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CARGOJET Cargojet Ends the Year with a Strong Finish in the Fourth Quarter Mississauga , ON , March 1 , 2021 - Cargojet Inc. ( " Cargojet " or the " Corporation " ) ( TSX : CJT ) announced today financial results for the fourth quarter and year ended December 31 , 2020 . Total Revenues for the quarter were $ 187.1 million compared to fourth quarter 2020 Revenues of $ 139.7 million . Gross Margin for the quarter was $ 69.3 million compared to fourth quarter 2019 Gross Margin of $ 41.6 million . Adjusted EBITDA and Adjusted EBITDAR for the quarter were $ 81.9 million compared to the fourth quarter 2019 Adjusted EBITDA and Adjusted EBITDAR of $ 47.2 million . 2020 was a transformational year and the key highlights include : 1. Total Revenues for the year were $ 668.5 million compared $ 486.6 million in 2019 . 2. Highly diversified revenue growth with each line of business posting record gains vs. prior year : a . Domestic overnight accounted for 45 % of revenues ; b . ACMI accounting for 20 % of revenues ; c . All - in - Charters accounting for 18 % of revenues 3. Gross Margin for the year was $ 250.5 million compared to $ 119.2 million in 2019 . 4. Adjusted EBITDA and Adjusted EBITDAR for the year were $ 291.4 million compared to $ 156.0 million and $ 156.8 million respectively for 2019 . 5. Adjusted Free cash flow for the year $ 196.8 million . 6. Available liquidity of $ 525 million from Cargojet's committed 5 - year revolving $ 600 million credit facility . 100 % of the facility is available at March 1 , 2021 . 7. Reduction in net - debt of $ 63 million . 8. Overall leverage at 2.0X Adjusted EBITDAR . 9. Fleet size increased to 28 all - cargo aircrafts . 10. Operated a record 52,225 flight block hours in 2020 vs.35,704 in 2019 an increase of 46.3 % . " 2020 reminded us of the old saying that adversity builds character . From the start of the pandemic , to our business being declared an essential service , to building unprecedented safety protocols to keep our employees safe while keeping the nation's supply chains moving , Cargojet demonstrated unparalleled resilience . " said Dr. Ajay Virmani , President & CEO . " Each one of our team members understood that with major parts of our economy under lock - down , Cargojet must rise to the challenge of meeting unprecedented demand in e - commerce volumes that our customers were expecting us to fly . " Commented Dr. Virmani . " We were truly humbled by the trust and faith shown by our customers in Cargojet especially during one of the most challenging times in our history ” further noted Dr. Virmani . " As the economy slowly re - opens , we expect B2B e - commerce to return back to pre - pandemic levels . At the same time , with a strong customer base and a healthy balance sheet , we are now embarking on the next phase of our growth by capturing international cargo opportunities . The disruption caused by vastly reduced passenger airline belly capacity has created new opportunities in international cargo that we are well positioned to go after . " concluded Dr. Virmani . About Cargojet