Mesa Air Group Files 10-Q, Details Credit Facility and Aircraft

TL;DR

**MESA 10-Q OUT: Credit facility details and aircraft info filed. Watch for Jan 11 event.**

AI Summary

Mesa Air Group Inc. filed its 10-Q for the period ending December 31, 2023. The company reported revenue from contracts with customers and detailed its financial activities, including information about its revolving credit facility and specific aircraft like the CRJ900. A significant subsequent event occurred on January 11, 2024, related to a credit facility.

Why It Matters

This filing provides insight into Mesa Air Group's financial health and operational status, including details on their credit facilities and aircraft, which are crucial for understanding their ability to operate and grow.

Risk Assessment

Risk Level: medium — The filing contains information about credit facilities and aircraft, which are significant assets and liabilities for an airline, indicating potential financial risks.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for this 10-Q filing.)
• 2024-01-11 — Subsequent Event Date (Marks a significant event that occurred after the reporting period.)

Key Players & Entities

• MESA AIR GROUP INC (company) — Filer of the 10-Q
• 2023-12-31 (date) — End of reporting period
• 410 NORTH 44TH STREET (address) — Company's business and mailing address
• PHOENIX (location) — City of company's address
• NV (state) — State of incorporation
• 0930 (date) — Fiscal year end
• 2024-01-11 (date) — Date of a significant subsequent event
• CRJ900 (aircraft_model) — Specific aircraft mentioned in the filing

FAQ

Filing Documents

• mesa-20231231.htm (10-Q) — 1758KB
• mesa-ex10_10.htm (EX-10.10) — 703KB
• mesa-ex10_21.htm (EX-10.21) — 305KB
• mesa-ex10_22.htm (EX-10.22) — 170KB
• mesa-ex31_1.htm (EX-31.1) — 14KB
• mesa-ex31_2.htm (EX-31.2) — 14KB
• mesa-ex32_1.htm (EX-32.1) — 5KB
• mesa-ex32_2.htm (EX-32.2) — 5KB
• img78773784_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-064406.txt ( ) — 10118KB
• mesa-20231231.xsd (EX-101.SCH) — 1682KB
• mesa-20231231_htm.xml (XML) — 1294KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 42

– OTHER INFORMATION

PART II – OTHER INFORMATION 44

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 44

SIGNATURES

SIGNATURES 46 Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains 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 (the "Exchange Act"). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as " future, " " anticipates, " " believes, " " estimates, " " expects, " " intends, " " plans, " " predicts, " " will, " " would, " " should, " " could, " " can, " " may, " and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission on January 26, 2024. Unless otherwise stated, references to particular years, quarters, months, or periods refer to our fiscal years ended September 30 and the associated quarters, months, and periods of those fisca

– Financi al Information

Part I – Financi al Information

Financi al Statements

Item 1. Financi al Statements MESA AIR GROUP, INC. Condensed Consolida ted Balance Sheets (In thousands, except share amounts) (December 31, 2023 is unaudited) December 31, September 30, 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 16,068 $ 32,940 Restricted cash 3,134 3,132 Receivables, net ($ 1,265 and $ 4,016 from related party) 5,517 8,253 Expendable parts and supplies, net 28,830 29,245 Assets held for sale 92,260 57,722 Prepaid expenses and other current assets 4,476 7,294 Total current assets 150,285 138,586 Property and equipment, net 534,459 698,022 Lease and equipment deposits 1,630 1,630 Operating lease right-of-use assets 8,959 9,709 Deferred heavy maintenance, net 7,200 7,974 Assets held for sale 40,336 12,000 Other assets 32,764 30,546 Total assets $ 775,633 $ 898,467 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt and finance leases ($ 19,335 and $ 20,500 from related party) $ 156,789 $ 163,550 Current portion of deferred revenue 3,983 4,880 Current maturities of operating leases 3,240 3,510 Accounts payable 54,451 58,957 Accrued compensation 7,657 10,008 Other accrued expenses 27,774 27,001 Total current liabilities 253,894 267,906 Noncurrent liabilities: Long-term debt and finance leases, excluding current portion ($ 36,795 and $ 30,630 from related party) 315,464 364,728 Noncurrent operating lease liabilities 7,706 8,077 Deferred credits from related party 4,464 4,617 Deferred income taxes 8,842 8,414 Deferred revenue, net of current portion 14,062 16,167 Other noncurrent liabilities 28,589 28,522 Total noncurrent liabilities 379,127 430,525 Total liabilities 633,021 698,431 Commitments and contingencies (Note 15) Stockholders' equity: Common stock of no par value and additiona

View Full Filing

View this 10-Q filing on SEC EDGAR