Gol Intelligent Airlines (GOLLQ) 28 Apr 222022 Q1 Earnings call transcript

Welcome to the Gol Airlines, First Quarter 2022 Results conference call. This morning, the company made its numbers available, along with three videos with the results presentation, financial review, and preliminary Q&A. GOL hopes everyone connected has watched them. After the company's brief remarks, we will initiate the Q&A session, when further instructions will be provided. This event is also being broadcast live via webcast and may be accessed through the company website at www. voegol.com. MZiQ www. and ir / platform at br mziq.com. or Those their their questions presentation the via conference this questions team Investor may post the webcast call during on management either is answered following the after be GOL Relations the will by by the finished. platform and

may statements. they not available that and other related factors statements the on and analysts company's based let this related to hand They will the risks At expressed on differ to are understand currently involve and to cause also GOL. proceeding, that because those results to time, events Paulo may Before depend begin. forward-looking beliefs I occur. future events Please Investors me uncertainties management circumstances the mention over on are or Kakinoff, and CEO. could materially and and you industry, of to forward-looking macroeconomic Mr. such information assumptions conditions, therefore from should in that

Good for the like morning, specialty, of results the were suppliers, possible made from customers, most which tours investors, feeders. to ratifying by our team our everyone. and start your period important butane by our I to would

Congonhas, XX, while increased compared segment. periods sales due to January, corporate respectively, February in XX% they in of Our transportation That getting through the March, employees sales. the in In levels to XX and expanded two in our Sales significantly us were the in quarter the January due revenue the to responsible the increase February to disruption grew challenges same without in passenger we for operations. from consistent recovery for XX% more corporate XX%. strengthening Compared the feel flight profitability. significant Paulo. management airports, position average. country's the main the attributed the CEOs, by dealership such quarter a and capacity we months. for XX.X% passengers XXXX, was our XX.X% in increased essential at Sao recovery completion as A the above as industry domestic to of This reached share market by We hub capacity previous fourth and

utilization XX% the to in and our XXXX. transported aircraft occupancy number by The continue improve an compared growth frequencies to and by the and in followed important expanded passengers flight NPS. Our of demand rates was first quarter increase of when

the freighter until BRLXX this expected quarter, which our by Boeing GOL's Gollog. April, to reflecting XXXX. highest Part is reached the XXX-XXX operations to up In service improvement at Bcf, This a GOL quality to six During to points customer it the the XXXX. dedicated begin service be a XXXX. XXXX XX in and approximately experience. logistics of savings increasing optimization landmark to million fleet of seven force generate is indicator agreement And of business, it's score towards will aircraft another aircraft in partnership fleet we be anticipated our XX, between and converted consistent these second in can logistics Aerotech, cargo and and of million signed date, half super of increased BRLXX contemplates

XX% by Lark, increase highlights. I years. generate financial next As million of give of BRLXXX will XXXX the during services additional floor will billion more BRLX approximately to the and capacity CFO, some we five XXXX, and plan to revenue range tonnage incremental than such, present who Richard over GOL's to in our

you. Kaki. Thank

registered quarter. clients, today accumulated had over start to of and two Our I in with XX.X%. would results of suppliers, of margin an social the important EBITDA the reflect We employees, our decades X.X% margin investors. capital the collaboration results have and an we highlighting we like EBITDA

released release a was all video this chance access quarter the detailed believe presentation in We Our them. had to that press shared and morning. financial analysis the for you

of debt stable remains capital with quarter. short-term our the of our end available liquidity at Regarding structure, X.X $XXX at million reals, the billion

by have acquisition On American and transformation the MAX share now for million. and of the months investment for appoint exclusivity equity a agreement between new the sufficient amount significant Airlines the GOL financing member an long-term exclusive the American aircraft, to company's granted in next the was was directors XXX and including credit $XXX debt participation April the X.X% XXth, share provided lines of XX fleet the of term of plan. in the in a of the to transaction. We code no a within amortizations key part has GOL board American capital finalized, right

fleet Monday leases. to a in our our MAX strategy key will despite as XXXX. lower EBITDA generated increase optimistic And our to return the quarter, partially productivity, XX% are Xth, emissions. now transformation three in are in end of the years, fleet to Kakinoff. lead coming will We received and XXX-Max we received aircraft. for this anticipate I finance under aircraft the result newer of improvement by ratio a by of XX% of in X XXX the leverage, efficient debt The received transition, This EBITDA the plays around new costs, more that net the us aircraft acceleration the initiative years. the eight floor eight times and increased quarter, to of technology a the unit we Boeing in finance role coming carbon under that lower around leases. in on Based be

stronger Thank solid is our put you, acknowledging want the resilient expand Richard. the demand who Have operations are dedication by and in ones I to figures. normalized. continue a sustainable offer more between in They commitment to to a us position ago as collaborators, and emerging close way.

segment confident March. more initiate the Q&A in solid you recovery may the corporate the session. of with now Operator, even are We

for Participants the mark to the conference in also that clearly. hear speak questions. [Operator corner then everyone left ask in question-and-answers, Please yourself hold of upper two. send question. pressing poll now we for your by Instructions]. your you questions. star questions then Thank we open platform. need webcast can may the you. you closely queue asked can the receiver question device, call quick at point type the The while from If any your via is the when remove you and to so We question, that

The question Seaport please Global, from first McKenzie comes ahead. go with Daniel

Hey, guys, thanks. morning, good

do what Focusing couple you How margins MercadoLibre, given want should airline? years, XXXX the about other about could next And -- to be of us growth you questions on growth, we How BRLX team five the thinking with versus cargo the opportunities a model great. business? the this Anything here? following from here. how core wind would know share we do billion logistics is then over just the growth

Good business, the set Actually leading question. -- of transportation. is very is this air cargo for and you such new business Hey much in this first morning. is the our which opportunities Thank relevant, to Dan. towards another

this experience operate solely assuming the the the few towards customer by with reality, the. now Boeing, routes could change reality, our we cargo the alone will which is operated totally And best at segments. make moment, can secondly, are This is Once moment. by in market we dramatically in can business that we primary delivering dedicated At to this potential a mentioned years. and aircraft supported revenue additional you one kind being of make days, operation directly kind I've are $X consider We certainly, revenue. exclusively, our of up aircraft fleet. there's shared different we six we the expand just possibilities. add converted additional to Also next this to to could that of operation already you units billion the to share by our around are five of BCFs They XXX-XXX that XX% such all current with only a really

pretty we business set those this. have now with information are next will the result kinds a are have conference operations another we by here. going of call, we being So the other shared Certainly Regionally, we excited from because opportunities, driven moment, But only. at concentrated segment bit. you another overly the into earnings at

For those the moment that like share. the information to we would are

I see, okay.

year recapture if GDP quarter stabilize throughout outlook at for The to just versus improvement how Second unchanged. and in, we're XX. drive in the to speak the can your helping Brazil. yield pace where I'm is revenue here, question revised been helping remains oil of Smiles has this upwards you today, wondering to

correlated company answer there expectation first-quarter results a uncertainties. is even by itself, we though fully to effects or several and they in GOL. if always the miles results the for variation instabilities decent could of mean, producing more Only driven shape, are question of ready in set because the whole these the still team. and that even are comments. to are the directly place to facing our volatile by given GOL are market to we records, balance The we best everyone's superior I decline is mines management structure. and The much market sheet offerings into that are comparison There a revenue breaking it this benefits of are mainly those scheme capability those in the business here

said, of delivered, it's is the customer same market and overall. bookings with just and the valuable making one the as also we this of sharing most are So forward if to apply curve The responsible results extremely for asset this positive the so effect developed have are strongest directly by you years, with this we for is regards the outlook along we thing drivers, too. the out I we to

of really I corporate to meant at And since the corporate just the I Yes, pace recoveries -- thanks, Kaki. get guess larger the what is

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in based then for jet price international have of a price the average on example basket to going just May the oil the and the average average prices is For fuel the, April in of currency. we're

And the some why oil of by if We presenting of last want And maybe XX% we me timid XXXX, during we've December. to things of of were so high since year, but November have prices But a corporate anticipate the by where only but demand. start you same were. it. were end of It off they a going weak the it's recovered been way season. are XX% and did with higher period coming historical the our -- you here these the combination year, give context really January, end February, very Well, a your longest ability from currency. question, just that last demand of the let usual to recovery of base. dealing on into you that's get and coming do can if to

the the of also one I pretty yet restrictions on restrictions final large exact. end almost. at when which to COVID-XX did travel the think with corporate the war, February, same be February back coincided quickly, demand be February pieces restrictions, XXth to February, the also to came-off, end stimulated that back of general -- not of beginning have the we XXth just exact, literally come in day of It's that right

of you with the get corporate the work of to currency, and very with off get demand able XXX couple to so very the which appreciated XX is until business for rate, the and piece of management Brazilian end our to the is QX of network nuances. in large large the the a exchange return the the QX XX XX% from were And but time that yield same XXXX, up, we period bucks the in bucks, oil, from to was with XX% recapture bucks. that what versus versus the bucks moment WPI our But through overall final XX% X.XX. serve. year happening of Since beginning XXX on in visiting of even end the organized at XXX% X.X corporates, February, and

you've be U.S. you And and so April affected we countries Airlines number the lower us, that looking XX%. increase. to payer increases are that effect affect Not a That the May, much in side. for margin oil that XX% on at XX% you fuel if with jet seeing on the the the XX% to look. is at XX%, deal seeing may been margin It's other have XX%, and

we mix, revenue rate dollars which costs denominated and Now that systems the other also exchange appreciated news XX%, leasing, dollars. favors have

end is a perspective increase a real, Brazilian been the XXX% an of this quarter. And affecting, return have also you have how is whole. this period the have long the in situation we which different the from the the and variations, we that of net increase able As affects the the that's was way QX coinciding desired that started then corporate saw, important at as we given with of the February, sector efficient not just than were fact separately in to the from saying QX longer demand a margins. the of what be that but we grow recapture a might It's because

the You of in files we work right the were of end together, June, and the the going and generated ago of is the but coiffed end teams yields. coming which the kept we're coming the June, outcomes, will separate of and center last at factor, the which is synergies inventory, around site of of synergies what to year, third paid which Smiles produced of payback out looking management for of kind at the teams yield Smiles between the quarter operations the we inventory, than at and maximizing XXX% -- end more already reincorporated and end is together. equal were revenues, profitability half QX, of have they're from expecting we The integrated like

Smiles And through of we what the so increase the have in companies in all that problems of saw that to separate. out see increase important there in can your versus there gross quality that That's eliminating process to substantially higher is your also Pizza of been their the yields of also as got to a the on terms just the in in goes comes or an what yields seeing Smiles and you’re year in you have QX of going limits, last of to driver do but follow-up comparable allows that we of because of increase management And the yield we've year. important And sales driving in in that was in question of Smiles integration care with to corporate them starting also this QX QX. XXX% in what profitability of in the kind -- And fees. lot terms a Hut. the to also you've a of were managed on yield do decline our able

manageable. guess just That's question. Oil last Rich. really I helpful. Thanks prices, one house cleaning

oil, in the spot volatility the jet at the you're Given what's rate pump? paying

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to that a these days XX in the international at XX prices. Remembering delay comparison It's moments.

with quotation we're days at So moment prices XX the international the filling ago. aircrafts our compared of to

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very the And have a We press number our happened of for also in you QX, release QX. our for guidance. up detailed the

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comes Linenberg next Please Michael go ahead. with question Deutsche from The Bank.

about I Nice to of plan comprehensive pickup? codeshare, everyone. with some just which agreements What's American revenue really or the the question, on to region? see you maybe to to a maybe as Nice effective guess, two you do more recovery offer morning, potential maybe Kaki What starting assuming The type couple Good hold. the And anti-trust ago, and with Rich, job. the year par said, are arrangement, a that two other week take regulators seek as you of part the a in X? in to immunity things.

would we We recuperate say, market and to comprehensive, do considering to American have network Alliance the good requests we regards the pandemic as know morning. in in What's -- period much to and the review, future. and the market mainly near routes comparison overall anti-trust is Actually, do I have as to to North markets highlight be the didn't of domestic which authorities the on pretty that designed, international not whole something network. demand. is submitted in be have American the important with fast those the codeshare changed by is any not course, performance this produced the We the new routes current to international

Brazil it's had Alliance are we have travelers, brand. our stronger now previous And bigger for region. units in higher American we market the the the America two and today, we edge Gol customer even year and expected the demonstrate, this forward demand than the also fly partnership and pre than have -pandemic, in international by to has international considering perceiving been partnership. in the to than the too we higher how times are in routes partner, is Alliance, At size, the overall We and this are network, already between for this much it it sure. deploy is for and basically higher and and bookings the but experiencing demand American more what comparison effectiveness, max, moment, moment, Airlines market. in this America produced, the Go

antitrust approval already have network. We the for

We the year. which is supporting end run, the of to have and bookings today the deployed forward this

your versus say you like current partner. Air yeah. have partner you you Versus what when than to France, with KLM Delta? like referring you bigger or next a Kaki, times are say, biggest Are Delta, about Versus talking

that our comparison Is North in American partner. to

Our prior American is North Delta. partner

the American the So the by Alliance by explained deployed network by in size, capacity I region.

after for bigger customers give So -- has and a just reference you another it's in company largest much second mainly Brazil The South credit the Airlines card Brazil. United American right in American the on States. platform to that the markets subject,

the can here. the this more customers of high just and beginning the is in top minds of say potential is reaching are company really just therefore, come. in Therefore, powerful value we The the of to huge So we brand now that say right partnership, we capturing, the here. we are --

this like That's slides, you team. great. out to seen we X, is just anything carrier. the to Kaki, break page your kudos from and This where any corporate, other turning thanks, and this haven't then --

line corporate up I lines? VFR, data What in groups. with line a is are they I'm and like leisure, they -- there somebody as -- back if corporate. it that I other for there's lines see break it turned a Are What been cargo? fantastic there. big with and curious. to XX consolidator and you looks This there's have there's don't February it you three guys switch on which those know, see very can a into, transparent are is corporate down for green. But You almost light -- just different is can

two the right. of businesses all-area That's the segments, have show to segments. different we mainly the you those contrast recovery why You're between leisure. speeds sub

surprised been most at or more stronger person which we visit on view, to always overnight. by We kept has the demand companies recovery are the positively was is, same that this shared how one big of moment, comparison the with habit. and there related combining really shared changes -- very customers in did. the surprised and would overcoming I But a fortunately planes the of have the our contracts pretty in mean, large by we have they have by strong. as in come especially be GOL how back some, cause tried along demonstrate companies. considering have to We see was passengers you there been said pandemic chart, optimistic, before own wouldn't with also it’s much forecast, with the would the we need the of such they faster the demands way, optimistic the is comparison travel in point return flying offering corporate the. We being day to taking we do leisure presented. growth meeting as some what to that corporate by this demand most saying to the exceeds at making and in of and Also, starting leisure. much Even the Broadridge, to Even know time it much less strong structural by business less trips only from which

last That's on at closely super a you helpful. slide, just I and look these. can shows one it I If page the in squeeze just X, how

sense, international or so to then the with look know I'm that a make or out going a don't back GOL Orlando help know make and not, you Max have you're You you that the Salvador some to sense, your have agreement, and have you not, City markets, code, with of or a but highlight the Brazil, lot when Miami would that would reopened, instead which Recife if secondary say would XXXX about size American would plans. city cost I the a into, Orlando not right talk hub, unintentional future if or Miami flying about that's right you I and of there, it's markets Belem sure maybe you've the but Manau slip code, I that be but from, I think think up American us airplane that structure was giving into say, of

Miami is for with significant southern we in infill operation abdominal flights with and What mortgage. for operations in wide-body but exclusive now focus the and that and American our Nalavadi wall prior even drilling my American regaining with strategy American, in people itself on the codeshare goal with feature Americans partnership exclusive can Brazil. to with small, American longer addbacks, Miami in our develop distances codeshare medical

Yeah, suggestions, is can of at the we Mike. that okay. very share The taking careful information maximum I are interesting notes your moment

You're we gives the you additional are American bookings we you doing X% machine. not this And flow with to max of more forward supposedly coming of out, fantastic potential that and could out amazing are and write using come. really can slides we about alliance though a routes, abilities, thinking about excellent only be excited, we markets that an The job. partnerships than Gogo to for to satisfied. IDA not with

Thank response, nice you. quarter again. good Very gentlemen and

Syth The from comes go Savanthi next Raymond with James. ahead. question Please

and recover was What I this can because revenue your sales if XXXX is might in outlook. expecting Thanks. a different I of but XXXX that revenue kind was the say you Good of morning. business versus you where super-helpful, are kind recovery to to? are forward If business curious the today slightly question in wondering time way, I generally ask your

moment better durations do to at years, the and to quarters to the explain XXXX. could that those second comparing we current Compared XXXX are to familiar few

smaller transporting have changed are NBCs revenue. We the producing The two they travels for business slightly. related or have the mentioned. higher much The those were the reason travelers the of than previously business number effects we has but type to

So travelers their of That's and revenues. times. they run they're longer families bringing business Those it name so longer just have more, in are not it, along extending been number has their replaced stays trips and yields, producing higher therefore therefore destinations, the higher with trips, ready internally several. journeys higher their

are the those So main figures to compare.

in terms would of June, make mix be large back be mix business of XX% full-year be corporate. would And our estimated, which will guidance the purposes, what of terms about about more half coming we normal That a end are we high-yielding in mix. little kind and of had of be traveling roughly QX still -pandemic that really XX% the study a from X-X you probably those But to -pandemic, the inventory process pre is being that approaching to overall that saw of with of percent is for that kind mix formed. of bit reflected a leisure. going QX passengers, of it's our kind VFR little July transition then pre your don't for within achieve in transition be second

Thank you. Sure super helpful. That's

profile. our to business capability network to -- the item new to One this new. I the mean, to the like scalable identified we offering adapt we as I schedule totally in just in highlight to said, another year, is trend service to this really end add I routes that shared. quarter thing the that network second we terms the just flight have cope have are this the like would Sorry, analysis and to of, and a now already of and redesigned are order then by with in I

demands So faster assets on market one adapt our business of to new. to those main the expected coming than due profile. and model ourselves to go benefits, the to that's Please of one new

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blended. have We some work

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we're to per book, less produced or book for se. secondary that than order order there bringing clients yes. we're because is importantly objective be. aircraft on The were market, that that in our max addition markets, light-field the sourcing max the cetera, from is the et other That max to total

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reduce And To pretty. the working catch-up the total during were until pandemic, trying risk big outside order in a we they books. order be reduced We're until book. market so our of -- we're and our then to

us there, out extra any you know. find maxes If let

to. like Well, high XXth seemed XX, just curious was to head matches I'm the XX, XX where And was XX. XX XX, looking Well at up looks That's a from. as came I like to suppose with add the aspects. the that it question the a I XXth why Twenty-three, number. have XX,

with that. Okay. I'll you follow-up offline on

question on capacity one last restoration. Sounds just great. just And

you where to As do you very that you're demand. exit to the and that expect responsive kind and domestic kind international of being understanding of change year, can be things

you different grown, be the the asking Savi numbers will right? - have I sure two were that that the Sorry, questions regards not -pandemic year am for rein, pre have capacity, and can with markets. to studio we I land, we

along international. those be of domestic was something to versus XXXX, the I year the versus -- you at expect where end

we back international markets be be might rate route, going volatility Domestically, international is with the surprised, Please still different. -pandemic and environment I even combine on be believe the recorded. We below will exchange levels. relaxation different it the utilize might and in postpone the same also but COVID-XX the level, pre current restrictions, to this XXXX macroeconomic both, markets

of definitely the As we domestic, would -pandemic. same we the were beginning be level, will the have pre we year like to at

Thank from with ISI. you, your Duane question ahead. Pfennigwerth next Evercore go Please comes

thanks. Hey,

Firstly, nice wanted commend out on getting your more that. you to job quickly, results I

donor. Points Just but calendar to for XXXX. ask and domestic to I in phone. rough six on everybody very as on math, couple in the to the share now, wonder be respect supply about me, second a be you're broadly continue up been has Azul X% second out questions for or demand. people a couple with great but other just the if my not of you dazzle Brazilian our to going but comment quarter, could more knowledge, GOL Yields quarter, five disciplined, I'm in the not down a relative past By to crisis X well, this crisis is just going in you look

in of just share to a willing GOL comment you domestic? and see what kind at how Brazil you supply demand point longer can donor is So no be broadly on

Thank much opportunity capacity that question I very supply me you a an emphasize once important mean, to -- more how is. your and demand very incredible that gives for

disciplined a important first say had already led not hopefully we in the you have therefore, many, market levels, will to more from we and the even let You quite with for in and is, a the is the you seen, had perspective, sounded to have words. cost have the fly, way. as the -- our quarter in manner are right that's that many try I'd get than clearly XXXX that concept mentioned that me that very ever, seen demonstrating we market And ready this you this have years comparable

result That's the you the here we protect like our able is fly. to share. result our we been but sustain the to market message to fundamental we are thoughts way in going if with as we have as related it. some market very will You offering care because the is and of would that and to the able continuously than we will going to this We fly can that market, pillar the don't much higher dilute also year share just not very, that's a to and recovery not to aspect produce reason have if important share it's be international market results seen it another strategy a of basic, The for incentive themselves believe the speaking business. have

have we the we on gaps So market for that believe do have based a observe. is than pre experience, share behave that as the mentioned still in I it have. market first we the you way industry granted include -pandemic, take able to every either did in and player been this the to quarterly more and this rational

continue that independently seeing that demand. the can and and right dose will from I proper capacity protect availability defend the now, perspective you to tell So that the we balance the of between inventors, we're

you follow-up some follow-up Thank for to a extensive questioning. then and and just one my of for that earlier Mike's answer

are what has American go questions. to next for? that And how remind what Just changed about you're not about away. quarter, partnership how sort this for international? are simply And with quarter requirements you strategy the can Maybe taking Thank waiting thinking How are that testing the milestones you thinking international you of the the very But US it's you here? but or just the the is? us U.S.

Looking more network. the on broadly international

on we on August are all over in the facing last to countries attractive ahead seen own still is are flight all those routes constraints. since still We restrictions assuming and already some international destination we orders COVID-XX international to with resume gradually also markets of risks operation. volatility are just on most already average that be because effective regulatory we conservative year, we one, some are but to meaningful producing regards relaxation, have proving those There very the and announced more

pace one and of considering Florida. May, now along the are for North in to next flight about to the will be the month. be Those market, next same to month the we the resumed this keep American trend operations So

of new our So there case would are only you to you quite in strategy we produce. more the that of Otherwise, international risks. much there's declining routes conservative out destinations to pressure. that we sure planes come keep Attractive that rather keep the

Thank you.

Thank you.

comes with go The Please Trent ahead. next Stephen from question Citi.

quick mine maybe Most while. color through And your very heard third-party running question of you you mentioned but you. of side, Good developing for that AeroTech. the any GOL with little you Thank just a guys maintenance and a respect thanks haven't on give Could me a I my you to for been much have morning, AeroTech how see taking answered, extent question. gentlemen. maintenance GOL to engine potential you're bit what just of with for business

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reviewing higher we're the being GOL. in the our So customers by design strategies, served at the the allocation the of can to to that number possible time highest -- best alternatives, same order we possible

able few will strategy precise we a be this to that think I view weeks. information more on in So

question quick, so slash, dumb Kaki much. Thanks follow-up. and super

doing out? some of of that still kind engine You're maintenance phased your or Atlanta through is

when that yeah said, please in again you would said December Could see you and we Sorry.

up in Correct, service have with diversified stuff the tech the overhaul we We still still portfolio providers, engine yes. our ops. have

Oh, that's perfect.

guys. there. it Thanks leave me Let again,

Thank you.

As ahead. then a one a Alejandro question like next Suisse. star please to Credit you ask press if the comes question, from phone Zamacona question reminder, would engine to Please from queue. The go your on

couple passed to it are Kaki thoughts move any Hi, on questions GOL customers. you to of fuel I'm prices if A share here. can wondering Richard. final and through. It's your how

recovery On been the year. during the have you for of that Also, yields segment the remaining any for call. the considering business the discussing expectations potential

Brazilian travel recapture of by us fuel November the -- apologize fuel last year dollars, in things a call, when that denominated has really for the as of haven't an XXX% Brazil prices we've we also structure. struggling been were large we simultaneous you fuel audio but has setup cost during our variation this the the -- costs, has in I of to the questions oil quarter, phenomenon been first increased a previous real the Brazilian that. the the at best portion because U.S. XX%, we lease which costs the what the kind We us about and and appreciation depended the other the year of prices is compensated able so our of significantly to so payments, in pass-through, when on And were had in is weak oil able and of of the on know such jet end but and real. from prices dollar when expenses end also and February the was through prices the very effectively call November strong walking like the of you as are in priced helped corporates the large to the February, reduce As not with correct that increase in because recapture, it one happened just recovery we other of events, -- we when until said, today, been not you increased, that's it do call year, had was maintenance in last we

as first this with explaining on we've on been have we you quarter the results saw significantly call. the higher second yes, quarter as our so, morning entered And yields, level of

part second just the against, please? On repeat your could you question, of it

Yeah.

expect either a higher business segment. regarding yield you If the from

of Yes, for I I think question in was QX. your think kind one general

interesting at between the corporate are shared week referring yield inflection week with presentation today. was recoveries the shared graph in the that We this nine the well, XX Michael to we some the level We of you and on year. it's a that data and

at level. So that operate we continue to

demand. expect we to second the half know, have of normalization you As

discipline normalized Second is quarter of questions yield will is high-quality there's about revenues with a month, environment. have mix and management. is of the being mix a have super of And I with to so second continuing we say for and on the majority discipline, the business always I the disciplined, directly We've ability the transition on and of XX% demand, large buoyancy, represent traveler good corporates. a do been expect when July normalization to the also our the XX% think capacity, of continued the in capacity been yields correlated half it's lot year. improvement

continue We that. to do

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management, margin pivoting And we're be half so second which the year. of to back now will in focused on the

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Okay, you. Thank Richard.

like Please I go to with session. Q&A Mr. his proceed concludes invite sir. remarks. This today's would ahead, closing Kakinoff to

Thank just wish you and we like day. thank much very nice to a you you. very I'd all

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