Corporación América Airports S.A. (NYSE:CAAP) Q1 2022 Earnings Conference Call May 18, 2022 10:00 AM ET

Company Participants

Patricio Inaki Esnaola - Head, IR

Martin Eurnekian - CEO

Jorge Arruda - CFO

Conference Call Participants

Operator

Good morning and welcome to the Corporación América Airports First Quarter 2022 Earnings Conference Call. A slide presentation accompanies today's webcast and is available in the Investors section of the Corporación América Airports Investor Relations website. As a reminder, all participants will be in a listen-only mode. [Operator Instructions]

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

Patricio Inaki 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 first quarter 2022 earnings call.

We started the year on a strong footing delivering an improved performance across key operational and financial metrics. Jorge will go over our financial results in a few minutes, but let me point out some of the key highlights for the quarter.

First, adjusted EBITDA increased to $89 million, up from $7 million in the first quarter of last year. Importantly, this good performance was supported by improvements across all of our countries of operations.

Adjusted EBITDA margin ex IFRIC reached 36.3%, up from mid-single-digit margin in the same quarter of last year when we were in the midst of the pandemic. We also saw a strong recovery in revenues ex IFRIC, which reached 82% of pre-pandemic levels, despite the impact of Omicron on travel demand in the first two months of the quarter, tariff adjustments in some segments and the leaner cost structure.

This came along with strong growth in commercial revenues which exceeded first quarter of 2019 levels by high single-digits. On the balance sheet front, during the quarter we secured local financing to meet CapEx obligations in Argentina and ended the quarter with a significantly stronger debt maturity profile.