CPA - Earnings call transcript Q2 2024

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings Second Quarter Earnings Call. [Operator Instructions] As a reminder, this call is being webcast and recorded on August 8, 2024.

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

Daniel Tapia

welcome, our and call. quarter G, you, everyone, second to earnings Thank

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

IFRS Pedro discuss financial analysts. Copa Reporting Immediately after, quarter will on our in open Standards. who going can accordance for has start the reports In non-IFRS will we financial Financial discuss followed questions we have call of from prepared will which results. by measures. Jose, International in with financial First, non-IFRS the found second call, financial to measures be our the release copaair.com. will Holdings' by highlights, our over reconciliation A today's company's earnings website posted been been

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

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

Pedro Heilbron

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

forefront results regards I my to report for like Latin company. Their always, begin, the their again, commitment kept American extend financial continuous have as gratitude my to admiration. Once aviation. them, highest efforts sincere of the all we we're Before would at industry-leading Copa the our to To to coworkers for and and quarter. pleased dedication

sales costs a increase by $X.XX, the XXXX, period while in compared results traffic margin aircraft at load yesterday, in X.X% maintenance QX in compared to the quarter, fuel, percentage yield XX.X% Passenger CASM, X.X% in costs, X.X distribution excluding QX passenger represents a capacity X.X%, lower second-best our the QX costs. mainly and XX.X%. Unit came main in As factor for at earnings driven operating and or release XX.X% $X.XXX, to resulting in year-over-year. by XXXX, same highlights decrease point stated the came lower increased in Company's history. Among grew the our to

a to RASM or at lower 'XX. As QX revenues came $X.XX or compared X.X% unit result, in

Copa factor day this front, and experience in are Furthermore, day Airline recognized Copa XX.X% quarter, customers. performance once for to success. would operational who on-time the industry. positioning Central recently to of the take the the year the XX.X% our X,XXX recognize coworkers delivered Best in like out as the Skytrax and a Airlines America best an by ninth Caribbean. I consecutive of On a to again, opportunity for ourselves amongst Their completion deliver world-class in more was than key and contributions travel our our for the

we the of the new in Raleigh-Durham Florianopolis Turning June, started Tulum destinations, network. in month now U.S., our In Mexico. Brazil, and to X in

the With XX, Venezuelan position rest flight international temporarily XX. serving now the we're July in between year, including our expectations effective and our XX countries us notified in hub destinations XX we Venezuela government forcing several last our destinations in solidifying Latin regards these for the the most as to of additions, America. With the with countries, leadership July region, cancel commercial the on Panama, market to suspended as week flights the

second margins results to XXXX, for summarize, year. deliver will deliver this lower official provide we continue costs, us time, suspension this details of expect for initiatives focus the industry-leading to on cannot leading cost efficiency financial we be delivered year-over-year again unit quarter. XX, suspension to more we once Although mandates at regards notice outlook. To cost and regarding the the Jose August until to extended. With flights the our will for our if determine industry-leading

across destinations keep deliver industry-leading deliver expanding cost leading to America. serving to XX countries, expect as hub we the our for operating position continue We for Latin travel strategy. execution international And network, Panama's in on reinforcing margins We XX year. our the now

As service always, our passengers. world-class team continues to deliver results while world-leading our operational to providing

business as of our the results. that ever, consistently hub best-positioned as remains believe our firmly region industry-leading Panama best and our hope in America, that relevant making model and robust Americas the in is we airline us deliver Latin the Finally, connecting in to

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

Jose Montero

came X.X quarter XX.X% in same mostly available percentage compared increase XXXX. in to the of acknowledging billion $X.XXX, results. We than reported Good tickets unredeemed in second revenue their of quarter start efforts and great quarter, quarterly for XXXX. morning, operating thanks to team for revision $XXX.X reported XX.X% by ticket seasonally everyone, $X.X our operating to for or passengers. today. deliver a join over at seat you, for higher a by what million came I per is provision being like an will to in world-class $XXX.X share. Pedro. during the decreased profit factor in us for with point and of sold in QX our X.X% a to lowest of Thank million our the I'd XXXX. Passenger year We net all Pedro going margin quarter at year. Capacity the the period our $X.XX X.X% Load yields of or a to due service the miles profit

came second in As the result, of at revenues quarter $X.XX, unit or X.X% lower in XXXX. a than

X by $X.XX, to XXXX, by $X.XXX unredeemed related due adjustment would as to lower mainly have of travel which X.X% quarter, in fuel revenues, aircraft driven and the our X.X% Excluding to decreased CASM came X.X% CASM and or lower the at QX aircraft to year-over-year. a versus And leases, during lower in extended finally, cost costs RASM direct ticket an decrease distribution NDC or the aircraft due agency we $X.XXX. Unit excluding revision return decreased as both maintenance sales to provisions leased penetration lower higher costs well the of the channel. channels costs

reported leased for $X.XXX CASM of would a adjustment the the aircraft ex-fuel X.X% an the quarter, year-over-year. in Excluding return decrease have company provisions,

Now, time discussing our spend I'm going to liquidity. sheet and some balance

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

short- quarter with $X.X cash, our in the in with solely we And, in represents debt-to-EBITDA with X.Xx. I'm currently an revenues. As being XX% to and of net pleased of $X.X cost that aircraft-related over and is to terms ratio average of months' with to debt ended billion, adjusted debt, around which debt, of last the and of lease long-term ended quarter debt be of continues XX% in XX debt of billion our X.X%, investments, which our range report fixed. we comprised the came liabilities

quarter. XXX fleet total Boeing quarter X X fleet MAX received Xs aircraft, to of We aircraft, ending the our during XXX XXX XX now second and XX MAX of Turning comprised XXX-XXXs, the with a increasing include Boeing received to freighter XXX-XXXs. These X, the XXX operated MAX X our XXX-XXXs month XXX total figures X fleet X July, and we in size first by aircraft. Wingo. XXX-XXX Also, of our the

further quarter's MAX year fleet of of of Boeing only now, aircraft remainder delivery of expect the last us the the for call. mentioned Xs of end with recently, the instead year, to delays deliveries stream. And XXXX during X XXX size the the XXX a Regarding during remainder to receive total notified additional the year the we to

first we financing for of already X secured deliveries financing, terms XXXX. well In of JOLCO deliveries for these have the as as

year, Boeing before, expect currently MAX as And extended leases XXXX plan, our to all we expiring for fleet our XX receive for XXX aircraft all Xs. X we next year. As of operating the mentioned

the to X Additionally, end our to expect as year with aircraft. updated XXX of retire fleet an Boeing of contemplated in XXX-XXXs plan, a fleet we

September I'm to third to to as shareholders Turning now to of on announce of August dividend pleased of make the per shareholders. all record company $X.XX of of return will the share the that our value year XX. payment XX its

the XX% guidance, suspension we within Venezuela year to range provide for XX%. we increase the of our guidance of following our assumptions: region, we lower flights, our be capacity for environment. to the X% of previous the in are and And to unexpected range cost to instead expect the ex-fuel $X.XX basing load reaffirm $X.XXX, to update price of our the of to per outlook fuel unit which gallon. approximately a weaker XX%. We're operating on of capacity As now the approximately ASMs temporary currencies fuel revenues our the of XX.X%, we our expectation to accounts factor CASM all-in in reductions, following can the range $X.XXX, in XXXX. Due and year-over-year of now margin in an approximately full Venezuela Panama expecting

of last after the of Being XX know, has end been over Copa, career the I my month, a the by you retire as of from decision my part spanning here life. XXXX. one of to the already announced joys years team company Copa Lastly, at

strong returning delivering to continuing with consistently very at ever while lowest build to they level is Our internal costs value great shareholders. We're form company and a we an in with have balance strong some Thank results unit open an search our to I and engaging sheet smooth remain with replacement, transition. my to currently Company financial been, assist role the my an call will external in will advisory for the is with successor and questions. named you. And that, after the the

Operator

the first Our James. line Syth comes from instructions] from of question [Operator Savi Raymond

Savanthi Syth

how the just from site it long time on on in like third pressure in impacts uncertainty guidance what's impact the how to, And airline that on suspension of this world, you Venezuela quarter. and can off maybe impact, what revenue the puts of kind some the terms ask about the thinking unit of Congratulations in I the kind getting Jose. you're given alluded

Jose Montero

thank and you Sure, Savi your good there. wishes for

all is capacity will back period the by and both December, will the sell. capacity to of saying a RASM the capacity in or of after that But RASM guidance, the because reason be And buildup need a full to reiterate, let's have here. the guidance. to and So, capacity we be is the over the on capacity guidance either and basically the the December. a assumption included assume be in a to expect let ramp-up impact in guidance all Venezuela buildup alternative conservative that of say, August And terms to in time Venezuela it's and occur in flights that markets. And at of in the the between we it's of by guidance start just taken September included and me capacities we time a why the again Venezuela, there ramp-up the related

Savanthi Syth

is is have just So, here? across And half second what you XQ? not the impact

Jose Montero

yes. Absolutely,

Savanthi Syth

devaluation might, -- direction? the currency you've over or if demand months. several or seen any Are point-of-sale economies? of dollar on on meaningful some either that seeing perhaps any side, I because of local impact demand against the weakening you U.S. Any in Just last change the

Pedro Heilbron

Pedro. it's Savi, Hi,

the is course, Venezuela of impact immediate. So,

network a are We airline.

other, the in So, Venezuela and has Panama, to network. the it an whole O&D, affects to impact cancel beyond from day that just having one our

So, is that the year, it's alluded QX market the guidance the mention. And Latin the for of and weaker then that rest also affecting actually you combined important America. to, already in which in currency in and the will Jose as America Brazil, most mostly anyone South which is for with is

we're So, in that's lot a Otherwise, of the demand, our okay a of main in impact the industry network It spite capacity case. impact also dealing general. with. in has it's from growth

Operator

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

Duane Pfennigwerth

industry. Jose, don't want ever you'd why to I this leave know

I you're crazy. think

December, you're else hit? Just aircraft to about hairs the to to assuming maybe, on just at it? in but follow capacity parked somewhere Or that to Is by Savi's right utilization your words, to And a question. this want network. or have time? actually way Venezuela that split do think up is don't reallocated you the I this this on Is

Jose Montero

think a the That's ramp way to absolutely. up. Yes, be about there it. will Sure. And

will or by the else will ramp-up to the there assuming in like not part the Venezuela But a either of have we that but it's immediately. be of essentially final everything So, is year. capacity, we're redeploy ability that it somewhere

it. So, we've the yes, think, conservative in that I it's, way in and nature done

Duane Pfennigwerth

and if then one provision, what change just and of can And of is revenue in an explain the just, to that this you what impact unredeemed out continues? kind ticket the that release, things called changed you

Jose Montero

Yes, Duane.

unredeemed it's revision or ticket indeed, revenue that provision are we to for So, in the that we the selling have tickets year a sell we XXXX.

for apply ticket every we So, the reconciled a under year expires. apply gets And after once that then redeem ticket XX we following sales standards, of dollar factor. IFRS

behavior, So, the did that observed factory we based we upon year, just reduced what we use. somewhat this

percentage that's included all difference guidance we, lesser a well. guidance in as behavior assumption there of And so, expired something every is that contemplated therefore, expire next saw in the just an this And the the year, That's It's the included we will year. that is in in But particular coupons. And that a there of that the RASM and somewhat factors here. took happens down year. tickets and guidance.

So, something that there. in it's we've included

Duane Pfennigwerth

breakage way a about lower to or maybe breakage So, is less assumed think it going forward.

XQ a through XX months that's so, next impact. And the

as in that's back well. this So, half

Jose Montero

You got in it. that there. included RASM year the included guidance we And for it's the full

Operator

next from question Mendes comes JP Guilherme Our from Morgan. line the of

Guilherme Mendes

Best region. My question I guys coming capacity still have wishes, yield kind you any is new guess, well. about a with are quarters? your the question. resilient follow-up you despite increase operate in have of markets endeavors first Jose, comfortable the the you assumptions of or all see mentioned if how for I oversupply the you that the demand on on as the Pedro, you just

Pedro Heilbron

What you're ignored. be saying cannot

seats has when factors in weaker hurting could factors up in the currencies, the Latin which, the case. But different. you by growing again. it grown demand at It general our there's it's be being strengthen a be terms, filled. to the not weaker not could the So, that in way, going like always in least yields that add when month, pressure right it currencies, on now But other pace is are America. Load are at to more

So, things but to on capacity saying I year, this be to we're yes, forecasting other but growing impact yields, in guidance. the mentioned, like is our going factors some we're factored had all we change. if But not the that's always there's a could

Guilherme Mendes

And follow-up maybe on a this.

XX% lower fleet in we imply given Does XXXX this compared additional ending XXXX yield it that a when You mentioned assume 'XX about can capacity? to nearly with addition.

Pedro Heilbron

measured needs according our we half opportunities what our in growing way, in We're we're the growing land are a others growing. our measured network industry to we We're again, the see our have, to half of trying and growing the in And opportunities from to general anyone to capacity actually probably growing part we're the and within network. else. And take what it's is not world.

comfortable very, the park delivery. lot can that. depending flying, the very we're We XXX harvest on So, have and or a can them we to along flexibility adjust Plus, also engines we with of the keep Boeing way.

have a lot of flexibility feel. we we So,

Jose Montero

driven company. we profitability And a are

maximize make yet. our we'll by for So, best decisions the guidance way, to And we XXXX profitability. issued haven't can we the

So, stay for tuned that one.

full For guidance in mini February guidance then and the in the November call.

Operator

of Trent line from the from comes question next Our Stephen Citi.

Stephen Trent

to on, in I road at those way. destinations opportunities a you, and all to different you. Really wishes high-level thinking frequencies servicing say, curious, maybe or any a best When increasing just for something Jose, and Guilherme's or was look thanks and what have those times existing equipment some on about destinations that. And appreciate question view the upgrading let's your along lines? to to extent follow-up you new grow, versus on

Pedro Heilbron

then opportunities, increasing expect our the plenty And hub maybe frequencies. the it's difference by much. This of and fourth far, the in the new we won't but going Pedro existing from That between have grows a Stephen, as destinations, so XX% think don't during coming done including I to in of we region feel minus daily here. have year. similar X we've frequencies add or the And we'll year, of destinations, added both something one valuable ratio we've opportunities, growth or destinations years, where destinations additional X new our year. and we much from each end change the new comes And also somewhere Usually, our change frequencies what year. develops, the plus ASM X past. are we opportunities.

Stephen Trent

usual? have high there's what guys talking markets Venezuela. And it's other Are follow-up mentioned sort in one Recently, appreciate do more chop where and quick relatively bit just you, situations Ecuador serve. been a the as level, you broad the of of what on guys I you karma we about here. business

Jose Montero

Yes. Stephen, concern. is any other situation non sort country that or type any of in reality, political isn't that there of has of now right really

Pedro Heilbron

something. part There be the world. will in always there something be And always will of our

all and in raised and will can of a highs crisis. we'll this that are and and born knowing we're a been today's we're run in lows, world, the dealing be the and tomorrow, There and we've part that successful We one of used beyond always company with the comfortable in succeed strive that. we're to this, new to

Stephen Trent

would half And their do developed of do. market carriers to what love that you guys

Pedro Heilbron

Thank you.

Operator

next Our Goldman the comes from Sachs. from question line Joao of Fritz

Joao Fritz

I have X quick follow-ups.

first relates one The to Venezuela.

to second to X% So, of your or double wanted lower on provisions. you revenues out related put roughly I capacity. case point if is of is the ticket then check capacity this the higher the just that for or release on same amount? And amounts it total unredeemed the

second You guys second But of in of to revenue the the already quarter sold have revision guys recovery in half, rate second only for itself already is of the the revision impact for right it ticket side? the in the the on this the some or of half non-used portion the you This year you a this be quarter the year. related for lower meaning could accounts did tickets. sold second the tickets

Jose Montero

Yes. the part It second first actually Joao, do first. half year. a I'll the of of is catch-up the

of a a as have out. And third much really indeed, impact the that's both quarter guidance. and and little quarter call of So, figure But XXXX, again, I we the second first the assumption the is mentioned included the a quarter because good of year. in won't the the in that before, for bit second included the was significant higher also

Pedro Heilbron

that short all originating revenues, Venezuela over in network relatively is about those talking network first to revenues, like about talking happen and with your or go hauls. When we about passengers destination from come a Panama, we're our or Venezuela ASMs, Copa Venezuela, when talk terms to In we're question, carrier we of going ASMs, are in talk what's network. that always

those much So, to longer going are hauls. be

any revenues going always ASMs situation. So, be are to than higher much similar in

going a ASMs over So, to the long double impact just in the to we can bit because little the is all are haul. say that revenues short-haul guidance. And again, connecting The be guidance. it's showing

Operator

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

Michael Linenberg

Jose, I previously. echo been what's

investment You're going to be missed community. by the

So, new on your congratulations move.

Jose Montero

in going My [indiscernible] yard of do a was my lot you. basically and move work house on new it. Thank and

Michael Linenberg

the nice. compensation to here. Q&A, see didn't on the around Sounds a X MAX the grounding. Anyway, I couple just on very I anything in back release have Boeing

think I yet quarter, last loss think a capacity. We're you I had agreement. looking at year's now of reach had an that to you said

I we we be XXX think cash fleet compensation? coming Does was up going like show looks we're to and into this your end going should not up think that about numbers? it even the flow. in year, in it shows of How XXXX. the to it now thought until get the there Maybe airplanes ever

works? So, question guess an in still is I is, that? have the Or on the reached you agreement that

Jose Montero

a that's we important Yes, question. reached Mike, agreement. very Yes, have

I a works, quarter. think agreement benefit it's is in one And like confidential can't The particular the a nature. the unfortunately, way fair agreement. accounting you that claim

in terms, impact have the a X D&A smaller impact over line, on on to we'll next, think years. You I the the it, on see -- D&A summarized the call line

next a expecting them and how we're say, basically works. equipment then that to and any aircraft, would our and it those P&L got use the plant the flow years. X agreement with D&A that that's you book against through over So, benefit the from property P&L through through line, flows the on line Because the you

Michael Linenberg

pushed because PDPs it maybe cash fact I back? not that getting P&L, that flow impact it Jose, but on fair to may larger be on airplanes? the a the get is say a like mean you're things the smaller the

Jose Montero

yes, portion as it so are a Yes. well, of There's [indiscernible]. we there of course,

Michael Linenberg

backdrop, And look canceled look than, know I lot of of my and that year, I we few the Wingo, maybe of are airport the to when I little churn you're route at bit guess, Can and and of see they're Colombia there asked presume what backdrop a at look because exception, response in Porto just competitive this question, then kind I questions seeing. with more then that And in there. network. any routes there the look when Alegre don't like there in a you're were based the the the about cancellations. But I about oversupply, at seeing that, which is market? competitive a look that second I kind I just of be of in floods either you Copa at bit what that's a intense being say, Colombia, talk may And closure,

Pedro Heilbron

Pedro you're Mike, Yes. right. And here.

intent, of kind yield. the The Colombia is very You market question. competitive, lower and very, answered very

trends to competition So, are. and adjusting where market constantly Wingo the is opportunities and to

a that ago, bit somewhat. from capacity So, they they a little a year domestic. And lately, international, lot shifted readjusted reduced put have to a of little, international more domestic

to they're been in under And So, remain to control. the be and volatile, a niche tried and always and profitable do and successful to a fill that's to things they've also adjusting opportunities conservative. Again, that's in so conservative formula market market. market just well that their very competitive keep been

Michael Linenberg

Or the I be a liquidity share one Should in shares follow-on? bit. on my a cash is little one could activity last this quarter, at did look It in like bit for thinking. there down the and primed Was If maybe XX% aggressive revenue? your that a with any maybe or we Jose, LTM program. of squeeze repurchase were just on

Jose Montero

I the quarter, $XX We quarter, the the worth million more. And think, bought bought, first program had during we Yes, about of shares. in active. was some

means by we including returned which of course, but our of to are So, growing a dividend, lot also we company. out we yes, shareholders, have a we're, our

growth our So, we've lot years. couple have buying we coming a leases. et been to next and PDPs over that and the of actively also we cetera, have And of fund we make sure also the aircraft for

actively aircraft. been have buying We

deployed XXXX. over So, capital different the in year ways we

Operator

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

Alberto Valerio

LatAm Is for there specific in that one. sport is whether good around further just to and I your events, redeemed considering tickets. see new second market the behavior shift of maybe caused hope you in of luck market. any the change the Jose, cycle. My the aircraft this deterioration event guidance consumer? And question questions the to some some is the American my in regarding

Pedro Heilbron

terms. Yes. in network No particular general the consideration of in a shift

think we event. an every that network was the call remain that of terms it in the I expect fundamental I I the think this but mean, the in question, wasn't same first really in year, happens to way. And, particular, decided sort to approach we but make use. say unredeemed I of this conservative our XXXX, still factor the be almost, just revenue because of we don't it's terms that retroactive decided in of ticket to we part in

Operator

Our next question McKenzie Seaport comes from Daniel the line Global. of from

Daniel McKenzie

great that your be elaborate press congrats question of enjoy. potential balance It the what been evaluating liquidity Jose, couple are working release. My on you another going on mean the you years, going these an The great seeing? you bit right if to the a how investment first use plan this then out distress is, sheet might to It's just here. be And opportunities? now, product position run. reinforce if and network a with airline could opportunities here. over back strengthen a Yes, would so, first great competitive and to might position, in in questions little question. Or you are more the

Pedro Heilbron

ago, we is grown see did very Wingo. in purchase we've one, of comment be an wouldn't either course, Colombia organically. play the market that in were I'll doing opportunity, we'll future. But, much but you now and alert XX and But that in years any something. which track don't if We don't airline usually I we record, at always been look changing answer our we that for always conservative if Dan.

a and we've when before, So, conservative look it always done be alert. operator our But we we'll path. we're to

Daniel McKenzie

revenue elaborate I'm It you on little more can cost is, to NDC. here savings. be seems driving if wondering question bit Second a and

percent this curious rate it what segment you're of of So, is in the particular tickets the revenue the point? What percent this today? and at I'm what upselling is growth

Jose Montero

Right.

connect of been and has lower our a success, competitiveness huge driven it direct CASM our So, CASM. some strategy and our has

of been of channel we so very X/X end our than the successful. towards traditional GDS numbers, it's much in over GDS, of general specific the Talking business. when terms, our less bookings today, X/X XXXX. And was So, started about

NDC like of NDC business, over a either small XX% relatively or talking copa.com XX% agencies terms, And through in our Over So, bookings. GDS today. really channel connecting channels speaking. general direct high-cost the we're percentage traditional is or travel

Daniel McKenzie

that? able to bookings the now about of maybe is X/X versus XX% So, upsell on to in the of way past kind think the

Jose Montero

sure not but if I connections. plus what copa.com NDC get exactly asking, you're I'm

are of X So, our would have ago, direct it channels, business. in NDC would which XX% connections copa.com other only And direct over XX% years been the and range. have been

Operator

Our last from comes the Tom Cowen. line TD of Fitzgerald question from

Thomas Fitzgerald

of different congrats any just Panama? Jose. things on on just updating putting and to Would versus want service maybe the sectors revenues on for mind everyone's echo and to us you pre-COVID? traffic kind And where I you corporate color you'd just that numbers stand out some factors across bookings of add just sector demand

Jose Montero

Yes.

say then and represents call travel leisure purposes, are then XX% of our VFR. I probably revenue the These it's general terms, base. business would who And people necessarily travel say total class. is about, XX%. I business about not remainder people traveling in business in it, that So, BFR would leisure X/X is and in for

of of bit kind X/X, because a X/X. is X/X, a there pandemic it shift So, was the before

And little so, business route bit was XXXX. a is than still back less it in where

Thomas Fitzgerald

year would next levers then you through running drive just tailwinds and ex that CASM of kind you'll the And have of to lower? mind some

Jose Montero

there. There're still several items Yes. out

being some the are one the headwinds white that is over that still is worked as is undergoing engines There the of still couple the fleet on we of densification first mature. the last XXX-XXX cabin. in densification fleet. a class seen The have maintenance have We of of years

low the also our Copa in line we growth can with and And in of done Additionally, more as I tack have be well. sales of maybe growth. a aid CASM. course, of there's in distribution the there's would If terms that double-digit Connect range,

are, of would I buckets in CASM terms table. say, So, we of tailwinds that those X ex on the have

Pedro Heilbron

of growing works. That ASMs. under check formula Plus, usually Right. keeping overhead course, and

Operator

remarks. conference like to time, would turn for to Pedro closing At over I the this back Heilbron now

Pedro Heilbron

you. find you you earnings Have also all Thank Thank continued know call. participating our day, Thank for where great support. to Okay. your QX you a in and for us.

So, support. thanks for your

Operator

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

day. and may wonderful a disconnect, You have

Copa (CPA) 8 Aug 242024 Q2 Earnings call transcript