Azul S.A. Files 6-K Report for Q1 2024

TL;DR

Azul S.A. filed its Q1 2024 6-K, standard foreign issuer report.

AI Summary

Azul S.A. filed a Form 6-K on May 13, 2024, reporting on its activities for the period ending March 31, 2024. The filing is a report of a foreign private issuer and does not indicate any specific financial transactions or significant events beyond routine reporting.

Why It Matters

This filing provides an update on Azul S.A.'s status as a foreign private issuer, which is important for investors tracking regulatory compliance and reporting schedules.

Risk Assessment

Risk Level: low — This filing is a routine report of a foreign private issuer and does not contain new financial data or material events.

Key Players & Entities

• Azul S.A. (company) — Registrant
• 001-38049 (company) — SEC File Number
• 20240331 (date) — Conformed Period of Report
• May 13, 2024 (date) — Filing Date

FAQ

Key Financial Figures

• $1.4 b — r a first quarter, increasing 37.4% to R$1.4 billion, with a margin of 30.3%. This rep
• $385.2 million — 30.3%. This represents an increase of R$385.2 million compared to 1Q23. § Operating in
• $800.7 m — ter, increasing an impressive 73.2% to R$800.7 million, representing a margin of 17.1%,
• $4.7 b — rst quarter record, increasing 4.5% to R$4.7 billion, driven by a healthy demand envir
• $39.33 — t record levels for a first quarter at R$39.33 cents and R$42.23 cents, respectively,
• $42.23 — r a first quarter at R$39.33 cents and R$42.23 cents, respectively, an increase of 1.9
• $49.84 — eached a record for a first quarter at R$49.84 cents, an increase of 2.8% compared to
• $35.01 — urring items. § CASK in 1Q24 was R$35.01 cents, a reduction of 5.9% compared to
• $2.7 b — leet. § Immediate liquidity was R$2.7 billion, 50.8% higher compared to 1Q23, r
• $1.8 billion — inued to deleverage and paid down over R$1.8 billion in debt amortization, interest, and def
• $6.0 billion — and reserves, our total liquidity was R$6.0 billion. Our leverage reached 3.7x in 1Q24, an
• $200.1 million — te;s total operating revenue increased R$200.1 million or 4.5%, reaching a first quarter recor
• $4.7 billion — 5%, reaching a first quarter record of R$4.7 billion. Passenger revenue increased 4.5% on 2.
• $321.4 million — ues. Cargo revenue and other reached R$321.4 million in 1Q24 , 4.2% higher than 1Q23, mainly
• $3.9 b — ses In 1Q24, operating expenses were R$3.9 billion, 3.4% lower than 1Q23 mainly expl

Filing Documents

• azulpr1q24_6k.htm (6-K) — 258KB
• image_001.jpg (GRAPHIC) — 3KB
• image_002.jpg (GRAPHIC) — 9KB
• 0001292814-24-002035.txt ( ) — 275KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May, 2024 Commission File Number: 001-38049 Azul S.A. (Name of Registrant) Edifcio Jatob, 8th floor, Castelo Branco Office Park Avenida Marcos Penteado de Ulha Rodrigues, 939 Tambor, Barueri, So Paulo, SP 06460-040, Brazil. +55 (11) 4831 2880 (Address of Principal Executive Office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes No x Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes No x First Quarter Results 2024 Azul Reports Record 1Q Results with EBITDA margin of 30.3% São Paulo, May 13, 2024 – Azul S.A., "Azul" (B3:AZUL4, NYSE:AZUL), the largest airline in Brazil by number of cities and departures, announces today its results for the first quarter of 2024 ("1Q24"). The following financial information, unless stated otherwise, is presented in Brazilian reais and in accordance with International Financial Reporting Standards (IFRS). Financial and Operating Highlights § EBITDA reached an all-time record for a first quarter, increasing 37.4% to R$1.4 billion, with a margin of 30.3%. This represents an increase of R$385.2 million compared to 1Q23. § Operating income was also at record levels for a first quarter, increasing an impressive 73.2% to R$800.7 million, representing a margin of 17.1%, 6.8 percentage points higher than in 1Q23. § Operating revenue also reached a first quarter record, increasing 4.5% to R$4.7 billion, driven by a healthy demand environment, robust ancillary revenues, and growth in our other business units. § PRASK and RASK were also at record levels for a first quarter at R$39.33 cents and R$42.23 cents, respectively, an increase of 1.9% and 1.8% versus 1Q23, while at the same time capacity increased 2.6%. § Yield reached a record for a first quarter at R$49.84 cents, an increase of 2.8% compared to 1Q23. § Passenger traffic (RPK) increased 1.7% over a capacity increase of 2.6%, resulting in a load factor of 79%. 1Q24 Highlights 1Q24 1Q23¹ Change Total operating revenue (R$ million) 4,678.4 4,478.3 4.5% Operating income (R$ million) 800.7 462.4 338.3 Operating margin (%) 17.1% 10.3% +6.8 p.p. EBITDA (R$ million) 1,415.2 1,030.1 385.2 EBITDA margin (%) 30.3% 23.0% +7.2 p.p. ASK (million) 11,077 10,799 2.6% RASK (R$ cents) 42.23 41.47 1.8% PRASK (R$ cents) 39.33 38.61 1.9% Yield (R$ cents) 49.84 48.50 2.8% CASK (R$ cents) 35.01 37.19 -5.9% Fuel cost per liter (R$) 4.25 5.25 -19.1% ¹ 1Q23 operating results were adjusted for non-recurring items. § CASK in 1Q24 was R$35.01 cents, a reduction of 5.9% compared to 1Q23, mainly driven by a 19.1% reduction in fuel prices, partially offset by the 3.9% inflation over the last 12 months and investments to support our upcoming growth and maximize fleet availability. § Fuel consumption per ASK dropped 2.6% in 1Q24 versus 1Q23, as a result of the higher number of next-generation aircraft in our fleet. § Immediate liquidity was R$2.7 billion, 50.8% higher compared to 1Q23, representing 14.4% of the last twelve months' revenues. In the quarter, we continued to deleverage and paid down over R$1.8 billion in debt amortization, interest, and deferrals. § Leverage, measured as net debt to LTM EBITDA, reached 3.7x, a remarkable reduction of 1.4x compared to 1Q23. Azul expects to continue reducing leverage, reaching approximately 3.0x at the end of 2024, below pre-pandemic levels. 1 First Quarter Results 2024 Management Comments First, I wish to express solidarity with the people of Rio Grande do Sul during this very difficult time. We are deeply saddened by the loss of lives, the displacement of people, and the widespread destruction caused by severe flooding in that region. At this moment, we have already collected more than 1,000 tons of items and are working on distributing them. Thousands of Crewmembers from all over the country have donated time, money, and supplies to the relief effort, while continuing to offer the Azul experience with excellence every day. I have always stated that we have the best Crewmembers in the world, and they are once again proving it. I cannot thank them enough for their passion and dedication. Focusing now on our 1Q24 results, I am happy to report that we had another record quarter. Our operating revenue increased 4.5% to R$4.7 billion, driven by a healthy domestic and international demand environment, robust ancillary rev

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