Corporación América Airports S.A. (NYSE:CAAP) Q1 2024 Earnings Conference Call May 23, 2024 10:00 AM ET

Company Participants

Patricio Iñaki Esnaola - Head of Investor Relations
Martín Antranik Eurnekian - CEO
Jorge Arruda - CFO

Conference Call Participants

Alejandro Demichelis - Jeffries
Pedro Maulhardt - Latin Securities
Stephen Trent - Citigroup Inc.

Operator

Good morning and welcome to the Corporación América Airports First Quarter 2024 Conference Call. A slide presentation accompanies today's webcast and is available in the investor section of the Corporación América Airports website. As a reminder, all participants are in a 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 Iñaki Esnaola, Head of Investor Relations. Patricio, please go ahead.

Patricio Iñaki Esnaola

Thank you. Good morning everyone and thank you for joining us today. Speaking during today's call will be Martín 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. Please note that throughout this call all references to revenues, costs, adjusted EBITDA, our margin we will refer to figures excluding IFRIC12. I will now turn the call over to our CEO, Martín Eurnekian.

Martín Antranik Eurnekian

Thank you Iñaki. Hello everyone and welcome to our first quarter 2024 earnings call. I will spend today’s presentation with some overall highlights on our first quarter’s performance. I will then hand it off to Jorge who will provide additional details in his financial review before we open the call for questions.

I am pleased with the good start to the new year. We delivered a positive quarter with values up in the low double-digit against the same quarter last year and meeting passenger traffic growth. Our continued focus on commercial execution is posting good results with revenues per passenger continuing to expand reaching $20.6 this quarter, an all-time high since our IPO in 2018 in normalized environment. As a reminder, there were a few quarters in 2020 where passenger figures were significantly reduced due to the pandemic resulting in artificial [ph] revenues per passenger figures reflecting our consistent focus on execution and healthy travel demand, adjusted EBITDA increased further up 16% year-on-year, reaching $163 million, while the margin expanded 1.5 percentage points as we continue to gain operational leverage.