Gol Linhas Aereas Inteligentes SA (NYSE:GOL) Q1 2022 Earnings Conference Call April 28, 2022 8:00 AM ET

Company Participants

Paulo Kakinoff – President & Chief Executive Officer

Richard Lark – Executive Vice President, Chief Financial Officer & Investor Relations Officer

Conference Call Participants

Daniel McKenzie – Seaport Global

Michael Linenberg – Deutsche Bank

Savanthi Syth – Raymond James

Duane Pfennigwerth – Evercore ISI

Stephen Trent – Citi

Alejandro Zamacona – Credit Suisse

Operator

Welcome to the Gol Airlines, First Quarter 2022 Results conference call. This morning, the company made its numbers available, along with three videos with the results presentation, financial review, and preliminary Q&A. GOL hopes everyone connected has watched them. After the company's brief remarks, we will initiate the Q&A session, when further instructions will be provided. This event is also being broadcast live via webcast and may be accessed through the company website at www. voegol.com. br / ir and MZiQ platform at www. mziq.com.

Those following the presentation via the webcast may post their questions on the platform and their questions will either be answered by management during this call or by the GOL Investor Relations team after the conference is finished. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of the company's management and on the information currently available to GOL. They involve risks and uncertainties because they are related to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that events related to macroeconomic conditions, industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. At this time, I will hand you over to Mr. Paulo Kakinoff, CEO. Please begin.

Paulo Kakinoff

Good morning, everyone. I would like to start by ratifying our most important results for the period which were made possible by the tours to your butane from our customers, investors, suppliers, and specialty, our team of feeders. Our employees were responsible for getting us through the challenges of the quarter without disruption in our operations. That revenue from passenger transportation grew significantly due to the consistent recovery in sales.

Sales levels in January and February increased 10, 30% respectively, compared to the same periods in two February 19 while in March, they expanded 60% due to the increase in sales to the corporate segment. In January, we reached the 38.5% domestic market share and 99.7% flight completion above the industry average. This position was attributed by the dealership and capacity management in the previous months. Compared to fourth quarter of 2021, we increased our capacity by 15%. We feel more as CEOs, recovery at the country's main airports, such as Congonhas, Sao Paulo. A significant hub for corporate passengers essential for a strengthening profitability. Our occupancy rates and aircraft utilization continue to improve and flight frequencies expanded by 48% when compared to the first quarter of 2021.