Copa Holdings SA (CPA) 2024 Q1 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 Copa Holdings first-quarter earnings call.

歡迎參加 Copa Holdings 第一季財報電話會議。

(Operator Instructions) As a reminder, this call is being webcast and recorded on May 16, 2024.

（操作員說明）謹此提醒，本次通話於 2024 年 5 月 16 日進行網路直播並錄製。

Now I'll turn the conference over to Daniel Tapia, Director of Investor Relations.

現在我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, Marion, and welcome, everyone, to our first-quarter earnings call.

謝謝你，馬里昂，歡迎大家參加我們的第一季財報電話會議。

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；和何塞蒙特羅，我們的財務長。

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

首先，佩德羅將首先回顧我們第一季的亮點，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.

緊接著，我們將開始徵集分析師提問。

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標準編製的。

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 or 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.

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或結果的信念、預期和/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有所不同的風險和不確定性實質上並基於可能發生變化的假設。

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 first-quarter earnings call.

大家早安，感謝您參加我們的第一季財報電話會議。

Before we begin, I would like to extend my sincere gratitude to all our coworkers for their commitment to the company.

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。

Their continuous efforts and dedication have kept Copa at the forefront of Latin American aviation.

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。

To them, as always, my highest regards and admiration.

一如既往，我向他們致以最崇高的敬意和欽佩。

Once again, we're pleased to report strong financial results.

我們很高興再次報告強勁的財務表現。

Despite facing a significant headwind in January, with the partial grounding of our 737 MAX 9. fleet, we were able to deliver once more industry-leading operating margins while growing capacity year over year.

儘管 1 月面臨重大阻力，且我們的 737 MAX 9 機隊部分停飛，但我們仍能夠再次實現業界領先的營運利潤，同時運力逐年成長。

These results were driven by a continued robust demand environment in the region and our ability to maintain low ex-fuel unit costs.

這些結果是由該地區持續強勁的需求環境以及我們維持低燃料單位成本的能力所推動的。

Among the main highlights for the quarter, passenger traffic grew 7.1% compared to the same period in 2023.

該季度的主要亮點之一是客運量較 2023 年同期成長 7.1%。

Load factor for the quarter came in at 86%.

本季的載客率為 86%。

Passenger yield came in at $0.14, 3.8% lower year over year, while unit revenue or RASM came in at $0.125, a 4.6% decrease compared to Q1 '23.

客運收益為 0.14 美元，年減 3.8%，而單位收入或 RASM 為 0.125 美元，與 23 年第一季相比下降 4.6%。

Unit costs decreased by 6.9% compared to Q1 '23, mainly driven by lower fuel, aircraft maintenance, and distribution costs.

與 23 年第一季相比，單位成本下降了 6.9%，主要是由於燃料、飛機維護和分銷成本下降。

Excluding fuel, unit costs or CASM-Ex came in at $0.061, a 2% decrease compared to Q1 2023.

不包括燃料，CASM-Ex 的單位成本為 0.061 美元，比 2023 年第一季下降 2%。

As a result, operating margin for the quarter came in at 24.2%, 1.9 percentage points higher than in the first quarter of 2023.

因此，該季度的營業利潤率為 24.2%，比 2023 年第一季高 1.9 個百分點。

On the operational front, during the quarter, Copa Airlines on-time performance performance was again recognized by Cirium as the highest of any airline in Latin America.

在營運方面，本季巴拿馬航空的準點率表現再次被 Cirium 評為拉丁美洲航空公司中最高的。

In fact, Copa's Q1 on-time performance averaging above 90% was the highest of any carrier in the Americas and among the highest in the world.

事實上，Copa 第一季的平均準點率超過 90%，是美洲航空中最高的，也是全球最高的。

I would like to take this opportunity to recognize our more than 8,000 coworkers who day-in and day-out deliver a world-class travel experience to our customers.

我想藉此機會向我們 8,000 多名同事表示認可，他們日復一日地為我們的客戶提供世界一流的旅行體驗。

Their contributions are key to our success.

他們的貢獻是我們成功的關鍵。

Turning now to our network-growth trends.

現在轉向我們的網路成長趨勢。

As we mentioned in our previous call, we expect to start three new destinations next month, Raleigh-Durham in the US, Florianopolis in Brazil, and Tulum in Mexico.

正如我們在先前的電話會議中提到的，我們預計下個月將開通三個新目的地：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。

I'm glad to comment that early bookings are coming in at healthy levels, and we expect these routes to have a solid start.

我很高興地指出，早期預訂量正處於健康水平，我們預計這些航線將有一個良好的開始。

With these additions, we'll serve 85 destinations in 32 countries, solidifying our leadership position as the hub with the most international destinations in Latin America.

透過這些新增服務，我們將為 32 個國家的 85 個目的地提供服務，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。

Turning now to our expectations for the rest of the year, we continue to see a healthy demand environment in the region.

現在轉向我們對今年剩餘時間的預期，我們繼續看到該地區健康的需求環境。

And as you saw in our earnings release published yesterday, we are reaffirming our guidance for the year, which includes an operating margin within the range of 21% to 23%.

正如您在昨天發布的收益報告中看到的那樣，我們重申了今年的指導，其中包括 21% 至 23% 的營業利潤率。

José will provide more detail during his presentation.

何塞將在演講中提供更多細節。

To summarize, we delivered industry-leading first-quarter financial results.

總而言之，我們交付了業界領先的第一季財務表現。

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 will grow to 85 destinations by this summer, further strengthening our network, the most complete and convenient hub for intra-America travel.

到今年夏天，我們的目的地將增至 85 個，進一步加強我們的網絡，成為最完整、最便捷的美洲境內旅行樞紐。

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

我們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。

Finally, our business model is as solid and as relevant as ever and our Hub 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.

最後，我們的業務模式一如既往地穩固和相關，我們位於巴拿馬的美洲樞紐是拉丁美洲最好的轉機樞紐，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行業領先的業績。

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.

謝謝你，佩德羅。

Good morning, everyone, and thanks for being with us today.

大家早安，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 to deliver world-class service to our passengers.

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。

I will start by going over our first quarter results.

我首先回顧我們第一季的業績。

We reported a net profit for the quarter of $176.1 million or $4.19 per share.

我們報告本季淨利潤為 1.761 億美元，即每股 4.19 美元。

These results include the negative impact of approximately $44 million due to the grounding of 21 of the company's Boeing 737 MAX 9 aircraft in January and exclude any compensation from Boeing related to the ground.

這些結果包括由於該公司 21 架波音 737 MAX 9 飛機於 1 月停飛而造成的約 4,400 萬美元的負面影響，並且不包括波音公司與地面相關的任何賠償。

We reported a quarterly operating profit of $216 million and an operating margin of 24.2%.

我們公佈的季度營業利潤為 2.16 億美元，營業利益率為 24.2%。

Capacity came in at 7.1 billion available seat miles or 8% higher than in Q1 2023.

運能達到 71 億可用座位里程，比 2023 年第一季增加 8%。

Load factor came in at 86% for the quarter, a 0.7 percentage point decrease compared to the same period in 2023, while passenger yields decreased by 3.8% to $0.14. As a result, the unit revenues came in at $0.125 or 4.6% lower than in the first quarter of 2023, mainly driven by lower jet fuel prices, unit costs or CASM decreased to $0.095 or 6.9% lower year over year.

本季載客率為 86%，與 2023 年同期相比下降 0.7 個百分點，而乘客收益下降 3.8% 至 0.14 美元。因此，單位收入比 2023 年第一季下降 0.125 美元，下降 4.6%，這主要是由於航空燃油價格下降、單位成本或 CASM 下降至 0.095 美元，年減 6.9%。

And finally, our CASM, excluding fuel, came in at $0.061, a 2% decrease versus Q1 2023, mainly driven by lower aircraft maintenance and lower distribution costs as we continue deploying our Copa Connect NDC strategy.

最後，我們的 CASM（不包括燃料）為 0.061 美元，與 2023 年第一季度相比下降了 2%，這主要是由於我們繼續部署 Copa Connect NDC 戰略，飛機維護成本降低，分銷成本降低。

Excluding the negative impact on cost and capacity of the partial grounding of our 737 MAX fleet in January, the company would have reported an ex-fuel CASM of approximately $0.058 for the quarter.

排除 1 月 737 MAX 機隊部分停飛對成本和運力造成的負面影響，該公司本季報告的不含燃油 CASM 約為 0.058 美元。

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 first quarter, we had assets of close to $5.2 billion as to cash short and long-term investments.

截至第一季末，我們的現金短期和長期投資資產接近52億美元。

We ended the quarter with over $1.1 billion, which represents 32% of our last 12 months' revenues.

本季末，我們的營收超過 11 億美元，占我們過去 12 個月營收的 32%。

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。

We ended the first quarter with the total fleet of 106 aircraft comprised of 68, 737-800s; 29, 737 MAX 9s; and 9, 737-700s.

截至第一季末，我們的機隊總數為 106 架飛機，其中包括 68 架 737-800； 29, 737 MAX 9；和 9, 737-700s。

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

這些數字包括一架 737-800 貨機；然後是由 Wingo 運營的九架 737-800。

During the first quarter and as part of our ongoing fleet management initiatives, we've purchased two of our leased Boeing 737-800 aircraft.

在第一季度，作為我們正在進行的機隊管理計劃的一部分，我們購買了兩架租賃的波音 737-800 飛機。

With this transaction, we ended the quarter with 73% of our aircraft being owned and 27% under operating lease.

透過這項交易，本季結束時，我們擁有 73% 的飛機，27% 為經營租賃飛機。

As to our current MAX delivery scales so far in May, we have received two additional 737 MAX 9s.

就我們目前 5 月 MAX 的交付規模而言，我們已經額外接收了兩架 737 MAX 9。

And for the remainder of the year, we expect to receive seven additional aircraft, one additional 737 MAX 9 and six 737 MAX 8s to end the year with a total of 115 aircraft.

在今年剩餘時間內，我們預計將再接收 7 架飛機、一架 737 MAX 9 和六架 737 MAX 8，到年底，飛機總數將達到 115 架。

We have already secured JOLCO financing for all of these 2024 deliveries.

我們已經為 2024 年所有這些交付獲得了 JOLCO 融資。

In April, we signed a confidential agreement with Boeing related to the January grounding.

4 月，我們與波音公司簽署了有關 1 月停飛的保密協議。

Following IFRS accounting standards, we expect that the compensation amount will be amortized through the depreciation line in our income statement over the coming four years.

根據國際財務報告準則會計準則，我們預計補償金額將在未來四年內透過損益表中的折舊線進行攤提。

Turning now to a return of value to our shareholders.

現在轉向股東的價值回報。

I'm pleased to announce that the company will make its second dividend payment for the year of $1.61 per share on June 14 to all shareholders of record as of May 31.

我很高興地宣布，公司將於 6 月 14 日向截至 5 月 31 日在冊的所有股東支付本年度第二次股息，每股 1.61 美元。

Additionally, during Q1, the company executed approximately $40 million of its share repurchase program.

此外，第一季度，該公司執行了約 4,000 萬美元的股票回購計畫。

As to our outlook, we are reaffirming our full-year operating margin range guidance of 21% to 23% on a capacity growth in the range of 10%.

至於我們的前景，我們重申全年營業利潤率指引為 21% 至 23%，產能成長為 10%。

We are basing our outlook on the following assumptions: load factor of approximately 87%, unit revenues within the range of $0.12, CASM ex-fuel to be in the range of $0.059; and we are expecting an all-in fuel price of $2.85 per gallon.

我們的展望基於以下假設：載客率約為 87%，單位收入在 0.12 美元範圍內，CASM 不含燃料費用在 0.059 美元範圍內；我們預計總燃油價格為每加侖 2.85 美元。

Thank you, and with that, we'll open the call to some of your questions.

謝謝您，我們將開始電話解答您的一些問題。

(Operator Instructions) Savi Seth, Raymond James.

（操作員說明）Savi Seth，Raymond James。

Hey, good morning.

嗨，早安。

I was wondering if you could talk about the unit revenue that you're basing your guidance on.

我想知道您是否可以談談您的指導所依據的單位收入。

It's ticked down here a little bit.

這裡打勾了一點。

Just wondering what drove that, and how you're thinking about the year over year RASM progression over the next few quarters?

只是想知道是什麼推動了這一趨勢，以及您如何看待未來幾季 RASM 的逐年進展？

Yeah, Savi.

是的，薩維。

I'll start and -- first, I have to say that our RASM performance or our outlook of $0.12 is still very strong.

我首先要說的是，我們的 RASM 表現或 0.12 美元的前景仍然非常強勁。

Its very high levels compared to other periods that we've been at.

與我們所處的其他時期相比，它的水平非常高。

And in addition to that, what it's early on in the year.

除此之外，還有今年初的情況。

So our visibility for second half of the year is limited.

所以我們下半年的能見度是有限的。

There's still a lot of work to come down under the bridge.

橋下還有很多工作要做。

And in general terms, you know, we are in a competitive environment, so we are looking out for that.

總的來說，你知道，我們處於競爭環境中，所以我們正在關注這一點。

Additionally, we have seen a -- it's kind of a more technical item.

此外，我們還看到了一個技術性更強的項目。

We've seen a little bit of an increase in direct sales.

我們看到直接銷售略有成長。

And so as more direct sales have come in, there is a slight reduction in yields related to the surcharge that we're not yet recovering on.

因此，隨著更多的直接銷售進入，與我們尚未恢復的附加費相關的收益率略有下降。

Tickets are sold indirectly.

門票是間接出售的。

So it's a little bit of that as well.

所以這也是一點點。

And I have to close by saying that our guidance for the year is still in the 21% to 23% range, which is a very, very strong performance for full year.

最後我必須說，我們今年的指導仍處於 21% 至 23% 的範圍內，這是全年非常非常強勁的表現。

Pedro wants to add something there.

佩德羅想在那裡添加一些東西。

Yeah, and also, we're lowering our unit cost guidance, which is also very important because that's something we control better and gives us a better control over our margin performance.

是的，而且，我們正在降低單位成本指導，這也非常重要，因為這是我們更好控制的事情，並使我們能夠更好地控制我們的利潤表現。

Valid point.

有效點。

Just to follow up on that comment Pedro.

只是為了跟進佩德羅的評論。

Is this -- and what José was talking about, is this a pull forward of what you were expecting and reflected in that $0.058 target for 2025 or are you thinking is your unit cost going to coming in better than you were thinking?

這是 José 所說的，這是否超出了您的預期並反映在 2025 年 0.058 美元的目標中，或者您是否認為您的單位成本會比您想像的更好？

I think that it's in line with what we guided to and our multiyear target of reaching $0.058 by next year.

我認為這符合我們的指導方針以及明年達到 0.058 美元的多年目標。

So we're on track for that.

所以我們正在朝著這個目標邁進。

And we're very confident and comfortable with our $0.058 target for 2025.

我們對 2025 年 0.058 美元的目標非常有信心和滿意。

Great.

偉大的。

Thank you.

謝謝。

Duane Pfennigwerth, Evercore.

杜安·芬尼格沃斯，Evercore。

Hey, guys, good morning.

嘿，夥計們，早安。

Very strong results, especially considering the grounding on unit costs.

非常強勁的結果，特別是考慮到單位成本的基礎。

Obviously, there's some noise in the first quarter, but maybe you can just help remind us what are the factors driving improvement in unit cost beyond the first quarter, maybe normalized unit cost reduction?

顯然，第一季存在一些噪音，但也許您可以幫助提醒我們推動第一季之後單位成本改善的因素是什麼，也許是標準化單位成本降低？

Can you just remind us what the one two three drivers of that are?

您能提醒我們其中一二三的驅動因素是什麼嗎？

Yeah, Duane, great question.

是的，杜安，好問題。

And I would say that there's -- the number one item that continues being a great contributor to our reduction in cash is distribution.

我想說的是，對我們現金減少做出巨大貢獻的第一個項目是分配。

It continues to be a great story.

這仍然是一個很棒的故事。

And so it's been a great component to our cost execution over the last several quarters, and we expect that to -- as it continues maturing, continue being a very good contributor to our cost base.

因此，在過去幾個季度中，它一直是我們成本執行的重要組成部分，我們預計，隨著它的不斷成熟，它將繼續為我們的成本基礎做出非常好的貢獻。

Number two, I would say that maintenance.

第二，我想說的是維護。

Last year maintenance, we had a slight increase related to engine issues and that as we expected is being more under control this year, and we're getting also some benefits in our maintenance line associated with some of the lease transactions that we performed, both the buying of leases and some of the lease extensions that we've signed and lowering some of the return conditions.

去年，我們與引擎問題相關的維護略有增加，正如我們預期的那樣，今年會得到更多控制，而且我們在與我們執行的一些租賃交易相關的維護系列中也獲得了一些好處，既購買租約和我們簽署的一些租約延期，並降低一些回報條件。

So that's another item that I think is of note.

這是我認為值得注意的另一項。

Going forward, remember that we are in the process of densifying a portion of our 737-800 aircraft.

展望未來，請記住，我們正在對 737-800 飛機的一部分進行緻密化。

And we expect that to be also concluded sometime in 2025.

我們預計這也將在 2025 年某個時候完成。

So that will also be a contributor to our CASM going forward as well.

因此，這也將成為我們 CASM 未來發展的貢獻者。

Of course, now, there are headwinds in certain of our cost lines as well that there's inflationary pressures in costs that are more difficult for us to control, such as, airspace, user fees, and airport charges, et cetera, that take away a tad of these improvements and efficiencies that we have achieved.

當然，現在我們的某些成本項目也存在不利因素，即我們更難以控制的成本方面存在通貨膨脹壓力，例如空域、使用費和機場費用等，這使得我們的成本下降。和效率。

But in essence, we are very confident about our cost performance going forward.

但本質上，我們對未來的性價比非常有信心。

And our track record so far has been very good after the pandemic.

疫情過後，我們迄今為止的記錄非常好。

And, Dwayne, we also keep our whole overhead cost very tight under control.

而且，Dwayne，我們也非常嚴格地控制整個間接費用。

We grow capacity, there's also a benefit there.

我們增加產能，這也是有好處的。

Thanks for that.

感謝那。

And then just conceptually, how do you approach full-year guidance at this time in the year.

然後從概念上講，您如何在今年的這個時候制定全年指導。

As you said, there's a lot of the game left to play in the second half.

正如你所說，下半場還有很多比賽要打。

But if we were just considering the results here in the March quarter and the outlook that you see right now, all else equal, does that put upward pressure on that range or downward pressure on that range because I agree, it's hard to raise 22% to 23% EBIT margins at this point in the year.

但如果我們只考慮 3 月份季度的結果以及您現在看到的前景，在其他條件相同的情況下，這是否會給該範圍帶來上行壓力或下行壓力，因為我同意，很難提高 22%今年此時的息稅前利潤率達23%。

Yeah, it's early in the year as you well said.

是的，正如你所說，現在是年初。

And we never roll the dice.

我們從不擲骰子。

We're always pretty conservative in our outlook, and of course, work very hard for our results to be on the upper half of our projections.

我們的觀點總是相當保守，當然，我們非常努力地讓我們的結果達到我們預測的上半部。

And that's what we're doing right now.

這就是我們現在正在做的事情。

Makes sense.

說得通。

Thank you.

謝謝。

Rogerio Araujo, Bank of America.

羅傑裡奧·阿勞霍，美國銀行。

Yeah.

是的。

Hey, everyone.

嘿大家。

Thanks for the opportunity.

感謝您提供的機會。

I have a couple here.

我這裡有一對。

The first one, we noticed some weakness in Latin America [needs] for the US airline in this quarter.

第一個，我們注意到本季拉丁美洲對美國航空公司的[需求]有些疲軟。

And there was a mismatch on what Copa reported.

而 Copa 的報道也存在不符之處。

If you could please clarify a little bit on the differences of addressable markets in between US airlines and Copa.

如果您可以的話，請澄清一下美國航空公司和 Copa 之間的潛在市場的差異。

And any difference that you are noticing in this trend of the demand in those different addressable markets would be great.

您注意到這些不同目標市場的需求趨勢中的任何差異都是巨大的。

And I can make the second questions afterwards.

之後我可以提出第二個問題。

Thank you.

謝謝。

Right.

正確的。

Thanks, Rogerio.

謝謝，羅傑裡奧。

I would say, maybe the bigger difference is that we're extremely strong in intra-Latin America.

我想說，也許更大的區別是我們在拉丁美洲內部非常強大。

The US to Latin America is important to us, but we're much stronger in intra-Latin America.

美國對拉丁美洲來說對我們很重要，但我們在拉丁美洲內部的實力強得多。

Plus, the US earnings are very strong in US to leisure Caribbean and US to leisure Mexico.

此外，美國到休閒加勒比海地區和美國到休閒墨西哥的收入非常強勁。

And those are not huge markets for us.

這些對我們來說並不是巨大的市場。

Actually, we hardly play in those markets.

事實上，我們幾乎不涉足這些市場。

We're not playing in those markets.

我們不參與這些市場。

So we have differences.

所以我們有分歧。

And our markets remain quite strong besides the downward adjustment in unit revenues, which we have already communicated.

除了我們已經傳達的單位收入的下調之外，我們的市場仍然相當強勁。

Okay, pretty clear.

好的，很清楚。

Thank you.

謝謝。

And my second question is regarding the two purchases of leased aircraft that Copa did this quarter.

我的第二個問題是關於 Copa 本季購買的兩架租賃飛機。

How many aircraft are owned by Copa right now are unencumbered?

Copa 目前擁有多少架未使用的飛機？

And is there a trend here?

這裡有趨勢嗎？

Can this continue to happen?

這種情況還能繼續發生嗎？

And what do you think will ultimately increase the EBITDA cash conversion for the company in the future if that keeps rising?

如果繼續成長，您認為未來公司的 EBITDA 現金轉換最終會增加多少？

So that's why I'm interested about it, but anything you could share would be great.

這就是我對此感興趣的原因，但是您可以分享的任何內容都會很棒。

Thank you.

謝謝。

Yes, Rogerio, we bought two of our aircraft that were under operating leases during the quarter.

是的，羅傑裡奧，我們購買了兩架本季經營租賃的飛機。

And we are expecting to be selective or opportunistic in terms of deploying capital that way.

我們預計在以這種方式部署資本方面會有所選擇或機會主義。

We believe the 737 NG is a great asset to own.

我們相信 737 NG 是一筆值得擁有的寶貴資產。

And so we've been in negotiations with different other lessors to see if we can find a deal that is convenient for us.

因此，我們一直在與其他不同的出租人進行談判，看看是否能找到對我們來說方便的交易。

In terms of the number of aircraft that we have unencumbered, just to give you -- I think in my prepared remarks I mentioned that around 73% of our aircraft, of our total fleet of 106 aircraft are under -- are owned by the company.

就我們未受限制的飛機數量而言，我想在我準備好的發言中提到，我們機隊共有 106 架飛機，其中大約 73% 屬於該公司所有。

And in terms of the aircraft that are fully unencumbered by -- on our fleet, it's around -- almost 40 of our aircraft are fully unencumbered.

就完全不受阻礙的飛機而言，在我們的機隊中，大約有 40 架飛機完全不受阻礙。

So yeah, it's quite a bit of a strong position that we have in terms of our fleet.

所以，是的，就我們的機隊而言，我們擁有相當強大的地位。

Helane Becker, TD Cowen.

海蘭·貝克爾，TD·考恩。

Thanks very much, operator.

非常感謝，接線生。

Hi, team.

大家好。

Thank you for the time.

謝謝你的時間。

I appreciate it.

我很感激。

And also, I appreciate that you guys are conservative.

而且，我很欣賞你們的保守態度。

But one question I had was with respect to Boeing delivery delays.

但我有一個問題是關於波音交貨延誤的。

I guess from what you said José, you're not really expecting too many because you're thinking of ending the year with 115 aircraft.

我猜，José，從您所說的來看，您並沒有真正期望太多，因為您正在考慮以 115 架飛機結束今年。

Does that include the two you bought off-lease?

這包括你在租期結束時購買的兩套嗎？

No.

不。

The tool that we bought off-lease were already in the base.

我們租期結束時購買的工具已經在基地了。

So these nine deliveries that we're getting new from Boeing.

我們從波音公司獲得了這九架新飛機。

Of which, we've already received two MAX 9.

其中，我們已經收到了兩台 MAX 9。

So actually, we took delivery of one MAX 9 yesterday.

事實上，我們昨天收到了一架 MAX 9。

So we have another one, another MAX 9 coming next week.

所以我們下週還會推出另一款 MAX 9。

And then for the remainder of the year, the latest case that we'll receive six 737 MAX 8s to end the year with the 115 that you alluded to.

然後在今年剩下的時間裡，最新的情況是我們將收到六架 737 MAX 8，年底將收到您提到的 115 架。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And the other question I had was with respect to your demand.

我的另一個問題是關於你的需求。

You're seeing an 87% load factor, which I think you're forecasting for the quarter and the year as well.

您看到的負載率為 87%，我認為您對本季和全年的預測也是如此。

How does the demand on look for either Panama itself or within Panama relative to maybe where it was three or five years ago since it's so much higher than it was back in the last decade?

巴拿馬本身或巴拿馬內部的需求與三、五年前相比如何，因為它比過去十年高得多？

Yeah, it's stronger than before definitely.

是啊，確實比以前強了。

And for example, two reasons, in Panama, it's growing at a very healthy double-digit rate.

例如，有兩個原因，在巴拿馬，它以非常健康的兩位數速度成長。

And that's helping the Panama traffic.

這有助於巴拿馬的交通。

Of course, our main market is the connectivity we provide through our Hub of the Americas here.

當然，我們的主要市場是我們透過美洲樞紐提供的連結。

So our bigger markets are connecting up and down and east and west in a way.

因此，我們更大的市場正在以某種方式連接上下、東西方。

And most markets remain robust in general terms.

大多數市場總體而言仍然強勁。

Even though there's a lot of new capacity from us and from other airlines, we're still guiding to a very high load factor.

儘管我們和其他航空公司增加了許多新運力，但我們仍然指導非常高的載客率。

So that tells something about the strength of the markets.

這說明了市場的實力。

Okay.

好的。

That's really helpful.

這真的很有幫助。

Thanks, Pedro.

謝謝，佩德羅。

Thanks, José.

謝謝，何塞。

Thanks, Helane.

謝謝，海蘭。

Alberto Valerio, UBS.

阿爾貝托·瓦萊裡奧，瑞銀集團。

Hi, good morning, José and Pedro.

嗨，早上好，何塞和佩德羅。

Congrats for the results, really strong.

恭喜你的結果，真的很強。

Two quick ones on our side.

我們這邊有兩個速度很快的。

First one on tax rates.

第一個是關於稅率。

We see a slight increase of tax rate this quarter.

我們看到本季稅率略有上升。

Should we consider this for the future?

我們是否應該為未來考慮這一點？

And if you could remind us, what is the methodology in Panama?

如果您能提醒我們，巴拿馬的方法是什麼？

If I'm not mistaken, it's 25%.

如果我沒記錯的話，是25%。

And for the connections, you guys don't have to pay an extra tax.

對於連接，你們不必支付額外的稅。

The second one about the fuel price.

第二個是關於燃油價格。

We noticed that for the quarter fuel drops, but on the guidance, you keep $2.85. Just wondering if you did this cautiously or if you see a worsening scenario for the future or if the fuel price keeping the way that it is at this moment, we should see further huge decrease and margin should keep stable as you plan the guidance.

我們注意到本季燃油價格下降，但根據指導，您保留 2.85 美元。只是想知道您是否謹慎行事，或者您是否看到未來情況惡化，或者燃油價格是否保持目前的狀態，我們應該會看到進一步的大幅下降，並且在您規劃指導時，利潤率應該保持穩定。

Thank you.

謝謝。

This is my two questions.

這是我的兩個問題。

All right.

好的。

So Alberto, I think for your planning purposes, you could assume that our blended tax rate for the full year 2024 should be in range of about 14%.

因此，Alberto，我認為出於您的規劃目的，您可以假設我們 2024 年全年的混合稅率應在 14% 左右。

That's I think the best way to model it financially.

我認為這是對其進行財務建模的最佳方式。

Sorry, can you repeat the second question?

抱歉，您能重複第二個問題嗎？

Was it related to our fuel price assumption?

這與我們的燃油價格假設有關嗎？

Yes, the fuel price on the guidance.

是的，指導燃油價。

You notice that you keep the same from the fourth-quarter results.

您注意到第四季的業績保持不變。

But yeah, decreased for quarter.

但是，是的，季度有所下降。

Yeah, sorry, Alberto, we use the fuel price that we see in the forward curve.

是的，抱歉，阿爾貝托，我們使用遠期曲線中看到的燃油價格。

And we just simply put it into our guidance.

我們只是簡單地將其納入我們的指導中。

So we don't necessarily take a view on fuel, and where is it going to be, we don't want to be predictors of fuel prices.

因此，我們不一定對燃料有看法，它會在哪裡，我們不想成為燃料價格的預測者。

So therefore, it is in the way that we saw it when we were preparing our full-year guidance.

因此，這就是我們在準備全年指導時所看到的方式。

And it'll vary throughout the year, definitely, but that's the price that we looked at in the curve.

當然，它全年都會有所不同，但這就是我們在曲線中看到的價格。

Of course, that includes as well the realized price during the first quarter.

當然，這也包括第一季的實現價格。

Perfect.

完美的。

Thanks very much.

非常感謝。

Thank you, Alberto.

謝謝你，阿爾貝托。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Hey, good morning, everyone.

嘿，大家早安。

José, I want to go back to just on the maintenance line, and this is follow up to Rogerio's question.

何塞，我想回到維修線路，這是羅傑裡奧問題的後續內容。

When we look at this quarter, what was the benefit in maybe millions of dollars that you got when you decided to put the airplanes on balance sheet and take them off lease?

當我們回顧本季時，當您決定將飛機納入資產負債表並取消租賃時，您獲得的可能數百萬美元的收益是什麼？

And the way you answered his question, I got the sense that this will continue through the year that maybe you're contemplating additional transactions through the year to take, whether it's 800s or whatever to take them off lease and put them on balance sheet.

從你回答他問題的方式來看，我感覺到這種情況將持續一整年，也許你正在考慮在這一年中進行更多交易，無論是800 美元還是其他什麼，將它們取消租賃並將其納入資產負債表。

Yeah, I would say that the best way to model it from a CASM perspective is that we expect that the maintenance CASM line is going to be flattish on a CASM basis throughout the four quarters of the year.

是的，我想說，從 CASM 角度對其進行建模的最佳方法是，我們預計維護 CASM 線在全年四個季度的 CASM 基礎上將持平。

And there's several reasons there.

這有幾個原因。

I would say number one -- well, there's a growth and everything that goes throughout the year.

我想說第一——嗯，全年都有成長和一切進展。

Yeah, there could be further transactions going forward, but also movement there, and there are good guys there related to some of the lease extensions that we have performed in prior periods that create, let's say, better return conditions, and so that also flows through the P&L, through the maintenance line.

是的，未來可能會有進一步的交易，但那裡也會有變動，而且那裡有一些好人，與我們在之前時期執行的一些租約延期有關，這些延期創造了，比如說，更好的回報條件，因此也流動通過損益表、通過維護線。

And then there's another component to it that also creates, let's say, a good guy in the maintenance line in 2024 versus 2023, and is related to engine maintenance as well that we had, as you recall, last year, all the items with the LEAP, and so some of that is also in there as well.

然後還有另一個組件，它也可以在 2024 年與 2023 年的維護線上創建一個好人，並且也與發動機維護相關，正如您還記得的那樣，去年，所有項目都與LEAP，所以其中也有一些。

So it's a mix of things.

所以這是一個混合的事情。

I would say that the lease transactions and lease extensions probably represent about maybe half of the benefit, and the other half is related to engine maintenance and the like.

我想說，租賃交易和租賃延期可能代表了大約一半的收益，另一半與引擎維護等相關。

Great, that's super helpful and then just my second question.

太好了，這非常有幫助，然後是我的第二個問題。

When we look at your fleet plan in November of 2023, when you were telling us what you were contemplating for the full year -- this was obviously before the door plug, you were going to get 15 airplanes, and then we went to 11, and now we're at 9.

當我們查看你們 2023 年 11 月的機隊計劃時，當你們告訴我們你們全年的計劃時——這顯然是在關門之前，你們將獲得 15 架飛機，然後我們到了 11 架，現在我們已經9點了。

And I'm not even sure, are we even going to get nine based on what we're hearing from other carriers and news coming out of Boeing?

我甚至不確定，根據我們從其他航空公司聽到的消息和波音公司的消息，我們是否會得到九架飛機？

Where was your gross CapEx?

您的總資本支出在哪裡？

What was the gross CapEx plan for 2024 when it was 15.

2024 年的總資本支出計畫是多少，當時為 15。

And now, that we're at nine, where are we now?

現在，我們九點了，現在在哪裡？

And call it, hundreds of millions of dollars, what's the rough number?

說起來，數億美元，大概是多少？

Thank you, thanks for taking my questions.

謝謝你，謝謝你回答我的問題。

Yeah, right now our estimate for CapEx with this fleet plan, the gross CapEx is around $700 million.

是的，目前我們對這個機隊計畫的資本支出估計，總資本支出約為 7 億美元。

Where the original fleet plan, it was in excess of $1 billion.

其中原來的機隊計劃，就超過了10億美元。

Wonderful.

精彩的。

So I was going to say, lots of dry powder, but no, I'm going to let you finish, Pedro.

所以我想說，很多乾粉，但不，我會讓你說完，佩德羅。

Sorry.

對不起。

No, it's great.

不，這太棒了。

I'll rather hear your comment.

我更想聽聽你的評論。

But no, what I was going to add is that unrelated to the CapEx question, or maybe it is, but most of our growth, of our ASM growth this year, is going to come from the full year effect of our growth in 2023.

但不，我要補充的是，這與資本支出問題無關，或者可能與資本支出問題無關，但我們今年的 ASM 成長的大部分成長將來自我們 2023 年成長的全年影響。

So even if some of our later in the year deliveries get delayed into the following year, it won't have a significant effect on our ASM growth projected for '24.

因此，即使我們今年稍後的一些交付推遲到下一年，也不會對我們預計的 24 年 ASM 成長產生重大影響。

And that's kind of the reason why the capacity guide stayed the same at 10%.

這就是容量指南保持在 10% 不變的原因。

We already were assuming a set of delays on these deliveries.

我們已經假設這些交付會出現一系列延遲。

And (multiple speakers), as impactful into the year.

而且（多位發言者），今年同樣具有影響力。

Great.

偉大的。

Thanks, everyone.

感謝大家。

Thank you, Mike.

謝謝你，麥克。

Thank you, Mike.

謝謝你，麥克。

Pablo Monsivais, Copa.

巴勃羅·蒙西瓦伊斯，美洲杯。

Hi guys, thanks for taking my question.

大家好，感謝您提出我的問題。

Just two questions and the one is related to Mike's and to make sure that I get the number of the CapEx guidance for 2024, I heard it was $700 million, but just want to make sure of that -- my question is, I want to pick your brain on the competitive landscape.

只有兩個問題，其中一個與 Mike 的問題有關，為了確保我獲得 2024 年資本支出指導的數字，我聽說這是 7 億美元，但只是想確定這一點 - 我的問題是，我想充分考慮競爭格局。

Some Latin American carriers are putting more capacity; other US carriers are saying there's overcapacity.

一些拉丁美洲航空公司正在增加運能；其他美國航空公司表示運力過剩。

What are your overall thoughts on where the competitive environment is moving?

您對競爭環境的發展有何整體看法？

Thank you.

謝謝。

Yeah, so our main competitors in the region, and I will name them, have been growing capacity at a pace that's probably two times and at times three times our own.

是的，所以我們在該地區的主要競爭對手（我將說出他們的名字）一直在以可能是我們的兩倍甚至三倍的速度增長產能。

But coming out of the pandemic, we grew a lot faster than all of them.

但走出疫情後，我們的成長速度比他們所有人都快得多。

So they have caught up in this past year, and I also expect -- we also expect their growth to slow down year over year as it lapsed the previous growth.

所以他們在過去的一年裡已經迎頭趕上了，我也預計——我們也預計他們的成長將逐年放緩，因為它已經超過了之前的成長。

And so far, our load factors remain high.

到目前為止，我們的負載率仍然很高。

I'm not sure about theirs, but ours remain high.

我不確定他們的情況，但我們的仍然很高。

So the market has been able to absorb the capacity.

所以市場已經能夠吸收容量了。

And I'm expecting, at least hoping, that capacity growth will be rational going forward.

我預計，至少希望，未來產能成長將是理性的。

The airlines in our region are well managed, and everybody wants to deliver strong financial results.

我們地區的航空公司管理良好，每個人都希望有強勁的財務表現。

So that usually means they're being very rational with capacity.

所以這通常意味著他們對能力非常理性。

But so far, the market has responded well.

但到目前為止，市場反應良好。

Daniel McKenzie, Seaport Global.

丹尼爾·麥肯齊，海港全球公司。

Hey, thanks, guys.

嘿，謝謝，夥計們。

Congrats on the stellar first-quarter results.

恭喜第一季的出色業績。

Got a couple questions here.

這裡有幾個問題。

They're really focused on the longer-term investor -- from a longer-term investor perspective.

他們真正關注的是長期投資者——從長期投資者的角度來看。

And the first one really just is on growth and revenue segmentation.

第一個實際上只是關於成長和收入細分。

And so with respect to growth, just how sustainable is growth and how are you thinking about the right growth rate longer-term?

那麼，就成長而言，成長的可持續性如何？

And then separately, I'm wondering if you could share what percent of the overall revenue is perhaps premium revenue.

然後，我想知道您是否可以分享溢價收入佔總收入的百分比。

And I know you don't break out corporate, and that's not the question here.

我知道你不會突破公司，這不是這裡的問題。

It's just really similar to how US airlines are defining it, just from a segmentation perspective.

僅從細分角度來看，這與美國航空公司的定義非常相似。

Okay.

好的。

Hi, Dan.

嗨，丹。

Let me give it a shot.

讓我試試看。

So we are confident that we can sustain a growth, an ASM growth rate above what you're seeing right now.

因此，我們有信心維持成長，ASM 成長率高於您現在看到的水平。

Above the 10%, we were planning to grow more than 10%.

在 10% 以上，我們計劃成長超過 10%。

We did not get all the deliveries we expected, but you know, we're fine with that.

我們沒有收到預期的所有交貨，但你知道，我們對此表示滿意。

We have no issues with that.

我們對此沒有任何問題。

And next year, we should be growing at over 10%.

明年，我們的成長率應該會超過 10%。

You won't see us growing at 20% or 30% but growing in somewhere between the low teens to the mid-teens.

你不會看到我們以 20% 或 30% 的速度成長，而是以十幾歲到十幾歲之間的速度成長。

We can probably stay in that range for a number of years.

我們可能會在這個範圍內保持很多年。

And we see good opportunities in terms of overall market demand, new destinations, etcetera.

我們在整體市場需求、新目的地等方面看到了良好的機會。

So we're pretty confident that we can maintain for a number of years, in the medium to long term actually, a really, really healthy ASM growth.

因此，我們非常有信心，實際上，從中長期來看，我們能夠在幾年內保持真正、非常健康的 ASM 成長。

But the way we are, just the way we have always run this airline, we always remain flexible to adjust either way.

但我們的方式，就像我們一直以來經營這家航空公司的方式一樣，我們始終保持靈活的調整方式。

The opportunity is such that we can grow faster.

機會如此，我們可以更快成長。

We have means of doing it, but we usually cover the downside.

我們有辦法做到這一點，但我們通常會掩蓋其缺點。

So we have a lot of flexibility to cover the downside if things were to slow down.

因此，如果事情放緩，我們有很大的靈活性來彌補下行的影響。

We've always done it.

我們一直都是這樣做的。

We've done it effectively.

我們已經有效地做到了。

That's the mentality of our Board also.

這也是我們董事會的心態。

So that flexibility is important in our planning.

因此，靈活性對於我們的規劃非常重要。

In terms of revenue segmentation, leisure became -- after the pandemic, it became a high-quality segment in many ways.

就收入細分而言，休閒在大流行之後，在許多方面都成為了高品質的細分市場。

And as we have explained in previous calls, today our leisure is around 40%.

正如我們在先前的電話會議中所解釋的，今天我們的閒暇時間約為 40%。

Visiting friends and relatives is in the 35% range.

探親訪友的比例在35%範圍內。

Then business is in the 25% to 20% range, depending on the quarter.

然後，業務量會在 25% 到 20% 的範圍內，具體取決於季度。

So that's the range.

這就是範圍。

But again, leisure is different than before.

但同樣，休閒與以前不同。

There's a segment of leisure that is a little bit more higher fare.

有一個休閒部分的票價稍高。

Hope I answered your

希望我回答了你的

--

--

Yeah.

是的。

Thank you.

謝謝。

That was terrific.

那太棒了。

And then going back to an earlier question, so for those investors, again, trying to understand the margin outperformance in the current cycle versus the last cycle.

然後回到之前的問題，對於那些投資者來說，再次嘗試了解當前週期與上一個週期相比的利潤率表現。

What are the top three things that are behind that from your perspective?

從您的角度來看，這背後最重要的三件事是什麼？

So the 21% to 23% margins today versus 18% to 20% historically, is it as simple as pent-up demand, sort of high value leisure or is it perhaps more structural in nature just given where your cost structure is?

因此，今天21% 至23% 的利潤率與歷史上18% 至20% 的利潤率相比，是因為被壓抑的需求、某種高價值休閒那麼簡單，還是考慮到您的成本結構，本質上可能更具結構性？

So really the question just kind of gets down to how longer-term investors should think about the business?

所以，問題其實歸結為長期投資人該如何看待這項業務？

Right.

正確的。

That's an interesting question.

這是一個有趣的問題。

And it allows me to talk a little bit briefly about how we have changed as a company, and one of our values as our company is continuous improvement.

這讓我可以簡單地談談我們作為一家公司是如何改變的，以及我們公司的價值觀之一是持續改進。

So we're always looking for better ways of doing things.

因此，我們一直在尋找更好的做事方式。

So if we compare the Copa's today to the pre-pandemic Copa, for example, we have better unit costs.

因此，如果我們將今天的美洲杯與大流行前的美洲杯進行比較，我們會得到更好的單位成本。

We have better revenue management and pricing.

我們有更好的收入管理和定價。

Today, we can sell basic fares that don't offer much except if the passenger pays more for it.

如今，我們可以出售基本票價，但除非乘客支付更多費用，否則價格並不高。

And we can distribute them directly to the customer saving significant costs on GDS and the like.

我們可以將它們直接分發給客戶，從而節省 GDS 等方面的大量成本。

So we are a lot more competitive against any other airline business model.

因此，我們比其他航空公司的商業模式都更具競爭力。

We're also, I would say, we have streamlined our network.

我想說，我們也簡化了我們的網路。

There're still around eight destinations that we were flying pre-pandemic that we're not flying to right now, but instead, we have, I don't know, somewhere between 12 and 14 destinations we were not flying to before.

在疫情爆發前，我們仍然有大約 8 個航班飛往但現在沒有飛往的目的地，但我不知道，我們以前沒有飛往 12 到 14 個目的地。

So we're flying to more places.

所以我們要飛往更多地方。

It will be 85 by next month, which is 5 more than what we flew in 2019.

到下個月將達到 85 架，比 2019 年增加了 5 架。

So stronger network, better unit costs, better technology, better pricing.

因此，更強大的網路、更好的單位成本、更好的技術、更好的定價。

Our digital technology, for example, today is mostly developed and owned by us.

例如，我們今天的數位技術大部分是由我們開發和擁有的。

Before, it was all third-party companies.

以前都是第三方公司。

So we have better technology and better costs.

所以我們有更好的技術和更好的成本。

So I could keep on going, but we're a better airline and we're more efficient, we're more effective, and we're more competitive.

所以我可以繼續下去，但我們是一家更好的航空公司，我們更有效率，我們更有效率，我們更有競爭力。

We also have more competition.

我們也有更多的競爭。

So we had to be better to be able to deliver the margins we're delivering.

因此，我們必須做得更好，才能實現我們所提供的利潤。

We could not just sit with our arms across to see what would happen.

我們不能只是抱著雙臂坐著看會發生什麼事。

Right.

正確的。

That's wonderful.

那好極了。

Thanks for that comprehensive answer, Pedro.

感謝佩德羅的全面回答。

Yeah, I'm sorry for the advertising.

是的，我很抱歉打廣告。

It's okay.

沒關係。

Go ahead.

前進。

Guilherme Mendes, JPMorgan.

吉列爾梅·門德斯，摩根大通。

Good morning, Pedro, Jose, Daniel.

早安，佩德羅、何塞、丹尼爾。

Thanks for taking my question.

感謝您提出我的問題。

My first one, it's on capital allocation.

我的第一個是關於資本配置的。

We continue to see leverage coming down.

我們繼續看到槓桿率下降。

And how should we think about capital allocation going forward if any excess of capital should be distributed into dividends and buybacks?

如果多餘的資本應該分配給股利和回購，我們該如何考慮未來的資本配置？

And if there's an optimum level of leverage that we could consider for this long-term growth and profitability going forward?

我們是否可以考慮實現長期成長和未來獲利能力的最佳槓桿水平？

And the second one, it's on Columbia.

第二個是在哥倫比亞。

I know it's relatively small for you, but if you could share how Wingo is performing and how the competitive environment is in Columbia post the two airlines leaving the market last year.

我知道這對您來說相對較小，但您能否分享一下 Wingo 的表現以及去年兩家航空公司退出市場後哥倫比亞的競爭環境如何。

Thank you.

謝謝。

So, Guillermo, in terms of capital allocation, I would say first, yeah, our balance sheet certainly right now is very, very strong leverage.

因此，吉列爾莫，就資本配置而言，我首先要說，是的，我們的資產負債表現在肯定是非常非常強大的槓桿。

So it's in a high point.

所以它處於一個高點。

And I think we have to be mindful that we have a lot of aircraft coming.

我認為我們必須注意，我們有很多飛機來。

So we have a lot of capital expenditures that are going to be put in back into the business over the next year and a half.

因此，我們有大量資本支出將在未來一年半內重新投入業務。

Our fleet plan that we put in our 20-F for 2025 has around 16 airplanes coming next year.

我們在 2025 年制定的 20-F 機隊計劃中，明年將有大約 16 架飛機。

So it is quite a bit of a growth that we will put back into the business over the next several years.

因此，我們將在未來幾年內重新投入到業務中，這是相當大的成長。

Number two is that we have been very active in return of value to our shareholders.

第二是我們一直非常積極地為股東回報價值。

This year, we have essentially the board decided to almost double the dividend vis-a-vis last year.

今年，我們董事會基本上決定將股利比去年增加近一倍。

And our policy is as the business continues being successful, we distribute that to our shareholders.

我們的政策是，隨著業務持續成功，我們將其分配給股東。

And we've complimented that as we put out in our first quarter results, and we've also bought back $40 million worth of shares during Q1.

我們在第一季業績中對此表示讚賞，並且在第一季回購了價值 4,000 萬美元的股票。

So it's a mix of everything.

所以它是一切的混合體。

First, I'd say it's putting it back into the company for growth and then followed by the return of value to our shareholders.

首先，我想說的是，它將其重新投入公司以實現成長，然後將價值回報給我們的股東。

In terms of Colombia, so Colombia is our next -- a very competitive market.

就哥倫比亞而言，哥倫比亞是我們的下一個市場——一個競爭非常激烈的市場。

It goes through its waves, but it's always very competitive.

它歷經風浪，但競爭始終非常激烈。

In terms of one of your specific questions, capacity today in Colombia is close to 20%.

就您的具體問題之一而言，哥倫比亞目前的容量接近 20%。

Domestic Colombia is around 20% higher than before when the two airlines that failed were operating.

哥倫比亞國內航班的運價比這兩家失敗的航空公司營運之前高出約 20%。

So even without those two airlines, capacity is about 20% higher.

因此，即使沒有這兩家航空公司，運力也會增加約 20%。

That includes one new entrant that started, I think late last year, plus the growth from the incumbents.

我認為這包括去年年底開始的一個新進入者，以及老牌企業的成長。

Wingo is performing well.

溫戈表現不錯。

Maybe it's the better performing airline in Colombia, I'm not sure, but we're keeping capacity flat.

我不確定，也許這是哥倫比亞表現更好的航空公司，但我們的運力保持不變。

At Wingo, they operated last year nine aircraft, and this year they're operating nine aircraft, nine 737-800.

在 Wingo，他們去年運營了 9 架飛機，今年他們運營了 9 架飛機，其中 9 架是 737-800。

So we don't have ambitious plans.

所以我們沒有雄心勃勃的計劃。

It's just a very difficult market in general.

總的來說，這是一個非常困難的市場。

So we would rather keep capacity under control and results in a healthy level.

因此，我們寧願控制產能並使其保持在健康的水平。

And that's what we're doing with Colombia and with Wingo.

這就是我們與哥倫比亞和 Wingo 所做的事情。

That's very clear.

這非常清楚。

Thank you, Pedro and José.

謝謝佩德羅和何塞。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

Jay Singh, Citi.

傑·辛格，花旗銀行。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

It's Jay Singh dialing in for Stephen Trent.

我是傑辛格 (Jay Singh) 撥打史蒂芬特倫特 (Stephen Trent) 的電話。

My first question is, looking at the US market, we see that inflationary pressures pushed above 2019 levels and is likely to continue going forward.

我的第一個問題是，從美國市場來看，我們看到通膨壓力已超過 2019 年的水平，並且可能會持續下去。

As for Copa, what are you executing on the cost side and realizing in terms of maintaining such a low CASM figure?

至於Copa，您在成本方面執行了什麼，並實現了維持如此低的CASM 數字？

Thanks.

謝謝。

Yes, Jay, look, we, of course, are cognizant that the US has been going through a significant period of inflation over the last several years.

是的，傑伊，你看，我們當然認識到美國在過去幾年中經歷了一段重要的通貨膨脹時期。

And we are seeing some of that in airport fees, handling fees in the US, hotel rooms for crews in the US.

我們在美國的機場費、手續費以及美國機組人員的酒店房間中看到了其中的一些費用。

All of those have been putting some pressure on our CASM.

所有這些都給我們的 CASM 帶來了一些壓力。

But in Latin America, in general, the inflation has not been as prevalent as it has been in the United States or we have not as much pressure as some of the US airlines.

但在拉丁美洲，總的來說，通貨膨脹並不像美國那麼普遍，或者說我們沒有像美國一些航空公司那樣承受那麼大的壓力。

And in addition to that, we've been very active in pursuing, as Pedro just mentioned, better ways to do our own operations.

除此之外，正如佩德羅剛才所提到的，我們一直非常積極地尋求更好的方式來進行我們自己的營運。

So we've been very active after the pandemic in just seeking reductions in costs and efficiencies going forward, overhead, fleet decisions that we have made, and distribution strategy, maintenance, densification, etcetera.

因此，在疫情大流行之後，我們一直非常積極地尋求降低未來的成本和效率、管理費用、我們所做的機隊決策以及分銷策略、維護、緻密化等。

We've done a lot over many, many swim lanes in order for us to be competitive.

為了保持競爭力，我們在很多很多泳道上做了很多工作。

But we are seeing some of that inflation in the US, albeit not at the same level as the US carriers.

但我們在美國看到了一些通貨膨脹，儘管與美國航空公司的水平不同。

And my second question is, how are you able to maintain the 10% capacity guide in spite of the Boeing delivery delays?

我的第二個問題是，儘管波音交貨延遲，你們如何能夠維持 10% 的運力指導？

Yeah, the 10%, if I understand your question correctly, it's how is it that we're maintaining our capacity guide in spite of the Boeing delays?

是的，那 10%，如果我正確理解你的問題，那麼儘管波音飛機延誤，我們是如何維持我們的運力指南的？

Yeah, the 10% assumes the current scenario that we have for aircraft deliveries for the remainder of the year.

是的，這 10% 假設的是我們今年剩餘時間飛機交付的當前情況。

And as Pedro mentioned before, the large portion of our growth for 2024 is just simply the full-year effect from 2023 of the capacity that we put in throughout the year 2023.

正如佩德羅之前所提到的，我們 2024 年成長的很大一部分只是我們在 2023 年全年投入的產能從 2023 年開始的全年影響。

So therefore, it's not that much subject to aircraft.

因此，它不太受飛機的影響。

Aircraft that come in later in the year do not really have that much of an impact if they were to be delayed up until 2025.

如果推遲到 2025 年，今年稍後投入使用的飛機實際上不會產生太大影響。

So it is the number that we have right now, 10%, and if there are changes in the future, we'll see and we'll let the market know.

所以這是我們現在的數字，10%，如果未來有變化，我們會觀察並讓市場知道。

Well, this is all very helpful.

嗯，這一切都非常有幫助。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back to Pedro Heilbron for closing remarks.

現在我想請佩德羅·海爾布隆 (Pedro Heilbron) 發表閉幕詞。

Okay.

好的。

Thank you, sir.

謝謝你，先生。

So thank you all.

謝謝大家。

This concludes our first-quarter 2024 earnings call.

我們的 2024 年第一季財報電話會議到此結束。

Thank you for participating.

感謝您的參與。

And as always, thank you for your continued support.

一如既往，感謝您的持續支持。

I hope you have a great day.

希望你有美好的一天;希望你今天過得很開心。

Ladies and gentlemen, thank you for your participation.

女士們、先生們，感謝您的參與。

This does conclude the presentation.

簡報到此結束。

You may disconnect and have a wonderful day.

您可能會斷開連接並度過美好的一天。