Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
record fourth-quarter and full-year volumes, revenue and earnings
in 2018, and an outlook for continued growth in 2019.
“2018 was another great year for Atlas, with
substantial growth in the scale, diversity and profitability of our
business,” said President and Chief Executive Officer William J.
Flynn.
“Going forward, we are excited about Atlas’
future and the future of airfreight. We expect record Atlas volumes
and earnings in 2019 driven by our multiyear initiatives, which
enable us to serve a greater range of customers and provide a solid
platform for future growth initiatives.
“Our focus is on express and e-commerce, and
fast-growing markets in Asia and elsewhere, such as South America,
where we had the strongest year in the company’s history. As
airfreight tonnage continues to grow, further globalization will
require time-definite air networks to facilitate the flow of
goods.”
He added: “We are well-positioned to capitalize
on the scale and scope of our domestic and worldwide operations, to
drive record volume, revenue, adjusted EBITDA and adjusted net
income this year, and to further reduce our net leverage
ratio.*
“We expect to benefit from a full-year of flying
by the aircraft we added in 2018 for customers such as Asiana, DHL
Express, Inditex and SF Express. We will see our first year of
flying twenty 767-300s for Amazon. We look forward to operating
three incremental 747-400 freighters for Nippon Cargo Airlines,
which will increase our near-term fleet to 115 aircraft. And we
anticipate that the flying we do for the military will be higher
than the flying we did in 2018.
“As a result of the momentum that we see, we
anticipate that our adjusted net income in 2019 will grow by a mid-
to upper-single-digit percentage this year.”*
Mr. Flynn continued: “These opportunities build
on the growth in our business mix, customer base, fleet and
operational capabilities.
“In addition to delivering record results in
2018, we added 16 aircraft to our operating fleet in response to
customer demand, with more than 100 planes for the first time. We
ended the year with 112 aircraft across five fleet types that are
well-suited to our growing domestic and regional cargo and
passenger operations, as well as our long-haul, international
operations.
“We also ramped up for Amazon as scheduled,
which included successfully managing multiple station openings
throughout the U.S. We implemented continuous improvement
initiatives and tax planning that enhanced our bottom line. We also
enhanced our balance sheet by lowering our net leverage ratio.
“Thanks to our strong and experienced team, we
executed our peak-season operations extremely well. Overlapping the
end of peak, we also operated 32 flights during the college
football bowl season for 15 universities.”
Fourth-Quarter Results
Volumes in the fourth quarter of 2018 increased
17% to 83,437 block hours, with revenue growing 22% to a record
$765.0 million.
Reported income from continuing operations, net
of taxes, during the period increased 1% to $211.0 million, or
$2.73 per diluted share, compared with $209.5 million, or $6.71 per
diluted share, in the fourth quarter of 2017. Reported results in
the latest quarter included an unrealized gain on outstanding
warrants of $134.8 million compared with a $130.0 million benefit
related to the revaluation of deferred tax liabilities as a result
of the U.S. Tax Cuts and Jobs Act and an unrealized gain on
outstanding warrants of $23.7 million in the year-ago period.
On an adjusted basis, income from continuing
operations, net of taxes, in the fourth quarter of 2018 increased
31% to a record $87.0 million, or $3.12 per diluted share, from
adjusted income of $66.6 million, or $2.43 per diluted share, in
the year-ago quarter. Adjusted EBITDA increased 21% over the
year-ago period to $196.5 million.
ACMI segment contribution in the fourth quarter
of 2018 increased slightly compared with the prior-year period,
primarily due to increases in 747-400F revenue per block hour and
volumes. These were partially offset by higher heavy maintenance
costs, including an increase in the proportion of heavy maintenance
costs attributed to the segment due to our volume-based allocation
methodology and the higher levels of ACMI flying during the
December ACMI peak flying period; amortization of deferred
maintenance costs; and higher crew costs, including enhanced wages
and work rules resulting from an interim labor agreement with our
Southern Air pilots. Block hours grew 19% during the period,
reflecting the start-up of 747-400 flying for several new customers
and increased 767 flying for Amazon. Overall revenue per block hour
during the quarter was relatively in line with the fourth quarter
of 2017, primarily due to a mix effect reflecting the increase in
smaller-gauge 767 CMI flying.
Higher Charter segment contribution during the
period was primarily driven by increases in military and commercial
cargo yields excluding fuel and higher military cargo demand,
partially offset by higher heavy maintenance costs.
Both ACMI and Charter segment contribution
during the quarter reflected the redeployment of two 747-400
VIP-configured passenger aircraft from ACMI to Charter following
our acquisition of these aircraft from a former CMI customer. We
have used the aircraft to grow our VIP charter business and
earnings.
In Dry Leasing, higher segment contribution
primarily reflected the placement of eight additional 767-300
converted aircraft throughout 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 fleet growth initiatives;
increases in unallocated interest expense and amortization of a
customer incentive asset; and a ratification bonus related to an
interim agreement with our Southern Air pilots.
Reported earnings in the fourth quarter of 2018
also included an effective income tax rate of 9.4%, due mainly to
nondeductible or nontaxable changes in the value of outstanding
warrants. On an adjusted basis, our results reflected an effective
income tax rate of 20.5%.
Full-Year Results
Volumes in 2018 increased 17% to 296,264 block
hours, with revenue growing 24% to a record $2.7 billion.
Reported income from continuing operations, net
of taxes, for the twelve months ended December 31, 2018, increased
21% to $270.6 million, or $5.22 per diluted share, which included
an unrealized gain on financial instruments of $123.1 million
related to outstanding warrants. For the twelve months ended
December 31, 2017, our reported income from continuing operations
totaled $224.3 million, or $8.68 per diluted share, which included
$130.0 million of benefit related to the revaluation of deferred
tax liabilities as a result of the U.S. Tax Cuts and Jobs Act,
partially offset by an unrealized loss on financial instruments of
$12.5 million related to outstanding warrants.
On an adjusted basis, income from continuing
operations, net of taxes, in 2018 increased 53% to a record $204.3
million, or $7.27 per diluted share, compared with $133.7 million,
or $4.93 per diluted share, in 2017. Adjusted EBITDA in 2018 rose
26% to $540.6 million.
Reported earnings in 2018 also included an
effective income tax rate of 12.5%, primarily due to nondeductible
and nontaxable changes in the value of outstanding warrants as well
as a deferred income tax benefit 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 15.2%.
Cash and Short-Term
Investments
At December 31, 2018, our cash, cash
equivalents, short-term investments and restricted cash totaled
$248.4 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
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
2018 primarily reflected proceeds from our financings of 777-200
and 767-300 aircraft, partially offset by payments on debt
obligations.
2019 Outlook*
We expect continued solid business and earnings
growth in 2019.
In addition to the essential building blocks we
have set in place, we will have a full year of flying by the
aircraft we added to our fleet in 2018. We also see opportunities
to grow with existing customers, such as the incremental flying we
will begin to do for Nippon Cargo Airlines, and to add new
ones.
Global economic activity and airfreight demand
are expected to expand at a moderate pace, while airfreight tonnage
continues to grow from record levels.
As a result, we expect to generate higher
volumes, revenue, adjusted EBITDA and adjusted net income in 2019.
We see volumes rising to around 340,000 block hours (with over 75%
in ACMI and the balance in Charter), revenue of approximately $3.0
billion, and adjusted EBITDA of about $600 million.
We also anticipate that our adjusted net income
will grow by a mid- to upper-single-digit percentage compared with
2018. We expect our full-year 2019 adjusted income tax rate to be
approximately 20%.
Similar to historical patterns, we anticipate
over three-quarters of our adjusted net income in 2019 occurring in
the second half.
In addition, we expect to fly approximately
75,000 block hours (over 75% in ACMI) in the first quarter of 2019,
with revenue of approximately $680 million, adjusted EBITDA of
about $110 million, and adjusted net income similar to our adjusted
net income of $23.8 million in the first quarter of 2018. Our
first-quarter 2019 outlook includes revenue in our Dry Leasing
segment from maintenance payments related to the scheduled return
of a 777-200 cargo aircraft, which we expect to receive late in the
quarter, partially offset by higher heavy maintenance expense
compared with the year-ago first quarter.
Aircraft maintenance expense in 2019 is expected
to total approximately $420 million. The increase from 2018 mainly
reflects an increase in daily line maintenance driven by the growth
of our fleet and the anticipated growth in our block hours this
year. Similar to 2018, we expect line maintenance to comprise about
two-thirds of our total maintenance expense for the year.
Depreciation and amortization is expected to
total approximately $260 million. In addition, core capital
expenditures, which exclude aircraft and engine purchases, are
expected to total approximately $135 to $145 million, mainly for
parts and components for our fleet.
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 fourth-quarter and full-year 2018
financial and operating results at 11:00 a.m. Eastern Time on
Tuesday, February 19, 2019.
Interested parties may listen to the call live over the Internet
at www.atlasairworldwide.com (click on “Investors,” click on
“Presentations” and on the link to the fourth-quarter call) or at
the following Web address:
https://edge.media-server.com/m6/p/ytrz2pp3
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 February 27 by dialing (855)
859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.)
and using Access Code 5889507#.
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 the
broadest 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.atlasairworldwide.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 risk that the anticipated benefits of our
agreements with Amazon will not be realized; 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; significant data breach 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; 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; additional regulatory guidance or
changes in interpretations and assumptions with respect to 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 2019 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 Twelve Months Ended |
|
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenue |
|
$ |
764,958 |
|
|
$ |
627,952 |
|
|
$ |
2,677,724 |
|
|
$ |
2,156,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
|
|
143,517 |
|
|
|
125,995 |
|
|
|
536,120 |
|
|
|
456,075 |
|
Aircraft
fuel |
|
|
121,956 |
|
|
|
93,080 |
|
|
|
467,569 |
|
|
|
333,046 |
|
Maintenance,
materials and repairs |
|
|
98,049 |
|
|
|
61,634 |
|
|
|
359,300 |
|
|
|
273,676 |
|
Depreciation
and amortization |
|
|
61,459 |
|
|
|
45,800 |
|
|
|
217,340 |
|
|
|
166,713 |
|
Travel |
|
|
42,677 |
|
|
|
39,189 |
|
|
|
166,487 |
|
|
|
144,699 |
|
Aircraft
rent |
|
|
42,666 |
|
|
|
39,207 |
|
|
|
162,444 |
|
|
|
142,945 |
|
Navigation
fees, landing fees and other rent |
|
|
42,358 |
|
|
|
39,060 |
|
|
|
158,911 |
|
|
|
116,318 |
|
Passenger
and ground handling services |
|
|
31,993 |
|
|
|
30,600 |
|
|
|
118,973 |
|
|
|
107,787 |
|
Gain on
disposal of aircraft |
|
|
- |
|
|
|
(95 |
) |
|
|
- |
|
|
|
(31 |
) |
Special
charge |
|
|
- |
|
|
|
106 |
|
|
|
9,374 |
|
|
|
106 |
|
Transaction-related expenses |
|
|
836 |
|
|
|
1,106 |
|
|
|
2,111 |
|
|
|
4,509 |
|
Other |
|
|
51,890 |
|
|
|
45,522 |
|
|
|
195,553 |
|
|
|
168,643 |
|
Total
Operating Expenses |
|
|
637,401 |
|
|
|
521,204 |
|
|
|
2,394,182 |
|
|
|
1,914,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
127,557 |
|
|
|
106,748 |
|
|
|
283,542 |
|
|
|
241,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(Income) Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
(2,006 |
) |
|
|
(1,723 |
) |
|
|
(6,710 |
) |
|
|
(6,009 |
) |
Interest
expense |
|
|
31,739 |
|
|
|
26,940 |
|
|
|
119,378 |
|
|
|
99,687 |
|
Capitalized
interest |
|
|
(392 |
) |
|
|
(1,756 |
) |
|
|
(4,727 |
) |
|
|
(7,389 |
) |
Loss on
early extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
167 |
|
Unrealized
(gain) loss on financial instruments |
|
|
(134,805 |
) |
|
|
(23,692 |
) |
|
|
(123,114 |
) |
|
|
12,533 |
|
Other
(income) expense |
|
|
118 |
|
|
|
(30 |
) |
|
|
(10,659 |
) |
|
|
(387 |
) |
Total
Non-operating (Income) Expenses |
|
|
(105,346 |
) |
|
|
(261 |
) |
|
|
(25,832 |
) |
|
|
98,602 |
|
Income from
continuing operations before income taxes |
|
|
232,903 |
|
|
|
107,009 |
|
|
|
309,374 |
|
|
|
143,372 |
|
Income tax
expense (benefit) |
|
|
21,899 |
|
|
|
(102,445 |
) |
|
|
38,727 |
|
|
|
(80,966 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations, net of taxes |
|
|
211,004 |
|
|
|
209,454 |
|
|
|
270,647 |
|
|
|
224,338 |
|
Loss from
discontinued operations, net of taxes |
|
|
(30 |
) |
|
|
(6 |
) |
|
|
(80 |
) |
|
|
(865 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
210,974 |
|
|
$ |
209,448 |
|
|
$ |
270,567 |
|
|
$ |
223,473 |
|
Earnings per share
from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
8.25 |
|
|
$ |
8.28 |
|
|
$ |
10.60 |
|
|
$ |
8.89 |
|
Diluted |
|
$ |
2.73 |
|
|
$ |
6.71 |
|
|
$ |
5.22 |
|
|
$ |
8.68 |
|
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 per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
8.25 |
|
|
$ |
8.28 |
|
|
$ |
10.60 |
|
|
$ |
8.85 |
|
Diluted |
|
$ |
2.73 |
|
|
$ |
6.71 |
|
|
$ |
5.22 |
|
|
$ |
8.64 |
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,588 |
|
|
|
25,282 |
|
|
|
25,542 |
|
|
|
25,241 |
|
Diluted |
|
|
27,911 |
|
|
|
27,435 |
|
|
|
28,281 |
|
|
|
25,854 |
|
|
Atlas Air Worldwide Holdings, Inc.
Consolidated Balance Sheets (in thousands, except
share data)(Unaudited) |
|
|
|
December 31,2018 |
|
|
December 31,2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
221,501 |
|
|
$ |
280,809 |
|
Short-term
investments |
|
|
15,624 |
|
|
|
13,604 |
|
Restricted
cash |
|
|
11,240 |
|
|
|
11,055 |
|
Accounts
receivable, net of allowance of $1,563 and $1,494,
respectively |
|
|
269,320 |
|
|
|
194,478 |
|
Prepaid
maintenance |
|
|
1,040 |
|
|
|
13,346 |
|
Prepaid
expenses and other current assets |
|
|
111,106 |
|
|
|
74,294 |
|
Total
current assets |
|
|
629,831 |
|
|
|
587,586 |
|
Property and
Equipment |
|
|
|
|
|
|
|
|
Flight
equipment |
|
|
5,213,734 |
|
|
|
4,447,097 |
|
Ground
equipment |
|
|
75,939 |
|
|
|
70,951 |
|
Less:
accumulated depreciation |
|
|
(860,354 |
) |
|
|
(701,249 |
) |
Flight
equipment modifications in progress |
|
|
32,916 |
|
|
|
186,302 |
|
Property and
equipment, net |
|
|
4,462,235 |
|
|
|
4,003,101 |
|
Other
Assets |
|
|
|
|
|
|
|
|
Long-term
investments and accrued interest |
|
|
635 |
|
|
|
15,371 |
|
Deferred
costs and other assets |
|
|
344,402 |
|
|
|
242,919 |
|
Intangible
assets, net and goodwill |
|
|
97,689 |
|
|
|
106,485 |
|
Total
Assets |
|
$ |
5,534,792 |
|
|
$ |
4,955,462 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
87,229 |
|
|
$ |
65,740 |
|
Accrued
liabilities |
|
|
465,669 |
|
|
|
454,843 |
|
Current
portion of long-term debt and capital lease |
|
|
264,835 |
|
|
|
218,013 |
|
Total
current liabilities |
|
|
817,733 |
|
|
|
738,596 |
|
Other
Liabilities |
|
|
|
|
|
|
|
|
Long-term
debt and capital lease |
|
|
2,205,005 |
|
|
|
2,008,986 |
|
Deferred
taxes |
|
|
256,970 |
|
|
|
214,694 |
|
Financial
instruments and other liabilities |
|
|
187,120 |
|
|
|
203,330 |
|
Total other
liabilities |
|
|
2,649,095 |
|
|
|
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
December 31, 2018 and December 31, 2017,
respectively |
|
|
306 |
|
|
|
301 |
|
Additional
paid-in-capital |
|
|
736,035 |
|
|
|
715,735 |
|
Treasury
stock, at cost; 4,992,278 and 4,812,194 shares, respectively |
|
|
(204,501 |
) |
|
|
(193,732 |
) |
Accumulated
other comprehensive loss |
|
|
(3,832 |
) |
|
|
(3,993 |
) |
Retained
earnings |
|
|
1,539,956 |
|
|
|
1,271,545 |
|
Total
stockholders’ equity |
|
|
2,067,964 |
|
|
|
1,789,856 |
|
Total Liabilities
and Equity |
|
$ |
5,534,792 |
|
|
$ |
4,955,462 |
|
1 Balance sheet debt at
December 31, 2018 totaled $2,469.8 million, including the
impact of $85.5 million of unamortized discount and debt issuance
costs of $46.0 million. 2 The face value of our debt at
December 31, 2018 totaled $2,601.3 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 Twelve Months Ended |
|
|
|
December 31,2018 |
|
|
December 31,2017 |
|
Operating
Activities: |
|
|
|
|
|
|
|
|
Income from continuing
operations, net of taxes |
|
$ |
270,647 |
|
|
$ |
224,338 |
|
Less: Loss from
discontinued operations, net of taxes |
|
|
(80 |
) |
|
|
(865 |
) |
Net Income |
|
|
270,567 |
|
|
|
223,473 |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile
Net Income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
265,553 |
|
|
|
197,463 |
|
Accretion of
debt securities discount |
|
|
(888 |
) |
|
|
(1,172 |
) |
Provision
for allowance for doubtful accounts |
|
|
12 |
|
|
|
198 |
|
Special
charge, net of cash payments |
|
|
9,374 |
|
|
|
106 |
|
Loss on
early extinguishment of debt |
|
|
- |
|
|
|
167 |
|
Unrealized
(gain) loss on financial instruments |
|
|
(123,114 |
) |
|
|
12,533 |
|
Gain on
disposal of aircraft |
|
|
- |
|
|
|
(31 |
) |
Deferred
taxes |
|
|
42,580 |
|
|
|
(81,330 |
) |
Stock-based
compensation |
|
|
20,305 |
|
|
|
22,319 |
|
Changes
in: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(74,038 |
) |
|
|
(33,201 |
) |
Prepaid
expenses, current assets and other assets |
|
|
(57,081 |
) |
|
|
(67,341 |
) |
Accounts
payable and accrued liabilities |
|
|
72,310 |
|
|
|
58,535 |
|
Net cash provided by
operating activities |
|
|
425,580 |
|
|
|
331,719 |
|
Investing
Activities: |
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(114,415 |
) |
|
|
(87,555 |
) |
Payments for
flight equipment and modifications |
|
|
(599,401 |
) |
|
|
(458,464 |
) |
Investment
in joint venture |
|
|
(1,050 |
) |
|
|
- |
|
Proceeds
from investments |
|
|
13,604 |
|
|
|
4,462 |
|
Net cash used for
investing activities |
|
|
(701,262 |
) |
|
|
(541,557 |
) |
Financing
Activities: |
|
|
|
|
|
|
|
|
Proceeds
from debt issuance |
|
|
471,625 |
|
|
|
620,568 |
|
Payment of
debt issuance costs |
|
|
(9,622 |
) |
|
|
(14,664 |
) |
Payments of
debt |
|
|
(250,015 |
) |
|
|
(207,093 |
) |
Proceeds
from revolving credit facility |
|
|
135,000 |
|
|
|
150,000 |
|
Payment of
revolving credit facility |
|
|
(135,000 |
) |
|
|
(150,000 |
) |
Customer
maintenance reserves and deposits received |
|
|
15,590 |
|
|
|
25,784 |
|
Customer
maintenance reserves paid |
|
|
(250 |
) |
|
|
(18,538 |
) |
Proceeds
from sale of convertible note warrants |
|
|
- |
|
|
|
38,148 |
|
Payments for
convertible note hedges |
|
|
- |
|
|
|
(70,140 |
) |
Purchase of
treasury stock |
|
|
(10,769 |
) |
|
|
(10,613 |
) |
Net cash provided by
financing activities |
|
|
216,559 |
|
|
|
363,452 |
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
(59,123 |
) |
|
|
153,614 |
|
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 |
|
$ |
232,741 |
|
|
$ |
291,864 |
|
|
|
|
|
|
|
|
|
|
Noncash Investing
and Financing Activities: |
|
|
|
|
|
|
|
|
Acquisition
of flight equipment included in Accounts payable and accrued
liabilities |
|
$ |
23,498 |
|
|
$ |
68,732 |
|
Acquisition
of flight equipment under capital lease |
|
$ |
- |
|
|
$ |
30,419 |
|
|
Atlas Air Worldwide Holdings, Inc. Direct
Contribution (in thousands) (Unaudited) |
|
|
|
For the Three Months Ended |
|
|
For the Twelve Months Ended |
|
|
|
December 31,2018 |
|
|
December 31,20171 |
|
|
December 31,2018 |
|
|
December 31,20171 |
|
Operating
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
359,927 |
|
|
$ |
300,759 |
|
|
$ |
1,192,704 |
|
|
$ |
988,741 |
|
Charter |
|
|
358,759 |
|
|
|
291,261 |
|
|
|
1,313,484 |
|
|
|
1,034,562 |
|
Dry Leasing |
|
|
47,633 |
|
|
|
33,699 |
|
|
|
168,470 |
|
|
|
119,820 |
|
Customer incentive asset
amortization |
|
|
(6,166 |
) |
|
|
(2,387 |
) |
|
|
(16,176 |
) |
|
|
(5,261 |
) |
Other |
|
|
4,805 |
|
|
|
4,620 |
|
|
|
19,242 |
|
|
|
18,598 |
|
Total Operating
Revenue |
|
$ |
764,958 |
|
|
$ |
627,952 |
|
|
$ |
2,677,724 |
|
|
$ |
2,156,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
90,455 |
|
|
$ |
89,641 |
|
|
$ |
235,706 |
|
|
$ |
229,498 |
|
Charter |
|
|
81,923 |
|
|
|
62,233 |
|
|
|
211,661 |
|
|
|
150,144 |
|
Dry Leasing |
|
|
12,708 |
|
|
|
10,310 |
|
|
|
48,904 |
|
|
|
39,939 |
|
Total Direct
Contribution for Reportable Segments |
|
|
185,086 |
|
|
|
162,184 |
|
|
|
496,271 |
|
|
|
419,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and
expenses, net |
|
|
(86,152 |
) |
|
|
(77,750 |
) |
|
|
(298,526 |
) |
|
|
(258,925 |
) |
Loss on early
extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(167 |
) |
Unrealized gain (loss) on
financial instruments |
|
|
134,805 |
|
|
|
23,692 |
|
|
|
123,114 |
|
|
|
(12,533 |
) |
Special charge |
|
|
- |
|
|
|
(106 |
) |
|
|
(9,374 |
) |
|
|
(106 |
) |
Transaction-related
expenses |
|
|
(836 |
) |
|
|
(1,106 |
) |
|
|
(2,111 |
) |
|
|
(4,509 |
) |
Loss on disposal of
aircraft |
|
|
- |
|
|
|
95 |
|
|
|
- |
|
|
|
31 |
|
Income from
continuing operations before income taxes |
|
|
232,903 |
|
|
|
107,009 |
|
|
|
309,374 |
|
|
|
143,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(2,006 |
) |
|
|
(1,723 |
) |
|
|
(6,710 |
) |
|
|
(6,009 |
) |
Interest expense |
|
|
31,739 |
|
|
|
26,940 |
|
|
|
119,378 |
|
|
|
99,687 |
|
Capitalized interest |
|
|
(392 |
) |
|
|
(1,756 |
) |
|
|
(4,727 |
) |
|
|
(7,389 |
) |
Loss on early
extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
167 |
|
Unrealized gain (loss) on
financial instruments |
|
|
(134,805 |
) |
|
|
(23,692 |
) |
|
|
(123,114 |
) |
|
|
12,533 |
|
Other (income)
expense |
|
|
118 |
|
|
|
(30 |
) |
|
|
(10,659 |
) |
|
|
(387 |
) |
Operating
Income |
|
$ |
127,557 |
|
|
$ |
106,748 |
|
|
$ |
283,542 |
|
|
$ |
241,974 |
|
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 from
continuing operations before taxes, excluding loss on early
extinguishment of debt, unrealized gain (loss) on financial
instruments, special charge, transaction-related expenses, loss on
the disposal of aircraft, nonrecurring items, 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 |
|
|
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations, net of taxes |
|
|
$ |
211,004 |
|
|
$ |
209,454 |
|
|
|
0.7 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Tax
Cuts and Jobs Act bonus1 |
|
|
|
- |
|
|
|
3,684 |
|
|
|
|
|
Gain on
disposal of aircraft |
|
|
|
- |
|
|
|
(95 |
) |
|
|
|
|
Special
charge |
|
|
|
- |
|
|
|
106 |
|
|
|
|
|
Costs
associated with transactions2 |
|
|
|
836 |
|
|
|
1,106 |
|
|
|
|
|
Accrual
for legal matters and professional fees |
|
|
|
27 |
|
|
|
2,529 |
|
|
|
|
|
Noncash
expenses and income, net3 |
|
|
|
10,529 |
|
|
|
6,397 |
|
|
|
|
|
Unrealized gain on financial instruments |
|
|
|
(134,805 |
) |
|
|
(23,692 |
) |
|
|
|
|
Income
tax effect of reconciling items4 |
|
|
|
(595 |
) |
|
|
(2,901 |
) |
|
|
|
|
Income
tax effect of U.S. Tax Cuts and Jobs Act5 |
|
|
|
- |
|
|
|
(129,977 |
) |
|
|
|
|
Adjusted income
from continuing operations, net of taxes |
|
|
$ |
86,996 |
|
|
$ |
66,611 |
|
|
|
30.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
|
|
27,911 |
|
|
|
27,435 |
|
|
|
|
|
Add:
dilutive warrant6 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Adjusted weighted
average diluted shares outstanding |
|
|
|
27,911 |
|
|
|
27,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Diluted EPS from continuing operations, net of taxes |
|
|
$ |
3.12 |
|
|
$ |
2.43 |
|
|
|
28.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
|
December 31,
2018 |
|
|
December 31,
2017 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations, net of taxes |
|
|
$ |
270,647 |
|
|
$ |
224,338 |
|
|
|
20.6 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Tax
Cuts and Jobs Act bonus1 |
|
|
|
- |
|
|
|
3,684 |
|
|
|
|
|
Gain on
disposal of aircraft |
|
|
|
- |
|
|
|
(31 |
) |
|
|
|
|
Special
charge |
|
|
|
9,374 |
|
|
|
106 |
|
|
|
|
|
Costs
associated with transactions2 |
|
|
|
11,325 |
|
|
|
4,772 |
|
|
|
|
|
Accrual
for legal matters and professional fees |
|
|
|
963 |
|
|
|
4,129 |
|
|
|
|
|
Noncash
expenses and income, net3 |
|
|
|
33,028 |
|
|
|
17,934 |
|
|
|
|
|
Charges
associated with refinancing debt |
|
|
|
- |
|
|
|
167 |
|
|
|
|
|
Unrealized (gain) loss on financial instruments |
|
|
|
(123,114 |
) |
|
|
12,533 |
|
|
|
|
|
Income
tax effect of reconciling items4 |
|
|
|
2,103 |
|
|
|
(3,962 |
) |
|
|
|
|
Income
tax effect of U.S. Tax Cuts and Jobs Act5 |
|
|
|
- |
|
|
|
(129,977 |
) |
|
|
|
|
Adjusted income
from continuing operations, net of taxes |
|
|
$ |
204,326 |
|
|
$ |
133,693 |
|
|
|
52.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
|
|
28,281 |
|
|
|
25,854 |
|
|
|
|
|
Add:
dilutive warrant6 |
|
|
|
- |
|
|
|
1,293 |
|
|
|
|
|
effect of convertible notes hedges7 |
|
|
|
(180) |
|
|
|
(27 |
) |
|
|
|
|
Adjusted weighted
average diluted shares outstanding |
|
|
|
28,101 |
|
|
|
27,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Diluted EPS from continuing operations, net of taxes |
|
|
$ |
7.27 |
|
|
$ |
4.93 |
|
|
|
47.5 |
% |
1 U.S. Tax Cuts and Jobs Act bonus
was granted to eligible personnel below the officer level following
enactment.2 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.3 Noncash expenses and income, net
primarily related to amortization of debt discount on outstanding
convertible notes and amortization of the customer incentive asset
related to the outstanding warrants.4 Income tax effect
of reconciling items in 2018 and 2017 is primarily impacted by a
nondeductible customer incentive.5 Income tax effect of U.S.
Tax Cuts and Jobs Act is due to the revaluation of our U.S. net
deferred tax liability.6 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.7 Impact of
the economic benefit from convertible note hedges in offsetting
dilution from convertible notes.
|
Atlas Air
Worldwide Holdings, Inc. Reconciliation to Non-GAAP
Measures (in thousands, except per share data)
(Unaudited) |
|
|
|
For the Three Months Ended |
|
|
December 31,
2018 |
|
|
December 31,
2017 |
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities |
|
$ |
161,457 |
|
|
$ |
136,613 |
Less: |
|
|
|
|
|
|
|
Capital expenditures |
|
|
29,596 |
|
|
|
21,160 |
Capitalized interest |
|
$ |
392 |
|
|
$ |
1,756 |
Free Cash Flow1 |
|
$ |
131,469 |
|
|
$ |
113,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
December 31,
2018 |
|
|
December 31,
2017 |
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities |
|
$ |
425,580 |
|
|
$ |
331,719 |
Less: |
|
|
|
|
|
|
|
Capital expenditures |
|
|
114,415 |
|
|
|
87,555 |
Capitalized interest |
|
$ |
4,727 |
|
|
$ |
7,389 |
Free Cash Flow1 |
|
$ |
306,438 |
|
|
$ |
236,775 |
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 Twelve Months Ended |
|
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of
taxes |
|
$ |
211,004 |
|
|
$ |
209,454 |
|
|
$ |
270,647 |
|
|
$ |
224,338 |
|
Income tax expense (benefit) |
|
|
21,899 |
|
|
|
(102,445 |
) |
|
|
38,727 |
|
|
|
(80,966 |
) |
Income from continuing operations before
income taxes |
|
|
232,903 |
|
|
|
107,009 |
|
|
|
309,374 |
|
|
|
143,372 |
|
U.S. Tax Cuts and Jobs Act bonus1 |
|
|
- |
|
|
|
3,684 |
|
|
|
- |
|
|
|
3,684 |
|
Gain on disposal of aircraft |
|
|
- |
|
|
|
(95 |
) |
|
|
- |
|
|
|
(31 |
) |
Special charge2 |
|
|
- |
|
|
|
106 |
|
|
|
9,374 |
|
|
|
106 |
|
Costs associated with transactions3 |
|
|
836 |
|
|
|
1,106 |
|
|
|
11,325 |
|
|
|
4,772 |
|
Accrual for legal matters and professional
fees |
|
|
27 |
|
|
|
2,529 |
|
|
|
963 |
|
|
|
4,129 |
|
Noncash expenses and income net4 |
|
|
10,529 |
|
|
|
6,397 |
|
|
|
33,028 |
|
|
|
17,934 |
|
Charges associated with refinancing debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
167 |
|
Unrealized loss (gain) on financial
instruments |
|
|
(134,805 |
) |
|
|
(23,692 |
) |
|
|
(123,114 |
) |
|
|
12,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pretax income |
|
|
109,490 |
|
|
|
97,044 |
|
|
|
240,950 |
|
|
|
186,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net5 |
|
|
25,451 |
|
|
|
19,924 |
|
|
|
92,981 |
|
|
|
75,631 |
|
Other non-operating expenses (income) |
|
|
118 |
|
|
|
(30 |
) |
|
|
(10,659 |
) |
|
|
(387 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
|
135,059 |
|
|
|
116,938 |
|
|
|
323,272 |
|
|
|
261,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
61,459 |
|
|
|
45,800 |
|
|
|
217,340 |
|
|
|
166,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA6 |
|
$ |
196,518 |
|
|
$ |
162,738 |
|
|
$ |
540,612 |
|
|
$ |
428,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
$ |
21,899 |
|
|
$ |
(102,445 |
) |
|
$ |
38,727 |
|
|
$ |
(80,966 |
) |
Income tax effect of reconciling items7 |
|
|
(595 |
) |
|
|
(2,901 |
) |
|
|
2,103 |
|
|
|
(3,962 |
) |
Income tax effect of U.S. Tax
Cuts and Jobs Act |
|
|
- |
|
|
|
(129,977 |
) |
|
|
- |
|
|
|
(129,977 |
) |
Adjusted income tax expense |
|
|
22,494 |
|
|
|
30,433 |
|
|
|
36,624 |
|
|
|
52,973 |
|
Adjusted pretax income |
|
$ |
109,490 |
|
|
$ |
97,044 |
|
|
$ |
240,950 |
|
|
$ |
186,666 |
|
Adjusted effective tax rate |
|
|
20.5 |
% |
|
|
31.4 |
% |
|
|
15.2 |
% |
|
|
28.4 |
% |
1 U.S. Tax Cuts and Jobs Act bonus was
granted to eligible personnel below the officer level following
enactment.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, and amortization of customer incentive related to
outstanding warrants.5 Reflects impact of noncash expenses
and income related to convertible notes, debt and
investments.6 Adjusted EBITDA: Earnings before
interest, taxes, depreciation, amortization, noncash interest
expenses and income, net, gain 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. 7 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 Twelve Months Ended |
|
Increase/ |
|
|
|
December 31,2018 |
|
December 31,2017 |
|
(Decrease) |
|
|
December 31,2018 |
|
December 31,2017 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
|
66,003 |
|
|
55,271 |
|
|
10,732 |
|
|
|
225,665 |
|
|
189,248 |
|
|
36,417 |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
12,831 |
|
|
11,718 |
|
|
1,113 |
|
|
|
50,798 |
|
|
42,625 |
|
|
8,173 |
|
Passenger |
|
|
3,966 |
|
|
4,009 |
|
|
(43 |
) |
|
|
17,683 |
|
|
18,912 |
|
|
(1,229 |
) |
Other |
|
|
637 |
|
|
565 |
|
|
72 |
|
|
|
2,118 |
|
|
2,017 |
|
|
101 |
|
Total Block Hours |
|
|
83,437 |
|
|
71,563 |
|
|
11,874 |
|
|
|
296,264 |
|
|
252,802 |
|
|
43,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
5,453 |
|
$ |
5,442 |
|
$ |
11 |
|
|
$ |
5,285 |
|
$ |
5,225 |
|
$ |
60 |
|
Charter |
|
$ |
21,359 |
|
$ |
18,520 |
|
$ |
2,839 |
|
|
$ |
19,180 |
|
$ |
16,812 |
|
$ |
2,368 |
|
Cargo |
|
$ |
20,815 |
|
$ |
19,013 |
|
$ |
1,802 |
|
|
$ |
19,136 |
|
$ |
17,015 |
|
$ |
2,121 |
|
Passenger |
|
$ |
23,118 |
|
$ |
17,079 |
|
$ |
6,039 |
|
|
$ |
19,306 |
|
$ |
16,354 |
|
$ |
2,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Utilization (block hours per
day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
9.2 |
|
|
9.2 |
|
|
- |
|
|
|
8.7 |
|
|
9.0 |
|
|
(0.3 |
) |
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
10.4 |
|
|
12.2 |
|
|
(1.8 |
) |
|
|
10.2 |
|
|
10.2 |
|
|
- |
|
Passenger |
|
|
4.8 |
|
|
7.0 |
|
|
(2.2 |
) |
|
|
6.8 |
|
|
7.7 |
|
|
(0.9 |
) |
All Operating Aircraft1,2 |
|
|
9.0 |
|
|
9.5 |
|
|
(0.5 |
) |
|
|
8.8 |
|
|
9.2 |
|
|
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
|
$ |
2.42 |
|
$ |
1.99 |
|
$ |
0.43 |
|
|
$ |
2.36 |
|
$ |
1.89 |
|
$ |
0.47 |
|
Fuel gallons consumed (000s) |
|
|
50,485 |
|
|
46,666 |
|
|
3,819 |
|
|
|
198,150 |
|
|
176,093 |
|
|
22,057 |
|
1 ACMI and All Operating Aircraft averages in the fourth
quarter and 12 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 Twelve Months Ended |
|
|
Increase/ |
|
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
(Decrease) |
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Fleet (average aircraft
equivalents during the period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
8.7 |
|
|
|
8.7 |
|
|
|
- |
|
|
|
8.9 |
|
|
|
8.2 |
|
|
|
0.7 |
|
747-400 Cargo |
|
|
20.0 |
|
|
|
17.4 |
|
|
|
2.6 |
|
|
|
17.2 |
|
|
|
14.8 |
|
|
|
2.4 |
|
747-400 Dreamlifter |
|
|
2.9 |
|
|
|
2.9 |
|
|
|
- |
|
|
|
3.0 |
|
|
|
3.0 |
|
|
|
- |
|
777-200 Cargo |
|
|
6.0 |
|
|
|
5.0 |
|
|
|
1.0 |
|
|
|
5.5 |
|
|
|
5.0 |
|
|
|
0.5 |
|
767-300 Cargo |
|
|
25.6 |
|
|
|
15.2 |
|
|
|
10.4 |
|
|
|
21.4 |
|
|
|
10.4 |
|
|
|
11.0 |
|
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 |
|
|
78.2 |
|
|
|
65.2 |
|
|
|
13.0 |
|
|
|
71.3 |
|
|
|
57.4 |
|
|
|
13.9 |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
- |
|
|
|
1.1 |
|
|
|
1.8 |
|
|
|
(0.7 |
) |
747-400 Cargo |
|
|
12.1 |
|
|
|
9.1 |
|
|
|
3.0 |
|
|
|
12.3 |
|
|
|
9.7 |
|
|
|
2.6 |
|
767-300 Cargo |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
747-400 Passenger |
|
|
4.0 |
|
|
|
2.0 |
|
|
|
2.0 |
|
|
|
2.9 |
|
|
|
2.0 |
|
|
|
0.9 |
|
767-300 Passenger |
|
|
4.9 |
|
|
|
4.2 |
|
|
|
0.7 |
|
|
|
4.2 |
|
|
|
4.7 |
|
|
|
(0.5 |
) |
Total |
|
|
22.3 |
|
|
|
16.6 |
|
|
|
5.7 |
|
|
|
20.7 |
|
|
|
18.2 |
|
|
|
2.5 |
|
Dry Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
777-200 Cargo |
|
|
8.0 |
|
|
|
6.0 |
|
|
|
2.0 |
|
|
|
7.3 |
|
|
|
6.0 |
|
|
|
1.3 |
|
767-300 Cargo |
|
|
21.2 |
|
|
|
12.1 |
|
|
|
9.1 |
|
|
|
17.2 |
|
|
|
7.5 |
|
|
|
9.7 |
|
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 |
|
|
32.2 |
|
|
|
21.1 |
|
|
|
11.1 |
|
|
|
27.5 |
|
|
|
16.5 |
|
|
|
11.0 |
|
Less: Aircraft Dry Leased to CMI
customers |
|
|
(23.2 |
) |
|
|
(12.1 |
) |
|
|
(11.1 |
) |
|
|
(18.5 |
) |
|
|
(7.5 |
) |
|
|
(11.0 |
) |
Total Operating Average
Aircraft Equivalents |
|
|
109.5 |
|
|
|
90.8 |
|
|
|
18.7 |
|
|
|
101.0 |
|
|
|
84.6 |
|
|
|
16.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Debbie Coffey
(Media) – (914) 701-8951
Atlas Air Worldwide (NASDAQ:AAWW)
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