Pedro Heilbron: Yes, okay. So first question, business traffic, corporate traffic has improved somewhat in the last number of months. So the trend is positive, but the numbers are still not much different to what we have shared in the recent past, where about 40% is leisure and 30% is VFR, the rest is a combination – it’s business but it’s business and corporate, so some of the business we move in the region is not necessarily tied to corporate accounts. So that has – I mean it has improved somewhat but not in a significant way. The breakdown is similar to what I just mentioned, which hasn’t changed much. However, leisure is behaving in a way that you can see our results, so – they manage strong and yields are healthy, so we’re fine with the way we – traffic has developed.
In terms of revenue management and pricing, so what we show – and I’ll let Jose back me up, what we showed in 2022 was that we were able to cover the increase in jet fuel prices, but it didn’t happen right away, it did not happen in the second quarter when jet fuel spiked up, it did happen in the second half of the year and this year we’ll see.
Jose Montero: Yes, it’s about a two to three-month delay. Now of course, our revenue management folks always are pricing to the maximum the market could bear, but usually it takes – there’s a little bit of a lag between fuel spikes and when RM catches ups.
Guilherme Mendes: That’s very clear. Thank you, Pedro and Jose.
Pedro Heilbron: Thanks a lot.
Operator: Our next question comes from Stephen Trent from Citi.
Stephen Trent: Good morning, gentlemen, and thanks very much for taking the time. Just two quick ones from me. The first, definitely appreciate the ex-fuel CASM guidance out to 2025 and what you’re seeing for this year. Any high-level view to what extent Wingo could be – maybe a higher weighting of the operations relative to 2022.
Pedro Heilbron: We don’t see that in the short term, maybe medium-term, not sure. Wingo, still a small part of our capacity and revenues. Colombia has been a challenging market for all airlines operating in that country. So I think – I don’t think we’re going to see a lot of growth from the Wingo segment.
Jose Montero: Well, we have flexibility to. I think part of our plan internally is to have a lot of flexibility in terms of how we put our capacity in the two brands, but yes, I think in general terms, more of the growth is going to come from the airlines side.
Stephen Trent: Appreciate that guys. And just one very quick second question, just a follow-up to Savi’s question, when we think about the RASM and consider the amount of upgrades you’re doing, was there any stage length adjusted noise and the pivot for 2023 RASM, just out of curiosity?
Jose Montero: I would say that there is – not that much, I mean there was – I mean, I would say a little bit, actually – I would say it’s a tad, but it’s not significant I would say, Stephen.
Stephen Trent: Okay. I appreciate – sorry.
Pedro Heilbron: And then what I would add just to the RASM question that we’ve received that, 2022 is a tough comp because it’s spiked up, I mean RASM, it was – the trend wasn’t – not 100% typical what we saw last year and after the pandemic, not all demand patterns have been exactly the same as they were before. It’s getting back to something more similar to what we’re used to. But last year in a way was a transitional year in capacity and demand in the whole thing, so the comps are a little bit more difficult in that sense, but I think what’s important is that our bookings are still quite strong.
Stephen Trent: Okay, very helpful. Thanks very much, guys.
Jose Montero: Thanks a lot.
Operator: Our next question comes from Rogerio Araujo from Bank of America.
