Azul SA (AZUL) 2022 Q1 法說會逐字稿

Hello, everyone, and welcome to Azul's First Quarter 2022 Results Conference Call. My name is Hannon, and I will be your operator for today. (Operator Instructions) I would like to turn the presentation over to Thais Haberli, Investor Relations Manager. Please proceed.

大家好，歡迎參加 Azul 2022 年第一季度業績電話會議。我的名字是 Hannon，今天我將擔任您的接線員。 （操作員說明）我想將演示文稿交給投資者關係經理 Thais Haberli。請繼續。

Thank you, Hannon, and welcome all to Azul's first quarter earnings call. The results that we announced this morning, the order of this call and the slides that we reference are available on our IR website. Presenting today will be David Neeleman, Azul's Founder and Chairman; and John Rodgerson, CEO; Alex Malfitani, our CFO; and Abhi Shah, our Chief Revenue Officer are also here for the Q&A session.

謝謝你，漢農，歡迎大家參加 Azul 的第一季度財報電話會議。我們今天早上宣布的結果、這次電話會議的順序以及我們參考的幻燈片都可以在我們的 IR 網站上找到。 Azul 的創始人兼董事長 David Neeleman 將出席今天的演講；和首席執行官約翰·羅傑森；我們的首席財務官 Alex Malfitani；我們的首席營收官 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 subjected 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.

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，特別是關於公司未來計劃、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。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?

有了這個，我會把電話轉給大衛。大衛？

Thanks, Thais. Welcome, everyone, and thanks for joining us for our first quarter 2022 earnings call. As always, I would like to start by expressing my gratitude and to recognize our passionate crew members who continue to take care of each other and to provide our customers with the best travel experience in the industry. For example, we were once again elected the best airline in Brazil according to ANAC's customer satisfaction rankings. In addition, Cirium reported Azul as the most on-time mainline carrier in the world.

謝謝，泰國人。歡迎大家，感謝大家加入我們的 2022 年第一季度財報電話會議。與往常一樣，我首先要表達我的感激之情，並感謝我們熱情的工作人員，他們繼續互相照顧，並為我們的客戶提供業內最佳的旅行體驗。例如，根據 ANAC 的客戶滿意度排名，我們再次被選為巴西最佳航空公司。此外，Cirium 報導 Azul 是世界上最準時的干線航空公司。

I've spent the last week in Brazil flying Azul and we have a fantastic operation. We are currently seeing the highest customer satisfaction scores in the past 2 years.

我在巴西度過了上週的 Azul 飛行，我們的操作非常棒。我們目前看到過去 2 年中最高的客戶滿意度得分。

As you can see on Slide 3, we continue to serve and connect Brazil like never before through our unique network and diversified fleet, reaching 151 destinations, an impressive addition of more than 35 destinations compared to 2019. In 1990, there was commercial service to 218 cities in Brazil. So as you can see, we still have a lot more to add in the future. Over time, these and other new destinations will add considerable demand to our network, further supporting our growth trajectory.

正如您在幻燈片 3 中看到的那樣，我們通過我們獨特的網絡和多樣化的機隊繼續以前所未有的方式服務和連接巴西，到達 151 個目的地，與 2019 年相比增加了超過 35 個目的地。1990 年，有商業服務巴西 218 個城市。如您所見，我們未來還有很多東西要添加。隨著時間的推移，這些和其他新目的地將為我們的網絡增加可觀的需求，進一步支持我們的增長軌跡。

One of the competitive advantages of Azul is its breadth of network. While we may have lost some time during the pandemic, our belief has never been stronger that Brazil is and continues to be a growth market, and Azul brings unique ingredients to enable that growth.

Azul 的競爭優勢之一是其網絡廣度。雖然我們可能在大流行期間失去了一些時間，但我們從未如此堅定地相信巴西是並將繼續是一個增長市場，而 Azul 帶來了獨特的成分來實現這種增長。

I know a lot of you are concerned about the sustainability of the revenue environment. Let me remind you that Brazil is an enormous commodity economy, and many of these commodities have record prices. Brazil is the breadbasket for the world and a big producer of iron ore and oil and many other things. Azul has a significant presence in all these commodity areas of Brazil, where producers are expanding rapidly to meet world demand and record high prices.

我知道你們中的很多人都擔心收入環境的可持續性。讓我提醒您，巴西是一個巨大的商品經濟體，其中許多商品的價格都創歷史新高。巴西是世界的糧倉，也是鐵礦石、石油和許多其他東西的大生產國。 Azul 在巴西的所有這些商品領域都有重要的業務，生產商正在迅速擴大以滿足世界需求和創紀錄的高價格。

Serving 151 destinations is not only key to our future, but it is also critical to the economic and social development of the regions we serve. We are especially proud of the social contributions of our business to Brazil, whether it is by our network, where we deliver lifesaving medicine, organs, vaccines connecting Brazil like no other airlines or in fact or the fact that we have almost 3,000 Azul crewmembers registered as volunteers doing good all around the country. I want to personally thank each one of them for representing the best of Azul.

服務 151 個目的地不僅對我們的未來至關重要，而且對我們所服務地區的經濟和社會發展也至關重要。我們為我們的業務對巴西的社會貢獻感到特別自豪，無論是通過我們的網絡，我們提供拯救生命的藥物、器官和疫苗，以其他航空公司所沒有的方式連接巴西，或者事實上，我們有近 3,000 名 Azul 機組人員註冊作為志願者在全國各地做善事。我要親自感謝他們每一個人代表了 Azul 的最佳表現。

As I've said previously, our competitive advantages are not limited to our fleet or network. Our business units, Azul Cargo, TudoAzul and Azul Viagens are key contributors as well, leveraging our network and operation to further expand our margins.

正如我之前所說，我們的競爭優勢不僅限於我們的車隊或網絡。我們的業務部門 Azul Cargo、TudoAzul 和 Azul Viagens 也是主要貢獻者，利用我們的網絡和運營進一步擴大我們的利潤。

As you can see on Slide 4, our logistics business continued its outstanding performance. Cargo revenue tripled compared to the first quarter of 2019 with revenues reaching almost BRL 300 million in the quarter. Our mission to transform logistics in Brazil remains our focus, which with these rising commodity prices even gives us more advantages in this business. As we utilize our scheduled network together with our fleet of dedicated aircraft, we want to be the logistics platforms of every business in Brazil and we believe we have the end-to-end logistics capabilities, we can do that, so very exciting part of our business.

正如您在幻燈片 4 中看到的，我們的物流業務繼續保持出色的表現。與 2019 年第一季度相比，貨運收入增長了兩倍，本季度收入達到近 3 億雷亞爾。我們改變巴西物流的使命仍然是我們的重點，隨著商品價格的上漲，這甚至為我們在這項業務中提供了更多優勢。由於我們利用我們的定期網絡和我們的專用飛機機隊，我們希望成為巴西每個企業的物流平台，我們相信我們擁有端到端的物流能力，我們可以做到這一點，所以非常令人興奮的部分我們的業務。

On Slide 5, once again -- talk again about one of my favorite projects, our vacations business, Azul Viagens. Azul Viagens continues to do very well with strong leisure demand combined with all the amazing natural beauty of Brazil has to offer. We are seeing record domestic sales, operating margins within this business, with bookings increasing more than 70% compared to 2019. To give you an idea of how this business is growing in July, just in July, we will have over 900 dedicated flights for Azul Viagens, more than double compared to 2019. Abhi and his team are now taking me more seriously when I say over and over again, I told you so.

在幻燈片 5 上，再次談論我最喜歡的項目之一，我們的度假業務 Azul Viagens。 Azul Viagens 繼續在強勁的休閒需求和巴西所有令人驚嘆的自然美景中表現出色。與 2019 年相比，我們看到了創紀錄的國內銷售額和營業利潤率，預訂量比 2019 年增長了 70% 以上。為了讓您了解該業務在 7 月份的增長情況，僅在 7 月份，我們將有 900 多個專用航班為Azul Viagens，與 2019 年相比增加了一倍多。當我一遍又一遍地說，我告訴過你時，Abhi 和他的團隊現在更加認真地對待我。

With that, I'll pass the word over to John to give you more details on our record first quarter results.

有了這個，我會把這個詞轉給約翰，讓你了解我們創紀錄的第一季度業績的更多細節。

Thanks, David, and we really appreciate your humility. I also want to thank our crew members for all their hard work during the past quarter. We started the year with the short-term operational challenges from Omicron, which during its peak result in almost 1/3 of our crewmembers unavailable to fly for a period of time. As a result, we had to sharply adjust our operation in January and February to recover. As of March, the wave was clearly behind us.

謝謝，大衛，我們非常感謝你的謙遜。我還要感謝我們的工作人員在過去一個季度中所做的所有辛勤工作。今年伊始，我們面臨來自 Omicron 的短期運營挑戰，在其高峰期導致我們近 1/3 的機組人員在一段時間內無法飛行。因此，我們不得不在 1 月和 2 月大幅調整運營以恢復。截至 3 月，浪潮顯然已經過去。

As you can see on Slide 6, even with these exceptional challenges, we reported an all-time first quarter record revenue of BRL 3.2 billion, an increase of 75% compared to first quarter 2021 and almost 26% up compared to the same period in 2019. This was the second consecutive quarter with net revenues above pre-pandemic levels. The results were driven by the strong domestic demand environment in Azul's markets, which allowed us to raise fares to offset the rising fuel prices.

正如您在幻燈片 6 上看到的那樣，即使面臨這些特殊挑戰，我們報告的第一季度收入創歷史新高，達到 32 億雷亞爾，與 2021 年第一季度相比增長 75%，與 2020 年同期相比增長近 26%。 2019 年，這是連續第二個季度淨收入高於大流行前水平。這一結果受到 Azul 市場強勁的國內需求環境的推動，這使我們能夠提高票價以抵消不斷上漲的燃油價格。

Thanks to our margin expansion strategy, our ability to recapture revenue and reduce cost, our EBITDA reached BRL 593 million, representing a margin of 18.6% in the quarter. If we exclude the impact of Omicron, as I described, we estimate that EBITDA would have been BRL 900 million in the quarter. This gives you a clear indication as to the earning strength of our airline and why we are so confident moving forward.

由於我們的利潤率擴張戰略、我們重新獲得收入和降低成本的能力，我們的 EBITDA 達到 5.93 億雷亞爾，本季度利潤率為 18.6%。如前所述，如果我們排除 Omicron 的影響，我們估計本季度的 EBITDA 為 9 億雷亞爾。這讓您清楚地了解我們航空公司的盈利能力以及我們為何如此有信心向前發展。

David already mentioned to you about our leisure demand, and I want to show you more on Slide 7, we ended March with 9 consecutive months of leisure demand above 2019 levels, and it continues to improve. This clearly shows that this was not just pent-up demand. This is the Brazilian market's ability to grow. This is more customers finding new and convenient schedules, connections in more destinations within Azul's network, all of which giving them more reasons to travel. Whether it's pure leisure or work from anywhere, we're seeing a new and greater sustained pattern of demand and certainly bringing in 35 new cities help sustain this growth.

David 已經向您提到了我們的休閒需求，我想在幻燈片 7 上向您展示更多信息，我們在 3 月份結束時，休閒需求連續 9 個月高於 2019 年的水平，並且還在繼續改善。這清楚地表明，這不僅僅是被壓抑的需求。這就是巴西市場的成長能力。更多的客戶在 Azul 的網絡內尋找新的和方便的時間表，連接更多目的地，所有這些都給了他們更多旅行的理由。無論是純粹的休閒還是在任何地方工作，我們都看到了一種新的、更大的持續需求模式，當然引入 35 個新城市有助於維持這種增長。

In Brazil, we always said that the country only begins to work after carnival. This year, it turned out to really be true. Slide 8 shows you how corporate demand really improved in March and beyond compared to 2019. Corporate revenue recovered to more than 120% of 2019 levels, while corporate volumes are still 29% below pre-pandemic levels. So that means there is still more corporate revenue recovery to come and it will come at 76% higher fares than 2019, let me repeat that 76% higher fares than 2019 in the corporate segment.

在巴西，我們總是說這個國家是在狂歡節之後才開始工作的。今年，事實證明這是真的。幻燈片 8 向您展示了與 2019 年相比，3 月份及以後的企業需求如何真正改善。企業收入恢復到 2019 年水平的 120% 以上，而企業銷量仍比大流行前水平低 29%。因此，這意味著還有更多的企業收入復甦即將到來，票價將比 2019 年高 76%，讓我再說一遍，企業部門的票價比 2019 年高 76%。

Strong bookings leads to strong flown revenue. We saw this clearly late last year. And with the trends I described to you now, the same will happen this year. We can already see hockey stick type flown RASK just between the months.

強勁的預訂量帶來強勁的飛行收入。去年年底我們清楚地看到了這一點。按照我現在向你們描述的趨勢，今年也會發生同樣的情況。我們已經可以在幾個月之間看到曲棍球棒型飛行 RASK。

On Slide 9, you can see how the strong booking trends result in a massive unit revenue improvement from February to April. Since the start of the war in Ukraine, Azul and the industry reacted quickly to adjust fares and capacity for the new reality. The proof is clearly seen on Slide 9.

在幻燈片 9 中，您可以看到強勁的預訂趨勢如何導致 2 月至 4 月的單位收入大幅增長。自烏克蘭戰爭開始以來，Azul 和業界迅速做出反應，為新的現實調整票價和運力。在幻燈片 9 上可以清楚地看到證明。

While David talked about cargo and vacations, I want to show you how loyalty is doing, because we believe it will be an important driver in sustaining the strong demand environment.

當大衛談到貨運和假期時，我想向您展示忠誠度的表現，因為我們相信它將成為維持強勁需求環境的重要驅動力。

On Slide 10, you could see that TudoAzul maintained its strong growth pace and reached 14 million members at the end of this quarter, as more and more customers experience the value of our broad network. Mostly though we have been positively surprised by the customer engagement, they are more active than ever. In the quarter, active customers doubled compared to 2019. This engagement combined with the ability for customers to use points or a combination of points plus money, our additional tools and channels via which demand can continue to be strong. Great bookings leads to great flown revenue and that is exactly what we are seeing going forward.

在幻燈片 10 上，您可以看到 TudoAzul 保持強勁的增長速度，在本季度末達到 1400 萬會員，因為越來越多的客戶體驗到我們廣泛網絡的價值。大多數情況下，儘管我們對客戶的參與感到非常驚訝，但他們比以往任何時候都更加活躍。在本季度，活躍客戶與 2019 年相比翻了一番。這種參與與客戶使用積分或積分加錢相結合的能力相結合，我們的額外工具和渠道可以使需求繼續保持強勁。出色的預訂會帶來巨大的飛行收入，而這正是我們所看到的未來。

To give you more details on what that means for the second quarter, let me turn the time over to Abhi.

為了給你更多關於這對第二季度意味著什麼的細節，讓我把時間交給 Abhi。

Thanks, John. The record booked revenue at record average fares we are seeing means continued RASK expansion compared to 2019, while the average 1Q RASK expansion was 15%, our exit rate in March was much higher. As you can see on Slide 11, the second quarter consolidate that trend with significantly higher RASK compared to 2019. In fact, what is amazing is that even in what is usually the weakest quarter seasonally, we are expecting an all-time record unit revenue and all-time record flown revenue. This is a direct result of the competitive advantages of our business as well as the overall industry discipline in the market today.

謝謝，約翰。我們看到創紀錄的平均票價預訂收入意味著與 2019 年相比，RASK 持續擴張，而 RASK 第一季度平均擴張為 15%，我們 3 月份的退出率要高得多。正如您在幻燈片 11 上看到的那樣，與 2019 年相比，第二季度的 RASK 顯著提高了這一趨勢。事實上，令人驚訝的是，即使在通常是季節性最疲軟的季度，我們預計單位收入也將創下歷史新高和創紀錄的飛行收入。這是我們業務的競爭優勢以及當今市場的整體行業紀律的直接結果。

We also want to show you on Slide 12 how we stack up against some global benchmarks. Our capacity recovery is healthy and our unit revenue recovery is industry leading. In the end, that really is our main focus. We know that with the macro challenges such as fuel, currency and inflation, we need to be laser focused on what is important. Metrics such as market share or load factor are less important. Our objective is to deploy our capacity in a disciplined manner that supports and extends our competitive advantages, directly resulting in high quality revenue.

我們還想在幻燈片 12 上向您展示我們如何與一些全球基准進行比較。我們的產能恢復是健康的，我們的單位收入恢復是行業領先的。最後，這確實是我們的主要關注點。我們知道，面對燃料、貨幣和通貨膨脹等宏觀挑戰，我們需要專注於重要的事情。市場份額或負載率等指標不太重要。我們的目標是以規範的方式部署我們的能力，以支持和擴展我們的競爭優勢，直接帶來高質量的收入。

With that, I turn it back over to John to talk further about our results.

有了這個，我把它交還給約翰，以進一步討論我們的結果。

Thanks, Abhi, and yes, fuel remains challenging. Within the past 2 years, we have focused on our long-term cost structure, rebuilding Azul into an even more efficient airline. On the cost side, as you can see on Slide 13, CASK in the quarter was BRL 0.34, up 30% compared to first quarter 2019, mainly due to a 75% increase in fuel prices and a 39% depreciation of the real against the dollar, and 3 years of inflation on real denominated costs. If we adjust our CASK for fuel FX in cargo, which by their nature do not generate ASK, our cash compared to 2019 was essentially flat, an impressive achievement given the more than 20% accumulated inflation over that same time period. We are truly emerging as a more efficient airline.

謝謝，Abhi，是的，燃料仍然具有挑戰性。在過去的 2 年裡，我們專注於我們的長期成本結構，將 Azul 重建為一家效率更高的航空公司。在成本方面，如幻燈片 13 所示，本季度 CASK 為 0.34 巴西雷亞爾，與 2019 年第一季度相比上漲 30%，主要是由於燃料價格上漲 75% 和雷亞爾兌美元貶值 39%美元，以及 3 年實際計價成本的通貨膨脹。如果我們調整貨物燃料外彙的 CASK（其本質上不會產生 ASK），與 2019 年相比，我們的現金基本持平，鑑於同期累計通脹超過 20%，這是一個令人印象深刻的成就。我們正在真正成為一家更有效率的航空公司。

As you can see on Slide 14, our operation generated BRL 500 million in cash flow during the quarter. During the quarter, we also continue paying our leases, debt, deferrals and CapEx. It's important to highlight that we ended the quarter with immediate liquidity of BRL 3.3 billion, well above first quarter 2019. We also raised BRL 200 million, reinforcing our ability to access credit lines as needed. As a reminder, we have no significant debt repayments over the next 2 years and no restricted cash.

正如您在幻燈片 14 中看到的那樣，我們的業務在本季度產生了 5 億雷亞爾的現金流。在本季度，我們還繼續支付我們的租賃、債務、延期和資本支出。重要的是要強調，我們在本季度末的即時流動性為 33 億雷亞爾，遠高於 2019 年第一季度。我們還籌集了 2 億雷亞爾，增強了我們根據需要獲得信貸額度的能力。提醒一下，我們在未來 2 年沒有重大債務償還，也沒有受限制的現金。

Moving onto Slide 15. Gross debt decreased 13% or almost BRL 3 billion compared to December 31, mainly due to a 15% appreciation of the real, which reduced our gross debt by BRL 3.2 billion. In the quarter, we paid down BRL 1.1 billion in debt and leases.

轉到幻燈片 15。與 12 月 31 日相比，總債務減少了 13% 或近 30 億雷亞爾，主要是由於雷亞爾升值 15%，這使我們的總債務減少了 32 億雷亞爾。本季度，我們償還了 11 億雷亞爾的債務和租賃。

Looking to the future, we are so excited about the potential of our business. Slide 16 shows how we expect to grow our earnings this year and next. I'm proud to say that even with all the challenges, we expect to generate BRL 4 billion of EBITDA this year and BRL 5.5 billion in 2023. When we went public back in 2017, we told the market we would grow and grow profitably. With this 2023 forecast, we'll actually triple our EBITDA compared to our pre-IPO levels.

展望未來，我們對我們業務的潛力感到非常興奮。幻燈片 16 顯示了我們預計今年和明年的收入將如何增長。我很自豪地說，即使面臨所有挑戰，我們預計今年的 EBITDA 將達到 40 億雷亞爾，2023 年將達到 55 億雷亞爾。當我們在 2017 年上市時，我們告訴市場我們將實現盈利增長。有了這個 2023 年的預測，我們的 EBITDA 實際上將是 IPO 前水平的三倍。

On Slide 17, you can see how our leverage is improving as our earnings grow. Our forecast now shows consistent and significant reduction of leverage this year, 2023 and beyond, all powered by strong and growing earnings generation.

在幻燈片 17 上，您可以看到我們的槓桿率如何隨著我們收入的增長而提高。我們現在的預測顯示，今年、2023 年及以後的槓桿率持續顯著下降，這一切都得益於強勁且不斷增長的盈利能力。

To wrap up on Slide 18, I couldn't be proud of the entire Azul team. During the pandemic, we focused on our liquidity and on our cost reduction. Now with our unique competitive advantages, we turn our attention to earnings. We remain confident about the future of the Brazilian aviation market and our ability to continue to grow this business profitably, all while creating the best experience for our crew members and our customers.

結束幻燈片 18，我不能為整個 Azul 團隊感到驕傲。在大流行期間，我們專注於我們的流動性和降低成本。現在憑藉我們獨特的競爭優勢，我們將注意力轉向收益。我們對巴西航空市場的未來以及我們繼續以盈利方式發展該業務的能力充滿信心，同時為我們的機組人員和客戶創造最佳體驗。

With that David, Alex, Abhi and I will answer your questions, and I'll turn the call over to the operator.

David、Alex、Abhi 和我會回答你的問題，然後我會把電話轉給接線員。

(Operator Instructions) Our first question comes from Savi Syth with Raymond James.

（操作員說明）我們的第一個問題來自 Savi Syth 和 Raymond James。

Can I ask on the corporate demand recovery, what components have not yet recovered and what's the latest trend there as you really look forward here and when could we see some of the other components recovering?

我能否問一下企業需求的複蘇，哪些組件尚未恢復，您真正期待的最新趨勢是什麼，我們什麼時候可以看到其他一些組件的複蘇？

Yes, Savi, Abhi here. Yes, so we have really positive components such as oil and gas has recovered very well. Services, obviously agro that David talked about has recovered well over the average. What hasn't recovered fully yet is finance, not to 100% compared 2019, but accelerating. If I compare finance to 2021, it's doing better than the average. Versus 2019 is worse than the average, which means that it had a later start and now it's catching up. Our government, actually the federal government is not flying as much as it used to, and it's actually a large provider of travel demand to all Brazilian airlines, and I think that's going to change this year, especially with the elections and all of the activity around that. So I would say finance and government are the 2 sectors that are still recovering, but they are accelerating because compared to 2021 they are above average.

是的，薩維，阿比在這裡。是的，所以我們有非常積極的成分，例如石油和天然氣已經恢復得很好。服務，顯然大衛談到的農業已經恢復到高於平均水平。尚未完全恢復的是金融，與 2019 年相比沒有恢復到 100%，而是在加速。如果我將金融與 2021 年進行比較，它的表現要好於平均水平。與 2019 年相比，比平均水平差，這意味著它起步較晚，現在正在迎頭趕上。我們的政府，實際上是聯邦政府的飛行次數不像以前那樣多，它實際上是所有巴西航空公司旅行需求的主要提供者，我認為今年會發生變化，尤其是在選舉和所有活動中周圍。所以我想說金融和政府是兩個仍在復甦的行業，但它們正在加速，因為與 2021 年相比，它們高於平均水平。

That's helpful. And if I might, on the projections provided for '22 and 2023, just curious what from a depreciation fuel price FX standpoint you're assuming there or any other important considerations that you baked into the 2022 and 2023 outlook?

這很有幫助。如果我可以的話，根據為 22 年和 2023 年提供的預測，只是好奇從貶值燃料價格外彙的角度來看，您假設在那里或您在 2022 年和 2023 年前景中考慮的任何其他重要考慮因素是什麼？

Yes. So Savi, we basically have the forward curve both for fuel and FX. And so which is roughly the real slightly above BRL 5 in that range and fuel coming down slightly as you get into 2023, but still above historical levels.

是的。所以薩維，我們基本上有燃料和外彙的遠期曲線。因此，在該範圍內，這大致是略高於 5 巴西雷亞爾的實際水平，並且隨著您進入 2023 年，燃料會略有下降，但仍高於歷史水平。

Yes, and Savi, just to add, obviously I think that's an important assumption right now, fuel and FX. But it's important to note that they are both very correlated and also correlated with fares, right. I think we demonstrated or we had this exhibit we showed it on Azul Day, we have it on our institutional deck. If you take our 2019 EBITDA and you just adjusted it for current fuel and FX, our BRL 3.6 billion EBITDA would go down to 0, right, and we are very confident in a BRL 4 billion EBITDA this year. That shows that some of it is on the cost side, but the majority of it is on the fare side, right? It's the ability of this business to operate under any conditions for fuel and FX.

是的，Savi，只是補充一下，顯然我認為這是一個重要的假設，燃料和 FX。但重要的是要注意，它們既非常相關，也與票價相關，對吧。我認為我們展示了或者我們在 Azul Day 展示了這個展覽，我們在我們的機構平台上展示了它。如果你拿我們 2019 年的 EBITDA 並根據當前燃料和外匯對其進行調整，我們的 36 億雷亞爾 EBITDA 將下降到 0，對，我們對今年 40 億雷亞爾的 EBITDA 非常有信心。這表明其中一些是在成本方面，但大部分是在票價方面，對吧？這是該業務在任何燃料和外匯條件下運營的能力。

So you may have a different assumption for fuel and FX, we run sensitivities here all the time because obviously those variables are very volatile. But it's important to also have an assumption for fare levels and they are very highly correlated. Abhi obviously does a tremendous job, but we don't know -- we can't necessarily affirm that fares would be at this level if the real wasn't at BRL 5 and oil wasn't at $100 a barrel.

所以你可能對燃料和外匯有不同的假設，我們一直在這裡運行敏感度，因為顯然這些變量非常不穩定。但對票價水平做出假設也很重要，它們之間的相關性非常高。 Abhi 顯然做得很出色，但我們不知道——如果雷亞爾不是 5 雷亞爾，油價不是每桶 100 美元，我們不能肯定票價會處於這個水平。

Good point. And just on that Alex, so could you remind us again what like the depreciation should be doing in 2022 and 2023?

好點子。就在那個亞歷克斯上，你能否再次提醒我們，2022 年和 2023 年的折舊應該怎麼做？

The depreciation of aircraft?

飛機貶值？

Yes, just what's depreciation given the fundamental…

是的，考慮到基本面，折舊是多少……

I think one is probably more in line with what you're going to see for the rest of the year. So full year -- so this is, I think you can consider Q1 is sort of a regular quarter in terms of depreciation, both because of the increase in the fleet and also because of the new accounting policy for engine redelivers.

我認為其中一個可能更符合您將在今年餘下時間看到的情況。如此全年 - 所以這是，我認為你可以認為第一季度在折舊方面是一個常規季度，這既是因為機隊的增加，也是因為發動機重新交付的新會計政策。

Our next question comes from Michael Linenberg with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Michael Linenberg。

It's actually Shannon Doherty on for Mike. Maybe Alex this one's for you. Can you provide us with more detail on your deleveraging strategy? I know you stated that you will begin to pay down some portion of deferred rents next year. Is that still the plan? And if you could just give us an update on the numbers, that would be great as well.

邁克實際上是香農·多爾蒂（Shannon Doherty）。也許亞歷克斯這個是給你的。您能否向我們提供有關您的去槓桿策略的更多詳細信息？我知道您說過您將在明年開始支付部分延期租金。還是那個計劃嗎？如果您可以向我們提供有關數字的最新信息，那也很棒。

Sure. It's important to talk about what is our debt, right? The vast majority of our debt is capitalized leases because of IFRS-16. We don't have a lot of bank debt or capital markets that -- after operating leases, our biggest debt are our 2 bonds that we issued, the first one matures in October of 2024, the second one in June of 2026. So they are ways away in terms of maturing and we've been able to access the capital markets under much more difficult situations than we currently have. So we're confident that we can continue accessing those sources of capital.

當然。重要的是談論我們的債務是什麼，對吧？由於 IFRS-16，我們的大部分債務是資本化租賃。我們沒有很多銀行債務或資本市場——在經營租賃之後，我們最大的債務是我們發行的 2 次債券，第一次在 2024 年 10 月到期，第二次在 2026 年 6 月到期。所以他們距離成熟還有很長的路要走，我們已經能夠在比目前更困難的情況下進入資本市場。因此，我們有信心繼續獲得這些資金來源。

So the majority of the deleveraging will come from us getting back to our natural trend of EBITDA. If you look at that slide where we have our 2018-2019 EBITDA, then you have the 2 years for the pandemic and then you have our expectations for '23 and '24, you can see that we're essentially just getting back on track with what we promised in our IPO. And as we get back to that performance, which is our natural delivery, we'll be able to deliver on those leverage ratios that we provided to you.

因此，大部分去槓桿化將來自於我們回歸 EBITDA 的自然趨勢。如果你看一下我們有 2018-2019 年 EBITDA 的幻燈片，那麼你有 2 年的大流行病，然後你有我們對 23 年和 24 年的期望，你可以看到我們基本上剛剛回到正軌與我們在首次公開募股中所承諾的一樣。當我們恢復到我們自然交付的性能時，我們將能夠交付我們提供給您的那些槓桿比率。

I just want to highlight a couple of things. If you take a BRL 4 billion of EBITDA versus our current debt, that's a 4 right in terms of leverage. And we clearly feel confident even in the macro scenario to reaffirm the BRL 4 billion and talk about BRL 5.5 billion next year. And as you talk about repayment of past lease debt, we're constantly negotiating with our partners, right? That's just part of doing business. And so we constantly negotiate with the operating lessors, some of them have some trouble with aircraft that were supposed to go to Russia. So we're constantly looking at opportunities. And so we stand by our commitments, but it's just normal course of doing business, but the deleveraging comes as the profitability comes back to the airline as we do BRL 4 billion this year and BRL 5.5 billion next year.

我只想強調幾件事。如果您將 40 億巴西雷亞爾的 EBITDA 與我們當前的債務相比較，那麼就槓桿而言，這是 4 權。即使在宏觀情況下，我們顯然也有信心重申 40 億雷亞爾，並在明年談論 55 億雷亞爾。當您談到償還過去的租賃債務時，我們一直在與我們的合作夥伴進行談判，對嗎？這只是做生意的一部分。因此，我們不斷與運營出租人進行談判，其中一些人在本應前往俄羅斯的飛機上遇到了一些問題。所以我們一直在尋找機會。因此，我們信守承諾，但這只是正常的經營過程，但隨著航空公司的盈利能力恢復，我們今年的收入為 40 億雷亞爾，明年為 55 億雷亞爾，因此去槓桿化隨之而來。

Well, that's great. I know you mentioned that majority of this EBITDA, the BRL 4 billion, will come from the leverage with higher fares and increased revenue. But given your updated full year capacity outlook where the total ASK is up 10% versus '19, how should we be thinking about the efficiency and thinking about CASK ex-fuel for the rest of this year and possibly next?

嗯，那太好了。我知道你提到過這個 EBITDA 的大部分，即 40 億巴西雷亞爾，將來自更高票價和增加收入的槓桿作用。但鑑於您更新的全年產能展望，即總 ASK 與 19 年相比增長 10%，我們應該如何考慮今年剩餘時間和可能明年的效率和 CASK 前燃料？

Yes, I want to start and then I'll pass it over to Alex, but we took aircraft through the pandemic right. And so the ability for us, we're looking at the numbers, we utilized our aircraft only 8 hours a day in the first quarter. And so the operating leverage that we get by pushing the utilization back up to 9, 10 hours a day is significant as we move forward. And so this airline has the ability to produce much more ASKs than we're currently producing, and that's where it's coming from.

是的，我想開始，然後我會把它交給亞歷克斯，但我們乘坐飛機度過了大流行。所以我們的能力，我們正在查看數字，我們在第一季度每天只使用我們的飛機 8 小時。因此，我們通過將利用率提高到每天 9 到 10 小時所獲得的運營槓桿對於我們向前發展非常重要。所以這家航空公司有能力生產比我們目前生產的更多的 ASK，這就是它的來源。

Yes. And for you to forecast what CASK is going to do the rest of the year and next year, it's important to note that there is a lot going on in CASK, right? So on one hand, there is a lot of cost reductions that we have implemented over the last 3 years, we were able to get to a lot higher productivity than we had in 2019 by up-gauging, by using more automation and technology. The fuel burn is coming down significantly as we transform our fleet, right? That's why we don't like to talk about CASK ex-fuel because the fuel burn reduction is a significant driver of CASK reduction. But at the same time, there's a lot of noise too, right, you have the real devaluation since 2019, fuel prices in dollars are up 75%. And also you have, when we compare to 2019, you're talking about 3 years of inflation plus our cargo business which has grown a lot obviously generates a lot of cash contribution, it's much more profitable than the group, the average margin for the group. But it does help RASK and hurt CASK, right? So we provided you with some visibility now as to how much in (technical difficulty).

是的。為了讓您預測 CASK 在今年餘下時間和明年將要做什麼，重要的是要注意 CASK 發生了很多事情，對嗎？因此，一方面，我們在過去 3 年中實施了很多成本降低，通過使用更多的自動化和技術，我們能夠獲得比 2019 年更高的生產力。隨著我們改造我們的機隊，燃料消耗正在顯著下降，對吧？這就是為什麼我們不喜歡談論 CASK ex-fuel 因為燃料燃燒減少是 CASK 減少的重要驅動力。但與此同時，也有很多噪音，對，自 2019 年以來，你有真正的貶值，以美元計算的燃料價格上漲了 75%。而且你也有，當我們與 2019 年相比時，你說的是 3 年的通貨膨脹加上我們大幅增長的貨運業務顯然產生了很多現金貢獻，它比集團的利潤要高得多，平均利潤率團體。但它確實幫助了 RASK 並傷害了 CASK，對吧？因此，我們現在為您提供了一些關於（技術難度）多少的可見性。

Ladies and gentlemen, please hold while we reconnect the speakers.

女士們，先生們，請稍等，我們重新連接揚聲器。

It's Alex again. Sorry about that. So I don't know when you lost me, but one thing that's also worth noting on the CASK modeling, as we increase ASKs, you will see our operational leverage kicking in and our CASK continuing to drop, all else equal, so controlling for fuel FX inflation and cargo. But it's worth noting that the growth in ASKs for this year is much higher in the first half than in the second half.

又是亞歷克斯。對於那個很抱歉。所以我不知道你什麼時候失去了我，但在 CASK 建模中也值得注意的一件事，隨著我們增加 ASK，你會看到我們的運營槓桿開始發揮作用，我們的 CASK 繼續下降，其他條件相同，所以控制推動外匯通脹和貨運。但值得注意的是，今年上半年ASK的增長遠高於下半年。

Our next question comes from Alejandro Zamacona with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Alejandro Zamacona。

So the second quarter, you're expecting more than [BRL 5 billion] revenue on RASK. So I'm just wondering what's behind -- what's the driver for this guidance and what can we expect for profitability for the second quarter?

所以第二季度，您預計 RASK 的收入將超過 [50 億巴西雷亞爾]。所以我只是想知道背後是什麼——這個指導的驅動力是什麼，我們對第二季度的盈利能力有什麼期望？

Alejandro, on the RASK side, it is the discipline capacity environment and the discipline fare environment. Just for example, our fares from February to April alone are up over 40%. So we are seeing very, very strong bookings right now that is going to lead to a very strong flown revenue in second quarter. We had record booking days, all-time record booking day in March, another all-time record booking day in April. Last week was a record booking week. And so the combination of very strong bookings with very high average fares, the highest for us in our history and I'm sure the industry as well combined with the capacity discipline. So our capacity from March to June is flat. It's going to be flat again from July to October. So I think the industry has done a very good job, as John said, in responding to the war, the fuel crisis and things like that and we are taking advantage of strong leasing environment and a rapidly accelerating corporate recovery. And so the record bookings that we are seeing will result in record unit RASK, unit revenue, in second quarter.

Alejandro，在RASK方面，是學科能力環境和學科票價環境。例如，僅從 2 月到 4 月，我們的票價就上漲了 40% 以上。因此，我們現在看到非常非常強勁的預訂量，這將導致第二季度的飛行收入非常強勁。我們的預訂天數創歷史新高，3 月的預訂日創歷史新高，4 月的預訂日又創歷史新高。上周是創紀錄的預訂週。因此，非常強勁的預訂量與非常高的平均票價相結合，這是我們歷史上最高的，我相信這個行業也結合了運力紀律。所以我們從 3 月到 6 月的產能持平。從 7 月到 10 月，它將再次持平。因此，正如約翰所說，我認為該行業在應對戰爭、燃料危機等方面做得非常好，我們正在利用強勁的租賃環境和快速加速的企業復甦。因此，我們看到的創紀錄預訂將導致第二季度創紀錄的單位 RASK，單位收入。

And in terms of profitability, normally you have seasonality that drives profitability down from Q1 into Q2, but this Q2, we have a couple of very good sources of tailwinds for us. So one is, as Abhi said the RASK, right, that having record RASK, historical record RASK, he's not talking about record RASK for the second quarter. It's historical record RASK for any quarter in Azul's history, which should help us to have a more profitable Q2 than normal. And then also, we're not going to have the Omicron impact, right, that as we said Omicron we estimate was about BRL 300 million of bad guy in terms of EBITDA for us in the first quarter, right. So you can expect may be something higher than Q1, but most of our profitability for seasonal reasons is in the second half of the year particularly in the fourth quarter, right, on a normal year, our best quarter is the fourth quarter.

在盈利能力方面，通常情況下，季節性因素會導致盈利能力從第一季度下降到第二季度，但在這個第二季度，我們有幾個非常好的順風來源。所以一個是，正如 Abhi 所說的 RASK，對，擁有創紀錄的 RASK，歷史記錄 RASK，他不是在談論第二季度創紀錄的 RASK。這是 Azul 歷史上任何一個季度的歷史記錄 RASK，這應該有助於我們獲得比正常情況更有利可圖的第二季度。然後，我們不會受到 Omicron 的影響，對，正如我們所說，Omicron 估計第一季度我們的 EBITDA 約為 3 億巴西雷亞爾，對吧。因此，您可以預期可能會高於第一季度，但由於季節性原因，我們的大部分盈利能力都在下半年，尤其是在第四季度，對，在正常年份，我們最好的季度是第四季度。

My second question, if I may. Do you have any update on the potential deal with LATAM?

我的第二個問題，如果可以的話。您對與 LATAM 的潛在交易有任何更新嗎？

Alejandro, we're not really talking about LATAM. I think that that's something that's not on our radar right now. I think they're going through their process and we're very confident in the standalone Azul business as you could see from what Abhi has been able to do on the revenue side, and so we'll respect their process. I think they have to deal with the creditors and get out, but we're very confident with what we're doing here in Brazil and focusing on our core business.

Alejandro，我們不是真的在談論 LATAM。我認為這不是我們現在所關注的。我認為他們正在經歷他們的流程，我們對獨立的 Azul 業務非常有信心，正如您從 Abhi 在收入方面所做的事情所看到的那樣，因此我們會尊重他們的流程。我認為他們必須與債權人打交道並退出，但我們對我們在巴西所做的一切以及專注於我們的核心業務非常有信心。

Yes, and it's a good reminder Alejandro that all of the numbers that we provided, the BRL 4 billion in '22 and BRL 5.5 billion in '23, those are for Azul standalone with no upside from any code share joint venture or any consolidation. If any of that happens, there will be upside to our forecast.

是的，這很好地提醒了亞歷杭德羅，我們提供的所有數字，22 年的 40 億雷亞爾和 23 年的 55 億雷亞爾，都是針對 Azul 獨立的，沒有任何代碼共享合資企業或任何合併的好處。如果發生任何一種情況，我們的預測將會有上行空間。

Our next question comes from Pablo Monsivais with Barclays.

我們的下一個問題來自巴克萊銀行的 Pablo Monsivais。

I am very curious to pick your brain on what have changed structurally in the Brazilian market in terms of the demand going into leisure markets going forward. What do you think it has changed on the clients, why they are either taking more vacations, working from anywhere and especially if you're seeing that, I don't know, in one year or 2 years from now that leisure demand will be reduced? That will be my first question.

我很想知道巴西市場在未來進入休閒市場的需求方面發生了哪些結構性變化。你認為這對客戶有什麼改變，為什麼他們要么休假更多，在任何地方工作，特別是如果你看到這一點，我不知道，從現在起的一年或兩年內，休閒需求將是減少？這將是我的第一個問題。

And my second question will be on the price sensitivity. You have done an excellent job on increasing fares, but is there still more upside. I don't know thinking on a 12-month basis or do you think that the consumer is reaching to a certain peak?

我的第二個問題是價格敏感性。你在提高票價方面做得很好，但還有更多的好處。我不知道以 12 個月為基礎進行思考，還是您認為消費者正在達到某個高峰？

Pablo, Abhi here. So one thing that's really changed and it's very interesting is seasonality. And let me give you an example. One way to measure the level of leisure demand, if you look at the bookings on weekends, right, because bookings, you don't have travel agencies, you don't have corporate guys booking on weekends. And when we first got to 100% leisure recovery last year, and we said, what it's coming back very, very strong, is it pent-up demand, is it not pent-up demand, is it just booking for the summer peak? So if I compare our weekend bookings, bookings on Saturday's and Sunday's versus what we had last year in September, October, November, the revenue we are seeing this last weekend for example is the same and there is no peak summer ahead of us. There is no potential pent-up demand, right. It is a new level of sustained demand. So one thing that has changed is actually seasonality. It's gotten more flat, which for someone like us is actually pretty good because we tend to be less seasonal because of the nature of our network and the fact that we have so many destinations, which tend to be more corporate.

巴勃羅，阿比在這裡。因此，真正發生變化並且非常有趣的一件事是季節性。讓我舉個例子。衡量休閒需求水平的一種方法是，如果您查看周末的預訂情況，對，因為預訂，您沒有旅行社，也沒有公司人員在周末進行預訂。當我們去年第一次達到 100% 的休閒恢復時，我們說，它的回歸非常非常強勁，是被壓抑的需求，不是被壓抑的需求，只是為夏季高峰期預訂？因此，如果我將我們的周末預訂量、週六和周日的預訂量與去年 9 月、10 月、11 月的預訂量進行比較，例如，我們在上週末看到的收入是相同的，而且我們之前沒有夏季高峰期。沒有潛在的被壓抑的需求，對吧。這是一個新的持續需求水平。所以改變的一件事實際上是季節性。它變得更加平坦，這對於像我們這樣的人來說實際上是相當不錯的，因為我們的網絡性質和我們有這麼多目的地的事實往往不那麼季節性，這些目的地往往更加企業化。

And so seasonality has changed and it's almost like in the U.S. if you tell an airline your bookings in September will be the same as your bookings in May, right. They've never experienced that, and so I think seasonality is something that has changed and the leisure demand, work from anywhere demand is now flatter than it used to be at a higher level. And so that's very, very encouraging for us to see.

所以季節性發生了變化，這幾乎就像在美國，如果你告訴航空公司你 9 月的預訂將與 5 月的預訂相同，對吧。他們從來沒有經歷過這種情況，所以我認為季節性已經發生了變化，休閒需求，來自任何地方的工作需求現在比以前更高的水平更平。所以這對我們來說非常非常鼓舞人心。

And on the pricing side, we continue to see strength. Going forward, we look at our booking curves out to June, July even August, and frankly, we are seeing more opportunities to increase prices than we are seeing for the need to have volume in our booking curve. And so we are not seeing any resistance at this point from the customer. The overall industry is disciplined. As I said, our capacity is going to be disciplined as well, July through the end of the year, ahead of the peak summer season. And so you're not going to have any short-term, medium-term shocks in terms of capacity. It's pretty visible to all of the players involved. And from what we can see in the booking curve, it looks pretty solid as far as we can see.

在定價方面，我們繼續看到實力。展望未來，我們會查看 6 月、7 月甚至 8 月的預訂曲線，坦率地說，我們看到的提價機會比我們看到的在預訂曲線中需要增加數量的機會更多。因此，我們目前沒有看到客戶有任何阻力。整個行業是有紀律的。正如我所說，我們的能力也將受到約束，從七月到年底，在夏季旺季之前。因此，就產能而言，您不會受到任何短期、中期衝擊。這對所有參與其中的玩家都很明顯。從我們在預訂曲線中可以看到，就我們所見而言，它看起來相當穩固。

Just to add, we also went broader, there's 35 new cities, there's 35 new cities with pockets of demand that are coming in, and David mentioned the Ag business in Brazil, the breadbasket of the world is Brazil. With the commodity prices where they are today, there's a lot more people that are traveling all around Brazil because they're making more money than they've ever made before. And so I think that's really important to understand Azul's network is very broad, we fly all throughout Brazil, the Midwest of Brazil is Azul's country, right, and that is where we do really, really well. That's where we've dedicated our assets and I've talked a lot about being out of the triangle: Rio, Sao Paulo, Brazilia, and that's really what we've done and what we've built our network over the last decade.

順便說一句，我們還擴大了範圍，有 35 個新城市，有 35 個新城市有需求，大衛提到巴西的農業業務，世界的糧倉是巴西。以今天的商品價格，有更多的人在巴西各地旅行，因為他們賺的錢比以往任何時候都多。所以我認為了解 Azul 的網絡非常廣泛非常重要，我們飛遍整個巴西，巴西中西部是 Azul 的國家，對，這就是我們做得非常非常好的地方。那是我們投入資產的地方，我已經談了很多關於走出三角區的話題：里約熱內盧、聖保羅、巴西利亞，這就是我們在過去十年中所做的以及我們建立網絡的真正原因。

Our next question comes from Bruno Amorim with Goldman Sachs.

我們的下一個問題來自高盛的 Bruno Amorim。

I have 2 actually. The first one just wanted to validate my interpretation of your guidance. So you're saying ASKs will be 10% above 2019 this year. In the first quarter, you were close to that 9% or so, meaning, throughout the year, you should be 10% above the respective quarter in 2019, meaning, in the fourth quarter, you should deliver ASK 15% to 20% above the first quarter. So just wanted to validate this rational.

我實際上有2個。第一個只是想驗證我對您的指導的解釋。所以你說今年的 ASK 將比 2019 年高出 10%。在第一季度，你接近 9% 左右，這意味著，全年，你應該比 2019 年的相應季度高 10%，這意味著，在第四季度，你應該提供高於 15% 到 20% 的 ASK第一季度。所以只是想驗證這個理性。

And the second question is around your fleet size or flexibility. So how should we think about it, how much flexibility do you have and how do you think about ASK growth vis-a-vis where jet fuel prices are? I guess that the higher jet fuel prices, the lower the propensity to grow in the short-term, even though of course long-term all the cost pressures tend to be passed on to fares. Just wanted to understand how do you think about and manage capacity vis-a-vis the evolution of jet fuel cost?

第二個問題是關於您的機隊規模或靈活性。那麼我們應該如何考慮它，您有多少靈活性以及您如何看待 ASK 增長相對於航空燃油價格的位置？我猜想，航空燃油價格越高，短期內增長的傾向就越低，儘管從長遠來看，所有成本壓力都傾向於轉嫁到票價上。只是想了解您如何看待和管理容量相對於航空燃料成本的演變？

Bruno, so regarding the quarter-by-quarter evolution, remember in 2019, we had Avianca Brazil, which stopped flying April, May, June. And so we picked up some of their aircraft towards the end of 2019. We also had some of the first E2 deliveries. So regards to the average, 2Q will be above average, and then 3Q and 4Q and 4Q will come down much closer to the average only because the comparison of 2019, we had a lot more growth towards the end of that year because of aircraft deliveries, A320s and the E2s as well. So our absolute capacity from July to the end of the year will be actually pretty steady, but it is the comparison of 2019 that (inaudible) average for 2Q and then much closer to average in 3Q and 4Q.

布魯諾，所以關於逐季度的演變，請記住，在 2019 年，我們有巴西航空，它在 4 月、5 月、6 月停止飛行。因此，我們在 2019 年底之前接收了他們的一些飛機。我們還收到了一些首批 E2 交付。所以就平均值而言，2Q 將高於平均水平，然後 3Q 和 4Q 和 4Q 將下降到更接近平均水平，只是因為與 2019 年相比，我們在接近年底的時候有更多的增長，因為飛機交付, A320s 和 E2s 也是如此。因此，我們從 7 月到年底的絕對產能實際上將相當穩定，但與 2019 年相比，第二季度（聽不清）平均水平，然後更接近第三季度和第四季度的平均水平。

In regards to capacity, like I said, we're taking it very slow. And so I'll give an example, internationally, for example, we are not even flying daily to the U.S. right now and many of our competitors are. We'll only be daily just in July for example. And even domestically, March to June, we were very steady in our capacity in July through end of (inaudible) as well. So obviously, it depends on demand. Demand continues to be strong. But it's important to make sure that we keep it that way and we keep the rationalized discipline in the market.

關於容量，就像我說的那樣，我們的速度非常慢。因此，我將舉一個國際上的例子，例如，我們現在甚至沒有每天飛往美國，而我們的許多競爭對手都是。例如，我們只會在 7 月每天出現。甚至在國內，從 3 月到 6 月，我們的產能在 7 月到年底（聽不清）也非常穩定。所以很明顯，這取決於需求。需求繼續強勁。但重要的是要確保我們保持這種狀態並保持市場的合理化紀律。

So we have no major changes until the end of the year in terms of deliveries or anything like that. And so it's going to be a slow disciplined rollout, very much tied to revenue performance and overall discipline in the market.

因此，直到今年年底，我們在交付或類似方面都沒有重大變化。因此，這將是一個緩慢而有紀律的推出，與收入表現和市場的整體紀律密切相關。

Bruno, just to respond on the flexibility that the fleet has. We converted 6 E1s into cargo aircraft, right, and it shows you the flexibility that we have and working with our partners with the leasing community and the OEMs. And so I think the fact that we can deploy ATRs E-Jets, 320s, 321s, put our A330s flying domestically or flying internationally just with cargo, we have tools in our tool kit that others don't have. And I think that our fleet has been our greatest strength over the last 2 years to bring things back online. We have your 900 flights a day and our next closest competitor is about 550 flights a day, because we can do things that they can't, and I think that's a huge strategic advantage for us.

布魯諾，只是為了回應艦隊的靈活性。我們將 6 架 E1 改裝成貨機，對，它向您展示了我們擁有的靈活性以及與租賃界和原始設備製造商的合作夥伴的合作。因此，我認為我們可以部署 ATR E-Jets、320s、321s，讓我們的 A330 只載貨在國內或國際飛行，我們的工具包中有其他人沒有的工具。而且我認為，我們的機隊在過去 2 年中一直是我們最大的優勢，可以讓一切重新上線。我們每天有 900 個航班，而我們下一個最接近的競爭對手每天大約有 550 個航班，因為我們可以做他們做不到的事情，我認為這對我們來說是一個巨大的戰略優勢。

Our next question comes from Stephen Trent with Citi.

我們的下一個問題來自花旗銀行的斯蒂芬·特倫特。

Just 1 or 2 from me. I was wondering if you could give us a little color what are your thoughts with your agreement with United Airlines, I believe it's expiring next month? And could you remind me as well and apology if I missed it, how much fuel you're actually heading for the second quarter itself?

我只有一兩個。我想知道您是否可以給我們一點顏色您對與聯合航空公司的協議有何看法，我相信它將於下個月到期？如果我錯過了，您能否提醒我並道歉，您實際上為第二季度本身準備了多少燃料？

Yes. So our agreement with United expires June 26th. They've been a great partner of ours and we're talking to them about the potential for an extension and keeping it open, right, as one would in this market. And so we really don't have any details to share further to that Steve.

是的。因此，我們與曼聯的協議將於 6 月 26 日到期。他們一直是我們的重要合作夥伴，我們正在與他們討論擴展的潛力並保持開放，對，就像在這個市場上一樣。所以我們真的沒有任何細節可以進一步分享給那個史蒂夫。

Yes, and Steve, on the hedging, like we said, we have about 17% for the next 12 months. It is front-loaded because we try to tie the hedging to the percentage of seats that I have actually been sold drive and Brazilians tend to book fairly close in. So what we talked about in terms of the ability to pass through cost increases to fares, normally Brazilian Airlines have lower need to hedge oil exposure because the booking curve is so much shorter, right. And so if I had sold 100% of my inventory for the next year then I probably would need to hedge 100% of my oil exposure for the next year, but because the booking curve is fairly short in Brazil, we don't have to hedge a lot. But in general, you can assume that the second quarter hedge is a little bit higher than the '17 and that trails off as we get farther into the 12 months.

是的，史蒂夫，就像我們說的那樣，在對沖方面，我們在接下來的 12 個月內擁有大約 17% 的權益。它是前置式的，因為我們試圖將套期保值與我實際已售出的座位百分比聯繫起來，而巴西人往往會預訂相當接近的座位。所以我們談到了將成本增加轉化為票價的能力，通常巴西航空公司對沖石油風險的需求較低，因為預訂曲線要短得多，對吧。因此，如果我在明年出售了 100% 的庫存，那麼我可能需要對明年 100% 的石油風險敞口進行對沖，但由於巴西的預訂曲線相當短，我們不必對沖很多。但總的來說，您可以假設第二季度的套期保值略高於 17 年，並且隨著我們進入 12 個月而逐漸減弱。

Ladies and gentlemen, thank you. Please hold.

女士們先生們，謝謝你們。請等候。

If there's no further questions, we'd like to thank everybody for participating in the call. Apologize for the telephone issues. We'll get that fixed next time. We appreciate your time. Feel free to reach out to Thais, Alex, Abhi, myself. We look forward to seeing you at conferences, and we look forward to delivering further results. Thank you.

如果沒有其他問題，我們要感謝大家參與電話會議。為電話問題道歉。下次我們會解決這個問題。我們感謝您的時間。歡迎隨時聯繫 Thais、Alex、Abhi 和我自己。我們期待在會議上見到您，並期待提供進一步的成果。謝謝你。

Ladies and gentlemen that does conclude the Azul's audio conference for today. Thank you very much for your participation, and have a good day.

女士們先生們，今天的 Azul 音頻會議結束了。非常感謝您的參與，祝您有美好的一天。