| Concept | Definition |
|---|---|
| ASMs | Stands for "available seat miles" and represents the number of seats available for passengers multiplied by the number of miles. |
| Average operating aircraft utilization | Is calculated by block hours per aircraft per day, meaning the total number of block hours divided by the average operating fleet and divided by the number of days in the period. |
| Average total aircraft utilization | Is calculated by block hours per aircraft per day, meaning the total number of block hours divided by the average total fleet and divided by the number of days in the period. |
| CAGR | Compound Annual Growth Rate. |
| CASM | Stands for “cost per available seat mile” and represents total operating expenses divided by available seat miles (ASMs). |
| CASM ex-fuel | Represents total operating expenses excluding fuel expense divided by available seat miles (ASMs). |
| EBITDA | Stands for “Earnings before interest, taxes, depreciation and amortization” and it is calculated as consolidated Net Income (loss) for the year adding back income taxes, financial income and financial costs and depreciation and amortization. Financial income includes interest income on cash and cash equivalents, interest paid by related parties and exchange gains. Financial costs include interest expense on financial liabilities, interest on lease liabilities, valuation of financial instruments and exchange loss. EBITDA is a non-International Financial Reporting Standards (“IFRS”) financial measure. A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes amounts that would not be so adjusted in the most comparable IFRS measure. |
| EBITDAR | Stands for "Earnings before interest, taxes, depreciation, amortization and rent expense" and it is calculated as consolidated net income (loss) for the year adding back income taxes, financial income and financial costs, depreciation and amortization, and leases. EBITDAR is a non-IFRS financial measure, as defined above. |
| Load Factor | Represents the number of miles flown by scheduled passengers (RPMs) divided by scheduled available seat miles (ASMs) and expressed as a percentage. |
| mm | Millions. |
| TRASM | Stands for “total operating revenue per available seat mile” and represents our total operating revenue divided by our total available seat miles. |
| RPMs | Stands for “revenue passenger miles” and represents the number of miles flown by passengers. | Passengers | Customers who purchased their plane ticket to fly during the month referred in the report, regardless of whether they flew or not. |
| Yield | Defined as total operating revenues divided by revenue passenger miles (RPMs). |
Starting on January 1, 2020, the Company determined the US Dollar (USD) as its functional currency.
Starting October 1, 2022, the Company determined the US Dollar (USD) as its reporting currency.