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News Release Air Canada Reports Third Quarter 2021 Results MONTREAL , November 2 , 2021 - Air Canada today reported third quarter 2021 financial results . Operating revenues of $ 2.103 billion , representing almost three times the operating revenues of $ 757 million in the third quarter of 2020 ● AIR CANADA ● ● ● Negative EBITDA ( 1 ) ( earnings before interest , taxes , depreciation , and amortization ) , excluding special items , of $ 67 million compared to negative EBITDA ( excluding special items ) of $ 554 million in the same quarter of 2020 Operating loss of $ 364 million , compared to an operating loss of $ 785 million in the third quarter of 2020 Net cash flow ( ¹ ) of $ 153 million , approximately $ 520 million higher than the midpoint of the net cash burn guidance provided for the quarter Record cargo revenues , surpassing the billion - dollar mark year - to - date Unrestricted liquidity of about $ 14.4 billion at September 30 , 2021 " We are encouraged by the favourable revenue and traffic trends in the third quarter , with strong increases in key passenger geographic segments , a record cargo performance and significant improvements in both Air Canada Vacations and Aeroplan . The combination of these factors , along with effective cost controls , resulted in net cash flow of $ 153 million for the quarter , materially better than expected and as compared to the third quarter of 2020 , " said Michael Rousseau , President and Chief Executive Officer of Air Canada . " Another major accomplishment was the series of financing transactions completed in August , allowing us to lower our cost of borrowing , extend the maturities of our corporate debt , and raise gross proceeds of about $ 7.1 billion . As a result , at the end of the third quarter of 2021 , Air Canada had about $ 9.5 billion in available liquidity on its balance sheet . This strong liquidity position and the confidence it conveys is a core element of our long - term prospects as we rebuild our airline . We also have about $ 4.9 billion available under undrawn facilities . " Since the start of the year we have recalled more than 10,000 employees . We have expanded services to the U.S. , and have launched new routes , such as to Cairo . We also announced expansions of our services to India and South America as well as the return next summer of popular seasonal destinations such as Barcelona , Venice , Nice and Reykjavik . To support our network restoration , we have reversed our decision to cancel two Airbus A220 aircraft orders and are now accelerating deliveries of new Boeing 737 MAX aircraft . For our customers , we are pleased to bring back amenities such as onboard meal service and Maple Leaf Lounges . 4 STAR AIRLINE SKYTRAX The only Four - Star international network carrier in North America