0000950170-24-007716.txt : 20240126 0000950170-24-007716.hdr.sgml : 20240126 20240126092455 ACCESSION NUMBER: 0000950170-24-007716 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20240126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240126 DATE AS OF CHANGE: 20240126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MESA AIR GROUP INC CENTRAL INDEX KEY: 0000810332 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 850302351 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38626 FILM NUMBER: 24564568 BUSINESS ADDRESS: STREET 1: 410 NORTH 44TH STREET STREET 2: SUITE 700 CITY: PHOENIX STATE: AZ ZIP: 85008 BUSINESS PHONE: 602.685.4000 MAIL ADDRESS: STREET 1: 410 NORTH 44TH STREET STREET 2: SUITE 700 CITY: PHOENIX STATE: AZ ZIP: 85008 FORMER COMPANY: FORMER CONFORMED NAME: MESA AIRLINES INC DATE OF NAME CHANGE: 19950426 8-K 1 mesa-20240126.htm 8-K 8-K
0000810332false00008103322024-01-262024-01-26

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2024

 

Mesa Air Group, Inc.

(Exact Name of Registrant as specified in its charter)

 

 

 

 

 

Nevada

001-38626

85-0302351

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification Number)

 

 

 

410 North 44th Street, Suite 700,

Phoenix, Arizona

85008

(Address of principal executive offices)

(Zip Code)

 

(602) 685-4000

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, no par value

MESA

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On January 26, 2024, the Company issued a press release announcing its financial and operating results for its fiscal year ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number

Description

99.1

Press Release, dated January 26, 2024, issued by Mesa Air Group, Inc.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Mesa Air Group, Inc.

 

 

 

Date: January 26, 2024

By:

/s/ Brian S. Gillman

 

 

Brian S. Gillman

 

 

Executive Vice President and General Counsel

 


EX-99.1 2 mesa-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Mesa Air Group Reports Fourth Quarter and Fiscal Full-Year 2023 Results

January 26, 2024

PHOENIX, January 26, 2024 – Mesa Air Group, Inc. (NASDAQ: MESA) (“Mesa” or the “Company”) today reported fourth quarter and fiscal full-year 2023 financial and operating results.

 

Fiscal Fourth Quarter Financial Update:

Total operating revenues of $114.4 million
Pre-tax loss of $31.3 million, net loss of $28.3 million or $(0.69) per diluted share
Adjusted net loss1 of $26.4 million2 or $(0.64) per diluted share

 

Developments Subsequent to Fourth Quarter End:

Entered into agreements with United Airlines for amendments to CPA and credit agreements
o
Increased block-hour rates in CPA projected to generate approximately $63.5 million in incremental revenue over next twelve months
Sold or entered into agreements to sell excess CRJ-900 aircraft and related engines for combined gross proceeds of $198.0 million, which has been and will be used to pay down $174.3 million in debt
Produced December block hours of 46,660, a 5% increase over the September quarter

 

Jonathan Ornstein, Chairman and CEO, said, “While fiscal 2023 was a difficult year and conditions remain challenging, our recent announcements make us more optimistic for 2024. We expect our improved operating and financial agreements with United will provide Mesa substantial additional revenue and liquidity. The CPA rate increase is especially impactful, as we are seeing improvement in block-hour production. For the December quarter, we increased block hours 5% from the September quarter. Block-hour production is heavily dependent on pilot attrition and hiring, and we remain focused on driving pilot throughput, executing captain upgrades, and holding attrition at stabilized levels.”

 

Fiscal Fourth Quarter Results:

 

Total operating revenues in Q4 2023 were $114.4 million, a decrease of $11.3 million, or 9.0%, from $125.6 million for Q4 2022. Contract revenue decreased $16.0 million, or 14.4%. These decreases were primarily driven by a reduction in CRJ-900 block hours and fewer aircraft under contract, partially offset by higher United Airlines block-hour rates for new pilot pay scales. Pass-through revenue, driven by higher pass-through maintenance expense, increased by $4.7 million, or 31.6%. Mesa’s Q4 2023 results include, per GAAP, the recognition of $1.7 million of previously deferred revenue, versus the deferral of $1.3 million in Q4 2022. The remaining deferred revenue balance of $21.0 million will be recognized as flights are completed over the remaining term of the United Airlines contract.

 

Total operating expenses in Q4 2023 were $134.6 million, a decrease of $127.5 million, or 48.6%, versus Q4 2022, primarily reflecting a $132.3 million asset impairment loss related to Mesa’s CRJ-900 fleet in Q4 2022. Adjusted operating expenses, excluding asset impairment losses, were $131.2 million. This result reflects an $8.4 million increase in maintenance expense to $54.3 million, primarily due to an increase in pass-through c-check expense, and an $8.3 million increase in flight operations expense to $52.0 million, primarily reflecting higher pilot pay scales and increased pilot training. This increase was offset by a $8.3 million decrease in aircraft rent, attributable to the reclassification from operating lease to finance lease for certain CRJ-900s, and a $6.3 million decrease in depreciation and amortization, primarily driven by the lower depreciable base from the CRJ-900 asset impairment charge in Q4 2022.

 

1 See Reconciliation of GAAP versus non-GAAP Disclosures

2 Adjusted net loss primarily excludes $3.7 million loss on true-up of certain CRJ assets and $2.1 million gain related to investment in equity security

 


 

Mesa’s Q4 2023 results reflect a net loss of $28.3 million, or $(0.69) per diluted share, compared to a net loss of $115.6 million, or $(3.18) per diluted share for Q4 2022. Mesa’s Q4 2023 adjusted net loss1 was $26.4 million, or $(0.64) per diluted share, versus an adjusted net loss of $13.5 million, or $(0.37) per diluted share, in Q4 2022.

 

Mesa’s Adjusted EBITDA1 for Q4 2023 was a $2.9 million loss, compared to Adjusted EBITDA of $13.8 million for Q4 2022. Adjusted EBITDAR1 was a $2.5 million loss for Q4 2023, compared to Adjusted EBITDAR of $22.4 million in Q4 2022.

 

Fiscal Fourth Quarter Operating Performance:

 

Operationally, the Company reported a controllable completion factor of 99.5% for United during Q4 2023. This is compared to a controllable completion factor of 99.7% for United during Q4 2022. This excludes cancellations due to weather and air traffic control.

 

For Q4 2023, the Company’s on-time performance with 14 minutes for arrivals was 79.5%, compared to 79.0% for Q4 2022.

 

For Q4 2023, approximately 95.0% of the Company’s total revenue was derived from its contract with United Airlines. The Company’s CPA with United Airlines provides for 80 large (70/76 seats) jets, comprising a mix of E-175s and CRJ-900s. In Q4 2023, Mesa’s fleet mix comprised 54 E-175s and 26 CRJ-900s, as well as four 737 cargo aircraft.

 

Fiscal Full-Year 2023 Results:

 

For fiscal full-year 2023, total operating revenues were $498.1 million, a decrease of $32.9 million, or 6.2%, from $531.0 million for fiscal full-year 2022. Contract revenue decreased $57.2 million, or 12%. This was primarily driven by a reduction in block hours and fewer aircraft under contract, partially offset by higher United Airlines block-hour rates for new pilot pay scales. Pass-through revenue, driven by higher pass-through maintenance expense, increased by $24.3 million, or 46.2%. Mesa’s fiscal full-year 2023 results include, per GAAP, the recognition of $3.0 million of previously deferred revenue, versus the recognition of $10.4 million of previously deferred revenue in fiscal full-year 2022.

 

Total operating expenses in fiscal full-year 2023 were $582.4 million, a decrease of $133.6 million, or 18.7%, versus fiscal full-year 2022, primarily reflecting a $132.3 million asset impairment loss related to Mesa’s CRJ-900 fleet in Q4 2022. Adjusted operating expenses, excluding asset impairment losses, were $528.1 million, 3.0% lower versus $544.2 million in fiscal full-year 2022. This result reflects a $30.8 million decrease in aircraft rent, primarily attributable to the reclassification from operating lease to finance lease for certain CRJ-900s, and a $21.2 million decrease in depreciation and amortization, primarily driven by the lower depreciable base from the CRJ-900 asset impairment charge in Q4 2022. The decrease was partially offset by a $39.7 million increase in flight operations expense to $216.7 million, primarily reflecting higher pilot pay scales and increased pilot training.

 

Mesa’s fiscal full-year 2023 results reflect a net loss of $120.1 million, or $(3.04) per diluted share, compared to a net loss of $182.7 million, or $(5.06) per diluted share, for fiscal full-year 2022. Mesa’s fiscal full-year 2023 adjusted net loss was $79.5 million, or $(2.01) per diluted share, versus an adjusted net loss of $40.2 million, or $(1.12) per diluted share, in fiscal full-year 2022.

 

Mesa’s Adjusted EBITDA for fiscal full-year 2023 was $24.2 million, compared to $66.6 million in fiscal full-year 2022. Adjusted EBITDAR was $30.4 million for fiscal full-year 2023, compared to $103.6 million in fiscal full-year 2022.

 

Balance Sheet and Cash Flow:


 

Mesa ended the fourth quarter with $32.9 million in unrestricted cash and equivalents. As of September 30, 2023, the Company had $538.3 million in total debt, secured primarily with aircraft and engines. The Company made $19.7 million in scheduled debt payments, $32.5 million of debt payments related to CRJ asset sale transactions, and $4.2 million of finance lease payments in the quarter.

 

Conference Call Details:

 

Mesa Air Group will not host a conference call to discuss fourth quarter and full-year 2023 results.

 

About Mesa Air Group, Inc.

 

Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 86 cities in 36 states, the District of Columbia, Canada, Cuba, and Mexico as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of September 30, 2023, Mesa operated a fleet of 80 regional aircraft, with approximately 296 daily departures, and four 737 cargo aircraft. The Company had approximately 2,303 employees. Mesa operates all its flights as either United Express or DHL Express flights pursuant to the terms of a capacity purchase agreement entered into with United Airlines, Inc. and a flight service agreement with DHL.

 

Forward-Looking Statements

Certain statements contained in this press release that are not historical facts contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions, are based on information available at the time those statements are made or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance, results or outcomes to differ materially from those expressed in the forward-looking statements. For more information on risk factors for Mesa Air Group, Inc.’s business, please refer to the periodic reports the Company files with the Securities and Exchange Commission from time to time. These forward-looking statements herein speak only as of the date of this press release and should not be relied upon as predictions of future events. Mesa Air Group, Inc. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in Mesa Air Group, Inc.’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law.

 

Contact:

Mesa Air Group, Inc.

 

Media

media@mesa-air.com


Investor Relations
investor.relations@mesa-air.com 

 


 

MESA AIR GROUP, INC.

Consolidated Statements of Operations and Comprehensive (Loss) Income

(In thousands, except per share amounts) (Unaudited)

 

 

 

Three Months Ended
September 30,

 

Twelve Months Ended
September 30,

 

 

2023

 

2022

 

2023

 

2022

Operating revenues:

 

 

 

 

 

 

 

 

   Contract revenue (2023--$89,462 and

   $294,129 and 2022--$46,279 and

   $207,003 from related party)

 

 $ 94,710

 

 $ 110,701

 

 $ 421,298

 

 $ 478,482

   Pass-through and other revenue

 

            19,656

 

            14,933

 

            76,767

 

            52,519

      Total operating revenues

 

          114,366

 

          125,634

 

          498,065

 

          531,001

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

   Flight operations

 

            52,041

 

            43,776

 

          216,748

 

          177,038

   Maintenance

 

            54,304

 

            45,898

 

          199,648

 

          201,930

   Aircraft rent

 

                 418

 

              8,670

 

              6,200

 

            36,989

   General and administrative

 

              9,893

 

            12,416

 

            48,765

 

            43,966

   Depreciation and amortization

 

            13,299

 

            19,630

 

            60,359

 

            81,508

   Asset Impairment

 

               3,392

 

          132,349

 

            54,343

 

          171,824

   Loss/(Gain) on sale of assets

 

                 109

 

             (4,723)

 

             (7,162)

 

             (4,723)

   Lease termination

 

                   —

 

                   —

 

                   —

 

                 233

   Other operating expenses

 

              1,152

 

              4,092

 

              3,510

 

              7,238

      Total operating expenses

 

          134,608

 

          262,108

 

          582,411

 

          716,003

      Operating income/(loss)

 

          (20,242)

 

        (136,474)

 

          (84,346)

 

        (185,002)

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

 

   Interest expense

 

(13,599)

 

          (10,523)

 

          (49,921)

 

          (35,289)

   Interest income

 

                   18

 

                   22

 

                 146

 

                 139

   Unrealized gain on investments, net

 

              2,133

 

             (1,066)

 

              5,408

 

          (13,715)

   Other income (expense), net

 

392

 

                (598)

 

             (148)

 

                (801)

      Total other expense, net

 

(11,056)

 

          (12,165)

 

          (44,515)

 

          (49,666)

Income (loss) before taxes

 

          (31,298)

 

        (148,639)

 

        (128,861)

 

        (234,668)

Income tax expense (benefit)

 

            (2,954)

 

          (33,003)

 

            (8,745)

 

          (51,990)

Net income (loss)

 

 $ (28,344)

 

 $ (115,636)

 

 $ (120,116)

 

 $ (182,678)

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common shareholders

 

 

 

 

 

 

 

 

   Basic

 

 $ (0.69)

 

 $ (3.18)

 

 $ (3.04)

 

 $ (5.06)

   Diluted

 

 $ (0.69)

 

 $ (3.18)

 

 $ (3.04)

 

 $ (5.06)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

   Basic

 

       40,885

 

            36,336

 

            39,465

 

            36,133

   Diluted

 

             40,885

 

             36,336

 

             39,465

 

             36,133

 


 

MESA AIR GROUP, INC.

Consolidated Balance Sheets

(In thousands, except shares) (Unaudited)

 

 

September 30,

2023

 

September 30,
2022

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

 

  Cash and cash equivalents

 

 $ 32,940

 

 $ 57,683

   Restricted cash

 

                  3,132

 

                  3,342

   Receivables, net ($4,016 and $85 from related party)

 

                  8,253

 

                  3,978

   Expendable parts and supplies, net

 

                29,245

 

                26,715

   Assets held for sale

 

                57,722

 

                       —

   Prepaid expenses and other current assets

 

                  7,294

 

                  6,616

      Total current assets

 

              138,586

 

                98,334

 

 

 

 

 

Property and equipment, net

 

              698,022

 

              865,254

Intangible assets, net

 

                       —

 

                  3,842

Lease and equipment deposits

 

                  1,630

 

                  6,085

Operating lease right-of-use assets

 

                  9,709

 

                43,090

Deferred heavy maintenance, net

 

                  7,974

 

                  9,707

Assets held for sale

 

                12,000

 

                73,000

Other assets

 

                30,546

 

                16,290

      TOTAL ASSETS

 

 $ 898,467

 

 $ 1,115,602

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

CURRENT LIABILITIES:

 

 

 

 

Current portion of long-term debt and finance leases ($20,500 and $0

   from related party)

 

 $ 163,550

 

 $ 97,218

   Current portion of deferred revenue

 

                  4,880

 

                     385

   Current maturities of operating leases

 

                  3,510

 

                17,233

   Accounts payable

 

                58,957

 

                59,386

   Accrued compensation

 

                10,008

 

                11,255

   Other accrued expenses

 

                27,001

 

                29,000

      Total current liabilities

 

              267,906

 

              214,477

 

 

 

 

NONCURRENT LIABILITIES:

 

 

 

 

Long-term debt and finance leases, excluding current portion ($30,630

and $0 from related party)

 

              364,728

 

              502,517

   Noncurrent operating lease liabilities

 

                  8,077

 

                16,732

   Deferred credits ($4,617 and $2,193 from related party)

 

                  4,617

 

                  3,082

   Deferred income taxes

 

                  8,414

 

                17,719

   Deferred revenue, net of current portion

 

                16,167

 

                23,682

   Other noncurrent liabilities

 

                28,522

 

                29,219

      Total noncurrent liabilities

 

              430,525

 

              592,951

      Total liabilities

 

              698,431

 

              807,428

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

   Common stock of no par value and additional paid-in capital, 125,000,000

   shares authorized; 40,940,326 (2023) and 36,376,897 (2022) shares issued

 

              271,155

 

              259,177


 

   and outstanding, 4,899,497 (2023) and 4,899,497 (2022) warrants issued

   and outstanding

 

 

 

 

   Retained earnings/(Accumulated deficit)

 

               (71,119)

 

                48,997

      Total stockholders' equity

 

              200,036

 

              308,174

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

 $ 898,467

 

 $ 1,115,602

 

MESA AIR GROUP, INC.

Operating Highlights (unaudited)

 

 

Three months ended

 

 

September 30,

 

 

2023

 

2022

 

Change

Available seat miles (thousands)

 

 990,952

 

 1,399,616

 

(29.2)%

Block hours

 

 44,519

 

56,333

 

(21.0)%

Average stage length (miles)

 

 546

 

641

 

(14.8)%

Departures

 

 24,894

 

 28,904

 

(13.9)%

Passengers

 

 1,517,871

 

1,825,571

 

(16.9)%

Controllable completion factor*

 

 

 

 

 

 

United

 

99.54%

 

99.72%

 

(0.2)%

Total completion factor**

 

 

 

 

 

 

United

 

97.75%

 

98.05%

 

(0.3)%

 

*Controllable completion factor excludes cancellations due to weather and air traffic control

**Total completion factor includes all cancellations

 

1Reconciliation of non-GAAP financial measures

 

Although these financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), certain non-GAAP financial measures may provide investors with useful information regarding the underlying business trends and performance of Mesa's ongoing operations and may be useful for period-over-period comparisons of such operations. The tables below reflect supplemental financial data and reconciliations to GAAP financial statements for the three and twelve months ended September 30, 2023 and September 30, 2022. Readers should consider these non-GAAP measures in addition to, not a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some, but not all items that may affect the Company's net income or loss. Additionally, these calculations may not be comparable with similarly titled measures of other companies.

 

1Reconciliation of GAAP versus non-GAAP Disclosures

(In thousands, except for per diluted share) (Unaudited)

 

 

Three Months Ended September 30, 2023

 

Three Months Ended September 30, 2022

 

Income (Loss) Before Taxes

Income Tax (Expense)

Benefit

Net Income (Loss)

Net Income (Loss) per Diluted Share

 

Income

(Loss)

Before Taxes

Income Tax (Expense)

Benefit

Net Income

(Loss)

Net Income (Loss) per Diluted Share

GAAP income (loss)

 

$(31,298)

$2,954

 

$(28,344)

 

$(0.69)

 

 

$(148,639)

 

$33,003

 

$(115,636)

 

$(3.18)

Adjustments(1)(2)(3)(4)(5)(6)(7)(8) (9)(10)

1,551

426

1,977

$0.05

 

132,276

(30,184)

102,092

$2.81


 

Adjusted income loss

(29,747)

3,380

  (26,367)

$(0.64)

 

(16,363)

2,819

(13,544)

$(0.37)

 

 

 

 

 

 

 

 

 

 

Interest expense

         13,599

 

 

 

          10,523

 

 

Interest income

(18)

 

 

 

 

(22)

 

 

 

Depreciation and amortization

 

13,299

 

 

 

 

 

19,630

 

 

 

Adjusted EBITDA

(2,867)

 

 

 

 

13,768

 

 

 

Aircraft rent

 

418

 

 

 

 

 

8,670

 

 

 

Adjusted EBITDAR

$(2,449)

 

 

 

 

$22,438

 

 

 

 

(1)
$0.4 million loss on extinguishment of debt during the three months ended September 30, 2022.
(2)
$109.7 million impairment loss on asset group held and used during the three months ended September 30, 2022.
(3)
$19.1 million impairment loss on held for sale accounting treatment on 18 CRJ 900 aircraft during the three months ended September 30, 2022.
(4)
$4.7 million gain from sale of 10 CRJ 700/550 aircraft during the three months ended September 30, 2022.
(5)
$3.2 million loss from winding down 18 CRJ 700/550 aircraft previously leased to GoJet during the three months ended September 30, 2022.
(6)
$2.1 million gain and $1.1 million loss resulting from changes in the fair value of the Company's investments in equity securities for the three months ended September 30, 2023 and 2022, respectively.
(7)
$3.7 million and $3.5 million impairment true-up loss on seven and 12 CRJ 900 aircraft classified as held for sale during the three months ended September 30, 2023 and 2022, respectively.
(8)
$0.2 million loss on deferred financing costs related to retirement of debts during the three months ended September 30, 2023.
(9)
$0.1 million net loss on the disposal of two engines and three CRJ 900 aircraft during the three months ended September 30, 2023.
(10)
$0.3 million impairment true-up adjustment gain on seven CRJ 900 aircraft previously classified as held for sale during the three months ended September 30, 2023.

 

 

 

Twelve Months Ended September 30, 2023

 

Twelve Months Ended September 30, 2022

 

Income (Loss) Before Taxes

Income Tax (Expense)Benefit

Net Income (Loss)

Net Income (Loss) per Diluted Share

 

Income

(Loss)

Before Taxes

Income Tax (Expense)Benefit

Net Income

(Loss)

Net Income (Loss) per Diluted Share

GAAP income (loss)

$(128,861)

8,745

 

(120,116)

 

$(3.04)

 

 

$(234,668)

 

51,990

 

(182,678)

 

$(5.06)

Adjustments(1)(2) (3)(4)(5)(6)(7)(8)(9)(10)

42,949

(2,305)

40,644

$1.03

 

184,633

(42,137)

142,496

$3.94

Adjusted income (loss)

(85,912)

6,440

  (79,472)

$(2.01)

 

(50,035)

9,853

(40,182)

$(1.12)

 

 

 

 

 

 

 

 

 

 

Interest expense

49,921

 

 

 

 

35,289

 

 

 

Interest income

(146)

 

 

 

 

(139)

 

 

 

Depreciation and amortization

 

60,359

 

 

 

 

 

81,508

 

 

 

Adjusted EBITDA

    24,222

 

 

 

 

66,623

 

 

 

Aircraft rent

 

6,200

 

 

 

 

 

36,989

 

 

 

Adjusted EBITDAR

$30,422

 

 

 

 

$103,612

 

 

 

 

(1)
$0.2 million lease termination expense during the fiscal year ended September 30, 2022.
(2)
$0.4 million loss on debt extinguishment related to repayment of the Company's aircraft debts during the fiscal year ended September 30, 2022.


 

(3)
$109.7 million impairment loss related to our long-lived asset group for our CRJ-900 fleet during the fiscal year ended September 30, 2022.
(4)
$3.2 million loss from write off of lease incentive assets during the fiscal year ended September 30, 2022.
(5)
$3.7 million and $3.5 million impairment true-up loss on seven and twelve CRJ 900 aircraft held for sale during the fiscal year ended September 30, 2023 and 2022, respectively.
(6)
$5.4 million and $(13.7) million unrealized gain/(loss) from changes in the fair value of the Company's investments in equity securities during the fiscal year ended September 30, 2023 and 2022, respectively.
(7)
$7.2 million and $4.7 million gain on the sale of aircraft, engines, and other assets during the fiscal year ended September 30, 2023 and 2022, respectively.
(8)
$46.9 million and $58.6 million impairment loss related to certain of our aircraft which were classified as held for sale during the fiscal year ended September 30, 2023 and 2022, respectively.
(9)
$3.7 million impairment loss on intangible asset during the fiscal year ended September 30, 2023.
(10)
$1.2 million loss on deferred financing costs related to retirement of debts during the fiscal year ended September 30, 2023.

Source: Mesa Air Group, Inc.


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