MESA - Earnings call transcript Q1 2021

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Operator

Thank you for standing by, and welcome to the Mesa Airlines 1Q Investor Conference Call. This call is being recorded.

If you have any objections, you may disconnect at this time. All participants are in a listen-only mode until the question-and-answer session. [Operator Instructions] I would now like to turn the call over to your host Chairman and CEO, Jonathan Ornstein. Chairman. you, Thank

begin. You may

Jonathan Ornstein

operator, this and Chairman for you, you Chief thank This is us Airlines. afternoon. Mesa the Officer joining Jonathan Executive Thank of everybody Ornstein. and I'm

our would your statements, Securities Officer; and is, call the our as comments Chief to call with Executive Brad like press Counsel; with up comments and today that call Rich, Operating forward-looking to Brian release the On like Mike Litigation on our to you our Gillman, open before Chief me President responses may Lotz, Mesa and XXXX. of questions conference the Private begin, Act General the defined under statements, and made presentation remind this Reform include VP Financial and forward-looking Officer. our I'd during

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

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

Okay.

thank face deadly employees. all passengers. control of other is is each personnel operations, in I the despite of dedication to like obvious and start way our outstanding. of the service a believe That all I'd exhibit with and Now to people of to that, out flight pilots usual and field. as bravery mechanics dedication like the we to the attendants, big call way, And that continue a our the in to have nothing risk short incredible the of pandemic, thanks I'd the our frontline

While to all and lives terrible see many a thousands the cautious the the our some is tempered which like tied being view our just that -- starting optimism home about industry. recovery to -- just glimmers moment with to some improvement, a is lost concerned distribution in the think about have we while this people we're daily moment take of primarily of their lives some also of are at changed I'd key believe vaccine who've to to take things remain of we as to people we to pandemic. and

as number We highlights press this have a quarter of release. mentioned in our

net are We positive flow. delighted report to cash and a profit

new five-year XX operations signed cargo For partner placed a for freighter aircraft. for aircraft aircraft Embraer XX United XXX-XXX service into extension and XXX flying, our with the we We DHL American Airlines we two with Airlines. launched with

also Payroll We we program, despite Act CARES received the Program. the the Support of and employees $XXX furlough to chose expiration under any million loan not

move forward all that second a Mesa DHL. about. this in Despite opportunities. I is to this cargo look is quarter. something with new the and growth. begin recently our airline industry, performance continue with and Airlines a operational One I'd significant launched area additional first even to partnership Our is special narrow-body quarter. we cargo already pursue improvement only of to about operations the highlighted which the for with example occurred of to dedicated to regional what talk areas the like in challenges the I fly and is will cargo aircraft a Mesa we real continue take believe shows

into furloughs came we Act, we had company when result to Within wages we the the ALPA as few cut about literally would XX. operate up. a intended and profitably. that quarter ended became only temporary voluntarily avoid furloughs. to Two expiration the our given And that the we months a September pilots avoided a it for of pilots they CARES informed PSP the weeks us Following approached to to an on apparent the pay repay agreement the

remain we In addition, do. have our will all received employees cooperation other what time our are our voluntarily like pay groups which times these of the reductions financial of We forward. or enabled that going offers work and for critical in and difficult to I'd our to thankful in to from to were believe previous us their assistance thank off restored back support aspect of success that taken performance has of were all we levels. so do able a been employees

Chief existing the with our to grow give We Operating in Our structure expand Officer American our level to to Brad as our especially this industry the remains I'd them. on update business overall you our and however primary industry-leading continues excellence operations our that well over as and consolidate. and cost operational believe partners to an opportunities United to environment, focus positioned Rich, of Brad? well and turn us as like DHL. with things

Brad Rich

Thank you, Jonathan.

the like mention operational our people of passengers. our health our and some I'd our that to saying priorities. highest priority this top without at goes time and wellness off, It First probably are of

information and contact their their guidance continue be as as with from very regularly major to the our well close the partners received We following protocols in CDC.

and focused By finally the collaboratively consistent to current throughout March year hours press for very operational for of relationships anticipate a be continuing our roughly in the quarter. for which block long-term XX% last Based December to the with pre-COVID improve partners, our expect guidance way XX% from and We and as to we operational remain June and relationships XX% believe was that XX,XXX XX% strengthening performance of down year. do partners. on on increase and levels review hours production effective the industry-leading are quarter, performance We we Next, way at about working the our generated our develop in outlined to maintain with partners. economics we gradual quarter release. our most block do our

key we to improvements see metrics. operational performance, our in far as continue operational As performance

our During controllable the was highest continual year to departures our our compared an on in I'd provide on-time year performance American controllable XX.X% will priorities. December a ago. XX.X% XX.X% Focus compared operational factor completion one now our improvement a XX.X% was to ago update on to quarter, like of operation. remain and

American pleased we're Airlines was all, of and finalized relationship previously very evidenced quarter. in First X-year as strengthening extension with announced December improving the by the our with that

and in agreement five additional an add believe American Additionally, CRJ our late aircraft may be we there to December we additional above opportunities. formalized CPA with levels

US fleet XX many loans. seven XX and Our as of CRJ-XXXs. financed our financed consists you those current of are aircraft know previously with remaining of Development announced We under XX Export Canada EDC. The treasury own or are

XX XXXX. We aircraft leased through also have

be American these support the to of will the majority aircraft We operation. using

we would However, opportunities new are several productively reviewing of some utilize that these aircraft.

Given balance on the the will these debt believe assets financings majority we and attractive and valuable aircraft the the remain low are fleet, of productive.

the beginning performance are to agreement. new We month our some confident We best relationship. have first the completed the we ability of operation American seeing the in remain of operational the new American of CPA and meet the requirements our since of under

of update an to operation. our United moving Now

remains United productive. with and relationship Our strong

few We feel aircraft proud We're we in taking very value working will our to create operational relationship. one additional on delivery today's difficult are together that of of many be environment. in and airlines initiatives strategic new

four XXXX. The previously, LR and last of November we February have delivered E-XXX the all mentioned XXXX. XXXX were now new into of As of XX by end be aircraft June placed that aircraft service of between will

add nine-year CRJ-XXXs previously the airlines term. as term will As that was aircraft these on announced one-for-one a United fleet, we a seven-year aircraft be we are basis. removing to a for These to GoJet leased our

We will most most the Dulles CRJ-XXX credits of in pilots covered be training purchase the training the are the retraining that E-XXX of are by of And Washington expense that on part agreement. E-XXX. current

the will performance enhance we of cost we which E-XXXs believe United, our efficiencies. fleet Within a six next single with be XX will operating improve and operational months,

operational improved we In seeing fact, results. already are significantly

cargo have to pilot XXX-XXX and aircraft based a regards previously are operations, have base. as maintenance in we service in mentioned, a Both our aircraft domicile in we Finally, where with DHL. cargo two Cincinnati,

have to Mike over pleased well the With positioned with grow and walk business. operation turn we to line to been are this believe our far it of like Lotz to financial we that, So through I'd now performance.

Mike Lotz

Okay. Thanks a Brad. lot,

quick or $X.XX per million on Let XXXX. of the for me share. or recap of earnings income the do last year favorable This We $XX.X the million net quarter $XX.X a diluted same to net compares the quarter $X.XX reported share. fiscal of per first income for

XXXX as increase is to release, As the pre-tax noted $XX.X primary by the and from -- under earnings PSP XX% result contract in related the XXXX reduction reduced QX of offset press the QX through combination from in received million flying a XXXX in million of revenue for by a to our $X.X reason deferred due revenue. of benefit COVID Act, CARES to

and contracts. a and deferred which the was be of the billed report the of quarter. million revenue will We revenue to expense $X.X $X.X is by remaining did during paid for the As income the terms United reminder, million recognized and respective American quarter of tax over

valuable However, $XXX we have as forward. of carry do over not taxes, NOL cash million pay any we

end cash quarter was by to excluding $XXX Of to Let the increased cash $XXX November. for me which $XX XXXX. in million made of million million. Cash prepayment, to quarter at CPA was United at subsequently reduced end, move zero the the the the is and million balance January liquidity. restricted $XX cash of This

$XXX only a loan a draw we CARES receive on interest under XXX LIBOR plus at As prepayment the five-year million no previously as Act, penalty. did with reported, this and as quarter secured term

between extinguished debt also XXXX were aircraft, XXXs due related amortizing the XXXX. During XXXs. and June we was XX of CRJ of three to XX, January This quarter, million mature of debt that and $XXX to that

$X total our just And XXXX. million of of ago, to And debt quarters we of to year in total the acquisition in the this previous of $XXX with will a fiscal total million. three XXXX in year are be XXXX in in was it to ordered addition from and engines current XXXX discussions engines on price payments. regional years paid ending new the environment, are purchase with far million our debt, $XXX currently continues in principal $XXX fiscal year extinguishment, ago, deliveries plan bringing from the million million originally Total down debt end of the resulting in balance in the up is $XXX changed for A engines year of COVID the had and debt remaining reduced no engines $XXX from scheduled million total increase million is capital XXXX. timing with December To debt has changed an was QX debt $XXX by required, total $XX -- into fiscal marketplace. also levels. of two only by over debt dynamics December of quarter too million, CapEx year amount is $XXX the We XX XX from million Also fiscal Principal given fiscal of not put obviously XXXX million. up -- which and scheduled decline $XX GE. slightly assuming new XXXX. number perspective, new approximately new that the In of jets. was available total, $XXX approximately in the million them There XXXX, payments the used

expect We finance of most purchase delivered. any of to the price engines

since cash start remain have daily going as neutral to for been March, expect of COVID or said back we we cash better in continue the to forward. have As burn, and

million XXst. the $XX the for February Treasury in to Lastly, on receive period liquidity, from PSPX four-month covers March did US Xst which we December

discussions the our Consistent of expect March to that XXst. with same rates period partners on million have we through with We temporarily will to of March Xst reducing receive by $XX December balance PSPX, all XXst.

on touch Let me guidance.

quarter looking are areas. a Brad have almost the Obviously, out than June XX% the confidence September. environment March we hours XX%. is and March in of more June fairly which at we as Although few still roughly And guidance in provide want do Block volatile, much straightforward. quarter to pre-COVID levels is did mentioned, we at the with

would maintenance, on what higher this heavy provided year. end fiscal is C-checks. work engine of are rates. deferred we a primarily the be of up run result is which of and we'll normal catching estimates. C-checks, amounts For airframe which than Much These consider We the through

remainder We current have for provided deferred also year. for fiscal our estimate revenue of the the

total in see fiscal $XXX,XXX XXXX. to to As and to 'XX revenue. the fiscal it beyond the reversal are deferred can of deferred over we're back combined should total, you we for projecting to the we only see revenue begin now like of projecting to deferred QX. million 'XX be In turn and revenue I'd In down $XX Jonathan.

Jonathan Ornstein

thank and you, Mike you, Thank Brad.

Just helping to -- you you And guys I'd transactions know to word. it's putting thank both Mike, appreciated. been wonderful side you want financial a job. doing and together quick did much has on the I these Brad like the how of a fabulous. American job

Let's been it. It's tough the face industry. for a year

We are Mesa the more as than has pleased as well has. that storm weathered it

capitalized foundation this in that think as we performance again, the about industry-leading received place with the field. the enough we as of our our part achieving of been operational well has say I economics. a believe I this now. large being are strong I support And from that the in people are result we can't

we opportunities up evolve. you With would like continues low, to may I continue costs new have. achieve of the any questions seek to to open Our remaining and industry that will any as for

Operator

Our come Instructions] will [Operator with from question James. Raymond first Syth Savi

Your line now is open.

Savi Syth

Hey, everyone. good afternoon,

for to the this Just about $XX quarter. should up million quarter? was XXXX? of the the the And kind takes as year recorded we was benefit rate perspective how in kind reductions think of think show curious the we of be December guessing just expect reflected March and I like puts remaining -- from quarter it on about and March seems of that some year quarter will PSP, with quarter I'm fiscal in the in the kind the December the Should we the

Mike Lotz

Yes.

this Savi, Mike. So -- for is

For PSPX, million any booked rate the of haven't $XX roughly December. related to we reductions

the we're in recorded So well. the as we in as be -- any that relative will do as quarter receiving rate impact PSPX reductions all to the full March obviously will QX cash

Savi Syth

flying? was December kind just been longer. through it short-term there of then just I'm like the I of those fiscal solidifying about five guidance wondering to it American of kind any long when additional but have for be And that I I it the you considered going it. you think in aircraft possibly flying, going Got number? will American how five the contract, know on it's the aircraft So flexible just at adjust updated current think kind long will how of Has year, extra XX? is stay in out how

Jonathan Ornstein

Brad, go ahead.

Brad Rich

take happy to that Okay. I'll be one.

doing operation. guidance in in is certainly that's the assumed projected job, First aircraft just are production just And on have May. And us of so this job it we opportunities. through quality with more look is which our operation, American. discussed those good what far, block to that will that do for all, where a and Savi, good our they've focus what a really Look through hour of hopes to the our May where and we estimates at the with lead costs asked doing the includes then count point, we -- that's on

Savi Syth

I’ll in Thank the back Helpful. you. queue. Thanks. get

Operator

DeNardi from Our with will Stifel. next come question Joseph

now line is open. Your

Joseph DeNardi

that afternoon. the point Thank what Does of, just preliminary it Good opportunities? this mean the substantive? the you. of And did conversations wondering more Maybe that if talk does create could at realizing you I'm are is that that? some still What, mentioned What's Thanks. you consolidating. timing little by you? or market a opportunities for create them? on Jonathan, sort about more. you

Jonathan Ornstein

three, was liquidated. seen, We've I carriers that think been four, some sped some problem. have pandemic. a really as been No trend of Yes. ultimately the that up There's consolidation. a result five degree talking I to and we've about seen

whether will survive do that now it'd XX. of or eight, merger have direction strong I that. few moved increasing to fleet, a that positioned positioned partners airlines is opportunities or that Mesa major a through than think three if acquisition wherewithal of also an shakeout. be the I we're think have And or potentially nine, financial be in to there rather are the we now those the think one And the I four

RAA And were back there more members. airlines, talking my RAA about When meeting first regional in basic XXX so trend. joined XXXX, I we're a think we airline

I think XX. now we're to down

been So and continue consolidation. that just to the trend take future sense well it is strong positioned I and has pretty Mesa advantage of will that that

Joseph DeNardi

consolidates scenario that aircraft in roughly operate position to a to to it In how would a you where what many be down level, Mesa relative fly now?

Jonathan Ornstein

we not induced Well, and has Yes. issue. the been the an by rule. X,XXX slowed know That frankly recently saw carriers hundreds past to point. constraint and in that down that in had X,XXX-hour queue everyone been some that pilots be shortage I in the pilot over was the number their a numbers I at have where there's this of have hired pilots

think organically X.X not seen we to that going partners? So acquisition. that that easy number and by to whether now then our manage I of the or and -- growing unlimited think they're but ability month over next right have also so And a driven potentially it's it want one, were is we different say I be XX aircraft more to type that being few just I doing there through any the we do potential without really consolidation by to parties grow think our problem example see you've said think add organically I'm could years I some it's acquisition, for United partners business some And would if of with. again do who to

Joseph DeNardi

you. Thank

Operator

next Bank. come with from question Deutsche will Linenberg Our Mike

is now open. line Your

Mike Linenberg

you. the Mike Hey, numbers to over with I want everyone. good cash Hey, afternoon, I go just --

March United -- United getting You note obviously, ended And to principal another getting did relates February And the it in mentioned And I then, some indicated $XX $XXX PSPX, you $XX I the very high about money then in pay guess, that the there. something you you on prepayment of as with something then $XX the you the million you're you're rest million. the and a that got, million. quarter payments. million of off that so think

the been pretty it getting you're the that aggressive So a end I March Or -- $XXX cash basis. there? million am $XXX million, don't million, pluses too with $XXX good I ballpark like cash it's from on your burn if that quarter still going a feel position. you've and Q that to the minuses, does am in feel breakeven a March position? I cash know Is

Mike Lotz

Yes.

we was $XX United. that, million. ended it $XXX roughly million look And at of of So

that reductions to And of a So there about at that bring you're opposed concession flying the that. XX%. when just down level with the there's bottom all during us received, to period. temporary down We talk would And the half PSPX it to money drop from just million. doesn't do $XXX XX%, then, of when that so of partners this you're you different to rate Well, same applying all our then schedule as leave I'd line.

Mike Linenberg

second I of helpful. is mean that's cost I it a can lot opportunities. actually that lower of I just that's at CRJ-XXXs new out think guys. fly that. No seats. that someone very who It's out to by a American, you intrigued Okay. come there's I That than unique was have about you there several Brad anybody airplane talked helpful. and the don't think a question, My

be another would Brad. carrier a another maybe be collecting color great. carrier? where sublease Or behalf Thanks you're rental and offshore income? And this operating just so, to -- would on would opportunity that like airplanes leasing I of wasn't Mesa be on Any the sure, this

Brad Rich

a quick couple I'll give thoughts. just of

at airplanes quality, on the think -- total is good the what reliability which point, I important all, is economics I ability of to key hit you quality, these think most really this a keeping First flying. high high to attractive operations our operate to is

at reliability so, as is reviewing airplanes meantime, use look, and well. very are are there that opportunities, operation the specific really And we the additional to American this And -- us there time. the some then the pursuing then important in support to and and critically we'll

in good any will be we put think So, these airplanes use. event, to

Mike Linenberg

Brad. Great. Thanks everyone. Thanks

Brad Rich

Thanks Mike.

Operator

Becker from come will next Our question Cowen. from Helane

line open. now Your is

Helane Becker

you very much very questions. Thanks the I time. have just couple a Hi much Thank for operator. everybody. of

of you question the have the there playing was the question. AA year, So the you that, Just is way I first be? American that had first hoped in is mentioned flying it incremental this half following on would for up out

Jonathan Ornstein

say real back XX say renew than the Well, flying the would as -- the the as of out about aircraft able far XX%, is, incremental I In and one quickly baseline that thing I'll has we were better take down to I'd with like that literally well worked fact pandemic, the anticipated. middle to traffic that anything we with in that? discussions and want you for then come us and them it's truly beyond I together. his opportunities, five for want that is it. -- Again, expectations to additional American and for Brad, to more role think to I in to add on putting our we're thank do add on Brad amazing

Brad Rich

you it more Jonathan, well. think add. I have I don't to much said really very

Jonathan Ornstein

Okay.

Helane Becker

Thanks Jonathan. contracts. My Thanks, is cargo Great. Brad. question on other

blah, XXXs you're reasons, that that I say For Brad Jonathan blah, one two e-commerce, What blah. add did doing a you I'm hoping runway -- I you month. assume shaping so X.X you since that there's to So, is look out? now? cargo. How could includes aircraft much does obvious that right Do like what think. said, --

Jonathan Ornstein

Yes, is order the They used XX airplanes the going cargo for majors at opportunity like this significant way is that Jonathan. the clip forward. us We don't a think to.

add aircraft every at month, So, In cargo, I I probably that. very it's we'd to could be overnight. an think think happen we'd looking don't happy. we if going other be

our new that news We former far is good. senior The who management the Southern. of DHL McHugh, member, too is of to Board contacts Dan is good with prove a we have CEO have so ourselves, their lot through and so

to of just who clearly on deal that lawyer being operational those side keeping always Brad and where is question job and together I has there which can been And it, different said, of manage our And stuck pieces be. as opportunities I able sort I we've So, -- of us cost mentioned all part pursue these big critical. a these the the for equally Mike's transactions. a the to be successfully. this us there's is it's performance aggressively. businesses our other think I to good of opportunity And all that is between think need Brian a the they us forgot of hardest putting developed may is who with mention we Gillman, and team having all to And

Helane Becker

Thanks Jonathan. very helpful. That’s

Mike Lotz

Let me just add too, one thing Jonathan.

opportunities, cargo a too, the operator right? may There we cargo be are to And just DHL us. wanting they're to cargo cargo to other present yourself On to beyond I operator cargo importantly, as opportunities now. lot a as that themselves become easier present a it's mean operator. opposed a

position that think Go the much ahead So, in I helps as better well. market us Helane. ourselves

Helane Becker

great. That’s

Have nice Okay. Thanks afternoon. a guys.

Jonathan Ornstein

you. Thank

Operator

you. Thank

will Joseph Our from come from Stifel. next DeNardi question

Your line is now open.

Joseph DeNardi

Thanks.

maybe opportunity? you I'm quick you to a consolidate. frame leverage how I'm the comments just And would wondering have from to how how you that follow-up. mentioned where take you. few maybe you're your blessing about finance maybe you partners Jonathan M&A willing it. that. that I times. your if evaluating earlier a or Just could of of take talk you're wondering Thank kind seriously would you

Jonathan Ornstein

these always not partners the a ability to contracts the passing The effectively along veto have agreement. codeshare deal in Yes. by

time-to-time. your it were I have specific. we've partner. cooperation So, anything do with do Again, than more opportunities looked you general remarks to from mean at my in you clearly

grow at our potentially of that us is of look business areas our the interesting But is business traditional opportunities. sort cargo of outside to potentially acquire one acquisition. through to to -- continue We to

that too thing at of looked is just I forefront the then going staying forward. other The is technology we've important at think

just may think merger business a be with help the -- this we and partners business our hand potentially our through number time, that our process. areas that acquisition at diversify are investment there one So, consolidation to of there and strengthen on same things

So, than at it's more time, think again, pretty of specific this a in general sense has opportunistic. but Mesa been I always direction

used called go us deal a know the and company. we that Some with Mike folks who year Helane be Linenberg to back

haven't long of opportunities a We where is exist. think but done deal in that time I kinds a these it situations do

Joseph DeNardi

Thank it. you. Got

Operator

Raymond And Savi our from come next will James. Syth question with

open. is line Your now

Savi Syth

couple a Just of ones. quick

on kind quarter kind was curious just way progress? the of the thinking versus how of you I'm quarter the curious. December kind quarter versus of I the only Just PSP, out? the just or the were quarter did how the Was variable budget about turn or did plan

Mike Lotz

Yes, as had the It was surprises quarter. no for projected. there pretty was much we

Savi Syth

actually those kind of so flying? cash Should we on that the the Mike about positive year based had along still levels earlier. ex-PSP And to flow Okay. Mike, trying lines cash just of question kind on for follow-up think of current

Mike Lotz

Well, when we any cash would PSP we money better, talk about flow or neutral receive. it that includes

Savi Syth

even territory? Yes. know you and PSP falls the generation going like in like I But forward is past of not that cash the all that without of through are in kind

Mike Lotz

Yes Yes. we are.

Savi Syth

like-- then And sense. Makes

Jonathan Ornstein

there mean and of this the us mean structure But XX% the our flying, of some sort it that what would downsize opportunity think with the if we back flying back aircraft deals those would we're there months back I to give PSP operation obviously PSP of mention, number be were deal of delighted go period the we and attendants I structure mechanics, a I of add. we if has PSP on and of to all us a have was avoid same that mean, of people seems should cash by our was of source I the to didn't the which furlough go the Thankfully did and there clear And been making remember pilots, flying. when we I'll we have work. our And and think to avoid able it did be the and fit not did PSP, to government we and to that was been to flow you time some just a we But couple was -- to no that to just level company I Savi there could myself. to it, confusion can had chosen alternative we if those we've including structure be to go to payments. a when of positive. the has for our fly

Savi Syth

good just and to earnings that. that's get That's Is still And really -- one cargo. more it question scale? appreciate I the two breakeven color. the with on aircrafts higher you then there to, kind last just of, close thinking here need the

Jonathan Ornstein

Mike, you that? to want do answer

Mike Lotz

that's is spreading was said two XX, economically that Savi. nearly obviously, a aircrafts. Yes. as XX feasible goal not the our have fair to a operation, No assessment cost two aircraft aircraft just We've not as over

So, yes, -- they're will certainly the said, they like some as grow we And profitable. start-up. given but more become they much contributing not we are

Savi Syth

Make sense, Thanks. right. all

Operator

And will Deutsche from be question our next Mike Linenberg Bank. from

now line Your is open.

Mike Linenberg

just was you of if accuracy blogs -- here. indulge I'm was Jonathan, just back that the I to question I kind sure of in around sort just the a know but spotter -- you any did XXX-XXX -- there fact and few if that wanted take plain to any there me Hey, delivery of if freighter? in saw I wasn't it was a just weeks could accuracy the I

Jonathan Ornstein

at But is that me DHL sent checking my near-term. it And really a planes too. intentions LR our Yes. funny it they I any this after true a the you have not DHL tell And contact contact, said that And why this I doing that little that XXXs after or least Larry. if wasn't we not because which you he is mistake? was serial, aircraft. No, don't it's on our to at we because Mike name is the mentioned sure can had in -- first our

terms that freighter the put on surprised business aircraft in of the I I next XXX-XXX. wouldn't certificate be be are that Although I a going we say, direction will would things did if think the is that's

Mike Linenberg

Okay. Very Great. good, Jonathan. Thanks.

Operator

And that currently showing last I'm that our question. was

Jonathan Ornstein

help as opportunity Okay. to shareholders. much We're in you company of your We've all very obviously, this Well, tough support the operator, that and of price number and lots interest advantage the our as improve. thank of for continued the thank We'd management provide for working team to you take opportunity. think through, share time company much We're significant areas see possible. a has to We hard all that. Mesa. strengthened of love

from the been I been of incredibly outstanding support our people deal can't has they United American And as all from our us. been work. there about given field. I patient we that that want some enough in do how the that's think as I we XXXX to mean well. and I else relationship environment in strongly hope And can forward partners and them there's receive with rather see we you with again the supportive. thank also tell we've day. with improvement and short think we feel every our go lastly of again developed that that we'd this have everyone begin nothing see to nothing that than all benefit I shareholders also Both I the improve things

talk great So to again you. free have if additional Thank feel as Have you. you you always day, we'll Brad call questions Mike or and And a quarter. any next thank directly. to myself,

Operator

disconnect This concludes today's at for time. call. on you participants Thank participation this your today's All conference. may

Mesa Air (MESA) 10 Feb 212021 Q1 Earnings call transcript