Corporación América Airports S.A. (NYSE:CAAP) Q4 2022 Earnings Conference Call March 22, 2023 10:00 AM ET

Company Participants

Patricio Esnaola - Head of Investor Relations

Martin Eurnekian - Chief Executive Officer

Jorge Arruda - Chief Financial Officer

Conference Call Participants

Stephen Trent - Citi

Operator

Good morning, and welcome to the Corporación América Airports' Fourth Quarter 2022 Earnings Conference Call. A slide presentation accompanies today's webcast, and is available in the Investors section of the Corporación América Airports’ Web site. As a reminder, all participants will be in listen-only mode. There will be an opportunity to ask questions at the end of the presentation.

At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Patricio, please go ahead.

Patricio Esnaola

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martin Eurnekian, our Chief Executive Officer; and Jorge Arruda, our Chief Financial Officer.

Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

Now, let me turn the call over to our CEO, Martin Eurnekian.

Martin Eurnekian

Thank you, Inaki. Hello, everyone, and welcome to our fourth quarter and full-year 2022 earnings call. First, I will provide a quick summary of our financial highlights presented on slide three, and then provide a brief update on the industry trends and cargo activity. I will then hand the call over to Jorge to discuss the fourth quarter and annual financial results.

To begin, we are pleased to have ended the year with a strong quarter, delivering sustained and continued growth in revenues and adjusted EBITDA. These results underscore the recovering demand for air travel globally and the good performance of our countries of operation in particular. Total revenues excluding IFRIC were up 10.6% against fourth quarter of 2019, supported by a strong growth in commercial revenues and continued recovery in passenger traffic. This, along with our ongoing focus on cost control allowed us to report an adjusted EBITDA of $123 million in the quarter, increasing 27% against the comparable period in the fourth quarter of 2019, while passenger traffic in 2022 stood at 88% of pre-pandemic levels.