Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 30, 2018 | Mar. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 23,902,903 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 103,311 | $ 56,788 |
Marketable securities | 19,921 | 0 |
Restricted cash | 3,823 | 3,559 |
Receivables, net ($0 and $1,329 from related party) | 14,290 | 8,853 |
Expendable parts and supplies, net | 15,658 | 15,114 |
Prepaid expenses and other current assets | 40,914 | 61,525 |
Total current assets | 197,917 | 145,839 |
Property and equipment, net | 1,250,829 | 1,192,448 |
Intangibles, net | 11,341 | 11,724 |
Lease and equipment deposits | 2,598 | 1,945 |
Other assets | 9,703 | 5,693 |
Total assets | 1,472,388 | 1,357,649 |
Current liabilities: | ||
Current portion of long-term debt and capital leases | 155,170 | 140,466 |
Accounts payable ($1,330 and $2,644 to related party) | 54,307 | 44,738 |
Accrued compensation | 12,208 | 9,080 |
Other accrued expenses | 29,696 | 23,929 |
Total current liabilities | 251,381 | 218,213 |
Long-term debt and capital leases, excluding current portion | 760,177 | 803,874 |
Deferred credits ($7,702 and $7,370 to related party) | 15,393 | 17,189 |
Deferred income taxes | 39,797 | 56,436 |
Other noncurrent liabilities | 31,173 | 39,713 |
Total noncurrent liabilities | 846,540 | 917,212 |
Total liabilities | 1,097,921 | 1,135,425 |
Commitments and contingencies (Note 13 and Note 14) | ||
Stockholders' equity: | ||
Preferred stock | ||
Common stock and additional paid-in-capital | 234,683 | 114,456 |
Retained earnings | 139,784 | 107,768 |
Total stockholders' equity | 374,467 | 222,224 |
Total liabilities and stockholders' equity | $ 1,472,388 | $ 1,357,649 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Receivable from related party | $ 0 | $ 1,329 |
Accounts payable to related party | 1,330 | 2,644 |
Deferred credits to related party | $ 7,702 | $ 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 | 23,902,903 | 11,294,083 |
Common stock, shares outstanding | 23,902,903 | 11,294,083 |
Common stock, warrants issued | 10,614,990 | 12,230,625 |
Common stock, warrants outstanding | 10,614,990 | 12,230,625 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenues: | |||
Total operating revenues | $ 681,595 | $ 643,576 | $ 587,836 |
Operating expenses: | |||
Flight operations | 209,065 | 155,516 | 141,422 |
Fuel | 498 | 766 | 753 |
Maintenance | 193,164 | 210,729 | 225,130 |
Aircraft rent | 68,892 | 72,551 | 71,635 |
Aircraft and traffic servicing | 3,541 | 3,676 | 3,936 |
General and administrative | 53,647 | 38,996 | 42,182 |
Depreciation and amortization | 65,031 | 61,048 | 46,020 |
Lease termination | 15,109 | ||
Total operating expenses | 608,947 | 543,282 | 531,078 |
Operating income | 72,648 | 100,294 | 56,758 |
Other (expenses) income, net: | |||
Interest expense | (56,867) | (46,110) | (32,618) |
Interest income | 114 | 32 | 325 |
Other (expense) income | (66) | (514) | 381 |
Total other (expense), net | (56,819) | (46,592) | (31,912) |
Income before taxes | 15,829 | 53,702 | 24,846 |
Income tax (benefit) expense | (17,426) | 20,874 | 9,926 |
Net income | $ 33,255 | $ 32,828 | $ 14,920 |
Net income per share | |||
Basic | $ 2.46 | $ 3.01 | $ 1.56 |
Diluted | $ 1.32 | $ 1.40 | $ 0.62 |
Weighted-average common shares outstanding | |||
Basic | 13,516 | 10,919 | 9,558 |
Diluted | 25,171 | 23,386 | 24,082 |
Contract Revenue [Member] | |||
Operating revenues: | |||
Total operating revenues | $ 639,264 | $ 618,698 | $ 569,373 |
Pass Through and Other [Member] | |||
Operating revenues: | |||
Total operating revenues | $ 42,331 | $ 24,878 | $ 18,463 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Contract Revenue [Member] | |||
Revenue from related party | $ 359,467 | $ 354,614 | $ 366,911 |
Pass Through and Other [Member] | |||
Revenue from related party | $ 6,628 | $ 7,920 | $ 8,885 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Number of Warrants [Member] | Common Stock and Additional Paid-In Capital [Member] | Retained Earnings [Member] |
Prior period adjustment | $ 2,252 | $ 2,252 | |||
Balance as corrected at Sep 30, 2015 | 174,096 | $ 114,076 | 60,020 | ||
Balance as corrected, shares at Sep 30, 2015 | 7,866,160 | 16,165,628 | |||
Beginning balance at Sep. 30, 2015 | 171,844 | 114,076 | 57,768 | ||
Beginning balances, shares at Sep. 30, 2015 | 7,866,160 | 16,165,628 | |||
Stock compensation expense | 1,546 | 1,546 | |||
Repurchased shares and warrants | (1,411) | (1,411) | |||
Repurchased shares and warrants, shares | (232,085) | ||||
Forfeited warrants | (804,700) | ||||
Warrants converted to common stock | 2,210,318 | (2,210,318) | |||
Restricted shares issued, shares | 525,250 | ||||
Net income | 14,920 | 14,920 | |||
Ending balance at Sep. 30, 2016 | 189,151 | 114,211 | 74,940 | ||
Ending balance, shares at Sep. 30, 2016 | 10,369,643 | 13,150,610 | |||
Stock compensation expense | 1,288 | 1,288 | |||
Repurchased shares and warrants | (1,043) | (1,043) | |||
Repurchased shares and warrants, shares | (228,735) | ||||
Warrants converted to common stock | 919,985 | (919,985) | |||
Restricted shares issued, shares | 233,190 | ||||
Net income | 32,828 | 32,828 | |||
Ending balance at Sep. 30, 2017 | 222,224 | 114,456 | 107,768 | ||
Ending balance, shares at Sep. 30, 2017 | 11,294,083 | 12,230,625 | |||
Stock compensation expense | 1,991 | 1,991 | |||
Repurchased shares and warrants | (7,709) | (7,709) | |||
Repurchased shares and warrants, shares | (438,541) | (250,000) | |||
Warrants converted to common stock | 1,365,643 | (1,365,643) | |||
Restricted shares issued | 11,918 | 11,918 | |||
Restricted shares issued, shares | 1,327,700 | ||||
Conversion of unvested restricted shares | 2,321 | 2,321 | |||
IPO issuance | 111,706 | 111,706 | |||
IPO issuance, shares | 10,354,018 | 8 | |||
Cumulative effect of change in accounting principle | (1,239) | (1,239) | |||
Net income | 33,255 | 33,255 | |||
Ending balance at Sep. 30, 2018 | $ 374,467 | $ 234,683 | $ 139,784 | ||
Ending balance, shares at Sep. 30, 2018 | 23,902,903 | 10,614,990 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities: | |||
Net income | $ 33,255,000 | $ 32,828,000 | $ 14,920,000 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
Depreciation and amortization | 65,031,000 | 61,048,000 | 46,020,000 |
Stock compensation expense | 12,929,000 | 1,288,000 | 1,546,000 |
Deferred income taxes | (17,874,000) | 20,515,000 | 9,513,000 |
Amortization of unfavorable lease liabilities and deferred credits | (11,035,000) | (10,626,000) | (9,626,000) |
non-interest-bearing subordinated notes | 4,606,000 | 2,689,000 | 1,990,000 |
Loss on disposal of assets | 307,000 | 533,000 | 428,000 |
Provision for obsolete expendable parts and supplies | 200,000 | 419,000 | 41,000 |
Lease termination | 15,109,000 | ||
Provision for doubtful accounts | (86,000) | 575,000 | |
Changes in assets and liabilities: | |||
Receivables | (5,437,000) | 530,000 | 1,908,000 |
Expendable parts and supplies | (744,000) | (3,379,000) | (1,675,000) |
Prepaid expenses and other current assets | 7,584,000 | (17,243,000) | 1,554,000 |
Accounts payable | 2,427,000 | (17,336,000) | 29,673,000 |
Accrued liabilities | 12,581,000 | 3,547,000 | 7,625,000 |
Net cash provided by operating activities | 118,939,000 | 74,727,000 | 104,492,000 |
Cash Flows Used In Investing Activities: | |||
Capital expenditures | (117,989,000) | (84,500,000) | (490,081,000) |
Purchases of investment securities | (19,921,000) | ||
Proceeds from sale of rotable spare parts | 18,000 | 196,000 | |
Withdrawal (deposit) of restricted cash | (264,000) | (46,000) | 807,000 |
Net returns (payments) of lease and equipment deposits | (653,000) | 406,000 | (2,049,000) |
Net cash used in investing activities | (138,827,000) | (84,122,000) | (491,127,000) |
Cash Flows From Financing Activities: | |||
Proceeds from long-term debt | 187,703,000 | 185,912,000 | 452,841,000 |
Principal payments on long-term debt and capital leases | (222,153,000) | (152,995,000) | (75,496,000) |
Debt financing costs | (5,852,000) | (3,377,000) | (10,086,000) |
Proceeds from issuance of common stock | 124,246,000 | ||
Stock issuance costs | (12,540,000) | ||
Repurchase of stock | (4,993,000) | (1,043,000) | (1,411,000) |
Net cash provided by financing activities | 66,411,000 | 28,497,000 | 365,848,000 |
Net change in cash and cash equivalents | 46,523,000 | 19,102,000 | (20,787,000) |
Cash and cash equivalents at beginning of period | 56,788,000 | 37,686,000 | 58,473,000 |
Cash and cash equivalents at end of period | 103,311,000 | 56,788,000 | 37,686,000 |
Supplemental cash flow information | |||
Cash paid for interest | 50,672,000 | 43,798,000 | 28,693,000 |
Cash paid for income taxes - net | 385,000 | 332,000 | 196,000 |
Supplemental non-cash investing and financing activities | |||
Accrued capital expenditures | 16,677,000 | $ 9,533,000 | $ 418,000 |
Acquisition of capital leases | $ 10,473,000 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Operations | 1. 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 September 30, 2018, the Company served 110 cities in 39 states, the District of Columbia, Canada, Mexico, Cuba and the Bahamas, and operated a fleet of 145 aircraft with approximately 730 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 consolidated contract revenues for years ended September 30, 2018, 2017 and 2016 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 (i.e. a “capacity purchase agreement”) 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 8, 2018, the Company filed its Second Amended and Restated Articles of Incorporation, which, among other things: (i) effected a 2.5-for-1 stock split of its common stock; and (ii) increased the authorized number of shares of its common and preferred stock to 125,000,000 and 5,000,000, respectively. All references to share and per share amounts in the Company’s consolidated financial statements have been retrospectively revised to reflect the stock split and increase in authorized shares. 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 (the “Firm 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 1,444,500 shares of common stock at the same price. On September 11, 2018, the Company closed the sale of 1,344,500 shares (“Option Shares”) of its common stock, The sale of these shares raised gross proceeds of approximately $124,247,820. The Company did not receive any proceeds from the sale of the Option Shares by the selling shareholders. 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. Additionally, 983,113 shares of restricted common stock were issued to certain of its employees and directors under its 2018 Plan in exchange for the cancellation of 491,915 shares of existing unvested restricted phantom stock units and 491,198 shares of restricted stock under the 2011 and 2017 Plans, respectively. American Capacity Purchase Agreement As of September 30, 2018, the Company operated 64 CRJ-900 aircraft for American under a capacity purchase agreement. Unless otherwise extended or amended, the capacity purchase agreement for the aircraft expires between 2021 and 2025. In exchange for providing flights and all other services under the agreement, the Company receives a fixed monthly minimum amount per aircraft, plus certain additional amounts based upon the number of flights and block hours (the number of hours during which the aircraft is in revenue service, measured from the time of gate departure before take-off until the time of gate arrival at the destination) flown during the month. In addition, the Company may also receive incentives or pay penalties based upon the Company’s operational performance, including controllable on-time departure and controllable completion percentages. American also reimburses the Company for the actual amount incurred for certain items such as passenger liability and hull insurance, and aircraft property taxes. In addition, American also provides, at no cost to the Company, certain ground handling and customer service functions, as well as airport-related facilities and fuel. The Company also receives a monthly profit margin payment from American based on the number of aircraft operating. The capacity purchase agreement is subject to early termination for cause under specified circumstances and subject to the Company’s right to cure under certain conditions. American had a 7.2% and 10.6% ownership interest in the Company, calculated on a fully-diluted basis as of September 30, 2018 and 2017, respectively. The related party amounts presented on the consolidated balance sheets and statements of operations pertain to American. United Capacity Purchase Agreement As of September 30, 2018, the Company operated 20 CRJ-700 and 60 E-175 aircraft for United under a capacity purchase agreement. Subject to certain early termination rights, the capacity purchase agreement for each of the 20 CRJ-700 aircraft expires between August and December 2019. Subject to early termination rights, the capacity purchase agreement for 30 of the E-175 aircraft (owned by United) expires between June 2019 and August 2020, subject to United’s right to extend for four additional two-year terms (maximum of eight years). Subject to early termination rights, the capacity purchase agreement for 18 of the E-175 aircraft (owned by Mesa) expires between January 2028 and November 2028. During fiscal 2017, the Company and United expanded the capacity purchase agreement to include, subject to early termination rights, an additional 12 E-175 aircraft (purchased by United) with the aircraft entering service through January 2018 for five-year terms, subject to United’s right to extend for four additional two-year terms (maximum of eight years). In exchange for performing the flight services under such agreement, the Company receives from United a fixed monthly minimum amount per aircraft, plus certain additional amounts based upon the number of flights and block hours flown during the month. Additionally, certain costs incurred by the Company in performing the flight services are “pass-through” costs, whereby United agrees to reimburse the Company for the actual amounts incurred for the following items: property tax per aircraft, landing fees, and additionally for the E-175 aircraft owned by United, heavy airframe and engine maintenance, landing gear, APUs and component maintenance. The Company also receives a profit margin based upon certain reimbursable costs under the agreement, as well as its operational performance in addition to a fixed profit margin. The capacity purchase agreement is also subject to early termination for cause under specified circumstances and subject to the Company’s right to cure under certain circumstances. United is also permitted, subject to certain conditions, to terminate the agreement early in its discretion by giving us notice of 90 days or more. 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 aircraft, which totaled $1.9 million as of September 30, 2018. In June 2018, the Company was able to fully staff flight operations and these two E-175 aircraft were placed back into service under the United capacity purchase agreement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Basis of Presentation The accompanying 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. 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 our 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 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 consolidated financial statements. Actual results could differ from those estimates. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of ASC While we operate under two separate capacity purchase agreements, we do not manage our business based on any performance measure at the individual contract level. Additionally, our chief operating decision maker uses consolidated financial information to evaluate our performance, which is the same basis on which he communicates our results and performance to our Board of Directors. He bases all significant decisions regarding the allocation of our resources on a consolidated basis. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment. All of our operating revenue in our 2018, 2017 and 2016 fiscal years was derived from operations associated with our American and United Capacity Purchase Agreements. It is currently impractical to provide certain information on our revenue from our customers for each of our services and geographic information on our revenues and long lived assets. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Marketable Securities The Company’s investments in marketable securities are deemed by management to be available-for-sale and are reported at fair market value. The Company’s holdings of marketable securities as of September 30, 2018 and 2017 was $19.9 million and $0, respectively. Restricted Cash Restricted cash primarily includes deposits in trust accounts to collateralize letters of credit and to fund workers’ compensation claims, landing fees, and other business needs. Restricted cash is stated at cost, which approximates fair value. The Company has an agreement with a financial institution for a $6.0 million letter of credit facility to issue letters of credit for landing fees, workers’ compensation insurance, and other business needs. Pursuant to such agreement, $3.8 million and $3.6 million of outstanding letters of credit are required to be collateralized by amounts on deposit as of September 30, 2018 and 2017, respectively, which are classified as restricted cash. Expendable Parts and Supplies Expendable parts and supplies are stated at the lower of cost (using the first-in, first-out method) or market, and are charged to expense as they are used. The Company provides an allowance for obsolescence for such parts and supplies over the useful life of its aircraft after considering the useful life of each aircraft fleet, the estimated cost of expendable parts expected to be on hand at the end of the useful life, and the estimated salvage value of the parts. This allowance was $1.8 million and $1.6 million as of September 30, 2018 and 2017, respectively. Prepaid Expenses Prepaid expenses consist primarily of the excess of aircraft lease payments over the straight-lined lease expense. The straight-lined lease expense is net of estimated rebates to be received from the lessor during the term of the agreements, contingent on the Company performing certain engine restorations. Property and Equipment Property and equipment are stated at cost, net of manufacturer incentives, and depreciated over their estimated useful lives to their estimated salvage values, which are 20% for aircraft and rotable spare parts, using the straight-line method. Estimated useful lives of the various classifications of property and equipment are as follows: Property and Equipment Estimated Useful Life Buildings 30 years Aircraft 25 years from manufacture date Flight equipment 7-20 years Equipment 5-9 years Furniture and fixtures 3-5 years Vehicles 5 years Rotable spare parts Life of the aircraft or term of the lease, whichever is less Leasehold improvements Life of the aircraft or term of the lease, whichever is less Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may be impaired. The Company records an impairment loss if (i) the undiscounted future cash flows are found to be less than the carrying amount of the asset or asset group, and (ii) the carrying amount of the asset or asset group exceeds fair value. If an impairment loss has occurred, a charge is recorded to reduce the carrying amount of the asset to its estimated fair value. The Company recognized no impairment charges on property and equipment for the years ended September 30, 2018 and 2017. Fair Value Measurements The Company accounts for assets and liabilities in accordance with accounting standards that define fair value and establish a consistent framework for measuring fair value on either a recurring or a nonrecurring basis. Fair value is an exit price representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Accounting standards include disclosure requirements relating to the fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Prepaid Maintenance Deposits Prepaid maintenance deposits consist of payments made on a monthly basis to cover certain future maintenance events for leased flight equipment. The deposits are contractual obligations that are held in trust by the lessors. The deposits are only to be used to cover maintenance events, which include, among other things, C-checks, engine restoration events, engine life limited parts, landing gear repairs, and auxiliary power unit overhauls. The Company expenses the service as it is performed and receives reimbursement from the reserve trust account. The current portion is included in prepaid expenses and other current assets and the noncurrent portion is included in other assets on the consolidated balance sheet. Debt Financing Costs Debt financing costs consist of payments made to issue debt related to the purchase of aircraft, flight equipment, and certain flight equipment maintenance costs. The Company defers the costs and amortizes them over the term of the debt agreement. Debt financing costs related to a recognized debt liability are presented as a direct deduction from the carrying amount of the related long-term debt on the consolidated balance sheet. Debt financing costs with no related recognized debt liability are presented as assets, with the current portion included in prepaid expenses and other current assets and the noncurrent portion included in other assets on the consolidated balance sheet. Unutilized Manufacturer Credits Manufacturer credits received in connection with aircraft purchases that can be used for the future purchase of certain goods and services are recorded as a prepaid asset based on the value of the credits expected to be utilized, and the Company reduces the asset as the credits are utilized to fund such purchases. The current portion is included in prepaid expenses and other current assets and the noncurrent portion is included in other assets on the consolidated balance sheet. Intangibles In accordance with ASC 360, Property, Plant and Equipment, an intangible asset with a finite life that is being amortized is reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may be impaired. The Company records an impairment loss if the undiscounted future cash flows are found to be less than the carrying amount of the asset and if the carrying amount of the asset exceeds fair value. If an impairment loss has occurred, a charge is recorded to reduce the carrying amount of the asset to its estimated fair value. Other Assets Other long-term assets primarily consist of noncurrent deferred reimbursed costs, debt financing costs, and prepaid maintenance deposits. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records deferred tax assets for the value of benefits expected to be realized from the utilization of alternative minimum tax credit carryforwards, capital loss carryforwards, and state and federal net operating loss carryforwards. The Company periodically reviews these assets to determine the likelihood of realization. To the extent the Company believes some portion of the benefit may not be realizable, an estimate of the unrealized position is made and a valuation allowance is recorded. The Company and its consolidated subsidiaries file a consolidated federal income tax return. Deferred Credits Deferred credits consist of cost reimbursements from major airline partners related to aircraft modifications per revised capacity purchase agreements and costs associated with pilot training. The deferred credits are amortized on a straight-line basis as a component of revenue over the term of the respective capacity purchase agreements. Other Noncurrent Liabilities Other noncurrent liabilities consist of the remaining fair value adjustment for unfavorable aircraft operating leases related to a previous bankruptcy and related accounting. This adjustment to fair value is being amortized on a straight-line basis over the remaining initial lease terms for these aircraft. During each of the years ended September 30, 2018, 2017 and 2016, the Company recorded amortization of this unfavorable lease liability of $6.6 million, $6.8 million, and $6.8 million, respectively, as a reduction of lease expense. During the year ended September 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. Revenue Recognition Under the Company’s capacity purchase agreements, the major airline partners generally pay a fixed monthly minimum amount per aircraft, plus certain additional amounts based upon the number of flights and block hours flown. The contracts also include reimbursement of certain costs incurred by the Company in performing flight services. These costs, known as “pass-through costs,” may include passenger and hull insurance, aircraft property taxes, as well as landing fees and catering. Additionally, for the E-175 aircraft owned by United, the capacity purchase agreement provides that United will reimburse the Company for heavy airframe and engine maintenance, landing gear, auxiliary power units (“APU”) and component maintenance which are treated as pass-through and will increase revenue (and expense for the same amount) upon completion of the work. The Company also receives compensation under its capacity purchase agreements for heavy maintenance expenses at a fixed hourly rate or per aircraft rate for all aircraft in scheduled service other than the E-175 aircraft owned by United. The Company records reimbursement of pass-through costs as pass-through and other revenue in the consolidated statements of operations as service is provided. In addition, the Company’s major airline partners also provide, at no cost to the Company, certain ground handling and customer service functions, as well as airport-related facilities and gates at their hubs and other cities. Services and facilities provided by major airline partners at no cost to the Company are presented net in the Company’s consolidated financial statements; hence, no amounts are recorded for revenue or expense for these items. The contracts also include a profit margin on certain reimbursable costs, as well as a profit margin, incentives and penalties based on certain operational benchmarks. The Company recognizes revenue under its capacity purchase agreements when the transportation is provided, including an estimate of the profit component based upon the information available at the end of the accounting period. All revenue recognized under these contracts is presented as the gross amount billed to the major airline partners. Under the Company’s capacity purchase agreements with American and United, the Company is reimbursed under a fixed rate per block hour, plus an amount per aircraft designed to reimburse the Company for certain aircraft ownership costs. The Company has concluded that a component of its revenue under these agreements is rental income, as such agreements identify the “right of use” of a specific type and number of aircraft over a stated period of time. The Company calculates the amount of rental income using the contractual ownership rates set forth in the respective capacity purchase agreements. The amount deemed to be rental income during fiscal 2018, 2017 and 2016 was $217.0 million, $217.6 million and $190.1 million, respectively, and has been included in contract revenue on the Company’s consolidated statements of operations. The Company has not separately stated aircraft rental income and aircraft rental expense in the consolidated statements of operations because the use of the aircraft is not a separate activity of the total service provided. Our American and United Capacity Purchase Agreements contain an option that allows the major airline partner to assume the contractual responsibility for procuring and providing the fuel necessary to operate the flights that the Company operates for them. Both airlines have exercised this option. Accordingly, the Company does not recognize fuel expense or revenue for fuel on passenger flight services. Maintenance Expense The Company operates under an 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 $51.2 million, $64.0 million and $90.9 million for the years ended September 30, 2018, 2017 and 2016, respectively, of which $12.3 million, $0.3 million and $0 million was pass-through expense. Airframe check expense totaled $21.5 million, $22.6 million and $13.2 million for the years ended September 30, 2018, 2017 and 2016, respectively, of which $7.5 million, $4.9 million and $0 million was pass-through expense. Pursuant to the United capacity purchase agreement, United reimburses the Company for heavy maintenance on certain E-175 aircraft. Those reimbursements are included in pass-through and other revenue. See Note 1: “Organization and Operations” for further information. Aircraft Leases In addition to the aircraft we receive from United under our Capacity Purchase Agreement, approximately 19% of our aircraft are leased from third parties. In order to determine the proper classification of a lease as either an operating lease or a capital lease, we must make certain estimates at the inception of the lease relating to the economic useful life and the fair value of an asset as well as select an appropriate discount rate to be used in discounting future lease payments. These estimates are utilized by management in making computations as required by existing accounting standards that determine whether the lease is classified as an operating lease or a capital lease. All of our aircraft leases have been classified as operating leases, which results in rental payments being charged to expense over the term of the related leases. Additionally, operating leases are not reflected in our consolidated balance sheets and accordingly, neither a lease asset nor an obligation for future lease payments is reflected in our consolidated balance sheets. In the event that we or one of our major airline partners decide to exit an activity involving leased aircraft, losses may be incurred. In the event that we exit an activity that results in exit losses, these losses are accrued as each aircraft is removed from operations for early termination penalties, lease settle up and other charges. See “ Recent Accounting Pronouncements ” below for a discussion of a new accounting standard that is likely to have an impact on our aircraft lease accounting beginning in 2019. 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, Compensation – Stock Compensation, for nonpublic entities. Upon becoming a public company, as defined in ASC 718, in the third quarter of fiscal 2018, the Company was required to change its methodology for valuing the SARs and Phantom Stock. The SARs and Phantom Stock were re-measured at each quarterly reporting date and were accounted for prospectively at fair value using a Black-Scholes fair value pricing model until they were converted to restricted stock awards upon completion of the Company’s IPO. The Company recorded the impact of the change in valuation methods as a cumulative effect of a change in accounting principle, as permitted by ASC 250, Accounting Changes and Error Corrections. The effect of the change increased the SARs and Phantom Stock liability by $2.4 million which was the difference in compensation cost measured using the intrinsic value method and the fair value method. An equal and offsetting change to retained earnings in the consolidated balance sheet was recorded with the revaluation. Any future changes in fair value were recorded as compensation expense in the consolidated statement of operations. Upon completion of the Company’s IPO the SARs and Phantom Stock were cancelled and exchanged for shares of restricted stock under our 2018 Plan. Correction of Immaterial Misstatement Subsequent to the issuance of the Company’s 2016 consolidated financial statements, management determined that a payment the Company received in 2017 of $4.6 million from a former vendor for engine maintenance support credits should have been recorded as a receivable and a reduction in engine maintenance expense in prior years, and also identified other minor prior period adjustments for under-accrued property tax. Accordingly, the Company made a prior period adjustment to increase retained earnings by $2.3 million as of September 30, 2015 and adjusted accounts receivable, accrued property taxes, and deferred tax liability (for related income tax effects) as of September 30, 2016, to correct such amounts. These adjustments had no effect on the Company’s previously-reported results of operations or net cash flows from operating, investing, or financing activities for the year ended September 30, 2016. The Company evaluated these adjustments considering both quantitative and qualitative factors and concluded they were immaterial to previously issued financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption cumulative-effect adjustment as of the date of adoption In August 2014, The FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU No. 2016-02, Leases In March of 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). With this standard, all excess tax benefits and tax deficiencies are required to be recognized as income tax benefit or expense in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2016-09 in the first quarter of the year ended September 30, 2018. This change in accounting principle has been applied on a modified retrospective transition method by means of a cumulative effect adjustment to equity as of the beginning of fiscal year 2018 as a cumulative-effect adjustment increasing deferred tax assets by $0.4 million, increasing income tax expense by $0.3 million, and increasing retained earnings by $0.7 million. Adoption of ASU 2016-09 did not have any other material effect on the Company’s results of operations, financial position or cash flows. 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) does not expect ASU 2016-15 to have a material impact to its financial statements. In November 2016, the FASB issued ASU No. 2016-18 that requires restricted cash and cash equivalents to be included with cash and cash equivalents on the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The Company expects the adoption of ASU to have no effect on our consolidated of operations or its consolidated balance sheets. ASU is expected to only result in a change in presentation of restricted cash and restricted cash equivalents on the Company's consolidated statement of cash flows. |
Concentrations
Concentrations | 12 Months Ended |
Sep. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Concentrations | 4. At September 30, 2018, the Company had capacity purchase agreements with American and United. All of the Company’s consolidated revenue for the years ended September 30, 2018, 2017 and 2016 and accounts receivable at the end of September 30, 2018 and 2017 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 $1.3 million and $0.7 million at September 30, 2018 and 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%, 56% and 64% of the Company’s total revenue for the years ended September 30, 2018, 2017 and 2016, respectively. United accounted for approximately 46%, 44% and 36% of the Company’s total revenue for the years ended September 30, 2018, 2017 and 2016, 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 | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Information about the intangible assets of the Company at September 30, 2018 and 2017, were as follows (in thousands): September 30, September 30, 2018 2017 Customer relationship $ 43,800 $ 43,800 Accumulated amortization (32,459 ) (32,076 ) $ 11,341 $ 11,724 Total amortization expense recognized was approximately $0.4 million for the fiscal years ended September 30, 2018, 2017 and 2016. The Company expects to record amortization expense of $1.8 million for 2019, and $1.5 million, $1.2 million, $1.0 million, $0.9 million for fiscal years 2020, 2021, 2022, 2023, respectively. |
Balance Sheet Information
Balance Sheet Information | 12 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Information | 6. Certain significant amounts included in the Company’s consolidated balance sheet as of September 30, 2018 and 2017, consisted of the following (in thousands): September 30, September 30, 2018 2017 Expendable parts and supplies, net Expendable parts and supplies $ 18,907 $ 17,807 Less obsolescence and other (3,249 ) (2,693 ) $ 15,658 $ 15,114 Prepaid expenses and other current assets Prepaid aircraft rent $ 30,267 $ 53,645 Unutilized manufacturer credits 4,500 — Deferred offering and reimbursed costs 1,945 1,863 Other 4,202 6,017 $ 40,914 $ 61,525 Property and equipment—net Aircraft and other flight equipment substantially pledged $ 1,502,940 $ 1,388,990 Other equipment 3,721 3,383 Leasehold improvements 2,754 2,746 Vehicles 692 744 Building 699 699 Furniture and fixtures 287 251 Total property and equipment 1,511,093 1,396,813 Less accumulated depreciation (260,264 ) (204,365 ) $ 1,250,829 $ 1,192,448 Other accrued expenses Accrued property taxes $ 6,981 $ 6,484 Accrued interest 6,118 4,036 Accrued vacation 5,470 2,663 Accrued wheels, brakes and tires 1,452 2,477 Other 9,675 8,269 $ 29,696 $ 23,929 Depreciation expense totaled $64.6 million, $60.7 million and $45.6 million for the years ended September 30, 2018, 2017 and 2016, respectively. The Company recorded amortization of the unfavorable lease liability amounting to $6.6 million, $6.8 million and $6.8 million for the years ended September 30, 2018, 2017 and 2016, respectively, as a reduction to lease expense. During the year ended September 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 | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. The Company did not measure any of its assets or liabilities at fair value on a recurring or nonrecurring basis as of September 30, 2018 and 2017. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable included on the consolidated balance sheets approximated fair value at September 30, 2018 and 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): September 30, 2018 September 30, 2017 Carrying Fair Carrying Fair Value Value Value Value Long-term debt, including current maturities ( 1) $ 930.2 $ 926.2 $ 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 | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | 8. Long-term debt as of September 30, 2018 and 2017, consisted of the following (in thousands): September 30, September 30, 2018 2017 Notes payable to financial institution, collateralized by the underlying aircraft, due 2019 (1)(2) $ 4,428 $ 58,254 Notes payable to financial institution, collateralized by the underlying aircraft, due 2022 (3)(4) 69,340 113,611 Notes payable to financial institution, collateralized by the underlying aircraft, due 2024 (5) 72,438 82,776 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027 (6) 122,591 137,028 Notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (7) 209,240 226,399 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (8) 167,269 181,115 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (17) 95,060 — Notes payable to financial institution, collateralized by the underlying equipment, due 2022 (9) 88,162 93,031 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (10) 63,403 — Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (11) 3,318 4,976 Notes payable to financial institution due 2020 (12) 4,360 6,390 Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (13) 14,971 9,158 Notes payable to financial institution due 2019 (14) 5,896 18,530 Working capital draw loan, collateralized by certain flight equipment and spare parts (15) — 25,650 Other obligations due to financial institution, collateralized by the underlying equipment, due 2023 (16) 9,731 — Total long-term debt 930,207 956,918 Less current portion (155,170 ) (140,466 ) Less unamortized debt issuance costs (14,860 ) (12,578 ) Long-term debt—excluding current portion $ 760,177 $ 803,874 (1) In fiscal 2005, the Company financed five CRJ-900 aircraft with $118 million in debt. The debt bears interest at the monthly London InterBank Offered Rate (“LIBOR”), plus 3% (5.261% at September 30, 2018) and requires monthly principal and interest payments. (2) In fiscal 2004, the Company financed five CRJ-700 and nine CRJ 900 aircraft with $254.7 million in debt. The debt bears interest at the monthly LIBOR plus 3% (5.261% at September 30, 2018) and requires monthly principal and interest payments. (3) In fiscal 2007, the Company financed three CRJ-900 and three CRJ-700 aircraft for $120.3 million. The debt bears interest at the monthly LIBOR plus 2.25% (4.511% at September 30, 2018) and requires monthly principal and interest payments. (4) In fiscal 2014, the Company financed 10 CRJ-900 aircraft for $88.4 million. The debt bears interest at the monthly LIBOR plus a spread ranging from 1.95% to 7.25% (4.211% to 9.511% at September 30, 2018) and requires monthly principal and interest payments. (5) In fiscal 2014, the Company financed eight CRJ-900 aircraft with $114.5 million in debt. The debt bears interest at 5% and requires monthly principal and interest payments. (6) In fiscal 2015, the Company financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $151 million bear interest at monthly LIBOR plus 2.71% (4.971% at September 30, 2018) and require monthly principal and interest payments. The subordinated notes payable are noninterest-bearing and become payable in full on the last day of the term of the notes. The Company has imputed an interest rate of 6.25% on the subordinated notes payable and recorded a related discount of $8.1 million, which is being accreted to interest expense over the term of the notes. (7) In fiscal 2016, the Company financed 10 E-175 aircraft with $246 million in debt under an EETC financing arrangement (see discussion below). The debt bears interest ranging from 4.75% to 6.25% and requires semi-annual principal and interest payments. (8) In fiscal 2016, the Company financed eight E-175 aircraft with $195.3 million in debt. The senior notes payable of $172 million bear interest at the three-month LIBOR plus a spread ranging from 2.20% to 2.32% (4.598% to 4.718% at September 30, 2018) and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50% and require quarterly principal and interest payments. (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% (9.511% at September 30, 2018) and requires monthly principal and interest payments. (10) In December 2017, the Company refinanced nine CRJ-900 aircraft with $74.9 million in debt. The senior notes payable of $46.9 million bear interest at the three-month LIBOR plus 3.50% (5.898% at September 30, 2018) and require quarterly principal and interest payments. The subordinated notes payable bear interest at the three-month LIBOR plus 4.50% (6.898% at September 30, 2018) and require quarterly principal and interest payments. (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 three-month LIBOR plus 3.07% (5.468% at September 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% (5.328% to 5.358% at September 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 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% (5.698% at September 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 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 LIBOR plus 4.25% (6.511% at September 30, 2018). The line was drawn upon during fiscal 2017. The working capital draw loan is subject to an interest and rental coverage ratio covenant. As of September 30, 2018, the Company was in compliance with this covenant. (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 9.128% and the leases requires monthly payments. (17) In June 2018, the Company refinanced six CRJ-900 aircraft with $27.5 million in debt and financed nine CRJ-900 aircraft, which were previously leased, with $69.6 million in debt. The senior notes payable of $65.8 million bear interest at the three-month LIBOR plus 3.50% (5.898% at September 30, 2018) and require quarterly principal and interest payments. The subordinated notes payable bear interest at three-month LIBOR plus 7.50% (9.898% at September 30, 2018) and require quarterly principal and interest payments. Principal maturities of long-term debt as of September 30, 2018, and for each of the next five years are as follows (in thousands): Total Principal Amount 2019 $ 155,170 2020 150,092 2021 146,067 2022 141,917 2023 69,232 Thereafter 267,729 $ 930,207 The net book value of collateralized aircraft and equipment as of September 30, 2018 was $1,047.6 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 aircraft. At September 30, 2018, Mesa has $209.2 million of equipment notes outstanding issued under the EETC financing included in long-term debt on the consolidated balance sheets. The structure of the EETC financing consists of a pass-through trust created by Mesa to issue pass-through certificates, which represent fractional undivided interests in the pass-through trust and are not obligations of Mesa. 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 aircraft (due in 2019), with $27.5 million of debt, resulting in net cash proceeds to the Company of $10.4 million after transaction related fees. The notes payable require quarterly payments of principal and interest through fiscal 2022 bearing interest at LIBOR plus 3.50%. On June 28, 2018, the Company purchased nine CRJ-900 aircraft, which were previously leased under the GECAS Lease Facility, for $76.5 million. The Company financed the aircraft purchase with $69.6 million in new debt and proceeds from the June 2018 refinancing of six CRJ-900 aircraft. The notes payable of $69.6 million require quarterly payments of principal and interest through fiscal 2022 bearing interest at LIBOR plus a spread ranging from 3.50% for the senior promissory notes to 7.50% for the subordinated promissory notes. The Company recorded non-cash lease termination expense of $15.1 million in connection with the lease buyout. Also, as part of the transaction, the Company (i) received $4.5 million of future goods and services credits and $5.6 million of loan forgiveness for loans with a maturity date in 2027 from the aircraft manufacturer, and (ii) mutually agreed with GE Capital Aviation Services LLC to terminate the GE Warrant to purchase 250,000 shares of common stock. On August 14, 2018 the Company paid down the outstanding balance on the CIT Revolving Credit Facility of $25.7 million. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Calculations of net income per common share were as follows (in thousands, except per share data): Year Ended September 30, 2018 2017 2016 Net income $ 33,255 $ 32,828 $ 14,920 Basic weighted average common shares outstanding 13,516 10,919 9,558 Add: Incremental shares for: Dilutive effect of warrants 11,492 12,369 14,451 Dilutive effect of restricted stock 163 98 73 Diluted weighted average common shares outstanding 25,171 23,386 24,082 Net income per common share Basic $ 2.46 $ 3.01 $ 1.56 Diluted $ 1.32 $ 1.40 $ 0.62 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. There were no anti-dilutive shares relating to restricted stock and exercise of warrants that were excluded from the calculation of diluted loss per share for the years ended September 30, 2018, 2017 and 2016. |
Common Stock
Common Stock | 12 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Common Stock | 10. 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 became listed on The NASDAQ Global Select Market under the symbol “MESA” effective August 10, 2018. 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 completion of the Company’s 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 8, 2018, the Company filed its Second Amended and Restated Articles of Incorporation, which, among other things: (i) effected a 2.5-for-1 stock split of its common stock; and (ii) increased the authorized number of shares of its common and preferred stock to 125,000,000 and 5,000,000, respectively. All references to share and per share amounts in the Company’s consolidated financial statements have been retrospectively revised to reflect the stock split and increase in authorized shares. On August 14, 2018, the Company completed its IPO, in which it issued and sold 9,630,000 shares of common stock, no par value, at a public offering price of $12.00 per share (the “Firm Shares”). Additionally, in connection with the IPO, the Company granted the underwriters an option to purchase up to an additional 1,444,500 shares of common stock at the same price. We have not historically paid dividends on shares of our common stock. Additionally, our RASPRO Lease Facility and GECAS Lease Facility contain restrictions that limit our ability to or prohibit us from paying dividends to holders of our common stock. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. The provision for income taxes consists of the following: Years Ended September 30, 2018 2017 2016 (in thousands) Current Federal $ — $ — $ — State 465 359 413 $ 465 $ 359 $ 413 Deferred Federal (17,308 ) 17,713 8,982 State (583 ) 2,802 531 $ (17,891 ) $ 20,515 $ 9,513 (Benefit) provision for income taxes $ (17,426 ) $ 20,874 $ 9,926 Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate is as follows: Years Ended September 30, 2018 2017 2016 (in thousands) Income tax expense at federal statutory rate $ 3,878 $ 18,796 $ 8,696 (Reduction) increase in income taxes resulting from: State taxes, net of federal tax benefit 660 1,397 792 Nondeductible stock compensation expenses — — — Permanent items 63 92 71 Change in valuation allowances (646 ) 531 249 US Tax Cuts and Jobs Act Impact (22,015 ) — — Impact of changing rates on deferred tax assets (773 ) (353 ) (673 ) Expired tax attributes 1,088 409 380 Other 319 2 411 Income tax (benefit) expense $ (17,426 ) $ 20,874 $ 9,926 The Company's deferred tax assets as of September 30, 2018 and 2017 are as follows: Years Ended September 30, 2018 2017 (in thousands) Net operating loss carry forwards $ 91,981 $ 103,653 Deferred credits 2,443 4,389 Other accrued expenses 1,871 1,756 Prepaids and other 3,530 8,936 Alternative minimum tax 1 2,536 Other reserves and estimated losses 836 1,335 Operating lease 6,399 13,113 Allowance for doubtful receivables 905 1,087 Subtotal $ 107,966 $ 136,805 Less: valuation allowance (1,940 ) (2,586 ) Total net deferred tax assets $ 106,026 $ 134,219 Intangibles (2,613 ) (4,317 ) Property and equipment (143,210 ) (186,338 ) Total deferred tax liabilities $ (145,823 ) $ (190,655 ) Net deferred tax liability $ (39,797 ) $ (56,436 ) We have federal and state income tax NOL carryforwards of $415.1 million and $199.6 million, which expire in 2027-2037 and 2019-2038, respectively. We believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $1.9 million in fiscal year 2018 and $2.6 million in fiscal year 2017 on the deferred tax assets related to these state NOL carryforwards. If or when recognized, the tax benefits related to any reversal of the valuation allowance on deferred tax assets will be recognized as a reduction of income tax expense. The federal and state NOL carryforwards in the income tax returns filed included unrecognized tax benefits. The deferred tax assets recognized for those NOLs are presented net of these unrecognized tax benefits. Because of the change of ownership provisions of the Tax Reform Act of 1986, use of a portion of our NOL and tax credit carryforwards may be limited in future periods. Further, a portion of the carryforwards may expire before being applied to reduce future income tax liabilities. The initial public offering in August of 2018 resulted in a change in ownership under Section 382 of the Internal Revenue Code. Based on the valuation of the Company's stock as of the initial public offering date, the Company does not believe any limitation on the utilization of the Company's current net operating losses would be applicable as of September 30, 2018. As a result of adopting ASU 2016-09, the table of deferred tax assets and liabilities includes $0.4 million of deferred tax assets previously unrecognized that arose directly from, or the use of which was postponed by, tax deductions related to equity compensation greater than the compensation recognized for financial reporting. These previously recognized deferred tax assets are related to excess tax benefits incurred in years prior to September 30, 2018. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: Years Ended September 30, 2018 2017 2016 (in thousands) Unrecognized tax benefits — October 1 $ 7,547 $ 7,547 7,547 Gross increases — tax positions in prior period — — — Gross decreases — tax positions in prior period (2,859 ) — — Gross increases — tax positions in current period — — — Settlement — — — Lapse of statute of limitations — — — Unrecognized tax benefits — September 30 $ 4,688 $ 7,547 $ 7,547 Included in the balance of unrecognized tax benefits are $4.7 million, $7.5 million and $7.5 million of tax benefits as of September 30, 2018, 2017 and 2016, respectively, that, if recognized, would result in adjustments to primarily deferred taxes. The decrease in the year ended September 30, 2018 is a result of the change in federal tax rate that reduces the benefit that would be recognized if the unrecognized tax benefit was resolved favorably. We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. We have not recorded accrued penalties or interest related to the unrecognized tax benefits noted above as the amounts would result in an adjustment to NOL carry forwards. We are subject to taxation in the United States and various states. As of September 30, 2018, the Company is no longer subject to U.S. federal or state examinations by taxing authorities for years prior to 1999. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that affected the Company’s fiscal year ended 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 our fiscal year ended September 30, 2018. The Internal Revenue Code stipulates that the Company’s fiscal year ended September 30, 2018, will have a blended corporate tax rate of 24.5%, 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 $22.0 million in the period ending September 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 any provisional 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 $22.0 million, excluding the valuation allowance. The Company has also estimated an increase to its valuation allowance of $0.5 million due to the rate change. We have recorded a corresponding net adjustment to deferred income tax benefit of $21.5 million for the period ending September 30, 2018. Elimination of Corporate AMT and Refund of AMT Credits: For tax years beginning after December 31, 2017, the corporate AMT was repealed. The Act allows the use of existing corporate AMT credits to offset regular tax liability for tax years after December 31, 2017. AMT credits in excess of regular liability are refundable in the years 2018 through 2021. At September 30, 2018, the Company had $2.5 million of AMT credits, all of which is expected to be refunded. We have reclassified the AMT credits to long-term receivable. 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 state 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 12. Restricted Stock 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. There were 966,022 vested SARs which were cancelled, exchanged for shares of restricted common stock and issued as restricted stock upon completion of the IPO. The Company’s Board of Directors is authorized to issue 2,500,000 shares of common stock to management under the 2018 Plan. Immediately following the IPO, 2,249,147 shares were issued to certain of its employees and directors under the 2018 Plan in exchange for the cancellation of 491,915 unvested restricted phantom stock units, 491,198 unvested restricted shares issued under the 2011 and 2017 Plans and 1,266,034 SARs (966,022 vested and 300,012 unvested). The Company has the right to withhold shares to satisfy tax withholding obligations and the withheld shares become available for future grants. The shares are valued at grant date based upon recent share transactions. From inception of the 2011 Plan through IPO, 2,448,905 shares have been granted, 1,978,550 shares have vested and 470,355 shares have been cancelled. From inception of the 2017 Plan, 31,255 shares have been granted, 10,412 have vested and 20,843 shares have been cancelled. From inception of the 2018 Plan, 2,249,147 shares have been awarded and 998,522 shares have vested. The restricted stock activity for our years ended September 30, 2018, 2017 and 2016 is summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value 2011 and 2017 Plans Restricted shares unvested at September 30, 2015 956,250 $ 5.24 Granted 351,328 4.66 Vested (525,250 ) 4.54 Forfeited (25,000 ) 6.80 Restricted shares unvested at September 30, 2016 757,328 $ 5.40 Granted 251,615 4.54 Vested (233,190 ) 5.06 Forfeited — — Restricted shares unvested at September 30, 2017 775,753 $ 5.22 Granted — — Vested (284,555 ) 5.26 Cancelled (491,198 ) 5.20 Restricted shares unvested at September 30, 2018 — $ — Weighted- Average Number Grant Date of Shares Fair Value 2018 Plan Restricted shares unvested at September 30, 2016 — — Granted — — Vested — — Forfeited — — Restricted shares unvested at September 30, 2017 — $ — Exchanged Restricted Shares 491,198 5.20 Exchanged Phantom Stock 491,915 12.00 Exchanged SARs 1,266,034 12.00 Exchanged SARs vested prior to exchange (966,022 ) 12.00 Vested (32,500 ) 2.00 Cancelled — — Restricted shares unvested at September 30, 2018 1,250,625 $ 9.59 Stock Appreciation Rights In 2014, the Company implemented a share-based payment plan under which certain executives and directors are eligible to receive grants of SARs (the “SARs Plan”). The SARs provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in cash. The participant may exercise his or her SARs quarterly after the grant is vested but no later than 10 years after the date of grant. The SARs awards vest ratably over a three year period from the date of grant. The Company had authorized 5,000,000 shares under this plan and had granted 4,204,993 since inception of the plan. Since inception of the plan, 3,687,218 of SARs have vested and 2,088,333 of SARs have been exercised. In August 2018, upon IPO, 517,775 unvested SARs and 1,598,885 vested SARs were cancelled in exchange for 300,012 and 966,022 shares of restricted stock under the 2018 Plan, respectively. The SARs activity for the years ended September 30, 2018, 2017 and 2016 is summarized as follows: Weighted- Number Average of Shares Fair Value SARs unvested at September 30, 2015 2,372,500 $ 3.66 Granted 827,500 — Vested (776,667 ) 3.60 Forfeited (200,000 ) 2.60 SARs unvested at September 30, 2016 2,223,333 $ 1.19 Granted 384,160 — Vested (1,460,812 ) 1.96 Forfeited (6,668 ) — SARs unvested at September 30, 2017 1,140,013 — Granted — — Vested (622,238 ) — Cancelled (517,775 ) 8.69 Forfeited — — SARs unvested at September 30, 2018 — $ — 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 and forfeitable as of the grant date and vest over a three-year period. Any vested RSU will be settled by the Company upon vesting but no later than March 15 of the calendar year after the date that the RSUs become vested. The Company had authorized 1,250,000 shares under this plan and had granted 536,538 since inception of the plan. Since inception of the plan, 44,623 RSUs have vested or settled. In August 2018, upon completion of our IPO, 491,915 unvested RSUs were cancelled in exchange for shares of restricted stock under the 2018 Plan. The phantom stock activity for the year ended September 30, 2018 were summarized as follows: Weighted- Number Average of Shares Fair Value Phantom stock unvested at September 30, 2017 — $ — Granted 536,538 6.14 Vested (44,623 ) 7.30 Cancelled (491,915 ) 12.00 Phantom stock unvested at September 30, 2018 — $ — 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. 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. As of September 30, 2018, there was $8.8 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 1.5 years. Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. Share-based compensation expense for the years ended September 30, 2018, 2017 and 2016 was $12.9 million, $2.3 million and $4.7 million, respectively. Share-based compensation expenses are recorded in general and administrative expenses in the consolidated statements of operations. |
Commitments
Commitments | 12 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | 13. At September 30, 2018, the Company leased 28 aircraft under noncancelable operating leases with remaining terms of up to 5.5 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 $85.9 million, $83.8 million and $84.8 million for the years ended September 30, 2018, 2017 and 2016, respectively. Future minimum lease payments as of September 30, 2018, under noncancelable operating leases are as follows (in thousands): Periods Ending September 30, Aircraft Other Total 2019 $ 63,993 $ 2,574 $ 66,567 2020 45,534 1,594 47,128 2021 44,314 1,367 45,681 2022 29,751 1,339 31,090 2023 12,418 1,308 13,726 Thereafter 11,849 2,704 14,553 Total $ 207,859 $ 10,886 $ 218,745 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 | 12 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 14. 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. |
Selected Consolidated Quarterly
Selected Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Quarterly Financial Data (Unaudited) | 15. The following table sets forth certain unaudited selected consolidated financial information for each of the four quarters in the years ended September 30, 2018 and 2017. In management’s opinion, this unaudited consolidated quarterly selected information has been prepared on the same basis as the audited consolidated financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding. First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) 2018 Contract revenue $ 154,389 $ 156,515 $ 159,916 $ 168,444 Total operating revenues 164,684 167,640 171,739 177,532 Operating income 15,023 16,349 (508 ) 41,784 Net income (loss) 22,624 2,372 (11,135 ) 19,394 Net (loss) income per share attributable to common shareholders Basic 2.00 0.20 (0.89 ) 1.04 Diluted 0.96 0.10 (0.89 ) 0.65 First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) 2017 Contract revenue $ 155,502 $ 154,210 $ 157,411 $ 151,575 Total operating revenues 160,235 159,096 166,952 157,293 Operating income 20,838 20,405 36,360 22,691 Net income 6,610 5,304 15,432 5,482 Net (loss) income per share attributable to common shareholders Basic 0.62 0.48 1.40 0.49 Diluted 0.28 0.23 0.66 0.23 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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. 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 our 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 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 consolidated financial statements. Actual results could differ from those estimates. |
Segment Reporting | Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of ASC While we operate under two separate capacity purchase agreements, we do not manage our business based on any performance measure at the individual contract level. Additionally, our chief operating decision maker uses consolidated financial information to evaluate our performance, which is the same basis on which he communicates our results and performance to our Board of Directors. He bases all significant decisions regarding the allocation of our resources on a consolidated basis. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment. All of our operating revenue in our 2018, 2017 and 2016 fiscal years was derived from operations associated with our American and United Capacity Purchase Agreements. It is currently impractical to provide certain information on our revenue from our customers for each of our services and geographic information on our revenues and long lived assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Marketable Securities | Marketable Securities The Company’s investments in marketable securities are deemed by management to be available-for-sale and are reported at fair market value. The Company’s holdings of marketable securities as of September 30, 2018 and 2017 was $19.9 million and $0, respectively. |
Restricted Cash | Restricted Cash Restricted cash primarily includes deposits in trust accounts to collateralize letters of credit and to fund workers’ compensation claims, landing fees, and other business needs. Restricted cash is stated at cost, which approximates fair value. The Company has an agreement with a financial institution for a $6.0 million letter of credit facility to issue letters of credit for landing fees, workers’ compensation insurance, and other business needs. Pursuant to such agreement, $3.8 million and $3.6 million of outstanding letters of credit are required to be collateralized by amounts on deposit as of September 30, 2018 and 2017, respectively, which are classified as restricted cash. |
Expendable Parts and Supplies | Expendable Parts and Supplies Expendable parts and supplies are stated at the lower of cost (using the first-in, first-out method) or market, and are charged to expense as they are used. The Company provides an allowance for obsolescence for such parts and supplies over the useful life of its aircraft after considering the useful life of each aircraft fleet, the estimated cost of expendable parts expected to be on hand at the end of the useful life, and the estimated salvage value of the parts. This allowance was $1.8 million and $1.6 million as of September 30, 2018 and 2017, respectively. |
Prepaid Expenses | Prepaid Expenses Prepaid expenses consist primarily of the excess of aircraft lease payments over the straight-lined lease expense. The straight-lined lease expense is net of estimated rebates to be received from the lessor during the term of the agreements, contingent on the Company performing certain engine restorations. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of manufacturer incentives, and depreciated over their estimated useful lives to their estimated salvage values, which are 20% for aircraft and rotable spare parts, using the straight-line method. Estimated useful lives of the various classifications of property and equipment are as follows: Property and Equipment Estimated Useful Life Buildings 30 years Aircraft 25 years from manufacture date Flight equipment 7-20 years Equipment 5-9 years Furniture and fixtures 3-5 years Vehicles 5 years Rotable spare parts Life of the aircraft or term of the lease, whichever is less Leasehold improvements Life of the aircraft or term of the lease, whichever is less Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may be impaired. The Company records an impairment loss if (i) the undiscounted future cash flows are found to be less than the carrying amount of the asset or asset group, and (ii) the carrying amount of the asset or asset group exceeds fair value. If an impairment loss has occurred, a charge is recorded to reduce the carrying amount of the asset to its estimated fair value. The Company recognized no impairment charges on property and equipment for the years ended September 30, 2018 and 2017. |
Fair Value Measurements | Fair Value Measurements The Company accounts for assets and liabilities in accordance with accounting standards that define fair value and establish a consistent framework for measuring fair value on either a recurring or a nonrecurring basis. Fair value is an exit price representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Accounting standards include disclosure requirements relating to the fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Prepaid Maintenance Deposits | Prepaid Maintenance Deposits Prepaid maintenance deposits consist of payments made on a monthly basis to cover certain future maintenance events for leased flight equipment. The deposits are contractual obligations that are held in trust by the lessors. The deposits are only to be used to cover maintenance events, which include, among other things, C-checks, engine restoration events, engine life limited parts, landing gear repairs, and auxiliary power unit overhauls. The Company expenses the service as it is performed and receives reimbursement from the reserve trust account. The current portion is included in prepaid expenses and other current assets and the noncurrent portion is included in other assets on the consolidated balance sheet. |
Debt Financing Costs | Debt Financing Costs Debt financing costs consist of payments made to issue debt related to the purchase of aircraft, flight equipment, and certain flight equipment maintenance costs. The Company defers the costs and amortizes them over the term of the debt agreement. Debt financing costs related to a recognized debt liability are presented as a direct deduction from the carrying amount of the related long-term debt on the consolidated balance sheet. Debt financing costs with no related recognized debt liability are presented as assets, with the current portion included in prepaid expenses and other current assets and the noncurrent portion included in other assets on the consolidated balance sheet. |
Unutilized Manufacturer Credits | Unutilized Manufacturer Credits Manufacturer credits received in connection with aircraft purchases that can be used for the future purchase of certain goods and services are recorded as a prepaid asset based on the value of the credits expected to be utilized, and the Company reduces the asset as the credits are utilized to fund such purchases. The current portion is included in prepaid expenses and other current assets and the noncurrent portion is included in other assets on the consolidated balance sheet. |
Intangibles | Intangibles In accordance with ASC 360, Property, Plant and Equipment, an intangible asset with a finite life that is being amortized is reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may be impaired. The Company records an impairment loss if the undiscounted future cash flows are found to be less than the carrying amount of the asset and if the carrying amount of the asset exceeds fair value. If an impairment loss has occurred, a charge is recorded to reduce the carrying amount of the asset to its estimated fair value. |
Other Assets | Other Assets Other long-term assets primarily consist of noncurrent deferred reimbursed costs, debt financing costs, and prepaid maintenance deposits. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records deferred tax assets for the value of benefits expected to be realized from the utilization of alternative minimum tax credit carryforwards, capital loss carryforwards, and state and federal net operating loss carryforwards. The Company periodically reviews these assets to determine the likelihood of realization. To the extent the Company believes some portion of the benefit may not be realizable, an estimate of the unrealized position is made and a valuation allowance is recorded. The Company and its consolidated subsidiaries file a consolidated federal income tax return. |
Deferred Credits | Deferred Credits Deferred credits consist of cost reimbursements from major airline partners related to aircraft modifications per revised capacity purchase agreements and costs associated with pilot training. The deferred credits are amortized on a straight-line basis as a component of revenue over the term of the respective capacity purchase agreements. |
Other Noncurrent Liabilities | Other Noncurrent Liabilities Other noncurrent liabilities consist of the remaining fair value adjustment for unfavorable aircraft operating leases related to a previous bankruptcy and related accounting. This adjustment to fair value is being amortized on a straight-line basis over the remaining initial lease terms for these aircraft. During each of the years ended September 30, 2018, 2017 and 2016, the Company recorded amortization of this unfavorable lease liability of $6.6 million, $6.8 million, and $6.8 million, respectively, as a reduction of lease expense. During the year ended September 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. |
Revenue Recognition | Revenue Recognition Under the Company’s capacity purchase agreements, the major airline partners generally pay a fixed monthly minimum amount per aircraft, plus certain additional amounts based upon the number of flights and block hours flown. The contracts also include reimbursement of certain costs incurred by the Company in performing flight services. These costs, known as “pass-through costs,” may include passenger and hull insurance, aircraft property taxes, as well as landing fees and catering. Additionally, for the E-175 aircraft owned by United, the capacity purchase agreement provides that United will reimburse the Company for heavy airframe and engine maintenance, landing gear, auxiliary power units (“APU”) and component maintenance which are treated as pass-through and will increase revenue (and expense for the same amount) upon completion of the work. The Company also receives compensation under its capacity purchase agreements for heavy maintenance expenses at a fixed hourly rate or per aircraft rate for all aircraft in scheduled service other than the E-175 aircraft owned by United. The Company records reimbursement of pass-through costs as pass-through and other revenue in the consolidated statements of operations as service is provided. In addition, the Company’s major airline partners also provide, at no cost to the Company, certain ground handling and customer service functions, as well as airport-related facilities and gates at their hubs and other cities. Services and facilities provided by major airline partners at no cost to the Company are presented net in the Company’s consolidated financial statements; hence, no amounts are recorded for revenue or expense for these items. The contracts also include a profit margin on certain reimbursable costs, as well as a profit margin, incentives and penalties based on certain operational benchmarks. The Company recognizes revenue under its capacity purchase agreements when the transportation is provided, including an estimate of the profit component based upon the information available at the end of the accounting period. All revenue recognized under these contracts is presented as the gross amount billed to the major airline partners. Under the Company’s capacity purchase agreements with American and United, the Company is reimbursed under a fixed rate per block hour, plus an amount per aircraft designed to reimburse the Company for certain aircraft ownership costs. The Company has concluded that a component of its revenue under these agreements is rental income, as such agreements identify the “right of use” of a specific type and number of aircraft over a stated period of time. The Company calculates the amount of rental income using the contractual ownership rates set forth in the respective capacity purchase agreements. The amount deemed to be rental income during fiscal 2018, 2017 and 2016 was $217.0 million, $217.6 million and $190.1 million, respectively, and has been included in contract revenue on the Company’s consolidated statements of operations. The Company has not separately stated aircraft rental income and aircraft rental expense in the consolidated statements of operations because the use of the aircraft is not a separate activity of the total service provided. Our American and United Capacity Purchase Agreements contain an option that allows the major airline partner to assume the contractual responsibility for procuring and providing the fuel necessary to operate the flights that the Company operates for them. Both airlines have exercised this option. Accordingly, the Company does not recognize fuel expense or revenue for fuel on passenger flight services. |
Maintenance Expense | Maintenance Expense The Company operates under an 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 $51.2 million, $64.0 million and $90.9 million for the years ended September 30, 2018, 2017 and 2016, respectively, of which $12.3 million, $0.3 million and $0 million was pass-through expense. Airframe check expense totaled $21.5 million, $22.6 million and $13.2 million for the years ended September 30, 2018, 2017 and 2016, respectively, of which $7.5 million, $4.9 million and $0 million was pass-through expense. Pursuant to the United capacity purchase agreement, United reimburses the Company for heavy maintenance on certain E-175 aircraft. Those reimbursements are included in pass-through and other revenue. See Note 1: “Organization and Operations” for further information. |
Aircraft Leases | Aircraft Leases In addition to the aircraft we receive from United under our Capacity Purchase Agreement, approximately 19% of our aircraft are leased from third parties. In order to determine the proper classification of a lease as either an operating lease or a capital lease, we must make certain estimates at the inception of the lease relating to the economic useful life and the fair value of an asset as well as select an appropriate discount rate to be used in discounting future lease payments. These estimates are utilized by management in making computations as required by existing accounting standards that determine whether the lease is classified as an operating lease or a capital lease. All of our aircraft leases have been classified as operating leases, which results in rental payments being charged to expense over the term of the related leases. Additionally, operating leases are not reflected in our consolidated balance sheets and accordingly, neither a lease asset nor an obligation for future lease payments is reflected in our consolidated balance sheets. In the event that we or one of our major airline partners decide to exit an activity involving leased aircraft, losses may be incurred. In the event that we exit an activity that results in exit losses, these losses are accrued as each aircraft is removed from operations for early termination penalties, lease settle up and other charges. See “ Recent Accounting Pronouncements ” below for a discussion of a new accounting standard that is likely to have an impact on our aircraft lease accounting beginning in 2019. |
Changes 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, Compensation – Stock Compensation, for nonpublic entities. Upon becoming a public company, as defined in ASC 718, in the third quarter of fiscal 2018, the Company was required to change its methodology for valuing the SARs and Phantom Stock. The SARs and Phantom Stock were re-measured at each quarterly reporting date and were accounted for prospectively at fair value using a Black-Scholes fair value pricing model until they were converted to restricted stock awards upon completion of the Company’s IPO. The Company recorded the impact of the change in valuation methods as a cumulative effect of a change in accounting principle, as permitted by ASC 250, Accounting Changes and Error Corrections. The effect of the change increased the SARs and Phantom Stock liability by $2.4 million which was the difference in compensation cost measured using the intrinsic value method and the fair value method. An equal and offsetting change to retained earnings in the consolidated balance sheet was recorded with the revaluation. Any future changes in fair value were recorded as compensation expense in the consolidated statement of operations. Upon completion of the Company’s IPO the SARs and Phantom Stock were cancelled and exchanged for shares of restricted stock under our 2018 Plan. Correction of Immaterial Misstatement Subsequent to the issuance of the Company’s 2016 consolidated financial statements, management determined that a payment the Company received in 2017 of $4.6 million from a former vendor for engine maintenance support credits should have been recorded as a receivable and a reduction in engine maintenance expense in prior years, and also identified other minor prior period adjustments for under-accrued property tax. Accordingly, the Company made a prior period adjustment to increase retained earnings by $2.3 million as of September 30, 2015 and adjusted accounts receivable, accrued property taxes, and deferred tax liability (for related income tax effects) as of September 30, 2016, to correct such amounts. These adjustments had no effect on the Company’s previously-reported results of operations or net cash flows from operating, investing, or financing activities for the year ended September 30, 2016. The Company evaluated these adjustments considering both quantitative and qualitative factors and concluded they were immaterial to previously issued financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Various Classifications of Property and Equipment | Estimated useful lives of the various classifications of property and equipment are as follows: Property and Equipment Estimated Useful Life Buildings 30 years Aircraft 25 years from manufacture date Flight equipment 7-20 years Equipment 5-9 years Furniture and fixtures 3-5 years Vehicles 5 years Rotable spare parts Life of the aircraft or term of the lease, whichever is less Leasehold improvements Life of the aircraft or term of the lease, whichever is less |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Information About Intangible Assets | Information about the intangible assets of the Company at September 30, 2018 and 2017, were as follows (in thousands): September 30, September 30, 2018 2017 Customer relationship $ 43,800 $ 43,800 Accumulated amortization (32,459 ) (32,076 ) $ 11,341 $ 11,724 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Certain Significant Amounts Included in Condensed Consolidated Balance Sheet | Certain significant amounts included in the Company’s consolidated balance sheet as of September 30, 2018 and 2017, consisted of the following (in thousands): September 30, September 30, 2018 2017 Expendable parts and supplies, net Expendable parts and supplies $ 18,907 $ 17,807 Less obsolescence and other (3,249 ) (2,693 ) $ 15,658 $ 15,114 Prepaid expenses and other current assets Prepaid aircraft rent $ 30,267 $ 53,645 Unutilized manufacturer credits 4,500 — Deferred offering and reimbursed costs 1,945 1,863 Other 4,202 6,017 $ 40,914 $ 61,525 Property and equipment—net Aircraft and other flight equipment substantially pledged $ 1,502,940 $ 1,388,990 Other equipment 3,721 3,383 Leasehold improvements 2,754 2,746 Vehicles 692 744 Building 699 699 Furniture and fixtures 287 251 Total property and equipment 1,511,093 1,396,813 Less accumulated depreciation (260,264 ) (204,365 ) $ 1,250,829 $ 1,192,448 Other accrued expenses Accrued property taxes $ 6,981 $ 6,484 Accrued interest 6,118 4,036 Accrued vacation 5,470 2,663 Accrued wheels, brakes and tires 1,452 2,477 Other 9,675 8,269 $ 29,696 $ 23,929 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
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): September 30, 2018 September 30, 2017 Carrying Fair Carrying Fair Value Value Value Value Long-term debt, including current maturities ( 1) $ 930.2 $ 926.2 $ 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 Borr_2
Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt as of September 30, 2018 and 2017, consisted of the following (in thousands): September 30, September 30, 2018 2017 Notes payable to financial institution, collateralized by the underlying aircraft, due 2019 (1)(2) $ 4,428 $ 58,254 Notes payable to financial institution, collateralized by the underlying aircraft, due 2022 (3)(4) 69,340 113,611 Notes payable to financial institution, collateralized by the underlying aircraft, due 2024 (5) 72,438 82,776 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027 (6) 122,591 137,028 Notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (7) 209,240 226,399 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (8) 167,269 181,115 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (17) 95,060 — Notes payable to financial institution, collateralized by the underlying equipment, due 2022 (9) 88,162 93,031 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (10) 63,403 — Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (11) 3,318 4,976 Notes payable to financial institution due 2020 (12) 4,360 6,390 Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (13) 14,971 9,158 Notes payable to financial institution due 2019 (14) 5,896 18,530 Working capital draw loan, collateralized by certain flight equipment and spare parts (15) — 25,650 Other obligations due to financial institution, collateralized by the underlying equipment, due 2023 (16) 9,731 — Total long-term debt 930,207 956,918 Less current portion (155,170 ) (140,466 ) Less unamortized debt issuance costs (14,860 ) (12,578 ) Long-term debt—excluding current portion $ 760,177 $ 803,874 (1) In fiscal 2005, the Company financed five CRJ-900 aircraft with $118 million in debt. The debt bears interest at the monthly London InterBank Offered Rate (“LIBOR”), plus 3% (5.261% at September 30, 2018) and requires monthly principal and interest payments. (2) In fiscal 2004, the Company financed five CRJ-700 and nine CRJ 900 aircraft with $254.7 million in debt. The debt bears interest at the monthly LIBOR plus 3% (5.261% at September 30, 2018) and requires monthly principal and interest payments. (3) In fiscal 2007, the Company financed three CRJ-900 and three CRJ-700 aircraft for $120.3 million. The debt bears interest at the monthly LIBOR plus 2.25% (4.511% at September 30, 2018) and requires monthly principal and interest payments. (4) In fiscal 2014, the Company financed 10 CRJ-900 aircraft for $88.4 million. The debt bears interest at the monthly LIBOR plus a spread ranging from 1.95% to 7.25% (4.211% to 9.511% at September 30, 2018) and requires monthly principal and interest payments. (5) In fiscal 2014, the Company financed eight CRJ-900 aircraft with $114.5 million in debt. The debt bears interest at 5% and requires monthly principal and interest payments. (6) In fiscal 2015, the Company financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $151 million bear interest at monthly LIBOR plus 2.71% (4.971% at September 30, 2018) and require monthly principal and interest payments. The subordinated notes payable are noninterest-bearing and become payable in full on the last day of the term of the notes. The Company has imputed an interest rate of 6.25% on the subordinated notes payable and recorded a related discount of $8.1 million, which is being accreted to interest expense over the term of the notes. (7) In fiscal 2016, the Company financed 10 E-175 aircraft with $246 million in debt under an EETC financing arrangement (see discussion below). The debt bears interest ranging from 4.75% to 6.25% and requires semi-annual principal and interest payments. (8) In fiscal 2016, the Company financed eight E-175 aircraft with $195.3 million in debt. The senior notes payable of $172 million bear interest at the three-month LIBOR plus a spread ranging from 2.20% to 2.32% (4.598% to 4.718% at September 30, 2018) and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50% and require quarterly principal and interest payments. (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% (9.511% at September 30, 2018) and requires monthly principal and interest payments. (10) In December 2017, the Company refinanced nine CRJ-900 aircraft with $74.9 million in debt. The senior notes payable of $46.9 million bear interest at the three-month LIBOR plus 3.50% (5.898% at September 30, 2018) and require quarterly principal and interest payments. The subordinated notes payable bear interest at the three-month LIBOR plus 4.50% (6.898% at September 30, 2018) and require quarterly principal and interest payments. (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 three-month LIBOR plus 3.07% (5.468% at September 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% (5.328% to 5.358% at September 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 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% (5.698% at September 30, 2018) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 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 LIBOR plus 4.25% (6.511% at September 30, 2018). The line was drawn upon during fiscal 2017. The working capital draw loan is subject to an interest and rental coverage ratio covenant. As of September 30, 2018, the Company was in compliance with this covenant. (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 9.128% and the leases requires monthly payments. (17) In June 2018, the Company refinanced six CRJ-900 aircraft with $27.5 million in debt and financed nine CRJ-900 aircraft, which were previously leased, with $69.6 million in debt. The senior notes payable of $65.8 million bear interest at the three-month LIBOR plus 3.50% (5.898% at September 30, 2018) and require quarterly principal and interest payments. The subordinated notes payable bear interest at three-month LIBOR plus 7.50% (9.898% at September 30, 2018) and require quarterly principal and interest payments. |
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of September 30, 2018, and for each of the next five years are as follows (in thousands): Total Principal Amount 2019 $ 155,170 2020 150,092 2021 146,067 2022 141,917 2023 69,232 Thereafter 267,729 $ 930,207 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Calculations of Net Income Per Common Share | Calculations of net income per common share were as follows (in thousands, except per share data): Year Ended September 30, 2018 2017 2016 Net income $ 33,255 $ 32,828 $ 14,920 Basic weighted average common shares outstanding 13,516 10,919 9,558 Add: Incremental shares for: Dilutive effect of warrants 11,492 12,369 14,451 Dilutive effect of restricted stock 163 98 73 Diluted weighted average common shares outstanding 25,171 23,386 24,082 Net income per common share Basic $ 2.46 $ 3.01 $ 1.56 Diluted $ 1.32 $ 1.40 $ 0.62 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: Years Ended September 30, 2018 2017 2016 (in thousands) Current Federal $ — $ — $ — State 465 359 413 $ 465 $ 359 $ 413 Deferred Federal (17,308 ) 17,713 8,982 State (583 ) 2,802 531 $ (17,891 ) $ 20,515 $ 9,513 (Benefit) provision for income taxes $ (17,426 ) $ 20,874 $ 9,926 |
Schedule of Reconciliation between Effective Tax Rate Income from Continuing Operations and Statutory Rate | Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate is as follows: Years Ended September 30, 2018 2017 2016 (in thousands) Income tax expense at federal statutory rate $ 3,878 $ 18,796 $ 8,696 (Reduction) increase in income taxes resulting from: State taxes, net of federal tax benefit 660 1,397 792 Nondeductible stock compensation expenses — — — Permanent items 63 92 71 Change in valuation allowances (646 ) 531 249 US Tax Cuts and Jobs Act Impact (22,015 ) — — Impact of changing rates on deferred tax assets (773 ) (353 ) (673 ) Expired tax attributes 1,088 409 380 Other 319 2 411 Income tax (benefit) expense $ (17,426 ) $ 20,874 $ 9,926 |
Schedule of Deferred Tax Assets | The Company's deferred tax assets as of September 30, 2018 and 2017 are as follows: Years Ended September 30, 2018 2017 (in thousands) Net operating loss carry forwards $ 91,981 $ 103,653 Deferred credits 2,443 4,389 Other accrued expenses 1,871 1,756 Prepaids and other 3,530 8,936 Alternative minimum tax 1 2,536 Other reserves and estimated losses 836 1,335 Operating lease 6,399 13,113 Allowance for doubtful receivables 905 1,087 Subtotal $ 107,966 $ 136,805 Less: valuation allowance (1,940 ) (2,586 ) Total net deferred tax assets $ 106,026 $ 134,219 Intangibles (2,613 ) (4,317 ) Property and equipment (143,210 ) (186,338 ) Total deferred tax liabilities $ (145,823 ) $ (190,655 ) Net deferred tax liability $ (39,797 ) $ (56,436 ) |
Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: Years Ended September 30, 2018 2017 2016 (in thousands) Unrecognized tax benefits — October 1 $ 7,547 $ 7,547 7,547 Gross increases — tax positions in prior period — — — Gross decreases — tax positions in prior period (2,859 ) — — Gross increases — tax positions in current period — — — Settlement — — — Lapse of statute of limitations — — — Unrecognized tax benefits — September 30 $ 4,688 $ 7,547 $ 7,547 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Restricted Stock Activity | The restricted stock activity for our years ended September 30, 2018, 2017 and 2016 is summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value 2011 and 2017 Plans Restricted shares unvested at September 30, 2015 956,250 $ 5.24 Granted 351,328 4.66 Vested (525,250 ) 4.54 Forfeited (25,000 ) 6.80 Restricted shares unvested at September 30, 2016 757,328 $ 5.40 Granted 251,615 4.54 Vested (233,190 ) 5.06 Forfeited — — Restricted shares unvested at September 30, 2017 775,753 $ 5.22 Granted — — Vested (284,555 ) 5.26 Cancelled (491,198 ) 5.20 Restricted shares unvested at September 30, 2018 — $ — Weighted- Average Number Grant Date of Shares Fair Value 2018 Plan Restricted shares unvested at September 30, 2016 — — Granted — — Vested — — Forfeited — — Restricted shares unvested at September 30, 2017 — $ — Exchanged Restricted Shares 491,198 5.20 Exchanged Phantom Stock 491,915 12.00 Exchanged SARs 1,266,034 12.00 Exchanged SARs vested prior to exchange (966,022 ) 12.00 Vested (32,500 ) 2.00 Cancelled — — Restricted shares unvested at September 30, 2018 1,250,625 $ 9.59 |
Schedule of SARs Activity | The SARs activity for the years ended September 30, 2018, 2017 and 2016 is summarized as follows: Weighted- Number Average of Shares Fair Value SARs unvested at September 30, 2015 2,372,500 $ 3.66 Granted 827,500 — Vested (776,667 ) 3.60 Forfeited (200,000 ) 2.60 SARs unvested at September 30, 2016 2,223,333 $ 1.19 Granted 384,160 — Vested (1,460,812 ) 1.96 Forfeited (6,668 ) — SARs unvested at September 30, 2017 1,140,013 — Granted — — Vested (622,238 ) — Cancelled (517,775 ) 8.69 Forfeited — — SARs unvested at September 30, 2018 — $ — |
Schedule of Phantom Stock Activity | The phantom stock activity for the year ended September 30, 2018 were summarized as follows: Weighted- Number Average of Shares Fair Value Phantom stock unvested at September 30, 2017 — $ — Granted 536,538 6.14 Vested (44,623 ) 7.30 Cancelled (491,915 ) 12.00 Phantom stock unvested at September 30, 2018 — $ — |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of September 30, 2018, under noncancelable operating leases are as follows (in thousands): Periods Ending September 30, Aircraft Other Total 2019 $ 63,993 $ 2,574 $ 66,567 2020 45,534 1,594 47,128 2021 44,314 1,367 45,681 2022 29,751 1,339 31,090 2023 12,418 1,308 13,726 Thereafter 11,849 2,704 14,553 Total $ 207,859 $ 10,886 $ 218,745 |
Selected Consolidated Quarter_2
Selected Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Consolidated Financial information | The following table sets forth certain unaudited selected consolidated financial information for each of the four quarters in the years ended September 30, 2018 and 2017. In management’s opinion, this unaudited consolidated quarterly selected information has been prepared on the same basis as the audited consolidated financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding. First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) 2018 Contract revenue $ 154,389 $ 156,515 $ 159,916 $ 168,444 Total operating revenues 164,684 167,640 171,739 177,532 Operating income 15,023 16,349 (508 ) 41,784 Net income (loss) 22,624 2,372 (11,135 ) 19,394 Net (loss) income per share attributable to common shareholders Basic 2.00 0.20 (0.89 ) 1.04 Diluted 0.96 0.10 (0.89 ) 0.65 First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) 2017 Contract revenue $ 155,502 $ 154,210 $ 157,411 $ 151,575 Total operating revenues 160,235 159,096 166,952 157,293 Operating income 20,838 20,405 36,360 22,691 Net income 6,610 5,304 15,432 5,482 Net (loss) income per share attributable to common shareholders Basic 0.62 0.48 1.40 0.49 Diluted 0.28 0.23 0.66 0.23 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | Sep. 11, 2018USD ($)$ / sharesshares | Aug. 14, 2018USD ($)$ / sharesshares | Aug. 08, 2018shares | Jul. 31, 2018shares | Sep. 30, 2018USD ($)Daily_DepartureStateAir-craftCityExtensionshares | Sep. 30, 2017Air-craftExtensionshares | Sep. 30, 2016shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of states in which entity operates | State | 39 | ||||||
Number of aircrafts operated | Air-craft | 145 | ||||||
Number of cities in which entity operates | City | 110 | ||||||
Number of daily departures | Daily_Departure | 730 | ||||||
Common stock, stock split | Effected a 2.5-for-1 stock split | ||||||
Stock split ratio | 2.5 | ||||||
Common stock, shares authorized | 125,000,000 | 125,000,000 | 125,000,000 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Stock issued during period, shares, new issues | 1,344,500 | ||||||
Common stock, warrants issued | 10,614,990 | 12,230,625 | |||||
Proceeds from issuance of common stock | $ | $ 124,247,820 | $ 124,246,000 | |||||
Notice period for termination of agreement | The capacity purchase agreement is also subject to early termination for cause under specified circumstances and subject to the Company’s right to cure under certain circumstances. United is also permitted, subject to certain conditions, to terminate the agreement early in its discretion by giving us notice of 90 days or more. | ||||||
Payment of lease cost | $ | $ 1,900,000 | ||||||
United [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of extension | Extension | 4 | 4 | |||||
Renewal term extension period | 2 years | 2 years | |||||
Maximum [Member] | United [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Aggregate extension period | 8 years | 8 years | |||||
CRJ-900 Aircraft [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of aircrafts operated | Air-craft | 64 | ||||||
CRJ-700 Aircraft [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of aircrafts operated | Air-craft | 20 | ||||||
CRJ-700 Aircraft [Member] | Minimum [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Early termination right, expiration period | 2019-08 | ||||||
CRJ-700 Aircraft [Member] | Maximum [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Early termination right, expiration period | 2019-12 | ||||||
E-175 Aircraft [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of aircrafts operated | Air-craft | 60 | ||||||
E-175 Aircraft [Member] | Mesa [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of aircrafts operated | Air-craft | 18 | ||||||
E-175 Aircraft [Member] | United [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of aircrafts operated | Air-craft | 30 | 12 | |||||
E-175 Aircraft [Member] | Minimum [Member] | Mesa [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Early termination right, expiration period | 2028-01 | ||||||
E-175 Aircraft [Member] | Minimum [Member] | United [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Early termination right, expiration period | 2019-06 | ||||||
E-175 Aircraft [Member] | Maximum [Member] | Mesa [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Early termination right, expiration period | 2028-11 | ||||||
E-175 Aircraft [Member] | Maximum [Member] | United [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Early termination right, expiration period | 2020-08 | ||||||
American Airlines Inc. [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Ownership interest | 7.20% | 10.60% | |||||
2018 Equity Incentive Plan [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] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Stock issued during period, shares, new issues | 2,249,147 | ||||||
Number of Shares, Granted | 1,266,034 | 2,249,147 | 0 | ||||
Number of Shares, vested | 966,022 | ||||||
2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | Employees [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Additional restricted common stock shares issued | 983,113 | ||||||
2011 and 2017 Plans [Member] | Restricted Stock [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of Shares, Granted | 0 | 251,615 | 351,328 | ||||
2011 and 2017 Plans [Member] | Restricted Stock [Member] | Employees [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Cancellation of common stock shares existing unvested restricted phantom units | 491,915 | ||||||
Cancellation of common stock shares existing of unvested restricted stock | 491,198 | ||||||
IPO [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 | $ | $ 115,600,000 | $ 124,200,000 | |||||
Underwriter Options [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Common stock, warrants issued | 1,444,500 | ||||||
Purchased Directly From Company [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Stock issued during period, shares, new issues | 723,985 | ||||||
Purchased Directly From Selling Shareholders [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Stock issued during period, shares, new issues | 620,515 | ||||||
Firm Shares and Option Shares [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Shares issued, price per share | $ / shares | $ 12 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($)Segment | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of operating segments | Segment | 1 | |||||||||||
Number of reportable segments | Segment | 1 | |||||||||||
Marketable securities | $ 19,921,000 | $ 0 | $ 19,921,000 | $ 0 | ||||||||
Outstanding letters of credit to be collateralized by amounts on deposit, classified as restricted cash | 3,823,000 | 3,559,000 | 3,823,000 | 3,559,000 | ||||||||
Allowance for obsolete expendable parts and supplies | 200,000 | 419,000 | $ 41,000 | |||||||||
Reduction of unfavorable lease liability | 6,600,000 | 6,800,000 | 6,800,000 | |||||||||
Write off of unfavorable lease liability | 1,200,000 | |||||||||||
Total operating revenues | $ 177,532,000 | $ 171,739,000 | $ 167,640,000 | $ 164,684,000 | $ 157,293,000 | $ 166,952,000 | $ 159,096,000 | $ 160,235,000 | 681,595,000 | 643,576,000 | 587,836,000 | |
Engine overhaul expense | 51,200,000 | 64,000,000 | 90,900,000 | |||||||||
Engine overhaul pass-through expense | 12,300,000 | 300,000 | 0 | |||||||||
Airframe check expense | 21,500,000 | 22,600,000 | 13,200,000 | |||||||||
Airframe check pass-through expense | 7,500,000 | 4,900,000 | 0 | |||||||||
Change in accounting policy , effect of increase in SARs and Phantom Stock liability | 2,400,000 | |||||||||||
Payment received from former vendor for engine maintenance support credits | 4,600,000 | |||||||||||
Correction of prior period adjustment to increase retained earnings | $ 2,300,000 | |||||||||||
Contract Revenue [Member] | Rental Income [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Total operating revenues | 217,000,000 | 217,600,000 | $ 190,100,000 | |||||||||
Property and Equipment [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Impairment charges | 0 | 0 | ||||||||||
Aircraft [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Allowance for obsolete expendable parts and supplies | $ 1,800,000 | $ 1,600,000 | ||||||||||
Percentage leased | 19.00% | |||||||||||
Aircraft and Rotable Spare Parts [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property and equipment, salvage value, percentage | 20.00% | 20.00% | ||||||||||
Letter of Credit [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Letter of credit facility, amount | $ 6,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Various Classifications of Property and Equipment (Detail) | 12 Months Ended |
Sep. 30, 2018 | |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 30 years |
Aircraft [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 25 years from manufacture date |
Flight Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 7 years |
Flight Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 20 years |
Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 5 years |
Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 9 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 5 years |
Vehicles [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 5 years |
Rotable Spare Parts [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | Life of the aircraft or term of the lease, whichever is less |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | Life of the aircraft or term of the lease, whichever is less |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
New Accounting Pronouncements Or Change in Accounting Principle [Line Items] | |||||
Deferred income taxes | $ (17,891) | $ 20,515 | $ 9,513 | ||
Income tax (benefit) expense | (17,426) | 20,874 | $ 9,926 | ||
Correction of prior period adjustment to increase retained earnings | $ 2,300 | ||||
Restricted cash | $ 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 | ||||
Correction of prior period adjustment to increase retained earnings | $ 700 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Concentration Risk [Line Items] | |||
Allowance for doubtful accounts | $ 1.3 | $ 0.7 | |
American Airlines Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 54.00% | 56.00% | 64.00% |
United [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 46.00% | 44.00% | 36.00% |
Intangible Assets - Information
Intangible Assets - Information About Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Customer relationship | $ 43,800 | $ 43,800 |
Accumulated amortization | (32,459) | (32,076) |
Total | $ 11,341 | $ 11,724 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |||
Amortization expense recognized | $ 0.4 | $ 0.4 | $ 0.4 |
Amortization expense for 2019 | 1.8 | ||
Amortization expense for 2020 | 1.5 | ||
Amortization expense for 2021 | 1.2 | ||
Amortization expense for 2022 | 1 | ||
Amortization expense for 2023 | $ 0.9 |
Balance Sheet Information - Sum
Balance Sheet Information - Summary of Certain Significant Amounts Included in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Expendable parts and supplies, net | ||
Expendable parts and supplies | $ 18,907 | $ 17,807 |
Less obsolescence and other | (3,249) | (2,693) |
Expendable parts and supplies, net | 15,658 | 15,114 |
Prepaid expenses and other current assets | ||
Prepaid aircraft rent | 30,267 | 53,645 |
Unutilized manufacturer credits | 4,500 | |
Deferred offering and reimbursed costs | 1,945 | 1,863 |
Other | 4,202 | 6,017 |
Prepaid expenses and other current assets | 40,914 | 61,525 |
Property and equipment-net | ||
Property and equipment-gross | 1,511,093 | 1,396,813 |
Less accumulated depreciation | (260,264) | (204,365) |
Property and equipment-net | 1,250,829 | 1,192,448 |
Other accrued expenses | ||
Accrued property taxes | 6,981 | 6,484 |
Accrued interest | 6,118 | 4,036 |
Accrued vacation | 5,470 | 2,663 |
Accrued wheels, brakes and tires | 1,452 | 2,477 |
Other | 9,675 | 8,269 |
Other accrued expenses | 29,696 | 23,929 |
Aircraft and Other Flight Equipment Substantially Pledged [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 1,502,940 | 1,388,990 |
Other Machinery and Equipment [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 3,721 | 3,383 |
Leasehold Improvements [Member] | ||
Property and equipment-net | ||
Property and equipment-gross | 2,754 | 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 | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation expense | $ 64.6 | $ 60.7 | $ 45.6 |
Amortization of unfavorable lease liability | 6.6 | $ 6.8 | $ 6.8 |
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 | Sep. 30, 2018 | Sep. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, including current maturities, carrying value | $ 930,207 | $ 956,918 |
Long-term debt, including current maturities, fair value | $ 926,200 | $ 975,000 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 930,207 | $ 956,918 |
Less current portion | (155,170) | (140,466) |
Less unamortized debt issuance costs | (14,860) | (12,578) |
Long-term debt—excluding current portion | 760,177 | 803,874 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,428 | 58,254 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 69,340 | 113,611 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 72,438 | 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 | 122,591 | 137,028 |
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 209,240 | 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 | 167,269 | 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 | 95,060 | |
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 | 63,403 | |
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 88,162 | 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 | 3,318 | 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 | 14,971 | 9,158 |
Notes Payable to Financial Institution Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,360 | 6,390 |
Notes Payable to Financial Institution Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 5,896 | 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 | |
Other Obligations Due to Financial Institution, Collateralized by the Underlying Equipment, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 9,731 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowings - Schedule of Long-term Debt (Parenthetical) (Detail) $ in Millions | Jun. 28, 2018USD ($)Air-craft | Jun. 27, 2018USD ($)Air-craft | Jun. 30, 2018USD ($)Air-craft | Feb. 28, 2018Engine | Dec. 31, 2017USD ($)Air-craft | Sep. 30, 2018 | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)Air-craft | Sep. 30, 2015USD ($)Air-craft | Sep. 30, 2014USD ($)Airfleet | Sep. 30, 2007USD ($)Airfleet | Sep. 30, 2005USD ($)Airfleet |
CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 69.6 | $ 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% | |||||||||||
Number of aircraft financed | Air-craft | 6 | 6 | ||||||||||
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 2019 [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of aircraft refinanced | Airfleet | 9 | 5 | ||||||||||
Debt instrument, face amount | $ 118 | |||||||||||
Long term debt interest rate description | London InterBank Offered Rate (“LIBOR”), plus 3% | |||||||||||
Long term debt interest rate percentage | 5.261% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | CRJ-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 3.00% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | CRJ-700 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of aircraft refinanced | Airfleet | 5 | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | Five C- R- J-700 and Nine C- R- J-900 [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 | 5.261% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2019 [Member] | Five C- R- J-700 and Nine C- R- J-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 3.00% | |||||||||||
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 2022 [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of aircraft refinanced | Airfleet | 3 | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-700 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of aircraft refinanced | Airfleet | 3 | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Three C- R- J-900 and Three C- R- J-700 [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 | 4.511% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Three C- R- J-900 and Three C- R- J-700 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 2.25% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Ten C- R- J-900 Aircraft [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 88.4 | |||||||||||
Long term debt interest rate description | LIBOR plus a spread ranging from 1.95% to 7.25% | |||||||||||
Number of aircraft financed | Airfleet | 10 | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Ten C- R- J-900 Aircraft [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 4.211% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Ten C- R- J-900 Aircraft [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 9.511% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Ten C- R- J-900 Aircraft [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 1.95% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Ten C- R- J-900 Aircraft [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 7.25% | |||||||||||
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 | ||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | Eight C- R- J-900 Aircraft [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 114.5 | |||||||||||
Number of aircraft financed | Airfleet | 8 | |||||||||||
Long term debt interest rate percentage | 5.00% | |||||||||||
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 | ||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 170.2 | |||||||||||
Number of aircraft financed | Air-craft | 7 | |||||||||||
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 | ||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Ten E-175 Aircraft [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 246 | |||||||||||
Number of aircraft financed | Air-craft | 10 | |||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Ten E-175 Aircraft [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 4.75% | |||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Ten E-175 Aircraft [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 6.25% | |||||||||||
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 2028 [Member] | Eight E-175 Aircraft [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of aircraft refinanced | Air-craft | 8 | |||||||||||
Debt instrument, face amount | $ 195.3 | |||||||||||
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 | 2,022 | ||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument maturity year | 2,022 | 2,022 | ||||||||||
Number of aircraft refinanced | Air-craft | 6 | 9 | ||||||||||
Debt instrument, face amount | $ 27.5 | $ 74.9 | ||||||||||
Number of aircraft financed | Air-craft | 9 | |||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | Capital Lease Obligations [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 69.6 | |||||||||||
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 | |||||||||||
Long term debt interest rate description | monthly LIBOR plus 7.25% | |||||||||||
Long term debt interest rate percentage | 9.511% | |||||||||||
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 Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 11.9 | $ 11.9 | ||||||||||
Long term debt interest rate description | Three-month LIBOR plus a spread ranging from 2.93% to 2.96% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Minimum [Member] | Flight Equipment Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 5.328% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Maximum [Member] | Flight Equipment Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 5.358% | |||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | LIBOR [Member] | Minimum [Member] | Flight Equipment Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 2.93% | 2.93% | ||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | LIBOR [Member] | Maximum [Member] | Flight Equipment Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 2.96% | 2.96% | ||||||||||
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 | ||||||||||
Debt instrument, face amount | $ 8.3 | |||||||||||
Long term debt interest rate percentage | 5.163% | |||||||||||
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 | ||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.07% | |||||||||||
Long term debt interest rate percentage | 5.468% | |||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | LIBOR [Member] | Flight Equipment Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 3.07% | 3.07% | ||||||||||
Notes Payable to Financial Institution Due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument maturity year | 2,019 | 2,019 | ||||||||||
Notes Payable to Financial Institution Due 2019 [Member] | Flight Equipment Maintenance [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 25 | |||||||||||
Long term debt interest rate description | Three-month LIBOR plus 3.30% | |||||||||||
Long term debt basis spread on variable rate | 3.30% | |||||||||||
Notes Payable to Financial Institution Due 2019 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 5.698% | |||||||||||
Other Obligations Due to Financial Institution, Collateralized by the Underlying Equipment, Due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument maturity year | 2,023 | 2,023 | ||||||||||
Imputed interest | 9.128% | |||||||||||
Number of spare engines leased | Engine | 2 | |||||||||||
Senior Notes Due Two Thousand Twenty Seven [Member] | CRJ-900 [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 | 4.971% | |||||||||||
Senior Notes Due Two Thousand Twenty Seven [Member] | CRJ-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 2.71% | |||||||||||
Subordinated Notes Due Two Thousand Twenty Seven [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Imputed interest | 6.25% | |||||||||||
Debt discount | $ 8.1 | |||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate description | Three-month LIBOR plus a spread ranging from 2.20% to 2.32% | |||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 172 | |||||||||||
Long term debt interest rate percentage | 4.598% | |||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 4.718% | |||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 2.20% | |||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 2.32% | |||||||||||
Subordinated Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 4.50% | |||||||||||
Senior Notes due Two Thousand Twenty Two [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 46.9 | |||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.50 | |||||||||||
Long term debt interest rate percentage | 5.898% | |||||||||||
Senior Notes due Two Thousand Twenty Two [Member] | CRJ-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt basis spread on variable rate | 3.50% | |||||||||||
Subordinated Notes DueTwoThousandTwentyTwo [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate description | three-month LIBOR plus 4.50% | |||||||||||
Long term debt interest rate percentage | 6.898% | |||||||||||
Subordinated Notes DueTwoThousandTwentyTwo [Member] | CRJ-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 4.50% | |||||||||||
Working Capital Draw Loan, Collateralized by Certain Flight Equipment and Spare Parts [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 35 | |||||||||||
Long term debt interest rate description | One-month LIBOR plus 4.25% | |||||||||||
Long term debt basis spread on variable rate | 4.25% | |||||||||||
Working Capital Draw Loan, Collateralized by Certain Flight Equipment and Spare Parts [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 6.511% | |||||||||||
Senior Notes Due 2020 [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 65.8 | |||||||||||
Long term debt interest rate percentage | 5.898% | |||||||||||
Long term debt basis spread on variable rate | 3.50% | 3.50% | ||||||||||
Senior Notes Due 2020 [Member] | CRJ-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate description | Three-month LIBOR plus 3.50% | |||||||||||
Subordinated Notes Due 2020 [Member] | CRJ-900 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate percentage | 9.898% | |||||||||||
Long term debt basis spread on variable rate | 7.50% | 7.50% | ||||||||||
Subordinated Notes Due 2020 [Member] | CRJ-900 [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt interest rate description | three-month LIBOR plus 7.50% |
Long-Term Debt and Other Borr_5
Long-Term Debt and Other Borrowings - Schedule of Principal Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Long Term Debt By Maturity [Abstract] | ||
2,019 | $ 155,170 | |
2,020 | 150,092 | |
2,021 | 146,067 | |
2,022 | 141,917 | |
2,023 | 69,232 | |
Thereafter | 267,729 | |
Total long-term debt | $ 930,207 | $ 956,918 |
Long-Term Debt and Other Borr_6
Long-Term Debt and Other Borrowings - Additional Information (Detail) $ in Thousands | Aug. 14, 2018USD ($) | Jun. 28, 2018USD ($)Air-craftshares | Jun. 27, 2018USD ($)Air-craft | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Property and equipment, net | $ 1,250,829 | $ 1,192,448 | ||||
Long-Term Debt | 930,207 | $ 956,918 | ||||
Non-cash lease termination expense | $ 15,109 | |||||
Warrants to purchase shares of common stock | shares | 250,000 | |||||
CIT revolving credit facility outstanding | $ 25,700 | |||||
CRJ-900 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Refinanced debt | $ 16,000 | |||||
Number of aircraft under refinanced debt | Air-craft | 6 | 6 | ||||
Refinanced debt due period | 2,019 | |||||
Debt instrument, face amount | $ 69,600 | $ 27,500 | ||||
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 | Air-craft | 9 | |||||
Payment for aircraft purchased | $ 76,500 | |||||
Number of aircraft financed | Air-craft | 6 | 6 | ||||
Non-cash lease termination expense | $ 15,100 | |||||
Future goods and services credits | 4,500 | |||||
Loan forgiveness for loans | $ 5,600 | |||||
Warrants to purchase shares of common stock | shares | 250,000 | |||||
Equipment Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-Term Debt | $ 209,200 | |||||
Senior Notes Due 2020 [Member] | CRJ-900 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 65,800 | |||||
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 | $ 1,047,600 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculations of Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share And Equity [Abstract] | |||||||||||
Net income | $ 19,394 | $ (11,135) | $ 2,372 | $ 22,624 | $ 5,482 | $ 15,432 | $ 5,304 | $ 6,610 | $ 33,255 | $ 32,828 | $ 14,920 |
Basic weighted average common shares outstanding | 13,516 | 10,919 | 9,558 | ||||||||
Add: Incremental shares for: | |||||||||||
Dilutive effect of warrants | 11,492 | 12,369 | 14,451 | ||||||||
Dilutive effect of restricted stock | 163 | 98 | 73 | ||||||||
Diluted weighted average common shares outstanding | 25,171 | 23,386 | 24,082 | ||||||||
Net income per common share | |||||||||||
Basic | $ 1.04 | $ (0.89) | $ 0.20 | $ 2 | $ 0.49 | $ 1.40 | $ 0.48 | $ 0.62 | $ 2.46 | $ 3.01 | $ 1.56 |
Diluted | $ 0.65 | $ (0.89) | $ 0.10 | $ 0.96 | $ 0.23 | $ 0.66 | $ 0.23 | $ 0.28 | $ 1.32 | $ 1.40 | $ 0.62 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restricted Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from calculation of diluted loss per share | 0 | 0 | 0 |
Number of Warrants [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from calculation of diluted loss per share | 0 | 0 | 0 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions | Sep. 11, 2018$ / sharesshares | Aug. 14, 2018USD ($)$ / sharesshares | Aug. 08, 2018shares | Sep. 30, 2018USD ($)$ / sharesshares | Jun. 28, 2018shares | Sep. 30, 2017$ / sharesshares |
Class of Warrant or Right [Line Items] | ||||||
Warrants term | 5 years | |||||
Warrants of common stock exercise price | $ / shares | $ 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 | |||||
Common stock, stock split | Effected a 2.5-for-1 stock split | |||||
Stock split ratio | 2.5 | |||||
Common stock, shares authorized | 125,000,000 | 125,000,000 | 125,000,000 | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||
Stock issued during period, shares, new issues | 1,344,500 | |||||
Common stock, no par value | $ / shares | $ 0 | $ 0 | ||||
Common stock, warrants issued | 10,614,990 | 12,230,625 | ||||
IPO [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Stock issued during period, shares, new issues | 9,630,000 | |||||
Common stock, no par value | $ / shares | ||||||
Shares issued, price per share | $ / shares | $ 12 | |||||
Gross proceeds of initial public offering | $ | $ 115.6 | $ 124.2 | ||||
Net proceeds from initial public offering | $ | 111.7 | |||||
Underwriting discounts and commissions | $ | 8.7 | |||||
Offering costs | $ | $ 3.8 | |||||
Underwriter Options [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Common stock, warrants issued | 1,444,500 | |||||
Firm Shares and Option Shares [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Shares issued, price per share | $ / shares | $ 12 | |||||
Purchased Directly From Company [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Stock issued during period, shares, new issues | 723,985 | |||||
Purchased Directly From Selling Shareholders [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Stock issued during period, shares, new issues | 620,515 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current | |||
State | $ 465 | $ 359 | $ 413 |
Total current income tax provision (benefit) | 465 | 359 | 413 |
Deferred | |||
Federal | (17,308) | 17,713 | 8,982 |
State | (583) | 2,802 | 531 |
Total deferred income tax provision (benefit) | (17,891) | 20,515 | 9,513 |
(Benefit) provision for income taxes | $ (17,426) | $ 20,874 | $ 9,926 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation between Effective Tax Rate Income from Continuing Operations and Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Income tax expense at federal statutory rate | $ 3,878 | $ 18,796 | $ 8,696 |
(Reduction) increase in income taxes resulting from: | |||
State taxes, net of federal tax benefit | 660 | 1,397 | 792 |
Permanent items | 63 | 92 | 71 |
Change in valuation allowances | (646) | 531 | 249 |
US Tax Cuts and Jobs Act Impact | (22,015) | ||
Impact of changing rates on deferred tax assets | (773) | (353) | (673) |
Expired tax attributes | 1,088 | 409 | 380 |
Other | 319 | 2 | 411 |
(Benefit) provision for income taxes | $ (17,426) | $ 20,874 | $ 9,926 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 91,981 | $ 103,653 |
Deferred credits | 2,443 | 4,389 |
Other accrued expenses | 1,871 | 1,756 |
Prepaids and other | 3,530 | 8,936 |
Alternative minimum tax | 1 | 2,536 |
Other reserves and estimated losses | 836 | 1,335 |
Operating lease | 6,399 | 13,113 |
Allowance for doubtful receivables | 905 | 1,087 |
Subtotal | 107,966 | 136,805 |
Less: valuation allowance | (1,940) | (2,586) |
Total net deferred tax assets | 106,026 | 134,219 |
Intangibles | (2,613) | (4,317) |
Property and equipment | (143,210) | (186,338) |
Total deferred tax liabilities | (145,823) | (190,655) |
Net deferred tax liability | $ (39,797) | $ (56,436) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Line Items] | |||
Operating loss carryforwards, valuation allowance | $ 1.9 | $ 2.6 | |
Unrecognized tax benefits if recognized would result in adjustments to primarily deferred taxes | $ 4.7 | $ 7.5 | $ 7.5 |
Federal corporate tax rate | 21.00% | ||
Blended corporate tax rate | 24.50% | ||
Discrete net tax benefit in connection with initial analysis of tax act | $ 22 | ||
Decrease in net deferred tax liabilities excluding valuation allowance | 22 | ||
Estimated increase to valuation allowance | 0.5 | ||
Adjustment to deferred income tax benefit | 21.5 | ||
AMT credits | 2.5 | ||
Accounting Standards Update 2016-09 [Member] | |||
Income Taxes [Line Items] | |||
Nondeductible stock compensation expenses | 0.4 | ||
Domestic Tax Authority [Member] | 2027-2037 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 415.1 | ||
State and Local Jurisdiction [Member] | 2019-2038 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 199.6 | ||
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 | 2,019 | ||
Maximum [Member] | Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration year | 2,037 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration year | 2,038 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits beginning balance | $ 7,547 | $ 7,547 | $ 7,547 |
Gross increases — tax positions in prior period | 0 | 0 | 0 |
Gross decreases — tax positions in prior period | (2,859) | 0 | 0 |
Gross increases — tax positions in current period | 0 | 0 | 0 |
Settlement | 0 | 0 | 0 |
Lapse of statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefits ending balance | $ 4,688 | $ 7,547 | $ 7,547 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Sep. 11, 2018 | Aug. 14, 2018 | Oct. 17, 2017 | Aug. 31, 2018 | Jul. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2014 | Sep. 30, 2018 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
IPO issuance, shares | 1,344,500 | ||||||||||
Unrecognized compensation cost related to unvested share-based compensation arrangements | $ 8.8 | $ 8.8 | |||||||||
Unrecognized compensation cost, period for recognition | 1 year 6 months | ||||||||||
Share-based compensation expense | $ 12.9 | $ 2.3 | $ 4.7 | ||||||||
IPO [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
IPO issuance, shares | 9,630,000 | ||||||||||
Stock Appreciation Rights [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares vested | 622,238 | 1,460,812 | 776,667 | 3,687,218 | |||||||
Number of shares authorized | 5,000,000 | ||||||||||
Number of shares cancelled | 517,775 | ||||||||||
Number of shares unvested | 0 | 1,140,013 | 2,223,333 | 0 | 2,372,500 | ||||||
Number of shares granted | 0 | 384,160 | 827,500 | 4,204,993 | |||||||
Shares expiration period | 10 years | ||||||||||
Shares vesting period | 3 years | ||||||||||
Number of shares exercised | 2,088,333 | ||||||||||
Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares vested | 44,623 | ||||||||||
Number of shares authorized | 1,250,000 | ||||||||||
Number of shares granted | 536,538 | ||||||||||
Shares vesting period | 3 years | ||||||||||
2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares vested | 998,522 | 32,500 | 0 | ||||||||
Number of shares authorized | 2,500,000 | ||||||||||
IPO issuance, shares | 2,249,147 | ||||||||||
Number of shares cancelled | 966,022 | 491,915 | 0 | ||||||||
Unvested restricted shares issued | 491,198 | ||||||||||
Number of shares unvested | 1,250,625 | 0 | 0 | 1,250,625 | |||||||
Number of shares granted | 1,266,034 | 2,249,147 | 0 | ||||||||
2018 Equity Incentive Plan [Member] | Stock Appreciation Rights [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares vested | 1,598,885 | 966,022 | |||||||||
IPO issuance, shares | 1,266,034 | ||||||||||
Number of shares cancelled | 300,012 | ||||||||||
Number of shares unvested | 300,012 | ||||||||||
2018 Equity Incentive Plan [Member] | Stock Appreciation Rights [Member] | IPO [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unvested restricted shares issued | 517,775 | ||||||||||
2018 Equity Incentive Plan [Member] | Restricted Stock Units [Member] | IPO [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares cancelled | 491,915 | ||||||||||
2011 Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares vested | 1,978,550 | ||||||||||
Number of shares cancelled | 470,355 | ||||||||||
Number of shares granted | 2,448,905 | ||||||||||
2017 Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares vested | 10,412 | ||||||||||
Number of shares cancelled | 20,843 | ||||||||||
Number of shares granted | 31,255 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | Aug. 14, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
2011 and 2017 Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Unvested, Beginning Balance | 775,753 | 757,328 | 956,250 | |||
Number of Shares, Granted | 0 | 251,615 | 351,328 | |||
Number of Shares, Vested | (284,555) | (233,190) | (525,250) | |||
Number of Shares, Cancelled | (491,198) | |||||
Number of Shares, Forfeited | 0 | (25,000) | ||||
Number of Shares, Unvested, Ending Balance | 0 | 775,753 | 757,328 | |||
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 5.22 | $ 5.40 | $ 5.24 | |||
Weighted-Average Grant Date Fair Value, Granted | 0 | 4.54 | 4.66 | |||
Weighted-Average Grant Date Fair Value, Vested | 5.26 | 5.06 | 4.54 | |||
Weighted-Average Grant Date Fair Value, Cancelled | 5.20 | |||||
Weighted-Average Grant Date Fair Value, Forfeited | 0 | 6.80 | ||||
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ 0 | $ 5.22 | $ 5.40 | |||
2018 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Unvested, Beginning Balance | 0 | 0 | ||||
Number of Shares, Granted | 1,266,034 | 2,249,147 | 0 | |||
Exchanged Restricted Shares | 491,198 | |||||
Exchanged Phantom Stock | 491,915 | |||||
Exchanged SARs | 1,266,034 | |||||
Exchanged SARs vested prior to exchange | (966,022) | |||||
Number of Shares, Vested | (998,522) | (32,500) | 0 | |||
Number of Shares, Cancelled | (966,022) | (491,915) | 0 | |||
Number of Shares, Forfeited | 0 | |||||
Number of Shares, Unvested, Ending Balance | 1,250,625 | 0 | 0 | |||
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 0 | $ 0 | ||||
Weighted-Average Grant Date Fair Value, Granted | 0 | |||||
Exchanged Restricted Shares | 5.20 | |||||
Exchanged Phantom Stock | 12 | |||||
Exchanged SARs | 12 | |||||
Exchanged SARs vested prior to exchange | 12 | |||||
Weighted-Average Grant Date Fair Value, Vested | 2 | 0 | ||||
Weighted-Average Grant Date Fair Value, Cancelled | 0 | |||||
Weighted-Average Grant Date Fair Value, Forfeited | 0 | |||||
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ 9.59 | $ 0 | $ 0 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of SARs Activity (Detail) - Stock Appreciation Rights [Member] - $ / shares | 12 Months Ended | 60 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Unvested, Beginning Balance | 1,140,013 | 2,223,333 | 2,372,500 | |
Number of Shares, Granted | 0 | 384,160 | 827,500 | 4,204,993 |
Number of Shares, Vested | (622,238) | (1,460,812) | (776,667) | (3,687,218) |
Number of Shares, Cancelled | (517,775) | |||
Number of Shares, Forfeited | 0 | (6,668) | (200,000) | |
Number of Shares, Unvested, Ending Balance | 0 | 1,140,013 | 2,223,333 | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 0 | $ 1.19 | $ 3.66 | |
Weighted-Average Grant Date Fair Value, Granted | 0 | 0 | 0 | |
Weighted-Average Grant Date Fair Value, Vested | 0 | 1.96 | 3.60 | |
Weighted-Average Grant Date Fair Value, Cancelled | 8.69 | |||
Weighted-Average Grant Date Fair Value, Forfeited | 0 | 0 | 2.60 | |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ 0 | $ 0 | $ 1.19 | $ 0 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Phantom Stock Activity (Detail) - Phantom Stock [Member] | 12 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning Balance | shares | 0 |
Number of Shares, Granted | shares | 536,538 |
Number of Shares, Vested | shares | (44,623) |
Number of Shares, Cancelled | shares | (491,915) |
Number of Shares, Unvested, Ending Balance | shares | 0 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 0 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 6.14 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 7.30 |
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares | 12 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 0 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018USD ($)Air-craft | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of leased aircraft | Air-craft | 28 | ||
Aggregate rental expense under all operating aircraft, equipment and facility leases | $ | $ 85.9 | $ 83.8 | $ 84.8 |
Aircraft [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases remaining term | 5 years 6 months | ||
Headquarters and other facility [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases remaining term | 9 years |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 66,567 |
2,020 | 47,128 |
2,021 | 45,681 |
2,022 | 31,090 |
2,023 | 13,726 |
Thereafter | 14,553 |
Total | 218,745 |
Aircraft [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 63,993 |
2,020 | 45,534 |
2,021 | 44,314 |
2,022 | 29,751 |
2,023 | 12,418 |
Thereafter | 11,849 |
Total | 207,859 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 2,574 |
2,020 | 1,594 |
2,021 | 1,367 |
2,022 | 1,339 |
2,023 | 1,308 |
Thereafter | 2,704 |
Total | $ 10,886 |
Selected Consolidated Quarter_3
Selected Consolidated Quarterly Financial Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Total operating revenues | $ 177,532 | $ 171,739 | $ 167,640 | $ 164,684 | $ 157,293 | $ 166,952 | $ 159,096 | $ 160,235 | $ 681,595 | $ 643,576 | $ 587,836 |
Operating income | 41,784 | (508) | 16,349 | 15,023 | 22,691 | 36,360 | 20,405 | 20,838 | 72,648 | 100,294 | 56,758 |
Net income | $ 19,394 | $ (11,135) | $ 2,372 | $ 22,624 | $ 5,482 | $ 15,432 | $ 5,304 | $ 6,610 | $ 33,255 | $ 32,828 | $ 14,920 |
Net income per common share | |||||||||||
Basic | $ 1.04 | $ (0.89) | $ 0.20 | $ 2 | $ 0.49 | $ 1.40 | $ 0.48 | $ 0.62 | $ 2.46 | $ 3.01 | $ 1.56 |
Diluted | $ 0.65 | $ (0.89) | $ 0.10 | $ 0.96 | $ 0.23 | $ 0.66 | $ 0.23 | $ 0.28 | $ 1.32 | $ 1.40 | $ 0.62 |
Contract Revenue [Member] | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Total operating revenues | $ 168,444 | $ 159,916 | $ 156,515 | $ 154,389 | $ 151,575 | $ 157,411 | $ 154,210 | $ 155,502 | $ 639,264 | $ 618,698 | $ 569,373 |