MISSISSAUGA, ON, May 3, 2021 /CNW/ - Cargojet Inc.
("Cargojet" or the "Corporation") (TSX: CJT) announced today
financial results for the first quarter ended March 31, 2021.
Total Revenues for the quarter were $160.3 million compared to first quarter 2020
Revenues of $123.0 million. Gross
Margin for the quarter was $45.3
million compared to first quarter 2020 Gross Margin of
$32.2 million. Adjusted EBITDA and
Adjusted EBITDAR for the quarter were $64.2
million compared to the first quarter 2020 Adjusted EBITDA
and Adjusted EBITDAR of $44.6
million.
Adjusted Free Cash Flow of $35.2
million for the three-month period ended March 31, 2021 compared to $29.8 million for the same period in 2020
increased $5.4 million or 18.1%.
"With a fundamental shift in consumer shopping habits in several
key categories, Cargojet has spent the last few quarters laying the
foundation to capture the next phase of e-Commerce growth. We
strengthened our balance sheet, invested in fleet expansion,
broadened our portfolio of services and are investing in attracting
and retaining top talent." said Dr. Ajay
Virmani, President & CEO.
"What was previously a consumer led shift to digital is now
rapidly becoming a merchant led shift, accelerating the move to
e-Commerce even further. Our highly focused and professional team
continues to work closely with our customers to support their
changing needs while maintaining the best on-time performance in
the industry" noted Dr.Virmani.
"With shifting supply chains, triggered by a significant reset
of the international passenger routes, we also see opportunities to
expand and diversify on select international lanes. We also
continue to focus on growing our ACMI and Charter business as cargo
capacity remains in high demand and we are constantly adapting to
maintain our leadership position". concluded Dr. Virmani.
About Cargojet
Cargojet is Canada's leading
provider of time sensitive premium air cargo services to all major
cities across North America,
providing Dedicated, ACMI and International Charter services and
carries over 25,000,000 pounds of cargo weekly. Cargojet operates
its network with its own fleet of 28 Cargo aircraft.
Non-GAAP Measures
"Adjusted EBITDA" and "Adjusted EBITDAR" are non-GAAP measures
used by the Corporation to provide additional information on its
financial and operating performance. Adjusted EBITDA and Adjusted
EBITDAR are not recognized measures for financial statement
presentation under Canadian GAAP and it does not have standardized
meanings and may not be comparable to similar measures presented by
other public companies.
Adjusted EBITDA is used by the Corporation to assess earnings
before interest, taxes, depreciation, amortization, gain or loss on
disposal of capital assets, unrealized foreign exchange gains or
losses, unrealized gain or loss on forward foreign exchange
contracts, aircraft heavy maintenance amortization, contract asset
amortization, gain or loss on cash settled share based payment
arrangement related to a financing arrangement, unrealized gain or
loss on fair value of total return swap related to a financing
arrangement, share based compensation, gain or loss on fair value
of stock warrant, loss on settlement of cash settled share based
payment arrangement related to a financing arrangement, gain on
settlement of total return swap related to a financing arrangement,
gain or loss on fair value adjustment of swap related to a share
based compensation arrangement, gain or loss on settlement of swap
related to a share based compensation arrangement, gain or loss on
extinguishment of debts or finance leases, and non-cash employee
pension expense, as these costs can vary significantly among
airlines due to differences in the way airlines finance their
aircraft and other assets. Adjusted EBITDAR is calculated as
Adjusted EBITDA excluding aircraft rents. The Corporation believes
that these alternative measures provide a more consistent basis to
compare the performance of the Corporation between the periods.
Adjusted EBITDA and Adjusted EBITDAR provide additional information
to users of Management's Discussion and Analysis of Financial
condition and Results of Operations ("MD&A") to enhance their
understanding of the Company's financial performance.
The Corporation excluded the impact of share based compensation
and related swap arrangements to measure its Adjusted EBITDA and
Adjusted EBITDAR that must be recognized under IFRS. The
excluded amounts are subject to volatility in the Corporation's
stock price or may not necessarily be reflective of Corporation's
underlying operating performance. Prior year Adjusted EBITDA and
Adjusted EBITDAR calculations are adjusted to reflect this
change.
Reconciliation of non-GAAP EBITDA, Adjusted EBITDA and Adjusted
EBITDAR to GAAP income is provided on page 14 of the MD&A for
the three months ended March 31,
2021.
Notice on Forward Looking Statements:
Certain statements contained herein constitute "forward-looking
statements". Forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"plans," "intends," "anticipates," "should," "estimates,"
"expects," "believes," "indicates," "targeting," "suggests" and
similar expressions. These forward-looking statements are based on
current expectations and entail various risks and uncertainties.
Reference should be made to the issuer's most recent Annual
Information Form filed with the Canadian securities regulators, and
it's most recent Annual Consolidated Financial Statements and Notes
thereto and related Management's Discussion and Analysis
(MD&A), for a summary of major risks. Actual results may
materially differ from expectations, if known and unknown risks or
uncertainties affect our business, or if our estimates or
assumptions prove inaccurate. The issuer assumes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or any other reason, other than
as required by applicable securities laws. In the event the issuer
does update any forward-looking statement, no inference should be
made that the issuer will make additional updates with respect to
that statement, related matters, or any other forward-looking
statement.
SOURCE Cargojet Inc.