be to all you Thanks, George. today. It's great with
a on later our to on achieve plan have businesses of For the X first adjusted my year. focus underlying details this improved review our our and remarks, that structural I positive changes will quarter, topics: EBITDA
transition flying Revenue which year-over-year reduced unprofitable are $XXX XX% for we Starting lower and represents with our the exiting of demand. reduction a was where programmatic of the of the revenue first our of flight aircraft industry aircraft million and areas management to quarter. exiting businesses, quarter, due a review sales
gross reported basis. revenue a net is As a since previously than rather on described, charter
our us. an what customers we of our We which we That full Value, weighed last metric, mix revenue a be flights expect on new to continue GAAP spend growth which with call is reported Flight charter the of why flying. quarter will introduced down increasing reports Transaction value by
captures Specifically, flight reported down the in reduction reported first Value, was our private our quarter Flight of of all revenue. significant flying, decline Transaction much a is year-over-year. jet GAAP XX% That Total value Private XX% than which Jet less the
believe that value was clear XX% grow our year-over-year the our strategy business. charter XX% transaction to FTV making of measure total more our offerings. quarter. flight in total our transaction of up and with indicative and we accounted to underlying trends charter the for total grow charter strength the in flight are charter goals our of our business, value We is flying Consistent private highlight trends our These progress a
comparison we customers. deliver Live per spend year-over-year. the that for X% and Total $XX,XXX Flight was Private That flight Transaction Jet our Value down Legs per an Flight apples-to-apples represents of
second highlighted, George demand our in February, and in As momentum in quarter. flight slower volumes provides after January improvement we which for the March, saw
was transitioning significantly for offering result X% as quarter. weakness. utilization with adjusted of reflecting margin assets programmatic of contribution than total lower adjusted the Consistent decline our in quarter. levels, contribution our fixed a of due the higher exit to the and Our programmatic margin volumes in was demand a industry rate March our
Although made our have margin our adjusted of contribution reducing was challenging, cost in substantial we revenue. progress
programmatic the fleet to business, to within and better with offering. structural our reduced adjust to continue expect costs of controlled size have our our we align We
$XX revenue as remainder believe despite we flat year. our XX%. million We the over a to of the decrease profile incremental well year-over-year loss and we strong for the Adjusted margin revenues are in grow of was quarter positioned drive EBITDA
margin, we masks to contribution adjusted made to have the key Similar performance the structural business. improvements
smaller diligently proud as company. performance its costs a have are that pruned and capability fact We we business leaner unnecessary and the the of is increasing
seasonally million $XX was improved Delta. operating loss the up quarter, slightly year-over-year. for $XXX XX% net GAAP were Prepaid but partnership improved the performance stronger believe year-over-year. reflects versus We lower QX blocks million and this for quarter, with our
from highlighted, our segment. highest total percentage the our to our blocks saw strength particular exposure in of of history. important customers This corporate with corporate that representing efforts we increase success As blocks reflects in customer George the
We quarter million the which with and $XX liquidity revolver $XXX from million, plus ended deposits. includes Delta cash the reserve the reserve EETC deposits and of undrawn equivalents, cash total
fraction versus of quarter and working initiatives down was cash XX% That on. of that XXXX prior for the reflects over we improved block quarter management executed first and and usage the year-over-year. increased capital cash performance Although our the have by was year, a improved the
Our what is believe we more sustainable down a was balance level. to revenue XX% year-over-year deferred
by encouraged in been that has fact our first since it the additions balanced most are the deferred the We was revenue XXXX. and quarter usage
to excess debt. proceeds We our also the portion those continued down divest long-term of $XX aircraft used pay of and a to sales million from
on our we primary color us took density June, additional the step and to we on that and the changes focus business made programmatic long-term where structural network initiatives Next, to position controlled how to we to had necessary a our fleet Last overhaul success. those profitability advantage. our have offering I service but for areas difficult provide want
current as are be would within honored previous footprint. time challenging on flying Today, us transition to less takes our show that our next controlled country. to our and up numbers XXXX sets, of some rule our take we to more knew the fly pre-June in XX% and We fully legacy transition those steps to balances anywhere allowing the fleet block than commitments in consolidate regional
lot of progress the made have a overhauling We business. of in our mix
in successful charter is of an asset-light efforts which mix much our to been fulfilled on have our basis. We capital-efficient flying, of increase profitable and
crucial a travel our growing corporate for see of seeing higher from are to the Securing blocks our corporate weekday opportunities a the we weekend our more of we on, concentration step significantly in touched week, creating balancing flyers. George the As momentum over flying with leisure complement days typically is mix initiatives.
to deliver incremental of our balance forward. This financial margins going drive component plan and a key asset is utilization higher
Cincinnati, step International As this flagship announced maintenance will capabilities of with be later where crucial a new concentrated move, we underutilized reallocation the at the flying. Broomfield, Ohio next our appropriately open Colorado closing in few facility maintenance be along ago, That Palm weeks is step operationally our Beach fleet is a maintenance of facilities a to in year. and just Airport a key to
Arrow partner with of times allow pleased response the offer to with further improved were combined We certificate career service us our also should increase Avex rightsizing faster fleet consolidation of our to and our path and and employees. [ efficiency a completion and for Those affected actions, asset Aviation ] Theme utilization with to our customers. for our significantly
in are have this later us year. and to through the So we achieve me adjusted process how actions now those EBITDA positive position walk taking of taken let
strong program service metrics. to As working of taken our are first that the our our point by the George availability ever, our and the performing are in team XX% by and combine overhaul management our as to FAA operations operations center, changes than are results the success. result reduce are for proof execute position our over member with our that increase our initiatives our actions on long-term aircraft an customer highlighted, work operations consolidate of operations certificates direct in better maintenance Those year-over-year, with they complexity company
been to customer-centric. Admittedly, more have actions date, those
building years Focusing ago, even is significantly business. improvement we ago, the with customers strong flying the few first a better step to was than few journey. to a We are Wheels it continuing and believe on Up is months committed and that today experience and a sustainable
that year. financial the of more will anticipate benefits We become apparent remainder the through
We in optimize and take our shape improved our that to fleet our revenue benefits our operations new steps us maintenance schedule from to in see allow demand off-peak will expect at facility demand network, periods. consolidate PBI to size and efforts match to further management in
integrate continue will help our our activities addition, Officer, profitable In and Commercial our commercial revenue utility. better growth marketing maximize management efforts to and Chief us to revenue new
optimism his we aviation. it are our partnership us position across opportunity George they have of premium resources integrate ahead as are to and With and execute concluding we that, with Delta Delta me seamlessly the thankful provided and deep back now our for our to and our us. shares remarks. the capital pleased commercial Lastly, with travel let goal on private turn for
