But how does it look to potential buyers if they see the creative accounting? Is it saying to them, we are operating not as well as we hoped so we are shifting expenses around?
This might be a dumb question but whats the reason behind the heavy reduction in fuel expenses? Are there just not as many flights being operated by Mesa the past few years? Or did they get a great deal on fuel prices through hedging?
Pay attention to the end of the chart. It's broken down as a 6 month block from September to March, so not accounting for a full accounting year. When taken into context they are about on pace with FY2017 if not in a slightly better position (likely because at present gas is cheap). It's my guess that it's unlikely Mesa has any significant fuel hedge in place as they really aren't in a financial position to do so and hedging is sort of like poker; limited information and little bit of luck.
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