第99.1展示文本
mesa air group報告2024財年第三季度業績
2024年10月16日
2024年10月16日，鳳凰城 - Mesa航空集團有限公司（納斯達克：MESA）（「Mesa」或「公司」）今日報告了2024財年第三季度的財務和運營結果。
2024財年第三季度更新:
聯合CPA和Fleet更新:
其他更新:
「雖然我們很高興地經歷了聯合快遞合同收入增長8.0％，但由於我們從合同機隊中移除CRJ-900並培訓飛行E-175的飛行員，我們第三季度的飛行小時數受到了影響，」主席兼首席執行官喬納森·奧恩斯坦說。「考慮到艦隊結構的改善和成本控制，我們連續第二個季度實現了正的調整後的EBITDAR。我們將繼續變現多餘資產，並將收益用於減少相關義務，從而減少利息支出。在第三季度，我們的經營現金流保持了適度的正值。」
重要的是，我們已將與美國聯合航空的CPA中的增加計時費率延長至明年。 美國聯合航空還同意補償梅薩與完全飛行E-175飛機相關的費用。 更新後的財務條款以及與美國聯合航空的持續計劃對我們通過2025財年重建E-175機隊利用率和利潤空間至關重要。 我們目前擁有足夠的飛行員資源來執行增加的E-175飛行計時，並已開始召回因預計飛機利用率改善而停職的飛行員的流程。
「雖然我們尚未爲2025財年提供預測，但我們的重點仍然是增加利用率並保持整體運營業績。」Ornstein繼續說道。「隨着我們過渡到所有E-175的飛行，我們將努力從運營單一機隊中獲得額外效率。我們還將繼續考慮更長期的財務和戰略機遇，以增強業務。」
2024財年第三季度詳情
2024年第3季度的總營業收入爲1.108億美元，比2023年第3季度的1.147億美元減少390萬美元，或3.4%。合同收入增加120萬美元，或1.3%，達到9560萬美元，而2023年第3季度爲9440萬美元，主要受聯合大陸航空的E-175機型飛行小時單價上升推動，儘管飛行小時數減少了3.3%。這一增長部分被2024年第3季度更高的遞延營收和DHL合同的收尾所抵消。
穿越收入下降了510萬美元，或25.3%，主要是受到穿越維護費用降低的影響。 Mesa在2024年第三季度的業績中，根據通用會計準則，有230萬美元的營業收入遞延，相比之下，2023年第三季度有180萬美元的先前遞延營業收入確認。1240萬美元的其餘遞延收入餘額將隨着完成剩餘的美聯合合同期限而確認。
2024年第三季度的總營業費用爲1.198億美元，較2023年第三季度減少3.51億美元，降幅爲22.7%。這一減少主要反映了2.26億美元較低的資產減值損失。此外，維護費用減少了680萬美元，主要是由於勞動力成本和費用的降低，飛行操作費用降低了610萬美元，主要是由於飛行員工資和培訓成本的減少。折舊和攤銷費用減少了560萬美元，主要是由於CRJ飛機和發動機的退役和出售。
Mesa 2024年第三季度的業績反映出淨虧損1990萬美元，每股攤薄虧損0.48美元，而2023年第三季度的淨虧損爲4760萬美元，每股攤薄虧損1.17美元。 Mesa 2024年第三季度調整後的淨虧損爲940萬美元，每股攤薄虧損爲0.23美元，而2023年第三季度調整後的淨虧損爲2720萬美元，每股攤薄淨虧損爲0.67美元。
Mesa的調整後的EBITDA1 2024年第三季度的調整後的EBITDA爲890萬美元，而2023年第三季度的調整後EBITDA虧損爲180萬美元。調整後的EBITDAR爲2024年第三季度爲1060萬美元，而2023年第三季度的調整後EBITDAR虧損爲90萬美元。
2024財年第三季度運營業績
公司在2024年第三季度報告聯合運輸的可控完成率爲99.94%。與2023年第三季度聯合運輸的可控完成率98.83%相比。可控完成率不包括因天氣和空中交通管制而取消的航班。
截至2024年第三季度，公司總營業收入約98%來自與United的合同。公司與United的CPA提供了73架大型（70/76座）飛機，包括E-175和CRJ-900的混合。2024年第三季度，Mesa的機隊組成爲55架E-175和18架CRJ-900。
資產負債表和流動性
Mesa在2024年6月季度末的無限制現金及現金等價物爲1630萬美元。截至2024年6月30日，公司的總債務爲36640萬美元，主要以飛機和發動機作抵押，相比2023年6月30日的57750萬美元。在本季度，公司進行了2230萬美元與CRJ引擎銷售交易相關的債務支付，390萬美元的計劃債務支付，以及與重組融資租賃相關的500萬美元本金支付。
截至2024年9月30日，Mesa擁有1540萬美元的無限制現金及現金等價物。根據備件的最新評估價值，Mesa在其聯合設施下有1240萬美元的可用信貸，需經批准。
關於Mesa Air Group，Inc。
總部設在亞利桑那州鳳凰城的Mesa Air Group, Inc.是Mesa航空公司的控股公司，是一家爲33個州的65個城市、哥倫比亞特區、古巴和墨西哥提供定期客運服務的區域型航空公司。截至2024年9月30日，Mesa公司擁有一支由67架飛機組成的機隊，每天大約有260個航班。該公司約有1,838名員工。 Mesa根據與聯合大陸航空公司簽訂的合作協議的條款運營其所有航班，作爲聯合快運（United Express）的一部分。
關於前瞻性陳述的重要注意事項
本新聞稿包含構成前瞻性陳述的信息，受1933年修正的證券法第27A條和1934年修正的證券交易所法第21E條的規定影響。用於識別前瞻性陳述的詞語包括“預期”、“估計”、“期望”、“計劃”、“打算”、“相信”、“可能”、“或許”、“將”、“應該”、“可能有”、“可能”以及類似的表達方式。這些前瞻性陳述基於公司目前的信念、假設和對未來事件的期望，而這些信息又基於公司目前可獲取的信息。由於其性質，前瞻性陳述涉及可能受到風險和不確定性影響的事項。各種因素可能導致實際事件和結果與前瞻性陳述中表述或考慮的內容有實質差異。這些因素包括但不限於公司能否及時且滿意地回應納斯達克的詢問、公司是否能恢復遵守上市規則、公司是否能及時提交與美國證券交易委員會的報告、以及完成及提交Form 10-Qs可能需要更長的時間的風險。有關可能導致實際結果與前瞻性陳述中描述的內容有實質差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的報告，包括最新年度報告Form 10-k中包含的風險因素以及公司隨後向美國證券交易委員會提交的其他報告。公司將不會對任何前瞻性陳述進行公開更新或修訂，除非根據適用法律的要求。
聯繫人：
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 June 30, |
|
Nine months ended June 30, |
||
|
2024 |
2023 |
|
2024 |
2023 |
Operating revenues: |
|
|
|
|
|
Contract revenue |
$ 95,596 |
$ 94,356 |
|
$ 310,516 |
$ 326,588 |
Pass-through and other revenue |
15,197 |
20,335 |
|
50,636 |
57,111 |
Total operating revenues |
110,793 |
114,691 |
|
361,152 |
383,699 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Flight operations |
45,445 |
51,557 |
|
146,602 |
164,707 |
Maintenance |
44,266 |
51,072 |
|
137,165 |
145,344 |
Aircraft rent |
1,684 |
864 |
|
4,296 |
5,782 |
General and administrative |
9,715 |
11,346 |
|
32,857 |
38,872 |
Depreciation and amortization |
9,730 |
15,316 |
|
32,846 |
47,060 |
Asset impairment |
7,880 |
30,489 |
|
50,923 |
50,951 |
Loss/(Gain) on sale of assets |
— |
(6,722) |
|
150 |
(7,271) |
Other operating expenses |
1,090 |
999 |
|
5,098 |
2,358 |
Total operating expenses |
119,820 |
154,921 |
|
409,937 |
447,803 |
Operating loss |
(9,027) |
(40,230) |
|
(48,785) |
(64,104) |
|
|
|
|
|
|
Other income (expense), net: |
|
|
|
|
|
Interest expense |
(9,032) |
(12,015) |
|
(30,832) |
(36,321) |
Interest income |
17 |
8 |
|
45 |
128 |
(Loss)/Gain on investments |
(776) |
— |
|
6,454 |
— |
Unrealized (Loss)/Gain on investments, net |
(2,025) |
2,859 |
|
(6,073) |
3,275 |
Gain on extinguishment of debt |
— |
— |
|
2,954 |
— |
Gain on debt forgiveness |
— |
— |
|
10,500 |
— |
Other income (expense), net |
125 |
(946) |
|
(234) |
(540) |
Total other expense, net |
(11,691) |
(10,094) |
|
(17,186) |
(33,458) |
Loss before taxes |
(20,718) |
(50,324) |
|
(65,971) |
(97,562) |
Income tax expenses (benefit) |
(810) |
(2,764) |
|
126 |
(5,791) |
Net loss |
$ (19,908) |
$ (47,560) |
|
$ (66,097) |
$ (91,771) |
|
|
|
|
|
|
Net loss per share attributable to common shareholders |
|
|
|
|
|
Basic |
$ (0.48) |
$ (1.17) |
|
$ (1.61) |
$ (2.35) |
Diluted |
$ (0.48) |
$ (1.17) |
|
$ (1.61) |
$ (2.35) |
|
|
|
|
|
|
Weighted-average common shares outstanding |
|
|
|
|
|
Basic |
41,217 |
40,688 |
|
41,075 |
38,986 |
Diluted |
41,217 |
40,688 |
|
41,075 |
38,986 |
MESA AIR GROUP, INC.
Consolidated Balance Sheets
(In thousands, except shares) (Unaudited)
|
|
June 30, 2024 |
|
September 30, 2023 |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ 16,302 |
|
$ 32,940 |
Restricted cash |
|
2,983 |
|
3,132 |
Marketable securities |
|
5,442 |
|
— |
Receivables, net |
|
5,953 |
|
8,253 |
Expendable parts and supplies, net |
|
30,652 |
|
29,245 |
Assets held for sale |
|
20,151 |
|
57,722 |
Prepaid expenses and other current assets |
|
3,425 |
|
7,294 |
Total current assets |
|
84,908 |
|
138,586 |
|
|
|
|
|
Property and equipment, net |
|
497,914 |
|
698,022 |
Lease and equipment deposits |
|
1,289 |
|
1,630 |
Operating lease right-of-use assets |
|
7,247 |
|
9,709 |
Deferred heavy maintenance, net |
|
7,209 |
|
7,974 |
Assets held for sale |
|
57,229 |
|
12,000 |
Other assets |
|
8,569 |
|
30,546 |
TOTAL ASSETS |
|
$ 664,365 |
|
$ 898,467 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Current portion of long-term debt and finance leases |
|
$ 72,769 |
|
$ 163,550 |
Current portion of deferred revenue |
|
4,443 |
|
4,880 |
Current maturities of operating leases |
|
2,212 |
|
3,510 |
Accounts payable |
|
64,409 |
|
58,957 |
Accrued compensation |
|
11,180 |
|
10,008 |
Other accrued expenses |
|
32,481 |
|
27,001 |
Total current liabilities |
|
187,494 |
|
267,906 |
|
|
|
|
|
NONCURRENT LIABILITIES: |
|
|
|
|
Long-term debt and finance leases, excluding current portion |
|
287,749 |
|
364,728 |
Noncurrent operating lease liabilities |
|
6,412 |
|
8,077 |
Deferred credits |
|
3,275 |
|
4,617 |
Deferred income taxes |
|
8,059 |
|
8,414 |
Deferred revenue, net of current portion |
|
7,963 |
|
16,167 |
Other noncurrent liabilities |
|
28,526 |
|
28,522 |
Total noncurrent liabilities |
|
341,984 |
|
430,525 |
Total liabilities |
|
529,478 |
|
698,431 |
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
Common stock of no par value and additional paid-in capital, 125,000,000 shares authorized; 41,312,204 (2024) and 40,940,326 (2023) shares issued and outstanding, 4,899,497 (2024) and 4,899,497 (2023) warrants issued and outstanding |
|
272,104 |
|
271,155 |
Accumulated deficit |
|
(137,217) |
|
(71,119) |
Total stockholders' equity |
|
134,887 |
|
200,036 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ 664,365 |
|
$ 898,467 |
MESA AIR GROUP, INC.
Operating Highlights
(Unaudited)
|
|
Three months ended |
||||
|
|
June 30, |
||||
|
|
2024 |
|
2023 |
|
Change |
Available seat miles (thousands) |
|
962,669 |
|
1,002,945 |
|
(4.0)% |
Block hours |
|
43,813 |
|
45,301 |
|
(3.3)% |
Average stage length (miles) |
|
535 |
|
555 |
|
(3.6)% |
Departures |
|
24,144 |
|
24,555 |
|
(1.7)% |
Passengers |
|
1,513,581 |
|
1,500,634 |
|
0.9% |
Controllable completion factor* |
|
|
|
|
|
|
United |
|
99.94% |
|
98.83% |
|
1.1% |
Total completion factor** |
|
|
|
|
|
|
United |
|
96.86% |
|
96.39% |
|
0.5% |
*Controllable completion factor excludes cancellations due to weather and air traffic control
**Total completion factor includes all cancellations
Reconciliation 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 nine months ended June 30, 2024 and June 30, 2023. 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 June 30, 2024 |
|
Three Months Ended June 30, 2023 |
||||||
|
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) |
$ (20,718) |
$ 810 |
$ (19,908) |
$ (0.48) |
|
$ (50,324) |
$ 2,764 |
$ (47,560) |
$ (1.17) |
Adjustments(1)(2)(3)(4)(5)(6)(7) (8) |
10,921 |
(427) |
10,494 |
$ 0.25 |
|
21,239 |
(884) |
20,355 |
$ 0.50 |
Adjusted loss |
(9,797) |
383 |
(9,414) |
$ (0.23) |
|
(29,085) |
1,880 |
(27,205) |
$ (0.67) |
|
|
|
|
|
|
|
|
|
|
Interest expense |
9,032 |
|
|
|
12,015 |
|
|
||
Interest income |
(17) |
|
|
|
|
(8) |
|
|
|
Depreciation and amortization |
9,730 |
|
|
|
|
15,316 |
|
|
|
Adjusted EBITDA |
8,948 |
|
|
|
|
(1,762) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft rent |
1,684 |
|
|
|
|
864 |
|
|
|
Adjusted EBITDAR |
$ 10,632 |
|
|
|
|
$ (898) |
|
|
|
(1) $6.7 million gain from the sale of 20 engines during the three months ended June 30, 2023.
(2) $0.3 million loss on deferred financing costs related to retirement of debts during the three months ended June 30, 2023.
(3) $5.7 million and $30.5 million loss on held for sale accounting treatment during the three months ended June 30, 2024 and 2023, respectively.
(4) $2.0 million loss and $2.9 million gain resulting from changes in the fair value of the Company's investments in equity securities during the three months ended June 30, 2024 and 2023, respectively.
(5) $0.8 million loss on the transfer of investments in equity securities during the three months ended June 30, 2024.
(6) $2.2 million impairment fair value adjustment gain on 737 inventory during the three months ended June 30, 2024.
(7) $4.3 million impairment true-up loss on held for sale accounting treatment during the three months ended June 30, 2024.
(8) $0.2 million in non-recurring third party costs associated with the sale of assets during the three months ended June 30, 2024.
|
Nine Months Ended June 30, 2024 |
|
Nine Months Ended June 30, 2023 |
||||||
|
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) |
$ (65,971) |
$ (126) |
$ (66,097) |
$ (1.61) |
|
$ (97,562) |
$5,791 |
$(91,771) |
$ (2.35) |
Adjustments(1)(2)(3)(4)(5)(6)(7) (8)(9)(10)(11) |
43,138 |
82 |
43,220 |
$ 1.05 |
|
41,398 |
(2,459) |
38,939 |
$ 1.00 |
Adjusted income loss |
(22,833) |
(44) |
(22,877) |
$ (0.56) |
|
(56,164) |
3,332 |
(52,832) |
$ (1.36) |
|
|
|
|
|
|
|
|
|
|
Interest expense |
30,832 |
|
|
|
36,321 |
|
|
||
Interest income |
(45) |
|
|
|
|
(128) |
|
|
|
Depreciation and amortization |
32,846 |
|
|
|
|
47,060 |
|
|
|
Adjusted EBITDA |
40,800 |
|
|
|
|
27,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft rent |
4,296 |
|
|
|
|
5,782 |
|
|
|
Adjusted EBITDAR |
$45,096 |
|
|
|
|
$32,871 |
|
|
|
(1) $3.7 million impairment loss on intangible asset during the nine months ended June 30, 2023.
(2) $51.3 million and $47.2 million impairment loss on held for sale accounting treatment during the nine months ended June 30, 2024 and 2023, respectively.
(3) $0.2 million loss and $7.3 million gain from the sale of assets during the nine months ended June 30, 2024 and 2023, respectively.
(4) $1.5 million and $1.0 million loss on deferred financing costs related to retirement of debts during the nine months ended June 30, 2024 and 2023, respectively.
(5) $6.1 million loss and $3.4 million gain resulting from changes in the fair value of the Company's investments in equity securities during the nine months ended June 30, 2024 and 2023, respectively.
(6) $6.5 million gain on the transfer of investments in equity securities during the nine months ended June 30, 2024.
(7) $10.5 million gain on debt forgiveness during the nine months ended June 30, 2024.
(8) $0.9 million loss for early payment fees on the retirement of debt during the nine months ended June 30, 2024.
(9) $3.2 million in non-recurring third party costs associated with the sale of assets and retirement of debt during the nine months ended June 30, 2024.
(10) $0.4 million impairment true-up gain on held for sale accounting treatment during the nine months ended June 30, 2024.
(11) $3.0 million gain on extinguishment of debt during the nine months ended June 30, 2024.
Source: Mesa Air Group, Inc.