PANAMA
CITY, Aug. 9, 2023 /PRNewswire/ -- Copa
Holdings, S.A. (NYSE: CPA), today announced financial results for
the second quarter of 2023 (2Q23). The terms "Copa Holdings" and
the "Company" refer to the consolidated entity. The following
financial information, unless otherwise indicated, is presented in
accordance with International Financial Reporting Standards (IFRS).
See the accompanying reconciliation of non-IFRS financial
information to IFRS financial information included in the financial
tables section of this earnings release. Unless otherwise stated,
all comparisons with prior periods refer to the second quarter of
2022 (2Q22).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net profit of US$17.5 million for 2Q23 or US$0.44 per share. Excluding special items
comprised of the unrealized mark-to-market net loss of US$137.0 million related to the Company's
convertible notes, as well as changes in the value of financial
investments, the Company would have reported a net profit of
US$154.5 million or US$3.92 per share.
- Copa Holdings reported an operating profit of US$194.7 million and a 24.1% operating margin for
the quarter, as compared to an operating profit of US$42.3 million and an operating margin of 6.1%
in 2Q22.
- Passenger traffic, measured in terms of revenue passenger miles
(RPMs), increased by 15.4% year over year, while capacity
(available seat miles or ASMs) increased by 13.6%. As a result, the
load factor for the quarter increased by 1.3 percentage points to
86.1%, as compared to 2Q22.
- Total revenues for 2Q23 increased 16.7% to US$809.2 million, mainly driven by higher
capacity, while yields increased 2.0% to 13.3 cents. Revenue per available seat mile
(RASM) increased 2.7% to 12.0 cents,
as compared to 2Q22.
- Operating cost per available seat mile (CASM) decreased 17.0%
from 10.9 cents in 2Q22 to
9.1 cents in 2Q23, mainly driven by a
decrease of 35.9% in the price of jet fuel per gallon. CASM
excluding fuel (Ex-fuel CASM) decreased by 0.8% in the quarter to
5.9 cents, when compared to
2Q22.
- The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term
investments, which represent 39.6% of the last twelve months'
revenues.
- The Company closed the quarter with total debt, including lease
liabilities, of US$1.8 billion, while
our Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
- During the quarter, the Company announced that it will start
service to Barquisimeto, Venezuela, bringing the total number of
destinations in its network to 81. This new route is scheduled to
start in October of 2023.
- During the quarter, the Company took delivery of two Boeing 737
MAX 9 aircraft, ending the quarter with a consolidated fleet of 101
aircraft – 67 Boeing 737-800s, 24 Boeing 737 MAX 9s, 9 Boeing
737-700s, and 1 Boeing 737-800 freighter.
- Copa Airlines had an on-time performance for the quarter of
91.6% and a flight completion factor of 99.8%, once again
positioning itself among the very best in the industry.
Subsequent Events
- In July, the Company took delivery of one Boeing 737 MAX 9 and
expects to receive five additional aircraft during the remainder of
2023. The Company expects to end the year with 107 aircraft.
- On July 14, 2023, Copa Holdings
publicly announced the redemption of all its outstanding 4.50%
Convertible Senior Notes due in 2025, which will be completed on
September 18, 2023. Notes surrendered
for conversion will be settled through a combination of cash (up to
the principal amount of US$350
million) and shares of Copa common stock, the latter to
cover the remainder of the conversion obligation.
- In July, Copa Airlines was recognized by Skytrax – for the
eighth consecutive year – as the "Best Airline in Central America and the Caribbean".
- Copa Holdings will make its third dividend payment of the year
of US$0.82 per share on October 13, 2023, to all Class A and Class B
shareholders on record as of September 29,
2023.
Consolidated
Financial
& Operating Highlights
|
2Q23
|
2Q22
|
Variance vs.
1Q19
|
1Q23
|
Variance vs.
1Q23
|
YTD23
|
YTD22
|
Variance vs.
YTD22
|
Revenue Passengers
Carried (000s)
|
2,980
|
2,481
|
20.1 %
|
2,881
|
3.4 %
|
5,860
|
4,765
|
23.0 %
|
Revenue Passengers
OnBoard (000s)
|
4,469
|
3,796
|
17.7 %
|
4,295
|
4.0 %
|
8,764
|
7,272
|
20.5 %
|
RPMs
(millions)
|
5,826
|
5,047
|
15.4 %
|
5,723
|
1.8 %
|
11,550
|
9,632
|
19.9 %
|
ASMs
(millions)
|
6,767
|
5,955
|
13.6 %
|
6,596
|
2.6 %
|
13,363
|
11,578
|
15.4 %
|
Load
Factor
|
86.1 %
|
84.8 %
|
1.3 p.p.
|
86.8 %
|
-0.7 p.p.
|
86.4 %
|
83.2 %
|
3.2 p.p.
|
Yield (US$
Cents)
|
13.3
|
13.0
|
2.0 %
|
14.6
|
-8.9 %
|
13.9
|
12.4
|
11.9 %
|
PRASM (US$
Cents)
|
11.4
|
11.0
|
3.6 %
|
12.6
|
-9.6 %
|
12.0
|
10.3
|
16.3 %
|
RASM (US$
Cents)
|
12.0
|
11.6
|
2.7 %
|
13.1
|
-9.1 %
|
12.5
|
10.9
|
14.8 %
|
CASM (US$
Cents)
|
9.1
|
10.9
|
-17.0 %
|
10.2
|
-11.1 %
|
9.6
|
10.2
|
-5.2 %
|
CASM Excl. Fuel (US$
Cents)
|
5.9
|
6.0
|
-0.8 %
|
6.2
|
-4.5 %
|
6.1
|
6.0
|
1.5 %
|
Fuel Gallons Consumed
(millions)
|
79.9
|
71.5
|
11.8 %
|
78.2
|
2.2 %
|
158.1
|
138.0
|
14.5 %
|
Avg. Price Per Fuel
Gallon (US$)
|
2.65
|
4.14
|
-35.9 %
|
3.36
|
-21.1 %
|
3.00
|
3.52
|
-14.8 %
|
Average Length of Haul
(miles)
|
1,955
|
2,034
|
-3.9 %
|
1,987
|
-1.6 %
|
1,971
|
2,021
|
-2.5 %
|
Average Stage Length
(miles)
|
1,260
|
1,273
|
-1.1 %
|
1,281
|
-1.7 %
|
1,270
|
1,285
|
-1.2 %
|
Departures
|
33,385
|
29,369
|
13.7 %
|
31,984
|
4.4 %
|
65,369
|
56,559
|
15.6 %
|
Block Hours
|
107,055
|
95,315
|
12.3 %
|
104,626
|
2.3 %
|
211,681
|
183,790
|
15.2 %
|
Average Aircraft
Utilization (hours)
|
11.8
|
11.2
|
5.4 %
|
11.9
|
-0.8 %
|
11.8
|
10.9
|
8.5 %
|
Operating Revenues (US$
millions)
|
809.2
|
693.4
|
16.7 %
|
867.3
|
-6.7 %
|
1,676.5
|
1,265.0
|
32.5 %
|
Operating Profit (Loss)
(US$ millions)
|
194.7
|
42.3
|
360.6 %
|
193.2
|
0.8 %
|
387.9
|
87.0
|
345.7 %
|
Operating
Margin
|
24.1 %
|
6.1 %
|
18.0 p.p.
|
22.3 %
|
1.8 p.p.
|
23.1 %
|
6.9 %
|
16.3 p.p.
|
Net Profit (Loss) (US$
millions)
|
17.5
|
124.1
|
-85.9 %
|
121.5
|
-85.6 %
|
139.0
|
143.8
|
-3.3 %
|
Adjusted Net Profit
(Loss) (US$ millions) (1)
|
154.5
|
13.2
|
1073.1 %
|
157.8
|
-2.1 %
|
312.3
|
42.7
|
632.0 %
|
Basic EPS
(US$)
|
0.44
|
3.01
|
-85.3 %
|
3.07
|
-85.5 %
|
3.52
|
3.49
|
1.0 %
|
Adjusted Basic EPS
(US$) (1)
|
3.92
|
0.32
|
1125.7 %
|
3.99
|
-1.8 %
|
7.92
|
1.04
|
664.9 %
|
Shares for calculation
of Basic EPS (000s)
|
39,442
|
41,212
|
-4.3 %
|
39,565
|
-0.3 %
|
39,442
|
41,212
|
-4.3 %
|
|
|
|
|
|
|
|
|
|
(1) Excludes Special
Items. This earnings release includes a reconciliation of non-IFRS
financial measures to the comparable
IFRS measures.
|
FULL 2Q23 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:
https://copa.gcs-web.com/financial-information/quarterly-results
2Q23 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
Date:
|
August 10,
2023
|
|
|
Time:
|
10:00 AM US ET (9:00 AM
Local Time)
|
|
|
Join by
phone:
|
https://register.vevent.com/register/BI4c91a9ca6f634c05bd431cabc09bb55d
|
|
|
Webcast
(listen-only):
|
https://copa.gcs-web.com/events-and-presentations
|
|
|
Speakers:
|
Pedro Heilbron, Chief
Executive Officer
|
|
|
|
José Montero, Chief
Financial Officer
|
|
|
About Copa Holdings
Copa Holdings is a
leading Latin American provider of passenger and cargo services.
The Company, through its operating subsidiaries, provides service
to countries in North, Central, and South
America and the Caribbean.
For more information visit:
www.copaair.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)
This release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on current plans,
estimates, and expectations, and are not guarantees of future
performance. They are based on management's expectations that
involve several business risks and uncertainties, any of which
could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements. The
Company undertakes no obligation to update or revise any
forward-looking statement. The risks and uncertainties relating to
the forward-looking statements in this release are among those
disclosed in Copa Holdings' filed disclosure documents and are,
therefore, subject to change without prior notice.
CPA-G
Copa Holdings, S.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement - IFRS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(US$ Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
%
|
Unaudited
|
|
%
|
Unaudited
|
|
Unaudited
|
|
%
|
|
|
2Q23
|
|
2Q22
|
|
Change
|
1Q23
|
|
Change
|
YTD23
|
|
YTD22
|
|
Change
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
revenue
|
|
773,781
|
|
656,943
|
|
17.8 %
|
834,018
|
|
-7.2 %
|
1,607,798
|
|
1,198,198
|
|
34.2 %
|
Cargo and mail
revenue
|
|
23,888
|
|
26,734
|
|
-10.6 %
|
23,252
|
|
2.7 %
|
47,140
|
|
48,270
|
|
-2.3 %
|
Other operating
revenue
|
|
11,521
|
|
9,718
|
|
18.6 %
|
9,995
|
|
15.3 %
|
21,516
|
|
18,508
|
|
16.3 %
|
Total Operating Revenue
|
|
809,190
|
|
693,394
|
|
16.7 %
|
867,264
|
|
-6.7 %
|
1,676,454
|
|
1,264,976
|
|
32.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
214,121
|
|
295,952
|
|
-27.7 %
|
265,498
|
|
-19.4 %
|
479,619
|
|
487,208
|
|
-1.6 %
|
Wages, salaries,
benefits and other employees' expenses
|
|
105,788
|
|
88,995
|
|
18.9 %
|
102,652
|
|
3.1 %
|
208,441
|
|
178,754
|
|
16.6 %
|
Passenger
servicing
|
|
21,460
|
|
16,074
|
|
33.5 %
|
20,391
|
|
5.2 %
|
41,852
|
|
31,681
|
|
32.1 %
|
Airport facilities and
handling charges
|
|
54,146
|
|
47,280
|
|
14.5 %
|
50,479
|
|
7.3 %
|
104,625
|
|
93,067
|
|
12.4 %
|
Sales and
distribution
|
|
56,596
|
|
56,222
|
|
0.7 %
|
61,406
|
|
-7.8 %
|
118,002
|
|
102,255
|
|
15.4 %
|
Maintenance, materials
and repairs
|
|
31,430
|
|
28,311
|
|
11.0 %
|
40,296
|
|
-22.0 %
|
71,726
|
|
51,662
|
|
38.8 %
|
Depreciation and
amortization
|
|
74,818
|
|
65,337
|
|
14.5 %
|
72,677
|
|
2.9 %
|
147,494
|
|
128,640
|
|
14.7 %
|
Flight
operations
|
|
25,005
|
|
24,068
|
|
3.9 %
|
27,424
|
|
-8.8 %
|
52,429
|
|
46,106
|
|
13.7 %
|
Other operating and
administrative expenses
|
|
31,158
|
|
28,894
|
|
7.8 %
|
33,228
|
|
-6.2 %
|
64,387
|
|
58,568
|
|
9.9 %
|
Total Operating Expense
|
|
614,523
|
|
651,133
|
|
-5.6 %
|
674,053
|
|
-8.8 %
|
1,288,576
|
|
1,177,942
|
|
9.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit/(Loss)
|
|
194,667
|
|
42,261
|
|
360.6 %
|
193,212
|
|
0.8 %
|
387,878
|
|
87,035
|
|
345.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance cost
|
|
(30,517)
|
|
(21,270)
|
|
43.5 %
|
(24,365)
|
|
25.2 %
|
(54,882)
|
|
(41,715)
|
|
31.6 %
|
Finance
income
|
|
11,970
|
|
3,526
|
|
239.5 %
|
8,842
|
|
35.4 %
|
20,812
|
|
6,071
|
|
242.8 %
|
Gain (loss) on foreign
currency fluctuations
|
|
3,712
|
|
(6,834)
|
|
-154.3 %
|
1,201
|
|
209.0 %
|
4,914
|
|
(3,916)
|
|
-225.5 %
|
Net change in fair
value of derivatives
|
|
(137,473)
|
|
113,670
|
|
-220.9 %
|
(37,933)
|
|
262.4 %
|
(175,406)
|
|
106,918
|
|
-264.1 %
|
Other non-operating
income (expense)
|
|
925
|
|
(2,717)
|
|
-134.0 %
|
1,235
|
|
-25.1 %
|
2,160
|
|
(5,381)
|
|
-140.1 %
|
Total Non-Operating
Income/(Expense)
|
|
(151,382)
|
|
86,375
|
|
-275.3 %
|
(51,020)
|
|
196.7 %
|
(202,402)
|
|
61,977
|
|
-426.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxes
|
|
43,284
|
|
128,636
|
|
-66.4 %
|
142,192
|
|
-69.6 %
|
185,476
|
|
149,012
|
|
24.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(25,775)
|
|
(4,560)
|
|
465.2 %
|
(20,671)
|
|
24.7 %
|
(46,447)
|
|
(5,177)
|
|
797.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/(Loss)
|
|
17,509
|
|
124,076
|
|
-85.9 %
|
121,521
|
|
-85.6 %
|
139,030
|
|
143,835
|
|
-3.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.44
|
|
3.01
|
|
-85.3 %
|
3.07
|
|
-85.5 %
|
3.52
|
|
3.49
|
|
1.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
39,442,367
|
|
41,211,540
|
|
-4.3 %
|
39,565,223
|
|
-0.3 %
|
39,442,367
|
|
41,211,540
|
|
-4.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S. A. and
subsidiaries
|
|
|
Consolidated statement of financial
position
|
|
|
(US$ Thousands)
|
|
|
|
June 2023
|
December
2022
|
ASSETS
|
(Unaudited)
|
(Audited)
|
Cash and cash
equivalents
|
281,863
|
122,424
|
Short-term
investments
|
833,576
|
812,323
|
Total cash, cash equivalents and short-term
investments
|
1,115,439
|
934,747
|
|
|
|
Accounts receivable,
net
|
162,333
|
135,415
|
Accounts receivable
from related parties
|
2,388
|
2,168
|
Expendable parts and
supplies, net
|
104,332
|
93,332
|
Prepaid
expenses
|
46,025
|
52,322
|
Prepaid income
tax
|
335
|
798
|
Other current
assets
|
21,855
|
17,043
|
|
337,268
|
301,078
|
TOTAL CURRENT ASSETS
|
1,452,707
|
1,235,825
|
|
|
|
Long-term
investments
|
222,282
|
202,056
|
Long-term prepaid
expenses
|
8,832
|
7,770
|
Property and equipment,
net
|
3,025,624
|
2,883,524
|
Right of use
assets
|
258,268
|
234,380
|
Intangible,
net
|
82,919
|
78,555
|
Net defined benefit
assets
|
1,732
|
504
|
Deferred tax
assets
|
29,499
|
30,743
|
Other Non-Current
Assets
|
16,796
|
17,005
|
TOTAL NON-CURRENT ASSETS
|
3,645,952
|
3,454,537
|
|
|
|
TOTAL ASSETS
|
5,098,659
|
4,690,362
|
|
|
|
LIABILITIES
|
|
|
Loans and
borrowings
|
445,083
|
142,484
|
Derivative financial
instruments
|
426,555
|
-
|
Current portion of
lease liability
|
71,940
|
80,084
|
Accounts
payable
|
161,880
|
166,660
|
Accounts payable to
related parties
|
2,340
|
1,004
|
Air traffic
liability
|
649,054
|
651,805
|
Frequent flyer deferred
revenue
|
114,570
|
111,526
|
Taxes
Payable
|
49,178
|
43,878
|
Employee benefits
obligations
|
39,537
|
44,913
|
Income tax
payable
|
14,814
|
6,276
|
Other Current
Liabilities
|
757
|
1,175
|
TOTAL CURRENT LIABILITIES
|
1,975,708
|
1,249,805
|
|
|
|
Loans and borrowings
long-term
|
1,107,037
|
1,301,819
|
Lease
Liability
|
186,558
|
158,289
|
Derivative financial
instruments
|
-
|
251,150
|
Deferred tax
Liabilities
|
34,710
|
16,571
|
Other long - term
liabilities
|
239,763
|
220,618
|
TOTAL NON-CURRENT LIABILITIES
|
1,568,068
|
1,948,447
|
|
|
|
TOTAL LIABILITIES
|
3,543,776
|
3,198,252
|
|
|
|
EQUITY
|
|
|
Class A - 34,064,142
issued and 28,367,386 outstanding
|
21,366
|
21,327
|
Class B -
10,938,125
|
7,466
|
7,466
|
Additional Paid-In
Capital
|
105,551
|
103,465
|
Treasury
Stock
|
(360,001)
|
(344,541)
|
Retained
Earnings
|
1,652,916
|
1,367,784
|
Net
profit
|
139,030
|
348,054
|
Other comprehensive
loss
|
(11,445)
|
(11,445)
|
|
|
|
TOTAL EQUITY
|
1,554,883
|
1,492,110
|
TOTAL EQUITY LIABILITIES
|
5,098,659
|
4,690,362
|
|
|
|
Copa Holdings, S. A. and
subsidiaries
|
|
|
|
|
|
|
Consolidated Statement of Cash
Flows
|
|
|
|
|
|
|
For the six months ended June
30,
|
|
|
|
|
|
|
(In US$ thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flow from
operating activities
|
|
420,171
|
|
327,833
|
|
149,669
|
Cash flow used in
investing activities
|
|
(293,193)
|
|
(262,743)
|
|
(119,776)
|
Cash flow from (used
in) from financing activities
|
|
32,461
|
|
(142,046)
|
|
107,806
|
Net increase in cash and cash
equivalents
|
|
159,439
|
|
(76,956)
|
|
137,699
|
Cash and cash
equivalents at January 1
|
|
122,424
|
|
211,081
|
|
119,065
|
Cash and cash equivalents at June
30
|
|
$
281,863
|
|
$
134,125
|
|
$
256,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
833,576
|
|
801,132
|
|
925,680
|
Long-term
investments
|
|
222,282
|
|
140,374
|
|
99,235
|
Total cash and cash equivalents and investments at
June 30
|
|
$
1,337,721
|
|
$
1,075,631
|
|
$
1,281,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial
measures: Adjusted Net Profit, Adjusted Basic EPS, and Operating
CASM Excluding Fuel. This supplemental information is presented
because we believe it is a useful indicator of our operating
performance and is useful in comparing our performance with other
companies in the airline industry. These measures should not be
considered in isolation and should be considered together with
comparable IFRS measures, in particular operating profit, and net
profit. The following is a reconciliation of these non-IFRS
financial measures to the comparable IFRS measures:
Reconciliation of Adjusted Net
Profit
|
|
2Q23
|
|
2Q22
|
|
1Q23
|
|
|
|
|
|
|
|
Net Profit as
Reported
|
|
$ 17,509
|
|
$
124,076
|
|
$
121,521
|
Add: Net
change in fair value of derivatives
|
|
$
137,473
|
|
$ (113,670)
|
|
$ 37,933
|
Add: Net
change in fair value of financial investments
|
|
$
(512)
|
|
$
2,761
|
|
$ (1,655)
|
Adjusted Net Profit
|
|
$
154,469
|
|
$ 13,168
|
|
$
157,798
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Basic
EPS
|
|
2Q23
|
|
2Q22
|
|
1Q23
|
|
|
|
|
|
|
|
Adjusted Net
Profit
|
|
$
154,469
|
|
$ 13,168
|
|
$
157,798
|
Shares used for
calculation of Basic EPS
|
|
39,442
|
|
41,212
|
|
39,565
|
Adjusted Basic Earnings per share (Adjusted Basic
EPS)
|
|
$
3.92
|
|
$
0.32
|
|
$
3.99
|
|
|
|
|
|
|
|
Reconciliation of Operating Costs per
ASM
|
|
|
|
|
|
|
Excluding Fuel (CASM Excl.
Fuel)
|
|
2Q23
|
|
2Q22
|
|
1Q23
|
|
|
|
|
|
|
|
Operating Costs per ASM
as Reported (in US$ Cents)
|
|
9.1
|
|
10.9
|
|
10.2
|
Aircraft Fuel Cost per
ASM (in US$ Cents)
|
|
3.2
|
|
5.0
|
|
4.0
|
Operating Costs per ASM excluding fuel (in US$
Cents)
|
|
5.9
|
|
6.0
|
|
6.2
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/copa-holdings-reports-financial-results-for-the-second-quarter-of-2023-301897235.html
SOURCE Copa Holdings, S.A.