Controladora Vuela Compania de Aviacion SAB de CV (VLRS) 2024 Q2 法說會逐字稿

Good morning, everyone. Thank you for standing by, and welcome to Volaris second quarter 2024 financial results conference call. (Operator Instructions).

大家早安。感謝您的耐心等待，歡迎參加 Volaris 2024 年第二季財務業績電話會議。（操作員說明）。

We will open the call up for your questions. Please note that we are recording this event. This event is also being broadcast live via webcast and can be accessed through the Valaris website.

我們將打開電話詢問您的問題。請注意，我們正在記錄此事件。該活動還透過網路直播進行現場直播，並且可以透過 Valaris 網站進行存取。

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

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。

Good morning and thank you for joining the call. With us is 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 2024 results. Afterwards, we will move on to your questions. Please note that this call is for investors and analysts only.

早安，感謝您加入通話。與我們在一起的是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 2024 年第二季的業績。接下來，我們將繼續回答您的問題。請注意，本次電話會議僅針對投資者和分析師。

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 the Mexico's CNBV.

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，這些因素可能導致該公司的業績與該公司向美國 SEC 和墨西哥 CNBV 提交的文件中所述的預期有重大差異。

These statement speak 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 press release, our numbers are in US dollars compared to the second quarter of 2023, unless otherwise noted.

這些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。正如我們的財報新聞稿中所言，除非另有說明，否則我們的數據均以美元為單位，與 2023 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。

Good morning, everyone, and thank you for joining us. . Volaris continues to perform positively, recording our highest absolute EBITDAR for the second quarter. This achievement is notable given that we have been managing a capacity reduction driven by accelerated engine inspections for nearly one year, which has grounded approximately one-fourth of our fleet. Our unwavering focus on execution has enabled us to deliver strong results during this period of disruption.

大家早安，感謝您加入我們。。Volaris 繼續表現積極，創下第二季最高的絕對息稅折舊攤提前利潤 (EBITDAR)。這項成就值得注意，因為近一年來我們一直在管理因加速引擎檢查而導致的產能減少，這導致我們約四分之一的機隊停飛。我們對執行堅定不移的關注使我們能夠在這個混亂時期取得強勁的成果。

Our mitigation plan to address the challenges of the groundings is on track and yielding positive results as we have largely achieved our guidance for each period since the inspection bulletins began in last year's third quarter. Volaris execution has been focused on delivering excellent operations to enhance our customer service, aggressively managing the schedule as the fleet plan changes to minimize disruptions and continuing our emphasis on obsessive cost control.

我們應對停飛挑戰的緩解計劃正在按計劃進行，並取得了積極成果，因為自去年第三季開始檢查公告以來，我們基本上實現了每個時期的指導。Volaris 的執行重點是提供卓越的營運以增強我們的客戶服務，隨著機隊計劃的變化積極管理時間表以最大限度地減少干擾，並繼續強調嚴格的成本控制。

Regarding the GTF, after meeting with Pratt & Whitney recently, I can provide three important updates that make me cautiously optimistic about the situation. First, we feel confident to improve our full year ASM guidance to a year-over-year reduction of approximately minus 14% compared to our previous guidance of minus 16% to 18%.

關於GTF，在最近與普惠公司會面後，我可以提供三個重要的更新，讓我對情況持謹慎樂觀的態度。首先，我們有信心將全年 ASM 指導提高至同比減少約 -14%，而先前的指導為 -16% 至 18%。

Volaris and Pratt & Whitney have successfully coordinated slots spare parts and materials with high certainty for the next 180 days. As a result, better turnaround times are forecasted for our engines during this period. Nonetheless, Pratt & Whitney is currently at its highest volume and most critical point of engine inspections.

Volaris 和普惠公司已在未來 180 天內成功地高度確定地協調了槽位備件和材料。因此，預計在此期間我們的引擎的周轉時間會更好。儘管如此，普惠公司目前正處於引擎檢查量最高和最關鍵的時刻。

Second, powder metal has been a major focus for Pratt & Whitney and they are starting to recover by ramping up material availability and MRO capacity. Third, I was seriously impressed by Pratt & Whitney and International Aero Engines $850 million investment in the new shop and part production facility in Asheville, North Carolina.

其次，粉末金屬一直是普惠公司的主要關注點，他們正透過提高材料可用性和 MRO 能力開始復甦。第三，普惠公司和國際航空發動機公司在北卡羅來納州阿什維爾投資 8.5 億美元建造新車間和零件生產設施，這給我留下了深刻的印象。

This facility has started operations that will continue to increase production over the next 18 months. I acknowledge the efforts Pratt & Whitney and International Aero Engines are making and they're supporting overcoming this situation. While I'm more positive, it is important to recognize that the engine's time on wing remains a real challenge.

該工廠已開始運營，並將在未來 18 個月內繼續增加產量。我感謝普惠公司和國際航空發動機公司正在做出的努力，並且他們支持克服這種情況。雖然我比較樂觀，但重要的是要認識到引擎的運行時間仍然是一個真正的挑戰。

If you take one thing away from today's call moving forward, it is this. As grounded aircraft return to our productive fleet, we are committed to prudent and rational growth prioritizing profitability. Importantly, we expect recent unit revenue levels to remain resilient as Volaris capacity gradually returns. By shifting ASMs into the cross-border market, our TRASM strength reflects a well-balanced market mix aimed at maximizing profitability.

如果你從今天的電話會議中剔除一件事，那就是這一點。隨著停飛的飛機重返我們的生產機隊，我們致力於審慎、理性的成長，優先考慮獲利能力。重要的是，隨著 Volaris 產能逐漸恢復，我們預計近期單位收入水準將保持彈性。透過將 ASM 轉移到跨境市場，我們的 TRASM 優勢反映了旨在實現利潤最大化的均衡市場組合。

Volaris position as an ultra-low-cost carrier in Mexico differs in many ways from ultra-low-cost carriers in the US. We are the largest airline in Mexico by passengers, which gives us a strong relative domestic market share and cost leadership of our legacy carriers. Additionally, Mexico has a unique capacity to convert bus passengers, which has driven growth in the country's emerging air travel market in the last 15 years.

Volaris 作為墨西哥超低成本航空公司的地位在許多方面與美國超低成本航空公司有所不同。我們是墨西哥載客量最大的航空公司，這使我們在國內市場佔有率相對較高，並且在傳統航空公司中處於成本領先地位。此外，墨西哥擁有獨特的巴士乘客轉換能力，這在過去 15 年推動了該國新興航空旅行市場的成長。

Our success is not only due to our profound ultra-low-cost pricing and ancillary strategies, but also the quality of our service, our ability to encourage repeat travel and the loyalty of our visiting friends and relative passengers. Finally, we have maintained a significant advantage over the US industry through dramatic cost control, avoiding expensive short-term wet leases and sustaining our efficient cost structure with approximately 70% of our cost being better.

我們的成功不僅歸功於我們深刻的超低成本定價和配套策略，還歸功於我們的服務品質、我們鼓勵重複旅行的能力以及我們來訪的朋友和親戚乘客的忠誠度。最後，透過大幅成本控制、避免昂貴的短期濕租賃並維持我們高效的成本結構（約 70% 的成本更好），我們保持了相對於美國產業的顯著優勢。

With that I will now turn the call over to Holger to discuss commercial and operating performance for the quarter

現在，我將把電話轉給霍爾格，討論本季的商業和營運業績

Thank you and good morning, reflecting on the first half of 2024. Our network planning, schedule management and customer service have been key factors in overcoming the impact of the groundings on our customers. We have turn these challenges into opportunities, consolidating our position as the leading low-cost operator in growing and attractive markets.

謝謝大家，早安，回顧 2024 年上半年。我們的網路規劃、日程管理和客戶服務是克服停飛對客戶影響的關鍵因素。我們將這些挑戰轉化為機遇，鞏固了我們作為不斷成長和有吸引力的市場中領先的低成本營運商的地位。

I will explain what this means in a moment, but first, I will elaborate on Volaris' second quarter operational results. During the quarter, we generated TRASM of $0.0889, a 12% increase year-over-year and a load factor of 85.5% compared to 84.6% a year ago.

我稍後會解釋這意味著什麼，但首先我將詳細闡述 Volaris 第二季的營運表現。本季度，我們的 TRASM 為 0.0889 美元，年成長 12%，負載率為 85.5%，而去年同期為 84.6%。

Despite a 17% lower capacity, total operating revenue contracted just 7% year-over-year. We now expect total revenue for the full year of 2024 to be close to 2023, even with a double-digit reduction in capacity. Ancillaries once again comprised more than 50% of our total revenues, with ancillaries per passenger rising 15% year-over-year to $53. Meanwhile, our push into non-air ancillaries continues to be successful.

儘管產能下降 17%，但總營業收入較去年同期僅下降 7%。我們現在預計 2024 年全年的總收入將接近 2023 年，即使產能出現兩位數的減少。輔助服務再次占我們總收入的 50% 以上，每位乘客的輔助服務年增 15%，達到 53 美元。同時，我們對非航空輔助設備的推進繼續取得成功。

Our [v.club] membership program featuring our zero fare accounts for over 15% of our sales, and our Annual Paas offering is performing well. That is what Enrique meant about generating higher repeat travel and customer loyalty among our VFR passengers.

我們以零票價為特色的 [v.club] 會員計劃占我們銷售額的 15% 以上，而且我們的年度 Paas 服務表現良好。這就是 Enrique 想要在我們的 VFR 乘客中產生更高的重複旅行和客戶忠誠度的意思。

We are also delivering on punctuality. Our on-time performance within 15 minutes during the second quarter was 85.6%, with on-time departures rising eight points over our performance in the second quarter of last year. The total number of passengers transported increased consistently month by month and we announced new routes. Guadalajara to Tulum; Guadalajara to San Jose, Costa Rica; Miami to San Salvador; Cancun to McAllen; and Tijuana to Las Vegas.

我們也保證準時交貨。第二季15分鐘內準點率達85.6%，出發準點率比去年第二季提高了8個百分點。運輸旅客總數逐月持續成長，我們也宣布了新航線。瓜達拉哈拉飛往圖盧姆；瓜達拉哈拉飛往哥斯大黎加聖荷西；邁阿密飛往聖薩爾瓦多；坎昆飛往麥卡倫；蒂華納飛往拉斯維加斯。

Our positive performance is due to several drivers. In the Mexican market, we have observed strong demand resulting in robust revenue per passenger and load factors above 90%. In the US, our increased capacity is bolstering consolidated unit revenue and profitability, supported by structurally higher fares and ancillary pricing. The cross-border capacity we have added over the past year has continued to ramp up with July load factors and fares showing solid improvement.

我們的積極表現歸功於幾個驅動因素。在墨西哥市場，我們觀察到強勁的需求導致每位乘客的收入強勁，載客率超過 90%。在美國，在結構性上漲的票價和輔助定價的支持下，我們增加的運能正在提振綜合單位收入和獲利能力。過去一年我們新增的跨境運力持續增加，7 月的載客率和票價均呈現穩定改善。

Despite the schedule impacts related to Pratt & Whitney engines, we were diligent in managing accommodations and as a result have not experienced a significant number of customer complaints. We are seeing the results in an improved net promoter score of above 40%.

儘管普惠引擎對日程安排產生了影響，但我們仍努力管理住宿，因此沒有遇到大量客戶投訴。我們看到淨推薦值提高了 40% 以上。

Going forward, as we move into the seasonally stronger second half, our bookings indicate ongoing robust performance. Trends for the summer high season are slightly above our already strong expectations in all markets and we anticipate close-in bookings will remain healthy.

展望未來，隨著我們進入季節性強勁的下半年，我們的預訂表明業績持續強勁。夏季旺季的趨勢略高於我們在所有市場本已強勁的預期，我們預計近期預訂量將保持健康。

A key driver of low-cost customer service is delivering the Volariss promise, friendly-service, self-service solutions, high-scheduled completion, good on-time performance and optional ancillaries. Therefore, we are investing heavily in better self-service solutions on the day of travel with a completely new mobile app.

低成本客戶服務的一個關鍵驅動力是兌現 Volariss 的承諾、友善的服務、自助服務解決方案、按計劃完成、良好的準時性能和可選的輔助設備。因此，我們正在大力投資，透過全新的行動應用程式在旅行當天提供更好的自助服務解決方案。

And on the scheduling side during the second quarter, Volariss implemented an evolution of its itinerary. This schedule prioritizes stability, featuring a new base schedule where aircraft are fixed to core routes, while other aircraft remain flexible across the network. This approach has immediately improved reliability and led to fewer cancellations.

在第二季的日程安排方面，Volariss 對其行程進行了改進。此時刻表優先考慮穩定性，採用新的基本時刻表，其中飛機固定在核心航線上，而其他飛機則在網路中保持靈活。這種方法立即提高了可靠性並減少了取消航班的情況。

I want to reiterate the point that we will exercise careful control in restoring our networks capacity over the next few years. The impact of the accelerated inspections will persist through at least 2026 and we do not expect to reach 2023 capacity levels next year.

我想重申一點，我們將在未來幾年內謹慎控制恢復網路容量。加速檢查的影響將至少持續到 2026 年，我們預計明年的產能水準不會達到 2023 年。

Additionally, as we bring back capacity, we now have more options within our network, including the Mexico US transporter market, while also monitoring opportunities to strengthen the domestic network and Central America. Now I would like to revisit Enrique's comment about dedicating ourselves to profitable growth and how Volaris differs in many ways from ultra-low-cost carriers in the US.

此外，隨著我們恢復運力，我們現在在網路中擁有更多選擇，包括墨西哥美國運輸市場，同時也監控加強國內網路和中美洲的機會。現在，我想回顧 Enrique 關於致力於獲利成長的評論，以及 Volaris 在許多方面與美國超低成本航空公司的不同之處。

Over the past decade, we have accelerated growth to scale up our markets and become Mexico's leading airline. With our brand and network established, we are putting our leadership and differentiation to work to drive profitability. No US operator has the level of market share equivalent to our penetration in the Mexican domestic market. And no Latin American LCC has our US footprint.

在過去的十年裡，我們加速發展，擴大市場規模，成為墨西哥領先的航空公司。隨著我們的品牌和人脈的建立，我們正在利用我們的領導力和差異化來提高獲利能力。沒有一家美國業者的市佔率水準能與我們在墨西哥國內市場的滲透率相媲美。沒有一家拉丁美洲低成本航空在美國擁有我們的足跡。

We have a more balanced network between Mexico and the US with the return of Category 1. We now have two significant markets at our disposal to grow capacity. Unlike recent years, when Category 2 forced us to allocate additional capacity to the domestic market, resulting in an oversupplied market, we now have a stable, competitive domestic market with rational players.

隨著類別 1 的回歸，我們在墨西哥和美國之間建立了更平衡的網絡。我們現在有兩個重要的市場可供我們用來擴大產能。與近年來第二類迫使我們向國內市場配置額外產能，導致市場供過於求不同，現在我們擁有一個穩定、競爭激烈、參與者理性的國內市場。

Domestically, being low cost means we can keep fares low on a sustainable basis, building affinity and recurrent flying in our core markets while stimulating demand from bus switchers in less developed markets. In the US cross border market, where we expect travel to increase over the next decade due to near-shoring investments, low cost means we can price at levels that our US competitors cannot match.

在國內，低成本意味著我們可以可持續地維持低票價，在我們的核心市場建立親和力和經常性飛行，同時刺激欠發達市場的巴士轉乘者的需求。在美國跨境市場，由於近岸投資，我們預計未來十年旅行將增加，低成本意味著我們的定價水平是美國競爭對手無法比擬的。

Additionally, we primarily serve the resilient VFR markets where we have a competitive advantage with large Hispanic communities like Chicago, Denver, Houston, Los Angeles and Oakland. Further, the reactivation of our culture with Frontier, which historically contributed two percentage points of additional international load factors is expected to be a tailwind, going forward.

此外，我們主要服務於有彈性的 VFR 市場，在這些市場中，我們與芝加哥、丹佛、休士頓、洛杉磯和奧克蘭等大型西班牙裔社區相比具有競爭優勢。此外，我們與 Frontier 文化的重新啟動預計將成為未來的順風車，Frontier 歷來貢獻了兩個百分點的額外國際載客率。

Finally, consistent ancillary penetration will be a further differentiator and we are continuing to evolve our offerings. Unbundling services allow passengers to customize their travel experience and reduce base fares, which is ideally suited for a high-growth emerging aviation market we are also tailoring our ancillary offering more and more to our different customer segments. For example, we have a business ancillary combo or we are offering free changes to our higher fare combos.

最後，一致的輔助滲透將成為進一步的差異化因素，我們將繼續發展我們的產品。分拆服務使乘客能夠自訂自己的旅行體驗並降低基本票價，這非常適合高速成長的新興航空市場，我們也正在為不同的客戶群量身打造越來越多的輔助產品。例如，我們有商務輔助組合，或者我們提供更高票價組合的免費變更。

I will now turn the call over to Jaime to walk through our second quarter financial performance.

我現在將把電話轉給 Jaime，介紹一下我們第二季的財務表現。

Thank you, Holger. Our second quarter financial results reflect the ongoing execution of our GTF accelerated inspection mitigation plan, robust demand in our domestic market and our continued discipline in controlling costs. Altogether, this produced our highest absolute EBITDAR for a second quarter and met market expectations and guidance. As the topline drivers for these results were already covered, I will concentrate my comments on cost, cash flow and balance sheet.

謝謝你，霍爾格。我們第二季的財務表現反映了 GTF 加速檢查緩解計畫的持續執行、國內市場的強勁需求以及我們在控製成本方面的持續紀律。總而言之，這產生了我們第二季度最高的絕對息稅折舊攤提前利潤 (EBITDAR)，並滿足了市場預期和指導。由於這些結果的主要驅動因素已經涵蓋，我將集中評論成本、現金流量和資產負債表。

Compared to the same period last year, our second quarter 2024 results are, total operating revenues decreased only 7% to $726 million due to strong domestic demand and total revenue per passenger improvement, notwithstanding the 17% year-over-year reduction in capacity.

與去年同期相比，我們的 2024 年第二季業績顯示，儘管運力年減 17%，但由於國內需求強勁和每位乘客總收入的改善，總營運收入僅下降 7% 至 7.26 億美元。

Total CASM increased only 9% to $0.0808. Our average economic fuel cost increased by 6% to $2.86 per gallon, while CASM ex-fuel came in at $0.0533, better than guidance with an increase of 11% year-over-year.

CASM 總金額僅增加 9% 至 0.0808 美元。我們的平均經濟燃油成本增加了 6%，達到每加侖 2.86 美元，而 CASM 不含燃油成本為 0.0533 美元，優於指導值，比去年同期成長 11%。

This reflects our commitment to cost control and serves as an industry differentiator, by maintaining dramatic cost control, avoiding expensive short-term wet leases and sustaining an efficient cost structure with approximately 70% of our costs being variable, we ensure our competitive advantage. In fact, we believe our cost gap compared to US peers will continue to widen over time in the cross-border market.

這反映了我們對成本控制的承諾，並成為行業差異化因素，透過保持顯著的成本控制、避免昂貴的短期濕租賃並維持高效的成本結構（約70% 的成本是可變的），我們確保了我們的競爭優勢。事實上，我們相信，隨著時間的推移，我們在跨國市場上與美國同行的成本差距將繼續擴大。

A key principle of our network shift to the US is to increase our cash collection in US dollars and protect our P&L from foreign exchange volatility between our top and bottom lines. We estimate that around 45% of our revenue collections will be in US dollars with a target of 90% of our cash balance held also in US dollars.

我們的網路轉移到美國的一個關鍵原則是增加我們的美元現金收款，並保護我們的損益免受我們頂線和底線之間外匯波動的影響。我們估計，大約 45% 的收入將以美元計價，目標是 90% 的現金餘額也以美元計價。

We booked sale and leaseback gains of $6.7 million in the other operating income line related to the delivery of [2A321] neo aligned with a long-term strategy of preserving the lowest rental costs throughout the life of our leases.

我們在與 [2A321] neo 交付相關的其他營業收入項目中登記了 670 萬美元的售後回租收益，這與在整個租賃期內保持最低租賃成本的長期策略保持一致。

Note that this line includes most of Pratt & Whitney's aircraft grounding compensation. EBIT increased 29%, totaling $66 million, with an EBIT margin of 9.1%, up 2.6 percentage points. EBITDAR came in at $261 million, a 23% increase, while EBITDAR margin was 36%, an improvement of 8.8 percentage points. These results reflect strong unit revenues and efficient cost control. As a reminder, both EBIT and EBITDAR include Pratt & Whitney's compensation as well as expenses from leases of the entire fleet included aircraft on ground.

請注意，該行包括普惠公司大部分飛機停飛補償。息稅前利潤成長 29%，總計 6,600 萬美元，息稅前利潤率為 9.1%，上升 2.6 個百分點。EBITDAR 收入為 2.61 億美元，成長 23%，而 EBITDAR 利潤率為 36%，提高 8.8 個百分點。這些結果反映了強勁的單位收入和有效的成本控制。需要提醒的是，息稅前利潤和息稅前利潤均包括普惠公司的薪酬以及整個機隊（包括地面飛機）的租賃費用。

Net income rose to $10 million, translating to earnings per ADS of $0.09. Cash flow provided by operating activities in the second quarter was $304 million. Cash outflows using investing and financing activities were $141 million and $149 million respectively.

淨利潤增至 1,000 萬美元，相當於每股美國存託憑證收益為 0.09 美元。第二季經營活動提供的現金流為3.04億美元。投資和融資活動產生的現金流出分別為1.41億美元和1.49億美元。

Meanwhile, our second quarter CapEx, excluding finance, fleet predelivery payments, totaled $97 million, primarily driven by the acquisition of spare engines. These investments are crucial for maintaining business continuity and mitigating disruptions to our core operations.

同時，我們第二季的資本支出（不包括財務和車隊預交付付款）總計 9,700 萬美元，主要是由購買備用引擎推動的。這些投資對於維持業務連續性和減輕對我們核心營運的干擾至關重要。

Volaris ended the quarter with a total liquidity position of $758 million, representing 23% of the last 12 months total operating revenues. As of June 30, our net debt to EBITDAR ratio decreased to 2.9 times from 3.3 times at the end of 2023 and from 3.1 times at the end of the first quarter of 2024, we expect to continue to deleverage throughout the second half of the year.

Volaris 本季末的總流動資金部位為 7.58 億美元，佔過去 12 個月總營運收入的 23%。截至6月30日，我們的淨債務與EBITDAR比率從2023年底的3.3倍和2024年第一季末的3.1倍下降至2.9倍，我們預計下半年將繼續去槓桿。

Now looking at our first half of 2024 results compared to the same period of 2023, total operating revenues were $1.5 billion, nearly flat against last year despite flying 50% fewer ASMs. CASM was $0.0808, a 4.8% increase, average economic fuel costs fell by 4.5% to $9.93 per gallon, while CASM ex-fuel was $0.0525, 10.8% higher. As discussed in our prior calls, this unit cost increase is primarily due to the engine-related aircraft groundings.

現在看看我們 2024 年上半年的業績，與 2023 年同期相比，總營運收入為 15 億美元，與去年幾乎持平，儘管 ASM 的飛行數量減少了 50%。CASM 為 0.0808 美元，上漲 4.8%，平均經濟燃油成本下降 4.5%，至每加侖 9.93 美元，而 CASM 不含燃油成本為 0.0525 美元，上漲 10.8%。正如我們之前的電話中所討論的，單位成本的增加主要是由於與發動機相關的飛機停飛造成的。

EBIT was $107 million, up from $20 million in 2023 and EBIT margin was 11.4%, up 10.1 percentage points. At the bottom line, we recorded a $44 million net profit compared to a $65 million net loss a year ago, translating into earnings per ADS of $0.38.

息稅前利潤為 1.07 億美元，高於 2023 年的 2,000 萬美元，息稅前利潤率為 11.4%，上升 10.1 個百分點。歸根結底，我們實現了 4,400 萬美元的淨利潤，而一年前的淨虧損為 6,500 萬美元，相當於每股美國存託憑證收益為 0.38 美元。

EBITDAR year-to-date totaled $496 million, a 48% increase with an EBITDAR margin of 33%, an increase of 11.1 percentage points. As of June 30, our fleet consisted of 136 aircraft, up from 123 a year ago, during the quarter, we had an average of 31 aircraft on ground to the engine inspections. We received two new A321neo aircraft during the second quarter for a total of five new aircraft year-to-date from our order book with Airbus plus two A320ceos on the straight operating leases as part of our mitigation plan for the engine inspection.

年初至今，EBITDAR 總額為 4.96 億美元，成長 48%，EBITDAR 利潤率為 33%，成長 11.1 個百分點。截至 6 月 30 日，我們的機隊由 136 架飛機組成，高於一年前的 123 架，本季平均有 31 架飛機在地面進行發動機檢查。作為我們發動機檢查緩解計劃的一部分，我們在第二季度收到了兩架新的 A321neo 飛機，從我們與空中巴士的訂單中總共收到了五架新飛機，加上直接經營租賃的兩架 A320ceo。

Note that the next 30 aircraft deliveries from our order book have PDP financing, including our financing for these PDPs, we have no significant near or medium-term debt maturities. Our CapEx net of finance PDPs for the first half of 2024, totaled $180 million in line with our expectations.

請注意，我們訂單簿中接下來交付的 30 架飛機都有 PDP 融資，包括我們為這些 PDP 提供的融資，我們沒有重大的近期或中期債務到期。2024 年上半年，我們的資本支出（扣除財務 PDP）總計 1.8 億美元，符合我們的預期。

Finally, turning to guidance. Year-to-date, our unit revenues, margin expansion and overall performance have met our goals. While we anticipate continued commercial strength, we are also mindful of industry supply chain disruptions and other uncertainties. However, we are confident in our ability to mitigate industry disruption and continue meeting guidance in the second half. Therefore, in addition to the ASM update discussed earlier, we are maintaining our overall guidance.

最後，轉向指導。年初至今，我們的單位收入、利潤率擴張和整體業績都達到了我們的目標。雖然我們預計商業實力將持續強勁，但我們也注意到產業供應鏈中斷和其他不確定性。然而，我們對減輕產業幹擾並在下半年繼續達到指導目標的能力充滿信心。因此，除了先前討論的 ASM 更新之外，我們還將維持我們的整體指導。

For the third quarter of 2024, we expect an ASM reduction of approximately 14% year-over-year, TRASM of around $0.093, CASM ex-fuel of approximately $0.056. Finally, we expect an EBITDAR margin of around 33%.

對於 2024 年第三季度，我們預計 ASM 年比減少約 14%，TRASM 約為 0.093 美元，CASM 不含燃料約為 0.056 美元。最後，我們預計 EBITDAR 利潤率約為 33%。

Our third quarter 2024 outlook assumes an average exchange rate of [MXN8.4 to MXN8.6] per US dollar and an average US gulf coast spot jet fuel price of $2.6 to $2.7 per gallon, for the full year of 2024, our latest guidance is as follows. We now expect an ASM reduction of around 40% year-over-year, driven by the deployment of recently acquired spare engine and other mitigation initiatives.

我們對2024 年第三季的展望假設，2024 年全年平均匯率為每美元[MXN8.4 至MXN8.6]，美國墨西哥灣沿岸現貨航空燃油平均價格為每加侖2.6 至2.7 美元（我們的最新指引）如下。我們現在預計，在部署最近購買的備用引擎和其他緩解措施的推動下，ASM 年比減少約 40%。

We continue to expect an EBITDAR margin of 32% to 34%, notwithstanding the adjustment in our FX assumption. And finally, CapEx net of finance fleet predelivery payments of $100 million, driven by our purchase of spare engines and unchanged from our prior outlook.

儘管我們的外匯假設有所調整，但我們仍然預期 EBITDAR 利潤率為 32% 至 34%。最後，在我們購買備用引擎的推動下，扣除機隊交付前財務付款後的資本支出為 1 億美元，與我們先前的預期持平。

Our full year 2024 outlook assumes an average exchange rate of [MXN17.8 to MXN18] per US dollar and an average US Gulf Coast spot jet fuel price of $2.6 to $2.7 per gallon.

我們對 2024 年全年的展望假設平均匯率為每美元 [MXN17.8 至 MXN18]，美國墨西哥灣沿岸航空燃油現貨平均價格為每加侖 2.6 至 2.7 美元。

Now I will turn the call back over to Enrique for closing remarks.

現在我將把電話轉回給恩里克進行結束語。

Thank you, Jaime. Over the past two decades, Volaris has pioneered the Mexican ultra-low-cost market. As our leadership has grown in recent years, the Mexican airline industry has become increasingly healthy and more competitive. Our industry's largest operators have successfully stimulated the market and serve consumer demand for air travel well, driving a sustained growth rate of approximately three times that of national GDP.

謝謝你，海梅。在過去的二十年裡，Volaris 開創了墨西哥超低成本市場。近年來，隨著我們的領導地位不斷增強，墨西哥航空業變得越來越健康，競爭力也越來越強。業界最大的營運商成功刺激了市場，很好地服務了消費者的航空旅行需求，帶動了國內生產總值約三倍的持續成長。

As US nearshoring burdens, nationwide mobility and transborder transportation will become increasingly critical for Mexican economic growth. Given its strategic position and the outlook for the industry, we expect continuity in aviation policy in our region.

由於美國近岸外包的負擔，全國流動性和跨境運輸對於墨西哥經濟成長將變得越來越重要。鑑於其戰略地位和產業前景，我們預計該地區的航空政策將保持連續性。

Thank you very much for listening. Operator, please open the line for questions.

非常感謝您的聆聽。接線員，請開通提問線。

Thank you. The floor is now open for questions. (Operator Instructions).

謝謝。現在可以提問。（操作員說明）。

Duane Pfennigwerth from Evercore ISI.

來自 Evercore ISI 的 Duane Pfennigwerth。

Hey, thank you. Good morning. I wanted to ask you about the industry's ability to flex up capacity during peak demand periods. Obviously, the industry overall is pretty constrained right now. But if we think about like off-peak versus peak demand periods, would you say that peaks are even more constrained? Your commentary about July sounds pretty encouraging. I just wanted to kind of put that in context?

嘿，謝謝你。早安.我想問您該行業在需求高峰期靈活增加產能的能力。顯然，目前整個產業受到很大限制。但如果我們考慮非尖峰時段與高峰需求時段，您是否會說高峰時段受到更多限制？你對七月的評論聽起來很令人鼓舞。我只是想把它放在上下文中？

So we have a clearly the domestic capacity is constrained, both in low season high season. We've implemented a change to our schedule where we have a very stable schedule throughout the year and we have peak lines that we add during the peak seasons the summer season, July and August is a case in point and we are very encouraged with the July trends that are currently trending above our expectations.

所以我們很明顯國內的運力是受限的，無論是淡季還是旺季。我們對我們的時間表進行了更改，我們全年都有非常穩定的時間表，並且我們在夏季、七月和八月的旺季期間增加了高峰線路，我們對7 月趨勢目前超出我們的預期。

Okay. And then just on the on the full year, your capacity down about 14% which is up a couple of points, I think from your initial expectation, is that more a function of your ability to acquire or purchase new spare engines? Is that is that what's driving that? And then in terms of engine turn time, yes, I assume you have to get some engines back before you can actually measure the throughput or how that throughput might be changing. So when will you be in a position to measure that throughput? Maybe maybe just like very simply, can you remind us how many and do you expect to get back, say in 3Q or 4Q of this year?

好的。然後就全年而言，你們的產能下降了約 14%，上升了幾個百分點，我認為從你們最初的預期來看，這更多的是你們獲得或購買新備用發動機的能力的函數嗎？這就是驅動力嗎？然後就引擎轉動時間而言，是的，我假設您必須先恢復一些引擎，然後才能實際測量吞吐量或吞吐量可能如何變化。那麼什麼時候能夠測量吞吐量呢？也許只是很簡單，你能提醒我們有多少人嗎？

So, Duane, the plan certainly is improving a little bit versus the original plan, being the reason that turnaround times are specifically related to the work scope, and engines need an availability of spare parts and materials. So in reality, we continue forecasting an average turnaround time of 280 to 350 days. But some engines are arriving before because of the needs in terms of spare parts and the needs in terms of materials, okay.

所以，杜安，這個計劃肯定比原來的計劃有所改進，因為週轉時間與工作範圍特別相關，而且發動機需要備件和材料的可用性。因此，實際上，我們繼續預測平均週轉時間為 280 至 350 天。但是有些引擎提前到達是因為備件方面的需要和材料方面的需要，好吧。

As a result of that, we were able to manage a reduction of our forecast for the last quarter, okay. Having said that, this quarter is the highest engine process or the highest engine loss that we had during the entire period.

因此，我們能夠減少上一季的預測，好吧。話雖如此，本季是我們整個期間最高的引擎過程或最高的引擎損失。

And this is Jaime, Duane, and adding on for Enrique. As part of the mitigation plan, as we mentioned in the last call, we were able to purchase additional spare engines, both on the PW1000 and the V2500, which are also included in that second half capacity adjustment favoring Volaris ASM production.

這是 Jaime、Duane，還有 Enrique。作為緩解計劃的一部分，正如我們在上次電話會議中提到的，我們能夠在 PW1000 和 V2500 上購買額外的備用發動機，這些發動機也包含在有利於 Volaris ASM 生產的下半年產能調整中。

It's not only engines. I mean, we also have extension of the delays in terms of returning the aircraft, we also have additional aircraft. So it's the entire mitigation plan which is working in our favor right now.

不僅僅是引擎。我的意思是，我們還延長了返航飛機的延誤時間，我們還有更多的飛機。因此，整個緩解計劃目前對我們有利。

Appreciate that. Obviously a lot of moving parts, but I guess just in terms of, you know, so you can measure the throughput, so we can measure the throughput. How many do you expect to get back in the third quarter and fourth quarter? If you're willing to share that?

很欣賞這一點。顯然有很多移動部件，但我想只是就而言，你知道，所以你可以測量吞吐量，所以我們可以測量吞吐量。您預計第三季和第四季能恢復多少人？如果你願意分享嗎？

Yes, I can share that. So we are expecting 32 engines to come back.

是的，我可以分享這一點。所以我們預計 32 台發動機會回歸。

In the back half of this year?

今年下半年？

In the second half of this year. But remember, then what happens is engines come back, but new engines go out. So net-net you should be thinking in ASMs, not in engines back on aircraft back. Just info on the first half of the year, we have averaged 29 planes from the first Q, 31 planes in the second Q, and that number will increase probably to 34, 35 during the third Q and the fourth Q of the year. But it's a mix, because whenever you get an engine, the number of cycles in order to send the engines to inspection grows. So it's really complicated to follow by engines and it's better just to look at ASM production.

今年下半年。但請記住，接下來會發生的情況是引擎回來了，但新引擎卻退出了。因此，你應該考慮的是 ASM，而不是飛機上的引擎。就今年上半年的資訊而言，我們在第一季平均有29 架飛機，第二季為31 架飛機，在今年第三季和第四季，這個數字可能會增加到34 架、35 架。但這是一個混合體，因為每當您獲得一台引擎時，將引擎送去檢查的循環次數就會增加。因此，追蹤引擎確實很複雜，最好只專注於 ASM 生產。

Okay. Appreciate that detail. Thank you.

好的。欣賞這個細節。謝謝。

Stephen Trent from Citi.

花旗銀行的史蒂芬‧特倫特。

Yes, good morning, guys, and thank you very much for taking my questions on the first, if I may. On kind of a follow-up to Duane's question on any sort of high-level view on how you think about engine supply and whether, for example, one of your Latin competitors, it did a perpetual power agreement with one of the lessors recently. Is that something that you guys would consider or on if you don't see yourselves going that way? Thank you.

是的，早上好，夥計們，如果可以的話，非常感謝你們先回答我的問題。關於杜安問題的後續問題，關於您如何看待發動機供應的任何高層觀點，以及例如您的拉丁競爭對手之一是否最近與其中一家出租人簽訂了永久電力協議。如果你們不希望自己走那條路，你們會考慮或這樣做嗎？謝謝。

And the answer is no right now, no. Okay. And I don't think in the next three, four months it's going to be the case. Clearly, the problem of doing aircraft crew maintenance and insurance leasings has an impact on cost first. The second thing is, if we add capacity that way, we will be deteriorating the impact that we have on TRASM, which has been tremendously important. So honestly, in this game plan that we are doing, we do not have that considered, and we consider that it would only deteriorate the pricing environment. As always, we go back and we tell you, Steve, it's really important. We are playing here for profitability, not for market share

現在的答案是否定的，不是。好的。我認為在接下來的三四個月內情況不會如此。顯然，機組人員維護和保險租賃的問題首先對成本產生影響。第二件事是，如果我們以這種方式增加容量，我們對 TRASM 的影響將會惡化，而這一點非常重要。老實說，在我們正在做的這個遊戲計劃中，我們沒有考慮到這一點，我們認為這只會惡化定價環境。一如既往，我們回去告訴你，史蒂夫，這真的很重要。我們來這裡是為了獲利，而不是為了市場份額

And in terms of engines, Steve, this is Jaime. Most of the additional engines are purchased engines, not leased engines from lessors. Remember, we have an FHA agreement with Pratt, that also helps us on the cost side on the long-term maintenance of the engines. So we believe it's a good asset to have, considering the situation that we will be experiencing over the next 2.5 years.

就引擎而言，史蒂夫，這是詹姆。大多數額外的發動機都是購買的發動機，而不是從出租人那裡租賃的發動機。請記住，我們與 Pratt 簽訂了 FHA 協議，這也有助於我們在引擎長期維護的成本方面有所幫助。因此，考慮到我們未來 2.5 年將經歷的情況，我們認為這是一項很好的資產。

Okay. I really appreciate that, Enrique. I mean very helpful. And just one quick follow-up. Curious to hear any high level views you guys may have about servicing the Tulum airport, if there's sort of anything interesting you've learned from the operations as your flights pull up?

好的。我真的很感激，恩里克。我的意思是非常有幫助。只需一個快速跟進。想知道你們對圖盧姆機場服務有什麼高層看法嗎？

So, Stephen, this is Holger. We have actually not started service to Tulum yet. We have announced the launch of Guadalajara-Tulum later in the year, that is already on sale, and the booking curves are shaping up relatively well in line with our expectations. But operations are going to start later in the fourth quarter.

史蒂芬，這是霍爾格。實際上我們還沒有開始為圖盧姆提供服務。我們已經宣佈在今年稍後推出瓜達拉哈拉-圖盧姆航線，該航班已經開始銷售，預訂曲線的情況相對較好地符合我們的預期。但營運將於第四季晚些時候開始。

I misheard you. Thank you, Holger, and appreciate the time.

我聽錯你的話了。謝謝你，霍爾格，並感謝您抽出寶貴的時間。

It's the start of operations, so it's still quite a way off.

現在才開始運營，所以距離還很遠。

Perfect. I misheard you. Appreciate that, Holger. Thank you.

完美的。我聽錯你的話了。很欣賞這一點，霍爾格。謝謝。

Michael Linenberg from Deutsche Bank.

德意志銀行的 Michael Linenberg。

Hey, good morning, everyone. Holger, when you were talking about capacity for 2025 being lower than 2023, presumably, I guess it's going to be higher than 2024, but still down. When we look at the number of airplanes that are grounded 34, 35 by the fourth quarter, third, fourth quarter this year, is that the peak? And we start seeing that come down, which will allow you to have a better capacity plan in 2024. Are you still actually going to see the number of airplanes grounded grow into the early part of 2025?

嘿，大家早安。Holger，當您談到 2025 年的產能低於 2023 年時，我想大概會高於 2024 年，但仍然下降。我們看今年第四季、第三、第四季停飛的飛機數量有34架、35架，這是高峰嗎？我們開始看到這一情況有所下降，這將使您能夠在 2024 年制定更好的產能計劃。到 2025 年初，您還會看到停飛飛機的數量持續增加嗎？

So there's obviously a lot of uncertainty around the original equipment manufacturers, both Airbus and Pratt & Whitney. We currently expect to see the peak of aircraft on ground in the third quarter of 2024. And then the situation is going to gradually improve. And yes, we are going to add back capacity into the market next year, but we're not going to reach 2023 capacity levels yet. So it's going to be a gradual return to service, which allows us to cautiously add capacity into our most profitable markets and at and also into the US market so it's going to be a gradual return to service and cautious capacity growth.

因此，空中巴士和普惠公司等原始設備製造商顯然存在許多不確定性。目前，我們預計地面飛機數量將在 2024 年第三季達到高峰。然後情況就會逐漸好轉。是的，我們明年將重新增加市場產能，但目前還無法達到 2023 年的產能水準。因此，這將是逐步恢復服務，這使我們能夠謹慎地向利潤最高的市場以及美國市場增加產能，因此這將是逐步恢復服務和謹慎的產能成長。

Okay, great. And then just done with your revenue collection arm in dollars now at 45% that feels like a high watermark and I know that's a function of adding additional capacity into the US transborder market. How does it compare to your costs and dollars? Are they sort of in that 65%, 70% range or so. I'm just kind of get a better sense of it as kind of the gap. I think that that gap is narrowing on with your additional service. Thanks for taking my questions?

好的，太好了。然後，剛完成的美元收入部門現在為 45%，這感覺像是一個高水位，我知道這是增加美國跨境市場額外容量的功能。與您的成本和美元相比如何？他們是在 65%、70% 左右的範圍內嗎？我只是對這種差距有了更好的認識。我認為隨著你們的額外服務，這種差距正在縮小。謝謝你回答我的問題？

That's correct, Michael, this is Jaime. Around two-thirds of the cost are in US dollars and right now we're aiming to be 45% by the year-end on collections. So that gap is narrowing.

沒錯，邁克爾，這是詹姆。大約三分之二的成本以美元計算，目前我們的目標是到年底將 45% 的成本用於收藏。所以這個差距正在縮小。

All right. Thank you.

好的。謝謝。

It is really important to say that I think that at the level that we are still, the peso revenue routes are more profitable than getting into more US dollar exchange rate in terms of revenue, okay? And so I think the company is pretty -- it's in a very good position covering the cost leverage in case of the evaluation.

非常重要的是，我認為就收入而言，就我們目前的水平而言，比索收入途徑比採用更多美元匯率更有利可圖，好嗎？因此，我認為該公司相當不錯——在評估時，它在成本槓桿方面處於非常有利的位置。

Very good. Thanks, Enrique.

非常好。謝謝，恩里克。

Thank you. One moment for next question.

謝謝。請稍等一下，回答下一個問題。

Joao Frizo from Goldman Sachs.

高盛的若奧·弗里佐。

Hey, good morning, guys. Thanks for taking my question. I just have a quick question on the guidance for the third quarter. As you guys mentioned in your previous remarks, a second half of the year is seasonally stronger, right, vis-a-vis the first half. So the 32% EBITDA margin in Q3 implies on a significant deceleration from the 36% to 7% you guys delivered on the second quarter. So I'm just trying to understand what factors you guys attribute this to a weaker margin environment? Thank you very much.

嘿，早上好，夥計們。感謝您提出我的問題。我只是對第三季的指導有一個簡單的問題。正如你們在先前的評論中提到的，下半年相對於上半年來說季節性更強，對吧。因此，第三季 32% 的 EBITDA 利潤率意味著從第二季的 36% 大幅下降到 7%。所以我只是想了解你們將此歸因於利潤率環境較弱的因素是什麼？非常感謝。

So I'll start out with the revenue trend. This is Holger and then I'll pass it over to Jaime. So let me talk about the third quarter specifically on the guidance there. We are optimistic about achieving the guidance. However, we anticipate ongoing volatility in the macroeconomic variables in the second half of the year, which is influenced by the new legislative agenda of the government, proposed constitutional amendments, and the transition to the new government here in Mexico as well as the upcoming US elections.

所以我將從收入趨勢開始。這是霍爾格，我會把它交給海梅。因此，讓我專門談談第三季的指導。我們對實現該指導意見持樂觀態度。然而，我們預計下半年宏觀經濟變數將持續波動，這受到政府新立法議程、擬議憲法修正案以及墨西哥和即將到來的美國新政府過渡的影響。

That generates just a lot of macroeconomic noise, which is outside of our control. We are, as a management team, razor sharply focused on what is in our control, which is generating positive TRASM environment, good revenues, and controlling our costs. If we apply today's exchange rate to the entire quarter, we would actually be one point higher in EBITDAR margin versus the guidance.

這只會產生大量宏觀經濟噪音，這是我們無法控制的。作為一個管理團隊，我們高度關注我們所控制的事情，即創造積極的 TRASM 環境、良好的收入並控制我們的成本。如果我們將今天的匯率應用於整個季度，我們的 EBITDAR 利潤率實際上會比指導值高出一個百分點。

So that shows you how sensitive our guidance is to -- or our EBITDAR is to the macroeconomic variables. I also mentioned that this quarter, the third quarter, is going to be the peak in terms of aircraft on ground due to the Pratt & Whitney situation, and that generates additional uncertainty into our revenue situation. However, if we look at the booking trends for July, we are very happy with what we're seeing and the quarter is shaping up very much in line with our guidance or probably a little bit ahead of our guidance.

因此，這向您展示了我們的指導對宏觀經濟變數的敏感度，或我們的 EBITDAR 對宏觀經濟變數的敏感度。我還提到，由於普惠公司的情況，本季度，即第三季度，將是地面飛機數量的高峰，這將為我們的收入狀況帶來額外的不確定性。然而，如果我們看看 7 月的預訂趨勢，我們對所看到的情況非常滿意，並且該季度的情況非常符合我們的指導，或者可能比我們的指導稍早。

That's super. Thank you very much.

太棒了。非常感謝。

Tom Fitzgerald from TD Cowen.

TD Cowen 的湯姆·菲茨杰拉德。

Hi, everyone. Thanks very much for the time of. Would you mind just talking about the V club a little bit? I believe you said it's 15% of sales. How high could you do you think that number could get to?

大家好。非常感謝您抽出時間。你介意簡單談談 V 俱樂部嗎？我相信你說的是銷售額的15%。您認為這個數字能達到多高？

Yes. So we've been focusing on our ancillary revenue strategy and generating recurring revenue from customers that are repeat customers. So we're looking at programs that generate affinity to our routes and to our offering. We have a couple of programs out there, v.club is the most important one, which is in part of the lowest fare class. And so everybody that buys the lowest fare class gets a v.club membership and then has the opportunity to buy at discounted fares for the next purchase. And that has been tremendously successful.

是的。因此，我們一直專注於我們的輔助收入策略，並從回頭客那裡產生經常性收入。因此，我們正在尋找能夠對我們的路線和產品產生親和力的計劃。我們有幾個項目，v.club 是最重要的一個，它屬於最低票價級別的一部分。因此，購買最低票價艙等的每個人都會獲得 v.club 會員資格，然後有機會在下次購買時以折扣票價購買。這非常成功。

As I mentioned during the call, we're now seeing about 15% of our segments, maybe a little bit north of that as part of the v.club membership purchases. And then we also have a subscription program which is called the v pass, which gives you one ticket per month for a monthly subscription. So we're clearly focused on building affinity and repeat customers through these affinity programs.

正如我在電話會議中提到的，我們現在看到大約 15% 的細分市場，可能比這個數字稍高一點，作為 v.club 會員購買的一部分。我們還有一個名為 v pass 的訂閱計劃，每月為您提供一張按月訂閱的門票。因此，我們顯然致力於透過這些親和力計劃建立親和力和回頭客。

Thanks. That's very helpful. And then if I may just squeeze in a follow-up. Just thinking longer term, you talk a lot about the emerging middle class and the market growth that you'd see if domestic trips per capita started approaching some of your country comparisons. What's your latest thinking on the timeline for trips per capita to get closer to Colombia or Chile? And then could that be accelerated by some of the supply chain nearshoring happening in Mexico once again?

謝謝。這非常有幫助。然後可以補充後續內容嗎？從長遠來看，您談論了很多關於新興中產階級以及如果國內人均旅行開始接近某些國家/地區比較時您會看到的市場成長。您對接近哥倫比亞或智利的人均旅行時間表有何最新想法？那麼，墨西哥再次發生的一些供應鏈近岸外包是否會加速這一趨勢？

I think that's a difficult question to answer because it depends also on the variable -- on the variables in Colombia or Chile, okay. And the participation of the ultra-low-cost carriers in both countries are growing. So I guess their air trips per capita will be growing similarly, okay. So I think the bracket is probably going to stay pretty much, I mean, the difference between them and us is going to stay pretty much the same, but both, I mean the three regions might be growing in the next five years.

我認為這是一個很難回答的問題，因為它也取決於變數——取決於哥倫比亞或智利的變量，好吧。兩國超低成本航空公司的參與度都在不斷成長。所以我想他們的人均航空旅行也會有類似的成長，好吧。所以我認為這個範圍可能會保持不變，我的意思是，他們和我們之間的差異將保持不變，但兩者，我的意思是這三個地區可能會在未來五年內增長。

Jens Spiess from Morgan Stanley.

摩根士丹利的詹斯·斯皮斯。

Yes, hello. Thank you for taking my question and congrats on the good results facing those child infiltration with the groundings. I just want to ask or reiterate what you already mentioned. So it seems that your TRASM guidance of $0.093, based on what you're seeing in July might be conservative. And also you prefer to be conservative on your FX and fuel assumptions, given the geopolitical uncertainty. So there might be upside potentially to your margins, right?

是的，你好。感謝您提出我的問題，並祝賀那些接地氣的兒童滲透所取得的良好結果。我只是想問或重申你已經提到的內容。因此，根據 7 月的情況，您的 TRASM 指導價 0.093 美元可能有些保守。考慮到地緣政治的不確定性，您也傾向於對外匯和燃料假設持保守態度。所以你的利潤率可能還有上升空間，對吧？

And but beyond that, is there anything else we would we need to consider? For example, maintenance costs, we saw that they decreased quite significantly in the second quarter after being high in the second quarter. At what level should we assume a normalization there for the rest of the year?

但除此之外，我們還有什麼需要考慮的嗎？例如，維護成本，我們看到在第二季的高點之後，第二季的下降幅度非常大。我們應該假設今年剩餘時間的正常化水準是多少？

Yeah, Okay. I will tackle the first question. This is Jaime, Jens. Talking about macros, the macros that we assume we did not guess them. We use for FX, the Bloomberg curve and for fuel, the Platts. Look at the current macros, I think there's an upside, as you mentioned. Also on the cost side, I think, we have been monitoring that the entire year as expected in the budget, with additional ASMs that we produced. That's why we were able to reduce the CASM in the first and the second quarter. Next quarter, it also included the benefit of ASMs.

是的，好的。我將解決第一個問題。這是詹姆，詹斯。談論宏，我們假設我們沒有猜到它們的宏。對於外匯，我們使用彭博曲線；對於燃料，我們使用普氏能源資訊。看看當前的宏，我認為有一個好處，正如你所提到的。我認為，同樣在成本方面，我們一直在按照預算中的預期監控全年情況，並生產額外的 ASM。這就是為什麼我們能夠在第一季和第二季減少 CASM。下個季度，它還包括 ASM 的好處。

But a lot of if you look at the maintenance line, this quarter was low compared to the prior year. That's basically timing. Those timing in CASM will occur in the second half. So we believe that the guidance that we provided for the third Q is what we expect. Obviously, if we have a better, any opportunity to reduce CASM, we will do it. But overall during the year you can expect a CASM of around $0.055, around for the full year.

但如果你看一下維護線，你會發現本季的維護量比前一年低。基本上就是這樣的時機。CASM 中的這些時間將發生在下半年。因此，我們相信我們為第三個問題提供的指導是我們所期望的。顯然，如果我們有更好的、任何機會來減少 CASM，我們就會這麼做。但總體而言，全年 CASM 預計約為 0.055 美元。

Okay. Got it, that's very helpful. And just I mean, this might be a naive question, but how much visibility do you have on that maintenance line? And is it possible that it might deviate from what you're expecting and influence that $0.055 number you just mentioned?

好的。明白了，非常有幫助。我的意思是，這可能是一個天真的問題，但是您對該維護線有多少可見性？它是否有可能偏離您的預期並影響您剛才提到的 0.055 美元數字？

You just mentioned that it's I think it's pretty predictable because it's something that new program and you have the maintenance program of the planes. Sometimes it moves from quarter to another quarter. But overall, we don't expect a major change going down on that line. It will be timing basis.

你剛才提到，我認為這是相當可預測的，因為這是一個新計劃，而且你有飛機的維護計劃。有時它會從一個季度移動到另一個季度。但總體而言，我們預計這條路線不會有重大變化。這將是時間基礎。

All right. Thank you.

好的。謝謝。

You're welcome.

不客氣。

Thank you. Excuse me. This concludes today's question-and-answer session. I would now like to invite Mr. Beltranena to proceed with his closing remarks. Please go ahead, sir.

謝謝。打擾一下。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 as always to our family of ambassadors, to the Board of Directors, to our Investors, Bankers and Lessors and Suppliers for their commitment and support. I look forward to addressing you all again on the next call and thank you very much to everybody for participating today

一如既往地感謝我們的大使家族、董事會、投資者、銀行家、出租人和供應商的承諾和支持。我期待在下次電話會議中再次與大家講話，並非常感謝大家今天的參與

This concludes the Volaris conference call for today. Thank you very much for your participation and have a nice day.

今天的 Volaris 電話會議到此結束。非常感謝您的參與，祝您有美好的一天。