Mesa’s first-quarter 2021 results reflect net income of US$14.1 million, compared to net income of US$10.8 million in the first quarter of 2020. Mesa’s pre-tax income in the first quarter was US$18.9 million, compared to US$10.8 million for the first quarter of 2020. Adjusted pre-tax income was US$18.0 million, compared to US$14.3 million in the previous year. Mesa’s first quarter 2021 results include, per GAAP, the deferral of US$5.2 million of revenue, all of which was billed and paid by American and United during the quarter and will be recognized over the remaining terms of the contracts.
The primary reason for the US$3.7 million increase in adjusted pre-tax income from the first quarter of 2020 to the first quarter of 2021 was US$11.3 million of benefit from the Payroll Support Program (PSP) under the CARES Act offset by the US$5.2 million of deferred revenue and the impact of a 26% reduction in Contract Revenue related to reduced flying as a result of COVID-19.
Additionally, Mesa’s Adjusted EBITDA for the first quarter of 2021 was US$47.4 million, compared to US$47.4 million in the first quarter of 2020, and Adjusted EBITDAR was US$57.5 million, compared to US$58.8 million in the previous year.