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Charter Volume (Jan 20, 2022)

+12.6% MTD vs 2021

At an industry level, volume is down from December as we would expect seasonally, but on a YoY basis volume is up double digits when compared with the same period in both 2021 and 2020. If you recall, the volume last year didn't really start to pop until March/April.

As we roll into 2022, the charts can be a little bit confusing because we show a rolling 365 days worth of data. That means that for January 2022, when we compare with January 2020 and roll backwards, we wind up comparing the 2021 data with 2019.

When we compare January 2022 with January 2021, and roll 365 days backwards, this results in the 2021 data (earlier months) being compared with 2020 data. Note that this then includes the big dip that the industry saw in 2020.

For the full chart package this week (the deck that we review on the call), we have compared with 2020/2019 data, but going forward we plan to switch over to comparing with 2021/2020.

The rationale here is that having the MTD data showing 2022 vs 2021 is a better comparison, even though the past 365 day stats will be looking at some 2020 data. If we want to look at the difference between 2022 MTD and 2021 for any specific airport, we can pull that data in real-time on the call.

Note here that Teterboro has again fallen below pre-pandemic levels, running 7.8% below January 2020. Morristown and White Plains haven't dropped to the same degree however.

Looking at Los Angeles, we're seeing movement in the opposite direction with volume that is trending 14.7% above the 2020/2019 baseline.

Temperature/weather may be driving the traffic pattern as Boston is showing the biggest drop of any major metro airport, with MTD volume down 26.7% relative to January 2020.

As we've seen right along, the volume is up and down market by market for a variety of reasons. It does look like we're falling into a pattern that is similar to what we saw last winter, with ski destinations and Florida showing heavy traffic while major metro airports, particularly in the Northeast are trending below pre-pandemic levels.

Best regards,

-Greg