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194	194	"The substantial year-over-year improvement in Air Canada's first quarter results is clear evidence that a recovery is underway. The company's strong improvement is a testament to its employees, and I thank them for their hard work taking care of its customers throughout more than two years of a global pandemic. Now, its employees are demonstrating this same level of determination, commitment and passion in executing on its recovery strategy,"
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197		-"The year began with weakness brought on by the Omicron variant and travel restrictions. However, the company quickly rebounded in March with passenger volumes exceeding the strong December levels and passenger ticket sales in March 2022 over 90 per cent of March 2019 levels, a leading indicator to much stronger 2022 second and third quarter results. For the quarter, Air Canada had operating revenues of $2.573 billion, more than triple that of the same quarter in the prior year.  This was accompanied by a strict cost discipline that reduced adjusted CASM* by over six per cent from the fourth quarter of 2021. Quarterly EBITDA*, while a negative $143 million, improved $620 million over last year and the company ended the quarter with $10.162 billion in unrestricted liquidity, close to 2021 year-end levels.
	197	+"The year began with weakness brought on by the Omicron variant and travel restrictions. However, the company quickly rebounded in March with passenger volumes exceeding the strong December levels and passenger ticket sales in March 2022 over 90 per cent of March 2019 levels, a leading indicator to much stronger 2022 second and third quarter results. For the quarter, Air Canada had operating revenues of $2.573 billion, more than triple that of the same quarter in the prior year.  This was accompanied by a strict cost discipline that reduced adjusted CASM by over six per cent from the fourth quarter of 2021. Quarterly EBITDA, while a negative $143 million, improved $620 million over last year and the company ended the quarter with $10.162 billion in unrestricted liquidity, close to 2021 year-end levels.
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200	200	"In anticipation of its recovery, Air Canada has kept the course with key long-term projects to increase and diversify revenue and lower costs. One such program is the expansion of Air Canada Cargo, with quarterly revenue up 42 per cent to $398 million from the first quarter of 2021, and now further expanded with the addition of two new Boeing 767-300 freighters to be delivered in 2022.  The renegotiation of key engine maintenance contracts completed in the quarter, will also yield savings over the remaining life of the contracts.  Aeroplan air redemption bookings in the quarter exceeded those of the same quarter in 2019 by 19 per cent.  The relaunched program saw the highest new member acquisitions and redemptions in a quarter, and generated third-party gross billings exceeding first quarter 2019 levels by 21 per cent," said Mr. Rousseau.