Cargojet revenue diversification strategy continues to deliver

posted on 7th March 2022 by Eddie Saunders
Cargojet revenue diversification strategy continues to deliver

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”.