Earnings call transcript Q4 2022

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Grant Howard

First gentlemen, spectacular first full year of operations, results were terrific.

You exceeded forecast and the detailed information that just hit the wire.

So with that, CEO and Chairman, Ed Wegel, Chief Financial Officer, Ryan Goepel. There's a lot of detail in this year-end and Q4 presentation.

So with that, gentlemen, I'm going to turn it over to you.

Ed Wegel

Great. good everyone. and Grant, you, afternoon to Thank We and our your participation Earnings Release in today's Update greatly appreciate Call for GlobalX.

XXXX our to at breakeven. mentioned, of that we number Grant was operating first so critical As financially be full of operations aircraft for to airline. get needed will We a critical the year

to Department and We enough recruit pilots train the Transportation, and needed balance infrastructure processes and that during needed sheet and shortage. the U.S. to we our we pilot we those We to to current satisfy in the DOT could had place to show that on of aircraft. the accrue systems the needed those FAA the satisfy capital aircraft And operate DOT.

of on-time U.S. from operate needed every we many, airline Cuba and tour all that, possible product. [ph] so in that our customer And we and U.S. the many build airline needed in while to an the groups customer confidence NCAA incentive We to others. operators to government charter could to our were to reliable market we to doing the

big and we one hole market. the and that a And our they that culture their to build every that the needed members GlobalX inclusive, team saw thinking air much of greater needed and needed to contribution charter hold finally, centric, fast we to are important. where at to part forward felt fill customer And we that was was of do all U.S. a in of

I that then Omicron front all and and early successful report effects obstacles the COVID the rising am and and lingering of we to inflation in accomplishing put were including XXXX us, happy in despite some. So interest rates, of in of

airline throw us, The is anything XXXX able politically that growing can withstand economically, or at strong, state and financially. to our of

the opportunities and platform, have of that in future. We outstanding in the us our to grow airline an front have see the take ability near options of we built and advantage Airbus-centric and we

to operate starting year. AXXX all narrow-bodied the operate certification wide-body We AXXX aircraft this the we plans aircraft have with family, but later

are We XX,XXX maintenance hangar million square financed. Fort our for Lauderdale development, building needs, all feet, a fully $XX in

flag the of largest We are a simulator no full manufacturer delivery world's this from pilot training with CAE, length for year new cash us from simulator our taking needs upfront. required

We so we operate long have our approval, over started routes water. certification process the ETOPS for can

Like I future. is And moving are said, we the in airline fast. ready you invested for the have getting

will for for Eve We in eVTOL aircraft we all Eve the launch have and Florida called orders customer for of by placed XXXX. be the the Embraer, made starting aircraft

future ordered Airlines We first can or embrace can this to a mover. ignore be decided it we embrace the We aircraft and we it. after of aviation did. United

what must doing. know we something are So we about

ordered Alice all-electric ordered Zealand New also We passenger the aircraft have aircraft. after X this we did. Air

major So again, carbon our part follow aircraft and both in strategy future our we are happy And of to emissions. our lead. airlines ESG these see reduce the overall to are of

XXXX, in today back we do specifics. So into and let's and where are need we'll and it what to we to get get some

release today. take plans, We'll through of financial and hours our XXXX which and a a press capital look for with I'll our including our and year, then our recent everyone discussion passenger and QX run quick which now We'll at look look our sales cargo fleet pilot should past finish an have, block our are Just outlook this fleet certifications we'll operations, our recruitment, talk about about in at activities. our revenues. markets and the in and on agenda at accomplishments talk results, 'XX,

was delivery our in because the get our some hit for $XX - and late year. we million $XX in We and XXXX highlighted I've my beat it that XXXX, included not for of the did cargo opening revenues, we of revenue which by But aircraft. accomplishments of in cargo Our those remarks. million X%, forecast

start So XXXX. this cargo was a spectacular result not revenues considering that for until us the did

had flex Dominican aircraft, airports enabled revenue during developed that and we to reliability operated XXX and XXX strong now market, customers. different the passenger year X year-end, market. charter where in with NCAA the of dominate different our establish our operational we on At to us we We that behalf the businesses Republic

have U.S. have revenue stream contracts, now leading to government that's charter established XXXX. us established We we with and for as airline a Cuba, as growing move into the and ourselves we

XXX the year. hangar completed And our we should during are FLL, EASA, I QX the who of well approval talk IATA of recruited we'll which ground work as all we cargo our received certifications, new In which in is plan. European late facility certification, certifications, but Standard the four and break IOSA, as for our major XXXX, Defense, highly team And well-trained at mentioned, underlying is a motivated, about now trained certification for our this addition, Department Safety members of we began moment having which and executing XXXX certification.

of XX% great streams That's from course, a and an and block of of result to that QX quarterly terms the to also increase quarterly expanding revenue revenue focus QX a to develop customers. the from increased fleet, of sales approximately XXXX number XX% of consistent mainly but In to providing our and QX. service we our aircraft on hours, of had adding almost revenue QX, we and

results Ryan the our ask for talk and through I'll the year quarter. us to

Ryan Goepel

For and properly lease. versus to is we earnings metric used who an of all key taxes, aircraft. with our XXXX, aviation in airlines we purchase lease adjusted amortization situation our aircraft This compare EBITDAR EBITDARs In and a ended before interest, rent. depreciation,

compare an capital, significantly deploy less we So to basis. compare need to you but EBITDAR results, it on

EBITDA importantly, QX, EBITDAR believe will And and for $XXX,XXX. million. at money more you was compensation be and a launching year the think cargo or for X.X% adjusted EBITDA EBITDAR for share-based going cost year was spent look which negative QX, on for operations don't and training were – made adjustments forward. we pilot continue was The the in I sorry, when $X.X our positive of

Ed Wegel

Ryan. Thanks,

we have As forecasted positive revenue little positive with we positive and over and say fleet EBITDA. at a $XXX look EBITDAR, base case positive million again, of for EBITDAR EBITDA. the our current XXXX, I'll

our case, is, budget point, contracted. base at clients. this we Our revenue that the about XX% developed have means That

We of flying the have signed that those schedule our the the contracts and now through contracts and is balance in year.

is fleet quoted and we are assumes This to will cargo passenger additional aircraft. next currently X X the about or $XX XX XX% revenue confident our that days. current we negotiated, million XX that actively highly over and An and being so, of the current contract

from current the passenger year we for X and aircraft target of happen. to plans X, X XX our place to aircraft the Our aircraft is end XXXX in to that the increase in from have cargo aircraft make our to

talk XXXX, develop the with but stream. Defense are of on that, already and and our proud We'll about we will for in In Department DoD missions DoD various a system moment, bidding in of Defense. we revenue Department quoting our through addition, certification we're quite of the DoD

pilot in simulator moment. pilot us training. a And a the will and end our X of training year, Miami exclusive we We about for be and housed in we'll have move for flight tremendous talk will full partnership, Level CAE which recruitment to by our use, delivered in benefit X our as we us will this expand forward

center to do late our our at this will us our break to a Airport. reduce We the that's QX it allow for costs great in excellence of new place within Fort a be and expect on Again, own for ground hangar have maintenance financed, company is and a maintenance the us Lauderdale asset complex to for help and checks C company. us fully

QX. identified certify be AXXX suitable lessors starting process aircraft that plan in we're certification airplane that we're to our We and discussions would we and onto We've the and to negotiations early will begin in certificate. with think

started the will to Asia also fly operate our required us able complete apply minutes. ETOPS This routing and certification. efficient us on have from U.S. such to is even or and to for a to locations as be Europe us ETOPS engine to Hawaii to or allows to XXX allows up one to more We

be at ground MIA, own in internal years to come. fueling from a here It's become reduce our us our needs. that part our which our can us also recently delays operation, important for We has for very plan reduce and the very business of to costs at again allows our costs, operation eliminated operation team across to successful us our to the added growing fueling our ground helped expand has which U.S. MIA, of we have think tremendously. third-party we handling vendors, here we in And all aircraft experienced

certification, of member is become IATA, outgrowth Association. International soon which about an the within our a will of in or we week we'll Air next moment. a so, IOSA talk Transport This the And

key for us So XXXX. metrics these for the are

Our our as in base revenue add on is that we now base locked building budget, case the for year. aircraft. essentially revenue We're

year So we our positive revenue and - well EBITDAR in the our comfortable as of are confirming in for in assumptions as our outlook our terms EBITDA.

together. freighter X fleet at next the we to fleet. put our look It's to is us well. XXXX we aircraft a fleet quick so the well proud It's us within obviously, aircraft, will an served ended we're where us of additional have We're passenger that XX. and Very aircraft, great which to aircraft. more to brings adding A get and that of year. the continue This this aircraft serve adding we XX days, XX how

have during And We can ended of that see very still bring that aircraft, great lease terms about lock XXXX. the lease So type we the negotiate favorable into fleet. a this up very, believe we fleet bringing an terms we at to are XX we is the to aircraft, in need lease that of aircraft pandemic. conditions the on where are and XXXX, XX which into for on of us the we aircraft that that extension months midlife fleet the we we able those rates were all window favorable to

fleet. very on terms we ability terms very that very the that on similar bullish we're our grow So during on our We're the got bullish fleet to pandemic. to

as Let's our additional well the pre-delivered. pilots recruit, get to out by to satisfy over and DOT number being next access, access able of to ability fleet aircraft subject capital trained things, This maintenance higher of heavy evolution to aircraft years. about a talk X requirements, to our is

are the some and so seeing be a we'll better chain issues. year. improve, past we because seen we're take have on aircraft delays to to over that able than confident supply Those of So issues schedule we're starting delivery

much in you aircraft cargo as X X issues of were quarter to give as operations and Just a chain know, issues you to because expected our XXXX. delayed sense, we start supply first months. of were up fourth the as cargo other Both to of

that So taking we within in February the delivery aircraft the September, up XX next took we days. the August, of taking delivery delivery of in of were we and late we're would take aircraft in delivery

will situation that did ease in XXXX. think impact as get more We it converted, AXXXs us but

that aircraft, this X not We passenger XX to expect XX all if be cargo by of we and add us, wide-body the any aircraft the and of XX This and end passenger for goes aircraft will XXXX, fleet. that end is, growth the may include cargo also AXXX XXXX, by does a aircraft. rational well, sustainable and

It's this growth us. things again, contingent But happening. a good certain on for is

process the XXXX. number of very XXXX happen. confident We things by year-end of those get we this are in aircraft will and We're of making

plan delivery the at the on look slide. we next as And

aircraft passenger X or days currently well the fleet. we AXXX another X, as in the That's AXXX next plan freighter, an XX freighter base add X passenger within and aircraft so. second our and will freighter Our AXXX

X and Our target then add AXXX an of top that. passenger X more aircraft additional plan aircraft potentially on is to

X aircraft. of XX would to those bring us of us X XX, us be to to So that and passenger bring those would be gets freighters to X our

have contracts locked plus again, base listed with X we ad the plan, long-term aircraft, contracts the which plus revenue, on have our to current here, the hoc short-term and contracts contracts, already includes in $XXX we books. get essentially us X that and of So million again, which,

is this plan So XXXX. our for

and works aircraft How do which has out all well streams new to It's work? together, a and is continue as of some - new we to the we very And the number we're these that our revenue confident avenues for of for that continue that sales strong, creating very, us. will signed. for the in to customers of they unit been contracts streams opportunities very explore we revenue get team, to add in that cohesive number fly very

and Madness. fly universities, become very airplanes already, very these X that business. year, dedicated which a source Madness XXXX, us. few March the business the X is of of But baseball, airplanes to will basketball, will has weeks we have for to and we football, repeat mentioned basketball significant field the a important We we very, colleges flew NCAA, This of the In NCAA X for March start soon. track X

our [ph] And a tour as we life operator tour airline operator. for. Cuba add third second have next Cuba a We X an now we will have operator. started well, As fly Cuba we month, with that tour

become will safe we tour the Havana, X charter So to to that the serving to cities the operator operations. market, airline Cuba tour largest in other Cuba

customs contracts we And U.S. the our with line developed well, have and State and the Security border government also with the Department as Homeland for others. some for business flying and control

time rely on they can serve missions. their and on we We have fly to and - us that that shown we reliably count that can can the government

new I now large mentioned We and The into our is also becoming put very with we've Cuba. have particularly place. us, that Republic summer a focus very, for multi-month tour Havana operators. Dominican contracts

as We as the Dominican Santo Cana the [ph] X On Domingo. Manhattan summer flights flying we'll this into have only many to are airline some Punta Republic. operations to days, summer, from with

We've TCO, market our opportunity expanded new EASA to due our within fly allows to us our certifications, Europe. which

TUI. X summer be so flying for we'll airplanes this Europe in And

the certification one and a world, other opportunities IOSA of us Our but airlines largest around most opens started incremental lift deliveries fly whole to on the primarily in for as we them and well world the to here U.S. new for for U.S., of fly up the their to they in expand before providing to they take allow as successful airplanes here them delayed markets low-cost are carriers new of into delivery.

and certification DoD business. Department for also tour within a our system us programs. We've flying developed within VIP of narrow-bodied opens Defense aircraft their And up the $X to our billion market

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Our with ad XX% ad return strong fly charters to hoc our in projected remains hoc business to over of us XXXX. with

market the and We've strong. fantastic developed outstanding service, a crew the reliable very for they clean people that in every that are provided flight from sales members, reputation experience. the and accolades fly day for on-time passenger we service get So and members, we overall aircraft for the crew for the

we very So and passenger we're that developed ability past XX we reputation numbers team hit that to in of because the the in confident sales months. have our have the over our revenue our

changer. freighters mentioned, soon our now passenger X the by freighters. Complementing game The our is AXXX to which of cargo business a freighter freighter X division, on as end operates to And I new is to operate XXXX. grow projected

with generating projects, even new this And XX stacks how and the many working in XXX. every We're tremendous talked potential aircraft. have this aircraft we the new against XXX-XXX on up many, proposals are freighter week. We XX or showing new interest quotes, customers

a We XXX signed April month very, at end big that or year probably that's be block have hours the recently package a good major for just a expanded even rate. will customer, for through a through hour of contract the November very

with have are AXXX are that day about airlines, us delivered this freighters, streams have our freighters that need Latin American aircraft We have airlines that our narrow-body particularly being other year. other don't every lift we incremental revenue developed that for talking

than materialize, with caused them May hopefully The them deal a Avianca, us last deal many for And Cargo. one year to more years. in for we look announced to of good flying and they start and of we Avianca that have to year. with April and move with date we we will freighters this to a ours, airplane in for start the expect our are forward them flying of know, but you partner or for them and transaction As delivery delay

from the and Texas within market that auto also the to major Mexico to cities plants. We've fly have automotive started

into frankly, and and the assembled. airplanes And into of a over X we've Detroit flown Flint market X into are centers keep flown we them we've or So time where other quite probably could and automotive period Indianapolis, put fully occupied. autos

flown is Ford We don't diverse that. want We've revenue a for with diverse us. a revenue We've for various streams and do to our Honda. we've We flown But to customer for want first this stream, freighter. flown have customers. for already GM, a of from great

We're the expect working to bidding they We're that out that for we on And also put that Service. to bid with business. having routes some this hope U.S. get we will Postal year. and of are talking new and

value of mentioned able cargo number the few of in be will the of confident course, talking will course months. over bidding the There start I particular with we now the and all package that that the are versus here get we with Defense, next freighters airplanes they of we're the X very within our of AXXX to Department the freighter operate understand how next I'm with department a them. defense year. in XXX-XXX, to them carriers, And of the

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be we we to business. early on this in identified wanted that And so

we We else tied to just went cargo out before certified freighters be even a a up that business. these was concept this number woke for before up were of going and the the airplane anyone to AXXX tremendous

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that will flying we XX between AXXX have number have So us XX comfortable constant right projecting XX of that lease. under additional in freighters and we we're and from on aircraft, now we're increase now, working the feedstock to freighters for now, months

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member of full IATA or a become to next in week the so. expect We

our line DoD. mentioned I market. our a as would And our of a to Europe. world is I the that our now Defense mentioned, share that, a they bid our get the to for earlier, tremendous and also of tremendous expect for fair freighters have fly from boost missions Department this as to the the the to $X as well from billion We the revenues be AXXXs we Defense. within And With that approval U.S. Department and hope AXXXs or and to U.S. boost DoD, now around on as credibility and can

the these for So laid these all which we groundwork XXXX. of certifications, in

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to Ryan activity. discuss our markets ask capital I'll

Ryan Goepel

Yes. Thank you.

as the the about being company put we're a there's investment. starting So of awareness public to There's awareness a company, and that lot the and into And digital a as of program dividends from lot making. to we're effort to progress our a see capital structure. raise stock

has which effect the you a we -- on Our news, had - the last you months. we're mailing stock. grown has is in on positive of X are doubled with to think this to When X list, share, good call almost that's which able that many on combine the

fairly a run you many good As days. XX noticed, XX noticed, had to last we've the people have over

in the really, of one received. that is April questions asked be there $X happy one of warrants of an state get exercised, have the to warrants million substantial One a we're been by the series were and the that or are expiring of expiring, warrants acquire Board. in company, to up-listing. institutional looking about have are XXXX, to there's the about is two, of exercised million warrants Currently, to X.X really investor excited often, I were which position outstanding cash I'm soon generating a

multiple warrants, the look there's the treasury. our as at $X, additional should that to towards warrants conversations still of to acquire their are also trying warrants X.X exercise to [ph] warrants people outstanding bring X.X and match to I'm in million And stakes, priced we see with explore talking all offset who exercise with institutional people in investors if to warrants larger looking with

much to get will growth cargo the be We wanted the we when be to a question to in other because We company plan four probably wanted show quarters, said investors in a certification. growth. The last that investing. is of institutional show daily quarters healthy we We we are for pretty wanted interested have up-listing? show we four to wanted

capital uplift growth or the in to plan conjunction raise do We XXXX. in debt with

to raise. We a we've the platform. the plan. form injections that capital incredibly as look we on the current We debt. have rates, our as the want not of because equity open-minded growth board quickly we as that's we pilots to these with will possible raise as But discipline We aggressive not to last believe - an customers we XXXX will We board demonstrated relates want at it have being to quickly and maintain get possible. and to - go two as aircraft as are money forward on get we as do

So maintain discipline we then do forward responsible. done XXXX money, an to as looking to in getting XXXX, will forward our we absolutely planning but it to that uplift and are relates to raising look

Going Sure. to the slide. next

sample last the the a fun This kind slide. have XX flown we've over So teams in months. of this flown, is XX a just is of we

in team our will almost Over NCAA tuck week, effectively final will the X we in the four aircraft with next the - we single tournament. probably every fly

core This is business us. a for

us. and excellent position is to demonstrated seeing a grow the fans, continue And flying an and fly a to these established this as to fun market, we're it This robust we've We it's very capability going very seeing market. the we for players, I forward. a the have a in think going market teams. love We for love large is

the think slide.... last finally, to going I

Ed Wegel

brand registered a that is GlobalX. sample to doing things This number grow our of to awareness We've brand of trademarks. and we're a bring the

media. Some press and in of them have of social seen you our some our releases

global beat can't for focus, commercial forth. local the presence, professionals and so charter air You experience,

there. can You list see the

these certain we of use Each in situations.

they documents provides need well our on as we've stay Our to customers that's connects relate piece cargo touch client charter us of operate our which of they that connects got and have both cargo developed involved particular to paper charter. trademarks software apps with connect, and their and that on that computer, so - trademark, iPad to on have every in we everything keep their with charter we which have the their able to cargo be clients all with to an passenger or

within of As iPads. an that the we this will aside, now are use bits completely we We're XXXX, paperless still in be last company. XXX% by the But the end of paper almost run the out company. airline on stopping

to and them. of list some as much that. very specific and to on of we do very seen much its allow ways, a things that want airline, be brand we're clients. doing. that We're we out to is these these charter a with many we're using So business. us some streams And this a using focused of the some We're be trademarks market in very testing - some the in want them But global revenue while is of

So and Grant, that, dialogue. the with happy the We're take of questions that's to our end continue presentation.

So...

Grant Howard

great, webinars. One you, enjoyed always a outlook lot pockets what's achieved. the but There's several detail, I've Thank been was outstanding of about the details filled and job, Ryan. you thing GlobalX the with

up, job two thumbs So your you terrific and to team.

to going already but go at they've bottom do ahead, submit that. are expect I answered. questions submit questions questions a through you question, and warrants probably the to everything on Q&A there's there's XX been folks be We'll want else, attending the your who and

Deegan about first The from warrants, CAC as was one asking balance? your Bill we'll [ph] that, about buy current

Ryan Goepel

million, has a I think the cash and year little since $X of balance the at that grown over the end end the of was year.

Grant Howard

go Several additional a I'll in XXXX to Any service perhaps like your mark in aircraft The that to confirm during has the X,XXX that. in is I'd $XXX for add answer EBITDA through Paul. he QX and service. Maria guidance yes. could from million order. in only question question around them current XXXX guidance sales assumes are the

case. So informing the he base is just

Ryan Goepel

Yes.

indicate So we a we EBITDA was $XXX say also zero million, said positive. I would didn't

would a optimistic the And service EBITDA be than XXXX guidance? add any to additional current I'd and So little yes, aircraft that. in revenue more

Grant Howard

amount seeking dollar and aircraft to On AXXX such Airbus pay as the are midlife for what you AXXX?

Ryan Goepel

dollar paid next seek seeing what during before amount. difference. but the still But year, above a aircraft deals last material close in AXXX for that pandemic. passenger to saw we're a We minimum just is - we what not aircraft very for that I taking mentioned The aircraft, we real some similar type we're slightly the

next us California to lessors, are aircraft. we're different for from whom the big with continue sorts year. at XX XXX and all and want for to least in Air be So met we with the ISTAT that them of low business came in able us, leasing of all a AXXX offering of conference still will about back deals do I those the we AXXXs, just with think

a it's And especially for buyer's those mid-life still still so it's market a airplanes. -- airplanes,

they by get big that good operate few AXXXs. as us their years. able stream their also also of low-cost those develop steady And the be We're so working a think aircraft next XXXs. that over carriers a on for steady to new talking to will of about the carriers older I taking stream one with And the the we aircraft low-cost of constant see

Grant Howard

picks around as that. as a a large don't than GlobalX the idea deep they overflow. XXXX. we but need leases There's been key writer contingent that much jive chose who a lot is But top get doesn't i.e., a industry years, continue him understand. a hearing That know airline to letter more to and what people news call of [indiscernible] the help very his of with he's recently will for asked capacity, noise me jet subscription Keith shareholder is seem base one an by

Ryan Goepel

Okay. That's a good get question, situation. to the can and understand you I

what aircraft. delivery the day The So and In as cases, on years. MAX. the major new low-cost X aircraft U.S. in some XXX airlines major low-cost carriers the is XXXneo, in now the of right the experiencing new neo carriers, as are delay those delayed are the much

the are mid-life get freighters issues, OEM There's our the similar supply they're aircraft because of out seeing supply to airplanes delayed. trying of issues, our or experienced what conversion, we new to being chain

So those new to a aircraft. mid get their to our until won't life while years and you some go they airlines get us can provide for aircraft for say, and us aircraft. They'll waiting lift substitute X we're new turn

Americas for them. fly fact, get months, second us the into think in that has It's the major a for right extended flies low-cost I also have a capacity have one carriers. us which more the asked And will that asked LCC fly for them. flying we international for to And airline has and for a in based several U.S. contract, we of that are now to we month-long

Their deals delayed. airplane. don't an already sold have routes. They've they are They've announced tickets and

if discussed airplanes, airplanes we attractive to right pilots and every fly had could XX if our day, fleet. them. frankly, become suddenly now very we we this in had So probably the very, we - we the And

obviously We have don't the pilots.

additional we're reasonable chain are to we few develop think But next We see some until the because we'll our provide or resolved this of to a continue these the even add growing over years. supply pace I piece we the that's want infrastructure can as airlines lift growing filled. rational. and for routes at and positions of business complementary have their order that a capacity new after open are issues And

doing, we're can do. and for drive this. So to bullish can for airlines We're working a and professional good what show us they're on it's rates We know with good great who it's flying opportunity what us. we very very very,

new that the is a disconnect new just the coming fill won't here airline by midlife airplanes us. get needs airplane. to airplane, until gap the gap They fill and to the So that go they the get they

Grant Howard

or how what's plane, I How don't [ph] hours you et training a the cetera, to when many launch for compete expenses, on months payback have you payback? flight costs, want new many that? start-up of

Ryan Goepel

cost biggest that It's months. of chunk about X to - which is X deposit, our sits balance the on sheet. that's And

we months. But that So when ultimately the X in, deposit end back lease. that the factor X at that's at get you of looking to a you're

Ed Wegel

us, X we've So put lessors that deposits. And And some In that's negotiating up with as X a obviously. cases, - been to we've we're on balance up said, sheet. positive Ryan the deposit. not months goes recently, only putting for months money

line. it's the deposit So on

certificate is primarily. AXXX onto certificate requirements onto close cash the freighter the or the airplane bring bring general, to in deposits, the of $XXX,XXX, cash to But the the million passenger requirements an about because to $X

Grant Howard

your cover all need many aircraft flying from an per along and utilization What hour fly hours every time. to parts call, what to for to this. is that year, equivalent same block are theme cost Somewhat rate? a fixed several how does hour three, block And to the variable costs. Two,

Ryan Goepel

we So an through for customer. by market when paid that and we are overflight operator other charged customer aircraft, insurance, for as stands cost are the other fuel, that at the to to those ACMI those talk or costs. about crew, ground and our a are costs operate, such how fly There are handling, we maintenance fees,

ACMI. at So what to really needs the look is

When insurance number a crews, you to rate is fixed. of operate. is The you month. order per in the at is lease aircraft The look fixed fixed. need crews So certain month per

in when of variable, sort fixed And it's short you So hour the that's -- term. maintenance is cost. is per then fleeting fixed but at look a

number variable that's hours based flying. of on So

there's many So a two that how hours X,XXX hours hoc, where you $X,XXX when it think an month, short higher customers. or programs which is depends to on XXX really you fly an to much between in of trips you and fly, and tends There'll we need might XXX be to rate, ad to be charge X,XXX about you a at kinds do hour hour. - $X,XXX

XX teams example, in hours, as head, hours top around playing that's the right? probably in off if XXX a and higher - and goal fly is my rate. much XXX hours of that's really [indiscernible] - at fly to over an sure upon I Europe, That -- month, hours of rule to the XXX but breaking aircraft and on that. get on play it's every but price month So we will sports think hours - XX we I'm month, you're kind if an XXX I the for get probably and makes months, to average sense. not after that's a and lower a XXX rate target average was a average, a for month tail thumb, helpful, hours we'll a at of then even of some an with

Grant Howard

XXX% have we define at back. and first was percent 'XX? guess asking you'd was capacity, we He Keith capacity are to QX flying about were in I capacity what

Ed Wegel

X people not we the capacity. sell airplane capacity a depends are In are the because customer. sell block you defining how to cases, airplane a define in the at is some that whole or on we for What that rate who hour higher hours higher many is Those how All for of who really we're is airplane. revenue the looking weeks. block wants but pay less. X of customer it hour the per period they number we a for rate, fly They a generate

of so to that pay. number And the need with and we rate play hours the they they're block willing

our past this hours doesn't few XX a a describe an the Ryan in airplane here metric flights, days projecting could which hours for hour XX our weeks track on per March, get instance, as with XX%, XX% multiple airplane mean utilization, a but a airplane on utilization But for of started terms we'll if It's sound call. bite to for for we customer the hours that reduced, of XXX up. we're So in or for our needs for sort basic day month, hard number to in block is play And to the to airplane. per little have said, be flying for goes this of schedule. a we're per each rate capacity

with need. rate block get we play the revenue amount that hour we to to utilization and So of

Grant Howard

on be would update XX Is depends had I it passenger planes actually there and on any X thought it mix? breakeven. You the cargo X, that? suggested

Ed Wegel

When at So So aircraft where and we last a quarters, I X think look August. right? for we EPS, should the you at two effectively QX, you look if QX, QX actually at and were had our we we're only positive and look did aircraft events, adjusted we in we when still basis factor on breakeven than you an fewer in at QX in maintenance pretty had EUR. close to

model I our think - of kind fully that. tail effectively is and utilized if that's breakeven, beyond each that's

XX, X, profit. generates X, XX So

think XX don't X-year XX will days. maintenance have think then at it's XX or aircraft, for in and call we downtime events planes in go I you factor checks no, less. But X for to I for it's So what

So that you lose tail.

yeah, you need a in is to aircraft of will a we utilized there, pretty but be year. little be bit So what which should breakeven, X had., buffer close

Grant Howard

are size The the business your taking the Brian done. narrow from Randall, your compete performance, are business you you with to on enough impressed now, charter competition? or large well line very body, Is new seriously XXXX focus arena.

Ed Wegel

from some revenue that our flying business our our major Cuba effectively and our been competitors. We've are our I other million would taking In competitors. of from additional we doing, say $XX other successful very some of focus we've is of with from XXXX, taken flying about both those. in -

U.S. focus a continued LCC America, as to every about them for Europe, business in actually looking looking them. business we're lines. we're for We're for now airline in providing lines. new well. Over to talking lift but that's us, We're in every Latin for about for lift talking the So providing

thing. we one focus So don't on any

cast into new and broad possible be customers to business. our is net focus as bring to Our for as

Grant Howard

with excuse how is me, now? which doing you – arguably mechanics, more item, recruitment doing right you pilot are Operating difficult how are

Ed Wegel

We've or an aircraft issue issue AMTs San had an just base here AMTs, We've for new hired maintenance our Miami. had what call mechanics not X we We technicians in hiring not in maintenance and hiring Antonio. mechanics.

resumes Lauderdale in freighters. come adding the to Miami, see with area AXXXs. who AXXXs. want see We're with see AMTs They adding hear here They swapped from growing. work us add we They us They Fort fleets that might our us.

a a to they And being want up there to being be airline being so to from AMT move they line where manager is regs the of in can growth an maintenance. supervisor where the

up up growing the be in as come Lauderdale, for AMTs we're will Florida. to here facility can South a going where a be particularly their chain. lot to be the our in That attraction We doing they going they a open provide rapidly own Fort hangar can we C-checks. we're So where where those of new and great move - want promoted to airline, get with opportunities,

far, capabilities. good. creating supervisors dispatch We've really everything our department a very are team of great so we're And got top notch. We've our is terms a just in on-time - got a team reliable of and So, maintenance great our of maintenance of are AMTs. just airline managers and XXs because reliability we our in

Grant Howard

within questions significant next the can lot through we coming X get profit a of in. can years? of most them. expect we There's to When X Hopefully,

Ryan Goepel

here. The profit. we're plan generate is to a That's why

a aircraft we is the XX XX is even, aircraft guidance would with X that we're to and believe I X to think targeting the will generate we profit. answer give breaking

better. We get will

at We're of not forecasting in stage. a this position profit

it unit the do that the the at add comes let past we of in incremental But else we're guidance and generates stage, We And profit. rest delivery to the to if economics have variabilities this we basically amount our we more filings will - on with breakeven and side. the everyone at aircraft will day-to-day, the X or as in as indicate claims, I'll of math. guide when get that X fleet, finite on

Ed Wegel

capability investing right? that and fly airplanes. of to developing we business, aircraft So also in heavily FAA those the training, very infrastructure pilot and continue the all to We're need the that recruitment the manage have and to take we show

improving. our new the systems two year. as document across our in software bringing management and company. documents us all upgrading constantly we're with with systems, IT our to systems help manuals well Our this fully to and We're automate of

that money. our to going financial as how we're create to and noted grow. to the Airbus-centric we platform best going continue spend. see We're that possible U.S. So invest We takes we to in to continue the do statements, you much in

So...

Grant Howard

more anything Acted or likely this mind QX at point, QX? on the is Or your in definitive there Ryan? uplift, more

Ryan Goepel

XXXX.

Grant Howard

[ph] Bouge on updates Any

Ryan Goepel

the our of travel Yes. other we There talking certifications in and OTAs, on well all couple are a investing to number of sort brands agencies, about we're a business. and back fleet. some to us luxury put with things went Bouge a burner partner very added going Bouge. We airplanes as rapidly of to through it that the as online as becoming in But with of

plans. burner getting to it next or important part have certificate in Bouge put think the help on us focus the some that bringing some to the strategic execute we movement an have But so could our business. XX we and definite very back the over So on we'll It's those we that airplanes on Again, that I days on we're very, getting for so. partners plans certifications. the and of some

Grant Howard

Crossing Question not the is was July back spin-off recall, on XXXX. can Canada those Canada, line biggest deadlines the the how in of if it who as investment shareholders doing Global of and debt the and biggest may for one people not to outlines in your is

comment that, further any on So gentlemen?

Ryan Goepel

we them We Jetlines referred as at they to to the Jetlines as basis. We weekly shareholders that GlobalX of up a time significant well We've you back business Look, to referred so said, was that, Canada up we as is business operations. us. own - the stake all off. talked in on spun Canada a in their

them. Las know, they for at for And them a to small willing point, when that. we're fleet backup and they've but and have if can Vegas ready we need you to this As fly fly They and started Melbourne. provide

we've the them CTA airplanes so been getting getting alone of air and on get through and that in then certified to left some done. the focused sort that They've getting

will airlines the over think together. can some I coming two about the we very how substantive discussions have work months,

only Board. The investor, So on we're team, management because a we of prospects. good a do the strict there's very on about their have they very from We're cheering sidelines a them can U.S. Canadians them. airline U.S. We much as bullish good with so think all are or that.

or Everyone it's We sees a price think around is million somewhere great so. million $XX we But new how the $XX stock where shares. own or opportunity. or

us, So that this them investment and be way for a happy very with we strategic our can sometime that monetize future. could We we and pleased very we're think they've stake cheering good we're the the and investment hope on. executed, in that

Grant Howard

John Gamberini.

City, congratulations there outstanding addressed active. please status the Las management Vegas, as the cetera. Jetlines when Is off, on teamwork and First on touch great that Canada of year, Also an you've you secondary to seems basis, update part? to such any Can markets. be Atlantic partnership of first your fluctuating et pretty current

Ryan Goepel

City a for base overnight attendant Atlantic going Las flight Atlantic to lot Atlantic operation. into Northeast flight Airlines, and still airplane activity Vegas there we City. from next and once the basis, start has Atlantic of in operate in to there is the support charter in City flood a have into in would the a week, maintained maintenance on of with sit its based fact, So bring attention And we we're City, another least At waiting in a we be class Vegas. Las to out for which operation. Spirit back

the flight out brought flight for Miami City We time our base being. attendant into attendants Atlantic

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to based pick other adjusting where charters can bases have how flight we're be it see our we they where to flying our their from we airplane wherever on where or demand, efficiently we up. move to bases the attendants So may see

of a this. at -- constantly look it's So we all

flight a a base have in of attendants. Antonio also with We San number

constantly at and to bases we So grow put can flying. makes as and airline, where members the bases to the looking put in we bases efficiently we sense move crew where we're it where those the charter can effectively

Grant Howard

very impressed left mid-'XX. exciting. has on has is last Walk The to in in and work Harrison, Mike growth of the the time be that made XX% truly been was than to appears last year. the It is end you end projected that I'm over presented have plan River progress current Antonio, number Can and constraining the would be appears of what by anticipated year XXXX with planes San the been completed number projected comment cargo that foundational over by you 'XX, the frame? by of XX the planes of the planes in At

Ryan Goepel

Sure.

slide by XXXX. XXXX, if a you few So we back presented end to minutes go XX of the end ago, the that aircraft aircraft the by XX of

they accelerate XX And airplanes XX the get us go take the in their XX months, another we airplanes the it's maintenance. dependent onto from certificate former XXXX, upon gets up certificate, into to on the our through a that, availability that learned that's those few that we aircraft to those of as of mid-XXs. after Assuming operator ability the availability pilots, airplanes Could things. over put we've last

are So number that. to moving a there of pieces

by to is to I of Yes. can I end aircraft but right no. get think Do get there? XX Can I answer I can Yes. for get XXXX? we Do the want affirm there, you the now,

showing based of time on we that pilots, what to based on to can certificate. do we're length So the aircraft you put the takes growth on on aircraft is based it we know

the our way us do reasonable think in does a we're certainly or outrun but That's have our from and XX. a not work. we we do goal, that to cash far let our it not in too capabilities or fashion this fashion, of I So a practical that off in people number will

Grant Howard

lead and you Ryan Etikaylor. He's in asking asking principles out fact can for he's that our not about leveraged the or any way? about added whether be that

Ed Wegel

No.

stack or December. it asked with -- would during a that we question off, something Annual was first in was not -- made it that with that do and I we clear the As back intent point GlobalX. at Meeting any And we formed this General notion that

SPAC. to very of CEO airline, the not us the because for very, and conflicts with and something CEO if interest, it's do impossible, the difficult, Secondly, the Chairman Chairman of that of I'm of

reason been spec, is those ability So absolutely for or with discussions no or there contemplated. never that intent anything us to have and do

Ed Wegel

then be is this changed If up-listing Young. current NASDAQ Andrew stock with the year, completed Neo code? will NASDAQ stock to ticker a new

Ryan Goepel

think don't to want there's our to We need stock. trade that. necessarily the Canadian have to I access a easy do investors ensure

to So maintain it sense makes both.

Ed Wegel

sell for word Canadian Yeah. And of The a of very supportive ours, very, a question out said Jet in always as partner able been what way think Having want talk said, And our shareholders the That's might that, it's about there. may about I stock. has to convenient a be very would... shares. Ryan good Neo B to getting our that terms the their to company. very, you happen Ryan,

Ryan Goepel

we U.S. with meet - the when will comment we'll If we because up into able NASDAQ, the to be collapse be to

create We made that ratio, from consistently the we're caused B. the go which problem the addressing us common be and the US bringing Jet to to effort a to shareholders created have conscious

stock, we'll for or a nothing a do be you're in concerned the there stock just about. Jet If comment. B holder, get to exchanged collapse converted When we your was

So benefits that's beat, base, necessary up-listing. as of our really shareholder the the not is of rid it's and of one we to get our goal update

Ed Wegel

stock Fleming. true from in any the the position Ken an beginning on here We're the since investor dilution on the getting of some your is concerned What NASDAQ? after especially redundancy questions the This is of from mark. question listing

Ryan Goepel

the to demonstrated mind, Well, last keep share to in growing XX actively concerned triple-digit have there price. think also about -- We're we're I we to as I numbers. over we're trying in the dilute the well. guess out company we've it But not XX months,

you at and to And capital, so bring which there new is a want point at the in it's price. right capital

stake a invest is X it. or I company company so think smaller my is in if And I own larger, I concerned is this I'm of percentage larger. with times and it. any My X not times company

little dilution know frustrated been word, I of So think where we're And I as dilution less and concern. has get a is be think I as of that don't any something seen important. the behave. should I way right wary our think dilution, the think plan, of is I dilution very I you've we and -- it's think long we're of, stake definitely people a for capital the growth outgrowing is if sort growth dilution that's

Ed Wegel

are and Yes. this And both that shareholders company. remember just major I Ryan I of

we think have us, probably I shares. million between X almost

we growth now dilute should take stay We to where meet are measured We with aircraft for of dilution, comfort need right? growth We require add have capital aircraft. reasonable We're number just you So We in can't sake that add the plan, to we not going to right that. to plan. need have. the a we everyone of pilots.

is shares add get to XX that a aircraft in airline. how We're do else to we so platform is, our where at, need trust XX need get judicious have to I we so worldwide, are the in maintenance certificate, will can million pretty into good grow that to assets. to us We Airbus-centric tremendous to freighters need be you capital. AXXX passenger okay? okay? Where capabilities going diluted at operate we between beyond because We like additional XX going a confidence add and to far And we so coming are And ability very to that's X okay? we've aircraft take us and the Ryan everyone that soon done to

is USD And balance are deposits about we commercial in this airline of where the frugal aviation. with to of management have in most This X management history USD done sheet. those team on U.S. the that team been XX USD million it million. the million getting has XX

us, trust this that You we you and company. need continue be have will okay, in very very, growing confidence to need in us to to frugal

We valuation. can't we've But But to be need now. what doing that now and XX we with a afraid what aircraft get billion done to what afraid $X have million. have dilution. we done do this be $XX of to us don't of with do we Don't airline

Ed Wegel

that's million a passing if luck hangar short-term the a Andre people great this one. and can with not made debt is than a From up equity attending, Wall, come the are company with little and a a million The question, another just who Jim job the from congratulations please in you what more for in much $X on construction? good research $XX Fort Ruble, of progress Lauderdale status loan and find do in

Ed Wegel

Oaktree We has said the XX They're body but of final the stick signed some will a next approvals agreement some I going financed final that through days. it's to approvals, the of the soil and as main expect in in to to lease we Capital. fully break -- place. with been presentation today Oaktree the been completed, just It's and ground. other approvals down by within our main our question has now shovel ground are in The getting testing

Grant Howard

working queen is for other conversion the moment? guess, contracted appears that of betting [ph] many have on AXXX on [ph] conversion In the you And are you IDI how getting conversions acquiring slots? airlines, at more the it the do deals the with on

Ed Wegel

first is after weeks Quantas Lufthansa, The acquiring we ago a XX AXXX suddenly want freighters that of said few very up of these part of and they true. our question started process woke get short conversation. called a see airlines need them. us. with they they to do what could that as of soon they said can That as them have very us was XX Both

are the LOI of XX lease for now got that deposit we that under terms MSN have, conversion have slots In that we've or we with aircraft slated with identified. strong

XX% have with is the to now us. get lessors X as to marry buying to conversion us. that to another AXXXs we to with agreements They're provide to airplanes I've have slot We My provide up mentioned. goal to

are faster. China sign the X another probably could we expect we airplane -- be that's the slots but go this for I yes, that get politics add Chinese they converted conversions and are that that to go aircraft more an out into year. to of to take at in won't faster. an So LOI that, will we expected And we looking

is more good that So engine or company. I this aircraft, the my for or a looking of believe out this more less spent more for I conversion growth slots part because day

Grant Howard

cap when big you each or other? $XX valuing mark, to a are difference Third Sun to, believe, I or comparing a aircraft instead leasing maybe of question the million market Country aircraft $XX million owning still X isn't means evaluating in aircraft

Ryan Goepel

to see leave to about So valuation when what it's they that the of market valuation, you it. not it's And my really, because market airline is you determine I'll its the is equal -- valued aircraft, aircraft, how testing talk its all an to an owning, lease which we value basis, and which why EBITDAR EBITDAR that mentioned, on owns airlines EBITDA. are of its

An but will the significantly money less. all capital its its amount airline be generate of its that to EBITDAR leases EBITDA, higher significantly that than employed is aircraft,

in our the return what to. capital even to at EBITDA and that's on forecasting they're margins our margins, best And our employed, get look industry. you If we're

there's to aircraft, So when comparing would look lease is yes, There at benefit a it a also really ideal. we good but airlines, be a rate. of owning some benefit getting

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if as consider available, would benefits versus sense, there's capital the acquiring lease makes forward, buy. becomes go it's we both. it we And yes, aircraft As to

of to we we're so ideally, going situation XX, to rates in I a think, that's where you that you lease do to get fleet, get said ton you mature you sense, but get when continue a made Ed, to a a were like very over and that. XX-XX, longer term,

Ed Wegel

had into we And plus an the put acquiring equity aircraft. to

Ryan Goepel

I didn't have XXX...

Ed Wegel

lessors. And lease depressed the of capital rates well under were significantly cost of the

leasing to And we're get that. experts. aviation So to the XX% leased, And a airplane said, sense. to And XX% required at want formula for size. number of Ryan That owned. that time, that works to of the with all airlines go buy made talked cash best as be seems our looking we've that's no to over we

Some of aircraft. operation. have their us dollars now, into the Right lessors on our the we're asked growth about of us putting our focused selling

leases we get base. now, to later But probably aircraft to right We'll systems, revenue and growing this a our have it's acquire additional not cheap on year and an getting All balance We of question aircraft this when hopefully on to through the of trying us. the and aircraft our right put available pain the get leased focus. now capital, rather much more it going sheet.

Grant Howard

strategy... speak please sales your to you can Loan,

Ed Wegel

Yes. or Cargo passenger

a a a and back refer -- I if lot talk detailed really -- refer I perhaps you bite. good that question lot of sound you that presentation. requires we not and to to want, of to very Happy off-line think with but we explanation -- made that's a back you about well, that just can and detail we the gone you our to presentation

Grant Howard

expiring that warrants wrong, Is Ryan, correct? the April that's than correct other funding in on questions And April. I I'm believe Next XX. if me

Ryan Goepel

Correct.

Grant Howard

available Do $XX approximately you have any XX funding to to short-term sources CAC cap than December the of you, is is securities We're leasing... less working million. get really starting

Ryan Goepel

the Well, ask question lot Garo it about is how [ph] the I'd do what it first don't Yes. is is. feel want you and dilution,

like day. dilution, then make you If your we can

Ed Wegel

did we money when They've to announced it. larger if That other is, the a need our million made January. need in the we the one it. address Again, we from we'd was facility, $X of the announce it increase But only commitment we that way we debt take investors.

all capital the you on of have current as our value your the all we IFRS sheet of under balance put a aspects lease current aircraft liability. One lease of because the and years working XX, our payments

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So cash decreased. for significantly the need is

Ryan Goepel

the we -- only of the instance, in took drawn we half put $X place facility. for We've it. million So

The is other sitting if half there we need it.

As it. of right now, we need don't

Grant Howard

There's presentation around To financing, questions about of don't balance your some sheet there's been and has to questions in any though. I redundancy here the Jetlines answered. more which these kind Canada of deadline, questions. Again, the getting been that in we're believe, have if from contribution answered

Ryan Goepel

equity No, we for the method. them account on

equity they're but income generating balance standing. will profit. or no they there's earnings they -- start when they impact equity until But earning until to on earnings, So sheet our start the profitable,

Grant Howard

to between pleased that the deep spending do aircraft questions. some and and you thank hear, those are we of coupon to split weeds rate are how millions Congratulations, of really debt which because, these into along getting about raise we're on expect and dollars more you for always questions

because to let this you up -- we're We're bit or me pretty little hours X.X to go of So a to discretion quick here. don't if offer going have last the coming now.

your the current what average rates me secure I able Can about in for a you've even very very craft are questions attractive you back rate? a leases, to to earlier get you structure the how aircraft. tell been

Ed Wegel

down Well, right I to the right the really it's demand aircraft a the it. buying from think issue and comes at supply it price and right getting lessor or

so lot -- it's to And at Is at to we're engines, previous we So when XX good it aircraft, looking who it old we're aircraft are kind looking the actively engines, be say how are continually. operator. number a of is probably where it? right of -- a a XX condition, the has is the of

continue good demonstrated do into all very we've those factor So to today, so. of aircraft and think managed get on will gotten and the we've deals I price, we've to we

Grant Howard

discipline and asking in and Frank warrants. on. wanted with Great was goes for get work I Ryan to presentation. answered it Lawson Dick to respect That capital. my just about on Ed has from their been Survey the

widebody category? but in is do you So potentially competition Aero the World gentlemen, feel the more into How Atlantic, there you question. as one and Omnimnational also regarding the move

Ed Wegel

of we on-time, an airplanes up Atlantic. But reliable World our really with there a great There's we don't and crew. work aircraft World Aero, put great great I And a I product out what are product. married look competition. that define and plenty at In product we contracts with out some work cases, a so are We as against some Aero our with airplanes there a compete clean We there. Atlantic them. know and where of for is

more market. of fair the get of our will We share

both can what compete good they They them. do. airlines. We do against They're

lose not competitors in We the them. market. if I make and we've second that. We're third to all marketplace, airplanes said, the first weeks. the of think, against see we overall, March X or over the get Sometimes year be the shown responding us. an they next Like badness to can business for. market what at we of That's few over would to can want share We're got have make get airplane. we're the call we going fair is our into in beginning our we NCAA call that the And first last to than they more But inroads the looking they make striving the becoming call.

good about So that. we feel very

Grant Howard

presentation. Ryan. taking question. Any time comments? a Thank you lot Terrific for of to the answer closing

Ryan Goepel

everyone. So is again, long presentation. a This thanks,

And we asking For and We -- Brian be in I are questions those interest we shoes. in your of good if all it. we would and your appreciate your investment. these appreciate you who GlobalX were that in, questions, stuck

available questions. answer to always we're So

them us unless cases, the know and Group, an every Howard we extent let to to just answer they them one get in investor some send we can can provide providing, to can't because information investor. the answer we You we're can to

and their happy a ever to I'd thank to the especially in was together talk effective. got guys cartoon coffee in with discussion. GlobalX. the and of last We're Miami. And to of put Howard cup come but presentation stock we're happy host all And they very think... -- a I with very, buy to We hear out for why chuckle But all you like that, you all for efforts, of it Group

Grant Howard

said What we I but own... appreciate - I those said that, I why comments

Ryan Goepel

Global...

Grant Howard

Why we big warrants. I'm I be own our But we'll it. trouble. buy, in If say exercising

super, global and So super we comments you those Thank guys. more job, for crafting. will be buying

Ryan Goepel

Thanks, Great. Thank you. great a Have evening. everyone.

Ed Wegel

you.+ Thank

Global Crossing Airlines (JETMF) 9 Mar 232022 Q4 Earnings call transcript