Mesa Airlines(MESA) - 2025 Q2 - Quarterly Results

Financial Performance - Total operating revenues for Q4 2024 were $115.3 million, an increase of $0.9 million from Q4 2023[5] - Net loss for Q4 2024 was $24.9 million, or $(0.60) per diluted share, compared to a net loss of $28.3 million, or $(0.69) per diluted share, for Q4 2023[8] - Adjusted EBITDAR for Q4 2024 was $18.2 million, compared to an adjusted EBITDAR loss of $2.4 million for Q4 2023[9] - For fiscal full-year 2024, total operating revenues were $476.4 million, a decrease of $21.7 million, or 4.3%, from fiscal full-year 2023[11] - Fiscal full-year 2024 adjusted net loss was $23.0 million, or $(0.56) per diluted share, compared to an adjusted net loss of $79.5 million, or $(2.01) per diluted share, in fiscal full-year 2023[14] - The net loss for the twelve months ended September 30, 2024, was $91,015,000, compared to a net loss of $120,116,000 for the same period in 2023, indicating a 24.2% improvement[23] - GAAP net loss for the fiscal year ended September 30, 2024, was $91.015 million, translating to a loss of $2.21 per diluted share[33] - The adjusted loss for the fiscal year ended September 30, 2024, was $23.045 million, or $0.56 per diluted share, compared to an adjusted loss of $79.472 million, or $2.01 per diluted share, in 2023[33] Operating Expenses - Total operating expenses for Q4 2024 were $132.3 million, a decrease of $2.3 million, or 1.7%, versus Q4 2023[7] - Operating expenses decreased to $132,290,000 for the three months ended September 30, 2024, down from $134,608,000 in 2023, a reduction of 1.7%[23] - Aircraft rent expenses for the fiscal year ended September 30, 2024, were $7.797 million, compared to $6.200 million in 2023, indicating rising operational costs[33] Cash and Assets - As of March 31, 2025, Mesa had $54.1 million in unrestricted cash and cash equivalents[17] - Cash and cash equivalents decreased to $15,621,000 as of September 30, 2024, from $32,940,000 in 2023, a decline of 52.7%[24] - Total assets decreased to $596,858,000 as of September 30, 2024, from $898,467,000 in 2023, a decline of 33.6%[24] - Total current liabilities decreased to $174,458,000 as of September 30, 2024, from $267,906,000 in 2023, a reduction of 34.9%[24] Operational Metrics - The company operated at a 99.88% controllable completion factor for United during Q4 2024, compared to 99.54% in Q4 2023[10] - The controllable completion factor for United was 99.88% for the three months ended September 30, 2024, an increase of 0.3% from 99.54% in 2023[27] - The average number of passengers decreased by 5.4% to 1,435,580 for the three months ended September 30, 2024, compared to 1,517,870 in 2023[27] - The total operating loss for the three months ended September 30, 2024, was $17,033,000, compared to a loss of $20,242,000 in the same period of 2023, reflecting a 15.5% improvement[23] Asset Transactions and Gains - The company completed sales of 18 E-175 aircraft to United for gross proceeds of $227.7 million, with net proceeds of $84.7 million[4] - The company reported a $10.5 million gain on debt forgiveness during the fiscal year ended September 30, 2024[37] - Asset impairment related to held-for-sale assets was $73.7 million for the fiscal year ended September 30, 2024, compared to $50.6 million in 2023, indicating increased asset write-downs[34] - The company experienced a $6.1 million loss on changes in the fair value of investments in equity securities for the fiscal year ended September 30, 2024[35] Non-Recurring Costs - The company incurred $6.0 million in third-party costs associated with non-recurring transactions during the fiscal year ended September 30, 2024[36] - The company reported a $1.2 million non-recurring cost associated with transactions during the three months ended September 30, 2024[32] Adjusted Performance Metrics - Adjusted EBITDA for the fiscal year ended September 30, 2024, was $55.514 million, compared to $24.222 million in the previous year, representing a significant increase[33] - Adjusted EBITDAR for the fiscal year ended September 30, 2024, was $63.311 million, up from $30.422 million in the previous year, reflecting improved operational performance[33]