Chorus Aviation Inc. Announces Second Quarter 2023 Financial Results

Q2 2023 Financial Highlights

• Net income of $20.3 million, a quarter-over-quarter increase of $60.7 million.
• Adjusted earnings available to Common Shareholders of $15.5 million, a decrease of $6.2 million quarter-over-quarter.
• Adjusted earnings available to Common Shareholders of $0.08 per Common Share, basic, a decrease of $0.03 quarter-over-quarter.
• Adjusted EBITDA of $110.7 million, an increase of $5.9 million quarter-over-quarter.
• Free Cash Flow of $70.3 million, an increase of $36.0 million or approximately 105.0%.
• Leverage Ratio improved to 3.8 at June 30, 2023 from 4.4 at December 31, 2022.

HALIFAX, NS, Aug. 3, 2023 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced second quarter 2023 financial results.

"I am pleased to report Chorus' solid financial performance for the quarter, delivering improvements in Leverage Ratio and Free Cash Flow. Free Cash Flow has more than doubled year-over-year to $70.3 million, and our Leverage Ratio has improved to 3.8 at June 30, 2023, from 4.4 at December 31, 2022.  As a result of our contractual earnings, we are on track to meet our guidance for 2023," said Colin Copp, President and Chief Executive Officer, Chorus.

"We continue to have productive and advancing discussions on Fund III with our existing lead investors in Fund II and others. Due to market conditions over the past year, several of the larger, existing U.S.-based investors in Fund II have been limited from making certain investments due to regulatory limits on the composition of their portfolios. We have recently been informed that certain states have amended their regulatory limits, facilitating our discussions with potential investors," stated Mr. Copp.

 "The market for regional aviation remains strong. In the second quarter, Falko had 20 aircraft transactions with nine distinct airline customers across six continents. In addition, as of June 2023, regional current market values and lease rates have shown signs of recovery from pandemic lows, reflecting a positive forward outlook," noted Mr. Copp. "We continue to see many opportunities to deploy funds in regional aircraft leasing to earn strong mid-teen returns and look forward to providing an update upon concluding discussions with our investors."

"Capacity in our Jazz operation is currently constrained as the strong industry wide demand for pilots continues. Over the past year, more than 300 pilots have transferred to Air Canada through our pilot flow agreement in addition to attrition to other airlines," Mr. Copp continued. "In the same period, we have successfully recruited and trained over 300 pilots and are collaborating with Air Canada to explore ways to increase flying capacity under the CPA. We continue to see a good supply of new hire pilots and are growing our pipeline of future pilots through our Jazz Pathways Program and our new flight training academy Cygnet Aviation."

Second Quarter Summary

In the second quarter of 2023, Chorus reported Adjusted EBITDA of $110.7 million, an increase of $5.9 million over the second quarter of 2022.

The RAL segment's Adjusted EBITDA was $57.3 million, an increase of $6.8 million primarily due to three months of Falko's earnings in the second quarter of 2023 versus two months in the second quarter of 2022 partially offset by decreased revenue related to the sale of wholly-owned aircraft in the second half of 2022.

The RAS segment's Adjusted EBITDA was $61.8 million and was in-line with the second quarter of 2022. Second quarter results were impacted by:

• an increase in aircraft leasing revenue under the CPA of $1.5 million primarily due to a higher US dollar exchange rate; and
• an increase in other revenue of $1.3 million due to an increase in parts sales, MRO activity and contract flying; offset by
• a contracted decrease in Fixed Margin of $0.8 million;
• a decrease in capitalization of major maintenance overhauls on owned aircraft of $0.8 million; and
• an increase in general administrative expenses attributable to increased operations.

Corporate Adjusted EBITDA of $(8.4) million was higher than the second quarter of 2022 by $0.9 million due to:

• an increase in general administrative expenses related to higher professional fees, salaries, wages and benefits and travel expenses; partially offset by
• a decrease in stock-based compensation of $1.1 million due to a decrease in the Common Share price, offset by the change in fair value of the Total Return Swap.

Adjusted net income was $25.6 million for the quarter, a decrease of $2.0 million over the second quarter of 2022 due to:

• an increase in depreciation expense of $4.4 million primarily attributable to Falko and capital expenditures in 2022;
• an increase of $2.9 million in income tax expense; and
• a change in net foreign exchange of $2.7 million; partially offset by
• a $5.9 million increase in Adjusted EBITDA as previously described;
• a decrease in net interest costs of $1.5 million primarily related to the redemption of the 6.00% Debentures in December 2022 and the recognition of income related to the discontinuance of hedge accounting on an interest rate swap; partially offset by interest on long-term debt assumed as part of the Falko Acquisition and the draw on the Operating Credit Facility; and
• a change on fair value of investments of $0.8 million.

Net income increased $60.7 million over the second quarter of 2022 primarily due to:

• a change in net unrealized foreign exchange of $27.9 million;
• a decrease in impairment provisions of $20.5 million;
• a decrease in lease repossession costs of $10.7 million;
• a decrease in restructuring expected credit loss provision of $10.4 million; and
• a decrease in strategic advisory fees of $5.7 million; partially offset by
• the previously noted decrease in Adjusted net income of $2.0 million; and
• an increase in income tax expense on adjusted items of $12.8 million.

Year-to-Date Summary 

Chorus reported Adjusted EBITDA of $228.8 million for 2023, an increase of $40.7 million over the same prior year period.

The RAL segment's Adjusted EBITDA was $118.9 million, an increase of $36.7 million primarily due to six months of Falko's earnings versus two months in the first half of 2022; partially offset by decreased revenue related to the sale of aircraft in the second half of 2022.

The RAS segment's Adjusted EBITDA was $125.7 million, an increase of $6.4 million due to:

• an increase in other revenue of $8.0 million due to an increase in parts sales, MRO activity and contract flying; and
• an increase in aircraft leasing revenue under the CPA of $3.9 million primarily due to a higher US dollar exchange rate; partially offset by
• a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.8 million;
• a contracted decrease in Fixed Margin of $1.5 million; and
• an increase in general administrative expenses attributable to increased operations.

Corporate Adjusted EBITDA of $(15.8) million was higher than the same period 2022 by $2.4 million due to:

• an increase in general administrative expenses related to higher professional fees, salaries, wages and benefits and travel expenses; partially offset by
• a decrease in stock-based compensation of $0.9 million due to a decrease in the Common Share price, offset by the change in fair value of the Total Return Swap.

Adjusted net income of $56.4 million, an increase of $11.1 million over the same prior year period primarily due to:

• a $40.7 million increase in Adjusted EBITDA as previously described; partially offset by
• an increase in depreciation expense of $17.4 million primarily attributable to Falko and capital expenditures in 2022;
• an increase of $8.2 million in income tax expense; and
• an increase in net interest costs of $4.0 million primarily related to interest on long-term debt assumed as part of the Falko Acquisition and the draw on the Operating Credit Facility partially offset by the redemption of the 6.00% Debentures in December 2022 and the recognition of income related to the discontinuance of hedge accounting on an interest rate swap.

Net income of $52.3 million, an increase of $69.8 million over the same prior year period primarily due to:

• the previously noted increase in Adjusted net income of $11.1 million;
• a change in net foreign exchange of $25.4 million;
• a decrease in impairment provisions of $20.5 million;
• a decrease in restructuring credit loss provision of $10.4 million;
• a decrease in strategic advisory fees of $8.4 million;
• a decrease in lease repossession costs of $7.1 million; partially offset by
• an increase in income tax expenses on adjusted items of $13.0 million.

Consolidated Financial Analysis

This section provides detailed information and analysis about Chorus' performance for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022. It focuses on Chorus' consolidated operating results and provides financial information for Chorus' operating segments.

(unaudited) (expressed in thousands of Canadian dollars)	Three months ended June 30,				Six months ended June 30,
	2023	2022	Change	Change	2023	2022	Change	Change
	$	$	$	%	$	$	$	%
Operating revenue	396,775	392,343	4,432	1.1	812,027	734,723	77,304	10.5
Operating expenses	341,391	385,529	(44,138)	(11.4)	694,740	684,597	10,143	1.5
Operating income	55,384	6,814	48,570	712.8	117,287	50,126	67,161	134.0
Net interest expense	(23,652)	(25,105)	1,453	(5.8)	(49,110)	(45,159)	(3,951)	8.7
Foreign exchange gain (loss)	2,683	(22,441)	25,124	(112.0)	6,714	(17,992)	24,706	(137.3)
Gain on property and equipment	10	156	(146)	(93.6)	10	156	(146)	(93.6)
Gain (loss) on fair value of  investments	599	(797)	1,396	(175.2)	2,491	(797)	3,288	(412.5)
Income (loss) before income tax	35,024	(41,373)	76,397	(184.7)	77,392	(13,666)	91,058	(666.3)
Income tax (expense) recovery	(14,706)	970	(15,676)	1,616.1	(25,055)	(3,830)	(21,225)	554.2
Net income (loss)	20,318	(40,403)	60,721	(150.3)	52,337	(17,496)	69,833	(399.1)
Net income attributable to non-controlling interest	1,267	439	828	188.6	1,757	439	1,318	300.2
Net income (loss) attributable to Shareholders	19,051	(40,842)	59,893	(146.6)	50,580	(17,935)	68,515	(382.0)
Preferred share dividends declared	(8,816)	(5,426)	(3,390)	62.5	(17,687)	(5,426)	(12,261)	226.0
Earnings (loss) attributable to Common Shareholders	10,235	(46,268)	56,503	(122.1)	32,893	(23,361)	56,254	(240.8)
Adjusted EBITDA^(1)	110,748	104,871	5,877	5.6	228,804	188,151	40,653	21.6
Adjusted EBT^(1)	35,045	34,189	856	2.5	76,834	57,535	19,299	33.5
Adjusted net income^(1)	25,576	27,586	(2,010)	(7.3)	56,400	45,330	11,070	24.4

(1)   These are non-GAAP financial measures.

Outlook
(See cautionary statement regarding forward-looking information below)

Jazz's capacity is currently constrained as the industry-wide demand for pilots intensifies. In the past 12-months, Jazz has seen over 300 captain or captain-eligible pilots flow to Air Canada under the existing pilot flow agreement, along with attrition to other mainline airlines. In that same time period, Jazz has successfully hired and trained over 300 first officers and continues to see a good supply of new hire pilots.

Jazz expects this trend on flow of pilots to Air Canada and attrition to other airlines to continue in the near term.

The CPA provides a Fixed Fee to Jazz regardless of flying levels; therefore, the reduction in flying is not expected to have any impact on Jazz's earnings.

Falko continues to have positive and advancing discussions on its new fund (Fund III) with its existing lead investors in Fund II and others. Chorus is also routinely exploring opportunities to sell Falko's wholly-owned or majority-owned aircraft in order to advance the implementation of its asset light leasing strategy.

Chorus has the key elements to successfully execute on its strategy to transition to an asset light leasing model while growing its contractual fund management business and its RAS segment. The key elements include:

• Strong and predictable core earnings from the RAS segment, with the potential to expand into adjacent and complementary business lines;
• Significant wholly-owned or majority-owned aviation assets that can be monetized to reduce debt and return capital to Common Shareholders while also providing funding to improve the growth and return profile of the business over time through accretive investments; and
• Growth potential in the Falko series of funds from which Chorus can generate attractive returns via asset management fees, co-investment returns and incentive payments.

The asset light leasing model will enable Chorus to achieve greater scale in its leasing business by co-investing alongside third-party equity investors in Falko-managed funds, while decreasing risk to Chorus by reducing the use of recourse debt financing. As Chorus transitions to an asset light leasing model, asset sales will generate Free Cash Flow that can be deployed to pursue accretive investment opportunities and/or return capital to Common Shareholders. As part of this asset light transformation, Chorus is targeting:

• Aircraft asset sales: Chorus intends to opportunistically trade RAL's wholly-owned or majority-owned aircraft including in connection with the windup of its 67.45% ownership in Ravelin Holdings LP by its tenth anniversary in 2025. As of June 30, 2023, Ravelin Holdings LP held an interest in 39 aircraft with a net book value of US $397.9 million and secured debt of US $206.6 million. As asset sales occur, the related leasing revenues in RAL will decrease, which will be partially offset by lower depreciation and debt servicing costs and earnings from Falko managed funds.
• Reduced leverage: Chorus anticipates its Leverage Ratio will be between 2.5 to 3.5 by December 31, 2024, given the contractual nature of Chorus' earnings, amortizing debt repayments, and expected asset sales. Deleveraging amounts will vary from quarter-to-quarter depending on the timing and quantum of asset sales.
• Growth: Chorus intends to expand the number of Falko managed funds and the RAS business into adjacent and complementary specialty aviation business lines.

Chorus' forecast for the year ending December 31, 2023 is as follows:

(unaudited)	Consolidated
(expressed in thousands of Canadian dollars)		To
	$	$
Revenue^(1)(2)	1,500,000	1,700,000
Adjusted EBITDA^(1)(3)	410,000	450,000
Adjusted EBT^(1)(3)	135,000	165,000
Leverage Ratio^(1)(3)	3.6	4.0
Free Cash Flow^(3)	260,000	330,000

(1)	RAL's forecast for the year ending December 31, 2023 is as follows: Revenue is expected to be between $250.0 million and $275.0 million, Adjusted EBITDA is expected to be between $210.0 million and $235.0 million and Adjusted EBT is expected to be between $70.0 million and $85.0 million.
(2)	Controllable Costs and Pass-Through Costs are expected to be between $0.95 billion and $1.1 billion included in both revenue and expenses.
(3)	These are non-GAAP financial measures.

2023 Key Economic Assumptions:

• The forecast now assumes Fund III will close outside of the 2023 year. Fund III is anticipated to have (i) a minimum of US $500.0 million in capital commitments and (ii) management fees and economic terms commensurate with those in Falko's prior funds.
• The forecast revenue is based on current contracted lease revenue and forecasted revenues for leased aircraft and asset management fees. Aircraft leasing revenue under the CPA and Fixed Margin revenue is expected to be US $110.0 million and $63.0 million, respectively, in 2023 (2022: US $114.5 million and $66.3 million, respectively).
• Asset sales of approximately US $50.0 million to $100.0 million in 2023 with a loan-to-value of between 50% and 60% generating net proceeds between US $25.0 million and US $50.0 million. If material asset sales are executed in 2023, this may reduce expected revenue in RAL, depending on the timing of such sales.
• The forecast uses a foreign exchange rate of 1.30 for 2023 to translate USD to CAD revenue.

RAL's gross lease receivable may decrease from the June 30, 2023 balance of US $108.2 million to between US $95.0 million and US $100.0 million by the end of 2023 due to rent relief arrangements¹ and repayment expectations.

RAL's lease deferral receivable exposure is partially mitigated by security packages held of approximately US $17.5 million (December 31, 2022 - US $17.1 million).

^1	Following the onset of the COVID-19 pandemic, RAL received requests from many of its customers for some form of temporary rent relief, as they coped with an unprecedented reduction in demand for passenger air travel. Under rent relief arrangements, certain of which include lease term extensions, the repayment of the deferred amounts typically coincides with the lease term extensions.

Capital Expenditures

Capital expenditures in 2023, are expected as follows:

(unaudited) (expressed in thousands of Canadian dollars)				Actual
				Six months ended	Year ended
	Planned 2023^(1)			June 30, 2023	December 31, 2022
		$		$	$
Capital expenditures, excluding aircraft acquisitions	20,000	to	25,000	6,917	15,914
Capitalized major maintenance overhauls^(2)	8,000	to	13,000	7,310	15,974
Aircraft acquisitions and improvements	8,000	to	12,000	4,177	30,392
	36,000	to	50,000	18,404	62,280

(1)	The 2023 plan includes reconfiguration costs on aircraft and certain aircraft improvements which have been converted to Canadian from US dollars using a foreign exchange rate of 1.3240, the June 30, 2023 closing day rate from the Bank of Canada.
(2)	The 2023 plan includes between $3.0 million to $5.0 million of costs that are expected to be included in Controllable Costs. Actual 2023 and 2022 costs include $4.2 million and $10.1 million, respectively, which were included in Controllable Costs.

Use of Defined Terms

Capitalized terms used but not defined in this news release have the meanings given to them in the MD&A which is available on Chorus' website (www.chorusaviation.com) and under Chorus' profile on SEDAR (www.sedar.com).

Investor Conference Call / Audio Webcast

Chorus will hold an analyst call at 9:00 AM ET on August 4, 2023 to discuss the second quarter 2023 financial results. The call may be accessed by dialing 1-888-664-6392. The call will be simultaneously audio webcast via: https://app.webinar.net/1pArVer7RDX.

This is a listen-in only audio webcast. 

The conference call webcast will be archived on Chorus' website at www.chorusaviation.com under Investors > Reports.  A playback of the call can also be accessed until midnight ET, August 11, 2023, by dialing toll-free1-888-390-0541 and using passcode 749492 # (pound key).

¹NON-GAAP FINANCIAL MEASURES
This news release references several non-GAAP financial measures to supplement the analysis of Chorus' results. Chorus uses certain non-GAAP financial measures, described below, to evaluate and assess performance. These non-GAAP measures are generally numerical measures of a company's financial performance, financial position, or cash flows, that include or exclude amounts from the most comparable GAAP measure. As such, these measures are not recognized for financial statement presentation under GAAP, do not have a standardized meaning, and are therefore not likely to be comparable to similar measures presented by other public entities.

Adjusted Net Income, Adjusted EBT and Adjusted EBITDA
Adjusted net income is used by Chorus to assess performance without the effects of unrealized foreign exchange gains or losses on long-term debt and lease liability related to aircraft, employee separation program costs, impairment provisions, lease repossession costs net of security packages realized, restructuring expected credit loss provision, strategic advisory fees and the applicable tax expense (recovery). Chorus manages its exposure to currency risk on such long-term debt by billing the lease payments within the CPA in the underlying currency (US dollars) related to the aircraft debt. These items are excluded because they affect the comparability of Chorus' financial results, period-over-period, and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring due to ongoing currency fluctuations between the Canadian and US dollar.

Adjusted earnings available to Common Shareholders per Common Share is used by Chorus to assess performance and is calculated as Adjusted Net Income less non-controlling interest and Preferred Share dividends declared.

Adjusted EBT and Adjusted EBITDA should not be used as exclusive measures of cash flow because these measures do not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows, forming part of Chorus' financial statements.

EBT is defined as earnings before income tax. Adjusted EBT (EBT before employee separation program costs, impairment provisions, lease repossession costs net of security packages realized, restructuring expected credit loss provision, strategic advisory fees and other items such as foreign exchange gains and losses) is a non-GAAP financial measure used by Chorus as a supplemental financial measure of operational performance. Management believes Adjusted EBT assists investors in comparing Chorus' performance by excluding items, which it does not believe will re-occur over the longer-term (such as employee separation program costs, impairment provisions, lease repossession costs net of security packages realized, restructuring expected credit loss provision, and strategic advisory fees) as well as items that are non-cash in nature such as foreign exchange gains and losses.

EBITDA is defined as earnings before net interest expense, income taxes, depreciation and amortization and impairment and is a non-GAAP financial measure that is used frequently by companies in the aviation industry as a measure of performance. Adjusted EBITDA (EBITDA before employee separation program costs, strategic advisory fees, impairment provisions, lease repossession costs net of security packages realized, restructuring expected credit loss provision and other items such as foreign exchange gains or losses) is a non-GAAP financial measure used by Chorus as a supplemental financial measure of operational performance. Management believes Adjusted EBITDA assists investors in comparing Chorus' performance by excluding items, which it does not believe will re-occur over the longer-term (such as employee separation program costs, impairment provisions, lease repossession costs net of security packages realized, restructuring expected credit loss provision and strategic advisory fees) as well as items that are non-cash in nature such as foreign exchange gains and losses. Adjusted EBITDA should not be used as an exclusive measure of cash flow because it does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows, forming part of Chorus' financial statements.

Leverage Ratio
Leverage Ratio is used by Chorus as a means to measure financial leverage. Leverage Ratio is calculated by dividing Net debt by trailing 12-month Adjusted EBITDA. Leverage Ratio is not a recognized measure under GAAP, and therefore is unlikely to be comparable to similar measures presented by other companies. Management believes leverage to be a useful term when monitoring and managing debt levels. In addition, as leverage is a measure frequently analyzed for public companies, Chorus has calculated the amount to assist readers in this review. Leverage should not be construed as a measure of cash flows.

Free Cash Flow
Free Cash Flow is defined as cash provided by operating activities less net changes in non-cash balances related to operations, capital expenditures excluding aircraft acquisitions and improvements plus net proceeds on asset sales (proceeds on disposal of property and equipment less the related debt repayments for the assets sold).

Forward-Looking Information
This news release includes forward-looking information and statements. Forward-looking information and statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information and statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information and statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information and statements, by their nature, are based on assumptions, including those referenced below, and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, among other things, external events, changing market conditions and general uncertainties of the business. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information and statements.

Examples of forward-looking information and statements in this news release include the discussion in the Outlook section, as well as statements regarding expectations as to Chorus' future liquidity and financial strength and contracted revenues, Chorus' future growth and competitive position, the growth of Falko's asset management business, the transition of Chorus'  leasing business to an asset light leasing model, the generation of cash flows from asset sales and potential deployment of those proceeds to enhance returns to Shareholders and/or invest in accretive growth opportunities, the completion of pending or planned transactions (including the successful close of Falko's Fund III), and Jazz's efforts to increase flying capacity under the CPA. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including if: any one or more of the key assumptions described in the Outlook section fails to materialize; Chorus is unable to successfully realize the anticipated benefits of the Falko acquisition, including the transition to an asset light model; Falko is unable to successfully launch Fund III on the terms currently contemplated or at all; Chorus (including any of its subsidiaries) is unable to attract and retain the type and number of human resources it needs to operate its business; new COVID-19 variants and/or new pandemic or endemic diseases emerge and restrictive measures are implemented to minimize their public health impacts; the effects of the  COVID-19 pandemic continue to adversely impact the financial health of Chorus' contractual counterparties; general economic conditions (including inflation and interest rates) worsen, or general conditions for the aviation industry deteriorate; payments cease (in whole or in part) under the CPA and/or under aircraft lease agreements with Chorus' customers; disputes emerge under the CPA and/or under aircraft lease agreements; Chorus defaults under any of its debt covenants; asset impairments and/or provisions for expected credit losses are required; changes in law are made (including regulations relating to climate change) which adversely affect Chorus' business; transactions (including potential financings) referenced in this news release or in Chorus' public disclosure record fail to conclude on the terms currently contemplated or at all; and/or one or more of the risk factors referenced in Chorus' most recent Annual Information Form and in its public disclosure record available on SEDAR at www.sedar.com materializes. The forward-looking statements contained in this news release represent Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. Chorus disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.

About Chorus Aviation Inc.

Chorus is a leading, global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of a regional aircraft's lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; and pilot training.

Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C' respectively.  www.chorusaviation.com.

SOURCE Chorus Aviation Inc.

Chorus Media Contact: [email protected]; Chorus Analyst Contact: [email protected]