OTTAWA, ON, April 11, 2024 /CNW/ - NAV CANADA today released its financial results for the three and six months ended February 29, 2024. In the second quarter of fiscal 2024, the Company saw air traffic levels, as measured in weighted charging units(1), increase 8.3% on a year over year basis. Excluding the effect of an extra day for the leap year, air traffic levels were 7.1% higher. The Company's revenue for the second quarter of fiscal 2024 was $393 million, compared to $388 million over the same period in fiscal 2023. The Company had negative free cash flow(2) of $28 million in the second quarter of fiscal 2024 as compared to positive free cash flow of $34 million in the same period in fiscal 2023. The decrease in free cash flow is driven by higher cash outflows for operating expenditures, primarily due to higher compensation costs, as compared to the second quarter of fiscal 2023. The Company ended the quarter with a cash balance of $570 million. "The second quarter demonstrated a number of positives – including greater operational resilience, preparedness and performance within the ecosystem. At the same time, the sector remains sensitive to fluctuations in passenger demand, supply chain, economic uncertainty and potential government policy changes," said Raymond G. Bohn, President and CEO, NAV ...