Michael Linenberg: Okay, okay, that’s super helpful. And then, just my last question, after the convert gets taken out your liquidity will come down and the question is, what – like when you think about target liquidity, how should we think about it, maybe as a percent of LTM revenue, maybe how that fact factors into your leverage ratio of 0.5? What metrics should we sort of think about in the longer term, both from a liquidity perspective, what’s the appropriate amount post-pandemic and where we should target from a leverage perspective? Thanks for taking my questions.
Jose Montero: Yes, Mike, I think, well, first of all, I think the leverage will essentially be the same after the settlement, and so I think we’re comfortable in the sort of very strong position that we have. Mind you, we have a set of investments coming along, a lot of aircraft coming, and there’s demand capital and so we are – we have some commitments coming forward and that will be useful growth basically, right? And then, we have our dividend policy, which is still very active, but in terms of total liquidity, we could end the year in and around $1 billion, so that’s I think something where we’re comfortable with that level for the size of the business and given all the commitments that we have going forward in terms of aircraft coming our way.
Michael Linenberg: Okay, very good. Thank you.
Pedro Heilbron: Thank you, Mike.
Operator: Okay, our next question comes from Pablo Monsivais from Barclays.
Pablo Monsivais: Hi, Pedro and Jose. Thanks for taking my questions.
Daniel Tapia: Okay, so Pablo from – okay, from Barclays. yes, so they swapped the firms, Pablo, so right.
Pablo Monsivais: Okay. Just a question on the comment that you just said about leisure passengers being very strong, to what extent do you attribute these strength to local currencies appreciating over the first half? And can we just extrapolate that the strong local currencies to strong leisure or there are another fundamental changes in the patterns of demand? Thank you.
Jose Montero: Yes, Pablo, I would say – I will start by saying that it’s been an interesting mix in terms of our leisure travel dynamic. First of all, there was a lot of US origin – historically, of course, we’ve been more anything bringing people from South America to the Caribbean and to North America that sort of reversed a little bit after the pandemic with the strength of the U.S. dollar and now you’re seeing more Americans coming south, that – but with the recent sort of strength of the real and the Colombian peso then you’re seeing some of that flow reversing a little bit again. So, there’s – now that we’re kind of in a flux sort of moment where there is a little bit of everything into the mix of our leisure travelers, which is I think very, very good in terms of the sources that we have for demand.
Pablo Monsivais: Okay, thank you.
Operator: Our next question comes from Helane Becker from TD Cowen.
Helane Becker: Thanks very much, operator. Hi team, hope all is well. So one question I have is in terms of connecting traffic and kind of a combination of traffic and freight. With the Mexican government forcing Airlines to move from one airport to another airport with cargo, I’m wondering if that creates an opportunity for some of the other airlines that connect freight to shift their capacity from Mexico City to Panama City, where you would potentially be a beneficiary of that.
Pedro Heilbron: Yes, we have not seen any signs of movement in that direction and that’s something that we’ve given a lot of thought to. Our freight capacity is also limited. Limited to the belly of our cargo – of our passenger aircraft, which is limited, and our single 737 freighter. So we don’t think we will see any benefit from that if it was to happen.
