MESA - Earnings call transcript Q2 2021

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Operator

Thank you for standing by, and welcome to the Mesa Airlines Quarter Two Investor Conference Call. All participants are on a listen-only mode until the question-and-answer session. [Operator Instructions] This call is being recorded.

If you have any objections, please disconnect at this time. I would now like to turn the call over to, CEO and Chairman, Jonathan Ornstein. sir. you, Thank

begin. You may

Jonathan Ornstein

It operator, Jonathan everyone good you you you, Chief of to earnings and the turn Officer pleasure the Executive conference I'm afternoon the call. the standing-by over call. XXXX on year welcome This quarter for now I'd my second to is Thank me. fiscal thank Airlines. is Ornstein. like to and Mesa to Chairman

Gillman, me with Chief Chief today is, Executive our Counsel; Lotz, General and Brian Torque Operating Zubeck, our call Mike Financial our Vice President and Officer; new the Finance. our and Rich, and VP Senior On Brad of President Officer;

would a seen comments call financial open that comments XX announcement. experience defined you like under statements, before begin, up Airlines, business. industry remind presentation as of to responses terrific the may and You to on the made reiterate, statements, both be our to this include your Alaska questions the forward-looking the Securities of operational Reform asset years may Mesa XXXX. and Act side I'd on and of call to with Torque Litigation brings like during release from forward-looking the have will Private press our our But conference and

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

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

in people of spite most, not our their tough and way environment, from if this my of is cover like the hard by the number dedication thanking to what period like In the a work the our I'd usual challenging to begin of with everybody. throughout of for field you, most Okay. highlights all for quarter. one I'd Thank industry. clearly

pretax agreement financial aircrafts we five operation, side, added November summer fleet and XXX $X.X million million, XXX January the about of increased are last service LL American of we July agreement the XXX-XXX, $X.X total that bringing the the leased On of aircraft Embraer two or the new adding the our deliveries United, In month, extending At expected five an to aircraft, the additional per reported CRJ-XXX, million months. be profit cargo XX the resulting adjusted included an in through a to Embraer share. we XX which purchase third next existing with profit adjustment a more after two we in starting roughly, in XX. which previously purchase for for pretax to operation. $XX.X expect support of number our to XXXX, At in in $X.XX capacity American, reaching for extend years non-cash

is Europe, former opportunities. begin As also regional of operate with to aircraft to operations airlines of cargo founded by the some and and the a the reminder, LOI body additional pursue Associates to will CRJ-XXXs. is Davis. private bmibaby. in only are Gramercy Aviation. we He narrow Australia first Singapore a cargo continue announced Tony Tiger regional CEO of Gramercy company, is COO jet and and surplus We Tony with in Irelandia our our former Airlines

of strides air travel. of significant are in we our technology decarbonization making new adoption Importantly, and

equity receive XX Airlines. XXX, to United in United we up conditions. warrants our and Mesa announced in XXX purchase in Mesa that’s certain form Archer the Archer In to Aviation Aviation's eVTOL alongside quarter aircraft for the subject for investment and United This of transaction, will

During the $XX.X quarter, Mesa recorded million. vesting awards initial XX% at

So, smaller, going to essentially efficient we our back it roots, operating may are aircraft. edge, seem cutting

We forefront other of the to to eco-friendly this and the of pursue excited at eVTOL are continue flying. be area in technology, sustainability opportunities

to We are XXXX. also of to America's List proud Employees be the named Mid-Sized for Forbes Best

like people critical United our thank Our well you. this Brad Chief as With our I'd Rich, operational recognized. possible. like our relationship thank and again, with on of I'd you for level Once our Officer see update of to pleased we're turn us our of that, all to DHL over American and call employees as is an operations importance efforts the to Operating our to to Brad, to give making performance.

Brad Rich

Jonathan Thank like today. begin you, our right. for good to us afternoon All you joining to everyone. and some Thank priorities. highlighting main with I'd of

safety health of list. of and employees at our the First, remain our priority the and passengers top

guidance contact latest the protocols. also our a the to and as constant priority. our with performance you CDC As in committed expect, partners would and operational improving high We're we're on

relationships to to with collective strengthen partners Our our continuous and improvement committed work of we're these continues our performance.

trends these all things block consistently operation. performance at December last operational of of from the way and the new XX% relationships and of American Based generated on new we the the that's the company X.X% aircraft producing XX% projected was in to we steady to American increase is towards would in we but XXX% progress block that and are recovery a delivering quarter, over key to is I operation fewer utilization to ventures to the quarter Now, anticipate flying going XX,XXX year, of reemphasize long-term like the strong maintaining exciting, a little which American hours despite down from industry-leading economics. hours, review operation. expect and March By while the XX% be United continue, of at in levels we in from XX% quarter pre-COVID on XX% operation XXX% the current approximately at demand The pre-COVID. about September quarter our guidance United our at June and If recent capacity. strong to in be in a partners, as

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

with was but we've factor XX.X% which ago. completion XX.X% good controllable is in a ago, consistent our quarter, improvement our versus XX.X%, was which year March XX.X% the departures, seen very year a on-time controllable During

in will provide continual said, As of I'd on remain on I our to operational our update one improvement like an performance focus highest American priorities. operation. now

through American formalize agreement December previously to CRJ maybe believe five as in As announced levels. we we Jonathan aircraft add operate agreement quarter, and additional we quarter aircraft stated, August above of XXXX, five those to finalized Subsequent there opportunities. those a that the as was extension both future five-year well with end, an CPA the mid additional to additional

of consists those a XX previously these As financed reminder, we and Bank XX treasury Of Export our of US current Development announced loans. XX our EDC, seven Canada. under own are CRJ-XXXs. are And with fleet aircraft, financed XX

XX XXXX. through aircraft have also leased We

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

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

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

the aircraft interior are enhance of overall operational to a These fleet, include strengthen in refurbishment designed our cabin a and value help, long-term heavy increase CRJ We investments in checks. volume reliability. significant number and fleet improve investments the making of

online the Access our investments working historically operational additional possible. and as heavy confident to performance. has but in we meet American. quickly providers to demand productivity to in the as bringing challenging, a add the additional providers heavy as agreement to back level to check bring Due all ability and aircraft aggressively create focus our operational to to fleet have been remain continues of the of new We on we're lines check of high requirements performance, to into operation and enhance with do strengthen spare support due aircraft the to very

Now moving of update to operation. our United an

strong Our relationship with United productive. remains and

will strategic to that work operational additional in continue and relationship. our feel many collectively create value We initiatives on we

proud of one E-XXX XXXX to have in few have new aircraft of delivered date, airlines we will be taking two new today's are end June into by XX. currently May And and way XX The aircraft placed service LR the XXXX. delivery environment. of between been November of be about of by difficult that last We

to fleet. to the of previously airlines continue CRJ-XXX aircraft announced CRJ- GoJet of leasing these in agreement, which XX all our XXX transition We we from have part of process as removed XXXX. the And the ends

the retraining training month in Embraer current by part that pilots agreement. credits training Washington on of Dulles the are the will expense Embraer the of that final purchase are XXX CRJ-XXX covered of We in and most the be XXXs

DHL operation, flow Now that aircraft strong DHL. seeing anticipate efficiencies are not have through E-XXX XXX-XXX in single performance In two are but and an cost service we fleet utilization. for Embraer in consistent network United, aircraft of our reductions, only to we regards increase improvement enhance upgrading cargo and we a with

that the available additional provide secured for that to anticipate in of XXX third have ’XX We will we be July this support operation.

we far, line industry which been a requirements on attention have well that believe now getting grow operation is business. pleased with the anticipated a lot and this we some airline of comments the to to are of like topic positioned make for labor. So I'd hiring is recently,

increasing too And to hiring have them. appreciate that and one I dedication on remain of of staffing their in we would all, all the this greatly focused demonstrated difficult all aviation to training do express appreciation requirements divisions. my meet our time. to like Mesa professionals of to that First and commitment each of nearly operational We

back we and pilots, attendants, the Our mechanics, positions. case operational of hiring hire we in recent we United and airline. the active were than support bringing are program. in be regional to pandemic. remain our have pilots in through of ability applicant We stronger history, an that the leading option pools we the for and believe training other across Aviate strong, in in seen Furthermore, beginning opportunities of flight feel well the such very as industry at are we like And pilots airline to the are positioned the

able We pilot offer are to of airlines Airlines. few a pilots United to for direct our a career one for become pathway

to aircraft the and live the We to highest domiciles the with they pay the earn X certificate, desire crew commute on the in -- opportunity easily regional the work. also larger we where are well industry. our aircraft pilots the positioned only offering We're regional airline that have to XXX also allow ability country and fly across

from Torque recruiting through country. and the walk We actively like hundreds time our over opportunities that, are of are we also offering With financial across schools the to aviation performance. turn I'd currently to now upgrade to

Torque Zubeck

Brad. thanks, that. Appreciate Great,

recap on Let me quick a earnings. do

share. year, quarter For or we for income $X.XX favorably same XXXX, the million per the $X.X of second to $X.X fiscal or $X.XX compares of This share. last net diluted quarter income of million year per reported net

deferral of combination the benefit a $XX press QX, the which the QX, in contracts. reported partners to $X.X the reason expense the related income primary Cares our the reduced revenue, the of of of to largely quarter million and is release, to in remaining to for rates built increase from under offered PSP recognized XXXX, during was paid and million all for be PSPX and noted terms United of Act, the by the pretax XXXX through will million of offset temporarily As the American received tax due our over and earnings We $X.X program, by quarter.

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

in So at QX $XXX QX. million where in million and cash ended $XXX are let We to me we compared review liquidity.

was prepayments quarter, we for included CPA last out to $XXX QX zero reduced for As million in which QX. United pointed million $XX future months, have of

and we PSPX the in QX. program for quarter, made the million we million and $XX.X principal payments $X.X million so $XX During in top scheduled received PSP also offer PSPX

was in we For allocated received which balance expected PSPX the with in $XX.X half have April QX. of million,

quarter, the no for there XXXX. XXXX So to make year million remainder fiscal GE year be although, CapEx $X XXXX engines in to on remaining in in GE delivered year of five nine did a is was one calendar XXXX. the deposit fiscal we with engine, CapEx and

QX. in reduced look QX, we our cash $XX Going $XXX cash million fiscal the as to be to for to PSPX million rates to partners in XXXX, actual cash, credit the year forward booked although, And will on of we the be $XXX million end in expect we given roughly range.

of $XXX $XXX debt our the at for of total debt QX XXXX. from million end down million, As

in in which deferred. XX QX, We of and million million $XX of have was million debt payments previously $XX QX,

years debt, ago. new be $XXX $XXX will fiscal end two million almost no debt from down Assuming just million, year

Now let me turn to guidance.

are we in as of an getting operating uncertain are moved past We have better we visibility, still environment, the hopefully the but worst pandemic.

fiscal the remainder a expecting hours improvement are block We of gradual year. throughout of the

QX, in and XX,XXX For fiscal in we block XX,XXX year QX. expect XXXX, hours

were we We as is consider provided heavy rollout and them remarks. our are is C-checks, up vaccine I'd aircraft through previously Much we of as like estimates. higher enhancing than further normal calendar out approaching the the catching on pre-COVID levels related turn to Jonathan amounts progress engine C-checks, and as pointed interiors. which are and well over rate. to Brad our These end On which we the closing of it now, back work, year, for And deferred, are expect maintenance to run continues. this would as

Jonathan Ornstein

entire Thank much year difficult entire entire the world. you Torque. for very The last countries, very obviously the been is for industry,

our factors the new the up field opportunities will and protect due pleased like help to the in look However, remain and to might has growth, open well I'd to we and Mesa are that we we've the people employed. operational divisions our received for These partners, tremendous from people profitable, industry and that This questions able as our performance, to this be we with. for our economics for office. at well other industry here is importantly, to been you perform continue able reports leading now our fully evolves. in

Operator

comes the Yes, James. session The Raymond you. Instructions] now today's question of [Operator from call. question-and-answer time sir. Savi It for Thank Syth first is from

is Your open. line

Savi Syth

Hi. Thank you. afternoon, Good everyone.

hours, question though the Americans. quick provided slightly the on extending kind it block with hours you're of last quarter, like maybe a aircraft block versus Just guidance the the looks down even

can provide Just curious color you that? around if any

Jonathan Ornstein

Mike? or Brad

Mike Lotz

guess. my is This

to close -- changing So little I being fairly we're more they're know, a it you were? as we think I conservative is just where probably -- these think bit schedules week-to-week.

think I bit being just more our we're So little a conservative with estimate.

Savi Syth

sense. make That

Brad Rich

Brad Mike, here. Yeah. Hey

we're completely. trying in be just It's cautious -- Second a the that to just little projections.

Savi Syth

around The deal conversations thinking if that purchase might just around that lease, was, timing you're And on color off having the that, and there and any on was attractive we on CRJ curious, of when can I provide JV. any Okay. the more how you the the update hear front? European

Mike Lotz

Jon. this I'll one so take Yeah,

we're supplemental This maintenance, So we're take -- aircraft XX as leases it’s look, of just our on to aircraft. were aircraft of them the we had on unusual the as our paying, was leases, the down purchase, We ones made lease clear, one and buyout only we for. we now owned XX. it particular all trying in have fleet, to like rent

reserves we net-net, return, on having getting So to forego up it. the maintenance ended

accounting we picked fair avoided from off. we write standpoint, a ended a the for So being But non-cat up cash we picked way market conditions. return up aircraft based on and the very value, little the works up cash

LOI, if as moving had anything far JV, I give European we We probably a the to intend better want with you still next know update don't along As we're the Jonathan it. that? quarter. to to add

Jonathan Ornstein

probably actually and known awhile, I us he'd advise I Well, We think other for think guy know, yeah, serious experience Europe. a knowledgeable experience Mike He couple in had regional with when of to over deals in you the -- respect him. had the real tremendous we've mean, Europe it has looked some who I most have operations. that I in industry that players Tony comes as of He some Europe, in he's at. on and

a the a be be water. as regional were good to this the so of example I aircrafts this been of tailing time. result And in the And COVID. attractive. few to a being a right really a think place invest significant at they There has in operations in that alongside right put willing of restructuring are good And could us Europe could very was I Mesa for the think to fact that opportunity use

Savi Syth

Thank Appreciate the you. comments.

Operator

Thank you.

question Helane comes Becker Cowen. from next from Our

Your line open. is

Helane Becker

operator. for much very the Thanks time, Thanks guys.

CapEx, I So on number. missed the

I then think and I as in you that said, XXXX calendar nine of do and Torque, year. or fiscal one GE think engine, XXXX,

have point fiscal So four, XXXX fiscal single I a do you just number XX? guess and

Mike Lotz

in jump Torque for is Mike, I’ll this here. Yeah,

for XXXX. aircraft one just be XXXX. it then would XXXX, for fiscal it's engine XXXX, in one fiscal For four And fiscal fiscal

Mike Lotz

Yes. remaining the And five.

Jonathan Ornstein

in And XXXX. remaining the five

Mike Lotz

XXXX… Yeah,

Jonathan Ornstein

In XXXX.

Helane Becker

It's correct.

storm Okay, outages for Texas? they do power have operations? that's impacted your then, And you the in perfect. how estimate and an And how

Jonathan Ornstein

want You to?

Torque Zubeck

a we net-net million was Yeah. day. roughly estimated the about end Yeah. of of factor Helane, it the $X at

Helane Becker

have Do Okay. cover or partners? you to your that do

Mike Lotz

We're this maintenance have not Mike engines. crew burning costs because burning and -- that the We crews to cover that still now crews. not a it guarantee we -- is and right, cancelled Well. our the The expense. the extent after is means then we flying pay we're flying have

Helane Becker

right. All

Mike Lotz

it's So got the of cost. we But kind a mix. still crew

Helane Becker

my then And question,… you. Got final

Jonathan Ornstein

what for our is pay we're what the and we million. what net partners impact fact $X think, pay saying I us that in that after

Helane Becker

Okay. you. Got

Jonathan Ornstein

income. net …of

Helane Becker

…Net.

understandable. question,… Okay, my perfectly last Thanks, Jonathan. And that's then

Jonathan Ornstein

Yeah.

Helane Becker

partner's how continue after Is PSP? will long … lower receiving just it contract you or just give when rates? PSP, that your you're

Jonathan Ornstein

if some But contract Well, rates COVID on going you views. answer it, and I'll with want clearly then what give to PSP. Mike more technical were the was around lower

in So us that to anyone to have continue PSP. lower I the rates of would expect absence don't think

Mike? to You add want to that anything

Mike Lotz

No, I PSP we'll through that four to September. got rates probably think is September through something mean, those there's right But year. that's along fairly which just through offer it's and we as accurate. PSP the now, And address of well. if three, a do this I

Helane Becker

Got you.

That's all thanks, very everybody. Okay, helpful.

Operator

Linenberg from Instructions] Thank you. Deutsche question from Our [Operator next Bank. comes Michael

Your line is open.

Unidentified Analyst

it be? that if I you out we terms XX%? Hi, Would earnings of question. or as the P&L, be the less will my JV coming Thanks be Hilary I expense renewal given the on this affiliate guess, recorded that from that's Gramsci, an is probably see in guess recorded? life. an of won't would case, from taking of than will be, And right, for owning, how that operating

Mike Lotz

the there accounting final Mike. upon year to like. structure, is the significant. what be -- not anything is look fiscal would sure will This But in this Depending expected we're that be Yeah. not

Unidentified Analyst

to you. you've like? Got over the a the target debt or next doing then, and on just liquidity? structure longer Okay. year have job and Thank down so? will target term look question, capital longer your I great guess, of guess I a been you. wanting be on If so, I I number guess, thoughts will And get paying term over we or debt down year your maintaining what a you or debt, next more liquidity, focused to And just, paying cap

Mike Lotz

Well, of as the anybody apparent of has mean, significantly loan know, helped given making us principal add money United to they I'll loan government us, had wants so that terms is an benefit in say in, are we some there receive terms payments, you liquidity. we that I in advance. continue while to of the if repaid payments. we that of become And, and will not The obviously,

will So, next require in my that liquidity suffice at more few would, view for or that we years. that least will than the the

effectively which, getting partner and orders it we aircraft have. purchase on for lease, sometimes debt, when likelihood obviously, that I down of continue which different off is focus think any The us means other that we that of aircraft of on the find pay all and taking we on we'll will debt new to additional we're street continuing that we we somewhat find, take attractive. the course, And aircraft. to that we takes debt, the that to a pass-through view have debt a in on

would associated you were addition Mike, aircraft road, add the be that? we know, we engines to or take Torque, if down probability some have all anything want with the the that on additional of to potentially in So, that purchase. you to to of debt,

Mike Lotz

– writing. that's my think I No, that's

we're know, the Torque having end after are like I million, XXX us. you for we're operation, good year taking debt. debt but no debt aircraft still on expand we for at You alluded better know, partners still is new said, on And, to to There rough we, with that to, us. buy debt – – we like our is our think and not Jonathan

year XXX we're over I in think off, pay million XXX and next next scheduled close to fiscal year million to XXXX. the

pretty significantly. down starting principal pay we're So the payments to

Unidentified Analyst

That's Okay, so much. Thank you helpful. great. very

Operator

Thank you.

from Syth Our Raymond James. next question comes from Savi

line is open. Your

Savi Syth

Hey, up. thanks for follow the

of term when a business of questions a the kind you this of coming normalized do get at couple me. out you'd What COVID? for a of do bit And Jonathan Just margins there? you One, longer question. think think is

Jonathan Ornstein

Normalize margin? sure. question That's for the interesting

margins always role you there's say, big we, that to and been That us, as a know, that, hard the events know, I a plays just well our You always as partners. big so it's mean, what much I as earnings. of timing think. our obviously, in as because impacted for maintenance

I to that this where there are heavy do we as a through do. we get we period, work have, as amount next we of have mentioned, think checking fair

you Moving XXXX, margins existing forward will given Torque, that, Mike we the XXXX, comment or do to want XXXX, where fleet. to be think

Torque Zubeck

This don't I at our but still a they mean, return they by look, look, we the is to should pre-COVID generally levels were year XXXX. project year. margins, fiscal transition

levels. our maintenance for quarter beyond Some roll that should traditional back XXXX out the of maybe to it of first heavy us that into be will and

Savi Syth

out helpful. a perspective? how That's and think about goes roughly may, it a through is in of over next up it or PSP, half timing if it the Since the PSPX from couple clarification And is September? how shows – quarters, of I on we that should half just kind

Jonathan Ornstein

Sorry.

through last round. goes April so So September, from it for yes, so six this months

change you versus one, think million six we going that's four spread for was in months if PSPX XX months. that about, this to be over So got over

quarter in we where compared to makes going we're sense? every getting less net be That to PSPX. So were

Torque Zubeck

And split XX-XX. about it'll be

Jonathan Ornstein

Yes. Yes.

Savi Syth

Okay.

tied to kind -- that that's of that actually, that is may not the much that's tied side I Is to on some and Bombardier seeing of of kind aircraft willingness are with on that to manufactured aircraft such. CRJ you helpful. the that an that the And the maintenance. on the both think commentary -- being just support ERJ if people's side more or side, and I

Jonathan Ornstein

check speed on that thrown the issue? this, You

Torque Zubeck

XX side. almost more United It's owns them. so Yes. definitely CRJ E-Jet, of on exclusively the the the Remember, on

our We XX XX doesn't own pass CRJ-XXX new then So line. the that item. for before scheduled impact It's a through, of in E-Jet. cost And a we aren't them. they're years really few really bottom got really expense

Jonathan Ornstein

Yes.

Savi Syth

to issue that pains? expecting Mike of COVID-related a going is be this you Are forward, or more Yes. recovery

Jonathan Ornstein

as amount impact acquired If there's of obviously, There They that think MHI. just transition as any do one is or can -- two very extensive MHI that months with is not of they're timing. think but deficiencies I smooth terms by would correct Bombardier we've Bombardier. COVID-related, that had hard of I issues. there in And, had conversations the I that to like. in availability there, having working also the team over it's always the some last any few parts

And So, think as there to anything that role probability that you there's Mitsubishi, out think -- probably I six I Mike, played Brad, add we as as months. want that. or do Torque or to that is go be all knowing anything will us has much high behind a else. want

Brad Rich

Jonathan, this Brad. is

at back respective high issue expect to on there the I get us, of that up during COVID some -- issue. I of to on check covered good leadership new we We're issue. well. behind through been this got it get issues the mean, is XXX, And to primarily I got opening down very I But the And mean labour think parts We're have becoming attention we've on lines. this a of focus got support ability once a that are heavy just to issues shape. bubble issue. lot we've attention additional we're an levels here pretty kind aircraft look, related, relatively this new providers. in be we as you've bringing Their COVID. of bringing we're a these and providers.

So…

Jonathan Ornstein

think has something, in that the XXX% for us can understanding flying. C-checks I had certainly and make us we as keep going at But add American hours, been mean, could obviously we our rapid there we aircraft. because flying not up are mean, of to and I b, which That's impacted to -- money terms to if of XXX%. good some -- by had items, a, flying good that asking of more want additional American around -- airplanes And accommodated came on They we they Yeah. can is, again, American you have request, aircraft that move more a we five be that our screw planned over partners, additional five very these was I tell now numbers schedule. because we

to a flying, there's terms this to the as make And and fact we've to more that in result, our lot want good been accommodations of So, of is had news we've a it. C-checks. partners some able provide

want So large happened it's unplanned, we this impression was took something don't was that that to due additional give flying. that I the in something the part on to fact that

Savi Syth

Make Appreciate the right. sense. All answers. Thanks.

Operator

no Thank this you. queue showing in I'm at further time. questions

Jonathan Ornstein

lead a around terms one has us of ecofriendly just make this be that for appreciate that to because leader is I Okay, electric, and course fully the intend comments like in a in a what think to I'd doing bit operator. to sure We make of I couple want flying. no people we're asked decarburization, significant very one more emphasis reasons the little to company about that I'm certificate. we're a of world going surprised It's European how Europe. this the forward. We see the why and important be become going decarburization in beginning that

long the built urban chartered the with in XXXXs. the the back of so but now which already I it are tell vehicles, leading seem industry, like invested ago, technology Archer, DC-X at first that even that the in began that developer since, which is We story rapidly, I I which we loaded aircraft didn't think mobility was with a changed United AirLA

going deal, to aircraft Now not electric we're idea regional to flying are I jets wrong. a think Havana. that The is big be

had this deal. closely a in their am us very there's worked to opportunity really us. with has partner. chosen think on And United huge delighted we of them that front I I be

going there it’s are think more we road the working of coming is high -- really be seen And a I the call we of to are to just dedicated that really wave technology that deals that fruition. as that we I we’ve make the today down beginning, And emerge to happen. on future. feel probability have we this think into what are the

of think a still provides opportunity be areas us one addition, In to is that the big cargo. we our

We’re business taking lot it operation. third a to aircraft. will that on this think to the We find of support XXX

at fleet fact that area move But the in We focus to-date, that will as types. with And with to operating our do has looking additional that, biggest going forward. -- over given performance, that putting the spares. which I additional two our that opportunities partner we think some discussions on no in aircraft operation provide are is we're we're in

expectations. been think offering new our we're remotely they've about fleet type with and a spares. the fact think has I When you no been excellent beyond

it think us. for the bode does well I for future really

those two are big when on it's to the something are areas they think going I excel I And will are that focus that which to is realize opportunity So I opportunities exactly at. company big they how of think the people begin expensive. think

Brad Rich

we'll industry. support they're I'm to for street their feel of to the for and can. difficulty a an beginning job you be conclude. -- with company getting like any we glad at investment other additional them So, best privately there. It's tough out call if a if any industry the better. us. again appreciate have to to that, I want see in to you with would free hanging and is the again, like answer things us happy out spite thank please community I to on the everybody everybody thank great no as questions, And to questions, in We look of And nice

Operator

conclude today's does That conference.

time and you a rest You your may at thank day. this of for Have great joining. disconnect

Jonathan Ornstein

you. Thank

Mesa Air (MESA) 11 May 212021 Q2 Earnings call transcript