RE:RE:RE:RE:Q1 resultsJust read through the whole report, takeaways:
-Loss in large part due to 1x cost of CPA amendment/ aircraft restructuring.
-RAL collection of 62% (I expected 60%).
-No definitive #s re Voyaguer Purolator contract, but just says revenues increasing
- 3 of 19 dash 8s leased out as I anticipated. Need more progress on this front, expect it to happen organically once covid is drawn out.
- and of the 138M they netted from offering (145M gross), $34M already used to pay down debt secured against aircraft, another 75M planned to use on paying down aircraft debt throughout 2021. Remaining ~$29M on general operating expenses/growth opportunities (buying more aircraft)
I like the use of cash to pay down debt, increase liquidity and reduces cash requirements.
EBITDA beat my estimates, and given the loss is primarily CPA restructuring, there were no “oh sh*t” negative news on this Quarters earnings.
Patience is the key here.