Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
strong second-quarter 2018 business growth and raised its outlook
for full-year 2018, driven by market strength and increased
customer demand.
“Our volumes and revenue grew to new records in
the second quarter, and while reported results were impacted by
warrant accounting, our adjusted income and adjusted EBITDA were
sharply higher,” said President and Chief Executive Officer William
J. Flynn.
“We expect to continue to build on our strong
performance in the second half of 2018. Airfreight demand is solid
and the global economy is growing. As a result of our strategic
initiatives to grow and diversify our fleet, expand our customer
base and enhance our business mix, we are meeting the growing needs
of our customers, driving our results and extending our leadership
in global aviation outsourcing.
“For the full year, we now expect our revenue to
exceed $2.6 billion. We project adjusted EBITDA to increase to more
than $520 million. And we anticipate our full-year adjusted net
income will grow by 45% to 50% compared with 2017, up from our
prior outlook of 35% to 40% growth.”
Second-Quarter Results
Volumes in the second quarter of 2018 increased
19% to a record 72,660 block hours, with revenue growing 29% to a
record $666.1 million.
A reported loss from continuing operations, net
of taxes, of $21.1 million, or $0.83 per diluted share, during the
period compared with reported income of $39.0 million, or $0.92 per
diluted share, in the second quarter of 2017. Reported results in
the second quarter of 2018 included an unrealized loss on
outstanding warrants of $50.0 million compared with an unrealized
gain on outstanding warrants of $13.8 million in the year-ago
period, as well as a special charge of $9.4 million related to
engines held for sale.
On an adjusted basis, income from continuing
operations, net of taxes, in the second quarter of 2018 increased
$20.6 million to $49.7 million, or $1.75 per diluted share, from
$29.1 million, or $1.09 per diluted share, in the year-ago quarter.
Adjusted EBITDA increased $23.1 million over the year-ago period to
$125.5 million.
Reported and adjusted results for the second
quarter included an after-tax benefit of $6.8 million related to a
refund of aircraft rent paid in previous years. Reported and
adjusted results for the period also included an after-tax benefit
of $3.1 million mainly related to the timing of non-heavy
maintenance expense initially expected to occur in the second
quarter that is now anticipated to take place in the third quarter.
ACMI segment contribution in the second quarter
of 2018 was relatively unchanged from the prior-year period, as a
significant increase in block-hour volumes and a higher average
rate per block hour were offset by higher heavy maintenance expense
and amortization of deferred maintenance costs. Block hours grew
19% during the period, reflecting increased 767 flying for Amazon,
the start-up of 747-400 flying for several new customers, and the
redeployment of 747-8F aircraft from the Charter segment to ACMI.
The increase in the average rate during the quarter primarily
reflected the impact of increased 747-8F and 747-400F flying for
new customers.
Higher Charter segment contribution during the
period was primarily driven by increases in military cargo and
passenger demand, an increase in commercial cargo volumes, and
higher aircraft utilization, partially offset by the redeployment
of 747-8 aircraft to the ACMI segment. Higher average rates during
the quarter primarily reflected higher fuel prices and the impact
of Charter capacity purchased from ACMI customers that had no
associated Charter block hours.
In Dry Leasing, higher segment contribution
primarily reflected the placement of additional 767-300 converted
freighter aircraft throughout the second half of 2017 and first
half of 2018, as well as the placement of a 777-200 freighter in
early 2018.
Higher unallocated income and expenses, net
during the quarter primarily reflected an increase in unallocated
interest expense, fleet growth initiatives, and amortization of a
customer incentive asset.
Reported earnings in the second quarter of 2018
also included an effective income tax rate of 159.6%, due mainly to
nondeductible changes in the value of outstanding warrants. On an
adjusted basis, our results reflected an effective income tax rate
of 16.2%.
Cash and Short-Term
Investments
At June 30, 2018, our cash and cash equivalents,
short-term investments and restricted cash totaled $245.4 million,
compared with $305.5 million at December 31, 2017.
The change in position resulted from cash used
for investing activities, partially offset by cash provided by
operating and financing activities.
Net cash used for investing activities during
the first half of 2018 primarily related to capital expenditures
and payments for flight equipment and modifications, including the
acquisition of 777-200 aircraft, 767-300 aircraft to be converted
to freighter configuration, spare engines and GEnx engine
performance upgrade kits.
Net cash provided by financing activities during
the period primarily reflected proceeds from our financings of
777-200 and 767-300 aircraft, partially offset by payments on debt
obligations.
Half-Year Results
Reported results for the six months ended June
30, 2018 reflected a loss from continuing operations, net of taxes,
of $11.5 million, or $0.45 per diluted share, primarily due to an
unrealized loss on financial instruments of $57.8 million related
to outstanding warrants and a special charge of $9.4 million
related to engines held for sale. Results for the first half
compared with income from continuing operations of $39.1 million,
or $1.13 per diluted share, which included an unrealized gain on
financial instruments of $8.6 million, for the six months ended
June 30, 2017.
On an adjusted basis, first-half 2018 income
from continuing operations, net of taxes, totaled $73.5 million, or
$2.62 per diluted share, compared with $37.4 million, or $1.39 per
diluted share, in the first half of 2017.
Reported and adjusted results for the first half
of 2018 also included $9.8 million of after-tax benefits related to
the refund of aircraft rent and $3.1 million related to the timing
of non-heavy maintenance expense discussed earlier.
Raising 2018 Outlook
We are raising our outlook for 2018 to reflect
our strong first-half results and our continued expectation of
significant volume, revenue, and earnings growth.
Globally, economic activity is expanding. The
airfreight market is solid, and airfreight tonnage continues to
grow from record levels.
As a result, we see volumes rising approximately
19% to around 300,000 block hours in 2018, with about 75% of the
hours in ACMI and the balance in Charter.
For the full year, we expect our revenue to
exceed $2.6 billion, our adjusted EBITDA to increase to more than
$520 million, and our adjusted net income to grow by 45% to 50%
compared with 2017.
Aircraft maintenance expense in 2018 is expected
to total approximately $330 million, mainly reflecting an increase
in daily line maintenance due to the anticipated growth in block
hours. Depreciation and amortization is expected to total
approximately $220 million. In addition, core capital expenditures,
which exclude aircraft and engine purchases, are expected to total
approximately $105 to $115 million, mainly for parts and components
for our fleet.
We also expect our full-year 2018 adjusted
effective income tax rate to be approximately 15%.
For the third quarter of 2018, we expect
adjusted EBITDA to exceed $120 million, and adjusted net income to
increase by an upper-30% to lower-40% level compared with
third-quarter 2017 adjusted net income of $29.7
million.
During the third quarter, we expect our Titan
dry-leasing subsidiary to renew its participation in an
aircraft-leasing incentive program in Singapore. As a result, we
expect to record a deferred income tax benefit of approximately
$8.2 million in the third quarter and to benefit from a reduced
income tax rate going forward.
Also in the third quarter, we anticipate a
ratification bonus related to an interim agreement to enhance the
terms and conditions of employment of our Southern Air, Inc.
pilots. The agreement is subject to ratification by the Southern
Air pilots in a process that we expect to be completed by
mid-August.
We provide guidance on an adjusted basis because
we are unable to predict, with reasonable certainty, the effects of
outstanding warrants and other items that could be material to our
reported results.
Conference Call
Management will host a conference call to
discuss Atlas Air Worldwide’s second-quarter 2018 financial and
operating results at 11:00 a.m. Eastern Time on Thursday, August 2,
2018.
Interested parties are invited to listen to the call live over
the Internet at www.atlasair.com (click on “Investor Information,”
click on “Presentations” and on the link to the second-quarter
call) or at the following Web address:
https://edge.media-server.com/m6/p/emxsgrj5
For those unable to listen to the live call, a
replay will be archived on the above websites following the call. A
replay will also be available through August 9 by dialing (855)
859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.)
and using Access Code 2709038#.
About Non-GAAP Financial
Measures
To supplement our financial statements presented
in accordance with U.S. GAAP, we present certain non-GAAP financial
measures to assist in the evaluation of our business performance.
These non-GAAP measures include Adjusted EBITDA; Adjusted income
from continuing operations, net of taxes; Adjusted Diluted EPS from
continuing operations, net of taxes; Adjusted effective tax rate;
and Free Cash Flow, which exclude certain noncash income and
expenses, and items impacting year-over-year comparisons of our
results. These non-GAAP measures may not be comparable to similarly
titled measures used by other companies and should not be
considered in isolation or as a substitute for Income (loss) from
continuing operations, net of taxes; Diluted EPS from continuing
operations, net of taxes; Effective tax rate; and Net Cash Provided
by Operating Activities, which are the most directly comparable
measures of performance prepared in accordance with U.S. GAAP.
Our management uses these non-GAAP financial
measures in assessing the performance of the company’s ongoing
operations and in planning and forecasting future periods. We
believe that these adjusted measures, when considered together with
the corresponding U.S. GAAP financial measures and the
reconciliations to those measures, provide meaningful supplemental
information to assist investors and analysts in understanding our
financial results and assessing our prospects for future
performance. For example:
- Adjusted EBITDA; Adjusted income from continuing operations,
net of taxes; and Adjusted Diluted EPS from continuing operations,
net of taxes, provide a more comparable basis to analyze operating
results and earnings and are measures commonly used by shareholders
to measure our performance. In addition, management’s incentive
compensation is determined, in part, by using Adjusted EBITDA and
Adjusted income from continuing operations, net of
taxes.
- Adjusted effective tax rate provides improved insight into the
tax effects of our ongoing business operations.
- Free Cash Flow helps investors assess our ability, over the
long term, to create value for our shareholders as it represents
cash available to execute our capital allocation strategy.
About Atlas Air Worldwide:
Atlas Air Worldwide is a leading global provider
of outsourced aircraft and aviation operating services. It is the
parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and
Titan Aviation Holdings, Inc., and is the majority shareholder of
Polar Air Cargo Worldwide, Inc. Our companies operate the world’s
largest fleet of 747 freighter aircraft and provide customers a
broad array of Boeing 747, 777, 767, 757 and 737 aircraft for
domestic, regional and international cargo and passenger
operations.
Atlas Air Worldwide’s press releases, SEC
filings and other information may be accessed through the company’s
home page, www.atlasair.com.
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that reflect Atlas Air Worldwide’s current views
with respect to certain current and future events and financial
performance. Those statements are based on management’s beliefs,
plans, expectations and assumptions, and on information currently
available to management. Generally, the words “will,” “may,”
“should,” “expect,” “anticipate,” “intend,” “plan,” “continue,”
“believe,” “seek,” “project,” “estimate,” and similar expressions
used in this release that do not relate to historical facts are
intended to identify forward-looking statements.
Such forward-looking statements speak only as of
the date of this release. They are and will be, as the case may be,
subject to many risks, uncertainties and factors relating to the
operations and business environments of Atlas Air Worldwide and its
subsidiaries (collectively, the “companies”) that may cause the
actual results of the companies to be materially different from any
future results, express or implied, in such forward-looking
statements.
Factors that could cause actual results to
differ materially from these forward-looking statements include,
but are not limited to, the following: our ability to effectively
operate the network service contemplated by our agreements with
Amazon, including the cost and timing of securing any aircraft
necessary to fulfill our agreements; the risk that the anticipated
benefits of our agreements with Amazon will not be realized when
expected, or at all; the possibility that Amazon may terminate its
agreements with the companies; the ability of the companies to
operate pursuant to the terms of their financing facilities; the
ability of the companies to obtain and maintain normal terms with
vendors and service providers; the companies’ ability to maintain
contracts that are critical to their operations; the ability of the
companies to fund and execute their business plan; the ability of
the companies to attract, motivate and/or retain key executives,
pilots and associates; the ability of the companies to attract and
retain customers; the continued availability of our wide-body
aircraft; demand for cargo services in the markets in which the
companies operate; economic conditions; the effects of any
hostilities or act of war (in the Middle East or elsewhere) or any
terrorist attack; failure or disruption of our information
technology systems; labor costs and relations, work stoppages and
service slowdowns; the outcome of pending negotiations with our
pilots’ union; financing costs; the cost and availability of war
risk insurance; our ability to maintain adequate internal controls
over financial reporting; aviation fuel costs; security-related
costs; competitive pressures on pricing (especially from lower-cost
competitors); volatility in the international currency markets;
weather conditions; government legislation and regulation; changes
to our provisional estimates of the impact of the U.S. Tax Cuts and
Jobs Act of 2017; consumer perceptions of the companies’ products
and services; anticipated and future litigation; and other risks
and uncertainties set forth from time to time in Atlas Air
Worldwide’s reports to the United States Securities and Exchange
Commission.
For additional information, we refer you to the
risk factors set forth under the heading “Risk Factors” in the most
recent Annual Report on Form 10-K and subsequent reports on Form
10-Q filed by Atlas Air Worldwide with the Securities and Exchange
Commission. Other factors and assumptions not identified above may
also affect the forward-looking statements, and these other factors
and assumptions may also cause actual results to differ materially
from those discussed.
Except as stated in this release, Atlas Air
Worldwide is not providing guidance or estimates regarding its
anticipated business and financial performance for 2018 or
thereafter.
Atlas Air Worldwide assumes no obligation to
update such statements contained in this release to reflect actual
results, changes in assumptions or changes in other factors
affecting such estimates other than as required by law and
expressly disclaims any obligation to revise or update publically
any forward-looking statement to reflect future events or
circumstances.
|
Atlas Air Worldwide Holdings,
Inc. |
Consolidated Statements of
Operations |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
For the Three Months
Ended |
|
|
For the Six
MonthsEnded |
|
|
|
June 30,
2018 |
|
|
June 30, 2017 |
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
|
$ |
666,145 |
|
|
$ |
517,366 |
|
|
$ |
1,256,159 |
|
|
$ |
992,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
|
129,176 |
|
|
|
111,488 |
|
|
|
254,258 |
|
|
|
215,575 |
|
Aircraft fuel |
|
|
129,706 |
|
|
|
83,486 |
|
|
|
226,009 |
|
|
|
165,918 |
|
Maintenance, materials and repairs |
|
|
88,236 |
|
|
|
64,769 |
|
|
|
173,115 |
|
|
|
137,585 |
|
Depreciation and amortization |
|
|
50,834 |
|
|
|
40,986 |
|
|
|
100,464 |
|
|
|
78,880 |
|
Travel |
|
|
42,358 |
|
|
|
34,891 |
|
|
|
82,205 |
|
|
|
67,249 |
|
Aircraft rent |
|
|
40,281 |
|
|
|
33,792 |
|
|
|
79,805 |
|
|
|
69,865 |
|
Navigation fees, landing fees and other rent |
|
|
37,698 |
|
|
|
25,255 |
|
|
|
73,295 |
|
|
|
43,790 |
|
Passenger and ground handling services |
|
|
30,202 |
|
|
|
23,573 |
|
|
|
58,264 |
|
|
|
48,696 |
|
Gain on disposal of aircraft |
|
|
- |
|
|
|
(93 |
) |
|
|
- |
|
|
|
(147 |
) |
Special charge |
|
|
9,374 |
|
|
|
- |
|
|
|
9,374 |
|
|
|
- |
|
Transaction-related expenses |
|
|
240 |
|
|
|
1,396 |
|
|
|
510 |
|
|
|
2,312 |
|
Other |
|
|
47,094 |
|
|
|
39,345 |
|
|
|
97,345 |
|
|
|
80,523 |
|
Total Operating Expenses |
|
|
605,199 |
|
|
|
458,888 |
|
|
|
1,154,644 |
|
|
|
910,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
60,946 |
|
|
|
58,478 |
|
|
|
101,515 |
|
|
|
82,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses (Income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(1,388 |
) |
|
|
(1,342 |
) |
|
|
(3,112 |
) |
|
|
(2,598 |
) |
Interest expense |
|
|
29,182 |
|
|
|
24,670 |
|
|
|
56,524 |
|
|
|
46,194 |
|
Capitalized interest |
|
|
(1,465 |
) |
|
|
(1,931 |
) |
|
|
(3,215 |
) |
|
|
(3,711 |
) |
Unrealized loss (gain) on financial instruments |
|
|
50,031 |
|
|
|
(13,763 |
) |
|
|
57,771 |
|
|
|
(8,550 |
) |
Other expense (income) |
|
|
(7,277 |
) |
|
|
1,061 |
|
|
|
(11,752 |
) |
|
|
809 |
|
Total Non-operating Expenses (Income) |
|
|
69,083 |
|
|
|
8,695 |
|
|
|
96,216 |
|
|
|
32,144 |
|
Income (loss) from continuing operations before income
taxes |
|
|
(8,137 |
) |
|
|
49,783 |
|
|
|
5,299 |
|
|
|
50,371 |
|
Income tax expense |
|
|
12,986 |
|
|
|
10,739 |
|
|
|
16,794 |
|
|
|
11,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of taxes |
|
|
(21,123 |
) |
|
|
39,044 |
|
|
|
(11,495 |
) |
|
|
39,079 |
|
Loss from discontinued operations, net of taxes |
|
|
(27 |
) |
|
|
(105 |
) |
|
|
(43 |
) |
|
|
(891 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss) |
|
$ |
(21,150 |
) |
|
$ |
38,939 |
|
|
$ |
(11,538 |
) |
|
$ |
38,188 |
|
Earnings (loss) per share from continuing
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.83 |
) |
|
$ |
1.55 |
|
|
$ |
(0.45 |
) |
|
$ |
1.55 |
|
Diluted |
|
$ |
(0.83 |
) |
|
$ |
0.92 |
|
|
$ |
(0.45 |
) |
|
$ |
1.13 |
|
Loss per share from discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.04 |
) |
Diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.83 |
) |
|
$ |
1.54 |
|
|
$ |
(0.45 |
) |
|
$ |
1.51 |
|
Diluted |
|
$ |
(0.83 |
) |
|
$ |
0.92 |
|
|
$ |
(0.45 |
) |
|
$ |
1.09 |
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,565 |
|
|
|
25,257 |
|
|
|
25,501 |
|
|
|
25,210 |
|
Diluted |
|
|
25,565 |
|
|
|
26,791 |
|
|
|
25,501 |
|
|
|
26,823 |
|
|
|
Atlas Air Worldwide Holdings,
Inc. |
Consolidated Balance
Sheets |
(in thousands, except share data) |
(Unaudited) |
|
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
216,762 |
|
|
$ |
280,809 |
|
Short-term investments |
|
|
17,518 |
|
|
|
13,604 |
|
Restricted cash |
|
|
11,167 |
|
|
|
11,055 |
|
Accounts receivable, net of allowance of $2,609 and $1,494,
respectively |
|
|
221,392 |
|
|
|
194,478 |
|
Prepaid maintenance |
|
|
28,016 |
|
|
|
13,346 |
|
Prepaid expenses and other current assets |
|
|
70,336 |
|
|
|
74,294 |
|
Total current assets |
|
|
565,191 |
|
|
|
587,586 |
|
Property and Equipment |
|
|
|
|
|
|
|
|
Flight equipment |
|
|
4,812,047 |
|
|
|
4,447,097 |
|
Ground equipment |
|
|
75,362 |
|
|
|
70,951 |
|
Less: accumulated depreciation |
|
|
(775,605 |
) |
|
|
(701,249 |
) |
Flight equipment modifications in progress |
|
|
289,751 |
|
|
|
186,302 |
|
Property and equipment, net |
|
|
4,401,555 |
|
|
|
4,003,101 |
|
Other Assets |
|
|
|
|
|
|
|
|
Long-term investments and accrued interest |
|
|
6,570 |
|
|
|
15,371 |
|
Deferred costs and other assets |
|
|
272,977 |
|
|
|
242,919 |
|
Intangible assets, net and goodwill |
|
|
102,050 |
|
|
|
106,485 |
|
Total Assets |
|
$ |
5,348,343 |
|
|
$ |
4,955,462 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
84,353 |
|
|
$ |
65,740 |
|
Accrued liabilities |
|
|
457,395 |
|
|
|
454,843 |
|
Current portion of long-term debt and capital lease |
|
|
245,322 |
|
|
|
218,013 |
|
Total current liabilities |
|
|
787,070 |
|
|
|
738,596 |
|
Other Liabilities |
|
|
|
|
|
|
|
|
Long-term debt and capital lease |
|
|
2,256,166 |
|
|
|
2,008,986 |
|
Deferred taxes |
|
|
229,263 |
|
|
|
214,694 |
|
Financial instruments and other liabilities |
|
|
299,771 |
|
|
|
203,330 |
|
Total other liabilities |
|
|
2,785,200 |
|
|
|
2,427,010 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Preferred stock, $1 par value; 10,000,000 shares authorized;
no shares issued |
|
|
- |
|
|
|
- |
|
Common stock, $0.01 par value; 100,000,000 shares authorized;
30,560,237 and 30,104,648 shares issued, 25,575,041 and
25,292,454 shares outstanding (net of treasury stock), as of
June 30, 2018 and December 31, 2017,
respectively |
|
|
306 |
|
|
|
301 |
|
Additional paid-in-capital |
|
|
726,357 |
|
|
|
715,735 |
|
Treasury stock, at cost; 4,985,196 and 4,812,194 shares,
respectively |
|
|
(204,051 |
) |
|
|
(193,732 |
) |
Accumulated other comprehensive loss |
|
|
(4,390 |
) |
|
|
(3,993 |
) |
Retained earnings |
|
|
1,257,851 |
|
|
|
1,271,545 |
|
Total stockholders’ equity |
|
|
1,776,073 |
|
|
|
1,789,856 |
|
Total Liabilities and Equity |
|
$ |
5,348,343 |
|
|
$ |
4,955,462 |
|
1 Balance sheet debt at June 30, 2018 totaled
$2,501.5 million, including the impact of $93.5 million of
unamortized discount and debt issuance costs of $49.1 million.
2 The face value of our debt at June 30, 2018 totaled
$2,644.1 million, compared with $2,378.8 million on December 31,
2017.
|
Atlas Air Worldwide Holdings,
Inc. |
Consolidated Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
For the Six Months
Ended |
|
|
|
June 30,
2018 |
|
|
June 30,
2017 |
|
|
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations, net of taxes |
|
$ |
(11,495 |
) |
|
$ |
39,079 |
|
Less: Loss
from discontinued operations, net of taxes |
|
|
(43 |
) |
|
|
(891 |
) |
Net Income
(Loss) |
|
|
(11,538 |
) |
|
|
38,188 |
|
|
|
|
|
|
|
|
|
|
Adjustments
to reconcile Net Income (Loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
121,606 |
|
|
|
90,842 |
|
Accretion of debt securities discount |
|
|
(512 |
) |
|
|
(604 |
) |
Provision for allowance for doubtful accounts |
|
|
1,179 |
|
|
|
134 |
|
Special charge, net of cash payments |
|
|
9,374 |
|
|
|
- |
|
Unrealized loss (gain) on financial instruments |
|
|
57,771 |
|
|
|
(8,550 |
) |
Gain on disposal of aircraft |
|
|
- |
|
|
|
(147 |
) |
Deferred taxes |
|
|
16,561 |
|
|
|
11,000 |
|
Stock-based compensation |
|
|
10,627 |
|
|
|
10,579 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(27,699 |
) |
|
|
(5,204 |
) |
Prepaid expenses, current assets and other assets |
|
|
(10,815 |
) |
|
|
(36,067 |
) |
Accounts payable and accrued liabilities |
|
|
9,357 |
|
|
|
12,636 |
|
Net cash
provided by operating activities |
|
|
175,911 |
|
|
|
112,807 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(54,791 |
) |
|
|
(45,237 |
) |
Payments for flight equipment and modifications |
|
|
(448,388 |
) |
|
|
(226,812 |
) |
Proceeds from investments |
|
|
5,399 |
|
|
|
1,941 |
|
Proceeds from disposal of aircraft |
|
|
- |
|
|
|
147 |
|
Net cash
used for investing activities |
|
|
(497,780 |
) |
|
|
(269,961 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
305,059 |
|
|
|
435,325 |
|
Payment of debt issuance costs |
|
|
(4,781 |
) |
|
|
(10,323 |
) |
Payments of debt |
|
|
(115,194 |
) |
|
|
(93,401 |
) |
Proceeds from revolving credit facility |
|
|
135,000 |
|
|
|
150,000 |
|
Payment of revolving credit facility |
|
|
(60,000 |
) |
|
|
(150,000 |
) |
Customer maintenance reserves and deposits received |
|
|
8,169 |
|
|
|
18,062 |
|
Customer maintenance reserves paid |
|
|
- |
|
|
|
(6,384 |
) |
Proceeds from sale of convertible note warrants |
|
|
- |
|
|
|
38,148 |
|
Payments for convertible note hedges |
|
|
- |
|
|
|
(70,140 |
) |
Purchase of treasury stock |
|
|
(10,319 |
) |
|
|
(9,636 |
) |
Net cash
provided by financing activities |
|
|
257,934 |
|
|
|
301,651 |
|
Net
increase (decrease) in cash, cash equivalents and restricted
cash |
|
|
(63,935 |
) |
|
|
144,497 |
|
Cash, cash
equivalents and restricted cash at the beginning of period |
|
|
291,864 |
|
|
|
138,250 |
|
Cash, cash
equivalents and restricted cash at the end of period |
|
$ |
227,929 |
|
|
$ |
282,747 |
|
|
|
|
|
|
|
|
|
|
Noncash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of flight equipment included in Accounts payable
and accrued liabilities |
|
$ |
66,944 |
|
|
$ |
75,668 |
|
Acquisition of flight equipment under capital lease |
|
$ |
- |
|
|
$ |
32,380 |
|
|
Atlas Air Worldwide Holdings,
Inc. |
Direct Contribution |
(in thousands) |
(Unaudited) |
|
|
|
For the Three Months
Ended |
|
|
For the Six Months
Ended |
|
|
|
June 30,
2018 |
|
|
June 30,
20171 |
|
|
June 30,
2018 |
|
|
June 30,
20171 |
|
Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
277,795 |
|
|
$ |
229,179 |
|
|
$ |
544,175 |
|
|
$ |
429,873 |
|
Charter |
|
|
346,778 |
|
|
|
255,820 |
|
|
|
631,975 |
|
|
|
499,718 |
|
Dry
Leasing |
|
|
39,958 |
|
|
|
28,560 |
|
|
|
76,350 |
|
|
|
55,317 |
|
Customer
incentive asset amortization |
|
|
(3,290 |
) |
|
|
(898 |
) |
|
|
(5,886 |
) |
|
|
(1,343 |
) |
Other |
|
|
4,904 |
|
|
|
4,705 |
|
|
|
9,545 |
|
|
|
9,196 |
|
Total Operating Revenue |
|
$ |
666,145 |
|
|
$ |
517,366 |
|
|
$ |
1,256,159 |
|
|
$ |
992,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
52,707 |
|
|
$ |
53,093 |
|
|
$ |
93,579 |
|
|
$ |
88,673 |
|
Charter |
|
|
51,090 |
|
|
|
36,567 |
|
|
|
85,368 |
|
|
|
53,400 |
|
Dry
Leasing |
|
|
12,191 |
|
|
|
9,661 |
|
|
|
23,550 |
|
|
|
19,384 |
|
Total Direct Contribution for Reportable
Segments |
|
|
115,988 |
|
|
|
99,321 |
|
|
|
202,497 |
|
|
|
161,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
income and expenses, net |
|
|
(64,480 |
) |
|
|
(61,998 |
) |
|
|
(129,543 |
) |
|
|
(117,471 |
) |
Unrealized
loss on financial instruments |
|
|
(50,031 |
) |
|
|
13,763 |
|
|
|
(57,771 |
) |
|
|
8,550 |
|
Special
charge |
|
|
(9,374 |
) |
|
|
- |
|
|
|
(9,374 |
) |
|
|
- |
|
Transaction-related expenses |
|
|
(240 |
) |
|
|
(1,396 |
) |
|
|
(510 |
) |
|
|
(2,312 |
) |
Gain on
disposal of aircraft |
|
|
- |
|
|
|
93 |
|
|
|
- |
|
|
|
147 |
|
Income (loss) from continuing operations before income
taxes |
|
|
(8,137 |
) |
|
|
49,783 |
|
|
|
5,299 |
|
|
|
50,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back
(subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
(1,388 |
) |
|
|
(1,342 |
) |
|
|
(3,112 |
) |
|
|
(2,598 |
) |
Interest
expense |
|
|
29,182 |
|
|
|
24,670 |
|
|
|
56,524 |
|
|
|
46,194 |
|
Capitalized
interest |
|
|
(1,465 |
) |
|
|
(1,931 |
) |
|
|
(3,215 |
) |
|
|
(3,711 |
) |
Unrealized
loss (gain) on financial instruments |
|
|
50,031 |
|
|
|
(13,763 |
) |
|
|
57,771 |
|
|
|
(8,550 |
) |
Other
expense (income) |
|
|
(7,277 |
) |
|
|
1,061 |
|
|
|
(11,752 |
) |
|
|
809 |
|
Operating Income |
|
$ |
60,946 |
|
|
$ |
58,478 |
|
|
$ |
101,515 |
|
|
$ |
82,515 |
|
|
1 The direct contribution amounts for
the ACMI and Charter segments and the unallocated income and
expenses, net above have been revised to reflect immaterial
adjustments. The Company does not believe the impact to the
previously issued consolidated financial statements was
material.
Atlas Air Worldwide uses an economic performance
metric, Direct Contribution, to show the profitability of each of
its segments after allocation of direct ownership costs. Atlas Air
Worldwide currently has the following reportable segments: ACMI,
Charter, and Dry Leasing. Each segment has different commercial and
economic characteristics, which are separately reviewed by our
chief operating decision maker.
Direct Contribution consists of income (loss)
from continuing operations before taxes, excluding special charges,
transaction-related expenses, nonrecurring items, losses (gains) on
the disposal of aircraft, losses on early extinguishment of debt,
unrealized losses (gains) on financial instruments, gains on
investments, and unallocated income and expenses, net.
Direct operating and ownership costs include
crew costs, maintenance, fuel, ground operations, sales costs,
aircraft rent, interest expense on the portion of debt used for
financing aircraft, interest income on debt securities, and
aircraft depreciation.
Unallocated income and expenses, net include
corporate overhead, nonaircraft depreciation, noncash expenses and
income, interest expense on the portion of debt used for general
corporate purposes, interest income on nondebt securities,
capitalized interest, foreign exchange gains and losses, other
revenue and other nonoperating costs.
|
Atlas Air Worldwide Holdings,
Inc. |
Reconciliation to Non-GAAP
Measures |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
For the Three Months
Ended |
|
|
|
|
June 30,
2018 |
|
|
|
June 30,
2017 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of
taxes |
|
|
$ |
(21,123 |
) |
|
|
$ |
39,044 |
|
|
|
NM |
|
Impact
from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal of aircraft |
|
|
|
- |
|
|
|
|
(93 |
) |
|
|
|
|
Special charge1 |
|
|
|
9,374 |
|
|
|
|
- |
|
|
|
|
|
Costs associated with transactions2 |
|
|
|
240 |
|
|
|
|
1,396 |
|
|
|
|
|
Accrual for legal matters and professional fees |
|
|
|
345 |
|
|
|
|
263 |
|
|
|
|
|
Noncash expenses and income, net3 |
|
|
|
7,455 |
|
|
|
|
3,651 |
|
|
|
|
|
Unrealized loss (gain) on financial instruments |
|
|
|
50,031 |
|
|
|
|
(13,763 |
) |
|
|
|
|
Income tax effect of reconciling items |
|
|
|
3,403 |
|
|
|
|
(1,383 |
) |
|
|
|
|
Adjusted income from continuing operations, net of
taxes |
|
|
$ |
49,725 |
|
|
|
$ |
29,115 |
|
|
|
70.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding |
|
|
|
25,565 |
|
|
|
|
26,791 |
|
|
|
|
|
Add: dilutive warrant4 |
|
|
|
2,264 |
|
|
|
|
- |
|
|
|
|
|
dilutive convertible notes |
|
|
|
450 |
|
|
|
|
- |
|
|
|
|
|
effect of convertible note hedges5 |
|
|
|
(450 |
) |
|
|
|
- |
|
|
|
|
|
dilutive restricted stock |
|
|
|
572 |
|
|
|
|
- |
|
|
|
|
|
Adjusted
weighted average diluted shares outstanding |
|
|
|
28,401 |
|
|
|
|
26,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS from continuing operations, net of
taxes |
|
|
$ |
1.75 |
|
|
|
$ |
1.09 |
|
|
|
60.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended |
|
|
|
|
June 30,
2018 |
|
|
|
June 30,
2017 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of
taxes |
|
|
$ |
(11,495 |
) |
|
|
$ |
39,079 |
|
|
|
NM |
|
Impact
from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal of aircraft |
|
|
|
- |
|
|
|
|
(147 |
) |
|
|
|
|
Special charge1 |
|
|
|
9,374 |
|
|
|
|
- |
|
|
|
|
|
Costs associated with transactions2 |
|
|
|
510 |
|
|
|
|
2,311 |
|
|
|
|
|
Accrual for legal matters and professional fees |
|
|
|
563 |
|
|
|
|
337 |
|
|
|
|
|
Noncash expenses and income, net3 |
|
|
|
14,130 |
|
|
|
|
6,063 |
|
|
|
|
|
Unrealized loss (gain) on financial instruments |
|
|
|
57,771 |
|
|
|
|
(8,550 |
) |
|
|
|
|
Income tax effect of reconciling items |
|
|
|
2,656 |
|
|
|
|
(1,704 |
) |
|
|
|
|
Adjusted income from continuing operations, net of
taxes |
|
|
$ |
73,509 |
|
|
|
$ |
37,389 |
|
|
|
96.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding |
|
|
|
25,501 |
|
|
|
|
26,823 |
|
|
|
|
|
Add: dilutive warrant4 |
|
|
|
1,958 |
|
|
|
|
- |
|
|
|
|
|
dilutive convertible notes |
|
|
|
225 |
|
|
|
|
- |
|
|
|
|
|
effect of convertible note hedges5 |
|
|
|
(225 |
) |
|
|
|
- |
|
|
|
|
|
dilutive restricted stock |
|
|
|
547 |
|
|
|
|
- |
|
|
|
|
|
Adjusted
weighted average diluted shares outstanding |
|
|
|
28,006 |
|
|
|
|
26,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS from continuing operations, net of
taxes |
|
|
$ |
2.62 |
|
|
|
$ |
1.39 |
|
|
|
88.5 |
% |
|
1 Special charge in 2018 primarily
represented a loss on engines held for sale.
2 Costs associated with our
acquisition of Southern Air.
3 Noncash expenses and income, net
in 2018 and 2017 primarily related to amortization of debt discount
on the convertible notes and amortization of the customer incentive
asset related to the outstanding warrants.
4 Dilutive warrants represent
potentially dilutive common shares related to the outstanding
warrants. These shares were excluded from Diluted EPS from
continuing operations, net of taxes prepared in accordance with
GAAP when they would have been antidilutive.
5 Impact of the economic benefit
from the convertible notes hedges in offsetting dilution from the
convertible notes.
|
Atlas Air Worldwide Holdings,
Inc. |
Reconciliation to Non-GAAP
Measures |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
For the Three
Months Ended |
|
|
|
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
|
$ |
(24,195 |
) |
|
|
Impact
from: |
|
|
|
|
|
|
|
Loss on disposal of aircraft |
|
|
|
211 |
|
|
|
Costs associated with transactions |
|
|
|
1,355 |
|
|
|
Accrual for legal matters and professional fees |
|
|
|
1,264 |
|
|
|
Noncash expenses and income, net |
|
|
|
5,474 |
|
|
|
Charges associated with refinancing debt |
|
|
|
167 |
|
|
|
Unrealized loss on financial instruments |
|
|
|
44,775 |
|
|
|
Income tax effect of reconciling items |
|
|
|
643 |
|
|
|
Adjusted income from continuing operations, net of
taxes |
|
|
$ |
29,694 |
|
|
|
|
|
|
For the
Twelve Months Ended |
|
|
|
|
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of
taxes |
|
|
$ |
224,338 |
|
|
Impact
from: |
|
|
|
|
|
|
U.S. Tax Cuts and Jobs Act bonus |
|
|
|
3,684 |
|
|
Loss (gain) on disposal of aircraft |
|
|
|
(31 |
) |
|
Special charge |
|
|
|
106 |
|
|
Costs associated with transactions |
|
|
|
4,772 |
|
|
Accrual for legal matters and professional fees |
|
|
|
4,129 |
|
|
Noncash expenses and income, net |
|
|
|
17,934 |
|
|
Charges associated with refinancing debt |
|
|
|
167 |
|
|
Unrealized loss on financial instruments |
|
|
|
12,533 |
|
|
Income tax effect of reconciling items |
|
|
|
(3,962 |
) |
|
Income tax effect of U.S. Tax Cuts and Jobs Act |
|
|
|
(129,977 |
) |
|
Adjusted income from continuing operations, net of
taxes |
|
|
$ |
133,693 |
|
|
|
Atlas Air Worldwide Holdings,
Inc. |
Reconciliation to Non-GAAP
Measures |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
For the Three Months
Ended |
|
|
|
June 30,
2018 |
|
|
June 30,
2017 |
|
|
|
|
|
|
|
|
|
|
Net
Cash Provided by Operating Activities |
|
$ |
106,786 |
|
|
$ |
94,153 |
|
Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
28,700 |
|
|
|
23,564 |
|
Capitalized interest |
|
|
1,465 |
|
|
|
1,931 |
|
Free Cash Flow1 |
|
$ |
76,621 |
|
|
$ |
68,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
Net
Cash Provided by Operating Activities |
|
$ |
175,911 |
|
|
$ |
112,807 |
|
Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
54,791 |
|
|
|
45,237 |
|
Capitalized interest |
|
|
3,215 |
|
|
|
3,711 |
|
Free Cash Flow1 |
|
$ |
117,905 |
|
|
$ |
63,859 |
|
1 Free Cash Flow = Cash Flows from
Operations minus Base Capital Expenditures and Capitalized
Interest.
Base Capital Expenditures excludes purchases of
aircraft.
|
Atlas Air Worldwide Holdings,
Inc. |
Reconciliation to Non-GAAP
Measures |
(in thousands) |
(Unaudited) |
|
|
|
For the Three Months
Ended |
|
|
For the Six Months
Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
$ |
(21,123 |
) |
|
$ |
39,044 |
|
|
$ |
(11,495 |
) |
|
$ |
39,079 |
|
Income tax
expense |
|
|
12,986 |
|
|
|
10,739 |
|
|
|
16,794 |
|
|
|
11,292 |
|
Income from continuing operations before income
taxes |
|
|
(8,137 |
) |
|
|
49,783 |
|
|
|
5,299 |
|
|
|
50,371 |
|
Noncash
expenses and income, net1 |
|
|
7,455 |
|
|
|
3,651 |
|
|
|
14,130 |
|
|
|
6,063 |
|
Gain on
disposal of aircraft |
|
|
- |
|
|
|
(93 |
) |
|
|
- |
|
|
|
(147 |
) |
Special
charge2 |
|
|
9,374 |
|
|
|
- |
|
|
|
9,374 |
|
|
|
- |
|
Costs
associated with transactions3 |
|
|
240 |
|
|
|
1,396 |
|
|
|
510 |
|
|
|
2,311 |
|
Accrual for
legal matters and professional fees |
|
|
345 |
|
|
|
263 |
|
|
|
563 |
|
|
|
337 |
|
Unrealized
loss (gain) on financial instruments |
|
|
50,031 |
|
|
|
(13,763 |
) |
|
|
57,771 |
|
|
|
(8,550 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pretax income |
|
|
59,308 |
|
|
|
41,237 |
|
|
|
87,647 |
|
|
|
50,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net4 |
|
|
22,637 |
|
|
|
19,117 |
|
|
|
42,899 |
|
|
|
36,234 |
|
Other
non-operating expenses (income) |
|
|
(7,277 |
) |
|
|
1,061 |
|
|
|
(11,752 |
) |
|
|
809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
74,668 |
|
|
|
61,415 |
|
|
|
118,794 |
|
|
|
87,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
50,834 |
|
|
|
40,986 |
|
|
|
100,464 |
|
|
|
78,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted5 |
|
$ |
125,502 |
|
|
$ |
102,401 |
|
|
$ |
219,258 |
|
|
$ |
166,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
12,986 |
|
|
$ |
10,739 |
|
|
$ |
16,794 |
|
|
$ |
11,292 |
|
Income tax
effect of reconciling items6 |
|
|
3,403 |
|
|
|
(1,383 |
) |
|
|
2,656 |
|
|
|
(1,704 |
) |
Adjusted
income tax expense |
|
|
9,583 |
|
|
|
12,122 |
|
|
|
14,138 |
|
|
|
12,996 |
|
Adjusted pretax income |
|
$ |
59,308 |
|
|
$ |
41,237 |
|
|
$ |
87,647 |
|
|
$ |
50,385 |
|
Adjusted effective tax rate |
|
|
16.2 |
% |
|
|
29.4 |
% |
|
|
16.1 |
% |
|
|
25.8 |
% |
|
1 Reflects impact of noncash
expenses and income related to convertible notes, debt and
investments, and amortization of customer incentive related to
outstanding warrants.
2 Special charge in 2018 primarily
represented a loss on engines held for sale.
3 Costs associated with our acquisition of
Southern Air.
4 Reflects impact of noncash
expenses and income related to convertible notes, debt and
investments.
5 Adjusted EBITDA: Earnings before
interest, taxes, depreciation, amortization, noncash interest
expenses and income, net, gain on disposal of aircraft, special
charge, transaction-related expenses, accrual for legal matters and
professional fees, charges associated with refinancing debt, and
unrealized loss (gain) on financial instruments, as applicable.
6 See Non-GAAP reconciliation of
Adjusted income from continuing operations, net of taxes.
|
Atlas Air Worldwide Holdings,
Inc. |
Operating Statistics and Traffic
Results |
(Unaudited) |
|
|
|
For the Three Months
Ended |
|
|
Increase/ |
|
|
For the Six Months
Ended |
|
|
Increase/ |
|
|
|
June 30,
2018 |
|
|
June 30,
2017 |
|
|
(Decrease) |
|
|
June 30,
2018 |
|
|
June 30,
2017 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
|
53,230 |
|
|
|
44,819 |
|
|
|
8,411 |
|
|
|
103,092 |
|
|
|
83,735 |
|
|
|
19,357 |
|
|
Charter |
|
|
18,981 |
|
|
|
15,899 |
|
|
|
3,082 |
|
|
|
35,041 |
|
|
|
31,684 |
|
|
|
3,357 |
|
|
Cargo |
|
|
13,887 |
|
|
|
11,288 |
|
|
|
2,599 |
|
|
|
25,278 |
|
|
|
22,228 |
|
|
|
3,050 |
|
|
Passenger |
|
|
5,094 |
|
|
|
4,611 |
|
|
|
483 |
|
|
|
9,763 |
|
|
|
9,456 |
|
|
|
307 |
|
|
Other |
|
|
449 |
|
|
|
570 |
|
|
|
(121 |
) |
|
|
1,022 |
|
|
|
985 |
|
|
|
37 |
|
|
Total Block Hours |
|
|
72,660 |
|
|
|
61,288 |
|
|
|
11,372 |
|
|
|
139,155 |
|
|
|
116,404 |
|
|
|
22,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
5,219 |
|
|
$ |
5,113 |
|
|
$ |
106 |
|
|
$ |
5,279 |
|
|
$ |
5,134 |
|
|
$ |
145 |
|
|
Charter |
|
$ |
18,270 |
|
|
$ |
16,090 |
|
|
$ |
2,180 |
|
|
$ |
18,035 |
|
|
$ |
15,772 |
|
|
$ |
2,263 |
|
|
Cargo |
|
$ |
18,436 |
|
|
$ |
16,119 |
|
|
$ |
2,317 |
|
|
$ |
18,262 |
|
|
$ |
15,710 |
|
|
$ |
2,552 |
|
|
Passenger |
|
$ |
17,815 |
|
|
$ |
16,020 |
|
|
$ |
1,795 |
|
|
$ |
17,448 |
|
|
$ |
15,918 |
|
|
$ |
1,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Utilization (block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
8.7 |
|
|
|
9.1 |
|
|
|
(0.4 |
) |
|
|
8.5 |
|
|
|
8.9 |
|
|
|
(0.4 |
) |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
10.8 |
|
|
|
10.3 |
|
|
|
0.5 |
|
|
|
10.3 |
|
|
|
9.4 |
|
|
|
0.9 |
|
|
Passenger |
|
|
9.3 |
|
|
|
7.6 |
|
|
|
1.7 |
|
|
|
9.0 |
|
|
|
7.7 |
|
|
|
1.3 |
|
|
All Operating Aircraft1,2 |
|
|
9.1 |
|
|
|
9.3 |
|
|
|
(0.2 |
) |
|
|
8.9 |
|
|
|
9.0 |
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
|
$ |
2.42 |
|
|
$ |
1.85 |
|
|
$ |
0.57 |
|
|
$ |
2.30 |
|
|
$ |
1.86 |
|
|
$ |
0.44 |
|
|
Fuel gallons consumed (000s) |
|
|
53,508 |
|
|
|
45,229 |
|
|
|
8,279 |
|
|
|
98,458 |
|
|
|
89,156 |
|
|
|
9,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 ACMI and All Operating Aircraft averages in the second quarter
and first six months of 2018 reflect the impact of increases in the
number of CMI aircraft and amount of CMI flying compared with the
same periods of 2017.
2 Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes.
|
Atlas Air Worldwide Holdings,
Inc. |
Operating Statistics and Traffic
Results |
(Unaudited) |
|
|
|
For the Three Months
Ended |
|
|
Increase/ |
|
|
For the Six
MonthsEnded |
|
|
Increase/ |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
(Decrease) |
|
|
June 30,
2018 |
|
|
June 30, 2017 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Fleet (average aircraft equivalents
during the period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
9.0 |
|
|
|
7.6 |
|
|
|
1.4 |
|
|
|
9.0 |
|
|
|
7.3 |
|
|
|
1.7 |
|
747-400 Cargo |
|
|
16.2 |
|
|
|
14.1 |
|
|
|
2.1 |
|
|
|
16.0 |
|
|
|
13.4 |
|
|
|
2.6 |
|
747-400 Dreamlifter |
|
|
3.1 |
|
|
|
3.2 |
|
|
|
(0.1 |
) |
|
|
3.1 |
|
|
|
3.1 |
|
|
|
- |
|
777-200 Cargo |
|
|
5.0 |
|
|
|
5.0 |
|
|
|
- |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
- |
|
767-300 Cargo |
|
|
19.3 |
|
|
|
8.2 |
|
|
|
11.1 |
|
|
|
18.3 |
|
|
|
7.0 |
|
|
|
11.3 |
|
767-200 Cargo |
|
|
9.0 |
|
|
|
9.0 |
|
|
|
- |
|
|
|
9.0 |
|
|
|
9.0 |
|
|
|
- |
|
737-400 Cargo |
|
|
5.0 |
|
|
|
5.0 |
|
|
|
- |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
- |
|
747-400 Passenger |
|
|
- |
|
|
|
1.0 |
|
|
|
(1.0 |
) |
|
|
0.5 |
|
|
|
1.0 |
|
|
|
(0.5 |
) |
767-200 Passenger |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
Total |
|
|
67.6 |
|
|
|
54.1 |
|
|
|
13.5 |
|
|
|
66.9 |
|
|
|
51.8 |
|
|
|
15.1 |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
1.0 |
|
|
|
2.3 |
|
|
|
(1.3 |
) |
|
|
1.0 |
|
|
|
2.6 |
|
|
|
(1.6 |
) |
747-400 Cargo |
|
|
12.6 |
|
|
|
9.7 |
|
|
|
2.9 |
|
|
|
12.2 |
|
|
|
10.4 |
|
|
|
1.8 |
|
767-300 Cargo |
|
|
0.5 |
|
|
|
- |
|
|
|
0.5 |
|
|
|
0.4 |
|
|
|
- |
|
|
|
0.4 |
|
747-400 Passenger |
|
|
2.0 |
|
|
|
2.0 |
|
|
|
- |
|
|
|
2.0 |
|
|
|
2.0 |
|
|
|
- |
|
767-300 Passenger |
|
|
4.0 |
|
|
|
4.7 |
|
|
|
(0.7 |
) |
|
|
4.0 |
|
|
|
4.8 |
|
|
|
(0.8 |
) |
Total |
|
|
20.1 |
|
|
|
18.7 |
|
|
|
1.4 |
|
|
|
19.6 |
|
|
|
19.8 |
|
|
|
(0.2 |
) |
Dry Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
777-200 Cargo |
|
|
7.0 |
|
|
|
6.0 |
|
|
|
1.0 |
|
|
|
6.7 |
|
|
|
6.0 |
|
|
|
0.7 |
|
767-300 Cargo |
|
|
15.6 |
|
|
|
5.8 |
|
|
|
9.8 |
|
|
|
14.8 |
|
|
|
4.7 |
|
|
|
10.1 |
|
757-200 Cargo |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
737-300 Cargo |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
737-800 Passenger |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
Total |
|
|
25.6 |
|
|
|
14.8 |
|
|
|
10.8 |
|
|
|
24.5 |
|
|
|
13.7 |
|
|
|
10.8 |
|
Less: Aircraft Dry Leased to CMI customers |
|
|
(16.6 |
) |
|
|
(5.8 |
) |
|
|
(10.8 |
) |
|
|
(15.5 |
) |
|
|
(4.7 |
) |
|
|
(10.8 |
) |
Total Operating Average Aircraft
Equivalents |
|
|
96.7 |
|
|
|
81.8 |
|
|
|
14.9 |
|
|
|
95.5 |
|
|
|
80.6 |
|
|
|
14.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Out of Service2 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 ACMI average fleet excludes spare aircraft provided by CMI
customers.
2 Out of service aircraft temporarily parked during the
period.
Contacts: Dan Loh (Investors) – (914) 701-8200 Beth Roach
(Media) – (914) 701-6576
Atlas Air Worldwide (NASDAQ:AAWW)
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