Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | MESA |
Title of 12(b) Security | Common Stock, no par value |
Security Exchange Name | NASDAQ |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 001-38626 |
Entity Tax Identification Number | 85-0302351 |
Entity Address, Address Line One | 410 North 44th Street |
Entity Address, Address Line Two | Suite 700 |
Entity Address, City or Town | Phoenix |
Entity Address, Postal Zip Code | 85008 |
City Area Code | 602 |
Local Phone Number | 685-4000 |
Entity Address, State or Province | AZ |
Entity Registrant Name | MESA AIR GROUP, INC. |
Entity Central Index Key | 0000810332 |
Current Fiscal Year End Date | --09-30 |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Common Stock, Shares Outstanding | 35,891,029 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 180,398 | $ 99,395 |
Restricted cash | 3,352 | 3,446 |
Receivables, net | 4,947 | 13,712 |
Expendable parts and supplies, net | 24,707 | 22,971 |
Prepaid expenses and other current assets | 8,956 | 16,067 |
Total current assets | 222,360 | 155,591 |
Property and equipment, net | 1,164,193 | 1,212,415 |
Intangible assets, net | 7,102 | 8,032 |
Lease and equipment deposits | 8,149 | 1,899 |
Operating lease right-of-use assets | 97,894 | 123,251 |
Other assets | 25,315 | 742 |
Total assets | 1,525,013 | 1,501,930 |
Current liabilities: | ||
Current portion of long-term debt and finance leases | 107,728 | 189,268 |
Current portion of deferred revenue | 6,486 | 9,389 |
Current maturities of operating leases | 37,058 | 43,932 |
Accounts payable | 52,835 | 53,229 |
Accrued compensation | 12,432 | 12,030 |
Other accrued expenses | 59,452 | 45,478 |
Total current liabilities | 275,991 | 353,326 |
Noncurrent liabilities: | ||
Long-term debt and finance leases, excluding current portion | 585,761 | 542,456 |
Noncurrent operating lease liabilities | 35,007 | 62,531 |
Deferred credits | 4,147 | 5,705 |
Deferred income taxes | 72,305 | 64,275 |
Deferred revenue, net of current portion | 29,265 | 14,369 |
Other noncurrent liabilities | 27,870 | 1,409 |
Total noncurrent liabilities | 754,355 | 690,745 |
Total liabilities | 1,030,346 | 1,044,071 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred stock of no par value, 5,000,000 shares authorized; no shares issued and outstanding | ||
Common stock of no par value and additional paid-in capital, 125,000,000 shares authorized; 35,891,029 (2021) and 35,526,918 (2020) shares issued and outstanding, 4,899,497 (2021) and 0 (2020) warrants issued and outstanding | 255,497 | 242,772 |
Retained earnings | 239,170 | 215,087 |
Total stockholders' equity | 494,667 | 457,859 |
Total liabilities and stockholders' equity | $ 1,525,013 | $ 1,501,930 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Sep. 30, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 35,891,029 | 35,526,918 |
Common stock, shares outstanding | 35,891,029 | 35,526,918 |
Common stock, warrants issued | 4,899,497 | 0 |
Common stock, warrants outstanding | 4,899,497 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating revenues: | ||||
Total operating revenues | $ 125,157 | $ 73,099 | $ 372,808 | $ 437,030 |
Operating expenses: | ||||
Flight operations | 41,314 | 29,664 | 115,681 | 135,199 |
Fuel | 234 | 146 | 822 | 504 |
Maintenance | 51,986 | 22,591 | 156,623 | 145,021 |
Aircraft rent | 9,648 | 15,582 | 29,688 | 39,196 |
Aircraft and traffic servicing | 682 | 538 | 2,326 | 2,938 |
General and administrative | 12,087 | 11,737 | 36,324 | 39,233 |
Depreciation and amortization | 20,933 | 20,635 | 62,108 | 61,656 |
Lease termination | 4,508 | |||
Government grant recognition | (26,101) | (43,018) | (93,379) | (43,018) |
Total operating expenses | 110,783 | 57,875 | 314,701 | 380,729 |
Operating income | 14,374 | 15,224 | 58,107 | 56,301 |
Other (expense) income, net: | ||||
Interest expense | (8,627) | (10,368) | (26,464) | (34,668) |
Interest income | 82 | 1 | 287 | 95 |
Other (expense) income, net | (28) | 79 | 389 | 720 |
Total other (expense), net | (8,573) | (10,288) | (25,788) | (33,853) |
Income before taxes | 5,801 | 4,936 | 32,319 | 22,448 |
Income tax expense | 1,525 | 1,517 | 8,236 | 6,359 |
Net income and comprehensive income | $ 4,276 | $ 3,419 | $ 24,083 | $ 16,089 |
Net income per share attributable to common shareholders | ||||
Basic | $ 0.12 | $ 0.10 | $ 0.68 | $ 0.46 |
Diluted | $ 0.11 | $ 0.10 | $ 0.62 | $ 0.46 |
Weighted-average common shares outstanding | ||||
Basic | 35,769 | 35,299 | 35,642 | 35,154 |
Diluted | 39,513 | 35,299 | 38,811 | 35,248 |
Contract Revenue [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 109,654 | $ 71,648 | $ 318,524 | $ 409,228 |
Pass Through and Other Revenue [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 15,503 | $ 1,451 | $ 54,284 | $ 27,802 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Revision of Prior Period Accounting Standards Update Adjustment [Member] | Common Stock [Member] | Number of Warrants [Member] | Common Stock and Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Revision of Prior Period Accounting Standards Update Adjustment [Member] |
Beginning balance at Sep. 30, 2019 | $ 425,868 | $ 238,504 | $ 187,364 | ||||
Beginning balance (ASU 2018-09 [Member]) at Sep. 30, 2019 | $ 259 | $ 259 | |||||
Beginning balance, shares at Sep. 30, 2019 | 31,413,287 | 3,600,953 | |||||
Stock compensation expense | 1,320 | 1,320 | |||||
Repurchased shares and warrants | (41) | (41) | |||||
Repurchased shares and warrants, shares | (5,558) | ||||||
Warrants converted to common stock | 1,612,481 | (1,612,481) | |||||
Restricted shares issued, shares | 18,916 | ||||||
Net income | 10,785 | 10,785 | |||||
Ending balance at Dec. 31, 2019 | 438,191 | 239,783 | 198,408 | ||||
Ending balance, shares at Dec. 31, 2019 | 33,039,126 | 1,988,472 | |||||
Beginning balance at Sep. 30, 2019 | 425,868 | 238,504 | 187,364 | ||||
Beginning balance (ASU 2018-09 [Member]) at Sep. 30, 2019 | $ 259 | $ 259 | |||||
Beginning balance, shares at Sep. 30, 2019 | 31,413,287 | 3,600,953 | |||||
Net income | 16,089 | ||||||
Ending balance at Jun. 30, 2020 | 445,494 | 241,782 | 203,712 | ||||
Ending balance, shares at Jun. 30, 2020 | 35,414,284 | ||||||
Beginning balance at Dec. 31, 2019 | 438,191 | 239,783 | 198,408 | ||||
Beginning balance, shares at Dec. 31, 2019 | 33,039,126 | 1,988,472 | |||||
Stock compensation expense | 1,193 | 1,193 | |||||
Repurchased shares and warrants | (160) | (160) | |||||
Repurchased shares and warrants, shares | (18,244) | ||||||
Warrants converted to common stock | 1,988,472 | (1,988,472) | |||||
Restricted shares issued, shares | 141,614 | ||||||
Employee share purchases | 243 | 243 | |||||
Employee share purchases, shares | 43,934 | ||||||
Net income | 1,885 | 1,885 | |||||
Ending balance at Mar. 31, 2020 | 441,352 | 241,059 | 200,293 | ||||
Ending balance, shares at Mar. 31, 2020 | 35,194,902 | ||||||
Stock compensation expense | 1,020 | 1,020 | |||||
Repurchased shares and warrants | (297) | (297) | |||||
Repurchased shares and warrants, shares | (88,785) | ||||||
Restricted shares issued, shares | 308,167 | ||||||
Net income | 3,419 | 3,419 | |||||
Ending balance at Jun. 30, 2020 | 445,494 | 241,782 | 203,712 | ||||
Ending balance, shares at Jun. 30, 2020 | 35,414,284 | ||||||
Beginning balance at Sep. 30, 2020 | 457,859 | 242,772 | 215,087 | ||||
Beginning balance, shares at Sep. 30, 2020 | 35,526,918 | ||||||
Stock compensation expense | 850 | 850 | |||||
Repurchased shares and warrants | (19) | (19) | |||||
Repurchased shares and warrants, shares | (2,256) | ||||||
Restricted shares issued, shares | 7,500 | ||||||
Issuance of warrants, net of issuance costs | 11,489 | 11,489 | |||||
Issuance of warrants, net of issuance costs, shares | 4,899,497 | ||||||
Net income | 14,118 | 14,118 | |||||
Ending balance at Dec. 31, 2020 | 484,297 | 255,092 | 229,205 | ||||
Ending balance, shares at Dec. 31, 2020 | 35,532,162 | 4,899,497 | |||||
Beginning balance at Sep. 30, 2020 | 457,859 | 242,772 | 215,087 | ||||
Beginning balance, shares at Sep. 30, 2020 | 35,526,918 | ||||||
Repurchased shares and warrants | $ (1,400) | ||||||
Net income | 24,083 | ||||||
Ending balance at Jun. 30, 2021 | 494,667 | 255,497 | 239,170 | ||||
Ending balance, shares at Jun. 30, 2021 | 35,891,029 | 4,899,497 | |||||
Beginning balance at Dec. 31, 2020 | 484,297 | 255,092 | 229,205 | ||||
Beginning balance, shares at Dec. 31, 2020 | 35,532,162 | 4,899,497 | |||||
Stock compensation expense | 808 | 808 | |||||
Repurchased shares and warrants | (157) | (157) | |||||
Repurchased shares and warrants, shares | (14,680) | ||||||
Restricted shares issued, shares | 124,609 | ||||||
Employee share purchases | 207 | 207 | |||||
Employee share purchases, shares | 58,070 | ||||||
Net income | 5,689 | 5,689 | |||||
Ending balance at Mar. 31, 2021 | 490,844 | 255,950 | 234,894 | ||||
Ending balance, shares at Mar. 31, 2021 | 35,700,161 | 4,899,497 | |||||
Stock compensation expense | 756 | 756 | |||||
Repurchased shares and warrants | (1,209) | (1,209) | |||||
Repurchased shares and warrants, shares | (122,960) | ||||||
Restricted shares issued, shares | 313,828 | ||||||
Net income | 4,276 | 4,276 | |||||
Ending balance at Jun. 30, 2021 | $ 494,667 | $ 255,497 | $ 239,170 | ||||
Ending balance, shares at Jun. 30, 2021 | 35,891,029 | 4,899,497 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 24,083 | $ 16,089 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation and amortization | 62,108 | 61,656 |
Stock compensation expense | 2,414 | 3,533 |
Deferred income taxes | 8,030 | 5,902 |
Long-term deferred revenue | 12,240 | |
Amortization of deferred credits | (2,471) | (2,928) |
Amortization of debt discount and issuance costs | 8,185 | 3,182 |
Gain on extinguishment of debt | (950) | |
Loss on disposal of assets | 50 | 528 |
Provision for obsolete expendable parts and supplies | 168 | 287 |
Lease termination | 4,508 | |
Changes in assets and liabilities: | ||
Receivables | 8,765 | 8,462 |
Expendable parts and supplies | (1,894) | (1,403) |
Prepaid expenses and other assets | 226 | (1,257) |
Accounts payable | (398) | (9,890) |
Deferred revenue | 11,993 | |
Accrued expenses and other liabilities | 15,436 | 11,659 |
Change in operating lease right-of-use assets and liabilities | (9,041) | (4,459) |
Net cash provided by operating activities | 131,212 | 103,601 |
Cash flows from investing activities: | ||
Capital expenditures | (10,717) | (25,160) |
Net returns (payments) on equipment & other deposits | (6,322) | 46 |
Net cash used in investing activities | (17,039) | (25,114) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 195,000 | 23,000 |
Proceeds from issuance of common stock under ESPP | 207 | |
Principal payments on long-term debt and financing leases | (225,760) | (103,718) |
Payments of debt and warrant issuance costs | (1,326) | (1,394) |
Repurchase of stock | (1,385) | (498) |
Net cash used in financing activities | (33,264) | (82,610) |
Net change in cash, cash equivalents and restricted cash | 80,909 | (4,123) |
Cash, cash equivalents and restricted cash at beginning of period | 102,841 | 72,501 |
Cash, cash equivalents and restricted cash at end of period | 183,750 | 68,378 |
Supplemental cash flow information | ||
Cash paid for interest | 22,905 | 30,375 |
Cash paid for income taxes, net | 398 | 45 |
Operating lease payments in operating cash flows | 37,640 | 34,919 |
Supplemental non-cash transactions | ||
Warrants received for entering into agreements with Archer Aviation Inc. ("Archer") | 16,374 | |
Right-of-use assets obtained | 454 | 145,054 |
Debt issuance cost related to loan agreement with US Department of the Treasury | (1,887) | |
Accrued capital expenditures | $ 59 | $ 60 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Operations | 1. Organization and Operations About Mesa Air Group, Inc. Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. ("Mesa" or the "Company") is the holding company of Mesa Airlines, Inc. ("Mesa Airlines"), a regional air carrier providing scheduled flight service to 116 cities in 36 states, the District of Columbia, and Mexico as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of June 30, 2021, Mesa operated, under the Company’s Capacity Purchase Agreements, Flight Services Agreement or as operational spares, a fleet of 155 aircraft with approximately 470 daily departures and 3,191 employees. Mesa also leases 12 aircraft to a third party. Mesa operates all of its flights on behalf of major partners as either American Eagle, United Express, or DHL Express The financial arrangements between the Company and its major partners involve a revenue-guarantee arrangement whereby the major partner pays fixed-fees for each aircraft under contract, departure, flight hour (measured from takeoff to landing, excluding taxi time) or block hour (measured from takeoff to landing, including taxi time), American Capacity Purchase Agreement As of June 30, 2021, the Company operated 45 CRJ-900 aircraft under the American Capacity Purchase Agreement (the “American CPA”). In exchange for providing flight services, we receive a fixed monthly minimum amount per aircraft under contract plus certain additional amounts based upon the number of flights and block hours flown during each month. In addition, we may also receive incentives or incur penalties based upon our operational performance, including controllable on-time departures and controllable completion percentages. American also reimburses us for certain costs on an actual basis, including passenger liability and hull insurance and aircraft property taxes. Other expenses, including fuel and certain landing fees, are directly paid to suppliers by American. In addition, American also provides, at no cost to us, certain ground handling and customer service functions, as well as airport-related facilities and gates at American hubs and cities where we operate. On November 19, 2020, we entered into an Amended and Restated American Capacity Purchase Agreement (the “Amended and Restated American Capacity Purchase Agreement”) which was effective as of January 1, 2021 and amended and restated the Code Share and Revenue Sharing Agreement dated as of March 20, 2001 (as amended, supplemented and modified, the “Existing CPA”), between Mesa Airlines and American. The Amended and Restated American Capacity Purchase Agreement included the following amendments to the Existing CPA: • Extended the CPA for a five-year • Reduced the number of aircraft operated under the agreement to 40 CRJ-900 aircraft; and • Provided American the option in its sole discretion to withdraw up to: (a) 10 aircraft during calendar year 2021, provided that for the 6-month period ending June 30, 2021, American may only exercise this right if the number of mainline narrow body aircraft in American’s fleet has been reduced by a specified number of aircraft during such period, (b) 5 aircraft during each of calendar years 2022 and 2023, and (c) during the period from January 1, 2024 to July 31, 2024, American can remove the first 20 aircraft to the extent not otherwise removed in 2021 – 2023, and thereafter they have the right to remove the last 20 aircraft. On December 22, 2020, we entered into Amendment No. 1 (“Amendment No. 1”) to the Amended and Restated American Capacity Purchase Agreement. The amendments in Amendment No. 1 reflect the following: • Addition of CRJ-900 aircraft to the Amended and Restated American Capacity Purchase Agreement (collectively, the “Incremental Aircraft”) in accordance with the following schedule: (i) 3 aircraft, commencing January 5, 2021 to March 3, 2021, and (ii) increasing to a total of 5 aircraft, commencing March 4, 2021. The term of the Incremental Aircraft will be determined by American in its sole discretion. • American’s right, exercisable in its sole discretion, to withdraw any Incremental Aircraft upon 60 days’ prior notice. American may specify one or more dates for the withdrawal of such Incremental Aircraft. On April 9, 2021, we entered into Amendment No. 2 (“Amendment No. 2”) to the Amended and Restated American Capacity Purchase Agreement. The amendments in Amendment No. 2 reflect the following: • Addition of CRJ-900 aircraft to the American CPA (collectively, the “Incremental Aircraft”) in accordance with the following schedule and as an extension to Amendment No. 1: (i) 5 aircraft, commencing March 4, 2021 to May 5, 2021, and (ii) decreasing to a total of 3 aircraft, commencing May 6, 2021 to June 2, 2021, and (iii) increasing to a total of 5 aircraft commencing on June 3, 2021 until August 17, 2021. • American’s right, exercisable in its sole discretion, to withdraw any Incremental Aircraft upon 60 days’ prior notice. American may specify one or more dates for the withdrawal of such Incremental Aircraft. On August 9, 2021, we entered into Amendment No. 5 (“Amendment No. 5”) to the Amended and Restated American Capacity Purchase Agreement. The amendments in Amendment No. 5 reflect the following: • Waiver of the operational performance metrics for the month of August 2021. Additionally, the date for calculating operational performance criteria related to defaults is effective September 2021. • Extension of the deadline for completing certain cabin interior and refurbishment requirements as defined in the American CPA to December 31, 2021. • Increase to incentive and penalty compensation in the American CPA, effective beginning in October 2021. Our • If either American or the Company become insolvent, file for bankruptcy, or fail to pay the debts as they become due , the non-defaulting party may terminate the agreement; • Failure by the Company or American to perform the covenants, conditions, or provisions of the American Capacity Purchase Agreement, subject to 15 days' notice and cure rights; • If we are required by the FAA or the DOT to suspend operations and we have not resumed operations within three business days, except as a result of an emergency airworthiness directive from the FAA affecting all similarly equipped aircraft , American may terminate the agreement; • If our controllable flight completion factor falls below certain levels for a specified period of time, subject to our right to cure; • Upon the occurrence of a force majeure event (as defined in the Amended and Restated American Capacity Purchase Agreement) that lasts for a specified period of consecutive days and affects our ability to operate scheduled flights, including a future epidemic or pandemic; • If a labor dispute affects our ability to operate over a specified number of days or we operate in violation of any existing American collective bargaining agreement; or • Upon a change in our ownership or control without the written approval of American. Our • If our controllable flight completion factor (“CCF”) falls below certain levels for a specified period of time; • If our controllable on time departures (“CD0”) fall below certain levels for a specified period of time; or • Failure to meet certain cabin interior and refurbishment requirements. United Capacity Purchase Agreement As of June 30, 2021, we operated 60 E-175 and 20 E-175LL aircraft for United under the United Capacity Purchase Agreement (the “United CPA”). In exchange for providing the flight services under our United CPA, we receive a fixed monthly minimum amount per aircraft under contract plus certain additional amounts based upon the number of flights and block hours flown and the results of passenger satisfaction surveys. United also reimburses us for certain costs on an actual basis, including property tax per aircraft and passenger liability insurance. Other expenses, including fuel and certain landing fees, are directly paid to suppliers by United. Under our United CPA, United owns 42 of the 60 E-175 and all of the E-175LL aircraft and leases them to us at nominal amounts. United reimburses us on a pass-through basis for all costs related to heavy airframe and engine maintenance, landing gear, auxiliary power units ("APUs") and component maintenance for the 42 United owned E-175 aircraft. On November 26, 2019, we amended and restated our United CPA. The Amended and Restated United CPA included the following amendments: • Addition of 20 new E-175 LL aircraft to be financed by us and operated for a period of twelve (12) years from the aircraft acceptance and in-service date, expiring between November 2032 and June 2033. • Extended the term of the (i) 42 E-175 aircraft leased from United for an additional five (5) years, which now expire between 2024 and 2028, and (ii) 18 E-175 aircraft that we own for an additional five (5) years, which now expire in 2028 • Agreed to lease our CRJ-700 aircraft to another United Express service provider for a term of nine (9) years. We ceased operating our CRJ-700 fleet in February 2021 in connection with the transfer of those aircraft into a lease agreement. The amendment also granted United a right to purchase the leased CRJ-700 aircraft at any point during the nine (9) year lease term for an amount representing the appraised value of the aircraft On November 4, 2020, we amended and restated our United CPA. The amendments reflect the following: • Transferred the financing and ownership of the 20 new E-175 LL aircraft to United. The aircraft are leased to the Company at nominal amounts to operate for a period of twelve (12) years from the aircraft acceptance and in-service date, expiring between November 2032 and June 2033. As of June 30, 2021, all 20 E-175LL have been delivered. Our • Permits United, subject to certain conditions, including the payment of certain costs tied to aircraft type, to terminate the agreement in its discretion, or remove E-175 aircraft from service, by giving us notice of 90 days or more • If United elects to terminate our United CPA in its entirety or permanently remove select aircraft from service, we are permitted to return any of the affected E-175 aircraft leased from United at no cost to us. • Commencing five (5) years after the actual in-service date, United has the right to remove the E-175 aircraft from service by giving us notice of 90 days or more, subject to certain conditions, including the payment of certain wind-down expenses plus, if removed prior to the ten (10) year anniversary of the in-service date, certain accelerated margin payments DHL Flight Services Agreement On December 20, 2019, the Company entered into a Flight Services Agreement with DHL. Under the terms of this agreement, Mesa operates two Boeing 737-400F aircraft to provide cargo air transportation services to DHL. In exchange for providing such services, the Company receives a fee per block hour with a minimum block hour guarantee. The Company is eligible for a monthly performance bonus or subject to a monthly penalty based on timeliness and completion performance. Ground support including fueling and airport fees are paid directly by DHL. Under our Flight Services Agreement, DHL leases two Boeing 737-400F aircraft and subleases them to us at nominal amounts. DHL reimburses us on a pass-through basis for all costs related to heavy maintenance including C-checks, off- wing engine maintenance and overhauls including LLPs, Landing Gear overhauls and LLPs, thrust reverser overhauls, and APU overhauls and LLPs. Certain items such as fuel, de-icing fluids, landing fees, aircraft ground handling fees, en-route navigation fees and custom fees are paid directly to suppliers by DHL or otherwise reimbursed if incurred by the Company. The Flight Services Agreement expires five (5) years from the commencement date of the first aircraft placed into service, which was in October 2020. DHL has the option to extend the agreement with respect to one or more aircraft for a period of one year with 90 days’ advance written notice. Our • At any time after the first anniversary of the commencement date of the first aircraft placed in service with 90 day’s written notice • Failure to comply with performance standards for three consecutive measurement periods. • DHL may terminate the agreement for a specific aircraft if it is subject to a total loss and the Company does not provide alternate services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its wholly owned operating subsidiaries. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). All intercompany accounts and transactions have been eliminated in consolidation. Reclassifications of certain immaterial prior period amounts have been made to conform to the current period presentation. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2020 included in the Company's Annual Report on Form 10-K for the year ended September 30, 2020 on file with the U.S. Securities and Exchange Commission (the "SEC"). Information and footnote disclosures normally included in financial statements have been condensed or omitted in these condensed consolidated financial statements pursuant to the rules and regulations of the SEC and GAAP. These condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and may remain an emerging growth company until the last day of its fiscal year following the fifth anniversary of the Company’s initial public offering (“IPO”), subject to specified conditions. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to "opt out" of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Segment Reporting As of June 30, 2021, our chief operating decision maker was the Chief Executive Officer. While the Company operates under separate capacity purchase agreements and a flight services agreement, we do not manage our business based on any performance measure at the individual contract level. Our chief operating decision maker uses consolidated financial information to evaluate our performance and allocate resources, which is the same basis on which he communicates our results and performance to our Board of Directors. Accordingly, we have a single operating and reportable segment. Use of Estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Actual results could differ from those estimates. Contract Revenue and Pass-through and Other Revenue The Company recognizes contract revenue when the service is provided under its capacity purchase agreements and flight services agreement. Under the capacity purchase agreements and flight services agreement, our major partners generally pay for each departure, flight hour or block hour, and an amount per aircraft in service each month with additional incentives based on flight completion, on-time performance, and other operating metrics. The Company’s performance obligation is met as each flight is completed, and revenue is recognized and reflected in contract revenue. Contract revenue also includes temporary rate reductions under our capacity purchase agreements impacting the period from December 2020 to September 2021. The basis for the reductions is temporary improvements in our cost structure being passed onto our major partners, primarily from lower labor costs due to the grants received under the Payroll Support Program Extensions (PSP2 and PSP3). A portion of the Company's compensation under its capacity purchase agreements with American and United is designed to reimburse the Company for certain aircraft ownership costs. Such costs include aircraft principal and interest debt service costs, aircraft depreciation, and interest expense or aircraft lease expense costs while the aircraft is under contract. The Company has concluded that a component of its revenue under these agreements is deemed to be lease revenue, as such agreements identify the "right of use" of a specific type and number of aircraft over a stated period-of-time. The lease revenue associated with the Company's capacity purchase agreements is accounted for as an operating lease and is reflected as contract revenue on the Company's consolidated statements of operations. The Company recognized $41.2 million and $52.0 million of lease revenue for the three months ended June 30, 2021 and 2020, respectively, and $131.8 million and $157.7 million during the nine months ended June 30, 2021 and 2020, respectively . The Company recognizes pass-through revenue when the service is provided under its capacity purchase agreements and flight services agreement. Pass-through revenue represents reimbursements for certain direct expenses incurred including passenger liability and hull insurance, The Company entered into lease agreements with GoJet Airlines LLC (“GoJet”) to lease 12 CRJ-700 aircraft as of June 2021. The lease agreements are accounted for as operating leases and have a term of nine (9) years beginning on the delivery date of each aircraft. Under the lease agreements, GoJet pays fixed monthly rent per aircraft and variable lease payments for supplemental rent based on monthly aircraft utilization at fixed rates. Supplemental rent payments are subject to reimbursement following GoJet’s completion of qualifying maintenance events defined in the agreements. Lease revenue for fixed monthly rent payments is recognized ratably within contract revenue. Lease revenue for supplemental rent is deferred and recognized within contract revenue The Company mitigates the residual asset risks through supplemental rent payments and by leasing aircraft and engine types that can be operated by the Company in the event of a default. Additionally, the operating leases have specified lease return condition requirements and the Company maintains inspection rights under the leases. As of June 30, 2021, the Company recognized $10.1 million of lease incentive assets and $8.8 million of related lease incentive obligations for reimbursement of certain aircraft maintenance costs defined within the lease agreements. Lease incentive assets are recognized as a reduction to lease revenue over the lease term. Lease revenue recognized under the GoJet agreements, net of amortization of the lease incentive assets, was $3.4 million and $4.0 million for the three and nine months ended June 30, 2021, respectively. Amounts deferred for supplemental rent payments totaled $0.2 million as of June 30, 2021. The following table summarizes future minimum rental income under operating leases related to leased aircraft that had remaining non-cancelable lease terms as of June 30, 2021 (in thousands): Periods Ending September 30, Total Payments 2021 (remainder of) $ 3,276 2022 13,104 2023 13,104 2024 13,104 2025 13,104 Thereafter 59,029 Total $ 114,721 The Company records deferred revenue when cash payments are received or are due from our major partners in advance of the Company’s performance, including amounts that are refundable. During the three and nine months ended June 30, 2021, the Company deferred $1.9 million and $12.0 million of revenue, respectively, which was billed and paid by our major partners. The deferred revenue balance as of June 30, 2021 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are satisfied, and is expected to be recognized as revenue as follows (in thousands): Periods Ending September 30, Deferred Revenue Recognized 2021 (remainder of) $ 1,825 2022 7,388 2023 10,101 2024 9,860 2025 4,621 Thereafter 1,956 Total $ 35,751 Aircraft Leases As discussed in Note 1, we lease, at nominal rates, certain aircraft from United and DHL under our United Capacity Purchase Agreement and DHL Flight Services Agreement, which are excluded from operating lease assets and liabilities as the lease contracts do not represent embedded leases under ASC 842. Other than nominal leases with our major partners, approximately 10% of our aircraft are leased from third parties. All of our aircraft leases have been classified as operating leases, which results in rental payments being charged to expense over the term of the related leases. In the event that we or one of our major partners decide to exit an activity involving leased aircraft, losses may be incurred. In the event that we exit an activity that results in exit losses, these losses are accrued as each aircraft is removed from operations for early termination penalties, lease settle up and other charges. Additionally, any remaining ROU assets and lease liabilities would be written off. The majority of the Company's leased aircraft are leased through trusts that have a sole purpose to purchase, finance, and lease these aircraft to the Company; therefore, they meet the criteria of a variable interest entity. However, since these are single-owner trusts in which the Company does not participate, the Company is not at risk for losses and is not considered the primary beneficiary. Management believes that the Company's maximum exposure under these leases is the remaining lease payments. Contract Liabilities Contract liabilities consist of deferred credits for cost reimbursements from major partners related to aircraft modifications and employee training associated with capacity purchase agreements. The deferred credits are recognized over time depicting the pattern of the transfer of services resulting in ratable recognition of revenue over the remaining term of the capacity purchase agreements. Current and non-current deferred credits are recorded to other accrued expenses and non-current deferred credits in the condensed consolidated balance sheets. The Company's total current and non-current deferred credit contract liability balances at June 30, 2021 and September 30, 2020 are $5.0 million and $8.5 million, respectively. The Company recognized $0.2 million and $0.9 million of the deferred credits within contract revenue during the three months ended June 30, 2021 and 2020, respectively, and $2.1 million and $2.9 million during the nine months ended June 30, 2021 and 2020, respectively Maintenance Expense The Company operates under a Federal Aviation Administration (“FAA”) approved continuous inspection and maintenance program. The cost of non-major scheduled inspections and repairs and routine maintenance costs for all aircraft and engines are charged to maintenance expense as incurred. The Company accounts for heavy maintenance and major overhaul costs on its owned E-175 fleet under the deferral method whereby the cost of heavy maintenance and major overhaul is deferred and amortized until the earlier of the end of the useful life of the related asset or the next scheduled heavy maintenance event. Amortization of heavy maintenance and major overhaul costs charged to depreciation and amortization expense was $0.1 million for the three and nine months ended June 30, 2021 and 2020. At June 30, 2021 and September 30, 2020, the Company had a deferred heavy maintenance balance, net of accumulated amortization, of $2.8 million and $0.0 million, respectively. The Company accounts for heavy maintenance and major overhaul costs for all other fleets under the direct expense method whereby costs are expensed to maintenance expense as incurred, except for certain maintenance contracts where labor and materials price risks have been transferred to the service provider and require payment on a utilization basis, such as flight hours. Costs incurred for maintenance and repair for utilization maintenance contracts where labor and materials price risks have been transferred to the service provider are charged to maintenance expense based on contractual payment terms. Engine overhaul expense totaled $4.0 million and $3.2 million for the three months ended June 30, 2021, and 2020, respectively, of which $2.7 million and $0.4 million, respectively, was pass-through expense. Engine overhaul expense totaled $25.3 million and $28.3 million for the nine months ended June 30, 2021, and 2020, respectively, of which $14.5 million and $3.0 million, respectively, was pass-through expense. Airframe C-check expense totaled $38.3 million and $20.6 million for the nine months ended June 30, 2021, and 2020, respectively, of which $18.3 million and $5.9 million, respectively, was pass-through expense. Government Grant In February 2021, the Company was granted $48.7 million in financial assistance by the U.S. Department of the Treasury under the Payroll Support Program Extension (“PSP2”) under the Consolidated Appropriations Act of 2021. In March 2021 , On April 15, 2021, the Company was notified by the U.S. Department of the Treasury that it was eligible to receive funds under the third Payroll Support Program (“PSP3”), which was created under the American Recovery Plan Act of 2021 (“ARPA”), enacted on March 11, 2021. PSP3 provides additional funding for passenger air carriers and contractors that received financial assistance under PSP2. The funding must be used exclusively for the continuation of payment of employee wages, salaries, and benefits. The Company was granted $52.2 million and received the first PSP3 installment of $26.1 million in April 2021 and the second installment of $26.1 million in May 2021. These payments are conditioned on our agreement to refrain from conducting involuntary employee layoffs or furloughs through September 2021 or the date on which assistance provided under the agreement is exhausted, whichever is later. Other conditions include prohibitions on share repurchases and dividends through September 2022 and certain limitations on executive compensation until April 2023. During the three and nine months ended June 30, 2021, the Company recognized $26.1 million and $93.4 million, respectively, for the payroll support government funds. During the three and nine months ended June 30, 2020, the Company recognized $43.0 million for the payroll support government funds. As of June 30, 2021, there are $26.1 million of deferred payments remaining under PSP3, which are recorded within other accrued liabilities in the condensed consolidated balance sheets and will be recognized as a reduction of operating expenses during the quarter ended September 30, 2021. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In June 2016, the FASB issued new guidance requiring all expected credit losses for financial instruments held at the reporting date to be measured based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial instruments measured at amortized cost and also applies to some off-balance sheet credit exposures. Our adoption of this guidance on a modified retrospective basis on October 1, 2020 did not have a material impact as credit losses have not been, and are not expected to be, significant based on historical collection trends, the financial condition of our major partners and external market factors. In August 2018, the FASB issued new guidance aligning the accounting for implementation costs incurred in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this guidance on a prospective basis on October 1, 2020. Amounts capitalized are immaterial. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The guidance is effective for annual and interim reporting periods beginning after December 15, 2020, and interim periods within those fiscal periods. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). This ASU provides optional expedients and exceptions for a limited period of time for accounting for contracts, hedging relationships, and other transactions affected by the market transition from the London Interbank Offered Rate (LIBOR) or other reference rates expected to be discontinued. Optional expedients can be applied from March 12, 2020 through December 31, 2022. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 9 Months Ended |
Jun. 30, 2021 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Credit Risk | 4 . Concentrations of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are primarily held by financial institutions in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions. As of June 30, 2021, the Company had $3.4 million in restricted cash. We have an agreement with a financial institution for a letter of credit facility and to issue letters of credit for particular airport authorities, worker's compensation insurance, property and casualty insurance and other business needs as required in certain lease agreements. Pursuant to the terms of this agreement, $3.4 million of outstanding letters of credit are required to be collateralized by amounts on deposit. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. At June 30, 2021, the Company had capacity purchase agreements with American and United and a flight services agreement with DHL. Substantially all of the Company's condensed consolidated revenue for the nine months ended June 30, 2021 and 2020 was derived from these agreements. Substantially all of the Company’s accounts receivable at June 30, 2021 and September 30, 2020 was derived from these agreements. American accounted for approximately 45% and 60% of the Company's total revenue for the three months ended June 30, 2021 and 2020, respectively, and 46 % and 53% of the Company’s total revenue for the nine months ended June 30, 2021 and 2020, respectively. United accounted for approximately 51% and 40% of the Company's total revenue for the three months ended June 30, 2021 and 2020, respectively, and 52% and 47% of the Company’s total revenue for the nine months ended June 30, 2021 and 2020, respectively. A termination of either the American or the United capacity purchase agreements would have a material adverse effect on the Company's business prospects, financial condition, results of operations, and cash flows. Amounts billed by the Company under the capacity purchase agreements and flight services agreement are subject to the Company's interpretation of the applicable agreement and are subject to audit by the Company's major partners. Periodically, the Company's major partners dispute amounts billed and pay amounts less than the amount billed. Ultimate collection of the remaining amounts not only depends upon the Company prevailing under the applicable audit, but also upon the financial well-being of the major partner. As such, the Company periodically reviews amounts due based on historical collection trends, the financial condition of major partners and current external market factors and records a reserve for amounts estimated to be uncollectible. The allowance for doubtful accounts was $ million and $ 0.8 million at June 30 , 2021 and September 30, 2020, respectively. If the Company's ability to collect these receivables and the financial viability of its major partners is materially different than estimated, the Company's estimate of the allowance could be materially impacted . |
Intangible Assets
Intangible Assets | 9 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5 . Intangible Assets Information about the intangible assets of the Company as of June 30, 2021 and September 30, 2020, is as follows (in thousands): June 30, September 30, 2021 2020 Customer relationship $ 43,800 $ 43,800 Accumulated amortization (36,698 ) (35,768 ) Net carrying value $ 7,102 $ 8,032 Total amortization expense recognized was approximately $0.3 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively , and $0.9 million and $1.1 million for the nine months ended June 30, 2021 and 2020, respectively As of June 30, 2021, the Company’s intangible assets’ remaining weighted average term is 14.3 years. |
Balance Sheet Information
Balance Sheet Information | 9 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Information | 6 . Balance Sheet Information Certain significant amounts included in the Company's condensed consolidated balance sheet as of June 30, 2021 and September 30, 2020, consisted of the following (in thousands): June 30, September 30, 2021 2020 Expendable parts and supplies, net: Expendable parts and supplies $ 29,135 $ 27,431 Less: obsolescence and other (4,428 ) (4,460 ) $ 24,707 $ 22,971 Prepaid expenses and other current assets: Deferred offering and reimbursed costs $ — $ 1,261 Prepaid aviation insurance 4,662 2,396 Other 4,294 12,410 $ 8,956 $ 16,067 Property and equipment, net: Aircraft and other flight equipment substantially pledged $ 1,606,276 $ 1,596,174 Other equipment 5,116 5,147 Leasehold improvements 2,790 2,763 Vehicles 1,115 1,032 Building 699 699 Furniture and fixtures 302 302 Total property and equipment 1,616,298 1,606,117 Less: accumulated depreciation (452,105 ) (393,702 ) $ 1,164,193 $ 1,212,415 Other assets: Warrants $ 16,374 $ — Other 8,941 742 $ 25,315 $ 742 Other accrued expenses: Accrued property taxes $ 7,479 $ 11,354 Accrued interest 4,814 3,268 Accrued vacation 5,967 5,975 Deferred PSP payments 26,100 11,311 Other 15,092 13,570 $ 59,452 $ 45,478 The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that the assets may be impaired, the undiscounted net cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the assets exceeds their estimated fair value. The Company has assessed whether any impairment of its long-lived assets existed and has determined that no charges were deemed necessary under applicable accounting standards as of June 30, 2021. The Company’s assumptions about future conditions important to its assessment of potential impairment of its long-lived assets, including the impact of the COVID-19 pandemic to its business, are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available, and will update its analyses accordingly. Property and equipment, net: Depreciation expense totaled approximately $20.6 million and $20.2 million for the three months ended June 30, 2021 and 2020, respectively , and $61.2 million and $60.5 million for the nine months ended June 30, 2021 and 2020, respectively. Other Assets In connection with a negotiated forward purchase contract for electrically-powered vertical takeoff and landing aircraft (“eVTOL aircraft”) executed in February 2021, we obtained equity warrant assets giving us the right to acquire 1,171,649 shares of common stock in Archer Aviation, Inc. (Archer), a private, venture-backed company. Our investments in Archer do not have a readily determinable fair value, so we account for them using the measurement alternative under ASC 321 and measure the investments at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments from the same issuer. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, financing transactions subsequent to the acquisition of the investment or other features that indicate a discount to fair value is warranted. Any changes in fair value from the grant date fair value of the equity warrant assets will be recognized as increases or decreases on our balance sheet and as net gains or losses on equity warrant assets, in other (expense) income, net. We estimated the initial equity warrant asset value to be $ 16.4 million based on publicly available information as of the grant date . There were no observable price changes or transactions as of June 30 , 2021 and as such , no adjustments to the recorded grant date fair value of the equity warrant assets were recorded. The grant date value of the warrants, $16.4 million, was recognized as a vendor credit liability within other noncurrent liabilities. The liability related to the warrant assets will be settled in the future, as a reduction of the acquisition date value of the eVTOL aircraft contemplated in the related aircraft purchase agreement. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7 . Fair Value Measurements Fair value is an exit price representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. Accounting standards include disclosure requirements relating to the fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 — Unobservable inputs in which there is little or no market data, requiring an entity to develop its own assumptions. The carrying values reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company's debt agreements are not traded on an active market. The Company has determined the estimated fair value of its debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. The estimated fair value of the Company's total long-term debt, including current maturities, were as follows (in millions): June 30, 2021 September 30, 2020 Carrying Fair Carrying Fair Value Value Value Value Long-term debt and finance leases, including current maturities (1) $ 713.7 $ 724.8 $ 743.3 $ 768.7 (1) Current and prior period long-term debts' carrying and fair values exclude net debt issuance costs. |
Long-Term Debt, Finance Leases
Long-Term Debt, Finance Leases and Other Borrowings | 9 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Finance Leases and Other Borrowings | 8 . Long-Term Debt, Finance Leases and Other Borrowings Long-term debt as of June 30, 2021 and September 30, 2020, consisted of the following (in thousands): June 30, September 30, 2021 2020 Notes payable to financial institution, collateralized by the underlying aircraft, due 2022 (1)(2) $ — $ 41,472 Notes payable to financial institution, collateralized by the underlying aircraft, due 2024 (3) — 55,674 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027 (4) 106,198 105,887 Notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (5) 162,247 172,137 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (6) 126,650 138,114 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (7) — 47,319 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (8) — 29,682 Notes payable to financial institution due 2020 (9) 1,523 1,523 Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (10) — 4,182 Other obligations due to financial institution, collateralized by the underlying equipment, due 2023 (11) 5,128 6,864 Notes payable to financial institution, collateralized by the underlying equipment, due 2024 (12) 50,097 63,341 Notes payable to financial institution, collateralized by the underlying aircraft, due 2023 (13) 35,000 48,125 Notes payable to financial institution due 2023 (14) 4,500 6,000 Revolving Credit Facility (15) 22,930 22,930 Notes payable to financial institution due 2025 (16) 199,383 — Gross long-term debt, including current maturities 713,656 743,250 Less unamortized debt issuance costs (9,948 ) (11,526 ) Less Notes payable warrants (10,219 ) — Net long-term debt, including current maturities 693,489 731,724 Less current portion (107,728 ) (189,268 ) Net long-term debt $ 585,761 $ 542,456 (1 ) In fiscal 2007, the Company financed three CRJ-900 and three CRJ-700 aircraft for $120.3 million. The debt bears interest at the monthly LIBOR plus 2.25% and requires monthly principal and interest payments. The loan was paid in full during quarter ended December 31, 2020. (2 ) In fiscal 2014, the Company financed ten CRJ-900 aircraft for $88.4 million. The debt bears interest at the monthly LIBOR plus 1.95% and requires monthly principal and interest payments. In fiscal 2018, the Company repaid $40.0 million related to four CRJ-900 aircraft. During quarter ended December 31, 2020 (3 ) In fiscal 2014, the Company financed eight CRJ-900 aircraft with $114.5 million in debt. The debt bears interest at 5.00% and requires monthly principal and interest payments. The loan was paid in full during quarter ended December 31, 2020 (4 ) In fiscal 2015, the Company financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $151.0 million bear interest at monthly LIBOR plus 2.71% and require monthly principal and interest payments. The subordinated notes payable is noninterest-bearing and become payable in full on the last day of the term of the notes. The Company has imputed an interest rate of 6.25% on the subordinated notes payable and recorded a related discount of $8.1 million, which is being accreted to interest expense over the term of the notes. (5 ) In fiscal 2016, the Company financed ten E-175 aircraft with $246.0 million in debt under an EETC financing arrangement (see discussion below). The debt bears interest ranging from 4.75% to 6.25% and requires semi-annual principal and interest payments. (6 ) In fiscal 2016, the Company financed eight E-175 aircraft with $ 195.3 million in debt. The senior notes payable of $ million bear interest at the three-month LIBOR plus a spread ranging from 2.20 % to 2.32 % and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50 % and require quarterly principal and interest payments. (7) In June 2018, the Company refinanced six CRJ-900 aircraft with $27.5 million in debt and financed nine CRJ-900 aircraft, which were previously leased, with $69.6 million in debt. The senior notes payable of $65.8 million bear interest at the three-month LIBOR plus 3.50% and require quarterly principal and interest payments. The subordinated notes payable of $29.8 million bear interest at three-month LIBOR plus 7.50% and require quarterly principal and interest payments. The loan was paid in full during quarter ended December 31, 2020 (8) In during quarter ended December 31, 2020. ( 9 ) In fiscal 2015 and 2016, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the three-month LIBOR plus 3.07% (1 0 ) In fiscal 2016-2019, the Company financed certain flight equipment maintenance costs with $26.1 million in debt. The debt bears interest at the three-month LIBOR plus a spread ranging from 2.93% to 3.21%and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. The loan was paid in full during quarter ended December 31, 2020 ( 1 1 ) In February 2018, the Company leased two spare engines. The leases were determined to be finance leases as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.128% and the leases requires monthly payments. (1 2 ) In January 2019, the Company financed certain flight equipment with $91.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.10% and requires monthly principal and interest payments. (1 3 ) In June 2019, the Company financed ten CRJ-700 aircraft with $70.0 million in debt, which were previously leased. The debt bears interest at the monthly LIBOR plus 5.00% and requires monthly principal and interest payments. The interest rate reduced from 5.25% to 5.00% in 1 st (1 4 ) On September 27,2019, the Company financed certain flight equipment for $8.0 million. The debt bears interest at the monthly LIBOR plus 5.00% and requires monthly principal and interest payments. The interest rate reduced from 5.25% to 5.00% in 1 st (1 5 ) On September 25, 2019, the Company extended the term on their $35.0 million working capital draw loan by three years, which now terminates in September 2022. Interest is assessed on drawn amounts at one-month LIBOR plus 3.75%. During quarter ended June 30, 2020, $23.0 million was drawn to cover operational needs. (1 6 ) Principal maturities of long-term debt as of June 30, 2021, and for each of the next five years are as follows (in thousands): Periods Ending September 30 Total Principal 2021 (remainder of) $ 45,273 2022 113,682 2023 89,462 2024 61,209 2025 56,526 Thereafter 347,504 $ 713,656 The net book value of collateralized aircraft and equipment as of June 30, 2021 was $1,044.1 million. Enhanced Equipment Trust Certificate ("EETC") In December 2015, an Enhanced Equipment Trust Certificate ("EETC") pass-through trust was created to issue pass-through certificates to obtain financing for new E-175 aircraft. At June 30, 2021, Mesa has $162.2 million of equipment notes outstanding issued under the EETC financing included in long-term debt on the condensed consolidated balance sheets. The structure of the EETC financing consists of a pass-through trust created by Mesa to issue pass-through certificates, which represent fractional undivided interests in the pass-through trust and are not obligations of Mesa. The proceeds Mesa evaluated whether the pass-through trust formed for its EETC financing is a Variable Interest Entity ("VIE") and required to be consolidated CIT Revolving Credit Facility On September 25, 2019, the Company extended the term on its $35.0 million working capital draw loan by three years, which now terminates in September 2022. Interest is assessed on drawn amounts at one-month LIBOR plus 3.75%. As of June 30, 2021, $22.9 million has been drawn on the revolver. Future borrowings, if any, under this facility are subject to, among other things, the Company having sufficient unencumbered assets to meet the borrowing base requirements under the facility. Loan Agreement with United States Department of the Treasury On October The Treasury Loan bears interest at a variable rate equal to (a)(i) the LIBOR rate divided by (ii) one minus the Eurodollar Reserve Percentage plus (b) 3.50%. Accrued interest on the loans will be payable in arrears on the first business day following the 14 th All principal amounts outstanding under the Treasury Loan are due and payable in a single installment on October 30, 2025 (the “ Maturity Date ”). Interest will be paid by increasing the principal amount of the loan by the amount of such interest due on an interest payment date for the first 12 months. Mesa's obligations under the Treasury Loan are secured by certain aircraft, aircraft engines, accounts receivable, ground service equipment and tooling (collectively, the “Collateral”). The Treasury Loan requires the Company, under certain circumstances, including within ten (10) business days prior to the last business day of March and September of each year beginning March 2021, to appraise the value of the Collateral and recalculate the collateral coverage ratio. If the calculated collateral coverage ratio is less than 1.6 to 1.0, Mesa Airlines will be required either to provide additional Collateral (which may include cash collateral) to secure its obligations under the Treasury Loan or repay the term loans under the Treasury Loan, in such amounts that the recalculated collateral coverage ratio, after giving effect to any such additional Collateral or repayment, is at least 1.6 to 1.0. The Treasury Loan contains two financial covenants, a minimum collateral coverage ratio and a minimum liquidity level. The Treasury Loan also contains customary negative and affirmative covenants for credit facilities of this type, including, among others: (a) limitations on dividends and distributions; (b) limitations on the creation of certain liens; (c) restrictions on certain dispositions, investments and acquisitions; (d) limitations on transactions with affiliates; (e) restrictions on fundamental changes to the business, and (f) restrictions on lobbying activities. Additionally, the Company is required to comply with the relevant provisions of the CARES Act, including limits on employment level reductions after September 30, 2020, restrictions on dividends and stock buybacks, limitations on executive compensation, and requirements to maintain certain levels of scheduled service. In connection with the Loan and Guarantee Agreement and as partial compensation to Treasury for the provision of financial assistance under the Loan and Guarantee Agreement, the Company issued to Treasury warrants to purchase an aggregate of 4,899,497 shares of the Company’s common stock at an exercise price of $3.98 per share, which was the closing price of the Common Stock on The Nasdaq Stock Market on April 9, 2020. The exercise price and number of shares of common stock issuable under the Warrants are subject to adjustment as a result of anti-dilution provisions contained in the Warrants for certain stock issuances, dividends, and other corporate actions. The warrants expire on the fifth anniversary of the date of issuance and are exercisable either through net share settlement or net cash settlement, at the Company’s option. For accounting purposes, the fair value for the Treasury Loan Warrant Shares is estimated using a Black-Scholes option pricing model and recorded in stockholders' equity with an offsetting debt discount to the Treasury Term Loan Facility in the condensed consolidated balance sheet. The Company incurred $3.1 million in debt issuance costs relating to the Treasury Loan. In accordance with the applicable guidance, Mesa allocated the debt issuance costs between the Treasury Loan and related warrants. At funding on October 30, 2020, the initial $43.0 million was recorded net of $0.7 million in capitalized debt issuance costs. At funding on November 13, 2020, the remaining $152.0 million was recorded net of $2.3 million in capitalized debt issuance costs. The remaining $0.1 million in debt issuance costs was allocated to the warrants as a reduction to the warrant value within additional paid-in capital. Debt issuance costs allocated to the debt are amortized into interest expense using the effective interest method over the term of the related loan. Debt Repayment Prior to the November 13, 2020 funding of the $152.0 million portion of the Treasury Loan, the Company repaid $167.7 million in existing aircraft debt covering 44 aircraft, including indebtedness under its (a) Senior Loan Agreements, dated June 27, 2018, (b) Junior Loan Agreements, also dated June 27, 2018, (c) Credit Agreements, dated January 31, 2007, April 16, 2014, and May 23, 2014, (d) Senior Loan Agreements, dated December 27, 2017, and (e) Junior Loan Agreements, also dated December 27, 2017 (collectively, “the EDC Loans”). The Company made payments totaling $164.2 million to repay the EDC Loans, consisting of principal of $167.7 million, and a $3.5 million discount on the balance owed. Additionally, in connection with the repayment, $2.5 million of unamortized original issue discount and deferred financing costs were recorded as a loss on debt extinguishment, resulting in a net gain on extinguishment of $1.0 million recorded within other income. As of June 30, 2021, the Company is in compliance with all debt covenants. |
Earnings Per Share and Equity
Earnings Per Share and Equity | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Equity | 9 . Earnings Per Share and Equity Calculations of net income per common share attributable to Mesa Air Group were as follows (in thousands, except per share data): Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Net income attributable to Mesa Air Group $ 4,276 $ 3,419 $ 24,083 $ 16,089 Basic weighted average common shares outstanding 35,769 35,299 35,642 35,154 Add: Incremental shares for: Dilutive share adjustment - UST warrant 3,084 — 2,536 — Dilutive share adjustment - restricted shares 660 — 633 94 Diluted weighted average common shares outstanding 39,513 35,299 38,811 35,248 Net income per common share attributable to Mesa Air Group: Basic $ 0.12 $ 0.10 $ 0.68 $ 0.46 Diluted $ 0.11 $ 0.10 $ 0.62 $ 0.46 Basic income per common share is computed by dividing net income attributable to Mesa Air Group by the weighted average number of common shares outstanding during the period. The number of incremental shares from the assumed issuance of shares relating to restricted stock and exercise of warrants (excluding warrants with a nominal conversion price) is calculated by applying the treasury stock method. Share-based awards and warrants whose impact is anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation. In loss periods, these incremental shares are excluded from the calculation of diluted loss per share, as the inclusion of unvested restricted stock and warrants would have an anti-dilutive effect. There were no anti-dilutive shares relating to restricted stock and exercise of warrants that were excluded from the calculation of diluted income per share for the three and nine months ended June 30, 2021 and 2020. |
Common Stock
Common Stock | 9 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Common Stock | 1 0 . Common Stock The Company previously issued warrants to third parties, which had a five-year In July 2018, the Company's Board of Directors and Compensation Committee approved the issuance of shares of restricted common stock under its 2018 Equity Incentive Plan (the "2018 Plan") immediately following completion of the Company's IPO to certain of its employees and directors in exchange for the cancellation of existing restricted phantom stock units, unvested restricted shares, and stock appreciation rights (“SARs”). The shares of restricted common stock issued under the 2018 Plan in exchange for the cancellation of restricted phantom stock units, unvested restricted shares and SARs are subject to vesting on the same terms set forth in the prior vesting schedules and are not subject to acceleration in connection with the 2018 Plan issuances. On October 30, 2020, the Company entered into the Loan and Guarantee Agreement with the U.S. Treasury and the Bank of New York Mellon, as Administrative and Collateral Agent, under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). In connection with the Loan and Guarantee Agreement and as partial compensation to the U.S. Treasury for the provision of financial assistance under the Loan and Guarantee Agreement, the Company issued warrants to the U.S. Treasury to purchase shares of the Company’s common stock, no par value, at an exercise price of $3.98 per share (the “Exercise Price”), which was the closing price of the common stock on The Nasdaq Stock Market on April 9, 2020. The warrants were issued pursuant to the terms of a Treasury Warrant Agreement entered into by the Company and the Treasury. The exercise price and number of warrant shares issuable under the warrants are subject to adjustment as a result of anti-dilution provisions contained in the warrants for certain stock issuances, dividends, and other corporate actions. The warrants expire on the fifth anniversary of the date of issuance and are exercisable either through net share settlement or net cash settlement, at the Company’s option. The warrants are accounted for within equity at a grant date fair value determined under the Black Scholes Option Pricing Model . The Company has not historically paid dividends on shares of its common stock. Additionally, the Loan and Guarantee Agreement and the Company's aircraft lease facility (the "RASPRO" Lease Facility) with RASPRO Trust 2005, a pass-through trust, contain restrictions that limit the Company's ability to or prohibit it from paying dividends to holders of its common stock. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 . Income Taxes The Company’s effective tax rate (ETR) from continuing operations was 26.3% and 25.5% for the three and nine months ended June 30, 2021, respectively, and 30.7% and 28.3% for the three and nine months ended June 30, 2020, respectively. The Company's ETR during the three and nine months ended June 30, 2021 was different from the prior year tax rates as a result of the vesting and exercise of stock compensation, state taxes, changes in the valuation allowance against state net operating losses, changes in state statutory rates, as well as differences between the book and tax deductions associated with meals, entertainment, employer provide parking, and compensation of officers. The Company's ETR during the nine months ended June 30 , 202 1 was different than the U.S. federal statutory rate of 21 % as a result of state taxes, the vesting and exercise of stock compensation, differences in the GAAP and tax deductibility of meals and parking benefits, and changes in the valuation allowance against state net operating losses. As of September 30, 2020, the Company had aggregate federal and state net operating loss carryovers of approximately $512.6 million and $223.9 million, respectively, which expire in fiscal years 2027-2038 and 2021-2040, respectively. Approximately $0.7 million of state net operating loss carryforwards are expected to expire in the current fiscal year. |
Share-Based Compensation and St
Share-Based Compensation and Stock Repurchases | 9 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation and Stock Repurchases | 1 2 . Share-Based Compensation and Stock Repurchases Restricted Stock The restricted share activity for the nine months ended June 30, 2021 is summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value Restricted shares unvested at September 30, 2020 1,195,548 $ 5.47 Granted 305,374 9.54 Vested (445,937 ) 7.16 Forfeited (35,500 ) 4.75 Restricted shares unvested at June 30, 2021 1,019,485 $ 5.98 As of June 30, 2021, there was $5.4 million of total unrecognized compensation cost related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 2.6 years. Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. Share-based compensation expense for the three months ended June 30, 2021 and 2020 was $0.7 million and $1.0 million, respectively , and for the nine months ended June 30, 2021 and 2020 was $2.4 million and $3.5 million, respectively. The Company repurchased 139,896 shares of its common stock for $1.4 million to cover the income tax obligation on vested employee equity awards and warrant conversions during the nine months ended June 30, 2021. The Company grants restricted stock units (“RSUs”) as part of its long-term incentive compensation to employees and non-employee members of the Board of Directors. RSUs generally vest over a period of 3 to 5 years for employees and one year for members of the Board of Directors. The restricted common stock underlying RSUs are not deemed issued or outstanding upon grant, and do not carry any voting rights. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 9 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Purchase Plan | 13. 2019 ESPP The Mesa Air Group, Inc. 2019 Employee Stock Purchase Plan (the "2019 ESPP” A maximum of 500,000 Mesa Air Group, Inc. ordinary shares may be issued under the 2019 ESPP. As of June 30, 2021, eligible employees purchased and the Company issued 157,714 Mesa Air Group, Inc. ordinary shares. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 4 . Commitments and Contingencies Leases As of June 30, 2021, the Company leased 17 aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases. The leases require the Company to pay all taxes, maintenance, insurance, and other operating expenses. Rental expense is recognized on a straight-line basis over the lease term, net of lessor rebates and other incentives. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases, or the property may be purchased rather than leased. It is common for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased airport facility and office space premises. This type of indemnity typically makes us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees, and invitees at, or in connection with, the use or occupancy of the leased premises. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct. Our aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or other equipment. We believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above. While our insurance does not typically cover environmental liabilities, we have insurance policies in place as required by applicable environmental laws. We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time. Aggregate rental expense under all operating aircraft, equipment and facility leases totaled approximately $13.9 million and $15.6 million for the three months ended June 30, 2021 and 2020, respectively , and $41.6 million and $51.0 million for the nine months ended June 30, 2021 and 2020, respectively As of June 30, 2021, the Company’s operating leases have a remaining weighted average lease term of 2.9 years and our operating lease liabilities were measured using a weighted average discount rate of 4.2%. Engine Purchase Commitments On February 26, 2021, the Company and General Electric Company (“GE”), acting through its GE-Aviation business unit, entered into an Amended and Restated Letter Agreement No. 13-3. The Company agreed to purchase and take delivery of ten (10) new CF34-8C5 or CF34-8E5 engines with delivery dates starting from July 1, 2021 through November 1 , If the Company fails to accept delivery of the spare engines when duly tendered, the Company may be assessed a minimum cancellation charge based on the engine price determined as of the date of scheduled engine delivery to the Company. Other Commitments We have certain Litigation The Company is subject to two we are subject to certain legal actions which we consider routine to our business activities. As of June 30, 2021, our management believed, that the ultimate outcomes of the two putative class action lawsuits and such other routine legal matters are not likely to have a material adverse effect on our financial position, liquidity, or results of operations. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 5 . Subsequent Events In connection with a negotiated forward purchase contract for fully electric aircraft (the “Aircraft Purchase Agreement”) executed in July 2021, the Company entered into a Series A Preferred Stock Purchase Agreement (the “Series A Preferred Stock Purchase Agreement”) and acquired $5.0 million of preferred stock in Heart Aerospace Incorporated (“Heart”). Heart is a privately held company developing an electric aircraft for, among other things, commercial passenger transportation. The initial investment in preferred stock is expected to be measured at cost. The Aircraft Purchase Agreement provides for the purchase of 100 nineteen-seat electric aircraft (“ES-19” aircraft) with an option to purchase an additional 50 ES-19 aircraft, at the Company’s election. The Company’s obligation to purchase the ES-19 aircraft is subject to the Company and Heart first agreeing in the future to a number of terms and conditions, which may or may not be met. In connection with the Aircraft Purchase Agreement and Series A Preferred Stock Purchase Agreement, the Company also obtained a warrant to purchase common shares of Heart. The warrant vests and becomes exercisable in tranches upon completion of specified future milestones. On August 9, 2021, the Company entered into Amendment No. 5 (“Amendment No. 5”) to the Amended and Restated American Capacity Purchase Agreement as described in Note 1. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its wholly owned operating subsidiaries. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). All intercompany accounts and transactions have been eliminated in consolidation. Reclassifications of certain immaterial prior period amounts have been made to conform to the current period presentation. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2020 included in the Company's Annual Report on Form 10-K for the year ended September 30, 2020 on file with the U.S. Securities and Exchange Commission (the "SEC"). Information and footnote disclosures normally included in financial statements have been condensed or omitted in these condensed consolidated financial statements pursuant to the rules and regulations of the SEC and GAAP. These condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and may remain an emerging growth company until the last day of its fiscal year following the fifth anniversary of the Company’s initial public offering (“IPO”), subject to specified conditions. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to "opt out" of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Segment Reporting | Segment Reporting As of June 30, 2021, our chief operating decision maker was the Chief Executive Officer. While the Company operates under separate capacity purchase agreements and a flight services agreement, we do not manage our business based on any performance measure at the individual contract level. Our chief operating decision maker uses consolidated financial information to evaluate our performance and allocate resources, which is the same basis on which he communicates our results and performance to our Board of Directors. Accordingly, we have a single operating and reportable segment. |
Use of Estimates | Use of Estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Actual results could differ from those estimates. |
Contract revenue and Pass- through and other | Contract Revenue and Pass-through and Other Revenue The Company recognizes contract revenue when the service is provided under its capacity purchase agreements and flight services agreement. Under the capacity purchase agreements and flight services agreement, our major partners generally pay for each departure, flight hour or block hour, and an amount per aircraft in service each month with additional incentives based on flight completion, on-time performance, and other operating metrics. The Company’s performance obligation is met as each flight is completed, and revenue is recognized and reflected in contract revenue. Contract revenue also includes temporary rate reductions under our capacity purchase agreements impacting the period from December 2020 to September 2021. The basis for the reductions is temporary improvements in our cost structure being passed onto our major partners, primarily from lower labor costs due to the grants received under the Payroll Support Program Extensions (PSP2 and PSP3). A portion of the Company's compensation under its capacity purchase agreements with American and United is designed to reimburse the Company for certain aircraft ownership costs. Such costs include aircraft principal and interest debt service costs, aircraft depreciation, and interest expense or aircraft lease expense costs while the aircraft is under contract. The Company has concluded that a component of its revenue under these agreements is deemed to be lease revenue, as such agreements identify the "right of use" of a specific type and number of aircraft over a stated period-of-time. The lease revenue associated with the Company's capacity purchase agreements is accounted for as an operating lease and is reflected as contract revenue on the Company's consolidated statements of operations. The Company recognized $41.2 million and $52.0 million of lease revenue for the three months ended June 30, 2021 and 2020, respectively, and $131.8 million and $157.7 million during the nine months ended June 30, 2021 and 2020, respectively . The Company recognizes pass-through revenue when the service is provided under its capacity purchase agreements and flight services agreement. Pass-through revenue represents reimbursements for certain direct expenses incurred including passenger liability and hull insurance, The Company entered into lease agreements with GoJet Airlines LLC (“GoJet”) to lease 12 CRJ-700 aircraft as of June 2021. The lease agreements are accounted for as operating leases and have a term of nine (9) years beginning on the delivery date of each aircraft. Under the lease agreements, GoJet pays fixed monthly rent per aircraft and variable lease payments for supplemental rent based on monthly aircraft utilization at fixed rates. Supplemental rent payments are subject to reimbursement following GoJet’s completion of qualifying maintenance events defined in the agreements. Lease revenue for fixed monthly rent payments is recognized ratably within contract revenue. Lease revenue for supplemental rent is deferred and recognized within contract revenue The Company mitigates the residual asset risks through supplemental rent payments and by leasing aircraft and engine types that can be operated by the Company in the event of a default. Additionally, the operating leases have specified lease return condition requirements and the Company maintains inspection rights under the leases. As of June 30, 2021, the Company recognized $10.1 million of lease incentive assets and $8.8 million of related lease incentive obligations for reimbursement of certain aircraft maintenance costs defined within the lease agreements. Lease incentive assets are recognized as a reduction to lease revenue over the lease term. Lease revenue recognized under the GoJet agreements, net of amortization of the lease incentive assets, was $3.4 million and $4.0 million for the three and nine months ended June 30, 2021, respectively. Amounts deferred for supplemental rent payments totaled $0.2 million as of June 30, 2021. The following table summarizes future minimum rental income under operating leases related to leased aircraft that had remaining non-cancelable lease terms as of June 30, 2021 (in thousands): Periods Ending September 30, Total Payments 2021 (remainder of) $ 3,276 2022 13,104 2023 13,104 2024 13,104 2025 13,104 Thereafter 59,029 Total $ 114,721 The Company records deferred revenue when cash payments are received or are due from our major partners in advance of the Company’s performance, including amounts that are refundable. During the three and nine months ended June 30, 2021, the Company deferred $1.9 million and $12.0 million of revenue, respectively, which was billed and paid by our major partners. The deferred revenue balance as of June 30, 2021 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are satisfied, and is expected to be recognized as revenue as follows (in thousands): Periods Ending September 30, Deferred Revenue Recognized 2021 (remainder of) $ 1,825 2022 7,388 2023 10,101 2024 9,860 2025 4,621 Thereafter 1,956 Total $ 35,751 |
Aircraft Lease | Aircraft Leases As discussed in Note 1, we lease, at nominal rates, certain aircraft from United and DHL under our United Capacity Purchase Agreement and DHL Flight Services Agreement, which are excluded from operating lease assets and liabilities as the lease contracts do not represent embedded leases under ASC 842. Other than nominal leases with our major partners, approximately 10% of our aircraft are leased from third parties. All of our aircraft leases have been classified as operating leases, which results in rental payments being charged to expense over the term of the related leases. In the event that we or one of our major partners decide to exit an activity involving leased aircraft, losses may be incurred. In the event that we exit an activity that results in exit losses, these losses are accrued as each aircraft is removed from operations for early termination penalties, lease settle up and other charges. Additionally, any remaining ROU assets and lease liabilities would be written off. The majority of the Company's leased aircraft are leased through trusts that have a sole purpose to purchase, finance, and lease these aircraft to the Company; therefore, they meet the criteria of a variable interest entity. However, since these are single-owner trusts in which the Company does not participate, the Company is not at risk for losses and is not considered the primary beneficiary. Management believes that the Company's maximum exposure under these leases is the remaining lease payments. |
Contract Liabilities | Contract Liabilities Contract liabilities consist of deferred credits for cost reimbursements from major partners related to aircraft modifications and employee training associated with capacity purchase agreements. The deferred credits are recognized over time depicting the pattern of the transfer of services resulting in ratable recognition of revenue over the remaining term of the capacity purchase agreements. Current and non-current deferred credits are recorded to other accrued expenses and non-current deferred credits in the condensed consolidated balance sheets. The Company's total current and non-current deferred credit contract liability balances at June 30, 2021 and September 30, 2020 are $5.0 million and $8.5 million, respectively. The Company recognized $0.2 million and $0.9 million of the deferred credits within contract revenue during the three months ended June 30, 2021 and 2020, respectively, and $2.1 million and $2.9 million during the nine months ended June 30, 2021 and 2020, respectively |
Maintenance Expense | Maintenance Expense The Company operates under a Federal Aviation Administration (“FAA”) approved continuous inspection and maintenance program. The cost of non-major scheduled inspections and repairs and routine maintenance costs for all aircraft and engines are charged to maintenance expense as incurred. The Company accounts for heavy maintenance and major overhaul costs on its owned E-175 fleet under the deferral method whereby the cost of heavy maintenance and major overhaul is deferred and amortized until the earlier of the end of the useful life of the related asset or the next scheduled heavy maintenance event. Amortization of heavy maintenance and major overhaul costs charged to depreciation and amortization expense was $0.1 million for the three and nine months ended June 30, 2021 and 2020. At June 30, 2021 and September 30, 2020, the Company had a deferred heavy maintenance balance, net of accumulated amortization, of $2.8 million and $0.0 million, respectively. The Company accounts for heavy maintenance and major overhaul costs for all other fleets under the direct expense method whereby costs are expensed to maintenance expense as incurred, except for certain maintenance contracts where labor and materials price risks have been transferred to the service provider and require payment on a utilization basis, such as flight hours. Costs incurred for maintenance and repair for utilization maintenance contracts where labor and materials price risks have been transferred to the service provider are charged to maintenance expense based on contractual payment terms. Engine overhaul expense totaled $4.0 million and $3.2 million for the three months ended June 30, 2021, and 2020, respectively, of which $2.7 million and $0.4 million, respectively, was pass-through expense. Engine overhaul expense totaled $25.3 million and $28.3 million for the nine months ended June 30, 2021, and 2020, respectively, of which $14.5 million and $3.0 million, respectively, was pass-through expense. Airframe C-check expense totaled $38.3 million and $20.6 million for the nine months ended June 30, 2021, and 2020, respectively, of which $18.3 million and $5.9 million, respectively, was pass-through expense. |
Government Grant | Government Grant In February 2021, the Company was granted $48.7 million in financial assistance by the U.S. Department of the Treasury under the Payroll Support Program Extension (“PSP2”) under the Consolidated Appropriations Act of 2021. In March 2021 , On April 15, 2021, the Company was notified by the U.S. Department of the Treasury that it was eligible to receive funds under the third Payroll Support Program (“PSP3”), which was created under the American Recovery Plan Act of 2021 (“ARPA”), enacted on March 11, 2021. PSP3 provides additional funding for passenger air carriers and contractors that received financial assistance under PSP2. The funding must be used exclusively for the continuation of payment of employee wages, salaries, and benefits. The Company was granted $52.2 million and received the first PSP3 installment of $26.1 million in April 2021 and the second installment of $26.1 million in May 2021. These payments are conditioned on our agreement to refrain from conducting involuntary employee layoffs or furloughs through September 2021 or the date on which assistance provided under the agreement is exhausted, whichever is later. Other conditions include prohibitions on share repurchases and dividends through September 2022 and certain limitations on executive compensation until April 2023. During the three and nine months ended June 30, 2021, the Company recognized $26.1 million and $93.4 million, respectively, for the payroll support government funds. During the three and nine months ended June 30, 2020, the Company recognized $43.0 million for the payroll support government funds. As of June 30, 2021, there are $26.1 million of deferred payments remaining under PSP3, which are recorded within other accrued liabilities in the condensed consolidated balance sheets and will be recognized as a reduction of operating expenses during the quarter ended September 30, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Future Minimum Rental Income under Non-cancelable Operating Leases | The following table summarizes future minimum rental income under operating leases related to leased aircraft that had remaining non-cancelable lease terms as of June 30, 2021 (in thousands): Periods Ending September 30, Total Payments 2021 (remainder of) $ 3,276 2022 13,104 2023 13,104 2024 13,104 2025 13,104 Thereafter 59,029 Total $ 114,721 |
Schedule of Deferred Revenue Remaining Performance Obligations | The deferred revenue balance as of June 30, 2021 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are satisfied, and is expected to be recognized as revenue as follows (in thousands): Periods Ending September 30, Deferred Revenue Recognized 2021 (remainder of) $ 1,825 2022 7,388 2023 10,101 2024 9,860 2025 4,621 Thereafter 1,956 Total $ 35,751 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Information About Intangible Assets | Information about the intangible assets of the Company as of June 30, 2021 and September 30, 2020, is as follows (in thousands): June 30, September 30, 2021 2020 Customer relationship $ 43,800 $ 43,800 Accumulated amortization (36,698 ) (35,768 ) Net carrying value $ 7,102 $ 8,032 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Certain Significant Amounts Included in Condensed Consolidated Balance Sheet | Certain significant amounts included in the Company's condensed consolidated balance sheet as of June 30, 2021 and September 30, 2020, consisted of the following (in thousands): June 30, September 30, 2021 2020 Expendable parts and supplies, net: Expendable parts and supplies $ 29,135 $ 27,431 Less: obsolescence and other (4,428 ) (4,460 ) $ 24,707 $ 22,971 Prepaid expenses and other current assets: Deferred offering and reimbursed costs $ — $ 1,261 Prepaid aviation insurance 4,662 2,396 Other 4,294 12,410 $ 8,956 $ 16,067 Property and equipment, net: Aircraft and other flight equipment substantially pledged $ 1,606,276 $ 1,596,174 Other equipment 5,116 5,147 Leasehold improvements 2,790 2,763 Vehicles 1,115 1,032 Building 699 699 Furniture and fixtures 302 302 Total property and equipment 1,616,298 1,606,117 Less: accumulated depreciation (452,105 ) (393,702 ) $ 1,164,193 $ 1,212,415 Other assets: Warrants $ 16,374 $ — Other 8,941 742 $ 25,315 $ 742 Other accrued expenses: Accrued property taxes $ 7,479 $ 11,354 Accrued interest 4,814 3,268 Accrued vacation 5,967 5,975 Deferred PSP payments 26,100 11,311 Other 15,092 13,570 $ 59,452 $ 45,478 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Other Assets and Long-term Debt, Including Current Maturities | The estimated fair value of the Company's total long-term debt, including current maturities, were as follows (in millions): June 30, 2021 September 30, 2020 Carrying Fair Carrying Fair Value Value Value Value Long-term debt and finance leases, including current maturities (1) $ 713.7 $ 724.8 $ 743.3 $ 768.7 (1) Current and prior period long-term debts' carrying and fair values exclude net debt issuance costs. |
Long-Term Debt, Finance Lease_2
Long-Term Debt, Finance Leases and Other Borrowings (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt as of June 30, 2021 and September 30, 2020, consisted of the following (in thousands): June 30, September 30, 2021 2020 Notes payable to financial institution, collateralized by the underlying aircraft, due 2022 (1)(2) $ — $ 41,472 Notes payable to financial institution, collateralized by the underlying aircraft, due 2024 (3) — 55,674 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027 (4) 106,198 105,887 Notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (5) 162,247 172,137 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028 (6) 126,650 138,114 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (7) — 47,319 Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022 (8) — 29,682 Notes payable to financial institution due 2020 (9) 1,523 1,523 Notes payable to financial institution, collateralized by the underlying equipment, due 2020 (10) — 4,182 Other obligations due to financial institution, collateralized by the underlying equipment, due 2023 (11) 5,128 6,864 Notes payable to financial institution, collateralized by the underlying equipment, due 2024 (12) 50,097 63,341 Notes payable to financial institution, collateralized by the underlying aircraft, due 2023 (13) 35,000 48,125 Notes payable to financial institution due 2023 (14) 4,500 6,000 Revolving Credit Facility (15) 22,930 22,930 Notes payable to financial institution due 2025 (16) 199,383 — Gross long-term debt, including current maturities 713,656 743,250 Less unamortized debt issuance costs (9,948 ) (11,526 ) Less Notes payable warrants (10,219 ) — Net long-term debt, including current maturities 693,489 731,724 Less current portion (107,728 ) (189,268 ) Net long-term debt $ 585,761 $ 542,456 (1 ) In fiscal 2007, the Company financed three CRJ-900 and three CRJ-700 aircraft for $120.3 million. The debt bears interest at the monthly LIBOR plus 2.25% and requires monthly principal and interest payments. The loan was paid in full during quarter ended December 31, 2020. (2 ) In fiscal 2014, the Company financed ten CRJ-900 aircraft for $88.4 million. The debt bears interest at the monthly LIBOR plus 1.95% and requires monthly principal and interest payments. In fiscal 2018, the Company repaid $40.0 million related to four CRJ-900 aircraft. During quarter ended December 31, 2020 (3 ) In fiscal 2014, the Company financed eight CRJ-900 aircraft with $114.5 million in debt. The debt bears interest at 5.00% and requires monthly principal and interest payments. The loan was paid in full during quarter ended December 31, 2020 (4 ) In fiscal 2015, the Company financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $151.0 million bear interest at monthly LIBOR plus 2.71% and require monthly principal and interest payments. The subordinated notes payable is noninterest-bearing and become payable in full on the last day of the term of the notes. The Company has imputed an interest rate of 6.25% on the subordinated notes payable and recorded a related discount of $8.1 million, which is being accreted to interest expense over the term of the notes. (5 ) In fiscal 2016, the Company financed ten E-175 aircraft with $246.0 million in debt under an EETC financing arrangement (see discussion below). The debt bears interest ranging from 4.75% to 6.25% and requires semi-annual principal and interest payments. (6 ) In fiscal 2016, the Company financed eight E-175 aircraft with $ 195.3 million in debt. The senior notes payable of $ million bear interest at the three-month LIBOR plus a spread ranging from 2.20 % to 2.32 % and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50 % and require quarterly principal and interest payments. (7) In June 2018, the Company refinanced six CRJ-900 aircraft with $27.5 million in debt and financed nine CRJ-900 aircraft, which were previously leased, with $69.6 million in debt. The senior notes payable of $65.8 million bear interest at the three-month LIBOR plus 3.50% and require quarterly principal and interest payments. The subordinated notes payable of $29.8 million bear interest at three-month LIBOR plus 7.50% and require quarterly principal and interest payments. The loan was paid in full during quarter ended December 31, 2020 (8) In during quarter ended December 31, 2020. ( 9 ) In fiscal 2015 and 2016, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the three-month LIBOR plus 3.07% (1 0 ) In fiscal 2016-2019, the Company financed certain flight equipment maintenance costs with $26.1 million in debt. The debt bears interest at the three-month LIBOR plus a spread ranging from 2.93% to 3.21%and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. The loan was paid in full during quarter ended December 31, 2020 ( 1 1 ) In February 2018, the Company leased two spare engines. The leases were determined to be finance leases as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.128% and the leases requires monthly payments. (1 2 ) In January 2019, the Company financed certain flight equipment with $91.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.10% and requires monthly principal and interest payments. (1 3 ) In June 2019, the Company financed ten CRJ-700 aircraft with $70.0 million in debt, which were previously leased. The debt bears interest at the monthly LIBOR plus 5.00% and requires monthly principal and interest payments. The interest rate reduced from 5.25% to 5.00% in 1 st (1 4 ) On September 27,2019, the Company financed certain flight equipment for $8.0 million. The debt bears interest at the monthly LIBOR plus 5.00% and requires monthly principal and interest payments. The interest rate reduced from 5.25% to 5.00% in 1 st (1 5 ) On September 25, 2019, the Company extended the term on their $35.0 million working capital draw loan by three years, which now terminates in September 2022. Interest is assessed on drawn amounts at one-month LIBOR plus 3.75%. During quarter ended June 30, 2020, $23.0 million was drawn to cover operational needs. (1 6 ) |
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of June 30, 2021, and for each of the next five years are as follows (in thousands): Periods Ending September 30 Total Principal 2021 (remainder of) $ 45,273 2022 113,682 2023 89,462 2024 61,209 2025 56,526 Thereafter 347,504 $ 713,656 |
Earnings Per Share and Equity (
Earnings Per Share and Equity (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculations of Net Income Per Common Share | Calculations of net income per common share attributable to Mesa Air Group were as follows (in thousands, except per share data): Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Net income attributable to Mesa Air Group $ 4,276 $ 3,419 $ 24,083 $ 16,089 Basic weighted average common shares outstanding 35,769 35,299 35,642 35,154 Add: Incremental shares for: Dilutive share adjustment - UST warrant 3,084 — 2,536 — Dilutive share adjustment - restricted shares 660 — 633 94 Diluted weighted average common shares outstanding 39,513 35,299 38,811 35,248 Net income per common share attributable to Mesa Air Group: Basic $ 0.12 $ 0.10 $ 0.68 $ 0.46 Diluted $ 0.11 $ 0.10 $ 0.62 $ 0.46 |
Share-Based Compensation and _2
Share-Based Compensation and Stock Repurchases (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Restricted Share Activity | The restricted share activity for the nine months ended June 30, 2021 is summarized as follows: Weighted- Average Number Grant Date of Shares Fair Value Restricted shares unvested at September 30, 2020 1,195,548 $ 5.47 Granted 305,374 9.54 Vested (445,937 ) 7.16 Forfeited (35,500 ) 4.75 Restricted shares unvested at June 30, 2021 1,019,485 $ 5.98 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | Mar. 04, 2021Air-craft | Nov. 19, 2020Air-craft | Nov. 04, 2020Air-craft | Dec. 20, 2019Air-craft | Nov. 26, 2019Air-craftAirfleet | Jun. 30, 2021Daily_DepartureStateAir-craft | Jun. 02, 2021Air-craft | Aug. 17, 2021Air-craft | May 05, 2021Air-craft | Mar. 03, 2021Air-craft | Jun. 30, 2021Daily_DepartureStateAir-craftCityEmployee |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of states in which entity operates | State | 36 | 36 | |||||||||
Number of aircrafts operated | 155 | ||||||||||
Number of cities in which entity operates | City | 116 | ||||||||||
Number of daily departures | Daily_Departure | 470 | 470 | |||||||||
Number of employees | Employee | 3,191 | ||||||||||
Aircraft leases to third party | 12 | ||||||||||
American Capacity Purchase Agreement [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Amendment Term | 5 years | ||||||||||
Maximum number of aircraft withdraw in twenty twenty one | 10 | ||||||||||
Maximum number of aircraft withdraw in twenty twenty two | 5 | ||||||||||
Maximum number of aircraft withdraw in twenty twenty three | 5 | ||||||||||
Aircrafts able to be withdrawn in future under normal withdrawal rights | 20 | ||||||||||
Aircrafts able to be withdrawn in future, thereafter under normal withdrawal rights | 20 | ||||||||||
American Capacity Purchase Agreement [Member] | CRJ-900 Aircraft [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts operated | 40 | 45 | |||||||||
Amended and Restated American Capacity Purchase Agreement [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts withdrawable on conditions | 1 | 1 | |||||||||
Amended and Restated American Capacity Purchase Agreement [Member] | CRJ-900 Aircraft [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts expected to operate | 5 | 3 | |||||||||
American Capacity Purchase Agreement (Amendment No. 2) [Member] | CRJ-900 Aircraft [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts expected to operate | 3 | 5 | |||||||||
American Capacity Purchase Agreement (Amendment No. 2) [Member] | CRJ-900 Aircraft [Member] | Forecast | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts expected to operate | 5 | ||||||||||
United Capacity Purchase Agreement [Member] | E-175 Aircraft [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts operated | 60 | ||||||||||
United Capacity Purchase Agreement [Member] | E-175 Aircraft [Member] | United [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts operated | 42 | ||||||||||
Aircraft lease extension period | 5 years | ||||||||||
Number of aircraft leased | 42 | ||||||||||
Lease expiration year | 2028 | ||||||||||
Number of aircrafts owned | Airfleet | 18 | ||||||||||
Notice period for termination of agreement | Permits United, subject to certain conditions, including the payment of certain costs tied to aircraft type, to terminate the agreement in its discretion, or remove E-175 aircraft from service, by giving us notice of 90 days or more | ||||||||||
United Capacity Purchase Agreement [Member] | E-175 Aircraft [Member] | United [Member] | Minimum [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Lease expiration year | 2024 | ||||||||||
United Capacity Purchase Agreement [Member] | E-175 Aircraft [Member] | United [Member] | Maximum [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Lease expiration year | 2028 | ||||||||||
United Capacity Purchase Agreement [Member] | E175LL Aircraft [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts operated | 20 | ||||||||||
Number of additional aircrafts | 20 | ||||||||||
Number of years in operation | 12 years | ||||||||||
Air crafts expiring month and year description | expiring between November 2032 and June 2033 | ||||||||||
Number of aircraft leased | 20 | ||||||||||
Aircraft lease term | 12 years | ||||||||||
Number of aircraft delivered | 20 | ||||||||||
United Capacity Purchase Agreement [Member] | E175LL Aircraft [Member] | United [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Notice period for termination of agreement | Commencing five (5) years after the actual in-service date, United has the right to remove the E-175 aircraft from service by giving us notice of 90 days or more, subject to certain conditions, including the payment of certain wind-down expenses plus, if removed prior to the ten (10) year anniversary of the in-service date, certain accelerated margin payments | ||||||||||
United Capacity Purchase Agreement [Member] | CRJ-700 Aircraft [Member] | United [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Aircraft lease term | 9 years | ||||||||||
DHL Flight Services Agreement [Member] | Boeing 737400F [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Number of aircrafts operated | 2 | ||||||||||
Number of aircraft leased | 2 | ||||||||||
Aircraft lease term | 5 years | ||||||||||
Notice period for termination of agreement | At any time after the first anniversary of the commencement date of the first aircraft placed in service with 90 day’s written notice | ||||||||||
Aircraft option to extend agreement description | DHL has the option to extend the agreement with respect to one or more aircraft for a period of one year with 90 days’ advance written notice. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Apr. 15, 2021USD ($) | Jun. 30, 2021USD ($)Air-craft | May 31, 2021USD ($) | Apr. 30, 2021USD ($) | Feb. 28, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Lease incentive assets | $ 10.1 | $ 10.1 | $ 10.1 | |||||||
Lease incentive obligations | 8.8 | 8.8 | 8.8 | |||||||
Amounts deferred for supplemental rent payments | 0.2 | 0.2 | 0.2 | |||||||
Deferred revenue | 1.9 | 12 | ||||||||
Current and non-current deferred credit contract liability balances | 5 | 5 | 5 | $ 8.5 | ||||||
Recognized deferred credits within contract revenue | 0.2 | $ 0.9 | 2.1 | $ 2.9 | ||||||
Amortization of heavy maintenance and major overhaul costs charged to depreciation and amortization expense | 0.1 | 0.1 | 0.1 | 0.1 | ||||||
Deferred heavy maintenance balance, net of accumulated amortization | $ 2.8 | 2.8 | 2.8 | $ 0 | ||||||
Engine overhaul expense | 4 | 3.2 | 25.3 | 28.3 | ||||||
Engine overhaul pass-through expense | 2.7 | 0.4 | 14.5 | 3 | ||||||
Airframe check expense | 14.1 | 2.9 | 38.3 | 20.6 | ||||||
Airframe check pass-through expense | 5.6 | 0.8 | 18.3 | 5.9 | ||||||
Payroll Support Program Extension, amount granted | $ 48.7 | |||||||||
Payroll Support Program Extension, total amount granted | $ 56 | |||||||||
Payroll Support Program Extension, additional amount received | $ 7.3 | |||||||||
Third Payroll Support Program, eligible and granted amount | $ 52.2 | |||||||||
Third Payroll Support Program, amount received | $ 26.1 | $ 26.1 | ||||||||
Payroll support government funds | 26.1 | 43 | 93.4 | 43 | ||||||
deferred payments | $ 26.1 | |||||||||
Aircraft [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Percentage leased | 10.00% | |||||||||
GoJet Agreements [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Lease revenue recognized | $ 3.4 | $ 4 | ||||||||
CRJ 700 [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of aircraft to be leased | Air-craft | 12 | |||||||||
Operating lease, term of contract | 9 years | 9 years | 9 years | |||||||
Contract Revenue [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Lease revenue | $ 41.2 | $ 52 | $ 131.8 | $ 157.7 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Future Minimum Rental Income under Non-cancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2021 (remainder of) | $ 3,276 |
2022 | 13,104 |
2023 | 13,104 |
2024 | 13,104 |
2025 | 13,104 |
Thereafter | 59,029 |
Total | $ 114,721 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Deferred Revenue Remaining Performance Obligations (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 35,751 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 1,825 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 7,388 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 10,101 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 9,860 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 4,621 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Deferred Revenue Recognized | $ 1,956 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Deferred Revenue Remaining Performance Obligations (Detail 1) $ in Thousands | Jun. 30, 2021USD ($) |
Revenue Performance Obligation Satisfied Over Time [Abstract] | |
Deferred Revenue Recognized | $ 35,751 |
Concentrations of Credit Risk -
Concentrations of Credit Risk - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | |||||
Restricted cash | $ 3,352 | $ 3,352 | $ 3,446 | ||
Outstanding letters of credit to be collateralized by amounts on deposit | 3,400 | 3,400 | |||
Allowance for doubtful accounts | $ 1,400 | $ 1,400 | $ 800 | ||
Sales Revenue, Net [Member] | American Airlines Inc. [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 45.00% | 60.00% | 46.00% | 53.00% | |
Sales Revenue, Net [Member] | United [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 51.00% | 40.00% | 52.00% | 47.00% |
Intangible Assets - Information
Intangible Assets - Information About Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Customer relationship | $ 43,800 | $ 43,800 |
Accumulated amortization | (36,698) | (35,768) |
Net carrying value | $ 7,102 | $ 8,032 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||||
Amortization expense recognized | $ 0.3 | $ 0.4 | $ 0.9 | $ 1.1 |
Amortization expense for remainder of 2021 | 0.3 | 0.3 | ||
Amortization expense for 2022 | 1 | 1 | ||
Amortization expense for 2023 | 0.9 | 0.9 | ||
Amortization expense for 2024 | 0.8 | 0.8 | ||
Amortization expense for 2025 | $ 0.7 | $ 0.7 | ||
Remaining weighted average term of intangible assets | 14 years 3 months 18 days |
Balance Sheet Information - Sum
Balance Sheet Information - Summary of Certain Significant Amounts Included in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Expendable parts and supplies, net: | ||
Expendable parts and supplies | $ 29,135 | $ 27,431 |
Less: obsolescence and other | (4,428) | (4,460) |
Expendable parts and supplies, net | 24,707 | 22,971 |
Prepaid expenses and other current assets: | ||
Deferred offering and reimbursed costs | 1,261 | |
Prepaid aviation insurance | 4,662 | 2,396 |
Other | 4,294 | 12,410 |
Prepaid expenses and other current assets | 8,956 | 16,067 |
Property and equipment, net: | ||
Property and equipment-gross | 1,616,298 | 1,606,117 |
Less: accumulated depreciation | (452,105) | (393,702) |
Property and equipment-net | 1,164,193 | 1,212,415 |
Other assets: | ||
Warrants | 16,374 | |
Other | 8,941 | 742 |
Other assets | 25,315 | 742 |
Other accrued expenses: | ||
Accrued property taxes | 7,479 | 11,354 |
Accrued interest | 4,814 | 3,268 |
Accrued vacation | 5,967 | 5,975 |
Deferred PSP payments | 26,100 | 11,311 |
Other | 15,092 | 13,570 |
Other accrued expenses | 59,452 | 45,478 |
Aircraft and Other Flight Equipment Substantially Pledged [Member] | ||
Property and equipment, net: | ||
Property and equipment-gross | 1,606,276 | 1,596,174 |
Other Machinery and Equipment [Member] | ||
Property and equipment, net: | ||
Property and equipment-gross | 5,116 | 5,147 |
Leasehold Improvements [Member] | ||
Property and equipment, net: | ||
Property and equipment-gross | 2,790 | 2,763 |
Vehicles [Member] | ||
Property and equipment, net: | ||
Property and equipment-gross | 1,115 | 1,032 |
Building [Member] | ||
Property and equipment, net: | ||
Property and equipment-gross | 699 | 699 |
Furniture and Fixtures [Member] | ||
Property and equipment, net: | ||
Property and equipment-gross | $ 302 | $ 302 |
Balance Sheet Information - Add
Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 28, 2021 | |
Condensed Balance Sheet Statements Captions [Line Items] | |||||
Depreciation expense | $ 20,600 | $ 20,200 | $ 61,200 | $ 60,500 | |
Estimated initial equity warrant asset value | $ 16,400 | ||||
Warrant asset value | $ 16,374 | $ 16,374 | |||
Archer Aviation, Inc. [Member] | |||||
Condensed Balance Sheet Statements Captions [Line Items] | |||||
Equity warrant assets, right to acquire common stock shares | 1,171,649 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Value of Long-term Debt, Including Current Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Long-term debt and finance leases, including current maturities, carrying value | $ 713,656 | $ 743,250 |
Long-term debt and finance leases, including current maturities, fair value | $ 724,800 | $ 768,700 |
Long-Term Debt, Finance Lease_3
Long-Term Debt, Finance Leases and Other Borrowings - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | $ 713,656 | $ 743,250 |
Less unamortized debt issuance costs | (9,948) | (11,526) |
Less Notes payable warrants | (10,219) | |
Net long-term debt, including current maturities | 693,489 | 731,724 |
Less current portion | (107,728) | (189,268) |
Net long-term debt | 585,761 | 542,456 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 22,930 | 22,930 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 41,472 | |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 55,674 | |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 106,198 | 105,887 |
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 162,247 | 172,137 |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 126,650 | 138,114 |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 47,319 | |
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 29,682 | |
Notes Payable to Financial Institution Due 2020 [Member] | Flight Equipment Maintenance [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 1,523 | 1,523 |
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 4,182 | |
Other Obligations Due to Financial Institution, Collateralized by the Underlying Equipment, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 5,128 | 6,864 |
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 50,097 | 63,341 |
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 35,000 | 48,125 |
Notes Payable to Financial Institution Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | 4,500 | $ 6,000 |
Notes Payable to Financial Institution Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt, including current maturities | $ 199,383 |
Long-Term Debt, Finance Lease_4
Long-Term Debt, Finance Leases and Other Borrowings - Schedule of Long-term Debt (Parenthetical) (Detail) | Nov. 12, 2020USD ($)Air-craft | Oct. 30, 2020USD ($) | Sep. 27, 2019USD ($) | Sep. 25, 2019USD ($) | Jun. 30, 2019USD ($)Airfleet | Jan. 31, 2019USD ($) | Jun. 30, 2018USD ($)Air-craft | Feb. 28, 2018Engine | Dec. 31, 2017USD ($)Air-craft | Jun. 30, 2020USD ($) | Dec. 31, 2019 | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)Air-craft | Sep. 30, 2015USD ($)Air-craft | Nov. 14, 2020USD ($) | Nov. 13, 2020USD ($) | Sep. 30, 2014USD ($)Airfleet | Sep. 30, 2007USD ($)Airfleet |
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from long-term debt | $ 195,000,000 | $ 23,000,000 | |||||||||||||||||||||
Loan Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of aircraft financed | Air-craft | 44 | ||||||||||||||||||||||
Repayments of long term debt | $ 167,700,000 | ||||||||||||||||||||||
Secured term loan facility, amount borrowed | $ 43,000,000 | ||||||||||||||||||||||
Secured term loan facility, additional amount borrowed | $ 152,000,000 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2022 | 2022 | |||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of aircraft refinanced | Airfleet | 3 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-700 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of aircraft refinanced | Airfleet | 3 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Three C- R- J-900 and Three C- R- J-700 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 120,300,000 | ||||||||||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 2.25% | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Three C- R- J-900 and Three C- R- J-700 [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 2.25% | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2022 [Member] | Ten C- R- J-900 Aircraft [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 88,400,000 | ||||||||||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 1.95% | ||||||||||||||||||||||
Number of aircraft financed | Airfleet | 10 | ||||||||||||||||||||||
Long term debt interest rate percentage | 1.95% | ||||||||||||||||||||||
Repayments of long term debt | $ 40,000,000 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2024 | 2024 | |||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2024 [Member] | Eight C- R- J-900 Aircraft [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 114,500,000 | ||||||||||||||||||||||
Number of aircraft financed | Airfleet | 8 | ||||||||||||||||||||||
Long term debt interest rate percentage | 5.00% | ||||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2027 | 2027 | |||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2027 [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 170,200,000 | ||||||||||||||||||||||
Number of aircraft financed | Air-craft | 7 | ||||||||||||||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2028 | 2028 | |||||||||||||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Ten E-175 Aircraft [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 246,000,000 | ||||||||||||||||||||||
Number of aircraft financed | Air-craft | 10 | ||||||||||||||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Ten E-175 Aircraft [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate percentage | 4.75% | ||||||||||||||||||||||
Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Ten E-175 Aircraft [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate percentage | 6.25% | ||||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2028 | 2028 | |||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2028 [Member] | Eight E-175 Aircraft [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of aircraft refinanced | Air-craft | 8 | ||||||||||||||||||||||
Debt instrument, face amount | $ 195,300,000 | ||||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2022 | 2022 | |||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2022 | 2022 | |||||||||||||||||||||
Number of aircraft refinanced | Air-craft | 6 | 9 | |||||||||||||||||||||
Debt instrument, face amount | $ 27,500,000 | $ 74,900,000 | |||||||||||||||||||||
Number of aircraft financed | Air-craft | 9 | ||||||||||||||||||||||
Senior and Subordinated Notes Payable to Secured Parties, Collateralized by the Underlying Aircraft, Due 2022 [Member] | CRJ-900 [Member] | Capital Lease Obligations [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 69,600,000 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2020 | 2020 | |||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 26,100,000 | $ 26,100,000 | $ 26,100,000 | $ 26,100,000 | |||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus a spread ranging from 2.93% to 3.21% | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 2.93% | 2.93% | 2.93% | 2.93% | |||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2020 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 3.21% | 3.21% | 3.21% | 3.21% | |||||||||||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2020 | 2020 | |||||||||||||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 10,200,000 | $ 10,200,000 | |||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.07% | ||||||||||||||||||||||
Notes Payable to Financial Institution Due 2020 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate percentage | 3.07% | 3.07% | |||||||||||||||||||||
Other Obligations Due to Financial Institution, Collateralized by the Underlying Equipment, Due 2023 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2023 | 2023 | |||||||||||||||||||||
Imputed interest | 9.128% | ||||||||||||||||||||||
Number of spare engines leased | Engine | 2 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2024 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2024 | 2024 | |||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2024 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 91,200,000 | ||||||||||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 3.10% | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Equipment, Due 2024 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 3.10% | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2023 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2023 | 2023 | |||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2023 [Member] | CRJ-700 Aircraft [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 70,000,000 | ||||||||||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 5.00% | ||||||||||||||||||||||
Number of aircraft financed | Airfleet | 10 | ||||||||||||||||||||||
Notes Payable to Financial Institution, Collateralized by the Underlying Aircraft, Due 2023 [Member] | CRJ-700 Aircraft [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 5.25% | 5.00% | 5.25% | ||||||||||||||||||||
Notes Payable to Financial Institution Due 2023 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2023 | 2023 | |||||||||||||||||||||
Notes Payable to Financial Institution Due 2023 [Member] | Flight Equipment Maintenance [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 8,000,000 | ||||||||||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 5.00% | ||||||||||||||||||||||
Notes Payable to Financial Institution Due 2023 [Member] | Flight Equipment Maintenance [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 5.25% | 5.00% | 5.25% | ||||||||||||||||||||
Notes Payable to Financial Institution Due 2025 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument maturity year | 2025 | 2025 | |||||||||||||||||||||
Senior Notes Due Two Thousand Twenty Seven [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 151,000,000 | ||||||||||||||||||||||
Long term debt interest rate description | monthly LIBOR plus 2.71% | ||||||||||||||||||||||
Senior Notes Due Two Thousand Twenty Seven [Member] | CRJ-900 [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 2.71% | ||||||||||||||||||||||
Subordinated Notes Due Two Thousand Twenty Seven [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Imputed interest | 6.25% | ||||||||||||||||||||||
Debt discount | $ 8,100,000 | ||||||||||||||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus a spread ranging from 2.20% to 2.32% | ||||||||||||||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 172,000,000 | ||||||||||||||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 2.20% | ||||||||||||||||||||||
Senior Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 2.32% | ||||||||||||||||||||||
Subordinated Notes Due 2008 [Member] | Eight E-175 Aircraft [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate percentage | 4.50% | ||||||||||||||||||||||
Senior Notes Due 2020 [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 65,800,000 | ||||||||||||||||||||||
Long term debt, basis spread on variable rate | 3.50% | ||||||||||||||||||||||
Senior Notes Due 2020 [Member] | CRJ-900 [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.50% | ||||||||||||||||||||||
Subordinated Notes Due 2020 [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 29,800,000 | ||||||||||||||||||||||
Long term debt, basis spread on variable rate | 7.50% | ||||||||||||||||||||||
Subordinated Notes Due 2020 [Member] | CRJ-900 [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus 7.50% | ||||||||||||||||||||||
Senior Notes due Two Thousand Twenty Two [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 46,900,000 | ||||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.50% | ||||||||||||||||||||||
Senior Notes due Two Thousand Twenty Two [Member] | CRJ-900 [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 3.50% | ||||||||||||||||||||||
Subordinated Notes DueTwoThousandTwentyTwo [Member] | CRJ-900 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus 4.50% | ||||||||||||||||||||||
Subordinated Notes DueTwoThousandTwentyTwo [Member] | CRJ-900 [Member] | LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt interest rate percentage | 4.50% | ||||||||||||||||||||||
Working Capital Draw Loan [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 35,000,000 | ||||||||||||||||||||||
Long term debt interest rate description | one-month LIBOR plus 3.75% | ||||||||||||||||||||||
Term loan, term | 3 years | ||||||||||||||||||||||
Debt instrument, expiration year and month | 2022-09 | ||||||||||||||||||||||
Proceeds from long-term debt | $ 23,000,000 | $ 22,900,000 | |||||||||||||||||||||
Working Capital Draw Loan [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 3.75% | ||||||||||||||||||||||
Secured Term Loan Facility [Member] | Loan Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, basis spread on variable rate | 3.50% | ||||||||||||||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.50% | ||||||||||||||||||||||
Secured term loan facility, maximum borrowing capacity | $ 200,000,000 | ||||||||||||||||||||||
Secured term loan facility, amount borrowed | $ 43,000,000 | ||||||||||||||||||||||
Secured term loan facility, additional amount borrowed | $ 0 | $ 152,000,000 | |||||||||||||||||||||
Debt instrument, maturity date | Oct. 30, 2025 |
Long-Term Debt, Finance Lease_5
Long-Term Debt, Finance Leases and Other Borrowings - Schedule of Principal Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Long Term Debt By Maturity [Abstract] | ||
2021 (remainder of) | $ 45,273 | |
2022 | 113,682 | |
2023 | 89,462 | |
2024 | 61,209 | |
2025 | 56,526 | |
Thereafter | 347,504 | |
Long-term debt | $ 713,656 | $ 743,250 |
Long-Term Debt, Finance Lease_6
Long-Term Debt, Finance Leases and Other Borrowings - Additional Information (Detail) | Nov. 13, 2020USD ($) | Nov. 12, 2020USD ($)Air-craft | Oct. 30, 2020USD ($)$ / sharesshares | Sep. 25, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Nov. 14, 2020USD ($) | Sep. 30, 2020USD ($) | Apr. 09, 2020$ / shares |
Debt Instrument [Line Items] | ||||||||||
Property and equipment, net | $ 1,164,193,000 | $ 1,212,415,000 | ||||||||
Long-Term Debt | 693,489,000 | $ 731,724,000 | ||||||||
Proceeds from long-term debt | $ 195,000,000 | $ 23,000,000 | ||||||||
Warrants of common stock exercise price | $ / shares | $ 0.004 | $ 3.98 | ||||||||
Treasury Loan [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Calculated collateral coverage ratio | 1.6 | |||||||||
Treasury Loan [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Additional collateral coverage ratio | 1.6 | |||||||||
Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured term loan facility, amount borrowed | $ 43,000,000 | |||||||||
Secured term loan facility, additional amount borrowed | $ 152,000,000 | |||||||||
Warrants to purchase shares of common stock | shares | 4,899,497 | |||||||||
Warrants of common stock exercise price | $ / shares | $ 3.98 | |||||||||
Debt issuance costs allocated to warrants | $ 100,000 | |||||||||
Repayments of long term debt | $ 167,700,000 | |||||||||
Number of aircraft financed | Air-craft | 44 | |||||||||
Loan Agreement [Member] | EDC Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | 3,100,000 | |||||||||
Repayments of long term debt | 1,000,000 | |||||||||
Payment of loans | $ 164,200,000 | |||||||||
Discount for balance amount of loans | $ 3,500,000 | |||||||||
Debt discount | 2,500,000 | |||||||||
Loan Agreement [Member] | FortyThreeMillionTreasuryLoanMember | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Capitalized debt issuance costs, net | $ 700,000 | |||||||||
Loan Agreement [Member] | $152M Treasury Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Capitalized debt issuance costs, net | 2,300,000 | |||||||||
Equipment Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt | $ 162,200,000 | |||||||||
Working Capital Draw Loan [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 35,000,000 | |||||||||
Term loan, term | 3 years | |||||||||
Debt instrument, expiration year and month | 2022-09 | |||||||||
Long term debt interest rate description | one-month LIBOR plus 3.75% | |||||||||
Proceeds from long-term debt | $ 23,000,000 | $ 22,900,000 | ||||||||
Working Capital Draw Loan [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long term debt, basis spread on variable rate | 3.75% | |||||||||
Secured Term Loan Facility [Member] | Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long term debt interest rate description | three-month LIBOR plus 3.50% | |||||||||
Long term debt, basis spread on variable rate | 3.50% | |||||||||
Secured term loan facility, maximum borrowing capacity | $ 200,000,000 | |||||||||
Secured term loan facility, amount borrowed | $ 43,000,000 | |||||||||
Secured term loan facility, additional amount borrowed | 152,000,000 | $ 0 | ||||||||
Debt instrument, maturity date | Oct. 30, 2025 | |||||||||
Secured Term Loan Facility [Member] | Loan Agreement [Member] | Treasury Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long term debt, basis spread on variable rate | 3.50% | |||||||||
Secured term loan facility, amount borrowed | $ 43,000,000 | |||||||||
Secured term loan facility, additional amount borrowed | $ 152,000,000 | $ 0 | ||||||||
Debt instrument, maturity date | Oct. 30, 2025 | |||||||||
Aircraft and Equipment [Member] | Pledged as Collateral [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Property and equipment, net | $ 1,044,100,000 |
Earnings Per Share and Equity -
Earnings Per Share and Equity - Calculations of Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share And Equity [Abstract] | ||||||||
Net income | $ 4,276 | $ 5,689 | $ 14,118 | $ 3,419 | $ 1,885 | $ 10,785 | $ 24,083 | $ 16,089 |
Basic weighted average common shares outstanding | 35,769 | 35,299 | 35,642 | 35,154 | ||||
Add: Incremental shares for: | ||||||||
Dilutive share adjustment - UST warrant | 3,084 | 2,536 | ||||||
Dilutive share adjustment - restricted shares | 660 | 633 | 94 | |||||
Diluted weighted average common shares outstanding | 39,513 | 35,299 | 38,811 | 35,248 | ||||
Net income per common share attributable to Mesa Air Group: | ||||||||
Basic | $ 0.12 | $ 0.10 | $ 0.68 | $ 0.46 | ||||
Diluted | $ 0.11 | $ 0.10 | $ 0.62 | $ 0.46 |
Earnings Per Share and Equity_2
Earnings Per Share and Equity - Additional Information (Detail) - shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Restricted Stock [Member] | ||
Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted loss per share | 0 | 0 |
Number of Warrants [Member] | ||
Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted loss per share | 0 | 0 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - $ / shares | 9 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2020 | Apr. 09, 2020 | |
Stockholders Equity Note [Abstract] | |||
Warrants term | 5 years | ||
Warrants of common stock exercise price | $ 0.004 | $ 3.98 | |
Maximum percentage of stock pertaining to restrictions | 24.90% | ||
Extended term of outstanding warrants expiration period | 5 years | ||
Warrants of common stock expiration date | Sep. 30, 2023 | ||
Common stock, warrants issued | 4,899,497 | 0 | |
Common stock, warrants outstanding | 4,899,497 | 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Income Taxes [Line Items] | |||||
Effective tax rate (ETR) from continuing operations | 26.30% | 30.70% | 25.50% | 28.30% | |
Federal statutory rate | 21.00% | ||||
State net operating loss carryforwards | $ 0.7 | ||||
Domestic Tax Authority [Member] | 2027-2038 [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 512.6 | ||||
State and Local Jurisdiction [Member] | 2021-2040 [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | $ 223.9 | ||||
Minimum [Member] | Domestic Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration year | 2027 | ||||
Minimum [Member] | State and Local Jurisdiction [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration year | 2021 | ||||
Maximum [Member] | Domestic Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration year | 2038 | ||||
Maximum [Member] | State and Local Jurisdiction [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration year | 2040 |
Share-Based Compensation and _3
Share-Based Compensation and Stock Repurchases - Schedule of Restricted Share Activity (Detail) - Restricted Stock [Member] | 9 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning Balance | shares | 1,195,548 |
Number of Shares, Granted | shares | 305,374 |
Number of Shares, Vested | shares | (445,937) |
Number of Shares, Forfeited | shares | (35,500) |
Number of Shares, Unvested, Ending Balance | shares | 1,019,485 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 5.47 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 9.54 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 7.16 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 4.75 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 5.98 |
Share-Based Compensation and _4
Share-Based Compensation and Stock Repurchases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to unvested share-based compensation arrangements | $ 5,400 | $ 5,400 | ||||||
Unrecognized compensation cost, period for recognition | 2 years 7 months 6 days | |||||||
Share-based compensation expense | 700 | $ 1,000 | $ 2,400 | $ 3,500 | ||||
Repurchased shares, value | $ 1,209 | $ 157 | $ 19 | $ 297 | $ 160 | $ 41 | ||
Board of Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares vesting period | 1 year | |||||||
Restricted Stock Units [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares vesting period | 3 years | |||||||
Restricted Stock Units [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares vesting period | 5 years | |||||||
Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Repurchased shares, shares | 139,896 | |||||||
Repurchased shares, value | $ 1,400 |
Employee Stock Purchase Plan -
Employee Stock Purchase Plan - Additional Information (Detail) - 2019 ESPP [Member] | 9 Months Ended |
Jun. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ordinary shares, discount rate | 10.00% |
Number of ordinary shares issued | 157,714 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Eligible employees contribution from their eligible compensation during each semi annual | 1.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Eligible employees contribution from their eligible compensation during each semi annual | 15.00% |
Number of ordinary shares issued | 500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021USD ($)Air-craft | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Air-craftEngineLawsuit | Jun. 30, 2020USD ($) | |
Purchase Commitment Excluding Longterm Commitment [Line Items] | ||||
Number of leased aircraft | Air-craft | 17 | 17 | ||
Aggregate rental expense under all operating aircraft, equipment and facility leases | $ | $ 13.9 | $ 15.6 | $ 41.6 | $ 51 |
Weighted average remaining lease term Operating leases | 2 years 10 months 24 days | 2 years 10 months 24 days | ||
Weighted average discount rate Operating leases | 4.20% | 4.20% | ||
IPO [Member] | ||||
Purchase Commitment Excluding Longterm Commitment [Line Items] | ||||
Number of putative class action lawsuits | Lawsuit | 2 | |||
Superior Court of State of Arizona [Member] | IPO [Member] | ||||
Purchase Commitment Excluding Longterm Commitment [Line Items] | ||||
Number of putative class action lawsuits | Lawsuit | 1 | |||
U.S. District Court of Arizona [Member] | IPO [Member] | ||||
Purchase Commitment Excluding Longterm Commitment [Line Items] | ||||
Number of putative class action lawsuits | Lawsuit | 1 | |||
CF34-8C5 or CF34-8E5 Engines [Member] | Letter Agreement No. 13-3 [Member] | ||||
Purchase Commitment Excluding Longterm Commitment [Line Items] | ||||
Number of new spare engines to be acquired | Engine | 10 | |||
New spare engines delivery month and year description | The Company agreed to purchase and take delivery of ten (10) new CF34-8C5 or CF34-8E5 engines with delivery dates starting from July 1, 2021 through November 1, 2022. During the quarter ended March 31, 2021, a $7.0 million non-refundable purchase deposit was made for the first five engines to be delivered in calendar 2021. | |||
Purchase deposit | $ | $ 7 | $ 7 | ||
Number of new spare engines to be delivered | Engine | 5 | |||
Purchase commitment amount | $ | $ 50 | $ 50 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Forward Purchase Contract [Member] - Heart Aerospace Incorporated [Member] - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Jul. 31, 2021USD ($)Air-craft | |
Aircraft Purchase Agreement [Member] | |
Subsequent Event [Line Items] | |
Number of aircraft purchased | 100 |
Number of additional aircrafts | 50 |
Preferred Stock [Member] | Series A Preferred Stock Purchase Agreement [Member] | |
Subsequent Event [Line Items] | |
Purchase of preferred stock | $ | $ 5 |