Guilherme Mendes: Good morning, everyone, thanks for taking my question. I have two follow-up questions actually related to yield and fuel. So Abhi, to your point on passing to fuel costs, I mean, how fast do you think you managed to pass through a potential additional increase on your prices? And on the same topic, how do you guys think about your hedging strategy going forward?
Abhi Shah: Hi, Guilherme. Look, I think the industry has, at every turn, try to do the right things and done the right things in terms of recapturing these costs We, of course, have additional benefits in terms of controlling our own destiny because so much of our network is by ourselves. And so we can always be testing and always be managing our own, not having to wait for the industry to catch up. So I’m optimistic. I mean just look at what we’ll be able to achieve in terms of average fares in 2Q, a seasonally weaker 2Q versus a post-Omicron 2Q last year, and we still had higher average fares. And so with corporate demand coming back strong, our corporate survey tells us that corporations will fly more in the second half of the year with capacity discipline that we are seeing. I think it’s a continuous process, but I’m confident that the industry and us are going to do the right things to make it happen.
John Rodgerson: Yes. And on the hedging side, I think your question makes a lot of sense because they do go together, right? The more pricing ability we have to pass through cost increases to fares, the less hedging we need to do, right? I don’t think any airline is going to tell you that they are able to predict whether oil prices are going to go up or down better than the market, right? If they say that that’s their competitive advantage, why would kind of run away from that because hedging is insurance. We expect insurance to cost us a little bit of money, and we expect hedging to cost us a little bit of money in terms of the premium. So we always monitor our ability to pass through cost increases to fares together with our hedge position.
Now that we see demand continuing to be strong and we see a seasonally strong quarter coming in. We don’t need to be hedged as much. We’re around 15%, 16% right now. I think the whole industry is somewhat light on hedges, and I think that makes a lot of sense. We want to hedge the inventory that we have already sold that inventory, we cannot do anything about. But the future inventory, we’re very confident on our ability to continue expanding margins to try to get back at least to the 2019 levels. Because, yes, it’s true that fuel prices went down significantly year-over-year, but they did go up from the last quarter, but they’re still much higher than they were in 2019, right? I think it’s important to remember that they’re still much higher than 2019.
Guilherme Mendes: Super for you guys. Thank you. Have a great day.
Abhi Shah: Thank you.
Operator: Going on to the next question. It will come from Neil Glynn, sell-side analyst Air Control Tower. Neil, we will open your microphone, so that you may ask your question. You can proceed.
Neil Glynn: Thank you for taking the questions. If I could ask two, please, both with respect to the recent negotiations and capital optimization. So the first one on currency really. Back at the end of the first quarter, you were hoping for BRL2.9 billion, BRL1 billion of lease payments in 2024. And I noticed the real has obviously strengthened against the dollar since this time. So I’m just interested as to whether the updated payments fully reflect recent recovery of the real against the dollar. And if you could give us some feel for your exposure to potential further real recovery on the dollar for these payments. And then the second question, security deposits and maintenance reserves are obviously a large part of your balance sheet, about $2.6 billion at June.
