chorus aviation analyst

Gary will take you through our financial performance for the third quarter, which delivered earnings of $0.13 per basic share, or $0.07 on an adjusted basis. With me today from Chorus are Joe Randell, President and Chief Executive Officer; and Gary Osborne, Chief Financial Officer. We recognize the recovery of passenger traffic will be protracted, sporadic, and will extend well into 2021 and beyond. Okay. Our liquidity now stands at $218 million. I know some of them are as short as six months before you may have to make that - those bullet payments on the debt structures. First of all, good morning. That's helpful. It’s across all lessees, and we evaluate them for expected credit loss or risk associated with the receivable. HALIFAX — Shares of Chorus Aviation Inc. fell as much as 12.7 per cent Wednesday after the regional aviation company reported third-quarter results that missed expectations as it continues to feel the effects of COVID-19. So you've got the 13 aircraft, essentially out by large. The results were primarily impacted by decreased capitalization of major maintenance overhauls on owned aircraft operated under the CPA of$ 2.7 million, and the reduction in other revenue due to a decrease in third party maintenance, repair and overhaul activity, and reduced contract flying due to the economic impact of COVID-19, offset by decreased stock-based compensation of $1.7 million, increased aircraft leasing under the CPA, and decreased general and administrative expenses. You know, it is a dynamic situation in the marketplace. I mean, are you planning any other liquidity enhancement measures outside of your general cash flow for Q4 to help keep it at that $200 million level? Good morning. Certainly. Our third quarter adjusted EBITDA was $85.9 million, a $6.8 million decrease over third quarter 2019. We estimate our cash outlay for the remaining growth CapEx expenditures, to be approximately 10 million, net of anticipated financing arrangements. It's (Raul) calling in for Walter. By checking this box, I agree to the terms of service and privacy policy of Rogers Media. Thanks. Adjusted net income was $10.9 million for the quarter, a decrease of $18.2 million due to a $6.8 million decrease in adjusted EBITDA, as previously described, an increase in depreciation of $4.5 million, primarily related to additional aircraft in the regional aircraft leasing segment, an increase in net interest cost of $7.6 million, primarily related to the 5.75% unsecured debentures, the unsecured revolving credit facility, and additional aircraft debt in the regional aircraft leasing segment, and an increase of $3 million in realized foreign exchange and unrealized foreign exchange losses on working capital, offset by a $3 million decrease in adjusted income tax expense. So, I mean, stepping back and looking at the lease portfolio in - would you say Q3, with all of the aircraft that are now being remarketed and have come out of the lease portfolio, is a good baseline in terms of the revenue and profitability of that business? Canadian airlines are significant contributors to economic growth in Canada. I sincerely look forward to the day when we're all at our posts and resuming the meaningful work we've done to grow and diversify our business. We were also pleased to see this trend continue further, with further improvement in October, with the receipt of approximately 58% in build lease payments. We'll start by giving a brief overview of the results, and then go on to questions from the analyst community. Analysts on average forecast adjusted earnings of 11 cents per share on $204.3 million of revenues, according to financial data firm Refinitiv. Enter your email below and we'll send you another email. I was wondering if you're able to unpack some of the detail in the working capital trends expected during Q4 and perhaps even Q1 as well. Get breaking news, weather and traffic stories in your inbox 7 days a week, 24 hours a day. Your existing password has not been changed. First of all, I mean, Air Baltic, are they among the members of your lessee that are current with their payments? Thank you for listening. Due to the impact of COVID-19, the non-cash general aircraft impairment provision of $11.2 million and $0.7 million for lease repossession costs, were added back to adjusted EBITDA. I mean, just to be clear, the receivable related to the guardrail with Air Canada that has been building up on your balance sheet, can you just confirm for us the timing of the expected collection of that. Send me promotions, surveys and info from NEWS 1130 and other Rogers brands. That’s it for me, guys. Hi. In 2018, Jazz was awarded silver in the transportation and psychological safety categories. So what happens is, we recognize the revenue as we go through each quarter related to the controllable costs guardrail. Thank you, Joe, and good morning. Because some of the discussion in this call may be forward-looking, I direct your attention to the caution regarding forward-looking information and statements, which are subject to various risks, uncertainties and assumptions that are included or referenced in our Management's Discussion and Analysis of the results and operations of Chorus Aviation Inc. for the period ended September 30, 2020, the Outlook section and other sections of our MD&A where such statements appear. Please confirm the information below before signing up. Other key liquidity movements in the quarter include payments on long-term borrowings of $31.6 million, and investments in property and equipment net of financing of $13.2 million. Please refer to our MD&A for a discussion relating to the use of such non-GAAP measures. I’ve probably asked enough questions. Yes. He said demand for air service will only return when people have confidence that their health and safety are protected, and when the requirement for quarantine is reduced or eliminated. You have activated your account, please feel free to browse our exclusive contests, videos and content. [Operator Instructions]. We’re hoping rental revenue will increase. Adjusted profits plunged 62.6 per cent to $10.9 million or seven cents per share, compared with $29.1 million or 18 cents per share in the third quarter of 2019. For now, we're continuing to focus on the reduction of costs and as well, helping Air Canada preserve and plan on how it's going to recover its network here. Voyageur is performing well. Chorus’ vision is to deliver regional aviation to the world. {* traditionalSignIn_signInButton *}, {* backButton *} This report by The Canadian Press was first published Nov. 11, 2020. This is really the norm in the specialized contract flying business. “While we were modestly encouraged by the increases in flying by our lessees and our Air Canada Express operation, this fall has seen the further proliferation of the COVID-19 virus worldwide and a corresponding stalling in the resumption of flying activities,” stated CEO Joe Randell. Without this service, communities, businesses, academia, and tourism operators, will struggle. The timing of that is quite fluid, and we don't know exactly where it's going to happen, but that is it for the current commitments. Ladies and gentlemen, thank you for standing by, and welcome to the Chorus Aviation Inc. Third Quarter 2020 Earnings Conference Call. Sorry we could not verify that email address. It's a great, bright spot to have these days. It was a welcome piece of good news when Jazz was named amongst Canada's safest employers 2020, winning gold in the public transportation category. Okay. Thank you, Jack. We have three E190s on lease to Aeromexico, and hold security packages in respect of these aircraft. And then as far as layering things, in we have a couple more A220s to come in. Q4 is always - if you look at even the CPA division and passenger traffic in general, it's always a slower period. In Canada, the multiple layers of fees and charges levied on passengers and airlines by various levels of government, have greatly increased over the years, and have had a disproportionately negative impact on regional services. I think if you look at what we've got, we've got two A220s coming in for roughly $10 million Canadian. A couple - just a couple of credit questions. Revenue for the three months ended Sept. 30 was $196.4 million, down 44.1 per cent from $351.4 million in the prior year. The $4.1 million reduction in earnings related to the credit provision you've taken, is that related to a single entity, or is that multiple airlines that you've taken some provisions on? Here's how the third quarter of this year compares to 2019. Revenue for the three months ended Sept. 30 was $196.4 million, down 44.1 per cent from $351.4 million in the prior year. Regional airlines are key to the provision of employment opportunities and are facilitators for travel and tourism, contributing to the overall economic growth of the smaller communities to which they fly. And this is a bit of a longer-term question, so I appreciate it if you can't answer it, but when we look at the 2026 to 2035 period for your CPA agreement, there is a noticeable stepdown. The Halifax-based company’s shares dipped as low as $3.23 before climbing to $3.60 in midday trading, down 10 cents or 2.7 per cent. And the CRJ900s will be delivered by the end of the year. So those bumps and things like that that could be associated with that, are very difficult to predict. As we look ahead, we have seen our revenue - our rental revenue received in the regional aircraft leasing division, increase to 58% in October, and we expect this will continue to improve over the next quarters, if travel restrictions ease, and airlines are able to increase their revenue-generating capacity. As far as the A220s, if you look at the disclosure, we put in around $10 million Canadian as being the net amount of financing - net of financing amount that will be the draw related to those. That’s great. This concludes today's call. And then these additions in terms of the Air Baltic A220s, I mean, should be additive to the earnings power of that portfolio going forward? We're not over - we're not worried at all with that loan call.

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