Controladora Vuela Compania de Aviacion SAB de CV (VLRS) 2024 Q3 法說會逐字稿

Good morning, everyone. Thank you for standing by. Welcome to Volaris third quarter 2024 financial results conference call. (Operator Instructions) Please note that we are recording this event. This event is also being broadcast live via webcast and can be accessed through Volaris website.

大家早安。感謝您的支持。歡迎參加 Volaris 2024 年第三季財務業績電話會議。（操作員指示）請注意，我們正在記錄此事件。活動也透過網路直播，可透過 Volaris 網站觀看。

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 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 third quarter 2024 results. Afterwards, we will move on to your questions.

早上好，感謝您參加電話會議。與我們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。他們將討論該公司 2024 年第三季的業績。之後，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 CNBV.

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。前瞻性陳述受多種因素影響，這些因素可能導致公司業績與預期有重大差異，如本公司向美國證券交易委員會和墨西哥國家銀行委員會提交的文件中所述。

These statements speak only as of the day 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 third quarter of 2023, unless otherwise noted.

這些聲明僅代表發布當日的觀點，Volaris 不承擔更新或修改任何前瞻性聲明的義務。與我們的收益新聞稿一樣，除非另有說明，否則我們的數字以美元計算，與 2023 年第三季相比。

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

說完這些，我會把電話轉給恩里克。

Good morning, and thank you for joining us. Volaris' third quarter results demonstrate our business model's resilience and commitment to execution. I'm proud to report that Volaris has delivered strong operational and financial results again, marking this our fourth consecutive quarter of net income, while providing great ultra-low-cost carrier service value to our customers.

早安，感謝您加入我們。Volaris 第三季的業績證明了我們商業模式的彈性和對執行的承諾。我很自豪地報告，Volaris 再次取得了強勁的營運和財務業績，這是我們連續第四個季度實現淨收入，同時為我們的客戶提供了巨大的超低成本承運服務價值。

We have strategically streamlined the company during this period, effectively reducing operations by about 1/4 of our fleet during our busiest summer season due to the Pratt & Whitney engine inspections. Our team also effectively mitigated external disruptions like weather-related events without a material impact. Despite these challenges, we managed to contain our reduction in ASMs to only 11% during the last 12-months compared to the 2023 levels.

在此期間，我們對公司進行了策略性精簡，由於普惠公司的引擎檢查，我們在最繁忙的夏季有效地減少了約四分之一的機隊運作。我們的團隊也有效地減輕了天氣相關事件等外部幹擾，沒有造成重大影響。儘管面臨這些挑戰，我們仍成功將過去 12 個月 ASM 的降幅控制在僅 11%（與 2023 年的水準相比）。

Also, we achieved total operating revenue of $3.2 billion in this period, matching the full year operating revenues of 2023, an impressive accomplishment. We're moving forward to the other side of this engine inspections period, paving the way for sustained shareholder value creation, our most important long-term objective.

此外，我們在此期間實現了 32 億美元的總營業收入，與 2023 年全年營業收入持平，這是一項令人印象深刻的成就。我們正在邁向引擎檢查期的另一端，為持續創造股東價值鋪路，這是我們最重要的長期目標。

As part of these processes, we are emerging as the preferred airline in our core markets. We often offers, fly attractive schedules promptly and reliably and provide relevant ancillaries that add value to our customers. We also deliver on day of departures itineraries and provide digital solutions to our customers and with a proven safety and security record.

作為這些流程的一部分，我們正在成為核心市場的首選航空公司。我們經常提供及時、可靠的有吸引力的航班時刻表，並提供相關的輔助服務來為我們的客戶增加價值。我們也提供出發當天的行程，並為客戶提供數位解決方案，並擁有可靠的安全記錄。

As the engine inspections began 12-months ago, I am today pleased to highlight key achievements from these last 12-months. First, reductions in RPMs were consistently lower than those in ASMs, indicating a well-calibrated approach to capacity management. This allowed us to sustain similar load factor levels and protect the demand elasticity of our bus switching passengers, ultimately improving our TRASM.

由於引擎檢查 12 個月前就開始了，今天我很高興地強調過去 12 個月的主要成就。首先，RPM 的減少量始終低於 ASM 的減少量，顯示容量管理方法經過精心校準。這使我們能夠維持相似的載客率水平，並保護換乘乘客的需求彈性，最終提高我們的 TRASM。

Second, we further unbundled our fares, keeping base fares at 2019 levels while increasing our ancillary revenues as a percentage of total operating revenues from 34% in 2019 to 51% over the past 12-months. This is our business model working to perfection and we are committed to continuing to couple low and stable fares with honest value-adding services.

其次，我們進一步拆分票價，將基本票價保持在 2019 年的水平，同時將附加收入佔總營運收入的百分比從 2019 年的 34% 提高到過去 12 個月的 51%。這是我們完善的商業模式，我們致力於繼續將低廉而穩定的票價與誠實的增值服務結合起來。

Third, our Net Promoter Score reached 34%, reflecting improving customer recovery and satisfaction. Significant reduction in mishandled bags, better on-time performance, reduced complaints and materially lowering voluntary denied boardings underscore this improvement.

第三，淨推薦值達34%，顧客回頭率和滿意度不斷提高。行李處理不當的情況明顯減少、準點率提高、投訴減少以及自願拒絕登機的情況大幅降低，都凸顯了這一改善。

Fourth, our network redesign effectively addressed the challenges of grounded aircraft and enabled an 11% increase in ASMs in the US trans-border market versus 2023. We achieved a remarkable system schedule completion rate of 98.5%, while controlling our costs despite the aging fleet and grounded aircraft due to engine inspections. A crucial element of this strategy was sustaining ambassador productivity and labor costs.

第四，我們的網路重新設計有效地解決了飛機停飛的挑戰，並使美國跨境市場的 ASM 數量與 2023 年相比增加了 11%。儘管機隊老化且飛機因發動機檢查而停飛，但我們仍實現了 98.5% 的出色系統計劃完成率，同時仍控制了成本。這項策略的關鍵要素是維持大使的生產力和勞動成本。

And fifth, we implemented a fleet mitigation plan that did not increase debt leverage, ensuring we could pursue future capacity additions without jeopardizing market pricing and future aircraft leasing costs.

第五，我們實施了不增加債務槓桿的機隊緩解計劃，確保我們可以在不危及市場定價和未來飛機租賃成本的情況下增加未來的運力。

Our financial performance over the last 12-months speaks for itself. Our profitability has significantly improved with an EBIT margin of 14% and EBITDA margin of 34% and a net margin of 6%. We achieved these results by ensuring that the vast proportion of our network remains profitable, generating strong unit revenues and attracting repeat customers who value our low prices.

我們過去 12 個月的財務表現不言而喻。我們的獲利能力顯著提高，息稅前利潤率達到 14%，息稅折舊攤提前利潤率達到 34%，淨利潤率達到 6%。我們之所以取得這些成績，是因為我們確保了大部分網路保持盈利、產生強勁的單位收入並吸引看重我們低價的回頭客。

This contrasts us favorably with the United States ultra-low-cost carrier environment and highlights our ability to execute transformative changes swiftly, while maintaining cost control. Notably, around half of our routes compete exclusively against the bus market, allowing us to continue bringing in new flyers without creating excessive capacity growth in key ultra-low-cost carrier markets.

這與美國超低成本航空公司的環境形成了鮮明對比，凸顯了我們在保持成本控制的同時迅速執行變革的能力。值得注意的是，我們約有一半的航線專門與巴士市場競爭，這使我們能夠繼續吸引新的乘客，而不會在主要的超低成本航空市場造成過度的運力增長。

While our operating cost structure remains under control, with most costs being variable, we have experienced reduced operating leverage due to aircraft groundings and increased maintenance and redelivery expenses due to our fleet's aging. Both effects are temporary and will not impose structural cost pressures.

雖然我們的營運成本結構仍然受到控制，且大多數成本都是可變的，但由於飛機停飛，我們的營運槓桿有所下降，而由於機隊老化，維護和重新交付的費用有所增加。這兩種影響都是暫時的，不會造成結構性成本壓力。

Our CASM ex-fuel was [$0.052] during the last 12-months, keeping us among the three lowest publicly listed operators worldwide. We believe Volaris is not experiencing a cost convergence with full-service carriers that could structurally reduce our margins going forward.

過去 12 個月，我們的 CASM 燃油成本為 [0.052 美元]，使我們躋身全球成本最低的三家上市業者之列。我們認為 Volaris 的成本並未與全方位服務業者同步，這可能會從結構上降低我們未來的利潤率。

On the balance sheet, our net debt-to-EBITDA ratio improved from 3.5 times in the third quarter of 2023 to 2.7 times in the third quarter of 2024. One of the lowest levels in Volaris' history. This was despite the significant investments we had to make to implement the mitigation plan for the engine inspections we outlined a year ago. The total cash, including short-term investments, stands at $833 million, an improvement of $66 million from the third quarter of 2023.

在資產負債表上，我們的淨負債與 EBITDA 比率從 2023 年第三季的 3.5 倍改善至 2024 年第三季的 2.7 倍。這是 Volaris 隊歷史上的最低水平之一。儘管我們必須投入大量資金來實施我們一年前製定的引擎檢查緩解計劃，但情況仍然如此。包括短期投資在內的總現金為 8.33 億美元，比 2023 年第三季增加了 6,600 萬美元。

On our third quarter of 2023 call a year ago, despite the engine crisis, Volaris' management made a commitment to our passengers, ambassadors and investors, which I quote, "We would do our best to respond to the challenge and undertake a mitigation plan to manage the variables we could control." Regarding our aircraft on ground, this challenge has only improved as Pratt & Whitney and Volaris gained clarity on how to address the situation, and we continue to co-ordinate closely with them.

在一年前的 2023 年第三季度電話會議上，儘管出現了發動機危機，但 Volaris 管理層仍向我們的乘客、大使和投資者做出了承諾，我引用這句話：“我們將盡最大努力應對挑戰，並製定緩解計劃來管理我們可以控制的變量。”就我們地面上的飛機而言，隨著普惠公司和 Volaris 公司明確瞭如何應對這一情況，這一挑戰才有所改善，我們將繼續與他們密切協調。

The induction slots are within the agreed forecast. Spare parts and materials have been planned as we induct engines into the inspection processes, and we have planned turnaround times together with Pratt based on low, medium and high maintenance needs.

入職職位符合商定的預測。當我們將引擎納入檢查流程時，我們已經規劃好了備件和材料，並且我們已經與普惠一起根據低、中、高維護需求規劃了周轉時間。

All-in-all, we are seeing an important improvement in turnaround times. However, the situation remains evolving. I acknowledge that the market may have valid and reasonable capacity concerns for next year if engines currently under inspection return earlier than expected. However, I want to assure you that we will not deploy excess capacity beyond what emerging markets typically grow and can absorb.

總體而言，我們看到週轉時間有了顯著改善。然而，情況仍在不斷發展。我承認，如果目前正在接受檢查的引擎比預期更早恢復，市場可能對明年的產能產生合理擔憂。然而，我想向你們保證，我們部署的過剩產能不會超越新興市場通常的成長和吸收能力。

We have structural flexibility that allows us to prioritize profitability over market share. This includes options such as reducing spare engines, minimizing Pratt & Whitney's emergence in leased engines and accelerating the return of aircraft, among other measures. We have a plan.

我們擁有結構靈活性，這使我們能夠優先考慮盈利能力而不是市場份額。這些措施包括減少備用發動機、盡量減少普惠公司在租賃發動機中的出現以及加速飛機的回歸等選項。我們有一個計劃。

Today, I can affirm that we haven't just overcome challenges. We have evolved as a company. We strongly feel that our reliable performance during crisis, along with evidence that we have been disciplined in the execution of our plan, makes us a good asset and separates us from our peers. As you know, this is consistent with what you know about Volaris, a seasoned and stable management team.

今天，我可以肯定地說，我們不僅僅克服了挑戰。作為一家公司，我們已經發展壯大了。我們強烈感覺到，我們在危機期間的可靠表現，以及我們在執行計劃時嚴守紀律的證據，使我們成為一筆寶貴的資產，並使我們區別於同行。如你所知，這與您對 Volaris 的了解一致，Volaris 是一支經驗豐富且穩定的管理團隊。

Volaris' position as an ultra-low-cost carrier in Mexico is distinct from that of ultra-low-cost carriers in the United States. As the largest airline in Mexico by passenger volume, we enjoy a robust domestic market share and cost leadership over legacy carriers. Moreover, Mexico's unique ability to convert bus passengers and recurring travelers has driven growth in the country's emerging air travel market in the last 15-years. We continue to see plenty of runway for this secular trend.

Volaris 在墨西哥的超低成本航空公司地位與美國的超低成本航空公司地位截然不同。作為墨西哥客運量最大的航空公司，我們擁有強大的國內市場份額，並且相對於傳統航空公司具有成本領先優勢。此外，墨西哥獨特的轉換巴士乘客和回程旅客的能力推動了該國新興航空旅行市場在過去 15 年裡的成長。我們繼續看到這一長期趨勢有足夠的發展空間。

Finally, considering the uncertainty surrounding recent constitutional reforms, I would like to highlight that Mexico's new President, Claudia Sheinbaum, has pledged to protect the investors' right. She took office on October 1, becoming the country's first female leader. Let me quote her, "I say this very clear, be assured that the investments of national and foreign shareholders will be safe in our country."

最後，考慮到最近憲法改革的不確定性，我想強調的是，墨西哥新總統克勞蒂亞·辛鮑姆已承諾保護投資者的權利。她於10月1日就職，成為該國第一位女性領導人。讓我引用她的話：“我說得很清楚，請放心，國內外股東的投資在我國是安全的。”

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

說完這些，我現在將電話轉給霍爾格，討論本季的商業和營運業績。

Thank you, Enrique, and good morning, everyone. Demand remained strong across our markets during the high season in the summer, underscored by a 90% domestic load factor, up 1.7 percentage points and an 83.4% international load factor, up 1 percentage point year-over-year and 5 percentage points sequentially, as our Mexico US additional capacity matured.

謝謝你，恩里克，大家早安。隨著我們墨西哥和美國的額外運力逐漸成熟，夏季旺季期間，我們各個市場的需求依然強勁，國內客座率達到 90%，比上一季度上升 1.7 個百分點，國際客座率達到 83.4%，比去年同期上升 1 個百分點，比上一季上升 5 個百分點。

Our total load factor was a strong 87.4%, a 1 percentage point increase. These load factors supported our record third quarter TRASM of $0.0938, a 12% increase. Our average load factor of $53, up 9% and ancillaries per pax at $54, up 10%, remained robust and consistent with the healthy demand we have observed during the year.

我們的總載客率達到了 87.4%，增加了 1 個百分點。這些載客率支持了我們第三季的 TRASM 達到創紀錄的 0.0938 美元，成長了 12%。我們的平均載客率為 53 美元，成長 9%，每位乘客的輔助服務費用為 54 美元，成長 10%，保持強勁，與我們在今年觀察到的健康需求一致。

ASMs contracted 14%, in line with our guidance, and we had a remarkable on-time performance within 15 minutes of 84.3%, with on-time departures rising almost 7 percentage points over our performance in the third quarter of last year. Even with the scheduled impacts of Pratt & Whitney engines, we have diligently managed accommodations, leading to a much lower volume of customer complaints. This is highlighted by an increased Net Promoter Score currently at 37%.

平均航班準點率 (ASM) 下降了 14%，與我們的預期一致，15 分鐘內的準點率達到了 84.3%，與去年第三季相比，準時率上升了近 7 個百分點。即使受到普惠引擎的定期影響，我們仍努力進行調整，從而大大減少了客戶投訴。最突出的是淨推薦值目前已上升至 37%。

During the quarter, we continue to capitalize on strong market trends in the domestic and trans-border segments. In our domestic market, we continue to see growing demand from first-time and repeat flyers, driving consistent strength in loads, fares and ancillary revenues.

本季度，我們繼續利用國內和跨境領域的強勁市場趨勢。在我們的國內市場，我們繼續看到首次和重複飛行的旅客的需求不斷增長，從而推動載客量、票價和附加收入持續走高。

Turning to our international markets. Approximately 40% of our total ASMs are currently in this market. Our plan is to shift more capacity to the US Mexico trans-border market, taking full advantage of Mexico's return to CAT-1 status. We have announced new routes and inaugurated several, including Guadalajara to Tulum, Guadalajara to San Jose, Costa Rica, Miami to El Salvador, Tijuana to Las Vegas.

轉向我們的國際市場。目前，我們大約 40% 的 ASM 都在這個市場上。我們的計劃是將更多的運能轉移到美國墨西哥跨境市場，充分利用墨西哥重返CAT-1地位的機會。我們宣布並開設了多條新航線，包括瓜達拉哈拉至圖盧姆、瓜達拉哈拉至哥斯達黎加聖何塞、邁阿密至薩爾瓦多、蒂華納至拉斯維加斯。

In line with our mid-term growth strategy, we have launched our first south-bound leisure routes from Oakland to Cabo and McAllen to Cancun. This marks our first step in expanding our offerings as we leverage our widening cost advantage over North American ULCCs and legacy airlines.

根據我們的中期成長策略，我們開闢了第一條從奧克蘭到卡波、從麥卡倫到坎昆的南行休閒航線。這是我們利用相對於北美超低成本航空公司和傳統航空公司不斷擴大的成本優勢來擴大服務範圍的第一步。

Additionally, we are increasing capacity from our core domestic and international stations and connecting capacity to Monterrey. In Central America and South America, we have reduced the number of aircraft allocated to these markets from nine a year ago to six due to our lack of aircraft availability, contributing to more normalized competitive trends in those markets.

此外，我們正在增加核心國內和國際車站的運力，並連接蒙特雷的運力。在中美和南美，由於飛機供應不足，我們將分配給這些市場的飛機數量從一年前的9架減少到6架，以使這些市場的競爭趨勢更加正常化。

Over the summer, we saw a pickup in demand response and strong margins in our trans-border markets. Beyond the commercial upside, we expect the greater concentration of our network in the United States to provide a critical financial advantage. We expect the structurally higher TRASM, increased US dollar collections and longer sectors to provide a long-term tailwind to our margin mix.

今年夏天，我們看到跨境市場的需求反應有所回升，利潤率也有所提高。除了商業優勢之外，我們預計在美國網路的更大集中度將帶來關鍵的財務優勢。我們預計，結構性更高的 TRASM、增加的美元收款和更長的行業將為我們的利潤組合提供長期的順風。

On the ancillary side, non-ticket revenue as a percentage of total revenue remains strong and stable at 50%. We continue to innovate and enhance our non-air ancillaries, focusing on customization and promotion strategies. For example, we are consolidating our most relevant offerings, our v.club membership program, v.pass monthly subscription, annual pass and INVEX co-branded credit card into a single affinity portfolio.

在附加業務方面，非門票收入佔總收入的比例保持強勁，穩定在 50%。我們不斷創新和改進我們的非航空輔助設備，專注於客製化和促銷策略。例如，我們正在將我們最相關的產品、v.club 會員計劃、v.pass 月度訂閱、年度通行證和 INVEX 聯名信用卡整合到一個親和力組合中。

This offering leverages the penetration of our credit card with 1 million active cardholders and our v.club program, which has also surpassed 1 million active members.

此項服務充分利用了我們的信用卡的普及率，我們的信用卡擁有 100 萬活躍持卡人，而我們的 v.club 計劃的活躍會員數也已超過 100 萬。

Turning to market alliances. Volaris now participates in two international codeshares. Our codeshare with Frontier Airlines has ramped up effectively, and we anticipate it will have an increasing contribution to our full year EBIT. Additionally, we launched a new codeshare with Iberia Airlines in June, providing a small yet valuable opportunity to connect their passengers to the Mexican market without adding complexity to our business model.

轉向市場聯盟。Volaris 航空目前參與了兩項國際代碼共享。我們與 Frontier Airlines 的代碼共享業務已有效提升，我們預計它將對我們的全年息稅前利潤產生越來越大的貢獻。此外，我們在 6 月與西班牙國家航空啟動了新的代碼共享計劃，這提供了一個雖小但很寶貴的機會，讓我們能夠將西班牙國家航空的乘客與墨西哥市場連接起來，同時又不會增加我們商業模式的複雜性。

Turning to our outlook for the rest of the year. Booking trends continue to show strength throughout the fall and the holiday high season. We expect total revenue for the full year 2024 to be close to 2023, even with a double-digit reduction in capacity. I want to elaborate on Enrique's comment about focusing on profitable markets and how Volaris stands out from ultra-low-cost carriers in the United States.

談談我們對今年剩餘時間的展望。整個秋季和假日旺季，預訂趨勢持續強勁。我們預計，即使運力減少兩位數，2024 年全年總收入將接近 2023 年。我想詳細說明恩里克關於專注於盈利市場的評論，以及 Volaris 如何在美國超低成本航空公司中脫穎而出。

Over the past decade, we have grown rapidly to become Mexico's leading airline in transported passengers. With our well-known brand and established new network, we use our leadership to drive profitability. Domestically, we can keep fares stable and attract more customers, especially those switching from buses and price-sensitive leisure passengers.

在過去的十年中，我們迅速發展成為墨西哥客運量領先的航空公司。憑藉我們知名的品牌和已建立的新網絡，我們利用我們的領導地位來提高獲利能力。在國內，我們可以保持票價穩定並吸引更多的顧客，尤其是那些從公車轉乘的顧客和對價格敏感的休閒旅客。

Internationally, we now have a balanced network between Mexico and the US. With return of FAA Category 1 status a year ago, we now can allocate capacity based on profitability in any of our markets. In the past, being in Category 2 limited our growth in the United States and led to an oversupply in the domestic market. In the US cross-border markets, where we expect travel to grow in the next decade due to nearshoring, we could offer low prices that United States competitors can't match.

在國際上，我們現在在墨西哥和美國之間建立了平衡的網絡。隨著一年前恢復美國聯邦航空管理局 (FAA) 1 類地位，我們現在可以根據任何市場的獲利能力分配運力。過去，處於第 2 類限制了我們在美國的成長，並導致國內市場供應過剩。在美國跨境市場，我們預期由於近岸外包，未來十年旅遊業將成長，我們可以提供美國競爭對手無法比擬的低價。

We also serve strong VFR markets, benefiting from large Hispanic communities that know the Volaris brand. As we drive preference and loyalty among these communities, we expect to realize benefits from higher margin, repeat and international flying. Overall, the capacity outlook for 2025 is expected to be in the low-to-mid-teens. However, we expect capacity to return to 2023 levels by the second half of 2025. We will remain prudent and rational as we introduce capacity back into the market.

我們也服務於強大的 VFR 市場，受益於了解 Volaris 品牌的大型西班牙裔社群。隨著我們推動這些社群的偏好和忠誠度，我們期望從更高的利潤、重複和國際飛行中獲得收益。總體而言，預計 2025 年的產能前景將達到 15% 至 20%。不過，我們預計到 2025 年下半年運能將恢復到 2023 年的水準。我們將保持審慎和理性，並繼續將產能重新引入市場。

Now, I will turn the call over to Jaime to walk through our third quarter financial results.

現在，我將把電話轉給 Jaime，讓他介紹我們第三季的財務表現。

Thank you, Holger. Our third quarter results reflect the strong demand complemented by strict cost control and more favorable jet fuel prices. This discipline resulted in our fourth consecutive quarter of expanding margins and positive bottom line, despite the challenges faced during the year.

謝謝你，霍爾格。我們的第三季業績反映了強勁的需求、嚴格的成本控制和更優惠的航空燃油價格。儘管今年面臨挑戰，但憑藉這一紀律，我們連續第四個季度實現了利潤率擴大和盈利為正。

Compared to the same period last year, our third quarter 2024 results were as follows. Total operating revenues were $813 million, just a 4% decrease despite a 14% reduction in capacity. Our net results were also affected by the 11% depreciation of the Mexican peso against the US dollar. While this trend benefits our unit cost, it is a headwind to our unit revenue, negatively impacting our margins.

與去年同期相比，我們的 2024 年第三季業績如下。總營業收入為 8.13 億美元，儘管運力減少了 14%，但僅下降了 4%。我們的淨業績也受到墨西哥比索兌美元貶值 11% 的影響。雖然這種趨勢有利於我們的單位成本，但卻對我們的單位收入不利，並對我們的利潤率產生負面影響。

Given that approximately 60% of our operating expenses are denominated in US dollars, we have targeted 50% of our collections to be in dollars to mitigate our exposure to this dynamic. Additionally, around 90% of our cash balance is held in US dollars.

鑑於我們約 60% 的營運費用以美元計價，我們已將 50% 的收款目標設定為以美元計價，以減輕我們受這種動態影響的風險。此外，我們約90%的現金餘額都是以美元持有的。

Back to the P&L. The total CASM decreased 1% to $0.0792. Our average economic fuel cost decreased by 17% to $2.64 per gallon, while CASM ex-fuel came in at $0.0539, better than guidance for a 10% increase despite a strong headwind from the reduction in ASMs. This underscores our focus on cost control and give us a competitive advantage in the industry.

回到損益表。總 CASM 下跌 1% 至 0.0792 美元。我們的平均經濟燃料成本下降了 17% 至每加侖 2.64 美元，而 CASM 出廠燃料成本為 0.0539 美元，儘管 ASM 減少帶來了強大阻力，但仍然好於 10% 的成長預期。這強調了我們對成本控制的重視，並使我們在產業中具有競爭優勢。

We reinforce this advantage by implementing aggressive cost management, avoiding expensive wet leases and maintaining an efficient cost structure, with approximately 70% of our costs being variable and semi-fixed. In fact, compared to our United States peers, we anticipate that our cost gap will continue to widen over time in the cross-border market. Our financial differentiation is clear and growing.

我們透過實施積極的成本管理、避免昂貴的濕租賃和維持高效的成本結構來強化這一優勢，其中約 70% 的成本是變動成本和半固定成本。事實上，與美國同業相比，我們預計在跨境市場中我們的成本差距將隨著時間的推移而持續擴大。我們的財務差異化很明顯，而且還在不斷擴大。

Despite the AOGs and related cost complexities that began last September, we have maintained one of the lowest unit costs in the world. With this strong quarter results, we expect to be at the top quartile for operating margins on a rolling 12-month basis.

儘管從去年 9 月開始出現 AOG 及相關成本複雜性，但我們仍然保持著全球最低的單位成本之一。憑藉本季強勁的業績，我們預計，該公司 12 個月的連續營業利潤率將位居前四分位。

Returning to results. In the quarter, we only booked sale and leaseback gains of $2.2 million in the other operating income line related to the delivery of 1 A320neo. Note that aircraft grounding compensation from Pratt & Whitney is also included in this line.

返回結果。本季度，我們僅在與交付 1 架 A320neo 相關的其他營業收入中記錄了 220 萬美元的售後回租收益。請注意，普惠公司的飛機停飛賠償也包含在此行中。

EBIT totaled $126 million, an increase of over 100% compared to $39 million in the third quarter of 2023 for an EBIT margin of 15.5%, up 11 percentage points. EBITDAR was $315 million, a 52% increase and the highest quarterly level in the history of Volaris. The EBITDAR margin reached 38.7%, a 14 percentage point improvement. As a reminder, both EBIT and EBITDAR include the Pratt & Whitney compensation as well as expenses from leases of the entire fleet, including the grounded aircraft associated with engine inspection.

息稅前利潤總計 1.26 億美元，較 2023 年第三季的 3,900 萬美元成長超過 100%，息稅前利潤率為 15.5%，上升了 11 個百分點。EBITDAR 為 3.15 億美元，成長 52%，創下 Volaris 歷史上的最高季度水準。EBITDAR利潤率達到38.7%，提高了14個百分點。提醒一下，EBIT 和 EBITDAR 都包括普惠公司的補償以及整個機隊的租賃費用，包括與發動機檢查相關的停飛飛機。

Net income was $37 million compared to a net loss of $39 million in the third quarter of 2023, translating to earnings per ADS of $0.32. Cash flow provided by operating activities in the third quarter was $233 million. Cash outflows used in investing and financing activities were $149 million and $54 million, respectively.

淨收入為 3,700 萬美元，而 2023 年第三季的淨虧損為 3,900 萬美元，相當於每股 ADS 收益為 0.32 美元。第三季經營活動提供的現金流為2.33億美元。投資和融資活動所用的現金流出分別為 1.49 億美元和 5,400 萬美元。

Meanwhile, our third quarter CapEx, excluding financed predelivery payments totaled $54 million. These investments include the acquisition of spare engines, which are crucial for maintaining business continuity and mitigating disruption to our core operations.

同時，我們第三季的資本支出（不包括融資交付前付款）總計 5,400 萬美元。這些投資包括購買備用發動機，這對於維持業務連續性和減輕我們核心業務的干擾至關重要。

Volaris ended the quarter with a total liquidity position of $830 million, representing 26% of the last 12-months total operating revenues. As of September 30, our net debt-to-EBITDA ratio lowered to 2.7 times from 3.5 times at the end of the third quarter of 2023 and 2.9 times at the end of the last quarter. I want to emphasize that we have been consistently deleveraging for the past seven quarters, reflecting our commitment to profitability and disciplined approach to capital allocation.

截至本季末，Volaris 的總流動資金狀況為 8.3 億美元，佔過去 12 個月總營運收入的 26%。截至 9 月 30 日，我們的淨負債與 EBITDA 比率從 2023 年第三季末的 3.5 倍和上一季末的 2.9 倍降至 2.7 倍。我想強調的是，過去七個季度我們一直在持續去槓桿，這反映了我們對獲利能力的承諾和嚴謹的資本配置方法。

Moreover, we expect to continue deleveraging throughout the fourth quarter, finishing 2024 around 2.5 times. Equally important, we have no significant near or medium-term debt maturities.

此外，我們預計第四季將繼續去槓桿，到 2024 年底將達到 2.5 倍左右。同樣重要的是，我們沒有重大的近期或中期債務到期。

Moving briefly to our P&L for the first nine months of 2024 compared to the same period of 2023, total operating revenues were $2.3 billion, a 2% decrease despite flying 15% fewer ASMs over that time. CASM was $0.0802, just a 3% increase as average economic fuel cost fell by 9% to $2.83 per gallon. CASM ex-fuel was $0.0530, 11% higher, despite the strong headwind from the reduction in ASMs.

與 2023 年同期相比，我們 2024 年前 9 個月的損益表顯示，總營運收入為 23 億美元，儘管在此期間 ASM 的飛行次數減少了 15%，但仍下降了 2%。CASM 為 0.0802 美元，僅上漲 3%，而平均經濟燃料成本下降 9% 至每加侖 2.83 美元。儘管 ASM 減少帶來了強勁阻力，但 CASM 燃油價仍上漲 0.0530 美元，上漲 11%。

EBIT was $296 million, up from $58 million for the first nine months of 2023, and EBIT margin was 12.8%, up 10 percentage points. EBITDAR totaled $810 million, a 50% increase with an EBITDAR margin of 35.1%, up 12 percentage points. Net income was an $81 million profit versus $104 million loss for the year ago period, translating into earnings per ADS of $0.70. This was our best result in the first nine months since 2021.

息稅前利潤為 2.96 億美元，高於 2023 年前九個月的 5,800 萬美元，息稅前利潤率為 12.8%，上升了 10 個百分點。EBITDAR 總計 8.1 億美元，成長 50%，EBITDAR 利潤率為 35.1%，上升 12 個百分點。淨收入為利潤 8,100 萬美元，而去年同期為虧損 1.04 億美元，相當於每股美國存託憑證收益 0.70 美元。這是我們2021年以來前九個月的最佳成績。

As of September 30, our fleet consisted of 137 aircrafts, up from 125 a year ago with an average age of 6.3 years. Due to the engine inspections, we had an average of 34 aircraft on ground during the third quarter. We received 1 A320neo during the quarter for a total of six new aircraft year-to-date from our order book with Airbus.

截至 9 月 30 日，我們的機隊由 137 架飛機組成，比一年前增加了 125 架，平均機齡為 6.3 年。由於引擎檢查，第三季我們平均有 34 架飛機停飛。本季度，我們收到了 1 架 A320neo，今年迄今為止，我們向空中巴士訂購了共 6 架新飛機。

Earlier in the year, we also received 2 A320ceos under a straight operating leases as part of our mitigation plan for the engine inspections. Including these returns, extensions and the return of productive aircraft, we target an average of low-to-mid teens annual capacity growth for the next few years.

今年早些時候，作為引擎檢查緩解計劃的一部分，我們還透過直接經營租賃獲得了 2 架 A320ceo。包括這些返回、擴展和生產性飛機的返回，我們的目標是未來幾年年平均產能成長率達到百分之十幾到十幾。

In line with our expectations, our CapEx, excluding financed predelivery payments totaled $234 million for the first nine months of 2024. As a final note on capital allocation, this quarter, we expanded one of our predelivery payment facilities. Volaris now has finance PDPs that cover our expected deliveries through 2027.

根據我們的預期，2024 年前 9 個月的資本支出（不包括融資交付前付款）總計 2.34 億美元。關於資本配置的最後一點，本季度，我們擴大了一項交付前付款方式。Volaris 目前擁有的財務 PDP 可涵蓋我們到 2027 年的預期交付量。

Before concluding my remarks, I will address our updated guidance. While our overall outlook for the year remains unchanged, we are pleased to once again raise our full year EBITDAR margin as we continue to exceed expectation and expect to benefit from more favorable jet fuel prices for the remainder of the year.

在結束我的演講之前，我將談談我們的最新指導。雖然我們對今年的整體前景保持不變，但我們很高興再次提高全年 EBITDAR 利潤率，因為我們繼續超出預期，並預計在今年剩餘時間內將受益於更優惠的航空燃油價格。

For the fourth quarter 2024, we are expecting an ASM reduction of approximately 7% year-over-year, TRASM of around $0.096, CASM ex-fuel of approximately $0.055 and an EBITDAR margin of around 39%. Our fourth quarter 2024 outlook assumes an average foreign exchange rate of MXN 20.3 to MXN 20.5 per $1 and an average US Gulf Coast jet fuel price of $2.2 to $2.3 per gallon.

對於 2024 年第四季度，我們預計 ASM 年比減少約 7%，TRASM 約為 0.096 美元，CASM 不含燃料約為 0.055 美元，EBITDAR 利潤率約為 39%。我們對 2024 年第四季的展望假設平均外匯匯率為每美元 20.3 至 20.5 墨西哥比索，美國墨西哥灣沿岸平均航空燃油價格為每加侖 2.2 至 2.3 美元。

Based on our fourth quarter guidance, we now anticipate a full year ASM reduction of approximately 13% year-over-year compared to our previous guidance of 14% decline. Additionally, we are raising our full year EBITDAR margin forecast to around 36%, up from our prior range of 32% to 34%. Lastly, we continue to project CapEx net of financed predelivery payments to be approximately $400 million.

根據我們第四季的預期，我們現在預計全年 ASM 將年減約 13%，而我們先前預期的下降幅度為 14%。此外，我們將全年 EBITDAR 利潤率預測從先前的 32% 至 34% 上調至 36% 左右。最後，我們繼續預期扣除融資交付前付款後的資本支出淨額約為 4 億美元。

On a final note, we took advantage of the declining jet fuel prices in September by securing tactical hedges for the high season months of November 2024 through January 2025. We have hedged approximately 30% of our projected fuel consumption for this period using Asian call options linked to Gulf Coast jet fuel with an average strike price of $2.25 per gallon. To be clear, if the spot gulf coast jet fuel grows above $2.25 per gallon, we get the benefit of the hedge. But if it goes down, we capture the full downside, net of the premium paid in September.

最後要說的是，我們利用 9 月航空燃油價格下跌的機會，為 2024 年 11 月至 2025 年 1 月的旺季做好了戰術對沖。我們使用與墨西哥灣沿岸航空燃油掛鉤的亞洲看漲期權對沖了這段時期預計燃料消耗的約 30%，平均執行價格為每加侖 2.25 美元。需要明確的是，如果墨西哥灣沿岸航空燃油現貨價格上漲至每加侖 2.25 美元以上，我們將獲得對沖利益。但如果它下跌，我們將獲得全部下跌空間，並扣除 9 月支付的溢價。

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

現在我將電話轉回給恩里克，請他作最後發言。

Thank you, Jaime. Before we begin Q&A, I want to call attention to Volaris' integrated annual report for 2023, which we recently published on our investor website. Last year, we navigated numerous headwinds, including the government-mandated slot reductions at Mexico City International Airport, the prolonged category second downgrade and the onset of the GTF engine inspection.

謝謝你，傑米。在我們開始問答之前，我想請大家注意我們最近在投資者網站上發布的 Volaris 2023 年綜合年度報告。去年，我們克服了許多困難，包括墨西哥城國際機場政府強制削減時刻、第二類航班長期降級以及開始進行 GTF 發動機檢查。

We financially overcame these challenges and maintained our commitments to our ambassadors, passengers, communities, investors and the environment, meeting the best corporate governance practices. While I will not discuss our corporate sustainability strategy in depth on this call, I would like to note that multiple stakeholders have recognized our platform on sustainable practices in business and aviation and how this effort has uniquely created value. I invite you to review our integrated annual report to learn more about Volaris' initiatives for corporate development, climate protection and long-term sustainability.

我們在財務上克服了這些挑戰，並保持了對我們的大使、乘客、社區、投資者和環境的承諾，滿足了最佳的公司治理實踐。雖然我不會在這次電話會議上深入討論我們的企業永續發展策略，但我想指出的是，多個利害關係人已經認可我們在商業和航空領域可持續實踐的平台，以及這項努力如何創造獨特的價值。我邀請您查看我們的綜合年度報告，以了解有關 Volaris 的企業發展、氣候保護和長期永續發展舉措的更多資訊。

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

非常感謝您的聆聽。接線員，請打開電話線以回答問題。

(Operator Instructions).

（操作員指令）。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hi, thank you. Good morning. Can you help us think about the shape of capacity into the first quarter and the first half of 2025? You've given us a preliminary view on the year, but I wonder if you could speak to how you expect maybe to start the year from a growth perspective in the first quarter.

你好，謝謝。早安.您可以幫助我們思考一下 2025 年第一季和上半年的產能狀況嗎？您已為我們提供了今年的初步看法，但我想知道您是否可以從第一季的成長角度談談您對今年年初的預期。

Thanks for your question. So we are finalizing our operating plan, but we're looking at growth in the mid-teens for the first half of 2025, approximately. And that's still a little bit under discussion depending on the situation at Pratt & Whitney and Airbus.

感謝您的提問。因此，我們正在最終確定營運計劃，但我們預計到 2025 年上半年的成長速度將達到十五六個百分點。根據普惠公司和空中巴士的情況，這仍在討論中。

Okay. So, that would be a reasonable assumption for the first quarter?

好的。那麼，這對於第一季來說是一個合理的假設嗎？

Yes, that would be a reasonable assumption.

是的，這是一個合理的假設。

Okay. And then with respect to the new administration, I know it's only been a few weeks here, but any early view on how the relationship may be changing? Any new policies you care to highlight?

好的。關於新政府，我知道這才過去幾個星期，但對於兩國關係將如何變化，您有什麼初步看法嗎？您想強調什麼新政策嗎？

Duane, this is Enrique Beltranena. To be honest with you, we have met recently the new authorities, and we expect, to a certain extent, some continuity on the aviation policies as the same party is basically heading the government. We have established a close communication and interactions with the new authorities. And we have conveyed the need to continue promoting the healthy development of the sector.

杜安，這是恩里克·貝爾特拉內納。老實說，我們最近會見了新的當局，我們預計，由於政府基本上由同一個政黨領導，因此航空政策在一定程度上會具有連續性。我們與新的當局建立了密切的溝通和互動。我們已經傳達了繼續促進該行業健康發展的必要性。

We have secured the level playing field among all industry participants. We have strengthened and modernized regulators. We think we can facilitate access to competitive inputs. And finally, I -- consolidate the Mexico City metropolitan airport system, among other priorities. Those are the topics that we have on our agenda with the conversations that we have with the recent government, and this is what we expect.

我們確保了所有產業參與者之間的公平競爭環境。我們加強並現代化了監管機構。我們認為我們可以促進獲得競爭性投入。最後，我的首要任務之一是整合墨西哥城市大都會機場系統。這些是我們與最近幾屆政府對話時討論的議題，這也是我們所期望的。

Okay, I know it's early, so appreciate the thoughts.

好的，我知道現在還早，所以請多多包涵。

Mendes, JPMorgan.

門德斯，摩根大通。

Hey, good morning guys. And thanks for taking my question. Can you help us think about the recent FX depreciation in Mexico, the ability that the company might have to pass it through into fares? And Enrique, one follow-up on your comments about the new administration. You mentioned about the Mexico City hub. Any views if the slots restrictions could change anytime soon? Thank you.

嘿，大家早安。感謝您回答我的問題。您能否幫助我們思考一下墨西哥最近的外匯貶值以及公司將其轉嫁到票價中的能力？恩里克，我想跟進你對新政府的評論。您提到了墨西哥城樞紐。您對老虎機限制是否會很快改變有什麼看法？謝謝。

Guilherme, this is Jaime. I will answer first the question on FX, and then I pass it over to Enrique for the political questions. On FX, Guilherme, as you noticed, as we increase the network to the US in the cross market, we are now at a 41% collections in US dollars. Our goal is to increase that to 50%. And in addition, we invest 90% of our cash balance in US dollars. We have a natural hedge based on the company since our cost expense is 60%. So we are basically naturally hedging the FX impact on our business.

吉列爾姆，這是傑米。我將首先回答有關外匯的問題，然後將政治問題交給恩里克。關於外匯，Guilherme，正如您所注意到的，隨著我們在交叉市場中擴大與美國的網絡，我們現在以美元收款的比例達到 41%。我們的目標是將這一比例提高到 50%。此外，我們將 90% 的現金餘額以美元投資。由於我們的成本費用為 60%，因此我們對公司有自然對沖。因此，我們基本上自然而然地對沖了外匯對我們業務的影響。

This is Enrique Beltranena. Speaking about the reactions of the new government in terms of the metropolitan airports, what we saw yesterday in a meeting that we had with this Under Secretary of Transportation is that the general in charge of the agency regulation said that there are a lot of pressures in terms of changing the slots and the number of slots in Mexico City and that they don't think it's going to happen.

這是恩里克·貝爾特拉內納。談到新政府對大都會機場的反應，我們昨天在與交通部副部長舉行的會議上看到，負責機構監管的總經理表示，在改變墨西哥城的航班時刻和數量方面面臨很大的壓力，他們認為這不會發生。

And the second thing that he stated is that they expect to continue doing what they have done during the last six years in terms of number of slots and the way they are managing the system, except for the discussion of the new regulation that has been discussed and proposed that it's probably going to be approved in the following month or 1.5 months.

他表示的第二件事是，他們希望繼續過去六年在時段數量和系統管理系統方面所做的工作，除了討論已經討論並提出的新法規，該法規可能會在下個月或一個半月內獲得批准。

Okay. Very clear. Thank you.

好的。非常清楚。謝謝。

Stephen Trent, Citi.

花旗銀行的史蒂芬‧特倫特 (Stephen Trent)。

Good morning, gentlemen. And thanks very much for taking my question. Sort of a follow-up first off. Jaime, I think you said 50% of collections and 90% of cash balances are in US dollars. As we think about what those numbers might look like long term, do you think they stay around that level or maybe they possibly tilt further towards the dollar?

先生們，早安。非常感謝您回答我的問題。首先，這是一種後續行動。Jaime，我記得你說過 50% 的收款和 90% 的現金餘額都是以美元計算的。當我們思考這些數字的長期前景時，您認為它們會保持在這個水平還是可能進一步向美元傾斜？

Hello Steve, today, we are at 41% collection in US dollars. We aim to increase that to 50% next year based on the network that we are planning to grow into the international markets. And we keep to maintain the way we invest the money, always above 90% in US dollars.

你好，史蒂夫，今天我們的美元收款率為 41%。我們的目標是，基於我們計劃拓展到國際市場的網絡，明年將這一比例提高到 50%。我們將繼續保持目前的投資方式，90%以上資金將用於美元投資。

Perfect. I hadn't heard you correctly. Appreciate the clarification. And just a quick follow-up question. I definitely appreciate half of the routes you serve are bus routes. Do you think with the cross-border growth, some of the future growth could come from international bus routes in places that you serve, like McAllen, for example?

完美的。我沒有聽清楚你的話。感謝您的澄清。這只是一個簡單的後續問題。我非常欣賞你們所服務的路線中有一半是公車路線。您是否認為，隨著跨國的成長，未來的成長可能部分來自您所服務地點的國際巴士線路，例如麥卡倫？

Stephen, this is Holger. We currently already operate many routes that are niche routes that operate into the US. Think about Guadalajara-Reno, for example, which is a route that is a VFR niche route that passengers typically used the bus previously and now fly with us. And we continue to see opportunities in our VFR core in the U.S. as we move along. We have started two routes in the southbound leisure segments where American tourists go to the Mexican beach destinations. And that is a major opportunity going forward as we grow the company.

史蒂芬，這是霍爾格。我們目前已經營運了許多飛往美國的小眾航線。以瓜達拉哈拉 - 雷諾為例，這是一條 VFR 小眾航線，以前乘客通常會搭乘巴士，現在搭乘我們的航班。隨著我們不斷前進，我們在美國 VFR 核心中繼續看到機會。我們已經開闢了兩條南行休閒航線，供美國遊客前往墨西哥海灘目的地。這是我們公司未來發展的一個重要機會。

Thanks very much

非常感謝

Thomas Fitzgerald, TD Cowen.

托馬斯·菲茨杰拉德（TD Cowen）。

Thanks very much. Can you help us think about the other operating income line in 2025? Do you think that will be lower than it is in '24?

非常感謝。您能幫我們思考一下2025年的其他營業收入線嗎？您認為這會比 24 年更低嗎？

This is Jaime, Thomas. It will be a little lower because we expect this year, as you know, we are around 34 aircrafts average during the full year down to the engine inspections. That number should go down to 30, 31. So that line, we will have a similar percentage down trade next year.

這是傑米，湯瑪斯。這個數字會稍微低一些，因為如你所知，我們預計今年全年平均有 34 架飛機需要進行引擎檢查。該數字應降至30、31。因此，明年我們的貿易額將出現類似的下降。

Okay. That's really helpful. And then would you mind just giving some color on how bookings and fares are looking for early 2025 in some of the US and the Mexico routes that you've been discussing?

好的。這真的很有幫助。那麼，您介意介紹一下您所討論的 2025 年初美國和墨西哥部分航線的預訂和票價情況嗎？

So, this is Holger. We're looking at pretty solid bookings into the fourth quarter as we approach the high season in November and December. Typically, we see a strong performance in the cross-border market, in our VFR core markets. So we see a healthy fare environment and healthy demand environment in those markets. And we believe that this trend is going to continue into the first quarter of 2025. The additional capacity that we added into the trans-border market earlier in the year is maturing well. We saw good results in the summer season, and that capacity is coming to full maturity in the fourth quarter 2024.

這是霍爾格。隨著 11 月和 12 月旺季的臨近，我們預計第四季度的預訂量將相當穩定。通常，我們會在跨國市場，也就是我們的 VFR 核心市場中看到強勁的表現。因此，我們看到這些市場的票價環境和需求環境都很健康。我們相信這一趨勢將持續到 2025 年第一季。我們今年稍早在跨境市場增加的額外產能正在逐漸成熟。我們在夏季看到了良好的業績，並且該產能將在 2024 年第四季全面成熟。

Rogerio Araujo, Bank of America.

美國銀行的 Rogerio Araujo。

Thanks for the opportunity and congratulations on the results. I have a couple here. The first one is, what were the main surprises to Volaris as the company has guided a margin last quarter, but delivered higher margin than previously thought? And do you judge those items as sustainable going forward? This is the first one.

感謝這次機會並祝賀所取得的成果。我這裡有一對。第一個問題是，Volaris 上季度預計利潤率，但實際利潤率卻高於先前預期，這主要令人意外嗎？您認為這些項目未來是否具有永續性？這是第一個。

And the second, if you could give us an update, if there was any change in terms of timing expectations for Pratt & Whitney engine recalls, anything you could share here would be useful.

第二，如果您能向我們提供最新消息，如果普惠引擎召回的時間預期有任何變化，您在這裡分享的任何資訊都會很有用。

This is Jaime. On your first answer, I think the surprises was the fuel price and better TRASM than we budgeted. And can you repeat the second question, please?

這是詹姆。對於您的第一個回答，我認為令人驚訝的是燃料價格和比我們預算更好的 TRASM。您能重複一下第二個問題嗎？

Sure. No worries. And do you see any changes on Pratt & Whitney engine recall expected timing? If all the information you provided last quarter, if all those remain or if there was any change on how you're seeing the timing for the engine recalls?

當然。不用擔心。您是否認為普惠引擎召回預計時間有任何變化？如果您在上個季度提供的所有資訊是否全部保留，或者您對引擎召回時間的看法是否有任何變化？

Rogerio, this is Enrique Beltranena. We have seen good progress and the overall wing-to-wing time, including inductions and turnaround at the shops has been a significant reduction, I would say, from 350 days previously now to closer than to 300 days. Currently, we have, I would say, a strong pipeline with multiple engines undergoing various stages of maintenance. Several more set to enter the process before yearend also. And all these inductions are confirmed with materials and spare parts ready for repairs.

羅傑裡奧，這是恩里克·貝爾特拉內納。我們取得了良好的進展，包括入職培訓和車間週轉時間在內的整體機翼到機翼時間已經顯著減少，從以前的 350 天減少到現在的接近 300 天。目前，我們可以說擁有一條強大的管道，其中有多台引擎正在進行不同階段的維護。年底前還將有更多企業進入這項進程。並且所有這些感應都已確認準備好維修所需的材料和備件。

As a result, the outlook for engine redeliveries over the next six months is looking very solid and reliable and very, very comparable with what capacity we'll be stating for the first semester of next year once we finish our operating plan and our budget process towards 2025.

因此，未來六個月引擎重新交付的前景看起來非常穩固可靠，並且與我們在完成 2025 年營運計畫和預算流程後明年第一學期的產能非常相當。

Perfect. Thanks very much.

完美的。非常感謝。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

Yes. So, I have a question on the profitability of international -- your international routes versus domestic. If I understand it correctly, as capacity returns, you will be prioritizing international routes. And assuming the peso stays around the current level, like on average, how is the profitability of those international routes versus domestic currently? And also, could you please clarify, I didn't get the hedging, for how long have you hedged 30% off your fuel needs?

是的。所以，我對國際航線與國內航線的獲利能力有疑問。如果我理解正確的話，隨著運力恢復，你們將優先考慮國際航線。假設比索維持在當前平均水平，那麼目前國際航線與國內航線的獲利能力如何？另外，您能否澄清一下，我沒有得到對沖訊息，您對燃料需求 30% 的對沖持續了多長時間？

So, on the route profitability, domestic versus international, we typically don't break that down. But we can tell you that growth is going to be rather balanced next year between domestic and international.

因此，就國內航線和國際航線的獲利能力而言，我們通常不會進行細分。但我們可以告訴你，明年國內和國際的成長將相當均衡。

This is Jaime. On the hedge questions, what we hedge is what's 30% of the consumptions of the months of November, December of this year and January of next year with Asian calls with a strike price of $2.25.

這是詹姆。關於對沖問題，我們以執行價格為 2.25 美元的亞式買權對沖今年 11 月、12 月和明年 1 月消費量的 30%。

Okay, perfect. So basically, the next three months, and -- okay, perfect. At the same price, right $2.25?

好的，完美。所以基本上，接下來的三個月，好吧，完美。價格一樣，2.25 美元對吧？

Correct.

正確的。

If I may -- this is Enrique Beltranena again. I acknowledge very well your concern about deploying capacity in the future and combining capacity returning from Pratt & Whitney and additional capacity for Airbus new deliveries. But I want to reiterate that we will make decisions based on profitability, not market share, and we will remain prudent and rational as we reintroduce the capacity to the market.

如果可以的話——我又是恩里克·貝爾特拉內納。我非常理解您對未來運力部署以及結合普惠公司恢復的運力和空中巴士新交付的額外運力的擔憂。但我想重申，我們的決策將基於獲利能力，而不是市場份額，我們將在重新向市場引入運力時保持審慎和理性。

Perfect. Very clear. And if I may, just one follow-up. You mentioned that you expect to continue with the mix of international versus domestic as you redeploy capacity, but then how will you raise your revenue mix from 41% to 50%? That's what I'm struggling to square.

完美的。非常清楚。如果可以的話，我只想問一個後續問題。您提到，在重新部署運力時，您希望繼續採用國際和國內航班的組合，但是您將如何將您的收入組合從 41％ 提高到 50％ 呢？這就是我正在努力解決的問題。

So it's going to be due to a maturing of the routes that we added to the -- this year, the capacity that we added this year to the US market, to the trans-border market, and additional frequencies and routes and destinations that we're going to open next year into the U.S. Also, one important point to mention is that the ancillaries on the international markets are typically somewhat higher than domestic, and that also drives an improved TRASM performance.

因此，這將歸功於我們今年新增的航線日趨成熟，我們今年在美國市場和跨境市場增加了運力，以及我們明年將在美國開通的額外頻率、航線和目的地。

Michael Linenberg, Deutsche Bank.

德意志銀行的麥可‧林伯格（Michael Linenberg）。

Question to Jaime. I know you answered the question for 2025 as it relates to the other operating line. Fourth quarter, should we assume roughly 34 airplanes on the ground?

向 Jaime 提問。我知道您回答了 2025 年與其他營運線相關的問題。第四季度，我們是否應該假設地面上有大約 34 架飛機？

Yes. I think for the fourth quarter, it's better than the third. We expect to have around 32 aircrafts average, on the ground. As Michael, that line is basically flat compensation. Year-to-date, we have only booked sale and leaseback gains for $18 million.

是的。我認為第四季比第三季好。我們預計地面上平均有 32 架飛機。正如邁克爾一樣，那條線基本上是固定補償。年初至今，我們只記錄了 1,800 萬美元的售後回租收益。

Okay. And then sort of related to that, I know last year, a lot of times, the fourth quarter is usually a time when we see airlines decide to extend leases. And so in some cases, we do get a credit in the redelivery line. I know we had that last year in the fourth quarter. Is there going to be something impacting the fourth quarter this year with respect to the redelivery line? Could that actually be a credit rather -- or a reversal, I guess, is maybe the way I'm saying it.

好的。與此相關的是，我知道去年很多時候，第四季通常是航空公司決定延長租約的時候。因此在某些情況下，我們確實在重新交付過程中獲得了信用。我知道去年第四季我們就出現過這種情況。今年第四季的重新交付線路是否會受到什麼影響？這實際上可能是一種信用——或者是一種逆轉，我猜，也許我是這樣說的。

No, Michael. We did all of the extensions of 2025 in the fourth quarter of last year and the [first Q] of this year. So when you compare '23 to '24, you're going to see that notice. So the variable lease on engine line will be on the historical level without any one-off.

不，麥可。我們在去年第四季和今年第一季完成了 2025 年的所有延期。因此，當您將 23 年與 24 年進行比較時，您會看到該通知。因此，發動機生產線的可變租賃將處於歷史水平，不會發生任何一次性事件。

Okay. Great. And then just one quick last one. Just to Holger on some of these new markets where you're targeting leisure customers. And yet when I look at the cities, there still may actually be surprisingly a VFR component there. Is it possible that some of these new southbound markets, the split rather than being 100% leisure, could it be something more like [85%-15%]? Your thoughts on that?

好的。偉大的。最後再說一句。只是想向霍爾格介紹一下你們針對休閒顧客的一些新市場。然而，當我觀察這些城市時，我發現那裡仍然令人驚訝地存在著 VFR 組件。是否有可能，這些新的南向市場中的一些，不是 100% 的休閒市場，而是更像[85%-15%]？您對此有何看法？

Michael, absolutely. Obviously, we're going to target markets where we already have a presence, and there is going to be a mix of customer profiles. Absolutely.

邁克爾，絕對如此。顯然，我們將瞄準我們已經存在的市場，並且將包含各種各樣的客戶類型。絕對地。

Very good. Thank you.

非常好。謝謝。

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.

今天的問答環節到此結束。我現在請貝爾特拉內納先生作結束語。先生，請繼續。

Thank you very much, operator, and thank you very much to everybody listening in this call. As always, I want to thank you to our family of ambassadors; obviously to our Board of Directors; and you the investors, bankers, lessors and suppliers for your commitment and support. I really look forward to addressing you all again for our full year earnings in a short period.

非常感謝接線員，也非常感謝收聽本次通話的所有人。一如既往，我要感謝我們的大使大家庭；顯然是我們的董事會；並感謝各位投資者、銀行家、出租人和供應商的承諾和支持。我非常期待在短時間內再次向大家介紹我們的全年收益。

Thank you very much, and I wish you a Merry, Merry Christmas.

非常感謝，祝您聖誕快樂。

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，祝您有愉快的一天。