Controladora Vuela Compania de Aviacion SAB de CV (VLRS) 2023 Q2 法說會逐字稿

Good morning, everyone. Thank you for standing by. Welcome to Volaris' Second Quarter 2023 Financial Results Conference Call. (Operator Instructions)

大家，早安。謝謝你的支持。歡迎參加 Volaris 2023 年第二季財務業績電話會議。 （操作員說明）

Please note that we are recording this event. This event is also being broadcast live via a webcast and may be accessed through the Volaris website. (Operator Instructions)

請注意，我們正在記錄此事件。該活動還透過網路廣播進行現場直播，並且可以透過 Volaris 網站進行存取。 （操作員說明）

At this point, I would like to turn the call over to Ricardo Martinez, Investor Relations Director. Please go ahead, Ricardo.

現在，我想將電話轉給投資者關係總監里卡多·馬丁內斯 (Ricardo Martinez)。請繼續，里卡多。

Good morning, and thank you for joining the call. With us today are our President and CEO, Enrique Beltranena; our Airline Executive Vice President, Holger Blankenstein; and our Chief Financial Officer, Jaime Pous. They will be discussing the company's second quarter 2023 results. Afterward, we will move on to your questions.

早安，感謝您加入通話。今天與我們在一起的有我們的總裁兼執行長 Enrique Beltranena；我們的航空公司執行副總裁 Holger Blankenstein；以及我們的財務長 Jaime Pous。他們將討論公司 2023 年第二季的業績。接下來，我們將繼續回答您的問題。

Please note that this call is for investors and analysts only. Before we begin, please remember that this call may include forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are subject to several factors that could cause the company's results to differ materially from expectations. As described in the company's filings with the United States SEC and Mexico's CMBB. This statement speaks only as of the date they are made. And Volaris undertakes no obligation to update or modify any forward-looking statements. As in our earnings release, our numbers are in U.S. dollars compared to the second quarter of 2022, unless otherwise noted.

請注意，本次電話會議僅針對投資者和分析師。在我們開始之前，請記住，本次電話會議可能包含適用證券法含義內的前瞻性陳述。前瞻性陳述受到多種因素的影響，這些因素可能導致公司的業績與預期有重大差異。正如該公司向美國 SEC 和墨西哥 CMBB 提交的文件中所述。本聲明僅代表發布之日的情況。 Volaris 不承擔更新或修改任何前瞻性聲明的義務。在我們的財報中，除非另有說明，我們的數據均以美元為單位，與 2022 年第二季相比。

And with that, I will turn the call over to Enrique.

接下來，我會將電話轉給恩里克。

Thank you, Ricardo, and everyone, for joining us today. During the quarter, our company's performance was aligned with our projected full-year outlook, supported by favorable macroeconomic conditions, including lower jet fuel costs and a stronger Mexican peso. We are seeing solid bookings for the summer months and remain confident in the resilience of our VFR passenger base in Mexico and the robust demand we see in Central America and the United States.

謝謝里卡多和大家今天加入我們。在有利的宏觀經濟條件（包括航空燃油成本下降和墨西哥比索走強）的支持下，本季度我們公司的業績與我們預計的全年前景一致。我們看到夏季月份的預訂量穩定，並對墨西哥 VFR 乘客群的彈性以及中美洲和美國的強勁需求保持信心。

We eagerly await the return of Mexico's Category 1 status and the growth in the domestic market resulting from the Mexico-U.S. nearshoring. So we would like to start by reiterating our revenue and EBITDAR margin guidance for the year. We will continue to focus on delivering total operating revenue between $3.2 billion and $3.4 billion and an EBITDAR margin of 21% to 31%, which is an increase of 8 to 10 percentage points versus 2022.

我們熱切地等待墨西哥恢復第一類地位以及墨西哥與美國之間的國內市場的成長。近岸外包。因此，我們首先重申我們今年的收入和 EBITDAR 利潤率指引。我們將繼續專注於實現總營業收入在 32 億美元至 34 億美元之間，EBITDAR 利潤率達到 21% 至 31%，比 2022 年增加 8 至 10 個百分點。

During this last quarter, we moved capacity from the Mexican domestic market to our Central American Air Operator Certificates or AOCs, alleviating the temporary overcapacity in Mexico in achieving a more balanced supply and demand. As a result, we consciously reduced a few points of market share in the domestic Mexican market to achieve higher network profitability. Throughout the second quarter, we maintained total revenue per passenger flat taking advantage of strong ancillary revenue to offset domestic base fare reductions.

在上個季度，我們將運力從墨西哥國內市場轉移到中美洲航空業者證書（AOC），緩解了墨西哥暫時的運力過剩，實現了更平衡的供需。因此，我們有意識地減少了墨西哥國內市場幾個百分點的市場份額，以實現更高的網路獲利能力。在整個第二季度，我們利用強勁的輔助收入抵消了國內基本票價的下降，並維持了每位乘客的總收入。

Additionally, we maintain healthy load factors. The second quarter of 2023 featured [Hallmark] progress for our ancillary strategy. Our ancillary revenues as a percentage of total revenues were 49%, up from 40% in the second quarter of 2022 and 47% in the first quarter of 2023. The reduction of base fares shows the strength of our ultra-low-cost carrier model, stimulating volume through lower base fares. The load factor remained healthy in the mid-80s as we manage pricing in the domestic market to drive volumes.

此外，我們保持健康的負載率。 2023 年第二季度，我們的輔助策略取得了 [Hallmark] 進展。我們的輔助收入佔總收入的百分比為 49%，高於 2022 年第二季的 40% 和 2023 年第一季的 47%。基本票價的降低顯示了我們超低成本航空公司模式的實力，透過較低的基本票價刺激銷售量。由於我們管理國內市場的定價以推動銷量，載客率在 80 年代中期保持健康。

Passengers have responded in kind, resulting in RPMs growing just ahead of ASMs year-to-date. International and pricing there remained robust, showcasing an exceptional response to our increased capacity in Central America for routes to the U.S. and Mexico. Our plan for the second half of this year includes incorporating additional capacity into this market mainly to serve the growing VFR demand between Central America and the United States.

乘客們也做出了同樣的回應，導致今年迄今的 RPM 增速略高於 ASM 增速。國際航線和定價仍然強勁，這表明我們對中美洲飛往美國和墨西哥航線運力的增加做出了出色的反應。我們今年下半年的計畫包括將額外的運力納入該市場，主要是為了滿足中美洲和美國之間不斷增長的 VFR 需求。

Continuing with international year-to-date, we have an improvement of 6.5 percentage points of load factor, climbing from high-70s to mid-80s given strong demand in VFR markets in California, Texas and Chicago. International passengers during the semester grew 33.5% versus the same period in 2022. This quarter was focused on preparation for the future as we anticipate Mexico's imminent recovery of Category 1 status with the U.S., our team has been proactive by planning to implement network changes in Mexico, Central America and later in the year in the cross-border market to the U.S. These adjustments will enable us to relocate some of our growth towards a robust international market.

就國際而言，今年迄今為止，由於加州、德州和芝加哥的 VFR 市場需求強勁，我們的載客率提高了 6.5 個百分點，從 70 多歲上升到 80 多歲。本學期的國際乘客數量與 2022 年同期相比增長了 33.5%。本季度的重點是為未來做好準備，因為我們預計墨西哥即將恢復與美國的 1 類狀態，我們的團隊一直積極主動，計劃在墨西哥、中美洲以及今年稍後的美國跨境市場。這些調整將使我們能夠將部分成長轉向強勁的國際市場。

Moving into our results from the quarter. ASMs grew 18% compared to the second quarter of 2022, including a 13% increase in the Mexican domestic market and a 30% increase in our international markets. Initially, we plan to return 8 aircraft this year but decided to extend leases for 6 of them. This decision will allow us to better handle any operational challenges related to engine availability and aircraft delivery delays during the peak summer and December holiday seasons. While year-to-date, our ASM growth remains ahead of our 10% guidance for the entire year. This trend is attributable to our strategy of extending 6 aircraft predeliveries. As such, we now expect ASMs to grow around 13% in 2023, including the capacity we will deploy to the U.S. upon Category 1 recovery.

進入我們本季的業績。與 2022 年第二季相比，ASM 成長了 18%，其中墨西哥國內市場成長了 13%，國際市場成長了 30%。最初，我們計劃今年歸還 8 架飛機，但決定延長其中 6 架的租約。這項決定將使我們能夠更好地應對夏季高峰和 12 月假期期間與發動機可用性和飛機交付延誤相關的任何營運挑戰。今年迄今為止，我們的 ASM 成長率仍高於我們全年 10% 的指引。這一趨勢歸因於我們延長 6 架飛機預先交付的策略。因此，我們現在預計 ASM 到 2023 年將成長 13% 左右，其中包括我們將在 1 類恢復後部署到美國的產能。

Turning back to demand. TRASM for the second quarter was $7.92, a 3% increase compared to this year's first quarter and a 4% reduction compared to the second quarter of last year. Our overall load factor for the second quarter was 84.6%, down 1 percentage point year-on-year. April started with a healthy load factor of 85.8%, our second most robust result for that month in the past decade, even considering flat traffic for Holy Week, the week-long Catholic Observance and the Eastern holiday in the first week of the month.

回到需求。第二季TRASM為7.92美元，比今年第一季成長3%，比去年第二季下降4%。第二季整體客座率為84.6%，較去年同期下降1個百分點。 4 月伊始，客座率保持在85.8% 的健康水平，這是過去十年來該月第二高的業績，即使考慮到聖週、為期一周的天主教紀念日和本月第一周的東部假期的客流量持平。

Load factors for May and June were sequentially softer at 84.5% and 83.3%, respectively. However, we have identified certain temporary or one-off factors that influence this moderation. Late in May, local and social media circulated an anonymous [unsigned] letter of warning of a potential strike and work stoppage by Volaris flight crews in June. This story provided further reverberations in the local press. In addition, the Mexican aviation industry has been dealing with its Category 2 downgrades from the FAA for over 2 years, while there are signs of regaining Category 1 status soon, the restoration process has been long and burdensome.

5 月和 6 月的負載率季減，分別為 84.5% 和 83.3%。然而，我們已經確定了影響這種調節的某些臨時或一次性因素。 5 月底，當地和社交媒體流傳了一封匿名[未簽名]警告信，警告 Volaris 機組人員可能在 6 月舉行罷工和停工。這個故事在當地媒體上引起了進一步的反響。此外，墨西哥航空業已經應對美國聯邦航空管理局(FAA)降級2類的問題已有兩年多了，雖然有跡象表明很快將恢復1類地位，但恢復過程漫長而繁瑣。

Mexico's aviation authorities have stated that the government has completed all the necessary procedures and met the requirements at [Fed] FAA. Once the U.S. authorities announced the upgrade, we are prepared to utilize the flexibility in our business model to redeploy approximately 5% of our total capacity to international markets in the fourth quarter. This strategic move will alleviate pressure on those markets while providing the much-needed capacity for U.S. routes.

墨西哥航空當局表示，政府已完成所有必要程序並滿足聯邦航空局的要求。一旦美國當局宣布升級，我們準備利用我們業務模式的靈活性，在第四季度將約 5% 的總產能重新部署到國際市場。這項戰略舉措將緩解這些市場的壓力，同時為美國航線提供急需的運能。

We will also reactivate other important strategic levers upon the return of Category 1. One of our top priorities is resuming the codeshare agreement with Frontier which will strengthen our network and provide enhanced travel options for our passengers.

我們還將在 1 類航線回歸後重新啟動其他重要的戰略槓桿。我們的首要任務之一是恢復與 Frontier 的代碼共享協議，這將加強我們的網路並為乘客提供更多的旅行選擇。

Another upside of the Category 1 restauration is the opportunity to utilize the $35 million delivered to us since Mexico was downgraded. These aircraft are primarily allocated for domestic operations, meaning we are not fully capitalizing on their efficiencies. However, once Category 1 is reinstated, we can leverage these modern and fuel-efficient aircraft on longer routes. This strategic move will optimize fuel consumption and strengthen our competitive cost advantage. Moreover, it aligns with our commitment to sustainable travel. Regarding costs, our CASM for the second quarter was $7.40, making a notable 13% decrease compared to the same period of last year. This reduction is attributable to the stabilization of fuel costs from last year's high levels. CASM ex fuel stood at $4.82 for the quarter, in line with our full year expectations. This achievement was attained despite the strong appreciation of the Mexican peso, nonengine availability costs and aircraft delivery delays.

1 類恢復的另一個好處是有機會利用自墨西哥降級以來交付給我們的 3500 萬美元。這些飛機主要用於國內運營，這意味著我們沒有充分利用它們的效率。然而，一旦恢復 1 類，我們就可以在更長的航線上利用這些現代且節能的飛機。這項策略性舉措將優化燃油消耗並增強我們的成本競爭優勢。此外，它符合我們對永續旅行的承諾。成本方面，我們第二季的 CASM 為 7.40 美元，比去年同期顯著下降 13%。這一下降歸因於燃料成本從去年的高水準穩定下來。本季 CASM 不含燃油價格為 4.82 美元，符合我們全年預期。儘管墨西哥比索大幅升值、非發動機可用性成本和飛機交付延誤，但仍取得了這項成就。

Moving now to our fleet growth plan anchored around our outstanding 143 old new aircraft order book, which includes 117 A321 aircraft. This order was established along with Indigo Group in 2017. During the second quarter, we took delivery of our first aircraft. This is the start of an era, providing meaningful fleet cost ownership reduction and set the stage for many benefits in the coming years, like low cost going lower, while our environmental impact will also be reduced. At this time, I would like to highlight significant recent commercial developments that speak to our growth strategies evolution in the future.

現在轉向我們的機隊成長計劃，該計劃圍繞著我們優秀的 143 架舊新飛機訂單，其中包括 117 架 A321 飛機。該訂單是 2017 年與 Indigo Group 共同簽訂的。第二季度，我們接收了第一架飛機。這是一個時代的開始，顯著降低了車隊擁有成本，並為未來幾年的許多好處奠定了基礎，例如降低成本，同時我們對環境的影響也將減少。此時，我想強調最近的重大商業發展，這些發展說明了我們未來成長策略的演變。

We announced 40 new domestic routes in Mexico, 33 of which presently have no other air service. We launched our annual pass and All-You-Can-Fly annual membership program. We are now the only airline in Latin America with an offering of this nature. We founded Volaris to democratize flying and continue to pursue our mission of introducing (inaudible).

我們宣佈在墨西哥新增 40 條國內航線，其中 33 條目前沒有其他航空服務。我們推出了年票和無限暢飛年度會員計畫。我們現在是拉丁美洲唯一提供此類服務的航空公司。我們創立 Volaris 是為了讓飛行民主化，並繼續追求我們的任務（聽不清楚）。

To date, we have served over 10 million first-time flyers, many of whom traveled with us again multiple times yearly. At Volaris, we prioritize both switching and loyal passengers. So we have partnered with OXXO, the largest retailer in Mexico for our affinity program. We have improved our ability to convert first-time passengers into loyal customers. Our low first and new affinity programs are crucial in growing and retaining our customer base. Our passengers repeatedly travel with us for a risk. During the second quarter, among all airlines in the year's first half, Volaris registered the lowest complaint ratio at PROFECO, Mexico's consumer protection agency, among all airlines in the year's first half.

迄今為止，我們已為超過 1000 萬首次乘坐飛機的乘客提供服務，其中許多人每年都會多次乘坐我們的航班。在 Volaris，我們優先考慮轉換乘客和忠誠乘客。因此，我們與墨西哥最大的零售商 OXXO 合作開展親和計畫。我們提高了將首次乘客轉化為忠實客戶的能力。我們的低優先性和新的親和力計劃對於發展和保留我們的客戶群至關重要。我們的乘客多次冒險搭乘我們的航班。第二季度，在上半年所有航空公司中，Volaris 在墨西哥消費者保護機構 PROFECO 的投訴率是上半年所有航空公司中最低的。

With this achievement, Volaris demonstrates its commitment to quality and customer experience. I'm glad to inform you that Volaris and Indigo Partners for (inaudible) announced an investment in CleanJoule, the U.S.-based startup focused on accelerating sustainable aviation fuel production.

透過這項成就，Volaris 展現了對品質和客戶體驗的承諾。我很高興地通知您，Volaris 和 Indigo Partners for (聽不清楚) 宣布投資 CleanJoule，這是一家總部位於美國的新創公司，專注於加速可持續航空燃料生產。

Likewise, in further support of our fleet plan and sustainability program, we announced the selection of Pratt & Whitney Eco-efficient GTF engines for 64 Airbus A321neo family aircraft in June. This agreement also includes a long-term maintenance contract.

同樣，為了進一步支持我們的機隊計劃和可持續發展計劃，我們於 6 月宣佈為 64 架空中巴士 A321neo 系列飛機選擇普惠環保 GTF 發動機。該協議還包括長期維護合約。

Now I will turn the call over to Holger to explain our market evolution and commercial innovations in greater detail. Please, Holger, go ahead.

現在我將把電話轉給霍爾格，更詳細地解釋我們的市場演變和商業創新。霍爾格，請繼續。

Thank you, Enrique, and good morning. I am pleased to share that the second quarter of 2023 marked a period of continued robust international growth and an exciting announcement of new domestic routes to expand our network and bolster ancillary performance. Throughout this quarter, we have implemented various initiatives to enhance both the conversion of bus travelers to air passengers and increased passenger repetitiveness.

謝謝你，恩里克，早安。我很高興地與大家分享，2023 年第二季度標誌著國際持續強勁增長的時期，並令人興奮地宣布了新的國內航線，以擴大我們的網絡並增強輔助業績。在整個本季度，我們實施了各種舉措，以提高巴士乘客向航空乘客的轉換率，並提高乘客的重複率。

Regarding our second quarter results, I would like to highlight that we achieved 7 percentage points of the 18% capacity growth by driving superior utilization of our fleet, particularly on longer routes. We saw remarkable progress with a daily average of 909,000 available seat miles per aircraft per day, up from 835,000 in the same quarter last year. Additionally, we achieved 13.4 daily block hours. TRASM experienced a slight decrease in the second quarter due to reduced base fares on domestic routes, aiming to recover volumes. However, this impact was offset by solid ancillary performance. As a result, total revenue per passenger reached $93.4 higher than the $92.6 achieved in the second quarter of 2022.

關於我們第二季的業績，我想強調的是，透過提高機隊利用率，特別是在較長航線上，我們實現了 18% 運力成長的 7 個百分點。我們取得了顯著的進步，每架飛機每天的可用座位里程平均達到 909,000 英里，高於去年同期的 835,000 英里。此外，我們還實現了每日 13.4 小時的封鎖時間。由於國內航線基本票價下調，旨在恢復運量，TRASM 第二季略有下降。然而，這種影響被穩健的輔助績效所抵消。因此，每位乘客的總收入達到 93.4 美元，比 2022 年第二季的 92.6 美元高出 93.4 美元。

Total revenues per departure increased by 3%, while the overall load factor for the second quarter fell 1 percentage point year-on-year. The domestic market saw a 3.5 percentage point reduction, nearly offset by a robust 4.9 percentage points growth in the international market. Currently, we are facing a short-term excess of capacity. And to address this, we have taken action to reduce capacity on domestic trunk routes. We are also reshuffling our domestic capacity to alleviate pressure on specific higher-density routes and prepare for redeployment to the Central American market and the Mexico to U.S. routes upon the recovery of Cat 1.

每次出發的總收入成長了 3%，而第二季的整體載客率較去年同期下降了 1 個百分點。國內市場下降 3.5 個百分點，幾乎被國際市場 4.9 個百分點的強勁成長所抵銷。目前，我們面臨短期產能過剩的問題。為了解決這個問題，我們採取了減少國內幹線運力的行動。我們也正在對國內運力進行重組，以緩解特定高密度航線的壓力，並準備在Cat 1恢復後重新部署到中美洲市場和墨西哥至美國航線。

Furthermore, we have encountered infrastructure constraints, particularly at Mexico City International Airport, where our slots have been reduced. However, in June, we announced 40 new domestic routes to connect underserved Mexican market aiming to alleviate this pressure and provide bus customers with a new alternative for travel. This expansion seeks to replicate our successful models in serving VFR and leisure traffic in Tijuana and our strong base in Guadalajara.

此外，我們也遇到了基礎設施限制，特別是在墨西哥城國際機場，我們的起降時刻已經減少。然而，我們在 6 月宣布了 40 條新的國內航線，以連接服務不足的墨西哥市場，旨在緩解這種壓力，並為巴士乘客提供新的出行選擇。此次擴張旨在複製我們在提華納的 VFR 和休閒交通服務以及我們在瓜達拉哈拉的強大基地方面的成功模式。

Mexico's position as the largest trading partner to the U.S. and the emergence of nearshoring create a favorable economic environment with higher employment, better wages, increased consumer spending and a stronger peso.

墨西哥作為美國最大貿易夥伴的地位以及近岸外包的出現創造了有利的經濟環境，包括更高的就業率、更好的工資、增加的消費者支出和更強壯的比索。

With Volaris strategic network concentration in the northern and central parts of the country, we are well-positioned to benefit from these trends and anticipate further growth and market presence in the medium term. All the newly introduced domestic routes began operating in the first week of July, and we are pleased with the early turnout in traffic and loads.

隨著 Volaris 戰略網絡集中在該國北部和中部地區，我們已做好充分準備從這些趨勢中受益，並預計在中期內進一步增長和市場佔有率。所有新開通的國內航線均於 7 月第一週開始運營，我們對客流量和運載量的提前到位感到滿意。

In addition to our success in the domestic market, we continue to experience strong growth in Central America. Sales to U.S. routes in this region rose by 76% in June compared to last year's levels, and passenger volume increased by 32% in the first half of 2023. To capitalize on the growing demand, we have a strategic advantage with our 2 Central American AOCs. As part of our plan, we aim to allocate up to 3 additional aircraft to this region during the second half of the year, raising the total count to 9. Our competitors in Mexico lack alternative AOC leaving them with no other options to deploy additional capacity outside Mexico.

除了在國內市場取得成功外，我們在中美洲也持續實現強勁成長。與去年相比，6 月該地區美國航線的銷量增長了 76%，2023 年上半年客運量增長了 32%。為了利用不斷增長的需求，我們擁有 2 個中美洲航線的戰略優勢AOC。作為我們計劃的一部分，我們的目標是在今年下半年向該地區額外分配3 架飛機，使總數達到9 架。我們在墨西哥的競爭對手缺乏替代的AOC，這使得他們沒有其他選擇來部署額外的運力墨西哥境外。

So far this year, we have opened international routes from El Salvador to Houston, Miami, Oakland, Ontario in California and Guatemala to Chicago. This brings us up to 24 routes operated by our Central America AOC and more than 1 million passengers transported year-to-date.

今年以來，我們已開通薩爾瓦多至休士頓、邁阿密、奧克蘭、加州安大略省和瓜地馬拉至芝加哥的國際航線。這使得我們的中美洲 AOC 運營的航線多達 24 條，今年迄今已運送了超過 100 萬名乘客。

Turning our focus to ancillary revenue. We experienced remarkable adoption of our ancillary products in the second quarter. With our cutting-edge approach driving, a 25% year-over-year increase and a 10% increase versus the first quarter of 2023, reaching a record of $46 per passenger. Ancillary revenue contributed over $9 per passenger more than in the second quarter of 2022. Ancillaries climbed to 49% up 9.6 percentage points year-on-year as a proportion of our total operating revenues. These impressive results were achieved through innovative offerings such as our v.club membership program, which has seen a doubling in sales compared to the first quarter.

將我們的重點轉向輔助收入。第二季我們的輔助產品得到了顯著的採用。憑藉我們最先進的方法推動，年增 25%，與 2023 年第一季相比增長 10%，達到每位乘客 46 美元的記錄。輔助收入為每位乘客貢獻的收入比 2022 年第二季增加了 9 美元以上。輔助收入占我們總營運收入的比例攀升至 49%，年比上升 9.6 個百分點。這些令人印象深刻的成果是透過我們的 v.club 會員計畫等創新產品實現的，該計畫的銷售額比第一季翻了一番。

Introducing the annual path, a membership that provides unlimited flights for a yearly fee will allow us to enhance load factors for last-minute bookings and sell the best inventory effectively. The annual path provides customers with convenient and flexible travel options while maximizing the utilization of available seats on our flights. We will continue to develop our YAVAS travel packaging program to further contribute to ancillary growth.

引入年度路徑，透過支付年費提供無限航班的會員資格將使我們能夠提高最後一刻預訂的負載率，並有效地銷售最好的庫存。年度航線為乘客提供方便靈活的旅行選擇，同時最大限度地利用我們航班上的可用座位。我們將繼續開發 YAVAS 旅行包裝計劃，以進一步促進輔助成長。

Additionally, our Affinity program through OXXO partners has launched, making it one of the most extensive programs in Latin America. This program aims to attract more first-time flyers and incentivize repeat passengers, a trend that we have observed increasing. Looking ahead, we are optimistic about our solid bookings for the summer months, supported by attractive low fares in our domestic markets. We anticipate travel improvement year-over-year for the second half of the year.

此外，我們透過 OXXO 合作夥伴啟動了 Affinity 計劃，使其成為拉丁美洲最廣泛的計劃之一。該計劃旨在吸引更多首次乘坐飛機的乘客並激勵回頭客，我們觀察到這一趨勢正在增加。展望未來，在國內市場具有吸引力的低票價的支持下，我們對夏季的穩定預訂感到樂觀。我們預計下半年出遊狀況將較去年同期改善。

In conclusion, we remain confident in the resilience of our VFR passenger base in Mexico, at the same time, we will continue to experience robust demand in Center America and the United States. We eagerly await the return of Mexico's Category 1 status and are well prepared to see the opportunities it will bring. For the second half of the year, the seasonally stronger semester, we are looking forward to several top line tailwinds including solid booking curves, stable international fares, a return of Cat 1, strong Central American growth and more solid domestic network and the ramp-up of ancillary projects, all contributed to lifting ancillary revenues towards 50% of total operating revenues.

總之，我們對墨西哥 VFR 乘客群的恢復能力仍然充滿信心，同時，我們將繼續感受到中美洲和美國的強勁需求。我們熱切地等待墨西哥恢復 1 類地位，並做好充分準備來看看它將帶來的機會。今年下半年，即季節性較強的學期，我們期待著幾個頂線的順風車，包括穩定的預訂曲線、穩定的國際票價、Cat 1 的回歸、強勁的中美洲增長以及更穩固的國內網路和斜坡。的輔助項目，所有這些都有助於將輔助收入提高到總營業收入的 50%。

I will now pass the call over to Jaime to discuss our financial performance for the quarter. Thank you.

我現在將把電話轉給 Jaime，討論我們本季的財務表現。謝謝。

Thanks, Holger. In the second quarter of 2023, Volaris posted a 27.1% EBITDA margin, an improvement of 11.5 percentage points. During the quarter, fuel costs normalize from last year's spike, and we are not forecasting disruptions in the jet fuel market for the remainder of 2023, with only seasonality driving movements in price levels. For the full year, we now expect Gulf Coast jet fuel prices in the range of $2.55 to $2.65 per gallon versus a range of $3 to $3.10 In our original outlook. EBITDAR for the quarter totaled $212 million, nearly double the prior year. We maintained our full year EBITDAR margin guidance in the 29% to 31% range. EBIT, totaled $51 million with an EBIT margin of 6.5%, up from a negative 2.8% in the second quarter of 2022. Net income was $6 million, translating to earnings per ADS of $0.05. Total operating revenues for the second quarter amounted to $782 million, a 13% increase compared to 2022.

謝謝，霍爾格。 2023 年第二季度，Volaris 的 EBITDA 利潤率為 27.1%，提高了 11.5 個百分點。本季度，燃油成本較去年的飆升趨於正常，我們預計 2023 年剩餘時間內航空燃油市場不會出現中斷，只有季節性因素會推動價格水準的變動。目前，我們預計全年墨西哥灣沿岸航空燃油價格為每加侖 2.55 美元至 2.65 美元，而我們最初的預期為每加侖 3 美元至 3.10 美元。該季度的 EBITDAR 總額為 2.12 億美元，幾乎是去年同期的兩倍。我們將全年 EBITDAR 利潤率指引維持在 29% 至 31% 的範圍內。息稅前利潤總額為5,100 萬美元，息稅前利潤為6.5%，高於2022 年第二季的負值2.8%。淨利為600 萬美元，相當於每份美國存託憑證收益為0.05美元。第二季總營業收入達 7.82 億美元，較 2022 年成長 13%。

For full year, we maintained our top-line guidance of $3.2 billion to $3.4 billion, with implied revenue growth of 12% to 19% versus 2022. And as Enrique explained, we now expect full year capacity to increase by around 13%, up from 10% in our original outlook. While the appreciation of the Mexican peso positively impacted our TRASM by $0.78, our CASM was deadly impacted by $0.19 against the second quarter of 2022, ex-fuel unit costs increased as budgeted driven by the Mexican peso appreciation and delivery cost, which will peak in 2023 and 2024 and gradually return to 2019 levels by 2027. We maintain our 2023 CASM ex fuel guidance to be in the range of $4.7 to [$4.8].

對於全年，我們維持32 億至34 億美元的營收指導，與2022 年相比，隱含收入增長12% 至19%。正如Enrique 所解釋的，我們現在預計全年產能將增長13% 左右，我們最初展望的 10%。雖然墨西哥比索升值對我們的TRASM 產生了0.78 美元的積極影響，但與2022 年第二季度相比，我們的CASM 受到了0.19 美元的致命影響，由於墨西哥比索升值和交付成本的推動，燃料單位成本增加，預計將在2022 年達到頂峰。2023 年和 2024 年，到 2027 年逐步恢復到 2019 年的水平。我們維持 2023 年 CASM 不含燃料的指導值在 4.7 美元至 [4.8 美元]的範圍內。

Contrary to what has happened in other jurisdictions Volaris has controlled labor costs without any significant bump and has kept its local currency increase in line with the Mexican inflation rate. In addition, we are budgeting to improve our full-time equivalent employees per aircraft at the end of the year to (inaudible), the same level we had in 2019 before starting to fill the void created by airlines abandoning in the market. We are committed to leveraging our cost-efficiency strength and cost efficiency as a primarily competitive advantage. Our cost performance gives us confidence that during the year second half, we can compensate for the temporary unit revenue headwinds and OEM-related fleet costs while generating profitability in line with our full year goals.

與其他司法管轄區的情況相反，Volaris 控制了勞動力成本，沒有任何顯著的波動，並使其當地貨幣的升值與墨西哥的通貨膨脹率保持一致。此外，我們正在製定預算，以便在年底將每架飛機的全職等效員工數量提高到（聽不清），與 2019 年開始填補因航空公司放棄市場而造成的空白之前的水平相同。我們致力於利用我們的成本效益優勢和成本效益作為主要競爭優勢。我們的成本績效讓我們相信，在下半年，我們可以彌補暫時的單位收入阻力和 OEM 相關的車隊成本，同時產生符合我們全年目標的獲利能力。

Total CASM came to $7.40 for the second quarter falling 12.9% compared to the second quarter of 2022. Our CASM ex fuel for the quarter was $4.82, a 14.8% year increase. Our adjusted CASM excluding fuel expenses, and aircraft engine varible lease expenses or liveries costs and [final] leaseback gains totaled $4.43 compared to $4.03 in the second quarter of 2022, an increase of 10.1%.

第二季 CASM 總額為 7.40 美元，與 2022 年第二季相比下降 12.9%。本季 CASM 不含燃料費用為 4.82 美元，年增 14.8%。我們調整後的 CASM 不包括燃油費用、飛機引擎可變租賃費用或製服費用以及[最終]回租收益總計 4.43 美元，而 2022 年第二季為 4.03 美元，成長 10.1%。

Moving to fleet, during the quarter, Volaris added the 3 aircraft bringing our total number of aircraft to 123. We have 70 Airbus neos comprising 57% of all aircraft and are projected to close the year at 127 aircraft. Considering an Airbus potential delay of at least 2 aircraft until 2024. Seats per departure rose to 194 in the second quarter, a 3% increase year-over-year and our fleet had an average age of 5.5 years. In the quarter, we have variable lease expenses of $40 million, netted by sale and leaseback gains of $6 million. Volaris finished the quarter with a total cash level of $655 million, representing 21% of the last 12 months operating revenue.

說到機隊，本季度，Volaris 增加了 3 架飛機，使我們的飛機總數達到 123 架。我們擁有 70 架空中巴士 neo，佔所有飛機的 57%，預計今年年底飛機數量將達到 127 架。考慮到空中巴士公司可能會延遲至少 2 架飛機到 2024 年。第二季度每次出發的座位數增加到 194 個，年增 3%，我們機隊的平均機齡為 5.5 年。本季度，我們的可變租賃費用為 4,000 萬美元，扣除售後回租收益 600 萬美元。 Volaris 本季末的現金總額為 6.55 億美元，佔過去 12 個月營業收入的 21%。

The cash flow provided by operating activities in the second quarter was $159 million. Cash flow used in investing activities was $102 million, and cash flow used in financing activities was $109 million. CapEx net of predelivery payments totaled $54 million, in line with our full year guidance of $300 million. Our strategy to maintain operational reliability drove investments of $35 million in acquiring spare engines. The capitalized major maintenance events expenses were $22 million for the quarter.

第二季經營活動提供的現金流為1.59億美元。用於投資活動的現金流量為1.02億美元，用於融資活動的現金流量為1.09億美元。扣除交付前付款後的資本支出總計 5,400 萬美元，與我們 3 億美元的全年指引一致。我們維持運作可靠性的策略推動投資 3,500 萬美元購買備用引擎。本季資本化的重大維護活動費用為 2,200 萬美元。

At the end of the second quarter, our net debt-to-EBITDAR ratio was 3.5x, down from 3.8x at the end of the first quarter, although our focus remains deleveraging in the midterm, we expect our net debt-to-EBITDAR ratio to likely surpass the initial projections for the entire year, likely reaching approximately 2.8x. This outcome is primarily influenced by the fleet-related difficulties we previously addressed. Now I will turn the call over to Enrique for closing remarks.

第二季末，我們的淨債務與 EBITDAR 比率為 3.5 倍，低於第一季末的 3.8 倍，儘管中期我們的重點仍然是去槓桿化，但我們預計我們的淨債務與 EBITDAR 比率全年的比率可能會超過最初的預測，可能達到約2.8 倍。這一結果主要受到我們先前解決的與機隊相關的困難的影響。現在我將把電話轉給恩里克做總結發言。

Thank you, Jaime. In summary, in the second quarter of 2023, we marked significant achievements to Volaris showcasing the advancement of our diversified growth strategy and reinforcing our position as the leading Mexican airline. Our world-class cost has been instrumental in creating opportunities for sustained growth. As a result, we are on track to achieve our annual targets. Besides the above, we'll continue exercising prudence in the capacity and being conservative with our balance sheet which will allow us to anticipate challenges and capitalize on opportunities in our markets in ways few global operators can. We have been and continue to position Volaris for the long term as this translates into future growth, we will drive returns for our shareholders and provide a solid long-term investment opportunity.

謝謝你，海梅。總而言之，2023 年第二季度，我們為 Volaris 取得了重大成就，展示了我們多元化成長策略的進展，並鞏固了我們作為墨西哥領先航空公司的地位。我們世界級的成本有助於創造持續成長的機會。因此，我們有望實現年度目標。除此之外，我們將繼續在能力方面保持謹慎，並對我們的資產負債表保持保守，這將使我們能夠以全球營運商很少能做到的方式預測挑戰並利用市場機會。我們一直並將繼續對 Volaris 進行長期定位，因為這將轉化為未來的成長，我們將為股東帶來回報並提供堅實的長期投資機會。

I want to close these remarks by reinforcing our commitment to double revenue and EBITDAR and free cash flow from 2019 levels by 2025. Thank you very much for listening. Operator, please open the line for questions.

最後，我想強調我們的承諾，到 2025 年將收入、EBITDAR 和自由現金流從 2019 年的水平翻一番。非常感謝您的聆聽。接線員，請開通提問線。

(Operator Instructions). Our first question comes from the line of Stephen Trent with Citi.

（操作員說明）。我們的第一個問題來自史蒂芬‧特倫特與花旗的對話。

I had 2 for you. The first, if I may, when you think about the new airport in Tulum, what are your high-level thoughts about servicing that airport versus also maintaining the operations that you already have in Cancun?

我有 2 個給你。首先，請容我問一下，當您想到圖盧姆的新機場時，您對於為該機場提供服務以及維持坎昆已有的營運有何高層想法？

So Steve, thanks for your question. I personally met the people from Tulum last week. I think it's too early in the equation to say what we will end up doing there. From the market perspective, seems to be a good alternative but we haven't made any decisions to move further on Tulum.

史蒂夫，謝謝你的提問。上週我親自會見了來自圖盧姆的人們。我認為現在談論我們最終將在那裡做什麼還為時過早。從市場角度來看，這似乎是一個不錯的選擇，但我們尚未做出任何進一步推動圖盧姆的決定。

Okay. I appreciate that Enrique. And just one other quick one. Kind of a high-level view whether it's become easier or more difficult to add domestic routes since the government open Felipe Ángeles Airport. I know for you guys, you added a bunch of routes. And I was wondering if anything has changed in the process or as it was before.

好的。我很欣賞恩里克。還有另外一個快速的。自從政府開放費利佩·安赫萊斯機場以來，增加國內航線是否變得更容易還是更困難，這是一種高層觀點。我知道你們添加了很多路線。我想知道這個過程中是否有什麼變化或和以前一樣。

Stephen, so we've been adding routes to our domestic network. We've been diversifying our presence in some of the smaller and secondary cities. We announced the opening of 40 new domestic routes in the quarter, and that is the highest number of routes we've opened in one quarter in the history of the company. So we continue in the same path as we've said, focusing very much on our core market and identifying opportunities for bus switching.

史蒂芬，我們一直在增加國內網路的航線。我們一直在一些較小和二線城市實現業務多元化。我們宣布本季新開國內航線40條，是公司史上單季新開航線數量最多的一次。因此，我們繼續沿著我們所說的道路前進，非常關注我們的核心市場並尋找總線轉換的機會。

I would only add, Steve, that there's no change in terms of how we approve routes to be flown in the future.

史蒂夫，我只想補充一點，我們批准未來飛行航線的方式沒有改變。

Our next question comes from the line of Duane Pfennigwerth with Evercore.

我們的下一個問題來自 Duane Pfennigwerth 和 Evercore 的對話。

Just on Cat 1. Specifically, what should investors be watching to gain comfort that it's going to happen and the timing on when it will happen?

就第一類而言。具體來說，投資者應該關注什麼，才能確信它將會發生，以及它發生的時間？

Thank you very much, Duane. I appreciate your question. Let me tell you, I mean, Volaris is ready and prepared and we'll move forward in accordance with the Mexican U.S. authorities time. We'll focus on our core markets and our core VFR customers. And we are still sticking to the possible date, which is sometime during the fourth quarter.

非常感謝你，杜安。我很欣賞你的問題。讓我告訴你，我的意思是，Volaris 已做好準備，我們將按照墨西哥美國當局的時間進行。我們將專注於我們的核心市場和核心 VFR 客戶。我們仍然堅持可能的日期，即第四季度的某個時間。

I guess just a follow-up there, Enrique. From a U.S. investor's perspective, what should they be watching vis-a-vis the process to gain comfort that, that timing is on track?

我想這只是後續行動，恩里克。從美國投資者的角度來看，他們應該在這過程中關注什麼，才能確信時機已步入正軌？

Look, I think the first thing they need to see is that the U.S. recognizes that there's been a big progress at the fact the authority in Mexico and that things have progressed tremendously. The second thing, which is really important, is approval of the laws, which were already approved and are well in process. The third topic is they need to pay attention to the U.S. bureaucracy process, which has its time and its process and I think you guys will be gaining confidence once they come out and they finish that process with FAA and start requesting the DOT to raise the category.

聽著，我認為他們首先需要看到的是，美國認識到墨西哥當局已經取得了巨大進展，而且事情已經取得了巨大進展。第二件事，也是非常重要的，是法律的批准，這些法律已經獲得批准並且正在順利進行中。第三個主題是他們需要關注美國的官僚程序，這有它的時間和過程，我認為一旦他們出來並與聯邦航空局完成這個過程並開始要求交通部提高標準，你們就會獲得信心。類別。

Appreciate that thoughtful response and understand it's not an easy question. Secondly, just with respect to the comment about positive TRASM in the second half. Could you put a finer point on that? Do you expect it to be both in the third quarter and in the fourth quarter? Or is it more fourth quarter weighted? And just related to my first question, is there a dependency on getting Cat 1 to bring that to fruition?

感謝您深思熟慮的回答，並理解這不是一個簡單的問題。其次，就針對下半年TRASM正面的評論。您能對此提出更具體的觀點嗎？您預計第三季和第四季都會如此嗎？還是第四季的權重較大？與我的第一個問題相關的是，是否需要依賴 Cat 1 才能實現這一目標？

Duane, certainly, we see a seasonally better second half of the year traditionally at Volaris. So certainly, we will see some uplift in TRASM versus the first half of the year. In addition to that, we do see a return of Cat 1 towards the end of the third, beginning of the fourth quarter, as Enrique just mentioned, and we have a plan in place to reshuffle capacity, take some pressure of the domestic front and reallocate that to the international markets. That includes 3 aircraft to Central America, which should also help lift TRASM. So we have certain actions in place and plans in place to improve TRASM for the second half of the year.

當然，Duane 認為 Volaris 下半年的季節性表現會更好。因此，我們肯定會看到 TRASM 較上半年有所提升。除此之外，我們確實看到Cat 1在第三季末第四季初回歸，正如恩里克剛才提到的，我們已經制定了計劃來重新洗牌產能，承受國內前線的一些壓力，將其重新分配到國際市場。其中包括 3 架飛往中美洲的飛機，這也應該有助於提升 TRASM。因此，我們已採取某些行動併計劃在今年下半年改進 TRASM。

Okay. Maybe I misunderstood. Did you say you expect year-over-year improvement in TRASM in the second half or just that you expect a better second half versus the first half?

好的。也許我誤會了。您是說預計下半年 TRASM 會年比有所改善，還是只是預計下半年會比上半年更好？

Both statements are true...

兩種說法都是正確的...

Our next question comes from the line of Helane Becker with TD Cowen.

我們的下一個問題來自 Helane Becker 和 TD Cowen 的對話。

Just a couple of questions. On the new routes, I think you said a couple of times that there were 40 or something new domestic routes, about 33 of those have no competition. Just kind of curious about the size of the market on a daily basis and what the load factors on those new routes look like. And is there opportunity to improve the load factor?

只是幾個問題。關於新航線，我想你多次說過，有40條左右的新國內航線，其中大約33條是沒有競爭的。只是有點好奇每天的市場規模以及這些新航線的載客率是什麼樣的。是否有機會提高負載率？

Helane, so, yes, these 40 new domestic routes are in mostly secondary cities in the domestic market. We have a combination of target markets there. They are all focused on generating and stimulating demand. We have some leisure routes in there from secondary cities, but we also have a lot of VFR markets in there. Big focus city is Bajio, Guanajuato, Mexicali, Culiacan. So these are secondary cities that previously didn't have direct service to other cities in Mexico. As traditionally is the case. New routes have ramp-up periods in domestic market, typically somewhere between 6 and 9 months. Early indications are that the routes are performing as expected. And we are stimulating the demand in these new routes with very attractive pricing and are building load factors as expected.

赫蘭,所以,是的,這40條國內新航線大部分是在國內市場的二線城市。我們在那裡有多個目標市場。它們都專注於產生和刺激需求。我們那裡有一些從二線城市出發的休閒航線，但我們那裡也有很多VFR市場。大焦點城市是巴希奧、瓜納華托、墨西卡利、庫利亞坎。這些是以前沒有直達墨西哥其他城市的服務的二線城市。傳統上就是這樣。新航線在國內市場有一定的磨合期，通常為 6 至 9 個月。早期跡象表明，這些路線的運行符合預期。我們正在以極具吸引力的價格刺激這些新航線的需求，並按預期建立載客率。

Okay. I think that's helpful. And then -- okay, and then shifting gears a little bit, on the capacity plans. So I think there was a plan to return the A319s, right? And so you have -- are there still A319s or are they gone? And then as you say on these routes, as you think about the right aircraft in the market, your -- I mean I would think as secondary cities, they would lend themselves to a smaller aircraft rather than a larger aircraft, but I don't know what's the size of your smallest aircraft now? And will it be a drag on load factors?

好的。我認為這很有幫助。然後——好吧，然後在容量計劃上稍微改變一下。所以我認為有計劃歸還 A319，對吧？那麼，A319 是否仍然存在，還是消失了？然後，正如您在這些航線上所說，當您考慮市場上合適的飛機時，您的——我的意思是，我認為作為二線城市，它們會適合使用較小的飛機而不是較大的飛機，但我不認為不知道你們現在最小的飛機有多大？這會拖累負載率嗎？

In terms of fleet [delaying], we already returned to A319 this year, and we have still the fleet 3 airplanes, which are going to leave next year. Having said that, I will pass it over to Holger for the use of the planes.

就機隊而言，我們今年已經恢復了A319，機隊還有3架飛機，明年就要起飛。話雖如此，我會將其交給霍爾格以供飛機使用。

So in the domestic market, we have a mix of A321s and A320s. And we have shifted capacity of the 80/20 to longer stage length routes, and that has helped lift our productivity in the fleet and has contributed to our ASM capacity growth in the first quarter -- first half of the year. For new routes, what we typically do is we start with very few frequencies per week. These new routes have about 2 to 3 weekly frequencies, and we employ the A320, A321 and as we stimulate demand in these new markets, we add weekly frequencies instead of upgauging the aircraft...

所以在國內市場，我們有A321和A320的混合。我們已將 80/20 的運力轉移到更長的航段長度航線，這有助於提高我們機隊的生產力，並有助於我們第一季（即今年上半年）的 ASM 運力成長。對於新航線，我們通常會以每週很少的班次開始。這些新航線每周大約有 2 到 3 個班次，我們使用 A320、A321，當我們刺激這些新市場的需求時，我們會增加每週班次，而不是升級飛機…

Helane, I have the feeling that you have a problem with our load factors, and I want to make that really clear, okay? I think we did have a little bit of our capacity during the quarter. It took us a little bit of correct that moved some itineraries, created these new routes, move the capacity to Central America. And we ended up basically solving the problem. So to me, what is very important to be very clear in your mind is that there's not a demand problem. I mean we are an ultra-low-cost carrier. So what we do is we basically reduce our pricing, we increased our ancillaries in the same proportion and that worked perfectly. So there's not an underlying demand reduction behind what you are asking, and I want to leave it very clear, it's not a matter of sizing of aircraft, for us, the aircraft size is really important because of the cost. So let's be absolutely clear. We do have the right aircraft, the right capacity and the right loads going forward.

Helane，我感覺您對我們的負載係數有疑問，我想澄清這一點，好嗎？我認為我們在本季確實有一點產能。我們採取了一些正確的措施，改變了一些行程，創建了這些新航線，將運力轉移到了中美洲。我們最終基本上解決了這個問題。所以對我來說，最重要的是要清楚地意識到不存在需求問題。我的意思是我們是一家超低成本航空公司。所以我們所做的就是基本上降低我們的定價，我們以相同的比例增加我們的輔助設備，效果非常好。因此，您所要求的背後並沒有潛在的需求減少，我想非常清楚地表明，這不是飛機尺寸的問題，對我們來說，飛機尺寸非常重要，因為成本。所以讓我們絕對清楚。我們確實擁有合適的飛機、合適的運能和合適的負載。

It's not a load factor problem I have. It's more a capacity problem I have. Just getting over skis and getting to -- I guess the way I would say it is going into markets that are secondary or tertiary with large aircraft may not have the desired effect longer term, but that's fine. You explained it very well, and I appreciate it. Thank you very much.

這不是我遇到的負載因數問題。這更多是我的能力問題。只是克服滑雪板並進入——我想我所說的進入大型飛機二級或三級市場的方式可能不會在長期內產生預期的效果，但這很好。你解釋得很好，我很感激。非常感謝。

Our next question comes from the line of Michael Linenberg with Deutsche Bank.

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

Yes. I guess Enrique, back to your point about allocating, I guess, 5% more capacity to international markets. It does look like international is doing a bit better. If we think about the first half of the year, how much more profitable were international than domestic? And presumably, I think your domestic is probably just back of the envelope is losing money. And as we think going forward, is there a bit of a secular change here where maybe the international markets are going to generate better margins for you going forward, maybe because some of these markets that you're in, you're the only carrier in the market, maybe it's better growth potential and maybe we're seeing a maturation of the domestic market. I know there's a lot of questions in there, but I'm trying to square why your international are doing so much better than your domestic. And with this capacity, will that solve that?

是的。我想恩里克，回到你關於向國際市場分配 5% 的產能的觀點。看起來國際確實做得更好。想想今年上半年，國際利潤比國內利潤高出多少？據推測，我認為你們的國內可能只是在虧損。正如我們所認為的，未來是否會發生一些長期變化，國際市場可能會為您帶來更好的利潤，也許是因為您所在的某些市場，您是唯一的運營商在市場上，也許更好的成長潛力，也許我們看到國內市場的成熟。我知道其中存在很多問題，但我正在嘗試弄清楚為什麼你們的國際航班比國內航班表現好得多。有了這個能力，就能解決這個問題嗎？

So a couple of comments here, Michael, regarding domestic and international. Overall, currently, as Enrique mentioned, we do see a temporary slight excess of capacity in domestic market, driven by the fact that our competitors have very few places other than domestic market to allocate new capacity coming into their fleets. As a reminder, we do have 2 Central American AOCs to be able to mitigate some of the excess capacity in the domestic market for us.

邁克爾，這裡有一些關於國內和國際的評論。總體而言，正如恩里克所提到的，目前我們確實看到國內市場的運力暫時略有過剩，這是因為我們的競爭對手除了國內市場之外幾乎沒有其他地方可以分配進入其船隊的新運力。提醒一下，我們確實有 2 個中美洲 AOC，能夠為我們緩解國內市場的部分過剩產能。

Now if we look at the slip between international and domestic, we are allocating more capacity and we have plans to allocate more capacity once Cat 1 comes back. And if we look at our cost structure against some of our international competitors' cost structures, that cost gap has widened over the last 2 years. And that gives us a sustainable competitive advantage going forward, especially in the transborder market to the U.S. So yes, we are looking at higher international growth going forward once Category 1 comes back.

現在，如果我們看看國際和國內之間的差距，我們正在分配更多的運力，並且我們計劃在 Cat 1 恢復後分配更多的運力。如果我們將我們的成本結構與一些國際競爭對手的成本結構進行比較，就會發現成本差距在過去兩年中已經擴大。這為我們帶來了可持續的競爭優勢，尤其是在美國的跨國市場。所以，是的，一旦第一類回歸，我們就會看到未來更高的國際成長。

Okay. And then just one quick follow-up for Jaime. I was going to ask the question about big picture is a stronger peso better for you, but you actually broke out the differences, the impact that it had on CASM and the impact that it had on RASM. Can you -- I missed it, but it looked like the way the math was, it is a stronger peso, it's much better for you. But can you give us the impact on the 2 components?

好的。然後是 Jaime 的一個快速跟進。我本來想問關於大局的問題，比索走強對你來說更好，但你實際上打破了差異，它對 CASM 的影響以及它對 RASM 的影響。你能——我錯過了，但看起來就像數學一樣，比索更堅挺，對你來說更好。但您能否告訴我們對這兩個組件的影響？

Sure, Michael. Starting with CASM, total CASM, the impact of the better FX for the quarter was USD 49.19. And for the CASM ex fuel, it was USD 0.16. In the TRASM, the effect is twice, the benefit that they impact the cost. The number on the TRASM was $0.78, the benefit during the quarter due to the strong peso.

當然，邁克爾。從 CASM 開始，總 CASM，本季較好的外匯影響為 49.19 美元。 CASM 不含燃油的價格為 0.16 美元。在 TRASM 中，效果是其影響成本的兩倍。 TRASM 上的數字為 0.78 美元，這是本季因比索堅挺而帶來的收益。

I would want to say that for every 5% depreciation of the Mexican currency EBITDAR margin improves approximately 0.9 percentage points and EBIT margin is 1.4 percentage points improvement. Sorry, I have a flu and my throat is sore.

我想說的是，墨西哥貨幣每貶值 5%，EBITDAR 利潤率提高約 0.9 個百分點，EBIT 利潤率提高 1.4 個百分點。抱歉，我感冒了，喉嚨痛。

And that's every 5% movement in the currency, I guess, appreciation.

我猜，這就是貨幣每變動 5%，就會升值。

That's correct.

這是正確的。

So then just to go back on the CASM ex, why did that move up a bit more than it would seem like the strong peso had some effect, but it did, it seemed like there was a bigger impact there. Is that maybe because of some of the grounded Airbuses because of the GTF? Is there an issue there?

那麼，回到 CASM 之前，為什麼比堅挺的比索看起來有一些影響，但它確實有一些影響，但似乎有更大的影響。這是否可能是因為 GTF 導致一些空中巴士停飛？那裡有問題嗎？

Partially, yes, this addition, remember since the Investor Day, we mentioned because you are comparing versus 2022, the additional cost based on the predeliveries and fleet substitution, which that accounted together with the fleet-related cost of USD 0.41. But this is still in line with the expectations that we have, nothing to worry about.

部分地，是的，這一增加，請記住自投資者日以來，我們提到過，因為您正在與2022 年進行比較，基於預交付和機隊替換的額外成本，與0.41 美元的機隊相關成本一起計算。但這仍然符合我們的預期，無需擔心。

Our next question comes from the line of Rogerio Araujo of Bank of America.

我們的下一個問題來自美國銀行的 Rogerio Araujo。

I have a couple here. First one on redelivery costs. It seems there was a $40 million expense this quarter. How can we read this in relation to expectations for upcoming quarters? And I understand there that Volaris is currently having higher redelivery costs than what I would call a normalized scenario and to when should it go? And what can we think about normalization scenario in terms of redelivery costs once it normalizes? That's the first one.

我這裡有一對。第一個是關於再次交付費用。本季似乎有 4000 萬美元的支出。我們如何解讀這一點與未來幾季的預期之間的關係？據我了解，Volaris 目前的再交付成本比我所說的正常化情況要高，應該到什麼時候再交付？一旦正常化，我們可以如何看待正常化場景中的再交付成本？這是第一個。

And the second, if I may, is on ancillary revenue. You mentioned there are some projects that we are excited about for the second half of the year. Can you please give us a little bit more detail on them? I know you have touched some, but what are you most excited about?

如果可以的話，第二個是輔助收入。您提到下半年我們對一些項目感到興奮。您能給我們更多有關它們的詳細資訊嗎？我知道你已經接觸過一些，但你最興奮的是什麼呢？

As mentioned, basically, the redeliveries, it's an impact that we are going to be seeing in 2024, it start going down in '25 and coming back to 2019 levels in 2020 -- by the end of 2026, beginning of 2027. So it's a temporary bump based on fleet substitution. We explained a lot during the Investor Day in December. That's basically the main reasons why the jump in those 2 lines noticed in this quarter, which should continue the rest of the year.

如前所述，基本上，重新交付，這是我們將在 2024 年看到的影響，它從 25 年開始下降，並在 2020 年回到 2019 年的水平 - 到 2026 年底、2027 年初。基於機隊替換的臨時提升。我們在 12 月的投資者日期間解釋了很多。這基本上就是本季這兩條線出現跳躍的主要原因，這種情況應該會在今年剩餘時間內持續下去。

Regarding ancillary revenues, we have a couple of things that we are working on, and we are maturing. Number one, clearly, the uptake in our v.club membership program has been exceeding our expectations and now contributes a significant amount of our sales. And as we build that out, we're going to see improvements. Number two, products around insurance and helping the customer ensure for their entire trip. We are working on that. And then as we already mentioned, we just launched our [Affinity] program with the retail partner OXXO, that's in early stages of development, and we should see more material contribution to ancillary revenues towards the end of the year and in 2024.

關於輔助收入，我們正在做一些事情，而且我們正在成熟。第一，顯然，我們 v.club 會員計劃的採用率超出了我們的預期，現在為我們的銷售額貢獻了很大一部分。當我們建造它時，我們將會看到改進。第二，圍繞保險並幫助客戶確保整個旅程的產品。我們正在努力解決這個問題。正如我們已經提到的，我們剛剛與零售合作夥伴OXXO 啟動了我們的[Affinity] 計劃，該計劃正處於開發的早期階段，我們應該會在年底和2024 年看到對輔助收入的更多實質性貢獻。

Overall, we have mentioned in the past that our vision is to achieve 50% of total operating revenues through ancillary revenues. We are probably going to achieve that early than anticipated. And this is just a milestone, one milestone in our journey to offer more competitive base fares with optional value-added offerings on top. So certainly, the 50% mark is not at the end of the line.

整體而言，我們過去曾提到，我們的願景是透過輔助收入來實現總營業收入的 50%。我們可能會比預期更早實現這一目標。這只是一個里程碑，我們提供更具競爭力的基本票價以及可選增值服務的旅程中的一個里程碑。所以可以肯定的是，50% 的標記並不是終點。

Okay. Very clear. If I may, one follow-up from the first question. What was the 2019 levels for redeliveries?

好的。非常清楚。如果可以的話，請補充第一個問題的後續內容。 2019 年再次交付的等級是多少？

USD 0.20.

0.20 美元。

Okay. 2020 -- 20...

好的。 2020年——20...

USD 0.20.

0.20 美元。

Our next question comes from the line of Bruno Amorim of Goldman Sachs.

我們的下一個問題來自高盛的布魯諾·阿莫林。

I just wanted to have your help to better understand the changes to the guidance. Fuel cost or the fuel prices have fallen significantly year-to-date. So the environment now from a cost perspective is much better than before. And even so you are not increasing your margin guidance for the year, which might suggest some weakness on the pricing side vis-a-vis what we were expecting earlier in the year. Of course, Category 1 might play a part here. But correct me if I'm wrong, but you were not expecting a major contribution from Category 1 this year, right? Maybe you are now counting on the light (inaudible) initial plan. So what's happening there? Is demand weaker if competition is fiercer, any color there would be helpful.

我只是想得到您的幫助，以更好地理解指南的更改。今年迄今為止，燃料成本或燃料價格已大幅下降。所以現在的環境從成本角度來說比以前好很多。即便如此，您也沒有提高今年的利潤指引，這可能表明定價方面相對於我們今年早些時候的預期存在一些疲軟。當然，類別 1 可能在這裡發揮作用。但如果我錯了，請糾正我，但您並沒有期望今年第一類做出重大貢獻，對嗎？也許您現在正在指望簡單的（聽不清楚）初始計劃。那麼那裡發生了什麼事？如果競爭越激烈，需求就越弱，任何顏色都會有幫助。

So in general, there's a lot of things happening in the revenue equation, which I think are important. The first one is we do have to balance capacity for the third quarter -- end of third quarter and fourth quarter based on what is going to happen both with engines; b, there's 2 aircraft that are being delayed by Airbus that will not be arriving towards the end of the year; c, so there's obviously because of the economies in the U.S. and Mexico some reduction of pricing. And in general, we are trying to balance the new capacity versus the old capacity, the introduction of new routes in the U.S. because of Category 1 has also a ramp-up, okay?

所以總的來說，收入方程中發生了很多事情，我認為這些事情很重要。第一個是我們確實必須根據引擎的情況來平衡第三季末和第四季的產能； b，有 2 架飛機因空中巴士延誤而無法在年底抵達； c，因此，顯然由於美國和墨西哥的經濟形勢，定價有所下降。總的來說，我們正在努力平衡新運力與舊運力，由於 1 類在美國引入新航線也有所增加，好嗎？

So in general, those are the most important factors, but too many things having in the equation. Having said that, I think sticking to our EBITDAR margin guidance is something really good and it takes us back to a level from 29% to 32%, which is really good -- 31%.

所以總的來說，這些是最重要的因素，但方程式中包含的東西太多了。話雖如此，我認為堅持我們的 EBITDAR 利潤率指引確實很好，它使我們回到了從 29% 到 32% 的水平，這真的很好——31%。

Our next question comes from the line of Alberto Valerio with UBS.

我們的下一個問題來自瑞銀集團的阿爾貝托·瓦萊裡奧 (Alberto Valerio)。

One quick one on my side. We heard today in the morning that Pratt & Whitney will be recalling 200 engines for extra maintenance. I would like to know if Volaris has one of these aircraft with those engines or any of Volaris competitors in Mexico.

我這邊有一個很快的。今天早上我們聽說普惠公司將召回 200 台引擎進行額外維護。我想知道 Volaris 是否擁有一架配備這些發動機的飛機或墨西哥的任何 Volaris 競爭對手。

That's correct. We heard right in the conference this morning that they have determined (inaudible) metal used to manufacture certain engine parts which will require accelerated fleet inspection. They are calculating about 200 engines that need to be inspected by mid-September of this year. And it's going to be a program -- a progressive program, which is calculated to be in the following 6 months.

這是正確的。我們在今天早上的會議上聽說他們已經確定（聽不清楚）用於製造某些引擎零件的金屬，這將需要加速車隊檢查。他們計算出大約 200 台引擎需要在今年 9 月中旬之前進行檢查。這將是一個計劃——一個漸進的計劃，預計將在接下來的 6 個月內完成。

Thanks God, the company planned to retain 6 of the aircraft that were supposed to leave this year, we extended those aircraft and that decision will allow us to better handle, better any operational challenges related to engine availability and aircraft delivery delays during the last 2 quarters, okay? Too early to calculate what's the real impact and where it's going to be the impact. But I think the company has the provisions and has been working on an accelerated way to try to control the impact.

感謝上帝，該公司計劃保留6 架本應於今年離開的飛機，我們延長了這些飛機的壽命，這一決定將使我們能夠更好地應對過去2 年間與發動機可用性和飛機交付延誤相關的任何運營挑戰宿舍，可以嗎？計算真正的影響是什麼以及影響的範圍還為時過早。但我認為公司有相關規定，一直在努力加速控制影響。

I'm showing no further questions. This concludes today's question-and-answer session. I would now like to invite Mr. Beltranena for closing remarks. Please go ahead, sir.

我沒有再提出任何問題。今天的問答環節到此結束。我現在請貝爾特拉內納先生致閉幕詞。請繼續，先生。

Thank you very much, operator. As always, I want to thank our family of ambassadors, the Board of Directors, the investors, the bankers, the lessors, suppliers for their commitment and support during another quarter. I look forward to addressing you all again in October. And hopefully, I can see some of you in September when we celebrate 10 years of being public.

非常感謝您，接線生。一如既往，我要感謝我們的大使家族、董事會、投資者、銀行家、出租人、供應商在下一個季度的承諾和支持。我期待著十月再次向大家發表演說。希望我們能在 9 月慶祝上市 10 週年之際見到你們中的一些人。

Thank you very much to everybody. It was a great pleasure to be with you this morning.

非常感謝大家。今天早上很高興和大家在一起。

Ladies and gentlemen, this concludes the Volaris conference call for today. Thank you very much for your participation, and have a nice day.

女士們、先生們，今天的 Volaris 電話會議到此結束。非常感謝您的參與，祝您有愉快的一天。