Bombardier Reports Positive Adjusted Net Income, Grows Revenues and Expands Profit Margins in First Quarter of 2023

• Bombardier reports first quarter 2023 revenues of $1.5 billion, up 17% year-over-year, driven by improved delivery mix and continued strong aftermarket revenues of $424 million; aircraft deliveries on track towards full-year guidance of greater than 138.
• Adjusted EBITDA rose to $212 million, up 27% year-over-year thanks to stronger aircraft margins and aftermarket growth, reported EBIT reached $140 million. Reported net income and adjusted net income surged to $302 million and $113 million respectively. First quarter 2023 adjusted Earnings per share (EPS) turns positive at $1.06 and diluted EPS of $2.98.
• Free cash flow usage of $247 million driven by working capital build in inventories for 2023 deliveries and continued investments supporting completion of a new facility at Toronto Pearson International Airport. Available liquidity stands strong at $1.4 billion at quarter end. Reported cash flow usage from operating activities for the quarter was $162 million and net additions to PP&E and intangible assets for the quarter were $85 million. Cash and cash equivalents as at March 31, 2023 were $1.1 billion.
• First quarter of 2023 ended with stable backlog at $14.8 billion, reflecting steady demand profile and unit book-to-bill of 0.9.
• First quarter 2023 marked by continued strong progress on debt reduction with a repayment of approximately $400 million from cash on balance sheet; market confidence with Moody’s Investors Service upgrade of Bombardier’s corporate family and Senior unsecured notes rating to B2; outlook maintained as stable.

_{All amounts are in U.S. dollars, unless otherwise indicated.}

MONTRÉAL, April 27, 2023 (GLOBE NEWSWIRE) — Bombardier (BBD.B TO) reported today its financial results for the first quarter of 2023, reflecting continued progress on all business fundamentals and performance on track toward reaching 2023 full-year guidance.

“Bombardier has delivered a very strong first quarter,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Our robust performance adds to our extremely positive track record from the past two years and confirms we are on the right trajectory. With a very healthy, positive adjusted net income, further debt reduction, continued margin expansion, and ramped up production to reach our guidance of more than 138 deliveries this year, we are forging ahead towards the upgraded 2025 targets we presented during our Investor Day last month.”

Positive Net Income and Continued Robust Performance on Business Fundamentals Mark First Quarter of 2023
Bombardier reported a strong start to 2023, with first quarter revenues up 17% year-over-year at $1.5 billion, compared to $1.2 billion in the same quarter last year. The positive trend was reflected in profitability, with adjusted EBITDA up 27%, driven by stronger aircraft margins, mainly on large-cabin aircraft, and aftermarket growth. Adjusted EBITDA margin rose 120 basis points year-over-year to 14.6%. The adjusted EBIT totaled $138 million in the first quarter of 2023, up 89% compared to the same quarter last year. The company also reported the adjusted net income of $113 million, compared with a $69 million loss over the same period last year. First quarter of 2023 adjusted EPS was $1.06 compared to a loss of $0.80 per share for the same quarter of 2022.

The positive trend in deliveries has continued in the first quarter of 2023, with deliveries (excluding Learjet, which is no longer in production) up 22% year-over-year. This is consistent with the company’s overall guidance of increasing deliveries by more than 15% in 2023. The backlog remained stable at $14.8 billion, while the unit book-to-bill was at 0.9.

The expected ramp up in production to build inventory, as well as strategic investments, such as the new Global production facility at the Pearson airport in Toronto set to open at the end of 2023, have led to some predicted free cash flow usage this year, as well as a higher CAPEX spend and the payment related to the incentive-based compensation plan for employees across Bombardier’s sites.

Bombardier’s aftermarket business continues its positive performance and contribution to the company’s bottom line with $424 million in revenues in the first quarter of 2023, up 17% year-over-year.

Steady Progress on Debt Reduction Contributes to Increased Market Confidence
The company also continued to execute on debt reduction, one of its key promises since restructuring in 2020. Bombardier has successfully repaid approximately $400 million of debt in the first quarter of 2023, which played a major role in the recent upgrade of Bombardier’s corporate family and Senior unsecured notes rating to B2 by Moody’s Investors Service. With available liquidity very strong at $1.4 billion, towards the upper end of the targeted range shared during its Investor Day in March, the company will remain opportunistic with the debt capital markets in the future.

About Bombardier

Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise. 

Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.

Bell Textron Canada Announces Contracts with Alpine Aerotech and Heli-Oneto Extend Life of CH-146 Griffon fleet

Agreements ensure increased Canadian content and value for the RCAF

Mirabel (Québec), April 26, 2023 – Bell Textron Canada Limited, a Textron Inc. subsidiary (NYSE: TXT), is pleased to announce that it awarded subcontracts to Alpine Aerotech LP and Heli-One Canada ULC to support the Canadian Armed Forces in the modernization of its CH-146 Griffon aircraft fleet.

As the original manufacturer and intellectual property owner of the CH-146 Griffon helicopters, Bell was awarded the contract to extend the life of the 85-helicopter fleet in May 2022 by Public Services and Procurement Canada.  As part of the contract, Bell will modify the first nine aircraft. Subsequent aircraft will be modified by the subcontractors who have been rigorously selected through a fair, open and transparent competition.

“I am pleased to announce the award of two important subcontracts to Alpine Aerotech and Heli-One. These contracts will support job creation in Canada and demonstrate once again the importance and quality of our Canadian companies in the aerospace sector. We are proud to join forces with these dedicated and established rotorcraft support entities driven by excellence to support the Canadian Armed Forces and our men and women in uniform throughout the Griffon missions here and abroad,” said Steeve Lavoie, president of Bell Textron Canada.

“On behalf of the entire Alpine Aerotech team, we are extremely pleased to be continuing our longstanding relationship to support both Bell and the Department of National Defense with the upcoming CH146 Griffon Mk II (GLLE) implementation. We wish to congratulate Heli-One as being also selected to support the implementation and look forward to working together to facilitate a successful program for all stakeholders,” declared Jeff Denomme, president of Alpine Aerotech.

“Heli-One is thrilled to be selected by Bell as a supplier for the Griffon Life Limited Extension (GLLE) modification embodiments. The CH-146 Griffon is used as a multi-purpose utility helicopter by the Royal Canadian Air Force and is essential to operations both at home and overseas. We are extremely excited for the opportunity to work with Bell to upgrade the CH-146 Griffon and keep the fleet flying well into the future,” states Carolyn Forsyth, general manager – sales, Commercial and Customer Support at Heli-One.

For almost four decades, Bell Textron Canada has been designing, developing, assembling, delivering and sustaining state-of-the-art commercial helicopters in Mirabel to provide vertical take-off solutions to operators, businesses and government agencies around the world, building a remarkable legacy as Canada’s helicopter company. To learn more about Bell Textron Canada, visit the company’s web page at bell.co/ca

ABOUT BELL

Thinking above and beyond is what we do. For more than 80 years, we’ve been reimagining the experience of flight – and where it can take us.

We are pioneers. We were the first to break the sound barrier and to certify a commercial helicopter. We were aboard NASA’s first lunar mission and brought advanced tiltrotor systems to market. Today, we’re defining the future of on-demand mobility.

Headquartered in Fort Worth, Texas – as a wholly-owned subsidiary of Textron Inc., – we have strategic locations around the globe. And with nearly one quarter of our workforce having served, helping our military achieve their missions is a passion of ours.

Above all, our breakthrough innovations deliver exceptional experiences to our customers. Efficiently. Reliably. And always, with safety at the forefront.

ABOUT TEXTRON INC.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more information, visit: www.textron.com.

Bombardier Defense to Debut Virtual & Interactive Showroom at the 2023 Army Aviation Mission Solutions Summit

• Bombardier Defense will present its wide range of solutions for critical missions at the Summit held in Nashville, Tennessee from April 26 to 28, 2023
• Virtual showroom enables customers and partners to view the solution-oriented customization services offered on the Challenger and Global families of aircraft
• Aircraft available for virtual visits include a Multi-Role and Medevac Challenger 650, ISR-configured Global 6500 and VIP transport Global 8000

MONTRÉAL, April 24, 2023 (GLOBE NEWSWIRE) — Bombardier Defense is set to debut its virtual and interactive showroom at the upcoming 2023 Army Aviation Mission Solutions Summit, hosted by the Army Aviation Association of America (AAAA). This fully immersive showroom enables customers to view 3-D models of its aircraft, allowing a hands-on experience of the solution-oriented services Bombardier Defense can deliver. This new service will allow users to look at various aircraft configurations, as well as envision how Bombardier’s Challenger and Global aircraft can respond to the most demanding missions.

The virtual showroom contains 4 aircraft configurations: a Global 8000 for VIP transportation, a Global 6500 modified for Airborne ISR (Intelligence, Surveillance, and Reconnaissance), and a Multi-Role and Medevac Challenger 650. This immersive experience will allow customers to explore the real life-sized layout of each plane, and fully appreciate the payload capabilities available. This tool also allows a 360^o view of the exterior, and to explore the customizations Bombardier Defense offers on missionized aircraft.

“As one of the largest gatherings of the U.S. Defense aviation community, the Army Aviation Mission Solutions Summit is the perfect venue for Bombardier to present its wide array of solutions and debut its virtual showroom. It will be a useful tool to help our mission system providers and government customers to appreciate the full potential of our aircraft,” said Steve Patrick, Vice President, Bombardier Defense. “Bombardier Defense has a well-rounded choice of aircraft that can support a full range of missions. We are proud to have our aircraft in service with the US Government, as well as partners and allies around the world.”

Bombardier’s Challenger and Global aircraft families represent the ideal solution for the full spectrum of surveillance missions, maritime patrol, electronic warfare, search and rescue, VIP transportation, and more. Trusted by Governments around the world, the Challenger and Global aircraft are the optimal solution for military use, thanks to their industry-leading capabilities and undisputed performance. Bombardier has a proven track record for building aircraft with exceptional endurance, while offering unparalleled reliability and low operating costs compared to other aircraft in their class.

About Bombardier

Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise. 

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. 

Airbus Canada, Pratt & Whitney Canada and SAF+ Consortium Collaborate on Developing Next-Generation Sustainable Aviation Fuels in Quebec, Canada

Montreal, April 21, 2023 –  Airbus Canada, Pratt & Whitney Canada, a business unit of Pratt & Whitney, and SAF+ Consortium today announced a new initiative to collaborate on next-generation sustainable aviation fuel (SAF), supported by the Government of Quebec. Known as CADAQ-100, the project will contribute to the industry-wide effort to achieve net-zero CO₂ emissions for aviation by 2050, as outlined by Air Transport Action Group (ATAG) and International Air Transport Association (IATA) in their decarbonization roadmaps.

Key areas of collaboration include SAF research and testing, including flight testing blends of up to 100% SAF on an Airbus A220 aircraft powered by Pratt & Whitney GTF™ engines. The project will also comprise feasibility studies for establishing local production facilities for power-to-liquid e-SAF in Quebec.

“Airbus, alongside many of its customers, is fully committed to expanding the use of SAF, an essential pillar to support the aviation industry’s decarbonization journey,” said Benoît Schultz, President and CEO of Airbus Canada. “Building this new Canadian ecosystem alongside the SAF+ Consortium is a key milestone and example of how Airbus is actively shaping decarbonization discussions in Québec and Canada while demonstrating our commitment to making SAF an economically viable solution available to our customers and partners globally. While the A220 already offers the smallest carbon footprint for any single-aisle aircraft flying today, achieving readiness to operate with 100% SAF will help ensure the A220’s sustainability and competitiveness well into the future.”

The parties will provide a total financial contribution of more than CA $17 million, supported by the Government of Québec as part of the collaborative and mobilizing projects on the development of new technologies related to the aircraft of tomorrow.

“Quebec’s aerospace industry stands out for its ability to innovate, particularly in the area of sustainable mobility. Through these mobilizing projects, we are taking a step further toward making the aircraft of tomorrow a reality and thus reducing GHG emissions in Québec and internationally,” said Pierre Fitzgibbon, Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montréal Region.

“This collaboration will help accelerate our vision to transform Montreal into a North American sustainable aviation hub, something which we have always known could only be achieved as a cross-industry effort,” said Jean Paquin, President and CEO of SAF+ Consortium. “With multiple purchase commitments from Canadian airlines in place, alongside our ambition to achieve net-zero emissions, investment in SAF production infrastructure is urgently needed.”

The collaboration will assess the feasibility of developing a commercial e-SAF plant in Quebec, targeting an annual output of up to 100 million liters of e-SAF by 2028. e-SAF would be produced using power-to-liquid technology, using renewable energy to synthesize captured CO₂ emissions with green hydrogen, producing a clean aviation fuel with a potential reduction in lifecycle CO₂ emissions by up to 90% compared to conventional kerosene.

“SAF represents a key drop-in solution for reducing the environmental impact of thousands of aircraft flying today and in the coming decades, and thereby enables the goal of net-zero emissions by 2050,” said Edward Hoskin, vice president of Engineering, Pratt & Whitney Canada. “Collaboration between public and private sectors is critical to achieving our goals, so we welcome this opportunity and the continued support of the Government of Quebec to help expand SAF research and production capabilities in the region.”

 Typical feedstocks used to make SAF include used cooking oil, animal waste fat, solid waste from homes and businesses, and forestry waste. Today, all Airbus aircraft and all modern Pratt & Whitney engines are compatible with SAF blended up to 50% with conventional Jet Fuel-A, and work is underway to validate compatibility up to 100% SAF. Airbus Canada draws on the expertise of Airbus that aims to have all its commercial and military aircraft and helicopters be capable of operating with 100% SAF by 2030.

About Airbus Canada
Airbus has been a leader in Canadian aerospace for almost 40 years employing over 4,000 people and creating around 23,000 indirectly-sustained jobs in aerospace. Airbus offers the most comprehensive range of commercial aircraft to Canadian operators, with the addition of the A220 programme headquartered in Mirabel, Canada, five years ago. Airbus, located in multiple Canadian cities, sources approximately $2 billion (CAD) from Canadian companies. For more information about Airbus in Canada, please visit our website here.                

About Pratt & Whitney
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft and helicopter engines and auxiliary power units. To learn more, visit www.prattwhitney.com.

About SAF+ Consortium
SAF+ is a Quebec-based company working in the field of sustainable aviation fuel production from carbon capture using green hydrogen produced in Quebec. Back in 2021, SAF+ was the first in North America to produce electro-sustainable aviation fuel (e-SAF) through its pilot plant located in east-end Montreal. It now aims at producing e-SAF at a commercial scale by 2028. The process will consist of capturing CO2 emissions from a large industrial emitter, combining it with green hydrogen and, through a chemical reaction, transforming them into a clean synthetic fuel with a carbon footprint over 90% smaller than traditional aviation fuel.

Bombardier Achieves Regulatory Approvals for Installation of Smart Link Plus System on In-Service Challenger and Global Aircraft

• Bombardier has achieved Transport Canada (TC), European Union Aviation Safety Agency (EASA) and Federal Aviation Administration (FAA) approval for Challenger and Global Smart Link Plus system installations
• Challenger and Global aircraft operators can now book Smart Link Plus system installations across the entire Bombardier Service Centre network
• Smart Link Plus system enables operators to make data-driven decisions in real time, maximizing operational efficiency

MONTREAL, April 19, 2023 (GLOBE NEWSWIRE) — Bombardier today announced major advancements in its comprehensive *Smart Link Plus connected aircraft system with several key regulatory approvals. The company has recently achieved essential TC, EASA and FAA approvals for almost its entire fleet of Challenger and Global aircraft. With these approvals, operators of all in-service Challenger 300, Challenger 350, Challenger 3500, Challenger 605 and Challenger 650, as well as Global 5000, Global 6000, Global Express and Global XRS aircraft will be able to install the innovative Smart Link Plus aircraft health management system on their business jets.

Smart Link Plus is an advanced health monitoring system that collects crucial aircraft data, enabling flight and maintenance crews to quickly prioritize and proactively troubleshoot essential in-flight alerts, increasing an aircraft’s operational efficiency. Aircraft operators can effectively track, troubleshoot and dispatch a technician based on information received from the system, enabling them to make detailed maintenance decisions quickly and efficiently.

“The Smart Link Plus system is fundamentally changing the way Bombardier supports its customers,” said Paul Sislian, Executive Vice President, Aftermarket Services & Strategy, Bombardier. “With Smart Link Plus, customers can make concrete maintenance decisions in real time – significantly enhancing the efficiency of their operations.”

The Smart Link Plus connected aircraft system was first introduced on the Bombardier flagship Global 7500 aircraft and customers continue to benefit from its advanced data-driven capabilities. Now, a strong majority of current Global 7500 aircraft customers have enrolled in the Smart Link Plus service, and Bombardier has been gradually expanding the program to offer retrofit options to its in-service fleet of Challenger and Global aircraft. The Smart Link Plus system will also be installed on all new Global 8000 aircraft as a standard feature.

With Smart Link Plus, ground crews can also use the program’s remote parameter display to independently monitor an aircraft while in-flight to assist in finding the root cause of potential issues. While in-flight, the Smart Link Plus service automatically sends ground crews takeoff, landing and in-flight fault notifications together with contextual data, allowing the flight crew to focus on other tasks. Full flight data is automatically transmitted and accessible once the aircraft has landed. Access to full aircraft systems data provides additional information required to troubleshoot more complex faults.

Aircraft data is also displayed in an intuitive, user-friendly Bombardier application (myMaintenance App) and is available anytime, anywhere on any personal electronic device. Additionally, Bombardier’s 24/7 Customer Response Centre (CRC) and dedicated team of experts and specialists can support troubleshooting efforts using the myMaintenance App and mobilize additional support as required.

With the recent growth and comprehensive expansion of Bombardier’s worldwide Service Centre network, the introduction of several exciting new products and services, and the latest developments in the Smart Link Plus system, Bombardier continues to build on its commitment to provide customers with the best service experience in the industry today.

Bombardier is working to finalize all regulatory approvals for operators of Challenger 604 and Global 5500 and Global 6500 aircraft. Approvals are expected from late 2023 through early 2024.

About Bombardier

Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise.  

Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.  

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com.

*Smart Link Plus is under development and subject to change. Certain conditions apply for Smart Link Plus program enrollment and to obtain the free Smart Link Plus box. Installation costs apply. For aircraft eligibility or other considerations, customers can contact Bombardier. Bombardier, Challenger, Challenger 300, Challenger 350, Challenger 604, Challenger 605, Challenger 650, Challenger 3500, Global, Global 5000, Global 5500, Global 6000, Global 6500, Global Express, Global XRS, Global 7500 and Global 8000 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

FLYHT Names Captain Mary I. McMillan as Non-Executive Board Chair

Nina Jonsson and Jack Olcott Not Seeking Re-Election
 

Calgary, Alberta – April 13, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Board of Directors has named Captain Mary I. McMillan, a current independent director on the Board, to non-executive Chairman of the Board. Captain McMillan succeeds Nina Jonsson, who will not seek re-election at the Company’s upcoming Annual and Special Meeting of the shareholders of FLYHT on May 11, 2023 (the “AGM”) and will leave the Board after four years of service at the conclusion of the AGM.  Nina Jonsson notes “I am delighted to hand over the chairmanship to my esteemed long-time colleague Mary McMillan.  Mary’s competent leadership and extensive expertise in our space will help guide FLYHT to even greater heights.  I wish her much success in her new role.”

Captain McMillan is a highly regarded subject matter expert in areas of aviation safety and environmental issues, as well as a commercial pilot with more than 12,000 hours flight time. She is the President of Cashel Aviation, a consultancy dedicated to the development and implementation of aviation safety and environmental strategies. She retired as the Vice President of Aviation Safety and Operational Services for Inmarsat Plc in 2018 following the successful launch of the division within the Inmarsat Aviation Business Unit. Prior to joining Inmarsat, she led the aviation safety and environmental divisions for Washington D.C. based TetraTechAMT and CSSI Inc., respectively. She served as the independent safety advisor to the Airservices Australia Board of Directors in Canberra, Australia. Before joining the industry, Captain McMillan held several operational and managerial roles with United Airlines including pilot, standards captain, Director of Flight Safety (A) and Flight Operations Duty Manager. Captain McMillan began flying in 1982, holds an Airline Transport Pilot’s license and is type rated on multiple aircraft including the DC-10, B747, B737, B757/B767 and Airbus 319/320.

“I am honored to ascend to Board Chair to help FLYHT continue to pursue its vision of being a global force in innovative data solutions for the aviation industry,” commented Captain McMillan. “Airline safety is my life’s work. FLYHT is uniquely positioned to help the industry achieve improved safety, increased operational and commercial efficiency, and higher profitability, through its suite of Actionable Intelligence software. Increasingly, we are also aggressively aligning our products and services to assist the industry in achieving its 2050 ‘Net-Zero emissions’ environmental goals. I look forward to providing my insight and expertise to further the Company’s growth.”

Additionally, the Company announced that Jack Olcott has resigned from the Board of Directors (and as a result will not stand for re-election at the AGM). He joined the Board of Directors of FLYHT in 2008.

Kent Jacobs, President and Interim CEO, said, “Jack’s contributions to our Company over the last 15 years have been remarkable. His deep understanding of business aviation and steady guidance through years of growth and challenges have helped to build FLYHT into the leader that it is today. On behalf of our shareholders, the management team and the Board, I would like to personally thank Jack for his impact and service and wish him a wonderful retirement.”

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit http://www.flyht.com.

FLYHT Reports Fourth Quarter 2022 Results

Company Delivers Record Revenue and Positive EBITDA for the Quarter and Year
 

Calgary, Alberta – April 12, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the fourth quarter ended December 31, 2022 (“Q4 2022”). All figures are Canadian dollars unless otherwise stated.

Financial Summary




Management Commentary

“With the strong execution of our strategy, FLYHT delivered record revenue of nearly $24 million in 2022, a doubling over 2021, while also generating positive EBITDA in the second half of the year and on a full year basis,” said Kent Jacobs, President and Interim CEO. “The continued recovery of the airline industry coupled with FLYHT’s innovative approach positions us to benefit from the ongoing robust demand for our legacy products and surging interest for our new solutions.”

Continued Jacobs, “FLYHT exited the year with one of its strongest quarters ever in Q4 2022. Revenue was $7.2 million, up 186% over last year, driven by continued SaaS growth and fulfilment of the 2022 purchase order of modems from our long-time OEM partner. EBITDA was positive $1.2 million and net income was positive $719 thousand, the highest in over three years.”

Concluded Jacobs, “In 2023, we are focused on fulfilling Bill Tempany’s vision to become a global force in providing innovative aviation and environmental solutions for our customers. We are on the verge of obtaining the initial Supplemental Type Certificates (“STCs”) of our newest innovation, the AFIRS Edge™, which opens up a significant incremental growth opportunity as we target the ~25,000 aircraft that will ultimately require 5G enabled connectivity. Meanwhile, demand for the complementary AFIRS 228™ Satcom product remains at an all time high, highlighted in 2022 by our single largest licencing order ever of more than $7 million. These products and services are complemented by additional standalone SaaS offerings as part of our recurring revenue strategy, including our recently introduced ClearPort aircraft turn management tool. As we expand into Artificial Intelligence and Machine Learning models, and further develop our Data Warehouse capabilities, we look forward to reaching our full SaaS revenue potential.

Fourth Quarter 2022 Operating Results

Revenue increased by 187% to $7,241,758 in Q4 2022 compared to Q4 2021, driven by growth in all four revenue categories, SaaS, Hardware, Licensing and Technical Services.

 SaaS revenue increased by 50% to $2,253,618 in Q4 2022. The addition of CrossConsense SaaS revenues further supported a 2.6% increase in AFIRS SaaS revenues. Licensing revenue increased by 751% to $3,030,368 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company delivered on an order received in Q2 2022 for US$5.65 million. Technical Services revenue increased by 817% to $739,912, including contributions from CrossConsense services. Hardware revenue increased by 106% to $1,217,860 due to a higher number of shipments in the quarter. A total of 16 installation kits were shipped in Q4 2022 compared with 9 shipped in Q4 2021.

Gross margin was 67.1% of revenue in Q4 2022 compared to 49.5% in Q4 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.

Operating expenses increased by 24% from Q4 2021, driven by a 71% increase in Distribution expenses and a 11% increase in Administration expenses. Research and Development and certification engineering expenses decreased by 4% compared to Q4 2021. These increases were largely driven by the addition of personnel and expenses associated with the March 2022 acquisition of CrossConsense.

Positive EBITDA totaled $1,170,183 in Q4 2022 compared to an EBITDA loss of $1,745,000 in Q4 2021.

Net income was $718,689 in Q4 2022 compared to a net loss of $2,444,054 in Q4 2021.

Full Year 2022 Operating Results

Revenue increased by 111% to $23,879,160 in 2022 compared to 2021, driven by growth in all four revenue categories, SaaS, Hardware, Licensing and Technical Services.

SaaS revenue increased by 36% to $8,157,886 in Q4 2022. The addition of CrossConsense SaaS revenues more than offset a decrease of 1.6% in AFIRS SaaS revenues resulting from a drop in customers’ flight hours and active aircraft in some geographies in the first half of the year. Licensing revenue increased by 487% to $9,101,130 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company delivered on an order received in Q2 2022 for US$5.65 million. Technical Services revenue increased by 400% to $1,899,940 including contributions from CrossConsense services. Hardware revenue increased by 39% to $4,720,204 due to a higher number of shipments. A total of 69 installation kits were shipped in 2022 compared with 54 shipped in 2021.

Gross margin was 63.7% of revenue in 2022 compared to 57.2% in 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the year.

Operating expenses increased by 33% from 2021, driven by a 53% increase in Distribution expenses, a 50% increase in Administration expenses, and a 4% increase in Research and Development and certification engineering expenses. These increases were largely driven by the addition of personnel and expenses associated with the acquisition of CrossConsense.

Positive EBITDA totaled $251,453 in 2022 compared to an EBITDA loss of $4,538,193 in 2021. Net loss was $1,003,033 in 2022 compared to a net loss of $5,859,206 in 2021.

Balance Sheet and Liquidity

Cash and short-term investments were $2,647,650 at December 31, 2022, compared to
$4,520,591 at December 31, 2021.

Trade and other receivables increased by 222% to $5,127,338 compared to YE 2021, and Trade payables and accrued liabilities increased by 61% to $2,736,269 compared to YE 2021. The increased sales in Q4 2022 and associated costs resulted in an increase in both the receivables and payables balances.

Conference Call Information

FLYHT will host a conference call to discuss its financial results for Q4 2022 on Thursday, April 13, 2023, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include a brief presentation from FLYHT’s President and Interim CEO Kent Jacobs and CFO Alana Forbes followed by a question-and-answer session. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340.
 
Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.

Additional Information
FLYHT’s Q4 2022 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety,

efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

De Havilland Canada Builds Strategic Partnership with Fokker Services

Leighton Storsley, Vice President, Aftermarket and Business Development, De Havilland Canada, and Menzo van der Beek, CEO, Fokker Services

Calgary, Alberta, April 4, 2023 – De Havilland Aircraft of Canada Limited (“De Havilland Canada”) is pleased to announce that it has entered into a new agreement with Fokker Services Group (“Fokker Services”), extending the existing De Havilland Component Solutions arrangement for an additional five-year term through December 2027. Fokker Services will continue to offer their expertise and services during this extended period.

Fokker Services has consistently proved to be a valuable strategic partner and, in further developing this partnership, De Havilland Canada Limited has announced today that Fokker Services is providing third party logistical (3PL) services to support De Havilland Canada’s aftermarket business. Under the terms of the agreement, Fokker Services provides a 2,550 square-metre (27,000 square-foot) warehouse in Amsterdam and 3PL operations to support De Havilland Canada’s hub and spoke parts distribution model. The warehousing services provided by Fokker Services include Inbound Receiving, Put Away, Picking, Packaging and Shipping, as well as Quality Control.

These partnerships ensure the delivery of enhanced services to our operators. Combining the Distribution Centre and Component Solutions in a single location will enable us to deliver a more efficient and effective customer service experience.

“This agreement with Fokker Services further demonstrates De Havilland Canada’s commitment to bring distribution network solutions close to our customers to achieve better lead times and reduced freight costs,” said Leighton Storsley, Vice President, Aftermarket and Business Development. “While some of our peers are pulling back from their global distribution network, De Havilland Canada is showing additional commitment to ours.”

“Fokker Services has supported the De Havilland Canada’s Dash 8 Component Solutions program and its customers around the world for many years, so we’re delighted to not only continue this support agreement but also becoming De Havilland Canada’s partner of choice for their spares distribution warehouse in EMEA,” said Menzo van der Beek, CEO, Fokker Services. “Thanks to our global presence, the engineering skills of our employees, and a vast array of inhouse capabilities, we’re uniquely positioned to face any component repair challenge, shortening turnaround times, and guaranteeing De Havilland Canada’s stringent standards of quality,” he added.

“We are encouraged to see De Havilland Canada’s ongoing support to their European operations. We look forward to ongoing and solid service to our fleet in the years to come,” said Morten Skoglund, COO/SVP/Accountable Manager, Widerøes Flyveselskap AS.

De Havilland Canada has established four distribution centers to support the global fleet of more than 1,100 Dash 8 aircraft. In addition to the depot in Amsterdam, distribution centres are located in Calgary, Singapore and Sydney.

About De Havilland Aircraft of Canada Limited
With more than 5,000 aircraft delivered, De Havilland Aircraft of Canada Limited (De Havilland Canada) is well-established across the globe and our talented team of aviation professionals is dedicated to advancing our near-100-year reputation for excellence in innovation, production, and customer support. Our aircraft operate reliably in some of the world’s harshest climates and provide vital connections between rural communities and urban centres – transporting essential cargo and millions of passengers annually. Our aircraft also support a wide variety of special mission operations, including aerial firefighting, search and rescue, medical evacuation, reconnaissance, and coastal surveillance. https://dehavilland.com

About Fokker Services Group
Fokker Services Group is an independent aerospace service company with a global reach. Providing comprehensive solutions from its five facilities in Europe, Asia and the Americas, Fokker Services Group is a key partner for regional, narrow-body and wide-body platforms in the Commercial, VIP, Cargo and Defense markets. The organization offers a unique set of capabilities, products and services: ‘Modifications & Engineering Services’ for the latest technical solutions; ‘Component & Material Services’ such as nose-to-tail programs, exchange services, component repairs, parts manufacturing and spares deliveries; ‘Airframe Services’ for aircraft MRO including lease transitions and painting; and ‘Aircraft Completion & Conversion Services’ for Executive, VVIP and Special Mission aircraft upgrades. With this broad range of expertise, Fokker Services Group ensures the continued competitive operation of its customers’ fleet.

For additional information, visit: https://www.fokkerservices.com

FLYHT to Host Spring 2023 EFB Users Forum in Calgary

High Profile Conference Elevates Both FLYHT and Calgary in Aviation Industry

Calgary, Alberta – April 10, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it will host the Spring AEEC/IATA Electronic Flight Bag (“EFB”) Users Forum in Calgary, Alberta, Canada, on June 20-22, 2023.

The EFB Users Forum is a joint activity with AEEC/IATA that provides a unified forum for airlines, system integrators, hardware and software providers, regulators, and other interested parties to present and discuss topics of interest to the EFB user community. The EFB Users Forum attracts airlines, suppliers, and regulators to discuss operational and technical trends. Speakers are invited to share their experiences and exchange information to identify issues and their potential solutions. The Fall 2022 EFB Forum was held in Barcelona, Spain and hosted by Rockwell Collins.

“FLYHT is honored to host the upcoming semi-annual EFB Users Forum in Calgary, an emerging tech hub increasingly recognized for its innovation in the global aviation industry,” said Kent Jacobs, President & Interim CEO of FLYHT. “We are excited to help put our hometown on the industry map and to showcase FLYHT’s innovative solutions at the conference, engineered with a long-term vision of providing global 5G connectivity and cutting-edge application hosting.”

Added Scott Chambers, VP, Sales & Marketing at FLYHT, “In hosting the Spring EFB Users Forum, FLYHT is taking the next step in garnering more visibility for our company and this dynamic city. We look forward to hosting hundreds of our industry peers this coming June.”

“The Electronic Flight Bag (EFB) has revolutionized commercial aviation by bringing modern graphics and computing power to the flight deck. These new capabilities are saving air carriers millions of dollars every year through the introduction of highly specialized applications, increased operational efficiency, pilot productivity, and safety. The EFB Users Forum fosters open exchange of ideas and encourages regulator-operator-manufacturer engagement,” said Peter Grau, Lead Principal Engineer at SAE-ITC’s ARINC Industry Activities. “We anticipate a strong turnout in Calgary and are privileged to be hosted by FLYHT at this event.”

The spring forum will take place at the Best Western Premier Calgary Plaza Hotel & Conference Centre and will be preceded on June 20 by the EFB EXPO where EFB suppliers, system integrators, and others will have an opportunity to demonstrate their EFB products and services to the user community. For more information visit the https://aviation-ia.sae-itc.com/events/electronic-flight-bag-efb-users-forum.

About EFB Users Forum

The EFB Users Forum is a joint activity with IATA that enables airlines and other aircraft operators to state their preferences in the evolution of EFB hardware, software applications, and connectivity to the ground. This ensures operational benefit to the flight deck crew and the economic benefit to the airlines. Flight operations, information technology, engineering, and maintenance disciplines are represented among the participants of the EFB Users Forum.

About ARINC Industry Activities and SAE ITC

ARINC Industry Activities (ARINC IA℠) is an SAE Industry Technologies Consortia (SAE ITC®) program. ARINC IA consists of three committees working toward common goals in Engineering, Maintenance and Flight Simulation to benefit the aviation industry and flying public. More at: https://aviation-ia.sae-itc.com.

SAE Industry Technologies Consortia (SAE ITC) is an affiliate of SAE International. The SAE ITC team specializes in establishing and managing consortia by providing proven processes, tools and resources. ITC enables public, private, academic and government organizations to connect and collaborate in neutral, pre-competitive forums thus empowering the setting and implementation of strategic business improvements in highly engineered industries globally. More at: https://www.sae-itc.com/.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company.

CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

Statement from Bart Demosky, Executive Vice President and CFO, Bombardier, on Moody’s Ratings Upgrade to B2

MONTRÉAL, April 05, 2023 (GLOBE NEWSWIRE) — All of us at Bombardier are very pleased with Moody’s rating increase, announced yesterday. It represents another affirmation of the meaningful progress we have made so far, particularly on debt reduction, earnings, and positive free cash flow generation, and is in line with the updated 2025 objectives we presented just last month during our Investor Day 2023 (the recording of the webcast is available here).

Our performance so far is giving us great momentum in our continued efforts to further reduce our debt and net leverage, which remains a top priority in repairing our balance sheet and improved financial performance. Thanks to our steadfast execution of the strategic plan announced in 2021, all of Bombardier’s strategic priorities are on track or ahead of plan, and we are looking to the future with optimism.

About Bombardier

Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise.

Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com.