Company Quick10K Filing
Mesa Air
Price6.88 EPS1
Shares35 P/E5
MCap241 P/FCF2
Net Debt810 EBIT119
TEV1,051 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-10
10-K 2019-09-30 Filed 2019-12-17
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-Q 2018-12-31 Filed 2019-02-13
10-K 2018-09-30 Filed 2018-12-20
S-1 2018-07-13 Public Filing
10-Q 2018-06-30 Filed 2018-09-05
8-K 2020-08-10 Earnings, Exhibits
8-K 2020-06-11
8-K 2020-05-11
8-K 2020-05-05
8-K 2020-04-20
8-K 2020-04-03
8-K 2020-03-26
8-K 2020-03-18
8-K 2020-02-10
8-K 2020-02-04
8-K 2019-12-26
8-K 2019-12-13
8-K 2019-12-11
8-K 2019-11-26
8-K 2019-09-30
8-K 2019-08-09
8-K 2019-05-10
8-K 2019-04-09
8-K 2019-02-04
8-K 2019-01-28
8-K 2018-12-03
8-K 2018-09-11
8-K 2018-08-27
8-K 2018-08-08

MESA 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 mesa-ex101_56.htm
EX-31.1 mesa-ex311_8.htm
EX-31.2 mesa-ex312_6.htm
EX-32.1 mesa-ex321_7.htm
EX-32.2 mesa-ex322_10.htm

Mesa Air Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02016201720182020
Assets, Equity
0.20.10.10.0-0.0-0.12016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12016201720182020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number 001-38626

 

MESA AIR GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Nevada

 

85-0302351

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

410 North 44th Street, Suite 700

Phoenix, Arizona 85008

 

85008

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: (602) 685-4000

 

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

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange of Which Registered

Common Stock, no par value

 

MESA

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

As of June 30, 2020, the registrant had 35,414,284 shares of common stock, no par value per share, issued and outstanding.

 

 


TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

2

 

 

Condensed Consolidated Balance Sheets

2

 

 

Condensed Consolidated Statements of Operations

3

 

 

Condensed Consolidated Statements of Stockholders' Equity

4

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

26

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

 

 

Item 4. Controls and Procedures

41

 

 

PART II – OTHER INFORMATION

42

 

 

Item 1. Legal Proceedings

42

 

 

Item 1A. Risk Factors

42

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

45

 

 

Item 3. Defaults Upon Senior Securities

45

 

 

Item 4. Mine Safety Disclosures

45

 

 

Item 5. Other Information

45

 

 

Item 6. Exhibits

45

 

 

SIGNATURES

47

 

 


Where You Can Find More Information

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (http://investor.mesa-air.com/), SEC filings, webcasts, press releases, and conference calls. We use these mediums, including our website, to communicate with our members and public about our company, our products, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.

Cautionary Notes Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "may", "should", "expects", "might", "plans", "anticipates", "could", "intends", "target", "projects", "contemplates", "believes", "estimates", "predicts", "potential", "seek", "would", "continue", or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the "Risk Factors" section and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include:

 

public health epidemics or pandemics such as COVID-19;

 

the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of business’ and governments’ responses to the pandemic on our operations and personnel, and on demand for air travel;

 

the supply and retention of qualified airline pilots;

 

the volatility of pilot attrition;

 

dependence on, and changes to, or non-renewal of, our capacity purchase agreements;

 

increases in our labor costs;

 

reduced utilization (the percentage derived from dividing (i) the number of block hours actually flown during a given month under a particular capacity purchase agreement by (ii) the maximum number of block hours that could be flown during such month under the particular capacity purchase agreement) under our capacity purchase agreements;

 

direct operation of regional jets by our major airline partners;

 

the financial strength of our major airline partners and their ability to successfully manage their businesses through the unprecedented decline in air travel attributable to the COVID-19 pandemic;

 

limitations on our ability to expand regional flying within the flight systems of our major airline partners' and those of other major airlines;

 

our significant amount of debt and other contractual obligations;

 

our compliance with ongoing financial covenants under our credit facilities; and

 

our ability to keep costs low and execute our growth strategies.

While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law.

 

1


Part I – Financial Information

Item 1. Financial Statements

MESA AIR GROUP, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts) (Unaudited)

 

 

 

June 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,934

 

 

$

68,855

 

Restricted cash

 

 

3,444

 

 

 

3,646

 

Receivables, net

 

 

14,618

 

 

 

23,080

 

Expendable parts and supplies, net

 

 

22,418

 

 

 

21,337

 

Prepaid expenses and other current assets

 

 

7,143

 

 

 

40,923

 

Total current assets

 

 

112,557

 

 

 

157,841

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,233,727

 

 

 

1,273,585

 

Intangibles, net

 

 

8,407

 

 

 

9,532

 

Lease and equipment deposits

 

 

2,121

 

 

 

2,167

 

Operating lease right-of-use assets

 

 

131,480

 

 

 

 

Other assets

 

 

7,021

 

 

 

8,792

 

Total assets

 

$

1,495,313

 

 

$

1,451,917

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt and financing leases

 

$

176,896

 

 

$

165,900

 

Current maturities of operating leases

 

 

43,219

 

 

 

 

Accounts payable

 

 

39,918

 

 

 

49,930

 

Accrued compensation

 

 

10,350

 

 

 

11,988

 

Other accrued expenses

 

 

37,663

 

 

 

28,888

 

Total current liabilities

 

 

308,046

 

 

 

256,706

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Long-term debt and financing leases, excluding current portion

 

 

586,877

 

 

 

677,423

 

Noncurrent operating lease liabilities

 

 

71,068

 

 

 

 

Deferred credits

 

 

9,355

 

 

 

12,134

 

Deferred income taxes

 

 

61,203

 

 

 

55,303

 

Deferred revenue, net of current portion

 

 

12,240

 

 

 

 

Other noncurrent liabilities

 

 

1,030

 

 

 

24,483

 

Total noncurrent liabilities

 

 

741,773

 

 

 

769,343

 

Total liabilities

 

 

1,049,819

 

 

 

1,026,049

 

Commitments and contingencies (Note 15 and Note 16)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock of no par value, 5,000,000 shares authorized;

   no shares issued and outstanding

 

 

 

 

 

 

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

   125,000,000 shares authorized; 35,414,284 (2020) and 31,413,287

   (2019) shares issued and outstanding, 0 (2020) and

   3,600,953 (2019) warrants issued and outstanding

 

 

241,782

 

 

 

238,504

 

Retained earnings

 

 

203,712

 

 

 

187,364

 

Total stockholders' equity

 

 

445,494

 

 

 

425,868

 

Total liabilities and stockholders' equity

 

$

1,495,313

 

 

$

1,451,917

 

 

See accompanying notes to these condensed consolidated financial statements.

 

2


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Operations

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

 

 

 

Three Months Ended June 30,

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

2020

 

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract revenue

 

$

71,648

 

 

$

170,366

 

$

409,228

 

 

$

510,586

 

Pass-through and other

 

 

1,451

 

 

 

9,858

 

 

27,802

 

 

 

24,941

 

Total operating revenues

 

 

73,099

 

 

 

180,224

 

 

437,030

 

 

 

535,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flight operations

 

 

29,664

 

 

 

53,025

 

 

135,199

 

 

 

155,636

 

Fuel

 

 

146

 

 

 

211

 

 

504

 

 

 

433

 

Maintenance

 

 

22,591

 

 

 

54,322

 

 

145,021

 

 

 

139,504

 

Aircraft rent

 

 

15,582

 

 

 

12,875

 

 

39,196

 

 

 

41,104

 

Aircraft and traffic servicing

 

 

538

 

 

 

978

 

 

2,938

 

 

 

2,977

 

General and administrative

 

 

11,737

 

 

 

12,435

 

 

39,233

 

 

 

38,121

 

Depreciation and amortization

 

 

20,635

 

 

 

19,761

 

 

61,656

 

 

 

57,528

 

Lease termination

 

 

 

 

 

9,540

 

 

 

 

 

9,540

 

CARES Act grant recognition

 

 

(43,018

)

 

 

 

 

(43,018

)

 

 

 

Total operating expenses

 

 

57,875

 

 

 

163,147

 

 

380,729

 

 

 

444,843

 

Operating income

 

 

15,224

 

 

 

17,077

 

 

56,301

 

 

 

90,684

 

Other (expenses) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(10,368

)

 

 

(13,496

)

 

(34,668

)

 

 

(42,110

)

Interest income

 

 

1

 

 

 

733

 

 

95

 

 

 

1,188

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

(3,616

)

Other income (expense), net

 

 

79

 

 

 

(451

)

 

720

 

 

 

82

 

Total other (expense), net

 

 

(10,288

)

 

 

(13,214

)

 

(33,853

)

 

 

(44,456

)

Income before taxes

 

 

4,936

 

 

 

3,863

 

 

22,448

 

 

 

46,228

 

Income tax expense

 

 

1,517

 

 

 

856

 

 

6,359

 

 

 

10,891

 

Net income

 

$

3,419

 

 

$

3,007

 

$

16,089

 

 

$

35,337

 

Net income per share attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

 

$

0.09

 

$

0.46

 

 

$

1.02

 

Diluted

 

$

0.10

 

 

$

0.09

 

$

0.46

 

 

$

1.01

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

35,299

 

 

 

34,835

 

 

35,154

 

 

 

34,683

 

Diluted

 

 

35,299

 

 

 

35,112

 

 

35,248

 

 

 

35,051

 

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

3


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Stockholders' Equity

(In thousands, except share amounts) (Unaudited)

 

 

 

Nine Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Number of

 

 

Paid-In

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Warrants

 

 

Capital

 

 

Earnings

 

 

Total

 

Balance at September 30, 2018

 

 

23,902,903

 

 

 

10,614,990

 

 

$

234,683

 

 

$

139,784

 

 

$

374,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,454

 

 

 

 

 

 

1,454

 

Stock issuance costs

 

 

 

 

 

 

 

 

157

 

 

 

 

 

 

157

 

Net income

 

 

 

 

 

 

 

 

 

 

 

19,081

 

 

 

19,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

23,902,903

 

 

 

10,614,990

 

 

$

236,294

 

 

$

158,865

 

 

$

395,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

$

1,298

 

 

 

 

 

$

1,298

 

Repurchased shares

 

 

(52,967

)

 

 

 

 

 

(449

)

 

 

 

 

 

(449

)

Stock issuance costs

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

28

 

Warrants converted to common stock

 

 

3,834,693

 

 

 

(3,834,693

)

 

 

 

 

 

 

 

 

 

Restricted shares issued

 

 

284,846

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

13,249

 

 

 

13,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

 

27,969,475

 

 

 

6,780,297

 

 

$

237,171

 

 

$

172,114

 

 

$

409,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

$

1,507

 

 

 

 

 

$

1,507

 

Repurchased shares

 

 

(116,757

)

 

 

 

 

 

(1,065

)

 

 

 

 

 

(1,065

)

Warrants converted to common stock

 

 

2,176,964

 

 

 

(2,176,964

)

 

 

 

 

 

 

 

 

 

Restricted shares issued

 

 

331,486

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

3,007

 

 

 

3,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019