Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Grant Howard

Okay.

We are going to start. Thank you to everybody who’s attending today. There’s still more being admitted into the room. There’s a lot to talk about, and we always get a lot of Q&A on this.

CFO, dive Chairman – dive an and it Ryan to sorry, let right outlook going the and the about let CEO, Goepel, for I’m XXXX. right results or into – into first So quarter talk and to Ed Wegel With and Ryan. that, Ed

Ed Wegel

presentation. Great. you we’ll interest is support, and our Thank and thanks a be today. call I who Grant, everyone and that able your give to We good you, hope to joining appreciate your

as record operations, you March battling started reported received to And thank our quarter. events team we as which and first, I work revenue you XXX of we cargo earnings. Today, those, this first some while quarter certification during great we delivered battle result know, our we our through February. in a this in their would say cargo members quarter, And uncontrollable in January and like for to

uncontrollable and get to long-term operates those was airline a about approach we important will for events in airline before is very, efficiently say the We and safely we events, want understand in our to the process, for can planning. very we progress and we short- talk this how And think I in the are day. first, building a half setting we every company presentation, for very in this It that ensure the resilient the and this, of our platform presentation. later investors quarter and dealt about the our up business. will given to resourceful building made I second into get workforce QX our But how us. and quarter our first huge into year, the the good with a

freighter certification this We now to certification Today, full ETOPS, where us every are. other which this we be soon and be to can XX track passenger to available to X worldwide. with gotten with year. XXX November operate have We flag in soon are aircraft on aircraft AXXX to X we X except receive airline

We million of in $XX our have with on balance cash done of capital, million sheet. with million this $X $XX that deposits

extremely shareholder we money, raise dilution, have we we used money We we in have to do continually been have careful the how minimized and this business. invest have

after falling talent, with of end exceptional with oil my the In of in this demand, this We an platform and and interest economic environment. Board minimal particularly team Omicron. war Eastern minimal rates, pilots. in uncertain with bad through cargo is very the geopolitical And done job certifying this dollars for view, management very airline we have have and days this an intense stages this dilution. combined rising done This COVID and COVID. a through Europe, went Rising prices, inflation, building work

once We have are months, the constantly deliveries. an business once of of pretty aircraft aircraft juggling delivery we impact certification, taken good. months, number Having impacts and that’s pace that a since forces, said every X.X our darn every which X.X of

cabin is requires on aircraft. to aircraft is intensive an for cockpit also approvals. and soon It certificate. deliveries of the months an of of effort delivery having It to been aircraft our And FAA an crews, the the trained rest US aircraft crews, planning certificate, conformity take To the a crews, have at achievement. for XX on planning. and year, subject, put ongoing XX choreographed for we and our to aircraft freighters, XXX DOT And for requires deposits us of remarkable cash be a this including course, of

for how approach business? It’s to we you view this important our to So this. understand what is

think and and charter a of many a approach, have first XX next not to just So charter long-term That seen want is airlines the business. get can make take to sustainable because to for of we approach that. airplanes business years. or business. money airlines We that they is go Many X our the out the X to this This slide. get view let’s of

long-term a view. take We

and going U.S. to a are charter business. in continually We build reinvest durable, We long-term sustainable profitable the airline.

take undercapitalized, that are back sure. the the We for we and business. goes But into every we have dollars dollar

and We’re adding private aircraft, both passenger aircraft.

few remarkable. training able to products. handling its to to quarters, streams we capabilities We’re into invest get overall use fueling paperless train and total reduce ground control And to in see to that ground information our the been and We it’s pilots, and pilots handling we’ll revenue our full we we’ve risk. better operations, hiring over hire move towards of our quite the integrate airline. and number We technology and diversified last

Again, business. let take long-term a view stress, of we me this

We are for haul. this in the long

are platform. We a building

We are our investing in business.

can view got that is scalable aircraft, platform aircraft we a We take we’ve a that’s in and our both can our of ramp our infrastructure people are our requirements. way do the cargo business. up budget making sure and that and we passenger and that That’s sustainable, can additional within

take And this may then if be investment different believes I anyone not think for you. that a we should approach,

to So but those our operate because planning get after that’s early. of the after as required start planning under on as started airplanes cargo under process soon QX knew side, the cargo is well passenger planning, airplanes of years we we that lease time reflection cargo and to of pretty approach. have LOI the we certification long and Cargo, X a we started

tears in Certification the received is airplane our we So and AXXX come. even cash the of the and airplane, XXX quarter in in this main be effort, as invested drivers to days to we one amount sweat, business, going in of of QX. year, that, we certified is now Tremendous this but operated first and do years XX for XX growth operating and and this were that of to our up tied before now freighters first airline. we US a happened

the dominant to part important Big Cuba. operator Cuba. to strategy of charter our is be

now sector, good a strong in laid We’ve a foundation operators for We the of brought that revenue three it’s one. are tour position. largest and foundation. We us dominate each to Cuba. We that

invest move in retain to training. been important intense a and We pay did tremendous where to to and recruit words show most those We of how train able X attrition, Pilots. we’ll benefits a get we the reduce focus pilots that, have slide of along as recruitment on and forward. amount with we many we is and which and

Infrastructure.

to allows other part received to one IT received a our to those important team very building Defense EASA months we’re within this our which to work. Department certifications our well, within operate certification, systems, profitable Europe, we’ve for schedulers, and as and in within We a team of for business move other which that We are the airlines, culminating members teams, a scale of our the infrastructure each grow we to DoD, dispatchers, we platform as team It’s And crew operate as can – say, forward. and great We’re us of and we operating. XX like of IOSA us finance, XX plan as received sustainably certification of of our flight and organization. we attendance, we and be is for but approvals. built teams first building quarter, have which our allows critical sustainable

our that ETOPS have have in of expect to QX, and Atlantic year, certification. QX allow Pacific North in this certification the as us that receive we and we will destinations in to as to sometime certification the started well Hawaii We fly other once

the in commercial slowest quarter commentary QX. the on quarter. first of most and aviation, money the in Traditionally, lost So major airline every ULCCs

We going had of aircraft. as maintenance are We the scheduled scheduled result accelerated to relatively that pilots it because QX we’ll and some airline, robust lease place. talk out profitability, execute for, those us significant about we the allow knew and got to schedule, We’ve that of scheduled part about. moment. different allows was fleet that that to in had our what of the during quarter. acquisition of as the different put leases aircraft, we through endure impacted the a quarter first maintenance but our of reduced of a maintenance-free had our we the effectively hiring but and there but sold be elements tremendous first scheduled attendants We We to that training benefits are and now that by that, talk for got in us heavy flight But X that year. we summer during of our we’ll and which than some is balance planned in a

operator, third move a added major million we up from we forward. of This gives cash flow, our per mentioned, great tour X. of operation operators March foundation for million which Cuba to tour is long-term a two over those well as stable us with month, revenue us operators effective the $X major As $X two we’re

for, As finalized we LOIs certifications I the of government be treating this fly in they have because had of we to about We X the U.S. received EASA. for December TCO of passenger which signed key for planned started how border, the last we said, a to aircraft, contract transborder deferral IOSA within contract AXXX Southern on DoD, we were and the additional major our and U.S. had issues and issues some government deferred. year. that our And had

for that work the May, and of here the starting year. will are up Now, balance we that continue to in pick

We work that all our QX mitigate of major will we pick revenue government again, the outside to it with impacted of our control, eventually U.S. up but clients, that.

that, out didn’t get go that been less QX. breakeven contracts able in would mitigate as getting to issues we a or some in order sort to few were other and major in we slightly get of breakeven positive. as but on QX to place We a contract scheduled had of far Had have our quickly to possible maintenance, had had aircraft we our

say X issues had the as of as which aircraft as and benefit and in now, in well will of outside Let QX been move in would have again. systems cargo our both of we we believe, we to we breakeven forward, and terms me control, we people. our had predicted business be that After invested

And huge my for so us. success in a QX was again, view,

going metrics. I’ll ask Ryan some to go of – start through our

Ryan Goepel

an that just many than of is airline the people about one we’re talk more elements we an as key So categorize this airline. –

and company block more sell position as service a a trying We’re ourselves we hours. to company service as

metric time aircraft block is the the a our hours know, who hours month right our how taxes. in date, the back is aircraft for Now for hour block per blocks the an date, track. key pushes and then the go when blocks many block a off key and But metric, It’s on. gets the pushed to metric come number back those don’t is of

these, of as had The other can key into to year, we summer. hours since many metric of growth see, see we that track per have you triple-digit how Both not trend March block continuing per is if going aircraft we’re fly double- last the and month.

the Our hours in this to block our fly pilot key order aircraft element pool. performing is

As increase. quarter, a XX the you over XX pilot from to can our has pool grown the to XX XX – of or course see, XX%

We days per month. slide, that also a on into allude QX, give to update hiring the I and and later an that continued aircraft we’ve guess again, you minute we’ll net

block effectively well plan As can assets our forward. and consider and our the despite aircraft bodes which more means we our by hours growing going net you grown only what efficiently at growth we’re days XXX%, utilizing XX%, have more for see, existing

adjustment. reflecting we’re and best best investment share-based our a ability in of factor and is of million adjusted put the accounting is QX and The lease but our we training making results. our comp EBITDAR EBITDA quarter, is million delivering million – $X.X adjusted $X.X while reflects month airline, our per how worth Looking close of are in $XXX,XXX $XXX,XXX ‘XX think profitable start to crews are in for at What profit adjustments infrastructures key private that $X.X revenue which revenue and we cash too. this and to million. I needed $XX.X to sorry, becoming the in revenue,

Ed Wegel

revenue line. Had in this The closer $X.X don’t here but happen sustainability important revenue EBITDA would had of loss any the on And been and they this just happen in things is and would from that deferred, see million have the this the in in what was we occurred sequence. we now, the million $XX contract business, a sometimes that of QX, sometimes platform. blowout a quarter issues to for have the indication as we us, of profitability that’s this been

that And with into us business this the revenue a been from not and whole There things this year. and year, all profitable very we the Again, built again, we took emphasize we breakeven little should And and them we this in when through half of for platform investment be later what capitalized. or need that this that robust that, in immediately. quarter the quarter, in this invest other second of training up even do hiring is we set would QX here business. have deferred the a all for have in expense very we company, very, that gets we to we recruiting, into

we while the So are as creating we them are company, expensing assets go. for we

And this good forward. as forward comparisons move quarter-over-quarter we and that us got leaves so we clean as month-over-month move we’ve so

very revenue, our is $XXX-plus million $XXX under Our reaffirming of positive be The contract soon. XX% will here outlook million for contract. XXXX balance in EBITDA, the is of forecast we’re under

right guidance $XXX little over this for much XXXX to officially XX,XXX contracted date. to but million, now, hours not and A expect million better frankly, $XXX our million, for than between $XXX is year. We do

up depending over to about XX,XXX the potential in little our This that element that an hours have We to business, we’ll XX,XXX aircraft compares dates, discuss upon is XXXX. in to a a contracted delivery we moments. of few which contract and additional hours fluid

through target and our the as on deliveries This to on at end the to deliver aircraft problem well be aircraft. year the depends going DOT is and again point, ability between X from and another industry-wide these heavy new on both at approvals delivered X lessee. aircraft an maintenance X to XX passenger size this aircraft Fleet maintenance to to us get used of as to which time, out OEM all final aircraft cargo, coming

contracts. In this Defense addition we to year, this, start of later will Department

on some. already We’re bidding

ETOPS, We will XXX allows us water to which operate minutes. our complete over

We applications. will AOC finalize our Colombian

our the entering version We booking and is on of moving process phase Colombian manuals X of Colombia, which AOC CAA are the to our the flights. air which are reviewing actually phase, us in FAA last

a like and both passenger businesses We charter are XXXX. in focused cargo laser on expanding

well are We on track.

revenue Our there. is

Our systems there. are

there. people are Our

deliver half year of All to this first need between of quarter in we the the been of year. quarter the fourth has last year infrastructure and of that developed the second this

of conduct for the that depth great growth, sustainability platform. this summer. We gives and of have breadth stage growth you This profitable of set and sense we’ll long-term a the this operations our

scheduled operating And then operations. we every but This well, a operations say to will to just LA, Dominican shows operations Cuba, and I Lynx of Canadian to airline, airline day scheduled Calgary every Las schedule, Republic Vegas into Phoenix. the the as day scheduled we’re scheduled when for be charter operations provide a out essential called and and Cancun we

airlines scheduled operation. for out Vegas Austin We other and Minneapolis, to And breadth this we’ve This here. as the out on and of an summer. will the operation Dallas, can operations shown for Cuba be gives idea Nebraska, have well, North operating Las you Atlanta, blown Orlando, Way bottom see the of Lincoln, some of American you our other Red that we are and

we cities as there well X Cancun. fly to You see as that

start will this in Republic. year-round at Santo end Haiti the month into or flights as summer towns as many week and peak Romana, Domingo into the with We and operations this operations X a will La X Dominican the and a into resort of

year operator into We only charter the Dominican North this America. from are Republic the

markets Republic. charter U.S. XXX% gained share, in have market We the Dominican

operations is in Next Europe. our

Netherlands out that Amsterdam. given. We of will two the airplanes, initial fly two in been we’ve schedule is This

XXX aircraft. extend September, month asked the aircraft per over months of operation in the September aircraft with then they’ve already X We hours X us will fly month to and per X through

Mediterranean, is operating all for North be this Turkey Europe, Africa, over the Greece. us. We’ll great and operation a So

really this. we to forward looking And are

know, As by our year approvals. last impacted were you regulatory operations

We’ve need. that of we received has All the been solved. all approvals that

synergy X-year have TUI our of with and the operations We some deal for here operations. and and our in the relationship back with a to them, TUI. can we’re strengths aircraft great their them where We U.S. about combine infrastructure office operate our now and a now talking with U.S. and in have operators we

great of all we hoc Europe, our over operations. on to forward So we summer well over looking all of and ad top all the North America, are this, as Caribbean, all over a have

be be America be lines. all South to cruise for up behalf and we’ll summer the operations of We’ll pick the another and expanding flying our industrial So this Northeast flying some route as and we’ll others. we’ll some post starting and well America, this of over Greenland Central in as office cargo that so Texas into automakers on out of some routes cities summer Mexico

operations top we lead talk the the And into of very, operations scheduled to block robust our and very on about summer our us project summer. that passenger this we’ll cargo hours fall. So a for

These to are two the fleet. added recently aircraft that we

fuel love the just a these competitor. volume and that airplane, over got more love fact XX XX% it’s it’s more next the airplane of greater reliability left another great we’ve delivery we flying It’s cargo lot as coming the of our all that flown lower system, we Airlines. airplane have think finalized March with, that XX for have this we main would We interest took projecting lot particular And first loading customers is in we that aircraft, that we And a of belly consider we lessor Alaska and got its airplane. months. had the a well, took what and to the XXX% NXXXGX. a airborne a than reliability. what on our the been On and from that cargo February, airplane brand aircraft this on and got we this good started It’s we very and of We kudos delivery. in love received had Lower put certifications XX. for this that than chose retro been working dispatch capital and

end Again, mix XXXX XXXX, we as in towards all cargo slide X but equal when towards we our a of XX next we aircraft eventually years. aircraft, shown moving have this having discussed, every are delivery. It’s maintenance, of flight delays get every that been passenger recruit, probably come the prior We’ve and have an things. see airline between the that’s world there moving as by train to more aircraft of heavy out experiencing. This heavy things, a like just the and aircraft this maintenance still previously subject now other impacted of we’ll and we’ve we hire mix evolution over pilots to in experienced of by is has number around crew availability, to

So impacts these our we’ve we ability and aircraft including fly But This be put schedule certificate. to certain the last which other to work the our years. a was ensure that’s process, we feel on next aircraft should these week on freighter a as as in delivered that contracts very brings delivered plan. the that soon numbers got ourselves constant freighters our as with take and NXXXGX, ability is X well to to our aircraft, it comfortable and to over is which are aircraft as factors, they the for us – now X can delivery next AXXX these The May.

we that work some airplane on some do June. to to conformity need service will regulatory early in in We revenue expect airplane, be flying that and but

you it. talked stress this about let have we know and all of And because me

ability and in the MRO, have the impacted and But get were aircraft revenue get freighter airplane, December out we X.X that delayed had projected freighter months. year, second that by about get – get the get be we aircraft converted profit us. of going out in delayed the QX. And of aircraft their had as first an they these our of is to components them to would both was to manpower parts these Our about needed, last we conversion. months the X second additional needed these they of $X coming had If we had aircraft million to of

the in best can to putting are negatively as aircraft aircraft as So soon But some significantly the of for These continue and and get the are of by can them. we to we we impacted to out it. that soon we making will get get the us inability it as coming are work time. them, MROs as

as rest to we are heavy Our target the maintenance. freighter for aircraft several the aircraft deliver several additional passenger AXXX additional impacted year as well Again, of of ability plan out aircraft. by the is their

some And slip, okay. these will dates of that’s so but

deal with them and we another soon will will as that, We in view of to which longer-term to is can, way that get get we take these a and saying work of airplanes as need we will we business. will this adjust, we

lots There impact factors are outside of to operate. that our ability of control our

how to have a to adjust team We that. knows that

to it every have to is work team other knows that how airline it just speak. issues. a We accommodate as We like working we those through have through

So of deliveries us last Where we entirely going it this and adapt Ryan, longer-term to through invest you be that dealt we not that will and customers that. this impact delays so. accomplish. confident aircraft to continue in our team deal and able are with the issues be operations. what be know Short-term over sales? and to from for will take the We’ve affect how take years our a going in do airline passenger to impact are why to now? our and Where view to X we from business. in our Again, year to year, delays now? vision longer-term on do a But we don’t has us and with we

Ryan Goepel

month operators Sure. elements, this Passenger a summarizing tour of but XXX about to program. a Way over That’s major million with of of month a way $X Air Lincoln, Nebraska. out of as XXX it hours starting of many of generating hours Lynx a Red sales. We’ve discussed sort these Air, X-month two is

year around. to X hours which with expect we for XXX per Caribbean the that Airline, We expect months month be be well. extended to as

almost talked on strategy. flights year the We over We NCAA. per the our our weeks, over operated standards. with X years. March TUI over X the addition XX XX about We’ve all X,XXX In weeks, executed hours for XX% servicing to from of flights our Madness next

fall on starting at securing we’re look to where focusing Focusing of write sales – basketball hopefully for focus when Department on be we securing with a Fall business, summer sold-out secured, another which our NCAA Defense down. Football, really and the government that’s contracts is is to

as to operated we alluded in to, Ed XX days cargo, Moving QX.

second on X. aircraft The will start June

First Really aircraft, XXX% dispatch burn economics this than reliability. the Operating aircraft. less forecast. fuel costs out proving and of

With huge and big the lower system now is belly which – the it’s competition, it versus a differentiator installed, a XXX is really XXX. XXX,

very XX about are this business understand of customers we We’re really about to, And excited to online. aircraft product, economics. more does excited even this economics our and of coming more down comes this these we’re having we’re what truly the excited reacting and

Ed Wegel

we QX, greater of up and have and XX in six days. operations ended months projected expected aircraft we with So

Now going to XX the next operate airplane years. we’re this for

we them XX years, So say, as it years. with ended a And through as as of aircraft me delays work than blip be months, them in This but as of and going QX less is let for operating some long frustrating. term. many great to little where of a are airplanes, for these airplane. XX XX of one. we all in years, up short many instead again, some impacted had we’re for a that some six us It’s But we aircraft

for is take we the great business. So us, market view a and of a airplane long-term this

a to be aircraft ship, very cargo cargo will this around very very, a sustainable years. X then AXXX the robust, which going and in business to the are sister build next aircraft year We

again, months in X million QX, quarter we a operating six had to we that’s million ended up XX available So But us than have with of this aircraft little of in for almost be we’re year, to less in cargo aircraft one revenue. $X $X revenue. going it’s years. And airplane

meeting recruitment that a in on our XX%. pilot another date, grew is over this we room. And headcount to by in X here something a.m. an little focus conference in we QX, QX XX%, every morning at Pilot

can the increase allow once now process we pipeline, will certification U.S.-based certificate fly that pressure talked use Colombian well pilots. attract we that also use for until the on before, us U.S., agreements to get to LX of there intra-Latin we’ve we through the pilots America into U.S., our we utilizing as those our place to some in the this the and AOC fly Latin and will to will that of America as OSM, We’re them our get about which off CAE, pilots but up have from need Colombian takes

We for are number cargo seen XX reasons. One, that we’ve And we getting of are airline airplanes. at stable, given much reached sustainable better we’ve certifications. made this and a progress the a in that now as our

grass Some pilots – this who The not of pilots to major think. as week as from back got at is have they many of left come us calls we’ve two airlines GlobalX. for airlines that green are asking them could some these major

back to them, have us. of some come the And rest

that’s We sign. good a pretty think

successful both as entry captains pilots, upgrade recruiting hiring been well we’ve as in So officers. our for direct and first

than we fair the share of pilot do here gets that pilots we through industry, our as as have and the fly move out can grow, the ranks other forward. they life get better think than will that that pilots stronger, that throughout we we word we As we of quality show where and places good better as is we

Ryan Goepel

Yes. our diluted million touch I share did concern, – on on Relations I an say an I a was the We issue there thing have that think, wouldn’t is wanted side. the Investor One to count under X.X expire, to warrants XX, as reduced X%. on by fully related that which April did On warrants expiring. call little it were a issue, last

our cap updated on Class common right, If and Class table the you look of A B. an

XX should It X.X% warrants existing more are outstanding. that warrants, the restricted million million of common of than equity. can’t also those We warrants our show they be noted into convert sense those in are of X

perspective, do those converted. get they to that will it’s if likely expiry from So go

structure Those you If for diluted of one RSUs most retention. and fully capital We do of as where over are encourage X those RSUs. at to think is again, number, elements beginning ownership look considering is tight the of now. where – the years. it employee vest pretty was we the from and employee is really on now recruitment right But I our it again,

X, look of we two XX,XXX Rico. QX, list QX in of an and we Cap growth initiatives the did we ‘XX digital Micro at to be are our Puerto some Angeles, It to Sequire alluded raise program with names, we in call. in in previous you it. increased will as you later planning event. XXXX. still microcap conjunction conference, major June present in on our we’ve the Planet conference, capital Attended Gravitas If is at that Los – on mailing the It have many be and has Registered as ambition, a a not and uplift are in by will

Ed Wegel

said discussions that we we would in funds the and, press funds. say, we’re put advanced and other today, equity As credit I number with active out in release a of

we our interest. And are think be We we position. say, what how preamble good of I financing we stress let and that that need the from very very, very I dilution in my careful got this management This in them. raise very, said how raise I presentation. careful money but me going a amount We’ve a and I are diligent something much tremendous to money business in results forward. to been team about and that has

point in I million sheet and it’s cash, our to to we gotten think great Board balance the still our for have, deposits have million, airplanes and with which job we airports Directors who’ve done on a in of Again, us for that of $X done that. that of we million and this make. deposits life other we $XX $XX managing cycle have between have

with XXX think more made, of Given media, get XX Board all I the we’ve I and to can delivering brought about the plus with its of that say We of tie messages the than and the share combined price up the AXXX I of meaning tag statement this tremendous in out believe that freighters, on dilution And it. for endured this lot carrier we social things management the ability have the all price? that a is we flag Are have have cargo, is in Directors there. over certifications we plus team anybody frustrated a I for up see shareholders. shares have or progress to that value we a all lot minimal and the this dilution we those

and is And work will I this it’s the come leave as shareholder me. day, in including don’t to day, frustrated X:XX build value, and continue so we Saturdays to about morning create every do Sundays be every and hard do What p.m. X every price, and got to a.m., share at I that. anybody we if to is until company I here

have benefits and tremendous to a year. we about that into we’re platform created, that this we of get have We second of half as reap the the

XX has can outreach. incredible or we to talk the what investment what every groups are week XX He Ryan in must about He do attends will We we done and an job. conferences. we’re who doing.

We have calls. Zoom

and to compete – am continue we there. on many can We we our We grow are where interested built word where get we doing and out because New right day interested in we am, just get that think sustainable, profitable I the that effectively more but I to life NASDAQ in are I’m interested a the how continue now of cycle we you that as No I is it. price to or our get everything are about in company. as not platform and is in And Stock we one can to to as can more York competitors. ensuring us able a and listed Exchange that have every stock our be are against we that getting institutions will invest the will lot about A focused NASDAQ. this until restricted there. of assure

of all long-term aircraft, thing do building of put have certifications, take a to important most We at we’re for the blocks that. we That’s this business, the long-term creating point and view shareholders. place, value our in because this infrastructure people

of Delta our quite we’re Work. Place certified something We create to we this. we with interviews to right way have and and very, very everyone called team Airlines went group to by knew of rigorous a with and proud and members others. through team an members. we with pretty treat and work companies process Great Express They here worked a values culture outside hard just American like certification the with that Finally, surveys the set our wanted ensure We

for through process, certification went received year. we So our that we and this coming

of that. quite proud We’re

that a recruiting in in grow of right We’re the to our in to terms it of with all that putting years that will pilots that the flight attendance. track come. maintain allow set a we’re And of indicates us values materials, especially culture airline and this and to building we this on profitably think

Grant, for your appreciate and on questions. back this And I’ll So turn it with again, we everyone fire call. for away. to Grant, that, you support interest

Grant Howard

find these job so another you as say, complex great every listed out. a on I always. Ryan as on Ryan, as in little North me America, Ed, or And exchange much that’s junior webinars, a company spoke as quarter

please what questions and and already, right XXX your So congratulations. can get plus Number is I’ll us including into tell it. you benefits? of taxes employees, payroll monthly

Ryan Goepel

I’d hate would under wages X. a benefits, number, by to Q quote salaries, It I be think and that be I wrong. our in divide will

Ed Wegel

rate, to The turn. approximately on overall So about our reduces ground place fueling XX MIA that our market various at in in our which all those let’s That in is them. place, is a well. turn includes people, is so Miami because $X,XXX about of operations reduces of it down talk By includes here cost. ground $X,XXX about effectively as adding right? it turn a handling people here our to and – aircraft categories costs the a XX which That handling within

very and a use it capital very use of that’s members overall cost. effective very, reduces a of effective team because our So

we side, breakeven fueling are and and the of that so forth with fuels all use. we fuel now at the trucks even the On

The important thing on about our our fueling operation depart aircraft ensures is it time. that

MIA, focus and sometimes at were Miami Airlines we here or on And X International, not experiencing very always they because delays MIA, we hours X other are at The day, were American every good. here at fuelers an afterthought.

got certificates us in And two And other on center we airplanes. we’re own So our are be we to to this even and went breaking now the quarters. own expect our approaching now to for next their fuel we’re airlines profit fuel quarter and we airplanes. to and a time,

little other in-house. to own XXX this summer to a got over the On the XXX again of which schedule. And attendants, point, we Vegas, maintenance. Miami. We fly we’ve attendants do bases, lot fly maintenance Antonio at Las over need Flight categories, pilots, and San then pilots, the our got three a obviously we’ve summer schedule flight about

So who we maintenance operate aircraft our have on technicians aircraft.

And so drives a down. that contingent actually large we’ve of got them our costs

an this and we the our to have fuel almost own own unheard here ability which is our airplanes, our Miami, built of own for So to in airplanes airplanes maintain airline to handle size. of

And reduces airline vendors our efficiency perform our I operational to our because of out who there really say, us much increases the and it makes costs, shall overall, better a standard. don’t up

are Beyond that, growing our team. we finance

and We operation very, we’re complicated U.S., different of lots company. very we have a And clients. over public operate the for Europe and a

now we the a team fairly grow which as our XX/X on need robust finance a dispatch operation. side, operation, So is we

includes a night dispatchers also and crew us others hours XX schedulers to XX-hour operate on have help operate through the a schedule. because day. We that And who we on

we come infrastructure a when and those seem all may take which advance FAA. to the this of but built we aircraft DOT the a have it can So requirement take is lot, so expect we that the in of like of airplanes that the now year

Ryan Goepel

To the question about answer $X.X million.

Grant Howard

here write-off. money. of debt Question bad about the Topic

So for the debt written And I’m something in paying off? memory, from we going were bad under asked weren’t $XX,XXX advance. that

Ryan Goepel

We of of we for in incur reconciliations costs minor do after ask do tend we Yes, cash the when in pretty things. elements to be scheme they have money, advance. fact the big

the are there yes, but true-ups. small, think numbers I are so And

base a have fuel we So price.

for invoice recovery. we fuel we customer have fact bad after some – the actually the debt did So

it this think was year. a I recovery

So we after some collected it tax. the have off and written then

Ed Wegel

But a So quarter a discussion much them. again business. time, supply have are probably on We it’s the any and the are fuel XX% as us the we the collected But X%, because of after they that need and we after for like sometimes lot, We said. it’s – client. we deal. a certainly of with event less tax, than amount write-off. de it’s minimis a money things because of it’s focus collect into negotiate a And some less we money healthy X Ryan reconciliation. get There to that that. sometimes, do the than that

Grant Howard

this part, and to a so in case how bit good cautious, a any the understand have you it two-parter, a raising in is of capital are credit getting you’ve I And be and on environment, but discussions deal? versus little active this of great deal addressed

Ed Wegel

Ryan and – to financing this. will color The some provide

got war in see lot a And tough. business right every We’ve – pooled We’ve stock interest out We’ve now, with I their inflation. financing as the private now. right a dealing For environment different fund Last to got there of right, events my year, is we’re right? equity and preamble, and for rates. see XX and the got rising pooled every sense continually in what want we their happened, wanted said them by with. on people to in through we have the that, and of said border. course a on last it Europe. Having almost We’ve effects at get got makes issues months, look take us. it to that with invest the of dealt COVID southern if Lingering who in approached

we’ve dilution to know, on resources, cash. don’t almost you with none ourselves that. come some internally our from on of investors As we lived lived we’ve that. of the that done our would own financed because own We suffer our We’ve want

of are thinly terms capital. in capitalized working We

advanced are stock or signed. our in credit as different said. Because groups. We discussions look been at of debt a to a is we warrants. of a ways of invest And involved has parties. think we’ve is price, Nothing what in of release, with nothing this different number Nothing company. of those to with are range said in we’re talking ways lot a a press most the – We’re facility

bit on one each negotiated groups We’re negotiating very perhaps who a of we’ve with We’ve those. tough walked because have hard too them. number been of away with a

for we to potential we put aircraft think grow what is created – important. is take And want in and we to want and them for cash an the way this some on to Because opportunity But the we bullish pay additional here have we’re investor. grow what us sheet, here order business. we’re and the to really about balance for which

shocks be ecosystem and we forward, more cash other need move the around there we As the external sheet. to world, the balance may entire on

very to working So be I talking got I us. – a add don’t you number parties, that know, again, some to banks but with investment we’re I Ryan, us two we’ve color? need are if optimistic. careful, and am of advising And with great want I And

Ryan Goepel

No.

a we what doing. encouraged platform, believe we’re forward, have a in lot and we’re doing great is going we’re and of there interest how we very – think I and

Ed Wegel

built. and have I the and gotten think initial that have together we groups universally, amazed may room as the reaction little then we we data our platform into on that they are put do talks that is that we at we get cash have a how such get far

aircraft credit acquire to our acquire in balance aircraft that, some again, working looking understand cases, to because to with our so very instead we’re but we we’re able And at sheet. they us, this. forward, to or they and of facilities And got are stock be of moving facilities own all not opportunity. lease and the structure using – be to how They facility, our and put leases we’ve able even careful operating about see on price, being

talked discussions. all So that our It’s And of every one of best We’ve a in and optimistic. of our we that’s interested. very, I interest groups in groups. We’ve mind got those in shareholders of right keep deal again, the number all Ryan are to are lot of of interest very getting shareholders. of the the a

Grant Howard

and paraphrase have to competition paraphrase I your secure here will this than asking question, I the quarterly Comment a holding lower effectively about bidding webinars. perhaps next you’re the again, candidness but point? this and contract, rate

Ed Wegel

what Is the discounting. the... to So question with to we is where are that get

Grant Howard

Yes. Effectively, yes.

Ed Wegel

No.

So sliced actually and has his get we how to that of doing. can enough team we’re starting we’ve have done from our Ryan and and enough data start data run. we’re diced He months an analysis, now, trends which to and operation at look

essentially, unit improving So been and our unit let and economics. we’ve talk But month our economics, Ryan every about I’ll this.

product need waning great So where our look professionalism to get increase rates. how of act in now and organization. our quickly terms – business discount aircraft sharp a and into and position look can how and the our the very continue we providing we’re to of because for of in hour elbows a reputation that’s they to our the to We entire crews that believe increase block our

Of very months a as should of course, economics. very in solid, our about solid. robust very, think solid, March and months, do very, shoulder but little of Other the the are months, There and it low I some December, bit on not that all points year, terms months depends year. discounting, August, are unit certain the very time talk other of July you to the have activity very, as we

Ryan Goepel

Yes.

the what fly, make statement that aircraft. money. is, we that flight And every fly we don’t So we means empty we make

and scheduled a end One the you to if fly the the burning flight up flight. in on at on of price you you don’t seat, Every money don’t right fly goes aircraft seat carriers risks an fuel up the contribution overhead. sell a sell we generate

many how fly. As two make you hours the so we’ve there metrics. and is did you per is really growing There and utilization, been getting business how much hour did

X economics the we’re So to last aircraft, And making we considerable contribution $XXX,XXX improvement months over we over And unit per to much we our unit we aircraft utilization, targeting of we the cargo. about $XXX,XXX for margin $XXX,XXX about. last have a talked closer XX month. passenger talked to month a much hour economics see dollars of is we And how the get the and months. which as fly, number add a especially per in $XXX,XXX

We’re working towards that goal.

especially over We’re getting day. that. every I to get And think you last X as improvement, we months towards see that the close goal considerable

efficient – in trend you is add X over you true and aircraft more accomplish that you the held that months. easier the to way aircraft, As are be deploy we because last can becomes the

Ed Wegel

just add that. to sort and – So of

impacted I maintenance. years out difficulty to stems our those get out as the One The airplanes. aircraft much delayed including as from have to having revenue getting that ability of In we of the mentioned there, before, we’re developed of that the streams major get by fact X.X delivery to from LCCs airlines are as aircraft some the cases, manufacturers. our X new

aircraft every asking calls they day to we manufactured. their provide getting until in get to airlines can if We’re them fill from airplanes new

we’re this can the say ask we’re don’t the they of shortage an out cases, they going there you that’s seeing us months there much aircraft maintenance many and how them, give those actual too to that airplane? So just in And the is charge result net much how of delays, condition rates get airplanes make inability for us factories of will manufacturers have will block hour because upward of their will years. the And selective. few That exist issues. that the chain through to we next pressure we charge the think on that supply more and

revenue So focused on we the to streams can as a are very provide good more we opposed where don’t get of rate. that differentiated activity charters that some hour of other line block

as our selective So to we clients fly forward maximize the we for revenue. more we can be with who move

Grant Howard

you’ve this about I to this year? don’t want to Ryan, you spoken uplift what you’ve you said? track is, year. Question further anything if on say know NASDAQ are to uplift already here already else

Ryan Goepel

enough. said we’ve think I

Ed Wegel

that. And objective that. assets really not would we to can are our add we And about that. Everyone say to balance to do be what is. do that working to much too able There to there sheet actively we our knows have is

Grant Howard

been Speaking goal. of this long-term the of theme question I understand has webinar is, long-term, which the

aircraft, the pay, across fixed You need amortize profitability? Nevertheless, operation. a costs critical number you expect of do when

Ryan Goepel

Yes.

we I in profitable expect We – think said be we’re XXXX. year. will we this profitability

what think, do I don’t to I a want mistake. is

to have So being we’re quarter about XX fly to not would this this quarter. a worried this hire summer because been profitable mistake pilots

I think to we we forward-looking have, need make do as much sure look it. can we at look as numbers, we work how at the we

absorb basis, when of X that growth I’ll will your count. be forward won’t kind It able as get with to it pilot to we four be fleet XX numbers think on percentage, because a doubling a doubling to comfortable be I your going freighters, span monthly very months. won’t ultimately, to profit X we in two passenger and be of a our

we XXXX really will So one. excited about say with profitable, be and would we’re this

Ed Wegel

the airlines, airplanes make eight out reduce our airplanes, to then they amount that amount airplanes, that great, else one couple of why, vulnerable has charter just every went and very pilots remember, of they and number quarters, will they of didn’t to are they airlines that money and and grow, attendants made we for seven Important is money. shocks. seven thing the we quarter. said, increased the scheduled everybody or small the they pay those When because now we And will pay they with grow. Every this business, of pay operate flight didn’t amount got they to a a and will burn, outside

years. team that costs the a of shows that’s that career and have we do that we and there. mistake the that and seven that The this to number been to not are X business went we or airlines at priced, have to can six great, of operate, in to profits, and we happy airplanes hey, make. survive, doing indicates understand salaried the seven the said, that in the can make and increase have that would to very they money Is So, long. produce scale eight employees bottom we continually there were manage this and are and the of that and growth this need XX you’re business XX or within make get for continually years survived that. airlines for invest and overall in members aircraft They years. their lower The last employees sustainable survive been airline XX money we is their not history is that out would who business growth. I years, money for reduce have airplanes and bring that the reasonable funding to Every lower make ones the next cannot units going

We going the manage to results. not are short-term

manage We this are shareholders to profitability. for of growth, sustainable long-term on going behalf our long-term company

freighters that intent went airplanes come here, would come airline we and and we has But airplanes pilots can assets airlines developing sheet. to company, We up to drive airline grow. not A they balance come if we done hurting would are will to work Because only any right now. freighters there. have of get months up That AXXX but show attendants tremendous up balance this growth profitability. and want for coming no we show in not not finance have the is that’s stopped, on fly lot great sheet, not sheet, balance day. anywhere to here, got AXXX from are drive seven every XX those wanting flight and doesn’t but seven calls every that don’t people would they an no If wanted work asset. our what would will are got It’s I and know on ago our an airplanes. have that on be XX to tremendous to would want day

way longer continue need the all are airline in in this like fiduciary are into that I this just best profits people and And our to a factors don’t that this grow airline the invest of be manage of view our that responsible to we way. go investing take a responsible have to the term to by business. in That fact fiduciarily business, so we fact business. fact to impacted those a is short-term, the as this in the

Ryan Goepel

We we flight, of August, aircraft, our we of six months. in at of and stabilized beginning looked couple last generated took in profit QX been had our We grown QX. seventh – year. we a at think for a I aircraft hadn’t had you our in demonstrated And at have August really six. or we – the at that We if

want didn’t we was aircraft, aircraft. add add idea cargo. We we at to to want to passenger seven the forward, stay wanted Looking three

really seeing will take we started that get that QX. we two to and off months. looking and And the will are add six are in into numbers, the cargo that We as think aircraft in that to investment but dividends, summer pay I

Ed Wegel

deferral to having system. company, the of few a The a that minor a the you other and an to the the months, get it is. benefit less larger contract materially for a growing material is our airline the of company, significant like is shock more do becomes government And company less the the shop smaller when

a just that this irritant us It’s shocks external us. revenue for clients the for that We out need so building of a we way. base take a our swan airline to And need streams. black along one set larger there we issue therefore, diversify a will aircraft to no that doesn’t operating So are diverse become have minor to system are any of of issue business. so the

Grant Howard

lot There plan, X that the So, a planes picture What long-term of drone like is on growth technology, your acquisition years? parts over the GlobalX to big brand in can such is of take as will targets, what post the in question, growth? X you picture look next-gen goals air, XX the next is moving years question.

Ryan Goepel

– is there Yes, go ahead.

Ed Wegel

Yes.

days, issues and the aging take is to tremendous our that take impacts, some and through XXX aircraft And a want aircraft them first to as given the my the new I amount we preamble, with to that schedule these in facilities The of we take timing XX mentioned all on – on, effort, on. right. maintenance should thing aircraft regulations, regulations, ability of that each aircraft take especially get number,

them these So, a getting for around here delays airplanes is team taking incredible said configuration certificate. with Having planning and the and on our job this does the and lot doing just consumed certificate. that, of airplanes, getting getting that, them getting issues an our the on into day our them informed, other

to to XXX passenger are XX AXXXs. goals XX immediate family, So, get

also the We at are AXXX. looking

also We getting a in and that two we this ways, certified and a sure are to now about fall, make And summer us. and these deep need just got of prepared we very, get certification. of through discussions for we be that, are process number quarters big which will ETOPS wanted quarters we to through and get very in for

do that an we negatively capability rest a a we can want as to of AXXX way on exactly we bigger bringing have but to we is be sense without the of So, layer can that. another We in-house XXXs And need before complexity. the in as bit that, do to on makes certificate the soon get operation. impacting the

So, that. will take get in a and technology costs we as them is new afford AXXXs, the to we lower generation AXXXs. charter a older, all AXXXs, as longer little a AXXXneos, which want can savings we fuel airline, XX-year-old operating newer and burn, XX% operate term, aircraft, AXXXs Eventually,

there quite yet. not are We

for years, that in that, to take us opportunities years employ for within more those GlobalX. reason come good brand effectively We so a opportunities very to very, see beyond M&A come. our this so and scale and to down But We why of them see can have is we it got it the few we call we wait a to prices budget. the

are Europe. in AOC an putting at We looking

got will market of is Latin America. big that that in believe a in for We type growing airline AOC demand there the And have we a and and we this Asia. have

at sort don’t I because that We And more few world, But preliminary to infrastructure. in think some GlobalX GlobalX of Southeast parts next got about basis, things eventually of have the years, so Asia. very, can put very and do. think point crews maybe franchise the other we put a important much in We provide we perhaps done other can we it in and this work. we aircraft GlobalX have a support systems Australia. in where and on

us is new. are We around through We and this this growing of business be sort the this ways of good think in, business but think and the world service for broadly we about where business. looking scale at ACMI continents where haven’t business, we and that, to we thought a parts all pretty a is can other other

Grant Howard

second do push you the for summer big and the to talking summer question the half be are about flight this the after hire fully you You the demand here attendants, of and year? will pilots and staffed anticipate

Ed Wegel

short yes. The is answer Yes.

cost of simulator three up on out have this is… them and months, push OE getting profile to big them for QX to QX pilots in DMs, going hotels instructor year bring time, So, on training for the and time,

Ryan Goepel

a over month months. $XX,XXX three

Ed Wegel

per ready to So, $XX,XXX right. the pilot month, them per months get line, to over three fly

short And those to to pilot So, airplane it’s that to of fly. to we on bring ready them in to of in are advance almost pilots place. and have a being do got us $XX,XXX delivered that that get so

then see can it’s being resources life that of very – so months on of after significant quality we an a or fly six make So, a math, and to We significant operate quality them airline. other what It’s a cheap we lose Spirit have be a on some life of little Not No benefits simple then investment having our certificate doing our a that airplanes. the you in effective move them. investment human train is off that, we or Allegiant cash. to life to But able to and for but this use XXX them good point tremendous in a very, our have have made pilots benefits investment that issues able by to doing we cost just made pilots. don’t a in in them. spending $XX,XXX and us

are maps that the we to busy up robust seen made and very, you a in two that presentation. have the current And have schedule, We position on fly we as very investment. in put summer a

Grant Howard

Ryan please, said – as Flugy provide about Flugy update, perhaps is? you remindful can what an and

Ryan Goepel

that available. Flugy you allow So, been source on-demand is to and valid is would charters. tool technology basically crowd an charter The developed. It’s

think two the over last quarters. I

will we We monetize XXXX. in business, into have focusing to going charter looking passenger the of growing end on revisiting and summer and the our that that been be really

Ed Wegel

Yes.

for some the is provide that we is attract who versed are want as areas of outside to understand there off, charters the and some strategy we investors that aircraft to technology do can Our creates. in. so investors not we this that Flugy spin What

at is platform for importantly, as minority but the and their but a great who stake, business of us a hotels, have grows. goal be well-heeled would charter understand business some we of other most Our aspects that that that technology of maintain run to can investors so source

get very, nominal investors. in spent haven’t of savvy, We believe are that have that of so summer We amount a quite got we for capitalized very the it. we effort business. busy can investment lot well-heeled that outside ready on with getting been a we some it very But ready,

and are lower who now. next is to can a to whole bit the performing individual do much priorities second take for something the right this to that level, company It’s need well there. year. bring an we our We we to half that little minds very the on company talking who can our list think so prepared and of on of mainline sure We platform in, make

Grant Howard

A progress people facility. asked the status Fort couple on have about of Lauderdale and

Ed Wegel

So, from FAA, final is we the final and the have from received developers who the approval approval have received builders FAA.

two have got building now come and in that have to facility. the We sources financing committed

still to days, for hoping are of XXXX, ground next the that are XX occupy break aiming QX to facility. and within we We here

Grant Howard

please Can you why these pilot explain training EBITDA costs? regular Aren’t expenses? excludes adjusted ongoing

Ryan Goepel

So, existing the those needed costs, operate generated. for pilots excess expenses pilot in are pilots. revenue of those to are regular These ongoing training

adjustments XX flying do in can so pilots what you which you revenue, for. payroll, revenue to are not pilots of So, generate XX your but XX need for $XX are have of we on million million training and if revenue, the that’s $XX

This So, future pilots this revenue. not recurring revenue pilots growth. are are generating is is that existing flying not for These for for training. non-revenue

Ed Wegel

investment growth. an in really It’s

So, separate that we out.

Grant Howard

further what AXXX? for or are here, have a Just do you question plans your plans

Ed Wegel

AXXX our is on list.

operating at for will, AXXXs. We some point, leases sign

submit FAA do the manuals We to need to the that have we actually that. started pulling to would together

that signing to is we to not at aircraft on freighter the have trigger we on planning we to any again our the in the our and that airplanes But XXXX get our want What plan the AXXX We AXXXs have this ensure that put has ensure lock certificate, to put the pulled certificate. a the team plan. LOIs on point. together do we

We a got timeline. have

together. We have of set a basic manuals put got

talking freighter And of passenger aircraft. be to that have. talking offer That we be lessor freighter one eventually could to would in about AXXX aircraft fleet out and particular, mix complement the passenger are AXXX narrow-body We to there every AXXX. a about aircraft about that converted these

Grant Howard

out include future don’t Does March, due XX% $X but in any financing that comes right? think the I million, instrument taking that’s

Ryan Goepel

question? the what’s So,

Grant Howard

ask – you a trying I from and you are six-month I is guess million was down the and that? that – the in here drawn what question against have I is it a you so your and Well, and going note that note, had if to person memory, plans around am $X believe

Ed Wegel

So, yes.

is first new that financing out. the would So, take of part in the question our Yes. we

$X be $X.X as million. million of out take the million the Our to well plan $X would as drew we

million. it’s So, $X.X

clear want to anyone So, that have those that, we to to in potential it talked position look the on have would be And to investors, of do to as be we course, money has taken need financing facilities a in any that or senior – would company. out. structure, that make because they coming

good will a us with dilution, so we to raise money out. for out take had finance It way financing as of always – intended part minimal that’s very that any was So, larger those and to we do. we those

Grant Howard

shares. in X.X pronounced sold I about million that hold growth, an question report, shares I on March, insider the to hope based XXX,XXX A still you February properly early early believe,

a question, any I asked have do And is that? on the be have he the your used background you you is yes, to question So, Board, already on shareholder. major

Ed Wegel

sell people Look, shares for of Yes. different lots reasons.

private One transactions. of lots Joe’s and to a And the XXXX. if ask in requirements his first pay wouldn’t for has funding back other one fund, him. runs equity he of them situation taxes. personal of dollars in lots and was is got don’t certainly know of I He he

he appraised I what in untoward of don’t We an to Again, us. – him fraction selling. not insider. ours, many are extent continues can, his he be We owns. has doing. what is he to a it’s in see the because So, keep for we opened He we of anything of keep doors supporter him – a big what

So, I anything… don’t see

Ryan Goepel

other no selling stock some. to sold he and than had is the think – his there conclusion don’t over X has he draw years I from for

Ed Wegel

which those investments some fund I the first and liquidity has quarter, He everyone in Yes. to the show his reports. has have those investments. he progress shares during should in bought some and way, seen By

Grant Howard

Somebody ability? wanted would GlobalX that have to manage several you aircraft,

Ed Wegel

we manage it at certainly have depends It now. that right the revenue. deal We AXXXs, we look would focus But into But we little is our cargo and given is that things. need now, on came right focus a I and if detail. we take operation need approached but been more airplanes. to right a business other AXXX what some want Certainly, other revenue the We to aircraft not on a people’s complexity money would of on money, are get focus we think doing, it, to that’s look not our passenger now. the along, at

Grant Howard

Interesting question is or planes Jetlines? Lynx of plane why which are Canada you a to providing a competitor to Air,

Ed Wegel

of Toronto. what doing And what now, look Jetlines. out of Jetlines doing you Canada does. operates if Lynx they with doesn’t what at Canada Jetlines are out compete is GlobalX Calgary. is exactly operate They Canada well,

flying So, sport teams. they are

we they Flair. buying think up are they model, We and in what some doing. are Canada from are They are Vancouver business and very They Toronto, we teams some for what point I much we scheduled some They signed when Canada. it service flying deals I We give to guess soccer them. what separate on some to Jetlines. for we them have our have some seen Sunwing. clients, things. comes saw, and advice They I did are with talk doing did But wrong. customers been right, other have at

agnostic our in aircraft to. are We we who provide

As they long and everything put organization, money, tests a we as else that pass it’s viable of they and through. KYC all okay, them the have real

We are agnostic.

That’s fly is will airplanes where our them. We to our our to responsibility shareholders.

We We as for are not airline. we limited in can fly our Jetlines works who any shareholders, for we other work can just Canada how shareholders. fly for or vis-à-vis their

Grant Howard

for future And what Capital are Air? the plans

Ed Wegel

just It’s is that a company. name shell trademarked. we Capital a have

that so other businesses, for DDA core our client not the are flight separate the in better subsidiaries’ a from organization. moves that, be be operations a and may for to pilots or and attendants fly GlobalX, future airlines not our teams separate It government thoughts would but that with we a would be business so would a that certificate. separate and other They Our just name lot forth. that from of – align separate be can that which

Grant Howard

some other the you have here maintenance talked about Oaktree already about, facility. questions financing, have which We

any a for there. covered. of closing that all So, with been you has of answers gentlemen, questions that, There very and are a number Thank detailed comments?

Ed Wegel

again, which with we appreciate little I Grant done have everyone’s past. the Grant, what over this saying people, everybody, participation appreciate Howard for about Well, a XX is together. in We

Board that infrastructure, team will just going our of development advantage XXXX. front this this made working and that progress We for can say us We we of and management very, in fall significant our this very corporate take into in on are shareholders. in so opportunities QX and developing hard summer our the

the freighters. We are be to set able up take to

We up to be take set to passenger aircraft. are the able

add are we roster. clients our We our new the to bring more on clients as do for clients current flying set well and up as to increase that

we are company. bullish So, about very this

size paid view bullish this we now next because in company. very and prospects us. this double are of that, in of we about months a position We the a Again, are I longer over opportunities has XX and to that believe the term business our the take dividends front of view

anything efforts your everyone’s with So time. Ryan, And appreciate have do that, appreciate to and Grant, you add? we

Ryan Goepel

No.

of As Ed a future. we set We well up alluded coming are really out positives lot to, there I this the quarter. of believe think for is

Ed Wegel

routes more created are of line in we for world. that in Tremendous at for don’t the now effort, balance our to go of It’s important more opportunities that progress have the the the more sheet, of front us we quarter but clients developing there parts that assets amount for on infrastructure investors monetize made to to us. are advantage that this look terms and on of in of take increased

talking to very to thank everyone next forward with you Grant, I So, much. look that again quarter.

Grant Howard

Thank thank you who those you, attended. gentlemen and

Global Crossing Airlines (JETMF) 10 May 232023 Q1 Earnings call transcript