<SEC-DOCUMENT>0000950123-18-006383.txt : 20180907
<SEC-HEADER>0000950123-18-006383.hdr.sgml : 20180907
<ACCEPTANCE-DATETIME>20180615171555
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-18-006383
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESA AIR GROUP INC
		CENTRAL INDEX KEY:			0000810332
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				850302351
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		410 NORTH 44TH STREET
		STREET 2:		SUITE 700
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85008
		BUSINESS PHONE:		602.685.4000

	MAIL ADDRESS:	
		STREET 1:		410 NORTH 44TH STREET
		STREET 2:		SUITE 700
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MESA AIRLINES INC
		DATE OF NAME CHANGE:	19950426
</SEC-HEADER>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DLA Piper <SMALL>LLP</SMALL> (<SMALL>US</SMALL>)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2525 E. Camelback Road, Suite 1000<BR>Phoenix, Arizona 85016</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.dlapiper.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gregory R. Hall</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">greg.hall@dlapiper.com</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>T</B>&#8195;&#8201;&#8202;480.606.5128</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>F</B>&#8195;&#8201;&#8202;480.606.5101</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top">June&nbsp;15, 2018</TD>
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<TD VALIGN="top">OUR FILE NO. 366916-000051</TD></TR>
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<TD VALIGN="top"><I>V<SMALL>IA</SMALL> EDGAR <SMALL>AND</SMALL> U<SMALL>NITED</SMALL> P<SMALL>ARCEL</SMALL> S<SMALL>ERVICE</SMALL> </I></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Tetyana Aldave </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attorney-Advisor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Mesa Air Group, Inc. </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Confidential Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Submitted May&nbsp;7, 2018 </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>CIK No.&nbsp;000810332 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Aldave: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter is submitted on behalf of Mesa Air Group, Inc. (together with its subsidiaries, the &#147;<U>Company</U>&#148;) in response to the comments that
you provided on behalf of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) with respect to the Company&#146;s Draft Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> confidentially submitted on May&nbsp;7, 2018 (the &#147;<U>Registration Statement</U>&#148;), as set forth in your letter to Jonathan G. Ornstein dated June&nbsp;1, 2018. The Company is confidentially submitting
under separate cover Draft No.&nbsp;2 of the Registration Statement (&#147;<U>Draft No.</U><U></U><U>&nbsp;2</U>&#148;) in response to the Staff&#146;s comments. Please note that Draft No.&nbsp;2 also includes other updates to the Company&#146;s
disclosure. For reference purposes, the numbered comments contained in your letter dated June&nbsp;1, 2018 have been reproduced herein (in bold italics), with the Company&#146;s response below each numbered comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please fill in all the blanks for information, other than that omitted in reliance on Rule 430A under the Securities Act. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure of Draft No.&nbsp;2 to fill in blanks for all
available information, other than information omitted in reliance on Rule 430A under the Securities Act. The Company will include information for any remaining blanks as soon as practicable after it is available in a future filing. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please include a legible map on page i. The titles of the four hub airports are not legible. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: The Company acknowledges the Staff&#146;s comment and has included a legible map on page i of Draft No.&nbsp;2. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary, page&nbsp;1 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note from your disclosures on pages 102 through 111 that your Equity Compensation Plans may vest immediately upon a change in control. Please tell us if this offering will trigger the vesting of any of your
Equity Compensation Plans, and if so, revise your filing to disclose this information in your Prospectus Summary and disclose the estimated amount of compensation expense that will be recorded upon effectiveness of the IPO.
</I></B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Tetyana Aldave </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;15, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on
pages 115 through 122 of Draft No.&nbsp;2 to clarify that this offering will not trigger the vesting of any of the stock-based compensation instruments granted pursuant to the Company&#146;s Equity Compensation Plans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary Historical Consolidated Financial and Operating Data, page 10 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your disclosure on page 11 that EBITDAR is useful in evaluating your operating performance compared to your competitors. This measure eliminates aircraft rent, which is a normal, recurring cash operating
expense necessary to operate your business. Therefore, please revise this disclosure here and elsewhere within your registration statement to indicate this measure is solely used as a valuation metric and to add disclosure emphasizing the
limitations of its use, including that it should not be viewed as a measure of overall performance. Please refer to Question 100.01 of our Compliance&nbsp;&amp; Disclosure Interpretations for <FONT STYLE="white-space:nowrap">Non-GAAP</FONT>
Financial Measures dated April&nbsp;4, 2018. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has
revised the disclosure on pages 12 and 44 of Draft No.&nbsp;2 to indicate that EBITDAR is being solely used as a valuation metric, the limitations of its use, and that it should not be viewed as a measure of overall performance. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Use of Proceeds, page&nbsp;35 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note from your disclosure on page 8 (The Offering) and on page 35 that you intend to repay a certain amount of your indebtedness with the offering proceeds. Please revise to disclose pro forma earnings per
share to reflect the proceeds used for this debt repayment. Refer to SAB Topic 3.A by analogy and Rule <FONT STYLE="white-space:nowrap">11-01(a)(8)</FONT> and Rule 1102(b)(7) of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT>
</I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: The Company acknowledges the Staff&#146;s comment and will include the requested information, as soon as
practicable after it is available, in a future filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Quantitative and Qualitative Disclosure About Market Risk, page 62 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that you are subject to interest rate risk. Please revise your filing to disclose: (i)&nbsp;the quantitative information for the preceding fiscal year; and (ii)&nbsp;a description of the model, assumptions
and parameters used to estimate the impact of interest rate changes on interest expense. Refer to Item 305(a)(3) and Instruction 3(F) to Item 305(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 71 and 72 of Draft No.&nbsp;2 to:
(i)&nbsp;disclose the quantitative information for the preceding fiscal year; and (ii)&nbsp;provide a description of the assumptions used to estimate the impact of interest rate changes on the Company&#146;s interest expense. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Tetyana Aldave </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;15, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management, page&nbsp;86 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please explain why you included the list of members of your management as of March&nbsp;31, 2018. Include the list of current officers and directors or revise to update the date preceding the management list to
the most recent practicable date. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company supplementally
advises the Staff that March&nbsp;31, 2018 was used as a recent practicable date in terms of the disclosure set forth in Registration Statement. The Company has revised the disclosure on page 97 of Draft No.&nbsp;2 to update the date preceding the
management list. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Certain Relationship and Related Party Transactions&#151;Shareholders&#146; Agreements, page 112 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your description of the voting covenants in the Citigroup Shareholders&#146; Agreement and Penguin LAX Shareholders&#146; Agreement. Please disclose the percentage of your shares subject to the voting
covenants under each of these agreements. Please clarify and quantify, if practicable, what is meant by any shares that exceed Citigroup&#146;s fully diluted percentage interest. Similarly revise for Penguin LAX&#146;s interest, as applicable.
Principal and Selling Shareholders, page 114 </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has
revised the disclosure on page 123 of Draft No.&nbsp;2 to clarify and quantify what is meant by the reference to shares that exceed Citigroup&#146;s and Penguin LAX&#146;s fully diluted interest in the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Principal and Selling Stockholders, page 114 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>9.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please identify the individual or individuals who have voting and dispositive power with respect to the shares owned by Penguin Lax Inc. and USDR Investment Management. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 126 and 127 of Draft No.&nbsp;2 (see
footnotes (4)&nbsp;and (6) to the beneficial ownership table) to identify the individual(s) who have voting and dispositive power with respect to the shares owned by Penguin Lax Inc. and USDR Investment Management. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>10.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please provide beneficial ownership information as of the most recent practicable date. Refer to Item 403(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 125 of Draft No.&nbsp;2 to reflect that the
beneficial ownership information is provided as of June&nbsp;11, 2018, the most recent practicable date for the Company in respect of this submission. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Tetyana Aldave </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;15, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Fair Value Measurements, <FONT STYLE="white-space:nowrap">page&nbsp;F-10</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>11.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that the fair value of your long-term debt was determined using level 3 inputs. Please revise your filing to disclose a description of the valuation technique(s) and the inputs used in these fair value
measurements. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-50-2E</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">50-2(bbb)(1).</FONT> </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on
<FONT STYLE="white-space:nowrap">pages&nbsp;F-10</FONT> and <FONT STYLE="white-space:nowrap">F-30</FONT> of Draft No.&nbsp;2 to provide a description of the valuation technique(s) and the inputs used in the Company&#146;s fair value measurements of
its long-term debt. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Maintenance Expense, page <FONT STYLE="white-space:nowrap">F-12</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>12.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>You disclose on page 48 that certain maintenance costs related to the <FONT STYLE="white-space:nowrap">E-175</FONT> aircraft are included in pass-through and other revenue and equally recognized as revenue and
expense. Please tell us whether or not your capacity purchase agreements contain provisions for planned major maintenance activities on your aircraft, and if so, revise your filing to disclose the impact on revenues of such major maintenance
activities. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 72, <FONT
STYLE="white-space:nowrap">F-12</FONT> and <FONT STYLE="white-space:nowrap">F-31</FONT> of Draft No.&nbsp;2 to clarify that the capacity purchase agreement for the 42 <FONT STYLE="white-space:nowrap">E-175</FONT> aircraft owned by United provides
that major maintenance expense (including heavy airframe and engine maintenance, landing gear, auxiliary power units and component maintenance) incurred by the Company is directly reimbursed at cost by United. The Company records revenue and expense
in the same month in which the expense is incurred. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Revenue Recognition, <FONT STYLE="white-space:nowrap">page&nbsp;F-12</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>13.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please revise your disclosure in the last sentence of the first paragraph of your revenue recognition policy to indicate revenue recognized under your capacity purchase agreements is presented as the gross amount
billed to the major airline. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the
disclosure in the last sentence of the first paragraph of the Company&#146;s revenue recognition policy on pages 73, F-12 and <FONT STYLE="white-space:nowrap">F-32</FONT> of Draft No.&nbsp;2 to indicate that revenue recognized under its capacity
purchase agreements is presented as the gross amount billed to its major airline partners. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>14.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that you recognized rental income of $190.1&nbsp;million and $217.6&nbsp;million for fiscal 2016 and 2017, respectively, within contract revenue. Please provide us with your analysis of determining which
portion of your revenue should be recorded as lease revenue under the scope of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">840-10-15</FONT></FONT> or as nonlease elements under ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">605-25-15-3A(b).</FONT></FONT> We also refer you to the flowchart at Section&nbsp;9.33 of the AICPA&#146;s Audit and Accounting Guide for Airlines. </I></B></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Tetyana Aldave </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;15, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Five </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on
pages&nbsp;73 and <FONT STYLE="white-space:nowrap">F-13</FONT> of Draft No.&nbsp;2 to clarify the Company&#146;s method of determining which portion of revenue should be recorded as lease revenue or as
<FONT STYLE="white-space:nowrap">non-lease</FONT> elements. Per ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">840-10-15-10</FONT></FONT></FONT> it was determined that fulfillment of the
capacity purchase agreement depends on the use of the specified property, plant or equipment. It was also determined that the major airline partners have a right to control the use of the specified property, plant or equipment since the capacity
purchase agreement dedicate the aircraft to the major partners, which includes being painted in the major airline partner&#146;s colors and livery and, therefore, the capacity purchase agreements contain aircraft leases. The compensation structure
within the capacity purchase agreements generally consists of a combination of agreed-upon rates for operating flights and direct reimbursement for certain other costs associated with operating the aircraft. The amounts attributable to the lease and
<FONT STYLE="white-space:nowrap">non-lease</FONT> costs are readily determinable in the Company&#146;s capacity purchase agreements. Per ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-15-3A(b),</FONT></FONT> the
allocation of the arrangement consideration to lease costs was determined using the contractual per aircraft per month ownership rates stated in our capacity purchase agreements with our major partners. We determined the lease revenue by multiplying
the contractual per aircraft per month ownership rates from our capacity purchase agreements by the number of aircraft in our fleet. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit Index,
<FONT STYLE="white-space:nowrap">page&nbsp;II-5</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>15.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that you have not included consent of Hyatt Farber Schreck LLP in the exhibit index. Please revise or advise. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosure on
<FONT STYLE="white-space:nowrap">page&nbsp;II-9</FONT> of Draft No.&nbsp;2 to include the consent of Hyatt Farber Schreck LLP in the exhibit index. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We and the Company very much appreciate the Staff&#146;s attention to the review of the Registration Statement. Please do not hesitate to contact me at <FONT
STYLE="white-space:nowrap">(480)&nbsp;606-5128</FONT> or my colleague Kevin E. Criddle at <FONT STYLE="white-space:nowrap">(480)&nbsp;606-5129</FONT> if you have any questions regarding this letter or Draft No.&nbsp;2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>DLA Piper LLP (US)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Gregory R. Hall</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gregory R. Hall</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>greg.hall@dlapiper.com</I></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"><U>Via <FONT STYLE="white-space:nowrap">E-mail</FONT></U> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Melissa Raminpour (Accounting Branch Chief, SEC Division of Corporation Finance) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Susan Block (Attorney-Advisor, SEC Division of Corporation Finance) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Jim Dunn (Staff Accountant, SEC Division of Corporation Finance) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Jonathan G. Ornstein (CEO, Mesa Air Group, Inc.) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Michael J. Lotz (CFO, Mesa Air Group, Inc.) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Brian S. Gillman (General Counsel, Mesa Air Group, Inc.) </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Anna T. Pinedo (Mayer Brown LLP) </TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
