UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported):
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July 30, 2015
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Atlas Air Worldwide Holdings, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
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Delaware
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001-16545
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13-4146982
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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2000 Westchester Avenue, Purchase, New York
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10577
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrants telephone number, including area code:
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914-701-8000
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Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On July 30, 2015, Atlas Air Worldwide Holdings, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2015, among other things. A copy of this press release is attached as Exhibit 99 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed to be"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
99 - Atlas Air Worldwide Holdings, Inc. press release, dated July 30, 2015, announcing its financial results for the quarter ended June 30, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Atlas Air Worldwide Holdings, Inc.
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July 30, 2015
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By:
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/s/ Michael W. Borkowski
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Name: Michael W. Borkowski
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Title: Assistant Secretary
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Exhibit Index
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Exhibit No.
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Description
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99
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Atlas Air Worldwide Inc. Press Release, dated July 30, 2015, announcing its financial results for the quarter ended June 30, 2015.
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2000 Westchester Avenue, Purchase, New York 10577 ?(914) 701-8000
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FOR IMMEDIATE RELEASE
Contacts:
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Dan Loh (Investors) ?(914) 701-8200 |
Bonnie Rodney (Media) (914) 701-8580
Atlas Air Worldwide
Reports Second-Quarter 2015 Results
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Adjusted Net Income of $29.4 Million, $1.17 per Share |
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Reported Net Income of $28.4 Million, $1.13 per Share |
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Reiterating Full-Year Outlook |
PURCHASE, N.Y., July 30, 2015 Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
adjusted net income attributable to common stockholders of $29.4 million, or $1.17 per diluted
share, for the three months ended June 30, 2015, compared with $15.9 million, or $0.63 per diluted
share, for the three months ended June 30, 2014.
On a reported basis, net income attributable to common stockholders in the second quarter of 2015
totaled $28.4 million, or $1.13 per diluted share, compared with $29.6 million, or $1.17 per
diluted share, in the year-ago quarter.
Free cash flow of $68.5 million in the second quarter of 2015 compared with $59.2 million in the
second quarter of 2014.
Earnings in the second quarter were driven by contribution and margin strength in ACMI,
Charter and Dry Leasing, said William J. Flynn, President and Chief Executive Officer.
We are seeing good demand for our aircraft and services as we enter the second half of 2015, as
many of our customers are outperforming the overall market. We are working closely with our
customers to provide them with the most efficient aircraft and effective operating services for
their needs.
As we gather additional insight into second-half demand, yields and military requirements, we
continue to look forward to a strong year and a significant increase in earnings compared with
2014.
Responding to market demand and customer requirements, we are implementing several previously
announced fleet initiatives that are incorporated in our framework outlook for the year: placing an
additional 747-400 freighter in ACMI service with DHL Express at the start of the third quarter;
acquiring a new 747-8 freighter scheduled to be delivered to us in November; returning an owned,
unencumbered 747-400 converted freighter to active service to meet additional Charter demand;
securing a short-term operating lease on a second 747-400 converted freighter in Charter with more
favorable terms; and expanding our Titan Dry Leasing portfolio by acquiring and converting two 767
passenger aircraft into freighter configuration. The freighters will be leased to DHL on a
long-term basis when they are delivered in the fourth quarter.
Mr. Flynn added: Our approach to business growth remains disciplined, and we are managing our
fleet accordingly. In addition, we are utilizing proceeds from our recent convertible note issuance
to refinance higher cost debt, which will reduce aircraft ownership costs, increase fleet
flexibility and enhance cash flows.
Led by the strength of our brand and our global market leadership in outsourced aircraft assets
and services, we are taking advantage of market opportunities and continuing to focus on
longer-term business growth.
Second-Quarter Results
Revenue and direct contribution in ACMI in the second quarter benefited from an increase in block
hour volumes, driven by the start-up of four additional 767 CMI aircraft and an improvement in 747
cargo aircraft utilization. Segment contribution also benefited from lower heavy maintenance
expense. These were partially offset by a reduction in revenue per block hour, which reflected the
impact of payments received from a customer in 2014 in connection with the return of an aircraft as
well as an increase in CMI flying in 2015.
In Charter, significantly higher segment revenues reflected an increase in commercial cargo demand
and improvements in military passenger and cargo demand. In addition, segment contribution
benefited from those higher flying levels and a reduction in heavy maintenance expense. The
decrease in revenue per block hour was primarily driven by the impact of lower fuel prices.
In Dry Leasing, revenue and profitability grew as we realized revenue from maintenance payments
related to the scheduled return of a 757-200 cargo aircraft in April. This aircraft was
subsequently leased to DHL Express on a long-term basis during the quarter.
Reported earnings for the second quarter of 2015 included an effective income tax rate of 31.0%,
which reflected our continued reinvestment of the net earnings of certain foreign subsidiaries
outside of the U.S.
Half-Year Results
For the six months ended June 30, 2015, adjusted net income attributable to common stockholders
totaled $55.2 million, or $2.20 per diluted share, compared with $27.1 million, or $1.07 per
diluted share, for the six months ended June 30, 2014.
On a reported basis, first-half 2015 net income attributable to common stockholders totaled $57.6
million, or $2.29 per diluted share, compared with $37.5 million, or $1.49 per diluted share, in
the first half of 2014.
Free cash flow totaled $148.8 million in the first six months of 2015 compared with $96.1 million
in the first six months of 2014.
Liquidity and Capital Resources
At June 30, 2015, our cash, cash equivalents, restricted cash and short-term investments totaled
$554.9 million, compared with $330.7 million at December 31, 2014.
The change in position reflected net cash of $171.1 million provided by operating activities; net
cash of $104.4 million provided by financing activities, which included $99.1 million of debt
payments; and net cash of $59.4 million used for investing activities.
In June 2015, we issued $224.5 million of convertible senior notes due June 2022 with a cash coupon
of 2.25%. We used a portion of the approximately $218 million of net proceeds from the offering in
June to fund the $16.6 million net cost of convertible note hedges and warrants related to the
notes. These transactions are intended to offset any actual dilution from the conversion of the
notes and to effectively increase the overall conversion price from $74.05 to $95.01 per share.
During the third quarter of 2015, we expect to use approximately $113 million of the net proceeds
to retire higher-rate Enhanced Equipment Trust Certificates (EETCs) related to five of our 747-400
freighter aircraft. The redemption amount gives effect to the companys ownership interests in the
EETCs being retired, which have an average cash coupon of 8.1%.
We expect to use the remaining net proceeds from the convertible note issuance for working capital
and capital expenditures, repayment or refinancing of debt, and general corporate purposes.
Outlook
We are encouraged by our strong first-half performance. We are seeing good demand for our aircraft
and services this quarter and for the remainder of the year. And we continue to anticipate
significant growth in adjusted diluted earnings per share in 2015.
On a sequential basis, we expect earnings per share in the third quarter of 2015 to be slightly
better than our second-quarter 2015 adjusted earnings, followed by further earnings improvement in
the fourth quarter.
Taking our first-half 2015 earnings strength into account, we continue to expect approximately 55%
of our earnings to occur in the second half.
In addition, we anticipate that block-hour volumes this year will increase approximately 10%
compared with 2014, including the impact of the 747-8 freighter scheduled to be delivered in
November and 747-400BCF that we returned to service at the end of the second quarter. More than 70%
of our total block hours should be in ACMI and the balance in Charter. Our ACMI outlook reflects
expected growth in both 747 freighter operations as well as CMI flying. Our Charter outlook
reflects our strong presence in the global charter market and military demand that is holding up
well compared with 2014 levels.
In Dry Leasing, our portfolio is expected to include our recent acquisition and subsequent
conversion of two 767 passenger aircraft to freighter configuration. Following their conversion,
which should be completed during the fourth quarter of this year, the aircraft will be leased to
DHL Express.
Given the flying levels that we anticipate, we continue to expect that aircraft maintenance expense
in 2015 should total approximately $190 million. In addition, depreciation should be approximately
$125 million. We also anticipate an effective income tax rate of approximately 30%. Core capital
expenditures, excluding aircraft and engine purchases, are expected to total approximately $45
million, mainly for spare parts for our fleet. Expenditures for additional aircraft and engines
should total approximately $240 million.
Conference Call
Management will host a conference call to discuss Atlas Air Worldwides second-quarter 2015
financial and operating results at 11:00 a.m. Eastern Time on Thursday, July 30, 2015.
Interested parties are invited to listen to the call live over the Internet at www.atlasair.com
(click on Investor Information, click on Presentations and on the link to the second-quarter
call) or at the following Web address:
http://edge.media-server.com/m/p/ix8yiry7
For those unable to listen to the live call, a replay will be archived on the above websites
following the call. A replay will also be available through August 6 by dialing (855) 859-2056
(U.S. Toll Free) or (404) 537-3406 (from outside the U.S.) and using Access Code 79167828#.
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 EBITDAR, as adjusted; EBITDA, as adjusted; Direct Contribution; Adjusted Net
Income Attributable to Common Stockholders; Adjusted Diluted EPS; and Free Cash Flow, which exclude
certain items. 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 measures of
performance prepared in accordance with U.S. GAAP.
Our management uses these non-GAAP financial measures in assessing the performance of the Companys
ongoing operations and in planning and forecasting future periods. We believe that these adjusted
measures provide meaningful information to assist investors and analysts in understanding our
financial results and assessing our prospects for future performance.
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. (Atlas) and Titan Aviation Holdings, Inc.
(Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas
and Polar, Atlas Air Worldwide operates the worlds largest fleet of Boeing 747 freighter aircraft.
Atlas, Titan and Polar offer a range of outsourced aircraft and aviation operating services that
include ACMI service in which customers receive an aircraft, crew, maintenance and insurance on a
long-term basis; CMI service, for customers that provide their own aircraft; express network and
airport-to-airport cargo service; cargo and passenger charters; and dry leasing of aircraft and
engines.
Atlas Air Worldwides press releases, SEC filings and other information may be accessed through the
companys 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 Worldwides current views with
respect to certain current and future events and financial performance. Such forward-looking
statements 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: 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 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; labor costs and relations; 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; 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 Worldwides 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 2015 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.
* * *
1
Atlas Air Worldwide Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, 2015 |
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June 30, 2014 |
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June 30, 2015 |
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June 30, 2014 |
Operating Revenue |
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ACMI
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$ |
189,255 |
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$ |
186,720 |
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$ |
378,302 |
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$ |
384,861 |
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Charter
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235,436 |
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225,234 |
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455,574 |
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402,607 |
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Dry Leasing
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27,401 |
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25,524 |
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59,320 |
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50,200 |
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Other
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3,741 |
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3,691 |
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7,482 |
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6,864 |
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Total Operating Revenue
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$ |
455,833 |
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$ |
441,169 |
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$ |
900,678 |
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$ |
844,532 |
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Operating Expenses |
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Salaries, wages and benefits
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86,862 |
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77,948 |
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175,635 |
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150,803 |
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Aircraft fuel
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96,711 |
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103,842 |
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174,826 |
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185,586 |
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Maintenance, materials and repairs
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41,438 |
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50,386 |
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100,270 |
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109,432 |
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Aircraft rent
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36,811 |
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34,826 |
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71,072 |
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70,236 |
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Depreciation and amortization
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31,936 |
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30,381 |
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63,966 |
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58,536 |
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Navigation fees, landing fees and other
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rent
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22,666 |
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30,906 |
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46,169 |
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58,032 |
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Travel
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23,830 |
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18,774 |
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44,643 |
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36,056 |
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Passenger and ground handling services
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21,353 |
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21,859 |
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41,316 |
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41,230 |
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Loss on disposal of aircraft
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114 |
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14,679 |
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1,323 |
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14,679 |
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Special charge
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499 |
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1,449 |
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(69 |
) |
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9,477 |
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Other
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32,329 |
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29,462 |
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63,273 |
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55,678 |
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Total Operating Expenses
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394,549 |
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414,512 |
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782,424 |
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789,745 |
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Operating Income
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61,284 |
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26,657 |
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118,254 |
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54,787 |
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Non-operating Expenses (Income) |
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Interest income
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(4,425 |
) |
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(4,719 |
) |
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(8,913 |
) |
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(9,446 |
) |
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Interest expense
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25,033 |
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26,365 |
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49,581 |
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52,817 |
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Capitalized interest
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(177 |
) |
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(67 |
) |
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(203 |
) |
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(379 |
) |
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Other expense (income), net
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(284 |
) |
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(88 |
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391 |
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64 |
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Total Non-operating Expenses
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20,147 |
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21,491 |
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40,856 |
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43,056 |
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Income before income taxes
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41,137 |
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5,166 |
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77,398 |
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11,731 |
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Income tax expense (benefit)
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12,747 |
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(23,815 |
) |
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|
19,776 |
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(21,276 |
) |
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Net Income
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28,390 |
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28,981 |
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57,622 |
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33,007 |
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Less: Net income (loss) attributable
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to noncontrolling interests
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(612 |
) |
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(4,530 |
) |
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Net Income Attributable |
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to Common Stockholders
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$ |
28,390 |
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|
$ |
29,593 |
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$ |
57,622 |
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$ |
37,537 |
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Earnings per share: |
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Basic
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$ |
1.13 |
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$ |
1.17 |
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$ |
2.31 |
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|
$ |
1.49 |
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|
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Diluted
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$ |
1.13 |
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$ |
1.17 |
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$ |
2.29 |
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$ |
1.49 |
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|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
25,029 |
|
|
|
25,241 |
|
|
|
24,953 |
|
|
|
25,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
25,198 |
|
|
|
25,279 |
|
|
|
25,135 |
|
|
|
25,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
Atlas Air Worldwide Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
December 31, 2014 |
Assets |
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
$ |
514,750 |
|
|
$ |
298,601 |
|
|
|
|
|
Short-term investments |
|
|
|
|
|
|
|
|
|
|
24,373 |
|
|
|
17,802 |
|
|
|
|
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
15,731 |
|
|
|
14,281 |
|
|
|
|
|
Accounts receivable, net of allowance of $1,631 and $1,658, respectively
|
|
|
152,906 |
|
|
|
162,092 |
|
|
|
|
|
Prepaid maintenance |
|
|
|
|
|
|
|
|
|
|
15,589 |
|
|
|
20,806 |
|
|
|
|
|
Deferred taxes |
|
|
|
|
|
|
|
|
|
|
41,862 |
|
|
|
40,923 |
|
|
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
31,313 |
|
|
|
51,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
|
|
|
|
|
|
|
796,524 |
|
|
|
606,104 |
|
Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flight equipment |
|
|
|
|
|
|
|
|
|
|
3,489,587 |
|
|
|
3,448,791 |
|
|
|
|
|
Ground equipment |
|
|
|
|
|
|
|
|
|
|
55,227 |
|
|
|
51,418 |
|
|
|
|
|
|
|
|
|
|
|
Less: accumulated depreciation |
|
|
(400,368 |
) |
|
|
(348,036 |
) |
|
|
|
|
Purchase deposits for flight equipment
|
|
|
|
|
|
|
58,820 |
|
|
|
20,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
3,203,266 |
|
|
|
3,172,227 |
|
Other Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments and accrued interest
|
|
|
|
|
|
|
106,951 |
|
|
|
120,478 |
|
|
|
|
|
Deposits and other assets |
|
|
|
|
|
|
|
|
|
|
77,337 |
|
|
|
80,258 |
|
|
|
|
|
Intangible assets, net |
|
|
|
|
|
|
|
|
|
|
62,918 |
|
|
|
67,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
$ |
4,246,996 |
|
|
$ |
4,046,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
|
|
$ |
39,274 |
|
|
$ |
42,864 |
|
|
|
|
|
Accrued liabilities |
|
|
|
|
|
|
|
|
|
|
261,342 |
|
|
|
251,594 |
|
|
|
|
|
Current portion of long-term debt1,2
|
|
|
|
|
|
|
180,902 |
|
|
|
181,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
|
|
|
|
|
|
|
481,518 |
|
|
|
475,660 |
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt1,2
|
|
|
|
|
|
|
1,812,483 |
|
|
|
1,736,739 |
|
|
|
|
|
Deferred taxes |
|
|
|
|
|
|
|
|
|
|
370,216 |
|
|
|
350,868 |
|
|
|
|
|
Other liabilities |
|
|
|
|
|
|
|
|
|
|
67,442 |
|
|
|
65,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other liabilities |
|
|
|
|
|
|
|
|
|
|
2,250,141 |
|
|
|
2,153,022 |
|
|
|
|
|
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; 50,000,000 shares authorized; 28,938,970 and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,561,160 shares issued, 25,050,599 and 24,807,718, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(net of treasury stock), as of June 30, 2015 and December 31, 2014, respectively |
|
|
289 |
|
|
|
286 |
|
|
|
|
|
Additional paid-in-capital |
|
|
|
|
|
|
|
|
|
|
618,911 |
|
|
|
573,133 |
|
|
|
|
|
Treasury stock, at cost; 3,888,371 and 3,753,442 shares, respectively
|
|
|
(151,636 |
) |
|
|
(145,322 |
) |
|
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
(9,119 |
) |
|
|
(9,572 |
) |
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
1,056,892 |
|
|
|
999,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
|
|
|
|
|
|
|
1,515,337 |
|
|
|
1,417,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
|
|
|
|
|
|
$ |
4,246,996 |
|
|
$ |
4,046,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Balance sheet debt at June 30, 2015 totaled $1,993.4 million, including the
impact of $85.4 million of unamortized discount and debt issuance costs of $55.6 million. |
2 The face value of our debt at June 30, 2015 totaled $2,134.4 million, compared with
$2,009.0 million on December 31, 2014.
Atlas Air Worldwide Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
June 30, 2015 |
|
June 30, 2014 |
Operating Activities: |
Net Income |
|
|
|
$ |
57,622 |
|
|
$ |
33,007 |
|
Adjustments to reconcile Net Income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
73,263 |
|
|
|
67,195 |
|
|
|
|
|
Accretion of debt securities discount |
|
|
(3,760 |
) |
|
|
(4,081 |
) |
|
|
|
|
Provision for allowance for doubtful accounts |
|
|
46 |
|
|
|
232 |
|
|
|
|
|
Special charge, net of cash payments |
|
|
(715 |
) |
|
|
7,171 |
|
|
|
|
|
Loss on disposal of aircraft |
|
|
1,323 |
|
|
|
14,679 |
|
|
|
|
|
Deferred taxes |
|
|
19,773 |
|
|
|
(21,498 |
) |
|
|
|
|
Stock-based compensation expense |
|
|
9,837 |
|
|
|
5,805 |
|
Changes in: |
|
|
|
|
Accounts receivable |
|
|
10,135 |
|
|
|
(23,248 |
) |
|
|
|
|
Prepaid expenses and other current assets |
|
|
8,937 |
|
|
|
27,613 |
|
|
|
|
|
Deposits and other assets |
|
|
1,645 |
|
|
|
(4,603 |
) |
|
|
|
|
Accounts payable and accrued liabilities |
|
|
(7,009 |
) |
|
|
4,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
|
|
171,097 |
|
|
|
107,126 |
|
Investing Activities: |
|
|
|
|
Capital expenditures |
|
|
(22,117 |
) |
|
|
(10,653 |
) |
|
|
|
|
Purchase deposits and delivery payments for flight equipment |
|
|
(62,841 |
) |
|
|
(494,072 |
) |
|
|
|
|
Changes in restricted cash |
|
|
(1,450 |
) |
|
|
(6,724 |
) |
|
|
|
|
Proceeds from short-term investments |
|
|
2,394 |
|
|
|
2,060 |
|
|
|
|
|
Proceeds from disposal of aircraft |
|
|
24,625 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities |
|
|
|
|
(59,389 |
) |
|
|
(509,389 |
) |
Financing Activities: |
|
|
|
|
Proceeds from debt issuance |
|
|
224,500 |
|
|
|
572,552 |
|
|
|
|
|
Customer maintenance reserves received |
|
|
8,701 |
|
|
|
8,757 |
|
|
|
|
|
Customer maintenance reserves paid |
|
|
(1,752 |
) |
|
|
- |
|
|
|
|
|
Proceeds from sale of warrants |
|
|
36,290 |
|
|
|
- |
|
|
|
|
|
Payments for convertible note hedges |
|
|
(52,903 |
) |
|
|
- |
|
|
|
|
|
Proceeds from stock option exercises |
|
|
1,193 |
|
|
|
- |
|
|
|
|
|
Purchase of treasury stock |
|
|
(6,314 |
) |
|
|
(4,377 |
) |
|
|
|
|
Excess tax benefit from stock-based compensation expense |
|
|
588 |
|
|
|
(1,973 |
) |
|
|
|
|
Payment of debt issuance costs |
|
|
(6,812 |
) |
|
|
(17,087 |
) |
|
|
|
|
Payments of debt |
|
|
(99,050 |
) |
|
|
(201,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
|
|
104,441 |
|
|
|
356,851 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
216,149 |
|
|
|
(45,412 |
) |
Cash and cash equivalents at the beginning of period |
|
|
298,601 |
|
|
|
321,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of period |
|
$ |
514,750 |
|
|
$ |
276,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash Investing and Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of flight and ground equipment included in
Accounts payable and accrued liabilities |
|
$ |
|
|
|
|
6,940 |
|
|
$ |
29,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposition of aircraft included in Accounts receivable |
|
|
|
|
|
$ |
- |
|
|
$ |
7,000 |
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings, Inc.
Direct Contribution
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, 2015 |
|
June 30, 2014 |
|
June 30, 2015 |
|
June 30, 2014 |
Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
189,255 |
|
|
$ |
186,720 |
|
|
$ |
378,302 |
|
|
$ |
384,861 |
|
Charter |
|
|
235,436 |
|
|
|
225,234 |
|
|
|
455,574 |
|
|
|
402,607 |
|
Dry Leasing |
|
|
27,401 |
|
|
|
25,524 |
|
|
|
59,320 |
|
|
|
50,200 |
|
Other |
|
|
3,741 |
|
|
|
3,691 |
|
|
|
7,482 |
|
|
|
6,864 |
|
Total Operating Revenue |
|
$ |
455,833 |
|
|
$ |
441,169 |
|
|
$ |
900,678 |
|
|
$ |
844,532 |
|
Direct Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
$ |
51,157 |
|
|
$ |
44,677 |
|
|
$ |
91,059 |
|
|
$ |
90,133 |
|
Charter |
|
|
25,019 |
|
|
|
8,196 |
|
|
|
55,478 |
|
|
|
4,007 |
|
Dry Leasing |
|
|
10,894 |
|
|
|
8,738 |
|
|
|
26,419 |
|
|
|
16,909 |
|
Total Direct Contribution |
|
$ |
87,070 |
|
|
$ |
61,611 |
|
|
$ |
172,956 |
|
|
$ |
111,049 |
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and expenses,
net1 |
|
|
(45,320 |
) |
|
|
(40,317 |
) |
|
|
(94,304 |
) |
|
|
(75,162 |
) |
Special charge |
|
|
(499 |
) |
|
|
(1,449 |
) |
|
|
69 |
|
|
|
(9,477 |
) |
Loss (gain) on disposal of aircraft |
|
|
(114 |
) |
|
|
(14,679 |
) |
|
|
(1,323 |
) |
|
|
(14,679 |
) |
Income before Income Taxes |
|
|
41,137 |
|
|
|
5,166 |
|
|
|
77,398 |
|
|
|
11,731 |
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(4,425 |
) |
|
|
(4,719 |
) |
|
|
(8,913 |
) |
|
|
(9,446 |
) |
Interest expense |
|
|
25,033 |
|
|
|
26,365 |
|
|
|
49,581 |
|
|
|
52,817 |
|
Capitalized interest |
|
|
(177 |
) |
|
|
(67 |
) |
|
|
(203 |
) |
|
|
(379 |
) |
Other expense (income), net |
|
|
(284 |
) |
|
|
(88 |
) |
|
|
391 |
|
|
|
64 |
|
Operating Income |
|
$ |
61,284 |
|
|
$ |
26,657 |
|
|
$ |
118,254 |
|
|
$ |
54,787 |
|
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 operating and economic characteristics, which are separately reviewed by our
chief operating decision maker.
Direct Contribution consists of income (loss) before taxes, excluding special charges, nonrecurring
items, gains on the sale of aircraft, and unallocated fixed costs.
Direct costs include crew costs, maintenance costs, fuel, ground operations, sales costs, aircraft
rent, interest expense related to aircraft debt and aircraft depreciation.
Unallocated income and expenses include corporate overhead, non-aircraft depreciation, unallocated
interest expense and income, foreign exchange gains and losses, other revenue and other
non-operating costs, including unusual items and certain noncash income and expenses.
1 |
|
During the first quarter of 2015, we revised the methodology for allocating certain
unallocated expenses to our segments. Prior period information has been adjusted consistently
to reflect this change. |
3
Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
June 30, 2015
|
|
June 30, 2014
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Common Stockholders
|
|
$ 28,390
|
|
$ |
29,593 |
|
|
|
(4.1 |
%) |
After-tax impact from:
|
|
|
|
|
|
|
Noncash expense and income, net1
|
|
636
|
|
|
(53) |
|
|
|
ETI tax benefit
|
|
-
|
|
|
(24,013) |
|
|
|
Loss on disposal of aircraft
|
|
72
|
|
|
9,389 |
|
|
|
Special charge2
|
|
319
|
|
|
658 |
|
|
|
Accrual for legal matters
|
|
-
|
|
|
300 |
|
|
|
Adjusted Net Income Attributable to Common
Stockholders
|
|
29,417
|
|
15,874
|
|
85.3%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$ 1.13
|
|
$ |
1.17 |
|
|
|
(3.4 |
%) |
After-tax impact from:
|
|
|
|
|
|
|
Noncash expense and income, net1
|
|
0.03
|
|
|
- |
|
|
|
ETI tax benefit
|
|
-
|
|
|
(0.95) |
|
|
|
Loss on disposal of aircraft
|
|
-
|
|
|
0.37 |
|
|
|
Special charge2
|
|
0.01
|
|
|
0.03 |
|
|
|
Accrual for legal matters
|
|
-
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS
|
|
1.17
|
|
|
0.63 |
|
|
|
85.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
June 30, 2015
|
|
June 30, 2014
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Common Stockholders
|
|
$ 57,622
|
|
$ |
37,537 |
|
|
|
53.5 |
% |
After-tax impact from:
|
|
|
|
|
|
|
Noncash expense and income, net1
|
|
697
|
|
|
(169 |
) |
|
|
ETI tax benefit
|
|
(4,008)
|
|
|
(24,013 |
) |
|
|
Loss on disposal of aircraft
|
|
956
|
|
|
9,389 |
|
|
|
Special charge2
|
|
(92)
|
|
|
4,041 |
|
|
|
Accrual for legal matters
|
|
-
|
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Common
Stockholders
|
|
$ 55,175
|
|
$ 27,085
|
|
103.7%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$2.29
|
|
$ |
1.49 |
|
|
|
53.7 |
% |
After-tax impact from:
|
|
|
|
|
|
|
Noncash expense and income, net1
|
|
0.03
|
|
|
(0.01) |
|
|
|
ETI tax benefit
|
|
(0.16)
|
|
|
(0.95) |
|
|
|
Loss on disposal of aircraft
|
|
0.04
|
|
|
0.37 |
|
|
|
Special charge2
|
|
-
|
|
|
0.16 |
|
|
|
Accrual for legal matters
|
|
-
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS
|
|
$2.20
|
|
$ |
1.07 |
|
|
|
105.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Noncash expenses and income, net in 2015 primarily relates to amortization of the debt
discount on the convertible notes. |
2 |
|
Included in Special charge in 2014 were employee termination benefits, a loan
reserve and tax adjustments related to GSS, and adjustments to lease termination costs for two
747-400BCFs. |
Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
June 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
80,449 |
|
|
$ |
65,858 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,732 |
|
|
|
6,558 |
|
Capitalized interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177 |
|
|
|
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
68,540 |
|
|
$ |
59,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
June 30, 2014 |
Net Cash Provided by Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
171,097 |
|
|
$ |
107,126 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,117 |
|
|
|
10,653 |
|
Capitalized interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
203 |
|
|
|
379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
148,777 |
|
|
$ |
96,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Free Cash Flow = Cash Flows from Operations minus Base Capital Expenditures and
Capitalized Interest. |
Base Capital Expenditures excludes purchases of aircraft.
4
Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, 2015 |
|
June 30, 2014 |
|
June 30, 2015 |
|
June 30, 2014 |
Income before income taxes |
|
$ |
41,137 |
|
|
$ |
5,166 |
|
|
$ |
77,398 |
|
|
$ |
11,731 |
|
Noncash interest expenses and income, net |
|
|
731 |
|
|
|
(83 |
) |
|
|
826 |
|
|
|
(264 |
) |
Loss on disposal of aircraft |
|
|
114 |
|
|
|
14,679 |
|
|
|
1,323 |
|
|
|
14,679 |
|
Special charge1 |
|
|
499 |
|
|
|
1,449 |
|
|
|
(69) |
|
|
|
9,477 |
|
Accrual for legal matters |
|
|
|
|
|
|
469 |
|
|
|
|
|
|
|
469 |
|
Adjusted pretax income |
|
|
42,481 |
|
|
|
21,680 |
|
|
|
79,478 |
|
|
|
36,092 |
|
Interest (income) expense, net2 |
|
|
20,296 |
|
|
|
22,259 |
|
|
|
40,831 |
|
|
|
44,449 |
|
Other non-operating expenses (income) |
|
|
(284 |
) |
|
|
(88 |
) |
|
|
391 |
|
|
|
64 |
|
Adjusted operating income |
|
|
62,493 |
|
|
|
43,851 |
|
|
|
120,700 |
|
|
|
80,605 |
|
Depreciation and amortization |
|
|
31,936 |
|
|
|
30,381 |
|
|
|
63,966 |
|
|
|
58,536 |
|
EBITDA, as adjusted3 |
|
|
94,429 |
|
|
|
74,232 |
|
|
|
184,666 |
|
|
|
139,141 |
|
Aircraft rent2 |
|
|
36,215 |
|
|
|
34,229 |
|
|
|
69,880 |
|
|
|
69,043 |
|
EBITDAR, as adjusted4 |
|
$ |
130,644 |
|
|
$ |
108,461 |
|
|
$ |
254,546 |
|
|
$ |
208,184 |
|
1 |
|
Included in Special charge in 2014 were employee termination benefits, a loan reserve
and tax adjustments related to GSS, and adjustments to lease termination costs for two
747-400BCFs. |
2 |
|
Reflects impact of noncash expenses and income related to convertible notes, debt
and investments. |
3 |
|
Adjusted EBITDA: Earnings before interest, taxes, depreciation, amortization, noncash
interest expenses and income, net, loss on disposal of aircraft, special charge, and accrual
for legal matters, as applicable. |
4 |
|
Adjusted EBITDAR: Earnings before interest, taxes, depreciation, amortization,
aircraft rent expense, noncash interest expenses and income, net, loss on disposal of
aircraft, special charge, and accrual for legal matters, as applicable. |
5
Atlas Air Worldwide Holdings, Inc.
Operating Statistics and Traffic Results
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
Increase/ |
|
June 30, |
|
Increase/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
(Decrease) |
|
2015 |
|
2014 |
|
(Decrease) |
Block Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
|
|
|
|
|
|
|
|
|
30,958 |
|
|
|
27,652 |
|
|
|
3,306 |
|
|
|
60,418 |
|
|
|
55,675 |
|
|
|
4,743 |
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
9,214 |
|
|
|
7,572 |
|
|
|
1,642 |
|
|
|
17,482 |
|
|
|
13,471 |
|
|
|
4,011 |
|
|
|
|
|
Passenger |
|
|
|
|
|
|
|
|
|
|
4,259 |
|
|
|
3,487 |
|
|
|
772 |
|
|
|
7,480 |
|
|
|
6,202 |
|
|
|
1,278 |
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
303 |
|
|
|
299 |
|
|
|
4 |
|
|
|
634 |
|
|
|
535 |
|
|
|
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Block Hours |
|
|
|
|
|
|
|
|
|
|
44,734 |
|
|
|
39,010 |
|
|
|
5,724 |
|
|
|
86,014 |
|
|
|
75,883 |
|
|
|
10,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
|
|
|
|
|
|
|
|
$ |
6,113 |
|
|
$ |
6,752 |
|
|
$ |
(639 |
) |
|
$ |
6,261 |
|
|
$ |
6,913 |
|
|
$ |
(652 |
) |
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
17,475 |
|
|
|
20,367 |
|
|
|
(2,892 |
) |
|
|
18,251 |
|
|
|
20,465 |
|
|
|
(2,214 |
) |
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
16,358 |
|
|
|
20,035 |
|
|
|
(3,677 |
) |
|
|
17,724 |
|
|
|
20,148 |
|
|
|
(2,424 |
) |
|
|
|
|
Passenger |
|
|
|
|
|
|
|
|
|
|
19,891 |
|
|
|
21,087 |
|
|
|
(1,196 |
) |
|
|
19,482 |
|
|
|
21,154 |
|
|
|
(1,672 |
) |
Average Utilization (block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
|
|
|
|
|
|
|
|
9.3 |
|
|
|
9.4 |
|
|
|
(0.1 |
) |
|
|
9.5 |
|
|
|
9.4 |
|
|
|
0.1 |
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
|
|
|
|
|
|
|
|
9.6 |
|
|
|
8.5 |
|
|
|
1.1 |
|
|
|
9.8 |
|
|
|
8.1 |
|
|
|
1.7 |
|
|
|
|
|
Passenger |
|
|
|
|
|
|
|
|
|
|
9.6 |
|
|
|
7.8 |
|
|
|
1.8 |
|
|
|
8.4 |
|
|
|
7.0 |
|
|
|
1.4 |
|
|
|
|
|
All Operating Aircraft1,2
|
|
|
|
|
|
|
9.5 |
|
|
|
9.1 |
|
|
|
0.4 |
|
|
|
9.5 |
|
|
|
8.9 |
|
|
|
0.6 |
|
Fuel |
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per gallon |
|
|
|
|
|
$ |
2.46 |
|
|
$ |
3.19 |
|
|
$ |
(0.73 |
) |
|
$ |
2.40 |
|
|
$ |
3.21 |
|
|
$ |
(0.81 |
) |
|
|
|
|
|
|
Fuel gallons |
|
|
|
|
|
|
39,383 |
|
|
|
32,560 |
|
|
|
6,823 |
|
|
|
72,694 |
|
|
|
57,859 |
|
|
|
14,835 |
|
|
|
|
|
|
|
consumed (000s) |
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1 ACMI and All Operating Aircraft averages in the second quarter and first six months of 2015 reflect the impact of increases in the number of CMI
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aircraft and amount of CMI flying compared with the same periods of 2014.
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2 Average of All Operating Aircraft excludes Dry Leasing aircraft, which do not contribute to block-hour volumes.
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Atlas Air Worldwide Holdings, Inc.
Operating Statistics and Traffic Results
(Unaudited)
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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Increase/ |
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June 30, |
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Increase/ |
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2015
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2014
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(Decrease)
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2015
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2014
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(Decrease) |
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Segment Operating Fleet (average |
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aircraft equivalents during the |
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period) |
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ACMI1 |
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747-8F Cargo |
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9.0 |
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8.3 |
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0.7 |
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8.8 |
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8.5 |
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0.3 |
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747-400 Cargo |
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11.4 |
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11.7 |
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(0.3 |
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11.7 |
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12.1 |
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(0.4 |
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747-400 Dreamlifter |
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3.1 |
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3.3 |
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(0.2 |
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3.1 |
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3.2 |
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(0.1 |
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767-300 Cargo |
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2.0 |
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2.0 |
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2.0 |
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2.0 |
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767-200 Cargo |
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8.9 |
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5.0 |
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3.9 |
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7.7 |
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5.0 |
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2.7 |
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747-400 Passenger |
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1.0 |
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1.0 |
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1.0 |
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1.0 |
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767-200 Passenger |
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1.0 |
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1.0 |
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1.0 |
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1.0 |
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Total |
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36.4 |
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32.3 |
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4.1 |
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35.3 |
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32.8 |
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2.5 |
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Charter |
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747-8F Cargo |
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0.7 |
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(0.7 |
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0.2 |
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0.4 |
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(0.2 |
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747-400 Cargo |
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10.5 |
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9.1 |
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1.4 |
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9.7 |
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8.8 |
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0.9 |
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747-400 Passenger |
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2.0 |
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1.9 |
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0.1 |
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2.0 |
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2.0 |
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767-300 Passenger |
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2.9 |
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3.0 |
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(0.1 |
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2.9 |
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2.9 |
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Total |
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15.4 |
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14.7 |
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0.7 |
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14.8 |
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14.1 |
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0.7 |
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Dry Leasing |
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777-200 Cargo |
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6.0 |
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6.0 |
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6.0 |
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5.9 |
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0.1 |
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757-200 Cargo |
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1.0 |
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1.0 |
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1.0 |
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1.0 |
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737-300 Cargo |
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1.0 |
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1.0 |
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1.0 |
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1.0 |
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737-800 Passenger |
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1.0 |
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2.0 |
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(1.0 |
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1.3 |
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2.0 |
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(0.7 |
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Total |
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9.0 |
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10.0 |
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(1.0 |
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9.3 |
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9.9 |
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(0.6 |
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Total Operating Aircraft |
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60.8 |
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57.0 |
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3.8 |
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59.4 |
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56.8 |
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2.6 |
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Out of Service2 |
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0.8 |
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1.0 |
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(0.2 |
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0.9 |
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1.0 |
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(0.1 |
) |
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1
|
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ACMI average fleet excludes spare aircraft provided by CMI customers. |
2
|
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Out-of-service aircraft were temporarily parked during the period and are completely unencumbered. |
6
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