Mesa Air Group Files 10-Q for Q2 2024

TL;DR

**MESA AIR GROUP 10-Q FILED: Financials and operations update for Q2 2024. Check for key metrics.**

AI Summary

Mesa Air Group Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and operational updates. Key financial figures and strategic agreements are outlined within the report, providing insight into the company's current standing and future outlook.

Why It Matters

This 10-Q filing provides crucial financial and operational details for Mesa Air Group, impacting investors' understanding of the company's performance and strategic direction.

Risk Assessment

Risk Level: medium — The filing is a standard 10-Q, but the airline industry is inherently volatile, and specific financial details within the report could indicate higher risk.

Key Numbers

• N/A — Revenue (Specific revenue figures are not provided in the excerpt.)
• N/A — Net Income (Specific net income figures are not provided in the excerpt.)
• N/A — Total Assets (Specific total asset figures are not provided in the excerpt.)

Key Players & Entities

• MESA AIR GROUP INC (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 20240617 (date) — Filing date
• Archer Aviation Inc. (company) — Mentioned in relation to a member
• Boeing 737-800F (product) — Mentioned in relation to flight services agreement

FAQ

Key Financial Figures

• $6.9 million — her, with a fair value of approximately $6.9 million as of June 14, 2024, by the end of July
• $22.3 million — irframes and 15 engines from RASPRO for $22.3 million and sold them to third parties for $ 16

Filing Documents

• mesa-20240331.htm (10-Q) — 2164KB
• 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
• 0000950170-24-074297.txt ( ) — 9088KB
• mesa-20240331.xsd (EX-101.SCH) — 1615KB
• mesa-20240331_htm.xml (XML) — 1313KB

– 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 29

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) (March 31, 2024 is unaudited) March 31, September 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 18,529 $ 32,940 Restricted cash 2,984 3,132 Receivables, net ($ 1,026 and $ 4,016 from related party) 4,650 8,253 Expendable parts and supplies, net 29,474 29,245 Assets held for sale 38,250 57,722 Prepaid expenses and other current assets 4,550 7,294 Total current assets 98,437 138,586 Property and equipment, net 529,479 698,022 Lease and equipment deposits 1,289 1,630 Operating lease right-of-use assets 8,074 9,709 Deferred heavy maintenance, net 6,466 7,974 Assets held for sale 41,970 12,000 Other assets 20,558 30,546 Total assets $ 706,273 $ 898,467 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt and finance leases ($ 2,376 and $ 20,500 from related party) $ 94,373 $ 163,550 Current portion of deferred revenue 2,809 4,880 Current maturities of operating leases 2,334 3,510 Accounts payable 57,347 58,957 Accrued compensation 13,415 10,008 Other accrued expenses 26,525 27,001 Total current liabilities 196,803 267,906 Noncurrent liabilities: Long-term debt and finance leases, excluding current portion ($ 35,642 and $ 30,630 from related party) 299,040 364,728 Noncurrent operating lease liabilities 7,309 8,077 Deferred credits from related party 3,720 4,617 Deferred income taxes 8,907 8,414 Deferred revenue, net of current portion 7,347 16,167 Other noncurrent liabilities 28,475 28,522 Total noncurrent liabilities 354,798 430,525 Total liabilities 551,601 698,431 Commitments and contingencies (Note 15) Stockholders' equity: Common stock of no par value and additional paid-in

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