MESA AIR GROUP INC
For the period ended Sep 30, 2023. Filed Jan 26, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Jan 26, 2024
RJET$21.42+0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended September 30, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net (Loss)/Income | $(120,116) | $(182,678) | $16,588 |
| Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: | |||
| Depreciation and amortization | 60,359 | 81,508 | 82,847 |
| Stock compensation expense | 2,275 | 2,761 | 3,126 |
| Unrealized (gain)/loss on investments, net | (5,408) | 13,715 | 6,816 |
| Deferred income taxes | (9,304) | (52,221) | 5,665 |
| Amortization of deferred credits | 1,535 | (852) | (2,357) |
| Amortization of debt discount and issuance costs and accretion of interest into long-term debt | 6,324 | 9,681 | 11,379 |
| Asset impairment | 54,343 | 171,824 | — |
| (Gain)/Loss on sale of assets | (7,162) | (4,723) | 78 |
| Loss/(Gain) on extinguishment of debt | 1,505 | 397 | (950) |
| Other | 2,236 | 867 | 4,888 |
| Changes in assets and liabilities: | |||
| Receivables | (4,275) | (811) | 10,545 |
| Expendable parts and supplies | (2,530) | (2,882) | (1,865) |
| Prepaid expenses and other operating assets and liabilities | (769) | (679) | (56) |
| Accounts payable | 496 | (2,772) | 7,861 |
| Deferred heavy maintenance, net | (1,382) | (8,066) | (3,857) |
| Deferred revenue | (3,020) | (10,432) | 10,742 |
| Accrued expenses and other liabilities | (3,938) | (3,175) | (8,911) |
| Operating lease right-of-use assets and liabilities | 4,740 | 1,900 | (9,668) |
| Net cash (used in) provided by operating activities | (24,091) | 13,362 | 132,871 |
| Cash flows from investing activities: | |||
| Capital expenditures | (36,641) | (40,814) | (17,149) |
| Investments in equity securities | — | (200) | (10,000) |
| Proceeds from sale of aircraft and engines | 178,644 | 50,000 | — |
| Refund (payment) of equipment and other deposits | 282 | (7,621) | (6,322) |
| Net cash provided by (used in) investing activities | 142,285 | 1,365 | (33,471) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 60,878 | 39,811 | 195,000 |
| Principal payments on long-term debt and finance leases | (203,029) | (114,910) | (271,033) |
| Payments of debt and warrant issuance costs | (917) | (2,414) | (1,326) |
| Proceeds from issuance of common stock under ESPP | 284 | 399 | 471 |
| Payment of tax withholding for RSUs | (363) | (455) | (1,486) |
| Net cash used in financing activities | (143,147) | (77,569) | (78,374) |
| Net change in cash, cash equivalents and restricted cash | (24,953) | (62,842) | 21,026 |
| Cash, cash equivalents and restricted cash at beginning of period | 61,025 | 123,867 | 102,841 |
| Cash, cash equivalents and restricted cash at end of period | $36,072 | $61,025 | $123,867 |
| Supplemental cash flow information | |||
| Cash paid for interest | $38,410 | $24,895 | $32,767 |
| Cash paid for income taxes, net | $419 | $487 | $404 |
| Operating lease payments in operating cash flows | $9,476 | $36,262 | $47,612 |
| Supplemental non-cash operating activities | |||
| Right-of-use assets obtained in exchange for lease liabilities | $2,919 | $6,286 | $4,309 |
| Supplemental non-cash financing activities | |||
| Finance lease obtained in exchange for lease liability | $65,481 | $— | $— |
| Acquisition of finance leases | $— | $15,122 | $15,122 |
| Investments in warrants to purchase common stock | $— | $3,260 | $21,964 |
| Accrued capital expenditures | $196 | $1,121 | $439 |
| Debt issuance cost related to loan agreement with U.S. Department of the Treasury | $— | $— | $(1,887) |
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