LATAM Airlines Group SA (LTM) 2024 Q2 法說會逐字稿

Good day, everyone, and thank you for standing by, and welcome to the Second Quarter 2024 LATAM Airlines Group earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded.

大家好，感謝大家的支持，歡迎參加 LATAM 航空集團 2024 年第二季財報電話會議。（操作員說明）請注意，今天的會議正在錄製中。

Before I turn the call over to management, I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations and as such, constitute forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives and expected performance or guidance are forward-looking statements.

在將電話轉交給管理階層之前，我想提醒您，本簡報和問答期間的某些陳述可能與未來事件和預期有關，因此構成前瞻性陳述。今天討論的任何非歷史事實的事項，特別是有關公司未來計劃、目標和預期業績或指導的評論均屬於前瞻性陳述。

These statements are based on a range of assumptions that LATAM believes are reasonable but are subject to uncertainties and risks that are discussed in detail in the recently published 20-F earnings release, finance statements and related CMS and SEC filings. The company actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors which are discussed in detail in our SEC filings. And if there are any members of the press from the call, please note that for the media, this is a listen only call.

這些報表是基於 LATAM 認為合理的一系列假設，但會受到不確定性和風險的影響，這些不確定性和風險在最近發布的 20-F 收益報告、財務報表以及相關 CMS 和 SEC 文件中詳細討論。由於我們在 SEC 文件中詳細討論的各種因素，公司的實際結果可能與任何前瞻性陳述中預測或建議的結果有顯著差異。如果有任何媒體成員參加了此次電話會議，請注意，對於媒體來說，這是一次僅供收聽的電話會議。

Now it's my pleasure to pass the call over to Ramiro Alfonsin.

現在我很高興將電話轉接給拉米羅·阿方辛 (Ramiro Alfonsin)。

Thank you, Carmen. Hello, everyone, and good morning. Welcome to our second-quarter 2024 conference call, and thank you all for joining us today. My name is Ramiro Alfonsin, and I'm the CFO of LATAM Airlines Group. Here with me today is Mr. Roberto Alvo, our CEO; and Andres Del Valle, VP of Corporate Finance; and Tori Creighton, Head of Investor Relations. And we will present our highlights and results for the second quarter of 2024.

謝謝你，卡門。大家好，早安。歡迎參加我們的 2024 年第二季電話會議，感謝大家今天加入我們。我叫 Ramiro Alfonsin，是 LATAM 航空集團的財務長。今天和我在一起的是我們的執行長 Roberto Alvo 先生； Andres Del Valle，企業財務副總裁；和投資者關係主管 Tori Creighton。我們將介紹 2024 年第二季的亮點和結果。

I'd like to pass the presentation to Roberto for some opening remarks before we go into the numbers.

在我們討論數字之前，我想將簡報交給羅伯托，讓他做一些開場白。

Thank you, Ramiro, and good morning, everyone. I hope you're all doing well. As we begin to look to our second quarter results, it is important to acknowledge that these achievements are the direct result of the efforts and dedication demonstrated by the more 37,000 employees that comprise the LATAM family. I would like to express my sincere appreciation to all these individuals who have consistently given their best to help LATAM Group reach its current goals. The unwavering sense of belonging and commitment they have played, I think it's a crucial part of our success.

謝謝拉米羅，大家早安。我希望你們一切都好。當我們開始展望第二季度業績時，必須承認這些成就是 LATAM 大家庭 37,000 多名員工努力和奉獻的直接結果。我謹向所有一直竭盡全力幫助 LATAM 集團實現當前目標的個人表示誠摯的謝意。他們所表現出的堅定不移的歸屬感和承諾，我認為這是我們成功的關鍵部分。

One of my primary focus as CEO is to cultivate a culture where LATAM Group employees feel as though LATAM makes sense to them both from a personal and from a professional level. It is their continued dedication that has enabled the group to sustain growth quarter-after-quarter, pushing us to set higher goals and ultimately bringing LATAM to where it stands today. It is that LATAM is better, it's stronger, it is more diverse, and it's a better group of airlines as we can see in the second quarter results.

作為首席執行官，我的主要關注點之一是培養一種文化，讓 LATAM 集團員工感到 LATAM 從個人和專業層面對他們來說都是有意義的。正是他們的持續奉獻使該集團能夠維持一個又一個季度的成長，推動我們設定更高的目標，並最終將拉美帶到今天的水平。正如我們在第二季的業績中看到的那樣，拉美航空更好、更強大、更多元化，並且是更好的航空公司集團。

During this quarter, we witnessed robust revenue generation primarily driven by the capacity increase, which remains in line with our full year guidance. Additionally, LATAM generated cash and bottom line net income. It is worth noting that historically, our second quarter results have been relatively softer due to a lower season in the Southern Hemisphere.

在本季度，我們見證了強勁的收入成長，這主要是由產能增加所推動的，這與我們的全年指導保持一致。此外，拉丁美洲還產生了現金和淨利潤。值得注意的是，從歷史上看，由於南半球淡季，我們第二季的業績相對疲軟。

The macroeconomic environment has exerted pressure on foreign exchange rates, but there is a possibility to mitigate this effect due to a well-diversified revenue structure as well as our ability to reposition our assets between the markets. Overall, the second quarter results reflect the ability to adapt, overcome obstacles and maintain a steady growth trajectory. We remain very confident in the strategic direction and the commitment to further enhance our business.

宏觀經濟環境對外匯匯率施加了壓力，但由於收入結構多元化以及我們在市場之間重新配置資產的能力，有可能減輕這種影響。總體而言，第二季業績反映了適應、克服障礙和維持穩定成長軌蹟的能力。我們對策略方向和進一步增強業務的承諾仍然充滿信心。

Following this, I would like you to join us on slide number 3, please. The group's growth this quarter continued to strengthen LATAM's group value proposition and then connecting more people within the region and the rest of the world. During this semester, the group transported over 39.4 million passengers, representing a 15.5% increase compared to previous year. Last year, LATAM Group managed to reach the same number of passengers transported as pre-pandemic, so for the first 6 months of the year, passenger transported figures demonstrated a solid growth.

接下來，請您加入我們的第 3 投影片。該集團本季的成長繼續加強了 LATAM 的集團價值主張，並將該地區和世界其他地區的更多人聯繫起來。本季度，集團運送旅客超過3,940萬人次，較去年成長15.5%。去年，LATAM集團的客運量達到了疫情前的水平，因此今年前6個月，客運量呈現穩健成長。

One of the drivers of these increases in the number of passengers is an increased customer preference for flying in LATAM. LATAM has devoted significant efforts in improving our customer experience not only on board, but in each one of the touch points where we serve them. We understand that LATAM customers expect the group to be reliable in each one of these areas, and LATAM has worked diligently to meet their expectations. Currently, the group has a net promoter score of 54 points for passenger operations and 59 points for premium customers, reaching the highest levels ever we've had in our history since we measure NPS.

乘客數量增加的推動因素之一是客戶對拉丁美洲航班的偏好增加。拉美航空投入了大量精力來改善我們的客戶體驗，不僅是在機上，而且是在我們為客戶提供服務的每一個接觸點。我們了解 LATAM 客戶希望集團在這些領域中的每一個領域都是值得信賴的，LATAM 一直在努力滿足他們的期望。目前，該集團的客運營運淨推薦分數為 54 分，優質客戶淨推薦分數為 59 分，達到了自我們衡量 NPS 以來的歷史最高水準。

Additionally, the group has received multiple awards during the quarter, which serve as a testament to the dedication and the effort the company has invested into the customer experience. And it's with great pride that LATAM has been recognized as the Best Airline in South America now for the fifth consecutive time, solidifying for sure our position in the industry.

此外，該集團在本季度獲得了多項獎項，這證明了公司在客戶體驗方面的奉獻精神和努力。拉美航空連續第五次被評為南美洲最佳航空公司，無疑鞏固了我們在行業中的地位，對此我們深感自豪。

Regarding capacity, during this quarter specifically, the group increased its capacity by 16.2% in the context of healthy demand. This growth has, was accompanied by a robust load factor of 82.2%, representing an increase of 1.8 percentage points compared to the second quarter of last year.

在產能方面，特別是在本季度，在需求健康的背景下，該集團的產能增加了16.2%。這一成長伴隨著 82.2% 的強勁載客率，與去年第二季相比增加了 1.8 個百分點。

We reported top line revenues of $3 billion, representing 13.2 percentage increase. Additionally, LATAM Group has achieved a net income of $146 million, accumulating to a total of $405 million year-to-date, which represents 52.9% increase (inaudible) 2023.

我們公佈的總收入為 30 億美元，成長了 13.2%。此外，LATAM 集團淨利已達 1.46 億美元，今年迄今累計淨利達 4.05 億美元，較 2023 年成長 52.9%（聽不清楚）。

Our cash flow has successfully generated a total of $177 million before dividend payments. And even after paying dividends of $175 million, which corresponds to the earnings generated in [2023], 30% of it, by the way. The cash flow, nonetheless, still remains positive by $2 million. This, I believe, demonstrates the financial stability and ability to generate consistent returns to our shareholders.

在支付股息之前，我們的現金流已成功產生總計 1.77 億美元。順便說一句，即使支付了 1.75 億美元的股息（相當於 [2023 年] 產生的收益的 30%）。儘管如此，現金流仍保持正值 200 萬美元。我相信，這顯示了財務穩定性以及為股東帶來持續回報的能力。

As we look forward, on the other hand, we anticipate a continued stable demand for the next few months, and we hold an unwavering confidence in LATAM's group customer and value proposition. The capital to all of these efforts and consistent financial delivery has been LATAM's return to the New York Stock Exchange just 2 weeks ago. The relisting of LATAM is an important achievement.

另一方面，展望未來，我們預計未來幾個月需求將持續穩定，並且我們對 LATAM 的集團客戶和價值主張堅定不移的信心。所有這些努力和持續的財務交付的資本是 LATAM 兩週前重返紐約證券交易所。拉丁美洲重新上市是一項重要成就。

LATAM's reputation as the leading airline group in South America is widely recognized, we believe, and supported by our unwavering commitment to the well-being of our employees and the conservation of the environment. This important milestone fills us with immense pride and holds great significance as LATAM once again take place in the world's most important stock exchange.

我們相信，LATAM 作為南美洲領先的航空公司集團的聲譽得到了廣泛認可，並得到了我們對員工福祉和環境保護的堅定承諾的支持。這一重要的里程碑讓我們感到無比自豪，對於拉丁美洲再次登陸全球最重要的證券交易所具有重要意義。

It is a recognition from the market of the work that we have been doing and allows us the opportunity to access a deeper, broader, and more liquid market and target new investors. Thank you for your time. Thank you for being here.

這是市場對我們一直以來所做工作的認可，讓我們有機會進入更深、更廣、流動性更強的市場，瞄準新的投資者。感謝您抽出時間。感謝您來到這裡。

I'd like to turn the call over to Ramiro to further discuss our financial and operational results.

我想將電話轉給拉米羅，進一步討論我們的財務和營運表現。

Thank you, Roberto. LATAM Group has consistently achieved strong quarterly results, driven by increased capacity and robust financial performance. Over the last 12 months, LATAM Group noted a total of 148 billion ASKs, reflecting a 16% increase compared to the same period of the previous year. In terms of revenue generation, the company has been able to deliver a consistent positive trend in terms of the last 12 months revenues, which reached $12.7 billion. We are confident in our ability to reach our full year guidance forecast, supported by the historically stronger quarters to come and a stable demand environment, as Roberto mentioned.

謝謝你，羅伯托。在產能增加和穩健的財務表現的推動下，LATAM 集團始終取得強勁的季度業績。在過去 12 個月中，LATAM Group 的詢價總數為 1,480 億，與去年同期相比成長了 16%。在創收方面，該公司在過去 12 個月的收入中一直保持積極的趨勢，達到 127 億美元。正如羅伯託所提到的，在歷史上更強勁的未來季度和穩定的需求環境的支持下，我們對達到全年指導預測的能力充滿信心。

Moving to slide 5. The second quarter has been historically the softest quarter of the calendar year for LATAM. However, in this second quarter, the group continued to consolidate the trend of strong performance to the income statement, cash flow, and capital structure. We operated 37.7 billion ASKs, representing a growth rate of over 16%, mainly propelled by the international business.

轉到投影片 5。第二季是拉美地區史上最疲軟的季度。然而，第二季度，集團繼續將強勁業績的趨勢鞏固到損益表、現金流和資本結構。我們經營 ASK 377 億，成長率超過 16%，主要由國際業務推動。

We continue to be highly focused on cost containment and our adjusted passenger cost per ASK ex fuel decreased 4.7% year-over-year to $0.041. This drove the record adjusted EBITDAR generation of $619 million, which represented an increase of over 10%. In our top line, revenues amounted to almost $3 billion, representing an increase of 13%.

我們繼續高度關注成本控制，調整後的每 ASK 乘客成本（不含燃油）年減 4.7% 至 0.041 美元。這推動調整後 EBITDAR 創紀錄地達到 6.19 億美元，增幅超過 10%。我們的營收達到近 30 億美元，成長了 13%。

Meanwhile, the cargo figures increased year-over-year for the first time since 2022 by 6.9%, explained by the upside in the group's cargo and our passenger fleet. Adjusted operating income reached $274 million and suffered a negative impact of $25 million stemming from the canceled operations in the Porto Alegre Airport caused by the flooding in the area.

同時，貨運量自 2022 年以來首次年增 6.9%，這得益於集團貨運和客運機隊的成長。調整後的營業收入達到 2.74 億美元，但由於阿雷格里港機場因洪水而取消運營，因此受到了 2500 萬美元的負面影響。

This operating income contributed to a net income of $146 million for the company in the quarter and an accumulated net income of over $400 million for the first part of the year. In conclusion, strong financial results for a historically weak quarter.

這筆營業收入為本季貢獻了公司淨利 1.46 億美元，今年上半年累計淨利超過 4 億美元。總之，在歷史上疲軟的季度中取得了強勁的財務業績。

Moving to slide 6. Our diversified revenue stream serves as a key differentiating factor within the industry and also reflects the operational flexibility to adapt to changes in the market demand. In the quarter, we can see the benefits clearly as the business and revenue diversification allowed us to mitigate currency depreciation as well as the operational effects of the closure of the Porto Alegre Airport at the beginning of May due to intense flooding in the area.

轉到投影片 6。我們多元化的收入來源是產業內的關鍵差異化因素，也反映了適應市場需求變化的營運彈性。在本季度，我們可以清楚地看到收益，因為業務和收入多元化使我們能夠減輕貨幣貶值以及五月初阿雷格里港機場因該地區嚴重洪水而關閉的營運影響。

In particular, with regard to Porto Alegre, those operations represented an average of 24 daily frequencies as of the end of April 2024. Between May and June, the Brazilian affiliate has reallocated 12% of that capacity and expects 100% of that capacity to be fully reallocated to other airports or routes in August.

特別是，就阿雷格里港而言，截至 2024 年 4 月底，這些航班平均每天有 24 班。5 月至 6 月期間，這家巴西子公司重新分配了 12% 的運力，預計 8 月將 100% 的運力完全重新分配給其他機場或航線。

During these last 12 months, the group's passenger business amounted to 87% of total revenues, of which 47% stems from the international operations, 35% from LATAM Brazil domestic operations, and 19% from domestic operations of the [affiliates] based in the Spanish-speaking countries.

在過去 12 個月中，該集團的客運業務佔總收入的 87%，其中 47% 來自國際業務，35% 來自 LATAM 巴西國內業務，19% 來自位於巴西的[附屬公司]的國內業務。國家。

All these market segments have experienced significant growth during the year, driven by strong demand particularly in international operations. Cargo, on the other hand, contributed 11% of the total revenues and continue to be an essential component of LATAM's DNA with a strengthened presence in the global cargo market.

在強勁需求（尤其是國際業務需求）的推動下，所有這些細分市場在這一年中都經歷了顯著成長。另一方面，貨運業務貢獻了總收入的 11%，並繼續成為拉丁美洲航空 DNA 的重要組成部分，在全球貨運市場的影響力不斷增強。

LATAM Group's market shares in the domestic markets are shown on slide 7 and are a testament to our value proposition in the continent. During this quarter, LATAM Group has shown improvement in its market shares in Chile, Brazil, Peru and Ecuador due to its relative advantage over the competitors in the region. As the leading airline passenger group, LATAM is proud to connect South America with the world through our extensive network.

LATAM 集團在國內市場的市佔率如幻燈片 7 所示，證明了我們在非洲大陸的價值主張。本季度，由於相對於該地區競爭對手的相對優勢，LATAM集團在智利、巴西、秘魯和厄瓜多爾的市佔率有所提高。作為領先的航空客運集團，LATAM 很自豪能夠透過我們廣泛的網絡將南美與世界連接起來。

On slide 8, we present our international operations, and you can see that LATAM has remained the number 1 with a 42% international market share within the region and also maintained its leadership connecting South America with the rest of the world. The profit sharing agreement with Delta on the right-hand side of the slide continues to grow in capacity share, adding new routes and expanding its connectivity.

在幻燈片 8 中，我們展示了我們的國際業務，您可以看到拉丁美洲仍然排名第一，在該地區擁有 42% 的國際市場份額，並且還保持了連接南美與世界其他地區的領先地位。幻燈片右側與達美航空簽訂的利潤分享協議繼續擴大運力份額，增加新航線並擴大其連接性。

During the quarter, a new route of the JVA, Santiago to Orlando was launched and is delivering good results. For this reason, we have decided to extend it to the next season. As of the second quarter of 2024, the capacity share in the South American and North American JV markets stands at 39%, representing an increase year-over-year of 7 percentage points.

本季度，JVA新開通聖地牙哥至奧蘭多航線，並取得良好業績。因此，我們決定將其延長到下個賽季。截至2024年第二季度，南美洲和北美合資市場的運能份額為39%，較去年同期成長7個百分點。

Turning to slide 9. LATAM is the only true full-service carrier group in South America with a unique value proposition in the region. Even as a legacy carrier, the current segmentation has allowed us to serve different and more types of customers. Our value proposition has once again been recognized in the industry.

轉到投影片 9。LATAM 是南美洲唯一真正的全方位服務航空公司集團，在該地區擁有獨特的價值主張。即使作為一家傳統航空公司，目前的細分也使我們能夠為不同和更多類型的客戶提供服務。我們的價值主張再次得到業界的認可。

During the quarter, LATAM was recognized with several procedural awards, including the Skytrax Best Airline in South America for the fifth consecutive year, along with the Best Airline Staff Service in South America. These recognitions serve as a testament to the hard work and dedication exhibited by every member of our team.

本季度，LATAM 榮獲多項程序獎項，包括連續第五年榮獲 Skytrax 南美洲最佳航空公司，以及南美洲最佳航空公司員工服務獎。這些認可證明了我們團隊每位成員的辛勤工作和奉獻精神。

LATAM's Group's long-term sustainability strategy, as seen on slide 10, celebrated its third anniversary this quarter. As you may remember, it is based on four pillars, environmental management, climate change, circular economy, and shared value.

如投影片 10 所示，LATAM 集團的長期永續發展策略在本季慶祝了三週年。您可能還記得，它基於四個支柱：環境管理、氣候變遷、循環經濟和共享價值。

I'd like to highlight just a few of the advances from this quarter. During this quarter, at the IATA Winds of Change event, the preliminary results of the study on Options for Decarbonizing Aviation in Latin America carried out by MIT and financed by LATAM together with Airbus were presented, and the final results will be published shortly.

我想強調本季取得的一些進展。本季度，在國際航空運輸協會變革之風活動上，由麻省理工學院進行、LATAM與空中巴士共同資助的拉丁美洲航空脫碳方案研究的初步結果公佈，最終結果將於近期公佈。

Furthermore, this LATAM Solidarity Plane program played a crucial role in assisting with the emergency situation caused by the floods in the southern region of Brazil. LATAM Airlines Brazil transported over 200 tons of humanitarian cargo, including 300 modular homes. We are also proud to have been recognized with another award this quarter as the Most Sustainable Cargo Operations in America at Freighterweek Sustainability Awards.

此外，拉丁美洲團結飛機計畫在協助巴西南部地區洪水引發的緊急情況中發揮了至關重要的作用。巴西 LATAM 航空公司運輸了 200 多噸人道主義貨物，其中包括 300 套模組化房屋。我們也很自豪本季在《Freighterweek 永續發展獎》中榮獲另一個獎項，即「美國最具永續發展貨運業務」。

Let's move to the next slide to discuss our business performance. LATAM Group is flying more and, at the same time, noting higher load factors in all segments. During the quarter, the group increased capacity by 16% compared to the previous year, reaching a load factor of 82.2% and representing a 1.8 percentage point increase.

讓我們轉到下一張投影片來討論我們的業務績效。南美航空集團的航班數量越來越多，同時所有航段的載客率也都在增加。本季，該集團運力較上年增加16%，載客率達82.2%，提升1.8個百分點。

LATAM Airlines Brazil, domestic capacity increased a little over 6% despite the negative impact from the closure of the Porto Alegre Airport operations. Finally, the international segment continued to show strong growth with a 25% increase in capacity compared to the previous year.

儘管受到阿雷格里港機場營運關閉的負面影響，巴西 LATAM 航空的國內運力仍增加了 6% 以上。最後，國際業務持續呈現強勁成長，運力較上年成長 25%。

In terms of revenues per ASK, the consolidated revenue per ASK continued to remain healthy with a slight 1.6% decrease. But here again, we were, we see the impact of the currency fluctuations and the significant increase of the 25% in India in the international capacity.

就每 ASK 收入而言，每 ASK 綜合收入持續保持健康，略有下降 1.6%。但在這裡，我們再次看到了貨幣波動的影響以及印度國際產能25%的顯著成長。

On slide 12, we would like to discuss cost containment as LATAM's commitment to it is once again a key driver for the quarterly results we are presenting. We believe that the results on this slide speak for themselves. During this quarter, LATAM Group reported an adjusted cost per ASK ex fuel of $0.047 while our adjusted passenger cost ex-fuel stood at $0.041.

在投影片 12 上，我們想討論成本控制，因為 LATAM 對成本控制的承諾再次成為我們呈現的季度業績的關鍵驅動因素。我們相信這張投影片上的結果不言自明。本季度，LATAM Group 報告調整後的每 ASK 成本（不含燃油）為 0.047 美元，而調整後的乘客成本（不含燃油）為 0.041 美元。

LATAM Group's cost discipline not only is an absolute boost to our margins, but also provides a relative advantage to other global full service carriers that operate in the region and other carriers in South America.

LATAM 集團的成本控制不僅絕對提高了我們的利潤率，而且還為在該地區運營的其他全球全方位服務營運商和南美洲的其他營運商提供了相對優勢。

In the second quarter of 2024, LATAM Group demonstrated its ability to sustain a positive cash flow trajectory as you can see on slide 13. LATAM generated a cash flow of $177 million before including the main dividend payment and have positive cash flow after dividend payment.

2024 年第二季度，LATAM 集團展現了維持正現金流軌跡的能力，如投影片 13 所示。LATAM 在支付主要股息之前產生了 1.77 億美元的現金流，並且在支付股息之後擁有正現金流。

Adjusted operating cash flow amounted to $855 million. The total cash generation includes $221 million in total fleet cash costs or a total fleet of 340 aircraft. As we mentioned in other calls, we anticipate a total fleet cash cost of around $900 million for this full year. We consider our fleet cost a very strong competitive advantage.

調整後的營運現金流達 8.55 億美元。現金產生總額包括 2.21 億美元的機隊現金成本總額或機隊 340 架飛機的總成本。正如我們在其他電話會議中提到的，我們預計全年車隊​​現金成本總額約為 9 億美元。我們認為我們的機隊成本具有非常強大的競爭優勢。

On slide 14, you can see that the liquidity levels at quarter end stood at $3 billion, representing a liquidity ratio of 23% of the last 12 months' revenues. One important point to note here is that after the quarter closed on July 15, LATAM completed the successful renegotiation of its revolving credit facility line, resulting in an extension and increase of both facilities. LATAM total revolving facility now amounts to a little over $1.5 billion and are fully committed until 2029, providing the company with enhanced financial flexibility and liquidity.

在投影片 14 上，您可以看到季度末的流動性水準為 30 億美元，流動性佔過去 12 個月收入的 23%。這裡需要注意的一個要點是，在 7 月 15 日季度結束後，LATAM 成功完成了其循環信貸額度的重新談判，導致兩項額度的延期和增加。LATAM 循環貸款總額目前略高於 15 億美元，並將在 2029 年之前全額承諾，為公司提供增強的財務靈活性和流動性。

Furthermore, turning to slide 15. There is an additional opportunity for LATAM to importantly reduce its interest expense on a relevant part of our chapter 11 emergence debt in the fourth quarter of this year. Our Term Loan B of a little over $1 billion with the cost of SOFR plus [9.5] is callable at par and our 2027 senior secured notes worth $450 million have a coupon of (inaudible).

此外，轉向投影片 15。拉丁美洲還有一個額外的機會，可以在今年第四季大幅減少第 11 章緊急債務相關部分的利息支出。我們的定期貸款 B 略高於 10 億美元，成本為 SOFR plus [9.5]，可按面值贖回，我們價值 4.5 億美元的 2027 年高級擔保票據的息票為（聽不清楚）。

As you can see in this slide, the current yield to worst is significantly lower than that. The decreasing interest rate environment, our financial performance, lower leverage and rating upgrades make us believe that subject to market conditions, we should be able to refinance the emergence debt at lower interest rates, resulting in lower interest expenses and contributing to the overall financial health of the company.

正如您在這張投影片中看到的，當前最壞情況的收益率明顯低於此。不斷下降的利率環境、我們的財務表現、較低的槓桿率和評級升級使我們相信，在市場條件下，我們應該能夠以較低的利率為新興債務再融資，從而降低利息支出，並有助於於整體財務健康公司的。

Finally, we have already mentioned how excited we are to have LATAM's ADR relisted on the New York Stock Exchange as of July 25. But this also came with a few other changes. LATAM's ADRs relisted with a new ratio of 2,000 shares to 1 ADR. And additionally, the relisting occurred alongside the secondary offering of 19 million ADRs by some of LATAM's major shareholders.

最後，我們已經提到，我們非常高興 LATAM 的 ADR 自 7 月 25 日起在紐約證券交易所重新上市。但這也帶來了一些其他變化。LATAM 的 ADR 重新上市，新比例為 2,000 股：1 ADR。此外，重新上市是在 LATAM 的一些主要股東二次發行 1,900 萬股美國存託憑證的同時進行的。

On slide 16, you can see our current ownership structure after the secondary offering, which represented a little over 6% of the company's shares. The secondary offering added to the relisting will increase our free float going forward and should be beneficial to enhance liquidity and attract new investors.

在投影片 16 上，您可以看到二次發行後我們目前的股權結構，占公司股份的 6% 多一點。重新上市後的二次發行將增加我們未來的自由流通量，並應有利於增強流動性並吸引新投資者。

Let me conclude on slide 17. LATAM is the leading airline group with the South American region with strong growth, efficient costs and a unique capital structure. These factors allow us, allows the airlines group to make independent decisions about our future. The hard work and dedication of our 30,000 employees in the LATAM Group have contributed to our success. Their efforts have led to healthy operational growth with an increasing capacity and passengers transported.

讓我在投影片 17 上做總結。LATAM 是南美地區領先的航空公司集團，擁有強勁的成長、高效的成本和獨特的資本結構。這些因素讓我們、讓航空公司集團對我們的未來做出獨立的決定。LATAM 集團 30,000 名員工的辛勤工作和奉獻精神為我們的成功做出了貢獻。他們的努力帶來了營運的健康成長，運能和旅客運輸量不斷增加。

The group has achieved consistent financial performance with 53% increase in year-to-date net income compared to the first half of 2023. The releasing of our ADR on the New York Stock Exchange, accompanied by a secondary offering by certain shareholders, strengthens LATAM's stock and ADR, providing greater liquidity and visibility. And last but not least, we are confident in our ability to meet the full year 2024 guidance we have set out.

該集團實現了穩定的財務業績，年初至今的淨利潤比 2023 年上半年成長了 53%。我們在紐約證券交易所發布美國存託憑證，同時某些股東進行二次發行，增強了拉丁美洲航空的股票和美國存託憑證，提供了更大的流動性和知名度。最後但並非最不重要的一點是，我們對實現我們所製定的 2024 年全年指導目標的能力充滿信心。

With that, I'd like to turn the call back to you, operator, Carmen, for the Q&A session.

這樣，我想將電話轉回給您，接線生卡門，進行問答環節。

(Operator instructions)

（操作員說明）

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Okay, good morning, everyone. An impressive set of results here. And by the way, Ramiro congratulations on your promotion.

好的，大家早安。這裡有一組令人印象深刻的結果。順便說一句，拉米羅祝賀你升職。

Thank you, Michael. That's very kind of you.

謝謝你，麥可。謝謝您的好意。

So I guess I have two here. If we can just go back to the $25 million operating impact from Porto Alegre being shut down. That was a bit higher than what I expected. Do we have some of that impact lingering or having an impact on your third quarter results? And when we look at, sort of as a part two to that question, when we look at your performance in domestic Brazil, it was one of your leading geographies. Should we assume that, that type of performance continues into the third quarter or maybe even into the back half of the year?

所以我想我這裡有兩個。如果我們能回到阿雷格里港關閉造成的 2500 萬美元營運影響。這比我的預期要高一些。這種影響是否會持續存在或對您的第三季業績產生影響？當我們看到，作為這個問題的第二部分，當我們看到你們在巴西國內的表現時，這是你們的領先地區之一。我們是否應該假設這種表現會持續到第三季甚至下半年？

Hi, Michael, this is Roberto. Good speaking to you. So there is going to be some impact on the Porto Alegre closing of the operations for the third quarter. At this point in time, what we know is that Porto Alegre will open probably around October. And as Ramiro mentioned, we're redeploying the capacity but not all of it during July and to August.

嗨，邁克爾，這是羅伯托。很高興跟你說話。因此，阿雷格里港第三季的營運關閉將會受到一些影響。目前，我們知道阿雷格里港可能會在十月左右開放。正如拉米羅（Ramiro）所提到的，我們正在重新部署產能，但不是全部在 7 月和 8 月期間。

There's going to be an impact but it's going to be relatively minor, so I would say it's going to be probably less than half of what you already saw in second quarter. So that's I think at this point in time what we're seeing, and of course, once Porto Alegre comes back to normality, we will most likely bring our historical operation or something that looks like that into the city again.

會有影響，但影響相對較小，所以我想說，影響可能不到第二季的一半。這就是我認為目前我們所看到的情況，當然，一旦阿雷格里港恢復正常，我們很可能會將我們的歷史業務或類似的東西再次帶入這座城市。

With respect to domestic Brazil, in general, we feel very good, honestly. We have been able, I think, to enhance our network position in the country in a relatively nice way. Today, we are clearly the largest and, I think, most important operator in the most important, in the two most important airports in Brazil, which are Guarulhos and Congonhas.

老實說，就巴西國內而言，總的來說，我們感覺非常好。我認為，我們已經能夠以相對較好的方式增強我們在該國的網路地位。今天，我們顯然是巴西兩個最重要機場（瓜魯柳斯機場和孔戈尼亞斯機場）中最大、我認為也是最重要的營運商。

We executed a slot swap with Voepass during the quarter as well that allows us to have a significantly improved product on the peak times of that airport at the same time. And I think that the position we have today with our customers, the way we are delivering our product on a day-to-day basis has us in a very confident position regarding our relative performance in the market.

我們還在本季與 Voepass 進行了時段交換，這使我們能夠同時在該機場的高峰時段獲得顯著改進的產品。我認為，我們今天與客戶的關係，以及我們日常交付產品的方式，使我們對我們在市場上的相對錶現充滿信心。

The impact of the currency volatility, of course, is mathematically understandable. But I think that the resilience today of our business compensates for that volatility. And when we look at booking curves for the next couple of months, we are not seeing something that significantly impacts our projections, whether it's the currency movements or the demand situation. So in general, we feel that we're in a very good spot in domestic Brazil today.

當然，貨幣波動的影響在數學上是可以理解的。但我認為我們業務今天的彈性彌補了這種波動。當我們查看未來幾個月的預訂曲線時，我們沒有看到任何對我們的預測產生重大影響的因素，無論是貨幣走勢還是需求情況。所以總的來說，我們覺得我們今天在巴西國內處於一個非常好的位置。

That's great, Roberto. Thanks for the comprehensive answer. Just one quick follow-up here. With the regime change in Argentina, it does look like that there are going to be more opportunities for airlines. We've seen Argentina sign an open skies agreement, I believe, with Canada, with Panama.

太好了，羅伯托。感謝您的全面回答。這裡只是一個快速跟進。隨著阿根廷政權更迭，航空公司似乎確實將獲得更多機會。我相信，我們已經看到阿根廷與加拿大、巴拿馬簽署了開放天空協議。

From your perspective, you have airlines in multiple countries that can do agreements with Argentina. And I'm not saying that it makes sense for LATAM to go into Argentina and maybe set up a domestic operation, but from an interregional basis, can you talk about some of the potential opportunities of being able to just offer a broader service offering tune from Argentina? Thanks for taking my question.

從您的角度來看，您在多個國家/地區都有航空公司可以與阿根廷達成協議。我並不是說拉丁美洲進入阿根廷並可能建立國內業務是有意義的，但從跨區域的角度來看，您能否談談能夠提供更廣泛服務的一些潛在機會來自阿根廷？感謝您提出我的問題。

Thank you, Michael. So Argentina is an important market for us. If you look at our hubs, Argentina is the largest market south of our hubs. So it's going to always be an important feeding market for the traffic that we have in Santiago, Lima, and Sao Paulo. We are actually currently the second largest international operator of Argentina. We have still close to 25% of the passengers that fly to and from Argentina flying with our flights. We have 35 or so daily flights from our hubs to not only Buenos Aires, but several cities in Argentina.

謝謝你，麥可。所以阿根廷對我們來說是一個重要的市場。如果你看看我們的樞紐，你會發現阿根廷是我們樞紐以南最大的市場。因此，它永遠是聖地牙哥、利馬和聖保羅交通的重要供應市場。我們實際上目前是阿根廷第二大國際營運商。仍有近 25% 的乘客搭乘我們的班機往返阿根廷。我們每天有大約 35 趟航班從我們的樞紐出發，不僅飛往布宜諾斯艾利斯，還飛往阿根廷的多個城市。

So I think that you, it's fair to expect that we will keep on investing on growing our international network to connect Argentina better with our hubs and eventually with the rest of the continent. That's the strategy that LATAM has pursued over many, many, many years, and we believe it's a sound, a good one and, by the way, reinforces a lot the strength of our hubs.

因此，我認為您可以公平地期望我們將繼續投資發展我們的國際網絡，以更好地將阿根廷與我們的樞紐連接起來，並最終與非洲大陸的其他地區連接起來。這是拉丁美洲多年來一直奉行的策略，我們相信這是一個合理的、良好的策略，順便說一句，它大大增強了我們樞紐的實力。

In terms of some of the other opportunities in Argentina, I think that we will see that the scenario is changing. Yes, there's a number of agreements that have been signed. Actually, with Chile, the open skies agreement is very broad. It allows eight to nine freedoms at the same time.

就阿根廷的其他一些機會而言，我認為我們會看到情況正在改變。是的，已經簽署了許多協議。事實上，與智利的開放天空協議非常廣泛。它同時允許八到九種自由。

And normally, we are going to analyze all these opportunities and if we believe that it's good for the business to do something on top of what we have today, we'll announce it in due time. But one of our most important tasks here is asset allocation. So why we do this is because we believe it's a good opportunity. So stay tuned, but for the time being, our focus has been in reporting our international operation there.

通常情況下，我們會分析所有這些機會，如果我們認為在我們現有的基礎上做一些事情對企業有好處，我們會在適當的時候宣布。但我們最重要的任務之一是資產配置。所以我們這樣做是因為我們相信這是一個很好的機會。因此，請繼續關注，但目前我們的重點是報告我們在那裡的國際業務。

Thank you, Roberto.

謝謝你，羅伯托。

Guilherme Mendez, JPMorgan.

吉爾赫姆門德斯，摩根大通。

Good morning, Roberto, Ramiro and (inaudible) Thanks for taking the question. First of all, I'd like to wish Ramiro good luck on the new role as well. I have two points. The first one is on the competitive environment. Roberto mentioned about Brazil a little bit on the previous question. But just wondering if there's, you see any significant signs of oversupply in any of the markets that LATAM operates. And if you could expect any kind of yield pressure going forward?

早安，羅伯托、拉米羅（聽不清楚）感謝您提出問題。首先，我也祝拉米羅在新職位上好運。我有兩點。第一個是關於競爭環境。羅伯託在上一個問題中稍微提到了巴西。但只是想知道是否存在，您會在拉丁美洲經營的任何市場中看到任何明顯的供應過剩跡象。您是否可以預期未來會出現任何類型的收益率壓力？

And the second question is on capital allocation. So strong free cash flow generation in the first half of the year. Likely the outlook should be even better. How should we think about capital allocation going forward to increase dividend payments, buybacks or reduce leverage? Thank you.

第二個問題是關於資本配置。上半年自由現金流產生如此強勁。前景可能會更好。我們應該如何考慮未來的資本配置以增加股利支付、回購或降低槓桿？謝謝。

Hi, Guilherme. Thanks so much. So I'll as well take the first question, maybe Ramiro will take the second. I would say that the only market where we see today an imbalance that is visible between capacity and demand is domestic Colombia. Clearly, the entrance of JetSmart into that market added a number of incremental flights that were not there a few months ago. I've seen this many times, it's normal, it's normally something that happens and then the market kind of reset itself. But for the time being, that's where we see today probably some imbalance.

嗨，吉列爾梅。非常感謝。所以我也回答第一個問題，也許拉米羅會回答第二個問題。我想說，我們今天看到產能和需求之間明顯不平衡的唯一市場是哥倫比亞國內。顯然，JetSmart 進入該市場增加了一些幾個月前還沒有的增量航班。我已經見過很多次了，這很正常，通常會發生一些事情，然後市場會自行重置。但就目前而言，這就是我們今天看到的可能存在一些不平衡的地方。

In the rest of the Pacific, even though there's ample capacity activity, it doesn't look that there is any oversupply that is significant. And internationally, even though we have grown in a very significant way, I would say that this is still probably the end of the recovery of demand after the pandemic. And the demand have responded very nicely to the point that we were able to feel very well placed with even a 25% capacity. So summarizing, I would say that domestic Colombia probably is the market where you're seeing that dynamic today.

在太平洋其他地區，儘管產能活動充足，但看起來並不存在嚴重的供應過剩。在國際上，儘管我們取得了非常顯著的成長，但我想說，這仍然可能是疫情後需求復甦的終結。需求反應非常好，即使產能只有 25%，我們也能感覺自己處於非常有利的位置。總而言之，我想說哥倫比亞國內可能是您今天看到這種動態的市場。

Thank you, Guilherme, for your wishes. It has been a privilege all these years as CFO of LATAM. Regarding your question, the company generated very strong cash flow. We're confident on what we're seeing for the second half of the year. Our first priority today where we see a lot of savings opportunity is the liability management we discussed during the presentation. With the current yield towards that we're seeing on our bonds and what we think we can achieve on the term loan B, that is the first focus in terms of capital allocation.

謝謝你，吉列爾梅，謝謝你的祝福。這些年來擔任 LATAM 財務長是一種榮幸。關於你的問題，該公司產生了非常強勁的現金流。我們對今年下半年的情況充滿信心。今天我們看到很多節省機會的首要任務是我們在演示中討論的負債管理。鑑於我們債券目前的收益率以及我們認為定期貸款 B 可以實現的目標，這是資本配置的首要關注點。

And then it's basically growth. When you consider our cost structure, when you consider our capital structure, where you're seeing the potential that we have to cover new destinations or increase frequencies in certain markets and then shareholder value. I would say the growth in shareholder value will be a balancing act for capital allocation. But first priority, most immediate one is now in the coming months to address liability management exercise.

然後基本上就是增長。當您考慮我們的成本結構，當您考慮我們的資本結構時，您會看到我們必須涵蓋新目的地或增加某些市場的頻率以及股東價值的潛力。我想說，股東價值的成長將是資本配置的平衡行為。但首要任務是在未來幾個月內解決責任管理工作。

Very clear. Thank you, both. Have a good day.

非常清楚。謝謝你們，兩位。祝你有美好的一天。

Gabriel Rezende, Itau BBA.

Gabriel Rezende，Itau BBA。

Thanks. Good morning. Thanks for taking my question. I would like to make a quick follow-up regarding your forward-looking curve and yields in the report. We saw a slight contraction in this quarter, which was maybe right expected on yields. You posted a 4% lower yields year-on-year. I was just wondering, you mentioned that the forward bookings did not seem to question your guidance. However, we are seeing a relevant depreciation of the BRL here in Brazil.

謝謝。早安.感謝您提出我的問題。我想快速跟進一下報告中的前瞻性曲線和收益率。我們看到本季度略有收縮，這也許是對收益率的正確預期。您公佈的收益率年減了 4%。我只是想知道，您提到提前預訂似乎並沒有質疑您的指導。然而，我們看到巴西雷亞爾相應貶值。

So I was just wondering whether the forward bookings are implying that yields are going up in the second semester versus the second semester of 2023. It would be nice if you could confirm that. And also, Ramiro, I would appreciate if you could comment a little bit on your move to the CCO position. Congrats for that. And what should be your main focus by November when you assume the new role? Thank you.

所以我只是想知道提前預訂是否意味著第二學期的收益率比 2023 年第二學期有所上升。如果您能確認這一點就好了。另外，Ramiro，如果您能就您晉升 CCO 職位發表一些評論，我將不勝感激。對此表示祝賀。當您擔任新職務時，到 11 月您的主要關注點應該是什麼？謝謝。

Hi, Gabriel. Again, I think our assessment when you look again at the booking for the next domestic, you probably have a good view for a couple of months, okay? And international, maybe tell you, a little bit further than that. Again, even though we see the volatility in the currency, from a demand perspective, we are not seeing that impacting our operation in a way that we can significantly measure.

嗨，加布里埃爾。再說一遍，我認為當您再次查看下一次國內預訂時我們的評估，您可能有幾個月的好視野，好嗎？也許告訴你，國際化比這更進一步。同樣，即使我們看到貨幣的波動，但從需求的角度來看，我們並沒有看到它以我們可以顯著衡量的方式影響我們的營運。

Again, we feel very confident in domestic Brazil today. I think that the combination of the improved network we have with an improved execution vis-a-vis our customers paired with the advantage of cost that we created over the restructuring, it's a very powerful combination at this point in time. And we see very clearly the trend in our customer preference that you also saw here on the NPS figure. So in general, that leaves us in a very good place.

再次，我們今天對巴西國內充滿信心。我認為，我們改進的網路與改進的客戶執行力相結合，再加上我們在重組中創造的成本優勢，在此時此刻，這是一個非常強大的組合。我們非常清楚地看到客戶偏好的趨勢，您也在 NPS 數據上看到了這一點。所以總的來說，這讓我們處於一個非常好的位置。

And then yields or RASK, of course, is in dollars expressed at a lower point, but do remember that you have to look at the exchange rate impact on RASK because we express it in dollars. But my sense is that growing 16% with the RASK that is not significantly lower and that has the impact of exchange rates speak very well about how we were able to deploy the capacity over these 12 months, understanding where we saw opportunities and, at the same time, improving the quality and the strength of our network. So the summary for me, it's a very positive one over the last 12 months when you combine all these factors together.

當然，收益率或RASK以美元表示，但請記住，您必須考慮匯率對RASK的影響，因為我們以美元表示。但我的感覺是，RASK 成長了16%，但並沒有顯著降低，而且受到匯率的影響，這很好地說明了我們如何在這12 個月內部署產能，了解我們在哪裡看到了機會，並同時，提高我們網路的品質和實力。所以對我來說，當你把所有這些因素結合在一起時，過去 12 個月的總結是非常積極的。

In terms of the new position, it is very preliminary. I'm very familiar with the team. It's a very seasoned management team that has a lot of experience. And I think we have a road map quite set up. Every year, we plan for the next 5 years so we know how the strategy evolves.

就新的立場而言，這是非常初步的。我對這個團隊非常熟悉。這是一支經驗豐富、經驗豐富的管理團隊。我認為我們已經制定了路線圖。每年，我們都會制定未來 5 年的計劃，以便了解策略如何發展。

To share with you maybe a little bit of color, I see opportunities on the loyalty program side in terms of digitalization of the loyalty program, improving interactions with our passengers. I see some growth opportunities on the loyalty program also. Maybe also a little bit of focus on continuing developing the ancillary products that we have and then evaluate the whole network in terms of profitability and growth and try to balance it well. But again, it's a very seasoned management team who have been working together for many years. So I expect a very smooth transition.

與您分享也許有點色彩，我看到忠誠度計劃方面在忠誠度計劃數位化方面的機會，改善與乘客的互動。我也看到了忠誠度計劃的一些成長機會。也許也要專注於繼續開發我們擁有的輔助產品，然後評估整個網路的獲利能力和成長，並嘗試很好地平衡它。但同樣，這是一支經驗豐富的管理團隊，他們已經合作多年。所以我預計會有一個非常平穩的過渡。

Thank you. That's very clear.

謝謝。這非常清楚。

Andre Ferreira, Bradesco BBI.

安德烈·費雷拉，布拉德斯科 BBI。

Hi, good morning. Thank you for taking my questions. I have two points to cover. So the first one is a follow-up on the question on oversupply and yields. But we've been seeing weakness in Europe, in Latin America mainly in international traffic. So I was wondering if you can just give a little bit more detail on the current yield and yields outlook in each international markets and also give a bit more clarity on yields on the domestic markets that you did not cover so far in this call.

嗨，早安。感謝您回答我的問題。我有兩點要講。所以第一個是關於供應過剩和收益率問題的後續行動。但我們看到歐洲和拉丁美洲的疲軟主要體現在國際運輸方面。因此，我想知道您是否可以更詳細地介紹每個國際市場的當前收益率和收益率前景，並更清楚地介紹您在本次電話會議中迄今為止尚未涵蓋的國內市場的收益率。

And my second question is, it has been discussed in the local media that, in the local Brazilian media, that LATAM is evaluating the purchase of smaller jets. If you can comment just on potential size and what routes would they potentially go to if those news are correct? Thank you.

我的第二個問題是，巴西當地媒體已經討論過，拉丁美洲航空正在評估購買小型飛機。如果你能評論潛在的規模，以及如果這些訊息是正確的，他們可能會走什麼路線？謝謝。

Great. So thanks, Andre, for the question. I mean, on international, for me, the big picture here is LATAM grew 25%. RASK fell a little bit, 4%, somehow impacted as well for currency. The summary of the equation is extremely positive. You don't find growth of 25% with close to stable RASK performance year-over-year very often.

偉大的。謝謝安德烈提出這個問題。我的意思是，在國際上，對我來說，這裡的大局是拉丁美洲成長了 25%。Rask 略有下降，下降了 4%，對貨幣也產生了一定的影響。方程式的總結是非常正面的。您不會經常發現 25% 的成長和接近穩定的 Rask 效能較去年同期成長。

The question is why. And our assessment here is, a, recovery of demand from the pandemic, which I think was still expressed in the last month. I don't think that demand, I think that demand now has fully recovered or very close to fully recovered. We, again, the way we have deployed our capacity, the way we find opportunities in the market, clearly, the strength of the JV with Delta is showing up.

問題是為什麼。我們在這裡的評估是，a，需求從大流行中復甦，我認為上個月仍然表達了這一點。我不認為需求，我認為需求現在已經完全恢復或非常接近完全恢復。再次，我們部署產能的方式，我們在市場中尋找機會的方式，顯然，與達美航空合資的實力正在顯現。

You see it very clear on the numbers as well. So again, LATAM has a unique footprint here, and we have to take and we are, we believe, taking advantage of that footprint and this is the result of the execution of that.

從數字上你也可以清楚地看到這一點。再說一遍，拉丁美洲在這裡擁有獨特的足跡，我們必須而且我們相信我們正在利用這一足跡，這就是執行的結果。

Second part of your question, we normally don't disclose and we don't disclose our Spanish speaking countries [country-by-country]. I think that, I'll just probably repeat what I answered in the other questions. We're very comfortable with the situation in domestic Brazil.

你問題的第二部分，我們通常不會透露，我們也不會透露我們的西班牙語國家[逐國]。我想，我可能會重複我在其他問題中回答的內容。我們對巴西國內的情況感到非常滿意。

We see a number of capacity situation in domestic Colombia. And although we see capacity activity in the other Spanish speaking domestic markets, we see, at the same time, good demand performance. So this is why when I summarized our booking curve feeling for the next 2 or 3 months is one where we feel very comfortable.

我們看到哥倫比亞國內的一些產能情況。儘管我們看到其他西班牙語國內市場的產能活動，但我們同時也看到了良好的需求表現。這就是為什麼當我總結我們未來兩三個月的預訂曲線時，我們感覺非常舒適。

And with respect to smaller jets, we have 350 aircraft, which is one of the 10 or 12 largest airlines in the world. We always look at everything, not only aircraft, also engines. And if we believe that there's something interesting and accretive for the LATAM operation in terms of adding fleet or any fleet-related movements, of course, we're going to look at it. And if we come to the conclusion, we'll provide that to the market, I think. For the time being, just know that we, of course, are looking at everything that we believe it's an opportunity for the future.

至於小型飛機，我們擁有 350 架飛機，是世界上 10 或 12 家最大的航空公司之一。我們總是關心一切，不僅是飛機，還有引擎。如果我們認為在增加機隊或任何與機隊相關的活動方面對拉丁美洲業務有一些有趣和增值的作用，我們當然會考慮它。我認為，如果我們得出結論，我們會將其提供給市場。就目前而言，我們當然正在尋找一切我們認為是未來機會的東西。

Thank you.

謝謝。

Joao Frizo, Goldman Sachs.

若奧·弗里佐，高盛。

Hey, good morning, everyone. Thanks for taking my questions. Just first of all, congratulations on the releasing of the ADR. So I have two questions on my side. The first one is related to growth beyond 2024. Looking at '25, '26, should we expect to see the same trend you guys published on your guidance for '24, meaning international travel growing more, followed by domestic Spanish speaking countries?

嘿，大家早安。感謝您回答我的問題。首先，恭喜 ADR 的發布。所以我有兩個問題。第一個與 2024 年以後的成長有關。看看“25”、“26”，我們是否應該看到你們在“24”指南中發布的相同趨勢，這意味著國際旅行增長更多，其次是國內西班牙語國家？

And then finally, domestic Brazil on a capacity perspective. Anything you could share on that would be great. And then finally, just a second follow-up on the OEMs, if you could provide an update on the delays, what you're seeing now, how are the conversations? Thank you very much.

最後，從產能角度來看巴西國內。您能分享的任何內容都會很棒。最後，對原始設備製造商進行第二次跟進，如果您可以提供有關延誤的最新信息，您現在看到了什麼，對話進行得如何？非常感謝。

So thanks, Joao. So I mean, we don't provide 2025 guidance yet. We will do that towards the end of the year. But probably just a couple of data points that are useful here is you will see a rollover of the 2024 growth into 2025 as we deploy capacity throughout the year and not at the beginning and you can probably have a good estimation of the amount of that rollover if you look at the trend of our capacity during 2024.

所以謝謝，若昂。所以我的意思是，我們還沒有提供 2025 年的指導。我們將在今年年底做到這一點。但這裡可能只有幾個有用的數據點，您將看到 2024 年的增長滾動到 2025 年，因為我們全年部署容量，而不是在年初，您可能可以很好地估計滾動的數量如果你看看2024 年我們的產能趨勢。

And this will, what are the other additional important thoughts with respect to capacity? You mentioned then with respect to the OEM side. We don't think today that the deliveries that we have in Airbus will be delayed to a significant effect. We feel very confident on our capacity plan for the rest of the year.

就容量而言，還有哪些重要的想法？您剛才提到了 OEM 方面。我們認為今天空中巴士的交付延遲不會產生重大影響。我們對今年剩餘時間的產能計畫非常有信心。

We have a number of AOGs regarding the Pratt engine issue on our A320neos is relatively limited because our size of our neo fleet is not significant at this point in time. And we decided to keep 319s flying for a little bit longer to compensate for that effect. And this is why our capacity for this year has not yet been affected vis-a-vis our guidance despite of this changes.

我們有一些關於 A320neo 上普拉特發動機問題的 AOG 相對有限，因為目前我們的 neo 機隊規模並不大。我們決定讓 319 飛行更長時間，以補償這種影響。這就是為什麼儘管發生了這些變化，我們今年的產能尚未受到我們的指導的影響。

We continue to see very tight supply chain and supplier issues going forward. On an industry level, we believe that it's going to be shown very clearly in '25 and '26 for the time being. We have ample optionality to adjust up and down our capacity irrespective of these swings to an extent. And of course, we're very closely monitoring and talking to all these suppliers regarding our plans. We will probably get more information as the year progresses and towards the end of the year or beginning 2025, we'll comment on our 2025 guidance.

我們繼續看到供應鏈和供應商問題非常緊張。從產業層面來看，我們認為這一點暫時會在25年和26年表現得非常清楚。無論這些波動如何，我們都有足夠的選擇權來上下調整我們的產能。當然，我們正在密切監視所有這些供應商並與他們討論我們的計劃。隨著時間的推移，我們可能會獲得更多信息，並在年底或 2025 年初，我們將對 2025 年指導進行評論。

Great. Thank you very much, guys.

偉大的。非常感謝你們，夥伴們。

Christian Reddy, BNP Paribas. Christian, please check your mute button. Sir, can I continue with--

克里斯蒂安雷迪，法國巴黎銀行。克里斯蒂安，請檢查你的靜音按鈕。先生，我可以繼續——

Sorry about that? Thank you all for your time and appreciate the really strong results. We're all very happy about that. A few quick questions, just some minor items. One, the Brazilian government has been constantly talking about some sort of funding for the airlines. Has anything materialized on that?

對此感到抱歉嗎？感謝大家抽出寶貴的時間，並對我們所取得的強勁成果表示讚賞。我們對此都很高興。幾個簡單的問題，只是一些小問題。第一，巴西政府一直在談論為航空公司提供某種資金。這方面有什麼具體的事嗎？

This is Ramiro. Thank you for your question. You see our capital structure over $3 billion, you see the opportunity when you see our yield to worst. So we are evaluating all the possibilities of financing for the company. We have been advancing with discussions with the Brazilian government.

這是拉米羅。謝謝你的提問。你看到我們的資本結構超過 30 億美元，當你看到我們的收益率最差時，你就看到了機會。因此，我們正在評估公司融資的所有可能性。我們一直在與巴西政府進行討論。

But at this point, I think that we have a lot of alternatives, either in Brazil or in the market. So we're not concerned or specifically working on the Brazilian angle. We are considering it as one additional lever if necessary, but discussions are currently ongoing.

但在這一點上，我認為我們有很多選擇，無論是在巴西還是在市場上。所以我們不關心或專門研究巴西的角度。如果有必要，我們正在考慮將其作為額外的槓桿，但目前討論正在進行中。

And there is no news from the government with respect to this.

政府沒有這方面的消息。

Right. And the form of that is still up in the air, how it would come in, if it would be a grant or anything of that sort, right?

正確的。其形式仍然懸而未決，它會如何出現，如果它是一筆贈款或類似的東西，對嗎？

Yes. I think grant is pretty much out of the question. It's more some sort of guarantee with banks intervening about the guarantee from the Brazilian government. But we're not foreseeing any grants as per se.

是的。我認為格蘭特幾乎是不可能的。這更像是銀行對巴西政府的擔保進行幹預的某種擔保。但我們本身並沒有預見任何補助金。

Right. Okay. And then with regards to your liquidity, you're above that 20% magic threshold of your revenue. As you go forward, it looks as though supply and demand is in very good shape. You're adding a lot of capacity. The RASK isn't being impacted in a negative fashion.

正確的。好的。然後就您的流動性而言，您的收入超過了 20% 的神奇閾值。隨著你的前進，供應和需求似乎都處於非常良好的狀態。您正在增加大量容量。Rask 並未受到負面影響。

Is there a certain amount of liquidity at a point in time where you say, it's enough, now we have to do something else with our capital? And if so, what would be somewhere like the highlights or things that you would like to do if you had a wish list?

在某個時間點是否存在一定數量的流動性，您會說，這已經足夠了，現在我們必須用我們的資本做其他事情？如果是這樣，如果您有一個願望清單，那麼亮點或您想做的事情會是什麼？

Yes, absolutely. I think that something above 23% over last 12 months' revenues for us would be a little bit too much liquidity if it were sustained during timing. Now you see us in the range, but bear in mind that we are facing the liability management exercise, subject to market conditions now in the coming months. So we're preparing for that.

是的，絕對是。我認為，如果我們在時間上持續保持過去 12 個月收入的 23% 以上，那麼流動性就有點太多了。現在你看到我們在這個範圍內，但請記住，我們面臨負債管理活動，這取決於未來幾個月的市場狀況。所以我們正在為此做準備。

If we were to have incremental liquidity with low leverage after that, again, we probably are going to be attacking growth and shareholder value. But there are various mechanisms for sure how we value return that the company is able to implement and put in place.

如果此後我們要以低槓桿增加流動性，那麼我們可能會再次攻擊成長和股東價值。但有許多機制可以確定我們如何評估公司能夠實施和落實的回報。

Great. And then I guess the last thing, just from, I guess, economic standpoint, in the US markets, we're seeing weakening of fares and the demand. A lot of that's obviously tied to the US consumer. In the markets down in Latin America, how is the economic picture for the consumer and the prospective yields and fares going forward?

偉大的。然後我想最後一件事，從經濟角度來看，在美國市場，我們看到票價和需求的疲軟。其中很大一部分顯然與美國消費者有關。在拉丁美洲市場低迷的情況下，消費者的經濟狀況以及未來的預期收益率和票價如何？

So I think that the basis of giving you, I would say, a positive sense for the upcoming months, and our confidence we believe in the guidance is based on the fact that we are not seeing that trend specifically in the region. As I mentioned, yes, there's one or two markets, mostly Colombia where clearly the overcapacity situation is impacting the market on a broader level. But on the rest of the region, we are not seeing the same dynamics that you saw in the US.

因此，我認為，給大家帶來對未來幾個月的積極感覺以及我們對指導意見的信心的基礎是我們沒有在該地區看到這種趨勢。正如我所提到的，是的，有一兩個市場，主要是哥倫比亞，產能過剩的情況顯然正在更廣泛的層面上影響市場。但在該地區的其他地區，我們沒有看到與美國相同的動態。

And clearly, when you look at the European carriers statements that talk more about the weakening of demand more than excess capacity, this is not our case at least on what we see on the booking curve for the next few months. So, but again, I think that here, it's not about only demand and supply. It's also our ability and one of the strengths of LATAM is that we can move our assets around very, very simply, very quickly.

顯然，當你看到歐洲航空公司的聲明更多地談論需求疲軟而不是運力過剩時，至少從我們在未來幾個月的預訂曲線上看到的情況來看，這不是我們的情況。因此，我再次認為，這不僅僅是需求和供給的問題。這也是我們的能力，LATAM 的優勢之一是我們可以非常非常簡單、非常快速地轉移我們的資產。

So the exercise we make on a day-to-day basis is we just don't think about markets. We just, we think about our network and how do we redeploy those assets in a way that we both strengthen the network, but also protect the volatility of our returns.

因此，我們日常所做的練習就是不考慮市場。我們只是考慮我們的網絡，以及如何重新部署這些資產，既能加強網絡，又能保護回報的波動性。

Great. Thank you very much for your time. Appreciate it.

偉大的。非常感謝您抽出時間。欣賞它。

(Operator instructions) Felipe Villanova, Santander.

（操作員指示）Felipe Villanova，桑坦德銀行。

Thank you for being here. Well, first of all, congrats, Ramiro, on the new position. I guess it's a bitter sweetness for the market, though. Anyway, so I have a couple of questions. The first one is, when looking at the Spanish speaking countries' unit revenue in local currency, are they also decreasing? Any comment on how these behave in local currency would be very appreciated.

感謝您來到這裡。好吧，首先，恭喜拉米羅就任新職位。不過，我想這對市場來說是苦樂參半。無論如何，我有幾個問題。第一個是，西班牙語國家以當地貨幣計算的單位收入是否也在下降？任何有關這些如何以當地貨幣計算的行為的評論將不勝感激。

My second question is regarding liability management. Do you expect any impact on results because of this for the fourth quarter and by how much?

我的第二個問題是關於責任管理。您預計這會對第四季度的業績產生影響嗎？

And my third question is what risk do you see for the second half of the year, if you see any? I'm asking because you already reached the midpoint of your EBITDAR guidance. And the first half of the year is usually the weaker half, but you're still reiterating your guidance. So I'm trying to see if there is, there might be anything that's involved in the, or down to risks in the guidance that I'm not aware of. Thank you very much.

我的第三個問題是，您認為下半年會出現哪些風險（如果有的話）？我這麼問是因為您已經達到了 EBITDAR 指導的中點。上半年通常是較弱的一半，但您仍在重申您的指導。因此，我試圖看看是否存在我不知道的指導中涉及的任何內容或風險。非常感謝。

The second question was if there is going to be? (inaudible) I think that you talked about currency impact on Spanish speaking, was that the question?

第二個問題是是否會有？（聽不清楚）我認為您談到了貨幣對西班牙語的影響，這是一個問題嗎？

Yes. Sorry, I lost you for a moment. The first question was about how the unit revenue, the RASK of the Spanish speaking countries, are they also decreasing in local currency? Or how are they behaving. It can be as a whole or any color you have would be appreciated though.

是的。抱歉，我暫時失去你了。第一個問題是，西班牙語國家的單位收入（RASK）以當地貨幣計算是否也在下降？或他們的行為如何。它可以是一個整體，也可以是任何顏色，您將不勝感激。

Yes. So again, we don't provide specific RASK figures for each one of the domestic speaking countries. But I mean, I'm sure that you can do very easily the exercise of, you can see the size of our business. It's public. You can see the depreciation of the currencies, you can do a weighted average, if you want, of the depreciation of the currencies, and then you can compare that to our average RASK and you won't be far away.

是的。再次強調，我們不會提供每個國內語言國家/地區的具體RASK 資料。但我的意思是，我確信您可以非常輕鬆地進行鍛煉，您可以看到我們業務的規模。這是公開的。你可以看到貨幣的貶值，如果你願意，你可以對貨幣的貶值進行加權平均，然後你可以將其與我們的平均 RASK 進行比較，你就不會太遙遠了。

Bear in mind that probably 85% or 90% of our domestic revenues on Spanish speaking are local point-of-sale revenues. We still have around 10% or so which are international point-of-sale revenue. So people that come from the region and have a domestic leg. So with that, I think that you can better you can understand more the dynamics in a way with public information. The other two questions, Ramiro?

請記住，我們西班牙語國家國內收入的 85% 或 90% 可能來自當地銷售點收入。我們還有約 10% 左右的收入來自國際銷售點收入。來自該地區並有國內業務的人。因此，我認為您可以透過公共資訊更好地了解更多動態。另外兩個問題，拉米羅？

Thank you, Felipe, for the congrats. Much appreciated. In terms of the impact on the P&L regarding the liability management exercise, we try to be clear on our earnings release that there, if we were to do this, there will be an impact.

謝謝費利佩的祝賀。非常感謝。就負債管理活動對損益表的影響而言，我們試圖在收益發布中明確表示，如果我們這樣做，將會產生影響。

The impact is basically one noncash effect of anticipating what you have amortized in terms of structuring costs during the exit financing process and then a cash impact on the 2027 bonds. If we decide to call them, only the 2027 bonds will have a penalty of 10%. The term loan B is callable at par. So I think that with those data points, you can estimate the potential impact if we were to decide to refinance both the term loan B and the 2027s.

這種影響基本上是一種非現金效應，即預期退出融資過程中的結構成本攤銷額，然後對 2027 年債券產生現金影響。如果我們決定贖回它們，則只有 2027 年債券將受到 10% 的罰款。定期貸款 B 可按面額贖回。因此，我認為，透過這些數據點，您可以估計如果我們決定為定期貸款 B 和 2027 年貸款再融資的潛在影響。

In terms of rating, the ratings are public. There are some agencies that have mentioned the positive outlook and have mentioned the conditions on ratings improvements. And when you look at the metrics, we're very confident that we're going to land where we need to land in terms of ratings improvements for 2023.

在評級方面，評級是公開的。有一些機構提到了積極的前景，並提到了提高評級的條件。當你查看這些指標時，我們非常有信心我們將在 2023 年實現收視率改善目標。

Yes. I mean, more than the rating, I was concerned about your guidance because you reiterated your guidance and you already, you have already reached the, if I analyze the results of the first half, I'm reaching the midpoint of the EBITDAR, yet this is the weaker half, so it looks like there's some upside to it, but you're reiterating the guidance. So I just wanted to know if there is some risks involved that I'm not aware of.

是的。我的意思是，除了評級之外，我還擔心您的指導，因為您重申了您的指導，並且您已經，您已經達到了，如果我分析上半年的結果，我將達到EBITDAR 的中點，但是這是較弱的一半，因此看起來有一些好處，但您正在重申這一指導。所以我只是想知道是否存在一些我不知道的風險。

Oh, sorry for that. (inaudible) No, in terms of guidance, I think just reiterating what Roberto mentioned, we're extremely confident on our guidance but that currently is our guidance.

哦，抱歉。（聽不清楚）不，就指導而言，我認為只是重申羅伯托提到的內容，我們對我們的指導非常有信心，但目前這就是我們的指導。

Okay, understood. Perfect. Congrats again, Ramiro, and thanks everyone for the call.

好的，明白了。完美的。再次恭喜拉米羅，並感謝大家的來電。

Neil Glynn, AIR Control Tower.

尼爾·格林，空中控制塔。

Oh, good morning, everybody. If I could, first of all, ask your thoughts on the (inaudible), sorry, the Azul discussions. The announcement was obviously made that discussions are ongoing after your first quarter. So do you think any potential combination or deal there may have significant ramifications for competition as you see it?

哦，大家早安。首先，請容許我詢問您對（聽不清楚）抱歉的「藍色」討論的看法。顯然已經宣布第一季後討論仍在繼續。那麼，您認為任何潛在的合併或交易都可能對競爭產生重大影響嗎？

And then a second question on the balance sheet. At the second quarter in noncurrent liabilities, there's $900 million of a provision. This figure, for context, was below $300 million pre-pandemic. So I'm just interested in your thoughts as to how likely that is to result in a cash outflow over the course of the next few years? Thank you.

然後是關於資產負債表的第二個問題。第二季的非流動負債準備金為 9 億美元。就背景而言，這一數字低於疫情前的 3 億美元。所以我只是想知道您對這在未來幾年內導致現金流出的可能性有多大？謝謝。

Yes. Hi, Neil. So on the first question, of course, we have, we read the news, and we hear rumors of, I guess, what you hear the most is Abra, Azul. We have absolutely no idea if that will happen or not or the origin of the rumors. But I think really it's the announcement of the codeshare between Azul and GOL that has been implemented in early stages. (inaudible) also announced that they will look at that codeshare.

是的。嗨，尼爾。所以關於第一個問題，當然，我們讀了新聞，我們聽到了謠言，我想，你聽到最多的是阿布拉、阿祖爾。我們完全不知道這種情況是否會發生，也不知道謠言的起源。但我認為實際上是 Azul 和 GOL 之間宣布的代碼共享已在早期階段實施。 （聽不清楚）也宣布他們將考慮代碼共享。

And I think that the important here thing is that our strategy is very clear vis-a-vis ourselves. We understand where our strengths are, we're executing our plans in the way we believe that LATAM would be successful. We'll see if there's any deployment or any news with respect to that, we'll tackle that if it happens, when it happens.

我認為這裡重要的是我們的策略對我們自己來說非常明確。我們了解我們的優勢所在，我們正在以我們相信拉丁美洲會成功的方式執行我們的計劃。我們將看看是否有任何部署或任何相關新聞，如果發生，我們將在發生時解決。

Okay. Neil, thank you. In terms of the details on the noncurrent liability, our IR team will be reaching out with further details.

好的。尼爾，謝謝你。關於非流動負債的詳細信息，我們的投資者關係團隊將聯繫我們提供更多詳細資訊。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Fernanda Recchia, BTG Pactual.

費爾南達·雷基亞 (Fernanda Recchia)，BTG Pactual。

Hey, guys, good morning. Thank you for taking my question and Ramiro, good luck on your new position. Two points here from our side. First, the government recently announced the launch of Voa Brasil with an initial focus on retirees and pensioners. Just wondering to hear your net reading of this program. Do you see room for improvement of load factor? What is your net reading of it?

嘿，夥計們，早安。感謝您提出我的問題，拉米羅，祝您在新職位上一切順利。我們這邊有兩點。首先，政府最近宣布推出 Voa Brasil，最初專注於退休人員和退休金領取者。只是想聽聽您對該程式的網路閱讀。您認為負載率還有進步的空間嗎？你的網讀量是多少？

And then second, could you please provide us if there is any update regarding the Pratt & Whitney compensation? And also, could you clarify if your adjusted EBITDAR is taking into consideration the $25 million of one-off regarding Porto Alegre Airport? That's it from my side. Thank you.

其次，您能否提供我們有關普惠賠償的最新情況？另外，您能否澄清一下，調整後的 EBITDAR 是否考慮了阿雷格里港機場的 2500 萬美元一次性費用？從我這邊來說就是這樣。謝謝。

First question was? (inaudible) Just for the audience that doesn't know this, basically, the government started a program called Voa Brasil, this is for allowing certain groups of people to fly with lower fares, and we're very happy that LATAM participates in this program. Currently, what you have is low fares for pensioners (inaudible) that have not flown in the last many months. So it's a relatively small percentage of the population. I would say that is, at this point in time, nothing that looks very significant vis-a-vis the size of the operation.

第一個問題是？(inaudible) Just for the audience that doesn't know this, basically, the government started a program called Voa Brasil, this is for allowing certain groups of people to fly with lower fares, and we're very happy that LATAM participates in this程式.目前，對於過去幾個月沒有搭飛機的退休金領取者（聽不清楚），您所擁有的票價較低。所以它在人口中所佔的比例相對較小。我想說的是，在這個時間點上，相對於操作的規模來說，沒有什麼看起來非常重要。

We understand that the government may want to increase the scope of Voa Brasil, and we are, of course, talking with the ministry there, and we'll be happy to do our part in helping more Brazilians, particularly the ones that have the least opportunities to have the ability to fly. But clearly, we are not considering that Voa Brasil has a significant impact today in our, in the, given the size of our operation. Want to take the other two, Ramiro?

我們理解政府可能希望擴大巴西之音的覆蓋範圍，當然，我們正在與那裡的部門進行對話，我們很樂意盡自己的一份力量來幫助更多的巴西人，特別是那些最貧困的人擁有飛行能力的機會。但顯然，考慮到我們的業務規模，我們並沒有考慮到 Voa Brasil 今天對我們產生重大影響。拉米羅，想帶走另外兩個嗎？

In terms of Pratt & Whitney, we're still with ongoing discussions. Currently, we have five AOGs on the neo family. It's very limited, and we're offsetting that capacity with the expansions of some 319s and 320s. We haven't reached an agreement yet. Discussions are still ongoing, but they're progressing well.

就普惠公司而言，我們仍在進行討論。目前，我們在 neo 家族上有五個 AOG。它的容量非常有限，我們正在透過擴展一些 319 和 320 來抵消這一容量。我們還沒有達成協議。討論仍在進行中，但進展順利。

And in terms of Porto Alegre, a little to add really to what Roberto mentioned, $25 million impact now and with a significant reduction from August going onwards. And we expect the airport to be back operationally in, from October.

就阿雷格里港而言，羅伯托提到的一點要補充一點，現在的影響為 2500 萬美元，從 8 月開始將大幅減少。我們預計機場將從 10 月開始恢復營運。

But I think that Fernanda's clarification was included in our numbers?

但我認為費爾南達的澄清已包含在我們的數字中？

Yes.

是的。

The EBITDAR that we had was impacted by more than that amount because of the closure of the airport.

由於機場關閉，我們的 EBITDAR 受到的影響超過了這個數字。

And just a follow-up. Actually, my question was, is the adjusted EBITDAR was adjusted for the $25 million or not?

只是後續行動。其實我的問題是，調整後的EBITDAR是否針對2500萬美元進行了調整？

No. Fernanda, absolutely not. We're just highlighting that (inaudible). The only things that we're adjusting is what we're highlighting, which are nonrecurring events, and this is not part of that, no.

不。費爾南達，絕對不是。我們只是強調這一點（聽不清楚）。我們正在調整的唯一事情是我們強調的事情，這些事情是非重複事件，這不是其中的一部分，不是。

Perfect. Thank you, guys, and a good (inaudible)

完美的。謝謝你們，夥伴們，祝你們一切順利（聽不清楚）

Thank you. And with that, I will close Q&A for today and we'll pass it back to Ramiro Alonsin for final remarks.

謝謝。至此，我將結束今天的問答，我們將其傳回拉米羅·阿隆辛以供最後評論。

Thank you, Carmen, and thank you, everyone, for attending. Again, very strong results, very strong cost containment throughout the Company. Positive margins for a second quarter that historically was soft and this resulted in a very strong quarter for us and good perspectives going down the line for the next few months.

謝謝卡門，也謝謝大家的出席。同樣，整個公司的業績非常強勁，成本控制非常有力。第二季度的正利潤率歷來疲軟，這給我們帶來了一個非常強勁的季度，並為接下來的幾個月帶來了良好的前景。

So thank you, everyone, for attending. If you have any further questions, please feel free to connect with our Investor Relations team.

謝謝大家的出席。如果您還有任何疑問，請隨時與我們的投資者關係團隊聯繫。

And thank you all for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。