Group 1 - Fairshake PAC, a political action committee supporting pro-crypto candidates, plans to spend over $100 million in the upcoming general election to elect lawmakers favorable to the crypto industry [1][3][4] - The crypto industry is mobilizing not just financial resources but also grassroots support, with Stand With Crypto collecting over 1.1 million email addresses of crypto advocates to engage them in the electoral process [5][8] - Fairshake PAC has raised approximately $160 million since its inception, with around 94% of contributions coming from just four companies: Ripple, Andreesen Horowitz, Coinbase, and Jump Crypto [17][18] Group 2 - The political landscape is shifting, with Democratic incumbents facing challenges from pro-crypto candidates in states like Ohio and Montana, where public sentiment towards crypto is evolving [8][9][22] - Fairshake has already spent over $37 million on advertisements in primary races, indicating its significant influence in the political arena [16][31] - The crypto industry is positioning itself as a serious player in politics, especially after the controversies surrounding previous high-profile figures like Sam Bankman-Fried [20][21] Group 3 - A Federal Reserve survey indicates that about 7% of Americans, or roughly 18 million adults, have owned or used crypto in the past year, a decrease of five percentage points from 2021 [12] - Fairshake's advertising strategy focuses on broader issues that resonate with voters, rather than solely on candidates' positions on crypto [25][29] - The upcoming elections will test how much influence the crypto industry can exert on voter behavior and candidate success [24][30]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has drawn down Ps. 875.0 million from a credit facility with BBVA México to finance the acquisition of 51.5% of shares in Guadalajara World Trade Center, S.A. de C.V. [1][2] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [3]. - GAP's shares are listed on both the New York Stock Exchange (ticker: PAC) and the Mexican Stock Exchange (ticker: GAP) [3]. - The company has expanded its operations internationally, acquiring a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entering into a concession agreement for Norman Manley International Airport in Kingston, Jamaica [3].

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has acquired 51.5% of Guadalajara World Trade Center (GWTC) for Ps. 875,504,411.57, aiming to enhance its cargo business and leverage nearshoring opportunities in the region [1][2]. Company Overview - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and has been publicly listed since February 2006 [9]. - In April 2015, GAP acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entered into a concession agreement for Norman Manley International Airport in Kingston in October 2018 [9]. Acquisition Details - The acquisition of GWTC is expected to close and be paid by June 25, 2024, with the payment method yet to be determined [4]. - GWTC consists of seven companies specializing in handling, storage, and custody services for international cargo, operating in free trade zone facilities at Guadalajara and Puebla Airports [6]. Financial Performance - In 2023, GWTC generated revenues exceeding Ps. 1.0 billion, with an EBITDA margin of approximately 40% and no financial debt [8].

Company Overview - Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [1] - GAP's shares are listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under "GAP" [1] - The company has expanded internationally, acquiring a majority stake in MBJ Airports Limited in Jamaica and entering a concession agreement for the Norman Manley International Airport [1] Recent Financial Developments - On June 7, 2024, GAP completed the refinancing of a credit facility with Banco Nacional de México for Ps. 1.5 billion, extending the maturity by 18 months [2] - The refinancing includes a variable interest rate of TIIE-28 plus 24 basis points, with principal payment due on December 5, 2025 [2] Compliance and Governance - GAP has implemented a "whistleblower" program in accordance with the Sarbanes-Oxley Act, allowing anonymous reporting of suspected criminal conduct or violations [3] - Complaints are collected by a third party and reported to GAP's Audit Committee for immediate investigation [3]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 2.5% decrease in total terminal passenger traffic for May 2024 compared to May 2023, with a total of 2,917.1 thousand passengers [2][6] - Notable increases in passenger traffic were observed at Puerto Vallarta airport (3.2% increase), while Tijuana, Guadalajara, and Los Cabos airports experienced declines of 5.2%, 6.1%, and 2.8% respectively [2][3] Domestic Terminal Passengers - Total domestic terminal passengers decreased by 4.1% from May 2023 to May 2024, totaling 2,917.1 thousand passengers [2][6] - Specific airport performance: - Guadalajara: 1,012.5 thousand passengers, down 6.1% [3] - Tijuana: 719.6 thousand passengers, down 3.2% [3] - Los Cabos: 236.0 thousand passengers, down 2.8% [3] - Puerto Vallarta: 250.2 thousand passengers, up 5.2% [3] International Terminal Passengers - Total international terminal passengers increased slightly by 0.3% to 2,118.5 thousand passengers in May 2024 [4][6] - Key airport performance: - Guadalajara: 464.0 thousand passengers, up 5.7% [4] - Tijuana: 312.0 thousand passengers, down 9.6% [4] - Puerto Vallarta: 259.6 thousand passengers, up 1.4% [4] Overall Passenger Trends - The total terminal passengers for the year-to-date (January to May) decreased by 6.7% compared to the same period in the previous year, totaling 13,531.1 thousand passengers [2][6] - The overall load factor improved from 78.8% in May 2023 to 82.9% in May 2024, despite a 7.2% decrease in available seats [7] New Routes - New routes introduced include: - Guadalajara to Vancouver by Flair Airlines - Los Cabos to Phoenix by Frontier - Puerto Vallarta to Dallas-Fort Worth by Frontier [7]

Revenue Sources - Approximately 27.3%, 28.1%, and 24.9% of total revenues in 2021, 2022, and 2023, respectively, were derived from passenger charges for international passengers [1126]. - Approximately 20% of 2023 aeronautical and non-aeronautical revenues were denominated in U.S. dollars [1126]. Financial Position - As of December 31, 2023, 81.3% of cash and marketable securities were denominated in U.S. dollars [1127]. - Total U.S. dollar-denominated debt increased to U.S.$314.4 million as of December 31, 2023, from U.S.$260.5 million in 2021 [1128]. - As of December 31, 2023, 63.6% of total debt was fixed, amounting to Ps.18.8 billion in fixed rate debt out of a total of Ps.40.6 billion [1135]. Interest and Hedging - Interest expense for variable interest rate loans was Ps.2,281.2 million in 2023, with an average TIIE-28 rate of 11.42% [1143]. - The company recognized Ps.60.7 million in the reserve for the gain on cash flow hedges in 2023 [1145]. - The company has contracted interest rate swaps covering Ps.6.9 billion worth of risk related to the issuance of GAP 19 and GAP 20 long-term debt securities [1135]. Currency Impact - A 10% annual depreciation of the peso compared to the U.S. dollar would have increased revenues by approximately Ps.503.1 million in 2023 [1126]. - The company obtained U.S.$70.0 million in loans by bank debt in 2023 [1128].

Hi. Good morning. Thanks for the call. Just a bit of an update about the issue of the Pratt & Whitney. Have you seen -- do you think that for this year, for the last quarters, capacity could be limited due to the engine failures, the engine maintenance? We saw about Volaris that -- yesterday said that most of -- the peak of the capacity will Thank you, Gabriel. It's Raul. I mean, when we present our original guidance, we consider around 200 days for the period of maintenance of each one of the grounded plan ...

Financial Data and Key Metrics Changes - The company achieved a record adjusted EBITDA of MXN 17.7 billion, up 9.7% compared to 2022 [29] - Cash increased significantly during 2023, reaching MXN 10 billion by year-end, with a net debt-to-EBITDA ratio of 1.7 times [30][28] - Passenger traffic reached a record 64 million, although a decrease of 3% to 5% is anticipated for 2024 due to various challenges [32][28] Business Line Data and Key Metrics Changes - Commercial revenue from car rentals saw significant growth, particularly due to billing processes at Los Cabos airport, with expectations for continued double-digit growth in 2024 [6] - Non-aeronautical revenues are expected to grow by 12% to 14% in 2024, driven by new commercial projects [56][99] Market Data and Key Metrics Changes - The company anticipates a slowdown in passenger traffic across its airport network due to the Pratt & Whitney engine inspections, which will impact aeronautical revenues by a decrease of 2% to 4% [32] - International passenger traffic at Guadalajara airport increased by 20.5% in January, indicating strong demand in international markets [62] Company Strategy and Development Direction - The company is focusing on cost control and efficiency improvements, with plans to freeze headcount growth except for new business lines [13][8] - Expansion projects are underway at Guadalajara, Los Cabos, and Puerto Vallarta airports, along with a mixed-use building project in Guadalajara [30][32] Management Comments on Operating Environment and Future Outlook - Management highlighted challenges such as regulatory changes, labor law adjustments, and increased concession fees, which are expected to pressure costs and profitability [52][33] - Despite these challenges, management remains confident in the underlying fundamentals of the business and its ability to navigate regulatory changes [58] Other Important Information - The company plans to propose a capital reimbursement of MXN 13.86 per share, subject to shareholder approval in April 2024 [93] - A significant capital expenditure of around MXN 9 billion is expected for the coming year, including investments in commercial projects and airport expansions [57] Q&A Session Summary Question: What is the company's strategy to manage salary pressures? - The company plans to freeze headcount growth, focusing on efficiency and technology to manage costs [13][120] Question: What are the expectations for tariffs and CapEx for the renegotiation of the MDP? - A 6% discount will be applied to nine airports for 2024, with CapEx expected to align with historical levels around MXN 100 per passenger [68][69] Question: How is the company addressing the impact of the Pratt & Whitney engine inspections on traffic? - Management noted a shift in airline operations towards more profitable routes, with an increase in international passengers at Guadalajara airport [60][39] Question: What is the outlook for commercial projects and their contribution to revenues? - The mixed-use building in Guadalajara is expected to start operations in April, significantly boosting parking revenue and overall commercial revenues [80][81] Question: How is the company managing regulatory changes and tariff adjustments? - The company is actively engaging with regulatory bodies to navigate changes and maintain shareholder value [52][84]

Grupo Aeroportuario del PacÃfico, S.A.B. de C.V. (NYSE:PAC) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET Maria Barona - Investor Relations Raul Revuelta - Chief Executive Officer Saul Villarreal - Chief Financial Officer Guilherme Mendes - JPMorgan Alberto Valerio - UBS Pablo Monsivais - Barclays Bruno Amorim - Goldman Sachs Jay Singh - Citi Ernst Anton Mortenkotter - GBM Juan Pablo Macedo Carrillo - GBM Pablo Coloma - MetLife Investment Management Ana Cecilia Reyes - Grupo Bal Marco Montan ...

But in the other hand, the wet cargo that are mainly fruit, vegetables, flowers, meat, all this kind of production is decreasing. But the interesting here is that you could not mix, wet and dry cargo in the same belly of a plane. So what is happening is that all the electronics that have a much higher yield for the cargo airlines is moving or changing the trend for offer of additional offer for wet cargo. What is interesting is that, when you receive or when do you review the results of the yields of the ca ...