Ladies and gentlemen, thank you for sticking by to the Copa Holdings fourth quarter earnings call. During the presentation, all participants will be on a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, you will have to press star then one on your touchtone phone. As a reminder, this call is webcast and recorded on February 10th, 2022. Now we'll turn the conference over to Daniel of Investor Relations. Sir, you may begin. Thank you, Chris, and welcome everyone to our fourth quarter and full year 2021 earnings call. Joining us today are Pedro Heilbron, CEO of Copa Holdings, and Jose Montero, our CFO. First, Pedro will start by going over our fourth quarter and full year highlights, followed by Jose, who will discuss our financial results. Immediately after, we will open the call for questions from analysts. Copa Holdings financial reports have been prepared in accordance with International Financial Reporting Standards. In today's call, we will discuss non-IFRS financial measures. A reconciliation of the non-IFRS to IFRS financial measures can be found in our earnings release, which has been posted on the company's website, copa.com. Our discussion today will also contain forward-looking statements, not limited to historical facts, that reflect the company's current beliefs, expectations, and/or intentions regarding future events and results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC. Now I'd like to turn the call over to our CEO, Mr. Pedro Heilbron. Thank you, Daniel. Good morning to all, and thanks for participating in our fourth quarter earnings call. Before we begin, I'd like to thank all our coworkers for their commitment to the company and recognize their continuous efforts and dedication to keep Copa at the forefront of Latin American aviation. To them, as always, my utmost respect and admiration. Today, we're glad to report strong financial results for the fourth quarter of 2021. During the quarter, international air travel demand in Latin America continued to recover, which allowed us to end the fourth quarter with 83% of Q4 2019 ASMs. Compared to the third quarter of 2021, unit revenues improved 11.2% with solid gains in both load factor and yield while increasing capacity 16%. Adjusted unit cost, excluding fuel, came in at $0.061 for the quarter, a 2.4% reduction when compared to Q3 of 2021. For the quarter, we reported an adjusted operating profit of $115 million and an adjusted operating margin of 20.1%, an improvement of almost 9 percentage points quarter-over-quarter, and our best results since the beginning of the pandemic. Jose will provide further details on our fourth quarter financials. Now turning to the main highlights for full year 2021. Excluding special items, we would have reported a net profit of $2.7 million and an operating profit of $85.6 million with an operating margin of 5.8%. Overall, a strong result when compared to what we expected at the beginning of the year. We finalized the sale and delivery of our Embraer 190 and now operate an all-Boeing 737 fleet. We restarted 737 MAX 9 operations and received seven additional aircraft during the year to end 2021 with a total of 14 MAX 9s. The additional aircraft, also equipped with our Dreams business- class cabin, would allow us to provide world-class comfort to our business- class passengers in more markets. In December, we launched our first new destination since the beginning of the pandemic by starting service to Armenia and Cúcuta in Colombia and Atlanta in the U.S. With these additions, we ended the year providing service to 68 destinations in North, Central, South America, and the Caribbean, strengthening our position as the most complete and convenient hub in Latin America. Copa Airlines was recently recognized by Cirium for the eighth consecutive year as the most on-time airline in Latin America during 2021. In fact, Copa's on-time performance was again the highest of any airline in all of the Americas. I'd like to take this opportunity to recognize our more than 6,000 Copa and Wingo employees for everything they do day in and day out to deliver a world-class travel experience to our passengers. Turning now to Wingo. It continued its regional expansion during the year, adding four new routes from Panama City to San Jose, Costa Rica, from Bogotá to Lima, from Cali to Cancún, and from Medellín to Punta Cana. To summarize, in Q4 2021, we delivered our strongest quarterly financial results since the beginning of the pandemic. We were able to reach 83% of our pre-pandemic capacity in the fourth quarter. Our team continued to deliver world-leading operational results, with Copa being recognized as the most on-time airline in the Americas. We delivered lower unit costs compared to pre-pandemic levels on less capacity. We're strategically focused on restarting destinations and adding new markets, strengthening our position as the most complete and convenient hub in Latin America. Overall, the recovery in demand and rebuilding of our network in 2021 was quite encouraging. Now, as I'm sure you're aware, 2022 is off to a much more challenging start. The Omicron variant is impacting both international travel demand in the region and the number of crews we have available to fly. Due to a reduced number of available pilots and flight attendants, we canceled approximately 1,000 flights during the months of January and February, which is 4% of our Q1 schedule. Fortunately, we do not expect any crew availability cancellations for March. We're seeing, however, an industry slowdown in bookings for Q1 travel that will cause our load factors and unit revenues to come in lower than the fourth quarter of 2021. Jose will share our Q1 guidance during his presentation. I'd like to reiterate that we have a proven and strong business model, which is based on operating the best and most convenient network for intra-Latin America travel from our Hub of the Americas, leveraging Panama's advantageous geographic position with low unit costs, best on-time performance, and strongest balance sheet. We expect that going forward, our Hub of the Americas will be an even more valuable source of strategic advantage. Now, I'll turn it over to Jose, who will go over our financial results in more detail. Thank you, Pedro. Good morning, everyone. Thanks for being with us today. I'd like to join Pedro in acknowledging our great team for all their efforts and their great spirit during these many months of the pandemic. I will start by going over our fourth quarter results. Capacity came in at 5.1 billion available seat miles, which amounts to 83% of the capacity that we operated during the fourth quarter of 2019. Load factor came in at an average of 83.5% for the quarter, a 4.2 percentage point increase compared to Q3, while operating 16% more ASMs. We reported a net profit of $114.4 million or $2.69 per share. Excluding special items, we would have reported a net profit of $84.1 million or $1.98 per share. Special items for the quarter are mainly comprised of an unrealized mark-to-market loss of $8.9 million related to the company's convertible notes issued in 2020, and a reversal of $39.2 million related to the company's provision for the return of leased aircraft. We reported a quarterly operating profit of $155 million. Excluding the reversal of $39.2 million, we would have reported an adjusted operating profit of $115.8 million for the quarter. Our reported operating margin was 27%. Excluding these special items, we would have reported an operating margin of 20.1%. Unit costs, excluding fuel, were better than in the third quarter, coming in at $0.061 per ASM, driven by our continued focus on reducing expenses as well as a quarter-over-quarter capacity growth of 16%. Our yields for the quarter came in at $0.127, an increase of 5.8% compared to the third quarter, while operating more ASMs. I'd like to highlight that our cargo revenues for the quarter also came in higher quarter-over-quarter and over 60% above our cargo revenues for Q4 2019, driven by an improved cargo demand environment in the region. Turning to cash. During the fourth quarter, we had a cash buildup of approximately $84 million, driven mainly by increased sales during the period as well as by our continued focus on our cost. As a reminder, for our cash buildup measure, we exclude all extraordinary proceeds from asset sales. We would include CapEx, the payment of debt principal and interest, as well as the payment of our leases. Now I'd like to go over our full year 2021 financial highlights. Our reported net income came in at $39.9 million. Excluding special items, we would have reported an adjusted net income of $2.7 million or an adjusted earnings per share of $0.06. Special items for the year include a $22.8 million unrealized mark-to-market loss related to the company's convertible notes, a passenger revenue adjustment of $20.8 million corresponding to unredeemed coupons from 2019 and 2020 sales, and a reversal of $39.2 million in the company's provision for the return of leased aircraft. Reported operating profits came in at $145.7 million. Excluding the special items, we would have reported an operating profit of $85.6 million and a 5.8% operating margin. Finally, for the full year, we had a cash buildup of $133 million. I'm going to spend some time now discussing our balance sheet and liquidity. At the end of 2021, we had assets of close to $4.2 billion, and our cash, short-term, and long-term investments ended at $1.2 billion. We also ended the quarter with an aggregate amount of $295 million in unutilized committed credit facilities, which brought our total liquidity to more than $1.5 billion. In terms of debt, we ended the quarter with $1.6 billion in debt and lease liabilities, similar levels to the ones reported for the end of the third quarter, and our adjusted net debt to EBITDA ratio came in at 1.05x. Turning now to our fleet. During the fourth quarter, we received one 737 MAX 9 and decided to keep three 737-700s, previously considered as assets held for sale. During the quarter, we also completed the conversion of one of our 737-800s into a freighter. We ended the year with 91 aircraft, 68 737-800s, 14 737 MAX 9s, and nine 737-700s. These figures include three 737-700s, which are currently in temporary storage, and a 737-800 freighter. In Q1 of this year we have received one 737 MAX 9 and expect to receive one additional MAX 9 aircraft to end the quarter with 16 MAX 9s and a total fleet of 93 aircraft. As to our outlook, based on the current state of the demand environment, air travel restrictions, and the impact of the Omicron variant, we can provide the following guidance for the first quarter of 2022. We expect capacity to be approximately 88% of Q1 2019 levels or about 5.7 billion ASMs, and we expect our operating margin to be in the range of 3%-6%. We're basing our Q1 2022 outlook on the following assumptions: revenues of approximately 82% of Q1 2019 levels, or approximately $550 million, CASM ex-f uel of approximately $0.06 and an all-in fuel price of $2.79 per gallon, an increase of approximately 15% compared to the average fuel price in the fourth quarter of 2021. Given the recent volatility in the environment, we believe it is premature to give complete full year guidance. However, preliminarily, we expect our full year 2022 capacity to be approximately 93% of 2019 ASMs and our CASM ex-f uel to be in the range of $0.059. Thank you. With that, we're open for questions. Thank you. As a reminder, to ask a question, you will need to press star one on your touchtone phone. To withdraw your question, please press the pound key. Stand by as we compile the Q&A roster. Our first question comes from Savi Syth of Raymond James. Your line is open. Hey, good morning, everyone. Just on 1Q outlook, you know, given Easter is not until mid-April, and kind of January, I believe, is the seasonally strongest month in 1Q. Is it fair to say that you have fairly good visibility into the quarter, or are there, you know, some of those assumptions incorrect or perhaps the booking behavior is so different today that maybe kind of March kinda matters a lot more to the quarter than it has historically? Hi, Savi. Pedro here. Yes, I mean, all booking patterns are very different to what we were used to in normal times, pre-pandemic. What we've seen so far, but so far means the last two weeks, is bookings coming back to quote-unquote, a normal level or a normal meaning what we were seeing, pre-Omicron. Again, that's just a few weeks. What we've learned from this pandemic is that things change, from one day to the other. Yeah. We did see an impact in Omicron, Savi, during the month of January and early sort of bookings early February. There is an impact there, but that's included within the guidance that we just issued. Makes sense. Then if I might ask, on the MAX fleet, just one, you know, when do you expect to start getting MAX 10s into your fleet? Two, just wanted to clarify, I think originally in the first 13 MAX 9s were supposed to be with 166 and then beyond with 174. Are you getting the 174 seat configuration now, so you get a little bit more gauge benefit here? Yes, you're correct. The last two MAX 9s, if I'm not mistaken, have come with the 174 configuration, and so will the rest of the MAX 9s we still have to receive. We will decide in the future. We haven't made that decision yet. If the ones that are under a 166 configuration will also change to 174, which it takes very little effort, but that decision has not been made yet. In terms of the MAX 10- Yeah, I think that the MAX 10s are not yet in the pipeline for this year and next. It's still some time left until we start to receive them. Again, I wanna highlight also, Savi, that we have a lot of flexibility in terms of the subtypes that we have within the order. We can switch them from tens into other of the subtypes as well. There's still quite a bit of flexibility related there. It will happen yet removed from 2022 by a couple of years. Okay. Makes sense. Thank you. Thank you. Our next question comes from Stephen Trent of Citi. Your line is open. Good morning, gentlemen, and many thanks for taking my question. Kind of two very quick ones for you. You know, the first, am I correct in thinking that you know, you guys are probably not under a significant pressure in terms of your pilot pipeline? Just thinking about the more significant dislocation among the Latin airlines versus the U.S., you know, and considering maybe there's some pilots out there looking for work. Just sort of wanted a high- level understanding how you guys are seeing your pilot supply. Right. Short term, we are okay. We still have pilots that took voluntary leave during the pandemic that we can bring back. We activated every pilot that was on furlough, but we still have the voluntary leave we can bring back. We also have an interesting pipeline from our own flight academy, and we're gonna have, you know, at the end of the year, about 100 pilots there that we can and that we will incorporate into the airline. Our thinking is more medium term, and we think that we're taking the necessary steps to be fine also medium term and beyond. Okay. Great color, Pedro. I definitely appreciate that. And just one other quick one for me. I was intrigued by what you guys mentioned about converting one of your 737-800s into a freighter. Is this something that you might consider doing with other 737-800s? Or, you know, do you kind of see it as a one-off, you know, that should kind of be a near- to medium-term thing as the pandemic winds down? Right. A few things there. First is that we made that decision when we had our aircraft in the desert, were not flying and cargo was booming worldwide and in the region. In hindsight, it was the right decision, and we expect that aircraft to produce on a single- airplane basis a better profit than our last passenger or less profitable passenger aircraft. It was a good decision, and we have an option for a second conversion in the coming years. These are our oldest non-Boeing Sky Interior 737-800s. The other thing I would add is that we charter aircraft. We already charter. We've been chartering for a while freighter aircraft that fly regionally. Many of the hours are gonna be replacement. This is our own freighter, a much more efficient 737-800 freighter. It's gonna replace a less efficient 727 freighter we charter for regional flying. Then we'll add hours to that. We're really happy with the decision. It's not turning us into a big-time freighter carrier. It's more of a niche opportunity, but I think it complements well the rest of our business. Okay. Definitely appreciate that, Pedro. Thank you. I'll let someone else ask the question. Thank you, Stephen. Thank you. Next, we have Alejandro Zamacona of Credit Suisse. Your line is open. Thank you. Hi, Pedro, Jose, Daniel. Thank you for the call. A quick question on the sub- six plan. Back in the Investor Day in 2019, you guided CASM ex-fuel below $0.06 for 2021 onwards. It seems that you are getting close to the target, and I'm wondering how the number, the current number would look like if COVID-19 wouldn't existed? I missed the last part of your question, Alejandro. You asked how does the number look like in? The current CASM ex-fuel, how do you think that would look like without COVID effect? Without the COVID effects. Look, in I think that the principal component of our CASM reduction that we've seen so far that is related to the fleet movements that we've made. You know, we've moved away from the 190 fleet, which was part of our initial assessment in terms of how to move into a sub-six CASM. I would say that, again, we are ahead of the plan in the sense that what we published back in 2019 assumed a larger Copa. A lot of the benefits that we're gonna get in terms of size of the company were gonna flow down into a CASM figure. We are achieving that in a smaller Copa. You know, we're achieving the sub-six CASM at, you know, we're saying at 93% of pre-COVID capacity. It is actually ahead of that. I would say that some of the items that we've had in terms of overhead that we've reduced probably are on the margin. I don't think it's necessarily that material in terms of where the CASM will be. Maybe the CASM will be at just above six. But that certainly has made a difference. The fact that we have actually accelerated some of the fleet moves that we made, been very effective in the renegotiating a lot of contracts and also worked a lot on, in terms of overhead. That, that's kind of what's gotten us faster into the sub-six target that we had. Right. Got it. Thank you. On the unit revenue, I mean, the guidance for the first quarter 2022, would you say that it's fully explained by Omicron? How can we think about yields for the remaining year? Yeah. I'll start by talking about Q1 and indeed it is related to Omicron in terms of the revenue figures. It is. I would say that it is solely related to Omicron. There's two components to Omicron. One is you know cancellations that we had, which reduced our revenue figures. It might not necessarily affect as much on a P&L basis because it's resulting in cancellations. Then the other portion of it is just a pure sort of softening during the month of January and February related to how we're seeing demand. That's on the top line. I think that when you match this to profitability for Q1 and kind of what our guidance is for Q1, the range that we have for an operating margin, there is also the impact of fuel in there. We have fuel that is 15% higher on a cost basis versus what we had in Q4. That's another component of it. I would say, I mean, kind of deconstructing a little bit sort of the operating margin between Q4 and Q1, that about 2/3s of the reduction in margin that we're seeing quarter-over-quarter is related to the Omicron sort of RASM impact and about 1/3 related to fuel. As to the rest of the year, you know, I think it's too early to make an assessment for the rest of the year. I mean, we I think are confident in terms of what we're seeing in terms of capacity going forward. I think there's still a lot of water to flow under the bridge in terms of, or to put an assessment as to whether revenues are going to be for the rest of the year. Okay. Thank you, Jose. Thank you. [audio distortion] of Wolfe Research, your line is open. Hello, good morning. Morning. Morning. How much would it cost to add Wi-Fi onto your planes? What sort of cost-benefit analysis have you done there, particularly as you consider the lie-flat seats that you're putting on board? Thanks. Okay. I don't have a figure for Wi-Fi right now on my mind, so I cannot really share that. It is something that we always look at. I mean, it's been a trend in certain parts of the industry, of the world, so we don't ignore it. We have not yet seen a compelling case for it. Again, we stay very much on top of it. When time comes, we'll be ready to make the right decision, hopefully. Yes. Okay. On the P&L, I can understand why the passenger service and costs are half of what they were pre-COVID with, you know, no business travelers and the like. Why a simpler onboard product, as you mentioned, but why are your distribution costs pretty much all the way back to pre-COVID levels? I feel like those two things should sort of trend together, particularly with the lack of business travel and more direct bookings. Is there an opportunity to do better there, and sort of why those two costs have diverged? I'd be curious about that. Thanks. Yeah, there's a couple items there. First of all, yeah, our onboard costs have been lower related to just moves that we've made in terms of our onboard product, not necessarily driven by business travel, more than just simply sort of COVID-tack decisions that we've made in terms of onboard product. By the way, we're always listening to what our customers say as well. It's something that we pay attention to in terms of what our customers' feedback is. In terms of sales and distribution, actually, first of all, that line moves with sales. Q4, you might have seen a spike in terms of sales going forward. It is. I think that's the explanation for the distribution line. All right. Well, thank you very much. Thanks. Thank you. Up next, we have Helane Becker of Cowen. Your line is open. Thanks very much, operator. Hi, guys. Thanks for the time. Just a couple of questions. One, how are you thinking about reinstating the dividend? Well, I would say, Helane, that for the time being, it is still not something that I think it's too early to say how or when that's gonna be restated. We have a policy, Helane, which is 40% of the previous year profits, adjusted profits. That's the policy. You know, 40% of 2021's adjusted profit- Makes no sense. Yeah. It would make for like a fraction of a cent. We're not gonna do that. You know, I'm pretty confident that if we have a normal year. You know, this in 2022, as we are expecting to have, that policy would automatically come back. Okay. That's helpful. Thanks, Pedro. My other question is with respect to aircraft deliveries this year. So I guess I got a little confused. You said you took one in, one MAX 9 in January, and you have one more coming in the first quarter. How many are coming in the second through fourth quarters? Yeah. In total, there will be eight MAX deliveries in the year, including the one- Okay. that we took on delivery of in January. There are seven more. Are those gonna be leased or owned and or financed? Yeah. Or using the- Look, the first four, well, including the December airplane. The December airplane plus the first three deliveries of this year, we already have. They're gonna be owned, and they're gonna be financed, and that's that. The remaining aircraft of 2022, we're starting that process now. We're open for, you know, alternatives. It could be sale-leasebacks, or it could be financing. That's yet to be determined. Those aircraft are coming in later in the year, so that process is just starting. Okay. That's really helpful. If I could just squeeze one more in. The reversal is in the maintenance line, right? Yes. That's the reason why you see. Yeah. Okay. Yeah. Okay. The maintenance line with a credit balance this quarter. Right. That's what I was thinking, but I just wanted to be sure. Thank you. Thanks. All right. Thanks, you guys. Have a nice rest of your day. Yeah. We actually took a very, you know, good guy out of our underlying results to true them up. Yeah. Yeah. Okay. All right. I just wanted to make sure I got that right. Thank you. Okay. Thank you. Next we have Pablo Monsivais of Barclays. Your line is open. Hi. Good morning, and thanks for taking my question. I have a very simple question here. Can you please share with us some details on which countries are showing the strongest demand dynamics and which ones are still working in progress? Thank you. You know. Yeah. I would say that it's balanced. It's hard to say that one country in particular. I mean, there could be a few exceptions here and there, and it usually has to do more than anything with restrictions. There are a few countries that still have travel restrictions, even though in most cases, you know, any significant restriction has been lifted. I would not say that there's one, you know, significant destination or country that we should highlight. It's very well spread out. The behavior of the demand trends seem to be uniform in general. The bigger markets in our region, including the U.S., are open and are behaving in similar ways. The U.S., Brazil, other countries in South America, Colombia, they're all open and Mexico the same. It's always been open. So we're seeing traffic flowing among those countries. I mean, not in the same levels as before, and there's a shift, more leisure, less business, but I could not say that one is really much different to the other. Okay. Thank you very much. Mm-hmm. Thank you. Next, we have Michael Linenberg of Deutsche Bank. Your line is open. Oh, hey. Good morning, everyone. Hey, just before I go into questions, Pedro, you know, when you mentioned a 727 for your freighter operation, I got all misty-eyed here. I can't think of the last time I've heard an airline executive actually mention a 727 on a call, so. Hopefully, when you switch the business to the 800, they're not putting that thing out to the pasture, but maybe it's its last flight. Anyway. Luckily, when I mentioned those three numbers, I was talking about a freighter and not a passenger aircraft. That's right. You know, unless it had parachutes. Anyway, Pedro, I wanna go back to kinda, you know, in previous periods, you know, over the years since you guys have been a public company, you know, one of the things that I always thought, you know, that you sorta stood out versus other carriers, you know, whether around the region or the world, was your ability to recapture higher fuel prices in your fare structure. Historically, you've done a pretty good job, and I can even recall you saying, you know, "Look, you know, we were able to get 100%." I know there's a lag, and maybe that lag is, you know, three months, five months. I don't know if it's because you fly 99% of your service is international, right? There are fuel surcharges, you do get that benefit. You also fly to a lot of countries that, you know, where their economies actually tend to do well when commodity prices are rising. That's what we're seeing around the world right now. You know, just look at, like, the Brazilian stock market. It's up pretty meaningfully. I don't know, you know, do you feel like that your business and the competition and the backdrop that you can say that you'll be able to recapture 100%? I'm just curious, in the March quarter underlying your 3%-6% operating margin guide, what's your assumption? Are you assuming maybe you recapture 50% of the run-up in fuel, 75%? Is there some percentage that you can give us? I realize it's kind of a long and sort of comprehensive type question, but it, you know, it obviously matters a lot to your, you know, your P&L in the March quarter and where you think you could be for the year. Staying in the 727 old-timers category, the 100% recapture comment was actually in 2007 or 2008. Okay. If I'm not mistaken, which was the last time actually that fuel went through the roof? Yeah. Maybe not the last time, but when it got the worst. Mm-hmm. The reason, and now let Jose kind of round up what I'm saying. The reason we're not expecting or banking on recapturing the increase in fuel price is just all the uncertainty related- Mm-hmm. to the virus and how we're bringing back capacity and how competition is less predictable. Mm-hmm. The traffic flows, it's more leisure, less business, so also harder to change prices in some markets from one day to the other. It's just the whole business environment is very different right now. I know the waters will settle. Mm-hmm. Things will normalize as the year progresses, but we don't wanna make any bets right now or any promises. Our PRM team, as always, will do its best to recapture as much as we can, hopefully all, but it will take longer, I think, than before. I don't know if you wanna add something. No, I would just add that the other component there is currencies in the region, and the currency environment in Latin America is still not as predictable maybe as it would've been in other times. Mm-hmm. That's another component of this, right, in terms of purchasing power. I have to second what Pedro mentioned in terms of our pricing and revenue management practice, which is world-class, and they're excellent at what they do, and they capture as much as they can from- Mm-hmm. From every ASM that we sell. It's very important. Then the other thing, however, I think that the other aspect that has changed or that we are really focusing on is our own controllable costs. Our CASM ex today is much lower than where it was back in 2007, and that's another big Mm-hmm. component of our ultimate profitability that we're striving for. Okay. Okay, great. Just one quick follow-up. Since you sort of said, you know, that obviously given the, you know, the current backdrop, you know, obviously a lot more discretionary than, say, corporate. But is there anything you're seeing on the corporate side over the last quarter, two or three, where maybe you're starting to see a little bit of a pickup? Or you're, you know, the surveys that you maybe do or whether they're anecdotal or formal surveys with your corporate customers, are you starting to see some improvement there, or is it just still unchanged? Any color on that front, just given the leverage that you guys have to that side of the business? Thank you. No, I'll let Jose look for more specific information, but we haven't seen much change from the last few quarters. Mm-hmm. We're still doing something like 40% leisure, 40% VFR, and 20% business. Mm-hmm. It used to be 1/3 each. Okay. Before the pandemic. Also, you know, there are other favorable trends, which is we have better load factors in business class, for whatever reason. Mm-hmm. including probably the pandemic being a reason that Mm-hmm. that we're selling better business class than before. That's a positive trend. Yeah. No, that's it. It's basically, you know, business travel is about half of where it was back before the pandemic. Yeah, no, that's helpful. It sounds like maybe you're getting some premium leisure or premium VFR that's sitting up front, which is what we're hearing and seeing in the U.S. Sounds like there's a little bit of that. A little bit of that happening here. Yeah. Very good. Well, great. Great quarter. Thank you. Thanks for taking my questions. Thank you, Mike. Thank you, Mike. Thank you. Next, we have Rogerio Araujo of UBS. Your line is open. Yeah. Hi, gentlemen. Congratulations on the strong quarter. First, I'd like to address your expectations for yields when the market normalize. What I mean is when, you know, all the grounded aircraft are back to fly and international demand normalize, do you expect yields to be above 2019 level and by how much? I know it's a very difficult question, especially regarding timing, but I think only some kind of, you know, best guess here would be very appreciated. I'll give my second question later. Thank you. Yeah, you know, first of all, it's too early to determine where things ultimately are gonna end up. You know, we're at least in 2022, we're just keeping it in terms of our revenue guidance for the first quarter. What I would say that the way that we're preparing for any sort of yield environment that might occur with increased competition or other type of situations with our costs. We have, again, our sub-six CASM ex-fuel is stronger than where we were at pre-pandemic, and that's the way that we'll compete. Then by the way, we also believe of course that the network and the hub in Panama is the best strategy for serving the passengers in our region as well. Okay. Sounds good. What about capacity deployment in the region? Because we saw Copa's market share in the major countries, you know, doubling since pre-COVID. Basically, do you expect a lot of capacity to be still deployed in the upcoming quarters, and when should this movement end? You know, when should we be more confident that yields are gonna likely increase with demand normalizing? Any color on capacity deployment and how much aircraft is still grounded from competitors would be great. Thank you. Right. I would say that you know, capacity market share has been a little bit all over the place in Latin America. Some airlines have deployed capacity faster than others. I mean, there's some that are above pre-pandemic capacity and others are, you know, still behind. We are like in the middle. We're very close. By the second half of this year, we will be at a pre-pandemic capacity. Again, some are above, some of the U.S. carriers, even some carriers in our region are above, and some of the main airlines that went through the Chapter 11 process are a little bit behind. All of that alters the market share numbers too. Again, I think we stayed like in the middle, and we're following our course. We are focusing on our network, on what makes sense to us, on bringing back the capacity, and we know we can fly profitably. We expect, as mentioned, to be sometime in the second half of the year to be above 2019. Thank you so much. Have a great one. Thank you. Thank you. Last question comes from Daniel McKenzie of Seaport Global. Your line is open. Oh, hey. Thanks. Good morning, guys. You know, hey, a few questions here. Jose, I am seeing a bigger expansion by Wingo in the current quarter. My question is to what extent Wingo is going to aid or help the overall system cost story going forward? If we were to dissect or separate out the two cost stories, is it that Wingo's CASM ex is sub -five just given the higher utilization model, and then that helps to drive the sub, you know, six CASM ex story at the system level? Or is the cost story really being driven as much on the Copa side, just given the cost restructuring you've done there? It's both. I would say that we're both. As you know, we don't disclose individually the two units. Both airlines or both units are doing better cost-wise. No one is sub- five, I should say, at least not yet. That could change in the future. Good target, yes. It is a good target. Wingo is operating more ASMs than before the pandemic. We're a little bit less, they are a little bit more. They're a higher percentage of the total. They're contributing a little bit more than to the overall Copa Holdings number. Again, the improvement comes from both units. Yep. Both airlines are doing much better in terms of cost than pre-pandemic. Yeah. Very good. The second question I have really is just kind of putting a finer point on some of the prior questions, and that is, I wonder if you can just provide some perspective on the percent of overall flying, you know, say ballpark, to the top five countries. The reason I'm asking is, at least when I dug into the schedules, it looks like flying in the first quarter is a bit more concentrated than it normally would be. You know, it looks like you're clearly making some deliberate network decisions here just to leverage traffic in the near term. I would say that, you know, we're taking opportunities as they come, but it's been balancing out more than where we were maybe Q2 of last year, where there was a clear traffic going to the U.S. for vaccine tourism and the like. Now i t is, there's quite a bit in terms of leisure, but it is, I think, more balanced than where we were pre, you know, last year. Then there's some countries that have opened up. That's your item here, that you know, some countries in South America were very closed during the second and third quarter of last year. As they've opened, we've added some capacity into those markets as well. Okay. Can I just squeeze one last one here? You know, I always am asking questions on pent-up demand to all the airlines. I'm just wondering if you can speak to the Copa website searches that you're seeing for travel in March and this summer. I guess that would be winter in South America actually, compared to 2019. Looking at searches, not bookings, I'm just wondering if you can kind of give us some perspective of what the appetite for travel is, as we look ahead. Well, we didn't bring that information. That's one. Probably the one piece of information we missed. That. I think that's your specialty. Sorry. Coming up. Well- Coming up with that one question that we're not prepared to answer. We'll get back to you. I'm gonna have to give you a very general answer here. I think what's encouraging is that we are seeing appetite for travel throughout the region, especially for leisure travel, not only to Copa markets, but you know to Europe to everywhere. Skiing season in the U.S., some are Copa markets, some are not to Caribbean destinations. In general, we do not see that people are hesitant about traveling abroad. There's still some pent-up demand or if it's no longer pent up, it's the urge to get out and do things and go somewhere. In that sense, we are very, very optimistic on the rest of the year, even though, you know, corporate demand is really hard to predict right now, for many reasons. What we see in general is people are willing and wanna travel. If something like you had a plan in January couldn't occur because of Omicron, what we're seeing is people saying, "Okay, I'm gonna go then on Easter week." You know, that sort of thing. It's not like people are somehow canceling. It's just simply they're postponing their travel. That's a good point also because the booking curve has shortened. For, you know, for all the reasons we know with the virus and travel restrictions and the like, there's more people making their travel plans a lot closer to the traveling date. Very good. Thanks so much, you guys. Great quarter, and I look forward to hearing you again in another three months here. Sounds good. Thank you, Dan. Thank you. Thank you. That ends our Q&A session. I will now hand the call back over to Pedro Heilbron for closing remarks. Thank you. Thank you, operator. Thank you all. This concludes our Q4 2021 earnings call. Thank you for being with us, and thanks for your continued support. Have a great day, and we'll see you in the next one. Thank you again. Ladies and gentlemen, thank you for your participation. That concludes the presentation. You may disconnect and have a wonderful day.