LATAM Airlines Group SA (LTM) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Dee, and I will be your conference operator today. At this time, I would like to welcome everyone to the third-quarter, 2024 LATAM Airlines Group earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session before I turn the call over to the management. I'd like to remind you that certain statements in this presentation and during the Q&A may relate to the 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. These statements are based on a range of assumptions that that time believes are suitable but are subject to uncertainties and waste that are discussed in detail in the recently public 20 Act updated full year 2024 guidance earnings release financial statements related to CMF and SEC filings.

謝謝你的支持。我叫 Dee，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加南美航空集團 2024 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節，然後我將電話轉交給管理階層。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。這些陳述是基於一系列當時認為合適的假設，但可能會受到不確定性和浪費的影響，這些假設在最近公開的20 法案更新的2024 年全年指導收益發布中與CMF 和SEC 備案相關的財務報表中進行了詳細討論。

The company's actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors which are discussing details in our SEC filings and if there are any members of the press on the call, please note that for the media, this is for the is only call I would now like to turn the call over to Ramiro Alfonsin CFO. Please go ahead.

由於我們在美國證券交易委員會文件中討論細節的多種因素，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電話會議，請注意，媒體，這是唯一的電話，我現在想將電話轉給Ramiro Alfonsin 財務長。請繼續。

Thank you. Hello, everyone and good morning. Welcome to our third-quarter, 2024 conference call and thank you all for joining us today.

謝謝。大家好，早安。歡迎參加我們的 2024 年第三季電話會議，感謝大家今天加入我們。

My name is Ramiro Alfonsin, and I am the CFO of LATAM Airlines Group, here with me today is Mr Roberto Alvo, our CEO Mr Andres del Valle, VP of Corporate Finance and (Inaudible) Head of Investor Relations. And we will be presenting our highlights and results for the third quarter of 2024.

我叫 Ramiro Alfonsin，是 LATAM 航空集團的財務官，今天與我在一起的有 Roberto Alvo 先生、我們的執行長 Andres del Valle 先生、企業財務副總裁兼（聽不清楚）投資者關係主管。我們將介紹 2024 年第三季的亮點和結果。

I will hand it over to Roberto to share opening remarks about the porter's highlights and I will then present in more detail the financial results.

我將把它交給羅伯托，分享有關搬運工亮點的開場白，然後我將更詳細地介紹財務業績。

Thank you, Ramiro and good morning, everyone and thank you for joining us to review LATAM Airlines performance for the third quarter of 2024.

謝謝拉米羅，大家早安，謝謝您與我們一起回顧南美航空 2024 年第三季的業績。

This quarter reflects the continuous progress in the group's operation and financial performance. Recently on October 22, we celebrated our return to the New York Stock Exchange by ringing the opening bell and then hosted our first Investor Day. It was great to have many of you in person and via webcast. For us it was the opportunity to discuss that I am going forward and how we have built a culture of operational excellence, network strength, customer and people focus sustainability and financial discipline. All aspects in our view are relevant drivers for sustained and profitable growth.

本季度反映了集團營運和財務表現的持續進步。最近，10 月 22 日，我們敲響了開市鐘聲，慶祝重返紐約證券交易所，並舉辦了第一場投資者日活動。很高興能親自和透過網路直播與你們中的許多人見面。對我們來說，這是一個討論我的前進方向以及我們如何建立卓越營運、網路實力、以客戶和人員為中心的可持續性和財務紀律的文化的機會。我們認為所有方面都是持續獲利成長的相關驅動力。

In terms of the operations during the quarter, that time increased its capacity by 51% while maintaining a high load factor. Demonstrating our ability to go efficiently. We transported 21.1 million passengers, a 7.1% increase compared to the same period of last year.

就本季的營運而言，當時的運力增加了 51%，同時維持了高負載率。展現我們高效運作的能力。運送旅客2,110萬人次，較去年同期成長7.1%。

Over the past 12 months, passenger numbers reached 80.6 million. These operational results reinforced LATAM as the largest airline group in South America and among the TOP10 globally by seats and by flights. Aligned with the group sustained capacity growth, we remain focused on financial discipline and maintaining cost efficiency for the quarter adjusted passenger cask ex fuel was 0.4 while lower jet fuel prices also contributed to improved margins compared to prior periods. This focus on cost discipline ensures that LATAM groups remains competitive and agile in a dynamic market and competitive environment. Building on these results LATAM group reported that just EBITDA was $828 million with a 25.2% margin, net income for the quarter total $301 million bringing year-to-date net income to $705 million, a 41.3% increase year over year. These are historical results.

過去12個月，旅客人數達到8,060萬人次。這些營運表現鞏固了拉美航空集團作為南美洲最大的航空集團的地位，並躋身全球座位數和航班量前十名之列。與集團持續的產能成長一致，我們仍然專注於財務紀律，並維持季度調整後的客運桶（不含燃油）的成本效率為 0.4，而航空燃油價格的下降也有助於提高利潤率。對成本紀律的關注確保拉丁美洲集團在動態市場和競爭環境中保持競爭力和敏捷性。基於這些結果，LATAM 集團報告稱，僅 EBITDA 就為 8.28 億美元，利潤率為 25.2%，本季淨利潤總額為 3.01 億美元，使年初至今的淨利潤達到 7.05 億美元，年成長 41.3%。這些都是歷史結果。

We are at the same time generating cash consistently. Quarter after quarter, you have been monitoring our numbers and we have been delivering the company. Today we are at 1.7 times leverage. We have guided to further deleveraging. Additionally, we have $6.3 billion of liquidity at this point. This financial structure allows us to continuously capture opportunities as they arise. With these results, I would like to offer an important reflection, over the last year, we have grown approximately 15%. While at the same time, we have been able to maintain healthy risks. And our cost discipline has allowed us to exploit economies of scale.

同時，我們持續產生現金。每個季度又一個季度，你們一直在監控我們的數據，我們一直在為公司提供服務。今天我們的槓桿率為 1.7 倍。我們引導進一步去槓桿。此外，我們目前還有 63 億美元的流動資金。這種財務結構使我們能夠不斷抓住出現的機會。有了這些結果，我想提供一個重要的反思，在過去的一年裡，我們成長了約 15%。同時，我們能夠保持健康的風險。我們的成本控制使我們能夠利用規模經濟。

All of this backed up by a strong balance sheet has enabled us even in the context of high exchange rate volatility to deliver these results.

所有這一切都有強大的資產負債表支持，使我們即使在匯率劇烈波動的情況下也能取得這些成果。

In my view, this provides proof that our model every day is more resilient to business cyclicality. A fundamental strength and differentiating factor. I believe for the airline business.

在我看來，這證明我們的模型每天都更能適應商業週期性。基本優勢和差異化因素。我相信對於航空業來說。

Looking ahead in the short term, we expect demand to remain stable, leading to positive top line results and continuous cost delivery. The result from this is reflected in our updated guidance as we expect to deliver a strong end of 2024 and putting us in favourable position towards the start of next year.

展望短期，我們預期需求將保持穩定，從而帶來積極的營收績效和持續的成本交付。由此產生的結果反映在我們更新的指引中，因為我們預計將在 2024 年底實現強勁成長，並使我們在明年初處於有利地位。

We are proud of the progress reflecting these figures. The journey travel over these past years has been full of challenges, but what truly defines LATAM group is not just the results, but the purpose that guides it and the commitment of its people.

我們為反映這些數字的進展感到自豪。過去幾年的旅程充滿了挑戰，但真正定義LATAM集團的不僅僅是結果，而是指導它的宗旨和員工的承諾。

ALL 38,000 souls are a great asset and thanks to their dedication, LATAM group has progressed to a stronger, more efficient operation and align with its goals to each of them my deepest gratitude and before passing off to Ramiro, I would like to personally thank him for this over eight years being CFO of LATAM and looking forward to keep on working with him as Chief Commercial Officer. He has been a fundamental factor of the results that we have achieved particularly over this difficult time. So, thank you Ramiro, personally congratulations and looking forward to your next challenge as Chief commercial Officer with that, I hand it back to him. Thank you very much.

所有38,000 名員工都是一筆巨大的財富，由於他們的奉獻精神，LATAM 集團已經取得了更強大、更有效率的運營，並與他們每個人的目標保持一致，我向他們表示最深切的謝意，在向Ramiro 轉達之前，我想親自感謝他在擔任 LATAM 首席財務官八年多的時間裡，並期待繼續與他作為首席商務官合作。他是我們取得成果的基本因素，尤其是在這個困難時期。所以，謝謝拉米羅，我個人向你表示祝賀，並期待你作為首席商務官的下一次挑戰，我把它交還給他。非常感謝。

Thank you, Roberto. That's really kind.

謝謝你，羅伯托。真是太好了。

Let's move to the to the following flight.

讓我們轉到下一趟航班。

Latin group continues to show strong operational results, with more passengers choosing us across all markets. In the last 12 months, we transported over 80 million passengers. That is 13% more than the last 12 months of third quarter, 2023. In this third quarter, capacity grew by 15% maintaining healthy load factors in all segments.

拉丁集團持續展現強勁的營運業績，越來越多的乘客在各個市場選擇我們。過去 12 個月，我們運送了超過 8,000 萬名旅客。這比 2023 年第三季最後 12 個月增加了 13%。第三季度，運能成長了 15%，維持了所有細分市場的健康負載率。

The group carried a total of 21 million passengers in the quarter, reinforcing LATAM as the largest airline group in South America and among the TOP10 globally. In terms of consolidated revenues for a case, we see a decrease of 7.7% influenced by the decrease in jet fuel prices by currency depreciation in some of our markets and also a change in mix as the international operations grow faster.

該集團本季共運送乘客 2,100 萬人次，鞏固了 LATAM 作為南美最大航空集團和全球前 10 名的地位。就一個案例的合併收入而言，我們看到下降了 7.7%，因為我們一些市場的貨幣貶值導致航空燃油價格下降，以及隨著國際業務增長更快而導致的結構變化。

All in all, keeping in mind, the important capacity increase, the fuel price decrease and the change in mix, we are improving our margins by 14%, when compared to previous quarters. Demand as Roberto mentioned, remains solid across all markets over capacity continues to be a challenge for LATAM Airlines, Colombia as we mentioned in our previous call.

總而言之，考慮到重要的產能增加、燃油價格下降和產品組合的變化，與前幾季相比，我們的利潤率提高了 14%。正如羅伯託所提到的，所有市場的需求仍然強勁，正如我們在先前的電話會議中所提到的，哥倫比亞 LATAM 航空公司的運力仍然是一個挑戰。

However, we are now starting to see some signs of moderation and capacity in Colombia compared to the second quarter, suggesting a gradual rebalancing in the market. Moving to slide five in this third quarter, the group continued to consolidate the trend of strong performance through the Income Statement.

然而，與第二季度相比，我們現在開始看到哥倫比亞的一些放緩和產能跡象，表明市場正在逐步重新平衡。集團在第三季下滑五，透過損益表持續鞏固強勁業績的趨勢。

The increase in passenger revenues of more than 6% was mainly propelled by our international business. On the cargo front revenues increased over 15% year over year to $381 million, marking the second consecutive quarter of improvement. The group maintains its focus on cost and payments adjusted passenger cask ex fuel decreased by 8.5% year over year to $0.4. This drove the record adjusted guitar of 828 million which presented an increase of 14% versus the third quarter of 2023.

旅客收入成長超過6%主要是由我們的國際業務推動的。貨運方面的營收年增超過 15%，達到 3.81 億美元，連續第二季成長。該集團繼續關注成本和付款調整後的客運桶（不含燃料）年減 8.5% 至 0.4 美元。這使得調整後的吉他銷量達到創紀錄的 8.28 億把，與 2023 年第三季相比成長了 14%。

All these positive results are reflected in the net income generation for the period which amounted to over $300 million. This represents an increase of 30% versus the same period of last year. Highlighting the favourable trend experienced over the last 12 months net income year-to-date amounts to over $700 million overall. On slide, 6, we would like to discuss custom payments, highlighting how LATAM's group's dedication to this is once again a crucial factor influencing the quarterly results we are presenting today. During this third quarter, LATAM group reported an adjusted cask ex fuel of $4.4 while our adjusted passenger cask ex fuel stood at $0.4.

所有這些積極成果都反映在該期間超過 3 億美元的淨收入中。這比去年同期增長了 30%。突顯過去 12 個月的有利趨勢，年初至今淨利總計超過 7 億美元。在投影片 6 中，我們想討論自訂付款，強調 LATAM 集團對此的奉獻精神如何再次成為影響我們今天公佈的季度業績的關鍵因素。在第三季度，LATAM 集團報告調整後的桶裝（不含燃油）為 4.4 美元，而我們調整後的客運桶裝（不含燃油）為 0.4 美元。

This quarter, LATAM experienced a slight positive exchange rate effect on costs, particularly due to the devaluation of the Brazilian real which contributed to an approximate reduction of $0.2 in unit costs.

本季度，拉丁美洲的匯率對成本產生了輕微的正面影響，特別是由於巴西雷亞爾貶值，導致單位成本減少了約 0.2 美元。

However, even excluding this impact, our costs are in line with previous quarters and completely aligned with our projected guidance for the year. LATAM has established a track record of delivering consistent results as shown by the steady growth of our adjusted EBITDA generation that you can see on slide 7 in the third quarter, our adjusted EBITDA for the last 12 months exceeded $2.9 billion. The last 12 months adjusted EBITDA has increased 23% compared with the same period of last year. These results have led us to our full year guidance where we expect adjusted debit card for 2024 to exceed $3 billion.

然而，即使排除這種影響，我們的成本也與前幾季一致，並且完全符合我們今年的預期指引。LATAM 已經建立了提供一致業績的記錄，正如您在第三季投影片 7 中看到的調整後 EBITDA 世代的穩定成長所表明的那樣，我們過去 12 個月的調整後 EBITDA 超過了 29 億美元。過去12個月調整後的EBITDA與去年同期相比成長了23%。這些結果使我們得出了全年指引，預計 2024 年調整後的借記卡業務將超過 30 億美元。

As you know, we consider casual generation, the true measure of performance. I*n the third quarter of 2024, LATAM Group maintained a positive cash flow generation trajectory generating $157 million in cash flow as shown on slide 8. Adjusted operating cash regeneration totalled $655 million. And the total cash payments of fleet costs amounted to $233 million for a total fleet of 341 aircraft.

如您所知，我們認為休閒世代是衡量性能的真正標準。在 2024 年第三季度，LATAM 集團保持了積極的現金流量產生軌跡，產生了 1.57 億美元的現金流，如幻燈片 8 所示。調整後的營運現金再生總額為 6.55 億美元。機隊成本現金支付總額為 2.33 億美元，機隊共有 341 架飛機。

Yes

是的

Please join me on slide 9 to discuss our capital structure strength as many events unfolded during this past quarter on July 15, LATAM completed the successful renegotiation of its revolving credit facilities resulting in an extension and increase in both of these facilities.

請與我一起在幻燈片9 上討論我們的資本結構實力，因為7 月15 日上一季發生了許多事件，拉美集團成功完成了循環信貸安排的重新談判，導致這兩項安排得以延長和增加。

LATAM total revolving facility lines now amount to $1.55 billion and are fully committed until 2029. Providing the company with enhanced flexibility and liquidity as these are currently fully undrawn, this together with LATAM's cash position of over $2 billion enables the company to reach a liquidity position of more than $3.6 billion, as of the third quarter of 2024. For the year end 2024 we anticipate a slight decrease in liquidity as we use $200 million in cash to prepay a portion of our debt during the refinancing exercise that took place in October, the time has continued to deleverage the company achieving a net leverage ratio of 1.7 times in the third quarter. This establishes us as the leader in the Americas with the lowest leverage profile for a wide body carrier.

拉丁美洲的循環設施線總額目前達 15.5 億美元，並在 2029 年之前全部投入使用。由於目前這些資金尚未完全提取，這為公司提供了增強的靈活性和流動性，再加上LATAM 超過20 億美元的現金頭寸，使公司能夠在2024 年第三季度達到超過36 億美元的流動性頭寸。到 2024 年底，我們預計流動性將略有下降，因為我們在 10 月進行的再融資活動中使用了 2 億美元現金來預付部分債務，同時公司繼續去槓桿化，實現了淨槓桿率第三季度1.7倍。這使我們成為美洲寬體航空公司槓桿率最低的領導者。

Turning to the next slide during October, the company was able to refinance $1.4 billion of debt at an interest rate of 7% and 7.8%, which is almost half the rate that we had in our chapter 11 exit financing. These efforts will contribute to savings of approximately $118 million in interest payments for 2025. The debt maturity profile remains well managed with only $275 million maturing in 2028 associated with our spare engine facility.

轉向 10 月的下一張投影片，該公司能夠以 7% 和 7.8% 的利率為 14 億美元的債務進行再融資，這幾乎是我們在第 11 章退出融資中利率的一半。這些努力將有助於在 2025 年節省約 1.18 億美元的利息支出。債務到期狀況仍得到良好管理，與我們的備用引擎設施相關的債務到期日僅為 2.75 億美元，到 2028 年僅到期。

This is recent news, and we are showing the pro forma financial debt amortization profile because just earlier this week, we have refinanced this in our first sustainability linked instrument and now can say that Latin has no refinancing risk to 2028. Some larger amounts are called in 2025 and 2026 offering opportunities to further optimize the cost structure and improve cash flow generation.

這是最近的新聞，我們展示了預計的金融債務攤銷概況，因為就在本週早些時候，我們已經在第一個與永續發展相關的工具中對此進行了再融資，現在可以說拉丁文到2028 年沒有再融資風險。2025 年和 2026 年將籌集一些較大金額，為進一步優化成本結構和改善現金流產生提供機會。

As part of the liability management. In accounting terms, this refinancing will have a onetime negative impact on LATAM's income statement and the bottom line of approximately $134 million on the fourth quarter.

作為責任管理的一部分。從會計角度來看，此次再融資將對 LATAM 的損益表和第四季約 1.34 億美元的淨利潤產生一次性負面影響。

And in terms of liquidity for year end, it is important to note that we use the 200 million of cash during this refinancing exercise, let me conclude on slide12, LATAM is the leading airline group within the South American region with strong growth efficient cost and the unique capital structure. These factors allow LATAM group to make independent decisions about the future.

在年底的流動性方面，值得注意的是，我們在這次再融資活動中使用了2 億現金，讓我在幻燈片12 上得出結論，LATAM 是南美地區領先的航空集團，具有強勁的增長效率成本和獨特的資本結構。這些因素使得LATAM集團能夠對未來做出獨立的決定。

Operationally demand remains strong along the airline of LATAM group to grow capacity efficiently while maintaining healthy load factors and improving its margins. This consistency across markets reflects the strength of the group's network and value proposition. The capital structure has also been strengthened. The recent refinancing reduced the average cost of debt to 8%.

LATAM 集團航空公司的營運需求仍然強勁，以有效增加運力，同時保持健康的載客率並提高利潤率。這種跨市場的一致性反映了該集團網絡和價值主張的實力。資本結構也加強。最近的再融資將平均債務成本降低至8%。

The company's efforts to solidify its capital structure and improve financial stability have been recognized by third parties as standard and post upgraded LATAM time rating to double the minus with a positive outlook and Moody's raised it to BA2 with a stable outlook.

該公司鞏固資本結構和提高財務穩定性的努力已被第三方認可為標準，並將拉美時間評級上調至負值兩倍，前景樂觀，穆迪將其提升至 BA2，前景穩定。

With this momentum, the 2024 guidance has been revised for the second time this year. Now targeting an adjusted EBITDA of over $3 billion to focus on growth, cost control and margin improvement.

在此勢頭下，2024年指引今年已進行第二次修訂。現在的目標是調整後 EBITDA 超過 30 億美元，重點是成長、成本控制和利潤率提高。

Before we turn to our Q&A segment, I would like just to take a moment to reflect on my time as CFO of LATAM and this is, as Roberto mentioned, my last quarterly earnings in this role, we have had 35 quarters together, countless investor meetings and conference and I want to thank all of you, for your time and interest in this. More than eight years and the questions that you have raised that have pushed us to strive for more.

在我們開始問答環節之前，我想花點時間回顧一下我擔任LATAM 首席財務官的經歷，正如Roberto 提到的，這是我擔任該職位的最後一個季度收益，我們一起度過了35 個季度，無數投資者我要感謝你們所有人的時間和對此的興趣。八年多的時間以及您提出的問題促使我們更加努力。

We have navigated difficult moments including the Chapter 11 process as a consequence of the pandemic.

我們度過了困難時期，包括因疫情而導致的第 11 章流程。

And I am very proud of what LATAM stands today with lower debt practically without significant maturities until 2028, $3.6 billion in total liquidity and an adjusted passenger CASK ex fuel of 0$.4.

我對拉丁美洲目前的狀況感到非常自豪，債務實際上較低，直到 2028 年才到期，總流動性為 36 億美元，調整後的客運 CASK 不含燃油為 0.4 美元。

I am very grateful to our exceptional finance team for the dedication during these years. And then now I am looking forward to the new challenges that I had in my new role as Chief Commercial Officer.

我非常感謝我們傑出的財務團隊這些年來的奉獻。現在我期待著作為首席商務官的新角色所面臨的新挑戰。

With that. We will turn it to a Q&A session.

就這樣。我們將把它變成問答環節。

At this time. (Operator Instructions) we will pause for just a moment to compile the Q&A router.

此時。 （操作員說明）我們將暫停片刻來編譯問答路由器。

Our first question comes from the line of Michael Linenberg from Deutsche Bank. Please go ahead.

我們的第一個問題來自德意志銀行的 Michael Linenberg。請繼續。

Oh, hey, good morning, everyone. And congratulations Ramiro on your new role. Moving up. Great to hear. I have, just some of these are more sort of technical. I guess I noticed when you report, you do not report on an earnings per ADS basis. I know in your financial, the full financial documents, you do look at what your earnings are on a per share basis, and I was not sure if it was just a function of the fact that you have a lot of movement in your non op area. Like, for example, we took a tax credit this quarter, sometimes it is a tax charge. So, it makes sense to focus on maybe EBITDA and EBIT margins as opposed to earnings per ADS. And so maybe that's something that's going to feature in the financial results for 2025. So, can you talk about that and just the thinking around that? And also just, what is the appropriate tax rate to use? Just because you know, this quarter was a credit. How should we think about it may be going forward? Thanks.

噢，嘿，大家早安。祝賀拉米羅擔任新職務。向上移動。很高興聽到。我有，只是其中一些更具技術性。我想我注意到，當您報告時，您並沒有以每份美國存託股份收益為基礎進行報告。我知道在你的財務、完整的財務文件中，你確實會查看你的每股收益是多少，我不確定這是否只是因為你的非經營性業務發生了很大的變動。例如，我們本季獲得了稅收抵免，有時這是一項稅費。因此，關注 EBITDA 和 EBIT 利潤率而不是每美國存託股收益是有意義的。因此，這可能會成為 2025 年財務表現的重要內容。那麼，您能談談這個問題以及對此的想法嗎？而且，合適的稅率是多少？就因為你知道，這個季度是個功勞。我們該如何看待它的未來發展？謝謝。

Thank you. Thank you, Michael. Yes, but those are very, very two, very good questions on the tax rates. First, as you know, the LATAM Airlines has a, has no operating losses that we can benefit from approximately $12 billion and on the, on the third quarter. So, we, we can take advantage of those tax rates, and we think that we are going to be able to continue to take advantage however, in certain countries, as we as, as they are also profitable, and you cannot benefit from 100% of the tax rate that we have in those countries. And depending on where we make the profit, we, we have to account for certain taxes or not. So, I would say that it is difficult to forecast the tax rate. But I think that if you take at least nine months looking forward for the future years. I think it is a good proxy of where we should see, we see in the tax rate exposure for the next for the next coming years.

謝謝。謝謝你，麥可。是的，但這是關於稅率的兩個非常非常好的問題。首先，如您所知，LATAM 航空公司沒有營運虧損，我們可以從第三季約 120 億美元中受益。所以，我們，我們可以利用這些稅率，我們認為我們將能夠繼續利用，但是，在某些國家，就像我們一樣，因為它們也是有利可圖的，你不能從 100 中受益我們在這些國家的稅率的%。根據我們賺取利潤的地點，我們必須繳納或不繳納某些稅金。所以，我想說，預測稅率是很困難的。但我認為，如果你至少花九個月的時間來展望未來。我認為這是我們應該看到的一個很好的代表，我們在未來幾年的稅率風險中看到了這一點。

Yes regarding. It is, it is an excellent question. I think that if you look only at multiples of heavy data in terms of valuation and we don't get the credit or the benefit of our strong capital structure. But I think it is important to start at, at EPS and you probably are going to see us showing numbers regarding EPS going down the line. We think it is a very important metrics in this industry. Again, as it takes the benefit of the, of the capital structure, you are right that the net income sometimes gets affected by, by volatility in effect currency or, tax credits or, the sort of benefits, but we still think it's a very important measure to present to the market.

是的，關於。是的，這是一個很好的問題。我認為，如果你只看估值方面的大量數據，我們就不會得到我們強大的資本結構的認可或好處。但我認為從每股盈餘開始很重要，你可能會看到我們顯示有關每股盈餘的數據。我們認為這是這個行業非常重要的指標。同樣，由於它利用了資本結構的好處，你說得對，淨收入有時會受到有效貨幣波動或稅收抵免或諸如此類的好處的影響，但我們仍然認為這是一個非常大的問題。的重要舉措。

Okay. Great. And then just squeeze in one sort of last big picture. I am sure like everybody. We have all been watching the results of the US election yesterday, you know, we saw the weakness in emerging markets, we saw the peso sell off. We saw the real, the Mexican Peso, the real thoughts on, you know, whether, you know, things that we should be mindful of, you know, now that we have a new administration, you know, sort of anything that you potentially see on the horizon as a company. And this is, this is a question probably, you know, Ramiro, this is probably the Roberto or, or you can chime in as well. You are thinking on the new change in administration in the US and, what that may mean for LATAM. I would just throw in the fact that you do, you are a dollar-based reporter, and you do have a lot of your operations in international markets. It may be less of an impact for you than say for somebody else in, in Latin America. But I am just curious of how you are thinking about how things stack up going forward. Thank you for, thanks for taking my questions.

好的。偉大的。然後擠進最後一張大圖。我確信和大家一樣。昨天我們都在關注美國大選的結果，你知道，我們看到了新興市場的疲軟，我們看到了比索的拋售。我們看到了真實的墨西哥比索，真實的想法，你知道，我們是否應該注意的事情，你知道，現在我們有了新政府，你知道，任何你可能關心的事情作為一家公司看到了曙光。這就是，這可能是個問題，你知道，拉米羅，這可能是羅伯托，或者你也可以插話。您正在思考美國政府的新變化，以及這對拉丁美洲意味著什麼。我想說的是，你是一名以美元為基礎的記者，而且你確實在國際市場上有很多業務。它對你的影響可能比對拉丁美洲其他人的影響要小。但我只是好奇你如何看待未來的事情如何發展。謝謝你，謝謝你回答我的問題。

Thank you, Michael and good morning. This is Roberto. Thanks for your question. Yeah, so we have got, I think along the lines of your, of your thoughts here with respect to the new administration. So, a couple, couple things first, of course, we already have a Trump administration between 2016 and 2020. If history says anything which they may not, we did not see any relevant effect to our operations during that time that I can point out to having said that as we think going forward, as you said, well, we have flows that are exposed to the US. We see no significant selling thing that I can point out today that is going to change the trajectory of what we have seen, currency volatility that you have pointed out as well. I think that we have shown particularly on third quarter that we know how to manage and contain the effects of those and even take advantage of those in certain cases. And, and yes, you are right, 60% of our revenues are Dollar denominated. So, I think that we are in general pretty covered to what we see, volatility and cyclicity of the business in my mind. Because of our position is starting to show that it affects us less than other carriers for sure.

謝謝你，邁克爾，早安。這是羅伯托.謝謝你的提問。是的，我想我們已經了解了您對新政府的想法。當然，首先有幾件事，我們在 2016 年至 2020 年間已經有了川普政府。如果歷史說了一些他們可能沒有說的話，我們在那段時間沒有看到對我們的營運產生任何相關影響，我可以指出，正如我們所認為的那樣，正如您所說，我們的流量會受到影響美國。我們認為今天我可以指出的重大拋售不會改變我們所看到的軌跡，即您也指出的貨幣波動。我認為我們在第三季尤其表現出我們知道如何管理和遏制這些影響，甚至在某些情況下利用這些影響。是的，您是對的，我們 60% 的收入都是以美元計價的。因此，我認為我們總體上已經了解了我們所看到的、我心目中業務的波動性和週期性。因為我們的立場開始表明它對我們的影響肯定小於其他業者。

So, we remain confident going forward on what we have done, and I don't see anything relevant at this point in time that the potential policies of the new administration, at least what we have heard, we do not know what will be enacted at the end of the day can affect our operation. Do remember that we have also our cargo headquarters in Miami and a lot of traffic flow between the US and South America. So, if near shoring becomes something important eventually in the upcoming years, I think that stands to benefit the cargo business more than anything else.

因此，我們對繼續我們所做的事情仍然充滿信心，而且我目前沒有看到任何與新政府的潛在政策相關的信息，至少是我們所聽到的，我們不知道將頒布什麼最終會影響我們的營運.請記住，我們的貨運總部也位於邁阿密，並且美國和南美洲之間有大量的交通流量。因此，如果近岸最終在未來幾年成為重要的事情，我認為這對貨運業務的好處將比其他任何東西都大。

Great. Thanks Roberto. Thanks everyone.

偉大的。謝謝羅伯托。謝謝大家。

Thank you.

謝謝。

Our next question comes from the line of Guilherme Mendes with JP Morgan. Please go ahead.

我們的下一個問題來自吉爾赫姆門德斯 (Guilherme Mendes) 與摩根大通 (JP Morgan) 的對話。請繼續。

Hey, good morning, everybody. Roberto, Ramiro, Andres and (Inaudible) congrats on strong set of results and Ramiro, good luck on the new role. Two questions as well. The first one is on huge. If you could give more color, what is the main explanation on the year-to-year drop? I guess effects could be part of it. But if there's anything else in terms of competition or, or demand and second question, it is on capital allocation, another quarter of strong free cash flow, leverage and liquidity clearly under control. So, is it fair to assume that dividends could go up into 2025 or potentially a buyback program? Thank you.

嘿，大家早安。羅伯托、拉米羅、安德烈斯和（聽不清楚）祝賀拉米羅取得了優異的成績，祝你在新角色上好運。還有兩個問題。第一個是巨大的。如果你能給出更多的顏色，那麼逐年下降的主要原因是什麼？我想效果可能是其中的一部分。但如果在競爭或需求方面還有其他問題的話，那就是資本配置，又一個季度強勁的自由現金流、槓桿和流動性明顯受到控制。那麼，假設股利可能會持續到 2025 年或可能實施回購計畫是否公平？謝謝。

Thank you. I will take the first question and then I will pass it to Ramiro for the capital allocation question. So, I mean, as you see our results, for me, this is a half a glass, half full picture and not many times you see an airline grow 15% keep solid rasp results. There's two effects that you have to take into concession, one is currency depreciation particularly of the real that was significant in, in the third quarter. And as you saw in the presentation, actually, our yields a risk in in domestic Brazil was higher on local currency despite the growth. And I think that's a good, a good, a good point thing to point out to. And I do not think that you see many times airlines that happen to have the ability to grow double digits and keep the unit revenue at current good level, second effect as Ramiro pointed out we are growing on international faster. You also can see our average stage length of the report is growing. So, there's a little bit of a mix between our long, longer route rasp vis a vis a shorter route rasp because of that mix situation. So, if you take all this into consideration, I have a very positive look, very positive view of the evolution of the unit revenue during this quarter.

謝謝。我將回答第一個問題，然後將其傳遞給拉米羅以解決資本分配問題。所以，我的意思是，當你看到我們的結果時，對我來說，這是半杯半全的圖景，很少有航空公司能保持 15% 的成長並保持穩定的業績。您必須考慮兩種影響，其一是貨幣貶值，尤其是第三季的雷亞爾貶值。正如您在演示中看到的那樣，實際上，儘管有所增長，但以當地貨幣計算，我們在巴西國內的收益率風險較高。我認為這是一件好事，一件好事，一件值得指出的事。我認為你不會多次看到航空公司碰巧有能力實現兩位數增長並將單位收入保持在當前的良好水平，這是拉米羅指出的第二個影響，我們在國際上的增長速度更快。您還可以看到我們報告的平均階段長度正在增長。因此，由於這種混合情況，我們的長路線銼刀與較短路線銼刀之間存在一些混合。因此，如果考慮到所有這些，我對本季度單位收入的演變持非常積極的看法。

Yeah. Hi. Yeah, and thank you for your good wishes. In terms of capital allocation, you are right, the company is generating consistent cash flow. And now that we have, we have addressed our liability management exercise. It was important to us. We, we focus mainly on three aspects and, and we help any priority between all of them. We are still seeing pockets for profitable growth, and we are bringing new aircraft next year. We want to continue to maintain a strong balance sheet and we have still the possibility of doing the last third of the exit financing now in 2025.

是的。你好。是的，謝謝你的美好祝福。在資本配置方面，你是對的，公司正在產生穩定的現金流。現在我們已經解決了責任管理問題。這對我們很重要。我們，我們主要關註三個方面，並且我們幫助所有方面之間的任何優先事項。我們仍然看到利潤成長的空間，明年我們將引進新飛機。我們希望繼續保持強勁的資產負債表，並且我們仍有可能在 2025 年完成最後三分之一的退出融資。

And the, and then the third aspect is, is exactly what you mentioned, shareholder return. There are many mechanisms for that. I think the company is performing well, is generating the cash. We feel confident about 2025. So yes, that's something that certainly we're going to address the mechanisms. It is still unclear.

第三個方面，正是你提到的，股東回報。有很多機制可以做到這一點。我認為公司表現良好，正在產生現金。我們對 2025 年充滿信心。所以，是的，這肯定是我們要解決的機制問題。目前還不清楚。

Super clear. Thank you very much.

超級清晰。非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Stephen Trent with city. Please go ahead.

我們的下一個問題來自史蒂芬·特倫特與城市的關係。請繼續。

Good morning, everybody and, and thanks very much for taking my questions. Romero congrats to you ad it is been great working with you over the years. Could you just give me a sense as to where you guys are now in terms of executive roles with you mere transferring to the, the CCO role, you know, and are, are there any kind of missing heads. At, at the moment in in case I missed the commentary.

大家早安，非常感謝您提出我的問題。羅梅羅祝賀你，這些年來與你的合作非常愉快。您能否讓我了解一下，您現在在執行職位方面處於什麼位置，而您只是轉移到 CCO 職位，您知道，並且存在任何缺失的頭腦。此刻，以防萬一我錯過了評論。

Hi, Steven, this is Robert.

嗨，史蒂文，我是羅伯特。

So no, the executive committee is, is, has been very stable over the last years. This is, I guess the change that, that you see today, I am very happy again for Ramiro taking the role. I am sure that he will challenge teams and come up with incremental value for sure. We are in the process of this point in time of finding a replacement for, for him, there's both internal and external candidates. And as soon as we have a resolution and destination on that, of course, we inform it to the market. Otherwise, the executive team has been very stable over the last years.

所以不，執行委員會在過去幾年裡一直非常穩定。我想這就是你今天看到的變化，我再次為拉米羅擔任這個角色感到非常高興。我確信他會挑戰團隊並肯定會帶來增量價值。目前我們正在尋找替代者，對於他來說，有內部和外部候選人。當然，一旦我們對此有了解決方案和目標，我們就會將其告知市場。除此之外，執行團隊在過去幾年中一直非常穩定。

Okay, Roberto, appreciate that. And, and just as, as my follow up question, you know, elements of the market compare you guys with the US big three, you know, do you have any high-level thoughts as to whether you will start reporting free cash flow on a basis that's more in line with them or just love to hear you. You are contemplating anything like that?

好的，羅伯托，謝謝。而且，正如我的後續問題一樣，你知道，市場要素將你們與美國三巨頭進行比較，你知道，對於是否開始報告自由現金流，你有任何高層想法嗎？喜歡聽你的。你正在考慮類似的事情嗎？

Thanks

謝謝

Hi, Steven. That's, that's a very useful. I, I think that we, we do report very much in line with them. There are two versions of the, of the cash flow statement. In, in our next release. We try to make it as, as friendly as possible and try to detail all the different aspects of the, of the cash flow generation first and then on the investments. Both on the growth aspects and on the maintenance aspects there are any other suggestions that, that you or other analysts might have. We are happy to, to incorporate them and, and the feedback is always useful. We have received very positive feedback on the way that we are presenting the cash flow statement. But if there are improvements to be made happy, happy to do it, we want the market to understand very clearly our, our cash flow generation and cash flow spend and where we are just in those, those resources. And then, and we are very proud to see in LATAM generating quarter after quarter, positive cash flow free cash flow at the end of the cash flow measure.

嗨，史蒂文。那就是，這是非常有用的。我，我認為我們，我們的報告確實非常符合他們。現金流量表有兩個版本。在我們的下一個版本中。我們嘗試使其盡可能友好，並嘗試先詳細說明現金流產生的所有不同方面，然後詳細說明投資。在成長方面和維護方面，您或其他分析師可能有任何其他建議。我們很樂意將它們納入其中，並且反饋總是有用的。我們收到了關於現金流量表列報方式的非常正面的回饋。但如果有一些改進是令人高興的，我們希望市場非常清楚地了解我們的現金流產生和現金流支出，以及我們在這些資源中的位置。然後，我們非常自豪地看到拉丁美洲每個季度都在現金流量指標結束時產生正現金流量的自由現金流量。

Okay, I appreciate that. Thank You

好的，我很欣賞。謝謝

Our next question comes from the line of J Spice from Morgan Stanley. Please go ahead.

我們的下一個問題來自摩根士丹利的 J Spice。請繼續。

Yes, thank you. Congrats on the strong results. I also have a few questions in the international segment. You have done extremely well. Load factors are at very high levels. So, I was just wondering and more or less, what is your split there of wide body versus narrow body aircraft in terms of number of flights because I was wondering if you have similar load factors across like short to medium range international routes and, and long-haul routes. And, and secondly, if you could give any indication of, your fuel hedges at, I mean, you do provide the percentage amount of what is hatched going forward. But if you could give any indication of the average price level that you are that you close those hatches, it would be very useful. Thank you.

是的，謝謝。祝賀取得強勁的成果。我在國際環節也有幾個問題。你做得非常好。負載係數處於非常高的水平。所以，我只是想知道，或多或少，寬體飛機與窄體飛機在航班數量方面有何區別，因為我想知道你們在短程到中程國際航線等方面是否有類似的載客率，以及長途航線。其次，如果你能給出任何跡象表明你的燃料對沖，我的意思是，你確實提供了未來孵化的百分比金額。但如果你能給出關閉這些艙口時的平均價格水平的任何指示，這將非常有用。謝謝。

Thank you, James. I will take the first question and pass it to revenue for the hedges. So, international, how do we define it first, for everybody's understanding, it is what we call regional, which is international within South America and then no whole and those are the flights to the US Europe, South Pacific and Africa. More than half of the ASKs, more than half of the capacity of international use, wide body capacity, it is around 60% of all of it. It is wide body capacity.

謝謝你，詹姆斯。我將回答第一個問題並將其傳遞給對沖收入。那麼，國際，我們首先如何定義它，為了大家的理解，它就是我們所說的地區性的，這是南美境內的國際性的，然後不是整體的，這些是飛往美國、歐洲、南太平洋和非洲的航班。一半以上的ASK，一半以上的國際通用運力，寬體力，大約是全部的60%左右。它是寬體容量。

And the narrow body capacity is almost everything flying within South America or from the Northern beat of South America. So, let's say Colombia to, to the US. Because of the range constraints and the, and the size of the region, I would not say that we have narrow body aircraft flying on something that we can call long haul routes. Right, I think in our case, very separate, we have an order as you know, XLR is coming in a couple years' time. So that picture may eventually change, but that's still ahead of us. So, I hope that I was able to give you some like with those figures. And yes, we have performed very well. International is very solid and we see no today, no concerns with respect to the demand levels, even with the currency volatility that we have seen and the wide body market as we all know, is extremely tight going forward. And I think that's a good standing point together with the strength of our J of, of our hubs and our JB with Delta to continue being optimistic on our international segment.

而狹小的機身容量幾乎可以容納所有在南美洲境內飛行或從南美洲北部起飛的飛機。所以，讓我們說哥倫比亞到美國。由於航程限制以及區域大小，我不會說我們有窄體飛機在我們可以稱為長途航線的航線上飛行。是的，我認為就我們而言，非常獨立，正如您所知，我們有一個訂單，XLR 將在幾年後上市。因此，這種情況最終可能會改變，但這仍然擺在我們面前。所以，我希望我能夠給你一些關於這些數字的東西。是的，我們表現得很好。國際市場非常穩固，我們今天沒有看到任何需求水平的擔憂，即使我們已經看到貨幣波動，而且眾所周知，寬體市場未來將非常緊張。我認為這是一個很好的立足點，再加上我們的 J of、我們的樞紐以及我們與達美航空的 JB 的實力，我們將繼續對我們的國際業務保持樂觀。

Yeah, hi regarding fuel hedges, as you know, we use asymmetrical colors on our hedges and this is because we want to benefit when we see fuel price reductions, but of course, there's limit to the gain on the on the outside. Also, we do not provide or disclose specific numbers on how the hedges are taking, but we can serve a very consistent policy throughout the months. We always look at the next 12 months and we look at the booking curve in order to assess the right amount of, of hedges per, per each quarter and it is quite consistent. So, and you can, you can think of average fuel prices most of all when thinking about our hedges.

是的，您好，關於燃料對沖，如您所知，我們在對沖上使用不對稱的顏色，這是因為我們希望在看到燃料價格下降時受益，但當然，外部收益是有限的。此外，我們不會提供或揭露有關對沖如何進行的具體數字，但我們可以在整個幾個月內提供非常一致的政策。我們總是著眼於未來 12 個月，並著眼於預訂曲線，以便評估每個季度的正確對沖數量，結果非常一致。因此，在考慮我們的對沖時，您首先可以考慮平均燃油價格。

Perfect. Thank you.

完美的。謝謝。

Our next question comes from the line of Pablo Benavides with Barclays. Please go ahead.

我們的下一個問題來自巴克萊銀行的巴勃羅·貝納維德斯。請繼續。

Hi, good morning. Thanks for taking my question a little bit in line to my question on the FX depreciation in the case of Brazil, if we expect a sustained depreciation, what's your sense of the market's ability to, to hold a higher yield in case you look to protect your yield in us dollar terms, Thank you.

嗨，早安。感謝您提出的問題與我關於巴西外匯貶值的問題有點一致，如果我們預計匯率會持續貶值，您對市場保持較高收益率的能力有何看法，以防您希望保護匯率您的收益率以美元計算，謝謝。

Hi Pablo, how are you Roberto here. So, we have seen strong demand in domestic Brazil throughout the year. Most of the time as you saw in our report, a risk for the third quarter increased on local currency despite the substantial capacity increment that we have put during the year on that business, I feel good and positive with respect to our development there. Our network has clearly improved vis a vis of pre pandemic levels. Today, we have over two times for frequency share in Guarulhos, which is the most important airport in South America, 70% of the international traffic to Brazil goes to the airport. Compared to our Brasilia hub, they create a very solid set of alternatives for the passengers flying within Brazil. We see a disciplined context of capacity in Brazil at this point in time. And do remember as well that when you think about LATAM as a whole, the majority of our revenues are dollar based. So even though of course, we, we see, we see currency volatility tends to be a lower effect on some of the other airlines that operate in the segment. But all in all, we are encouraged by the results that we have seen throughout the year and in this particular quarter.

嗨，巴勃羅，羅伯託你好嗎？因此，我們看到巴西國內全年的需求強勁。大多數時候，正如您在我們的報告中看到的那樣，儘管我們在這一年中對該業務的產能大幅增加，但第三季度的當地貨幣風險有所增加，我對我們在那裡的發展感到良好和積極。與大流行前的水平相比，我們的網路已明顯改善。如今，我們在瓜魯柳斯機場的頻率份額已超過兩倍，瓜魯柳斯機場是南美洲最重要的機場，巴西 70% 的國際航班都流向該機場。與我們的巴西利亞樞紐相比，他們為在巴西境內飛行的乘客提供了一套非常可靠的替代方案。目前，我們看到巴西的產能環境十分嚴格。還要記住，當您將拉丁美洲視為一個整體時，我們的大部分收入都是以美元為基礎的。因此，當然，我們看到貨幣波動對該領域運營的其他一些航空公司的影響往往較小。但總而言之，我們對全年和本季所看到的結果感到鼓舞。

Perfect. Thank you very much.

完美的。非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Joel Brizo with Goldman Sachs. Please go ahead.

我們的下一個問題來自高盛的喬爾‧布里佐 (Joel Brizo)。請繼續。

Yes, thanks. Good morning, everyone. Just a quick question from my side related to the guidance you guys updated added further caller yesterday. So, I am just trying to understand what are the assumptions behind pricing for the fourth quarter. Because when I look at fourth quarter trends, normally EBIT margin is higher than the third quarter, right. So, in order for you guys to meet the guidance for the full year of 12% to 12.5% in EBIT margin, this would imply a deceleration in margins quarter over quarter, which seems to be a bit conservative assumption to make, right So I just wanted to get your sense on what the view driving this, this expected deceleration in margins. Thank you very much.

是的，謝謝。大家早安。我這邊有一個簡單的問題，與你們昨天更新的指南有關，增加了更多來電者。所以，我只是想了解第四季定價背後的假設是什麼。因為當我觀察第四季度的趨勢時，通常息稅前利潤率會高於第三季度，對吧。因此，為了讓你們達到全年息稅前利潤率 12% 至 12.5% 的指導，這將意味著利潤率逐季下降，這似乎是一個有點保守的假設，對吧，所以我只是想了解一下推動這一預期利潤率下降的觀點是什麼。非常感謝。

Hi, this is, this is Ramiro, and you are right. Third quarter is always a very, is high season for us. It is a very strong quarter, it has been in 2023 an exceptional quarter and, and even now in 2024 it is an exceptional quarter, and we are surpassing what has been a very significant quarter back in, in 2023. There's always a small deceleration in terms of, of margin in Q4. Let me just say that we are extremely confident despite all the fluctuation on the currencies, despite everything that we are seeing, we're extremely confident on, on, on our guidance for 2024.

嗨，這是，這是拉米羅，你是對的。第三季對我們來說始終是一個非常非常旺季。這是一個非常強勁的季度，2023 年是一個非凡的季度，即使是 2024 年的現在，這也是一個非凡的季度，我們正在超越 2023 年非常重要的季度。第四季的利潤率總是出現小幅減速。我只想說，儘管貨幣波動，儘管我們看到了一切，但我們對 2024 年的指導非常有信心。

That's great. Thank you very much guys.

那太棒了。非常感謝你們。

Again, (Operator Instructions)

再次，（操作員說明）

There are no more questions. I will now turn the call back over to Ramiro Alfonsin for closing your marks.

沒有更多問題了。現在，我將把電話轉回給拉米羅·阿方辛 (Ramiro Alfonsin)，以結束您的評分。

Thank you again all for joining. Always our IR team is available for, for any further questions and, and thank you Roberto for all the trust and during these past years and thank you for, for the possibility on, my new responsibilities right now, everyone, great seeing you all.

再次感謝大家的加入。我們的 IR 團隊隨時為您解答任何進一步的問題，感謝羅伯託在過去幾年中給予我的所有信任，感謝您為我現在的新職責提供了可能性，大家都很高興見到你們。

Ladies and gentlemen, that concludes today's call. Thank you all for joining you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。