Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
strong third-quarter earnings growth and raised its outlook for
full-year 2018, driven by ongoing market strength, customer demand
and business development.
“We continue to leverage the scale and scope of
our enterprise and our leadership in global aviation outsourcing,”
said President and Chief Executive Officer William J. Flynn.
“We are in a good place to deliver quality
results today and in the future. We have the aircraft and provide
the services that customers want. We are focused on the right
markets. And we are executing on strategic initiatives to grow and
diversify our fleet, expand our customer base and enhance our
business mix.
“Secular trends are driving opportunities and
growth in airfreight. And our focus is on express, e-commerce and
fast-growing regions where efficient, time-definite, freighter
networks are essential to meet the growing demands of businesses
and consumers.
“Looking to the full year, we continue to expect
our revenue to exceed $2.6 billion. We project adjusted EBITDA to
increase to more than $525 million. And we anticipate our full-year
adjusted net income to grow near or above 50% compared with
2017.”
Mr. Flynn continued: “Our full-year outlook
reflects our expectations for another great fourth quarter. We see
solid peak-season yields and volumes, including the additional
seasonal flying we do for express and e-commerce operators. And we
anticipate record fourth-quarter block hours, revenue, adjusted
EBITDA and adjusted net income.
“The fourth quarter will also benefit from our
second 747-400 freighter for Asiana Cargo, which began flying in
September, and our first 747-400 freighter for SF Express, China’s
leading express operator, which began service in October. In
addition, we expect to add two more 767-300 converted freighters
for Amazon before Thanksgiving, which will bring us to 20 aircraft
in line with the schedule we announced in May 2016.”
He concluded: “While tariffs and trade are
important topics, neither we nor our customers, with whom we are in
close contact, have seen a material impact on airfreight demand.
Airfreight tonnage continues to grow from record levels, and
airfreight demand is growing in line with its longer-term rate of
about 4% per year, with express and e-commerce growing much more
than that.”
Third-Quarter Results
Volumes in the third quarter of 2018 increased
14% to a record 73,672 block hours, with revenue growing 23% to
$656.6 million.
Reported income from continuing operations, net
of taxes, totaled $71.1 million, or $0.84 per diluted share, during
the period compared with a reported loss of $24.2 million, or $0.96
per diluted share, in the third quarter of 2017. Reported results
in the third quarter of 2018 included an unrealized gain on
outstanding warrants of $46.1 million compared with an unrealized
loss on outstanding warrants of $44.8 million in the year-ago
period.
On an adjusted basis, income from continuing
operations, net of taxes, in the third quarter of 2018 increased
$14.1 million to $43.8 million, or $1.54 per diluted share, from
$29.7 million, or $1.08 per diluted share, in the year-ago quarter.
Adjusted EBITDA increased $25.3 million over the year-ago period to
$124.8 million.
ACMI segment contribution in the third quarter
of 2018 increased slightly compared with the prior-year period,
primarily due to a significant increase in block-hour volumes
partially offset by the impact of unscheduled maintenance; higher
crew costs, including enhanced wages and work rules resulting from
an interim labor agreement with our Southern Air pilots; and the
redeployment of 747-400 VIP-configured passenger aircraft to
Charter after acquisition from a former CMI customer. Block hours
grew 13% during the period, reflecting increased 767 flying for
Amazon and the start-up of 747-400 flying for several new
customers. Revenue per block hour during the quarter was relatively
in line with the third quarter of 2017, primarily due to a mix
effect reflecting an increase in widebody 747-400F ACMI flying that
was offset by an increase in smaller-gauge 767 CMI flying.
Higher Charter segment contribution during the
period was primarily driven by an increase in military and
commercial cargo demand and higher yields excluding fuel, partially
offset by an increase in heavy maintenance. Higher average
block-hour rates during the quarter primarily reflected higher fuel
prices and higher yields excluding fuel.
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
three quarters of 2018, as well as the placement of one 777-200
freighter in February 2018 and a second one in July 2018.
Higher unallocated income and expenses, net
during the quarter primarily reflected a ratification bonus related
to an interim agreement to enhance the terms and conditions of
employment of our Southern Air, Inc. pilots; fleet growth
initiatives; amortization of a customer incentive asset; and an
increase in unallocated interest expense.
Reported earnings in the third quarter of 2018
also included an effective income tax rate of 0.0%, due mainly to
nondeductible or nontaxable changes in the value of outstanding
warrants as well as a deferred income tax benefit of approximately
$8.7 million related to the renewal of our Titan dry-leasing
subsidiary’s participation in an aircraft-leasing incentive program
in Singapore. On an adjusted basis, our results reflected an
effective income tax rate of 0.0%.
Nine-Month Results
Reported income from continuing operations, net
of taxes, for the nine months ended September 30, 2018, totaled
$59.6 million, or $2.27 per diluted share, which included an
unrealized loss on financial instruments of $11.7 million related
to outstanding warrants and a special charge of $9.4 million
related to engines held for sale. Results for the first nine months
compared with income from continuing operations of $14.9 million,
or $0.58 per diluted share, which included an unrealized loss on
financial instruments of $36.2 million, for the nine months ended
September 30, 2017.
On an adjusted basis, income from continuing
operations, net of taxes, in the first nine months of 2018 totaled
$117.3 million, or $4.17 per diluted share, compared with $67.1
million, or $2.48 per diluted share, in the first nine months of
2017. Adjusted EBITDA in the first nine months of 2018 increased
$78.2 million to $344.1 million.
Cash and Short-Term
Investments
At September 30, 2018, our cash and cash
equivalents, short-term investments and restricted cash totaled
$244.7 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 nine months of 2018 primarily related to capital
expenditures and payments for flight equipment and modifications,
including the acquisition of 777-200 aircraft, 767-300 passenger
aircraft and related freighter-conversion costs, 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.
Enhanced 2018 Outlook
Consistent with our strong year-to-date
performance and our fourth-quarter expectations, we expect our
full-year 2018 revenue to exceed $2.6 billion; our adjusted EBITDA
to increase to more than $525 million; and our adjusted net income
to increase near or above 50% compared with 2017 adjusted net
income of $133.7 million.
We see volumes for the year rising approximately
17% to around 297,000 block hours, with about 75% of the hours in
ACMI and the balance in Charter.
Aircraft maintenance expense in 2018 is expected
to total approximately $335 million, mainly reflecting an increase
in daily line maintenance due to the growth in block hours.
Depreciation and amortization is expected to total approximately
$215 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%.
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 third-quarter 2018 financial and
operating results at 11:00 a.m. Eastern Time on Thursday, November
1, 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 third-quarter call)
or at the following Web address:
https://edge.media-server.com/m6/p/9hco3uij
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 November 8 by dialing (855)
859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.)
and using Access Code 8787259#.
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.
*We provide guidance on an adjusted basis and
are unable to provide forwarding-looking guidance on a U.S. GAAP
basis or a reconciliation to the most directly comparable U.S. GAAP
measures because we are unable to predict with reasonable certainty
the ultimate outcome of certain significant items. The principal
item is the impact on our results of our outstanding warrants,
which are highly dependent on the change in our stock price during
the period reported. These items are uncertain, depend on various
factors, and could have a material impact on our U.S. GAAP
results.
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 Nine Months
Ended |
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
$ |
656,607 |
|
|
$ |
535,748 |
|
|
$ |
1,912,766 |
|
|
$ |
1,528,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
138,345 |
|
|
|
114,505 |
|
|
|
392,603 |
|
|
330,080 |
|
Aircraft fuel |
|
119,604 |
|
|
|
74,048 |
|
|
|
345,613 |
|
|
239,966 |
|
Maintenance, materials and repairs |
|
88,136 |
|
|
|
74,457 |
|
|
|
261,251 |
|
|
212,042 |
|
Depreciation and amortization |
|
55,417 |
|
|
|
42,033 |
|
|
|
155,881 |
|
|
120,913 |
|
Travel |
|
41,605 |
|
|
|
38,260 |
|
|
|
123,810 |
|
|
105,510 |
|
Aircraft rent |
|
39,973 |
|
|
|
33,873 |
|
|
|
119,778 |
|
|
|
103,738 |
|
Navigation fees, landing fees and other rent |
|
43,258 |
|
|
|
33,468 |
|
|
|
116,553 |
|
|
|
77,258 |
|
Passenger and ground handling services |
|
28,716 |
|
|
|
28,491 |
|
|
|
86,980 |
|
|
|
77,187 |
|
Loss on disposal of aircraft |
|
- |
|
|
|
211 |
|
|
|
- |
|
|
|
64 |
|
Special charge |
|
- |
|
|
|
- |
|
|
|
9,374 |
|
|
|
- |
|
Transaction-related expenses |
|
765 |
|
|
|
1,092 |
|
|
|
1,275 |
|
|
|
3,403 |
|
Other |
|
46,318 |
|
|
|
42,598 |
|
|
|
143,663 |
|
|
|
123,121 |
|
Total Operating Expenses |
|
602,137 |
|
|
|
483,036 |
|
|
|
1,756,781 |
|
|
|
1,393,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
54,470 |
|
|
|
52,712 |
|
|
|
155,985 |
|
|
|
135,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses (Income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(1,592 |
) |
|
|
(1,688 |
) |
|
|
(4,704 |
) |
|
|
(4,286 |
) |
Interest expense |
|
31,115 |
|
|
|
26,553 |
|
|
|
87,639 |
|
|
|
72,747 |
|
Capitalized interest |
|
(1,120 |
) |
|
|
(1,922 |
) |
|
|
(4,335 |
) |
|
|
(5,633 |
) |
Loss on early extinguishment of debt |
|
- |
|
|
|
167 |
|
|
|
- |
|
|
|
167 |
|
Unrealized loss (gain) on financial
instruments |
|
(46,080 |
) |
|
|
44,775 |
|
|
|
11,691 |
|
|
|
36,225 |
|
Other expense (income) |
|
975 |
|
|
|
(1,165 |
) |
|
|
(10,777 |
) |
|
|
(357 |
) |
Total Non-operating Expenses (Income) |
|
(16,702 |
) |
|
|
66,720 |
|
|
|
79,514 |
|
|
|
98,863 |
|
Income (loss) from continuing operations before
income taxes |
|
71,172 |
|
|
|
(14,008 |
) |
|
|
76,471 |
|
|
|
36,363 |
|
Income tax expense |
|
34 |
|
|
|
10,187 |
|
|
|
16,828 |
|
|
|
21,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
71,138 |
|
|
|
(24,195 |
) |
|
|
59,643 |
|
|
|
14,884 |
|
Income (loss) from discontinued operations, net of
taxes |
|
(7 |
) |
|
|
33 |
|
|
|
(50 |
) |
|
|
(859 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
71,131 |
|
|
$ |
(24,162 |
) |
|
$ |
59,593 |
|
|
$ |
14,025 |
|
Earnings (loss) per share from continuing
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.78 |
|
|
$ |
(0.96 |
) |
|
$ |
2.34 |
|
|
$ |
0.59 |
|
Diluted |
$ |
0.84 |
|
|
$ |
(0.96 |
) |
|
$ |
2.27 |
|
|
$ |
0.58 |
|
Loss per share from discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.00 |
) |
|
$ |
0.00 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
Diluted |
$ |
(0.00 |
) |
|
$ |
0.00 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.78 |
|
|
$ |
(0.96 |
) |
|
$ |
2.33 |
|
|
$ |
0.56 |
|
Diluted |
$ |
0.84 |
|
|
$ |
(0.96 |
) |
|
$ |
2.27 |
|
|
$ |
0.54 |
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
25,575 |
|
|
|
25,262 |
|
|
|
25,526 |
|
|
|
25,229 |
|
Diluted |
|
28,747 |
|
|
|
25,262 |
|
|
|
26,274 |
|
|
|
25,822 |
|
Atlas Air Worldwide Holdings,
Inc. Consolidated Balance Sheets (in
thousands, except share data)(Unaudited)
|
|
September 30,
2018 |
|
|
December 31,
2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
214,961 |
|
|
$ |
280,809 |
|
Short-term investments |
|
|
18,511 |
|
|
|
13,604 |
|
Restricted cash |
|
|
11,194 |
|
|
|
11,055 |
|
Accounts receivable, net of allowance of $1,381 and
$1,494, respectively |
|
|
254,425 |
|
|
|
194,478 |
|
Prepaid maintenance |
|
|
30,988 |
|
|
|
13,346 |
|
Prepaid expenses and other current assets |
|
|
70,568 |
|
|
|
74,294 |
|
Total current assets |
|
|
600,647 |
|
|
|
587,586 |
|
Property and Equipment |
|
|
|
|
|
|
|
|
Flight equipment |
|
|
5,085,594 |
|
|
|
4,447,097 |
|
Ground equipment |
|
|
78,389 |
|
|
|
70,951 |
|
Less: accumulated depreciation |
|
|
(821,203 |
) |
|
|
(701,249 |
) |
Flight equipment modifications in progress |
|
|
107,290 |
|
|
|
186,302 |
|
Property and equipment, net |
|
|
4,450,070 |
|
|
|
4,003,101 |
|
Other Assets |
|
|
|
|
|
|
|
|
Long-term investments and accrued interest |
|
|
1,722 |
|
|
|
15,371 |
|
Deferred costs and other assets |
|
|
324,740 |
|
|
|
242,919 |
|
Intangible assets, net and goodwill |
|
|
99,860 |
|
|
|
106,485 |
|
Total Assets |
|
$ |
5,477,039 |
|
|
$ |
4,955,462 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
81,682 |
|
|
$ |
65,740 |
|
Accrued liabilities |
|
|
482,085 |
|
|
|
454,843 |
|
Current portion of long-term debt and capital
lease |
|
|
256,184 |
|
|
|
218,013 |
|
Total current liabilities |
|
|
819,951 |
|
|
|
738,596 |
|
Other Liabilities |
|
|
|
|
|
|
|
|
Long-term debt and capital lease |
|
|
2,280,790 |
|
|
|
2,008,986 |
|
Deferred taxes |
|
|
231,673 |
|
|
|
214,694 |
|
Financial instruments and other liabilities |
|
|
292,840 |
|
|
|
203,330 |
|
Total other liabilities |
|
|
2,805,303 |
|
|
|
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; 30,582,571 and 30,104,648 shares issued, 25,590,293 and
25,292,454 shares outstanding (net of treasury stock), as of
September 30, 2018 and December 31, 2017,
respectively |
|
|
306 |
|
|
|
301 |
|
Additional paid-in-capital |
|
|
731,106 |
|
|
|
715,735 |
|
Treasury stock, at cost; 4,992,278 and 4,812,194
shares, respectively |
|
|
(204,501 |
) |
|
|
(193,732 |
) |
Accumulated other comprehensive loss |
|
|
(4,108 |
) |
|
|
(3,993 |
) |
Retained earnings |
|
|
1,328,982 |
|
|
|
1,271,545 |
|
Total equity |
|
|
1,851,785 |
|
|
|
1,789,856 |
|
Total Liabilities and Equity |
|
$ |
5,477,039 |
|
|
$ |
4,955,462 |
|
1 Balance sheet debt at September 30, 2018
totaled $2,537.0 million, including the impact of $89.5 million of
unamortized discount and debt issuance costs of $47.7 million.
2 The face value of our debt at September 30, 2018 totaled
$2,674.2 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 Nine Months
Ended |
|
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
Income from continuing operations, net of taxes |
|
$ |
59,643 |
|
|
$ |
14,884 |
|
Less: Loss from discontinued operations, net of taxes |
|
|
(50 |
) |
|
|
(859 |
) |
Net Income |
|
|
59,593 |
|
|
|
14,025 |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile Net Income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
189,682 |
|
|
|
142,042 |
|
Accretion of debt securities discount |
|
|
(719 |
) |
|
|
(892 |
) |
Provision for allowance for doubtful accounts |
|
|
40 |
|
|
|
304 |
|
Special charge, net of cash payments |
|
|
9,374 |
|
|
|
- |
|
Loss on early extinguishment of debt |
|
|
- |
|
|
|
167 |
|
Unrealized loss (gain) on financial
instruments |
|
|
11,691 |
|
|
|
36,225 |
|
Loss on disposal of aircraft |
|
|
- |
|
|
|
64 |
|
Deferred taxes |
|
|
16,453 |
|
|
|
21,106 |
|
Stock-based compensation |
|
|
15,376 |
|
|
|
17,030 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(59,058 |
) |
|
|
(12,004 |
) |
Prepaid expenses, current assets and other
assets |
|
|
(34,483 |
) |
|
|
(53,343 |
) |
Accounts payable and accrued liabilities |
|
|
56,174 |
|
|
|
30,382 |
|
Net cash provided by operating activities |
|
|
264,123 |
|
|
|
195,106 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(84,819 |
) |
|
|
(66,395 |
) |
Payments for flight equipment and
modifications |
|
|
(543,342 |
) |
|
|
(338,524 |
) |
Proceeds from investments |
|
|
9,461 |
|
|
|
3,247 |
|
Net cash used for investing activities |
|
|
(618,700 |
) |
|
|
(401,672 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
400,471 |
|
|
|
447,865 |
|
Payment of debt issuance costs |
|
|
(6,632 |
) |
|
|
(11,146 |
) |
Payments of debt |
|
|
(180,722 |
) |
|
|
(153,292 |
) |
Proceeds from revolving credit facility |
|
|
135,000 |
|
|
|
150,000 |
|
Payment of revolving credit facility |
|
|
(60,000 |
) |
|
|
(150,000 |
) |
Customer maintenance reserves and deposits
received |
|
|
11,520 |
|
|
|
22,006 |
|
Customer maintenance reserves paid |
|
|
- |
|
|
|
(18,538 |
) |
Proceeds from sale of convertible note
warrants |
|
|
- |
|
|
|
38,148 |
|
Payments for convertible note hedges |
|
|
- |
|
|
|
(70,140 |
) |
Purchase of treasury stock |
|
|
(10,769 |
) |
|
|
(10,307 |
) |
Net cash provided by financing activities |
|
|
288,868 |
|
|
|
244,596 |
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
|
|
(65,709 |
) |
|
|
38,030 |
|
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 |
|
$ |
226,155 |
|
|
$ |
176,280 |
|
|
|
|
|
|
|
|
|
|
Noncash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of flight equipment included in
Accounts payable and accrued liabilities |
|
$ |
42,826 |
|
|
$ |
61,734 |
|
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 Nine Months
Ended |
|
|
|
September 30,
2018 |
|
|
September 30,
20171 |
|
|
September 30,
2018 |
|
|
September 30,
20171 |
|
Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
288,602 |
|
|
$ |
258,109 |
|
|
$ |
832,777 |
|
|
$ |
687,982 |
|
Charter |
|
|
322,750 |
|
|
|
243,583 |
|
|
|
954,725 |
|
|
|
743,302 |
|
Dry Leasing |
|
|
44,487 |
|
|
|
30,804 |
|
|
|
120,837 |
|
|
|
86,120 |
|
Customer incentive asset amortization |
|
|
(4,124 |
) |
|
|
(1,531 |
) |
|
|
(10,010 |
) |
|
|
(2,873 |
) |
Other |
|
|
4,892 |
|
|
|
4,783 |
|
|
|
14,437 |
|
|
|
13,977 |
|
Total Operating Revenue |
|
$ |
656,607 |
|
|
$ |
535,748 |
|
|
$ |
1,912,766 |
|
|
$ |
1,528,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
51,672 |
|
|
$ |
51,185 |
|
|
$ |
145,251 |
|
|
$ |
139,858 |
|
Charter |
|
|
44,370 |
|
|
|
34,510 |
|
|
|
129,738 |
|
|
|
87,911 |
|
Dry Leasing |
|
|
12,645 |
|
|
|
10,245 |
|
|
|
36,195 |
|
|
|
29,629 |
|
Total Direct Contribution for Reportable
Segments |
|
|
108,687 |
|
|
|
95,940 |
|
|
|
311,184 |
|
|
|
257,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and expenses, net |
|
|
(82,830 |
) |
|
|
(63,703 |
) |
|
|
(212,373 |
) |
|
|
(181,176 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
(167 |
) |
|
|
- |
|
|
|
(167 |
) |
Unrealized gain (loss) on financial instruments |
|
|
46,080 |
|
|
|
(44,775 |
) |
|
|
(11,691 |
) |
|
|
(36,225 |
) |
Special charge |
|
|
- |
|
|
|
- |
|
|
|
(9,374 |
) |
|
|
- |
|
Transaction-related expenses |
|
|
(765 |
) |
|
|
(1,092 |
) |
|
|
(1,275 |
) |
|
|
(3,403 |
) |
Loss on disposal of aircraft |
|
|
- |
|
|
|
(211 |
) |
|
|
- |
|
|
|
(64 |
) |
Income (loss) from continuing operations before income
taxes |
|
|
71,172 |
|
|
|
(14,008 |
) |
|
|
76,471 |
|
|
|
36,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(1,592 |
) |
|
|
(1,688 |
) |
|
|
(4,704 |
) |
|
|
(4,286 |
) |
Interest expense |
|
|
31,115 |
|
|
|
26,553 |
|
|
|
87,639 |
|
|
|
72,747 |
|
Capitalized interest |
|
|
(1,120 |
) |
|
|
(1,922 |
) |
|
|
(4,335 |
) |
|
|
(5,633 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
167 |
|
|
|
- |
|
|
|
167 |
|
Unrealized loss (gain) on financial instruments |
|
|
(46,080 |
) |
|
|
44,775 |
|
|
|
11,691 |
|
|
|
36,225 |
|
Other expense (income) |
|
|
975 |
|
|
|
(1,165 |
) |
|
|
(10,777 |
) |
|
|
(357 |
) |
Operating Income |
|
$ |
54,470 |
|
|
$ |
52,712 |
|
|
$ |
155,985 |
|
|
$ |
135,226 |
|
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, 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 |
|
|
|
|
September 30,
2018 |
|
|
|
September 30,
2017 |
|
|
Percent
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
|
$ |
71,138 |
|
|
|
$ |
(24,195 |
) |
|
|
NM |
|
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposal of aircraft |
|
|
|
- |
|
|
|
|
211 |
|
|
|
|
|
Costs associated with transactions1 |
|
|
|
9,979 |
|
|
|
|
1,355 |
|
|
|
|
|
Accrual for legal matters and professional
fees |
|
|
|
373 |
|
|
|
|
1,264 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
|
|
8,369 |
|
|
|
|
5,474 |
|
|
|
|
|
Charges associated with refinancing debt |
|
|
|
- |
|
|
|
|
167 |
|
|
|
|
|
Unrealized loss (gain) on financial
instruments |
|
|
|
(46,080 |
) |
|
|
|
44,775 |
|
|
|
|
|
Income tax effect of reconciling items |
|
|
|
47 |
|
|
|
|
643 |
|
|
|
|
|
Adjusted income from continuing operations, net of
taxes |
|
|
$ |
43,826 |
|
|
|
$ |
29,694 |
|
|
|
47.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
|
28,747 |
|
|
|
|
25,262 |
|
|
|
|
|
Add: dilutive warrant3 |
|
|
|
- |
|
|
|
|
1,501 |
|
|
|
|
|
dilutive convertible notes |
|
|
|
- |
|
|
|
|
109 |
|
|
|
|
|
effect of convertible notes hedges4 |
|
|
|
(269 |
) |
|
|
|
(109 |
) |
|
|
|
|
dilutive restricted stock |
|
|
|
- |
|
|
|
|
636 |
|
|
|
|
|
Adjusted weighted average diluted shares outstanding |
|
|
|
28,478 |
|
|
|
|
27,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS from continuing operations, net of
taxes |
|
|
$ |
1.54 |
|
|
|
$ |
1.08 |
|
|
|
42.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended |
|
|
|
|
September 30,
2018 |
|
|
|
September 30,
2017 |
|
|
Percent
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of
taxes |
|
|
$ |
59,643 |
|
|
|
$ |
14,884 |
|
|
|
NM |
|
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposal of aircraft |
|
|
|
- |
|
|
|
|
64 |
|
|
|
|
|
Special charge |
|
|
|
9,374 |
|
|
|
|
- |
|
|
|
|
|
Costs associated with transactions1 |
|
|
|
10,489 |
|
|
|
|
3,666 |
|
|
|
|
|
Accrual for legal matters and professional
fees |
|
|
|
936 |
|
|
|
|
1,600 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
|
|
22,499 |
|
|
|
|
11,537 |
|
|
|
|
|
Charges associated with refinancing debt |
|
|
|
- |
|
|
|
|
167 |
|
|
|
|
|
Unrealized loss (gain) on financial
instruments |
|
|
|
11,691 |
|
|
|
|
36,225 |
|
|
|
|
|
Income tax effect of reconciling items |
|
|
|
2,699 |
|
|
|
|
(1,061 |
) |
|
|
|
|
Adjusted income from continuing operations, net of
taxes |
|
|
$ |
117,331 |
|
|
|
$ |
67,082 |
|
|
|
74.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
|
26,274 |
|
|
|
|
25,822 |
|
|
|
|
|
Add: dilutive warrant3 |
|
|
|
2,129 |
|
|
|
|
1,230 |
|
|
|
|
|
effect of convertible notes hedges4 |
|
|
|
(240 |
) |
|
|
|
(36 |
) |
|
|
|
|
Adjusted weighted average diluted shares outstanding |
|
|
|
28,163 |
|
|
|
|
27,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS from continuing operations, net of
taxes |
|
|
$ |
4.17 |
|
|
|
$ |
2.48 |
|
|
|
68.1 |
% |
1 Costs associated with transactions
include a ratification bonus related to an interim agreement with
Southern Air pilots and other costs associated with our acquisition
of Southern Air.2 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. 3 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.4 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,
2018 |
|
|
September 30,
2017 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
$ |
88,212 |
|
|
$ |
82,299 |
|
Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
30,028 |
|
|
|
21,158 |
|
Capitalized interest |
|
|
1,120 |
|
|
|
1,922 |
|
Free Cash Flow1 |
|
$ |
57,064 |
|
|
$ |
59,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended |
|
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
$ |
264,123 |
|
|
$ |
195,106 |
|
Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
84,819 |
|
|
|
66,395 |
|
Capitalized interest |
|
|
4,335 |
|
|
|
5,633 |
|
Free Cash Flow1 |
|
$ |
174,969 |
|
|
$ |
123,078 |
|
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 Nine Months
Ended |
|
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
$ |
71,138 |
|
|
$ |
(24,195 |
) |
|
$ |
59,643 |
|
|
$ |
14,884 |
|
Income tax expense |
|
|
34 |
|
|
|
10,187 |
|
|
|
16,828 |
|
|
|
21,479 |
|
Income (loss)from continuing operations before income
taxes |
|
|
71,172 |
|
|
|
(14,008 |
) |
|
|
76,471 |
|
|
|
36,363 |
|
Noncash expenses and income, net1 |
|
|
8,369 |
|
|
|
5,474 |
|
|
|
22,499 |
|
|
|
11,537 |
|
Loss on disposal of aircraft |
|
|
- |
|
|
|
211 |
|
|
|
- |
|
|
|
64 |
|
Special charge2 |
|
|
- |
|
|
|
- |
|
|
|
9,374 |
|
|
|
- |
|
Costs associated with transactions3 |
|
|
9,979 |
|
|
|
1,355 |
|
|
|
10,489 |
|
|
|
3,666 |
|
Accrual for legal matters and professional fees |
|
|
373 |
|
|
|
1,264 |
|
|
|
936 |
|
|
|
1,600 |
|
Charges associated with refinancing debt |
|
|
- |
|
|
|
167 |
|
|
|
- |
|
|
|
167 |
|
Unrealized loss (gain) on financial instruments |
|
|
(46,080 |
) |
|
|
44,775 |
|
|
|
11,691 |
|
|
|
36,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pretax income |
|
|
43,813 |
|
|
|
39,238 |
|
|
|
131,460 |
|
|
|
89,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net4 |
|
|
24,631 |
|
|
|
19,473 |
|
|
|
67,530 |
|
|
|
55,707 |
|
Other non-operating expenses (income) |
|
|
975 |
|
|
|
(1,165 |
) |
|
|
(10,777 |
) |
|
|
(357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
69,419 |
|
|
|
57,546 |
|
|
|
188,213 |
|
|
|
144,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
55,417 |
|
|
|
42,033 |
|
|
|
155,881 |
|
|
|
120,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted5 |
|
$ |
124,836 |
|
|
$ |
99,579 |
|
|
$ |
344,094 |
|
|
$ |
265,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
34 |
|
|
$ |
10,187 |
|
|
$ |
16,828 |
|
|
$ |
21,479 |
|
Income tax effect of reconciling items6 |
|
|
47 |
|
|
|
643 |
|
|
|
2,699 |
|
|
|
(1,061 |
) |
Adjusted income tax expense (benefit) |
|
|
(13 |
) |
|
|
9,544 |
|
|
|
14,129 |
|
|
|
22,540 |
|
Adjusted pretax income |
|
$ |
43,813 |
|
|
$ |
39,238 |
|
|
$ |
131,460 |
|
|
$ |
89,622 |
|
Adjusted effective tax rate |
|
|
0.0 |
% |
|
|
24.3 |
% |
|
|
10.7 |
% |
|
|
25.2 |
% |
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 transactions
include a ratification bonus related to an interim agreement with
the Southern Air pilots and other 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, loss on disposal of aircraft, special
charge, costs associated with transactions, 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 Nine Months
Ended |
|
|
Increase/ |
|
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
(Decrease) |
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
|
56,571 |
|
|
|
50,243 |
|
|
|
6,328 |
|
|
|
159,662 |
|
|
|
133,978 |
|
|
|
25,684 |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
12,690 |
|
|
|
8,680 |
|
|
|
4,010 |
|
|
|
37,968 |
|
|
|
30,908 |
|
|
|
7,060 |
|
Passenger |
|
|
3,952 |
|
|
|
5,447 |
|
|
|
(1,495 |
) |
|
|
13,717 |
|
|
|
14,903 |
|
|
|
(1,186 |
) |
Other |
|
|
459 |
|
|
|
467 |
|
|
|
(8 |
) |
|
|
1,480 |
|
|
|
1,452 |
|
|
|
28 |
|
Total Block Hours |
|
|
73,672 |
|
|
|
64,837 |
|
|
|
8,835 |
|
|
|
212,827 |
|
|
|
181,241 |
|
|
|
31,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
5,102 |
|
|
$ |
5,137 |
|
|
$ |
(35 |
) |
|
$ |
5,216 |
|
|
$ |
5,135 |
|
|
$ |
81 |
|
Charter |
|
$ |
19,394 |
|
|
$ |
17,242 |
|
|
$ |
2,152 |
|
|
$ |
18,472 |
|
|
$ |
16,225 |
|
|
$ |
2,247 |
|
Cargo |
|
$ |
19,180 |
|
|
$ |
17,660 |
|
|
$ |
1,520 |
|
|
$ |
18,569 |
|
|
$ |
16,258 |
|
|
$ |
2,311 |
|
Passenger |
|
$ |
20,079 |
|
|
$ |
16,577 |
|
|
$ |
3,502 |
|
|
$ |
18,204 |
|
|
$ |
16,159 |
|
|
$ |
2,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Utilization (block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
8.4 |
|
|
|
9.0 |
|
|
|
(0.6 |
) |
|
|
8.5 |
|
|
|
8.9 |
|
|
|
(0.4 |
) |
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
9.8 |
|
|
|
9.9 |
|
|
|
(0.1 |
) |
|
|
10.2 |
|
|
|
9.6 |
|
|
|
0.6 |
|
Passenger |
|
|
5.7 |
|
|
|
8.8 |
|
|
|
(3.1 |
) |
|
|
7.7 |
|
|
|
8.0 |
|
|
|
(0.3 |
) |
All Operating Aircraft1,2 |
|
|
8.5 |
|
|
|
9.1 |
|
|
|
(0.6 |
) |
|
|
8.7 |
|
|
|
9.0 |
|
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
|
$ |
2.43 |
|
|
$ |
1.84 |
|
|
$ |
0.59 |
|
|
$ |
2.34 |
|
|
$ |
1.85 |
|
|
$ |
0.49 |
|
Fuel gallons consumed (000s) |
|
|
49,206 |
|
|
|
40,275 |
|
|
|
8,931 |
|
|
|
147,664 |
|
|
|
129,420 |
|
|
|
18,244 |
|
1 ACMI and All Operating Aircraft averages in the third quarter
and first nine 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 Nine Months
Ended |
|
|
Increase/ |
|
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
(Decrease) |
|
|
September 30,
2018 |
|
|
September 30,
2017 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Fleet (average aircraft equivalents
during the period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
8.9 |
|
|
|
9.5 |
|
|
|
(0.6 |
) |
|
|
9.0 |
|
|
|
8.1 |
|
|
|
0.9 |
|
747-400 Cargo |
|
|
16.8 |
|
|
|
15.1 |
|
|
|
1.7 |
|
|
|
16.2 |
|
|
|
14.0 |
|
|
|
2.2 |
|
747-400 Dreamlifter |
|
|
3.0 |
|
|
|
3.1 |
|
|
|
(0.1 |
) |
|
|
3.1 |
|
|
|
3.1 |
|
|
|
- |
|
777-200 Cargo |
|
|
5.9 |
|
|
|
5.0 |
|
|
|
0.9 |
|
|
|
5.3 |
|
|
|
5.0 |
|
|
|
0.3 |
|
767-300 Cargo |
|
|
23.3 |
|
|
|
12.2 |
|
|
|
11.1 |
|
|
|
20.0 |
|
|
|
8.7 |
|
|
|
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 |
) |
|
|
0.3 |
|
|
|
1.0 |
|
|
|
(0.7 |
) |
767-200 Passenger |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
Total |
|
|
72.9 |
|
|
|
60.9 |
|
|
|
12.0 |
|
|
|
68.9 |
|
|
|
54.9 |
|
|
|
14.0 |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
1.1 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
|
1.0 |
|
|
|
1.9 |
|
|
|
(0.9 |
) |
747-400 Cargo |
|
|
13.0 |
|
|
|
9.0 |
|
|
|
4.0 |
|
|
|
12.4 |
|
|
|
9.9 |
|
|
|
2.5 |
|
767-300 Cargo |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.3 |
|
|
|
- |
|
|
|
0.3 |
|
747-400 Passenger |
|
|
3.5 |
|
|
|
1.9 |
|
|
|
1.6 |
|
|
|
2.5 |
|
|
|
2.0 |
|
|
|
0.5 |
|
767-300 Passenger |
|
|
4.0 |
|
|
|
4.8 |
|
|
|
(0.8 |
) |
|
|
4.0 |
|
|
|
4.8 |
|
|
|
(0.8 |
) |
Total |
|
|
21.6 |
|
|
|
16.2 |
|
|
|
5.4 |
|
|
|
20.2 |
|
|
|
18.6 |
|
|
|
1.6 |
|
Dry Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
777-200 Cargo |
|
|
7.9 |
|
|
|
6.0 |
|
|
|
1.9 |
|
|
|
7.1 |
|
|
|
6.0 |
|
|
|
1.1 |
|
767-300 Cargo |
|
|
17.7 |
|
|
|
8.6 |
|
|
|
9.1 |
|
|
|
15.8 |
|
|
|
6.0 |
|
|
|
9.8 |
|
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 |
|
|
28.6 |
|
|
|
17.6 |
|
|
|
11.0 |
|
|
|
25.9 |
|
|
|
15.0 |
|
|
|
10.9 |
|
Less: Aircraft Dry Leased to CMI customers |
|
|
(19.6 |
) |
|
|
(8.6 |
) |
|
|
(11.0 |
) |
|
|
(16.9 |
) |
|
|
(6.0 |
) |
|
|
(10.9 |
) |
Total Operating Average Aircraft
Equivalents |
|
|
103.5 |
|
|
|
86.1 |
|
|
|
17.4 |
|
|
|
98.1 |
|
|
|
82.5 |
|
|
|
15.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
過去 株価チャート
から 6 2024 まで 7 2024
Atlas Air Worldwide (NASDAQ:AAWW)
過去 株価チャート
から 7 2023 まで 7 2024