Copa Holdings SA (CPA) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Copa Holdings Second Quarter Earnings Call. (Operator Instructions) As a reminder, this call is being webcast and recorded on August 4, 2022. Now I will turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may now begin.

女士們，先生們，謝謝你們的支持。歡迎來到 Copa Holdings 第二季度財報電話會議。 （操作員說明）提醒一下，此電話會議將於 2022 年 8 月 4 日進行網絡直播和錄音。現在我將把會議轉交給投資者關係總監丹尼爾·塔皮亞。先生，您現在可以開始了。

Thank you, Catherine, and welcome, everyone, to our second quarter earnings call. Joining us today are Pedro Heilbron, CEO of Copa Holdings; and Jose Montero, our CFO. First, Pedro will start by going over our second quarter highlights, followed by Jose, who will discuss our financial results.

謝謝你，凱瑟琳，歡迎大家參加我們的第二季度財報電話會議。今天加入我們的有 Copa Holdings 首席執行官 Pedro Heilbron；和我們的首席財務官 Jose Montero。首先，Pedro 將首先回顧我們第二季度的亮點，然後是 Jose，他將討論我們的財務業績。

Immediately after, we will open the call for questions from analysts. Copa Holdings financial reports have been prepared in accordance with International Financial Reporting Standards. In today's call, we will discuss non-IFRS financial measures. A reconciliation of the non-IFRS to IFRS financial measures can be found in our earnings release, which has been posted on the company's website, copa.com.

緊接著，我們將打開分析師提問的電話。 Copa Holdings 財務報告是根據國際財務報告準則編制的。在今天的電話會議中，我們將討論非 IFRS 財務指標。非 IFRS 與 IFRS 財務措施的調節可以在我們的收益發布中找到，該發布已發佈在公司網站 copa.com 上。

Our discussion today will also contain forward-looking statements, not limited to historical facts that reflect the company's current beliefs, expectations and/or intentions regarding future events and results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC.

我們今天的討論還將包含前瞻性陳述，不限於反映公司當前對未來事件和結果的信念、期望和/或意圖的歷史事實。這些前瞻性陳述涉及可能導致實際結果出現重大差異的風險和不確定性，並且基於可能發生變化的假設。我們向美國證券交易委員會提交的年度報告中討論了其中的許多內容。

Now I'd like to turn the call over to our CEO, Mr. Pedro Heilbron.

現在我想把電話轉給我們的首席執行官 Pedro Heilbron 先生。

Thank you, Daniel. Good morning to all, and thanks for participating in our second quarter earnings call. Before we begin, I'd like to thank all of our coworkers for their commitment to the company and recognize their continuous efforts and dedication to keep Copa at the forefront of Latin American aviation. To them, as always, my utmost respect and admiration.

謝謝你，丹尼爾。大家早上好，感謝您參加我們的第二季度財報電話會議。在我們開始之前，我要感謝我們所有的同事對公司的承諾，並認可他們為使 Copa 保持在拉丁美洲航空業的前沿而做出的不懈努力和奉獻。對他們，我一如既往地表示最崇高的敬意和欽佩。

As all of you are aware, the significant increase in jet fuel prices has put serious pressure on the operating cost of the entire airline industry. This impact was especially noticeable in the second quarter in which, in our case, the effective price of jet fuel increased more than 86% when compared to the same period in 2019.

眾所周知，航油價格的大幅上漲給整個航空業的運營成本帶來了嚴重壓力。這種影響在第二季度尤為明顯，在我們的案例中，與 2019 年同期相比，噴氣燃料的有效價格上漲了 86% 以上。

On the positive side, passenger yields for the quarter came in higher by 10.1%, partially offsetting the additional fuel costs. The combination of these 2 factors plus our ability to control our nonfuel-related costs enabled us to deliver a 6.1% operating margin and an adjusted net profit of $13.2 million in Q2.

從積極的方面來看，本季度的客運收益率上升了 10.1%，部分抵消了額外的燃料成本。這兩個因素的結合加上我們控制非燃料相關成本的能力，使我們在第二季度實現了 6.1% 的營業利潤率和 1320 萬美元的調整後淨利潤。

Now I would like to mention the main highlights for the quarter. Our capacity reached 97% of second quarter 2019 ASM. RPMs decreased 3.8% when compared to Q2 2019, resulting in an 84.8% load factor. Passenger yields came in at [$0.13] or 10% higher than in the second quarter of 2019, while cargo revenue was 62% higher resulting in unit revenues, or RASM, of $0.116, an 11.3% increase compared to the second quarter of 2019.

現在我想提一下本季度的主要亮點。我們的產能達到 2019 年第二季度 ASM 的 97%。與 2019 年第二季度相比，RPM 下降了 3.8%，載客率為 84.8%。客運收益率為 [0.13 美元]，比 2019 年第二季度高出 10%，而貨運收入高出 62%，導致單位收入或 RASM 為 0.116 美元，比 2019 年第二季度增長 11.3%。

Ex-fuel CASM decreased from $0.062 in Q2 2019 to $0.06, representing an almost 5% decrease, on 3% less capacity. And on the operational front, Copa Airlines delivered an on-time performance of 85.9% and a completion factor of 99.8%. In terms of fleet during the quarter, we took delivery of one 737 MAX 9 to end the quarter with a total of 94 aircraft, reaching 92% of our year-end 2019 fleet size. With the addition of this aircraft and the expected remaining deliveries for the year, more than 20% of fleet will be composed of MAX aircraft, resulting in valuable fuel efficiencies.

不含燃料的 CASM 從 2019 年第二季度的 0.062 美元降至 0.06 美元，下降近 5%，產能減少 3%。在運營方面，巴拿馬航空公司的準點率達到了 85.9%，完成率達到了 99.8%。就本季度的機隊而言，我們在本季度末交付了一架 737 MAX 9，共計 94 架飛機，達到我們 2019 年底機隊規模的 92%。隨著這架飛機的加入和今年預計的剩餘交付量，超過 20% 的機隊將由 MAX 飛機組成，從而實現寶貴的燃油效率。

These figures also include our recently retrofitted 737-800 freighter, which operated during the entire quarter carrying almost 30% of our total cargo volume. By shifting most of our previously third-party cargo operation to the retrofitted freighter, we're able to transport higher cargo volumes at lower costs. In terms of our network, Copa Airlines started operations in 2 new cities during the quarter, Santa Marta in Colombia and Barcelona in Venezuela, ending the quarter with service to 76 cities in 32 countries compared to 80 cities in 33 countries in year-end 2019.

這些數字還包括我們最近改裝的 737-800 貨機，該貨機在整個季度運營，運載了我們總貨運量的近 30%。通過將我們以前的大部分第三方貨運業務轉移到改裝後的貨機上，我們能夠以更低的成本運輸更多的貨物。就我們的網絡而言，巴拿馬航空公司在本季度開始在 2 個新城市開展業務，即哥倫比亞的聖瑪爾塔和委內瑞拉的巴塞羅那，本季度末服務範圍覆蓋 32 個國家/地區的 76 個城市，而 2019 年底則為 33 個國家/地區的 80 個城市.

We also announced a new service to the Santa Lucia airport in Mexico City, starting in September, which will complement our existing service to Mexico City as we continue strengthening and solidifying our position as the most complete and convenient hub in Latin America. Turning now to Wingo. Wingo continues its regional expansion with the announcement of 4 new routes starting in October. With this addition, Wingo will operate 31 routes with service to 21 cities in 10 countries.

我們還宣布從 9 月開始為墨西哥城的聖盧西亞機場提供新服務，這將補充我們現有的墨西哥城服務，因為我們將繼續加強和鞏固我們作為拉丁美洲最完善、最便捷的樞紐的地位。現在轉向溫戈。 Wingo 繼續其區域擴張，宣布從 10 月開始開通 4 條新航線。此次加入後，Wingo 將運營 31 條航線，服務於 10 個國家/地區的 21 個城市。

(inaudible). So you can see despite the current fuel price environment affecting the entire airline industry, we have established our capacity and network to near pre-pandemic levels and continue delivering profitable financial results. Looking ahead, we continue to see a recovering demand environment in the region and healthy booking trends, which led us to anticipate an increase in our unit revenues for Q3 and consequently, to expect higher operating margins quarter-over-quarter.

（聽不清）。因此，您可以看到，儘管當前的燃油價格環境影響了整個航空業，但我們已經建立了接近大流行前水平的運力和網絡，並繼續提供盈利的財務業績。展望未來，我們繼續看到該地區需求環境的複蘇和健康的預訂趨勢，這使我們預計第三季度的單位收入將增加，因此預計營業利潤率將比上一季度更高。

In Q3, we also expect to bring back our capacity measured in ASMs to 100% of our pre-pandemic levels. Nonetheless, considering the uncertainty of the current economic environment, we remain cautious and continue to closely monitor demand patterns in the region. So we will remain focused and flexible in terms of capacity adjusting our plans as needed.

在第三季度，我們還希望將以 ASM 衡量的產能恢復到大流行前水平的 100%。儘管如此，考慮到當前經濟環境的不確定性，我們仍然保持謹慎，並繼續密切關注該地區的需求模式。因此，我們將在容量方面保持專注和靈活，根據需要調整我們的計劃。

I'd like to conclude by reiterating that we have a proven and strong (inaudible) network for intra-Latin America travel from our Hub of the Americas, leveraging Panama's advantageous geographic position with low unit cost, best on-time performance and a strong balance sheet, and we expect that our Hub of the Americas will continue to be a valuable source of strategic advantage.

最後，我想重申，我們擁有經過驗證且強大（聽不清）的網絡，可以從我們的美洲樞紐出發進行拉丁美洲內部旅行，利用巴拿馬的有利地理位置，單位成本低，準時性能最佳，並且強大資產負債表，我們預計我們的美洲中心將繼續成為戰略優勢的寶貴來源。

Now I'll turn it over to Jose, who will go over our financial results in more detail.

現在我將把它交給何塞，他將更詳細地檢查我們的財務結果。

Thank you, Pedro. Good morning, everyone. Thanks for being with us today. I'd like to join Pedro in acknowledging our great team for all their efforts to deliver world-class service to our passengers. I will start by going over our second quarter results. Capacity came in at 6 billion available seat miles, which is approximately 97% of our Q2 2019 capacity. Load Factor came in at an average of 84.8% for the quarter, a 0.4 percentage point decrease compared to the same period in 2019.

謝謝你，佩德羅。大家，早安。感謝您今天與我們在一起。我想和 Pedro 一起感謝我們偉大的團隊為我們的乘客提供世界一流服務所做的一切努力。我將從回顧我們第二季度的業績開始。運力達到 60 億可用座位英里，約占我們 2019 年第二季度運力的 97%。本季度載客率平均為 84.8%，比 2019 年同期下降 0.4 個百分點。

Our adjusted net profit for the quarter, excluding special items, came in at $13.2 million or $0.32 per share. Second quarter special items totaled $111 million comprised of an unrealized mark-to-market gain of $113.7 million related to the company's convertible notes and a $2.7 million unrealized mark-to-market loss related to changes in the value of financial investments.

我們本季度調整後的淨利潤（不包括特殊項目）為 1320 萬美元或每股 0.32 美元。第二季度特殊項目總計 1.11 億美元，包括與公司可轉換票據相關的未實現市值收益 1.137 億美元和與金融投資價值變化相關的 270 萬美元未實現市值損失。

We reported a quarterly operating profit of $42.3 million and an operating margin of 6.1%. Driven by higher jet fuel prices, unit costs or CASM increased 19.9% versus those of Q2 2019 to $0.109. Our CASM, excluding fuel came in at $0.06, a 4.6% decrease compared to Q2 2019, even though we operated 3% less capacity.

我們公佈的季度營業利潤為 4230 萬美元，營業利潤率為 6.1%。在航空燃油價格上漲的推動下，單位成本或 CASM 較 2019 年第二季度增長 19.9% 至 0.109 美元。我們的 CASM（不包括燃料）為 0.06 美元，與 2019 年第二季度相比下降了 4.6%，儘管我們的運力減少了 3%。

And finally, driven by a 10.1% increase in yields, unit revenues came in at $0.116 or 11.3% higher than in the second quarter of 2019. I'm going to spend some time now discussing our balance sheet and liquidity. As of the end of the second quarter, we had assets of close to $4.4 billion. And in terms of cash, short- and long-term investments, we ended the quarter with $1.1 billion, which represents 47% of last 12 months' revenues.

最後，在收益率增長 10.1% 的推動下，單位收入比 2019 年第二季度高出 0.116 美元或 11.3%。我現在將花一些時間討論我們的資產負債表和流動性。截至第二季度末，我們的資產接近 44 億美元。在現金、短期和長期投資方面，我們在本季度結束時獲得了 11 億美元，佔過去 12 個月收入的 47%。

As to our debt, we ended the quarter with $1.6 billion in debt and lease liabilities at similar levels to those reported as of the end of the first quarter of 2022, and our adjusted net debt-to-EBITDA ratio came in at 0.8x. Turning now to our fleet. During the second quarter, we received one Boeing 737 MAX 9 to end the quarter with a total of 94 aircraft.

至於我們的債務，本季度末我們的債務和租賃負債為 16 億美元，與截至 2022 年第一季度末報告的水平相似，我們調整後的淨債務與 EBITDA 之比為 0.8 倍。現在轉向我們的艦隊。在第二季度，我們收到了一架波音 737 MAX 9，本季度末共有 94 架飛機。

Our total fleet is comprised of 68 737-800s, 17 737 MAX 9s and 9 737-700s. These figures include 3 737-700s, which ended the quarter in temporary storage and 1 737-800 freighter. For the second half of the year, we expect to receive 4 additional 737 MAX 9 aircraft. And so we expect to end the year with a fleet of 98 aircraft.

我們的總機隊包括 68 737-800、17 737 MAX 9 和 9 737-700。這些數字包括 3 737-700 和 1 737-800 貨機，該季度結束時臨時存放。今年下半年，我們預計將再接收 4 架 737 MAX 9 飛機。因此，我們預計今年年底機隊將擁有 98 架飛機。

We have financed these deliveries through sale and leaseback transactions, increasing the proportion of operating leases to above 30% of our total fleet, ensuring we continue to have a flexible fleet plan going forward. In 2023, we expect to receive 13 additional aircraft 11 Boeing 737 MAX 9s and 2 Boeing 737 MAX 8s. We've already secured financing for the first 6 of these deliveries through (inaudible)

我們通過售後回租交易為這些交付提供資金，將經營租賃的比例增加到我們總機隊的 30% 以上，確保我們繼續擁有靈活的機隊計劃。到 2023 年，我們預計將再接收 13 架飛機，包括 11 架波音 737 MAX 9 和 2 架波音 737 MAX 8。我們已經通過（聽不清）為這些交付中的前 6 次獲得融資

Turning now to our outlook for the third quarter of 2022. Based on the current state of the demand environment and the current expectation of the price of jet fuel, we can provide the following guidance. We expect capacity to be back at approximately 100% of Q3 2019 levels or about 6.4 billion ASMs, and we expect our operating margin to be in the range of 16% to 18%. We are basing our Q3 2022 outlook on the following assumptions: Load Factor of approximately 86%, unit revenues of approximately $0.127, CASM, ex-fuel, of approximately $0.06 and an all-in fuel price of $3.80 per gallon.

現在轉向我們對 2022 年第三季度的展望。根據目前的需求環境狀況和目前對航油價格的預期，我們可以提供以下指導。我們預計產能將恢復到 2019 年第三季度水平的約 100%，即約 64 億 ASM，我們預計我們的營業利潤率將在 16% 至 18% 之間。我們的 2022 年第三季度展望基於以下假設：載客率約為 86%，單位收入約為 0.127 美元，CASM（不含燃料）約為 0.06 美元，總燃料價格為每加侖 3.80 美元。

Regarding full year 2022, we reiterate our expectation of achieving approximately 98% of 2019 ASMs and a CASM ex-fuel of approximately $0.059. Thank you. And with that, we'll open the call to some questions.

關於 2022 年全年，我們重申我們期望實現 2019 年約 98% 的 ASM 和約 0.059 美元的 CASM 前燃料。謝謝。有了這個，我們將打開一些問題的電話。

(Operator Instructions) Our first question comes from Duane Pfennigwerth with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

This is [Jake Gunning] on for Duane. I realize that it's early, but could you offer any thoughts on your 2023 capacity plans? 4Q is already implied that 100% of 2019. So could we see capacity up over 10% next year?

這是杜安的[傑克·岡寧]。我知道現在還早，但您能否就 2023 年的容量計劃提出任何想法？ 4Q 已經暗示 2019 年的 100%。那麼明年我們能否看到產能增長超過 10%？

Jake, it's Pedro. So the fleet plan we have published takes us from -- takes Copa Holdings from 98 aircraft at the end of '22 to 108 at the end of '23, but it could be even a little bit more if we renew all of our leases. It could even be 111. So we do the math there, I mean -- and I should first have said that we have not yet guided to ASMs, ASM growth for 2023. So we're only guiding for Q3. But if you look at our fleet plan and you do the math, it's going to be like low double digits, I would say.

傑克，是佩德羅。因此，我們發布的機隊計劃使我們從 - 將 Copa Holdings 從 22 年底的 98 架飛機帶到 23 年底的 108 架飛機，但如果我們續簽所有租約，它可能會更多一點。它甚至可能是 111。所以我們在那裡做數學，我的意思是 - 我應該首先說我們還沒有指導 ASM，2023 年的 ASM 增長。所以我們只指導第三季度。但是，如果你看看我們的機隊計劃，然後算一下，我會說它會像低兩位數一樣。

Okay. Yes, that makes sense. And then could you just confirm that the 120 million that you bought back was roughly 4% of the stock in the second quarter.

好的。是的，這是有道理的。然後你能不能確認你回購的 1.2 億美元大約是第二季度股票的 4%。

I think that sounds about right, I think, I would say yes. It's in the range.

我認為這聽起來不錯，我想，我會說是的。它在範圍內。

We have a question from Savi Syth with Raymond James.

我們有 Savi Syth 和 Raymond James 的問題。

Just kind of curious on the demand and the revenue outlook is really strong here. And is there kind of a particular region or trip type business or leisure that's driving this revenue recovery trend?

只是對需求有點好奇，這裡的收入前景真的很強勁。是否有某種特定地區或旅行類型的商務或休閒正在推動這種收入恢復趨勢？

Savi, Pedro here. So I would say that it's across the board. There's not one particular region that's underperforming or -- I mean in no significant way. And we need to keep in mind that in part, it's a reaction to higher fuel prices. Strong demand allows us to produce better yields. And it also allows the fact that fuel affects everyone pretty much the same. It allows for this yield improvement to be more sustainable, at least for now. So I would say it's across the board.

薩維，這裡是佩德羅。所以我會說這是全面的。沒有一個特定的地區表現不佳，或者——我的意思是沒有顯著的表現。我們需要記住，這在一定程度上是對燃油價格上漲的反應。強勁的需求使我們能夠產生更好的收益。而且它還允許這樣一個事實，即燃料對每個人的影響幾乎相同。它使這種產量提高更具可持續性，至少目前如此。所以我會說這是全面的。

And the other thing I'll add, Savi, is we got to remember that Q3 has -- from a seasonality perspective, is a strong quarter for us. So sequentially from Q2, which is the sort of weakest quarter of the year from a seasonality perspective to Q3. you also see that difference in the RASM. However, as Pedro mentioned, we're following closely the demand and the macroeconomic environment and the fuel impact. And so we're very closely paying attention to the demands that we see in the region.

Savi，我要補充的另一件事是，我們必須記住，從季節性角度來看，第三季度對我們來說是一個強勁的季度。所以從第二季度開始，從季節性角度來看，這是一年中最疲軟的季度到第三季度。您還可以在 RASM 中看到這種差異。然而，正如佩德羅所提到的，我們正在密切關注需求和宏觀經濟環境以及燃料的影響。因此，我們非常密切地關注我們在該地區看到的需求。

And on the business versus leisure, part of that is seeing anything different?

在商務與休閒方面，部分原因是看到了什麼不同之處？

Business has improved slightly, but still half of what it was in 2019, but we see an improving trend.

業務略有改善，但仍是 2019 年的一半，但我們看到了改善趨勢。

Yes. And on a sequential basis, it's gotten better over the course of the year. Yes.

是的。在連續的基礎上，它在一年中變得更好。是的。

Helpful. And then if I might, just a quick question on the fleet. It does look on the fleet plan, there are MAX 8s coming that I thought initially that kind of the plan was for MAX 9s and 10s and I know 10s aren't certified yet. Is that a kind of a change in strategy there? I know it looks like maybe one MAX 9 has slipped from this year to next year. So maybe it's just the fact that (inaudible) available? Just curious what the strategy behind the fleet plan.

有幫助。然後，如果可以的話，只是一個關於艦隊的快速問題。它確實在艦隊計劃中，有 MAX 8s 即將推出，我最初認為這種計劃是針對 MAX 9s 和 10s 的，我知道 10s 尚未獲得認證。這是一種戰略上的改變嗎？我知道看起來可能有一個 MAX 9 從今年滑到了明年。所以也許這只是（聽不清）可用的事實？只是好奇艦隊計劃背後的戰略是什麼。

Yes. We were always planning to get the MAX 8. We only need a kind of a set number of MAX 9s, which we use for our longer segments. So we get 2 MAX 8s, that's the plan next year, and we will continue getting more MAX 8s and probably a few more MAX 9s that we still have to receive to get to the said number.

是的。我們一直計劃獲得 MAX 8。我們只需要一種固定數量的 MAX 9，我們將其用於較長的航段。所以我們得到 2 個 MAX 8，這是明年的計劃，我們將繼續獲得更多的 MAX 8，可能還有一些 MAX 9，我們仍然必須收到這些數量才能達到上述數量。

And our fleet plan and our order with Boeing has enough of flexibility that we can determine which subtype we would receive in due course.

我們的機隊計劃和我們與波音公司的訂單具有足夠的靈活性，我們可以確定我們將在適當的時候接收哪種子類型。

Are you able to share kind of what the right size of MAX 9 is or...

你能分享一下 MAX 9 的正確尺寸是多少還是......

The MAX 9s are going to be -- yes, it's going to be in the low 30s. It's going to be in the low 30s. The rest are going to be most likely MAX 8s. We have options in the MAX 10s also. So we haven't made a final decision there. But that's kind of where -- how it looks right now.

MAX 9s 將會——是的，它會在 30 多歲左右。它將在 30 歲以下。其餘的很可能是 MAX 8s。我們在 MAX 10s 中也有選擇。所以我們還沒有在那裡做出最終決定。但這就是它現在的樣子。

Our next question comes from Alejandro Zamacona with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Alejandro Zamacona。

Quick question on the CASM, ex-fuel. So beyond the $0.059 guided for the full year 2022, what has been the strategy to lower the costs despite the higher inflation environment? What can we expect on labor, marketing and maintenance in the medium term?

關於 CASM 的快速問題，前燃料。因此，除了 2022 年全年的指導價 0.059 美元之外，儘管通貨膨脹環境較高，但降低成本的策略是什麼？從中期來看，我們對勞動力、營銷和維護有何期待？

Well, I'll start with a few comments and then Jose can pitch in. So we're operating with higher gauge. So we have more and more seats for -- in our aircraft, which allows us to spread our fixed overhead costs. We've also, since the pandemic accomplished some important savings in overhead, which also helped in our CASM mix. And have been very disciplined, again, since the pandemic and we're renegotiating a lot of contracts, part of how we survived the worst of it. So that's also part of what we've been able to accomplish. And we're always, as you know, very, very nimble with our costs as much as we can.

好吧，我將從一些評論開始，然後 Jose 可以參與進來。所以我們正在以更高的標準運作。因此，我們的飛機上有越來越多的座位，這使我們能夠分攤固定間接費用。自大流行以來，我們還節省了一些重要的管理費用，這也有助於我們的 CASM 組合。自從大流行以來，我們又一次非常自律，我們正在重新談判很多合同，這是我們如何度過最糟糕的時期的一部分。所以這也是我們能夠完成的工作的一部分。正如你所知，我們總是盡可能非常靈活地控製成本。

I'll just add that going forward, Alejandro, as we've discussed before, we also have a plan to densify our 737-800 fleet, and so that will also provide for a reduction in CASM ex. And as Pedro mentioned, we have a very lean overhead structure. We've been very active in contract negotiations. And some of those mitigate some of the increases that we've seen in certain parts of the network as well. And we're also, of course, working in other avenues such as distribution and the like that, that should also improve our CASM in the medium-to-long term.

我只想補充一點，亞歷杭德羅，正如我們之前討論過的那樣，我們還有一個增加 737-800 機隊密度的計劃，因此這也將減少 CASM ex。正如 Pedro 提到的，我們有一個非常精簡的開銷結構。我們一直非常積極地參與合同談判。其中一些也減輕了我們在網絡某些部分看到的一些增長。當然，我們也在其他渠道開展工作，例如分銷等，這也應該在中長期內改善我們的 CASM。

Okay. It makes sense. And then my second question, if I may, in terms of the capital allocation, is there any change in the strategy? I mean the full recovery. And also, if you can share any update on the potential dividends?

好的。這說得通。然後我的第二個問題，如果可以的話，在資金配置方面，策略有什麼變化嗎？我的意思是完全康復。而且，您是否可以分享有關潛在股息的任何最新消息？

Yes. Look, our focus as a company has always been to return value to our shareholders. And as part of that, we've been active in our share repurchase program, which serves as a conduit to manage some of the liabilities that we had to take on during the pandemic. So that's our main focus right now. And of course, this is something that we look for.

是的。你看，作為一家公司，我們的重點一直是為股東回報價值。作為其中的一部分，我們一直積極參與我們的股票回購計劃，該計劃作為管理我們在大流行期間不得不承擔的一些債務的渠道。所以這是我們現在的主要重點。當然，這是我們正在尋找的東西。

We have a set dividend policy that we have had even before the pandemic. So that's something that, in due course, will be addressed as well. But again, I just want to reiterate how important it is for us to return value to our shareholders. In addition to that, from the operational standpoint, we also have a set of aircraft arriving, which require predelivery deposits with Boeing. And as you saw, we have 13 airplanes coming into next year, et cetera. So that's also part of our capital allocation strategy to grow the business.

我們有一套固定的股息政策，甚至在大流行之前就有了。因此，在適當的時候，這也會得到解決。但同樣，我只想重申為我們的股東回報價值對我們來說是多麼重要。除此之外，從運營的角度來看，我們還有一批飛機抵達，需要向波音公司預付定金。正如你所看到的，明年我們將有 13 架飛機，等等。因此，這也是我們發展業務的資本配置戰略的一部分。

We have a question from Michael Linenberg with Deutsche Bank.

德意志銀行的 Michael Linenberg 提出了一個問題。

Pedro, just I want to touch back on Wingo. You talked about regional expansion and you listed a number of cities by October and countries. Does that include the new service, I think, that you're planning to Argentina? And if that's the case, what's the fleet size at that point because it would think that a flight to Argentina back and forth would probably use up a single airplane. Just some additional color on that operation.

佩德羅，我想反駁溫戈。你談到了區域擴張，你列出了 10 月份的一些城市和國家。我認為這是否包括您計劃前往阿根廷的新服務？如果是這樣的話，那時候的機隊規模是多少，因為它認為往返阿根廷的航班可能會用完一架飛機。該操作只是一些額外的顏色。

Yes. It actually uses half an airplane. The way we operate at the wee-hours. So it uses half an airplane. It's contemplated in aircraft #9, but they'll get eventually aircraft #10. So there will be enough for them to serve that market and other. But Wingo grows carefully. We're very conscious of the competitive market in Colombia and the region. So Wingo does not have like a set plan to grow for the sake of growing. It grows to gain strength and be successful. So we measure every step like we always do. So Wingo is no different in that regard.

是的。它實際上使用了半架飛機。我們在凌晨工作的方式。所以它用了半架飛機。考慮在#9 飛機上進行，但他們最終將獲得#10 飛機。因此，他們將有足夠的資源來服務於那個市場和其他市場。但 Wingo 小心翼翼地成長。我們非常清楚哥倫比亞和該地區競爭激烈的市場。所以 Wingo 並沒有為成長而成長的既定計劃。它成長以獲得力量並獲得成功。所以我們像往常一樣衡量每一步。所以 Wingo 在這方面沒有什麼不同。

Pedro, is it fair to say, usually for high-density, no-frills type service, usually when you get beyond stage lengths of 3 and 4 hours, it becomes a much more difficult value proposition. But then when I look at some of the changes going on in the region, it seems like competitor airlines are doing very long haul with single-class type layouts. And so maybe that creates more opportunities for the Wingo product. Is that a fair sort of assessment of the competitive playing field?

佩德羅，公平地說，通常對於高密度、簡潔類型的服務，通常當你超過 3 和 4 小時的舞台長度時，它就變得更加困難的價值主張。但是當我看到該地區正在發生的一些變化時，競爭對手航空公司似乎正在使用單一艙位佈局進行長途飛行。因此，也許這會為 Wingo 產品創造更多機會。這是對競爭激烈的競爭環境的公平評估嗎？

Yes. I mean it could be. We're still learning. So it could be.

是的。我的意思是它可能是。我們還在學習。所以它可能是。

Okay. And just my second question on cargo. When I look at your passenger revenue up 6% versus '19 and others up 20%, cargo's up 62%. And I realize it's obviously being driven by the freighter. But absent the freighter, would your cargo revenue have been -- the growth rate been something more similar to maybe the other up 20%? Because I am sort of incorporating the higher cargo yields that we're seeing in the marketplace. And I'm trying to get at how much of that single airplane has added. It looked like it was very -- it was a meaningful contribution on the top line at least from a growth rate perspective.

好的。還有我關於貨物的第二個問題。當我看到你們的客運收入增長了 6%，而 19 年和其他增長了 20%，貨運增長了 62%。我意識到它顯然是由貨輪驅動的。但是如果沒有貨機，你的貨運收入會不會增長——增長率可能與另一個增長 20% 的增長率相似？因為我在某種程度上將我們在市場上看到的更高的貨運收益納入其中。我正在嘗試了解那架飛機增加了多少。看起來它非常 - 至少從增長率的角度來看，這是對收入的有意義的貢獻。

Right. I mean it's meaningful, but not as much as it sees because previous to the -- our own freighter, we were chartering a freighter aircraft from a cargo operator. So what we have done, we've been able to a little bit more than double the hours that were flown before by the charter freighter. So we've doubled that with our own freighter. So I would say, we would have grown probably more than 20% even without the freighter.

正確的。我的意思是它很有意義，但沒有它看到的那麼多，因為在我們自己的貨機之前，我們從貨運運營商那裡租了一架貨機。所以我們所做的是，我們已經能夠將包機貨機飛行的小時數增加一倍多一點。所以我們用我們自己的貨輪將其增加了一倍。所以我想說，即使沒有貨機，我們的增長也可能超過 20%。

Okay. I'm just -- I'm getting a sense of there is a big cargo opportunity in your part of the world. I know you're going very slowly. But if every airplane adds, I don't know, $5 million to $7 million to $10 million per quarter of revenue, we're just getting a sense of maybe the opportunity. But thanks for answering my questions.

好的。我只是——我感覺到你所在的地區有很大的貨運機會。我知道你走得很慢。但是，如果每架飛機每季度增加 500 萬到 700 萬到 1000 萬美元的收入，我不知道，我們可能只是感覺到了機會。但是謝謝你回答我的問題。

We have a question from Alberto Valerio with UBS.

我們有來自瑞銀的 Alberto Valerio 的問題。

First of all, the very encouraging guidance for the third quarter. I would like to have some color why this next quarter would be a good quarter and related that usually, when we see (inaudible) jet fuel going down, we also see it's going down. And even just for seasonality, the third quarter we have increasing yields on our estimate of 4%. And as you posted jet fuel going to 3.8, this is my first question? And my second -- this is my first question. My second question -- my second question is about the supply/demand environment beyond the third quarter looking maybe (inaudible) the fourth quarter with the Brazilian Airlines adding capacity in the international markets, this might impact you guys in the fourth quarter. And in my way, you might see some pressure on these after the third quarter.

首先，第三季度的指引非常令人鼓舞。我想知道為什麼下個季度會是一個好的季度，並且通常情況下，當我們看到（聽不清）噴氣燃料下降時，我們也會看到它在下降。即使只是季節性因素，第三季度我們的收益率也達到了 4% 的預期。當您將噴氣燃料發佈到 3.8 時，這是我的第一個問題？我的第二個問題——這是我的第一個問題。我的第二個問題——我的第二個問題是關於第三季度之後的供需環境，隨著巴西航空公司在國際市場上增加運力，第四季度可能（聽不清），這可能會在第四季度影響你們。以我的方式，你可能會在第三季度後看到這些方面的一些壓力。

Yes, Alberto. I'll touch on the third quarter question. And yes, let me start by saying that you are correct. Lower fuel prices could impact the yield environment given the competitive dynamics. We do believe, however, as I mentioned, that the third quarter has historically a high season component to it or more so than the second quarter.

是的，阿爾貝托。我將談談第三季度的問題。是的，首先讓我說你是對的。鑑於競爭動態，較低的燃料價格可能會影響收益環境。然而，正如我所提到的，我們確實相信，從歷史上看，第三季度對它來說是旺季的一部分，或者比第二季度更多。

And number two, let's not forget that a portion of what we are going to reflect as revenues during the third quarter has already been sold during the second quarter when fuel was still going up. If you -- the movement in the fuel price has been very recent during the month of July. So that -- the impact on specifically the third quarter in terms of yields will -- not necessarily come in, in such a strong way given that a portion of the quarter was already sold with very, very high fuel price environment.

第二，我們不要忘記，當燃料仍在上漲時，我們將在第三季度反映為收入的一部分已經在第二季度售出。如果你 - 燃料價格的變動最近發生在 7 月份。因此——特別是對第三季度收益率的影響——不一定會以如此強烈的方式出現，因為該季度的一部分已經在非常、非常高的燃料價格環境下售出。

But as you could imagine, we're very closely following the macro operating environment. just to adjust our pricing, et cetera, and just to make sure that it's all competitive. And in terms of the fourth quarter and competitive demand, yes, there is a -- we're following that (inaudible) and the impact on our yields, specifically related not just to the fuel environment, but also to the currency and macroeconomic forces that are around in the world right now. So we're following very closely both items, both on the competitive landscape and the fuel and the macroeconomic environment.

但正如您所想像的那樣，我們正在密切關注宏觀運營環境。只是為了調整我們的定價，等等，只是為了確保它具有競爭力。就第四季度和競爭需求而言，是的，我們正在關注（聽不清）以及對我們收益率的影響，特別是不僅與燃料環境有關，還與貨幣和宏觀經濟力量有關現在在世界各地。因此，我們在競爭格局、燃料和宏觀經濟環境方面都非常密切地關注這兩個項目。

Our next question comes from Stephen Trent with Citi.

我們的下一個問題來自花旗銀行的 Stephen Trent。

Just 2 quick ones from me. First, a follow-up on your network comments. So when we think about the recovery of the network, is it still accurate to say that roughly 75% of your destinations, you're still moving 40-some-odd passengers or less round trip each day?

我只有 2 個快速的。首先，跟進您的網絡評論。因此，當我們考慮網絡的恢復時，說大約 75% 的目的地每天仍在運送 40 多名乘客或更少的往返乘客是否仍然準確？

Yes. That hasn't changed much. I agree.

是的。這並沒有太大改變。我同意。

Our measure -- Stephen, sorry, it's -- our calculations show that around 75% of our origin destination points have less than 20 passengers per day in the total market size. So it's a small figure of O&D passengers in the majority of the markets that we operate in.

我們的衡量標準——斯蒂芬，對不起，這是——我們的計算表明，在我們的總市場規模中，大約 75% 的始發目的地點每天的乘客少於 20 人。因此，在我們運營的大多數市場中，O&D 乘客人數很少。

And just real quick, could you just give me high level refresher where you are with Tocumen Airport. I know there was new lounges going up and a new wing and what have you, if you could just refresh my memory, please.

真的很快，你能不能讓我高水平復習一下你在托庫門機場的情況。我知道有新的休息室和新的翼樓，還有你有什麼，如果你能喚醒我的記憶，請。

Yes. So finally, after mentioning the soon-to-open new T2 terminal during so many earnings calls, we mentioned it so many times that we stopped saying it. So we wouldn't jinx it. So it finally opened. It finally opened in June, if I'm not mistaken. It's working well, had no hiccups. We also inaugurated a new Copa Club, a very large and nice Copa Club at the new T2 which we think it's an asset for us given our business model and how we connect passengers and the likes.

是的。所以最後，在這麼多次財報電話會議上提到即將開放的新 T2 航站樓之後，我們提到了太多次以至於我們不再說了。所以我們不會搞砸它。所以終於開了。如果我沒記錯的話，它終於在六月開放了。它運行良好，沒有打嗝。我們還在新的 T2 航站樓開設了一個新的 Copa 俱樂部，這是一個非常大且漂亮的 Copa 俱樂部，鑑於我們的商業模式以及我們如何連接乘客等，我們認為這對我們來說是一項資產。

So we're very happy with having the new facilities, which takes Tocumen Airport from 34 to 54 gate, even though some of those -- new 20 new gates we were already using. But also we have new check-in facilities, much more space in customs and immigration and the whole thing. So it gives us some runway to continue growing in the next number of years.

因此，我們對擁有新設施感到非常高興，它將 Tocumen 機場的登機口從 34 個增加到 54 個，儘管其中一些——我們已經使用了 20 個新登機口。但我們也有新的登記設施，更多的海關和移民空間等等。因此，它為我們提供了一些在未來幾年繼續增長的跑道。

We have a question from...

我們有一個問題來自...

It's kind of a follow-up to Savi's. How would you say that the capacity is recovering among leisure and corporate relative to 2019. And also, if corporate reaches pre-pandemic levels, what do you think it will be the upside for deals for the next 2 quarters, for example?

這是 Savi 的後續行動。與 2019 年相比，您怎麼說休閒和企業的產能正在恢復。此外，如果企業達到大流行前的水平，您認為接下來兩個季度的交易會有什麼好處？

Right. So both business, I mean, we have corporate accounts. It's not as a significant number as it is, let's say, for our U.S. airline in the U.S. And then we have business travelers, which might not have corporate accounts. So when we put all that together, it's still around half of what it used to be. Maybe a little bit better than that.

正確的。所以無論是業務，我的意思是，我們都有公司賬戶。比方說，對於我們在美國的美國航空公司來說，這個數字並不重要。然後我們有商務旅客，他們可能沒有公司賬戶。因此，當我們將所有這些放在一起時，它仍然只有以前的一半左右。也許比那好一點。

It's been improving slightly quarter-over-quarter. And it's maybe slightly above 20% of our overall business right now. We're still seeing strength in demand, current and future is in leisure. So that's what's been driving the demand strength throughout the region. But again, business and corporate is recovering quarter-over-quarter, even though at a slow pace.

環比略有改善。現在它可能略高於我們整體業務的 20%。我們仍然看到需求強勁，當前和未來都處於休閒狀態。這就是推動整個地區需求強勁的原因。但同樣，商業和企業正在逐季復甦，儘管步伐緩慢。

This is very interesting. So and what do you think it will happen when you have the corporate already at 100% or very close to because yields are already very high. So just want to assess like the magnitude of the delta for yields.

這很有趣。那麼，當你的公司已經達到 100% 或非常接近時，你認為會發生什麼，因為收益率已經非常高了。所以只想評估收益率增量的大小。

Yes. It's -- well, yields right now reflect a very high flow price environment, as we know, and the fact that, that's something affecting the whole industry. We're not banking on that forever. And that's why we're also always so conscious about our ex-fuel CASM. And if fuel comes down, and so do yields, will be fine too. So we're not banking on anything. And right now, we're not expecting business and corporate to be at 100% in the near term.

是的。這是——好吧，正如我們所知，現在的收益率反映了一個非常高的流動價格環境，事實上，這影響了整個行業。我們不會永遠寄希望於此。這就是為什麼我們也總是如此關注我們的前燃料 CASM。如果燃料下降，產量也會下降，也會很好。所以我們不指望任何東西。現在，我們預計短期內企業和企業不會達到 100%。

We have a question from Daniel McKenzie with Seaport Global.

Seaport Global 的 Daniel McKenzie 提出了一個問題。

My question is a follow-up on some of the prior questions. So I'm going to come at it a little bit differently. What's your best estimate for when corporate volumes return to '19 levels? So a volume question specifically. And then tied to this, how would you characterize business confidence in the region? Is there pent-up demand? Or are you thinking there's a permanent impairment given the trend to remote working. And whatever you can share with respect to anecdotal conversations or surveys is helpful with the DREAMS product, I have to believe it's going to be a little better this time around for you guys, but I don't want to put words in your mouth.

我的問題是對一些先前問題的跟進。所以我會以不同的方式來處理它。您對企業交易量何時恢復到 19 年水平的最佳估計是多少？所以具體是一個體積問題。與此相關的是，您如何描述該地區的商業信心？有被壓抑的需求嗎？或者您是否認為遠程工作的趨勢會造成永久性損害。無論您可以分享關於軼事對話或調查的什麼內容，都對 DREAMS 產品有幫助，我必須相信這一次對你們來說會好一點，但我不想把話塞到你們嘴裡。

Yes. It's -- well, first, I should say that our business class loads are better than pre-pandemic. Even though business traffic is down as we just spoke about. And so leisure traffic is taking up some of that space. So that's a positive. When will business travel be back, hard to tell. It's going to be longer than what it would have been without all the technologies for remote work and everything, but we know it will eventually be back of course, because it's going to continue growing.

是的。這是——嗯，首先，我應該說我們的商務艙負載比大流行前要好。儘管正如我們剛才所說，業務流量下降了。因此，休閒交通佔據了部分空間。所以這是積極的。商務旅行何時恢復，很難說。這將比沒有所有遠程工作技術和一切的情況下更長，但我們當然知道它最終會回來，因為它會繼續增長。

It's not -- we know that, but how long it's going to take, hard to tell because, yes, there aren't the needs as before to be there in person for every single meeting. But the value of personal travel, it's irreplaceable. Technologies don't make up for it. We see it in our own business. There's now a number of business of meeting that has to be in person because there's no other way of being effective. And same with visiting clients and supplier visiting also. It's going to be step by step. It will take some time, and it's really hard for us to predict.

不是——我們知道，但是要花多長時間，很難說，因為，是的，不需要像以前那樣每次會議都親自到場。但個人旅行的價值，卻是無可替代的。技術無法彌補。我們在自己的業務中看到了這一點。現在有許多會議業務必須親自到場，因為沒有其他有效的方式。拜訪客戶和供應商也一樣。這將是一步一步的。這需要一些時間，我們真的很難預測。

And I think, Dan, the other interesting aspect is that as governments drop requirements for visiting or for traveling, that also should boost business travel going forward. So we see good eyes as governments have removed testing requirements, pre-departure and/or the sort of hindrances that occurred for travel over the last several years. And that's, I think, also going to boost a business demand going forward.

我認為，丹，另一個有趣的方面是，隨著政府降低對訪問或旅行的要求，這也應該會推動商務旅行的發展。因此，隨著政府取消了測試要求、出發前和/或過去幾年旅行中出現的各種障礙，我們看到了良好的前景。我認為，這也將推動未來的業務需求。

Okay. And then second question here, just same theme coming at a prior -- at some of the prior questions a little differently here. How are you assessing the restoration of some of the larger Latin American markets. So countries where you're seeing -- or areas of strength, areas of weakness. And I guess what I'm getting at is Brazil once upon a time was a really strong end market, I think, once upon a time, 20% of your revenue. And it just seems like there's a longer-term path to better revenue but it's just helpful to get a reality check along the way here as you kind of think about areas of strength and weakness.

好的。然後是這裡的第二個問題，只是相同的主題出現在先前的問題上——這裡的一些先前的問題略有不同。您如何評估一些較大的拉丁美洲市場的恢復。所以你看到的國家——或者優勢領域，劣勢領域。我想我的意思是巴西曾幾何時是一個非常強大的終端市場，我認為，曾幾何時，你收入的 20%。似乎有一條獲得更好收入的長期途徑，但在您考慮優勢和劣勢領域時，在此過程中進行現實檢查是有幫助的。

Right now, our network is very balanced. Most markets are doing well as per the capacity we have deployed. So we haven't reopened every single city we were flying to before. We're not operating at the same level everywhere. We're not at 100% capacity yet. And so there's been some shifts there. But related to the capacity we have deployed, I would say most markets are doing well and in a similar way. We don't see big differences in that sense.

現在，我們的網絡非常平衡。根據我們部署的容量，大多數市場都表現良好。所以我們還沒有重新開放我們之前飛往的每一個城市。我們並不是在所有地方都在同一水平上運作。我們還沒有達到 100% 的容量。所以那裡發生了一些變化。但就我們部署的能力而言，我想說大多數市場都表現良好，而且表現相似。從這個意義上說，我們看不出有什麼大的不同。

Our last question comes from Helane Becker with Cowen.

我們的最後一個問題來自 Helane Becker 和 Cowen。

Good to hear from you guys. So what's the competitive situation like in Panama right now? Are you seeing some of the other airlines in the region, increasing service through the airport. What about reinstatement of flights from Europe and the competitive situation there because for a long time, you guys had codeshares with KLM and others and bringing in large planes full of people to go elsewhere in South America. So just kind of wondering how competition is shaping up in the market now.

很高興收到你們的來信。那麼現在巴拿馬的競爭形勢如何？您是否看到該地區的其他一些航空公司正在通過機場增加服務。恢復從歐洲起飛的航班和那裡的競爭情況怎麼樣，因為很長一段時間以來，你們與荷蘭皇家航空公司和其他航空公司共享代碼，並乘坐載滿乘客的大型飛機前往南美洲其他地方。所以只是想知道現在市場上的競爭是如何形成的。

Okay. We -- well, as you know, most of our competition happens outside Panama and it's usually hub against hub or nonstops against our hub. So the battles are usually fought outside Panama. However, what you're mentioning is very important to us, which is the connectivity with a number of different carriers that serve Panama, serve our hub and actually are able to sustain their number of frequencies by connecting with our network, especially the Europeans like you've mentioned.

好的。我們——好吧，正如你所知，我們的大部分比賽都發生在巴拿馬以外的地方，而且通常是樞紐對樞紐或不間斷地對我們的樞紐。所以戰鬥通常在巴拿馬境外進行。但是，您提到的對我們來說非常重要，這是與許多為巴拿馬服務的不同運營商的連接，服務於我們的樞紐，實際上能夠通過連接我們的網絡來維持他們的頻率數量，尤其是歐洲人喜歡你提到過。

So some of them are back to near pre-pandemic levels like KLM and Air France. They're close to daily flight each. Those are important fits for us. And we -- by the way, we codeshare with all the Europeans that fly to Panama, we codeshare. Iberia Is also near pre-pandemic levels. Turkey is at pre-pandemic and planning to grow. Lufthansa has been replaced by Eurowings, which is part of the Lufthansa Group, and they're slightly below. But they're talking about growing also. And then Air Europa something similar. So I think we're somewhere between 80% and 85% of the seats that were coming in from Europe pre-pandemic. But again and growing. And the connectivity between Copa and these partners is also growing.

所以他們中的一些人回到了大流行前的水平，比如荷蘭皇家航空公司和法國航空公司。他們每個都接近每日航班。這些對我們來說很重要。我們 - 順便說一下，我們與所有飛往巴拿馬的歐洲人共享代碼，我們共享代碼。伊比利亞也接近大流行前的水平。土耳其正處於大流行前併計劃增長。漢莎航空已被隸屬於漢莎航空集團的歐洲之翼航空取代，它們的排名稍低。但他們也在談論成長。然後是 Air Europa 類似的東西。所以我認為我們大約有 80% 到 85% 的席位來自大流行前的歐洲。但再次成長。 Copa 與這些合作夥伴之間的聯繫也在不斷加強。

That's great. That's great to know. Is the airport -- I know somebody asked about the airport before, but is the new airport from a customs and immigration perspective, well staffed. And are you able to move people through the airport is in a speedy fashion?

那太棒了。很高興知道。是機場——我知道之前有人問過機場，但從海關和移民的角度來看，這是新機場，人員配備齊全。您能否讓人們快速通過機場？

Well, for passengers departing or arriving to the city of Panama so local passengers, the facilities are much better. They're well staffed, very nice ample room for bag. The whole thing before was quite congested. But when you go somewhere, it's usually your only choice, so it doesn't make much of a difference. In terms of connecting passengers, the new terminal is very nice.

那麼，對於離開或到達巴拿馬市的乘客以及當地乘客來說，設施要好得多。他們配備齊全，非常漂亮，有足夠的行李空間。之前的一切都相當擁擠。但是當你去某個地方時，它通常是你唯一的選擇，所以它並沒有太大的區別。在連接乘客方面，新航站樓非常好。

Our new Copa club is truly amazing. And we have more gates, which is very important. So as we grow in the coming years, it will be a while before we need to use remote positions again, and that's a big positive. The only negative is walking distances can be quite long from one extreme to the other. It's not uncommon in most airports and major hubs, but some of our passengers are not used to that. But we're selling the health side of walking and exercise.

我們新的 Copa 俱樂部真的很棒。而且我們有更多的門，這非常重要。因此，隨著我們在未來幾年的發展，我們需要一段時間才能再次使用遠程職位，這是一個很大的積極因素。唯一不利的是從一個極端到另一個極端的步行距離可能很長。這在大多數機場和主要樞紐並不少見，但我們的一些乘客並不習慣。但我們推銷的是步行和鍛煉的健康方面。

Yes, it's good. It's good. Walking is good. But also we try to make sure that flights that connect with each other have -- with significant connecting flows kind of are near to each other, et cetera. So our operational team does a great job at finding gates in particular at the airports. Walking is good.

是，很好。很好。走路很好。但我們也試圖確保相互連接的航班 - 具有重要連接流量的航班彼此靠近，等等。因此，我們的運營團隊在尋找登機口方面做得很好，尤其是在機場。走路很好。

Walking is good for you.

散步對你有好處。

There are no other questions in the queue. I'd like to turn the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉回管理層以作結束語。

Okay. Thank you, operator, and thank you all. This concludes our earnings call. Thank you for being with us. Thank you for your continued support. Have a great day, and we'll see you in the next one. Thank you.

好的。謝謝接線員，謝謝大家。我們的財報電話會議到此結束。感謝您與我們在一起。感謝您一如既往的支持。祝你有美好的一天，我們會在下一個見到你。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。