Cargojet Inc. announced today financial results for the fourth quarter and year ended December 31, 2021.
Total Revenues for the quarter were $235.9 million compared to fourth quarter 2020 Revenues of $187.1 million.
Gross Margin for the quarter was $76.7 million compared to fourth quarter 2020 Gross Margin of $69.3 million.
Adjusted EBITDA and Adjusted EBITDAR for the quarter were $90.5 million compared to the fourth quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $87 million.
Net income for the quarter was $102.0 million (net income of $33.4 million excluding warrant valuation gain) compared to net loss of $20.5 million in 2020 (net income of $27.4 million excluding warrant valuation loss).
Total Revenues for the year were $757.8 million compared to 2020 Revenues of $668.5 million.
Gross Margin for the year was $230.9 million compared to 2020 Gross Margin of $250.5 million.
Adjusted EBITDA and Adjusted EBITDAR for the year were $293.1 million compared to the 2020 Adjusted EBITDA and Adjusted EBITDAR of $281.7 million.
Net income for the year was $167.4 million (net income of $88.4 million excluding warrant valuation gain) compared to net loss of $87.8 million in 2020 (net income of $90.1 million excluding warrant valuation loss).
Total revenue growth of 26.1% for the quarter compared to prior year reflected the results of our previously announced diversification strategy that is helping deliver a balanced portfolio growth where each line of business is a strong contributor.
Domestic network posted 18.2%, ACMI posted 26.6% and the Charter business posted 54.6% growth compared to the same period last year.
Domestic Network Revenue for this quarter accounted for less than 45% of total revenues compared to over 47% for the same period in 2020.
Adjusted Free Cash Flow was $38.0 million for the three-month period ended December 31, 2021 compared to $52.1 million for the same period in 2020.
“As we begin to prepare for the post-pandemic world, Cargojet now has a substantially larger base of business to build upon compared to its pre-pandemic size and scale.” said Dr. Ajay Virmani, President & CEO.
“Building on the strong foundation of our domestic overnight network, we are aggressively diversifying to take advantage of the emerging growth opportunities”.
