Mesa Airlines(MESA) - 2024 Q4 - Annual Results

Financial Performance - Total operating revenues for Q3 2024 were $110.8 million, a decrease of $3.9 million, or 3.4%, from $114.7 million in Q3 2023[4] - The net loss for Q3 2024 was $19.9 million, or $(0.48) per diluted share, compared to a net loss of $47.6 million, or $(1.17) per diluted share, in Q3 2023[5] - Adjusted EBITDAR for Q3 2024 was $10.6 million, compared to an adjusted EBITDAR loss of $0.9 million in Q3 2023[6] - GAAP net loss for the three months ended June 30, 2024, was $19,908,000, compared to a net loss of $47,560,000 for the same period in 2023, showing an improvement of approximately 58%[17] - Adjusted EBITDA for the three months ended June 30, 2024, was $8,948,000, compared to a loss of $1,762,000 in the same period of 2023[17] - The average net income per diluted share improved from $(1.17) in June 2023 to $(0.48) in June 2024, reflecting a positive trend[17] Revenue Sources - United Express contract revenue increased by 8.0% year-over-year to $95.6 million, despite a 3.3% decrease in block hours[1] Operating Expenses - Total operating expenses decreased by $35.1 million, or 22.7%, to $119.8 million in Q3 2024, primarily due to a $22.6 million lower asset impairment loss[5] Cash and Debt Management - Mesa ended the June quarter with $16.3 million in unrestricted cash and cash equivalents, and total debt decreased to $366.4 million from $577.5 million a year earlier[8] - Total current assets decreased from $138,586,000 in September 2023 to $84,908,000 in June 2024, a decline of approximately 38.7%[12] - Current liabilities reduced from $267,906,000 in September 2023 to $187,494,000 in June 2024, representing a decrease of about 30%[12] - Long-term debt and finance leases, excluding current portion, decreased from $364,728,000 in September 2023 to $287,749,000 in June 2024, a reduction of about 21%[13] - The company reported a total non-current liabilities decrease from $430,525,000 in September 2023 to $341,984,000 in June 2024, a reduction of approximately 20.5%[13] Operational Efficiency - The controllable completion factor for United was 99.94% in Q3 2024, up from 98.83% in Q3 2023[7] - The controllable completion factor improved to 99.94% in June 2024 from 98.83% in June 2023, an increase of 1.1%[15] Fleet Transition - Mesa has agreed to accelerate the transition to an all E-175 fleet by March 1, 2025, with United reimbursing up to $14 million for associated costs[1] - Mesa's focus for fiscal year 2025 will be on increasing utilization and maintaining operational performance as it transitions to flying all E-175s[3] Stockholder Equity - Total stockholders' equity fell from $200,036,000 in September 2023 to $134,887,000 in June 2024, a decline of approximately 32.5%[14] Capacity Metrics - Available seat miles decreased by 4.0% from 1,002,945,000 in June 2023 to 962,669,000 in June 2024[15]