——他們是這個行業的合作夥伴，他們已經看到了所發生的事情。

I don't think anybody expected the exchange rate to devalue 12% inside of a quarter.

我認為沒有人預期匯率會在一個季度內貶值 12%。

I've been here for 15 years; we've never seen that.

我在這裡已經15年了；我們從來沒有見過這樣的情況。

And so as all partners do, you sit down at the table and we work through it and figure out what's the best path forward.

正如所有合作夥伴所做的那樣，您坐在桌旁，我們一起解決這個問題並找出最佳的前進道路。

As for the fleet projections and the OEM delays, I'll pass it over to Abhi.

至於機隊預測和 OEM 延遲，我將把它交給 Abhi。

Thanks, John.

謝謝，約翰。

Yes.

是的。

Hi, Fernandez.

嗨，費爾南德斯。

So I'll start with the A320s.

所以我將從 A320 開始。

We've already received the A320s we were going to for the year.

我們已經收到了今年準備購買的 A320。

So Airbus has delivered for this year.

所以空客今年已經交貨了。

On the widebodies, as we said, our plan was six A330s.

在寬體客機方面，正如我們所說，我們的計劃是六架 A330。

Two are already in the fleet.

機隊中已有兩艘。

We expect two more in September, and then we expect the final two between December and January in that timeframe.

我們預計 9 月還會有兩次，然後我們預計最後兩次會在 12 月至 1 月期間發生。

As you said, the focus is on the E2s for this year and for the next couple of years.

正如您所說，今年和未來幾年的重點是 E2。

Actually, we are working very, very closely with Embraer.

事實上，我們正​​在與巴西航空工業公司非常非常密切地合作。

The number is moving around a little bit.

這個數字正在一點點移動。

For example, in September, we have two deliveries, and then down the road every month, August and beyond.

例如，在 9 月，我們有兩次交付，然後每個月、8 月及以後都會交付。

So I would say we're working with them.

所以我想說我們正在與他們合作。

It is moving around a little bit to the right as well.

它也向右移動了一點。

This is one of the impacts for this year, you will see some deliveries in December, for example, which will help us next year.

這是今年的影響之一，例如，您將在 12 月看到一些交付，這將對我們明年有所幫助。

So overall, I would say around 15 to 18 between now and the end of next year.

總的來說，我想說從現在到明年年底大約有 15 到 18 個。

I think it's also important.

我認為這也很重要。

A lot of the OEM deliveries are back-end loaded so that actually impacts leverage at the end of the year as well as kind of what's happening with the exchange rate.

許多 OEM 交付都是後端加載的，因此這實際上會影響年底的槓桿率以及匯率的變化。

But on average, they've been shifting 30 to 45 days to the right.

但平均而言，他們已經向右移動了 30 到 45 天。

Perfect.

完美的。

Thank you very much for your answers.

非常感謝您的回答。

Thank you.

謝謝。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

(Operator Instructions)

（操作員說明）

All right.

好的。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

I was curious from my first question on the flooding and the BRL200 million impact in the second quarter.

我對第二季洪水和 2 億雷亞爾影響的第一個問題感到好奇。

Was that net of redirecting of capacity?

這是容量重定向的淨值嗎？

What I'm trying to do is I'm trying to understand what kind of drag we should be modeling here until it kind of opens back up in the fourth quarter.

我想做的是，我試圖了解我們應該在這裡模擬什麼樣的阻力，直到它在第四季度重新開放。

Yes, Savi, that was net, and also it doesn't really include the fact that we had to sell the other capacities so quickly, which contributed to the reduction in year-over-year RASK as well.

是的，薩維，這是淨值，而且它並不真正包括我們必須如此迅速地出售其他產能的事實，這也導致了RASK的同比減少。

So certainly, as we move forward now that we have a little bit more time, you can already see how much July improved.

當然，隨著我們現在有了更多時間，您已經可以看到 7 月的進步了。

August, September, and October when the capacity comes back, we certainly expect to be back to normalized RASK, and actually, I expect a positive year-over-year RASK in 3Q as well.

8 月、9 月和 10 月，當產能恢復時，我們當然預計將恢復到正常化的RASK，實際上，我預計第三季的RASK 也將比去年同期出現正值。

So we're certainly getting back to normal, but it was just something we had to sell very, very quickly.

所以我們肯定會恢復正常，但這只是我們必須非常非常快地出售的東西。

So we were able to use our assets.

所以我們能夠使用我們的資產。

So the back half of May in the month of June.

所以五月下半月是六月。

We actually believe operating at Porto Alegre and being the largest airline will be a benefit to us going forward, as there's enormous amount of economic activity projected in the city to rebuild it.

事實上，我們相信在阿雷格里港運營並成為最大的航空公司將對我們的未來有利，因為該市預計將開展大量經濟活動來重建它。

And so right now there's about seven flights a day into a military base in Porto Alegre when previously there was 120 flights a day at the airport.

因此，現在每天大約有 7 趟航班飛往阿雷格里港的軍事基地，而此前該機場每天有 120 趟航班。

So there's just not people traveling in that region right now.

所以現在沒有人在該地區旅行。

That's super helpful.

這非常有幫助。

And if I might on the -- just to follow up on the previous kind of fleet question.

如果可以的話，我只是想跟進之前的艦隊問題。

Is there no kind of A320 deliveries next year, and just along the lines of fleet, I think that was kind of an agreement with BNDES on financing.

明年是否沒有 A320 交付，就機隊而言，我認為這是與 BNDES 就融資達成的協議。

I was curious how that financing looks, and I'm guessing that's for the E2s.

我很好奇這筆融資是怎麼樣的，我猜是針對 E2 的。

Yes.

是的。

So we're not planning A320 deliveries next year.

因此，我們不計劃明年交付 A320。

They've been pushed off for 2026 and beyond.

他們被推遲到 2026 年及以後。

And actually, now it's mostly A321s to be honest, which we're very excited about that aircraft. not the LR XLR, just the domestic ones, which are doing very well.

事實上，說實話，現在主要是 A321，我們對這架飛機感到非常興奮。不是LR XLR，只是國產的，做得很好。

But the next two years, really the focus is going to be on the E2s.

但未來兩年，真正的焦點將集中在 E2 上。

But at the back half of this year and the next 18 months, the focus is going to be on the E2s.

但今年下半年和未來 18 個月，焦點將集中在 E2 上。

Yes.

是的。

And the BNDS financing is kind of standard ECA financing that's available to Embraer customers.

BNDS 融資是標準 ECA 融資，可供巴西航空工業公司客戶使用。

The terms are set by the aircraft sector understanding.

這些條款是根據飛機行業的理解而製定的。

So they're pretty standard and we have approval for up to 10 aircraft, and we've decided to take two for now.

所以它們是相當標準的，我們已經批准了最多 10 架飛機，我們決定暫時購買兩架。

The majority of the E2s that we expect to take delivery off should be operating leases and will not provide additional cash outflows.

我們預計交付的大部分 E2 應該是經營租賃，不會提供額外的現金流出。

And these two also, the reason why we took them is because we were able to structure in a way that also didn't provide cash outflows, even though they're financial leases as opposed to operating leases.

我們之所以採用這兩者，是因為我們能夠以一種不提供現金流出的方式建構結構，即使它們是金融租賃而不是經營租賃。

But all of these delivers between now and end of 2025 you don't have to expect any cash outflows for the deliveries.

但從現在到 2025 年底，所有這些交付都不會產生任何現金流出。

Helpful.

有幫助。

Thank you.

謝謝。

Alberto Valerio, UBS.

阿爾貝托·瓦萊裡奧，瑞銀集團。

(Operator Instructions)

（操作員說明）

Hi, Alex, John, thank you for taking my questions.

嗨，亞歷克斯，約翰，謝謝你回答我的問題。

I'm interested to know about the five deliveries that you have quarter, whether you have an intention to make the sales visit back on this aircraft.

我很想知道你們季度的五次交付情況，以及你們是否打算再次乘坐這架飛機進行銷售拜訪。

So I think was two A320s and two A330s and one Embraer.

所以我認為是兩架 A320、兩架 A330 和一架巴西航空工業公司。

And also about the announcement of the government last week that would provide financing from BNDES to the airlines.

還有政府上周宣布將從 BNDES 向航空公司提供融資的消息。

I think they made a condition to -- on Embraer, and I know you guys are right on.

我認為他們對巴西航空工業公司提出了一個條件，我知道你們是對的。

My only question is if you have to order further more issues from Embraer, and when this finance would arrive to you guys.

我唯一的問題是，你們是否需要從巴西航空工業公司訂購更多的產品，以及這筆資金何時會到達你們手中。

Thank you.

謝謝。

So the deliveries, they are operating leases, right, so no sale-leasebacks would apply here.

因此，交付是經營租賃，對吧，所以這裡不適用售後回租。

And the BNDES financing, like I said, it's kind of a financing for the order that we already have.

正如我所說，BNDES 融資是為我們已有的訂單提供的融資。

Yes.

是的。

But what you're referencing is the FNAC financing that was already approved by the Senate.

但你指的是參議院已經批准的 FNAC 融資。

Expectation is it gets approved by the House.

預計它將得到眾議院的批准。

And so Mercadante who is the President of the BNDS has referenced that this is something that we expect to be approved in the third quarter and probably dispersed in the fourth quarter.

因此，BNDS 主席梅爾卡丹特（Mercadante）提到，我們預計這將在第三季度獲得批准，並可能在第四季度分散。

So this is exciting.

所以這很令人興奮。

So this should be less expensive debt that the government is providing.

因此，這應該是政府提供的較便宜的債務。

There will be some things that we need to do.

我們將需要做一些事情。

We need to add growth.

我們需要增加成長。

Obviously, they're very anxious for Embraer, but we already have enough Embraer aircraft in our backlog to kind of makeup for those conditions.

顯然，他們對巴西航空工業公司非常著急，但我們的積壓訂單中已經有足夠的巴西航空工業公司飛機來滿足這些條件。

But I think you're going to hear a lot more about the FNAC financial financing in the next couple of weeks, which is a very positive thing for the sector overall.

但我認為您將在接下來的幾週內聽到更多有關 FNAC 財務融資的信息，這對於整個行業來說是一件非常積極的事情。

Perfect.

完美的。

Thank you very much, Alex and John.

非常感謝你們，亞歷克斯和約翰。

Thank you.

謝謝。

Gabriel Rezende, Itau.

加布里埃爾·雷森德，伊塔烏。

(Operator Instructions)

（操作員說明）

Hello.

你好。

Can you guys hear me?

你們聽得到我說話嗎？

Yes.

是的。

Perfect.

完美的。

Good morning, David, John, Alex, Abhi and Thais.

早安，大衛、約翰、亞歷克斯、阿比和泰斯。

Two questions on our side as well.

我們這邊也有兩個問題。

Just to confirm the chart, you show it on slide 7 on the tariffs increasing week-by-week.

為了確認該圖表，您在投影片 7 中展示了關稅逐週增加的情況。

Can you confirm that the increase we have seen so far that you just showed us is enough to deliver your current guidance?

您能否確認您剛才向我們展示的到目前為止我們所看到的增長足以實現您當前的指導？

Are you considering that you need to make additional increases?

您是否考慮需要額外增加？

I mean, obviously, considering the seasonality that we've seen in the fourth quarter, but should this trend continue in order for you to deliver the guidance, or could it be stable again just by the seasonality for you to be able to deliver?

我的意思是，顯然，考慮到我們在第四季度看到的季節性，但這種趨勢是否應該繼續下去，以便您能夠提供指導，或者是否可以僅根據季節性而再次保持穩定，以便您能夠提供指導？

So that's the first question.

這是第一個問題。

And the second question.

第二個問題。

We saw a much lower maintenance expense booked in the quarter.

我們發現本季預訂的維護費用要低得多。

You mentioned some insourcing and some cost-cutting initiatives, and we did see a higher personal expense in the quarter.

您提到了一些內包和一些成本削減舉措，我們確實看到本季的個人支出增加。

But I would just like to understand what is the additional upside that we could have on these, on this maintenance line looking forward to put into our model.

但我只是想了解我們在這些方面可以有哪些額外的優勢，在這條期待放入我們模型的維護線上。

Thank you.

謝謝。

Yes.

是的。

Hi, Gabriel.

嗨，加布里埃爾。

Look, on the demand and fare side, we're pretty happy with the trends that we're seeing right now.

看，在需求和票價方面，我們對目前看到的趨勢非常滿意。

The key is to maintain that as we go through the quarter and the second half of the year.

關鍵是在本季度和下半年保持這一點。

Seasonality is going to help.

季節性會有所幫助。

It is a period of better corporate demand.

這是企業需求較好的時期。

It is a period of better close-in demand.

這是一個較好的近距離需求時期。

And so the situation is pretty good in terms of the level of the fares.

因此，就票價水平而言，情況相當不錯。

What is key now is that you have to maintain this level so that you can continue to build the booking curves every single month as we go forward.

現在的關鍵是，您必須保持這個水平，以便在我們前進的過程中，您可以繼續建立每個月的預訂曲線。

What was difficult in the second quarter, especially after Porto Alegre and the chart shows that is the dip that happened in May, and then we had to take time to recover from that dip.

第二季度是困難的，特別是在阿雷格里港之後，圖表顯示五月發生了下滑，然後我們必須花時間從下滑中恢復過來。

There should be no reason for that to happen now in the second half of the year given strong seasonality, given the strong economic indicators.

鑑於強勁的季節性和強勁的經濟指標，今年下半年應該沒有理由發生這種情況。

So the fare levels where they are, are good fare levels.

因此，目前的票價水準是不錯的票價水準。

The key is for the industry overall to maintain those levels as we go through the second half of the year.

關鍵是整個行業在下半年保持這些水準。

So if we're able to do that, then I do believe we can produce very good unit revenues overall.

因此，如果我們能夠做到這一點，那麼我相信我們可以整體產生非常好的單位收入。

And I just want to add, codeshare exists in the third quarter.

我只想補充一點，代碼共享存在於第三季。

It didn't exist in the second quarter.

它在第二季度不存在。

The ancillary revenue that Alex was talking about being up 17% year-over-year, that exists in the third quarter, wasn't there in the second quarter.

Alex 所說的第三季的輔助收入年增 17%，但第二季卻沒有。

And the story around Elevate as a company is, it's really a cost story, right?

圍繞 Elevate 作為一家公司的故事是，這確實是一個成本故事，對吧？

As Alex kind of walked through increased utilization, being more efficient as an airline, kind of going through all of the initiatives that we have so I think one thing that's being lost in the second quarter, it was a great cost quarter as we focused ourselves on the business, negotiating with the OEMs, negotiating with our suppliers across the board, and really driving better cost results.

亞歷克斯經歷了提高利用率、提高航空公司效率、經歷了我們所採取的所有舉措，所以我認為第二季度失去的一件事是，這是一個成本很高的季度，因為我們專注於自己在業務上，與原始設備製造商談判，與我們的供應商進行全面談判，並真正推動更好的成本結果。

And so Abhi needs to do his job, and Alex needs to consider to take costs out of the business on a go-forward basis.

因此，Abhi 需要做好他的工作，而 Alex 需要考慮在未來的基礎上降低業務成本。

Yes.

是的。

And on the maintenance side, also to remind everyone we have a maintenance line as part of operating expenses.

在維護方面，也要提醒大家，我們有一條維護線作為營運費用的一部分。

That's mainly line maintenance.

主要是線路維護。

So some of that, obviously is driven by our own internal work where the initiatives that John mentioned can really provide a positive impact, and some of it is driven by capacity.

因此，其中一些顯然是由我們自己的內部工作所驅動的，約翰提到的舉措確實可以產生積極的影響，其中一些是由能力驅動的。

So because this is mainly line maintenance, there is a correlation between this line and capacity, right?

那麼因為這主要是線路維護，所以這條線路和容量之間有相關性，對吧？

On the CapEx side, I think that's where you can see really big numbers because then we're talking about numbers that are in BRL1 billion plus a year in terms of maintenance CapEx, and where a lot of our initiatives that we mentioned in terms of utilizing aircraft more efficiently or using the next generation aircraft more than the ones, that's where you can see a lot of the benefit coming from the Elevate plan.

在資本支出方面，我認為這就是您可以看到非常大的數字的地方，因為我們談論的數字是10 億雷亞爾加上一年的維護資本支出，以及我們在以下方面提到的許多舉措：更有效地利用飛機或更多地使用下一代飛機，這就是您可以看到 Elevate 計劃帶來的許多好處的地方。

That's very clear.

這非常清楚。

Thank you.

謝謝。

Okay.

好的。

Guilherme Mendes, JPMorgan.

吉列爾梅·門德斯，摩根大通。

(Operator Instructions)

（操作員說明）

Hey, good morning, everyone.

嘿，大家早安。

John, David, Abhi, Alex, and Thais, thanks for taking my question.

約翰、大衛、阿比、亞歷克斯和泰斯，感謝您提出我的問題。

I have first a follow-up on the fares discussion.

我先對票價討論進行跟進。

So pretty impressive how the industry has been able to increase fares, and Abhi, you mentioned about you expect to maintain such levels.

該行業如何提高票價令人印象深刻，Abhi，您提到您希望維持這樣的水平。

And back to the exercise of a 5% depreciation leading to a 3% price increase, how you guys see elasticity going forward?

回到 5% 的貶值導致 3% 的價格上漲，你們如何看待未來的彈性？

Meaning how much more you think you can increase prices without necessarily impacting demand?

這意味著您認為在不影響需求的情況下可以將價格提高多少？

And the second question, it's a follow-up on the Elevate plan.

第二個問題是Elevate計畫的後續。

If you can help us quantify the potential benefits of it in 2024 or into 2025, or in other words, if something is included on the BRL6 billion guidance for this year.

您能否幫助我們量化 2024 年或 2025 年的潛在效益，或者換句話說，是否將某些內容納入今年 60 億雷亞爾的指導中。

Thank you.

謝謝。

Yes.

是的。

Thanks.

謝謝。

So, like I said, we saw July year-over-year RASK already positive year-over-year, and that was really just the first month of getting back to normal booking levels post Porto Alegre.

因此，就像我說的那樣，我們看到 7 月的 RASK 同比已經呈正值，這實際上只是阿雷格里港後恢復正常預訂水平的第一個月。

Our job is to continue to test the market.

我們的工作是繼續測試市場。

We think that the fares that the industry has now, we probably would not have anticipated sort of pre-pandemic, but as we showed on the slide in dollar terms, our fares have actually gone up about 8% every single year.

我們認為，就該行業現在的票價而言，我們可能不會預期到大流行前的情況，但正如我們在幻燈片中以美元計算的那樣，我們的票價實際上每年上漲約 8%。

So it's a matter of testing the market.

所以這是一個測試市場的問題。

I feel pretty good about overall industry discipline.

我對整個行業紀律感覺很好。

I'm seeing the industry disciplined in terms of actions, in terms of network actions.

我看到這個產業在行動、網路行動上受到了約束。

And so I don't see any reason why there's a limitation.

所以我看不出有任何限制的理由。

We're going to keep testing it, and I think the strong economic activity in Brazil, the second half seasonality are going to be very supportive of us maintaining these fair levels.

我們將繼續對其進行測試，我認為巴西強勁的經濟活動和下半年的季節性將非常有利於我們維持這些公平水平。

As for the Elevate plan, I just want to remind you we had a 12% devaluation of our currency and 10% of our network knocked offline, and so we have less ASKs in the plan, but yet we're still going to deliver above BRL6 billion of EBITDA.

至於 Elevate 計劃，我只是想提醒您，我們的貨幣貶值了 12%，我們的網路有 10% 離線，因此我們計劃中的要求較少，但我們仍然會提供上述服務60 億雷亞爾的 EBITDA。

So Elevate helps us get there, but we -- as you go forward into 2025, that's when you should get an incremental $1 billion of EBITDA.

因此，Elevate 幫助我們實現這一目標，但當您進入 2025 年時，您應該會獲得 10 億美元的 EBITDA 增量。

And that's making the assumption that the exchange rate remains devalued.

這是假設匯率仍然貶值。

But these structural changes we're making to the business will be permanent.

但我們對業務所做的這些結構性改變將是永久性的。

The things like we're doing on the revenue side with ancillary, code share, all of the -- they will be permanent changes.

我們在收入方面所做的事情包括輔助、程式碼共享等等——它們將是永久性的變化。

On the cost side, they will be permanent changes as well.

在成本方面，它們也將是永久性的變化。

And so we're shifting and adapting, but it's -- part of the Elevate is in the BRL6 billion, but there's a lot more as we roll forward into 2025.

因此，我們正在轉變和適應，但 Elevate 的一部分為 60 億雷亞爾，但隨著我們進入 2025 年，還有更多。

Yes.

是的。

And think about the ramp-up, right?

並考慮一下加速，對嗎？

Some of these initiatives were things that we were talking about, we were looking at, but we decided to accelerate.

其中一些舉措是我們正在討論、正在考慮的事情，但我們決定加速。

Some of them are brand new.

其中一些是全新的。

But overall, all of the initiatives are going to have much less than a full year's worth of contribution to 2024, but then they should have a full year's worth of contribution for 2025, right?

但總體而言，所有舉措對 2024 年的貢獻都將遠低於全年貢獻，但他們應該對 2025 年貢獻全年貢獻，對嗎？

And so the BRL6 billion kind of includes the ramp-up that we're going to do this year.

因此，60 億雷亞爾包括我們今年要做的擴大工作。

We haven't provided guidance on 2025 yet, but in terms of what the initiatives should contribute, you should have a full billion reals of contribution from the initiatives being available to us for a full year.

我們尚未提供 2025 年的指導，但就這些舉措應做出的貢獻而言，您應該從我們全年可用的舉措中獲得足足十億雷亞爾的貢獻。

Super clear.

超級清晰。

Thank you all.

謝謝大家。

Okay.

好的。

Victor Mizusaki, Bradesco.

維克多·水崎，布拉德斯科。

(Operator Instructions)

（操作員說明）

Hi.

你好。

Two questions here.

這裡有兩個問題。

The first one, if you look at Slide 9, you basically show the kind of a guidance for international traffic growth in the second half.

第一個，如果你看投影片 9，你基本上會顯示下半年國際流量成長的指引。

So my question here is, if you can comment how this international traffic will impact the demand for domestic travel giving our hub and spoke model.

所以我的問題是，您能否評論一下這種國際交通將如何影響我們的中心輻射模型的國內旅行需求。

And the second one, if you can give any updates on the negotiations with Embraer?

第二個問題，能否介紹一下與巴西航空工業公司談判的最新情況？

Thank you.

謝謝。

Yes.

是的。

Hi, Victor.

嗨，維克多。

On the international, the truth is it actually helps our domestic because it allows us to sell seats that we didn't have.

在國際航班上，事實是它實際上對我們的國內航班有幫助，因為它使我們能夠出售我們沒有的座位。

So the second quarter, if somebody wanted to go from Curitiba to Fort Lauderdale, chances are they would not find a seat on Azul.

因此，第二季度，如果有人想從庫里蒂巴前往勞德代爾堡，他們很可能在藍色航空上找不到座位。

And now we're starting to see that availability come up.

現在我們開始看到可用性的提高。

Recife and Belo Horizonte, we actually went to zero flights to the US for about a six-week period, and that affects the demand domestically in those regions in the Northeast and the Belo Horizonte regions.

累西腓和貝洛奧裡藏特，我們實際上在大約六週的時間裡，飛往美國的航班為零，這影響了東北部和貝洛奧裡藏特地區的國內需求。

And having Porto Alegre back in October, it's a big driver of international demand as well.

阿雷格里港於 10 月回歸，這也是國際需求的一大推動力。

So actually, international was blocking demand on the domestic side as well.

事實上，國際市場也阻礙了國內需求。

So having those seats available, given the strength of our network, it's going to help international and it also helps domestic.

因此，鑑於我們網路的實力，擁有這些可用座位將有助於國際和國內。

John?

約翰？

As we've stated, as has Abra, yes, we are in active discussions.

正如我們和阿布拉所說，是的，我們正在積極討論。

I think you'll get news about that in the not-too-distant future.

我想在不久的將來你會得到有關這方面的消息。

We have to respect the process that Gol has today in their bankruptcy.

我們必須尊重戈爾今天的破產程序。

But we'll update the market at the appropriate time.

但我們會在適當的時候更新市場狀況。

Thank you.

謝謝。

Okay.

好的。

Joao Frizo, Goldman Sachs.

若奧·弗里佐，高盛。

(Operator Instructions)

（操作員說明）

Hey, good morning, everyone.

嘿，大家早安。

Thanks for taking my question.

感謝您提出我的問題。

I have two quick ones.

我有兩個快的。

The first one is on CapEx.

第一個是資本支出。

You guys mentioned that you expect over BRL1 billion in CapEx on maintenance only so I just wanted to get a sense on the CapEx.

你們提到，僅維護方面的資本支出預計就超過 10 億雷亞爾，所以我只是想了解一下資本支出。

On the back end of this year, if we should expect the same run rates as we saw in the first half, and for 2025, how should we think about it?

今年年底，如果我們預計 2025 年的運行率與上半年相同，我們該如何看待？

And then following on cash generation, how should -- we also think about this on the second half of the year, right?

然後，在現金生成之後，我們在下半年也應該如何考慮這個問題，對嗎？

It's a seasonally stronger semester.

這是一個季節性較強的學期。

So just wanted to get your view on this as well.

所以也想聽聽您對此的看法。

Thank you very much.

非常感謝。

Thanks, Jerome.

謝謝，傑羅姆。

Now, just to clarify, what I mean is, within CapEx, you're talking about orders of magnitude of billions of reals on spend per year.

現在，為了澄清一下，我的意思是，在資本支出中，您談論的是每年數十億雷亞爾的數量級支出。

We did not provide guidance on what the maintenance CapEx is going to be or what the impact of Elevate on maintenance CapEx is going to be, right?

我們沒有提供有關維護資本支出的指導，或者 Elevate 對維護資本支出的影響是什麼，對吧？

But that is where the opportunity is, right?

但這就是機會所在，對嗎？

There is some maintenance that flows through the operating expense, but as you see, it was kind of less than BRL200 million this quarter.

營運費用中有一些維護費用，但如您所見，本季的費用不到 2 億雷亞爾。

When you're talking about maintenance CapEx, then you're talking about a bigger number.

當您談論維護資本支出時，您談論的是一個更大的數字。

And that's, I think, where we think Elevate can really provide help because our line maintenance is not going to reduce dramatically.

我認為，這就是我們認為 Elevate 真正可以提供幫助的地方，因為我們的線路維護不會大幅減少。

We could always be more productive, more efficient, right, works more intelligently.

我們總是可以變得更有生產力、更有效率、更聰明地工作。

But when you decide to fly E2s more often, which are newer aircraft and you decide to reduce the utilization on E1s, that is primarily going to help maintenance CapEx as opposed to maintenance OpEx.

但是，當您決定更頻繁地飛行 E2（較新的飛機）並且您決定減少 E1 的利用率時，這主要有助於維護資本支出，而不是維護營運支出。

On the maintenance CapEx or CapEx as a whole, if you remember we also had announced a while ago that we now have access to a maintenance CapEx line from kind of guaranteed by sovereign risk.

關於維護資本支出或整體資本支出，如果您還記得我們不久前也宣布過，我們現在可以透過主權風險擔保來獲得維護資本支出額度。

We have not drawn upon that facility yet, right?

我們還沒有利用該設施，對吧？

That is about $200 million of capital that's available to us.

我們可以利用的資金約為 2 億美元。

And so this year, when you look at the CapEx that happened in the beginning of the year, there was no benefit from this line yet, but that benefit should be available to us going forward.

因此，今年，當你看看年初發生的資本支出時，你會發現這條線還沒有帶來任何好處，但我們未來應該可以享受這種好處。

So it'll reduce the cash CapEx in the third and the fourth quarter.

因此，它將減少第三和第四季的現金資本支出。

Exactly.

確切地。

And yes, when you think about -- if you take a look at Bloomberg consensus, that breaks it down quarterly, what the market expects us to generate in the first half, what the market expects us to generate in the second half, there's a big difference, right?

是的，當你思考時，如果你看一下彭博社的共識，它按季度細分，市場期望我們在上半年產生什麼，市場期望我們在下半年產生什麼，有一個差別很大吧？

And so that translates to a better cash performance also accordingly because a lot of the cash generation comes from the EBITDA production.

因此，這也相應地轉化為更好的現金績效，因為大量現金產生來自 EBITDA 生產。

Thank you very much, guys.

非常感謝你們，夥伴們。

Super clear.

超級清晰。

Thank you.

謝謝。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

(Operator Instructions)

（操作員說明）

Yes.

是的。

Hey, good morning, guys.

嘿，早上好，夥計們。

You can hear me, right?

你聽得到我說話，對吧？

Yes.

是的。

Great.

偉大的。

Hey, just a question here on your immediate liquidity of BRL2.5 billion, one, does that include that guaranteed maintenance CapEx line?

嘿，我只想問一個關於您 25 億雷亞爾的即時流動性的問題，第一，這是否包括保證維護資本支出額度？

And as we think through the year, what is the target liquidity level for you as we go into 2025?

當我們回顧這一年時，進入 2025 年時您的目標流動性程度是多少？

And as I think about Elevate, how that's going to contribute on the EBITDA side?

當我想到 Elevate 時，它將如何為 EBITDA 做出貢獻？

Is that $1 billion of EBITDA?

這是 10 億美元的 EBITDA 嗎？

I know that's a P&L impact, but should we think of that as also a cash impact as well?

我知道這是對損益的影響，但我們是否也應該將其視為對現金的影響？

Is it one-to-one, or is there other elements of that?

是一對一的，還是有其他因素？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

So the immediate liquidity does not include a deadline, right?

所以即時流動性不包含最後期限，對嗎？

That is just essentially cash plus receivables, as we normally provide.

正如我們通常提供的那樣，這本質上只是現金加上應收帳款。

And the main part of that is that the majority of the receivables are credit card receivables, which have not any cardholder risk, right, and are very easy to advance and transform into cash.

其中最主要的是，大部分應收帳款都是信用卡應收帳款，持卡人沒有任何風險，對吧，而且很容易墊付並轉換為現金。

So it does not include that guaranteed maintenance line that's available to us.

因此，它不包括我們可用的有保證的維護線路。

In terms of target liquidity, as we grow, right, we expect to want to increase our liquidity.

就目標流動性而言，隨著我們的發展，我們預計會增加流動性。

We like to have something between 10% and 20% of last 12 months revenues in cash.

我們希望過去 12 個月的收入中有 10% 到 20% 是現金。

Where we're going to end between that 10% and 20%?

10% 到 20% 之間我們會在哪裡結束？

Some of it depends on seasonality, some of it depends on the cost of capital, right, but we can comfortably operate within those ranges.

其中一些取決於季節性，有些取決於資本成本，對吧，但我們可以在這些範圍內輕鬆運作。

Okay.

好的。

And in terms of Elevate, the BRL1 billion, Mike, sorry.

就 Elevate 而言，10 億雷亞爾，麥克，抱歉。

Sorry.

對不起。

So there are a lot of initiatives in Elevate that provide a benefit beyond the P&L.

因此，Elevate 中有很多措施提供了超出損益的利益。

They're not included in the BRL1 billion.

他們不包括在 10 億雷亞爾之內。

The BRL1 billion, I think, is more, on a recurrent basis what you can expect once these initiatives are all ramped up, what they incrementally contribute to what Azul kind of steady state would be.

我認為 10 億雷亞爾是更多的，在這些舉措全面啟動後，您可以定期預期，它們將逐步為 Azul 的穩定狀態做出貢獻。

But we are -- some of the initiatives in Elevate also include some cash benefit, especially in 2024.

但我們 - Elevate 的一些措施還包括一些現金福利，特別是在 2024 年。

Hey, Mike, I just want to highlight one other thing, too, before you go on to your next question.

嘿，麥克，在你繼續下一個問題之前，我還想強調另一件事。

Obviously, when 10% of the network is offline, impacts ATL.

顯然，當 10% 的網路離線時，會對 ATL 產生影響。

When international is offline, impacts ATL as well.

當國際線離線時，也會影響 ATL。

Those are two things that come back to us in the third and into the fourth quarter, where we will have those sales going forward from both those two major events.

這兩件事將在第三季和第四季回到我們的腦海中，我們將在這兩個重大事件中繼續實現這些銷售。

I mean, it's not often that an airline is impacted so severely by those two big impacts.

我的意思是，航空公司受到這兩大影響如此嚴重的情況並不常見。

No, good point.

不，好點。

Thanks, John.

謝謝，約翰。

And then as we -- can you just sort of remind us about what sort of stake, if any, in TAP?

然後，您能否提醒我們，TAP 擁有什麼樣的股份（如果有的話）？

I'm only bringing it up because it now seems like that there is going to be something that happens there, maybe sooner rather than later, and I know there was some restructuring around that.

我只是提出這個問題，因為現在看來那裡將會發生一些事情，也許早而不是晚，而且我知道圍繞這件事進行了一些重組。

But as I recall, I still thought you had some claim there, some value there.

但據我記得，我仍然認為你在那裡有一些主張，那裡有一些價值。

Can you just remind us what you have left with respect to TAP Air Portugal?

您能否提醒我們您對 TAP 葡萄牙航空還剩下什麼？

Yes.

是的。

Thanks, Mike.

謝謝，麥克。

They owe us, I think at current -- currently, they owe us around EUR150 million to EUR165 million, right?

我認為目前他們欠我們大約 1.5 億至 1.65 億歐元，對嗎？

And where they are today is, it's widely reported that they're in a privatization process, and our expectation is that, that privatization process can't really go forward until we settle this issue.

他們今天的處境，廣泛報導他們正處於私有化進程中，我們的期望是，在我們解決這個問題之前，私有化進程無法真正向前推進。

And so there are discussions happening as we speak, and our expectation is that, that could be a source of liquidity for us this year.

因此，就在我們講話的時候，正在進行討論，我們的期望是，這可能成為我們今年的流動性來源。

Great.

偉大的。

No, no, that's good to hear.

不，不，很高興聽到這個消息。

And John, can I squeeze in just one more as it relates to the codeshare?

約翰，我可以再插一句與程式碼分享相關的內容嗎？

The fact that a few weeks back, maybe it was three, four weeks ago, we did get the headline from the regulators, the competition authorities that they were going to examine or look into.

事實上，幾週前，也許是三、四個星期前，我們確實從監管機構、競爭主管機關那裡得到了他們將要審查或調查的頭條新聞。

Is that just -- that's a formality, right?

這只是——這只是一種形式，對吧？

That's a perfunctory process.

這就是一個敷衍的過程。

They have to do it.

他們必須這樣做。

We shouldn't read into that.

我們不應該對此進行解讀。

Or whatever you can say to that process would be great.

或者無論你對這個過程有什麼想說的，那就太好了。

Thanks for taking my questions.

感謝您回答我的問題。

Yes.

是的。

Hi.

你好。

Yes, Mike.

是的，麥克。

Yes.

是的。

Look, we are in constant communication with the regulator about the codeshare.

看，我們一直在與監管機構就代碼共享事宜進行溝通。

We're talking to them about how we're phasing in the markets.

我們正在與他們討論我們如何逐步進入市場。

So, yes, I mean, given the scale of the co-chair, it's absolutely expected and not a surprise that they ask some questions, do some analysis, and we're constantly in communication with them.

所以，是的，我的意思是，考慮到聯合主席的規模，他們提出一些問題，做一些分析，這絕對是預料之中的，並不奇怪，而且我們一直在與他們溝通。

No restrictions.

沒有限制。

We're selling it and we continue to be in our plans.

我們正在出售它，並且繼續在我們的計劃中。

So, yes, it's part of their analysis, but it's just part of the process, if you will.

所以，是的，這是他們分析的一部分，但如果你願意的話，這只是過程的一部分。

Hey, Mike.

嘿，麥克。

But what they're specifically looking at is, should there been a pre-notification to the antitrust authorities before the codeshare went into place, out of respect, went there jointly and told them, but we didn't do an exact filing, nor did we do that when we were with LATAM in a codeshare -- a similar code share.

但他們特別關注的是，在代碼共享實施之前，是否應該向反壟斷機構進行預先通知，出於尊重，共同去那裡告訴他們，但我們沒有做確切的備案，也沒有這樣做。進行程式碼共享時，我們是否這樣做過——類似的程式碼共享。

And so this is part of the process.

這是這個過程的一部分。

We respect their process.

我們尊重他們的流程。

We responded to it, I believe, roughly 10 days ago.

我相信，我們大約 10 天前就對此做出了回應。

And so we hope to get a resolution on that in the next couple of days.

因此，我們希望在接下來的幾天內就此達成解決方案。

Great.

偉大的。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

(technical difficulty) J.P. Morgan.

（技術難度）摩根大通。

(Operator Instructions)

（操作員說明）

Great.

偉大的。

Thanks a lot and thanks for taking my question.

非常感謝，也感謝您提出我的問題。

In our perspective, I think maintaining good liquidity is very important to Azul given the cash needs in the next two years and the environment that we're in.

在我們看來，考慮到未來兩年的現金需求和我們所處的環境，保持良好的流動性對 Azul 來說非常重要。

Can you help us better understand the main drivers of the working capital build we saw this quarter?

您能否幫助我們更了解本季營運資本增加的主要驅動因素？

What were you able to accomplish in this quarter regarding working capital that helped with the build and offset any sort of impact that would have resulted in a cash burn?

在本季度，您在營運資金方面能夠完成哪些工作，以幫助建立並抵消任何可能導致現金消耗的影響？

And then what can we expect for the second half of this year, including any progress on working capital initiatives you're working on?

那麼今年下半年我們可以期待什麼，包括您正在進行的營運資本計畫有何進展？

Yes.

是的。

So we agree, right, liquidity is very important, and -- but as we've demonstrated, we will always have the necessary liquidity because it's essentially a good business, right?

所以我們同意，流動性非常重要，而且 - 但正如我們所證明的，我們將始終擁有必要的流動性，因為它本質上是一項好業務，對嗎？

When you made reference to in terms of the build for this quarter, a lot of that is seasonality that we start selling the higher capacity and higher demand in the second half of the year.

當您提到本季的建設時，許多是季節性的，我們在下半年開始銷售更高的產能和更高的需求。

But that mainly happened in July, right?

但這主要發生在七月，對嗎？

But as we demonstrated in the past also the operation generates a lot of cash.

但正如我們過去所證明的那樣，該業務也產生了大量現金。

It's a good business and it only becomes stronger and stronger.

這是一門好生意，而且只會變得越來越強大。

The question is, where does that cash go?

問題是，這些現金都去哪了？

And that cash goes essentially to our partners, right?

這些現金基本上都流向了我們的合作夥伴，對嗎？

It goes to lessors, it goes to suppliers, and it goes mainly to interest on our debt, as we don't have any relevant debt amortizations over the next few years.

它流向出租人，流向供應商，主要流向我們的債務利息，因為我們在未來幾年沒有任何相關的債務攤銷。

So the question of how to manage liquidity goes back to what we talked about the partnership, right?

那麼如何管理流動性的問題又回到了我們討論的合作關係，對吧？

Since all of that cash that we're generating goes to our partners, some of the liquidity management that we did last year, for example, was with the support and with bilateral amicable conversations with our partners.

由於我們產生的所有現金都流向了我們的合作夥伴，例如，我們去年所做的一些流動性管理是在我們的合作夥伴的支持和雙邊友好對話的支持下進行的。

So that is always going to be some back and forth and some ebb and flow in those numbers.

因此，這些數字總是會出現一些反覆和一些潮起潮落。

But the important part is going forward in terms of seasonality, the majority of that help, which, again, goes to the split between the EBITDA generation in the first half versus the EBITDA generation in the second half.

但重要的部分是在季節性方面向前推進，其中大部分的幫助，再次涉及上半年 EBITDA 世代與下半年 EBITDA 世代之間的劃分。

You see a lot of positive trends from seasonality, from higher capacity, from new aircraft coming in, and then the elimination of all those headwinds that we saw, especially into Q, right, like the lack of ability to sell Porto Alegre, the lower capacity in international.

你會看到許多正面的趨勢，包括季節性、運力增加、新飛機的投入，以及我們看到的所有不利因素的消除，特別是在Q 中，例如缺乏銷售阿雷格里港的能力，較低的價格國際化能力。

I think that's the major, I think, shift that you can see in liquidity and working capital will come from there.

我認為這是您可以在流動性和營運資金中看到的主要轉變。

I just want to highlight a couple of other things, right?

我只想強調其他幾件事，對吧？

Mike Linenberg mentioned the tap-on source of liquidity.

麥克‧林伯格（Mike Linenberg）提到了流動性的流動來源。

I mentioned FNAC has already passed the Senate, should pass the House this week.

我提到 FNAC 已經在參議院獲得通過，本週應該會在眾議院獲得通過。

That's anywhere from $200 million to $300 million of incremental liquidity that can come into the business.

這將為企業帶來 2 億至 3 億美元的增量流動資金。

We mentioned the GE line that we haven't tapped into yet.

我們提到了我們尚未利用的 GE 產品線。

We have an unencumbered cargo business, right?

我們有不受阻礙的貨運業務，對嗎？

So these are access to capital, right?

所以這些都是獲得資本的途徑，對嗎？

But again, as Alex said, the core business needs to continue to operate well.

但正如亞歷克斯所說，核心業務需要繼續運作良好。

And I think you can see that even in the extremely challenging second quarter that we just got through, we had pretty good numbers overall.

我認為你可以看到，即使在我們剛剛度過的極具挑戰性的第二季度，我們的整體數據也相當不錯。

When 10% of your network is knocked offline, you're not selling international in a 12% devaluation of the currency.

當您的網路有 10% 癱瘓時，您就不會以貨幣貶值 12% 的方式進行國際銷售。

So the core business of Azul is strong, and even with that, we still have access to other sources of capital.

因此，Azul 的核心業務很強大，即便如此，我們仍然可以獲得其他資金來源。

Great.

偉大的。

Thanks.

謝謝。

And if I could ask one more follow-up, and I do tend to agree on liquidity being better than I expected given the unforeseen circumstances of the quarter, as well as the seasonality.

如果我能再問一個後續問題，考慮到本季度不可預見的情況以及季節性，我確實傾向於同意流動性比我預期的要好。

But you touched on -- we already touched on the National Aviation Fund, as well as the lessor equity instrument, what you're trying to do with bilateral negotiations.

但你提到了——我們已經談到了國家航空基金以及出租人股權工具，以及你在雙邊談判中試圖做的事情。

Can you touch a little bit about the cargo business?

您能談談貨運業務嗎？

What do you think you could do there?

你認為你可以在那裡做什麼？

Where you would potentially look to raise financing?

您可能會在哪裡尋求融資？

And where that could be pledged if you ultimately look to go that route?

如果您最終希望走這條路，可以在哪裡做出承諾？

Sure.

當然。

That was part of our capital optimization plan.

這是我們資本優化計劃的一部分。

You always need to demonstrate.

你總是需要證明。

I think that gives a lot of comfort to all of our stakeholders that we have the ability to access capital if we need to, right?

我認為這讓我們所有的利害關係人感到非常安慰，因為我們有能力在需要時獲得資本，對吧？

Because obviously, when we did the capital optimization plan last year, we couldn't go to our lessors and our suppliers and say, hey, give me enough working capital and deferrals so I can face a 10% knockout of my capacity, right?

因為顯然，當我們去年制定資本優化計劃時，我們不能去找我們的出租人和供應商說，嘿，給我足夠的營運資金和延期，這樣我就可以面對產能10% 的淘汰，對嗎？

That would never fly with them.

那永遠不會和他們一起飛。

So they provided the support that we all combined, jointly expected was needed and sufficient at that time.

所以他們提供了我們大家共同期待的、當時所需的、充分的支持。

But obviously, we're working with an exchange rate of

但顯然，我們正在使用的匯率為

[$560] .

[560 美元]。

We weren't working with some of these kind of events that occurred.

我們沒有處理發生的一些此類事件。

And so we wanted to have a rainy day fund and so we were deliberate in creating that rainy day fund by kind of preparing the structure to potentially use our Azul cargo business as collateral, the same way that we used our -- essentially our loyalty and vacation business.

因此，我們希望擁有一個應急基金，因此我們特意創建了應急基金，方法是準備可能使用我們的 Azul 貨運業務作為抵押品的結構，就像我們使用我們的忠誠度和抵押品一樣。

So it's a very similar structure that we already set up that collateral is available.

因此，這是一個非常相似的結構，我們已經設置了可用的抵押品。

We have used it for kind of short-term things, very small things that in an eventual capital raise would go away.

我們將它用於一些短期的事情，非常小的事情，這些事情在最終的融資中會消失。

But at the time, I think we talked about a debt capacity in the hundreds of millions of dollars that was available to us.

但當時，我認為我們討論了我們可以使用的數億美元的債務能力。

Now, that's not what we would need to raise, but that's what would be available to us.

現在，這不是我們需要籌集的資金，但這是我們可以得到的。

I think when you look at the documentation of that facility, it allows us to raise first debt capacity of $800 million.

我認為當你查看該設施的文件時，它使我們能夠籌集 8 億美元的第一筆債務能力。

So obviously, we wouldn't need anywhere near that amount, but it's always good to have that capacity out there because it provides comfort to everybody that is providing credit to us all.

顯然，我們不需要接近這個數額，但擁有這種能力總是好的，因為它為向我們所有人提供信貸的每個人提供了安慰。

And then on top of that, as you mentioned, there are these other potential sources of liquidity that we all talked about already.

除此之外，正如您所提到的，我們已經討論過其他潛在的流動性來源。

Great.

偉大的。

Thanks.

謝謝。

That's it for me.

對我來說就是這樣。

Appreciate the answers.

感謝您的回答。

Thank you.

謝謝。

Gabriel (technical difficulty) Bank of America.

加布里埃爾（技術難度）美國銀行。

(Operator Instructions)

（操作員說明）

Good morning, gentlemen.

早安，先生們。

Thanks for the opportunity.

感謝您提供的機會。

I have a question on the equity instrument solstice.

我有一個關於權益工具 Solstice 的問題。

Apart from the FX translation, we noted a [$287] million increase in these accounts in a line that you call the transfers.

除了外匯換算之外，我們還注意到這些帳戶的金額增加了 [2.87 億美元]，您稱之為轉帳。

Could you kindly give us some idea on what was this increase related to?

您能否告訴我們這一增長與什麼相關？

It should be FX, basically, right?

基本上應該是FX，對吧？

There's no interest accrual on the facility, and it's essentially a debt.

該貸款不會產生利息，本質上是一種債務。

In terms of accounting, it is recognized as debt so it should be FX.

從會計角度來說，它被確認為債務，因此應該是外匯。

If you're not kind of able to reconcile it, we can take this question offline.

如果您無法調和，我們可以將這個問題下線。

Okay.

好的。

Thanks, Alex.

謝謝，亞歷克斯。

Okay.

好的。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

(Operator Instructions)

（操作員說明）

Okay, there we go.

好的，我們開始吧。

Hopefully, you can hear me okay.

希望你能聽到我的聲音。

Hey, just a couple of questions here.

嘿，這裡有幾個問題。

Thanks for the time.

謝謝你的時間。

Just given the change in the macro, how is that impacting your outlook for 2025 growth at this point, and potentially also its composition?

考慮到宏觀經濟的變化，這對您目前對 2025 年成長的前景及其組成有何影響？

And I guess I hear you on improved utilization.

我想我聽到了你關於提高利用率的看法。

I'm just trying to reconcile longer-term growth with macro instability and of course, Elevate the self-help initiatives that you guys are implementing.

我只是試著協調長期成長與宏觀不穩定，當然，提升你們正在實施的自助措施。

Hey, Dan, on a percentage basis, the number moves around because this year we're flying less than what we actually would have liked to.

嘿，丹，從百分比來看，這個數字有所變動，因為今年我們的航班數量比我們實際希望的要少。

So in some sense that pushes up the percentage for next year.

因此，從某種意義上說，這推高了明年的百分比。

But obviously what's important is kind of the absolute level of flying that we want.

但顯然重要的是我們想要的絕對飛行水平。

We still want the E2s.

我們仍然想要 E2。

As Alex said, they really work very well for us given the fuel burn economics, given the fact that we're able to fly much higher utilizations on the E2s then -- and we're going to be reducing utilization on the E1.

正如 Alex 所說，考慮到燃油經濟性，考慮到我們能夠在 E2 上實現更高的利用率，它們確實對我們非常有效，而且我們將減少 E1 的利用率。

So that we'll have to really sit down with Embraer and see what's possible for next year.

因此，我們必須與巴西航空工業公司真正坐下來，看看明年會發生什麼。

The international is just coming full circle of what we're going to finish this year.

國際賽剛結束我們今年要完成的工作。

Two additional wide bodies will have an impact next year.

另外兩個寬體將於明年產生影響。

So you can kind of model that as well.

所以你也可以對此進行建模。

So on a percentage basis, a lot of it is going to be influenced by kind of the impacts from Porto Alegre of this year and from the international reduction of this year.

因此，從百分比來看，其中很大一部分將受到今年阿雷格里港和今年國際減排的影響。

But our focus is on the E2s for next year, reducing E1 utilization, increasing E2s.

但我們的重點是明年的 E2，減少 E1 使用率，增加 E2。

And again, 84% of our routes have no nonstop competition, and that's as we have grown over the years.

再說一次，我們 84% 的航線沒有不間斷的競爭，這是我們多年來不斷發展的。

David mentioned this.

大衛提到過這一點。

So we continue to be very true to our network.

因此，我們將繼續忠於我們的網絡。

Even as we grow, that's not going to change, and we focus on where we're strong.

即使我們成長，這一點也不會改變，我們專注於我們的強項。

Dan, I think everybody's focused on the exchange rate, but if you look at the other macro indicators in Brazil, unemployment is going down, GDP is going up.

丹，我認為每個人都關注匯率，但如果你看看巴西的其他宏觀指標，失業率正在下降，國內生產毛額正在上升。

And I think what's a testament to that is that Abhi was able to have increased RASK in July year-over-year 5% with Porto Alegre still offline, right?

我認為證明這一點的是，在阿雷格里港仍處於離線狀態的情況下，Abhi 在 7 月將RASK 同比增長了 5%，對吧？

And so, that's a big indicator that the Brazilian economy is actually in a different direction than what you're seeing in the US right now.

因此，這是一個重要指標，表明巴西經濟實際上與您現在在美國看到的方向不同。

Yes.

是的。

Given that economic growth, can you elaborate a little bit on how that's rippling through to the corporate side of the story, just in terms of either accounts or share of the wallet that you're getting domestically?

考慮到經濟成長，您能否詳細說明一下這種情況如何波及到企業方面，僅就您在國內獲得的帳戶或錢包份額而言？

Yes.

是的。

No, we feel pretty good about the corporate market, Dan.

不，我們對企業市場感覺很好，丹。

If you look at the latest results from Abra Corp, which is the association of Brazilian corporate travel Agencies, we have about a 33% revenue market share from corporate overall, which is much higher than our fair market share if you look at our capacity in the domestic market.

如果你看一下Abra 公司（巴西商務旅行機構協會）的最新結果，你會發現我們的企業整體收入市場份額約為33%，如果你看看我們的能力，這比我們的公平市場份額要高得多。

So we are overachieving in the corporate market.

因此，我們在企業市場取得了超常的成績。

One reason is our expanded presence in Congonhas since last year, where we doubled our network, and one reason is where we're strong in the Midwest and the agro market of Brazil, which is doing very well right now given exports and things like that.

一個原因是我們自去年以來擴大了在孔戈尼亞斯的業務，在那裡我們的網絡增加了一倍，另一個原因是我們在中西部和巴西農產品市場的實力雄厚，鑑於出口等因素，該市場目前表現非常好。

So you can go online and check out the Abra Corp information.

所以你可以上網查一下Abra Corp的資訊。

It's public.

這是公開的。

We have about a 33% revenue share, which is well above our fair share in the market.

我們的收入份額約為 33%，遠高於我們在市場上的公平份額。

Great.

偉大的。

If I could squeeze one last one in here.

如果我能把最後一顆塞進去就好了。

Just given the conversations with Abra, I'm wondering if you could just help us understand the flexibility with United and that international codeshare if things potentially move around here, or the potential to add a stronger US partner at some point.

剛剛與阿布拉進行了對話，我想知道您是否可以幫助我們了解與美聯航的靈活性以及國際代碼共享（如果這裡的情況可能發生變化），或者在某個時候增加一個更強大的美國合作夥伴的潛力。

We think United is a great strong US partner, but what you're talking about is something much bigger.

我們認為曼聯是一個強大的美國合作夥伴，但你談論的是更重要的事情。

And I think the US carriers pale in comparison to what combining two Brazilian networks and the strength of that could do, Dan.

我認為，與結合兩個巴西網絡及其實力所能達到的效果相比，美國運營商相形見絀，丹。

And so I think that that's a phase two and not a phase one in the discussions.

因此，我認為這是討論的第二階段，而不是第一階段。

Understood.

明白了。

But just technically speaking, there is no exclusivity in place anymore.

但從技術上來說，不再有排他性。

Yes.

是的。

Thanks for the time, you guys.

謝謝你們抽出時間。

Thank you.

謝謝。

Thank you.

謝謝。

This now closes the Q&A session for today.

今天的問答環節到此結束。

I would like to turn the floor to John for final considerations.

我想請約翰進行最後的考慮。

Great.

偉大的。

Thanks, everybody.

謝謝大家。

And we'll be available to talk to you on an individual basis over the coming days, and we appreciate your support, and we look forward to talking to you.

在接下來的幾天裡，我們將可以與您單獨交談，我們感謝您的支持，並期待與您交談。

Thank you.

謝謝。

This concludes the Azul's audio conference call for today.

Azul 今天的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。