Contingent upon qualification, Voyageur plans to utilize the CEWS for the remainder of the program to June 2021. Voyageur currently represents less than 10% of Chorus’ consolidated revenue and net income. In the past three months, Chorus Aviation Inc. (CHR.TO) insiders have not sold or bought any company stock. Under the related loan agreements, CAC has 24 months from the date of the lease termination to remarket the aircraft, failing which CAC may be required to repay the debt outstanding on the aircraft. The Regional Aircraft Leasing segment's adjusted EBITDA decreased by $4.0 million primarily due to a $4.1 million expected credit loss provision related to management's assessment of its lessee credit risk, and lower lease margins due to the loss of revenue resulting from the repossession of aircraft from Flybe, CityJet and Virgin Australia; partially offset by growth in aircraft earning leasing revenue. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Contingent upon qualification, Jazz plans to utilize the CEWS for the remainder of the program, which has been extended into the summer of 2021. "I continue to be amazed by the resiliency of our employees and their determination to deliver the best and safest possible service to our customers. For exchange delays and terms of use, please read disclaimer (will open in new tab). Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft's lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; aircraft and component maintenance, disassembly, and parts provisioning. Contingent upon qualification, Jazz plans to utilize the CEWS for the remainder of the program, which has been extended into the summer of 2021. Adjusted EBITDA should not be used as an exclusive measure of cash flow because it does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows, forming part of Chorus' financial statements. The Regional Aircraft Leasing segment’s adjusted EBITDA decreased by $4.0 million primarily due to a $4.1 million expected credit loss provision related to management’s assessment of its lessee credit risk, and lower lease margins due to the loss of revenue resulting from the repossession of aircraft from Flybe, CityJet and Virgin Australia; partially offset by growth in aircraft earning leasing revenue. On June 30, 2020, Aeromexico filed for voluntary Chapter 11 petitions in the United States in order to implement a financial restructuring. These deferrals are estimated to increase Chorus' trade receivables and long-term lease deferral receivables to approximately US $41.0 million by the end of the year. Contingent upon qualification, Jazz plans to utilize the CEWS for the remainder of the program, which has been extended into the summer of 2021. The Regional Aviation Services segment’s adjusted EBITDA decreased by $8.3 million. These non-GAAP measures are generally numerical measures of a company’s financial performance, financial position or cash flows, that include or exclude amounts from the most comparable GAAP measure. The Regional Aircraft Leasing segment's adjusted EBITDA increased by $20.7 million which was primarily due to the growth in aircraft earning leasing revenue partially offset by a $5.2 million expected credit loss provision related to management's assessment of its lessees' credit risk, and lower lease margins due to the loss of revenue resulting from the repossession of aircraft from Flybe, CityJet and Virgin Australia. We are mindful that a prolonged pandemic will continue to challenge the passenger aviation industry. Prior to the third quarter 2020, Chorus generated approximately US $7.1 million per quarter in lease revenue from aircraft leased to Flybe, CityJet, Virgin Australia and Aeromexico. These cookies do not store any personal information. Learn more. Chorus expects the receivable to be between $35.0 and $45.0 million by the end of the fourth quarter of 2020. Voyageur’s contract flying, charter sales and MRO services revenue all improved over the second quarter of 2020 and is expected to be sustained throughout the fourth quarter. What is Chorus Aviation worth? The logo for Chorus Aviation Inc. is shown in a handout. We are doing all within our power to preserve what we have and to prepare for whenever this crisis abates. Most ultra-rich investors ignore stock fundamentals, which have no real impact on stock prices. As at September 30, 2020, CAC’s long-term debt related to these aircraft was US $28.5 million. The Regional Aviation Services segment's adjusted EBITDA decreased by $8.3 million. Forward-Looking InformationThis news release includes ‘forward-looking information’. Unfortunately, the duration and the permanent effects of the COVID-19 pandemic are unknown. For subscribers only. Receive a free world-class investing education from MarketBeat. CAC will have six months to remarket two of the aircraft and nine months for the other aircraft if the aircraft leases are repudiated, failing which Chorus may be required to repay the debt outstanding on the aircraft. Between September 30, 2020 and November 10, 2020, Chorus received two of the six pending CRJ900s. The official website for Chorus Aviation Inc. (CHR.TO) is chorusaviation.com. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. The Regional Aviation Services segment’s adjusted EBITDA decreased by $2.8 million. Their forecasts range from C$3.00 to C$5.50. Chorus’ vision is to deliver regional aviation to the world. The 2020 results were impacted by: Adjusted net income was $56.4 million year-to-date, a decrease over 2019 of $15.3 million due to: Net income decreased $64.3 million over 2019 due to the previously noted decrease of $15.3 million in adjusted net income, $26.6 million on impairment provisions, the change in net unrealized foreign exchange on long-term debt of $23.9 million, $2.7 million on lease repossession costs net of security packages realized , and increased employee separation program costs of $2.1 million; offset by tax recovery on adjusted items of $4.4 million and decreased signing bonuses of $2.0 million under the Jazz pilot collective agreement. Everything you need to know about the market - quick & easy. Capital expenditures in 2020, including capitalized major maintenance overhauls but excluding expenditures for the acquisition of aircraft and the ESP, are expected to be between $17.0 million and $23.0 million. Repayment of the deferrals is required over the course of the subsequent 12 months. "In the quarter, we bolstered our liquidity position to $218 million and have collected approximately 50% of the lease revenue billed in this period," said Joe Randell, President and Chief Executive Officer, Chorus. In accordance with the CPA, the Fixed Margin does not vary with the number of aircraft and is fixed for 2020 based on agreed annual amounts. On April 17, 2020, CityJet entered an examinership process in Ireland. Get daily stock ideas top-performing Wall Street analysts. 4 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Chorus Aviation Inc. (CHR.TO) in the last year. Prior to the third quarter 2020, Chorus generated approximately US $7.1 million per quarter in lease revenue from aircraft leased to Flybe, CityJet, Virgin Australia and Aeromexico. EBITDA is defined as earnings before net interest expense, income taxes, depreciation, amortization and impairment and is a non-GAAP financial measure that is used frequently by companies in the aviation industry as a measure of performance. Chorus is a global provider of integrated regional aviation solutions. Following voluntary administration on April 20, 2020, Virgin Australia terminated its lease agreements with CAC in early September for three ATR72-600s. Let’s take a look at Chorus Aviation’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. CAC has not recorded an impairment charge on these aircraft due to the realization of its security package. In Canada, the multiple layers of fees and surcharges levied on passengers and airlines by various levels of government have greatly increased over the years and have had a disproportionate negative impact on regional services.

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