Azul SA (AZUL) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to Azul's third-quarter earnings call. My name is Ed, and I will be your operator for today. This event is being recorded. (Operator Instructions)

大家好，歡迎參加 Azul 第三季財報電話會議。我叫艾德，今天我將擔任您的接線生。該事件正在被記錄。 （操作員說明）

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

我想將演講交給投資者關係主管 Thais Haberli。泰國人，請繼續。

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

謝謝扎克，歡迎大家參加 Azul 的第三季財報電話會議。我們今天早上宣布的結果、本次電話會議的音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. Alexandre Malfitani, our CFO; and Abhi Shah, the President of Azul, are also here for the Q&A session.

今天的演講嘉賓是 Azul 創辦人兼董事長 David Neeleman；和執行長約翰·羅傑森。亞歷山大‧馬爾菲塔尼 (Alexandre Malfitani)，我們的財務長； Azul 總統 Abhi Shah 也出席了問答環節。

Before I turn the call over to David, I'd like to caution you regarding our forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives and expected performance constitute forward-looking statements. These statements are based on a range of assumptions that the company believes are reasonable, but are subject to uncertainties and risks that are discussed in detail in our CVM and SEC filings.

在我將電話轉給大衛之前，我想提醒您注意我們的前瞻性陳述。今天討論的任何非歷史事實的事項，特別是有關公司未來計劃、目標和預期業績的評論均構成前瞻性陳述。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. David?

這樣，我就把電話轉給大衛。大衛？

Thank you all for joining us for our third-quarter 2024 earnings call. We have a lot to talk about today.

感謝大家參加我們的 2024 年第三季財報電話會議。今天我們有很多話要談。

But first, we have our third-quarter results, which were very positive with an all-time record revenues and EBITDA with industry-leading margins. Second, we want to talk about the results of our recent renegotiations with our principal partners, which are going to create a fundamentally stronger Azul for 2025 and beyond. John will lead you through the details.

但首先，我們的第三季業績非常樂觀，營收創歷史新高，EBITDA 利潤率則是業界領先。其次，我們想談談我們最近與主要合作夥伴重新談判的結果，這些結果將為 2025 年及以後打造一個從根本上更強大的 Azul。約翰將引導您了解詳細資訊。

But first, let me thank our crew members for once again delivering a solid quarter under very challenging circumstances. Like many airlines, around the world, we continue to face disruptions with our fleet, engine removals and supply chain issues, which are leading to short-term changes to our network. Our crew members are doing an amazing job taking care of our customers, and I want to thank them for all their efforts.

但首先，讓我感謝我們的工作人員在非常具有挑戰性的情況下再次實現了穩定的季度業績。與世界各地的許多航空公司一樣，我們繼續面臨機隊中斷、發動機拆除和供應鏈問題，這些問題導致我們的網路短期變化。我們的工作人員在照顧客戶方面做得非常出色，我要感謝他們所做的一切努力。

On slide 3, I want to remind you about the strength of our business and our competitive advantages, which are now greater than ever. Our differentiated network, combined with our fleet flexibility, allow us to access demand and grow the market in a sustainable and profitable way. As John will show you, our next-generation fleet, combined with the efficiency initiatives give us the lowest unit cost in the region.

在投影片 3 上，我想提醒您我們的業務實力和競爭優勢，這些優勢現在比以往任何時候都更大。我們的差異化網絡與機隊靈活性相結合，使我們能夠以可持續和盈利的方式滿足需求並擴大市場。正如約翰將向您展示的那樣，我們的下一代機隊與效率舉措相結合，使我們的單位成本在該地區最低。

Finally, our fast-growing, high-margin business units, Logistics, Avi, Vacations and Loyalty are a key driver to the growth and margin expansion. These are all structural features that we will continue to boost our profitability into the future.

最後，我們快速成長、高利潤的業務部門，物流、Avi、假期和忠誠度是成長和利潤擴張的關鍵驅動力。這些都是我們未來將持續提高獲利能力的結構性特徵。

On slide 4, I want to show you a perspective going back to 2019 pre-COVID. We've overcome a large number of challenges. And the key message here is that even with these challenges, Azul has continued to produce earnings growth and margin expansion.

在投影片 4 上，我想向您展示 2019 年新冠疫情爆發前的觀點。我們已經克服了大量的挑戰。這裡的關鍵訊息是，儘管面臨這些挑戰，Azul 仍繼續實現獲利成長和利潤率擴張。

Let's take a look at Q3 as an example. In the quarter, our revenue was 69% higher than the third quarter of '19. Our EBITDA was 77% higher and our EBITDA margin was 1.4 percentage points better. All this with a currency that is 40% devalued and fuel prices that are 73% higher. That is how strong and resilient this business is. This is our ability to grow profitably, to create and expand our competitive advantages. Everything we do is focused on making Azul stronger for the long term from our fleet, our network, our business units and our capital structure. I'm amazed with what we have accomplished so far and even more excited about the future.

我們以第三季為例。本季度，我們的營收比 19 年第三季高出 69%。我們的 EBITDA 提高了 77%，EBITDA 利潤率提高了 1.4 個百分點。所有這一切都是在貨幣貶值 40% 和燃油價格上漲 73% 的情況下實現的。這就是這個業務的強大和彈性。這是我們實現獲利成長、創造和擴大競爭優勢的能力。我們所做的一切都是為了讓 Azul 在我們的機隊、網路、業務部門和資本結構方面長期變得更加強大。我對我們迄今為止所取得的成就感到驚訝，對未來更加興奮。

With that, I'll pass the word over to John. John?

這樣，我就把話轉給約翰。約翰？

Thanks, David. I would also like to thank our crew members for all of their hard work during the quarter. What David said is just incredible. With the efforts of our crew members, Azul's revenue is now 69% larger than 2019.

謝謝，大衛。我還要感謝我們的工作人員在本季的辛勤工作。大衛所說的話真是令人難以置信。在我們團隊成員的努力下，Azul 目前的營收比 2019 年成長了 69%。

On slide 5, you can see that we set several records this quarter. Our revenue was an all-time record BRL5.1 billion. Our RASK was 42.87% a record. We generated an all-time record revenue -- record of over BRL1 billion of operating income in the quarter with an all-time record BRL1.7 billion of EBITDA. As David mentioned, our ability to expand margins compared to 2019 in spite of the currency and fuel headwinds is a clear demonstration of the strength and competitive advantages of our business.

在投影片 5 上，您可以看到我們本季創下了多項記錄。我們的營收達到 51 億雷亞爾，創歷史新高。我們的RASK 為創紀錄的42.87%。我們創造了創紀錄的收入——本季營業收入超過 10 億雷亞爾，稅息折舊及攤銷前利潤 (EBITDA) 創歷史新高 17 億雷亞爾。正如 David 所提到的，儘管存在貨幣和燃料方面的不利因素，但與 2019 年相比，我們仍能擴大利潤率，這清楚地表明了我們業務的實力和競爭優勢。

On slide 6, you can see the recovery in capacity and unit revenue compared to the second quarter, which was impacted by the severe floods in Rio Grande do Sul. As we mentioned on our last call, we're starting to see signs of recovery in bookings and revenue. And now you can see clearly that we are back on a normal revenue trajectory with RASK up 12% over second quarter.

在投影片 6 中，您可以看到與第二季相比，運能和單位收入有所恢復，第二季受到南里奧格蘭德州嚴重洪水的影響。正如我們在上次電話會議中提到的，我們開始看到預訂和收入復甦的跡象。現在您可以清楚地看到，我們回到了正常的營收軌跡，RASK 比第二季成長了 12%。

I'm also happy to report that the Porto Alegre Airport, which was closed since the first week of May, was partially reopened on October 21. This is a very positive sign as these customers can now access the full potential of Azul's network. Just to be clear, our third quarter had no contribution from Porto Alegre as the main airport remained closed until October. Looking ahead to our peak summer season, we see a positive combination of overall demand and industry discipline, which gives us confidence in continued strong revenue performance going forward.

我還很高興地報告，自5 月第一周以來關閉的阿雷格里港機場已於10 月21 日部分重新開放。潛力。需要明確的是，阿雷格里港對我們第三季沒有貢獻，因為主要機場直到十月才關閉。展望夏季旺季，我們看到整體需求和產業紀律的積極結合，這讓我們對未來持續強勁的營收表現充滿信心。

On slide 7, you can see the early results of our Elevate program, which was described in some detail last quarter. Elevate is a new way of thinking for the entire organization in terms of processes, in terms of priorities, in technology, and this new thinking is already giving us some early results. Let me give you a few examples.

在幻燈片 7 上，您可以看到我們的 Elevate 計劃的早期結果，該計劃在上個季度進行了詳細描述。 Elevate 是整個組織在流程、優先事項和技術方面的一種新思維方式，這種新思維已經為我們帶來了一些早期成果。讓我舉幾個例子。

If you look back to our second-quarter results, you will see that we have almost 15,800 full-time crew members. This quarter, we have 15,500, and that is with a 10% increase in capacity quarter over quarter. As a result, the airline now is 11% more efficient compared to just last quarter. In addition to staffing, we're laser-focused on a wide range of initiatives from purchasing to logistics to fuel, all of which will drive CASK improvement going forward. We already have the lowest cost in the region, even with a more diverse fleet and lower average seat count, and this will only get better over the next few years.

如果您回顧我們第二季的業績，您會發現我們擁有近 15,800 名全職船員。本季度，我們有 15,500 個，容量較上季成長 10%。因此，該航空公司現在的效率比上一季提高了 11%。除了人員配置之外，我們還重點關注從採購到物流再到燃料的一系列舉措，所有這些都將推動 CASK 的不斷改進。即使機隊更加多樣化、平均座位數較低，我們的成本已經是該地區最低的，而且這種情況在未來幾年只會變得更好。

Turning to slide 8, we highlight our performance over the previous quarters. Even with the headwinds in fuel and currency, we expanded both operating and EBITDA margins compared to last year. This clearly shows that over the medium and long term, our business model is 100% able to recapture and recover the negative effects of macro changes. The competitive advantages inherent in our business model allow us to be resilient, robust airline over time and over varying macroeconomic conditions.

轉向幻燈片 8，我們重點介紹了我們在前幾個季度的表現。即使面臨燃料和貨幣方面的不利因素，與去年相比，我們的營業利潤率和 EBITDA 利潤率均有所擴大。這清楚地表明，從中長期來看，我們的商業模式能夠100%重新捕捉和恢復宏觀變化的負面影響。我們的業務模式固有的競爭優勢使我們能夠隨著時間的推移和不斷變化的宏觀經濟條件成為具有彈性、穩健的航空公司。

On slide 9, we show our cash evolution in the quarter. We generated BRL1.7 billion in EBITDA, and we amortized more than BRL100 million of debt in the quarter, which led us to a flat liquidity position at the end of the third quarter. Keep in mind, we paid around BRL600 million of interest expense this quarter. This is going to be very important as we talk about the outcome of our transaction we announced with our bondholders as we will significantly decrease our interest expense and therefore, improve cash generation going forward.

在投影片 9 上，我們展示了本季的現金演變。我們產生了 17 億雷亞爾的 EBITDA，並在本季度攤銷了超過 1 億雷亞爾的債務，這導致我們在第三季末的流動性狀況持平。請記住，本季我們支付了約 6 億雷亞爾的利息費用。當我們談論我們與債券持有人宣布的交易結果時，這將非常重要，因為我們將大幅降低利息支出，從而改善未來的現金產生。

On slide 10, I want to show you that we're firmly back on our earnings growth trajectory. 2024 will be our biggest year ever in terms of revenue, EBIT and EBITDA. As we look across the board at our passengers, logistics, vacations and loyalty businesses, we can confidently say that the demand for Azul's products and services has never been higher. Our outlook for 2025 with a projected record EBITDA of BRL7.4 billion is even brighter. As we said in the beginning of the call, we wanted to first talk about the strong third quarter.

在投影片 10 上，我想向您展示我們已堅定地回到獲利成長軌道。就收入、息稅前利潤和息稅折舊攤提前利潤而言，2024 年將是我們有史以來最大的一年。當我們全面審視我們的乘客、物流、假期和忠誠度業務時，我們可以自信地說，對 Azul 產品和服務的需求從未如此之高。我們對 2025 年的展望更加光明，預計 EBITDA 將達到創紀錄的 74 億雷亞爾。正如我們在電話會議開始時所說，我們想先談談強勁的第三季。

Now we want to talk about the results of our negotiations with our partners. Setting the stage on slide 11, it's important to remind everyone of the challenges we faced in 2024, starting with the devaluation of the currency, now at BRL5.8 to the dollar, an 18% devaluation since the beginning of the year and almost 50% weaker since 2019. We had the devastating floods in the south of Brazil, which impacted 10% of our domestic revenue in one of the highest margin markets.

現在我們想談談我們與合作夥伴談判的結果。以投影片11 為例，重要的是要提醒大家我們在2024 年面臨的挑戰，首先是貨幣貶值，目前兌美元匯率為5.8 巴西雷亞爾，自年初以來貶值了18%，貶值了近50% 。

As David mentioned, we continue to face challenges with OEMs. When including the impact of delivery delays, early engine removals, delays in spare parts and logistics, the effect on our network and cash generation is significant, over BRL1 billion this year alone. Finally, as we've discussed before, as the currency devalued, the local capital markets froze, further restricting our ability to raise local capital.

正如 David 所提到的，我們繼續面臨原始設備製造商的挑戰。如果考慮到交付延誤、引擎提前拆卸、備件和物流延誤的影響，對我們的網路和現金產生的影響是巨大的，僅今年就超過 10 億雷亞爾。最後，正如我們之前討論的，隨著貨幣貶值，當地資本市場凍結，進一步限制了我們籌集當地資本的能力。

As you can see on slide 12, in response to these challenges, we strengthened the partnerships with our major stakeholders. First, we reached an agreement with our lessor and OEM partners on the equity structure, the results of which we announced on October 7 and which eliminated the obligation at a significantly lower dilution than projected, and there was no cash outflow.

正如您在投影片 12 中看到的，為了應對這些挑戰，我們加強了與主要利害關係人的合作關係。首先，我們與出租人和OEM合作夥伴就股權結構達成了協議，我們在10月7日公佈了協議結果，以遠低於預期的稀釋度消除了義務，並且沒有現金流出。

Second, we strengthened our partnership with existing bondholders, raising new capital, creating a significantly improved cash flow and reduced leverage for our airline. The initial results were announced on October 28, and I will talk more about that shortly. Finally, the Brazilian government also contributed, signing a bill into law that allows FNAC, the National Civil Aviation Fund to fund loans to Brazilian airlines. These developments, together with increasing strength of our business, provide a solid footing for Azul to continue to grow into the future.

其次，我們加強了與現有債券持有人的合作夥伴關係，籌集了新資本，顯著改善了現金流並降低了我們航空公司的槓桿率。初步結果已於 10 月 28 日公佈，我稍後將詳細討論這一點。最後，巴西政府也做出了貢獻，簽署了一項法案，允許國家民航基金 (FNAC) 向巴西航空公司提供貸款。這些發展，加上我們業務實力的增強，為 Azul 未來的持續發展奠定了堅實的基礎。

Turning to slide 13, I want to get into the details of the transaction that we announced over the past several weeks and most importantly, how positive this is for Azul and our partners. This process is comprised of several steps. The first step was the agreement with our lessors on the equity instrument, which addressed pandemic era lease deferrals and reductions.

轉向幻燈片 13，我想詳細了解我們在過去幾週宣布的交易細節，最重要的是，這對 Azul 和我們的合作夥伴有多麼積極的影響。該過程由幾個步驟組成。第一步是與我們的出租人就權益工具達成協議，該協議解決了疫情時期的租賃延期和減少問題。

As we've already announced, we have agreed to settle BRL3.1 billion in obligations with our lessors and OEMs for 100 million preferred shares of Azul. This is a strong vote of confidence from the leasing community in the future of Azul and their desire to increase their commitment to us. In fact, as they have done in the past, this year's lessors continue to deliver aircraft to us, four A330s, two A321s, four E2s, even while we were in active negotiations. Clearly, they have a strong belief in the future of Azul.

正如我們已經宣布的那樣，我們已同意向出租人和 OEM 支付 31 億雷亞爾的債務，購買 1 億股 Azul 優先股。這是租賃界對 Azul 的未來投下的強烈信任票，也是他們增加對我們承諾的願望。事實上，正如他們過去所做的那樣，今年的租賃商繼續向我們交付飛機，四架 A330、兩架 A321、四架 E2，即使我們正在積極談判。顯然，他們對 Azul 的未來充滿信心。

Step two is the agreement with the existing bondholders for new funding via a super priority note. We initially announced this agreement on October 28, whereby Azul bondholders have agreed to inject up to BRL500 million in fresh capital into the company. Funding is coming in steps with BRL150 million already received, BRL250 million to come upon the completion of documentation and a final BRL100 million based on a collaborative initiative to generate cash flow savings of BRL100 million per year, which I'll talk about next.

第二步是與現有債券持有人就透過超級優先票據進行新融資達成協議。我們最初在 10 月 28 日宣布了這項協議，Azul 債券持有人同意向該公司注入高達 5 億雷亞爾的新資本。資金正在逐步到位，其中1.5 億雷亞爾已收到，2.5 億雷亞爾將在文件完成後提供，最終的1 億雷亞爾基於每年節省1 億雷亞爾現金流的合作計劃，我將在接下來討論這一點。

And finally, step three, as we discussed our plans with our bondholders, they challenged us to look at a much larger opportunity here to fundamentally strengthen Azul's balance sheet and increase cash generation. They committed to increase the new money to BRL500 million and equitize BRL800 million in secured loans. This would, in turn, create BRL100 million in annual cash flow savings from reduced interest expense. The condition to unlock this, which will fundamentally improve Azul's financial strength is to realize another BRL100 million in cash flow improvements per year from '25, '26 and '27. We, therefore, embarked upon a joint effort with the bondholders to identify these improvements and meet this condition.

最後，第三步，當我們與債券持有人討論我們的計劃時，他們要求我們尋找更大的機會，從根本上加強 Azul 的資產負債表並增加現金產生。他們承諾將新資金增加至 5 億雷亞爾，並將 8 億雷亞爾作為擔保貸款。反過來，這將透過減少利息支出每年節省 1 億雷亞爾的現金流。解鎖此功能將從根本上改善 Azul 的財務實力，其條件是從 25 年、26 年和 27 年開始每年再實現 1 億雷亞爾的現金流改善。因此，我們開始與債券持有人共同努力，以確定這些改進並滿足此條件。

I realize this is a lot of information, and we will show you what this means for our financials next, but let me summarize. We structured a comprehensive transaction together with our partners to eliminate over BRL1.5 billion of debt from our balance sheet. And this process improved our annual cash flow by another BRL200 million. Put this all together with our projected EBITDA growth for 2025, you can see how this plan is so transformative for our business.

我意識到這是很多信息，接下來我們將向您展示這對我們的財務意味著什麼，但讓我總結一下。我們與合作夥伴一起建立了一項全面的交易，從我們的資產負債表中消除了超過 15 億雷亞爾的債務。這個過程使我們的年度現金流增加了 2 億雷亞爾。將這一切與我們預計的 2025 年 EBITDA 成長結合起來，您可以看到該計劃如何為我們的業務帶來如此大的變革。

Slide 14 is what I'm really excited to show you. This is the result that gets us so optimistic about our future. I know it took a lot of slides to get here, but it's really important to set the stage and describe the various steps for us to be able to get this result. Let's highlight the important numbers on the table above.

我很高興向您展示幻燈片 14。這是讓我們對未來如此樂觀的結果。我知道需要很多幻燈片才能到達這裡，但為我們能夠獲得此結果做好準備並描述各個步驟非常重要。讓我們突出顯示上表中的重要數字。

First, the lessor equity, you can see in the adjustments column that this value is being eliminated, the BRL2.3 billion from our balance sheet, which is the present value of BRL3.1 billion in obligations I talked about earlier. Second is the total debt. This is a very significant reduction of BRL2.2 billion in the equitization of the BRL800 million second lien notes, together with the new capital of BRL500 million coming in. Third, we have another BRL800 million in additional concessions from lessors and OEMs related to the 2030 notes.

首先是出租人權益，您可以在調整欄中看到這個價值正在被消除，即我們資產負債表中的23億雷亞爾，這是我之前談到的31億雷亞爾義務的現值。其次是債務總額。這意味著8 億雷亞爾第二留置權票據的股權化，連同5 億雷亞爾的新資本的注入，大幅減少了22 億雷亞爾。和OEM 獲得了另外8 億雷亞爾的額外優惠。

Putting it all together, you can see the result, a net BRL5.4 billion reduction in debt and a 1.4 turn improvement in leverage from 4.8 today, if adding the lessors and OEMs equity instrument to a pro forma 3.4 when considering the last 12 months EBITDA of BRL5.6 billion. As I stated earlier, we're going to do BRL6 billion this year and BRL7.4 billion next year.

將所有這些放在一起，您可以看到結果：如果在考慮過去12 個月時將出租人和OEM 權益工具添加到預計3.4，則債務淨減少54 億雷亞爾，槓桿率從今天的4.8 提高1.4 EBITDA 為 56 億雷亞爾。正如我之前所說，我們今年將完成 60 億雷亞爾，明年將完成 74 億雷亞爾。

Now you can clearly see why this is such an important opportunity and why we had to take advantage of it. Resetting Azul's balance sheet to 3.4 from 4.8 today is extremely powerful. This resets our credit rating, puts us in a completely different category of airlines globally. Azul is already one of the highest margin airlines in the world, but we had a challenged balance sheet. With this transaction, we're now placing Azul back on the list of the strongest, most resilient, profitable airlines in the world.

現在您可以清楚地看到為什麼這是一個如此重要的機會以及為什麼我們必須利用它。將 Azul 的資產負債表從今天的 4.8 重置為 3.4 是非常強大的。這重置了我們的信用評級，使我們在全球航空公司中處於完全不同的類別。藍色航空已經是世界上利潤率最高的航空公司之一，但我們的資產負債表卻面臨挑戰。透過此次交易，我們現在將藍色航空公司重新列入全球最強大、最具彈性、最盈利的航空公司之列。

Slide 15 demonstrates the significant leverage reduction from this transaction, but it's important to also highlight the component parts of this leverage. Since we are an airline that primarily leases our aircraft, our main asset by which we generate our revenue and EBITDA, the majority of our leverage is related to our aircraft leases. After this transaction, our leverage from loans and financing will only be 1.4x.

投影片 15 展示了該交易中槓桿率的顯著降低，但強調該槓桿率的組成部分也很重要。由於我們是一家主要租賃飛機的航空公司，飛機是我們產生收入和 EBITDA 的主要資產，因此我們的大部分槓桿與飛機租賃有關。此次交易後，我們的貸款和融資槓桿將僅1.4倍。

On slide 16, we highlight the benefit from the agreement with our partners leading to a significant reduction in gross debt through equitization envisioned by this transaction. The gross debt and leverage reduction, together with the cash flow savings and EBITDA generation puts us in a very confident position from which to service this debt. This truly makes Azul a robust, resilient airline for the future.

在投影片 16 中，我們強調了與合作夥伴達成的協議所帶來的好處，透過本交易設想的股權化，可以大幅減少總債務。總債務和槓桿率的降低，加上現金流的節省和 EBITDA 的產生，使我們非常有信心償還這筆債務。這確實使藍色航空公司成為一家面向未來的強大、有彈性的航空公司。

A key element of this plan is to improve cash generation via a reduction in interest expense. If you recall back on slide 9, I asked you to remember the BRL600 million we paid in interest expense in the third quarter alone and how this is such a large drag on cash generation. Well, now thanks to this plan, we're able to reduce our interest expense by nearly BRL1 billion per year, as you can see on slide 17. This reduction translates directly to cash generation, which then leads to a consistent virtuous cycle for liquidity and deleveraging. This is a structural improvement that fundamentally strengthens us for the years to come.

該計劃的關鍵要素是透過減少利息支出來改善現金產生。如果您回想起幻燈片 9，我請您記住我們僅在第三季度就支付了 6 億巴西雷亞爾的利息費用，以及這對現金產生的巨大拖累。嗯，現在多虧了這個計劃，我們每年能夠減少近10 億雷亞爾的利息支出，正如您在幻燈片17 中看到的那樣。循環和去槓桿化。這是一項結構性改進，將從根本上增強我們在未來幾年的實力。

On slide 18, we present our 2025 EBITDA and cash flow guidance. Thanks to our strong EBITDA generation of BRL7.4 billion, combined with a significantly reduced interest expense, our guidance is free cash flow to firm of BRL1 billion for the year. And now we will become an airline that will consistently generate cash. And this is including all of the challenges from higher fuel, which is 70% higher and a currency, which is almost 50% higher than it was in 2019. This is a result of all the work I just described, the lessor instrument converting to Azul shares, the improvements in operating cash flow, the EBITDA generation, the reduction in interest expense and the reduction in leverage. All of this combines to produce positive free cash flow to firm in 2025 and beyond, truly making Azul a much stronger company.

在投影片 18 中，我們展示了 2025 年 EBITDA 和現金流指引。由於我們強勁的 EBITDA 產生了 74 億雷亞爾，加上利息支出大幅減少，我們的指導是該公司今年的自由現金流為 10 億雷亞爾。現在我們將成為一家能夠持續產生現金的航空公司。這包括來自更高燃料（比 2019 年高出 70%）和貨幣（比 2019 年高出近 50%）帶來的所有挑戰。股票、營運現金流的改善、EBITDA 的產生、利息支出的減少和槓桿的降低。所有這些結合起來，將在 2025 年及以後為公司帶來正的自由現金流，真正使 Azul 成為更強大的公司。

Finally, turning to slide 19, to conclude my comments, we're incredibly excited about our future. As I showed you before, Azul is already one of the most profitable airlines in the world. And now with this work and our capital structure, we're making ourselves one of the most resilient as well. In addition to these incredible results, the best is still to come.

最後，轉向投影片 19，作為我的評論的總結，我們對我們的未來感到非常興奮。正如我之前向您展示的，藍色航空公司已經是世界上最賺錢的航空公司之一。現在，透過這項工作和我們的資本結構，我們也使自己成為最具彈性的企業之一。除了這些令人難以置信的結果之外，最好的還在後面。

We still have significant fleet transformation ahead of us with more E2s to be delivered in 2025. Our business units continue to be high-growth, high-margin businesses. Our Elevate way of thinking is already producing unit cost reduction with more opportunities in front of us. Combining all of this with our exclusive network and a unique fleet flexibility lead us to be incredibly excited and optimistic about the future.

我們仍面臨重大的機隊轉型，將在 2025 年交付更多 E2。我們的提升思維方式已經在降低單位成本，並為我們帶來更多機會。將所有這些與我們的獨家網路和獨特的機隊靈活性相結合，使我們對未來感到無比興奮和樂觀。

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

接下來，大衛、亞歷克斯、阿比和我可以回答你們的問題。

(Operator Instructions) Andre Ferreira, Bradesco BB.

（操作員說明）Andre Ferreira，Bradesco BB。

Congrats on the results. I wanted to ask about two points here. So first, if you could update us on the expected deliveries for the wide-bodies for -- by year-end and for 2025, if there are any delays? Same for the E2s, how many are left this year and for the next year as well? And if you're -- I mean, you already commented a bit on the delays, but when should those aircraft come in?

祝賀結果。我想在這裡問兩點。首先，您能否向我們介紹寬體飛機預計在年底前和 2025 年交付的最新情況，是否有任何延誤？ E2也是如此，今年和明年還剩下多少輛？如果你——我的意思是，你已經對延誤發表了一些評論，但是這些飛機應該什麼時候起飛？

And second point about the 2025 guidance. I just wanted to know how much capacity growth is assumed in those numbers?

第二點是關於 2025 年指導的。我只是想知道這些數字中假設的容量增長是多少？

Andre, Abhi here, I can answer that. On the widebodies, we got four wide-bodies this year. So we are in good shape for now. The next set of wide-bodies is our next Neos, the next order of the Neos, the A330s Neos, which are scheduled for fourth quarter of next year, probably late next year. So this year, we had four wide-bodies already delivered, already in service.

安德烈，阿比在這裡，我可以回答這個問題。在寬體飛機方面，我們今年有四架寬體飛機。所以我們目前狀況良好。下一組寬體飛機是我們的下一個 Neos，也是 Neos 的下一個訂單，A330s Neos，計劃於明年第四季度，可能是明年底交付。今年，我們已經交付了四架寬體飛機並投入使用。

On the E2s, we have 10 deliveries this year. A little bit of delay, I would say, maybe 30, 45 days delayed, but still okay. And then for next year, we're assuming between 12 and 15 E2s, maybe some of them slip into January '26. So in that range of E2s. So our growth, as you probably know, is going to be very much focused on the E2s, which is an upgauging strategy from the E1s, significantly lower trip cost, significantly lower fuel burn for 18 extra seats. So we're very excited about that aircraft. So 10 E2s this year and maybe 12 to 15 next year.

在 E2 方面，我們今年交付了 10 輛。我想說，有點延遲，也許延遲了 30、45 天，但還可以。然後對於明年，我們假設有 12 到 15 個 E2，也許其中一些會在 26 年 1 月出現。所以在 E2 的範圍內。因此，正如您可能知道的那樣，我們的成長將主要集中在 E2 上，這是 E1 的升級策略，顯著降低旅行成本，顯著降低 18 個額外座位的燃料消耗。所以我們對這架飛機感到非常興奮。今年有 10 輛 E2，明年可能有 12 到 15 輛。

In terms of capacity growth, we're looking at roughly about 10% next year capacity growth. It's going to be lower than that on the domestic side, and it's going to be higher than that on the international side because of the four wide-bodies we received this year, halfway through the year, they will come full circle next year. So I would say high single digits domestic and then the rest of it mostly the growth will be on the international side, thanks to the wide-bodies.

在產能成長方面，我們預計明年的產能成長約為 10% 左右。會比國內低，比國際高，因為今年我們收到了四架寬體機，今年過半了，明年又會繞一圈。所以我想說的是國內的高個位數，然後剩下的大部分成長將在國際方面，這要歸功於寬體機。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Two questions here. So first, when we look at the BRL807 million of debt that's going to be equitized, it looks like three different phases there. And then it looks like the three phases represent 47.5% of the principal. And then there's another 52.5% that I think is tied to a note that becomes an exchangeable. Can you give us a sense because I think you indicated in the release that there were term sheets on the Investor Relations site, and I didn't see them yet. But give us a sense of maybe the underlying shares tied to that BRL807 million.

這裡有兩個問題。因此，首先，當我們查看將要股權化的 8.07 億雷亞爾債務時，它看起來像是三個不同的階段。看起來三相佔本金的 47.5%。我認為另外 52.5% 與可兌換的紙幣有關。您能否給我們一個感覺，因為我認為您在新聞稿中指出投資者關係網站上有條款清單，但我還沒有看到它們。但讓我們來了解一下與 8.07 億雷亞爾相關的潛在股票。

So Mike, just to kind of walk through what the transaction does, okay? Most likely, this will all close by the first quarter. We're hoping in the January time frame. That's what we're looking at right now. We're actively working with these partners. Obviously, there's dilution here but this is a significantly stronger company going forward. And so it's going to be based on what the share price is at the time. And so we feel very good about it.

麥克，我只是簡單介紹一下交易的作用，好嗎？最有可能的是，這一切將在第一季完成。我們希望在一月份的時間範圍內。這就是我們現在正在關注的。我們正在積極與這些合作夥伴合作。顯然，這裡存在稀釋，但這是一家未來更強大的公司。因此，這將基於當時的股價。所以我們對此感覺非常好。

And in addition to taking the debt off the balance sheet, this is now a company that will cash flow on a go-forward basis. And so we are going to be measuring free cash flow every year going forward and not just valuing Azul based on EBITDA. And so we'll walk through the details.

除了將債務從資產負債表中剔除之外，這家公司現在還可以持續現金流。因此，我們將每年衡量自由現金流，而不僅僅是根據 EBITDA 來評估 Azul 的價值。我們將詳細介紹這些細節。

But you're right, it happens in a couple of different phases. An initial part happens right away at 10% that turns to equity, then the second chunk and then the rest of it is a convert that hopefully will get converted through maybe by the end of 2025 is what our expectation is based on the value of Azul at that time.

但你是對的，它發生在幾個不同的階段。初始部分立即以 10% 轉化為股權，然後是第二部分，然後其餘部分是轉換，希望可能在 2025 年底之前完成轉換，這是我們基於 Azul 價值的預期當時。

And I should be clear that it is a real deleveraging moment, and I should offer congratulations on the amount of heavy lifting that you guys accomplished. Just one quick follow-up on the widebodies to Abhi. As I recall last quarter, I thought we were going to see some wide-bodies come later this year and some got pushed into the early part of 2025. And now it seems like you're not going to be getting anything until late in 2025. Has there been a change or a shifting in the order book?

我應該要明確的是，這是一個真正的去槓桿化時刻，我應該對你們所完成的繁重工作表示祝賀。這只是阿比寬體機的一個快速跟進。我記得上個季度，我原以為我們會在今年晚些時候看到一些寬體機，而有些則被推遲到 2025 年初。

So Mike, we actually got wide-bodies from the secondary market actually. So we received two Neos from the used market. We received two Ceos from the used market as well, ex-Condor. Those are currently flying all those four. We were looking at two other Neos as well that were used to enter maybe 1Q, 2Q of next year. But we think we're better off not taking those right now and going directly to our order with Airbus, which is going to be in the December time frame of next year.

麥克，我們實際上從二級市場得到了寬體機。所以我們從二手市場收到了兩台 Neo。我們還從二手市場收到了兩位首席執行官，前 Condor。目前這四架飛機都在飛行。我們還關注了另外兩款 Neo，它們可能會在明年第一季和第二季上市。但我們認為我們最好現在不要接受這些，而是直接向空中巴士公司訂購，該訂單將在明年 12 月的時間範圍內進行。

And Mike, there's just challenges with the engines worldwide right now, and that's not exclusive to narrow-bodies. It's also a challenge we're seeing on the wide-bodies as well. And so that's why it was important for us to kind of lock down these used aircraft this year, but then we'll be taking aircraft in our spec on a go-forward basis.

麥克，目前全球範圍內的引擎都面臨挑戰，而且這並不是窄體飛機所獨有的。這也是我們在寬體機上看到的挑戰。因此，這就是為什麼我們今年鎖定這些二手飛機很重要，但隨後我們將繼續使用符合我們規格的飛機。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Can I clarify on the 2025 guide, if that reflects the completion of everything that you're working on today and the current kind of FX environment, which has become a little bit more challenging. And along those lines, maybe, Abhi, just if you could talk about the demand environment today and like what you're seeing on the pricing front, both in the leisure and corporate side of things?

我可以澄清一下 2025 年指南嗎？沿著這些思路，也許，Abhi，您能否談談當今的需求環境以及您在定價方面看到的情況，無論是休閒還是企業方面？

Savi, it's Alex here. On the 2025 guidance, so for example, EBITDA essentially doesn't depend on the transaction. It's a firm 7.4% in our estimation. As we usually do, the big unknowns here are FX and oil. For oil, we always use the Bloomberg forward curve. We essentially look at heating oil, which tracks very nicely to jet fuel, but it's a much more liquid derivative. So we like using HOA instead of jet fuel. And we essentially just use the forward curve to project next year.

薩維，我是亞歷克斯。例如，在 2025 年指引中，EBITDA 基本上不依賴交易。我們的估計是 7.4%。正如我們通常所做的那樣，這裡最大的未知數是外匯和石油。對於石油，我們總是使用彭博遠期曲線。我們主要關注的是暖氣油，它與噴射燃料的追蹤效果非常好，但它是一種流動性更強的衍生物。所以我們喜歡使用 HOA 而不是噴射燃料。我們基本上只是使用遠期曲線來預測明年。

On FX, we normally use the Focus survey with some adjustments when you have strong movements because there is a little bit of a lag for the Focus survey to kind of reflect current market conditions. So right now, for example, when the spot price is much higher than what the Focus survey is projecting, we also adjust the Focus survey a little bit up. So we're a little bit higher than what the Focus survey has for 2025 FX.

在外匯方面，當市場趨勢強勁時，我們通常會使用焦點調查並進行一些調整，因為焦點調查在反映當前市場狀況方面存在一些滯後。因此，例如，現在，當現貨價格遠高於 Focus 調查預測的價格時，我們也會稍微上調 Focus 調查。因此，我們對 2025 年外匯的預測略高於 Focus 調查的結果。

But normally, we use Bloomberg and the Central Bank Focus survey to project oil and FX. Now when we're talking about leverage and interest expense and cash generation, yes, the projections assume that we complete Stage 3, and we're confident that we will be successful.

但通常情況下，我們使用彭博社和央行焦點調查來預測石油和外匯。現在，當我們談論槓桿、利息支出和現金產生時，是的，預測假設我們完成了第三階段，我們有信心取得成功。

And I just want to highlight on that before I pass it to Abhi. Savi, our partners are excited about this. When we go to our lessors, our OEMs and they say, wait a second, I can be inside of a delevered to Azul. And all we have to do is everybody contributes a little bit, helps cash flow generation over the next couple of years. And it's across all of our partners, our lessors, our OEMs, all of our suppliers. And we sat there and say, hey, we have the opportunity to take leverage down by 1.5 turns overnight.

在將其傳遞給 Abhi 之前，我只想強調這一點。 Savi，我們的合作夥伴對此感到興奮。當我們去找我們的出租人、我們的原始設備製造商時，他們說，等一下，我可以進入 Azul 的去槓桿化狀態。我們要做的就是每個人都做出一點貢獻，幫助未來幾年產生現金流。它涉及我們所有的合作夥伴、出租人、原始設備製造商和所有供應商。我們坐在那裡說，嘿，我們有機會在一夜之間將槓桿率降低 1.5 倍。

That is a powerful thing, and people have been with us along this journey for many years, and everybody is really excited about that. So I think the BRL100 million a year in '25, '26 and '27, we are very confident that will happen. And I think we're going to kind of announce to the market that we completed that prior to year-end.

這是一件很強大的事情，多年來人們一直與我們一起走過這個旅程，每個人都對此感到非常興奮。因此，我認為 25 年、26 年和 27 年每年 1 億雷亞爾，我們非常有信心這將會實現。我認為我們將向市場宣布我們在年底前完成了這項工作。

Savi, on the demand side, we're not assuming anything too different from what we're seeing right now. If you just look at the second half this year and you take that as an exit rate, that already puts us at the BRL7.2 million EBITDA number, BRL3.6 billion is second half exit rate. So the international network is just what we're flying right now. But instead of flying basically four months this year or five months this year, it's going to fly 12 months next year. So that's not going to be anything too different.

薩維，在需求方面，我們的假設與我們現在所看到的情況並沒有太大不同。如果你只看今年下半年，並將其作為退出率，那麼我們的 EBITDA 數字已經達到 720 萬雷亞爾，下半年的退出率是 36 億雷亞爾。因此，我們現在所搭乘的航班正是國際網路。但今年的飛行時間不是基本上四個月或五個月，而是明年的飛行時間為 12 個月。所以這不會有太大的不同。

And on the domestic side, it's going to be E2s taking up E1 markets well within our own network. So we're not really asking for anything too different. I'm overall pretty happy with the way demand is looking. We've seen good recovery August, September, October, November, each month being ahead of the month before. And actually, if you remember, 1Q of this year, which we're now looking at the booking curves for next year, we actually flew some pretty low load factors.

在國內方面，E2 將在我們自己的網路中很好地佔領 E1 市場。所以我們並沒有真正要求任何不同的東西。整體而言，我對需求的情況非常滿意。我們在八月、九月、十月、十一月看到了良好的復甦，每個月都領先前一個月。事實上，如果你還記得的話，今年第一季度，我們現在正在研究明年的預訂曲線，我們實際上飛行了一些相當低的載客率。

We flew 73 in February, low 70s in March as well. So we're actually quite ahead of our booking curves right now when we look at first quarter on a good fare base. I think the industry overall has done a good job of keeping pace with the way dollar is moving, with the way fuel is moving, trying to make sure that the fares are keeping pace. I think the industry has shown good discipline.

我們二月飛行了 73 架次，三月也飛行了 70 架次。因此，當我們以良好的票價基礎來看第一季時，我們現在實際上已經遠遠領先於我們的預訂曲線。我認為整個行業在跟上美元走勢和燃料走勢方面做得很好，試圖確保票價跟上步伐。我認為這個行業表現出了良好的紀律。

And finally, our business units, if you notice third quarter, just 76% of our unit revenue came from the passenger business. Our vacations business unit revenue was up 30%. Our loyalty business, unit revenue was up 30%. Our charters business unit revenue was up like 90%. And so we made a strategic decision to diversify our revenue base. And so that's really going to give us a lot of benefits as we go forward here. And these businesses keep growing and they keep diversifying. So I'm pretty confident overall about how next year is looking right now.

最後，我們的業務部門，如果你注意到第三季度，我們的部門收入中只有 76% 來自客運業務。我們的假期業務部門收入成長了 30%。我們的忠誠度業務單位營收成長了 30%。我們的包機業務部門營收成長了 90%。因此，我們做出了策略決策，以實現收入基礎多元化。因此，當我們繼續前進時，這確實會為我們帶來很多好處。這些業務不斷成長，並不斷多元化。因此，我總體上對明年的情況非常有信心。

But if I might clarify, Alex, the agreements you're working with the suppliers and your partners, is that all related to financing and nothing that flows through then EBITDA?

但亞歷克斯，我可以澄清一下，您與供應商和合作夥伴簽訂的協議是否全部與融資有關，而不是透過 EBITDA 流轉？

You mean on the target for BRL100 million of cash flow improvements?

您是指改善現金流 1 億雷亞爾的目標嗎？

Exactly.

確切地。

There's both. There are things that will help the P&L. There are things that shift or postpone payments, but it's essentially BRL100 million cash flow target.

兩者都有。有些事情會對損益表有幫助。有些事情會轉移或推遲付款，但本質上是 1 億雷亞爾的現金流目標。

Ian Snyder, JPMorgan.

伊恩‧史奈德，摩根大通。

Just one for me here. A couple of other questions were answered. But just hoping you can quantify what percent of the cash impact from the FX devaluation was offset by the higher fares in this quarter and then what we should expect from fares in 4Q and 2025?

這裡只給我一個。其他幾個問題也都得到了解答。但只是希望您能量化本季票價上漲抵消了外匯貶值帶來的現金影響的百分比，然後我們對第四季和 2025 年的票價應該有何預期？

So we're expecting a steady improvement 3Q over 4Q. 4Q seasonality is better than 3Q. We are heading into our peak summer. We have been able to recover the effect of FX and fuel 100% over the long term. A quarter to a quarter, it takes a little bit longer.

因此，我們預計第三季將比第四季穩步改善。第四季季節性好於第三季。我們即將進入夏季高峰期。從長遠來看，我們已經能夠 100% 恢復外匯和燃料的影響。四分之一到四分之一，需要的時間長一點。

Maybe we were 60%, 80% right now. We can check the number. But we feel pretty good about the trends going forward with fares, with booking trends. And you can already see the 12% improvement in flown RASK from 2Q to 3Q. So it will continue the normal seasonality curve that we've been seeing over the last several years.

也許我們現在是60%、80%。我們可以查一下號碼。但我們對票價和預訂趨勢的未來趨勢感到非常滿意。您已經可以看到，從第 2 季到第 3 季度，已飛行的 RASK 提高了 12%。因此，它將繼續我們過去幾年所看到的正常季節性曲線。

But I think there's other two points that I just want to highlight. First of all, the fourth quarter now has Porto Alegre in it. We did not have that in the third quarter, and that's very important to us. And the other is the industry needs higher fares. It's just a fact.

但我認為還有另外兩點我想強調。首先，第四節現在已經是阿雷格里港了。我們在第三季度沒有做到這一點，這對我們來說非常重要。另一個是行業需要更高的票價。這只是事實。

When you have a 20% devaluation of your currency, the industry as a whole needs higher fares. The industry as a whole is dealing with the OEM challenges. And so how do you combat the macro situation that we're in? You need to dilute your fixed cost with more capacity and you need higher fares. And I think everybody is in that same boat.

當你的貨幣貶值20%時，整個產業就需要更高的票價。整個產業正在應對 OEM 挑戰。那麼，您該如何應對我們所處的宏觀情勢呢？您需要用更多的運力來稀釋固定成本，並且需要更高的票價。我認為每個人都在同一條船上。

I think as you look at everybody in the industry, they're fighting over engines, they're fighting over deliveries. And so I think the industry is very disciplined right now, which is a positive thing.

我認為當你看看這個行業的每個人時，他們都在爭奪引擎，他們在爭奪交付。所以我認為這個行業現在非常有紀律，這是一件正面的事情。

Congratulations on the holistic deleveraging.

恭喜全面去槓桿。

Rogério Araujo, Bank of America.

羅傑裡奧·阿勞霍，美國銀行。

I have one question on two cost lines that caught our attention. The first one is on salaries. There was a drop year over year. You mentioned in the release that you dismissed 1.5% of the employees despite continuing to expand operations. So the question is if this is sustainable, if you're going to hire new employees again, what to expect for this line in the upcoming quarters?

我有一個關於兩條成本線的問題引起了我們的注意。第一個是工資。年比有所下降。你們在新聞稿中提到，儘管繼續擴大業務，但你們還是解雇了 1.5% 的員工。因此，問題是這是否可持續，如果您要再次僱用新員工，那麼在接下來的幾個季度中對該生產線有何期望？

And the second one is on the other expenses line, which came slightly below BRL400 million. It was a 26% drop year over year. And it actually came back to pre-COVID levels. It's about 7.5% of revenue. It was almost 10% in the previous year. So should we expect this to go back to pre-COVID levels already in upcoming quarters? Can we see that as sustainable?

第二項是其他支出項目，略低於 4 億雷亞爾。年減 26%。它實際上回到了新冠疫情之前的水平。約佔收入的7.5%。上一年幾乎是10%。那麼，我們是否應該期望在接下來的幾季中這一數字會回到新冠疫情前的水平？我們可以認為這是可持續的嗎？

So on salaries, we need to be more productive, and we will be. The fleet transformation enables us to be more productive. There was growth that we had prepared for and didn't come because of Porto Alegre, because of OEM issues. So we fully expect to be more productive than we are today going forward. So if you look at our BRL7.4 billion EBITDA for '25, I think it includes essentially the productivity levels that we're seeing today with a little bit more improvement from Elevate, from fleet transformation.

因此，在薪資方面，我們需要提高生產力，而我們也會這樣做。機隊轉型使我們能夠提高生產力。我們已經準備好實現成長，但由於阿雷格里港和 OEM 問題而未能實現。因此，我們完全期望未來的生產力會比現在更高。因此，如果你看看我們 25 年 74 億雷亞爾的 EBITDA，我認為它基本上包括了我們今天看到的生產力水平，以及 Elevate 和車隊轉型帶來的更多改進。

We just need to be constantly more efficient throughout the whole organization. And beyond the fleet transformation, there are many ways to do it, through processes, through automation, by just being better every day and the idea of having a program and a packaging of the Elevate plan behind it is to rally 15,500 crew members to all push in the same direction and be every day more and more productive. So we believe that the current productivity that we have is sustainable, and we can actually improve upon that.

我們只需要讓整個組織不斷提高效率。除了機隊轉型之外，還有很多方法可以實現這一目標，透過流程、透過自動化、每天變得更好，而製定一個計劃及其背後的 Elevate 計劃包裝的想法是團結 15,500 名船員朝著同一個方向努力，每天都變得越來越有成效。因此，我們相信我們當前的生產力是可持續的，而且我們實際上可以改進這一點。

On the other expense, that is a catch-all line, which has a number of items. We periodically look at it to see if it makes sense for us to break it up. But I think the biggest item within this expense is IT with roughly like BRL40 million or BRL50 million. So it is a big bucket of other expenses. And some of them are dollar denominated, some of them are not, some are fixed, some are variable.

另一方面，這是一個包羅萬象的行，其中包含許多項目。我們定期查看它，看看拆分它是否有意義。但我認為這筆費用中最大的項目是 IT，大約是 4,000 萬雷亞爾或 5,000 萬雷亞爾。所以這是一大筆其他費用。其中有些是以美元計價的，有些不是，有些是固定的，有些是可變的。

So it is a bit more difficult to forecast. But the BRL7.4 billion EBITDA, I think, has a quarterly rate that is higher than the number you're seeing there, a little bit because of exchange, a little bit because of growth.

所以預測起來有點困難。但我認為 74 億雷亞爾的 EBITDA 的季度成長率比你看到的數字要高，一部分是因為交換，一部分是因為成長。

This ends our Q&A session for today. I will now turn to John for final remarks.

今天的問答環節到此結束。我現在請約翰做最後發言。

Well, thanks, everybody, for joining us today. We're very excited about where we are. You're looking at a delevered Azul going forward, a company that will start to generate cash in 2025 and beyond. And we'll be on the road speaking to many of you. We're going to have Azul Day, I think, the first week of December.

好的，謝謝大家今天加入我們。我們對我們所處的位置感到非常興奮。您看到的是一家去槓桿化的 Azul 公司，該公司將在 2025 年及以後開始產生現金。我們將在路上與你們中的許多人交談。我想，我們將在 12 月的第一周舉辦「藍色日」。

So we'll have the opportunity to spend time with each of you and kind of go through all of the positive aspects that we've been able to put together. And feel free to reach out to any of us if you have any questions.

因此，我們將有機會與你們每個人共度時光，並回顧我們已經能夠整合的所有積極方面。如果您有任何疑問，請隨時與我們聯繫。

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

謝謝。 Azul 今天的音訊電話會議到此結束。非常感謝您的參與，祝您有美好的一天。