Azul S.A. (NYSE:AZUL) Q1 2020 Earnings Conference Call May 14, 2020 11:00 AM ET Company Participants Andrea Bottcher - Investor Relations Manager David Neeleman - Founder & Chairman John Rodgerson - Chief Executive Officer Alex Malfitani - Chief Financial Officer Abhi Shah - Chief Revenue Officer Conference Call Participants Savi Syth - Raymond James Josh Milberg - Morgan Stanley Matthew Wisniewski - Barclays Mike Linenberg - Deutsche Bank Pablo Monsivais - Barclays Stephen Trent - Citi Victor Misuzaki - Br ...

Table of Contents As submitted to the Securities and Exchange Commission on April 30, 2020. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the fiscal year ended December 31, 2019 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition peri ...

Azul S.A. (NYSE:AZUL) Q4 2019 Results Conference Call March 12, 2020 11:00 AM ET CompanyParticipants Andrea Bottcher - Investor Relations David Neeleman - Chairman John Rodgerson - Chief Executive Officer Abhi Shah - Chief Revenue Officer Alex Malfitani - Chief Financial Officer and Investor Relations Officer Conference Call Participants Sava Syth - Raymond James Mike Linenberg - Deutsche Bank Rogerio Araujo - UBS Stephen Trent - Citi Gavin McKeown - Amundi Victor Mizusaki - Bradesco BBI Josh Milberg - Mo ...

Azul S.A. (NYSE:AZUL) Q3 2019 Earnings Conference Call November 7, 2019 1:00 PM ET Company Participants Andrea Bottcher - Investor Relations Manager David Neeleman - Founder & Chairman John Rodgerson - Chief Executive Officer Alex Malfitani - Chief Financial Officer Abhi Shah - Chief Revenue Officer Conference Call Participants Savi Syth - Raymond James Mike Linenberg - Deutsche Bank Dan McKenzie - Buckingham Research Andressa Varotto - UBS Brian Roberts - Citi Josh Milberg - Morgan Stanley Pablo Monsivais ...

Financial Highlights - Net revenue increased by 25% year-over-year, with a 0.8 percentage point increase in operating margin[14] - EBITDA reached R$935.8 million, a 24.4% increase year-over-year[14] - Operating income increased by 31% year-over-year to R$559.3 million[14] - Net income, adjusted for foreign currency, increased by 57% to R$441 million[14] Cargo and Loyalty Program Growth - Cargo revenue increased by 42% year-over-year[15, 17] - Cargo volume share increased from 12% to 22% year-over-year[15] - E-commerce represented 19% of cargo revenue[15] - Gross billings for TudoAzul, the loyalty program, increased by 40% year-over-year[15, 17] Network and Fleet - The company serves 114 destinations, including 104 domestic and 10 international[12] - The company operates 910 daily flights[12] - The company has 237 routes[12] - The company has routes leadership position of 84%[12] Liquidity and Outlook - Cash balance is R$4,367 million[18] - Net Debt/EBITDA is 3.3, or 3.0 adjusting for new leases[18] - ASK (Available Seat Kilometers) growth is expected to be approximately 20% for the full year 2019[22]

Azul S.A. (NYSE:AZUL) Q2 2019 Results Conference Call August 8, 2019 12:30 PM ET Company Participants Andrea Bottcher – Investor Relations Manager David Neeleman – Founder and Chairman John Rodgerson – Chief Executive Officer Abhi Shah – Chief Revenue Officer Alex Malfitani – Chief Financial Officer Conference Call Participants Savi Syth – Raymond James Mike Linenberg – Deutsche Bank Rogério Araújo – UBS Lucas Barbosa – Morgan Stanley Daniel McKenzie – Buckingham Research Marcos Barreto – Citi Mike Linenber ...

Financial Data and Key Metrics Changes - The company reported a net income of BRL138 million for Q1 2019, with operating revenue increasing by 16% to BRL2.5 billion [12][14] - RASK adjusted for stage length increased by 1.8% year-over-year, while CASK adjusted for certain items dropped by 2.4% [12][14] - Operating margin was recorded at 13.2%, recovering 3 of the 5 margin points lost due to external factors [14] Business Line Data and Key Metrics Changes - The loyalty program, TudoAzul, reached over 11 million members, with gross billings excluding Azul up by 31% year-over-year [14] - Cargo revenue increased by 41% year-over-year, making the company the second largest in terms of cargo revenue among passenger airlines in Brazil [15][68] Market Data and Key Metrics Changes - The Brazilian aviation market has doubled in size over the past decade, with significant growth potential as Brazilians still travel less than other Latin American countries [9] - The exit of 85% of Avianca Brasil's capacity from the market is expected to lead to a healthy increase in RASK year-over-year for the remainder of the year [13] Company Strategy and Development Direction - The company is focused on a multi-year margin expansion plan based on fleet transformation, loyalty business growth, and cargo revenue expansion [18] - The fleet transformation plan aims to accelerate the introduction of A320neos and E2s, with 34% of ASKs on next-generation aircraft in Q1 [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the revenue outlook due to changes in the competitive landscape and strong domestic demand [13][30] - The company is confident in its ability to continue expanding margins while providing excellent customer service [18] Other Important Information - The company ended the quarter with a strong liquidity position, representing 42% of the last 12 months' revenue [16] - The impact of the new accounting standard IFRS 16 has led to an increase in debt on the balance sheet without immediate earnings benefits [17] Q&A Session Summary Question: Maintenance expenses drop-off and accounting treatment - The drop in maintenance expenses is due to the implementation of IFRS 16, which capitalizes maintenance costs [20][21] Question: Domestic pricing trends - The domestic market is seeing rational pricing, with strong revenue trends and a good balance between volume and fare [28][30] Question: Avianca Brasil situation and asset acquisition - The situation with Avianca Brasil is fluid, and the company is monitoring potential opportunities for asset acquisition [34][36] Question: Fleet plan updates - The fleet plan is uncertain due to delays in A330 neo deliveries, affecting some frequencies to the U.S. [40][41] Question: Full-year guidance and margin expectations - The company expects to achieve higher margins in upcoming quarters, driven by new aircraft and improved revenue trends [42][44] Question: Cargo segment growth - The cargo segment is experiencing significant growth, particularly in e-commerce, and the company plans to continue expanding this area [66][68]