Good day, ladies and gentlemen, and welcome to the Avianca Group second quarter 2022 financial performance call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Maria Ricardo. Ma'am, the floor is yours. Thank you, Holly. Good morning, and thank you all for making time for today's call. My name is Maria Cristina Ricardo, new head of investor relations for Avianca Group. Joining us on our call today is Avianca Group CEO and President, Adrian Neuhauser, and our CFO, Rohit Philip. Today, Adrian will kick off our call with an overview of the state of the business, followed by an update on the transaction with Viva and the incorporation of the Abra Group. In addition, Rohit will walk you through our second quarter 2022 financial performance, and we will finalize the call with a question- and- answer session. With that, I'll turn it over to Adrian. Great. Adrian? Thanks so much. Yep, thank you. Thank you, Maria. Thank you all for joining us today. I will give you a quick executive summary on Q2 key results, and I'll also give you an update on the Viva and Abra transactions, and then I'll turn it over to Rohit for details. First of all, we continue to execute on the business plan as we set forth. You'll recall the objective of our business plan. The key objective was to dramatically decrease our cost structure with a more efficient network design, with more efficient operations, with lower fleet costs, with a standardized fleet, with increased liquidity. We're on track to achieve the ex-fuel costs that we promised of $0.034 by the end of 2023 and the run rate of $0.039 by December of 2022. Rohit will show you more details, but this quarter we were exactly in line with business plan. The previously announced Abra transaction is progressing well. You'll recall that we had both financial and regulatory CPs there. We've made progress on both ends, and as previously announced, we expect to move forward with that transaction by the end of the year. Viva Air, we will talk about a little more on the next page, but we've requested from the Civil Aviation Authority in Colombia to approve our integration under the concept of a company in crisis. I'll give you a little more detail there. On the operating side, passenger demand remained strong in the second quarter, but our results were unfortunately affected by the dramatic and very quick increase in fuel prices. We were only able to pass through a portion of that, and we'll show you details in a second. Margins even though costs ex-fuel were in line with business plan, margins were not. We'll talk about that. We'll also talk about the actions we're taking to improve operating performance, including fare actions, taking out some capacity and some cost management initiatives that we think will significantly improve both Q3 and Q4. Going into the details of Abra and Viva. Not much more to share on Abra than what I already told you. Making good progress to finalize it, and expect to make further announcements as soon as we're ready to close, and we continue to be on track to get that done in the back half of this year. Viva integration. In April, we announced an agreement with Viva to become part of the same business group, and you'll recall that it was a pretty unique transaction. We basically integrated our economic rights. That means that we basically economically own 100% of that company. But until we request antitrust approval and obtain it, we are not able to influence their operations, their management, their business plan, et cetera, nor can we actually see inside that black box. It was a pretty unique operation, it was enabled by Colombian antitrust statutes that basically focus only on control and not on economics. Now obviously, when we put together that transaction, we were not expecting the spike in fuel that occurred, and I don't believe they were either. Even though the company, we believe was properly capitalized at the time of transaction for a steady-state operation, they were unable to manage through this increase in fuel. They were also negatively impacted, we believe, again, we can't see inside the black box, by the shift in exchange rate where the Colombian peso has significantly devalued. Our operations are reasonably matched because of our non-peso income, but they are obviously much more local, so we believe they were more impacted. The result of both of those is that we learned from their creditors that they're going through a complex financial situation, and that we need to intervene. We've requested that the Civil Aviation Authority approve. Very uniquely in Colombia, it is the Civil Aviation Authority that approves the antitrust in airlines. We requested an emergency approval, if you will, of our integration with Viva under a figure of company in crisis that would allow us to rescue that company. More to come on that. That process is ongoing. The filing occurred last Monday, so a week ago today. We expect to receive preliminary feedback over the next couple of weeks on the position that the government and the authority will take on that. With that, I'll hand it over to Rohit to give us a little more details on the operational results. Thank you. Rohit, you're on mute, I believe. Sorry about that. Good morning, everyone. Thank you, Adrian. Good morning, everyone. I'll start with an overview of our second quarter operating and financial performance. On slide four, we can show our capacity ramped up in the second quarter. It ramped up in line with the increased demand that we had sort of talked about in Q4 and Q1. You know, 23%—our capacity in the quarter was 23% higher than what we had projected in the original business plan, ramping up closer to the pre-pandemic sort of capacity levels. You can see on the RPKs that demand continued to be strong and our load factors were at 82.2% in the quarter. Strong demand in line with the capacity growth. If you go to slide five, that sort of resulted in the strong demand combined with the yield increases. The bar chart on the right shows that yields were up 19.4% compared to the business plan projections. Strong yields that resulted in ultimately a passenger revenue per ASK on the left, the bar chart on the left at 16.2% higher than business plan levels at $0.0665 per ASK. While we had sort of strong revenue performance, if you go to the next slide, on slide six, we still weren't able to offset the increase in fuel prices. Starting on the chart on the left, you can see our passenger cost per available seat kilometer on the left at $0.0834 for the quarter significantly higher than the business plan projection of $0.0652. However, non-fuel costs were in line with the business plan projections, and it's really a doubling of the fuel price compared to our projections that sort of created the higher CASK. If you look at the chart on the right, we tried to compare the increase in fuel prices compared to the business plan and compared to the increase in revenue compared to the business plan and sort of see how much of the incremental increase we're able to pass through. You can see at the chart on the right, the fuel CASK went up by 1.77 cents compared to the business plan, while our revenue went up by $0.93. That was a 52.5% pass-through rate. The 47.5% that we were not able to pass through in the quarter sort of had a financial impact of $75 million in the quarter. Moving to the next page on slide seven. On non-fuel costs importantly, we continue to be on track to hit our business plan projections of $3.4 CASK in 2023. Our CASK ex fuel for the quarter was $0.0483, in line with our business plan projections with, you know, mainly driven by densification, our network changes as well as some of the cost saving initiatives that we've already implemented. In the second half of this year, you know, the additional densification and the additional sort of cost initiatives will get us to a December 2022 run rate of $0.0388, which is again in line with what we were projecting in the business plan and get to $0.034 in 2023. You can see the list of initiatives that we've already implemented below. What importantly in Q3 and Q4 at the bottom right, you can see that, the 50-odd airplanes that will be densified in Q3 and Q4, you know, will be a key part of hitting the 3.88. In addition, two main initiatives, one on our GDS and distribution cost model change, which we've gone live with the new model on August first, which will sort of get us the savings that we had anticipated in our business plan. In the business plan, we had that program going live sort of earlier in the year, so it's a little later than what we had anticipated in the business plan, but we'll get back to the same levels by December. The buy onboard program, which is also a little bit delayed from our business plan projections, but will be implemented during Q4. By the end of the year, we'll be on track with all the initiatives in the business plan. With that, we go to slide eight. We'll talk about the cargo business. Cargo business continues to be strong. You can see on the left capacity higher than business plan, mainly driven by the fact that we have more wide-body belly cargo capacity in the market, based on the capacity that we've ramped up than we had projected in the business plan. You can see revenues were much stronger than the incremental capacity. We've had obviously incremental revenues from the incremental belly cargo capacity, but also from freighters, and we were able to offset the fuel price increases. The freighter profitability was better than business plan projections even after accounting for the fuel price increase on the cargo side. Then if I go to slide 9, LifeMiles continues to perform roughly in line with the business plan. Our gross billings was slightly behind sort of business plan levels in the quarter. Our cash EBITDA to Avianca Group, which is a key measure for us on the right, was ahead of business plan levels, and that's primarily driven by sort of the redemption mix that you can see in the middle. You can see what happened in a sort of pre-pandemic, we were sort of at the 65% of our redemptions were on Avianca and 35% were outside. The significance of that is obviously we have to pay our partners for redeeming our miles if it's outside the Avianca group. You can see during the pandemic we went to 100% at one point and a larger percentage of non-Avianca booking redemptions. You can see that we've sort of been able to recapture the majority of the redemptions on Avianca, so obviously where that has sort of the most efficient cost for us. That mix has sort of allowed us to get our cash EBITDA slightly ahead of business plan projections. Moving on to slide 10. On an overall sort of earnings perspective, consolidated earnings for Avianca Group. If I'll start with the EBITDAR and then go to net income. On the EBITDAR bridge, our business plan had projected in the quarter to have $132 million of EBITDAR at an 18.5% margin. We had sort of the fuel impact partially offset by incremental revenue, which was a - $75 million. We had the benefit of the positive contribution from the freighter business at the EBITDAR level of $32 million. That gets us an EBITDAR of $93 million, excluding one-time costs. There were still some leftover one-time costs associated with some of the restructuring fees and a couple things that we were sort of anticipating to have been spent in the earlier quarters that got carried over here, and you'll see that in the cash flow impact as well. Excluding those fees, we were at a 9.1% EBITDAR margin. Including all that, it was a $65 million EBITDAR. On the net income side, similar sort of issue on the fuel impact. The business plan was projecting a negative net income in Q2. Just a quick reminder that our projections had us sort of getting to a positive net income in our business plan by the end of the year. In our business plan projections, we had $106 million sort of net income or net loss projected for Q2. With the fuel price impact offset a little bit by the freighter on the net income side, because now you've got the ownership cost on the freighters and importantly a tax provision that we have to make to pay taxes on the freighter sort of business unit, income taxes provision on the freighter business unit. That's why you see the benefit in the net income bridge for freighters being $15 million compared to the $32 million on the EBITDAR side. We were impacted a little bit by some maintenance PBH in the quarter based on operating some of our aircraft that are on short-term leases that have a pay-by-the-hour maintenance agreement as well that we ended up flying more than we had anticipated in order to hit the capacity levels that we needed to. The other sort of thing that impacted that $18 million number in maintenance PBH is that there has been a fairly significant delay in us being able to get the overhauls of our CFM56 engines done with CFM. There's a big sort of backlog at CFM to get the engines done. What we've ended up having to do is to use spare engines where we pay a Power by the Hour fee. That's the reason why there's a PBH sort of payment here that's a temporary sort of issue that will go away in subsequent quarters. There is a non-cash IFRS-related accrual that, based on sort of how we ended up being a little bit more conservative with return conditions, which I talked about in the Q4 call, that based on that, we have a slightly higher non-cash accruals on related to our IFRS 16 leases. Which gets us to a net income excluding one-time costs of $216 million loss for the quarter, and $244 million, including one-time costs. With that, I'll move to slide 11 and talk about cash flow. Our cash balance in Q2 was primarily impacted by three factors. We had a timing impact, which I'll talk about. We had the Viva transaction costs and the fuel price impact that I've talked about. Just to go through this bridge, our Q1 ending balance was $1.2 billion. In our business plan, we had expected to have a Q2 ending balance of $891 million. But we obviously started the quarter with $300 million higher cash balance. That was impacted by, again, these three factors, the $75 million fuel price impact that I've already talked about, the $97.8 million Viva transaction costs that we talked about on previous calls. Then the $81 million of timing impact, which is essentially a number of expenses that we were expecting to have paid in Q4 or Q1 that ultimately got paid in Q2. A large half of this relates to just the timing of where we make the interest payment on our notes with the indenture that we have with all of you. In the business plan, we had budgeted quarterly payments, while in the actual indenture, it's a semiannual payment, which happened to be made in Q2. That's about $40 million of the $81. The others are all sort of other costs that we had sort of anticipated to have in Q4 and Q1 that were paid in Q2. Those factors really explain why we ended the cash balance still at a strong $900 million and in line or slightly ahead of the original business plan projections. With that, I'll move to slide 12 and talk a little bit about going forward, what we're doing to sort of combat the situation. Obviously, we're not happy with the impact of fuel price on our financial performance. We've been working on a number of fronts to find ways to sort of offset that increase. We've continued to be able to increase fares, and we have some additional fare increases that have been put in place in the last month or so, beyond what we had in the Q2 results that will help us in Q3 and Q4. We also have made some capacity adjustments. We decided to pull down capacity about 12% starting in September through December compared to the schedule that we had published originally, to basically take out some of the markets that were not profitable. Essentially looking at the markets where we were not able to pass through the fuel price increases or where there was a little bit of overcapacity. We've sort of tweaked our capacity a fair amount based on sort of what we've seen in the market and made some reductions. We're also sort of playing a wait-and-see game a little bit with some additional sort of flexibility we have. The capacity we're taking down were all power by the hour, so those aircraft that we would be able to save the entire ownership cost on. We have some additional flex in our fleet where we are looking at if we need to make some additional sort of moves in starting September or October, depending on what we see. We have seen fuel price moderate a little bit. We're just waiting to see what that impact would be before we sort of make the additional adjustments. We have identified additional opportunities and we're prepared to act to you know to make sure that our financial performance remains strong for the second half of the year. On fuel consumption, we've been implementing a new software which has sort of allowed us to optimize sort of the consumption in many different ways. We've worked on a plan to sort of add additional sort of initiatives into that. Obviously, at higher fuel prices, those initiatives are much more valuable. The team's worked on adding a number of initiatives to this to again improve the performance in Q in the second half of the year. Lastly, we took a detailed scrub of our budget for the rest of the year and spend for the rest of the year and found additional sort of opportunities to cut costs, without compromising sort of the execution on sort of the key pillars of our business plan. We've managed to take additional aggressive actions to control our expenses. Based on all the actions we've taken at today's fuel prices and at the fare levels we are seeing in the marketplace today, we expect the second half of the year to be significantly better. Obviously, we'll continue to monitor the situation. We'll be prepared to take quick actions as required if things change. Then lastly, I wanna talk about slide 13, which is our fuel hedging. We did purchase some call options to hedge our consumption for the last four months of the year. We basically bought hedged 50% of our consumption from September to December at WTI crude oil price of $100 a barrel. The remaining 50% we've hedged at $140 a barrel. We did this using call options, so we've spent some premium, but we don't have any sort of downside risk with that. If fuel prices come down, we get the full benefit, and we just get the protection if fuel prices come up. We thought it was prudent to put some protection in here, given how we've seen sort of the inability to sort of very quickly recover the fuel price increase. With some risk of sort of spikes continuing to be there, we thought it was prudent to get some additional protection. that's why we have put on this hedge position, which will again help us protect our financial performance in the second half of the year. With that, I will turn it back to Adrian for any closing remarks before we turn it over to the operator for questions. Adrian? Yeah, thanks, Rohit. Let's do closing remarks afterwards if you don't mind. Operator, can we go and line up questions? Certainly. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on speakerphone to provide optimum sound quality. Please hold while we poll for questions. Your first question for today is coming from Michael Linenberg. Please announce your affiliation, then pose your question. Hedging for the 4 months and the 100% coverage, how much did you spend on premiums? What was the total amount? It was just under $10 million. The majority of it obviously was for the $100 calls. The $140 calls were relatively cheap. Okay, good. Then, on the numbers, if I look at your adjusted net income of $217 million, and I think the total number was $244 million, does that incorporate any contribution from Viva? I realize that the transaction may not have actually closed in the June quarter. My question is: if it hadn't and it doesn't include, what would that number have been if you included 100% of Viva for the full quarter? Mike, the numbers do not include the Viva financials. For a couple reasons. One, these financial statements are for Avianca Group International Limited, and Viva is owned by the holding company of Avianca Group. It sort of is a sister company, not a subsidiary of Avianca. That's sort of point one. Point two, it wouldn't be in these financials anyway. Point two is because we don't control it, we only have an economic interest in it, we're actually not even allowed to see the financials. It's a very unique situation. We can't really give you the, you know, those figures. As soon as the antitrust approval is achieved, we would be in a much better position to give more visibility to investors on the Viva results. Okay, that makes sense. Just my last question, and this is either to you or just Adrian. You talked about the 3Q and 4Q capacity adjustments, and it was, you know, a lot of frequency reductions, but there was also a surprisingly large number of city pairs that got cut. I think I counted close to 20. How much of that obviously high fuel is an issue. Is there a demand issue there in some of those markets? It does look like some of those markets that were cut were maybe relatively new markets, recently announced markets. I wasn't sure if it was a demand issue and that could include FX as well, where it's become that more expensive for people to fly in those routes. Just your thoughts, Adrian? Thanks. I'll take that, Mike, and hi, Mike. Thanks. Thanks for joining and thanks for your questions and great catch there. Yes. Look, one of the frustrating things about, you know, trying to be rational with, on the economic side and obviously with our cash is that we've had to make some decisions that are not really aligned with what we wanna achieve in the long term. You'll remember that, a big part of what we set forth in our new plan, obviously again, cost reduction, simplified model, et cetera, but also adding a lot more point to point, right? To some extent, de-hubbing Bogotá. You're right. Unfortunately we've had to pull back on some of that. We think the reason is It's a little bit of what you're saying, right? Obviously some elasticity, you know, lower income levels or adjusted income levels for exchange rate factors in the markets where we sell. In all honesty, we think the biggest piece of it is just you know, the time it takes for a route to mature. We had built into the plan, obviously, that we would be cash flow negative on a lot of these routes as we allowed them to mature and Develop them further. The problem is with fuel at twice the cost that we had before, obviously it is a much more expensive proposition, right? Our view now is we have to wait for prices to stabilize, hopefully for fuel to come down a little bit. Even if it doesn't, just to some extent, you know, broader pricing to stabilize, to go expand into these point-to-point markets once again. They are markets where generally there's either one player flying them or no players flying them. They need some development and time to mature. That is a temporary setback versus what we'd like to do. There is—but to your point, there is some frequency as well, and there are some other city pairs where there's just overcapacity, right? There's a few where you know we've seen players that had kind of extended their reach during COVID, especially U.S. carriers. into Latin America to just deploy fleet. They've been slow to pull back, right? We have seen some notable pullbacks, right? You saw JetBlue recently make some announcements pulling out some capacity, and American has pulled back from a bunch of those routes as well, you know, JFK, Bogotá in particular. We're seeing them start to deploy their fleet into places that we think will be more useful for them, but also more rational, and therefore help us. Those are natural routes where we recover them once that happens. We do kinda have to wait for the full movie to play out before we can kind of broaden our point-to-point reach again. That's great. I mean, on your point about JetBlue, you know, we saw over the weekend they cut Fort Lauderdale-Cartagena, for example. No, we're definitely seeing that. No, thanks and thanks for the update. Thanks. Your next question for today is coming from Michael Kaufman. Please announce your affiliation, then pose your question. Hey, guys. Thanks for the information. It's from Redwood Capital. I might ask a couple of them. I wanted to follow up on a couple points. One is, in terms of, is there a way that you can quantify for us now or contextualize how much benefit you would get in the third quarter and hopefully into the fourth quarter if, you know, oil stays in this $90 range as opposed to the $100+ range that it was in the second quarter? Let me follow up on demand. Yeah, sure. Based on sort of the actions we've taken with the fare levels where they are today and the oil at sort of these levels, we should get that pass-through rate of the incremental impact of fuel compared to the incremental impact of revenue, which I showed in Q2 was 52%, that should be in the 80%-90% range, based on these factors. Based on around a $95 fuel. $90 fuel may be closer to 90%. Got it. In terms of your ability to pass through the FX pressure, not just on the Colombian peso, but any other, whatever current other currencies you're also dealing with, can you discuss a bit about the demand environment and your ability to pass that through to the extent it continues to remain an issue? Sure. I mean, I think the first point I'd just make in order to answer that question is that we're lucky in the sense that we're fairly diversified. Actually our Colombian peso revenues and Colombian peso expenses are almost equal. We've got a sort of an actual hedge. Obviously, in the domestic Colombia market, there's a much bigger exposure to the peso, and on the international market, actually, there's actually a benefit to the peso devaluation because we've got a lot of dollar revenues and peso expenses, so in our international operation. If you talk about the peso effect on the domestic business, clearly that's been a challenge in Q2. Based on the actions we've taken and what we see going forward, we think we are able to start to offset it, but it all depends on how, you know, assuming demand continues to stay at these levels. So far what we're seeing is we are seeing sort of improvement in the domestic Colombia operation in Q3 relative to Q2, where obviously we do have the peso impact. I see. In terms of your international or near international flying, a lot in the South American, ex-Colombia area, Central America, and then obviously into the U.S., presumably some of that's gonna be in dollars. What is the functional currency that you're generating those international revenues in? Do you have like a breakdown that you can give us? I mean, it's really everything is priced in dollars other than the domestic Colombia business. I see. Are you seeing, as currencies have depreciated versus the U.S. dollar, are you seeing pricing and demand issues? Look, we haven't really yet, right? It's one of the things we struggle with, right? What we've seen. Yeah. There's the overlay of, you know, what's been called revenge travel there, right? So it's hard to tell how much of it is sustainable, right? You would expect that obviously, you know, as people get poorer in dollars, they would spend less on travel. We haven't seen that happen. You know, there is in many of our markets, right, we think oversupply, right? That what limits our ability to pass through fuel pricing has not been, we think, overall kind of market demand, but really market share shifts, right? You'll recall that, you know, we had projected our capacity or our load factors to be in the high 70%s, right? They've been in the mid-80s% below, right? In the business plan. If you look at it, right, it's not a demand issue. But ultimately what happens is it's relatively easy for market share to shift. People care more about the price, right? As prices move up, people comparison shop more, and you see people move. Now again, hard to tell if that's structural, right? You'd think that at some point people say, "Well, you know, I'm gonna spend less of my wallet on travel." We haven't seen it happen yet. That's where Rohit is saying, you know, we're being very kind of tactical in, you know, pre-identifying and knowing what extra capacity we can take out if we see that happening, right? Booking into, you know, we just came out of summer, right? We're kind of in this weaker dip. Now the dip isn't performing any weaker than we had projected. It's actually performing stronger. That's. These are a couple weak months. If you look at, you know, kind of the way the book is starting to build for Christmas and southern hemisphere summer high season, you see it build pretty robustly. Again, at some point you expect it to pull back, but it's not happening yet. Great. I appreciate the color. The last thing is, I know you said you expect the second half to improve with the capacity trim, trimming to optimize profitability in the routes, assuming the rate increase as well as the fuel pull back a bit that we've seen here recently. Do you anticipate getting back on to the? I'm not sure if the budget is the same as the model that you had put out during the exit of the restructuring. I think that, well, that plan at least had EBITDA in excess of $200 million in the back half of the year, each quarter. Do you expect that we'll get back to that? Certainly at these fuel oil levels and the current sort of revenue environment that we're seeing, we expect to get back to that level and then expect to build a little cash in the second half of the year. That would be, again, based on all these factors. I think to complement what Rohit just said, you know, when you look at it, right, when you know, when we say we're expecting, you know, high 80%s-low 90s% pass-through, you know, some of it's prospective, some of it is retrospective, right? We're already kind of halfway through the quarter, right? You know, part of what impacted us in second quarter was that the spike was so quick. Well, let me go back, right? One of the things we've been trying to do is lengthen out our booking curve, right? It obviously makes sense, right, from a strategic standpoint to have more visibility to your demand as you plan and obviously it has positive working capital impacts. One of the challenges when you do that is when things like fuel shift, a large part of your book has already been sold, right? Part of what happened to us in second quarter was that even though you know we were able to raise fares sold fares during second quarter pretty robustly, a lot of what we, you know, flew had already been sold, right? Obviously into the third quarter, that's less and we continued to raise fares, right? Again, as Rohit was saying, you know, we expect to see kind of that high 80%s to 90% pass-through and some of that we already have visibility to. That's the passenger side, right? Again, cargo continues to outperform. When you put it all together, yes, it looks like if fuel doesn't move too far from here, we should be able to be in line with the business plan's kind of cash generation. Great. Appreciate that color. This is the last one for me. I'll turn it over to the rest of the team here. Wanted to clarify, did you comment on how you see the bookings curve developing through the third quarter before? Or I just missed that. No, we did not. Again, we've been pushing. Well, we had been pushing to extend it, right? We've actually gotten a little more conservative now. So, if you actually look at our pricing for into kind of December, January, we're being pretty aggressive and I guess, you know, pricey is the way, is probably the right description, right? We're holding prices relatively high and keeping inventory there. We're very comfortable that kind of that high season inventory will get sold out, right? You know, the booking curve, depending on where you are in the cycle, you know, we're sort of managing it pretty tactically. Right now, the booking curve is shortening a bit as we kind of hold inventory into that high season, and just really try to push, you know, the revenue that we can through this weaker kind of October, November lull, right? I don't know if that answers your question. It does. It sounds like the strategy is to hold pricing and maybe sacrifice a little bit on load factors until you get closer to the time of travel. I think that's right. I think the strategy is to be cognizant of the way that, you know, we have kind of very strong peaks and then these kind of weaker lows, right? Our peaks are very high, and they just kinda sell out at any price, right? We're trying not to leave money on the table during those periods. When you look at us kind of, you know, going into a low season and with high season far away, you'll see the curve sort of start to shorten, right? As we, you know, don't really push those high season load factors quickly, right? When you see us getting closer, you'll actually see the curve start to lengthen because we will inevitably be selling the high season anyway, and we will also be promoting the low season on the back half of it, as we try to get, you know, those load factors up higher because those are not in the bag, right? You're seeing us kind of accordion the booking curve, depending on where we are vis-a-vis the next high season spike. Great. Understood. Thank you very much for the color. I appreciate it. Of course. Once again, if there are any questions or comments, please press star one on your phone at this time. There appear to be no further questions in queue. I would like to turn the floor back over to Adrian for any closing remarks. Great. Thank you, operator. In closing, look, I think we're happy. Well, one, thank you all for joining us and for making the time and for continuing to follow our story too. You know, we're happy and proud of what we're delivering on the cost side. You know, we committed to a pretty aggressive cost-cutting plan, and we've been able to track to it pretty much to the hundredth of a cent, with a lot of effort from the team, right? A lot of the things that we're doing, changing our network structure, changing our turnaround times, the way we operate, changing the vast majority of our fleet because we've had turnover on a large number of our aircraft. Obviously the densification project are all very difficult to do normally, and they're even more difficult to do when things like logistics chains are backed up, right? Incorporating new planes, bringing in new pools of spare parts, bringing in the ship sets and getting those ship sets onto planes when we're densifying them. All of that has been a tremendous effort by the team, and we're proud to be delivering on that. We're not proud obviously of the financial result. We're not happy with not being able to deliver on the commitment that we've done and being able to really kind of recover the incremental cost that fuel drove. That is our key focus for the next couple of quarters, and we hope to have better news for you on that front the next time we speak. With that, I think I'll leave it there. We will, if necessary, once we figure out the position that Aeromar takes vis-a-vis the Viva integration, invite you to another call to follow up on that. In the meantime, we'll talk to you in about three months, once we have this quarter over. Thanks so much, everyone, and enjoy the rest of your summer. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.