Azul reports record revenue in the first quarter of 2022

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Azul reports record revenue in the first quarter of 2022
Source: Twitter @azulinhasaereas
May 10, 2022

Total operating income in 1Q22 was R$ 3.2 billion, an increase of 74.9% compared to 1Q21 and 25.6% compared to 1Q19


Azul, the largest airline in Brazil by number of cities and departures, today announces its results for the first quarter of 2022 ("1Q22"). The following financial information, unless otherwise indicated, is presented in Brazilian reais and in accordance with International Financial Reporting Standards (IFRS).

Financial and Operational Highlights
  • Total operating income in 1Q22 was R$ 3.2 billion, an increase of 74.9% compared to 1Q21 and 25.6% compared to 1Q19. This was the second quarter in a row with net income above pre-pandemic levels, even with the impact of the Omicron variant on our operation.
  • PRASK and RASK increased 40.7% and 38.3% respectively vs. 1Q21, still with a 26.4% capacity increase. The results were driven by the environment of strong domestic demand in Azul's markets, which allowed us to increase rates to compensate for the increase in fuel prices.
  • Our logistics business continued with its outstanding performance. Revenues in 1Q22 reached almost R$ 300 million, 37.8% higher than 1Q21, three times compared to 1Q19.
  • The CASK in 1Q22 was 34.45 cents, 21.1% more than in 1Q21, mainly due to the 57.0% increase in fuel prices and 11.3% inflation in the last twelve months , partially offset by cost reductions, productivity gains and the 4.3% appreciation of the real against the dollar. During this period, productivity as measured by ASK for full-time employees increased by 14.3%. CASK normalized by cargo, fuel and exchange rate remained essentially flat compared to 1Q19, offsetting more than 20% inflation in reais-denominated costs over the past three years.
  • EBITDA reached R$ 592.7 million in the quarter, representing a margin of 18.6%. Excluding the impact of the Omicron variant, EBITDA would have been close to R$900 million. The operating result was R$ 70.7 million in the quarter, representing a margin of 2.2%.
  • The immediate liquidity position remains solid at R$ 3.3 billion, above the levels of 1Q19. During the quarter, Azul generated more than R$500 million in operating cash flow. We continue our deleveraging process with R$ 1.3 billion in current and deferred lease payments and debt repayments and other deferrals
  • For the second quarter of 2022, we expect to achieve an all-time record operating income and RASK for any quarter in our history. This is even more remarkable given that the second quarter is seasonally the weakest.
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