MESA - Earnings call transcript Q2 2019

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Operator

Welcome, and thank you all for standing by. [Operator Instructions]. This call is being recorded.

If you have any objections, you may disconnect at this point. And now I will turn the meeting over to your host, Jonathan Ornstein, You may begin.

Jonathan Ornstein

Kirby. you, Thank joining for the today. call Thanks, us everyone, on

is I'm of the As Airlines. the and Ornstein. this indicated, Officer operator Chairman Jonathan Chief Mesa Executive

please. On safe Operating Counsel; I'd Brian a President addition Mike of to Brian the Finance. Brad today like harbor Darren new Executive Chief to Rich, Zapfe, call, Chief President Gillman, General Financial ask Officer; and read call Lotz, and VP statement our me Officer; the with to and is Vice

Brian Gillman

Jonathan. Thanks,

the Mesa statements you responses the Before begin, that some include to in remind comments like to may presentation would questions statements. today of and conference forward-looking the call your

As affect Also, the statements. no conjunction undertakes forward-looking our to note release the in future risk forward-looking to factors our our the update you please could with the obligation with which these should or considered actual in such, press statements results materially statements in are to also read. and SEC, statements. Any included Mesa encourages that to subject be those events cautionary company and they revise filings differ uncertainties from

disclosures used addition, reconciliations measures our refer release additional in please of Investor of on be Mesa's to find that In non-GAAP section will today's call. financial press website the to and

Jonathan Ornstein

Okay. Thank you, Brian.

nice Okay. We pretty had a quarter.

continue execute existing to our increase plan fleet. block We to our hour production on

increase We're same quarter believe year. for is will last 'XX, We XX.X% from represented which hours about last increase providing third fiscal the were quarter QX XXX,XXX, a be result, block same XXX,XXX the which block year. hours As a XX.X% guidance an the from a quarter. also for

more to overstaff, increased for block our we growth than are ourselves Given position losing. hiring we have future continued desire hour production opportunities, of and to pilots partner's

and continue stable has been slightly see anticipated. results front recruiting attrition excellent on to to lower pilot than our We

earnings $X quarter million year. were which for before fiscal Our $XX last adjusted taxes, million, same the quarter two 'XX compares to

gear. than lower due were of $X events, the before timing maintenance earnings our million heavy to landing primarily previous However, taxes and quarter, C-checks engine,

are current of GECAS expense As to costs with they heavy On purchase our our completion timing agreement sensitive since from the finalized parties out we period in maintenance third transaction occur. the we CRJ-XXX them you and for will of United. with XX earnings we March the these know, X, fleet. major very operating aircraft XX financing reduced these events our at closing, leased the of aircraft, of total Upon and have leased to number

XX the the CRJ-XXX continue on but for to topic For we a this any purchased. XX United, productive That been has just have remain of extension us on we than agreement longer we standard, know in is which to CPA year. ongoing to related scheduled confident an United discussions later this highly I anticipated, expire CRJ-XXXs.

purchasing we above, have noted are in to the hope As flying We that GECAS the from off something announce few weeks. lease are next United. currently CRJ-XXXs at to

increases as Beyond to that including new previously cargo. and other our explore partnerships expansion discussed, and business, continue potential includes flying CPA opportunities we existing

have focus know we our will well now operator, advantage Rich, operational United, through many that at opportunities. in SkyWest continue made of who of excellence days we some of will take to all, these performance. positioned at on later believe goal. On we to Brad you his airline we're and walk from progress as some the believe cargo front, regional low-cost and towards the operational All

Bradford Rich

Jonathan. you, Thank

team. America the come familiar the let brief the of capabilities I've may today. I'm confident by and than Having industry. the senior And But carriers, at First in positioned know United. of well and leaders with I'm and and possible the personally that months, I me will with many very their can exceed of expectations. meet both from my been impressed both recently how two is and am comments United. SkyWest from working less I operational be time Mesa here closely Mesa with all, Mesa all, believe saying, very regional will first of and been having start to their I everything my very United, talent do

same As second year. 'XX, during the compared the example, fiscal XX.X% had quarter a for prior completion XX.X% improvement. to significant factor a That's an of controllable we of in the period

QX 'XX in to fiscal So we're far, XX.X%. date, at for

metrics was the of And those weather a in can be same future. just and of the that in compared confident includes I'm QX an successful few total again, XX.X% in I completion Our other improvements period the indication cancellations the for mentioned to XX.X% factor, that making. has year. which uncontrollable prior were we

me Let to financial now some over Lotz, walk the will time Mike who of turn now through the details.

Michael Lotz

Brad. Thanks,

was $X is the This $XX.X the adjustment adjusted on for increase $XX over of the for we excluding for second of the we last million. So extinguishment quarter, pretax loss income extinguishes pretax income year a reported reported same debt, the of quarter. onetime million a million, -- earnings quarter significant pretax the where

down pretax first of pointed Jonathan heavy as the $XX this Our to had our of and from out, our income earnings primarily timing is quarter, are the maintenance events. million due from

per tax $X.XX million income $XX.X Additionally, we reported or income for $X.X million expense share. net of of

we current in cash a on we have year's projections, approximately believe XXXX this $XXX we we of is Also, million income per from purposes, share. Excluding that last taxes, NOL adjustment, perspective, and million. income until cash was or accounting from income adjusted XXXX. million be the million do taxpayer $X.X the although not pay $XXX up not $XX tax of based about net for still we any tax or will NOLs; reflect our onetime $X.XX an our And expense

same Our adjusted EBITDA $XX adjusted are EBITDA and last million adjusted respectively. $XX.X and was million. year $XX.X significant EBITDAR $XX.X adjusted EBITDAR quarter was and these the million increases from million, Again, when were

of included the in million, $XXX.X X.X% no is $XXX.X pass-through over dollar-for-dollar a revenue P&L of the pass-through impacts. or CPA revenue, an year reported Also On have is of certain reimbursement which items increase side, contract million. last basis, revenue on which which quarter is we excluding expenses revenue same

reported we quarter For year. million same $X.X quarter million $XX.X compared to for the pass-through of last two, revenue

pilots for the were On training just were increased XXX. the required the averaged desire more quarter to put But pilots from month, out quarter, which if partner's down still, Jonathan we we expense hours, we growth is attrition XXX at during better than in about To we continue the year same potential block last where levels for to XXX position we're approximately and each hire Mesa context, pilots our advantage take pointed attrition. to offset associated about would as side, require. than of this into to more

not The training As believe is a strategic to of training believe pilots per future. investment result, time, a long-term pilot $X.X as anticipated. they we increased million will will quarter. rapidly had but as decline our That being believe previously we $X in decline do added we and million over said, this expense approximately we expense is

was engine $XX.X for to quarter expense $X.X last year. compared the million quarter for Our million same the

we for for did and our events projected on vary the partner's $X.X of We expense As summer. available our have having C-check significantly we number some quarter-to-quarter year-over-year. and said, C-check to accommodate during engine although Also, predictable, limits aircrafts time with at talked QX engine last revised as guidance million. expense, provide maximum also our can on about have call, based request retimed of we our

than result, C-check a As higher QX for $X was the expense million in QX.

summer over and primarily actually XXXX. off two timing million by that is issue. IPO expect our the of accounting year more then QX, a And issue CRJ-XXXs a to and this million to earnings continue at drop $XX.X for impact and $X expect totals end at to million driven a from cash, and transaction. in million which liquidity on QX September ended of years in down This which executing transition $XX.X ownership we not accounting. $XXX.X increased -- We mentioned engines, result like few cost initiatives of for reduction quarter. of we million. reported from about the Jonathan a as is on million this Also, cash is QX lease we This $X purchase quarter $XX cash rather, next the Again, of From as positive that the was earnings structural standpoint, from we XX will the GECAS. that have of per key

down One our credit. the interest quarter $XX full refinancing balance at of pay of for million of with in $XX sheets million $XX down them was that paid the connection we line facility our on September $XXX engine $XXX to for as was million million, from and the million debt Total rates XXXX. down spare lower

be have $XX fiscal of remainder the purchased for CapEx other CRJ-XXXs, will XXXX, the will XX to which we As million.

we're additional one about items. purchasing that and for looking we're roughly $X maintenance-related in have on million $XX to million, million $XX We at additional roughly engine CapEx then

on cash, open questions. expanding revolver Lastly, now up extending months. we it turn back have million, that anticipate next still and over like to it our and over available who to the I'd us do to of we full few Jonathan can $XX for

Jonathan Ornstein

was Thanks, a Mike, that review. good

that Before we be open up attending. to Mesa update would on the will you like for conferences questions, I

that to XX, we next there. be Industrials and I going which believe, Lynch and at in May Conference, will the America be Mike? Boston we correct, We presenting actually of Transportation on XXXX Bank are Is is week -- Merrill are

Michael Lotz

Yes.

Jonathan Ornstein

right. All Okay.

the floor So to with to that, up questions. we'd open like

Operator

Instructions]. [Operator

first is of Linenberg from question of The the Bank. Michael Deutsche line

Michael Linenberg

CRJ-XXX little give think on I that seats with made that Brad, in revenue-premium we that this think a heavy Thoughts maybe welcome Jonathan, XX or it potentially how can aboard. you undermines whether on putting make you there's it? XX-seater for like of on to concept. without view -- it's it premium that about not and your I Welcome -- about sense how something think going thoughts know out a us heavy. utilized, Thoughts there on have you markets it? and you And back. bit would taking Anyway, -- -- recently just to aspect. economics And the be a the harder it's are guys? being maybe premium

Jonathan Ornstein

about I'm Sure. actually very Thanks, Mike. excited Yes. concept. the

total they get and regard first not scope-restrained are regional to are benefits that. know, become depreciated, to of a perspective, older as you in seats them insignificant. accrue they the And strategic jets, class is larger cost has result somewhat there as available. the revenue a in aircraft From put these which obviously at that us impact some disadvantage As United's

can't you're to but long-haul buy want traffic ticket Airlines. business more. you London to where fly to example, Wichita regional from going you United don't offer class an have ticket, other If these and on think United or carriers connecting would penalized. Wichita and is fact, jets can is Large on first first, do it a in I being

think I just a as configuration that for or will I a think obviously the significant up regarding I cost operated carriers which amount least potentially of not that. XX-seat to could the structure. take door configuration. couple I I'm pleased is in that it as opportunity, for either one do in confident have opens we've special why I've to Mesa of of the that us it been a been very And think been is XXXs and be our in XX-seat of a

So I'm very excited about it.

profitably be well will at private passenger's can it's plane Mesa's certainly for structure LOPA, It's cost mean going incredible as And think standpoint. for the from to I think will very the I on as a as aircraft I've allow arrangements looked well close to that commercial probably the as the be I fly aircraft. in United us received airplane. seat operate it to the world. that ourselves. you

Michael Linenberg

And cargo. Okay. just a on question good. then Very second

on opportunity but was elaborate goal so progress or think, mentioned, You and on had and an I opportunity a was structurally more that toward that putting cargo, would detail be that? XXXX, that is I sentence on opportunity? indicated something a XXXX? is Can it you there few Or in Any in a that you this mean you great. steps. the -- still a XXXX for

Jonathan Ornstein

our at the networks are well current we've business. it's positioned. There the very it's how structured, there's kind southern, very I've partner contracts nuances relationships. interesting. simple sort of are a in complex interesting Board advantages are on because Again, cargo some have similar our and to that mean, it think cost We regarding served us to to of utilization operation is but in have airline we so this Sure. and you of disadvantages. terms since the given structure, -- you major It's don't -- think I we

game-changer a opportunity You diversifies by revenue more just in our it's that any not of it that reliably. very out. have I of XXXX-type helpful, net is fact not this stream that the be the new but gives would income helps probably be retention actually operate us to And Clearly, would it more think It's something We a stretch. that and the opportunity. standpoint of from a side, start looking we'd is think small. pilots. and business and importantly, attraction only it us terms on We

You and and a to a Mesa flying that and think that really can by big, think I narrowbody I a big jet or come as partners our is start flying end benefit, up regional helps well. bigger,

parties. way you So about ourselves, beneficial We world. what's on like definitely business is some there's we're real of And going a it. this I operator, to all there's in think low-cost follow on the enter in call to the a room excited that certainly cargo that opportunities. think Most cargo for

Michael Linenberg

right, the Is be the the right you airplanes than would in cargo bigger Jonathan, just between business, reading heard if like sound jets. regional I flying, interpretation? that So you it lines, would that

Jonathan Ornstein

Well, if And lot are are the be there's do can for a at out that looking and XX at we're that with just that whole It's I regional not, aircraft. but think these jets you there. what XX larger seaters are make would seaters I spectrum. part, we out out is the that to mean sure. to looking obviously, figure across looking trying we then everybody there work,

Operator

question is James. Syth line The of the next Raymond Savi of from

Savanthi Syth

to back. Mesa, to if you? of And attracted key actually, in see done is might things what important leaving what And coming it's -- you XX wondering, to And United, I you kind to of first kind nice get just Brad, have months? the

Bradford Rich

you, thank Savi. Well,

all, here. I'm for of of years. Jonathan, First look, positioning primary Mike the one known reasons and of is I've the Mesa many of course,

years and Jonathan partners we've those competitors the joke I and most about fact, for of then In been fact United.

the well look, the obviously a known -- which positioning I long think with as in opportunities team of a right be we can't our I've the time. of when important overemphasized for as my produce cost course, capability see reliability, both so is now get there high priority major the lot is that are then, And of operational opportunity, we And lot which a highest consistently we how I of think don't structure, partners.

my And priority is so reliability. that's here the I'm consistent primary and reason

Savanthi Syth

of might of I under if you're the extra American wondering Got metrics, now? can contract, an think the and I progressing April, performance how new it. update And provide that you just if on ask starting that's the kind on kind with spares

Jonathan Ornstein

to you take Brad, shot at want it? Or to do that? you me a like would about talk

Bradford Rich

Well, you please? to the repeat question, first all, of ask I,

Savanthi Syth

Sure.

new to contracts of changes kind the metrics? operations. kind kind with targets? contract have wondering I improve wondering you're of you performance Just was executing allowed well new how as American the of spares And couple I help about of the a kind revised of think more part some made was to that of as to

Bradford Rich

the I Well, interesting I amendment us at stronger amendment. interest by just also it's to but that we I best motivates one amendment. and the to say, American contract think and is American. get And way, fine of produce with so we improve the certainly that higher level, it's Okay. perfectly should certainly our relationship adhere an because comply first mean, of is the -- nothing better in a mean I'm with to and going as do but and with all,

restructuring different we to a I'm Yes, at and we're -- things the the everywhere I ways looking procedures. are be is things will things airline. can there when really some So looking of achieve the and think confident that metrics. in relationships that's work and -- schedule at from some both that when doing that and partner fundamental just work things operating regional strength for all of And major and

I'm investments mean, to And some doing, that just sustainable expect. look, operation be I to are that new reliability so, we're our in amendment. strategic are partners confident to we need with the make look, other willing that really this successful we high and the And things create there that can

we confident can do that. I'm So

Jonathan Ornstein

is could we pilots, we We training, than an maintenance last lot, And full the together. in rate, that mean, Yes, in terms in got almost year. I and if just people. proof that year, we knew months, that not a insignificant more putting proof all I finally I mentioned, were sort had by hamstrung That higher expanded difficult up the We of the maintenance I of point, the we we is is pudding. a mean, fact ran hung needed that the the became bit think qualified And add, pudding. XX I did we're little in number. last as a pilot a more completion in

improvements we we've So made necessary. think the

you we being operate standpoint We cost it's continue that and But And the said, the cost. pretty which have that's to operate, providing I best best to look we compelling operate, what think the just focus go. more product when at how at product. at of a we we at the on where

Savanthi Syth

that. just Jonathan, a And on follow-up

So a then that because the fair? that's increment already I'm level. -- came at think American United, where because on guessing the Is I high you're performing side

Jonathan Ornstein

They Yes. know, American the have been us that side, came you sure, focus. bulk given I on American the for some and very would that of has helpful, say, too.

Some we side been the helpful. particularly have involved been of that real with, of their incredibly on people people high with maintenance interacting enjoy some quality us the have

maintenance Dallas, the seen think example. now in continue to we're some we space like capability, in overnight which really things And do pleased I there. we very our that for again, Dallas, maintenance have so that have we capability And improvement significant

in across seeing in I the make at will operational our think you're really big performance numbers seeing board because particular. it all difference. improvement those in we're it And think I American,

Operator

The question from of the is Becker Helane Cowen. next line of

Helane Becker

add back again. Brad, to to I'll you welcome comments nice And my as hear well, you

two we that question One pilots, I was noticed wondering on is than spread is your were is, if can the you more the G&A given salary? that just rest for the So my the questions. some other year, that or about here's you higher thinking. of talk higher and was thoughts profitability And --

you into done So you're number were respect then to and Greater bit. your around want before two peak, than normally the that so peak. thinking you to one. little have heading maintenance with the of maintenance moving questions a pilots Obviously, would

offer training two, you these pilots that? should about finally, can it's that you who answer this or And especially you pilots? about think that all one. when existing them about Jonathan What mean, -- aircraft. out, get we would Like, question, don't possibly I in for costs? where you training how Jonathan then So respect I take Mesa response would time was I Mike, Sorry, are which to Mike's opportunity, jet. more question some that? next would in think but more potential and would bundled and to cargo for I How should you be we than assume potential senior to it if maybe with know, a larger I bigger this do think operation do And know year, mentioned would start the it was

Jonathan Ornstein

No It's you issue Mike, the fine why first? go problem. over Helane. don't G&A

Michael Lotz

is G&A of hit issues. confidential. Yes, agreement Brad's the I employment a can them, couple

of those any discuss can't I details. So

you, can it's assure the However, variance G&A. not I in

Helane Becker

Okay.

joking. Just

Michael Lotz

our nuances of one the So G&A, purchase SEC it's reporting our on capacity the and of just agreement.

taxes property primarily aircraft majority our G&A. in costs the combined driving we included G&A and So insurance. fly. what's rates two the those based increase -- hull And the and where of the in in property increase tax liability it's That's on are on and property

be well. revenue it will so in And the pass-through as offset

change the property So items. the there's really and G&A those the and related structural taxes not cost liability a and that's insurance those been hull -- side. It's included passenger to on hull in items, two liability

than Again, did modeling. having pilots, that. -- That's anticipated, some we additional more $X is just something quarter the originally to million it's about million earlier As to talked per had investment. of run a we good for we the our we $X where going think

to last So it it's what going going be forward with consistent was quarter.

that's think to little a I it's lower quarter not had quarter. come the was block lower hours, this bit we fourth down probably going until -- but because

maintenance, because of July, had We and will of we peak a August and In April, our terms May for ahead quarter. then lot QX June, maintenance maintenance will June us QX maintenance also but quarter, we'd our up summer doing of the to a for have aircraft the schedules. big big be time that's so free be quarter. a

if some training it we not training but flight our cargo yet, not upon would an operate pilot for to But that road. would would it done CAE-type company the outsource was that pilots, we to of pilots. and likely we're down we As aircraft aircraft it -- that be, depending FlightSafety be today, or close which would by don't

the pilots And at note small we that I that, even it the -- number that utilization mean, a and low very start. I you're benefit end using it see it's the trip. attract around, out should a we of on pilots. the it, operation, regional we're size bigger a to to, should Some get very, cargo contemplating of as aircraft, Jonathan aircraft XX way part FOs would about board, that them jets. our somewhere street. existing retain as cargo be and front of we XX getting senior think pilots require if to turboprops jets, would as talking back and talking the alluded upgrade look to Across or bigger a end, other is was off new our it And a we're well. probably the with about whether that would of that to into -- call operation hire we very And

we need that than that's we we able be to what opportunities we time in And in made plus of literally have -- growth all more to other accommodate investment because is a in hand XXX pilots continue the growth this big opportunity training we this not why opportunities. have hiring now think over -- the So that growth are we number. feel

our As be to of I opportunity able not mean, well fly to do that we the planes and as you you partners to both aircraft the to to to we can partners fly having hiring to them that, to be more react do more more. more the spend pilots just all able pilots operations only our and to aircraft fly want to to more, those And give able very actually and goal but keep because fly we of irregular want so want need pilots where be bench helpful. hire be that's the the kinds situations can we few and on to looking money when that what would this schedule. we're the operate

Operator

last is Stifel. line the from of The of DeNardi Joseph question

Joseph DeNardi

XXXX same in sure Just the it back is high guys assume flight is in maybe Should line mean, your it's it's ops terms Mike, to as been the Or just to expectations on expense we with you kind page but expected. start, as of just XX% higher line. I been? make had higher of expectations? around running than not

Michael Lotz

Yes. No.

prior online were be and for back. the it five fleet position back the no growth coming -- that were is point had over to start think, maybe last fiscal if and Whenever XXXX yes, additional run XXXX, just or again, our get had XXXX, to expenses a getting and growth, aircraft we'll two higher. contract put be but inquiry like years, to we of size the them, at for But if prehiring if some 'XX. you're rates, 'XX I that. to have new did get it's we by growth previous same we've a year keep to buildup would by pilot back We or we -- by we looking

Joseph DeNardi

Okay. coming the for about how what And in your And year talked aircraft, are on out United terms of aircrafts you you just expiration this contract? of up contract then or next? remind would kind Jonathan, the I be many of, guess, obviously. expectation us Can

Jonathan Ornstein

XX we is that out, key in mean, to coming the XXXs I so XXXs, believe, start the have August Sure. plan. I according the

probably most in, scheduling that airline think already close aircraft as know scheduled. you would with I of familiar are be those this and

because the their assured remain the again, get I But the again, are are those that been So they planes just contracts -- have some that people concerns by have XXX technically and that think renewals. will those we come all were that And ones fleet. Embraers of about. I obviously, in United I have We -- we've think renewed to do that -- going confidence year deals are as five think those off well. they be that

So we confident about very that. feel

Joseph DeNardi

flow deleveraging? in Okay. free year, And walked of just for you Is Mike, guys the seems just terms That's pretty in priorities then, your will It helpful. are still cash. the free terms of cash like of you through us CapEx. pretty, What generate strong that. deploying kind it

Michael Lotz

Yes.

for cash. just company. use the our if and to business, down growing you're we that about $XX payments focus million in are various to make XX our say aircraft, We out talking about think on increasing our probably to cash be of million and that is it have would talking I get best $XX really use the to our partners would were we to primary

Joseph DeNardi

through then going the recent it's the proxy on little the and of what bit seems Board. drives most it. and and Got kind just it, And you your subjective between one, Jonathan, like, compensation a it based

are you relevant we bit do a think compensation? public will determining metrics that be drive And that expect what metrics you kind the most a little more mature of in formalized? as As incentive company, executive your comp should

Jonathan Ornstein

just in a I stock it's I recent the mean, one, we're Yes. the I that you I we that just do to the the meeting all one because do a you reviews all money I I all know Half And at do go, most -- but lot taxes in company. continue... to compensation a it to sort IPO. where went and that the was committee pay. joke mean of not it's I've with granted going -- history. out realized paid. mean, vested, for and think I never when of that is all that the of lobbies time. had my And just in Because I'm stock wondered, look been like, my

Michael Lotz

more I our put to there a and little of been what Jonathan, it terms of with bit it. into Board, types less the also, little for things they bit on place private, what at and if putting compensation was when this we're year. committee a add structured like. is more like in we And was structure and can public not it, bit more our those next to little do meeting into we subjectivity would since certainly, payouts objectives a had to year, obviously we've during would But one structure since plan that we it, we've SkyWest that of -- how bit in looking look would little last measure companies were and

Operator

[Operator Instructions].

Jonathan Ornstein

reason capability far, position could And now to point the to wasn't creating to that at XXX and other those more it we XX seaters And forgot what for is, operation for one into replace those pilots, opens door to I'd is about make that opportunities. seats. downguaged by that it if and of why are XXXs constraint that really I is, that terms XX-seat aircrafts every fulfill to like are be for seaters best up opportunities XXXs in Mesa XX-seat aircraft, downguaged make. XX-seat XX the the creates There's we that more literally concept to United of going cost excited requirements. into so backfill of believe this that be XX

taking whether of or the The thing has XX-seat, to XX-seat which that opportunities take a and other XX-seat has aircraft a putting XX-seat opened if a sort other it has aircraft configuration; convert it's or airplane, XX industry at it XX-seat example, into as exist, it for airplane, a gets XX-seat was into what airplane. counted eyes. it whole them American, the a looked done, opportunity and not The did up XX-seat only but

going I has up could downgauge whole this open So movement opportunity real for a big us, been, forward. think,

real life. It's opportunity to going thesis everything prove can a that for are we big So the really that, to we given we've in opportunity if works do Mesa.

Operator

on on No Instructions]. don't Speakers, you We continue. have queue. may queue. questions questions [Operator

Jonathan Ornstein

talk earnings for we'd if everyone, know quarter. busy and us our I you taking in no to Mesa for further to time thank Well, of there Okay. hear questions, is day this about your like to out

everything we people. can work enhance performance provide continue we for to hard can do for do our to and partners, provide as we can environment work value, as everything shareholder again, to We to the best best our

So to talking for you look forward you quarter. We the much. thank to very next

Operator

Thank Thank concludes today's conference. you you. for And joining. that all

now may You disconnect.

Mesa Air (MESA) 10 May 192019 Q2 Earnings call transcript