Mesa Air reports Q4 net loss $115.6M; expands United CPA, sells 30 engines for $80M

REPUBLIC AIRWAYS HOLDINGS INC.

Q4 revenue $125.6M, net loss $115.6M ($3.18/diluted); adjusted net loss $13.5M ($0.37). Fiscal 2022 revenue $531M, net loss $182.7M.
United CPA amended to add up to 38 CRJ-900s, rate increase for pilot pay through Sep 2025; Mesa restricted from new regional deals until 2026.
United provides $25.5M via revolver, $10M bridge loan; Mesa sells 30 GE engines to United for $80M gross, ~$53.5M net.
United receives board designee right and 10% fully diluted equity stake in Mesa.
American CPA terminated; wind-down by April 3, 2023; Mesa transfers aircraft to United starting March 2023; mutual release if no breach.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REPUBLIC AIRWAYS HOLDINGS INC. reported fiscal full-year 2022 results: revenue $531.0 million, net income $182.7 million, EPS $(5.06) per diluted share.

Period: fiscal full-year 2022
Revenue: $531.0 million
Net income: $182.7 million
EPS: $(5.06) per diluted share
Result: reported results

Exact text from the filing

Total operating revenues of $531.0 million • Pre-tax loss of $234.7 million, net loss of $182.7 million or $(5.06) per diluted share

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REPUBLIC AIRWAYS HOLDINGS INC. reported fourth quarter 2022 results: revenue $125.6 million, net income $115.6 million, EPS $(3.18) per diluted share.

Period: fourth quarter 2022
Revenue: $125.6 million
Net income: $115.6 million
EPS: $(3.18) per diluted share
Result: reported results

Exact text from the filing

Total operating revenues of $125.6 million • Pre-tax loss of $148.6 million, net loss of $115.6 million or $(3.18) per diluted share

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

REPUBLIC AIRWAYS HOLDINGS INC. entered into Assignment and Assumption Agreement and Amended Credit Facility with United Airlines, Inc. valued at Revolving loan of $10.0 million bridge loan due January 31, 2024; revolving commitments of $30.7 mil (effective 2022-12-27).

Action: entry
Agreement: credit facility
Counterparty: United Airlines, Inc.
Value: Revolving loan of $10.0 million bridge loan due January 31, 2024; revolving commitments of $30.7 mil
Effective: 2022-12-27

Exact text from the filing

Revolving Line of Credit In connection with the above-referenced Amendment to the United CPA, United has agreed to purchase and assume, pursuant to an Assignment and Assumption Agreement (the “Assignment”), all of CIT Bank’s (“CIT”) rights and obligations under Mesa’s and Mesa Air Group Airline Inventory Management, L.L.C.’s existing Credit and Guaranty Agreement with CIT, which is guaranteed by the Company (the “Existing Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

REPUBLIC AIRWAYS HOLDINGS INC. entered into Engine Sale and Purchase Agreement with United Airlines, Inc. valued at Sale of 30 GE aircraft engines, gross proceeds approximately $80.0 million, net proceeds approximate (effective 2022-12-27).

Action: entry
Agreement: asset purchase
Counterparty: United Airlines, Inc.
Value: Sale of 30 GE aircraft engines, gross proceeds approximately $80.0 million, net proceeds approximate
Effective: 2022-12-27

Exact text from the filing

On December 27, 2022, the Company entered into an Engine Sale and Purchase Agreement with United (the “Engine Sale Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

REPUBLIC AIRWAYS HOLDINGS INC. entered into Third Amended and Restated Capacity Purchase Agreement with United Airlines, Inc. valued at Addition of up to 38 CRJ-900 aircraft; increased rates for pilot pay; United responsible for convers (effective 2022-12-27).

Action: entry
Counterparty: United Airlines, Inc.
Value: Addition of up to 38 CRJ-900 aircraft; increased rates for pilot pay; United responsible for convers
Effective: 2022-12-27

Exact text from the filing

Amendment to United CPA Mesa Air Group, Inc. (the “Company”) today announced that its wholly owned subsidiary, Mesa Airlines, Inc. (“Mesa”), entered into the Third Amended and Restated Capacity Purchase Agreement with United Airlines, Inc. (“United”) (as amended and restated, the “United CPA”), dated as of December 27, 2022, which amends and restates that certain Second Amended and Restated Capacity Purchase Agreement, dated as of November 4, 2020, with United (as theretofore amended).

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Source: SEC EDGAR

accession 0001564590-22-039955

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