Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Q4 2022 Earnings Call Transcript

Grupo Aeroportuario del Sureste, S. A. B. de C. V. (NYSE:ASR) Q4 2022 Earnings Conference Call February 24, 2023 10:00 AM ET

Company Participants

Adolfo Castro - Chief Executive Officer

Conference Call Participants

Alan Macias - Bank of America

Filipe Nielsen - Citigroup

Javier Gayol - Santander Asset Management

Gabriel Himelfarb - Scotiabank

Pablo Monsivais - Barclays

Julia Orsi - JPMorgan

Lucia Gomez - Compass Group

Regis Cardoso - Credit Suisse

Francisco Suarez - Scotiabank

Operator

Good day, ladies and gentlemen, and invited to ASUR's Fourth Quarter 2022 Results Conference Call. My sanction is Colin, and I'll beryllium your convention operator. At this time, I'd for illustration to invited each participants. At this time, each participants are successful listen-only mode, and we'll behaviour a question-and-answer convention towards nan extremity of today's conference. [Operator Instructions] As a reminder, today's telephone is being recorded.

I would now for illustration to move nan convention complete to Mr. Adolfo Castro and Chief Executive Officer. Please spell ahead.

Adolfo Castro

Thank you, Colin, and bully morning, everyone. Before I statesman discussing our results, fto maine punctual you that definite statements made during this telephone whitethorn represent forward-looking statements, which are based connected existent management's expectations and beliefs and are taxable to respective risks and uncertainties that could origin existent results to disagree materially, including factors that whitethorn beryllium beyond our company's control. As usual, further specifications astir our quarterly results tin beryllium recovered successful our property release, which was issued yesterday aft marketplace adjacent and is disposable connected our website successful nan Investor Relations section. Following my presentation, I will beryllium disposable for Q&A.

Now connected to nan results. We closed nan twelvemonth pinch different beardown quarter, reporting grounds precocious rider postulation revenues and EBITDA. We are pleased to proceed seeking an uptick successful rider flying. Travel request remained beardown with a grounds of 17.6 cardinal passengers taking nan skis and passing done our airports, an 8% year-on-year summation and astir 26% higher erstwhile we comparison pinch 4th fourth 2019. For nan afloat year, a full 66.3 cardinal passengers recreation done our airports. Our 3 geographies contributed to this coagulated performance.

Now, taking a look astatine capacity by state of operations compared against 4th fourth 2019. Colombia again posted nan strongest recovery, maintaining a dependable 37% summation successful postulation pinch home recreation expanding successful nan debased 30s and world recreation successful nan precocious 60s. On nan cautious side, we do not expect this beardown level to proceed complete nan coming months arsenic BAT successful Colombia was raised to 19% from 5% effective this twelvemonth and whitethorn person an effect connected postulation trends. Traffic successful Mexico roseate 26% during nan quarter, driven by maturation crossed each airports. International postulation accrued successful nan precocious 20s, while maturation successful home ag is somewhat expanding successful nan mid-20s. This wide robust capacity was driven by recreation request supra 2019 crossed each nan regions, pinch nan objection of Canada, which remains astatine 77% of 2019 levels.

Going forward, recreation from Canada is apt to return to wintertime play levels during nan first 4th of this year. While postulation from nan United States and Europe is expected to proceed posting a dependable growth. In turn, home firm recreation is expected to proceed lagging leisure travel. As anticipated successful our anterior call, postulation astatine Merida Airport recovered this 4th beating 2019 levels, while we proceed to expect Veracruz Minatitlan and Vermosa efforts to afloat retrieve this year.

Lastly, successful Puerto Rico accrued by a azygous digit. Domestic recreation was up complete 10%, partially offset by astir 1% diminution successful world trade. In sum, we forecast bully postulation request complete nan wintertime play pinch recoveries expected successful definite remaining regions specified arsenic Canada successful nan first quarter, helping to compensate for immoderate imaginable slowdown caused by inflationary world environment.

Now, turning to a reappraisal of ASUR's income statement. As a reminder, each references to revenues and costs exclude building revenues. Starting pinch our apical statement results. Revenue were up 23% year-on-year to a grounds of MXN5.9 cardinal and up astir 54% erstwhile we comparison to pre-pandemic levels of 4th fourth 2019. This beardown capacity was driven by some our optical and non-aeronautical revenues crossed our 3 geographies. Mexico accounted 74% of full revenues; Puerto Rico, 15% and Colombia 11%. A Commercial revenues maintained a coagulated trend, up 50% against 4th fourth 2019 and successful nan mid-teens year-on-year, reflecting increases of 16% successful Mexico, 14% successful Colombia and 7% successful Puerto Rico.

On a per rider basis, commercialized revenues contracted by a debased azygous digit normalizing to astir MXN112 aliases supra nan MXN92 posted successful 4th fourth 2019. By region, commercialized revenues per rider were successful nan scope of €137 to €147 [ph] successful Mexico and Puerto Rico, up 25% and 39% from 4th fourth 2019 levels. Of note, these figures see nan effect of nan beardown Mexican peso. Our results successful Colombia were impacted much by nan rate depreciation declining 11% successful Mexico peso terms. By contrast, commercialized revenues per rider accrued 18% erstwhile measured successful nan section currency, driven by nan opening of 28 commercialized spaces complete nan past 12 months. The stock of home recreation complete nan full postulation remains dependable astatine 65% erstwhile compared pinch 4th fourth 2019.

Moving down to nan P&L. Total operating expenses accrued successful nan mid-teens, but beneath nan 20% gross maturation successful nan quarter. Costs successful Mexico were up somewhat but beneath gross growth, chiefly driven by higher costs of energy, unit costs and arsenic good expanding dental adjunct and concession interest successful statement pinch nan higher EBITDA. Puerto Rico costs declined by a mid-single digit arsenic a simplification successful nan attraction reserve and savings successful h2o depletion much than offset higher costs of services. Cost successful Colombia were up astir 12%, reflecting nan sustained pickup successful business activity, higher costs of energy, concession fees and costs of services. However, this was beneath nan 20% year-on-year summation successful revenues. When compared to prepandemic level for 4th 2019 levels, costs connected nan powerfulness power accrued successful nan debased 20s and importantly beneath nan 60% summation successful revenues, reflecting nan ratio measurement implemented complete nan past fewer years.

As a reminder, costs nether our power refers to full costs minus construction, depreciation and amortization, together pinch nan method and concession fees. We achieved different 4th of grounds precocious EBITDA reaching MXN4.4 billion, up 38% year-on-year and 82% from 2019 levels. This besides translated to higher margins pinch adjusted EBITDA separator reaching 75%, improving 6 percent points year-on-year and complete 11 percent points erstwhile compared to prepandemic 4th fourth 2019 levels. Again, this quarter's coagulated rider postulation growth, on pinch accrued commercialized revenues and operating leverage much than offset higher concession fees. Importantly, we achieved precocious profitability crossed our 3 regions of operations.

EBITDA successful Mexico accrued by 30% year-on-year to €3.2 cardinal Colombia, we saw an EBITDA up to 85% to astir MXN420 million. In Puerto Rico, EBITDA accrued astir 5% year-on-year connected a comparable basis. Note, this excludes nan nickname of a nonrecurring different revenues of €30.4 cardinal this 4th from a judgement norm successful favour of Aerostar successful relationship pinch nan correct to complaint a canola aviation substance that was dispatched astatine nan airdrome during 2013 to '21. By geography, adjusted EBITDA separator successful Mexico was comparatively unchangeable astatine astir 75%. In turn, Colombia and Puerto Rico continued to present year-over-year separator improvements, some up 2 percent points to 63% and complete 53%, respectively. -- compared to pre-pandemic levels for 4th 2019, nan adjusted EBITDA separator accrued astir 0.5 points successful Mexico and 19 percent points successful Colombia and was unchangeable successful Puerto Rico erstwhile excluding nan onetime arena this quarter.

In summary, we delivered different robust 4th pinch postulation and revenues astatine grounds highs, which together pinch operating leverage resulted successful a 27% summation successful nett mostly income to MXN2.6 cardinal successful nan quarter, up from €2 cardinal successful 4th fourth '21 and €1.3 cardinal successful 4th fourth 2019.

Looking astatine nan equilibrium sheet, we support a beardown rate position and patient indebtedness profile. We ended nan 4th pinch conscionable complete MXN13 cardinal successful rate and rate equivalents. Net indebtedness to past 12 months EBITDA and liking sum stood astatine patient levels of 0.1x and 12.6x. Accounts receivables were up 35% erstwhile compared to anterior year, reflecting nan higher rider postulation crossed our airports together pinch an summation successful Puerto Rico successful relationship pinch nan nonrecurring gross nickname I mentioned earlier, which we expect to cod during nan first half of 2023.

Lastly, we stay superior investments of astir MXN1.5 cardinal during nan quarter, nan mostly of which was allocated to Mexico, somewhat complete 14% to Puerto Rico and astir €10 cardinal were invested successful Colombia. During nan afloat year, superior expenses totaled MXN2.3 billion. For 2023, we are readying a CapEx programme of almost MXN1.2 cardinal pinch costs expanded chiefly successful Mexico and Puerto Rico. Before we move to nan Q&A information of nan call, immoderate little closing remarks. We delivered bonzer '22 results, including a grounds rider postulation gross and EBITDA. These results underscore nan higher user request for recreation and our expertise to consistently present beardown profitability while investing for nan future.

Our equilibrium expanse remains beardown pinch nan aforesaid time, we stay mindful of maintaining our financial flexibility. We look to 2023, galore uncertainties stay successful nan macroeconomic upwind from economical policies, user demand, inflation, proviso chain, warfare and geopolitics. And while Canadian postulation still lags our different markets, we're cautiously optimistic that we will spot a pickup successful nan wintertime postulation and being capable to recompare 2019 levels during nan first 4th 2023. Our coagulated results passim nan twelvemonth are a awesome testament of nan value of our squad and accordant execution of our strategy.

As I mentioned earlier, we will proceed to put successful nan business to substance and prolong maturation pinch nan underlying spot of nan halfway business, and we are assured we person positioned ourselves for sustained profitable maturation and beardown rate travel procreation and worth creation for our shareholders.

Operator, please telephone nan for unfastened adjacent nan telephone for questions.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Your first mobility comes from Juan [ph] from Bradesco BBI.

Unidentified Analyst

The first 1 is connected nan MDP negotiation. I mean, connected 1 hand, you person a higher postulation guidelines pinch tariffs beneath nan maximum rate. On nan other, you person precocious inflation, pressure, OpEx, CapEx estimate. So my mobility is, really do you spot nan higher level of enslaved yields and nan broader inflationary situation impacting nan negotiations of a imaginable accommodation successful maximum tariffs -- and related to this, what are your thoughts connected nan caller PAC estimate for nan Tulum airdrome I've seen successful nan news, it's for illustration $5.5 cardinal correct now. I understand that you person included $3 cardinal successful nan negotiation, but I conscionable wanted to corroborate whether it will beryllium updated pinch nan caller estimates? Or really do you spot this play out?

Adolfo Castro

Thank you for your question. Well, successful nan lawsuit of nan MDP, what I tin opportunity is we person delivered our connection to nan authorities astatine nan extremity of past year, and we will beryllium reviewing that archive during nan full year. In position of rates, I judge we're going to beryllium discussing those towards nan extremity of nan year, let's say, 4th quarter. So today, we cannot opportunity excessively overmuch astir it. In position of nan Tulum Airport, I person not said that we person included €3 cardinal [ph]. Hello, tin you perceive me?

Unidentified Analyst

Yes, I tin perceive you now.

Adolfo Castro

What I was saying I did not opportunity that I person included €3 cardinal successful nan lawsuit of Tulum Airport, we person made our estimate of really overmuch this airdrome will person and that will -- and really nan effect is going to beryllium successful our airdrome of Cancun. But again, we will beryllium discussing that towards nan 2nd half of this year. So that's what I tin opportunity today, Juan.

Unidentified Analyst

Understood. And conscionable a follow-up connected 1 of your comments. You said $1.2 cardinal successful CapEx for 2023. Just wanted to corroborate this.

Adolfo Castro

Yes. That's astir $700 cardinal successful Mexico and nan remainder successful Puerto Rico.

Unidentified Analyst

Thank you truthful much.

Adolfo Castro

You welcome.

Operator

Your adjacent mobility comes from Alan Macias from Bank of America.

Alan Macias

Just a follow-up mobility connected CapEx. Important CapEx requirements that you spot during your adjacent improvement scheme term? And if you tin conscionable springiness you immoderate line successful position of CapEx levels for this period.

Adolfo Castro

Alan, your statement is not truthful well, but basically, successful position of CapEx for nan adjacent MDP, nan astir important description projects are, of course, successful nan lawsuit of Cancun Airport. Maybe immoderate description successful nan lawsuit of Wohaka Airport and nary further description successful nan others, we will beryllium capable to disclose aliases to talk astir these numbers erstwhile nan authorities reviewed nan archive and o.k. it for nan moment, I do not person immoderate guidance to stock pinch you.

Alan Macias

Thank you.

Operator

Your adjacent mobility comes from Philippe Nielsen from Citigroup.

Filipe Nielsen

So I person 2 questions connected my side. The first 1 would beryllium if nan institution has immoderate room for further capacity successful Colombia? And if you're seeing aliases location could beryllium immoderate hose utilizing Colombia arsenic a staging guidelines for broader South America work -- and nan 2nd 1 would beryllium if you could springiness america immoderate consciousness regarding plans to build a caller edifice infrastructure Southeast Mexico aliases Portola?

Adolfo Castro

Well -- successful nan lawsuit of Colombia, 1 of nan main problems we have, and I person been saying this for a while, is that nan airdrome successful Ronegro is almost complete successful position of capacity. The remark has authorized astatine nan extremity of nan 4th quarter, further useful to grow much -- to grow nan capacity of this building. But of course, each of these useful will past for a very fewer months, I would say, astir apt 2 years erstwhile those are completed. -- reality of Colombia is that it is important to opportunity that they request a caller terminal building, and this is thing that we person been talking and discussing pinch nan authorities complete nan past mates of years. We will fto you cognize erstwhile we cognize much astir this. In nan lawsuit of flights from Colombia to nan United States, nan astir important business of Colombia coming is that they person been expanding flights to Mexico and besides there's 1 that is going to beryllium to Puerto Rico, that's successful progress. And immoderate to nan United States. In nan lawsuit of nan United States, we're talking fundamentally pinch much frequencies to nan places wherever they are flying to take.

Filipe Nielsen

And regarding nan caller holder infrastructure successful Mexico and Puerto Rico, do you person immoderate color?

Adolfo Castro

You are talking astir nan CapEx programme for this year?

Filipe Nielsen

Yes. If you person immoderate plans regarding building caller infrastructure for hotels successful those regions?

Adolfo Castro

Well, successful nan lawsuit of nan CapEx this year, we are fundamentally completing nan description successful nan lawsuit of Terminal 4 successful Cancun, and we are fundamentally refurbishing runways and taxiways successful nan lawsuit of Puerto Rico and nan completion of nan remodeling of Terminal...

Filipe Nielsen

Okay. That’s ace clear.

Adolfo Castro

Welcome.

Operator

Your adjacent mobility comes from Javier Gayol from Santander Asset Management.

Javier Gayol

Can you perceive maine [ph]?

Adolfo Castro

Hello, Javier.

Javier Gayol

So first of all, congratulations and a speedy one. My mobility is successful position of nan cash. I mean -- I deliberation you imminently will person by nan extremity of 2023. Can you springiness america really are you looking astatine it? Where are you guys comfortable successful position of leverage location successful position of -- I cognize you privatize elasticity correct now, and nan markets are very volatile. But conscionable to understand really are you guys comfortable pinch nan existent rate position aliases well, nan imminent rate position that you will person for nan adjacent year? Or should we expect much buybacks, dividends aliases possibly M&A? Just understand really you're looking astatine superior allocation for nan rate that you -- astir do person for 2023.

Adolfo Castro

Well, acknowledgment for your question. Yes, you're right. We're closing nan 4th pinch MXN13 cardinal successful rate successful hand. And apparently, that is excessively much. Of course, we cannot hide what we person went done complete nan past mates of years, successful nan lawsuit of Co -- but it's existent that this is excessively much, not conscionable that, nan CapEx programme for this year, nan €1.2 billion, of course, is very debased erstwhile compared pinch different years. And I'm almost fresh to coming my connection -- my dividend connection to nan Board and past to nan shareholders' assembly. So you will person to hold for that successful nan coming, I don't know, 30 years -- 30 days.

Javier Gayol

Super. Thank you.

Adolfo Castro

You’re welcome.

Operator

Your adjacent mobility comes from Adam Morton Carter from GBM [ph].

Unidentified Analyst

Also congrats for your results. I conscionable person a speedy question. I understand, I mean, connected a consolidated basis, nan non-data gross per pax decrease. I cognize that astir of it comes from peso appreciation because really successful domain, accrued a lot. But successful immoderate Mexican concessions, it did decrease. So I conscionable wanted to understand what benignant of dynamics are you seeing there? Or if you could supply immoderate colour aliases what's nan substance from past revenues to pesos to -- truthful to amended understand what's astir that -- each right.

Adolfo Castro

Well, arsenic I person said during nan first remarks, nan effect of nan ace peso has an effect connected nan commercialized revenues. When you opportunity non-rail retrieve that a information of this is besides regulated. So nan champion measurement to spot location is full revenue, excluding building managed commercialized gross that's regulated. But you're right, it was a decrease, 24% depreciation of nan Colombian peso successful nan lawsuit of nan Mexican peso and astir 5% successful nan lawsuit of nan U.S. dollar had an effect connected that number.

Operator

Your adjacent mobility comes from Gabriel Himelfarb from Scotiabank.

Gabriel Himelfarb

Congrats connected nan results. Just a speedy question, follow-up mobility astir nan MDP negotiation. Are you considering immoderate tariff effect connected -- based connected nan Tulum airdrome and besides connected -- are you considering an further CapEx connected Meritas terminal, which I judge is nan capacity constraint.

Adolfo Castro

Gabriel, well, successful nan lawsuit of media, fto maine commencement pinch your 2nd question; successful nan lawsuit of galore that we person expanded building. And today, May has overmuch much capacity successful comparison of what they had a twelvemonth ago. So I don't spot that galore nan airdrome is constrained. In position of nan mobility astir Tulum, yes, of course, that will person an accusation connected nan tariff of Cancun because of nan rider postulation that they will take, but that's -- that's a normal procedure. Remember that nan maximum complaint is calculated pinch nan early passengers aliases nan expected early passengers successful each nan airports, of course, if we are saying that Tulum will person immoderate passengers that is considered into our calculation.

Gabriel Himelfarb

Sure. Okay. But conscionable if there’s for illustration a benignant of norm of region betwixt airports, I judge it’s 110 kilometers acold from different airport, it triggers nan speech aliases nan main speech aliases tin beryllium admitted it’s for illustration much region than nan minimum portion for competing assets? I don't cognize if I explained well.

Adolfo Castro

Yes. Well, nan [indiscernible] last location is 130 kilometers distant from our airports. But immoderate of nan passengers that uses our efforts coming should beryllium utilizing to numero -- and that is why this number has been included successful our proposals.

Gabriel Himelfarb

Okay. Thank you very much.

Operator

Your adjacent mobility comes from Pablo Monsivais from Barclays.

Pablo Monsivais

I person 2 speedy questions. The first 1 is connected nan costs of services for Puerto Rico. I want to cheque why was nan little attraction and what should we expect successful nan future? That's number one. And number 2 is simply a much wide mobility successful position of commercialized revenues successful Cancun and Puerto Rico. I retrieve that early erstwhile you bid for nan concession, nan nonsubjective was to adjacent nan spread to Cancun. How do you spot commercialized revenues successful Puerto Rico reaching that spell a fewer years aft that? Do you deliberation there's still room for upside? Or should we now expect a much dependable state?

Adolfo Castro

In nan lawsuit of costs of services of Puerto Rico, 1 of nan important constituent that I mentioned present successful nan first remarks was nan attraction reserve, and we decreased that because we made immoderate savings connected nan useful that person to beryllium performed. In nan lawsuit of commercialized revenues successful nan lawsuit of Cancun, we are experiencing astatine immoderate times of nan day, congestion astatine nan terminal buildings that are not allowing america to supply nan correct service. And of course, we are not really taking nan imaginable of commercialized revenue. So it's clear that coming aliases this twelvemonth until we grow nan Teibildings, we're going to suffer aliases we're going to suffer immoderate opportunities there. Today, Puerto Rico has astir apt nan aforesaid aliases somewhat complete commercialized revenues per rider successful comparison pinch Cancun. Going forward, of course, we will -- aliases we should expect a dependable maturation aliases not -- nan low-hanging consequence is not location anymore. That's very clear. But of course, this is an endless story, and we request to return advantage of nan passengers we have. And astatine nan extremity of nan day, what we request to do is to person flyers into buyers and support taking these opportunities successful some cases.

Operator

Your adjacent mobility comes from Julia Orsi from JPMorgan.

Julia Orsi

I person 2 questions connected our side. So nan first 1 is, what should we expect from EBITDA margins going forward. This quarter, EBITDA margins were beautiful solid? And is this sustainable successful nan midterm? And nan 2nd mobility is what's your anticipation connected nan FX upgrade your class one?

Adolfo Castro

Well, successful nan lawsuit of EBITDA separator going forward, you will person to make your ain calculations successful position of revenues and costs. What I tin opportunity to you is that we person seen -- aliases we commencement emotion nan ostentation successful nan lawsuit of nan 3 airports. You person seen nan numbers and those person accrued much than ostentation to drawback up immoderate pieces of what we person saved since 2019. If we spot connected existent terms, our costs coming successful comparison of really it was successful 2019 is little than what it was successful existent terms. So we will spot immoderate effect. Just to springiness you an idea, successful nan lawsuit of energy, during nan quarter, nan costs of power present successful Mexico accrued 8%, 8% for nan 4th is simply a very beardown number. And that, of course, will person an effect done nan remainder of nan year.

Operator

Your adjacent mobility comes from Lucia Gomez from Compass Group.

Lucia Gomez

Sorry, I sewage disconnected astatine nan beginning. So I don't cognize you've talked astir this, but I conscionable wanted to spot if you could springiness maine your outlook for specifically nan Mexican postulation moving forward? Are we going to commencement seeing a slowdown connected this higher postulation levels we've had? Or do you deliberation it's going to support up astatine existent levels?

Adolfo Castro

Well, Mexico postulation has been very strong, peculiarly successful nan lawsuit of leisure. It is not nan lawsuit successful nan lawsuit of firm travel, arsenic I mentioned, successful Veracruz, Vermosa Minatitlan, -- what we expect is these airports to retrieve 2019 levels during this year. In nan lawsuit of leisure, we expect this to continue. We are seeing a beardown request there. Of course, that will dangle connected nan tourism activities during nan summer. So far, if we spot nan first period of nan year, nan numbers person been very strong. Of course, I would say, first 4th of this year, it's going to beryllium beardown because first 4th past twelvemonth was affected by Omicron. So nan important constituent during nan twelvemonth is going to beryllium nan summer. But again, I tin opportunity to you that we expect dependable maturation connected nan leisure recreation [ph].

Operator

Your adjacent mobility comes from Regis Cardoso from Credit Suisse.

Regis Cardoso

One mobility from my broadside pinch a broader, longer-term perspective. Thinking of your assets successful Mexico, wherever do you deliberation we are successful position of either investing further? Or connected nan different hand, generating free rate travel to salary backmost nan concession reference value. As we attack nan adjacent MDP, right? Should we proceed to put further? Should we beryllium reasoning astir -- does it make consciousness to allocate -- and if it is up capital, right? Does it make consciousness to allocate superior into assets that person a longer-term maturity, mixed-use buildings, business parking lots? I mean what would beryllium nan usage of cash? Or do you deliberation it will revert to higher shareholder distributions successful nan future?

Adolfo Castro

Well, successful nan lawsuit of Mexico, we're still 20 years distant from 25 years distant from nan extremity of nan concession. So we are, I would say, successful nan mediate of nan 50-year period. We -- normally, we put aliases we propose our investments successful accordance pinch nan request we expect. That's what I was saying, nan astir important effect successful position of nan connection we person presented to nan authorities is Cancun because we expect much postulation successful nan lawsuit of Cancun. In nan different airports, basically, we do person nan capacity for nan early demand. So we do not execute awesome description useful that pinch nan objection of Waha. So for nan adjacent MDP, if you want to opportunity so, we're going to be, let's say, catching up successful position of that we person nan capacity location pinch nan objection of Kaiku [ph].

Regis Cardoso

Understood. And astir apt arsenic we participate benignant of nan 2nd half of nan depletion period, I would presume astatine immoderate point, free rate procreation from those concessions will increase. And successful ray of that 25-year remaining, does it make consciousness to put successful further mixed-use buildings? Or do you deliberation mostly of that free rate travel would yet go shareholder distribution?

Adolfo Castro

Yes. I person to work together pinch you because if we spot nan results for nan first 25 years, basically, astir of nan rate travel procreation has been invested successful nan airports pinch nan objection of nan dividend costs mostly has been invested there. And this inclination should reverse towards nan extremity of nan position.

Regis Cardoso

Understood. Congratulations connected nan results.

Operator

Your adjacent mobility comes from Francisco Suarez from Scotiabank.

Francisco Suarez

Thanks for nan telephone besides congrats connected nan superb results. The -- and convey you for your first remarks. Those were very adjuvant connected your wide outlook. Can you springiness america an denotation what is besides happening connected spell proviso successful nan Revera Maya? Do you spot further investments adding possibly much to request successful summation to your remarks what you said connected trends connected aerial recreation from nan U.S. and Canada?

Adolfo Castro

Yes. Thank you for your words. In nan lawsuit of room proviso respective comments there. First is location has been a batch of Airbnb that person been constructed complete nan past mates of years. And to beryllium honest, I do not person visibility arsenic I had successful nan past because successful nan past, it was easy to spot aliases to way edifice rooms. In nan lawsuit of Airbnb, we do not person a number of really galore they are and really galore rooms they person by unit. So you tin spot Airbnb's maturation successful what we telephone North of Cancun. That's 1 portion of nan puzzle. The different portion is nan lawsuit of Isla Murer [ph] that has been increasing really accelerated complete nan past mates of years. So each of these not to our airport. In nan lawsuit of Cancun, I was saying for galore years that location was nary much abstraction successful nan edifice area of Cancun, and now location is simply a task location for different 2,500 rooms. So moreover that we opportunity there's nary space, location are immoderate building arsenic we speak.

Finally, successful nan Revera, nan astir important region successful position of growth, of course, is adjacent to, and that should beryllium taken by nan caller airdrome there.

Francisco Suarez

Congrats, again.

Operator

That concludes nan question-and-answer information of today's convention call. I would now for illustration to move nan convention backmost complete to Mr. Castro for closing remarks.

Adolfo Castro

Thank you, and convey you each of you again for participating successful nan first 4th -- successful nan 4th fourth results convention call. We wish you bully day. Goodbye.

Operator

Ladies and gentlemen, this concludes ASUR's 4th fourth 2022 results convention call. We'd for illustration to convey you for your participation. You whitethorn now disconnect.