Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 31, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MESA | |
Entity Registrant Name | MESA AIR GROUP INC | |
Entity Central Index Key | 810,332 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,123,240 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 41,731 | $ 56,788 |
Restricted cash | 3,823 | 3,559 |
Receivables, net ($1,098 and $1,329 from related party) | 21,596 | 8,853 |
Expendable parts and supplies, net | 15,716 | 15,114 |
Prepaid expenses and other current assets | 39,502 | 61,525 |
Total current assets | 122,368 | 145,839 |
Property and equipment, net | 1,239,548 | 1,192,448 |
Intangibles, net | 11,437 | 11,724 |
Lease and equipment deposits | 4,618 | 1,945 |
Other assets | 11,611 | 5,693 |
Total assets | 1,389,582 | 1,357,649 |
Current liabilities: | ||
Current portion of long-term debt | 149,936 | 140,466 |
Accounts payable ($845 and $2,644 to related party) | 44,654 | 44,738 |
Accrued compensation | 23,638 | 9,080 |
Other accrued expenses | 28,649 | 23,929 |
Total current liabilities | 246,877 | 218,213 |
Long-term debt, excluding current portion | 828,487 | 803,874 |
Deferred credits ($6,294 and $7,370 to related party) | 14,657 | 17,189 |
Deferred income taxes | 33,632 | 56,436 |
Other noncurrent liabilities | 33,306 | 39,713 |
Total noncurrent liabilities | 910,082 | 917,212 |
Total liabilities | 1,156,959 | 1,135,425 |
Commitments and contingencies (Note 13 and Note 14) Stockholders' equity: | ||
Stockholders' equity | ||
Preferred stock | ||
Common stock and additional paid-in-capital | 112,732 | 114,456 |
Retained earnings | 119,891 | 107,768 |
Total stockholders' equity | 232,623 | 222,224 |
Total liabilities and stockholders' equity | $ 1,389,582 | $ 1,357,649 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Receivable from related party | $ 1,098 | $ 1,329 |
Accounts payable to related party | 845 | 2,644 |
Deferred credits to related party | $ 6,294 | $ 7,370 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 12,572,630 | 11,294,083 |
Common stock, shares outstanding | 12,572,630 | 11,294,083 |
Common stock, warrants issued | 10,871,730 | 12,230,625 |
Common stock, warrants outstanding | 10,871,730 | 12,230,625 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating revenues: | ||||
Total operating revenues | $ 171,739 | $ 166,952 | $ 504,063 | $ 486,282 |
Operating expenses: | ||||
Flight operations | 51,795 | 37,953 | 155,602 | 110,302 |
Fuel | 151 | 214 | 349 | 614 |
Maintenance | 48,290 | 46,817 | 154,046 | 164,239 |
Aircraft rent | 17,975 | 18,274 | 54,557 | 54,334 |
Aircraft and traffic servicing | 848 | 1,178 | 2,592 | 2,758 |
General and administrative | 22,066 | 10,534 | 43,333 | 31,210 |
Depreciation and amortization | 16,013 | 15,620 | 47,611 | 45,220 |
Lease termination | 15,109 | 15,109 | ||
Total operating expenses | 172,247 | 130,590 | 473,199 | 408,677 |
Operating (loss) income | (508) | 36,362 | 30,864 | 77,605 |
Other (expenses) income, net: | ||||
Interest expense | (14,118) | (11,819) | (41,592) | (33,659) |
Interest income | 11 | 8 | 30 | 23 |
Other expense | (15) | (53) | (117) | (447) |
Total other (expense), net | (14,122) | (11,864) | (41,679) | (34,083) |
(Loss) income before taxes | (14,630) | 24,498 | (10,815) | 43,522 |
Income tax (benefit) expense | (3,495) | 9,065 | (24,676) | 16,175 |
Net (loss) income | $ (11,135) | $ 15,433 | $ 13,861 | $ 27,347 |
Net (loss) income per share attributable to common shareholders | ||||
Basic | $ (0.89) | $ 1.40 | $ 1.18 | $ 2.52 |
Diluted | $ (0.89) | $ 0.66 | $ 0.58 | $ 1.18 |
Weighted-average common shares outstanding | ||||
Basic | 12,462 | 10,993 | 11,782 | 10,852 |
Diluted | 12,462 | 23,223 | 24,052 | 23,241 |
Contract Revenue [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 159,916 | $ 157,410 | $ 470,820 | $ 467,121 |
Pass Through and Other [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 11,823 | $ 9,542 | $ 33,243 | $ 19,161 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Contract Revenue [Member] | ||||
Revenue from related party | $ 90,834 | $ 266,037 | $ 92,380 | $ 275,367 |
Pass Through and Other [Member] | ||||
Revenue from related party | $ 1,634 | $ 4,989 | $ 892 | $ 3,748 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows From Operating Activities: | ||
Net income | $ 13,861 | $ 27,347 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation and amortization | 47,611 | 45,220 |
Stock compensation expense | 1,209 | 885 |
Deferred income taxes | (22,139) | 16,190 |
Amortization of unfavorable lease liabilities and deferred credits | (8,295) | (7,928) |
Amortization of debt financing costs and accretion of interest on non-interest-bearing subordinated notes | 3,577 | 1,328 |
Loss on disposal of assets | 276 | 488 |
Provision for obsolete expendable parts and supplies | 74 | 349 |
Loss on contract termination | 15,109 | |
Provision for doubtful accounts | (86) | |
Changes in assets and liabilities: | ||
Receivables | (12,743) | (6,529) |
Expendable parts and supplies | (677) | (2,265) |
Prepaid expenses and other current assets | 4,727 | (14,773) |
Accounts payable | 8,361 | (24,584) |
Accrued liabilities | 12,212 | 3,098 |
Net cash provided by operating activities | 63,163 | 38,740 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (98,509) | (64,819) |
Proceeds from sale of rotable spare parts | 18 | |
Deposit of restricted cash | (264) | (69) |
Net payments of lease and equipment deposits | (2,673) | (2,789) |
Net cash used in investing activities | (101,446) | (67,659) |
Cash Flows From Financing Activities: | ||
Proceeds from long-term debt | 187,703 | 133,460 |
Principal payments on long-term debt and capital leases | (158,170) | (116,139) |
Debt financing costs | (5,767) | (2,365) |
Repurchase of stock | (540) | (803) |
Net cash provided by financing activities | 23,226 | 14,153 |
Net change in cash and cash equivalents | (15,057) | (14,766) |
Cash and cash equivalents at beginning of period | 56,788 | 37,686 |
Cash and cash equivalents at end of period | $ 41,731 | $ 22,920 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Jun. 30, 2018 | |
Organization and Operations | 1. Organization and Operations The Company Mesa Air Group, Inc. (“Mesa” or the “Company”) is a holding company whose principal subsidiary operates as a regional air carrier, providing scheduled passenger service. As of June 30, 2018, the Company served 115 cities in 38 states, the District of Columbia, Canada, Mexico, and the Bahamas and operated a fleet of 145 aircraft with approximately 600 daily departures. The Company’s airline operations are conducted by its regional airline subsidiary, Mesa Airlines, Inc. (“Mesa Airlines”), providing services to major air carriers under capacity purchase agreements. Mesa Airlines operates as American Eagle under a capacity purchase agreement with American Airlines, Inc. (“American”) and as United Express under a capacity purchase agreement with United Airlines, Inc. (“United”). All of the Company’s condensed consolidated contract revenues for three months ended June 30, 2018 and 2017 and nine months ended June 30, 2018 and 2017 were derived from operations associated with these two capacity purchase agreements. The financial arrangements between the Company and its major airline partners involve a revenue-guarantee arrangement whereby the major airline pays a monthly guaranteed amount for each aircraft under contract, a fixed fee for each block hour and flight flown and reimbursement of certain direct operating expenses in exchange for providing regional flying. The major airline partners also pay certain expenses directly to suppliers, such as fuel, ground operations and certain landing fees. Under the terms of these capacity purchase agreements, the major airline controls route selection, pricing and seat inventories, thereby reducing the Company’s exposure to fluctuations in passenger traffic, fare levels, and fuel prices. On August 14, 2018, the Company completed an initial public offering (“IPO”) of its common stock, in which it issued and sold 9,630,000 shares of common stock at a public offering price of $12.00 per share, resulting in gross proceeds to the Company of approximately $115.6 million. Additionally, in connection with the IPO, the Company granted the underwriters an option to purchase up to an additional 777,833 shares of common stock at the same price, which has not been exercised as of September 4, 2018, the issuance date of the interim financial statements. As part of the IPO, stock appreciation rights (“SARs”) previously issued under the Mesa Air Group, Inc. Amended and Restated Stock Appreciation Rights Plan (the “SAR Plan”), which settled only in cash, were cancelled and exchanged for an aggregate of 1,266,034 shares of restricted common stock under the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) (see note 12), of which 966,022 were fully vested upon issuance and are included in the number of shares of common stock outstanding after the IPO. Of the 966,022 fully vested shares, 314,198 shares were retained by the Company to satisfy tax withholding obligations, resulting in a net issuance of 651,824 shares. American Capacity Purchase Agreement As of June 30, 2018, the Company operated 64 CRJ-900 take-off on-time United Capacity Purchase Agreement As of June 30, 2018, the Company operated 20 CRJ-700 E-175 CRJ-700 E-175 two-year E-175 E-175 two-year E-175 In February 2018, the Company mutually agreed with United to temporarily remove two aircraft from service under its United capacity purchase agreement until the Company was able to fully staff flight operations. During the temporary removal, the Company agreed to pay the lease costs associated with the two E-175 E-175 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2018 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned operating subsidiaries. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been derived from, and should be read in conjunction with, the Company’s audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2017 included in the Company’s Registration Statement on Form S-1, No. 333-226173 The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and may remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the IPO, subject to specified conditions. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Actual results could differ from those estimates. Rental Income The amount deemed to be rental income for the three months ended June 30, 2018 and 2017 was $53.5 million and $54.5 million, respectively, and for the nine months ended June 30, 2018 and 2017 was $162.0 million and $163.0 million, respectively. Rental income has been included in contract revenue on the Company’s condensed consolidated statements of operations. The Company has not separately stated aircraft rental income and aircraft rental expense in the condensed consolidated statements of operations since the use of the aircraft is not a separate activity of the total service provided. Maintenance Expense The Company operates under a Federal Aviation Administration (“FAA”) approved continuous inspection and maintenance program. The Company uses the direct expense method of accounting for its maintenance of regional jet engine overhauls, airframe, landing gear, and normal recurring maintenance wherein the expense is recognized when the maintenance work is completed, or over the period of repair, if materially different. For leased aircraft, the Company is subject to lease return provisions that require a minimum portion of the “life” of an overhaul be remaining on the engine at the lease return date. The Company estimates the cost of maintenance lease return obligations and accrues such costs over the remaining lease term when the expense is probable and can be reasonably estimated. Engine overhaul expense totaled $13.1 million and $8.4 million for the three months ended June 30, 2018 and 2017, respectively, of which $4.6 million and $0 was pass-through expense and $46.2 million and $53.5 million for the nine months ended June 30, 2018 and 2017, respectively, of which $9.8 million and $0 was pass-through expense. Airframe check expense totaled $6.3 million and $6.7 million for the three months ended June 30, 2018 and 2017, respectively, of which $1.6 million and $2.2 million was pass-through expense and $19.8 million and $16.9 million for the nine months ended June 30, 2018 and 2017, respectively, of which $7.3 million and $2.6 million was pass-through expense. Pursuant to the United capacity purchase agreement, United reimburses the Company for heavy maintenance on certain E-175 Change in Accounting Policy Stock Appreciation Rights (“SARs”) and Phantom Stock historically were accounted for as liability compensatory awards under ASC 710, Compensation – General, valued using the intrinsic value method, as permitted by ASC 718 for nonpublic entities. Upon becoming a public company, as defined in ASC 718, in the third quarter of 2018, the Company was required to change its methodology for valuing the SARs and Phantom Stock. While the SARs and Phantom Stock will continue to be re-measured |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2018 | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In May 2014, the FASB issued ASU (“ASU”) No. 2014-09, Revenue from Contracts with Customers 2014-09”). 2014-09 one-year In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”), right-of-use In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock ASU 2016-09 requires ASU 2016-09 also ASU 2016-09 is ASU 2016-09 in ASU 2016-09 did In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force) No. 2016-18 |
Concentrations
Concentrations | 9 Months Ended |
Jun. 30, 2018 | |
Concentrations | 4. Concentrations At June 30, 2018, the Company had capacity purchase agreements with American and United. All of the Company’s condensed consolidated revenue for the nine months ended June 30, 2018 and 2017 and accounts receivable at the end of each of these periods was derived from these agreements. The terms of both the American and United capacity purchase agreements are not aligned with the lease obligations on the aircraft performing services under such agreements. Amounts billed by the Company under capacity purchase agreements are subject to the Company’s interpretation of the applicable capacity purchase agreement and are subject to audit by the Company’s major airline partners. Periodically, the Company’s major airline partners dispute amounts billed and pay amounts less than the amount billed. Ultimate collection of the remaining amounts not only depends upon the Company prevailing under the applicable audit, but also upon the financial well-being of the major airline partner. As such, the Company periodically reviews amounts past due and records a reserve for amounts estimated to be uncollectible. The allowance for doubtful accounts was $1.7 million and $0.7 million at June 30, 2018 and September 30, 2017, respectively. If the Company’s ability to collect these receivables and the financial viability of our partners is materially different than estimated, the Company’s estimate of the allowance could be materially impacted. American accounted for approximately 54% and 55% of the Company’s total revenue for the three months ended June 30, 2018 and 2017, respectively, and 57% for the nine months ended June 30, 2018 and 2017, respectively. United accounted for approximately 46% and 45% of the Company’s revenue for the three months ended June 30, 2018 and 2017, respectively, and 43% for the nine months ended June 30, 2018 and 2017, respectively. A termination of either the American or the United capacity purchase agreement would have a material adverse effect on the Company’s business prospects, financial condition, results of operations, and cash flows. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Jun. 30, 2018 | |
Intangible Assets | 5. Intangible Assets Information about the intangible assets of the Company at June 30, 2018 and September 30, 2017, were as follows (in thousands): June 30, September 30, 2018 2017 Customer relationship $ 43,800 $ 43,800 Accumulated amortization (32,363 ) (32,076 ) $ 11,437 $ 11,724 Total amortization expense recognized was approximately $0.1 million for the three months ended June 30, 2018 and 2017, respectively, and $0.3 million for the nine months ended June 30, 2018 and 2017, respectively. The Company expects to record amortization expense of $0.1 million for the remainder of 2018, and $1.8 million, $1.5 million, $1.2 million, $1.0 million for fiscal years 2019, 2020, 2021, 2022, respectively. |
Balance Sheet Information
Balance Sheet Information | 9 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Information | 6. Balance Sheet Information Certain significant amounts included in the company’s condensed consolidated balance sheet as of June 30, 2018 and September 30, 2017, consisted of the following (in thousands): June 30, September 30, 2018 2017 Expendable parts and supplies, net Expendable parts and supplies $ 18,687 $ 17,807 Less obsolescence and warranty reserve (2,971 ) (2,693 ) $ 15,716 $ 15,114 Prepaid expenses and other current assets Prepaid aircraft rent $ 27,195 $ 53,645 Unutilized manufacturer credits 3,000 — Deferred offering and reimbursed costs 3,992 1,863 Other 5,315 6,017 $ 39,502 $ 61,525 Property and equipment—net Aircraft and other flight equipment substantially pledged $ 1,475,572 $ 1,388,990 Other equipment 3,743 3,383 Leasehold improvements 2,746 2,746 Vehicles 692 744 Building 699 699 Furniture and fixtures 287 251 Total property and equipment 1,483,739 1,396,813 Less accumulated depreciation (244,191 ) (204,365 ) $ 1,239,548 $ 1,192,448 Other accrued expenses Accrued property taxes $ 5,671 $ 6,484 Accrued interest 7,181 4,036 Accrued vacation 5,155 2,663 Accrued wheels, brakes and tires 1,406 2,477 Other 9,236 8,269 $ 28,649 $ 23,929 Depreciation expense totaled approximately $15.9 million and $47.3 million for the three and nine months ended June 30, 2018, respectively, and approximately $15.5 million and $44.9 million for the three and nine months ended June 30, 2017, respectively. The Company recorded amortization of the unfavorable lease liability for approximately $1.7 million and $5.1 million for the three and nine months ended June 30, 2018 and 2017, respectively, as a reduction to lease expense. During the three months ended June 30, 2018, the Company wrote off $1.2 million of unfavorable lease liability related to the lease termination of its aircraft lease facility with Wells Fargo Bank Northwest, National Association, as owner trustee and lessor (the “GECAS Lease Facility”), which was accounted for as lease termination expense. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Measurements | 7. Fair Value Measurements The carrying values of cash and cash equivalents, unrestricted cash, accounts receivable, and accounts payable included on the accompanying condensed consolidated balance sheets approximated fair value at June 30, 2018 and September 30, 2017. The Company’s debt agreements are not traded on an active market. The Company has determined the estimated fair value of its debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. The carrying value and estimated fair value of the Company’s long-term debt, including current maturities, were as follows (in millions): June 30, 2018 September 30, 2017 Carrying Fair Carrying Fair Long-term debt, including current maturities (1) $ 994.1 $ 993.4 $ 956.9 $ 975.0 (1) Current and prior period long-term debts’ carrying and fair values exclude net debt issuance costs. |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 9 Months Ended |
Jun. 30, 2018 | |
Long-Term Debt and Other Borrowings | 8. Long-Term Debt and Other Borrowings Long-term debt as of June 30, 2018 and September 30, 2017, consisted of the following (in thousands): June 30, September 30, 2018 2017 Notes payable to financial institution, collateralized by the underlying aircraft, due 2019 (1)(2) $ 7,049 $ 58,254 Notes payable to financial institution, collateralized by the underlying aircraft, due 2022 (3)(4) 72,839 113,611 Notes payable to financial institution, collateralized by the underlying aircraft, due 2024 (5) 74,822 82,776 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027 (6) 125,460 137,028 Notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (7) 217,930 226,399 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (8) 170,777 181,115 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (17) 97,069 — Notes payable to financial institution, collateralized by the underlying equipment, due 2022 (9) 89,807 93,031 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (10) 67,282 — Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (11) 3,732 4,976 Notes payable to financial institution due 2020 (12) 4,867 6,390 Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (13) 17,749 9,158 Notes payable to financial institution due 2019 (14) 9,055 18,530 Working capital draw loan, collateralized by certain flight equipment and spare parts (15) 25,650 25,650 Other obligations due to financial institution, collateralized by the underlying equipment, due 2023 (16) 10,014 — Total long-term debt 994,102 956,918 Less current portion (149,936 ) (140,466 ) Less unamortized debt issuance costs (15,679 ) (12,578 ) Long-term debt—excluding current portion $ 828,487 $ 803,874 (1) In fiscal 2005, the Company financed five CRJ-900 (2) In fiscal 2004, the Company financed five CRJ-700 (3) In fiscal 2007, the Company financed three CRJ-900 CRJ-700 (4) In fiscal 2014, the Company financed 10 CRJ-900 (5) In fiscal 2014, the Company financed eight CRJ-900 (6) In fiscal 2015, the Company financed seven CRJ-900 (7) In fiscal 2016, the Company financed 10 E-175 (8) In fiscal 2016, the Company financed eight E-175 (9) In fiscal 2017, the Company financed certain flight equipment with $99.1 million in debt. The debt bears interest at the monthly LIBOR (rounded to the nearest 16th) plus 7.25% (9.342% at June 30, 2018) and requires monthly principal and interest payments. (10) In December 2017, the Company refinanced nine CRJ-900 (11) In fiscal 2015, the Company financed certain flight equipment with $8.3 million in debt. The debt bears interest at 5.163% and requires monthly principal and interest payments. (12) In fiscal 2015 and 2016, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.07% (5.162% at June 30, 2018) and requires quarterly principal and interest payments. (13) In fiscal 2016 and 2017, the Company financed certain flight equipment maintenance costs with $11.9 million in debt. The debt bears interest at the three-month LIBOR plus a spread ranging from 2.93% to 2.96% (5.267% to 5.297% at June 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of June 30, 2018, the Company was in compliance with this covenant. (14) In fiscal 2017, the Company financed certain flight equipment maintenance costs with $25 million in debt. The debt bears interest at the three-month LIBOR plus 3.30% (5.637% at June 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of June 30, 2018, the Company was in compliance with this covenant. (15) In fiscal 2016, the Company obtained a $35 million working capital draw loan, which terminates in August 2019. Interest is assessed on drawn amounts at one-month (16) In February 2018, the Company leased two spare engines. The leases were determined to be capital as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.13% and the leases requires monthly payments. (17) In June 2018, the Company refinanced six CRJ-900 CRJ-900 Principal maturities of long-term debt as of June 30, 2018, and for each of the next five years are as follows (in thousands): Periods Ending September 30, Total Principal Remainder of 2018 40,260 2019 176,519 2020 152,316 2021 146,218 2022 141,917 The net book value of collateralized aircraft and equipment as of June 30, 2018 was $1,170.4 million. In December 2015, an Enhanced Equipment Trust Certificate (“EETC”) pass-through trust was created to issue pass-through certificates to obtain financing for new E-175 The proceeds of the issuance of the pass-through certificates were used to purchase equipment notes which were issued by Mesa and secured by its aircraft. The payment obligations under the equipment notes are those of Mesa. Proceeds received from the sale of pass-through certificates were initially held by a depositary in escrow for the benefit of the certificate holders until Mesa issued equipment notes to the trust, which purchased such notes with a portion of the escrowed funds. Mesa evaluated whether the pass-through trust formed for its EETC financing is a Variable Interest Entity (“VIE”) and required to be consolidated. The pass-through trust was determined to be a VIE, however, the Company has determined that it does not have a variable interest in the pass-through trust, and therefore, has not consolidated the pass-through trust with its financial statements. On June 27, 2018, the Company refinanced $16.0 million of debt on six CRJ-900 On June 28, 2018, the Company purchased nine CRJ-900 non-cash |
Earnings Per Share and Equity
Earnings Per Share and Equity | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share and Equity | 9. Earnings Per Share and Equity Calculations of net income per common share attributable to Mesa Air Group were as follows (in thousands, except per share data): Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Net income attributable to Mesa Air Group $ (11,135 ) $ 15,433 $ 13,861 $ 27,347 Basic weighted average common shares outstanding 12,462 10,993 11,782 10,852 Add: Incremental shares for: (1) Dilutive effect of warrants — 12,230 11,702 12,389 Dilutive effect of restricted stock — — 568 — Diluted weighted average common shares outstanding 12,462 23,223 24,052 23,241 Net income per common share attributable to Mesa Air Group: Basic $ (0.89 ) $ 1.40 $ 1.18 $ 2.52 Diluted $ (0.89 ) $ 0.66 $ 0.58 $ 1.18 (1) Due to a loss for the three months ended June 30, 2018, zero incremental shares are included because the effect would be antidilutive. Basic income per common share is computed by dividing net income attributable to Mesa Air Group by the weighted average number of common shares outstanding during the period. The number of incremental shares from the assumed issuance of shares relating to restricted stock and exercise of warrants is calculated by applying the treasury stock method. Share-based awards and warrants whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income or loss per share calculation. In loss periods, these incremental shares are excluded from the calculation of diluted loss per share, as the inclusion of unvested restricted stock and warrants would have an anti-dilutive effect. Anti-dilutive shares relating to restricted stock and exercise of warrants of 523,343 and 11,056,295, respectively, were excluded from the calculation of diluted loss per share for the three months ended June 30, 2018. |
Common Stock
Common Stock | 9 Months Ended |
Jun. 30, 2018 | |
Common Stock | 10. Common Stock The Company previously issued warrants to third parties, which had a five-year term to be converted to common stock at an exercise price of $0.004 per share. Outstanding warrants to purchase shares of common stock are held by persons who are not U.S. citizens. The warrants are not exercisable due to restrictions imposed by federal law requiring that no more than 24.9% of our stock be voted, directly or indirectly, or controlled by persons who are not U.S. citizens. The warrants can be converted to common stock upon warrant holders demonstrating U.S. citizenship. During June 2018, the Company extended the term of outstanding warrants set to expire by five years (through fiscal year 2023). Any warrants that were not extended were forfeited. On June 28, 2018, the Company agreed with GE Capital Aviation Services LLC (“GE Capital”) to terminate a warrant to purchase 250,000 shares of common stock held by GE Capital. Our shares of common stock are listed on the NASDAQ Global Market under the symbol “MESA” effective August 10, 2018. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
Income Taxes | 11. Income Taxes The Company’s effective tax rate (ETR) from continuing operations was 23.9% and 228.2% for the three and nine months ended June 30, 2018 and 37.0% and 37.2% for the three and nine months ended June 30, 2017, respectively. The quarterly and year-to-date 2016-09, The Tax Act makes broad and complex changes to the U.S. tax code that will affect the Company’s fiscal year ending September 30, 2018, including but not limited to (1) reducing the U.S. federal corporate tax rate, (2) changing rules related to uses and limitations of NOL carryforwards created in tax years beginning after December 31, 2017, (3) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized, and (4) bonus depreciation that will allow for full expensing of qualified property. The Tax Act reduces the federal corporate tax rate to 21% in the fiscal year ending September 30, 2018. The Internal Revenue Code stipulates that the Company’s fiscal year ending September 30, 2018, will have a blended corporate tax rate of 24.53%, which is based on the applicable tax rates before and after the Tax Act and the number of days in the year. The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. In connection with our initial analysis of the impact of the Tax Act, we have recorded a discrete net tax benefit of $21.4 million in the nine months ending June 30, 2018. As discussed more fully below, the Company has not completed its accounting for the income tax effects of certain elements of the Tax Act. The Company has recorded provisional adjustments where reasonable adjustments are available. Where reasonable adjustments are not available, the Company has not recorded and provisions adjustments and continues to account for them in accordance with ASC 740. Our accounting for the following elements of the Tax Act is complete: Reduction of U.S. federal corporate tax rate: The Act reduces the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, we have recorded a decrease related to our net deferred tax liabilities of $21.4 million, with a corresponding net adjustment to deferred income tax benefit of $21.4 million for the nine months ended June 30, 2018. The Company was not able to make reasonable estimates or, correspondingly, record provisional adjustments for the following: Valuation allowances: The Company must determine whether the valuation allowance assessments are affected by various aspects of the Tax Act (e.g. section 163(j), state effect of The Act, net operating loss carryforwards). Any corresponding determinations relating to changes in valuation allowances have, likewise, not been completed or recorded. As of September 30, 2017, we had aggregate federal and state net operating loss carryforwards of approximately $299.8 million and $172.3 million, which expire in 2027-2036 and 2018-2037, respectively, with approximately $20.1 million of state net operating loss carryforwards expiring in 2018. The net operating loss carryforward increased by an estimated $111.4 million as of June 30, 2018 resulting in a total net operating loss carryforward of $411.2 million. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Jun. 30, 2018 | |
Share-Based Compensation | 12. Share-Based Compensation Restricted Stock The restricted stock activity for the nine months ended June 30, 2018 were summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value Restricted shares unvested at September 30, 2017 775,753 $ 5.22 Granted — — Vested (199,305 ) 4.54 Forfeited — — Restricted shares unvested at June 30, 2018 576,448 $ 5.45 Stock Appreciation Rights The SARs activity for the nine months ended June 30, 2018 were summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value SARs unvested at September 30, 2017 1,140,013 $ — Granted — — Vested (622,238 ) — Forfeited — — SARs unvested at June 30, 2018 517,775 $ 7.58 Phantom Stock On October 17, 2017, the Company implemented a share-based payment plan under which employees, officers, directors and other individuals providing services to the Company are eligible to receive grants of restricted phantom stock units (“Phantom Stock Plan”). The restricted phantom stock units (“restricted stock units” or “RSUs”) provide a participant with the right to receive a cash or stock bonus based on the fair market value of a stated number of RSUs that are vested. The shares of Common Stock that may be subject to RSUs granted under the Plan shall not exceed an aggregate of 1,250,000 shares. All of the RSUs are non-vested The phantom stock activity for the nine months ended June 30, 2018 were summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value Phantom stock unvested at September 30, 2017 — $ — Granted 536,538 6.08 Vested (44,623 ) 7.50 Forfeited — — Phantom stock unvested at June 30, 2018 491,915 $ 13.55 As of June 30, 2018, there was $11.4 million, of total unrecognized compensation cost related to unvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.6 years. Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. Share-based compensation expense for the three months ended June 30, 2018 and 2017 was $11.6 million and $0, respectively, and for the nine months ended June 30, 2018 and 2017 was $12.6 million and $1.7 million, respectively. Share-based compensation expenses are recorded in general and administrative expenses in the condensed consolidated statements of operations. Following the IPO there will be no further grants under the Stock Appreciation Rights and Phantom Stock plans. Immediately following the IPO, shares of restricted common stock were issued to certain of its employees and directors under its 2018 Plan in exchange for the cancellation of existing restricted phantom stock units, unvested restricted shares and SARs (see note 15—Subsequent Events). |
Commitments
Commitments | 9 Months Ended |
Jun. 30, 2018 | |
Commitments | 13. Commitments At June 30, 2018, the Company leased 28 aircraft under noncancelable operating leases with remaining terms of up to 5.75 years. The Company has the option to terminate certain leases at various times throughout the lease. The Company headquarters and other facility noncancelable operating leases have remaining terms of up to nine years. The leases require the Company to pay all taxes, maintenance, insurance, and other operating expenses. Rental expense is recognized on a straight-line basis over the lease term, net of lessor rebates and other incentives. Aggregate rental expense under all operating aircraft, equipment and facility leases totaled approximately $21.6 million and $21.0 million for the three months ended June 30, 2018 and 2017, respectively, and $62.8 million and $62.3 million for the nine months ended June 30, 2018 and 2017, respectively. Future minimum lease payments as of June 30, 2018, under noncancelable operating leases are as follows (in thousands): Periods Ending September 30, Aircraft Other Total Remainder of 2018 $ 18,146 $ 730 $ 18,876 2019 63,449 2,007 65,456 2020 45,534 1,580 47,114 2021 44,314 1,367 45,681 2022 29,751 1,339 31,090 Thereafter 24,267 4,013 28,280 Total $ 225,461 $ 11,036 $ 236,497 The majority of the Company’s leased aircraft are leased through trusts that have a sole purpose to purchase, finance, and lease these aircraft to the Company; therefore, they meet the criteria of a variable interest entity. However, since these are single-owner trusts in which the Company does not participate, the Company is not at risk for losses and is not considered the primary beneficiary. Management believes that the Company’s maximum exposure under these leases is the remaining lease payments. |
Contingencies
Contingencies | 9 Months Ended |
Jun. 30, 2018 | |
Contingencies | 14. Contingencies The Company is involved in various legal proceedings (including, but not limited to, insured claims) and FAA civil action proceedings that the Company does not believe will have a material adverse effect upon its business, financial condition, or results of operations, although no assurance can be given to the ultimate outcome of any such proceedings. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2018 | |
Subsequent Events | 15. Subsequent Events On August 8, 2018, the Company filed its Second Amended and Restated Articles of Incorporation, which, among other things: (i) effected a 2.5-for-1 On August 14, 2018, the Company completed the IPO and issued and sold 9,630,000 shares of common stock at a public offering price of $12.00 per share, resulting in gross proceeds to the Company of approximately $115.6 million. In July 2018, the Company’s Board of Directors and Compensation Committee approved the issuance of shares of restricted common stock under its 2018 Plan immediately following the IPO to certain of its employees and directors in exchange for the cancellation of existing restricted phantom stock units, unvested restricted shares and SARs. The shares of restricted common stock issued under the 2018 Plan in exchange for the cancellation of restricted phantom stock units, unvested restricted shares and SARs are subject to vesting on the same terms set forth in the prior vesting schedules and are not subject to acceleration in connection with the 2018 Plan issuances. On August 14, 2018 the Company paid down the outstanding balance on the CIT Revolving Credit Facility of $25.7 million. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned operating subsidiaries. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been derived from, and should be read in conjunction with, the Company’s audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2017 included in the Company’s Registration Statement on Form S-1, No. 333-226173 The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and may remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the IPO, subject to specified conditions. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Actual results could differ from those estimates. |
Rental Income | Rental Income The amount deemed to be rental income for the three months ended June 30, 2018 and 2017 was $53.5 million and $54.5 million, respectively, and for the nine months ended June 30, 2018 and 2017 was $162.0 million and $163.0 million, respectively. Rental income has been included in contract revenue on the Company’s condensed consolidated statements of operations. The Company has not separately stated aircraft rental income and aircraft rental expense in the condensed consolidated statements of operations since the use of the aircraft is not a separate activity of the total service provided. |
Maintenance Expense | Maintenance Expense The Company operates under a Federal Aviation Administration (“FAA”) approved continuous inspection and maintenance program. The Company uses the direct expense method of accounting for its maintenance of regional jet engine overhauls, airframe, landing gear, and normal recurring maintenance wherein the expense is recognized when the maintenance work is completed, or over the period of repair, if materially different. For leased aircraft, the Company is subject to lease return provisions that require a minimum portion of the “life” of an overhaul be remaining on the engine at the lease return date. The Company estimates the cost of maintenance lease return obligations and accrues such costs over the remaining lease term when the expense is probable and can be reasonably estimated. Engine overhaul expense totaled $13.1 million and $8.4 million for the three months ended June 30, 2018 and 2017, respectively, of which $4.6 million and $0 was pass-through expense and $46.2 million and $53.5 million for the nine months ended June 30, 2018 and 2017, respectively, of which $9.8 million and $0 was pass-through expense. Airframe check expense totaled $6.3 million and $6.7 million for the three months ended June 30, 2018 and 2017, respectively, of which $1.6 million and $2.2 million was pass-through expense and $19.8 million and $16.9 million for the nine months ended June 30, 2018 and 2017, respectively, of which $7.3 million and $2.6 million was pass-through expense. Pursuant to the United capacity purchase agreement, United reimburses the Company for heavy maintenance on certain E-175 |
Change in Accounting Policy | Change in Accounting Policy Stock Appreciation Rights (“SARs”) and Phantom Stock historically were accounted for as liability compensatory awards under ASC 710, Compensation – General, valued using the intrinsic value method, as permitted by ASC 718 for nonpublic entities. Upon becoming a public company, as defined in ASC 718, in the third quarter of 2018, the Company was required to change its methodology for valuing the SARs and Phantom Stock. While the SARs and Phantom Stock will continue to be re-measured |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Information About Intangible Assets | Information about the intangible assets of the Company at June 30, 2018 and September 30, 2017, were as follows (in thousands): June 30, September 30, 2018 2017 Customer relationship $ 43,800 $ 43,800 Accumulated amortization (32,363 ) (32,076 ) $ 11,437 $ 11,724 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Summary of Certain Significant Amounts Included in Condensed Consolidated Balance Sheet | Certain significant amounts included in the company’s condensed consolidated balance sheet as of June 30, 2018 and September 30, 2017, consisted of the following (in thousands): June 30, September 30, 2018 2017 Expendable parts and supplies, net Expendable parts and supplies $ 18,687 $ 17,807 Less obsolescence and warranty reserve (2,971 ) (2,693 ) $ 15,716 $ 15,114 Prepaid expenses and other current assets Prepaid aircraft rent $ 27,195 $ 53,645 Unutilized manufacturer credits 3,000 — Deferred offering and reimbursed costs 3,992 1,863 Other 5,315 6,017 $ 39,502 $ 61,525 Property and equipment—net Aircraft and other flight equipment substantially pledged $ 1,475,572 $ 1,388,990 Other equipment 3,743 3,383 Leasehold improvements 2,746 2,746 Vehicles 692 744 Building 699 699 Furniture and fixtures 287 251 Total property and equipment 1,483,739 1,396,813 Less accumulated depreciation (244,191 ) (204,365 ) $ 1,239,548 $ 1,192,448 Other accrued expenses Accrued property taxes $ 5,671 $ 6,484 Accrued interest 7,181 4,036 Accrued vacation 5,155 2,663 Accrued wheels, brakes and tires 1,406 2,477 Other 9,236 8,269 $ 28,649 $ 23,929 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Carrying Value and Estimated Fair Value of Long-term Debt, Including Current Maturities | The carrying value and estimated fair value of the Company’s long-term debt, including current maturities, were as follows (in millions): June 30, 2018 September 30, 2017 Carrying Fair Carrying Fair Long-term debt, including current maturities (1) $ 994.1 $ 993.4 $ 956.9 $ 975.0 (1) Current and prior period long-term debts’ carrying and fair values exclude net debt issuance costs. |
Long-Term Debt and Other Borr26
Long-Term Debt and Other Borrowings (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Schedule of Long-term Debt | Long-term debt as of June 30, 2018 and September 30, 2017, consisted of the following (in thousands): June 30, September 30, 2018 2017 Notes payable to financial institution, collateralized by the underlying aircraft, due 2019 (1)(2) $ 7,049 $ 58,254 Notes payable to financial institution, collateralized by the underlying aircraft, due 2022 (3)(4) 72,839 113,611 Notes payable to financial institution, collateralized by the underlying aircraft, due 2024 (5) 74,822 82,776 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027 (6) 125,460 137,028 Notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (7) 217,930 226,399 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (8) 170,777 181,115 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (17) 97,069 — Notes payable to financial institution, collateralized by the underlying equipment, due 2022 (9) 89,807 93,031 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (10) 67,282 — Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (11) 3,732 4,976 Notes payable to financial institution due 2020 (12) 4,867 6,390 Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (13) 17,749 9,158 Notes payable to financial institution due 2019 (14) 9,055 18,530 Working capital draw loan, collateralized by certain flight equipment and spare parts (15) 25,650 25,650 Other obligations due to financial institution, collateralized by the underlying equipment, due 2023 (16) 10,014 — Total long-term debt 994,102 956,918 Less current portion (149,936 ) (140,466 ) Less unamortized debt issuance costs (15,679 ) (12,578 ) Long-term debt—excluding current portion $ 828,487 $ 803,874 (1) In fiscal 2005, the Company financed five CRJ-900 (2) In fiscal 2004, the Company financed five CRJ-700 (3) In fiscal 2007, the Company financed three CRJ-900 CRJ-700 (4) In fiscal 2014, the Company financed 10 CRJ-900 (5) In fiscal 2014, the Company financed eight CRJ-900 (6) In fiscal 2015, the Company financed seven CRJ-900 (7) In fiscal 2016, the Company financed 10 E-175 (8) In fiscal 2016, the Company financed eight E-175 (9) In fiscal 2017, the Company financed certain flight equipment with $99.1 million in debt. The debt bears interest at the monthly LIBOR (rounded to the nearest 16th) plus 7.25% (9.342% at June 30, 2018) and requires monthly principal and interest payments. (10) In December 2017, the Company refinanced nine CRJ-900 (11) In fiscal 2015, the Company financed certain flight equipment with $8.3 million in debt. The debt bears interest at 5.163% and requires monthly principal and interest payments. (12) In fiscal 2015 and 2016, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.07% (5.162% at June 30, 2018) and requires quarterly principal and interest payments. (13) In fiscal 2016 and 2017, the Company financed certain flight equipment maintenance costs with $11.9 million in debt. The debt bears interest at the three-month LIBOR plus a spread ranging from 2.93% to 2.96% (5.267% to 5.297% at June 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of June 30, 2018, the Company was in compliance with this covenant. (14) In fiscal 2017, the Company financed certain flight equipment maintenance costs with $25 million in debt. The debt bears interest at the three-month LIBOR plus 3.30% (5.637% at June 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of June 30, 2018, the Company was in compliance with this covenant. (15) In fiscal 2016, the Company obtained a $35 million working capital draw loan, which terminates in August 2019. Interest is assessed on drawn amounts at one-month (16) In February 2018, the Company leased two spare engines. The leases were determined to be capital as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.13% and the leases requires monthly payments. (17) In June 2018, the Company refinanced six CRJ-900 CRJ-900 |
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of June 30, 2018, and for each of the next five years are as follows (in thousands): Periods Ending September 30, Total Principal Remainder of 2018 40,260 2019 176,519 2020 152,316 2021 146,218 2022 141,917 |
Earnings Per Share and Equity (
Earnings Per Share and Equity (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Calculations of Net Income Per Common Share Attributable to Mesa Air Group | Calculations of net income per common share attributable to Mesa Air Group were as follows (in thousands, except per share data): Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Net income attributable to Mesa Air Group $ (11,135 ) $ 15,433 $ 13,861 $ 27,347 Basic weighted average common shares outstanding 12,462 10,993 11,782 10,852 Add: Incremental shares for: (1) Dilutive effect of warrants — 12,230 11,702 12,389 Dilutive effect of restricted stock — — 568 — Diluted weighted average common shares outstanding 12,462 23,223 24,052 23,241 Net income per common share attributable to Mesa Air Group: Basic $ (0.89 ) $ 1.40 $ 1.18 $ 2.52 Diluted $ (0.89 ) $ 0.66 $ 0.58 $ 1.18 (1) Due to a loss for the three months ended June 30, 2018, zero incremental shares are included because the effect would be antidilutive. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Schedule of Restricted Stock Activity | The restricted stock activity for the nine months ended June 30, 2018 were summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value Restricted shares unvested at September 30, 2017 775,753 $ 5.22 Granted — — Vested (199,305 ) 4.54 Forfeited — — Restricted shares unvested at June 30, 2018 576,448 $ 5.45 |
Schedule of SARs Activity | The SARs activity for the nine months ended June 30, 2018 were summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value SARs unvested at September 30, 2017 1,140,013 $ — Granted — — Vested (622,238 ) — Forfeited — — SARs unvested at June 30, 2018 517,775 $ 7.58 |
Schedule of Phantom Stock Activity | The phantom stock activity for the nine months ended June 30, 2018 were summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value Phantom stock unvested at September 30, 2017 — $ — Granted 536,538 6.08 Vested (44,623 ) 7.50 Forfeited — — Phantom stock unvested at June 30, 2018 491,915 $ 13.55 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of June 30, 2018, under noncancelable operating leases are as follows (in thousands): Periods Ending September 30, Aircraft Other Total Remainder of 2018 $ 18,146 $ 730 $ 18,876 2019 63,449 2,007 65,456 2020 45,534 1,580 47,114 2021 44,314 1,367 45,681 2022 29,751 1,339 31,090 Thereafter 24,267 4,013 28,280 Total $ 225,461 $ 11,036 $ 236,497 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) $ / shares in Units, $ in Millions | Aug. 14, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)Daily_DepartureAircraftStatesCityshares | Sep. 30, 2017shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of states in which entity operates | States | 38 | ||
Number of aircrafts operated | Aircraft | 145 | ||
Number of cities in which entity operates | City | 115 | ||
Number of daily departures | Daily_Departure | 600 | ||
Common stock, warrants issued | 10,871,730 | 12,230,625 | |
Payment of lease cost | $ | $ 1.9 | ||
IPO [Member] | Subsequent Event [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Stock issued during period, shares, new issues | 9,630,000 | ||
Shares issued, price per share | $ / shares | $ 12 | ||
Gross proceeds of initial public offering | $ | $ 115.6 | ||
Underwriter Options Member | Subsequent Event [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Common stock, warrants issued | 777,833 | ||
Restricted Stock [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of Shares, Granted | 0 | ||
CRJ-900 Aircraft [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of aircrafts operated | Aircraft | 64 | ||
CRJ-700 Aircraft [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of aircrafts operated | Aircraft | 20 | ||
E-175 Aircraft [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of aircrafts operated | Aircraft | 60 | ||
2018 Equity Incentive Plan [Member] | Subsequent Event [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Stock withheld to cover tax withholding requirements upon vesting to restricted stock units shares | 314,198 | ||
Restricted stock, shares issued net of shares for tax withholdings | 651,824 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of Shares, Granted | 1,266,034 | ||
Number of Shares, vested | 966,022 | ||
American Airlines Inc. [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Ownership interest | 10.70% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Total operating revenues | $ 171,739 | $ 166,952 | $ 504,063 | $ 486,282 |
Engine overhaul expense | 13,100 | 8,400 | 46,200 | 53,500 |
Engine overhaul pass-through expense | 4,600 | 0 | 9,800 | 0 |
Airframe check expense | 6,300 | 6,700 | 19,800 | 16,900 |
Airframe check pass-through expense | 1,600 | 2,200 | 7,300 | 2,600 |
Change in accounting policy , effect of increase in SARs and Phantom Stock liability | 2,400 | |||
Contract Revenue [Member] | Rental Income [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total operating revenues | $ 53,500 | $ 54,500 | $ 162,000 | $ 163,000 |
Recent Accounting Pronounceme32
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | $ (22,139) | $ 16,190 | ||||
Income tax (benefit) expense | $ (3,495) | $ 9,065 | (24,676) | $ 16,175 | ||
Restricted cash | $ 3,823 | $ 3,823 | $ 3,559 | |||
Accounting Standards Update 2016-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | $ 400 | |||||
Income tax (benefit) expense | 300 | |||||
Cumulative-effect adjustment increasing retained earnings | $ 700 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Concentration Risk [Line Items] | |||||
Allowance for doubtful accounts | $ 1.7 | $ 1.7 | $ 0.7 | ||
American Airlines Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 54.00% | 55.00% | 57.00% | 57.00% | |
United Airlines, Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 46.00% | 45.00% | 43.00% | 43.00% |
Intangible Assets - Information
Intangible Assets - Information About Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationship | $ 43,800 | $ 43,800 |
Accumulated amortization | (32,363) | (32,076) |
Total | $ 11,437 | $ 11,724 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense recognized | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 |
Amortization expense for remainder of 2018 | 0.1 | 0.1 | ||
Amortization expense for 2019 | 1.8 | 1.8 | ||
Amortization expense for 2020 | 1.5 | 1.5 | ||
Amortization expense for 2021 | 1.2 | 1.2 | ||
Amortization expense for 2022 | $ 1 | $ 1 |
Balance Sheet Information - Sum
Balance Sheet Information - Summary of Certain Significant Amounts Included in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Expendable parts and supplies, net | ||
Expendable parts and supplies | $ 18,687 | $ 17,807 |
Less obsolescence and warranty reserve | (2,971) | (2,693) |
Expendable parts and supplies, net | 15,716 | 15,114 |
Prepaid expenses and other current assets | ||
Prepaid aircraft rent | 27,195 | 53,645 |
Unutilized manufacturer credits | 3,000 | |
Deferred offering and reimbursed costs | 3,992 | 1,863 |
Other | 5,315 | 6,017 |
Prepaid expenses and other current assets | 39,502 | 61,525 |
Property and equipment-net | ||
Property and equipment-gross | 1,483,739 | 1,396,813 |
Less accumulated depreciation | (244,191) | (204,365) |
Property and equipment-net | 1,239,548 | 1,192,448 |
Other accrued expenses | ||
Accrued property taxes | 5,671 | 6,484 |
Accrued interest | 7,181 | 4,036 |
Accrued vacation | 5,155 | 2,663 |
Accrued wheels, brakes and tires | 1,406 | 2,477 |
Other | 9,236 | 8,269 |
Other accrued expenses | 28,649 | 23,929 |
Aircraft and Other Flight Equipment Substantially Pledged [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 1,475,572 | 1,388,990 |
Other Machinery and Equipment [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 3,743 | 3,383 |
Leasehold Improvements [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 2,746 | 2,746 |
Vehicles [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 692 | 744 |
Building [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 699 | 699 |
Furniture and Fixtures [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | $ 287 | $ 251 |
Balance Sheet Information - Add
Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Depreciation expense | $ 15.9 | $ 15.5 | $ 47.3 | $ 44.9 |
Amortization of unfavorable lease liability | 1.7 | $ 1.7 | $ 5.1 | $ 5.1 |
Write off of unfavorable lease liability | $ 1.2 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Value of Long-term Debt, Including Current Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities, carrying value | $ 994,102 | $ 956,918 |
Long-term debt, including current maturities, fair value | $ 993,400 | $ 975,000 |
Long-Term Debt and Other Borr39
Long-Term Debt and Other Borrowings - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 994,102 | $ 956,918 |
Less current portion | (149,936) | (140,466) |
Less unamortized debt issuance costs | (15,679) | (12,578) |
Long-term debt-excluding current portion | 828,487 | 803,874 |
Total long-term debt | 994,102 | 956,918 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,049 | 58,254 |
Total long-term debt | 7,049 | 58,254 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 72,839 | 113,611 |
Total long-term debt | 72,839 | 113,611 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 74,822 | 82,776 |
Total long-term debt | 74,822 | 82,776 |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 125,460 | 137,028 |
Total long-term debt | 125,460 | 137,028 |
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 217,930 | 226,399 |
Total long-term debt | 217,930 | 226,399 |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 170,777 | 181,115 |
Total long-term debt | 170,777 | 181,115 |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 97,069 | |
Total long-term debt | 97,069 | |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 67,282 | |
Total long-term debt | 67,282 | |
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 89,807 | 93,031 |
Total long-term debt | 89,807 | 93,031 |
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 3,732 | 4,976 |
Total long-term debt | 3,732 | 4,976 |
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 17,749 | 9,158 |
Total long-term debt | 17,749 | 9,158 |
Notes Payable to Financial Institution Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,867 | 6,390 |
Total long-term debt | 4,867 | 6,390 |
Notes Payable to Financial Institution Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 9,055 | 18,530 |
Total long-term debt | 9,055 | 18,530 |
Working Capital Draw Loan, Collateralized by Certain Flight Equipment and Spare Parts [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 25,650 | 25,650 |
Total long-term debt | 25,650 | $ 25,650 |
Other Obligations Due to Financial Institution, Collateralized by the Underlying Equipment, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 10,014 | |
Total long-term debt | $ 10,014 |
Long-Term Debt and Other Borr40
Long-Term Debt and Other Borrowings - Schedule of Long-term Debt (Parenthetical) (Detail) $ in Millions | Jun. 28, 2018USD ($) | Jun. 27, 2018USD ($)Aircraft | Jun. 30, 2018USD ($)Aircraft | Feb. 28, 2018Engine | Dec. 31, 2017USD ($)Aircraft | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)Aircraft | Jun. 30, 2018USD ($)Aircraft | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)Aircraft | Sep. 30, 2015USD ($)Aircraft | Sep. 30, 2007USD ($)Aircraft | Sep. 30, 2005USD ($)Aircraft | Sep. 30, 2004USD ($)Aircraft | Sep. 30, 2014USD ($)Aircraft |
Flight Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 8.3 | ||||||||||||||
Long term debt interest rate percentage | 5.163% | ||||||||||||||
Flight Equipment Maintenance [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 11.9 | $ 11.9 | $ 11.9 | $ 11.9 | |||||||||||
Long term debt interest rate description | Three-month LIBOR plus a spread ranging from 2.93% to 2.96% | ||||||||||||||
Flight Equipment Maintenance [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 5.267% | 5.267% | |||||||||||||
Flight Equipment Maintenance [Member] | Minimum [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 2.93% | ||||||||||||||
Flight Equipment Maintenance [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 5.297% | 5.297% | |||||||||||||
Flight Equipment Maintenance [Member] | Maximum [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 2.96% | ||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,019 | 2,019 | |||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,022 | 2,022 | |||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,024 | 2,024 | |||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,027 | 2,027 | |||||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,028 | 2,028 | |||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,028 | 2,028 | |||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,022 | ||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,022 | 2,022 | |||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2022 [Member] | Flight Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 99.1 | $ 99.1 | |||||||||||||
Long term debt interest rate description | monthly LIBOR Plus 7.25% | ||||||||||||||
Long term debt interest rate percentage | 9.342% | 9.342% | |||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2022 [Member] | Flight Equipment [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 7.25% | ||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,020 | 2,020 | |||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,020 | 2,020 | |||||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,020 | 2,020 | |||||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 10.2 | $ 10.2 | $ 10.2 | ||||||||||||
Long term debt interest rate description | monthly LIBOR plus 3.07% | ||||||||||||||
Long term debt interest rate percentage | 5.162% | 5.162% | |||||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 3.07% | 3.07% | |||||||||||||
Notes Payable to Financial Institution Due 2019 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,019 | 2,019 | |||||||||||||
Working Capital Draw Loan, Collateralized by Certain Flight Equipment and Spare Parts [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 35 | $ 35 | |||||||||||||
Long term debt interest rate description | One-month LIBOR plus 4.25% | ||||||||||||||
Long term debt interest rate percentage | 6.342% | 6.342% | |||||||||||||
Working Capital Draw Loan, Collateralized by Certain Flight Equipment and Spare Parts [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 4.25% | ||||||||||||||
Other Obligations Due to Financial Institution, Collateralized by the Underlying Equipment, Due 2023 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,023 | ||||||||||||||
Number of spare engines leased | Engine | 2 | ||||||||||||||
Imputed interest | 9.13% | ||||||||||||||
Notes Payable to Financial Institution Collateralized By Underlying Equipment Due in 2020 with LIBOR Plus 3.30% [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 25 | $ 25 | |||||||||||||
Long term debt interest rate description | Three-month LIBOR plus 3.30% | ||||||||||||||
Long term debt interest rate percentage | 5.637% | 5.637% | |||||||||||||
Notes Payable to Financial Institution Collateralized By Underlying Equipment Due in 2020 with LIBOR Plus 3.30% [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 3.30% | ||||||||||||||
CRJ-900 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft refinanced | Aircraft | 6 | 9 | 6 | ||||||||||||
Number of aircraft financed | Aircraft | 6 | 9 | 9 | ||||||||||||
Debt instrument, face amount | $ 69.6 | $ 27.5 | $ 27.5 | $ 74.9 | $ 27.5 | ||||||||||
Long term debt interest rate description | LIBOR plus a spread ranging from 3.50% for the senior promissory notes to 7.50% for the subordinated promissory notes | LIBOR plus 3.50%. | |||||||||||||
Long term debt basis spread on variable rate | 3.50% | ||||||||||||||
CRJ-900 [Member] | Capital Lease Obligations [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 69.6 | $ 69.6 | |||||||||||||
CRJ-900 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 5 | 9 | |||||||||||||
Debt instrument, face amount | $ 118 | ||||||||||||||
Long term debt interest rate description | London InterBank Offered Rate ("LIBOR"), plus 3% | ||||||||||||||
Long term debt interest rate percentage | 5.092% | 5.092% | |||||||||||||
CRJ-900 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 3.00% | ||||||||||||||
CRJ-900 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 3 | ||||||||||||||
CRJ-900 [Member] | Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 7 | ||||||||||||||
Debt instrument, face amount | $ 170.2 | ||||||||||||||
CRJ-900 [Member] | Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity year | 2,022 | ||||||||||||||
CRJ-900 [Member] | Senior Notes Due Two Thousand Twenty Seven [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 151 | ||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 2.71% | ||||||||||||||
Long term debt interest rate percentage | 4.802% | 4.802% | |||||||||||||
CRJ-900 [Member] | Senior Notes Due Two Thousand Twenty Seven [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 2.71% | ||||||||||||||
CRJ-900 [Member] | Subordinated Notes Due Two Thousand Twenty Seven [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Imputed interest | 6.25% | ||||||||||||||
Debt discount | $ 8.1 | ||||||||||||||
CRJ-900 [Member] | Senior Notes due Two Thousand Twenty Two [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 46.9 | ||||||||||||||
Long term debt interest rate description | 3.50 | ||||||||||||||
Long term debt interest rate percentage | 5.592% | 5.592% | |||||||||||||
CRJ-900 [Member] | Subordinated Notes DueTwoThousandTwentyTwo [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate description | Monthly LIBOR plus 4.50% | ||||||||||||||
Long term debt interest rate percentage | 6.592% | 6.592% | |||||||||||||
CRJ-900 [Member] | Subordinated Notes DueTwoThousandTwentyTwo [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 4.50% | ||||||||||||||
CRJ-900 [Member] | Senior Notes Due 2020 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 67.3 | $ 67.3 | |||||||||||||
Long term debt basis spread on variable rate | 3.50% | 3.50% | |||||||||||||
Long term debt interest rate percentage | 5.837% | 5.837% | |||||||||||||
CRJ-900 [Member] | Senior Notes Due 2020 [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate description | Three-month LIBOR plus 3.50% | ||||||||||||||
CRJ-900 [Member] | Subordinated Notes Due 2020 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 7.50% | 7.50% | |||||||||||||
Long term debt interest rate percentage | 9.837% | 9.837% | |||||||||||||
CRJ-900 [Member] | Subordinated Notes Due 2020 [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate description | Three month LIBOR plus 7.50% | ||||||||||||||
CRJ-700 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 5 | ||||||||||||||
CRJ-700 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 3 | ||||||||||||||
Five C- R- J-700 and Nine C- R- J-900 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 254.7 | ||||||||||||||
Long term debt interest rate description | Monthly LIBOR plus 3% | ||||||||||||||
Long term debt interest rate percentage | 5.092% | 5.092% | |||||||||||||
Five C- R- J-700 and Nine C- R- J-900 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 3.00% | ||||||||||||||
Three C- R- J-900 and Three C- R- J-700 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 120.3 | ||||||||||||||
Long term debt interest rate description | Monthly LIBOR plus 2.25% | ||||||||||||||
Long term debt interest rate percentage | 4.342% | 4.342% | |||||||||||||
Three C- R- J-900 and Three C- R- J-700 [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 2.25% | ||||||||||||||
Ten C- R- J-900 Aircraft [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 10 | ||||||||||||||
Debt instrument, face amount | $ 88.4 | ||||||||||||||
Long term debt interest rate description | monthly LIBOR plus a spread ranging from 1.95% to 7.25% | ||||||||||||||
Ten C- R- J-900 Aircraft [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 4.042% | 4.042% | |||||||||||||
Ten C- R- J-900 Aircraft [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Minimum [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 1.95% | ||||||||||||||
Ten C- R- J-900 Aircraft [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 9.342% | 9.342% | |||||||||||||
Ten C- R- J-900 Aircraft [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Maximum [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 7.25% | ||||||||||||||
Eight C- R- J-900 Aircraft [Member] | Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 8 | ||||||||||||||
Debt instrument, face amount | $ 114.5 | ||||||||||||||
Long term debt interest rate percentage | 5.00% | ||||||||||||||
Ten E-175 Aircraft [Member] | Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 10 | 10 | |||||||||||||
Debt instrument, face amount | $ 246 | $ 246 | |||||||||||||
Ten E-175 Aircraft [Member] | Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 4.75% | 4.75% | |||||||||||||
Ten E-175 Aircraft [Member] | Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 6.25% | 6.25% | |||||||||||||
Eight E-175 Aircraft [Member] | Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of aircraft financed | Aircraft | 8 | 8 | |||||||||||||
Debt instrument, face amount | $ 195.3 | $ 195.3 | |||||||||||||
Eight E-175 Aircraft [Member] | Senior Notes Due 2008 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate description | Three-month LIBOR plus a spread ranging from 2.20% to 2.32% | ||||||||||||||
Eight E-175 Aircraft [Member] | Senior Notes Due 2008 [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 172 | $ 172 | |||||||||||||
Long term debt interest rate percentage | 4.537% | 2.32% | 4.537% | 2.32% | |||||||||||
Eight E-175 Aircraft [Member] | Senior Notes Due 2008 [Member] | Minimum [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 2.20% | ||||||||||||||
Eight E-175 Aircraft [Member] | Senior Notes Due 2008 [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 4.657% | 4.657% | |||||||||||||
Eight E-175 Aircraft [Member] | Senior Notes Due 2008 [Member] | Maximum [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt basis spread on variable rate | 2.32% | ||||||||||||||
Eight E-175 Aircraft [Member] | Subordinated Notes Due 2008 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt interest rate percentage | 4.50% | 4.50% |
Long-Term Debt and Other Borr41
Long-Term Debt and Other Borrowings - Schedule of Principal Maturities of Long-term Debt (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Debt Instrument [Line Items] | |
Remainder of 2018 | $ 40,260 |
2,019 | 176,519 |
2,020 | 152,316 |
2,021 | 146,218 |
2,022 | $ 141,917 |
Long-Term Debt and Other Borr42
Long-Term Debt and Other Borrowings - Additional Information (Detail) $ in Thousands | Jun. 28, 2018USD ($)Aircraft | Jun. 27, 2018USD ($)Aircraft | Jun. 30, 2018USD ($)Aircraft | Jun. 30, 2018USD ($)Aircraft | Jun. 30, 2018USD ($)Aircraft | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||||
Property and equipment, net | $ 1,239,548 | $ 1,239,548 | $ 1,239,548 | $ 1,192,448 | |||
Long-Term Debt | $ 994,102 | 994,102 | 994,102 | $ 956,918 | |||
Non-cash lease termination expense | $ 15,109 | $ 15,109 | |||||
CRJ-900 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Refinanced debt | $ 16,000 | ||||||
Number of aircraft under refinanced debt | Aircraft | 6 | 9 | 9 | 9 | |||
Refinanced debt due period | 2,019 | ||||||
Debt instrument, face amount | $ 69,600 | $ 27,500 | $ 27,500 | $ 27,500 | $ 27,500 | $ 74,900 | |
Net cash proceeds after transaction related fees | $ 10,400 | ||||||
Long term debt interest rate description | LIBOR plus a spread ranging from 3.50% for the senior promissory notes to 7.50% for the subordinated promissory notes | LIBOR plus 3.50%. | |||||
Long term debt, basis spread on variable rate | 3.50% | ||||||
Number of aircraft purchased | Aircraft | 9 | ||||||
Payment for aircraft purchased | $ 76,500 | ||||||
Non-cash lease termination expense | 15,100 | ||||||
Future goods and services credits | 4,500 | ||||||
Loan forgiveness for loans | $ 5,600 | ||||||
Equipment Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 217,900 | 217,900 | $ 217,900 | ||||
Senior Notes Due 2020 [Member] | CRJ-900 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 67,300 | 67,300 | 67,300 | ||||
Long term debt, basis spread on variable rate | 3.50% | 3.50% | |||||
Subordinated Notes Due 2020 [Member] | CRJ-900 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt, basis spread on variable rate | 7.50% | 7.50% | |||||
Aircraft and Equipment [Member] | Pledged as Collateral [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property and equipment, net | $ 1,170,400 | $ 1,170,400 | $ 1,170,400 |
Earnings Per Share and Equity -
Earnings Per Share and Equity - Calculations of Net Income Per Common Share Attributable to Mesa Air Group (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Line Items] | ||||
Net income attributable to Mesa Air Group | $ (11,135) | $ 15,433 | $ 13,861 | $ 27,347 |
Basic weighted average common shares outstanding | 12,462,000 | 10,993,000 | 11,782,000 | 10,852,000 |
Add: Incremental shares for: | ||||
Dilutive effect of warrants | 0 | 12,230,000 | 11,702,000 | 12,389,000 |
Dilutive effect of restricted stock | 568,000 | |||
Diluted weighted average common shares outstanding | 12,462,000 | 23,223,000 | 24,052,000 | 23,241,000 |
Net income per common share attributable to Mesa Air Group: | ||||
Basic | $ (0.89) | $ 1.40 | $ 1.18 | $ 2.52 |
Diluted | $ (0.89) | $ 0.66 | $ 0.58 | $ 1.18 |
Earnings Per Share and Equity44
Earnings Per Share and Equity - Calculations of Net Income Per Common Share Attributable to Mesa Air Group (Parenthetical) (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Line Items] | ||||
Incremental shares for dilutive effect of warrants | 0 | |||
Incremental shares for dilutive effect of restricted stock | 0 | 12,230,000 | 11,702,000 | 12,389,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2018shares | |
Restricted Stock [Member] | |
Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from calculation of diluted loss per share | 523,343 |
Warrants [Member] | |
Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from calculation of diluted loss per share | 11,056,295 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - $ / shares | 9 Months Ended | |
Jun. 30, 2018 | Jun. 28, 2018 | |
Class of Warrant or Right [Line Items] | ||
Warrants term | 5 years | |
Warrants of common stock exercise price | $ 0.004 | |
Maximum percentage of stock pertaining to restrictions | 24.90% | |
Extended term of outstanding warrants expiration period | 5 years | |
Warrants of common stock expiration date | Sep. 30, 2023 | |
Warrants to purchase shares of common stock | 250,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | |
Income Taxes [Line Items] | |||||||
Effective tax rate (ETR) from continuing operations | 23.90% | 37.00% | 228.20% | 37.20% | |||
Discrete net tax benefit in connection with initial analysis of tax act | $ (21.4) | ||||||
Decrease in net deferred tax liabilities | (21.4) | ||||||
Adjustment to deferred income tax benefit | (21.4) | ||||||
Net operating loss carryforward | $ 411.2 | $ 411.2 | 411.2 | ||||
State net operating loss carryforwards | $ 20.1 | 20.1 | $ 20.1 | ||||
Estimated increase in net operating loss carryforward | $ 111.4 | ||||||
Domestic Tax Authority [Member] | 2027-2036 [Member] | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforwards | $ 299.8 | ||||||
State and Local Jurisdiction [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration year | 2,018 | ||||||
State and Local Jurisdiction [Member] | 2018-2037 [Member] | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforwards | $ 172.3 | ||||||
Subsequent Event [Member] | |||||||
Income Taxes [Line Items] | |||||||
Federal corporate tax rate | 21.00% | ||||||
Blended corporate tax rate | 24.53% | ||||||
Minimum [Member] | Domestic Tax Authority [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration year | 2,027 | ||||||
Minimum [Member] | State and Local Jurisdiction [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration year | 2,018 | ||||||
Maximum [Member] | Domestic Tax Authority [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration year | 2,036 | ||||||
Maximum [Member] | State and Local Jurisdiction [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration year | 2,037 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 9 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Number of Shares | |
Number of Shares, Unvested, Beginning Balance | shares | 775,753 |
Number of Shares, Granted | shares | 0 |
Number of Shares, Vested | shares | (199,305) |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Unvested, Ending Balance | shares | 576,448 |
Weighted-Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 5.22 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 4.54 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 5.45 |
Share-Based Compensation - Sc49
Share-Based Compensation - Schedule of SARs Activity (Detail) - Stock Appreciation Rights [Member] | 9 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Number of Shares | |
Number of Shares, Unvested, Beginning Balance | 1,140,013 |
Number of Shares, Granted | 0 |
Number of Shares, Vested | (622,238) |
Number of Shares, Forfeited | 0 |
Number of Shares, Unvested, Ending Balance | 517,775 |
Weighted-Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 7.58 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Oct. 17, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to unvested share-based compensation arrangements | $ 11.4 | $ 11.4 | $ 11.4 | ||||
Unrecognized compensation cost, period for recognition | 1 year 7 months 6 days | ||||||
Share-based compensation expense | $ 11.6 | $ 0 | $ 12.6 | $ 1.7 | |||
Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 1,250,000 | ||||||
Shares vesting period | 3 years | ||||||
Number of shares granted | 536,538 | ||||||
Number of shares vested | 44,623 | ||||||
Stock Appreciation Rights [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 0 | ||||||
Number of shares vested | 622,238 | ||||||
Stock Appreciation Rights [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 0 | ||||||
Phantom Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 536,538 | ||||||
Number of shares vested | 44,623 | ||||||
Phantom Stock [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 0 |
Share-Based Compensation - Sc51
Share-Based Compensation - Schedule of Phantom Stock Activity (Detail) - Phantom Stock [Member] | 9 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Number of Shares | |
Number of Shares, Granted | shares | 536,538 |
Number of Shares, Vested | shares | (44,623) |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Unvested, Ending Balance | shares | 491,915 |
Weighted-Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 6.08 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 7.50 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 13.55 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018USD ($)Aircraft | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Aircraft | Jun. 30, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | Aircraft | 28 | 28 | ||
Aggregate rental expense under all operating aircraft, equipment and facility leases | $ | $ 21.6 | $ 21 | $ 62.8 | $ 62.3 |
Aircraft [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases remaining term | 5 years 9 months | 5 years 9 months | ||
Headquarters and other facility [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases remaining term | 9 years | 9 years |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Operating Leased Assets [Line Items] | |
Remainder of 2018 | $ 18,876 |
2,019 | 65,456 |
2,020 | 47,114 |
2,021 | 45,681 |
2,022 | 31,090 |
Thereafter | 28,280 |
Total | 236,497 |
Aircraft [Member] | |
Operating Leased Assets [Line Items] | |
Remainder of 2018 | 18,146 |
2,019 | 63,449 |
2,020 | 45,534 |
2,021 | 44,314 |
2,022 | 29,751 |
Thereafter | 24,267 |
Total | 225,461 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
Remainder of 2018 | 730 |
2,019 | 2,007 |
2,020 | 1,580 |
2,021 | 1,367 |
2,022 | 1,339 |
Thereafter | 4,013 |
Total | $ 11,036 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | Aug. 14, 2018USD ($)$ / sharesshares | Aug. 08, 2018shares | Jun. 30, 2018shares | Sep. 30, 2017shares |
Subsequent Event [Line Items] | ||||
Common stock, stock split | Effected a 2.5-for-1 stock split | |||
Common stock, shares authorized | 125,000,000 | 125,000,000 | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock split ratio | 2.5 | |||
Common stock, shares authorized | 125,000,000 | |||
Preferred stock, shares authorized | 5,000,000 | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
CIT revolving credit facility outstanding | $ | $ 25.7 | |||
Subsequent Event [Member] | IPO [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period, shares, new issues | 9,630,000 | |||
Shares issued, price per share | $ / shares | $ 12 | |||
Gross proceeds of initial public offering | $ | $ 115.6 |