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NAV CANADA announces third quarter financial results

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OTTAWA, ON, July 12, 2024 /CNW/ – NAV CANADA today released its financial results for the three and nine months ended May 31, 2024.

In the third quarter of fiscal 2024, the Company saw air traffic levels, as measured in weighted charging units(1), increase by 5.6% on a year over year basis. The Company’s revenue for the third quarter of fiscal 2024 was $433 million, compared to $436 million over the same period in fiscal 2023.

The Company had positive free cash flow(2) of $17 million in the third quarter of fiscal 2024 as compared to positive free cash flow of $32 million in the same period in fiscal 2023. The decrease in free cash flow is driven by higher capital expenditures, partially offset by higher operating cash inflows as compared to the third quarter of fiscal 2023. The Company ended the quarter with a cash balance of $571 million.

“Partnering for success is a foundational concept to how NAV CANADA will achieve its long-term goals, and this concept featured strongly in the third quarter,” said Raymond G. Bohn, President and CEO, NAV CANADA. “Our partnership with CAE brings two leading Canadian companies together to augment our training capacity, contributing to the future sustainability of operations and bringing more Canadians into our highly skilled workforce sooner.  We celebrated the ground-breaking of our first LEED certified Control Tower with the Victoria Airport Authority and, more recently, have announced our technology partner that will support our Digital Aerodrome Air Traffic Services program. Our partners, customers and our people are at the heart of how we are building a resilient, innovative, and progressive organization which is ready to tackle future challenges.”

Operating expenses for the third quarter of fiscal 2024 were $418 million as compared to $386 million over the same period in fiscal 2023, primarily due to higher compensation costs driven by an increase in both wage and staffing levels.

Net other income and expenses for the third quarter of fiscal 2024 were a net expense of $19 million as compared to $24 million over the same period in fiscal 2023, as a result of lower net interest expense.

The Company had a net loss (before net movement in regulatory deferral accounts including rate stabilization) of $5 million in the third quarter of fiscal 2024 as compared to net income of $26 million for the third quarter of fiscal 2023.

The Company is subject to legislation that regulates its approach to setting charges. The timing of the recovery of certain revenue and expenses through customer service charges is managed through movements in regulatory deferral accounts. The net movement in regulatory deferral accounts for the third quarter of fiscal 2024 was an expense of $27 million as compared to an expense of $39 million over the same period in fiscal 2023. This change in regulatory deferrals is primarily due to a decrease in favourable rate stabilization adjustments of $9 million and a $3 million net increase in adjustments required to align the accounting recognition of certain transactions to the periods in which they will be considered for rate setting. As at May 31, 2024, the rate stabilization account had a balance of $220 million to be recovered from customers through future customer service charges.

Associated Links

The Company’s Financial Statements and Management’s Discussion and Analysis for the three and nine months ended May 31, 2024 can be found at:

Financial Statements
Management’s Discussion and Analysis

About NAV CANADA

NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.

The Company is internationally recognized for its safety record and technology innovation.

(1)

Weighted charging units represent a traffic measure that reflects the number of billable flights, aircraft size and distance flown in Canadian airspace and is the basis for movement-based service charges, which comprise the vast majority of the Company’s revenue.

(2)

Free cash flow is a non-GAAP financial measure used by the Company to enhance the overall understanding of its financial and operating performance. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines free cash flow as cash generated from operations, less capital expenditures (net of government grants received), investments in regulatory assets, investments in Aireon LLC and equity related investments and principal payment of lease liabilities. Management places importance on this indicator as it assists in measuring the impact of its investment program on the Company’s financial resources and provides users with a more stable indication of the Company’s ability to meet its debt obligations and continue to invest in the air navigation system.

This press release contains certain forward-looking statements that are subject to important risks and uncertainties. Actual results may differ materially from the results indicated in these statements for a number of reasons. NAV CANADA disclaims any intention to update any forward-looking statements.

SOURCE NAV CANADA

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Aiper Unveils a New Poolside Hero at CES: Introducing the Scuba X1 Pro Max

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The pinnacle of pool cleaning, the Scuba X1 Pro Max touts power and precision for perfect pools

LAS VEGAS, Jan. 9, 2025 /PRNewswire/ — Aiper, the global creator of award-winning smart yard technology, today announces the launch of its latest innovation in pool maintenance, the Scuba X1 Pro Max robotic pool cleaner. Combining power, precision, and intelligence, the Scuba X1 Pro Max delivers an unmatched pool cleaning experience, transforming tedious maintenance into a simple and effortless routine.

From the surface to the floor, and every corner in between, the Scuba X1 Pro Max cleaning coverage is unbeatable. Featuring OmniSense+™ 2.0, an advanced pool mapping system equipped with 40 ultrasonic sensors for adaptive path planning, the unit ensures a precise and efficient cleaning. And powered nine motors providing the world’s strongest suction at 8,500 gallons per hour (GPH), the Scuba X1 Pro Max also includes a patented MicroMesh™ ultra-fine filter to capture the smallest debris for an unmatched deep clean.

The all-in-one robotic pool cleaner intelligently adjusts its cleaning path using the FlexiPath™ 2.0 system, while Auto Mode optimizes suction power based on the pool’s debris levels, significantly boosting both cleaning efficiency and runtime. With a battery life of up to 10 hours when operating on the surface, along with true cordless operation, pool owners can enjoy a tangle-free and worry-free cleaning experience.

Additionally, the Scuba X1 Pro Max includes the brand’s new HomeComingDock™, enabling easy surface retrieval via the Aiper app, while a seamless integration with the optional HydroComm Pro provides real-time water quality monitoring, including metrics such as pH, temperature, and pool maintenance recommendations. The Scuba X1 Pro Max will be available for purchase in mid-February 2025 at $2,299 (MSRP) and will include a wireless charging dock. For a limited time, early customers will also receive a free Aiper Caddy for an easy and convenient way to transport and charge the Scuba X1 Pro Max when out of the water.

“At Aiper, we are constantly pushing the boundaries of what robotic pool cleaners can do and resetting the industry standard. The Scuba X1 Pro Max represents a significant leap forward, combining advance technology with user-friendly and user-centric design to deliver an effortless and enjoyable pool-cleaning experience,” said Richard Wang, CEO of Aiper.

To celebrate the new line up products, Aiper is thrilled to be named the Official Robotic Pool Cleaner of the Arizona Diamondbacks. Providing industry-leading entertainment in a clean, safe and family-friendly environment, MLB’s D-backs call Chase Field, in downtown Phoenix, home. Chase Field is the first Major League Baseball stadium to feature a pool, and Aiper will be keeping this famous water feature sparkling clean all season long. As part of the CES trade show launch event on January 8, former D-back outfielder, Luis “Gonzo” Gonzalez, along with the organization’s senior vice president of corporate partnerships, Steve Mullins, were in attendance at the Aiper booth (#52311) to show their support.

For more information about the Scuba X1 Pro Max visit www.aiper.com and follow Aiper on LinkedInFacebookInstagramTikTok, and X.

About Aiper

Aiper is the leading global creator of innovative cordless robotic pool cleaners on a mission to Bring Vacation Home by inspiring pool owners to turn their backyards into a personal oasis with the help of smarter cleaning solutions. After doing a deep dive into the pain points of traditional pool cleaners, the company embarked on a path to merge technology with innovative design to create the world’s most easy-to-use robotic pool cleaners that are not only cord and hassle-free but can automatically handle all the dirty work so pool owners can stop manually cleaning. Unlike other products on the market, each Aiper robot is guaranteed to minimize the time and money spent cleaning and give more time back to enjoy quality time with friends and family by the pool. Through that, Aiper has earned its place as the world’s best cordless robotic pool cleaner since its launch. In 2023 and 2024, Aiper products have been named CES Innovations Award Honorees.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/aiper-unveils-a-new-poolside-hero-at-ces-introducing-the-scuba-x1-pro-max-302346770.html

SOURCE Aiper

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TENNIS: PIRELLI AND AUSTRALIAN OPEN SIGN A MULTI-YEAR PARTNERSHIP BEGINNING FROM 2025

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MELBOURNE, Australia, Jan. 9, 2025 /PRNewswire/ — From this year, Pirelli will be the Official Tyre Partner of the Australian Open, which will start on Sunday 12 January in Melbourne. After motorsport, football, sailing and skiing, Pirelli enters tennis, choosing to support the Grand Slam with a partnership which represents a high-profile showcase for promoting the brand throughout the world.

Andrea Casaluci, CEO of Pirelli: “For Pirelli, the Australian Open represents a very important opportunity for visibility because of the great interest in tennis at the global level. In particular, the sponsorship will help increase awareness of our brand in Australia which is a market with a high concentration of prestige cars. Precisely in Melbourne, home of the tournament, in 2019 we opened a Pirelli P Zero World, our flagship store model currently present in only four other cities in the world”.

Cedric Cornelis, Tennis Australia Chief Commercial Officer: “We are very pleased to announce Pirelli as the Official Tyre Partner of the Australian Open. Pirelli is synonymous with innovation and performance, making it a great fit for one of the world’s premier tennis events. We are delighted that Pirelli has chosen the Australian Open to mark its first investment in a Grand Slam.”

PIRELLI AND SPORT

Pirelli’s connection with tennis dates to 1930 when the company began making tennis balls, until the 1970s. The passion for sport has always characterized the history of Pirelli, as demonstrated by the different disciplines in which it participates, from football to sailing to skiing. In motorsport, where Pirelli has competed since 1907, it is today present in over 350 competitions starting from the top level with Formula 1©.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tennis-pirelli-and-australian-open-sign-a-multi-year-partnership-beginning-from-2025-302346771.html

SOURCE Pirelli Tyre

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IndiaBonds.com Launches Digital Fixed Deposits – Expands Fixed Income Product Suite

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MUMBAI, India, Jan. 9, 2025 /PRNewswire/ — IndiaBonds.com, a SEBI-registered Stock Broker (Debt Segment) & licensed Online Bond Platform Provider (OBPP), has launched Digital Fixed Deposits (FDs), making fixed-income investments more accessible and convenient for individual investors across India. With this addition, IndiaBonds.com now offers a unified platform for managing both bonds and fixed deposits seamlessly, bringing all fixed-income investments under one ambit. This launch is in line with IndiaBonds’ vision to deliver stable and rewarding investment options to retail investors while simplifying portfolio management.

The platform offers a fully digital, paperless onboarding process, including quick KYC completion, making it easy for retail investors to get started. On the platform, the investors can earn up to 9.4% interest in their fixed deposit investments. Its integrated portfolio dashboard provides clear insights into cashflows, returns, and fixed income allocations, helping investors track and manage their investments efficiently.

By combining the stability of fixed deposits with the big flexibility of bonds, the platform empowers investors to build balanced, diversified portfolios. Additionally, investors benefit from customizable payout options, low minimum investment requirements, and the convenience of managing all their fixed-income investments in one place. The platform will expand its offerings with additional FD partners in the coming weeks.

Vishal Goenka, Co-founder of IndiaBonds.com, said, “At IndiaBonds, we have always focused on making regulated fixed-income investments simple, transparent, and accessible for individual investors. The launch of Digital Fixed Deposits is a natural step forward in our journey of expanding product offerings. By integrating bonds and FDs on one platform, we are enabling investors to optimize their portfolios effortlessly and take full advantage of fixed-income opportunities in the current market environment.”

He added, “We are committed to continuously evolving our platform and product suite to provide clients with seamless access to stable and diversified investment options, empowering them to make informed financial decisions with ease.”

This innovative offering not only caters to the growing demand for diverse investment options but also reinforces IndiaBonds.com’s commitment to empowering individual investors with tools to make informed and rewarding financial decisions.

About IndiaBonds

Launched in 2021, IndiaBonds is a SEBI-registered leading Online Bond Platform Provider. It provides access to investors in the fixed-income market in a low-cost, transparent, and easy-to-use manner.

At the helm of this bondtech company are industry veterans — Vishal Goenka, Co-Founder, and Aditi Mittal, Co-Founder & Director. This core team is committed to pioneering the digital revolution in the corporate bond market in India.

IndiaBonds provides a wholesome solution to bond investing to its customers and enables them to unlock the value of the fixed-income asset class. The experienced team assists investors with access to a wide choice of bond investment opportunities that provide stability, generate predictable income, and meet their investment objectives.

Within the Online Bond Platform Providers community, IndiaBonds is recognized as a revolutionizing fintech start-up owing to some of its ground-breaking innovations in the fixed-income industry.

In 2022, it announced the launch of its strategic tool, the Bond Yield Calculator, which aids investors by simplifying the complexities of calculating corporate bond prices and yield.

In 2021, it launched a comprehensive Bond Directory for the general public to have detailed information on all INR-denominated bonds outstanding in India.

 

View original content:https://www.prnewswire.com/in/news-releases/indiabondscom-launches-digital-fixed-deposits–expands-fixed-income-product-suite-302346780.html

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