Net income of $5.1 million, or $0.04 per basic share, inclusive of an unrealized foreign exchange loss of $18.0 million. Adjusted net income1 of $26.5 million, or $0.21 per basic share. Increase in Adjusted EBITDA1 of $23.6 million or 43% primarily driven by increased revenue from aircraft leasing. Completed equity raise of approximately $112.0 million in gross proceeds. Completed leasing transaction with Dublin-based CityJet for two CRJ900s. Implemented Dividend Reinvestment Plan offering a 4% discount. Completed the fifth Extended Service Program ('ESP') on a Dash 8-300 aircraft. Jazz Airport Services employees, representing approximately 15% of Jazz's workforce, ratified a new collective agreement with a term to January 2022.
Various Financial Measures
| |||||||||
(unaudited)
|
Three months ended March 31,
| ||||||||
2018
|
2017
|
Change
|
Change
| ||||||
(expressed in thousands of Canadian dollars)
|
$
|
$
|
$
|
%
| |||||
Operating revenue
|
347,550
|
319,761
|
27,789
|
8.7
| |||||
Operating expenses
|
302,635
|
291,666
|
10,969
|
3.8
| |||||
Operating income
|
44,915
|
28,095
|
16,820
|
59.9
| |||||
Non-operating (expenses) income
|
(33,797)
|
5,176
|
(38,973)
|
(753.0)
| |||||
Income before income taxes
|
11,118
|
33,271
|
(22,153)
|
(66.6)
| |||||
Income tax expense
|
(6,066)
|
(6,308)
|
242
|
(3.8)
| |||||
Net income
|
5,052
|
26,963
|
(21,911)
|
(81.3)
| |||||
Add (Deduct) items to get to Adjusted net income(1)
| |||||||||
Unrealized foreign exchange loss (gain)
|
17,974
|
(10,415)
|
28,389
|
(272.6)
| |||||
Foreign exchange gain on cash held for deposit
|
—
|
(4,712)
|
4,712
|
100.0
| |||||
Employee separation program
|
3,459
|
4,263
|
(804)
|
(18.9)
| |||||
21,433
|
(10,864)
|
32,297
|
(297.3)
| ||||||
Adjusted net income(2)
|
26,485
|
16,099
|
10,386
|
64.5
| |||||
Add (Deduct) items to get to Adjusted EBITDA(1)
| |||||||||
Net interest expense
|
13,805
|
8,014
|
5,791
|
72.3
| |||||
Income tax expense
|
6,066
|
6,308
|
(242)
|
(3.8)
| |||||
Depreciation and amortization
|
29,655
|
22,049
|
7,606
|
34.5
| |||||
Foreign exchange loss
|
2,026
|
1,750
|
276
|
15.8
| |||||
(Gain) loss on disposal of property and equipment
|
(8)
|
187
|
(195)
|
(104.3)
| |||||
51,544
|
38,308
|
13,236
|
34.6
| ||||||
Adjusted EBITDA(2)
|
78,029
|
54,407
|
23,622
|
43.4
|
(1)
|
These items are excluded because they affect the comparability of our financial results, period-over-period, and could potentially distort the analysis of trends in business performance.
| |
(2)
|
This is a non-GAAP measure. Refer to Section 16 – Non-GAAP Financial Measures.
|