CPA - Earnings call 3 2023 | Copa Holdings, S.A.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings Third Quarter Earnings Call. [Operator Instructions] As a reminder, this call -- this webcast is being recorded on November 16, 2023.

Now I will turn the conference call over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

Daniel Tapia

], everyone, Avy Quarter our [ Call. Earnings you, and to welcome, Third Thank

are CEO Pedro and today us Joining Heilbron, our Jose of CFO. Montero, Holdings; Copa

followed over First, prepared results. financial in have Financial analysts. we call International third by Copa will the after, who Reporting going accordance open questions Pedro quarter discuss with start Immediately highlights, Standards. been for by will our Holdings Jose, will reports our from financial

A which we reconciliation financial company's call, In posted will to found financial measures. on the discuss IFRS of today's measures in non-IFRS non-IFRS our has the be can copaair.com. earnings website, release, been

future contain to in risks to facts discussion the on expectations differ could company's uncertainties will also limited regarding These assumptions filed based subject not beliefs, that of results our are that annual and SEC. statements forward-looking Many forward-looking events Our the and cause results. involve reflect materially historical to actual discussed with current are these today intentions change. report and statements, and/or

I'd over CEO, call Heilbron. Pedro to to like Mr. turn our Now the

Pedro Heilbron

Daniel. earnings you, morning Thank for and call. third our to participating in thanks Good quarter all

always, gratitude I highest as commitment and begin, aviation. we Copa dedication my my admiration. our to continuous sincere like their them, to coworkers kept for Before regards forefront to all Their of extend the company. at the would efforts American To have Latin and

capacity to release, industry-leading by third our earnings quarter. our see once Copa continuing able you As for in year-over-year. while digits to operating financial deliver quarter the reported again, can We double were margins grow strong results

our region low unit ex-fuel on demand quarter results third were The delivering robust by a focus environment the in and driven costs.

capacity compared highlights of Passenger main growth 'XX, the to XX.X%. our outpacing for XX.X% QX. summarize same period I'll in the grew traffic Now

of a jet 'XX and $X.XXX. distribution unit to in As quarter RASM load X.X by per decreased XX.X% revenues resulting at Unit costs. QX $X.XXX in a Passenger 'XX, QX percentage lower points lower for came factor fuel XX.X%. driven or compared and to to by price increased result, sales compared the costs yield mainly gallon

costs in operating CASM-Ex X.X X% QX XX.X%, quarter a $X.XXX, higher percentage to came third our margin 'XX. in points Excluding came 'XX. in or at And decrease of the fuel, unit at compared than

On Baltimore XX.X%, the and operational once flying Copa on-time quarters, the Manta, service recently, factor performance and in U.S. best Ecuador. last X completion in we front, started in of network, Airlines in among XX.X% Barquisimeto the With world. October, an to Venezuela. again we delivered the to have Austin And and a more our the to started regards of in

America additions, serve XX now countries the these Caribbean. Central, North, and we destinations in With in XX South

Latin As connecting and in fleet. we continue strengthening our complete hub most regards position our convenient to the and as solidifying America. With

we quarter, two XXX third X a of with the took delivery total of XXX aircraft. During MAX quarter ending the

one seasonal Turning Panama third Caracas, Cali Wingo of to from David routes domestic route now start network Aruba. the to from to flight Panama its and Wingo. the Bogota from expansion with new Venezuela; quarter, continued X City a to In

Medellin Wingo Santa to Medellin announced one route started to December from from domestic in October, Additionally, additional service Marta. Cartagena in and

cities to to expects countries. routes service end year in operating with the Wingo additions, these XX XX With XX

expectations. Now turning current to our

in the capacity the double-digit preliminary costs. continue expect and 'XX We in for full demand strong you growing our we region. release results And environment our in XXXX, we financial continue to yesterday, and a see further low reduce see our range published as plan unit earnings robust in can to year

growing quarter summarize, we XXXX XX% the delivered strong provide always, results while will Jose and As more capacity outlook. To third regarding year-over-year. details XXXX

to costs robust see We during on deliver low cost unit We our region. we fuel in continue the a achieved strategies. execution and environment demand to the continue quarter

continue travel for in We our Americas. the and most strengthening hub the convenient network, and complete growing

results. world-leading always, deliver continues to And team our as operational

ever we as as Lastly, remain business in confident our model.

passengers, We Latin continue and us to best deliver America low connecting our product results. including for our a positioned making to in network deliver best the high cost, unit the region margins airline great in industry-leading consistently

over I'll Now Jose, who will to over it turn more financial detail. go results in our

Jose Montero

passengers. Thank efforts today. our start going all by you, I to quarter with over our to Thanks to share. in for third per us deliver $X.XX for quarter results. We or million like Pedro reported acknowledging of $XXX.X Pedro. world-class Good their the for net team being morning, everyone. great I'd service join our a profit will

or items, in profit special share. net our $X.XX came Excluding million adjusted at per $XXX.X

quarter are the available financial related of company's a items and at the retired Capacity convertible $XXX,XXX the QX related seat $XX.X to than of in unrealized in XX.X% special million gain to net or quarter $XXX we margin of an which gain and million comprised XX.X%. mark-to-market notes, value an Third operating during profit a XXXX. of billion came in investments. We reported miles quarterly of higher X.X operating changes

the period we came X.X yields of passenger achieved increase XXXX, XX.X% compared percentage $X.XXX. in point quarter, Our to while for factor at load in a the same

a XXXX. As or by in CASM to our or than decreased at QX XX.X% result, in mainly revenues lower cost fuel $X.XXX, CASM jet prices, lower came unit driven $X.XXX unit

costs low. we maintaining our initiatives finally, continue And for with our

XXXX. I'm a the September now decrease direct the liquidity. in both discussing at For the spend to higher channels, penetration balance time QX due travel lower lower distribution going X.X% ex-fuel and driven CASM costs our $X.XXX, sales and by and to Airlines agency our launched came of XXXX, sheet which by were quarter, cost some in sales of versus mainly Copa

had of close of assets billion. of $X the the to quarter, end As third we

an investments, of months' short- revenues. quarter with in of cash, $X.X and billion, long-term with $X.X net liabilities and debt billion and with XX X.Xx. XX% over debt-to-EBITDA the adjusted represents As in ended we ratio the to we of our ended terms debt, lease And came in last quarter which

report debt to cost debt pleased solely Our of currently average of is X.X%. and that the I'm of is in our range aircraft-related debt now comprised

redemption As notes of the the in with convertible we've due completed of X.X% the in we XXXX. previously senior announced, month September,

the To of paid amount the to was principal notes of notes holders for and each accrued while aggregate of unpaid of of terms converted [indiscernible]. million interest. accordance redeemed cash XXX% of their in principal inventory the the $X with transaction, a the equal amount outstanding plus $XXX aggregate holders million note in call amount summarize principal price This at in

total million in result, $XXX As generated transaction million a shares. payment the cash a X.X to approximately of addition

now our fleet. Turning to

with of XXX received received MAX total additional aircraft. XXX we fleet bring quarter, Boeing the November, XXX aircraft. we Xs total In third the XXX During X quarter Xs X to to to MAX end a our

XX Wingo. under XXX-XXXs, our XXX With continues fleet figures these to X operated X/X MAX owned aircraft include now fleet X/X operating be comprised of is our XXX-XXXs leases. aircraft XXX-XXXs. and additions, XXX-XXX freighter one comprised and of X XX of These by of Xs and are total the our

XXXX, During to to end Boeing expect aircraft the aircraft. of total receive with of of additional one the XXX XXX fleet a we remainder year MAX X

updated XX of XXXX. fleet have out financing in XX in and published deliveries plan year, aircraft, including Xs receive preliminarily, already secured XXXX the MAX X% XXX our XXX and next to our an for X Investor we MAX -- for our of fleet we of JOLCO expect Xs. Relations As XX plan, MAX XX%, We've website,

approved Turning now our repurchase execution return we new shareholders. of release of of in a million. our finalized share our a to Board share October, as And program value yesterday, $XXX In published to Directors existing of repurchase the earnings program. our

ratified the as the Additionally, be of I'm pleased year has November XXth. December fourth Board to to record dividend of our XX shareholders share $X.XX paid all of per announce of that on payment to

can outlook, year full we our provide XXXX. update following to guidance the As for

margin expect to the by ex-fuel XX% an projecting ASMs of price of we expecting basing are increase XX%, within and gallon. In XXXX, of expect deliver our load unit range year-over-year the following of We're of $X.XX $X.XX XX%. fuel XX%. We per anticipation versus to $X.XXX, be between in our assumptions: and capacity outlook a XX% increase the in are we of the range we an approximately revenues range approximately capacity to and all-in within CASM on factor operating XXXX

our continuous the commitment our ex-fuel aligning be ex-fuel with to goal the operational CASM in outlook of our achieve call This CASM $X.XXX, to range Thank Additionally, questions. reflects a we'll XXXX. to some our you. And open we of that, anticipate excellence. $X.XXX by with for

Operator

question James. [Operator Syth with Instructions] Our from first comes Savi Raymond

Savanthi Syth

the strength? revenue the last since you front, think seen that your there kind the of you're -- you And differences update and kind down on come XXXX. up and in of capacity, that's color took kind that seem ask just regional like it just even the is here seeing market driving your I don't what pullback continuing? curious see if capacity any any doesn't you've any for outlook If I of how competitive and might on has And

Pedro Heilbron

for strong have airlines. in Pedro. think other it's I especially specific is don't ourselves coming America. Savi, of mean Latin spite in I Demand capacity currencies and from also the additional the that. staying in from there's stayed that's reason strong

the And U.S. well doing is So doesn't that also. economy hurt.

those of spite all capacity. remain factors the are demand think I for in robust contributing So to

Jose Montero

In in I robust. applies the would general, all and and at. different general that regions we're say, network very only the throughout terms, this Savi, that still

Savanthi Syth

done might far, and the today? so -- share I That's helpful. ask does is the if buybacks that share And where done convert after the the count stand you've on

Jose Montero

-- shares right XX XX We're million shares at million Savi. around now,

Operator

question Evercore with next comes Pfennigwerth from ISI. Our Duane

Unknown Analyst

This on is [ for ] Duane. Jake

were it expense onetime remind from benefits the would that Is from actual that indicate the Or And what non-op. the the convert? was was on P&L through you question, new First any could run for interest this different there given us what rate non-op? quarter? the rate just coupon then

Jose Montero

I I per go say and aside cost retired the we finance would going line probably taking would effect by summarize approximately Yes, quarter. our million forward, $XX convert Jake, that the down of that that would

in coupon, So way line I that's with just we but forward, are simply noncash the right million it say cost cost I work, P&L was non-op convert in say, our going associated way the like the the mentioned change to model investments. is big of debt now I it with not terms around -- and that for yields the the have with would terms would passed reduction was average debt that the that about that in the the and rather item would the finance that's of the have lines general quarter. $XX through is accounting we associated line and The it. I a remainder that X.X% of levels the say in the per

Unknown Analyst

of that XXXX go And to little just and deeper Right. bit you stage just components a pacing gauge, seat, That break Could makes then the sense. growth. into length, the out cetera? et capacity

Jose Montero

would going Jake, the the say, for of that year next growth frequencies. majority I be is to

that of frequencies Here broken let's to about, going throughout is growth how is we around in sort And performed growth be XXXX, then say, down remainder that Then markets it of have the to full starting is, into we we XXXX. about is lapse operate call the service about, year. it. a going XX% we're year that it, that XX% the already. about kind effect we're be capacity new placing additional of of call in That's it,

into So in. is that markets present frequencies the really vast just majority we're

Unknown Analyst

patient here? of with the so be steady And that

Jose Montero

don't in throughout general it little full bit it majority a -- bumps a a cadence. or particular there throughout year, A In of terms, general think the effect. year, you is the year say, given is -- I I a yes, say, of steady. of terms, would a portion is

Pedro Heilbron

in deliveries any spread throughout are case aircraft the Our year.

reason. another that's So

Operator

Mendes from JPMorgan. comes Guilherme question next Our with

Guilherme Mendes

well. as questions Two

one is the The plan. on first fleet

MAXs. You next year guys mentioned XX about deliveries on

If in on secure you are understand come see any financing. terms XX% any aircraft kind or from deliveries? that mentioned Boeing you of of XX this that bottlenecks I risk really

So for kind of X? Yes. any if additional there's this risk

of next this on efficiency? if So are the out sustain thinking comment lower what higher kind that maybe pressure, guidance second cutting CASM you year, any initiatives ex-fuel? the question to to initiatives main there's price the of regarding CASM labor ex-fuel And is any could see for to

Pedro Heilbron

Yes.

a So few things.

the In scheduled are deliveries of terms deliveries, already XX for next JOLCO. of financed aircraft XX the year with

And at why passes That's one passed said. dates, delivery much XXXX. the is to we aircraft XX%. aircraft XXXX So of have increased to from number some pretty this terms latest Boeing, least the from that's from in

most have best of in is So it's the we again, information And already financing now. right the place.

Jose Montero

mean, -- they're manufacturers But I still chain Boeing, supply unsure we're all are Yes. aircraft facing issues.

start terms but So our But that for have issue have for line -- it's going of in general our we by preliminary terms, now, deliveries guidance, aircraft guidance guidance we for formal to year. expectations in We'll I our conversation in in a our them. February, that in issued saying in of terms a I with with our -- it's XXXX.

CASM of first for that our areas distribution. I of would terms our is in the all, year, say main of And working next continue opportunities,

has Copa the on been fleet new we Airlines doing team Connect a fleet the Our job project Copa with distribution strategy. two, our our XXX-XXX side. our continuing of are with and great there Number densification

provide will that benefits. So some CASM

Third, track we in we've had that we're with growth efficiencies the resolve working we next and the have with continue with feeding on our -- of the finally, that while overhead of leap. growth terms year. efficiencies issues get for that the And that we to some

over next have to you well. So several I think as that that's another consider months one the

Operator

question. next our for moment One

Michael Our next from comes Bank. with Deutsche question Linenberg

Michael Linenberg

to to going the more next cities? we X% Is cities? where of like the plan this going think X or just you new go on is specifically, it or XX% frequency. -- dots on XX% be a what what saw was of It Jose, cities? X Maybe be like new new I a I of ASMs are number Is added year X year's number new new back sounds the maybe it this or XX% to want service. map cities, X to X to what to with

Pedro Heilbron

Mike, one. that I'll answer

of But more at of we don't We possibilities. information right little year. more still we'll give not maybe new and and in we'll but we few, end We're kind much early many So on announcements. a share. target cities it planning. be the don't should a bit working we're a usually than bit want maybe midyear there's to know make help few And start because really the a can have we'll it's now, and February -- more we a

So we months have still some to go.

Michael Linenberg

Very good.

X frequency airplanes routes year. in X Wingo my this is airplanes now, move more as Just in keep to a through plan at the question, second we or XXXX? more Is Wingo

Pedro Heilbron

is the plan now, dynamics That of and Colombian plan of as that's yes. given right the market -- the the

plan now. So yes, that's the right

Michael Linenberg

launched XX months. think XX of some question, big we've I the about last some Great. cost of my your And just then think have last when advantage, the Okay. debt other about of when seen you capital a I that significant competitors over deals to

And so that X.X% cost of debt that's low.

or JOLCOs, XX think does airplanes the with already reach that X.X%? about should you change for'XX? financed as that think we have As about that How XX been we your average financing

Jose Montero

Mike, rate. an Yes. higher. and on so a it's fixed X% XX% we point, I'll fleet a But right we of range aircraft the our that -- you give -- we're financed our the by you their could incremental data way, around have is now, argue of little in

So given aircraft the set environment, changes But rates have in of affected us our last interest not on rates. significantly. the variable current

rates So if when down. we'll and enjoy benefit of the come

very good. range, X% the around it's still but -- So

Operator

for One our moment next question.

from with Bank of Our next Araújo Rogério America. question comes

RogÃ©rio AraÃºjo

Copa, and second peers It oil of it's price or sustainable at fuel a coming that? know booking next RASM. didn't for mismatch it you're going one provide -- guidance capacity the in What this give direction? in on driving I all for Is coming year? on give still what for the moment? the between jet expected X, but results, only us in the regarding you you curve can didn't it an is forward? Is I region. 'XX And question have because any down but XXXX Can the is happen extra versus unknown in seeing us the you Congratulations XQ.

Pedro Heilbron

Okay.

'XX. months So not giving always one. like Still we're start and is guidance early future. RASM or for visibility the And yes, months X the into our X first with I'll

following so seeing we've we're what and would revenue strength QX. it's So the QX stayed is far, XXXX, same the that which be seen trend early in robust,

with even are revenues So staying that capacity the far. so you strong mentioned,

Jose Montero

Yes.

the right jet the the spiked between and $XX little of In in barrel. crack crude, now a yes, and per bit range. it's It's fuel mismatch jet fuel of quarter terms during over

what it is we've level of fuel recouping to expense was we've in our fourth but and what, our this and it's higher historically done on our revenues And with the in or -- -- you than learn but a at regular expense a know basis. in terms of some high, historically not unit So recapping it incremental guidance. manage that revised quarter

to And do. the we so in it's something it's know -- how I think end,

RogÃ©rio AraÃºjo

guidance, that And the includes one. Is great. few the on curve? last current Sounds one follow-up it

Jose Montero

Yes, yes, like ago, current days absolutely. It's as jet of yes. a X curve

$X.XX that price it's in. there -- in. August. see above by fuel It's all our guidance in provided we the -- So We all last we average

Operator

for our next moment question. One

Our next with Stephen from Trent Citi. question comes

Stephen Trent

definitely I XXXX. appreciate on the color

think flight do possible Tocumen? growth? that Or build-out, you you could some As banks those make daily X are XXXX with to that think about you you at content the maintaining adjustment with

Pedro Heilbron

Not adjustments our can Yes. 'XX. that we whole strengthen and structure. could 'XX. the fill in our can think in bank the there I We future, not strengthen opportunities, but X are in we are plan There further still network. make we gaps that's mean

So plan that's the for now.

Stephen Trent

what I page. follow-up, looking And of think that. towards a from CASM some channel at tilt color good sales, that as coming might Perfect XXXX this, do very for appreciate example? be more ex-fuel, degree you direct for to my

Jose Montero

It's driven target, the That's of absolutely. strategy strategy. Copa big a No, through part months. large several Sure. clearly having been for last sub-X, a great our portion on working over our it's been multiyear in CASM Connect

certainly X.X% X.X% a track XXXX our that's So XXXX. in and continued big portion towards of

Pedro Heilbron

achieving we're Stephen, costs holding we ASMs. the tight, from holding fixed That's also, benefit our in And numbers. so way overhead, it's another growth

Jose Montero

items countries, in not control. et There of pressures might inflationary or about the that's always Yes. because ARB. mean we're sort And aerospace, be cetera, charge headwinds talking that look, different of might and whatever, increases of there's we CASM, thing I

such As cetera. Copa diversification, partners own those efficiencies et with projects we Connect our try internal with counter or to and as

we always our our of costs as can have keeping So guard as low in be. up they terms

Stephen Trent

you That's a few very Okay. And helpful. very, weeks. in see

Operator

for moment One next our question.

Daniel Our Seaport Global. comes next with McKenzie from question

Daniel McKenzie

some I guess us distribution following lower you just what back up that to on if and question, that exactly. around can wondering Connect to put costs. help I'm last going means Copa numbers

more savings to seeing And change helping initiative? the what distribution and So revenue. on how specifically cost drive is from in the you're strategy this you

what percent with copa.com maybe that, example? feature, coming related So to a actually upsell for an the just purchasing ticket of are to passengers

Pedro Heilbron

Okay.

mentioned, So comments, a give too. thing start with are of Jose info We call strategy, asking. let To I say me would some XX% NDC few channel already for the time the very I'll much sales, we Copa And gather general our But then direct see as we direct first the Jose agencies. to that, is quickly. which you're how including date, has been distribution can Connect successful. over

other connect So when that our add channel, and NDC through we we're direct website, agencies our XX%. our the channels over

used way be first started. year ago the year It a around, we when to other over a

lowest it's upselling, a very it's website significant right of work ancillaries percent bags. also and for projections that and this going website, question passengers. now And the course, year. direct, a significant to only like able via and the additional seats Then options revenue NDC -- for in passengers it but on channel a us. we're are have the come fares with percentage, So to it's us that important. for then buy the upsell able we exact valid our NDC our a important by in of the surpassed more We're And stream itself with it change our it's But offer and sure, for be or upselling. because, through

Jose Montero

probably cost, of this strategy, channel say ancillaries Yes, within of And it, value terms -- this, of of Dan, Connect in value in Copa $X.XXX the year. XXXX. would the is for good shifting terms quadrupled. call argue The us in cash back don't I on for provided I and know, that -- we've of ancillaries,

of terms revenue. in So

upsell that through are within that course, of folks -- buying channel. of is, product there our of So tickets

XXXX, a of we over back so where information quite yes, ago. last bit actually couple it's -- call months our that of level that's the it, a back Day the in grown Xx shared Investor And were. So we it's in

Daniel McKenzie

done And second place is results, above I about Yes. then the Are Very steady-state of good. should has help historically? investors today you XX% how in light to XX% margins? targeted guess Historically, operating margins. in year's initiatives punch think question question And really enough this you've my here. to Copa next what

Pedro Heilbron

way. Well, now asking XXXX direct guidance a for you're in

in cetera, fuel that So future. we depend right until February external for But steady wind have et how capacity It's state to in that. cetera. the means to for And factors competitors the now. back our we from what wait have change, going on et

Jose Montero

for good operating the -- But our really we pretty 'XX of a XXXX. year are pleased with guidance margin full result. It's XX% year

think it's a certainly very, been good -- it's so far. very year I

Operator

Amorim Sachs. Our next question Goldman Bruno comes with from

Bruno Amorim

they to higher understand is is look are on a have Because eventually you We on But cost is sustainable. to not understand in follow-up efficiencies, ex-fuel could total just that margins? wanted what higher. are extent I to XXXX, ex-fuel from well 'XX led but [indiscernible] this margins. that view, hear guidance, CASM question versus there the can it a CASM you right? still performing higher much changes perspective, if asking big I'm those some your have levels. what on for were I

Is So revenue the basis? the answer there post-pandemic? higher sustainable unit maybe on believe then the And else you much competition side. is comes main side, justify change? a is revenue that one argue maybe now the from less Or on that could there revenues anything could

Pedro Heilbron

directions. different things, X say Bruno, And concepts I'll general are pandemic. the that of playing important they So coming are X in out

pandemic quicker Americas our is surprise back out robust a it expected. demand the that came than of in day. strong the overall region, through it lot And anyone and what So remained still in the was #X the has

of So demand course, change. has positive been a

industry how direction region, in in direction. out how has It's been pandemic, the much our coming airline coming in growth would out. works in the I the much growth other, a aviation, that surprised different by of say, in there The surprised general, also us opposite which

came pre-pandemic we what So than quicker levels. expected, back it's actually and capacity above would have

on then were we the the never during on I working shut X the and cost for want things share, in all the Copa-specific almost make work more a our Connect, is And side, some others were down changes which pandemic, investments a to efficient enhancements going thing are while stopped way, of doing forward, even Copa one and we on technological lot Copa and that was more cost, same to really that going months, working Connect, hard us including to which, concept is third related a for are X on we not. revenues,

technology, So the revenue revenue-related we've on cost hard a the and our very competitive from and revenue we from airline side much are worked side. more the efficient, team, in

say are lot those where have general So today. we concepts I X would a that to with are do

Bruno Amorim

And competitive you what terms the can of comment? dynamics, in

Pedro Heilbron

are or strong. It's model. It's in mostly LCCs dynamic. either region. Most or our that that were because ULCCs growing. born ULCCs, or way they competitors to converted our is It's LCC, now of competitive Growth they

in become has efficient, vision we us way from lot made So that's and that more before. the had a a

not So were surprised. we

from back and the were we're way preparing We meeting challenge. this for

We have the tools.

network. a We have strong

-- just worry healthy But our than making Copa failure And and we're a think competitive others, growing of about faster market many additional done airline. And the if we have mean I the actually are our efficiency. on making especially -- better, competition working we're just are. a room cost, a all. we've still we there's ourselves competitors hub, we at yes, pace. rate on of on success has grown. We the for the we continues now, more right we're is not have But dependent and

Operator

Our with Syth last Savi James. Raymond from question comes

Savanthi Syth

is particularly If like I'm if And I other if might, And regions. on economy drought strong? just seeing a slight honing in curious It there's pretty in or the Panama, pickup if you're any the wondering business that having impact wondering seems is I'm you still can demand. in?

Pedro Heilbron

Yes.

the business but has leisure previous we're and by with would business demand above I what changed we It from been the business than used not XX% by, the also travelers better quarters. higher now by demand. it leisure So doing to but much mean, say pre-pandemic replaced XX%. X were in range, has in It's of I because -- class less segment doing revenues be

we're it missing So grow pace has We're in to and see replaced. at been hopefully, even happy way, the in a will a it though grow not it, faster future.

Panama small on economy of way Canal, impact been spite not on drought Panama. percent the is news economy the -- region, to are Latin the Nino. The probably the revenues affected a has And has still adjustments our America. significant being be the would El one to it's Canal still of it's of And of the impact needs course, the it by fastest-growing and in having, transit of a it's the problem. in in say, a make but affected Panama in the I of drastic in restricted because El But again, of ships, The not Nino is exaggerating economy. a having expected the economies

Operator

time, this like would the remarks. closing That turn I back At to Pedro call concludes session. for Heilbron question-and-answer to the

Pedro Heilbron

you, Thank you. Thank operator.

earnings So thank This you call. concludes all. to our

thank always, and support for As continued you your thanks participating special to Holdings. for Copa

I So you hope great have day. a

Operator

gentlemen, and thank concludes That for presentation. your Ladies participation. you the

You day. disconnect, now wonderful and a may have

Copa (CPA) 16 Nov 232023 Q3 Earnings call transcript