Le Lézard
Classified in: Tourism and vacations, Transportation, Business, Covid-19 virus
Subject: ERN

Chorus Aviation Inc. Announces Fourth Quarter and Year-end 2023 Financial Results


Results demonstrate strengthened balance sheet and progress on key strategic priorities

Annual Highlights:

Q4 Financial Highlights:

HALIFAX, NS, Feb. 22, 2024 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced its fourth quarter and year-end 2023 financial results.

"We executed and made steady progress on key aspects of our strategy, delivering on the 2023 financial guidance. That led to strong adjusted EBITDA and Free Cash Flows, allowing for the repayment of over $340 million in debt and a reduction in our Leverage Ratio from 4.4x to 3.6x," said Colin Copp, President and Chief Executive Officer, Chorus. "Looking forward, we are forecasting strong Free Cash Flows in 2024, which will further contribute to our deleveraging goals. We recognize that robust cash generation and a strengthened balance sheet are essential to our future growth and value creation for our shareholders."

"Jazz continued to generate predictable earnings and cash flows under its long-term contract with Air Canada, while Voyageur made meaningful strides with two consecutive years of record growth in parts sales, defence and specialty MRO segments," commented Mr. Copp. "With the recovery in regional aircraft leasing markets and related improvements in airline credits, Falko successfully completed fifty-seven aircraft transactions in 2023; and additionally, signed letters of intent for a further thirty aircraft transactions. Additionally, the execution of a sales agreement for two aircraft for net proceeds of US $21.9 million helped advance our asset light strategy. Going forward, we continue to look for optimal opportunities to sell aircraft assets as valuations strengthen."

"Throughout 2023, Chorus' businesses demonstrated progress, contributing to our overall strategy," said Mr. Copp. "Looking ahead, with our significant skills and deep experience across all aspects of aviation, Chorus is well-positioned for growth as an industry leader."

Fourth Quarter Summary

In the fourth quarter of 2023, Chorus reported Adjusted EBITDA of $116.7 million, a decrease of $12.8 million compared to the fourth quarter of 2022.

The RAL segment's Adjusted EBITDA was $62.1 million, a decrease of $5.4 million compared to the fourth quarter of 2022 primarily due to:

The RAS segment's Adjusted EBITDA was $61.3 million, a decrease of $6.2 million compared to the fourth quarter of 2022 primarily due to:

Corporate Adjusted EBITDA was $(6.7) million compared to $(5.4) million in the fourth quarter of 2022 primarily due to an increase in stock-based compensation of $1.2 million due to an increase in the Common Share price offset by the change in fair value of the Total Return Swap.

Adjusted net income was $20.2 million for the quarter, a decrease of $11.6 million compared to the fourth quarter of 2022 primarily due to:

Net income decreased $9.2 million compared to the fourth quarter of 2022 primarily due to:

Annual Summary

Chorus reported Adjusted EBITDA of $458.7 million for 2023, an increase of $17.6 million compared to the same  prior year period.

The RAL segment's Adjusted EBITDA was $237.1 million, an increase of $17.6 million compared to the same prior year period primarily due to:

The RAS segment's Adjusted EBITDA was $249.3 million, an increase of $0.5 million compared to the same prior year period primarily due to:

Corporate Adjusted EBITDA was $(27.7) million compared to $(27.2) million in 2022, primarily due to:

Adjusted net income of $98.0 million, a decrease of $20.8 million compared to the same prior year period primarily due to:

Net income of $106.1 million, an increase of $54.2 million compared to the same prior year period primarily due to:

Consolidated Financial Analysis

This section provides detailed information and analysis about Chorus' performance for the three months and year ended December 31, 2023 compared to the three months and year ended December 31, 2022. It focuses on Chorus' consolidated operating results and provides financial information for Chorus' operating segments.

(unaudited)

(expressed in thousands of Canadian dollars)

Three months ended December 31,

Year ended December 31,

2023

2022

Change

Change

2023

2022

Change

Change

$

$

$

%

$

$

$

%










Operating revenue

421,452

439,755

(18,303)

(4.2)

1,681,075

1,595,804

85,271

5.3

Operating expenses

368,130

367,150

980

0.3

1,449,309

1,407,538

41,771

3.0










Operating income

53,322

72,605

(19,283)

(26.6)

231,766

188,266

43,500

23.1

Net interest expense

(24,307)

(28,809)

4,502

(15.6)

(98,498)

(100,843)

2,345

(2.3)

Foreign exchange gain (loss)

19,556

14,146

5,410

38.2

23,091

(13,612)

36,703

(269.6)

Gain on property and equipment

?

16

(16)

100.0

13

172

(159)

(92.4)

Gain (loss) on fair value of investments

1,114

440

674

153.2

3,555

(133)

3,688

(2,772.9)










Income before income tax

49,685

58,398

(8,713)

(14.9)

159,927

73,850

86,077

116.6

Income tax expense

(13,064)

(12,546)

(518)

(4.1)

(53,821)

(21,933)

(31,888)

(145.4)










Net income

36,621

45,852

(9,231)

(20.1)

106,106

51,917

54,189

104.4

Net income attributable to non-controlling interest

2,443

650

1,793

275.8

4,753

3,027

1,726

57.0

Net income attributable to Shareholders

34,178

45,202

(11,024)

(24.4)

101,353

48,890

52,463

107.3

Preferred share dividends

(8,940)

(8,913)

(27)

0.3

(35,426)

(22,902)

(12,524)

54.7

Earnings attributable to Common Shareholders

25,238

36,289

(11,051)

(30.5)

65,927

25,988

39,939

153.7










Adjusted EBITDA(1)

116,736

129,542

(12,806)

(9.9)

458,666

441,046

17,620

4.0

Adjusted EBT(1)

34,328

44,956

(10,628)

(23.6)

143,639

150,937

(7,298)

(4.8)

Adjusted net income(1)

20,208

31,826

(11,618)

(36.5)

98,048

118,842

(20,794)

(17.5)



(1)

These are non-GAAP financial measures or non-GAAP ratios that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Refer to the "Non-GAAP Financial Measures" section of this news release for more information.

Outlook

(See cautionary statement regarding forward-looking information below.)

The discussion that follows includes forward-looking information. This outlook is provided for the purpose of providing information about current expectations for 2024. Forecast information has also been provided for 2025 and 2026 for Jazz. This information may not be appropriate for other purposes.

Chorus Consolidated

(in thousands of Canadian dollars)

Actual 2023

$

2024 Forecast(1)

$






Adjusted EBITDA(2)

458,666

350,000

to

400,000

Free Cash Flow(2)

331,423

290,000

to

340,000

Leverage Ratio(3)

3.6

3.1

to

3.5



(1)

The forecast uses a foreign exchange rate of 1.3200 for 2024 to translate USD to CAD.

(2)

The forecast is based on projected earnings under existing contracts, expected asset sales in 2024, and future market lease rates for lease renewals and extensions.

(3)

The forecast is based on the contractual nature of Chorus' earnings, amortizing debt repayments, and expected asset sales. Deleveraging amounts will vary from quarter-to-quarter depending on the timing and quantum of asset sales. 

Jazz

The CPA provides a Fixed Margin to Jazz regardless of flying levels; therefore, any variations in flying are not expected to have any impact on Jazz's earnings. In addition, Jazz receives compensation for aircraft leased under the CPA that generates predictable Free Cash Flows. Jazz aircraft have amortizing debt that will be fully paid-off at the end of the original lease term under the CPA. At the end of each lease, Jazz will either extend the lease, sell or part-out each aircraft. Subsequent aircraft leases will continue to produce predictable Free Cash Flow at lower rates as the aircraft will be unencumbered.


Actual

Forecast

(in thousands of Canadian dollars)

2023

$

2024(1)

$

2025(1)

$

    2026(1)(2)

$

Fixed Margin

63,280

60,700

59,600

43,900

Aircraft leasing under the CPA





    Revenue

148,889

128,000

113,000

93,000

Payment on long-term debt and interest

123,658

94,000

74,000

66,000

Wholly-owned aircraft leased under the CPA (end of period)

48

48

39

39

Wholly-owned aircraft leased under the CPA available for re-lease (end of period)

nil

nil

9

9

Total Fixed Margin and Aircraft leasing under the CPA less payment on long-term debt and interest

88,511

94,700

98,600

70,900



(1)

The forecast uses a foreign exchange rate of 1.3200 for 2024 and 1.2700 for 2025 and 2026 to translate USD to CAD.

(2)

Includes estimates for future market lease rates for 12 Q400's for 2026.

RAL

RAL continues to execute on its asset light leasing strategy which consists of monetizing select on-balance sheet aircraft assets while growing its contractual fund management business. Maximizing cash flow generation from existing assets through lease term extensions is also a key element of RAL's business model.

(in thousands of Canadian dollars)

Actual 2023

$

2024 Forecast(1)

$

Operating revenue(2)

281,464

215,000

to

235,000

Depreciation and amortization excluding impairment(3)

115,935

100,000

to

110,000

Net interest expense(3)

57,845

48,000

to

52,000

Gain on the fair value of Fund II investment(4)

3,569

5,000

to

10,000

Gross proceeds on asset sales(2)

720

100,000

to

150,000

Net proceeds on asset sales(2)

720

30,000

to

52,500



-





(1)

The forecast uses a foreign exchange rate of 1.3200 for 2024 to translate USD to CAD revenue.

(2)

The forecast reflects: a) the expected sale of nine CRJ900 engines; b) the sale of two A220-300's on lease with airBaltic on January 23, 2024; and c) certain assumptions and estimates for future market lease rates related to new and extended leases. The forecast does not include end-of-lease compensation or maintenance reserve releases. Actual 2023 includes $13.9 million of end-of-lease compensation and maintenance reserve releases.

(3)

The depreciation excluding impairment and net interest expense forecast is based on the normal amortization of aircraft and long-term debt and the expected sale of assets in 2024.

(4)

The forecasted gain on fair value of the Fund II investment is based on expectations related to the trading and general financial condition of the investment to compute the value of the discounted cash flows.

Fund III is anticipated to close by the end of the 2024 year and is expected to have (i) a minimum of US $500.0 million in capital commitments and (ii) management fees and economic terms commensurate with those in Falko's prior funds.

Chorus intends to opportunistically trade RAL's wholly-owned or majority-owned aircraft including in connection with the windup of its 67.45% ownership in Ravelin Holdings LP by the tenth anniversary of the commencement of Fund I (2025). As of December 31, 2023, Ravelin Holdings LP held an interest in 39 aircraft with a net book value of US $382.8 million and secured debt of US $189.0 million. As asset sales occur, the related leasing revenues in RAL will decrease, which will be partially offset by lower depreciation and debt servicing costs and earnings from Falko managed funds.

RAL Receivables

RAL is participating in the Azul S.A. ("Azul") restructuring which is expected to be finalized before the end of March 2024. The transaction includes the exchange of certain accounts receivable ("Existing AR") held by RAL and the granting of certain modifications related to the operating leases with Azul ("Azul Restructuring").

In exchange for the Existing AR RAL will receive new notes ("New Notes") from Azul which are due at various dates beginning in 2024 and ending in 2027. In addition, certain of the New Notes may be settled, at Azul's option, in cash or by the issuance of Azul's publicly listed preferred shares. The New Notes will be initially recognized at an aggregate estimated fair value. No material gain or loss is anticipated on the exchange of the Existing AR for the New Notes.

RAL collected approximately 97% of the value of its lease revenue billed in the fourth quarter of 2023 when giving effect to the expected repayment terms of the Azul Restructuring agreement.

RAL's gross receivable, primarily related to rent relief arrangements,1 may decrease from the December 31, 2023 balance of US $108.2 million to between US $90.0 million and US $95.0 million by the end of 2024 based on management's current repayment expectations.

RAL's lease deferral receivable exposure is partially mitigated by security packages held of approximately US $20.4 million (December 31, 2022 - US $17.1 million).

1

Following the onset of the COVID-19 pandemic, RAL received requests from many of its customers for some form of temporary rent relief, as they coped with an unprecedented reduction in demand for passenger air travel.

Capital Expenditures

Capital expenditures in 2024, are expected as follows:

(expressed in thousands of Canadian dollars)





Actual 2023

Forecast 2024(1)

$


$


Capital expenditures, excluding aircraft acquisitions

15,251

16,000

to

21,000

Capitalized major maintenance overhauls(2)

15,776

5,000

to

10,000

Aircraft acquisitions and improvements

12,136

12,500

to

17,500


43,163

33,500

to

48,500



(1)

The 2024 plan includes reconfiguration costs on aircraft and certain aircraft improvements which have been converted to Canadian from US dollars using a foreign exchange rate of 1.3226, the December 31, 2023 closing day rate from the Bank of Canada.

(2)

The 2024 plan includes between $5.0 million to $9.0 million of costs that are expected to be included in Controllable Costs. Actual 2023 includes $6.1 million which are included in Controllable Costs.

Use of Defined Terms

Capitalized terms used but not defined in this news release have the meanings given to them in management's discussion and analysis of results of operations and financial condition ("MD&A") dated the date hereof, which is available on Chorus' website (www.chorusaviation.com) and under Chorus' profile on SEDAR+ (www.sedarplus.ca).

Investor Conference Call / Audio Webcast

Chorus will hold an analyst call at 9:00 AM ET on February 23, 2024 to discuss the fourth quarter and year-end 2023 financial results. The call may be accessed by dialing 1-888-664-6392. The call will be simultaneously audio webcast via: https://app.webinar.net/jdWqZ3BJpV6

This is a listen-in only audio webcast. 

The conference call webcast will be archived on Chorus' website at www.chorusaviation.com under Investors > Reports.  A playback of the call can also be accessed until midnight ET, March 1, 2024, by dialing toll-free 1-888-390-0541 and using passcode 660924 # (pound key).

NON-GAAP FINANCIAL MEASURES

This news release references several non-GAAP financial measures and ratios to supplement the analysis of Chorus' results. Chorus uses these non-GAAP measures to evaluate and assess performance. These non-GAAP measures are generally numerical measures of Chorus' financial performance, financial position, or cash flows, that include or exclude amounts from the most comparable GAAP measure. As such, these measures are not recognized for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities, and should not be considered a substitute for or superior to GAAP results. For further information on non-GAAP measures used in this news release, please refer to Section 18 (Non-GAAP Financial Measures) of the MD&A dated the date hereof, which is available on Chorus' website (www.chorusaviation.com) and under Chorus' profile on SEDAR+ (www.sedarplus.ca). Reconciliations of non-GAAP measures to their nearest GAAP measures are provided below.

Adjusted net income, Adjusted EBT, Adjusted EBITDA

(unaudited)

(expressed in thousands of Canadian dollars)

Three months ended December 31,

Year ended December 31,

2023

$

2022

$

Change

$

2023

$

2022

$

Change

$








Net income

36,621

45,852

(9,231)

106,106

51,917

54,189

Add (Deduct) items to get to Adjusted net income







Impairment provisions(1)

4,917

?

4,917

30,591

20,499

10,092

Restructuring expected credit loss provision(1)(2)

?

?

?

?

10,353

(10,353)

Employee separation program(1)

638

203

435

1,442

2,296

(854)

Strategic advisory fees(1)

?

?

?

?

8,524

(8,524)

Defined Benefit Pension Revenue(3)

?

?

?

(29,916)

?

(29,916)

Lease repossession costs(1)

2,151

4,242

(2,091)

13,800

28,059

(14,259)

Unrealized foreign exchange loss (gain)

3,374

(17,887)

21,261

(5,768)

7,356

(13,124)

Realized foreign exchange gain on intercompany loan(4)

(26,437)

?

(26,437)

(26,437)

?

(26,437)

Tax (recovery) expense on adjusted items(2)

(1,056)

(584)

(472)

8,230

(10,162)

18,392


(16,413)

(14,026)

(2,387)

(8,058)

66,925

(74,983)

Adjusted net income

20,208

31,826

(11,618)

98,048

118,842

(20,794)

Add (Deduct) items to get to Adjusted EBT







Income tax expense

13,064

12,546

518

53,821

21,933

31,888

Tax expense (recovery) on adjusted items(2)

1,056

584

472

(8,230)

10,162

(18,392)

Adjusted EBT

34,328

44,956

(10,628)

143,639

150,937

(7,298)

Add (Deduct) items to get to Adjusted EBITDA







Net interest expense

24,307

28,809

(4,502)

98,498

100,843

(2,345)

Depreciation and amortization excluding impairment

54,593

51,557

3,036

207,414

182,114

25,300

Foreign exchange loss

3,507

3,741

(234)

9,114

6,256

2,858

Gain on disposal of property and equipment

?

(16)

16

(13)

(172)

159

Loss on fair value of investments

1

495

(494)

14

1,068

(1,054)


82,408

84,586

(2,178)

315,027

290,109

24,918

Adjusted EBITDA

116,736

129,542

(12,806)

458,666

441,046

17,620



(1)

Included in operating expenses.

(2)

In the second quarter of 2022, Chorus recognized a deferred tax asset on certain adjusted expenses related to repossessions of aircraft and lease restructurings in FIL's aircraft portfolio. In the second quarter of 2023, Chorus recognized a provision against the deferred tax asset as the aircraft have not yet been re-leased.

(3)

Air Canada agreed to compensate Jazz for the one-time impact of the wage increase on the Jazz defined benefit pension plan of $29.9 million which will be repaid in 60 equal monthly payments beginning on December 1, 2023. In accordance with IFRS, the associated impact of the wage scale pension assumption change in the pension liability was charged directly to other comprehensive income.

(4)

Realized foreign exchange gain relates to the extinguishment of intercompany loan receivables in the fourth quarter of 2023. During the term of these intercompany loan receivables the unrealized foreign exchange gain or loss was recognized on the loan receivable. The intercompany loan payable was recorded in one of Chorus' subsidiaries with a USD functional currency such that the foreign exchange offset was recognized in exchange differences on foreign operations in other comprehensive income. The elimination of the realized foreign exchange from adjusted net income reflects the economics of the intercompany transaction.

Adjusted earnings available to Common Shareholders per Common Share

Adjusted earnings available to Common Shareholders per Common Share is used by Chorus to assess performance and is calculated as Adjusted net income less non-controlling interest and Preferred Share dividends declared.

(unaudited)

(expressed in thousands of Canadian dollars, except per Share amounts)

Three months ended December 31,

Year ended December 31,

2023

$

2022

$

Change

$

2023

$

2022

$

Change

$

Adjusted net income

20,208

31,826

(11,618)

98,048

118,842

(20,794)

Add (Deduct) items to get to Adjusted earnings available to Common Shareholders







Net income attributable to non-controlling interest

(2,443)

(650)

(1,793)

(4,753)

(3,027)

(1,726)

Preferred Share dividends declared

(8,940)

(8,913)

(27)

(35,426)

(22,902)

(12,524)

Adjusted earnings available to Common Shareholders

8,825

22,263

(13,438)

57,869

92,913

(35,044)

Adjusted earnings available to Common Shareholders per Common Share - basic

0.05

0.11

(0.06)

0.30

0.48

(0.18)

Leverage Ratio

Leverage Ratio is used by Chorus as a means to measure financial leverage. Leverage Ratio is calculated by dividing Net debt by trailing 12-month Adjusted EBITDA. Management believes Leverage Ratio to be a useful ratio when monitoring and managing debt levels. In addition, as leverage is a measure frequently analyzed for public companies, Chorus has calculated the amount to assist readers in this review. Leverage Ratio should not be construed as a measure of cash flows.

  (unaudited)

  (expressed in thousands of Canadian dollars)

December 31, 2023

December 31, 2022

Change

$

$

$

Long-term debt (including current portion)

1,755,580

2,030,276

(274,696)

Less:




Cash

(85,985)

(100,027)

14,042

Net debt

1,669,595

1,930,249

(260,654)

Adjusted EBITDA

458,666

441,046

17,620

Leverage Ratio

3.6

4.4

(0.8)

Free Cash Flow

Free Cash Flow is a non-GAAP measure used as an indicator of financial strength and performance. Chorus believes that this measurement is useful as an indicator of its ability to service its debt, meet other ongoing obligations and reinvest in the Corporation and return capital to Common Shareholders. Readers are cautioned that Free Cash Flow does not represent residual cash flow available for discretionary expenditures.

Free Cash Flow is defined as cash provided by operating activities less net changes in non-cash balances related to operations, capital expenditures excluding aircraft acquisitions and improvements plus net proceeds on asset sales (proceeds on disposal of property and equipment less the related debt repayments for the assets sold).

The following table provides a reconciliation of Free Cash Flow to cash flows from operating activities, which is the most comparable financial measure calculated and presented in accordance with GAAP:

(unaudited)

(expressed in thousands of Canadian dollars)

Three months ended December 31,

Year ended December 31,

2023

2022

Change

2023

2022

Change

$

$

$

$

$

$

Cash provided by operating activities

21,143

81,633

(60,490)

299,675

279,512

20,163

Add (Deduct)







Net changes in non-cash balances related to operations

62,912

(9,772)

72,684

62,055

(28,773)

90,828

Capital expenditures, excluding aircraft acquisitions

(4,340)

(9,766)

5,426

(15,251)

(15,914)

663

Capitalized major maintenance overhauls

(6,080)

(3,017)

(3,063)

(15,776)

(15,974)

198


73,635

59,078

14,557

330,703

218,851

111,852

Net proceeds on asset sales(1)

720

79,586

(78,866)

720

152,468

(151,748)

Free Cash Flow

74,355

138,664

(64,309)

331,423

371,319

(39,896)



(1)

On January 23, 2024, Chorus sold two aircraft held for sale at December 31, 2023, for net proceeds on asset sales of US $21.9 million.

Forward-Looking Information

This news release includes forward-looking information and statements. Forward-looking information and statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof. Such information and statements may involve but are not limited to comments with respect to assumptions, strategies, expectations, planned operations or future actions. Forward-looking information and statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information and statements, by their nature, are based on assumptions, including those referenced below, and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, among other things, external events, changing market conditions and general uncertainties of the business. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information and statements.

Examples of forward-looking information and statements in this news release include the discussion in the Outlook section, as well as statements regarding expectations as to Chorus' future liquidity and financial strength and contracted revenues, Chorus' future growth and competitive position, the growth of Falko's asset management business, the transition of Chorus'  leasing business to an asset light leasing model, the generation of cash flows from asset sales and potential deployment of those proceeds to enhance returns to Shareholders and/or invest in accretive growth opportunities, the completion of pending or planned transactions (including the successful close of Falko's Fund III), Jazz's efforts to increase flying capacity under the CPA, and expectations with regard to Share purchases under the NCIB. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including if: any one or more of the key assumptions described in the Outlook section fails to materialize; Chorus is unable to realize the anticipated benefits of the Falko Acquisition, including the transition to an asset light leasing model; Falko is unable to successfully launch Fund III on the terms currently contemplated or at all; Chorus (including any of its subsidiaries) is unable to attract and retain the type and number of human resources it needs to operate its business; new COVID-19 variants and/or new pandemic or endemic diseases emerge and restrictive measures are implemented to minimize their public health impacts; the effects of the  COVID-19 pandemic continue to adversely impact the financial health of Chorus' contractual counterparties; general economic conditions (including inflation and interest rates) worsen, or general conditions for the aviation industry deteriorate; payments cease (in whole or in part) under the CPA and/or aircraft lease agreements with Chorus' customers; disputes emerge under the CPA and/or aircraft lease agreements; Chorus defaults under any of its debt covenants; asset impairments and/or provisions for ECL are required; changes in law are made (including regulations relating to climate change) which adversely affect Chorus' business or assets; transactions (including financings) referenced in this news release or in Chorus' public disclosure record fail to conclude on the terms currently contemplated or at all; and/or one or more of the risk factors referenced in Chorus' most recent Annual Information Form, the risk factors in Section 8 Capital Structure and Section 10 Risk Factors of the MD&A and in the Corporation's public disclosure record available under its profile on SEDAR+ at www.sedarplus.ca materializes. The forward-looking statements contained in this news release represent Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. Chorus disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.

About Chorus Aviation Inc.

Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of a regional aircraft's lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; and pilot training.

Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C' respectively.  www.chorusaviation.com.

SOURCE Chorus Aviation Inc.


These press releases may also interest you

20 avr 2024
On April 20, 2024, the 2024 World Congress on Internal Combustion Engines grandly commenced in Tianjin, China, showcasing the industry's latest technological advancements. At the event, Weichai Power unveiled the world's first diesel engine with an...

19 avr 2024
Embraer delivered 25 jets in 1Q24, an increase of 67% compared to the 15 aircraft delivered in 1Q23. Executive Aviation showed robust delivery growth, soaring from 8 to 18 jets...

19 avr 2024
AerSale Corporation ("AerSale") announced a favorable recommendation by a U.S. Federal Magistrate Judge in AerSale's lawsuit with Jetaire Aerospace, LLC, Jetaire Flight Systems, LLC (collectively "Jetaire"), and Jetaire's owner Michael Williams,...

19 avr 2024
Seoul, Korea ? Philatron Wire and Cable, a leading American manufacturer of innovative wire and cable solutions, is excited to announce its participation in the upcoming EVS37 at the Coex Center in Seoul, Korea. Attendees are invited to...

19 avr 2024
Dingdong (Cayman) Limited ("Dingdong" or the "Company") , a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced that it filed its Annual Report on Form 20-F for the fiscal year ended December...

19 avr 2024
Universal Logistics Holdings, Inc. was named a 2023 Supplier of the Year by General Motors ("GM"). GM celebrated honorees at its 32nd annual Supplier of the Year event in Miami, Florida last week....



News published on and distributed by: