Azul SA (AZUL) 2025 Q1 法說會逐字稿

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

大家好，歡迎參加 Azul 第一季財報電話會議。我叫扎克，今天由我來為您接聽電話。本次活動正在錄影。（操作說明）

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

接下來，我將把演講交給投資人關係主管泰斯‧哈伯利。請繼續，泰國人。

Thank you, Zach, and welcome all to Azul's first 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. Presenting today will be John Rodgerson, CEO. Alex Malfitani, our CFO; and Abhi Shah, Chief Revenue Officer and President of Azul, are also here for the Q&A session. Before I turn the call over to John, I'd like to caution you regarding our forward-looking statements.

謝謝 Zach，歡迎各位參加 Azul 第一季財報電話會議。我們今天上午公佈的結果、本次電話會議的錄音以及我們引用的幻燈片都可以在我們的投資者關係網站上找到。今天將由執行長約翰·羅傑森進行演講。我們的財務長 Alex Malfitani 和 Azul 的首席營收長兼總裁 Abhi Shah 也出席了問答環節。在將電話交給約翰之前，我想提醒各位注意我們的前瞻性聲明。

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

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。這些聲明是基於公司認為合理的一系列假設，但存在不確定性和風險，我們在提交給 CVM 和 SEC 的文件中對此進行了詳細討論。此外，在通話過程中，我們將討論非 IFRS 績效指標，這些指標不應孤立地看待。

With that, I will turn the call over to John.

接下來，我會把電話交給約翰。

Thank you, Thais. Welcome, everyone, and thank you for joining us today. First, let me begin by thanking our incredible crew members for their passion and dedication. The first quarter for Azul brought a return to operational excellence that our customers expect. As we've shared many times before, in 2024, we did not run the best operation due to the significant OEM issues we experienced.

謝謝你，泰斯。歡迎各位，感謝你們今天加入我們。首先，我要感謝我們優秀的船員們的熱情和奉獻精神。Azul 第一季恢復了客戶所期望的卓越營運水準。正如我們之前多次分享的那樣，由於我們遇到了嚴重的 OEM 問題，2024 年我們的營運並不理想。

This was tough on our customers, our crew members and had an impact on our results. I'm happy to report now that towards the end of the first quarter, our operation is back. I will give you more details later on in this call. But for now, I just want to thank our crew members for their perseverance and hard work.

這給我們的客戶和員工都帶來了困難，也對我們的業績產生了影響。我很高興地報告，到第一季末，我們的營運已經恢復正常。稍後我會在通話中提供更多細節。但現在，我只想感謝我們全體船員的堅持不懈和辛勤工作。

Turning to slide 3. I want to just highlight the sustainable competitive advantages of the Azul business model. The combination of a differentiated network with unique fleet flexibility, our high-growth business units, our lowest unit cost in the region, together with passionate crew members and support of stakeholders is what allowed us to deliver the results we present to you today.

翻到第三張幻燈片。我只想專注於Azul商業模式的可持續競爭優勢。正是由於我們擁有差異化的網絡和獨特的船隊靈活性，以及​​我們高增長的業務部門、該地區最低的單位成本，再加上充滿熱情的船員和利益相關者的支持，我們才能取得今天向您展示的成果。

On slide 4, I want to start with our network. One which we are constantly optimizing with a singular focus on profitability and the best use of our assets, our aircraft. This network that is different by design with no nonstop competition in 82% of our routes, representing 77% of our revenue, a remarkable competitive advantage.

在第 4 張投影片中，我想從我們的網路開始。我們始終專注於獲利能力和資產（即飛機）的最佳利用，不斷優化我們的營運模式。該網路的設計與眾不同，82% 的航線沒有直接競爭對手，占我們收入的 77%，這是一個顯著的競爭優勢。

Still, we are constantly making changes to make it even better. This quarter was particularly active. In the month of March, we suspended service to 14 cities. This was in response to the high fuel environment combined with the revenue performance in these markets. At the same time, we increased service in many other markets, upgauging to fuel-efficient Embraer E2 aircraft, especially at our Belo Horizonte hub.

不過，我們仍在不斷改進，力求做得更好。本季尤其活躍。三月份，我們暫停了對 14 個城市的服務。這是為了因應高油價環境以及這些市場的收入表現。同時，我們在許多其他市場增加了服務，升級為更節能的巴西航空工業公司 E2 型飛機，尤其是在我們的貝洛奧裡藏特樞紐機場。

These are just some examples of how we continuously strive to extract the best possible results from our network. On slide 5, you can see that we're excited to report another strong first quarter. Revenue of BRL5.4 billion with a RASK of BRL0.42, flat year-over-year with a 16% increase in capacity.

以上僅是我們如何持續努力從網路中獲得最佳結果的一些例子。從第 5 張投影片可以看出，我們很高興地宣布另一個強勁的第一季業績。營收達 54 億雷亞爾，單位可用座位公里收入為 0.42 雷亞爾，與上年持平，產能成長 16%。

Our EBITDA for the quarter was BRL1.4 billion with a margin of 26% and EBIT of BRL571 million. In the first quarter, we were impacted significantly higher than expected because of the devaluation of local currency and irregular operations, which I will address later on this call.

本季我們的 EBITDA 為 14 億雷亞爾，利潤率為 26%，EBIT 為 5.71 億雷亞爾。第一季度，由於當地貨幣貶值和營運不正常，我們受到的影響遠超預期，我稍後將在本次電話會議上對此進行說明。

Turning to slide 6. I want to share the details on our revenue performance. Overall, we maintained unit revenue flat with a 16% growth in capacity, a strong result overall. Even more impressive, given the fact that the major part of our year-over-year increase in capacity was in our international network due to low base from last year.

翻到第6張投影片。我想和大家分享我們的營收績效詳情。總體而言，我們在產能成長 16% 的情況下保持了單位收入不變，整體結果強勁。更令人印象深刻的是，由於去年的基數較低，我們年比運力成長的大部分都來自國際網路。

Normally, this would have an effect on lower unit revenues due to longer stage lengths. But thanks to the demand environment and the contribution from our ancillary business units, we were able to overcome that effect.

通常情況下，由於舞台長度延長，這將導致單位收入下降。但由於市場需求和輔助業務部門的貢獻，我們克服了這種影響。

We are also actively using technologies in the area of revenue management. Tools make recommendation on pricing, yield management and ancillary revenue on a quasi real-time basis, further allowing us to maximize our unit revenue.

我們也積極運用收益管理領域的技術。工具能夠以準實時的方式對定價、收益管理和輔助收入提出建議，從而進一步幫助我們最大限度地提高單位收入。

Turning to our business units. I want to highlight their revenue contribution and impressive performance this quarter. Our business units have done a great job of growing Beyond the Metal, finding new and unique ways to increase our revenue outside of just ticket revenue.

接下來介紹一下我們的業務部門。我想重點介紹他們本季的收入貢獻和出色表現。我們的業務部門在發展 Beyond the Metal 方面做得非常出色，找到了除了門票收入之外，增加收入的新穎獨特的方法。

On slide 7, you can see the contribution of our high-margin business units on RASK, which grew from 19% in first quarter '24 to a very strong 23% in first quarter '25. All units combined resulted in positive impact of more than BRL480 million in the quarter, accounting for 35% of our total EBITDA in the quarter.

在第 7 張投影片中，您可以看到我們高利潤業務部門對 RASK 的貢獻，該貢獻從 2024 年第一季的 19% 增長到 2025 年第一季的 23%。所有部門合計在本季度產生了超過 4.8 億雷亞爾的正面影響，佔本季 EBITDA 總額的 35%。

On slide 8, you could see the continued high growth from each of our Beyond the Metal business units. Our loyalty program now boasts 19 million members and a record high monthly active users.

從第 8 張投影片可以看出，我們每個「超越金屬」業務部門都持續保持著高速成長。我們的會員忠誠計畫目前擁有 1,900 萬會員，每月活躍用戶數也創歷史新高。

Flown revenue was up 65% year-over-year and net unit revenue contribution was double compared to first quarter '24. The combination of our domestic and international network, airline, hotel, retail and banking partners has resulted in record engagement and results in our loyalty program.

飛行收入年增 65%，淨單位收入貢獻是 2024 年第一季的兩倍。我們國內外的網路、航空公司、飯店、零售和銀行合作夥伴的結合，使我們的忠誠度計畫取得了創紀錄的參與度和成果。

Our vacations business continues to grow with gross billings up 56% year-over-year. Upcoming network additions such as Porto, Mendoza, [Verloge] and Madrid will continue to propel growth in this leisure-focused business for years to come.

我們的度假業務持續成長，總營收年增 56%。波爾圖、門多薩、[Verloge]和馬德里等即將加入的網路將繼續推動這項以休閒為中心的業務在未來幾年內持續成長。

Finally, Azul Cargo, our logistics business, had a very strong quarter. Total revenue up 20% year-over-year. International revenue up 62% and most importantly, our EBITDA doubled compared to first quarter 2024. During the quarter, we entered into service our two A321 freighters, and they are becoming a key driver of revenue and margin expansion in the business.

最後，我們的物流業務 Azul Cargo 也取得了非常強勁的季度業績。總營收年增20%。國際營收成長了 62%，最重要的是，我們的 EBITDA 與 2024 年第一季相比翻了一番。本季度，我們的兩架A321貨機投入使用，它們正成為公司營收和利潤成長的關鍵驅動力。

As we have always said, our business units are a key part of our strategy and a driver of unit revenue and earnings expansion going forward. On slide 9, I want to highlight the improvements we have made in our ancillary revenue.

正如我們一直所說，我們的業務部門是我們策略的關鍵組成部分，也是未來部門收入和獲利成長的驅動力。在第 9 張投影片中，我想重點介紹我們在輔助收入方面的進步。

Overall ancillary revenue was up a very strong 22% year-over-year, and ancillary revenue per PAX was up 14%. These increases were driven by the growth in our premium products such as business class and extra legroom seats, together with the record activity in our loyalty program. We continue to see opportunities in improving merchandising, CRM and pricing. So we expect continued growth in the ancillary revenue per passenger metric.

整體輔助收入年增 22%，增幅非常強勁，每位乘客的輔助收入成長了 14%。這些成長主要得益於我們高端產品（如商務艙和額外腿部空間座位）的成長，以及我們忠誠度計畫的創紀錄活躍度。我們持續看到在商品銷售、客戶關係管理和定價方面存在改進的機會。因此，我們預計每位乘客的輔助收入指標將持續成長。

On slide 10, I want to highlight another key competitive advantage, our co-branded credit card with Itau. We believe we have the strongest co-branded program in the country with the highest percentage of premium cardholders. We already had the Visa Infinity card that was incredibly popular with spending of about 0.5% of Brazil's GDP.

在第 10 張投影片中，我想重點介紹另一個關鍵的競爭優勢，即我們與 Itau 合作推出的聯名信用卡。我們相信，我們擁有全國最強大的聯名卡項目，高端持卡人比例最高。我們先前推出的 Visa Infinity 卡非常受歡迎，消費額約佔巴西 GDP 的 0.5%。

And this April, we were proud to launch the Mastercard Black Skyline premium credit card. This product further positions Azul as a premium airline in Brazil and expanding even further our base of high-yield demand and revenue.

今年四月，我們榮幸地推出了萬事達卡黑天際高級信用卡。該產品進一步鞏固了 Azul 作為巴西高端航空公司的地位，並進一步擴大了我們高收益需求和收入的基礎。

On slide 11, I want to turn to the cost side of the business. We continue to be the lowest cost provider in Brazil. This includes the effects I mentioned on the costs we're facing from operational impacts and OEM challenges.

在第 11 張投影片中，我想談談業務的成本面。我們仍然是巴西成本最低的供應商。這包括我之前提到的營運影響和 OEM 挑戰對我們面臨的成本的影響。

As I mentioned in the opening and we will show on the next few slides, we're significantly improving our operations and those inefficiencies are coming out of our business. We also continue to be laser focused on efficiency, whether that is in our aircraft utilization or our headcount productivity, ground time at airports. We are focused -- focusing Azul into a lean operating airline. We have made significant progress so far, but there's still more we can do.

正如我在開頭提到的，我們將在接下來的幾張幻燈片中展示的那樣，我們正在大幅改進我們的運營，這些低效之處正在從我們的業務中消失。我們將持續高度重視效率，無論是飛機利用率、員工生產力或機場地面停留時間。我們專注於將 Azul 打造成一家精簡營運的航空公司。我們目前已經取得了顯著進展，但仍有更多的工作要做。

Turning to slide 12. You will see two great examples of operational improvements that led to efficiency. Despite all OEM challenges faced in the latter part of 2024 and early 2025, we were able to increase our aircraft utilization by almost 5%. This is a result of a combination of factors, including our network optimization strategy I mentioned before, more new generation fuel-efficient aircraft flying in our network and a significant improvement in our operational reliability.

翻到第12張投影片。您將看到兩個提高效率的營運改善的絕佳範例。儘管在 2024 年下半年和 2025 年初面臨 OEM 的各種挑戰，我們仍能將飛機利用率提高近 5%。這是多種因素共同作用的結果，包括我之前提到的網路優化策略、更多新一代節能飛機在我們的網路中飛行以及我們營運可靠性的顯著提高。

In addition to a higher utilization, leading to more efficient ASK generation, the airline is also more efficient, delivering additional ASKs with less headcount. Our efforts to optimize processes, develop new automation technologies alongside our passionate crew members resulted in a productivity being up 18.9% year-over-year.

除了更高的利用率，從而更有效地產生可用座位公里數 (ASK) 外，該航空公司也更加高效，以更少的人員提供更多的可用座位公里數。我們努力優化流程，與充滿熱情的團隊成員一起開發新的自動化技術，最終使生產力年增了 18.9%。

On slide 13, you will see the impact on ASK generation from all of the challenges we faced in 2024. I would like to highlight 2 major factors. We began the year with the unfortunate floods in Southern Brazil, a devastating natural phenomenon that turned 10% of our network offline overnight in one of the most profitable bases.

在第 13 張投影片中，您將看到我們在 2024 年面臨的所有挑戰對 ASK 產生的影響。我想重點強調兩個主要因素。今年年初，巴西南部不幸發生洪水，這場毀滅性的自然災害導致我們最賺錢的基地之一一夜之間 10% 的網路癱瘓。

Shortly after the constant OEM challenges we faced throughout the year worsened with several unscheduled engine removals and longer recovery time, impacting our ASKs for the second half of 2024. These impacts were a loss of close-in ASKs, which had a devastating impact to our customers and operation overall.

就在我們全年面臨的 OEM 挑戰不斷惡化之後不久，出現了幾次計劃外的引擎拆卸和更長的恢復時間，影響了我們 2024 年下半年的 ASK。這些影響導致近距離航班可用座位公里數 (ASK) 的損失，這對我們的客戶和整體營運造成了毀滅性的影響。

However, since early 2025, working together with the OEMs and our partners, we're seeing improvements in all operational areas. We've been able to close the gap and get back on track to our planned capacity generation.

然而，自 2025 年初以來，透過與 OEM 廠商和合作夥伴的共同努力，我們在所有營運領域都看到了改進。我們已經縮小了差距，重新走上了計劃發電量軌道。

On slide 14, I would like to highlight two examples of impact disruptions trigger to our operations and customers that have been significantly -- that we've been able to significantly improve over the past few months.

在第 14 張投影片中，我想重點介紹兩個對我們的營運和客戶造成重大影響的中斷範例——在過去的幾個月裡，我們已經能夠顯著改善這些影響。

Our irregular operations as a percentage of departures has decreased by over 65% in the first quarter and continues to be a downward trend. Such improvement (technical difficulty) directly to another great indicator, which is the average nights customers spend in hotels due to the impact to their book flights. During the past quarter, we reduced our average customer hotel nights by 75%.

第一季度，我們的非正常航班起降量佔離港航班總量的比例下降了 65% 以上，且趨勢仍在持續下降。這種改善（技術難度）直接影響到另一個重要指標，即由於航班預訂受到影響，顧客在飯店的平均住宿晚數。上個季度，我們的平均顧客飯店入住晚數減少了 75%。

Even though we made significant improvements during the first quarter, we were still impacted by the additional cost generated by the irregular operations and the customer litigation caused by it. Looking forward, we see a positive trend and expect these costs to improve during 2025.

儘管我們在第一季取得了顯著的進步，但因營運不正常和由此引發的客戶訴訟而產生的額外成本仍然對我們造成了影響。展望未來，我們看到積極的趨勢，並預計這些成本在 2025 年將有所改善。

Going forward on slide 15, you can see the improvements in the macro scenario to support our EBITDA generation in 2025 and beyond. The real has appreciated 9.3% in 2025, which reduces our dollar-denominated debt and expenses and improves our cash flow generation and reduces the cash outflow to pay down aircraft lease, CapEx and interest.

接下來，在第 15 張投影片中，您可以看到宏觀情勢的改善，以支援我們在 2025 年及以後實現 EBITDA。2025 年雷亞爾升值了 9.3%，這將減少我們以美元計價的債務和支出，改善我們的現金流，並減少用於償還飛機租賃、資本支出和利息的現金流出。

We're also seeing improvement in the heating oil curve, which is down more than 17% compared to the January peak. Using the current spot price, fuel expenses would have been BRL200 million lower in the first quarter, showing the potential upside to improve EBITDA and cash flow generation in the coming quarters.

我們也看到暖氣油價格曲線有所改善，與 1 月的峰值相比下降了 17% 以上。如果以當前現貨價格計算，第一季的燃料支出將減少 2 億雷亞爾，這表明未來幾季 EBITDA 和現金流的產生有提升空間。

Turning to our final slide. I must highlight how the first quarter really shows how much Azul has overcome a challenging year and is already generating positive results. Our unique business model has once again proved the value generation this airline has at its core.

接下來是最後一張投影片。我必須強調，第一季的業績充分展現了 Azul 克服了充滿挑戰的一年，並已取得了積極的成果。我們獨特的商業模式再次證明了這家航空公司的核心價值創造能力。

Our enhanced approach to our network strategy, our Beyond the Metal business units and improved operation have resulted in improved, more efficient ASK generation at the lowest CASK in the country while sustaining a strong unit revenue. I'm certain that our competitive advantages will continue to prove how Azul is the strongest airline in the region and yield positive results on a consistent basis. I can't thank enough our entire crew member base for bringing back to our usual levels of operational excellence.

我們加強了網路策略、超越金屬業務部門和改善營運的方式，從而在保持強勁的單位收入的同時，實現了全國最低的單位可用座位公里數 (CASK) 和更高的可用座位公里數 (ASK) 生成效率。我確信，我們的競爭優勢將繼續證明 Azul 是該地區最強大的航空公司，並持續取得積極的成果。我衷心感謝全體船員，是他們使我們的運營恢復到了以往的卓越水平。

I'm proud of the unique business model we have built together.

我為我們共同打造的獨特商業模式感到自豪。

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

好了，Abhi、Alex 和我將回答大家的問題。

(Operator Instructions) Savi Syth, sell-side analyst, Raymond James.

（操作說明）Savi Syth，Raymond James 賣方分析師。

If I might, just -- there's a lot of improvement that you called out here on the cost side, just operations, FX, fuel. Could you talk about how you're feeling about EBITDA for the year and how it should progress from here? Because it seems like maybe seasonality might be a little bit different this year, just given the movements in macro and operations.

如果可以的話，我想說——您剛才提到的成本方面有很多需要改進的地方，例如營運、外匯、燃料等方面。您能否談談您對今年 EBITDA 的看法，以及它未來的發展趨勢？鑑於宏觀經濟和營運方面的變動，今年的季節性似乎可能會有所不同。

Sure. Hi, Savi. So Q1, I think was worse than we expected, but it's early enough. And also, we saw a significant improvement going forward, right? So when you look at the forward curve for oil, when you see where the real is -- and there has been already some recapture in the first quarter, right? So namely fuel alone, the fuel expense line alone, like we said, was over BRL200 million of a bad guy. When you add FX, that's another BRL100 million and then the irregular operations.

當然。嗨，薩維。所以我覺得第一季的情況比我們預期的還要糟糕，但現在下結論還太早。而且，我們也看到了未來會有顯著的改善，對吧？所以，當你觀察石油遠期曲線時，你會發現實際情況是——而且第一季已經出現了一些回升，對吧？所以，僅燃料一項，僅燃料費用一項，正如我們所說，就超過 2 億雷亞爾，而這筆錢屬於一個壞人。加上外匯交易，那就是另外 1 億雷亞爾，再加上不規則交易。

But everything is improving, right? All of those items, fuel, FX and irregular operations are also -- are all improving. And we are still getting benefits on the demand side. We're seeing strong RASK even with high capacity growth. So when you combine all that, we're going to work and we think we have enough time to still deliver as high EBITDA generation as we can, even with the impacts in Q1.

但一切都在好轉，對吧？所有這些項目，包括燃料、外匯和非常規運營，也都在改善。而且我們在需求方面仍然獲益。即使產能成長強勁，我們仍然看到 RASK 保持強勁成長。所以綜合所有因素來看，我們將繼續努力，我們認為我們有足夠的時間，即使受到第一季的影響，也能盡可能地實現較高的 EBITDA 產量。

Understood. I appreciate that. And I wonder -- and maybe a question for Abhi. Could you elaborate a little bit what you're seeing on the demand side just between corporate and leisure? It doesn't seem like there's been much of a hit with some of the macro headlines that we've had, but curious what you're seeing.

明白了。我很感激。我想知道——也許這個問題應該問問阿比。您能否詳細說明一下您在企業和休閒旅遊需求方面觀察到的情況？從我們看到的一些宏觀新聞標題來看，似乎並沒有造成太大影響，但我很好奇你們看到了什麼。

Savi, yeah, you're right. I mean nothing compared to what you're anecdotally hearing in the US, right? Ex Brazil point-of-sale demand has been strong. Even with the noise in the US, we didn't see any oscillations in our US business. Our international network is a high-end leisure network. So I think we are more insulated in that sense.

薩維，是的，你說得對。我的意思是，這跟你在美國聽到的那些傳聞比起來根本不算什麼，對吧？巴西以外的銷售點需求一直很強勁。即使美國市場存在一些波動，但我們在美國的業務並沒有任何波動。我們的國際網絡是一個高端休閒網絡。所以我覺得從這個意義上講，我們受到的影響更小。

On the corporate side in Brazil, it's been very, very steady. We haven't seen -- obviously, we've grown and the revenue has grown with us. And so we are maintaining that pace. We had -- you can check the corporate travel agency shares. We had a 34% revenue share, the last report. This is public data from corporate travel agencies.

巴西企業界的情況一直非常非常穩定。顯然，我們沒有看到──我們發展壯大了，收入也隨之成長了。因此，我們保持著這樣的速度。我們曾經持有－您可以查看企業差旅代理公司的股份。根據上一份報告，我們的收入份額為 34%。這是來自企業差旅機構的公開數據。

So the Brazil sort of local environment has been solid, has been very steady. Brazil point of sale internationally has been good as well. And we're actually seeing a growth year-over-year in ex Brazil point of sale, which is revenue that's coming in euros and coming in dollars, both for our international network as well as our domestic network. So I think you'll see unit revenues expansion in 2Q, which is good. So I think overall, a pretty steady demand environment.

因此，巴西的當地環境一直很穩固，非常穩定。巴西的國際銷售點表現也相當不錯。事實上，我們看到除巴西以外的銷售點收入（以歐元和美元計價的收入）同比增長，無論是我們的國際網絡還是國內網絡都是如此。所以我認為第二季單位收入將會增加，這是個好消息。所以我覺得整體而言，需求環境相當穩定。

Andre Ferreira, sell-side analyst, Bradesco.

安德烈費雷拉 (Andre Ferreira)，布拉德斯科 (Bradesco) 賣方分析師。

So two questions from my side. The first, if you could comment on your thinking regarding the $200 million equity raise in terms of timeline and whether there are talks for anchor investors. And my second question is, Alex, you mentioned that fuel was BRL200 million detractor, FX another BRL200 million. And from the other cost line, which had BRL330 million higher costs year-over-year, in the release, you mentioned that it's mainly from the performance issues. How much of BRL330 million was the performance issues alone? And is there a chance that Azul will be compensated for it by the OEMs?

我有兩個問題。首先，您能否就 2 億美元的股權融資計畫的時間表以及是否有與基石投資者洽談等問題發表一下看法？我的第二個問題是，Alex，你提到燃料損失了 2 億雷亞爾，外匯損失又損失了 2 億雷亞爾。而在另一項成本方面，該項成本比去年同期增加了 3.3 億雷亞爾，您在新聞稿中提到，這主要是由於性能問題造成的。3.3億雷亞爾中，性能問題單獨造成的損失有多少？Azul 是否有可能從汽車製造商獲得補償？

Yeah. So on the equity raise, I think just to remind everyone of the time line, right? We've reached an agreement with our bondholders lessors, OEMs and part of that agreement called for an equity issue of debt to happen in April.

是的。所以關於股權融資，我覺得應該提醒大家一下時間安排，對吧？我們已經與債券持有人、出租人、OEM廠商達成協議，該協議的一部分要求在4月進行股權債務發行。

We actually had three equity offers over the last few months, one to equitize the lessors, one for the control shareholders to bring in new money into the company and more recently, the equitization of 35% of our 29 and 30 notes. So we've been implementing the plan as agreed, and that's why we had an equity offer in April.

在過去的幾個月裡，我們實際上收到了三筆股權要約，一份是讓出租人股權化，一份是讓控股股東為公司注入新資金，最近一份是讓我們 29 和 30 號票據的 35% 股權化。因此，我們一直在按照商定的計劃執行，這也是為什麼我們在四月提出了股權收購要約。

Now the markets didn't favor the timing. We didn't get incremental equity raise, but we were successful in equitizing a significant amount of debt and reducing our leverage, right? We -- obviously, it would make sense for us to bring in additional equity capital, but we'll find the right time to do that, right? I think there's a lot of noise in the market, both in macro terms and understanding our overall restructuting. So I think things will come down overtime and we'll continue to evaluate that opportunity.

但現在市場不看好這個時機。我們沒有獲得額外的股權融資，但我們成功地將大量債務股權化，降低了槓桿率，對吧？顯然，引入更多股權資本對我們來說是合理的，但我們會找到合適的時機，對吧？我認為市場上有很多噪音，無論是宏觀層面還是對我們整體重組的理解方面都是如此。所以我認為隨著時間的推移，情況會好轉，我們會繼續評估這個機會。

On the cost side, yeah, fuel about BRL208 million, [dollar about BRL100 million]. Other was impacted, like we said, about irregular operations. And just think about what that entails, right? When you're unable to fly and when you have close-in impacts from OEMs like we did, that creates a lot of disruption in terms of us having to reaccommodate our customers in terms of meals, hotels, transportation, sometimes transportation on other airlines that close in fares.

成本方面，是的，燃料大約 2.08 億雷亞爾，（美元約 1 億雷亞爾）。正如我們所說，其他方面也受到了不正常營運的影響。想想這意味著什麼，對吧？當您無法飛行，並且像我們一樣受到原始設備製造商 (OEM) 的臨近影響時，這會造成很大的混亂，因為我們必須重新安排客戶的餐飲、酒店、交通，有時還需要安排客戶乘坐其他航空公司的臨近降價航班。

So that was a big part of the increase in the other line. Also, the other line is it has a lot of components that are dollar-denominated and the average dollar between Q1 of '24 and Q1 of '25 was almost 20% up.

所以，這是另一條生產線成長的主要原因。此外，另一條線是它有很多以美元計價的組成部分，而 2024 年第一季到 2025 年第一季之間的美元平均匯率上漲了近 20%。

Now, obviously, as we have demonstrated, the operations have improved significantly. So we should see a reduction in customer reaccommodations and legal contingencies going forward. But that absolute number is not that far from what's consistent with our guidance as well, right? So even though there was a big increase year-over-year, the improvement that we see in irregular operations would be enough for us to continue on the path that we had outlined.

現在，很顯然，正如我們所展示的，營運情況已經顯著改善。因此，我們應該會看到客戶重新安置和法律糾紛的情況減少。但這個絕對數字與我們的指導意見也相差不大，對吧？因此，儘管同比增幅很大，但我們在非正常運作方面看到的改善足以讓我們繼續沿著我們制定的道路前進。

Yeah. And as for the OEM claims, we are in constant discussions with them. I mean we had 8 wide-body engine removals in the span of six weeks in the fourth quarter, right? And that had a significant impact to our customers. Abhi was unable to sell close-in revenue because we were just reaccommodating customers.

是的。至於OEM廠商的索賠，我們一直在與他們進行討論。我的意思是，在第四季度短短六週內，我們就拆卸了 8 台寬體發動機，對吧？這給我們的客戶帶來了重大影響。由於我們一直在重新安排客戶，Abhi 無法銷售臨近的銷售。

And when you cancel people's flights on international, you're putting up in hotels and moving people around. So yeah, there is planes out there to the OEMs for sure, and we're seeking compensation similar to what you've seen with other airlines around the world, and we'll continue to do that.

取消國際航班時，就得安排乘客入住飯店，還要轉移乘客。所以，是的，飛機製造商確實有相關問題，我們正在尋求與世界各地其他航空公司類似的賠償，我們將繼續這樣做。

But we wanted to show, as Alex mentioned and the chart shows, there's been significant improvement in that just in the last 60 days alone. So we have more spare aircraft available to us, more spare engines and more engines leaving the shop. And so we expect a significant improvement going forward in this line item.

但正如 Alex 所提到的，圖表也顯示，我們想表明，僅在過去 60 天裡，情況就得到了顯著改善。因此，我們有了更多的備用飛機、更多的備用發動機，也有更多的發動機從車間出廠。因此，我們預期該項指標未來將有顯著改善。

Michael Linenberg, sell-side analyst at Deutsche Bank.

德意志銀行賣方分析師麥可‧林恩伯格。

This is Shannon on for Mike. Maybe for the first one, just a follow-up on Savi's question. Are you officially reiterating the BRL7.4 billion in EBITDA this year? I understand that's going to be back half loaded, but I just want to know if you're like walking away from the guidance.

這裡是香農，替麥克報道。或許第一個問題只是薩維問題的後續解答。你們是否正式重申今年 EBITDA 為 74 億雷亞爾？我知道那筆錢會回還一半，但我只是想知道你是不是要放棄指導。

Yeah, we're not changing guidance at this time.

是的，我們目前不會改變指導方針。

Okay. Understand. And for the second one, just going forward, what is the share count that we should be using for the next quarter, assuming a net profit? I know in your footnotes in the release, it says that the share count doesn't include dilution, and you did get a bunch of transactions done post quarter end. So just an update on share count would be helpful.

好的。理解。第二個問題是，展望未來，假設實現淨利潤，那麼下一季我們應該使用多少股股票數量？我知道你在新聞稿的腳註中提到，股份數量不包括稀釋，而且你在季度末之後確實完成了一系列交易。所以，只需提供分享次數的最新資訊即可。

Yeah. The current number of shares outstanding after the equitizations that we have done is 980 million preferred equivalent shares.

是的。在我們完成股權化之後，目前流通在外的股份數量為 9.8 億股優先股等值股。

(Operator Instructions) Rogério Araujo, sell-side analyst, Bank of America.

（操作員說明）羅熱裡奧·阿勞霍，美國銀行賣方分析師。

I have a couple here. The first one on liquidity. Second is usually a tougher quarter in terms of seasonality and cash flow. So if you could update us on any potential credit line from the government that has been spoken in the past, if there is an update there. Also, we saw the TAP bond going to actually short-term asset in the balance sheet.

我這裡有幾個。第一篇是關於流動性的。第二季通常受季節性和現金流的影響更大。所以，如果您能告知我們之前提到的政府可能提供的信貸額度的最新進展，那就太好了。此外，我們看到TAP債券實際上在資產負債表中變成了短期資產。

It expires in March '26, if I'm not mistaken. So what to expect with the TAP bond? Will it become a cash position, same amount as in the balance sheet in March? Is there any way that it could be repurchased by TAP before that? Would that require a haircut? So how can we think about that line?

如果我沒記錯的話，它將於 2026 年 3 月到期。那麼，TAP債券會有什麼前景呢？這筆款項會變成現金部位嗎？金額會和三月資產負債表上的金額一樣嗎？在此之前，TAP 是否有可能將其回購？那需要理髮嗎？那我們該如何看待這條線呢？

And my second question, actually, it's a follow-up from the equity offering. I understand there is an anti-dilution clause for creditors that are converting that into equity. And at this price, an offer could trigger further dilution to investors. So how can we think about this potential equity offering in terms of this clause, what to expect, could that be revised? Is there other alternative? Because I understand that this has to be concluded for the third phase and the restructuring to be concluded as well.

我的第二個問題，其實是關於股權發行的後續問題。我知道債權人將股份轉換為股權時，有反稀釋條款。而且以這個價格，收購要約可能會導致投資者權益進一步稀釋。那麼，我們應該如何根據該條款來考慮這項潛在的股權發行？應該期待什麼？該條款是否有可能修改？還有其他辦法嗎？因為我了解到，為了完成第三階段的工作，重整工作也必須完成。

We're going to take it in pieces. First of all, second quarter, as we build up the summer and sell the summer peak, usually, there's an improvement in cash flow in the second quarter compared to the first quarter. But your question about the government line, I think we've seen movement for sure. They passed through initial approvals for the FGE line, which could be a couple of hundred million dollars worth of liquidity to the airline -- to each airline. And so we're very positive on that.

我們要把它分步驟處理。首先，在第二季度，隨著夏季銷售旺季的到來，通常情況下，第二季度的現金流會比第一季有所改善。但對於你提出的政府路線問題，我認為我們肯定已經看到了一些變化。他們初步批准了FGE貸款，這可能為每家航空公司帶來數億美元的流動資金。因此，我們對此非常樂觀。

We've been in constant conversations with the government around that line. So all things indicate that, that will get approved fully in the next week or two, which that's exciting. As for the equity offering, I'll let Alex kind of give more color. But obviously, that anti-dilutive clause was not helpful. And so as we went through the process, we needed to equitize the debt that they have.

我們一直在就這條界線與政府進行對話。所以種種跡象表明，這項提案將在未來一兩週內獲得全面批准，這令人興奮。至於股權發行方面，我還是請 Alex 來詳細介紹一下。但顯然，該反稀釋條款並沒有發揮作用。因此，在推進過程中，我們需要將他們的債務進行公平化處理。

And what I would say, is we're in constant conversations with the bondholders. And so they asked for something initially that was to protect them, and it actually didn't protect them. It didn't protect and sustain the stock. And so yes, we're in constant conversations with them on a better approach because we do need to delever the business even further, and that clause is not helpful for sure.

我想說的是，我們一直在與債券持有人保持溝通。所以他們最初要求的東西是為了保護他們，但實際上並沒有保護他們。它並沒有保護和維持股價。所以，是的，我們一直在與他們討論更好的方法，因為我們確實需要進一步降低公司的槓桿率，而那條條款肯定沒有幫助。

Yeah, that's right. On the liquidity, sometimes I think people mix up the strength of the quarter in terms of revenue versus the strength in terms of cash, right? Q1 is a very good quarter in terms of demand and revenue, but it's flown revenue. But most of that flown revenue was booked in previous quarters. So in terms of cash, Q1 is actually probably our worst quarter seasonally speaking.

是的，沒錯。關於流動性，我覺得人們有時會把季度營收強勁與季度現金流強勁混淆，對吧？第一季在需求和收入方面都非常好，但收入卻大幅下滑。但大部分的航空收入都是在前幾個季度預訂。所以就現金流而言，第一季實際上可能是我們季節性方面最糟糕的季度。

Q2 is our worst quarter in terms of demand, traffic, usually RASK but it is a good quarter in terms of cash because you're starting to build booked revenue into the July season and the second half of the year, which is obviously the stronger in terms of demand. It's not exactly like that.

第二季度是我們需求、流量和 RASK 方面最糟糕的季度，但就現金流而言，這是一個不錯的季度，因為你開始將預訂收入積累到 7 月份的旺季和下半年，而下半年的需求顯然更強勁。並非完全如此。

But usually, the strongest quarters in terms of revenue are the weakest quarters in terms of cash flow and vice versa, right? The weakest quarter in terms of revenue is the strongest quarter in terms of cash. It's not exactly like that, but Q2 is not a bad quarter in terms of cash generation.

但通常情況下，營收最好的季度往往是現金流最差的季度，反之亦然，對吧？營收最差的季度，卻是現金流最充裕的季度。情況並非完全如此，但就現金流而言，第二季並不算糟糕。

In terms of the TAP bonds, I mean, they are within a year from maturity. So that's why they are in short term. And we expect to repay that debt that has never been in question. There are discussions, obviously, on the collateral and interest calculation, but no discussion on the existence of the debt. So we'll be discussing with TAP and the Portuguese government, obviously, directly with them. And any news, we will share with the market as soon as possible.

就TAP債券而言，我的意思是，它們距離到期日還有不到一年。所以這就是它們只能短期存在的原因。我們期望償還這筆從未受到質疑的債務。顯然，雙方討論了抵押品和利息計算問題，但沒有討論債務是否存在的問題。所以，我們顯然會直接與葡萄牙航空和葡萄牙政府進行討論。如有任何消息，我們將盡快與市場分享。

Guilherme Mendes, sell-side analyst, JPMorgan.

Guilherme Mendes，摩根大通賣方分析師。

First one is on the M&A -- the potential M&A with GOL. The company now is expected to Chapter 11 probably in June, and you are evolving your own liability management. So if there's anything that you can share on the exchange ratio or at least timing for it to be announced? And the second one, just a follow-up on the guidance. Are you guys formally withdrawing the guidance or just not updating it?

第一個是關於併購——與 GOL 的潛在併購。該公司預計將於 6 月申請破產保護（第 11 章），而你正在製定自己的債務管理方案。那麼，關於兌換比例，或至少公佈時間，您能否透露一些資訊？第二點，只是對先前指導意見的後續跟進。你們是正式撤回該指南，還是只是不再更新？

On the M&A, we -- as we have said before, we continue to be in conversations with Abra. They always made it clear that GOL was going to exit first. So that was always part of the plan. But the discussions continue, and they continue on many parallel fronts, including valuation, including antitrust, documentation, all those kinds of things. So the discussions continue.

關於併購事宜，正如我們之前所說，我們仍在與 Abra 進行洽談。他們一直明確表示，GOL會率先退出。所以這始終是計劃的一部分。但討論仍在繼續，而且在許多平行領域都繼續進行，包括估值、反壟斷、文件編制等等。所以討論仍在繼續。

As regards there's no change.

至於其他方面，沒有任何變化。

Savi, sell-side analyst, Raymond James.

Savi，Raymond James 的賣方分析師。

Just given the kind of outlook hasn't changed, I'm guessing your views on capacity haven't changed much. But could you talk a little bit again about how you're thinking about that for the rest of the year and between domestic and international?

鑑於這種前景沒有改變，我猜你對產能的看法也沒有太大改變。但您能否再談談您對今年剩餘時間以及國內和國際市場安排的看法？

Savi, yeah, it hasn't changed a lot. As John said, we are making changes to the network. But overall, I see about -- in the domestic industry, I see about 8% growth. On a year-over-year basis, it will peak in the second quarter. So you will see higher growth from everybody in the second quarter, and then you will see lower year-over-year growth from everybody in the back half of the year.

薩維，是啊，變化不大。正如約翰所說，我們正在對網路進行更改。但總體而言，我認為國內產業的成長約為 8%。與去年同期相比，第二季將達到高峰。因此，你會看到第二季所有產業的成長率都會更高，然後你會看到下半年所有產業的年比成長率都會下降。

So Azul, GOL, LatAm are kind of all following that same trend. And for us, yes, we're on plan. I would say, domestic around 8%. International is going to be higher only because some of the OEM issues that we faced last year led us to have an artificially low base. So you will see high international now in 2Q, and then you will see higher international again in 4Q because of the OEM.

所以 Azul、GOL、LatAm 等品牌都在遵循同樣的趨勢。對我們來說，是的，我們一切都在按計劃進行。我認為，國內市場佔比在 8% 左右。國際銷售之所以會更高，只是因為我們去年遇到的一些 OEM 問題導致我們的基數被人為地拉低了。所以你會看到第二季國際訂單量較高，然後由於OEM廠商的需求，你會看到第四季國際訂單量再次較高。

But I would say Azul overall, around 10%, domestic will be around 8%.

但我認為 Azul 整體佔比約 10%，國內市場佔比約為 8%。

Daniel McKenzie, Seaport.

丹尼爾·麥肯齊，海港。

Really, the questions that I have really are around hardening the business model to handle the macro swings that can cause revenue to move pretty hard FX and fuel. And so I'm just curious, in the context of hardening the business model going forward, you guys have done a lot to build a really impressive airline. But the traditional ways they just slow capacity, cut capacity. I'm just curious how you're prioritizing the levers looking ahead? And then just related to that, what leverage metrics are you targeting end of this year and end of next? And what's the pathway to the optimal balance sheet that you'd like to see?

實際上，我真正的問題在於如何強化商業模式，以應對可能導致收入大幅波動的宏觀經濟波動，例如外匯和燃料價格波動。所以我很好奇，在不斷完善商業模式的背景下，你們已經做了很多工作來打造一家非常令人印象深刻的航空公司。但傳統方法只會降低產能，削減產能。我只是好奇，展望未來，你們是如何決定各項措施的優先順序的？另外，關於這一點，你們今年底和明年年底的目標槓桿指標是什麼？那麼，您認為實現最佳資產負債表的途徑是什麼？

Dan, yeah, I mean, as an airline in Brazil, we always say that we are an imported service in a way, right? And so we are exposed to the cost of importing the inputs that allow us to produce a seat in Brazil, right? We have aircraft that are denominated in dollars. The financing for the aircraft is mainly in dollars. Even the working capital for an airline as a capital-intensive business, usually for you to be able to borrow the significant amount of capital that the business requires for a longer term, that capital is usually provided by US or foreign investors that want a return in dollars.

丹，是啊，我的意思是，作為巴西的航空公司，我們總是說我們在某種程度上提供的是進口服務，對吧？因此，我們需要承擔進口原料的成本，才能在巴西生產座椅，對吧？我們擁有以美元計價的飛機。這架飛機的融資主要以美元進行。即使對於航空公司這樣資本密集型企業來說，其營運資金通常也需要藉入企業長期所需的巨額資金，而這些資金通常由希望獲得美元回報的美國或外國投資者提供。

Fuel in Brazil, unfortunately, is dollar-denominated. We don't think it should, but it is. And then a lot of other items, right, like GDS fees and IT and spare parts and maintenance and insurance. And so yeah, that exposure is intrinsic to the business. I think the lever we pull, I wouldn't say as much capacity, but I think the main one is fares, right?

遺憾的是，巴西的燃油價格是以美元計價的。我們認為不應該這樣，但事實就是如此。還有許多其他項目，對吧，例如 GDS 費用、IT、備件、維護和保險。所以，是的，這種曝光度是企業固有的組成部分。我認為我們所採取的措施，雖然不能說是大幅提高運力，但主要還是票價問題，對吧？

We see that fares are essentially back to the dollar with a bit of a lag. They're not indexed to dollar, but we've demonstrated that over time, even though the real has significantly devalued since we started Azul, the real was at BRL1.60 to $1 when we started Azul, and I don't think anybody had in their forecast that it would reach BRL6.30 to $1.

我們看到票價基本上已經回歸美元匯率，只是存在一些延遲。雖然它們沒有與美元掛鉤，但我們已經證明，隨著時間的推移，儘管雷亞爾自我們創辦 Azul 以來大幅貶值，但我們創辦 Azul 時雷亞爾兌美元匯率為 1.60，我認為沒有人預測它會達到 1 美元兌 6.30。

But over time, we have been able to more than offset that currency devaluation with fares through the strength of our network and our fleet and the customer experience that we deliver. We've also made the company a lot more efficient, right? And we're going to do that regardless of the dollar.

但隨著時間的推移，憑藉我們強大的網路、機隊以及我們提供的客戶體驗，我們已經能夠透過票價來彌補貨幣貶值帶來的影響。我們也大大提高了公司的效率，對吧？無論美元匯率如何，我們都會這麼做。

We'll be constantly pursuing more efficient -- more efficiency, more productivity, higher aircraft utilization. You just need to be constantly looking for opportunities to reduce costs. And even though we've made a lot of progress. If you look at everything that's under our control, right, which is employee productivity, aircraft utilization, ancillary revenues, the revenue that come from our business units, everything that's in our control is doing really well. But unfortunately, the things that are outside of our control, such as fuel and FX were big headwinds in Q1.

我們將持續追求更高的效率——更高的效率、更高的生產力、更高的飛機利用率。你只需要不斷尋找降低成本的機會。儘管我們已經取得了很大進展。如果你看看我們能夠控制的一切，例如員工生產力、飛機利用率、輔助收入、我們業務部門的收入，所有我們能夠控制的方面都做得非常好。但不幸的是，燃料和外匯等我們無法控制的因素在第一季給我們帶來了很大的不利影響。

But the positive news is that they should be much better for the remainder of the year, right? But also one thing that we had in the past, Dan, you may remember, we kind of had to use it up during the Brazilian recession in '16 and then through the pandemic is that we are able to finance our fleet in reals, right? We are the only operator of Embraer in Brazil. And in the past, we had about 1/3 of our fleet that was debt financed and a lot of those aircraft were financed in reals. That is a great hedge.

但好消息是，他們今年剩下的時間情況應該會好得多，對吧？但丹，你可能還記得，我們​​過去擁有的一項優勢，就是我們可以用雷亞爾為我們的船隊融資，對吧？我們在 2016 年巴西經濟衰退期間以及疫情期間不得不用掉這些資金。我們是巴西唯一一家營運巴西航空工業公司（Embraer）產品的公司。過去，我們大約有三分之一的機隊是透過債務融資購買的，其中許多飛機都是用雷亞爾融資的。那是一個很好的對沖策略。

Unfortunately, it's not one hedge that we can just reset and rebuild overnight, but we will absolutely do that going forward. The beauty of that is that the aircraft when it's financed in reals, it continues to be valued in dollars. And if you need to reduce capacity, you can sell that asset, pay down the debt and the debt will be constant, right? We will not have increased because of the devaluation, while the value of your asset will, right? We had that cushion that we built over time.

遺憾的是，這不是我們可以在一夜之間重置和重建的對沖，但我們今後一定會這樣做。妙處在於，即使飛機是用雷亞爾融資的，它的價值仍然以美元計價。如果需要減少產能，你可以出售該資產，償還債務，債務總額將保持不變，對嗎？由於貨幣貶值，我們的收益不會增加，而您的資產價值會增加，對嗎？我們有長期累積的緩衝空間。

We had to use it up over a couple of crisis that we faced, and we're going to rebuild it going forward. And that will be another competitive advantage that Azul has, which no other competitor can match.

我們之前因為幾次危機不得不把這些資金用光，接下來我們會重建它。這將是 Azul 擁有的另一個競爭優勢，其他競爭對手無法匹敵。

Yeah, Dan, a couple of things. Just the FX alone is going to improve and leverage. But a couple of things that Alex said, I just want to reiterate, we're down year-over-year in headcount. Absolute FTEs were down, yet we're up 15% in ASKs. So we are building a more efficient airline.

是的，丹，有幾件事。單單外匯市場就會改善並帶來槓桿效應。但我想重申一下 Alex 提到的幾點，我們的員工人數也比去年同期下降了。雖然全職員工總數下降了，但我們的訂單量卻增加了 15%。所以我們正在打造一家更有效率的航空公司。

Real-denominated debt, we have the ability to finance our E2s. The government line is also something we need to have less US dollar-denominated debt on our balance sheet. We need to delever. And that's why we're talking to our partners about doing.

我們有能力為我們的 E2 提供融資，以實際金額計價的債務。政府方面也認為，我們需要減少資產負債表上以美元計價的債務。我們需要降低槓桿率。所以，我們正在和合作夥伴商量如何實現這個目標。

Yeah. A follow-up to that is Alex, can you speak to CapEx this year and next, just big round numbers. How should we think about that? And then given everything that you just shared, how can we tie that, what kind of leverage metrics should we think about for Azul as we look ahead one to three years?

是的。接下來我想問Alex，可以談談今年和明年的資本支出狀況嗎？就說幾個整數數字就好。我們該如何看待這個問題？那麼，鑑於您剛才分享的所有內容，我們如何將它們聯繫起來？展望未來一到三年，我們應該考慮哪些 Azul 的槓桿指標？

So on CapEx, I think you remember back in, I think, November, we put out a walk through of our free cash flow to firm. That number is dollar-denominated. The dollar has fluctuated somewhat. So depending on what your dollar assumption is for the year, you need to adjust that CapEx number going forward. Also, the OEM issues that we had may require a little bit more engines to be sent to overhauls.

關於資本支出，我想你們應該還記得，大概在去年 11 月，我們向公司發布了一份自由現金流概覽。該數字以美元計價。美元匯率有所波動。因此，根據您對當年美元金額的預期，您需要調整未來的資本支出數字。此外，我們遇到的 OEM 問題可能需要將更多引擎送去大修。

But we don't have guidance on CapEx, and we don't have guidance on leverage either, but you can use kind of those old numbers as a guideline for you to come up with your estimates.

但是我們沒有關於資本支出的指導意見，也沒有關於槓桿率的指導意見，但是你可以使用那些舊數據作為參考來得出你的估計。

Now we want to reduce leverage. I think that is something that all stakeholders of Azul would like to see. We've done a lot of progress on reducing that leverage. And unfortunately, some of that leverage came back through the devaluation, but it's coming back.

現在我們想降低槓桿。我認為這是Azul所有利益相關者都希望看到的。我們在降低這種槓桿作用方面取得了很大進展。不幸的是，部分槓桿作用透過貨幣貶值而消失，但它正在恢復。

So we will continue working on everything that's within our power to generate more cash, pay down debt. And that's also something that is always permeating our conversations with all of our stakeholders.

因此，我們將繼續盡一切努力創造更多現金，償還債務。這也是我們與所有利害關係人溝通時始終貫穿的主題。

Dan, I just want to reiterate one other thing, which is a competitive advantage that Azul has is that all of our next-generation aircraft are under PBH contracts and engine agreements overall. So while CapEx will be up, in the short term because of the reliability of the new engines, you're going to get that back over time. It's just a pull forward, if you will, because all of our engines are under a power-by-the-hour contract. And that's a competitive advantage that we have that, quite frankly, the OEMs aren't offering anymore, right? And so as we look forward, we have that advantage going into the next few years.

丹，我只想重申一點，Azul 的一個競爭優勢是，我們所有的下一代飛機都簽訂了 PBH 合約和發動機協議。因此，雖然短期內資本支出會增加，但由於新引擎的可靠性，隨著時間的推移，你會得到回報。這只不過是一種向前推進，因為我們所有的引擎都是按小時計費的。坦白說，這是我們擁有的競爭優勢，而現在的汽車製造商已經不再提供這種優勢了，對吧？因此，展望未來，我們在未來幾年將擁有這樣的優勢。

Yeah. And it is an asset that Azul owns, right? Because as John said, that contract is not being offered anymore, and it is providing significant protection because the cost of engine overhauls with all these supply chain issues, and MRO capacity issues is obviously going up significantly.

是的。而且這是 Azul 擁有的資產，對吧？正如約翰所說，該合約不再提供，而該合約提供了重要的保障，因為考慮到所有這些供應鏈問題和MRO能力問題，發動機大修的成本顯然正在大幅上升。

Thank you. I will now turn it over to John for closing remarks.

謝謝。現在我將把發言權交給約翰，請他作總結發言。

I'd just like to thank everybody for your time today and thank our crewmembers for all their work in the quarter. And we look forward to talking to you. Feel free to reach out to our IR team if you have any additional questions. Thanks, everybody.

我謹代表大家感謝大家今天抽出時間，並感謝我們全體船員在本季付出的所有努力。我們期待與您交流。如有任何其他疑問，請隨時聯絡我們的投資者關係團隊。謝謝大家。

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

謝謝。阿祖爾隊今天的音頻電話會議到此結束。非常感謝您的參與，祝您有美好的一天。