Copa Holdings SA (CPA) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Copa Holdings fourth quarter earnings call.

歡迎參加 Copa Holdings 第四季財報電話會議。

(Operator Instructions) As a reminder, this call is being webcast and recorded on February 8, 2024.

（操作員說明）謹此提醒，本次通話於 2024 年 2 月 8 日進行網路直播並錄製。

I will now turn the conference over to Daniel Tapia, Director of Investor Relations.

我現在將會議交給投資者關係總監 Daniel Tapia。

Sir, you may begin.

先生，您可以開始了。

Thank you, Lisa, and welcome, everyone to our fourth quarter earnings call.

謝謝麗莎，歡迎大家參加我們的第四季財報電話會議。

Joining us today are Pedro Heilbron, CEO of Copa Holdings, and José Montero, our CFO.

今天加入我們的是 Copa Holdings 執行長 Pedro Heilbron 和我們的財務長 José Montero。

First, Pedro will start by going over our fourth quarter highlights, followed by José, who will discuss our financial results.

首先，佩德羅將首先回顧我們第四季的亮點，然後何塞將討論我們的財務表現。

Immediately after we will open the call for questions from analysts.

之後我們將立即開放分析師提問。

Copa Holdings' financial reports have been prepared in accordance with International Financial Reporting Standards.

Copa Holdings 的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.

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。

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.

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。

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.

我們今天的討論還將包含前瞻性陳述，這些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。

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially and are based on assumptions subject to change.

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。

Many of these are discussed in our annual report filed with the SEC.

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.

謝謝你，丹尼爾。

Good morning to all, and thanks for participating in our fourth quarter earnings call. 2023 was a very strong year for Copa.

大家早安，感謝您參加我們的第四季財報電話會議。 2023 年對於美洲杯來說是非常強勁的一年。

As we reported solid financial results.

正如我們報告的穩健的財務表現。

I would like to extend my sincere gratitude to all our co-workers for their commitment to the company and our passengers.

我謹向所有同事對公司和乘客的奉獻表示誠摯的謝意。

As always, they have my deepest respect and admiration.

一如既往，我對他們懷有最深切的敬意和欽佩。

Thanks to a continued healthy demand environment in the region and our consistent execution in keeping ex-fuel unit costs low and increasing revenues.

由於該地區持續健康的需求環境以及我們在維持低燃料單位成本和增加收入方面的一貫執行。

We were able to deliver industry-leading financial results for the quarter and the year.

我們能夠提供業界領先的季度和年度財務業績。

Summarizing the main highlights for Q4.

總結第四季的主要亮點。

Passenger traffic grew 11.1% compared to the same period in 2022, in line with our capacity growth of 11%.

與 2022 年同期相比，客運量成長 11.1%，與我們 11% 的運力成長一致。

As a result, the load factor for the quarter increased by 0.1 percentage points compared to Q4 '22 to 86.7%.

因此，本季的載客率比 22 年第 4 季增​​加了 0.1 個百分點，達到 86.7%。

Passenger yield came in at $0.14, resulting in unit revenues or RASM of $0.127. Unit costs decreased by 6.3% compared to Q4 '22, mainly driven by a lower jet fuel price and lower sales and distribution costs.

客運收益為 0.14 美元，單位收入或 RASM 為 0.127 美元。與 22 年第四季相比，單位成本下降了 6.3%，主要是由於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 came in at $0.06, a 1.6% decrease compared to Q4 2022.

不包括燃料，單位成本或 CASM 為 0.06 美元，與 2022 年第四季相比下降 1.6%。

And our operating margin for the quarter came in at an industry-leading 23.9%.

本季我們的營業利潤率為業界領先的 23.9%。

Now turning to our main highlights for the full year 2023, passenger traffic increased 15.7% compared to 2022, while our capacity grew by 13.4%.

現在轉向我們 2023 年全年的主要亮點，與 2022 年相比，客運量增長了 15.7%，而我們的運力增長了 13.4%。

As a result, our load factor for the year increased 1.8 percentage points to 86.8%.

結果，我們今年的載客率增加了 1.8 個百分點，達到 86.8%。

Unit revenues or RASM increased 3% year over year to $0.125, driven by a 1.6% increase in passenger yields and a 1.8 points increase in load factor mentioned before.

單位收入 (RASM) 年增 3%，達到 0.125 美元，這得益於乘客收益增長 1.6% 和前面提到的載客率增長 1.8 個百分點。

CASM ex-fuel came in at $0.06, 0.3% below 2022.

CASM 不含燃料價格為 0.06 美元，比 2022 年低 0.3%。

And operating margin for the year came in at 23.5%.

今年的營業利益率為 23.5%。

With regards to our network, in 2023 we started serving four new destinations, Austin and Baltimore in the US, Manta in Ecuador, and Barquisimeto in Venezuela.

在我們的網路方面，我們於 2023 年開始為四個新目的地提供服務，即美國的奧斯汀和巴爾的摩、厄瓜多爾的曼塔以及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，我們現在已為北美洲、中美洲、南美洲和加勒比海地區32 個國家的81 個目的地提供服務，並繼續加強和鞏固我們作為拉丁美洲最完善、最便捷的轉機樞紐的地位。

We were able to significantly increase passenger sales through both our copa.com and direct channels and our new lower-cost NDC travel agency channel and are glad to share that as of today, more than 75% of our total sales are sold via these channels, considerably lowering our distribution costs and reducing our dependency on the traditional GDS channels.

我們能夠透過 copa.com 和直接管道以及新的低成本 NDC 旅行社管道大幅增加乘客銷售額，並且很高興與大家分享，截至今天，我們超過 75% 的總銷售額是透過這些管道銷售的，大大降低了我們的分銷成本並減少了我們對傳統GDS 管道的依賴。

To put it in perspective prior to the launch of our new distribution strategy in September 2022, the percentage of sales through our direct channels was only around 40%.

在我們於 2022 年 9 月推出新分銷策略之前，我們的直接通路銷售比例僅為 40% 左右。

On the operational front, Copa was recently recognized by Cirium for the ninth time as the most on-time airline in Latin America in 2023.

在營運方面，Copa 最近第九次被 Cirium 評為 2023 年拉丁美洲最準點的航空公司。

In fact, according to Cirium, Copa's on-time performance of 89.5% was once again the highest of any carrier in the Americas and amongst the highest in the world.

事實上，根據 Cirium 的數據，Copa 89.5% 的準點率再次成為美洲航空中最高的，也是世界上最高的。

Additionally, last year, Copa received multiple recognitions such as from Skytrax for the eighth consecutive year as the best earning in Central America and the Caribbean.

此外，去年，Copa 還獲得了 Skytrax 等多項認可，連續第八年被評為中美洲和加勒比地區收入最高的公司。

From APEX, which qualified Copa as a five-star major airline and from Condé Nast Traveler, which included us as part of the top 15 major international airline in the Readers' Choice Award for 2023.

APEX 將 Copa 評為五星級大型航空公司，Condé Nast Traveler 將我們列為 2023 年讀者選擇獎前 15 名主要國際航空公司之一。

Turning now to Wingo.

現在轉向Wingo。

During 2023, Wingo focused more on its capacity to domestic market with the start of six new routes in Colombia from Bogotá to Barranquilla, Pereira, and Bucaramanga, from Medellín to Cartagena and Santa Marta, and in Panama from Panama City to David.

2023年，Wingo更加重視其國內市場的運力，在哥倫比亞開通了6條新航線，從波哥大到巴蘭基亞、佩雷拉和布卡拉曼加，從麥德林到卡塔赫納和聖瑪爾塔，以及在巴拿馬從巴拿馬城到大衛。

Internationally, Wingo launched two new routes during the year from Bogotá to Caracas, Venezuela and additional route from Cali to Aruba.

在國際方面，Wingo於年內推出了兩條從波哥大至委內瑞拉加拉加斯的新航線以及從卡利至阿魯巴的額外航線。

With these additions, Wingo currently operates 37 routes with service to 23 cities in 11 countries.

加上這些新增航線，Wingo 目前營運 37 條航線，飛往 11 個國家的 23 個城市。

Now I'll go over our expectations for 2024.

現在我將回顧我們對 2024 年的期望。

As you already know, the grounding of 21 of our 737 MAX 9 following the airworthiness directive issued by the FAA impacted our operations from January 6 to January 29.

如您所知，根據 FAA 發布的適航指令，我們的 21 架 737 MAX 9 停飛，影響了我們 1 月 6 日至 1 月 29 日的營運。

This unexpected disruption forced us to cancel around 20% of our daily flight schedule, which represented more than 1,700 flights.

這次意外中斷迫使我們取消了每日航班計劃的約 20%，其中包括 1,700 多個航班。

I'm glad to share that, thanks to our team's hard work, commitment and dedication, we were able to take care of our passengers in the best possible way.

我很高興與大家分享，由於我們團隊的辛勤工作、承諾和奉獻，我們能夠以最好的方式照顧乘客。

And once approved by the FAA, probably we'll return to operations of grounded planes in a safe and reliable manner.

一旦獲得美國聯邦航空局的批准，我們可能會以安全可靠的方式恢復停飛飛機的運作。

Boeing has been and continues to be an important partner for Copa, and we remain committed to our relationship in the long term.

波音公司一直並將繼續是 Copa 的重要合作夥伴，我們將繼續致力於維護我們的長期關係。

Nonetheless, we hold them accountable for the grounding and its impact on our passengers and our financials for which we expect to be fairly compensated.

儘管如此，我們仍要求他們對停飛及其對乘客和財務的影響負責，我們希望獲得公平的補償。

Aside from the impact of the grounding on our Q1 2024 financial and operational results, it seems that this year 737 MAX deliveries are likely to be further delayed, reducing our estimated capacity growth for the year to approximately 10% from our original expectation of between 12% to 14%.

除了停飛對我們2024 年第一季財務和營運業績的影響之外，今年737 MAX 的交付似乎可能會進一步推遲，從而將我們今年的預計運力增長從最初預期的12 架飛機之間減少到約10%。 % 至 14%。

Going forward, we continue to see a healthy demand environment in the region, as we again expect to deliver strong financial results in 2024.

展望未來，我們將繼續看到該地區健康的需求環境，我們再次預計 2024 年將實現強勁的財務業績。

Continuing with our network growth plans, this week, we announced three new destinations that will start to upgrade this summer, Raleigh Durham in the US, Florianópolis in Brazil, and Tulum in Mexico.

繼續我們的網路成長計劃，本週，我們宣布了今年夏天開始升級的三個新目的地：美國的羅利達勒姆、巴西的弗洛里亞諾波利斯和墨西哥的圖盧姆。

With these additions, we'll reach 81 destinations in 32 countries as we continue to solidify our leadership position as a hub with the most international destinations in Latin America.

透過這些新增航班，我們將涵蓋 32 個國家的 81 個目的地，繼續鞏固我們作為拉丁美洲擁有最多國際目的地的樞紐的領導地位。

We believe our business model is as solid and as relevant as ever.

我們相信我們的商業模式一如既往地穩固和相關。

And our bub of the Americas in Panama is the best connecting hub in Latin America, making us the best-positioned airline in our region to consistently deliver industry-leading results.

我們位於巴拿馬的美洲航班是拉丁美洲最好的轉機樞紐，這使我們成為該地區處於最佳位置的航空公司，能夠始終如一地提供業界領先的業績。

To summarize, we delivered industry-leading first quarter and full-year financial results, while continuing to grow capacity.

總而言之，我們交付了業界領先的第一季和全年財務業績，同時繼續擴大產能。

We continue to deliver on our cost execution strategy.

我們繼續實施我們的成本執行策略。

We continue growing and strengthening our network in a most complete and convenient hub for traveling the Americas.

我們將繼續發展並加強我們的網絡，打造一個最完整、最方便的美洲旅行樞紐。

We also continue to see a healthy demand environment in the region and expect to once again deliver strong operating margins in 2024.

我們也繼續看到該地區健康的需求環境，並預計在 2024 年再次實現強勁的營業利潤率。

And as always, our team continues to deliver world-leading operational results.

一如既往，我們的團隊繼續提供世界領先的營運成果。

Now I'll turn it over to José, 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, and good morning, everyone.

謝謝佩德羅，大家早安。

Thanks for being with us today.

感謝您今天和我們在一起。

I'd like to join Pedro in acknowledging our great team for all their efforts for our handling the MAX 9 grounding in the best way possible and of course, for keeping our passengers and our coworkers safe.

我想與 Pedro 一起感謝我們偉大的團隊為我們以盡可能最好的方式處理 MAX 9 接地問題所做的一切努力，當然還有為了確保我們的乘客和同事的安全。

Their commitment is key to our success as a company.

他們的承諾是我們公司成功的關鍵。

I will start by going over the main highlights for the full year 2023.

我首先回顧 2023 年全年的主要亮點。

Our load factor increased year over year by 1.8 percentage points to 86.8%.

客座率較去年同期成長 1.8 個百分點，達到 86.8%。

Unit revenues improved by 3% versus 2022 to $0.125. Mainly driven by a 16% reduction in the average price of jet fuel, our unit cost came in at $0.096, a 7.1% reduction versus 2022, while our ex-fuel unit cost came in at $0.06 or 0.3% lower year over year.

單位收入較 2022 年提高 3%，達到 0.125 美元。主要由於航空燃油平均價格下降 16%，我們的單位成本為 0.096 美元，比 2022 年下降 7.1%，而我們的不含燃油單位成本為 0.06 美元，年減 0.3%。

As a result, our operating margin for the year was 8.3 percentage points higher than in 2022 at 23.5%.

因此，我們今年的營業利潤率比 2022 年高出 8.3 個百分點，達到 23.5%。

Reported net income for the full year 2023 came in at $518.2 million, which translates to earnings per share of $12.89, excluding special items, namely a $156.9 million net charge related mostly to a settlement of the company's convertible notes, which we closed during the third quarter.

Reported net income for the full year 2023 came in at $518.2 million, which translates to earnings per share of $12.89, excluding special items, namely a $156.9 million net charge related mostly to a settlement of the company's convertible notes, which we closed during the third四分之一.

Adjusted net income came in at $675.1 million or adjusted earnings per share of $16.79.

調整後淨利為 6.751 億美元，調整後每股收益為 16.79 美元。

Now turning to our fourth quarter results.

現在轉向我們第四季的業績。

We reported a net profit for the quarter of $191.8 million or $4.55 per share.

我們報告本季淨利潤為 1.918 億美元，即每股 4.55 美元。

Excluding special items, our adjusted net profit came in at $188.4 million or $4.47 per share.

不包括特殊項目，我們調整後的淨利潤為 1.884 億美元，即每股 4.47 美元。

The fourth quarter special items consisted of a $3.4 million unrealized mark-to-market gain related to changes in the value of financial investments.

第四季特殊項目包括與金融投資價值變化相關的 340 萬美元未實現以市值計價的收益。

We reported a quarterly operating profit of $218.9 million and an operating margin of 23.9%.

我們公佈的季度營業利潤為 2.189 億美元，營業利益率為 23.9%。

Capacity came in at [7.2 billion] available seat miles or 11% higher than in Q4 2022.

運能達到 [72 億] 可用座位里程，比 2022 年第四季增加 11%。

Our load factor came in at 86.7% for the quarter, a 0.1 percentage point increase compared to the same period in 2022.

本季我們的載客率為 86.7%，與 2022 年同期相比增加了 0.1 個百分點。

Driven by a 7.1% decrease in yields year over year, unit revenue came in 7.3% lower versus Q4 2022 at $0.127. Mainly driven by lower jet fuel prices, unit cost or CASM decreased to $0.097 or 6.3% lower year over year.

由於收益率年減 7.1%，單位收入較 2022 年第四季下降 7.3%，為 0.127 美元。主要是由於航空燃油價格下降，單位成本或 CASM 下降至 0.097 美元，年減 6.3%。

And finally, our CASM excluding fuel came in at $0.06, a 1.6% decrease versus Q4 2022, mainly driven by lower sales and distribution costs due to a higher penetration of both direct sales and the lower costs NDC travel agency channels.

最後，我們的CASM（不包括燃油）價格為0.06 美元，與2022 年第四季相比下降1.6%，這主要是由於直銷滲透率較高和成本較低的NDC 旅行社管道導致銷售和分銷成本降低。

I'm going to spend some time now discussing our balance sheet and liquidity.

我現在將花一些時間討論我們的資產負債表和流動性。

As of the end of the fourth quarter, we had assets of close to $5.2 billion.

截至第四季末，我們的資產接近52億美元。

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.

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%。

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 0.5 times.

就債務而言，本季末我們的債務和租賃負債為 17 億美元，調整後的淨債務與 EBITDA 比率為 0.5 倍。

I'm pleased to report that our average cost of debt, which continues to be comprised solely of aircraft-related debt is currently in the range of 3.5% with around 70% of our debt being fixed.

我很高興地報告，我們的平均債務成本目前仍僅由飛機相關債務組成，約為 3.5%，其中約 70% 的債務已修復。

Turning now to our fleet.

現在轉向我們的艦隊。

During the fourth quarter, we received three Boeing 737 MAX 9s.

第四季度，我們收到了三架波音 737 MAX 9 飛機。

With these additions, our total fleet is now comprised of 68 737-800s, 29 737 MAX 9s, and 9 737-900s.

增加這些飛機後，我們的機隊總數現在包括 68 737-800、29 737 MAX 9 和 9 737-900。

These figures include one 737-800 freighter and the nine 737-800s operated by Wingo.

這些數字包括 Wingo 營運的一架 737-800 貨機和九架 737-800。

As for 2024 fleet plan, as Pedro mentioned in his remarks, deliveries will likely be further delayed in the year.

至於2024年的船隊計劃，正如佩德羅在演講中提到的，年內交付可能會進一步推遲。

Therefore, we are embedding in our capacity guidance, a preliminary figure of 11 aircraft deliveries for the year 2024.

因此，我們在產能指導中納入了 2024 年交付 11 架飛機的初步數字。

Our current fleet plan calls for receiving three 737 MAX 9s and eight 737 MAX 8s to end the year with a total of 117 aircrafts.

我們目前的機隊計劃要求接收三架 737 MAX 9 和八架 737 MAX 8，到年底，飛機總數將達到 117 架。

We have already secured JOLCO financing for 9 out of these 11 expected deliveries in 2024.

我們已經為 2024 年預計交付的 11 架飛機中的 9 架獲得了 JOLCO 融資。

Turning now to the return of value to our shareholders.

現在轉向股東的價值回報。

I'm pleased to announce that our Board of Directors has approved a dividend payment in 2024 of $1.61 per share per quarter to be paid in the month of March, June, September, and December, subject to Board ratification each quarter.

我很高興地宣布，我們的董事會已批准 2024 年每季每股 1.61 美元的股息支付，將在 3 月、6 月、9 月和 12 月支付，具體取決於董事會每季的批准。

I'd like to highlight that the 2024 dividend payment represents a significant increment year over-year versus the dividend paid during 2023.

我想強調的是，與 2023 年支付的股息相比，2024 年的股息支付同比大幅增加。

The first quarterly payment will be made on March 15 to all shareholders of record as of February 29.

第一季付款將於 3 月 15 日向截至 2 月 29 日在冊的所有股東支付。

As for our outlook, we can provide the following guidance for the full-year 2024, we expect to increase our capacity in our ASMs by approximately 10% year over year, and we expect to delivering operating margin within the range of

至於我們的前景，我們可以為 2024 年全年提供以下指導，我們預計 ASM 產能將同比增長約 10%，並且我們預計營業利潤率將在

(technical difficulty).

（技術難度）。

Yes, you're back into the call.

是的，您又回到通話了。

All right.

好的。

Thank you.

謝謝。

And so for some reason, we got dropped out.

由於某種原因，我們被退學了。

So you can tell this is live.

所以你可以看出這是即時的。

And so I will start again with our outlook part, and it's part of my prepared remarks.

因此，我將再次開始我們的展望部分，這是我準備好的發言的一部分。

So I'm going to -- I was talking about our outlook for the year 2024.

所以我要——我正在談論我們對 2024 年的展望。

And I was saying that we expect to increase our capacity in ASMs by approximately 10% year over year, and we expect to deliver an operating margin within the range of 21% to 23%.

我是說，我們預計 ASM 產能將年增約 10%，我們預計營業利潤率將在 21% 至 23% 範圍內。

We are basing our outlook for the year 2024 on the following assumptions, load factor within the range of 86% to 87%, unit revenues within a range of $0.122, CASM ex-fuel to be in the range of $0.06. And we are expecting an all-in fuel price of $2.85 per gallon.

我們對 2024 年的展望基於以下假設：載客率在 86% 至 87% 範圍內，單位收入在 0.122 美元範圍內，CASM 不含燃油在 0.06 美元範圍內。我們預計總燃油價格為每加侖 2.85 美元。

Our 2024 full-year guidance includes the financial impact from the grounding of 21 of Copa's MAX 9 aircraft, which took place between January 6 and January 29.

我們的 2024 年全年指引包括 1 月 6 日至 1 月 29 日期間 21 架 Copa MAX 9 飛機停飛所造成的財務影響。

Additionally, it accounts for our current estimate of the full-year capacity impact due to the MAX 9 grounding, coupled with anticipated further delivery delays throughout the year.

此外，它還考慮了我們目前對 MAX 9 停飛造成的全年產能影響的估計，以及預計全年的進一步交付延遲。

It's important to know that our preliminary capacity guidance of approximately 10% is subject to adjustments, pending changes in the aircraft delivery schedule for the remainder of 2024.

重要的是要知道，我們大約 10% 的初步運力指導可能會進行調整，以待 2024 年剩餘時間飛機交付時間表的變化。

Thank you.

謝謝。

And with that, we'll open the call for some questions if we are still here, hopefully.

如果我們還在這裡的話，我們將開始徵求一些問題。

(Operator Instructions) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

Hey, good morning.

嗨，早安。

I'm just curious on the trends you're seeing on the premium seating side versus the economy compared to 2019?

我只是好奇與 2019 年相比，您在高級座位方面與經濟艙方面看到的趨勢是什麼？

I know you've talked in the past about a lot of ULCC growth in the region, but I think the mix has changed, and so curious what you're seeing on premium versus economy fares and revenue trends?

我知道您過去曾談論過該地區 ULCC 的大量增長，但我認為這種情況已經發生了變化，因此很好奇您對高級票價與經濟艙票價以及收入趨勢的看法如何？

Sorry, I would say that in general terms, the entire trend of RASM, we're still seeing a very healthy demand environment in the region.

抱歉，我想說的是，總的來說，從 RASM 的整個趨勢來看，我們仍然看到該地區有一個非常健康的需求環境。

However, when you split it down, I think that still we're seeing in the data that we have of customers that are traveling for business purposes that is still somewhat lower than where it was back in 2019.

然而，當你將其拆分時，我認為我們仍然看到出於商務目的而旅行的客戶的數據仍然略低於 2019 年的水平。

But it certainly has been supplemented by the other source of travelers that we're transporting leisure, VFR.

但它肯定得到了我們運送休閒旅客的另一個來源——VFR 的補充。

And there's also business and leisure.

還有商務和休閒。

That has also been supplementing the business travel that we've seen since the pandemic.

這也補充了大流行以來我們所見的商務旅行。

And the front cabin is still doing better than -- doing better year over year.

前艙的表現仍然比去年更好。

So it's doing better than a healthy 2022 or it did better in 2023.

因此，它的表現比健康的 2022 年或 2023 年表現更好。

Interesting, thank you.

有趣，謝謝。

I apologize if I missed this, but how much of the share buyback, have you done?

如果我錯過了，我很抱歉，但你回購了多少股票？

Any thoughts on and just as cash flow this year in terms of what you need for CapEx versus other uses.

關於資本支出與其他用途所需的今年現金流的任何想法。

Sure.

當然。

No look, Savi, during the fourth quarter, we had some activity in the buyback program, but with the MAX situation in January, our priority was mostly in making sure that we got the fleet back in the year.

不，薩維，在第四季度，我們在回購計劃中進行了一些活動，但鑑於一月份的 MAX 情況，我們的首要任務主要是確保我們在今年恢復機隊。

But for the year, we expect our cash flow to be able to sustain the dividend and for us too continuing buying shares in the $200 million program that we have that is active.

但今年，我們預計我們的現金流能夠維持股息，我們也將繼續購買我們正在進行的 2 億美元計劃中的股票。

Thank you.

謝謝。

Aircraft CapEx that we have, we have already as you recalled, financing of our aircraft is 100% via the JOLCO.

正如您所回憶的，我們的飛機資本支出是 100% 透過 JOLCO 進行的。

And then in terms of maintenance CapEx and the like, it's probably in the [150, 180] range.

然後就維護資本支出等而言，它可能在 [150, 180] 範圍內。

So the cash flow for the year, certainly sustains all of our uses of cash.

因此，今年的現金流肯定可以維持我們所有的現金使用。

Perfect.

完美的。

Thank you.

謝謝。

Rogerio Araujo, Bank of America.

羅傑裡奧·阿勞霍，美國銀行。

Yeah, hey, everyone.

是的，嘿，大家。

Thanks a lot for the opportunity and congratulations for the results.

非常感謝您提供的機會並祝賀我們所取得的成果。

I have a couple here.

我這裡有一對。

The first one is on the guidance last quarter.

第一個是關於上季的指導。

In the last quarter call, you guys said that the guidance would depend on external factors, including fuel and capacity from competitors.

在上個季度的電話會議中，你們表示指導將取決於外部因素，包括競爭對手的燃料和產能。

Fuel has been flattish since then.

從那時起，燃料一直表現平淡。

So how about competition?

那麼競爭又如何呢？

Can you please talk a little bit about how it play out, new routes and some kind of aggressivity from any player there.

您能談談比賽的進展、新路線以及任何球員的某種攻擊性嗎？

And I think the main idea here is to check if this margin guidance that is a pretty robust already includes some capacity expansion from peers or if competition is actually less [few] than expected.

我認為這裡的主要想法是檢查這個相當穩健的利潤指引是否已經包括同行的一些產能擴張，或者競爭是否實際上比預期少[少]。

That's the first one.

這是第一個。

Thank you.

謝謝。

Yeah, competition is as expected.

是的，競爭正如預期的那樣。

It hasn't changed from what it was when we gave preliminary guidance a few months ago.

它與我們幾個月前提供初步指導時的情況沒有改變。

Overall, if we put all the competition together in Latin America, the numbers are above where we're growing ourselves.

總的來說，如果我們把拉丁美洲的所有競爭放在一起，這個數字就高於我們自己的成長水平。

It's going to be like we're doing -- we're saying 10% capacity growth.

就像我們正在做的那樣——我們說產能成長 10%。

The competition altogether is probably growing somewhat 50%, a mid-double digit, 50% above that.

競爭總量可能會成長 50%，達到中兩位數，比這個數字高出 50%。

And again, it varies a lot depending on the airline, but that's the same we were seeing before.

同樣，根據航空公司的不同，情況也有很大差異，但這與我們之前看到的相同。

So there hasn't been any change there.

所以那裡沒有任何變化。

And it is included in our guidance for the year.

它已包含在我們今年的指導中。

Okay, sounds perfect.

好吧，聽起來很完美。

Thank you.

謝謝。

And my second question is regarding margins sustainability.

我的第二個問題是關於利潤可持續性。

Copa has been operating at a higher margin than historical levels.

Copa 的營運利潤率一直高於歷史水準。

One of the reasons is the cost reduction that seems to be sustainable.

原因之一是成本降低似乎是可持續的。

But maybe the question is any reason to believe that the industry in the region is also more profitable than pre-COVID and that a margin normalization is to be expected at some point in time.

但也許問題是有任何理由相信該地區的行業也比新冠疫情之前更有利可圖，並且預計在某個時間點利潤率將正常化。

So what do you guys think about the current higher margin sustainability going forward for Copa?

那麼，你們對 Copa 目前較高的利潤率永續性有何看法？

Thank you.

謝謝。

So of course, we're only guiding for 2024, and we're keeping our margin guidance quite high.

當然，我們只提供 2024 年的指導，並且我們保持相當高的利潤率指導。

I would agree that the industry in Latin America is more profitable right now than pre-pandemic.

我同意拉丁美洲的該行業目前比大流行前更有利可圖。

I mean, we've always run a very lean and competitive airline and even more so today than what it was before.

我的意思是，我們一直經營著一家非常精簡且具有競爭力的航空公司，今天比以前更是如此。

We have controlled our distribution costs and actually reduced them significantly with our direct strategy, our direct connect strategy.

我們已經控制了我們的分銷成本，並且實際上透過我們的直接策略、我們的直接連接策略顯著降低了成本。

So that's been significant.

所以這很重要。

We're also more competitive overhead wise and taking advantage of the growth in ASMs.

我們在管理費用方面也更具競爭力，並利用 ASM 的成長。

And I would say that other earnings in the region in their case may be through Chapter 11 and the like, also a more competitive and are also producing better resource overall.

我想說的是，在他們的情況下，該地區的其他收入可能是透過第 11 章等獲得的，這也更具競爭力，並且總體上也產生了更好的資源。

Okay, fair enough.

好吧，很公平。

Thank you very much.

非常感謝。

Congratulations, again.

再次恭喜。

Helane Becker, TD Cowen.

海蘭·貝克爾，TD·考恩。

Thanks very much.

非常感謝。

And first, two questions.

首先，有兩個問題。

One is I noticed that you guys said you were thinking about or had announced Raleigh-Durham as your next US city.

一是我注意到你們說你們正在考慮或已經宣布羅利-達勒姆作為你們的下一個美國城市。

And I'm wondering what the attraction of that market is like, how do you pick that market versus other markets that might have had more demand or is the demand there really high?

我想知道這個市場的吸引力是什麼，與其他可能有更多需求的市場相比，你如何選擇這個市場，或者那裡的需求真的很高嗎？

We will see (laughter) we have -- so, hi, Helane, we have a really good track record in picking markets.

我們將會看到（笑聲）——所以，嗨，Helane，我們在挑選市場方面有著非常好的記錄。

I know I'm not saying this as a bragging or anything, but of all the new markets we have entered in the last 30-plus years, there are only two that we're not currently flying, and that with the exception of the routes, we were flying pre pandemic and we have not yet reactivated.

我知道我這麼說並不是為了吹牛或其他什麼，但在過去 30 多年裡我們進入的所有新市場中，只有兩個我們目前沒有運營，除了航線，我們在大流行前飛行，但尚未恢復。

So there's still some markets we have not reactivated from pre-pandemic as we know a special situation.

因此，由於我們知道情況特殊，仍有一些市場尚未從疫情前恢復。

But we have I think a good track record.

但我認為我們有良好的記錄。

And Raleigh-Durham sits in a region of the US that we don't serve very well today.

羅利-達勒姆位於美國的一個地區，目前我們的服務不太好。

So that part of the Southeast US, it's a growing market, it's a growing region.

因此，美國東南部地區是一個不斷成長的市場，一個不斷成長的地區。

The Tri-City area of Raleigh-Durham, there's more, let's say, ethnic Latin American population moving to that area also.

可以說，羅利-達勒姆的三城地區也有更多的拉丁美洲人口遷移到該地區。

It has economic growth.

它有經濟成長。

So we think -- and it's not well-served.

所以我們認為——但它並沒有得到很好的服務。

We will be the first flight from the Raleigh Durham area, the first direct flights from the Raleigh-Durham area to Latin America, and that's what makes us unique and what it allows us to succeed in markets such as this one.

我們將成為從羅利達勒姆地區出發的首個航班，也是從羅利達勒姆地區飛往拉丁美洲的首個直飛航班，這就是我們的獨特之處，也使我們能夠在此類市場取得成功。

Okay.

好的。

That's really helpful.

這真的很有幫助。

Thanks, Pedro.

謝謝，佩德羅。

And then my other question is on the dividend.

我的另一個問題是關於股息。

I mean, it's such a big increase.

我的意思是，成長如此之大。

And I know that you like to payout what, 40% of adjusted pretax, but did you think about or did the Board think about a smaller increase and then increasing it during the year.

我知道您喜歡支付調整後稅前的 40%，但您是否考慮過或董事會是否考慮過較小的成長，然後在年內增加。

Just kind of trying to get a hint of how you thought about doubling it.

只是想了解一下你是如何考慮將其加倍的。

I mean that's what I'm complaining

我的意思是這就是我抱怨的

(inaudible).

（聽不清楚）。

Our policy is to pay out, as you well mentioned, 40% of prior year's adjusted net income.

正如您所提到的，我們的政策是支付上一年調整後淨收入的 40%。

And so I think that in respect to that policy, the Board did have a very, let's say, detailed discussion about this.

因此，我認為，就該政策而言，董事會確實對此進行了非常詳細的討論。

But in the end, this is a value to our shareholders as this is the primary way where many of our shareholders get value from the company.

但最終，這對我們的股東來說是一種價值，因為這是我們的許多股東從公司獲得價值的主要方式。

So therefore, it's an important aspect of the Copa value proposition.

因此，這是 Copa 價值主張的一個重要面向。

And so in the end, that's a policy of the company.

最終，這是公司的政策。

[And we can afford, which is important also].

[而且我們負擔得起，這也很重要]。

Of course, cash-wise and cash flow wise, the generation of cash that we expect to have sustained this plus the growth of the company, which is your source of use of cash of course in continuing to grow the business.

當然，就現金和現金流而言，我們期望維持這一目標的現金產生加上公司的成長，這當然是您在繼續發展業務時使用現金的來源。

That's very helpful.

這非常有幫助。

Okay, thanks, team.

好的，謝謝，團隊。

Have a good day.

祝你有美好的一天。

Pablo Monsivais, Barclays.

巴勃羅·蒙西瓦，巴克萊銀行。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

I have a quick question in terms of the demand and the macro environment.

我有一個關於需求和宏觀環境的簡單問題。

To what extent do you think that the strong local currencies has helped demand to be so resilient?

您認為強勢的當地貨幣在多大程度上幫助需求維持如此強勁的彈性？

And of course, if you're seeing that a weaker FX might be a headwind given that the central banks in the region might lower interest rates this year, I just want to pick your brain on how do you see the FX and its direction versus the demand environment for you all?

當然，如果您認為鑑於該地區央行今年可能會降低利率，匯率走弱可能是一種逆風，我只是想請教一下您如何看待外匯及其方向你們大家的需求環境是怎樣的？

Thank you.

謝謝。

Yeah, hi Pablo.

是的，嗨巴布羅。

It's been positive, of course, in terms of generating more traffic, let's say, from South America going North.

當然，就產生更多流量而言，例如從南美洲到北方，這是正面的。

However, we're well-positioned and very well diversified.

然而，我們處於有利地位並且非常多元化。

And if the currency was to weaken in Latin America, meaning a stronger dollar, then I guess we would pull more traffic from the US and more tourists and visitors from the US, which is still a growing market with a lot of interest to serve our regions.

如果拉丁美洲的貨幣貶值，這意味著美元走強，那麼我想我們會從美國吸引更多的遊客，從美國吸引更多的遊客和遊客，美國仍然是一個不斷增長的市場，有很大的興趣為我們的服務提供服務。地區。

So we sit in the middle of the two trends.

所以我們處於這兩種趨勢的中間。

We think one balances the other.

我們認為其中一個可以平衡另一個。

And we have been able to succeed with strong and not so strong currencies,

我們已經能夠透過強勢和不太強勢的貨幣取得成功，

Also, after pandemic the traffic flows that we've seen are much more balanced Pablo.

此外，在大流行之後，我們看到的交通流量更加平衡，巴勃羅。

So that I think has helped in mitigating the impacts of currency fluctuations.

所以我認為這有助於減輕貨幣波動的影響。

Okay, interesting.

好吧，有趣。

Thank you.

謝謝。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Oh, yeah, hey, good morning, everyone.

哦，是的，嘿，大家早安。

Just in rough numbers just the impact of the MAX 9 grounding on the March quarter.

僅以粗略數字表示 MAX 9 停飛對 3 月季度的影響。

I mean you could even give me margin points or round numbers in dollars.

我的意思是你甚至可以給我保證金點或美元的整數。

And as sort of a tie to that, should we -- I guess we should assume that you'll probably receive some sort of offset from the OEM in some sort of form over time, which is typically

作為一種聯繫，我們應該——我想我們應該假設，隨著時間的推移，您可能會以某種形式從 OEM 收到某種補償，這通常是

--

--

Mike, look, we're not going to get into the financial details of the MAX impact at this time.

麥克，聽著，我們現在不打算討論 MAX 影響的財務細節。

There's a pending negotiation with Boeing.

與波音公司的談判正在進行中。

However, we do expect to be fully and fairly compensated.

然而，我們確實希望得到充分且公平的補償。

Okay.

好的。

The guidance that we issued include the negative impact of the grounding of the aircraft during the month of January and of the delays that we expect as of now for the rest of the year.

我們發布的指導意見包括一月份飛機停飛的負面影響以及我們預計今年剩餘時間內航班延誤的負面影響。

And the issue with Q1 is that we don't really publish per quarter guidance.

第一季的問題是我們並沒有真正發布每季的指導。

So we'll have to leave it at that for now.

所以我們暫時就這樣吧。

And I would add, Mike, that January is one of our strongest months of the year, if not the strongest month.

麥克，我想補充一點，一月即使不是最強勁的月份，也是我們一年中最強勁的月份之一。

So this happened in the middle of such an important month for us, which is a good and a bad, of course.

所以這件事發生在對我們來說如此重要的一個月中旬，這當然是好事也是壞事。

So it's a significant lost opportunity, not having 20%-plus of our capacity during that month.

因此，我們錯失了一個重大機會，因為該月我們的產能沒有達到 20% 以上。

But at the same time, it's a strong month.

但同時，這是一個強勁的月份。

So the other 80% does very well.

所以另外80%的人做得很好。

Yeah.

是的。

Should I take from what you said that you've incurred all of the badness, but any sort of potential offset, José, as you alluded to being fully compensated, that is not in the quarter, right?

我是否應該從你所說的情況中得出結論，你已經遭受了所有的壞事，但任何形式的潛在抵消，何塞，正如你提到的得到充分補償，這不在本季度內，對吧？

Any sort of offset that you would get over time?

隨著時間的推移，你會得到什麼補償？

It is not in any of our figures.

它不在我們的任何數據中。

That's perfect.

那很完美。

Okay.

好的。

That clarifies that.

這就澄清了這一點。

And then my second question, this is an easier one, I guess.

然後是我的第二個問題，我想這是一個比較容易的問題。

Wingo nine airplanes, but now that you're only going to take 11 instead of 15, I guess, Wingo is probably likely going to stay at nine or is Wingo going to see some growth this year?

Wingo 有 9 架飛機，但現在你只會乘坐 11 架而不是 15 架，我猜，Wingo 很可能會保持在 9 架，或者 Wingo 今年會看到一些增長嗎？

Any color on that?

那上面有什麼顏色嗎？

And thanks for taking my questions.

感謝您回答我的問題。

Yeah, it seems that for now Wingo is going to stay as is this year.

是的，目前看來，Wingo 今年將保持原樣。

And I think you've put it very well.

我認為你說得很好。

So it's going to be a difficult year in terms of having additional capacity or planes available, even though their markets are doing quite okay.

因此，儘管他們的市場表現相當不錯，但就增加運力或可用飛機而言，今年將是困難的一年。

Okay.

好的。

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Good morning, gentlemen, and thanks very much for the time.

早安，先生們，非常感謝您抽出寶貴的時間。

I was curious on the first question, if you guys have any broad geographical color on what might be happening to demand, given what we're seeing from some of the US airlines.

我對第一個問題很好奇，鑑於我們從一些美國航空公司看到的情況，你們對需求可能發生的情況是否有任何廣泛的地域色彩。

I know there's been some -- a little bit of unrest in Ecuador and maybe you're not much affected by that at all.

我知道厄瓜多爾發生了一些騷亂，也許你根本沒有受到太大影響。

But I would just love to get the high-level view on that, and thanks so much.

但我只是想了解高層對此的看法，非常感謝。

Okay.

好的。

So I mean, we know we are affected by what happens in Ecuador and in other countries, maybe not to an extreme level because most of our marketing and out of Ecuador, is VFR and is business and it's not that much leisure.

所以我的意思是，我們知道我們受到厄瓜多爾和其他國家發生的事情的影響，也許沒有達到極端程度，因為我們在厄瓜多爾以外的大部分營銷都是 VFR 並且是商務，而不是休閒。

So that helps because leisure, as we know is the one that first stays away when there are disservice, disturbances, and things like that, which is what has happened in Ecuador.

這很有幫助，因為正如我們所知，休閒是當出現傷害、騷亂和類似事件時首先遠離的休閒，厄瓜多爾就發生了這種情況。

So there is an impact, but not that significant.

所以說是有影響，但是影響不是那麼大。

Overall, most market in Latin America are okay in terms of our market and where we do our business.

總體而言，拉丁美洲的大多數市場就我們的市場和我們開展業務的地點而言都還不錯。

Of course, some are always stronger.

當然，總有一些人更強大。

Many are stable, a few might be weaker.

許多是穩定的，少數可能較弱。

So I would say there's nothing specific to highlight besides the fact that we never give out like very specific details on regional demand.

因此，我想說，除了我們從未透露過有關區域需求的非常具體的細節之外，沒有什麼特別需要強調的。

Very helpful color, Pedro, I appreciate that.

非常有用的顏色，佩德羅，我很欣賞。

And just one more from my follow-up.

我的後續行動中還有一個。

When we look at GOL in Brazil having some financial issues, I'm assuming this really doesn't have much of an impact on you guys at all, given I think you may do some limited codeshare with them, but does it create opportunities to the extent that -- is there any pullback from them on the international side maybe is not much of a (multiple speakers) for you guys?

當我們看到巴西的 GOL 遇到一些財務問題時，我認為這對你們根本沒有太大影響，因為我認為你們可能會與他們進行一些有限的代碼共享，但這是否創造了機會他們在國際方面是否有任何退縮，對你們來說可能不是太大（多個發言者）？

Yeah, it doesn't really have much impact either way, but we do codeshare with GOL in Brazil.

是的，這實際上並沒有太大影響，但我們與巴西的 GOL 進行代碼共享。

And we also have a frequent flyer relationship reciprocity.

我們也建立了常旅客互惠關係。

So GOL operating in a complete unhealthy way is positive for us, and we expect that to be the case, but we're not direct competitors.

因此，GOL 以完全不健康的方式運作對我們來說是積極的，我們預計情況會如此，但我們不是直接競爭對手。

So (multiple speakers) yeah, there's basically no overlap, so there's no impact from that side.

所以（多個發言者）是的，基本上沒有重疊，所以那邊沒有影響。

Okay.

好的。

Super helpful, gentlemen.

超級有幫助，先生們。

Thanks so much.

非常感謝。

Thank you, Steve.

謝謝你，史蒂夫。

Bruno Amorim, GS.

布魯諾·阿莫林，GS。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

I have a follow-up on the outlook for this year related to the guidance as well, but more specifically related to the pricing environment.

我對今年的前景也有與指導相關的後續行動，但更具體地說與定價環境有關。

Now you are guiding for unit revenues somehow below what we saw in the fourth quarter.

現在，您對單位收入的指導在某種程度上低於我們在第四季度看到的水平。

Even if we adjust for seasonality, it seems that you are guiding for lower unit revenue this year versus what we saw in the end of 2023.

即使我們根據季節性進行調整，與 2023 年底相比，您預計今年的單位收入似乎較低。

So just it would be great to understand the rationale behind that.

因此，了解背後的基本原理就太好了。

Is it the result of some slight pressure on the competitive side or are you being conservative, how do you get to this conclusion that unit revenues will fall even if slightly during this year?

是競爭方面輕微壓力的結果還是你比較保守，你是如何得出今年單位收入即使小幅下降也會下降的結論的？

Thank you so much.

太感謝了。

Yeah, Bruno, I would say there's three main components.

是的，布魯諾，我想說有三個主要組成部分。

I mean, and most of this is related to the MAX grounding.

我的意思是，這大部分與 MAX 接地有關。

So the $0.122 RASM guidance includes the effects of January of 2024.

因此，0.122 美元的 RASM 指導包括 2024 年 1 月的影響。

And then in addition to that, let's say, length of haul for the year 2024, slightly higher than -- we expected it to be slightly higher than in 2023.

除此之外，2024 年的運輸距離略高於我們預期的 2023 年。

So there's a little bit of impact there.

所以那裡有一點影響。

And then finally, yeah, we are in a lower fuel environment for the year versus 2023, and it being a competitive environment too.

最後，是的，與 2023 年相比，今年我們處於較低的燃料環境，而且這也是一個競爭環境。

And we are growing in double digits right for the full year.

我們全年的成長速度為兩位數。

So there is a little bit of an impact there.

所以那裡有一點影響。

But I would say the majority of the RASM impact when you compare it year over year, it's related also to the fact that the guidance for '24 has the MAX effect in it.

但我想說，當你逐年比較時，RASM 的大部分影響也與 '24 的指導具有最大效應有關。

Thank you.

謝謝。

May I just ask for a quick follow-up, can you please clarify how would the MAX grounding affect unit revenues and couldn't we also think of more groundings and eventually more delays on the production of new aircraft, which was the marginal news over the past few months to be a positive from a capacity or supply and demand dynamics?

我想請您快速跟進一下，您能澄清一下MAX 停飛將如何影響單位收入嗎？我們難道不能考慮更多的停飛並最終導致新飛機生產的更多延誤，這是2017 年的邊際新聞嗎？過去幾個月的利好來自於產能還是供需動態？

I'll go first, and I'll then let José talk about the unit revenue part.

我先講，然後讓 José 談談單位收入部分。

But embedded in our guidance is the expectation of further delivery delays due to the MAX grounding.

但我們的指導中包含了由於 MAX 停飛而導致交付進一步延遲的預期。

We have a few MAX 9 we're expecting this month, which we're not sure when we're going to get.

我們預計本月將有幾款 MAX 9 上市，但不確定何時能收到。

And we're also expecting delays on the other MAX 8s we are receiving this year.

我們也預計今年收到的其他 MAX 8 也會出現延誤。

And we have reduced the number of aircraft from the numbers in our preliminary guidance last year to 11 deliveries this year, but we still have that risk of even more delays, so that's still up in the air, I would say.

我們已經將飛機數量從去年初步指導中的數量減少到今年的 11 架，但我們仍然面臨更多延誤的風險，所以我想說，這仍然懸而未決。

Yeah.

是的。

And Bruno, in terms of the impact on RASM, it's because we had to close out flights, we had to cancel flights, and we were not able to sell the last remaining seats on many of our flights because we had to re-accommodate passengers.

布魯諾，就對 RASM 的影響而言，這是因為我們不得不關閉航班，我們不得不取消航班，而且我們無法出售許多航班上最後剩下的座位，因為我們不得不重新安置乘客。

So that's where that impact occurs in a month.

這就是一個月內發生影響的地方。

That is very, very strong for us.

這對我們來說非常非常強大。

That makes sense.

這就說得通了。

Thank you very much.

非常感謝。

Duane Pfennigwerth, Evercore.

杜安·芬尼格沃斯，Evercore。

Hey, thanks.

嘿，謝謝。

I appreciate the time, and nice job.

我很珍惜時間，幹得好。

So just on your 2024 unit revenue guidance, it is well ahead of what we were estimating.

因此，僅就 2024 年單位收入指導而言，就遠遠超出了我們的估計。

How do you think about the trajectory over the course of the year?

您如何看待這一年的發展軌跡？

I mean, I assume you're influenced by what you have visibility into, which is the early part of the year, but maybe just big picture, how are you thinking about first half versus second half change implied in the guidance?

我的意思是，我假設您受到了您所了解的情況的影響，這是今年年初，但也許只是大局，您如何看待指南中暗示的上半年與下半年的變化？

Sure, Duane.

當然，杜安。

And I say that there's a little bit of noise in the first half of RASM because of the MAX, again, going back to the MAX issue.

我說，由於 MAX，RASM 的前半部有一點噪音，再次回到 MAX 問題。

So I would say that it's more, I'd say, more robust towards the second half of the year than in the first half.

所以我想說，下半年比上半年更強。

There's also some seasonality involved there, but there's I would say more, let's say, higher level of RASM in the second half than in the first, but of course, limited visibility in the second half of the year in terms of how ultimately demand behaves.

這也涉及到一些季節性，但我想說的是，下半年的 RASM 水平比上半年更高，但當然，就最終需求表現而言，下半年的可見度有限。

But that's how we're seeing it right now.

但這就是我們現在所看到的。

Okay.

好的。

And then maybe just a longer-term question.

也許這只是一個更長期的問題。

From time to time, there are airport infrastructure projects that can be gating factors on your growth.

有時，機場基礎設施​​項目可能會成為您發展的限制因素。

Can you just speak in broad strokes, how much headroom do you have with your current gate-in footprint and as we look out two, three years down the road, are there other projects that we're going to need to see happen?

您能否概括地說一下，您目前的進場足跡還有多少空間？展望未來兩三年，我們是否還需要看到其他項目的發生？

When will airport constraints be an issue for you if at all?

如果機場限制對您來說什麼時候會成為問題？

Right.

正確的。

Yeah, well, if we continue growing at the pace, we hope to continue growing, there will be infrastructure limitations eventually, let's say in the three to five year timeframe.

是的，好吧，如果我們繼續以這樣的速度成長，我們希望繼續成長，最終會出現基礎設施的限制，比如說在三到五年的時間內。

But there are lot of initiatives the airport authority can adopt to fix that and increase capacity beyond that term for the next 10 years.

但機場管理局可以採取許多措施來解決這個問題，並在未來 10 年內增加該期限後的容量。

So we have the data.

所以我們有數據。

We're working with consultants to updated it.

我們正在與顧問合作進行更新。

And it's very doable.

而且這是非常可行的。

So we believe that the next government will have that top under agenda.

因此，我們相信下一屆政府將把這項首要議程列入議程。

And again, it's not significant what needs to be done.

再說一次，需要做什麼並不重要。

The investments are very manageable, and we could extend the capacity of the airport for many years.

這些投資非常易於管理，我們可以將機場的容量擴展很多年。

And Panama has had a track record of investing in its airport infrastructure over the year.

巴拿馬在過去一年中在機場基礎設施​​投資方面有著良好的記錄。

So we expect that to continue going forward as well.

因此，我們預計這種情況也將繼續向前發展。

Yeah, and not always like exactly infrastructure, some of it is just managing the airspace and how the airport structure is, it's take-offs and landings and all of that.

是的，並不總是像基礎設施一樣，其中一些只是管理空域和機場結構，起飛和著陸等等。

But there are also opportunities with taxiways and fast exits and things like that.

但也有滑行道和快速出口之類的機會。

So it's a very doable list of opportunities.

所以這是一個非常可行的機會清單。

Okay.

好的。

Well, we're airline analysts.

好吧，我們是航空公司分析師。

So three to five years is an eternity from now, you might as well have said 100, it doesn't sound like an issue.

所以從現在開始，三、五年就是永恆，你不如說100年，這聽起來不是什麼問題。

So thank you for the answers.

所以謝謝你的回答。

All right, Duane.

好吧，杜安。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the Q&A session.

問答環節到此結束。

I would like to turn the call back over to Pedro for closing remarks.

我想將電話轉回給佩德羅，讓他發表結束語。

Thank you very much and thanks to all for participating in this call.

非常感謝大家參與這次電話會議。

I want to summarize a few things that I mean, maybe within a go over all of them, but it's important when we think and we've talked about Copa's performance and high operating margins and we've got at least one call from some of you, I mean more than one question related to our margins, our performance.

我想總結一下我的意思，也許可以概括所有這些，但當我們思考並討論 Copa 的業績和高營業利潤率並且我們至少接到一些來自某些公司的電話時，這一點很重要你，我的意思是不只一個與我們的利潤、我們的業績相關的問題。

And so I just want to summarize a few things, which I think are very, very important.

所以我只想總結一些我認為非常非常重要的事情。

We are a full-service carrier with very low CASM ex.

我們是一家提供全方位服務的承運商，CASM 成本非常低。

And this is something that we've been working at and building over the years.

這是我們多年來一直在努力和建造的事情。

It's not an overnight -- we are not an overnight sensation or anything like that.

這不是一朝一夕的事——我們不是一夜之間轟動的。

This is hard work for many years, and we're also always coming up with new things.

這是多年來的艱苦工作，而且我們也一直在想出新的東西。

And the new thing now, which we talked about in the call, is our distribution cost.

我們在電話中討論的現在的新問題是我們的分銷成本。

We've been able to get our distribution cost way down, especially what used to be a burden, which were the GDS cost.

我們已經能夠大幅降低分銷成本，尤其是過去的負擔，即 GDS 成本。

So not only do we have now control over our sales channel, but at much, much better cost and that makes us more competitive, it allows for better margins.

因此，我們現在不僅可以控制我們的銷售管道，而且可以以更好的成本，使我們更具競爭力，從而獲得更好的利潤。

We also have a very strong and efficient network, which we continue to build and strengthen, a very reliable product that clients want to fly with the best on-time performance in all of the America.

我們還擁有非常強大和高效的網絡，我們將繼續建立和加強該網絡，這是一個非常可靠的產品，客戶希望以最佳的準點率在整個美洲飛行。

And on the revenue side, we keep growing our ancillary revenues with the right technology.

在收入方面，我們透過正確的技術不斷增加我們的輔助收入。

Much of it is developed in-house.

其中大部分是內部開發的。

So we are in a really good and strong competitive position to weather the ups and downs of this industry and continue having success.

因此，我們處於非常有利且強大的競爭地位，能夠經受住這個行業的起起落落並繼續取得成功。

As Duane said, we don't have to talk about five years and beyond, but for the next few years for sure, we're in a great position.

正如杜安所說，我們不必談論五年及以後，但在接下來的幾年裡，我們肯定處於有利地位。

So anyway, this concludes our earnings call.

無論如何，我們的財報電話會議到此結束。

Thank you for being with us, and thank you for your continued support.

感謝您與我們在一起，並感謝您一直以來的支持。

Have a great day, and we'll see you next time.

祝您有美好的一天，我們下次再見。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation.

女士們、先生們，感謝您的參與。

This concludes the presentation.

演示到此結束。

You may disconnect and have a wonderful day.

您可能會斷開連接並度過美好的一天。