Latest news with #Chorus'
Associated Press
21-05-2025
- Business
- Associated Press
Chorus Aviation Inc. Announces Preliminary Results of Substantial Issuer Bid
HALIFAX, NS, May 21, 2025 /CNW/ - Chorus Aviation Inc. (TSX: CHR) ('Chorus' or the 'Company') today announced the preliminary results of its substantial issuer bid (the 'Offer') to purchase for cancellation up to $25,000,000 of its issued and outstanding Class A Variable Voting Shares and Class B Voting Shares (collectively, the 'Shares'). The Offer expired at 5:00 p.m. (Toronto time) on May 20, 2025. All amounts in this press release are in Canadian dollars. Based on the preliminary count by TSX Trust Company, the depositary for the Offer (the 'Depositary'), a total of 471,319 Shares of Chorus were properly tendered and not withdrawn. In accordance with the terms of the Offer, Chorus has informed the Depositary that it is taking up Shares properly tendered to the Offer at the time of expiry. Based on the preliminary count by the Depositary, Chorus expects to take up and purchase for cancellation an aggregate of 471,319 Shares at a purchase price of $21.00 per Share. The Shares expected to be purchased under the Offer represented approximately 1.78% of the issued and outstanding Shares as of April 11, 2025, the last trading day prior to the date the Offer was publicly announced. Immediately following completion of the Offer, Chorus anticipates that 25,992,518 Shares will remain issued and outstanding. As the total value of Shares tendered was less than the total that could have been purchased by the Company under the terms of the Offer, all Shares validly deposited and not withdrawn will be purchased under the Offer and no proration will be required. The number of Shares properly tendered and not withdrawn, the number of Shares expected to be purchased, and the purchase price are all preliminary and subject to verification by the Depositary. Following completion by the Depositary of the verification process and the guaranteed delivery period, the Company will issue a final press release including the final number of Shares purchased, the final purchase price, and the estimated paid-up capital per Share and 'specified amount' (each for purposes of the Income Tax Act (Canada)). Promptly after such announcement, payment for the Shares accepted for purchase will be made in accordance with the terms of the Offer, and the Depositary will return all other Shares tendered and not purchased under the Offer. The full details of the Offer are described in the issuer bid circular dated April 14, 2025, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available under the Company's profile on SEDAR+ at and on Chorus' website at This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares. The solicitation and the offer to buy Shares is only being made pursuant to the Offer Documents. The Company's normal course issuer bid for its Shares (the 'NCIB') was suspended during the period of the Offer. The Company intends to resume the NCIB and continue purchasing Shares thereunder until the expiry of the NCIB on November 13, 2025 or such earlier date on which Chorus has purchased the maximum number of Shares permitted under the NCIB. Chorus intends to make purchases under the NCIB on an opportunistic basis, taking Share price and other considerations into account. There can be no assurance as to how many Shares, if any, Chorus will acquire under the NCIB. Forward-Looking Information This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, 'forward-looking information'). Forward-looking information is 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. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct. Examples of forward-looking information in this news release include statements and expectations regarding the expected results of the Offer, the final Purchase Price, the approximate number of Shares expected to be issued and outstanding following completion of the Offer, the Company's intentions to resume its NCIB and expected commencement date, and the timing of payment for Shares purchased under the Offer. Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: changes in the aviation industry and general economic conditions; the emergence of disputes with contractual counterparties (including under the CPA); a deterioration in Air Canada's financial condition; any default by Chorus under debt covenants; asset impairments; changes in law; litigation; the imposition of tariffs on Canadian exports or imports or adverse changes to existing trade agreements and/or relationships; and the risk factors described in Chorus' public disclosure record available under Chorus' profile on SEDAR+ at The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of 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 holding company which owns the following principal operating subsidiaries: 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 an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; 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' 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 ' and ' respectively. For further information on Chorus, please visit SOURCE Chorus Aviation Inc.
Techday NZ
20-05-2025
- Business
- Techday NZ
Chorus boosts NZ business fibre with new 1Gbps option, faster fixes
Chorus has introduced a set of enhancements to its business fibre plans in New Zealand, including a new 1Gbps symmetrical option and quicker restoration services, aimed at supporting the increasing digital requirements of small and medium-sized businesses. The updated plans come as digitalisation continues to play an essential role in business productivity and competitiveness, prompting demand for more robust and reliable connectivity across the country. According to Dan Kelly, General Manager of Access at Chorus, the transformation towards digital tools presents significant advantages for business operations. "Digitalisation is not something businesses can or should shy away from. It's an opportunity to work smarter, using tools that can drive business productivity and efficiency. With the rise of cloud software, increasing files sizes, hybrid work models, and always-on customer expectations - having connectivity that keeps up with the pace of business can make the difference where it matters," says Kelly. Kelly cited recent findings from Xero, highlighting that adopting digital tools is a crucial enabler for productivity growth at both national and individual business levels. "Recent Xero reporting shows adoption of digital tools is a key enabler for small business productivity growth, both at a national and individual level. Insights from the New Zealand Institute of Economic Research show that a 20% increase in the number of businesses adopting cloud-based business tools in the future could add up to NZD $7.8 billion to New Zealand's GDP through increased productivity." Among the updates, Chorus has launched a new 1Gbps symmetrical plan, which offers equal upload and download speeds, and has improved committed information rates to guarantee bandwidth for critical business applications. The company has also introduced faster restoration timeframes and enhancements to service reporting. Kelly stated that these adjustments are part of Chorus's objective to cooperate with internet service providers in delivering connectivity solutions tailored to business requirements. "These enhancements to the business fibre plans reflect Chorus' ongoing commitment to working with internet services providers to deliver robust, fit-for-purpose products and services for the business community," says Kelly. The enhancements were developed after targeted consultation and market research to determine the current needs of enterprises in New Zealand. Chorus' recent research underscores businesses' growing dependence on internet connectivity. The data shows that the average time businesses can operate without the internet has dropped to 6.9 hours, compared to 9.6 hours in 2022. Daily activities such as e-commerce transactions, cloud application use, video conferencing, and EFTPOS payments rely heavily on a reliable internet service. According to the research, the effects of connectivity outages are immediate and significant. Impacts identified include disruption to operating function (54%), compromised customer satisfaction (49%), reduced productivity (48%), and lessened revenue (43%). Additionally, 60% of businesses identified rapid service restoration as the most important connectivity feature. "New Zealand businesses need the right infrastructure in place to support them on their digitalisation journey," Kelly adds. "We're confident that the Chorus fibre network delivers exactly what they need to do so confidently. It starts with reliable, built-for-purpose, business-grade connectivity, and you have that here with business fibre." Chorus references customer examples such as Method, an enterprise relying on high-speed, symmetrical bandwidth to manage large animation files and collaborate with international clients, and Isometric, which requires uninterrupted, high-bandwidth internet to support its cloud-based operations and day-to-day business activities. Chorus notes that service-based and e-commerce businesses with demands for speed and reliability can benefit from the expansive capabilities of the updated business fibre and Hyperfibre plans. Chorus' fibre network forms part of the infrastructure underpinning connectivity for thousands of New Zealand business. It follows over a decade of involvement in rolling out the government's Ultra-Fast Broadband programme.
Cision Canada
07-05-2025
- Business
- Cision Canada
Chorus Aviation Inc. Announces Election of Directors Français
HALIFAX, NS, May 7, 2025 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announces the results of the vote on the election of directors at its virtual annual meeting of shareholders held on May 7, 2025. The total number of shares represented by shareholders present virtually and by proxy at the meeting was 11,754,727 and represented 43.92% of Chorus' issued and outstanding shares with voting rights. Holders of the requisite number of shares voted in favour of all items of business. Chorus' proxy circular provided for five nominees to the Board of Directors. Detailed results of the vote for election of directors are set out below. About Chorus Aviation Inc. Chorus is a holding company which owns the following principal operating subsidiaries: 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 an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; 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' 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 ' and ' respectively. For further information on Chorus, please visit
Yahoo
07-05-2025
- Business
- Yahoo
Chorus Aviation Inc. Announces First Quarter 2025 Financial Results
In the first quarter of 2025, Chorus reported Adjusted EBITDA from continuing operations of $56.9 million, an increase of $2.8 million compared to the first quarter of 2024 primarily due to: 2 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 "Non-GAAP Financial Measures" for further information. 1 The results of discontinued operations (RAL segment) have been excluded from prior period figures to conform to current period presentation. All amounts presented and discussed in this press release are from continuing operations unless otherwise noted. "These positive outcomes and our focus on returning capital to shareholders reflect the increased strength of our balance sheet, and a commitment to enhance value for our shareholders," said Mr. Copp. "At the same time, we took steps to deliver on our commitment to return capital to shareholders through a substantial issuer bid (SIB) for $25.0 million in value of Chorus' shares," added Mr. Copp. "This initiative is in addition to $53.0 million in share buy-backs since we launched our normal course issuer bid (NCIB) program in 2022." "Consistent with our plan, the first quarter results show significant improvements resulting from our sale of the regional aircraft leasing (RAL) business," said Colin Copp, President and Chief Executive Officer, Chorus. "The results also reflect strong growth at Voyageur, primarily driven by part sales, consistent earnings from Jazz's capacity purchase agreement (CPA) with Air Canada as well as our corporate cost reductions." HALIFAX, NS, May 6, 2025 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced its first quarter 2025 financial results. Parts sales, contract flying, MRO and other revenue of $39.1 million compared to $28.5 million for Q1 2024 primarily driven by Voyageur. Leverage Ratio 2 of 1.6 compared to 1.4 at December 31, 2024. The increase was a result of additional cash held at December 31, 2024 due to a $58.9 million prepayment of revenue related to January 2025. Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, 2 compared to $0.13 for Q1 2024. Adjusted Earnings available to Common Shareholders 2 of $15.4 million compared to $3.7 million for Q1 2024 was due to the positive impacts of the sale of the RAL business and improved financial results primarily related to increased parts sales, contract flying, MRO and other revenue. Story Continues an increase in Voyageur's parts sales, contract flying and MRO activity; and a decrease in general administrative expenses primarily attributable to lower overhead costs; partially offset by a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.5 million; and a decrease in aircraft leasing revenue under the CPA of $0.7 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate. Adjusted Net Income from continuing operations was $15.4 million for the quarter, an increase of $2.8 million compared to the first quarter of 2024 primarily due to: a $2.8 million increase in Adjusted EBITDA as previously described; and a decrease in net interest costs of $5.5 million primarily related to the repayment of the Series A Debentures at maturity, the partial repurchase of the Series B Debentures and Series C Debentures and the absence of any draw in the current quarter under the Operating Credit Facility; partially offset by an increase of $3.5 million in income tax expense; an increase in depreciation expense of $1.1 million primarily attributable to capital expenditures; and a negative change in foreign exchange of $1.0 million. Net income from continuing operations was $18.9 million, an increase of $13.5 million compared to the first quarter of 2024 primarily due to: the previously noted increase in Adjusted Net Income of $2.8 million; and a positive change in net unrealized foreign exchange of $10.7 million. Adjusted Earnings available to Common Shareholders from continuing operations was $15.4 million for the quarter, an increase of $11.7 million compared to the first quarter of 2024 primarily due to: the previously noted increase in Adjusted Net Income of $2.8 million; and the elimination of Preferred Share dividends of $8.8 million due to the redemption of the Preferred Shares. Consolidated Financial Analysis This section provides detailed information and analysis about Chorus' performance from continuing operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. (unaudited) (expressed in thousands of Canadian dollars) Three months ended March 31, 2025 2024 Change Change $ $ $ % (revised)(1) Operating revenue 348,129 358,594 (10,465) (2.9) Operating expenses 318,419 330,632 (12,213) (3.7) Operating income 29,710 27,962 1,748 6.3 Net interest expense (3,744) (9,291) 5,547 (59.7) Foreign exchange gain (loss) 152 (9,550) 9,702 (101.6) Gain on property and equipment 1 — 1 100.0 Income before income tax 26,119 9,121 16,998 186.4 Income tax expense (7,186) (3,711) (3,475) 93.6 Net income from continuing operations 18,933 5,410 13,523 250.0 Net income from discontinued operations, net of taxes — 6,900 (6,900) (100.0) Net income 18,933 12,310 6,623 53.8 Net income attributable to non-controlling interest — 3,491 (3,491) (100.0) Net income attributable to Shareholders 18,933 8,819 10,114 114.7 Adjusted EBITDA(2) 56,861 54,013 2,848 5.3 Adjusted EBT(2) 22,568 16,279 6,289 38.6 Adjusted Net Income(2) 15,382 12,568 2,814 22.4 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. (2) These are non-GAAP financial measures 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. Outlook (See cautionary statement regarding forward-looking information below.) The discussion that follows includes forward-looking information. This outlook provides current expectations for the Jazz business in 2025 and 2026. This information may not be appropriate for other purposes. 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. Annual Forecast(1) (unaudited) (in thousands of Canadian dollars) 2025 $ 2026(2) $ Fixed Margin(3) 59,600 43,900 Aircraft leasing under the CPA Revenue(4) 123,000 109,000 Payment on long-term debt and interest 81,000 72,000 Total Fixed Margin and Aircraft leasing under the CPA less payment on long-term debt and interest 101,600 80,900 Wholly-owned aircraft leased under the CPA (end of period)(4) 45 39 Wholly-owned aircraft leased under the CPA available for re-lease (end of period)(4) 3 9 (1) The forecast uses a foreign exchange rate of 1.4000 for 2025 and 2026 to translate USD to CAD. (2) Includes lease rates for 12 Dash 8-400's for 2026 with contracted lease extensions to 2030. (3) The Fixed Margin will decrease to no less than $59.6 million in 2025 and no less than $43.9 million in 2026 with no further changes thereafter. (4) Leases on three Dash 8-400s expire at the end of 2025 and on six Dash 8-400s that expire in mid-2026. Chorus plans to sell these aircraft. Portfolio of Aircraft Leasing under the CPA Current fleet of 48 wholly-owned aircraft and five spare engines Current net book value of $778.0 million Future contracted lease revenue US $362.2 million 1 Current weighted average fleet age of 8.7 years 2 Current weighted average remaining lease term of 4.6 years 2 Long-term debt of $324.1 million (US $225.4 million) 100% of debt has a fixed rate of interest Current weighted average cost of borrowing of 3.31% 1. The estimates are based on agreed lease rates in the CPA. 2. Fleet age and remaining lease term is calculated based on the weighted average of the aircraft net book value. Covered Aircraft The actual and forecasted Covered Aircraft under the CPA for the years 2025 to 2026 are as follows: Actual Change Forecast Change Forecast (unaudited) March 31, 2025 2025 2025 2026 2026 Dash 8-400 Aircraft Leased under the CPA 34 (3) 31 (6) 25 Other Covered Aircraft 5 (5) — — — 39 (8) 31 (6) 25 CRJ900 Aircraft Leased under the CPA 14 — 14 — 14 Other Covered Aircraft 21 — 21 (5) 16 35 — 35 (5) 30 CRJ200 Aircraft Leased under the CPA — — — — — Other Covered Aircraft(1) 15 — 15 (15) — 15 — 15 (15) — E175 Aircraft Leased under the CPA — — — — — Other Covered Aircraft 25 — 25 — 25 25 — 25 — 25 Total Aircraft Leased under the CPA(2)(3) 48 (3) 45 (6) 39 Other Covered Aircraft 66 (5) 61 (20) 41 114 (8) 106 (26) 80 (1) The 15 CRJ200s are currently non-operational under the CPA. (2) After 2026, the 39 owned aircraft leased under the CPA have lease expiry dates from 2027 to 2033. Air Canada will determine the composition of the Covered Aircraft fleet on the condition that the fleet must have a minimum of 80 aircraft with 75-78 seats. As leases in respect of owned aircraft mature, the minimum 80 Covered Aircraft fleet will be composed of owned aircraft with lease extensions and/or other Covered Aircraft sourced by Air Canada. (3) Lease expiry dates for owned aircraft are as follows: Dash 8-400s: six expiries in November 2027, seven expiries in 2028 and 12 expiries in 2030; and for CRJ900s: five in 2028, eight in 2032 and one in 2033. Jazz has started the initial phase of an extensive cabin refurbishment program for aircraft operated under the Air Canada Express brand. This refurbishment program includes upgraded Wi-Fi connectivity, larger overhead storage bins, new lightweight seats, in-seat power supply, and refreshed cabin interiors for the E-175s and CRJ900s. In addition, a select number of Dash 8-400s will receive Wi-Fi connectivity for Toronto Billy Bishop service along with Jazz's previous announcement in May 2024 that its Dash 8-400 fleet would receive new lightweight seats as part of an emission reductions initiative. All 39 owned aircraft leased under the CPA post 2026 are included in this passenger cabin refurbishment program with all costs associated with the program to be paid by Air Canada. Capital Expenditures Capital expenditures in 2025 are expected to be as follows: (unaudited) (in thousands of Canadian dollars) Annual Forecast 2025 $ Capital expenditures, excluding aircraft acquisitions 20,000 to 25,000 Capitalized major maintenance overhauls(1) 8,000 to 13,000 Aircraft acquisitions and improvements 2,500 to 7,500 30,500 to 45,500 (1) The 2025 plan includes between $3.0 million to $7.0 million of costs that are expected to be included in and recovered through the 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 dated May 6, 2025 (the"MD&A"), which is available on Chorus' website ( ) and under Chorus' profile on SEDAR+ ( ). In this news release, the term "shareholders" refers only to holders of Common Shares. Investor Conference Call / Audio Webcast Chorus will hold an analyst call at 9:00 AM ET on Wednesday, May 7, 2025, to discuss the first quarter 2025 financial results. The call may be accessed by dialing 1-888-699-1199. The call will be simultaneously audio webcast via: . This is a listen-in only audio webcast. The conference call webcast will be archived on Chorus' website at under Investors > Reports. A playback of the call can also be accessed until midnight ET, May 14, 2025, by dialing toll-free 1-888-660-6345 and using passcode 88823 # (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 17 (Non-GAAP Financial Measures) of the MD&A, which is available on Chorus' website ( ) and under Chorus' profile on SEDAR+ ( ). 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 March 31, 2025 $ 2024 $ Change $ (revised)(1) Net income 18,933 12,310 6,623 Less: Net income from discontinued operations, net of taxes — 6,900 (6,900) Net income from continuing operations 18,933 5,410 13,523 Add (Deduct) items to get to Adjusted Net Income Unrealized foreign exchange (gain) loss (3,551) 7,158 (10,709) (3,551) 7,158 (10,709) Adjusted Net Income 15,382 12,568 2,814 Add (Deduct) items to get to Adjusted EBT Income tax expense 7,186 3,711 3,475 Adjusted EBT 22,568 16,279 6,289 Add (Deduct) items to get to Adjusted EBITDA Net interest expense 3,744 9,291 (5,547) Depreciation and amortization excluding impairment 27,151 26,051 1,100 Foreign exchange loss 3,399 2,392 1,007 Gain on disposal of property and equipment (1) — (1) 34,293 37,734 (3,441) Adjusted EBITDA 56,861 54,013 2,848 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. 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, excluding the MOIC. (unaudited) (expressed in thousands of Canadian dollars, except per Share amounts) Three months ended March 31, 2025 $ 2024 $ Change $ (revised)(1) Adjusted Net Income from continuing operations 15,382 12,568 2,814 Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders Preferred Share dividends declared — (8,848) 8,848 Adjusted Earnings available to Common Shareholders - continuing operations 15,382 3,720 11,662 Adjusted Earnings available to Common Shareholders per Common Share, basic - continuing operations 0.57 0.13 0.44 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. 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. Net debt is a key component of capital management for Chorus and provides management with a measure of its net indebtedness. (unaudited) (expressed in thousands of Canadian dollars) March 31, 2025 December 31, 2024 Change $ $ $ (revised)(1) Long-term debt and lease liabilities (including current portion) 418,437 516,379 (97,942) Less: Cash (74,351) (222,216) 147,865 Adjusted Net Debt 344,086 294,163 49,923 Adjusted EBITDA(1) 211,885 209,037 2,848 Leverage Ratio 1.6 1.4 0.2 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. 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. Following the sale of the RAL business in December 2024, asset sales are no longer considered part of the ordinary course of Chorus' business. Therefore, net proceeds from asset sales are no longer included in Free Cash Flow. 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 March 31, 2025 2024 Change $ $ $ (revised)(1) Cash (used in) provided by operating activities from continuing operations (22,514) 68,216 (90,730) Add (Deduct) Net changes in non-cash balances related to operations 69,457 (29,722) 99,179 Capital expenditures, excluding aircraft acquisitions (3,171) (3,037) (134) Capitalized major maintenance overhauls (3,218) (4,768) 1,550 Free Cash Flow 40,554 30,689 9,865 (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. Adjusted Return on Equity Adjusted Return on Equity is a non-GAAP financial measure used to gauge a corporation's profitability and how efficient it is in generating profits. Adjusted Return on Equity is calculated based on Chorus' Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC, divided by Average Shareholders' equity excluding non-controlling interest, Preferred Shares and cash. (unaudited) (expressed in thousands of Canadian dollars) Trailing 12-months ended March 31, December 31, 2025 2024 Change $ $ $ (revised)(1) Adjusted Net Income from continuing operations(1) 47,261 44,447 2,814 Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders Preferred Share dividends declared, excluding MOIC(2) (8,979) (17,827) 8,848 Adjusted Earnings available to Common Shareholders(2) 38,282 26,620 11,662 Average equity attributable to Common Shareholders excluding cash Average Shareholders' equity 906,317 896,209 10,108 Add (Deduct) items to get to average equity attributable to Common Shareholders excluding cash Average Non-controlling interest (45,838) (43,293) (2,545) Average Preferred Shares (187,609) (187,609) — Average Cash(1) (48,101) (126,385) 78,284 624,769 538,922 85,847 Adjusted Return on Equity(1) 6.1 % 4.9 % 1.2 % (1) The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. (2) Adjusted Earnings available to Common Shareholders excludes the MOIC payment in December 2024 of $91.2 million as the Preferred Shares were redeemed early due to the sale of the RAL business. Forward-Looking Information This news release includes forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is 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. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct. Examples of forward-looking information in this news release include the discussion in the Outlook section and statements regarding Chorus' future performance, growth prospects and the ability to return capital to Common Shareholders. Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: changes in the aviation industry and general economic conditions; the emergence of disputes with contractual counterparties (including under the CPA); a deterioration in Air Canada's financial condition; any default by Chorus under debt covenants; asset impairments; changes in law; litigation; the imposition of tariffs on Canadian exports or imports or adverse changes to existing trade agreements and/or relationships; and the risk factors in Chorus' Annual Information Form dated February 19, 2025, and in Chorus' public disclosure record available under its profile on SEDAR+ at . The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of 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 holding company which owns the following principal operating subsidiaries: 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 an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; 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' 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 ' and ' respectively. For further information on Chorus, please visit . SOURCE Chorus Aviation Inc. Cision View original content:
Techday NZ
07-05-2025
- Business
- Techday NZ
FourKites & Chorus launch digital twins for supply chains
FourKites and Chorus have formed a strategic partnership intended to provide enterprises with enhanced supply chain visibility and digital inventory management. The collaboration integrates Chorus' item-level sensors and artificial intelligence-powered orchestration tools with the FourKites Intelligent Control Tower platform, which together create digital twins combining real-time supply chain events with granular package insights. The partnership aims to reduce inventory carrying costs, prevent stockouts and overstock, mitigate theft and damages, optimise safety stock levels, and improve service performance. According to research from IHL Group, inventory distortion currently costs companies $1.77 trillion annually. Traditional tracking systems have struggled to provide real-time, granular information at the package or SKU level, leading to costly inefficiencies. The partnership seeks to address these gaps by leveraging advanced technology for more accurate and timely inventory monitoring. Chorus' Seeker labels generate item-level data on the condition and location of goods, offering the foundation for AI-driven inventory management that covers not just inventory at rest but also goods in transit. Meanwhile, Chorus' Trip Intelligence system extends visibility into ongoing fulfilment, providing asset-level estimated arrival times and real-time anomaly detection to help prevent delays or losses. By combining Chorus' sensing technologies and real-time analytics with FourKites' supply chain network and digital shipment twins, businesses can access what the companies describe as a "unified view of their supply chain" with improved accuracy, consistency, and reduced latency compared to existing tracking systems. Through the alliance, FourKites will launch two new modules within its Intelligent Control Tower. The first, Precision Inventory Twin, will enable real-time digital representation of physical inventory, including condition tracking. The second, Dynamic Inventory Orchestration, uses AI to automatically optimise where inventory is kept, reduce waste, and lower working capital requirements, all while targeting improved service levels. Mathew Elenjickal, Founder and Chief Executive Officer at FourKites, said: "For decades, companies have tried to solve inventory problems with software that can't accurately represent what's happening in the physical world. With Chorus, we're creating a dynamic digital twin of inventory in motion and at rest, enabling our AI engines to not just recommend better decisions, but autonomously execute them." The partnership's initial focus addresses two critical segments. The first is critical goods inventory management for sectors such as pharmaceuticals, high technology, and medical devices. In these industries, disconnected systems and inaccurate data have resulted in either over-supply or frequent stockouts, both with significant cost implications. The second segment is consigned inventory management for firms with substantial capital tied up in stock, where losses from product expiry and unnecessary buffer stocks can reach tens to hundreds of millions of currency units annually. Customers who implement the joint solution are expected to benefit from reduced product loss and waste through condition monitoring, lower safety stock levels while retaining service quality, improvements to working capital, automated inventory balancing and optimisation, and greater supply chain resilience via predictive disruption management. Suresh Vishnubhatla, Chief Executive Officer at Chorus, commented: "The future of the supply chain is autonomous, but autonomy requires the fusion of physical and digital worlds and properly informed ML models. By combining Chorus' item-level visibility and highly granular ML models with FourKites' AI-powered automations, we're creating a nervous system for the modern supply chain that can react and optimise without human intervention." The partnership comes at a time when supply chain volatility and complexity are challenging companies globally. Research from McKinsey suggests that digitising supply chains could reduce operational costs by up to 30% and decrease inventories by as much as 75%. The first integrated modules from FourKites and Chorus' alliance will be available for select customers in the second quarter of 2025, with broader general availability planned for the third quarter of the same year.
