Copa Holdings SA (CPA) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings Third Quarter Earnings Call. (Operator Instructions) As a reminder, this call -- this webcast is being recorded on November 16, 2023.

女士們先生們，謝謝你們的支持。歡迎參加 Copa Holdings 第三季財報電話會議。 （操作員說明）謹此提醒，本次網路廣播於 2023 年 11 月 16 日錄製。

Now I will turn the conference call over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

現在我將電話會議轉交給投資者關係總監丹尼爾‧塔皮亞(Daniel Tapia)。先生，您可以開始了。

Thank you, [Avy], and welcome, everyone, to our Third 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 third quarter highlights, followed by Jose, who will discuss our financial results. 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.

謝謝你，[Avy]，歡迎大家參加我們的第三季財報電話會議。今天加入我們的是 Copa Holdings 執行長 Pedro Heilbron；和我們的財務長何塞蒙特羅。首先，佩德羅將首先回顧我們第三季的亮點，然後何塞將討論我們的財務表現。緊接著，我們將開始徵集分析師提問。 Copa Holdings 財務報告是根據國際財務報告準則編製的。

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, copaair.com. 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.

在今天的電話會議中，我們將討論非國際財務報告準則的財務指標。非國際財務報告準則與國際財務報告準則財務指標的調節可以在我們的收益報告中找到，該報告已發佈在公司網站 copaair.com 上。我們今天的討論還將包含前瞻性陳述，不僅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風險和不確定性，可能導致實際結果出現重大差異，並且基於可能變化的假設。其中許多內容在我們向美國證券交易委員會提交的年度報告中進行了討論。

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

現在我想將電話轉給我們的執行長 Pedro Heilbron 先生。

Thank you, Daniel. Good morning to all and thanks for participating in our third quarter earnings call. Before we begin, I would like to extend my sincere gratitude to all our coworkers for their commitment to the company. Their continuous efforts and dedication have kept Copa at the forefront of Latin American aviation. To them, as always, my highest regards and admiration.

謝謝你，丹尼爾。大家早安，感謝您參加我們的第三季財報電話會議。在開始之前，我謹向所有同事對公司的奉獻表示誠摯的謝意。他們的不斷努力和奉獻使 Copa 始終處於拉丁美洲航空業的前沿。一如既往，我向他們致以最崇高的敬意和欽佩。

As you can see in our third quarter earnings release, once again, Copa reported strong financial results for the quarter. We were able to deliver industry-leading operating margins while continuing to grow our capacity by double digits year-over-year. The third quarter results were driven by a robust demand environment in the region and our focus on delivering low ex-fuel unit costs.

正如您在我們的第三季財報中看到的那樣，Copa 再次報告了強勁的本季財務表現。我們能夠提供業界領先的營業利潤，同時繼續以兩位數的速度年增我們的產能。第三季的業績是由該地區強勁的需求環境以及我們致力於提供低燃料單位成本所推動的。

Now I'll summarize the main highlights for Q3. Passenger traffic grew 13.3% compared to the same period in '22, outpacing our capacity growth of 12.1%. As a result, load factor for the quarter increased 0.9 percentage points compared to Q3 '22 to 87.8%. Passenger yield came in at $0.134 resulting in unit revenues or RASM of $0.122. Unit costs decreased by 11.2% compared to Q3 '22, mainly driven by a lower jet fuel price per gallon and lower sales and distribution costs.

現在我將總結第三季的主要亮點。與 2022 年同期相比，客運量成長了 13.3%，超過了我們 12.1% 的運力成長。因此，本季的載客率比 22 年第三季增加了 0.9 個百分點，達到 87.8%。客運收益為 0.134 美元，單位收入或 RASM 為 0.122 美元。與 22 年第三季相比，單位成本下降了 11.2%，主要是由於每加侖航空燃油價格下降以及銷售和分銷成本下降。

Excluding fuel, unit costs or CASM-Ex came in at $0.058, a 2% decrease compared to Q3 '22. And our operating margin came in at 23.6%, 5.9 percentage points higher than in the third quarter of '22.

不包括燃料，CASM-Ex 的單位成本為 0.058 美元，與 22 年第三季相比下降了 2%。我們的營業利益率為 23.6%，比 2022 年第三季高出 5.9 個百分點。

On the operational front, Copa Airlines delivered an on-time performance of 89.4% and a completion factor of 99.8%, once again among the best in the world. With regards to our network, in the last 2 quarters, we have started service to Austin and Baltimore in the U.S. and Manta, Ecuador. And more recently, in October, we started flying to Barquisimeto in Venezuela.

在營運方面，巴拿馬航空的準點率達到 89.4%，完成率達 99.8%，再次躋身全球最佳之列。網路方面，近兩個季度，我們開通了美國奧斯汀、巴爾的摩以及厄瓜多爾曼塔的服務。最近，十月份，我們開始飛往委內瑞拉的巴基西梅托。

With these additions, we now serve 81 destinations in 32 countries in North, Central, South America and the Caribbean. As we continue strengthening and solidifying our position as the most complete and convenient connecting hub in Latin America.

透過這些新增服務，我們現在為北美洲、中美洲、南美洲和加勒比地區 32 個國家的 81 個目的地提供服務。隨著我們不斷加強和鞏固我們作為拉丁美洲最完整、最便捷的連結樞紐的地位。

With regards to our fleet. During the third quarter, we took delivery of two 737 MAX 9 ending the quarter with a total of 103 aircraft. Turning now to Wingo. In the third quarter, Wingo continued its network expansion with the start of 3 new routes from Bogota to Caracas, Venezuela; a Panama domestic flight from Panama City to David and one seasonal route from Cali to Aruba.

關於我們的機隊。第三季度，我們接獲了兩架 737 MAX 9，截至本季末，飛機總數達到 103 架。現在轉向Wingo。第三季度，Wingo持續拓展網絡，開通了3條波哥大至委內瑞拉加拉加斯的新航線；從巴拿馬城飛往大衛的巴拿馬國內航班以及從卡利飛往阿魯巴的季節性航線。

Additionally, in October, Wingo started service from Medellin to Cartagena and announced one additional domestic route in December from Medellin to Santa Marta. With these additions, Wingo expects to end the year operating 37 routes with service to 23 cities in 11 countries.

此外，Wingo 於 10 月開通了從麥德林飛往卡塔赫納的航班，並於 12 月宣布增加一條從麥德林飛往聖瑪爾塔的國內航線。透過這些新增航線，Wingo 預計到年底將營運 37 條航線，服務 11 個國家的 23 個城市。

Now turning to our current expectations. We continue to see a robust demand environment in the region. And as you can see in our earnings release published yesterday, we expect strong financial results for full year '23 and preliminary in 2024, we plan to continue growing our capacity in the low double-digit range and further reduce our unit costs. As always, Jose will provide more details regarding the 2023 and 2024 outlook.

現在轉向我們當前的期望。我們繼續看到該地區強勁的需求環境。正如您在我們昨天發布的財報中看到的那樣，我們預計 23 年全年和 2024 年初步財務業績將強勁，我們計劃繼續以低兩位數範圍擴大產能，並進一步降低單位成本。一如既往，何塞將提供有關 2023 年和 2024 年展望的更多詳細資訊。

To summarize, we delivered strong third quarter results while growing capacity 12% year-over-year. We continue to see a robust demand environment in the region. We achieved low fuel unit costs during the quarter and we continue to deliver on our cost execution strategies. We continue growing and strengthening our network, the most complete and convenient hub for travel in the Americas.

總而言之，我們第三季業績強勁，產能年增 12%。我們繼續看到該地區強勁的需求環境。我們在本季度實現了較低的燃料單位成本，並繼續實施我們的成本執行策略。我們不斷發展和加強我們的網絡，這是美洲最完整、最方便的旅行樞紐。

And as always, our team continues to deliver world-leading operational results. Lastly, we remain as confident as ever in our business model. We continue to deliver low unit cost, high margins and a great product for our passengers, including the best connecting network in Latin America making us the best positioned airline in our region to consistently deliver industry-leading results.

一如既往，我們的團隊繼續提供世界領先的營運成果。最後，我們對我們的商業模式一如既往地充滿信心。我們繼續為乘客提供低單位成本、高利潤和優質產品，包括拉丁美洲最好的轉機網絡，使我們成為該地區定位最佳的航空公司，始終如一地提供行業領先的業績。

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，他將更詳細地審查我們的財務表現。

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 third quarter results.

謝謝你，佩德羅。大家，早安。感謝您今天和我們在一起。我想與佩德羅一起感謝我們偉大的團隊為向乘客提供世界一流的服務所做的一切努力。我先回顧一下我們第三季的業績。

We reported a net profit for the quarter of $187.4 million or $4.72 per share. Excluding special items, our adjusted net profit came in at $174.4 million or $4.39 per share. Third quarter special items are comprised of a net gain of $12.2 million related to the company's convertible notes, which we retired during the quarter and an $800,000 unrealized mark-to-market gain related to changes in the value of financial investments.

我們報告本季淨利潤為 1.874 億美元，即每股 4.72 美元。不包括特殊項目，我們調整後的淨利潤為 1.744 億美元，即每股 4.39 美元。第三季特殊項目包括與公司可轉換票據相關的 1,220 萬美元淨收益（我們在本季度停用了該可轉換票據）以及與金融投資價值變化相關的 80 萬美元未實現按市值計價的收益。

We reported a quarterly operating profit of $205 million and an operating margin of 23.6%. Capacity came in at 7.1 billion available seat miles or 12.1% higher than in Q3 2022. Our load factor came in at 87.8% for the quarter, a 0.9 percentage point increase compared to the same period in 2022, while we achieved passenger yields of $0.134. As a result, unit revenues came in at $0.122, mainly driven by lower jet fuel prices, unit cost or CASM decreased to $0.093 or 11.2% lower than our CASM in Q3 2022.

我們公佈的季度營業利潤為 2.05 億美元，營業利益率為 23.6%。運能達到 71 億可用座位里程，比 2022 年第三季增長 12.1%。本季的載客率為 87.8%，比 2022 年同期增長 0.9 個百分點，同時我們實現了 0.134 美元的乘客收益。結果，單位收入為 0.122 美元，主要是由於航空燃油價格下降、單位成本或 CASM 下降至 0.093 美元，比 2022 年第三季的 CASM 低 11.2%。

And finally, we continue with our initiatives for maintaining our costs low. For the quarter, our CASM ex-fuel came in at $0.058, a 2.1% decrease versus Q3 2022, mainly driven by lower sales and distribution costs due to the higher penetration of both direct sales and the lower cost travel agency channels, which were launched by Copa Airlines in September of 2022.

最後，我們繼續採取措施保持低成本。本季度，我們的 CASM 不含燃油價格為 0.058 美元，與 2022 年第三季度相比下降 2.1%，這主要是由於直銷和低成本旅行社通路滲透率提高，銷售和分銷成本降低。由巴拿馬航空公司於2022 年9 月營運。

I'm going to spend some time now discussing our balance sheet and liquidity. As of the end of the third quarter, we had assets of close to $5 billion. As to cash, short- and long-term investments, we ended the quarter with over $1.2 billion, which represents 34% of our last 12 months' revenues. And in terms of debt, we ended the quarter with $1.7 billion in debt and lease liabilities and came in with an adjusted net debt-to-EBITDA ratio of 0.4x.

我現在將花一些時間討論我們的資產負債表和流動性。截至第三季末，我們的資產接近50億美元。至於現金、短期和長期投資，本季末我們的投資超過 12 億美元，占我們過去 12 個月營收的 34%。就債務而言，本季末我們的債務和租賃負債為 17 億美元，調整後的淨負債與 EBITDA 比率為 0.4 倍。

Our debt now is comprised solely of aircraft-related debt and I'm pleased to report that our average cost of debt is currently in the range of 3.4%. As we've previously announced, in the month of September, we completed with the redemption of the 4.5% convertible senior notes due in 2025.

我們的債務現在僅由與飛機相關的債務組成，我很高興地報告，我們的平均債務成本目前在 3.4% 的範圍內。正如我們之前宣布的，我們在 9 月完成了 2025 年到期的 4.5% 可轉換優先票據的贖回。

To summarize the transaction, holders of $349 million aggregate principal amount converted their notes in accordance with the terms of the inventory while holders of outstanding notes in the aggregate principal amount of $1 million redeemed at a price equal to 100% of the principal amount of each note call for (inaudible). This was paid in cash plus accrued and unpaid interest. As a result, the transaction generated a total cash payment of $350 million in addition to approximately 3.7 million shares.

總而言之，本金總額為3.49 億美元的持有人根據庫存條款轉換了其票據，而本金總額為100 萬美元的未償還票據持有人則以相當於各票據本金金額100% 的價格贖回。請注意（聽不清楚）。這是以現金加上應計和未付利息支付的。結果，除了約 370 萬股股票外，這筆交易還產生了 3.5 億美元的現金支付總額。

Turning now to our fleet. During the third quarter, we received 2 Boeing 737 MAX 9s to end the quarter with a total of 103 aircraft. In November, we received 2 additional 737 MAX 9s to bring our total fleet to 105 aircraft. With these additions, our total fleet is now comprised of 68 737-800s, 28 737 MAX 9s and 9 737-700s. These figures include one 737-800 freighter and the 9 737-800s operated by Wingo. 2/3 of our fleet continues to be comprised of owned aircraft and 1/3 of our aircraft are under operating leases.

現在轉向我們的艦隊。第三季度，我們收到了 2 架波音 737 MAX 9 飛機，截至本季末，飛機總數達到 103 架。 11 月，我們又接收了 2 架 737 MAX 9，使我們的機隊總數達到 105 架。增加這些飛機後，我們的機隊總數現在包括 68 737-800、28 737 MAX 9 和 9 737-700。這些數字包括一架 737-800 貨機和 Wingo 營運的 9 737-800 架。我們機隊的 2/3 仍然由自有飛機組成，1/3 的飛機是經營租賃飛機。

During the remainder of 2023, we expect to receive one additional aircraft of Boeing 737 MAX 9 to end the year with a total fleet of 106 aircraft. As for our 2024 fleet plan, preliminarily, next year, we expect to receive 15%, 7% of MAX aircraft, including 3 737 MAX 9s and 12 737 MAX 8s. We've published an updated fleet plan of our -- in our Investor Relations website, and we have already secured JOLCO financing for 10 out of the 15 deliveries in 2024.

在 2023 年剩餘時間內，我們預計將再接收一架波音 737 MAX 9 飛機，到年底，機隊總數將達到 106 架。至於我們2024年的機隊計劃，初步預計明年我們將接收15%、7%的MAX飛機，包括3 737 MAX 9和12 737 MAX 8。我們在投資者關係網站上發布了更新的機隊計劃，並且我們已經為 2024 年交付的 15 架飛機中的 10 架獲得了 JOLCO 融資。

Turning now to a return of value to our shareholders. In October, we finalized the execution of our existing share repurchase program. And as published in our earnings release yesterday, our Board of Directors approved a new share repurchase program of $200 million. Additionally, I'm pleased to announce that our Board has ratified the fourth dividend payment of the year of $0.82 per share to be paid on December 15 to all shareholders of record as of November 30th.

現在轉向股東的價值回報。十月份，我們最終確定了現有股票回購計畫的執行。正如我們昨天發布的財報中所發布的，我們的董事會批准了一項 2 億美元的新股票回購計畫。此外，我很高興地宣布，我們的董事會已批准本年度第四次股息支付，每股 0.82 美元，將於 12 月 15 日支付給截至 11 月 30 日在冊的所有股東。

As to our outlook, we can provide the following guidance update for full year 2023. We expect to increase our capacity in ASMs versus 2022 by approximately 13% and we expect to deliver an operating margin within the range of 23%. We're basing our outlook on the following assumptions: load factor of approximately 87%, unit revenues within the range of $0.124, CASM ex-fuel to be in the range of $0.06 and we are expecting an all-in fuel price of $3.02 per gallon.

至於我們的展望，我們可以為 2023 年全年提供以下指導更新。我們預計 ASM 產能較 2022 年增加約 13%，營業利潤率預計在 23% 範圍內。我們的前景基於以下假設：載客率約為 87%，單位收入在 0.124 美元範圍內，CASM 不含燃料費用在 0.06 美元範圍內，我們預計總燃料價格為每人 3.02 美元加侖。

In anticipation of 2024, we are projecting a year-over-year capacity increase between 12% and 14%. Additionally, we anticipate our CASM ex-fuel to be in the range of $0.059, aligning with our goal to achieve a CASM ex-fuel of $0.058 by 2025. This outlook reflects our continuous commitment to our operational excellence. Thank you.

預計到 2024 年，我們預計產能將年增 12% 至 14%。此外，我們預計 CASM 不含燃料費用將在 0.059 美元範圍內，這與我們到 2025 年實現 CASM 不含燃料費用為 0.058 美元的目標一致。這一前景反映了我們對卓越營運的持續承諾。謝謝。

And with that, we'll open the call for some questions.

接下來，我們將開始詢問一些問題。

(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。

If I might ask on the revenue front, you took kind of the outlook up here for 2023. And it doesn't seem like the competitive capacity, you've seen any pullback since your last update and I don't think your capacity has even kind of come down and -- just curious what you're seeing in the market that's driving that strength? And just any color on if there is any kind of regional differences and how you see that continuing?

如果我問一下收入方面的問題，您對 2023 年的前景進行了展望。這似乎不是競爭能力，自上次更新以來您已經看到了任何回落，我認為您的能力沒有下降。甚至有點下降——只是好奇你在市場上看到了什麼推動了這種力量？如果存在任何地區差異，您認為這種情況如何持續下去？

Savi, it's Pedro. Demand is staying strong in spite of the additional capacity that's coming in from ourselves and especially from other airlines. I don't think there's specific reason for that. I mean the currencies have stayed strong also in Latin America. So that doesn't hurt. And the U.S. economy is doing well also. So I think all those factors are contributing for demand to remain robust in spite of the capacity.

薩維，我是佩德羅。儘管我們自己，尤其是其他航空公司增加了運力，但需求仍然強勁。我認為這沒有什麼具體原因。我的意思是拉丁美洲的貨幣也保持堅挺。所以這並沒有什麼壞處。美國經濟也表現良好。因此，我認為，儘管產能有限，但所有這些因素都導致需求保持強勁。

I would say, Savi, only that in general terms, and this applies throughout the network and all the different regions that we're at. In general, still very robust.

我想說的是，薩維，這只是籠統地說，這適用於整個網路和我們所在的所有不同區域。整體來說還是很穩健的。

That's helpful. And if I might ask on the -- after the convert is done and the share buybacks that you've done so far, where does the share count stand today?

這很有幫助。如果我可以問一下——在完成轉換和迄今為止您所做的股票回購之後，今天的股票數量是多少？

We're at 42 million shares -- around 42 million shares right now, Savi.

我們有 4200 萬股——現在大約有 4200 萬股，薩維。

Our next question comes from Duane Pfennigwerth with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

This is [Jake] on for Duane. First question, on non-op. Is that the new run rate for non-op? Or were there any onetime benefits this quarter? And then could you just remind us what the actual interest expense through the P&L was given that it was different from what the coupon rate would indicate from the convert?

這是杜安的[傑克]。第一個問題，關於非操作。這是非操作的新運行率嗎？或者本季有什麼一次性的好處嗎？然後您能否提醒我們，損益表中的實際利息支出與轉換後的票面利率不同？

Yes, Jake, I would summarize that taking aside the effect of the convert that we retired and going forward, I would say that our finance cost line would probably go down by approximately $10 million per quarter. So I would say that's the way to model it. The remainder of the non-op lines in general terms are in line with just simply the debt levels that we have and the average cost of debt that I mentioned that is about 3.4% right now and the yields that we have in terms of our investments. I would say that's -- the big change going forward, I would say, is the reduction in the finance cost line not associated with the coupon, but rather associated with the way the accounting for the convert work, it was like a noncash item that passed through the P&L and it was around $10 million per quarter.

是的，傑克，我總結一下，撇開我們退休和未來轉換的影響，我想說我們的財務成本線可能每季下降約 1000 萬美元。所以我想說這就是建模的方式。一般來說，其餘的非營運項目與我們的債務水平和我提到的目前約為 3.4% 的平均債務成本以及我們的投資收益率一致。我想說的是，未來的重大變化是財務成本線的減少，與優惠券無關，而是與轉換工作的會計方式相關，它就像一個非現金項目，通過損益表，每季度約為1000 萬美元。

Right. That makes sense. And then just to go a little bit deeper into 2024 capacity growth. Could you just break out the components and the pacing of that seat, stage length, gauge, et cetera?

正確的。這就說得通了。接著更深入探討 2024 年產能成長。能簡單介紹一下該座位的組成部分和節奏、舞台長度、軌距等嗎？

I would say, Jake, that the majority of the growth for next year is going to be frequencies. Here we have it broken down is about, call it, about 70% of the capacity growth is going to be in additional frequencies into markets that we operate already. Then about, let's say, about 25% is going to be around full year effect of growth that we performed throughout 2023, that sort of lapse the year. And then the remainder is, call it, a new service that we're starting in 2024. That's kind of how we're placing it. So the vast majority is just frequencies into markets that we're really present in.

傑克，我想說，明年的成長大部分將來自於頻率。在這裡，我們將其細分為，大約 70% 的產能成長將以額外的頻率進入我們已經經營的市場。然後，大約 25% 左右將是我們在 2023 年全年實現的成長的影響，即這一年的損失。然後剩下的就是我們將於 2024 年啟動的一項新服務。這就是我們的定位方式。所以絕大多數只是進入我們真正存在的市場的頻率。

And so with the patient of that be steady here?

那麼，這裡的病人要保持穩定嗎？

In general terms, throughout a year, you say, a cadence. A little bit of a -- yes, I would say, in general terms, steady. I don't think there is a particular bumps throughout the year, given the majority of it is -- or a portion of it is full year effect.

一般來說，一年中，你會說，一個節奏。是的，我想說，總的來說，有點穩定。我認為全年不會出現特別的波動，因為其中大部分是——或者其中一部分是全年影響。

Our aircraft deliveries in any case are spread throughout the year. So that's another reason.

無論如何，我們的飛機交付量分佈在全年。所以這是另一個原因。

Our next question comes from Guilherme Mendes with JPMorgan.

我們的下一個問題來自摩根大通的吉爾赫姆·門德斯。

Two questions as well. The first one is on the fleet plan. You guys mentioned about 15 deliveries next year on MAXs. If you see any kind of bottlenecks come from Boeing or any risk on this 15 aircraft deliveries? I understand that you mentioned that 10% are really secure in terms of financing. So if there's any kind of risk for this additional 5?

還有兩個問題。第一個是艦隊計畫。你們提到明年 MAX 的交付量約為 15 架。您是否發現波音有任何瓶頸或這 15 架飛機的交付有任何風險？我知道你提到10%在融資方面確實是有保障的。那麼這額外的 5 個是否有任何風險呢？

Yes. So the second question is regarding to the CASM ex-fuel guidance for next year, cutting price to see lower CASM ex-fuel? And maybe if you could comment on what are the main initiatives thinking that there's any kind of labor pressure, any out of initiatives to sustain this higher efficiency?

是的。那麼第二個問題是關於明年 CASM 不含燃料的指導，是否會降價以降低 CASM 不含燃料的價格？也許您可以評論一下認為存在任何形式的勞動力壓力的主要舉措是什麼，有哪些舉措可以維持這種更高的效率？

Yes. So a few things. In terms of the aircraft deliveries, 11 of the 15 deliveries scheduled for next year are already financed with JOLCO. So that's pretty much said. And in terms of delivery dates, this is the latest we have from Boeing, some aircraft passed from one aircraft at least passes from 2023 to 2024. That's why the number increased to 15%. So it's the best information we have right now. And again, most of the financing is already in place.

是的。所以有幾件事。在飛機交付方面，計劃於明年交付的 15 架飛機中，有 11 架已經由 JOLCO 提供融資。所以說的已經差不多了。就交貨日期而言，這是我們從波音公司得到的最新消息，其中一架飛機至少從2023年到2024年交付了一些飛機。這就是為什麼這個數字增加到15%。所以這是我們目前掌握的最好資訊。同樣，大部分融資已經到位。

Yes. But they're -- I mean, we're still unsure Boeing, all aircraft manufacturers are facing supply chain issues. So we have our conversation going with them. But I -- for now, in our -- in terms of our guidance, I have to start by saying that it's a preliminary guidance that we issued for a year. We'll issue our formal guidance in February, but in general terms, it's in line with our expectations in terms of aircraft deliveries for 2024.

是的。但他們——我的意思是，我們仍然不確定波音，所有飛機製造商都面臨供應鏈問題。所以我們和他們進行了對話。但就目前而言，就我們的指導而言，我必須先說，這是我們發布了一年的初步指導。我們將在 2 月發布正式指引，但總體而言，它符合我們對 2024 年飛機交付量的預期。

And in terms of CASM for next year, I would say that the main areas of opportunities, first of all, is our continue working our distribution. Our team has been doing a great job there with the Copa Connect project and our new distribution strategy. Number two, we are continuing with our fleet densification of our 737-800 fleet on the Copa Airlines side. So that will provide some CASM benefits.

就明年的 CASM 而言，我想說，主要的機會領域首先是我們繼續進行分銷工作。我們的團隊在 Copa Connect 專案和新的分銷策略方面做得非常出色。第二，我們正在繼續加強巴拿馬航空方面 737-800 機隊的機隊密度。這將帶來一些 CASM 的好處。

Third, we continue working with our efficiencies in terms of overhead and some of the growth that -- efficiencies that we get with the growth that we have for next year. And finally, while we're on track to resolve the feeding issues that we've had with the leap. So I think that's another one that you have to consider over the next several months as well.

第三，我們繼續努力提高管理費用和一些成長的效率——我們透過明年的成長所獲得的效率。最後，當我們有望解決跳躍時遇到的餵食問題時。所以我認為這是你在接下來的幾個月裡必須考慮的另一件事。

One moment for our next question. Our next question comes from Michael Linenberg with Deutsche Bank.

請稍等一下我們的下一個問題。我們的下一個問題來自德意志銀行的麥可‧林伯格（Michael Linenberg）。

Jose, I want to go back to just on next year's 12% to 14% frequency. It sounds like 5% to 10% of the ASMs are going to be new service. Maybe more specifically, what is the plan with a number of new dots on the map or a number of new cities? Is this 2 or 3 or 4 cities? Is it going to be like what we saw this year where you added -- I think it was what 4 new cities, maybe 5 new cities?

Jose，我想回到明年 12% 到 14% 的頻率。聽起來 5% 到 10% 的 ASM 將成為新服務。也許更具體地說，地圖上的一些新點或一些新城市的計劃是什麼？這是2個、3個還是4個城市？是否會像我們今年看到的那樣——我認為是 4 個新城市，也許是 5 個新城市？

Mike, I'll answer that one. So maybe we'll help a bit more -- maybe we'll have a little bit more information in February and we'll make a few announcements. But right now, there's not much we can share. We're working on many possibilities. And it should be more than a few, but we don't want to give a target because we don't really know it's kind of early and we're still planning. We usually start new cities midyear and at the end of the year. So we still have some months to go.

麥克，我來回答這個問題。因此，也許我們會提供更多幫助——也許我們會在二月份獲得更多信息，並且我們會發布一些公告。但現在，我們可以分享的不多。我們正在研究多種可能性。應該不只幾個，但我們不想給一個目標，因為我們真的不知道現在還為時過早，而且我們仍在計劃中。我們通常在年中和年底啟動新城市。所以我們還有幾個月的時間。

Very good. Just my second question, Wingo is 9 airplanes now, in a more frequency or more routes as we move through this year. Is the plan to keep Wingo at 9 airplanes in 2024?

非常好。我的第二個問題是，Wingo 現在有 9 架飛機，隨著今年我們的飛行頻率或航線的增加，數量也會增加。到 2024 年，Wingo 的飛機數量是否計劃保持在 9 架？

That is the plan -- that's the plan as of right now, given the dynamics of the Colombian market and yes. So yes, that's the plan right now.

這就是計劃——考慮到哥倫比亞市場的動態，這就是目前的計劃，是的。是的，這就是現在的計劃。

Okay. Great. And then just my last question, when I think about you have a significant cost of capital advantage, when I think about some of the other big debt deals that we've seen some of your competitors launched over the last 12 to 18 months. And so that 3.4% cost of debt that's low. As we think about the 10 or 11 airplanes that have already been financed with JOLCOs, does that change that 3.4%? How should we think about your average financing as you reach for'24?

好的。偉大的。然後是我的最後一個問題，當我想到你們擁有顯著的資本成本優勢時，當我想到我們看到你們的一些競爭對手在過去 12 到 18 個月推出的其他一些大型債務交易時。因此 3.4% 的債務成本很低。當我們考慮已經透過 JOLCO 融資的 10 或 11 架飛機時，這是否會改變 3.4%？當您達到 24 歲時，我們應該如何考慮您的平均融資狀況？

Yes. I'll give you a data point, Mike, and you could argue that an incremental aircraft right now, it's in the range of around 5% so we're a little higher. But we -- by the way, we have our -- 80% of our fleet is financed on their fixed rate. So the changes in interest rates have not affected us significantly. But given the current environment, our last set of aircraft on variable rates. So we'll enjoy the benefit of if and when rates come down. So -- but it's around the 5% range, still very good.

是的。麥克，我會給你一個數據點，你可能會說，現在增量飛機的增量在 5% 左右，所以我們稍微高一點。但順便說一句，我們 80% 的機隊都是以固定利率融資的。所以利率的變動對我們影響不大。但考慮到目前的環境，我們最後一組飛機的費率是可變的。因此，如果利率下降，我們將享受好處。所以——但大約在 5% 的範圍內，仍然非常好。

One moment for our next question. Our next question comes from Rogério Araújo with Bank of America.

請稍等一下我們的下一個問題。我們的下一個問題來自美國銀行的 Rogério Araújo。

Congratulations on the results, I have 2, one on RASM. I know you didn't provide any guidance for '24 but can you give us the -- what you're seeing in the booking curve for next year? Can you give us an expected direction? Is it coming down versus 2023 because of extra capacity coming in or it's still unknown at this moment? And the second question is regarding a mismatch between jet fuel price and oil in 3Q. It didn't happen only for Copa, but all the peers in the region. What is driving that? Is it sustainable going forward?

恭喜你的結果，我有 2 個，其中一個是 RASM。我知道您沒有提供 24 世紀 24 日的任何指導，但您能否告訴我們您在明年的預訂曲線中看到了什麼？您能給我們一個預期的方向嗎？與 2023 年相比有所下降是因為額外產能的增加還是目前仍未知？第二個問題是關於第三季航油價格與石油價格的錯配。這不僅發生在美洲杯上，也發生在該地區的所有同行身上。是什麼推動了這一點？未來是否可持續發展？

Okay. So I'll start with the first one. And yes, we're not giving RASM guidance for '24. Still early and our visibility is always like 3 months or 2 months into the future. So what we're seeing so far, which would be early 2024, is that the revenue strength stayed robust, it's following the same trend we've seen in Q3 and Q4. So even with the capacity that you mentioned, revenues are staying strong so far.

好的。所以我將從第一個開始。是的，我們不會為 '24 提供 RASM 指導。現在還為時過早，我們的能見度總是在 3 個月或 2 個月後。因此，到目前為止，也就是 2024 年初，我們看到的是收入強勁，它遵循我們在第三季和第四季看到的相同趨勢。因此，即使具有您提到的產能，迄今為止收入仍保持強勁。

Yes. In terms of fuel mismatch between jet and crude, yes, the crack of jet fuel spiked during the quarter and it's in the range. It's a little bit over $40 right now per barrel. So it's historically -- not historically high, but it is at a higher level than what it was on a regular basis. And -- but you know what, we've learn to manage our fuel expense and in terms of recapping or recouping some of this incremental expense in our unit revenues and we've done that in the fourth quarter with our revised guidance. And so it's -- I think in the end, it's something we know how to do.

是的。就噴氣機和原油之間的燃料不匹配而言，是的，噴氣機燃料的裂縫在本季度激增，並且在範圍內。目前每桶價格略高於 40 美元。因此，從歷史上看，它並不是歷史上的高位，但它處於比常規水平更高的水平。而且 - 但你知道嗎，我們已經學會了管理我們的燃料費用，並在我們的單位收入中重新計算或收回部分增量費用，我們已經在第四季度通過修訂後的指導做到了這一點。所以我想最終我們知道該怎麼做。

Sounds great. And one follow-up on that last one. Is the few guidance, it includes the current curve?

聽起來很棒。還有最後一個的後續。是很少的指導，它包括當前的曲線嗎？

Yes, yes, absolutely. It's a current jet curve as of like 2 days ago, yes. So we -- there -- it's all in. It's our average fuel price all in. We see $0.06 above the last guidance that we provided by in August.

是的，是的，絕對是的。是的，這是大約兩天前的當前噴射曲線。所以我們——那裡——全部投入。這是我們的平均燃油價格。我們認為比我們 8 月提供的最後指導價格高出 0.06 美元。

One moment for our next question. Our next question comes from Stephen Trent with Citi.

請稍等一下我們的下一個問題。我們的下一個問題來自花旗集團的史蒂芬‧特倫特。

I definitely appreciate the color on 2024. As you think about that build-out, are you content with maintaining those 6 daily flight banks at Tocumen? Or do you think you could make some possible adjustment to that with the 2024 growth?

我非常欣賞 2024 年的顏色。當您考慮擴建時，您對在托庫門維持 6 個每日航班庫感到滿意嗎？或者您認為隨著 2024 年的成長，您可以對此做出一些可能的調整嗎？

Yes. Not in '24. I mean we could make adjustments in the future, but that's not the plan in '24. We think we can still strengthen our 6 bank structure. There are opportunities, there are gaps that we can fill and further strengthen our whole network. So that's the plan for now.

是的。不是24年的。我的意思是我們將來可以做出調整，但這不是 24 年的計畫。我們認為我們仍然可以加強我們的 6 家銀行結構。我們可以填補並進一步加強我們的整個網絡，其中有機會、有空白。這就是目前的計劃。

Perfect page. I appreciate that. And as my follow-up, looking at this, a very good ex-fuel, CASM color for 2024 to what degree do you think some of that might be coming from tilt towards more direct channel sales, for example?

完美的頁面。我很感激。作為我的後續行動，看看這個，2024 年非常好的前燃油 CASM 顏色，您認為其中一些可能在多大程度上來自於向更直接的管道銷售傾斜？

Sure. No, absolutely. That's a big portion of our strategy for having a multiyear CASM target, clearly sub-6, it's been driven in large part through our Copa Connect strategy. It's been working on great over the last several months. So that's certainly a big portion of our continued track towards 5.9% in 2024 and 5.8% 2025.

當然。不，絕對是。這是我們制定多年 CASM 目標（顯然是 6 歲以下）策略的重要組成部分，它在很大程度上是透過我們的 Copa Connect 策略推動的。在過去的幾個月裡，它一直運作良好。因此，這無疑是我們繼續邁向 2024 年 5.9% 和 2025 年 5.8% 目標的重要組成部分。

And also, Stephen, it's holding overhead, holding fixed costs tight, so we benefit from the growth in ASMs. That's another way we're achieving our numbers.

而且，史蒂芬，它可以控制管理費用，控制固定成本，因此我們可以從 ASM 的成長中受益。這是我們實現目標的另一種方式。

Yes. And look, I mean we're talking about CASM, there's always headwinds of items that we might not control. There might be whatever, aerospace, charge increases in different countries, et cetera, and that's the sort of thing or inflationary pressures because of ARB. As partners we try to counter those with our own internal efficiencies and with projects such as Copa Connect or diversification, et cetera. So we always have our guard up in terms of keeping our costs as low as they can be.

是的。看，我的意思是我們正在談論 CASM，總是有一些我們可能無法控制的逆風。可能會出現諸如航空航太、不同國家收費增加等問題，這就是 ARB 帶來的通膨壓力。作為合作夥伴，我們試圖用我們自己的內部效率和 Copa Connect 或多元化等項目來對抗那些人。因此，我們始終保持警惕，將成本保持在盡可能低的水平。

Okay. That's very, very helpful. And see you in a few weeks.

好的。這非常非常有幫助。幾週後見。

One moment for our next question. Our next question comes from Daniel McKenzie with Seaport Global.

請稍等一下我們的下一個問題。我們的下一個問題來自 Seaport Global 的 Daniel McKenzie。

I guess following up on that last question, going back to Copa Connect and to lower distribution costs. I'm wondering if you can just help us put some numbers around what that means exactly. So what you're seeing on cost savings and specifically from this initiative? And how the change in the distribution strategy is helping you to drive more revenue. So maybe just related to that, what percent of the passengers coming to copa.com are actually purchasing a ticket with an upsell feature, for example?

我想跟進最後一個問題，回到 Copa Connect 並降低分銷成本。我想知道你是否可以幫助我們用一些數字來說明這到底是什麼意思。那麼您在成本節約方面，特別是從這項舉措中看到了什麼？以及分銷策略的變化如何幫助您增加收入。因此，也許與此相關的是，例如，造訪 copa.com 的乘客中實際購買具有追加銷售功能的機票的百分比是多少？

Okay. So let me start with a few general comments, then I'll give Jose some time too. To see how much of the info you're asking. We can gather quickly. But first thing I would say is that, as Jose mentioned, our direct distribution strategy, which we call Copa Connect has been very successful. And to date, we are already over 70% direct sales, including the NDC channel for the agencies. So when we add our website, our other direct channels and the agencies that connect through our NDC channel, we're over 70%.

好的。讓我先發表一些一般性評論，然後我也會給何塞一些時間。查看您詢問的資訊有多少。我們可以很快集合。但我首先要說的是，正如 Jose 所提到的，我們的直接分銷策略（我們稱之為 Copa Connect）非常成功。迄今為止，我們的直銷率已經超過 70%，其中包括代理商的 NDC 管道。因此，當我們添加我們的網站、其他直接管道以及透過我們的 NDC 管道連接的代理商時，我們的比例超過了 70%。

It used to be the other way around, a year over a year ago when we first started. So that in itself it's a significant change and it surpassed our projections for this year. Then by going direct, via -- be it through the NDC channel or our website, we're able to offer more options for passengers. We're able to work on the upsell and a significant percent of the passengers that buy in the website and NDC for sure, are upselling. And only we have with us right now the exact percentage, but it's important. And it's a valid question because, of course, our lowest fares come with additional ancillaries like seats and bags. But then upselling, it's also a very important revenue stream for us.

過去情況正好相反，一年多前我們剛開始的時候。因此，這本身就是一個重大變化，並且超出了我們今年的預測。然後，透過直接、透過 NDC 管道或我們的網站，我們能夠為乘客提供更多選擇。我們能夠進行追加銷售，並且在網站和 NDC 上購買的乘客中，有很大一部分肯定是在追加銷售。目前只有我們掌握確切的百分比，但這很重要。這是一個有效的問題，因為當然，我們的最低票價也附帶座位和行李等額外的輔助設施。但追加銷售對我們來說也是非常重要的收入來源。

Yes, Dan, I would say that in terms of cost, the channel shifting and Copa Connect strategy, good argue call it, $0.001 of cash on this, provided for us -- for this year. And in terms of the value of ancillaries, within -- I don't know, we've probably quadrupled. The value of ancillaries is back in 2018. So in terms of revenue. So there is, of course, within that upsell of product -- of folks that are buying tickets through our channel. So yes, it's actually grown quite a bit over the last -- so it's back in 2019, call it, 4x the level of where we were. And that's information that we shared back in our Investor Day a couple of months ago.

是的，丹，我想說，就成本、通路轉移和 Copa Connect 策略而言，很好的說法是，今年為我們提供了 0.001 美元的現金。就輔助設備的價值而言，我不知道，我們可能已經翻了兩番。輔助設備的價值回到了 2018 年。就收入而言。因此，當然，在產品的追加銷售中——透過我們的管道購買門票的人們。所以，是的，它實際上比過去增長了很多——所以它回到了 2019 年，可以說是我們原來水平的 4 倍。這是我們在幾個月前的投資者日分享的訊息。

Yes. Very good. And then second question here. Historically, Copa has targeted 18% to 20% operating margins. And in light of this year's results, I guess my next question is how investors should really think about steady-state margins? Are the initiatives in place today enough to help you punch above what you've done historically?

是的。非常好。然後是第二個問題。從歷史上看，Copa 的目標是 18% 至 20% 的營業利潤。鑑於今年的結果，我想我的下一個問題是投資者應該如何真正考慮穩態利潤率？今天採取的措施是否足以幫助您超越歷史？

Well, now you're asking for 2024 guidance in a direct way. So we have to wait until February for that. But we have the wind in our back right now. And what that means for steady state in the future. It's going to depend on how external factors change, fuel capacity from competitors et cetera, et cetera.

好吧，現在您正在以直接的方式請求 2024 年指導。所以我們必須等到二月。但現在我們背後有風。這對未來的穩定狀態意味著什麼。這將取決於外部因素如何變化、競爭對手的燃料容量等等。

But we are really pleased with our operating margin guidance of 23% for the year '24 -- full year 2023. It's a pretty good result. I think it's certainly -- it's been a very, very good year so far.

但我們對 24 年（即 2023 年全年）的營業利潤率指引為 23% 感到非常滿意。這是一個相當不錯的結果。我認為，到目前為止，這是非常非常好的一年。

Our next question comes from Bruno Amorim with Goldman Sachs.

我們的下一個問題來自高盛的布魯諾·阿莫林。

I have a follow-up on this question on margins. I'm not asking for '24 guidance, but just wanted to hear from you what were in your view, the big changes that could eventually have led to those higher margins? We can understand to what extent they are sustainable. I understand there are some cost efficiencies, ex-fuel CASM is performing well (inaudible) levels. But if you look on a total CASM perspective, it is still higher versus 2019, right? Because that ex-fuel is much higher. So maybe the answer comes from the revenue side. And then on the revenue side, maybe one could argue there is less competition now post-pandemic? Is that the main change? Or is there anything else that you believe could justify much higher unit revenues on a sustainable basis?

我對這個問題在邊際上有一個後續行動。我並不是在尋求 24 年的指導，只是想聽聽您的看法，最終可能帶來更高利潤的重大變化？我們可以了解它們在多大程度上是可持續的。據我所知，有一些成本效率，無燃料 CASM 表現良好（聽不清楚）。但如果從整體 CASM 角度來看，它仍然比 2019 年更高，對吧？因為那個前燃料高很多。所以也許答案是來自收入方面。然後在收入方面，也許有人會說疫情後競爭減少了？這是主要的改變嗎？或者您認為還有什麼其他因素可以證明在可持續的基礎上大幅提高單位收入是合理的？

So Bruno, I'll say 3 things, 3 general concepts that are important coming out of the pandemic. And they are playing in different directions. So the #1 surprise out of the pandemic was that demand came back a lot quicker than what anyone expected. And it has remained strong overall in our region, in the Americas and it is still robust through the day. So of course, demand has been a positive change.

布魯諾，我要說三件事，三個在大流行中非常重要的一般概念。他們正在朝著不同的方向進行比賽。因此，疫情帶來的第一大驚喜是需求的恢復速度比任何人的預期都要快得多。在我們地區和美洲，整體表現仍然強勁，並且一整天都保持強勁。當然，需求是一個正面的改變。

The other, I would say, surprised coming out of the pandemic, which works in a different direction in the opposite direction. It's how much growth there has been in aviation, in our region, how much growth by the airline industry in general, that also surprised us coming out. So capacity came back quicker than what we would have expected, and it's actually above pre-pandemic levels.

我想說的是，另一個令人驚訝的是大流行的出現，它在相反的方向上發揮不同的作用。我們地區航空業的成長速度，整個航空業的成長速度，也讓我們感到驚訝。因此，產能的恢復速度比我們預期的要快，而且實際上高於疫情前的水平。

And then the third concept I want to share, which is more a Copa-specific is that we work really hard during the pandemic, even while we were shut down for almost 5 months, we never stopped working on 2 things and one was working on our cost, on the cost side, on doing all the investments and changes that were going to make us more efficient going forward, including Copa Connect, a lot of technological enhancements and same thing for revenues, which, in a way, some are related to Copa Connect, others are not. So we've worked very hard in our revenue-related technology, on the revenue team, and we are a much more efficient, competitive airline from the revenue side and from the cost side. So I would say those are 3 general concepts that have a lot to do with where we are today.

然後我想分享的第三個概念，更多的是針對美洲杯的，是我們在大流行期間非常努力地工作，即使我們被關閉了近5 個月，我們從未停止做兩件事，其中一件正在做我們的成本，在成本方面，進行所有投資和變革，這些投資和變革將使我們未來更加高效，包括Copa Connect、許多技術改進和收入方面的同樣的事情，在某種程度上，其中一些是相關的到 Copa Connect，其他則不然。因此，我們在收入相關技術和收入團隊方面非常努力，從收入方面和成本方面來看，我們都是一家更有效率、更具競爭力的航空公司。所以我想說，這三個一般概念與我們今天的處境有很大關係。

And in terms of the competitive dynamics, what can you comment?

就競爭動態而言，您有何評論？

Growth competitive is dynamic. It's growing. It's strong. It's now mostly LCCs or ULCCs, in our region. Most of our competitors are ULCCs or LCC, either because they were born that way or they converted to that model. So that in a way has made us become a lot more efficient, and that's the vision we had from before. So we were not surprised.

成長競爭是動態的。它正在增長。它很強。現在我們地區主要是低成本航空或超大型航空企業。我們的大多數競爭對手都是 ULCC 或 LCC，要么是因為它們生來就是這樣，要么是因為他們轉變為這種模式。因此，這在某種程度上使我們變得更有效率，這就是我們之前的願景。所以我們並不感到驚訝。

We were preparing for this from way back and we're meeting the challenge. We have the tools. We have a strong network. We have the hub, we have the cost, and we're still working on additional efficiency. And we think there's room for all. I mean we've done -- our success is not dependent on the failure of others, especially if the market continues on a healthy pace. But we worry about ourselves and we're just making -- we're just making Copa a better, more competitive airline. But yes, competition has grown. And right now, many of our competitors are growing actually at a faster rate than we are.

我們很早就為此做好了準備，現在我們正在迎接挑戰。我們有工具。我們擁有強大的網路。我們有樞紐，有成本，而且我們仍在努力提高效率。我們認為所有人都有空間。我的意思是我們已經做到了——我們的成功並不依賴於其他人的失敗，特別是如果市場繼續保持健康的步伐的話。但我們擔心自己，我們只是在努力讓巴拿馬巴拿馬航空成為一家更好、更有競爭力的航空公司。但是，是的，競爭已經加劇。現在，我們的許多競爭對手的成長速度實際上比我們更快。

Our last question comes from Savi Syth with Raymond James.

我們的最後一個問題來自薩維·賽斯和雷蒙德·詹姆斯。

If I might, just curious if you can honing on business demand. It seems like there's a slight pickup in other regions. And I'm wondering if you're seeing that in? And particularly in Panama, I'm wondering if the drought is having any impact or the economy is still pretty strong?

如果可以的話，我只是好奇你是否可以根據業務需求來磨練。其他地區似乎略有回升。我想知道你是否看到了這一點？特別是在巴拿馬，我想知道乾旱是否有影響，或者經濟仍然相當強大？

Yes. So business demand has not changed much from the previous 2 quarters. It used to be above 30%. It's now in the 25% range, but it has been replaced by, I would say -- I mean, by leisure but also by the higher segment of leisure travelers because we're doing better in business class revenues than what we were doing pre-pandemic and with less business demand. So in a way, it has been replaced. We're not missing it, even though we're happy to see it grow and hopefully, will grow at a faster pace in the future.

是的。因此業務需求較前2季沒有太大變化。以前是30%以上。現在在 25% 的範圍內，但我想說，它已經被休閒旅客所取代，而且也被休閒旅客的較高部分所取代，因為我們在商務艙收入方面的表現比之前更好。- 大流行且業務需求減少。所以在某種程度上，它已經被取代了。我們並沒有錯過它，儘管我們很高興看到它的成長，並希望未來會以更快的速度成長。

The Panama Canal, of course, has been affected by the El Nino drought in the region, and it has restricted the transit of ships, but it's not having, I would say, a significant impact on the economy of Panama. The economy is still expected to be one of the fastest-growing economies in Latin America. And in spite of the adjustments the Panama Canal needs to make because of El Nino. But again, it's not having a drastic impact on our economy. And it's still a small percent of the revenues are being affected in a way -- in the news is probably exaggerating the problem.

當然，巴拿馬運河受到該地區厄爾尼諾乾旱的影響，限制了船舶的通行，但我想說，這並沒有對巴拿馬的經濟產生重大影響。預計該經濟仍將是拉丁美洲成長最快的經濟體之一。儘管由於厄爾尼諾現象巴拿馬運河需要做出調整。但同樣，它並沒有對我們的經濟產生重大影響。而且仍有一小部分收入受到某種程度的影響——新聞可能誇大了這個問題。

That concludes the question-and-answer session. At this time, I would like to turn the call back to Pedro Heilbron for closing remarks.

問答環節到此結束。此時，我想將電話轉回給佩德羅·海爾布隆 (Pedro Heilbron)，讓其致閉幕詞。

Thank you. Thank you, operator. So thank you to all. This concludes our earnings call. As always, thank you for participating and special thanks for your continued support to Copa Holdings. So I hope you have a great day.

謝謝。謝謝你，接線生。謝謝大家。我們的財報電話會議到此結束。一如既往，感謝您的參與，並特別感謝您對 Copa Holdings 的持續支持。所以我希望你度過愉快的一天。

Ladies and gentlemen, thank you for your participation. That concludes the presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，感謝您的參與。演示到此結束。您現在可以斷開連接，並度過美好的一天。