Azul(US:AZUL)2020-09-11 19:09Company Overview and Strategy - Azul is a leading airline in Brazil, holding the 1 position in destinations served, market share in 83% of its markets, and domestic departures[9] - The company's business model is built upon a foundation of over US$1.3 billion of invested capital[14] - Azul's strategy includes a diversified fleet, a large network with multiple hubs, unparalleled network connectivity, and renowned customer service[15, 17] - The airline focuses on serving all of Brazil, with only 37% of its domestic ASKs from/to cities in the triangle compared to over 90% for competitors[260] Financial Performance and Market Opportunity - In 2019, Azul achieved an operating margin of 17.8% and an EBITDA margin of 31.7%[11] - Brazil's domestic passenger count was 126 million in 2022[12] - Azul Cargo has a 27% market share in Brazil[281] COVID-19 Response and Recovery - Azul implemented a management plan with over R$7 billion in cash savings and deferrals until December 2021[293] - The company achieved a 21% lease liability reduction through renegotiations with leasing partners[299] - By September 2020, Azul planned to serve 88 destinations with 404 daily flights[310]