Mesa Air Group Inc (MESA) 2025 Q3 法說會逐字稿

Good day, and welcome to the Mesa Air Group fiscal third quarter 2025 earnings call. (Operator Instructions) I will now turn the call over to the Mesa Investor Relations for our safe harbor statement. Please note that additional legal disclosures will be read at the end of the call following management remarks.

大家好，歡迎參加 Mesa Air 集團 2025 財年第三季財報電話會議。（操作員指示）現在我將把電話轉交給 Mesa 投資者關係部門，請他們發布我們的安全港聲明。請注意，在管理層發言結束後，將在電話會議結束時宣讀其他法律披露資訊。

Please go ahead.

請繼續。

Good morning. Before we begin, please note that today's call contains forward-looking statements, including statements concerning the planned merger with Republic Airways, future revenues, costs, and fleet plans. These statements represent our predictions and expectations of future events, but numerous risks and uncertainties could cause actual results to differ materially from those projected. Information about these risks and uncertainties can be found in our earnings press release issued this morning as well as our filings with the SEC, including our most recent Form 10-K, Form 10-Q, and the Form S-4 filed on July 10, 2025, which remains subject to further update and revision. The information we are giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently.

早安.在開始之前，請注意，今天的電話會議包含前瞻性陳述，包括與共和航空計劃合併、未來收入、成本和機隊計劃的陳述。這些陳述代表了我們對未來事件的預測和預期，但許多風險和不確定因素可能導致實際結果與預測結果有重大差異。有關這些風險和不確定性的信息可以在我們今天早上發布的盈利新聞稿以及我們向美國證券交易委員會提交的文件中找到，包括我們最新的 10-K 表格、10-Q 表格和 2025 年 7 月 10 日提交的 S-4 表格，這些文件仍有可能進行進一步更新和修訂。今天早上電話會議上我們提供給您的資訊截至今日，我們不承擔後續更新資訊的義務。

I would now like to turn the conference over to Jonathan Ornstein, Mesa's Chairman and CEO. Please go ahead, Jonathan.

現在我謹將會議交給 Mesa 的董事長兼執行長喬納森·奧恩斯坦。請繼續，喬納森。

Thank you, and good morning, everyone. Welcome to Mesa's earnings call for the third fiscal quarter ending June 30, 2025.

謝謝大家，大家早安。歡迎參加 Mesa 公司截至 2025 年 6 月 30 日的第三財季財報電話會議。

Today, I'll provide a very brief summary of our quarterly results, which were filed earlier today, but I want to dedicate the majority of our time to update our planned merger with Republic Airways. As we've communicated, we believe the future of our business is best understood by looking at the strengths of the combined company, and I want to provide our investors with a clear database picture of that future.

今天，我將簡要總結我們今天早些時候提交的季度業績報告，但我希望將大部分時間用於更新我們與共和航空公司的合併計劃。正如我們之前溝通的那樣，我們認為要了解公司的未來發展，最好的方法是考察合併後公司的優勢，我希望為我們的投資者提供一個清晰的未來發展資料庫圖景。

First, I would like to take a moment to thank all of our employees at Mesa for delivering on a great quarter. Your ability to continue to improve our operational performance and passenger Net Promoter Scores, all while preparing the company for a transformative merger is a testament to your professionalism, hard work, and dedication. I'm incredibly proud of what you have all accomplished. Looking back on the third quarter, Mesa's results reflect the final stages of our strategic transition.

首先，我要藉此機會感謝梅薩的所有員工，感謝他們出色地完成了本季的工作。您在不斷提高公司營運績效和乘客淨推薦值的同時，也為公司進行變革性合併做好了準備，這充分證明了您的專業精神、辛勤工作和奉獻精神。我為你們所取得的成就感到無比自豪。回顧第三季度，梅薩的業績反映了我們策略轉型的最後階段。

We are now a single fleet operator of the Embraer 175, a move that has simplified our operations and laid the foundation for improved efficiency. Our last CRJ crews initiated e-Jet training in March and are anticipated to support revenue flying by the end of August. As a result of the efficiency gain from our single fleet strategy and the benefit of being fully staffed since late last year, we saw an increase of daily block hour utilization of 15.4% year over year in the third quarter.

我們現在是 Embraer 175 的單一機隊營運商，這項舉措簡化了我們的運營，並為提高效率奠定了基礎。我們最後一批 CRJ 機組人員於 3 月開始接受 e-Jet 培訓，預計將於 8 月底開始支援獲利飛行。由於我們單一車隊策略帶來的效率提升，以及自去年底以來人員配備齊全帶來的好處，我們在第三季度實現了每日航班小時利用率同比增長 15.4%。

Turning now to our P&L from the third quarter. Total operating revenues in Q3 2025 were $92.8 million, lower by $18 million or 16.3% compared to $110.8 million for Q3 2024. Contract revenue was $69.9 million, lower by $25.7 million or 26.8% compared to $95.6 million in Q3 2024. These decreases were driven by the reduction in contractual aircraft with United, in addition, the disposition of certain Embraer 175 aircraft contributed to lower aircraft ownership revenue.

現在來看看我們第三季的損益表。2025 年第三季總營業收入為 9,280 萬美元，比 2024 年第三季的 1.108 億美元減少了 1,800 萬美元，降幅為 16.3%。合約收入為 6,990 萬美元，比 2024 年第三季的 9,560 萬美元減少了 2,570 萬美元，降幅為 26.8%。這些下降是由於與聯合航空簽訂合約的飛機數量減少所致，此外，處置某些巴西航空工業公司175型飛機也導致飛機所有權收入下降。

Total operating expenses in Q3 2025 were $92.9 million, a decrease of $26.9 million or 22.4% versus Q3 2024. Compared to Q3 2024, the decrease primarily reflects flight operations expense that was lower by $8.9 million or 19.6% due to fewer contracted aircraft and decreases in pilot training costs and depreciation and amortization expense that was lower by $6.4 million or 65.3%, primarily due to the retirement and sale of CRJ aircraft and engines.

2025 年第三季總營運支出為 9,290 萬美元，比 2024 年第三季減少了 2,690 萬美元，降幅為 22.4%。與 2024 年第三季相比，下降主要反映了飛行運營費用減少了 890 萬美元，降幅達 19.6%，原因是合約飛機數量減少以及飛行員培訓成本下降；折舊和攤銷費用減少了 640 萬美元，降幅達 65.3%，主要是由於 CRJ 飛機和發動機的退役和出售。

The decrease was also driven in part by $7.9 million lower asset impairment expense. Mesa's Q3 2025 results reflect net income of $20.9 million or $0.50 per diluted share compared to a net loss of $19.9 million or a loss of $0.48 per diluted share for Q3 2024.

這次下降部分原因還在於資產減損支出減少了 790 萬美元。Mesa 2025 年第三季業績顯示，淨收入為 2,090 萬美元，即每股攤薄收益 0.50 美元，而 2024 年第三季淨虧損為 1,990 萬美元，即每股攤薄虧損 0.48 美元。

Mesa's Q3 2025 adjusted net loss was $600,000 or a loss of $0.01 per diluted share versus an adjusted net loss of $9.4 million or a loss of $0.23 per diluted share in Q3 2024. Our near breakeven adjusted net loss would have been a profit in the third quarter if not for the continuing costs related to CRJ-900 aircraft and engines that have been agreed upon to be sold but have not yet closed.

Mesa 2025 年第三季調整後淨虧損為 60 萬美元，即每股攤薄虧損 0.01 美元，而 2024 年第三季調整後淨虧損為 940 萬美元，即每股攤薄虧損 0.23 美元。如果不是因為與已同意出售但尚未完成的 CRJ-900 飛機和發動機相關的持續成本，我們第三季度接近盈虧平衡的調整後淨虧損本應是盈利的。

Mesa's adjusted EBITDA for Q3 2025 was $6 million compared to adjusted EBITDA of $8.9 million in Q3 2024. Adjusted EBITDAR was $6.1 million for Q3 2025 compared to EBITDAR of $10.6 million for Q3 2024. Mesa ended the quarter -- June 2025 quarter with $42.5 million in unrestricted cash and cash equivalents.

Mesa 2025 年第三季的調整後 EBITDA 為 600 萬美元，而 2024 年第三季的調整後 EBITDA 為 890 萬美元。2025 年第三季調整後 EBITDAR 為 610 萬美元，而 2024 年第三季 EBITDAR 為 1,060 萬美元。Mesa 截至 2025 年 6 月季末，擁有 4,250 萬美元的非限制性現金及現金等價物。

As of June 30, 2025, we had $113.7 million in total debt, secured primarily with aircraft and engines compared to a balance of $366.4 million as of June 30, 2024, reflecting our significant strides to enhance our balance sheet over the past year.

截至 2025 年 6 月 30 日，我們的總債務為 1.137 億美元，主要以飛機和發動機作抵押；而截至 2024 年 6 月 30 日，我們的債務餘額為 3.664 億美元，這反映了我們在過去一年中為改善資產負債表所取得的重大進展。

However, it's important to note that for several reasons, we believe our historical financial performance is not indicative of the trajectory of our new combined entity we are creating. So let me turn to providing you an update on the progress we made on our merger with Republic Airways. We are delighted with this transaction as is a result of months of hard work by everyone involved.

然而，需要指出的是，由於多種原因，我們認為我們過去的財務表現並不能代表我們正在創建的新合併實體的發展軌跡。接下來，我將向大家報告我們與共和航空公司合併的最新進展。我們對此交易非常滿意，這是所有相關人員數月辛勤努力的成果。

As the primary source document for the go-forward business, the S-4 filed on July 10 provides a comprehensive look at the strategic rationale and financial strength of the combined airline. Let me remind you that this document remains subject to further review and update and should not be relied upon until declared effective by the SEC.

作為未來業務的主要來源文件，7 月 10 日提交的 S-4 文件全面展現了合併後航空公司的策略理由和財務實力。我在此提醒各位，本文件仍可能進行進一步審查和更新，在經美國證券交易委員會宣布生效之前，不應作為依據。

First, let's talk about scale. For calendar year 2025, the combined company is now expected to have 12-month run rate annual revenue of approximately $1.8 billion to $2 billion. Additionally, for the first six months of calendar year 2025, Republic has generated approximately $169 million in adjusted EBITDA. Mesa generated $14 million in EBITDA over the same 6-month period. Together, this is a total of $183 million.

首先，我們來談談規模。預計到 2025 年，合併後的公司 12 個月的年化收入約為 18 億美元至 20 億美元。此外，在 2025 年日曆年的前六個月，Republic 已產生約 1.69 億美元的調整後 EBITDA。在同一六個月期間，Mesa 的 EBITDA 為 1400 萬美元。總計1.83億美元。

Our expectation is that this -- we will continue to see strong combined financial performance in the second half of the calendar year. Moreover, our combination creates a regional airline powerhouse. As of today, the combined companies have a single unified fleet of over 300 Embraer 170 and 175 aircraft. Republic anticipates taking delivery of nine E175 aircraft by the end of December 2025 and has an additional 26 aircraft on order for delivery late in 2026 to early 2028.

我們預計，下半年將持續保持強勁的綜合財務表現。此外，我們的合併將打造一家區域航空巨頭。截至目前，合併後的公司擁有超過 300 架 Embraer 170 和 175 型飛機組成的統一機隊。共和航空預計將於 2025 年 12 月底接收 9 架 E175 飛機，並已訂購另外 26 架飛機，將於 2026 年底至 2028 年初交付。

This enhanced scale will enable more efficient flying, fleet efficiency, crew resource management, and most importantly, utility to our major airline customers. I want to highlight the operational excellence that underpins these numbers.

規模的擴大將提高飛行效率、機隊效率、機組資源管理效率，最重要的是，提高對我們主要航空公司客戶的實用性。我想重點強調支撐這些數據的卓越營運。

United -- excuse me, Republic's Q1 2025 results were very strong, fueled by the fact that the airline is now fully staffed. For the first time since 2019, like Mesa, they are seeing a return to normal block hour production, a key indicator of both operational health and efficiency that will be a hallmark of the combined entity.

聯合航空—抱歉，應該是共和航空，其 2025 年第一季業績非常強勁，這得益於該航空公司目前人員配備齊全。與 Mesa 一樣，自 2019 年以來，他們首次恢復了正常的區塊小時產量，這是衡量營運健康狀況和效率的關鍵指標，而營運狀況和效率將成為合併後實體的標誌。

As a result, Republic produced $394.8 million and $405.6 million in revenue with adjusted EBITDA of $83.5 million and $85.3 million in Q1 and Q2 2025, respectively. A reconciliation of Republic's adjusted EBITDA to the most comparable GAAP measure is included in Mesa's Q3 2025 earnings release.

因此，Republic在2025年第一季和第二季分別實現了3.948億美元和4.056億美元的收入，調整後的EBITDA分別為8,350萬美元和8,530萬美元。Mesa 在 2025 年第三季財報中包含了 Republic 調整後 EBITDA 與最可比較 GAAP 指標的調整表。

Second, the merger will fundamentally transform Mesa's existing balance sheet. As part of the transaction, Mesa will not contribute any debt to the combined airline. All of Mesa's existing secured and unsecured debt facilities will be settled at closing. The pro forma combined company is forecasted to have a strong liquidity position with an excess of $300 million in cash and liquidity. Pro forma net debt is expected to be approximately $800 million.

其次，此次合併將從根本上改變 Mesa 現有的資產負債表。作為交易的一部分，Mesa不會向合併後的航空公司承擔任何債務。Mesa現有的所有有擔保和無擔保債務將在交易完成時結清。合併後的公司預計將擁有強勁的流動性，現金和流動資金超過 3 億美元。預計備考淨債務約 8 億美元。

This is a game changer for Mesa, creating a well-capitalized airline and the financial strength to invest in our people, our fleet and our product like never before.

這對 Mesa 來說是一個顛覆性的改變，它將打造一家資金雄厚的航空公司，並賦予我們前所未有的財力去投資我們的員工、機隊和產品。

Third, our revenue model will be completely overhauled. The Mesa business segment will enter into a brand-new 10-year capacity purchase agreement with United Airlines upon merger closing, aligning with Republic's current successful CPA structure. This provides a stable, predictable, and profitable revenue stream for our operation within the larger combined entity.

第三，我們的收入模式將徹底改革。合併完成後，Mesa 業務部門將與聯合航空公司簽訂一份全新的 10 年運力購買協議，這與 Republic 目前成功的 CPA 結構相一致。這為我們在更大的合併實體內的營運提供了穩定、可預測和有利可圖的收入來源。

When you combine this enhanced scale, a fortified balance sheet and a stable long-term revenue model, you get a combined entity that can more effectively compete and favorably compare with the only other public competitor in our business today.

將這種增強的規模、強化的資產負債表和穩定的長期收入模式結合起來，就能得到一個合併後的實體，該實體可以更有效地與我們行業中唯一的其他上市競爭對手競爭，並與之形成有利的對比。

We will have the largest fleet of the most preferred regional aircraft in our industry, the Embraer 175, along with the financial strength and operational excellence to be the regional airline of choice for our partners and passengers.

我們將擁有業界最受歡迎的支線飛機——巴西航空工業公司E175——的最大機隊，以及雄厚的財力和卓越的營運能力，成為合作夥伴和乘客首選的支線航空公司。

I cannot overstate my confidence in the Republic Airways management team. I've had the privilege of getting to know them intimately over the last two years, and they are, without a doubt, the right team to lead our combined company.

我對共和航空管理團隊充滿信心。在過去的兩年裡，我有幸與他們建立了密切的聯繫，毫無疑問，他們是領導我們合併後公司的合適團隊。

In particular, I'd like to recognize Matt Koscal, the President of Republic. I have complete confidence that Matt, who will lead the Mesa integration and the entire Republic team are poised to take our combined business to new heights.

尤其值得一提的是，我要表揚共和國總統馬特·科斯卡爾。我完全相信，領導 Mesa 整合工作的 Matt 和整個 Republic 團隊已經準備好將我們合併後的業務推向新的高度。

As we enter the second half of the calendar year, we are nearing the finish line on this transaction. Republic Airways has already received the necessary approvals from its shareholders and the waiting period under the HSR Act with respect to filings by Mesa and Republic has expired. We remain on track to close the transaction in the second half of this calendar year, pending the SEC declaring our registration statement effective and approval of Mesa's shareholders.

隨著我們進入下半年，這筆交易也接近尾聲。Republic Airways 已獲得股東的必要批准，並且根據 HSR 法案，Mesa 和 Republic 提交文件的等待期已結束。我們仍有望在今年下半年完成交易，但需等待美國證券交易委員會宣布我們的註冊聲明生效以及 Mesa 股東的批准。

In summary, while our third quarter results reflect a company in transition, our future is incredibly bright. The merger with Republic Airways is a transformative opportunity to create a new leader in the regional airline industry, and we're more confident than ever that this is the right path forward for Mesa and its stakeholders.

總而言之，雖然我們第三季的業績反映出公司正處於轉型期，但我們的未來一片光明。與共和航空的合併是一個變革性的機遇，可以打造區域航空業的新領導者，我們比以往任何時候都更加確信，這對梅薩航空及其利益相關者來說是正確的前進道路。

This concludes our remarks, and the remainder of the call will consist of additional required safe harbor disclosures. Thank you for your time and your continued support.

我們的演講到此結束，接下來的通話將包括其他必要的安全港揭露。感謝您抽出時間並一直以來的支持。

Thank you. Please note that this earnings call script contains information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Words such as anticipate, estimate, expect, project, plan, intend, believe, may, might, will, should, can have, likely and similar expressions are used to identify forward-looking statements.

謝謝。請注意，本財報電話會議稿包含構成經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條所指的前瞻性陳述的資訊。諸如預期、估計、期望、預測、計劃、打算、相信、可能、或許、將、應該、可以、可能等詞語以及類似表達方式都用於識別前瞻性陳述。

These forward-looking statements are based on the company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, the ability to complete the proposed merger with the Republic on the proposed terms or on the anticipated time line or at all, including the risks and uncertainties related to securing the necessary stockholder approval and satisfaction of other closing conditions to consummate the proposed transaction. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the company's filings with the SEC, including the risk factors contained in its most recent annual report on Form 10-K and the company's other subsequent filings with the SEC.

這些前瞻性聲明是基於公司目前對未來事件的信念、假設和預期，而這些信念、假設和預期又是基於公司目前可獲得的資訊。前瞻性陳述本質上涉及存在風險和不確定性的事項。多種因素可能導致實際事件和結果與前瞻性聲明中表達或預期的內容有重大差異。這些因素包括但不限於能否按擬議條款或預期時間表完成與共和國的擬議合併，或能否完成合併，包括與獲得必要的股東批准和滿足其他交割條件以完成擬議交易相關的風險和不確定性。有關可能導致實際結果與前瞻性聲明中所述結果存在重大差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括公司最新年度報告（10-K 表格）以及公司隨後向美國證券交易委員會提交的其他文件中包含的風險因素。

The company undertakes no obligation to publicly update or revise any forward-looking statements, whether a result of new information, future events or otherwise, except to the extent required by applicable laws.

除適用法律要求外，本公司不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性聲明的義務。

Participants in the solicitation. Mesa's directors and certain executive officers may be deemed participants in the solicitation of proxies from Mesa's stockholders with respect to the merger. Additional information regarding the identity of participants in the solicitation of proxies and description of the direct or indirect interest in the proposed transaction by security holdings or otherwise will be set forth in the proxy statement and other materials we filed with the SEC in connection with the proposed transaction when they become available.

參與徵集的人員。Mesa 的董事和某些高階主管可能被視為參與了就合併事宜向 Mesa 股東徵集委託書的活動。有關參與徵集代理權的各方身份以及透過證券持有或其他方式對擬議交易的直接或間接權益的更多信息，將在代理聲明以及我們向美國證券交易委員會提交的與擬議交易相關的其他材料中予以說明（如有）。

No offer for solicitation. Registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers be accepted prior to the time the registration statement becomes effective and the information in this communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for, or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

不接受任何形式的招攬。與這些證券相關的註冊聲明已提交給美國證券交易委員會，但尚未生效。在註冊聲明生效之前，這些證券不得出售，也不得接受要約。本通訊中的資訊僅供參考，既不構成購買要約，也不構成出售、認購或購買任何證券的要約邀請，也不構成在任何司法管轄區內就擬議交易或其他事項徵求任何投票或批准。此外，在任何司法管轄區內，不得違反適用法律進行任何證券的出售、發行或轉讓。

No offer of securities shall be made except by means of a prospectus meeting the requirements in Section 10 of the Securities Act of 1933 as amended and otherwise in accordance with applicable law. Additional information and where to find it. This communication relates to a proposed business combination between Mesa and Republic. In connection with the proposed business combination, on July 10, 2025, Mesa filed with the SEC a registration statement on Form S-4 and Form S-1, containing a preliminary proxy statement, prospectus of Mesa and other documents related to the proposed transaction. The registration statement has not yet become effective.

除非透過符合經修訂的 1933 年證券法第 10 條規定要求的招股說明書，並符合其他適用法律，否則不得進行任何證券發行。更多資訊及取得途徑。本次溝通涉及 Mesa 和 Republic 之間擬議的業務合併。關於擬議的業務合併，Mesa 於 2025 年 7 月 10 日向美國證券交易委員會提交了 S-4 表格和 S-1 表格的註冊聲明，其中包含初步委託書、Mesa 的招股說明書以及與擬議交易相關的其他文件。註冊聲明尚未生效。

After the registration statement is declared effective by the SEC, Mesa will file with the SEC a definitive proxy statement and prospectus and a definitive proxy statement prospectus will be mailed to stockholders of Mesa.

在註冊聲明被美國證券交易委員會宣布生效後，Mesa 將向美國證券交易委員會提交最終委託書和招股說明書，並將最終委託書招股說明書郵寄給 Mesa 的股東。

Investors and security holders of Mesa are urged to read the proxy statement, prospectus and other documents that may be filed with the SEC carefully and in their entirety because they will contain important information about the proposed transaction. Investors and security holders may obtain a free copy of the proxy statement, prospectus and other documents when available that Mesa files with the SEC at the SEC's website at www.sec.gov. In addition, these documents may be obtained from Mesa free of charge by directing a request to www.investor.mesaair.com.

我們敦促 Mesa 的投資者和證券持有人仔細閱讀委託書、招股說明書以及可能提交給美國證券交易委員會的其他文件，因為這些文件將包含有關擬議交易的重要資訊。投資人及證券持有人可登入美國證券交易委員會（SEC）網站www.sec.gov免費取得Mesa向SEC提交的委託書、招股說明書及其他文件（如有）。此外，投資者和證券持有人也可透過造訪www.investor.mesaair.com向Mesa免費索取這些文件。

Thank you.

謝謝。

Thank you. This concludes today's call.

謝謝。今天的電話會議到此結束。