Latest news with #Voyageur
Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
Applied Pharmaceutical Innovation Appoints Dr. Launa Aspeslet as Chief Translational Officer to Accelerate Life Sciences Commercialization in Canada
EDMONTON, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Applied Pharmaceutical Innovation (API), one of Canada's leading life sciences commercialization organizations, is proud to announce the appointment of Dr. Launa Aspeslet as its first Chief Translational Officer. Dr. Aspeslet has worked across the full spectrum of life sciences innovation, from small biotech startups to multinational pharmaceutical companies. Over the course of her career, she has spearheaded the advancement of multiple products from early-stage R&D through to FDA regulatory approval. In addition to leading hundreds of complex regulatory interactions across major global markets, bringing deep expertise in strategy, compliance, and execution, Dr. Aspeslet has also scaled a clinical research organization to global operations in over 20 countries, growing the team to more than 300 employees. Having served as both an Advisor and Chair of API's Board in the past, Dr. Aspeslet has been an integral part of the organization's journey since its inception. 'With the momentum building in Alberta's life sciences sector—from homegrown success stories like Nanostics, Voyageur, and Pacylex, to major initiatives like the Canadian Critical Drug Initiative—there's never been a more important time to support early-stage companies ready to grow,' said Dr. Aspeslet. 'API has always played a critical role in bridging the gap between academia and industry. I'm excited to take on this new role and help lead API's transformation into a one-stop shop for early-stage innovators—from lead selection and proof-of-concept studies to clinical trials and product launch.' A respected leader with nearly three decades of experience in the life sciences sector, Dr. Aspeslet brings deep expertise in regulatory strategy, clinical development, and scaling global biotech operations. In this newly created executive role, she will oversee API's regulatory affairs, pre-clinical and clinical development, quantitative solutions, and early product prototyping. API Chief Executive Officer, Andrew MacIsaac emphasized the significance of this strategic appointment: 'Launa has been a driving force behind API from the very beginning, and her proven ability to take discoveries from the lab bench to market is unmatched,' said MacIsaac. 'She brings both vision and operational excellence, and her leadership in this new role will ensure we continue to meet the needs of scaling companies across Canada and beyond. This is a major step forward in our mission to make Canada—and particularly Alberta—a global hub for life sciences commercialization.' As Alberta's life sciences ecosystem continues to gain global attention, API remains committed to empowering companies at all stages with the infrastructure, expertise, and strategic support they need to thrive. About Applied Pharmaceutical Innovation (API): API is one of Canada's largest not-for-profit commercialization organizations, dedicated to accelerating sector growth by helping innovators bring life-saving products to market. API supports the full development and manufacturing lifecycle, from early-stage research to clinical trials and commercial production. Through a network of scientists, clinicians, and regulatory experts, API bridges the gap between academia and industry, assisting companies in commercializing pharmaceuticals, medical devices, natural health products and more. By fostering local talent and resources, API helps companies develop intellectual property within Canada and plays a leading role in securing Canada's supply of critical medicines while driving sustainable sector growth. Media Enquiries: Kris Panes Associate, Brand Content Applied Pharmaceutical Innovation Email: Phone: 780-394-0832
Associated Press
13-05-2025
- Business
- Associated Press
Applied Pharmaceutical Innovation Appoints Dr. Launa Aspeslet as Chief Translational Officer to Accelerate Life Sciences Commercialization in Canada
EDMONTON, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Applied Pharmaceutical Innovation (API), one of Canada's leading life sciences commercialization organizations, is proud to announce the appointment of Dr. Launa Aspeslet as its first Chief Translational Officer. Dr. Aspeslet has worked across the full spectrum of life sciences innovation, from small biotech startups to multinational pharmaceutical companies. Over the course of her career, she has spearheaded the advancement of multiple products from early-stage R&D through to FDA regulatory approval. In addition to leading hundreds of complex regulatory interactions across major global markets, bringing deep expertise in strategy, compliance, and execution, Dr. Aspeslet has also scaled a clinical research organization to global operations in over 20 countries, growing the team to more than 300 employees. Having served as both an Advisor and Chair of API's Board in the past, Dr. Aspeslet has been an integral part of the organization's journey since its inception. 'With the momentum building in Alberta's life sciences sector—from homegrown success stories like Nanostics, Voyageur, and Pacylex, to major initiatives like the Canadian Critical Drug Initiative—there's never been a more important time to support early-stage companies ready to grow,' said Dr. Aspeslet. 'API has always played a critical role in bridging the gap between academia and industry. I'm excited to take on this new role and help lead API's transformation into a one-stop shop for early-stage innovators—from lead selection and proof-of-concept studies to clinical trials and product launch.' A respected leader with nearly three decades of experience in the life sciences sector, Dr. Aspeslet brings deep expertise in regulatory strategy, clinical development, and scaling global biotech operations. In this newly created executive role, she will oversee API's regulatory affairs, pre-clinical and clinical development, quantitative solutions, and early product prototyping. API Chief Executive Officer, Andrew MacIsaac emphasized the significance of this strategic appointment: 'Launa has been a driving force behind API from the very beginning, and her proven ability to take discoveries from the lab bench to market is unmatched,' said MacIsaac. 'She brings both vision and operational excellence, and her leadership in this new role will ensure we continue to meet the needs of scaling companies across Canada and beyond. This is a major step forward in our mission to make Canada—and particularly Alberta—a global hub for life sciences commercialization.' As Alberta's life sciences ecosystem continues to gain global attention, API remains committed to empowering companies at all stages with the infrastructure, expertise, and strategic support they need to thrive. About Applied Pharmaceutical Innovation (API): API is one of Canada's largest not-for-profit commercialization organizations, dedicated to accelerating sector growth by helping innovators bring life-saving products to market. API supports the full development and manufacturing lifecycle, from early-stage research to clinical trials and commercial production. Through a network of scientists, clinicians, and regulatory experts, API bridges the gap between academia and industry, assisting companies in commercializing pharmaceuticals, medical devices, natural health products and more. By fostering local talent and resources, API helps companies develop intellectual property within Canada and plays a leading role in securing Canada's supply of critical medicines while driving sustainable sector growth. Media Enquiries: Kris Panes Associate, Brand Content Applied Pharmaceutical Innovation Email: [email protected] Phone: 780-394-0832
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:
Cision Canada
06-05-2025
- Business
- Cision Canada
Chorus Aviation Inc. Announces First Quarter 2025 Financial Results Français
Financial Highlights: Net income of $18.9 million compared to $12.3 million for Q1 2024. Net income from continuing operations 1 of $18.9 million compared to $5.4 million 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. Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, 2 compared to $0.13 for Q1 2024. Adjusted EBITDA 2 of $56.9 million compared to $54.0 million for Q1 2024. Free Cash Flow 2 of $40.6 million compared to $30.7 million for Q1 2024. 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. Parts sales, contract flying, MRO and other revenue of $39.1 million compared to $28.5 million for Q1 2024 primarily driven by Voyageur. HALIFAX, NS, May 6, 2025 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced its first quarter 2025 financial results. "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." "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." "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. __________________________ 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. 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. First Quarter Summary 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: 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. (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. The actual and forecasted Covered Aircraft under the CPA for the years 2025 to 2026 are as follows: (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: (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. (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: (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. (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
Yahoo
06-03-2025
- Automotive
- Yahoo
Polaris Unveils 2026 Snowmobile Lineup with Innovation in Every Segment
New Voyageur Lineup Enhances Versatility for Work and Play, While Limited Edition RMKs Bring Bold Styling to the Mountains and the Crossover Lineup Gains a Long-Awaited Front Suspension Option Riders Can Build Their Dream Snowmobile with SnowCheck, the Industry's Leading Customization Program, Available Until March 28 MINNEAPOLIS, March 6, 2025 /PRNewswire/ -- Today, Polaris Inc. (NYSE: PII), the global leader in powersports, announced its 2026 snowmobiles, offering innovation across the lineup. The 2026 lineup boasts advancements in all segments, including new features, technologies, accessories, and all-new models. "Polaris is a product-driven company. Innovation is our lifeblood, and we are going to continue to push without exception to make the riding experience better every year as you will see with our 2026 lineup," said Jenny Nack, vice president and general manager of Polaris Snow. "No matter where you ride or who you ride with, our 2026 snowmobiles bring next-level versatility and technology to help you experience the moments that lead to lifetime memories." All-New Voyageur Lineup Offers Do-It-All VersatilityFeaturing the Voyageur SP 155, Voyageur XC 155, and Voyageur Adventure Ultimate 155, this all-new lineup is the ultimate choice for winter adventure whether riders are breaking trail, hauling gear, or hitting the trails with a passenger. All Voyageur 155 models feature patent-pending BackTrak15 rear articulated suspension, high-clearance independent front suspension (IFS), and TrailBreaker Skis for confidence in varying snow conditions as well as on- and off-trail performance in forward or reverse. Plus, the 650 Patriot engine delivers smooth acceleration whether cruising the trails or towing a load of gear to the cabin. The 15" wide track and narrower ergonomics provide an added layer of comfort and rider-balanced control for long days outdoors. Additionally, Polaris offers a suite of accessories to outfit the Voyageur 155 and aid riders in all their winter work and play needs including utility-focused storage solutions, added lighting and windshield. To see more features available across the three trim options, visit PRO RMK and RMK Khaos Limited Editions Bring Exclusive Style to the MountainsPolaris is making it easier to stand out in the backcountry with the bold styling of the PRO RMK and RMK Khaos Limited Edition models. These SnowCheck exclusive models are equipped with accessories and premium features for the ultimate backcountry experience, including: Patriot 9R and Patriot Boost engine options allow customers to pick which engine best meets their riding needs. Those looking for lightning-fast response and lightweight power may opt for the Patriot 9R while those interested in a turbocharged adventure should select the Patriot Boost. Three New Burandt Edition Accessories, including a front bumper, HD rear bumper and handlebar bag offering increased protection, durability and convenience while exploring the backcountry. Unique paint, design, and graphics like Dream Orange Pearl and Matte Steel Blue with chrome decals for the mountain rider that likes to standout. All-New Suspension Option for Switchback Assault RidersRider-driven innovation is core to Polaris and played a significant role in helping shape the 2026 offerings for Crossover riders who can now select from two front suspension options on their Switchback Assault. The all-new Escape front suspension features a narrower front suspension and proven RMK components to give riders greater agility and handling when off-trail. The original Race front suspension is a wider stance and delivers the ultimate trail comfort and handling with off-trail capability. For additional details on the suspension packages, visit INDY XCR Brings More Performance for Aggressive Terrain Built off the race-winning INDY Cross Country and designed to tackle rugged terrain with confidence, the 2026 INDY XCR now features a 20 percent stiffer suspension calibration, allowing the sled to manage big bumps and rough trails with ease. The INDY XCR also features a new Long-Tail rear suspension, proven on the 2024 and 2025 INDY Cross Country race sleds, for improved throttle-on steering and bottom-out resistance which enable better control and handling on aggressive terrain. These features make the INDY XCR a perfect option for riders looking to attack rough, cross-country terrain. Hardest-Working Widetrack Is Now Even More CapablePolaris has made its 2026 TITAN snowmobile lineup even more capable of managing heavy-duty winter tasks on- or off-trail with an expanded lineup, more engine options including the 850 Patriot or ProStar S4, and an expanded accessory offering including a large utility box to suit varying riding styles. All TITAN models feature patent-pending BackTrak20 Rear Articulated Suspension, High-Clearance IFS, TrailBreaker Skis, and 20" wide Cobra tracks for flotation and performance in varying snow conditions. Browse the full TITAN lineup at Latest Technology Offerings with Polaris RIDE COMMANDPolaris RIDE COMMAND, the pioneering nationwide off-road and snowmobile mapping system, boasts over 1.1 million miles of verified trails and unique features. It elevates the snowmobile experience with route planning and group ride capabilities, all without the need for cell service. This technology is available for free to all riders through the app, online, or directly on the snowmobile. SnowCheckSnowCheck, the once-a-year opportunity for riders to get exclusive factory customization and build their dream Polaris sled by selecting their preferred model, engine, colors, options, and technology with the best warranty, is available today and will run through March 28. For more information or to place an order, visit Sneak Peak TourTo celebrate the 2026 lineup, Polaris is hitting the road with a Sneak Peek Tour, bringing stops to riders across the country. At each stop, customers will have the opportunity to get up-close and personal with the newest sleds, chat with the Polaris Team, and have a chance to win exclusive swag. For the full list of stops, visit For more information on Polaris snowmobiles visit or by connecting with us on Facebook, Instagram, and YouTube. About PolarisAs the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. Polaris' high-quality product line-up includes the RANGER, RZR, Polaris XPEDITION, and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; military and commercial off-road vehicles; snowmobiles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; Aixam quadricycles; Goupil electric vehicles; and pontoon and deck boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with a robust portfolio of parts, garments, and accessories. Headquartered in Minnesota, Polaris serves nearly 100 countries across the globe. Unless noted, trademarks are the property of Polaris Industries Inc.© 2025 Polaris Industries Inc. View original content to download multimedia: SOURCE Polaris Inc. Sign in to access your portfolio
