Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
second-quarter 2021 net income of $107.1 million, or $3.53 per
diluted share, compared with net income of $78.9 million, or $3.01
per diluted share, in the second quarter of 2020.
On an adjusted basis, EBITDA totaled $243.7
million in the second quarter this year compared with $247.0
million in the second quarter of 2020. Adjusted net income in the
second quarter of 2021 totaled $121.8 million, or $4.10 per diluted
share, compared with $123.2 million, or $4.71 per diluted share, in
the second quarter of 2020.
Second-quarter 2021 Airline Operations segment
performance improved significantly compared with the prior year
that included exceptionally high commercial cargo Charter yields in
April and May 2020.
“Our strong performance continued in the second
quarter, with revenue and earnings exceeding our already high
expectations,” said Atlas Air Worldwide President and Chief
Executive Officer John W. Dietrich. “These positive results were
driven by our team executing our strategy, increasing the
utilization of our aircraft and delivering safe, high-quality
service for our customers.
“Our performance continued to benefit from
operating the four 747 freighters and one 777 freighter we
reintroduced to our fleet throughout 2020. This capacity, along
with a tremendous team effort, contributed to our ability to enter
into and extend long-term agreements with strategic customers, as
well as to capitalize on lucrative short-term opportunities in the
strong global airfreight market.
“Economic and supply chain conditions remain
favorable for air cargo and our dedicated freighters. These include
global airfreight volumes exceeding pre-pandemic levels, an
acceleration of e-commerce and express growth, low inventory
levels, positive Purchasing Managers’ Index readings, as well as
congestion, long lead times and elevated pricing for ocean freight.
Demand also continues to exceed available supply, particularly on
long-haul international routes, as belly capacity on a significant
number of widebody passenger aircraft remains out of the
market.”
Mr. Dietrich added: “I would like to thank all
our employees for safely supporting our customers and the global
supply chain during this time of continued need. While the
operating environment remains challenging due to the ongoing
pandemic, the market dynamics we are seeing in the third quarter
remain strong.
“As a result, we expect revenue of nearly $1.0
billion and adjusted EBITDA of about $250 million from flying more
than 90,000 block hours in the third quarter of 2021. In addition,
we anticipate adjusted net income to grow approximately 50%
compared with adjusted net income of $82.7 million in the third
quarter of 2020.*
“Given ongoing economic and market-related
uncertainties, including COVID-19 and the Delta variant, as well as
travel restrictions, low international passenger travel and other
factors, we are providing a third-quarter outlook, but not issuing
a further outlook at this time.”
Second-Quarter Results
Volumes in the second quarter of 2021 increased
to 93,190 block hours compared with 84,966 in the second quarter of
2020, with revenue growing to $990.4 million versus $825.3 million
in the prior-year period.
Higher Airline Operations revenue primarily
reflected an increase in flying and a higher average rate per block
hour. Block-hour volume growth during the period was driven by our
ability to increase aircraft utilization as demand for our
commercial cargo Charter and CMI services increased. This demand
reflected growth in airfreight volumes from pre-pandemic levels,
the ongoing reduction of available cargo capacity in the market and
the continued disruption of global supply chains due to the
pandemic. In addition, segment revenue benefited from the operation
of four 747-400 freighters we reactivated throughout 2020 and a
777-200 freighter that was previously in our Dry Leasing business,
as well as improved AMC passenger Charter flying compared with the
prior-year period. The increase in the average rate per block hour
was primarily due to higher fuel costs, partially offset by lower
yields (excluding fuel) compared with the higher market yields
during the early months of the COVID-19 pandemic, specifically in
April and May 2020.
Higher Airline Operations segment contribution
in the second quarter of 2021 was primarily driven by the positive
factors benefiting segment revenue mentioned above as well as lower
heavy maintenance expense. These improvements were partially offset
by lower yields (excluding fuel) as described above.
In Dry Leasing, segment revenue in the second
quarter of 2021 was relatively unchanged compared with the
prior-year period. Higher segment contribution was primarily due to
lower interest expense related to the scheduled repayment of
debt.
Higher unallocated income and expenses, net,
during the quarter primarily reflected a $26.9 million reduction in
refunds of aircraft rent paid in previous years, a $20.2 million
reduction in CARES Act grant income (which was excluded from our
adjusted results) and increased professional fees.
Reported earnings in the second quarter of 2021
also included an effective income tax rate of 23.5%. On an adjusted
basis, our results reflected an effective income tax rate of
22.4%.
Cash
At June 30, 2021, our cash, including cash
equivalents and restricted cash, totaled $760.5 million compared
with $856.3 million at December 31, 2020.
The change in position resulted from cash used
for investing and financing activities, partially offset by cash
provided by operating activities.
Net cash used for investing activities during
the first six months of 2021 primarily related to capital
expenditures and payments for flight equipment and modifications,
including pre-delivery payments for 747-8F aircraft, spare engines,
GEnx engine overhauls and performance upgrade kits.
Net cash used for financing activities during
the period primarily related to payments on debt obligations,
partially offset by proceeds from debt issuance.
Half-Year Results
Reported results for the six months ended June
30, 2021 reflected net income of $197.0 million, or $6.59 per
diluted share. Results for the first half of 2021 compared with net
income of $102.3 million, or $3.92 per diluted share, which
included an unrealized loss on financial instruments of $29.7
million, for the six months ended June 30, 2020.
On an adjusted basis, EBITDA totaled $425.0
million in the first half of 2021 compared with $368.2 million in
the first half of 2020. First-half 2021 adjusted net income totaled
$194.0 million, or $6.55 per diluted share, compared with $153.1
million, or $5.87 per diluted share, in the first half of 2020.
Fleet Management
We actively manage our fleet to profitably serve
our customers with modern, efficient aircraft. Between May and
August 2021, we acquired three of our existing 747-400 freighters
that were previously on lease to us. In May and June 2021, we also
reached agreement with lessors to purchase five of our other
747-400 freighters at the end of their existing lease terms, which
range from March to December 2022. Acquiring these eight freighters
underscores our confidence in these assets and the global
airfreight market. Keeping these aircraft in our fleet ensures
committed capacity to our customers and strong returns for Atlas in
the years ahead.
Labor
We have moved closer to completing a new Joint
Collective Bargaining Agreement (JCBA) with our Atlas Air and
Southern Air pilots. The union has provided the company with the
integrated seniority list, the scheduled arbitration hearings
concluded in April and both parties submitted post-hearing briefs
in early June. We now expect to receive the arbitrator’s binding
decision late in the third quarter.
Outlook*
We expect market conditions to remain favorable
in the third quarter and for our initiatives to continue driving
strong performance. We are also closely monitoring developments
related to COVID-19 and the Delta variant, and any associated
impact on global airfreight, operations, demand and economic
activity.
For the third quarter of 2021, we expect revenue
of nearly $1.0 billion and adjusted EBITDA of about $250 million
from flying more than 90,000 block hours. In addition, we expect
third-quarter 2021 adjusted net income to grow approximately 50%
compared with adjusted net income of $82.7 million in the third
quarter of 2020.*
This outlook reflects the contribution of
long-term customer agreements with favorable rates and guaranteed
levels of flying; high levels of aircraft utilization driven by
strong customer demand; and commercial cargo Charter yields to
remain above typical seasonal levels.
We also expect third-quarter results to continue
to be impacted by ongoing pandemic-related expenses, including
pilot premium pay and operational costs for providing a safe
working environment for our employees.
For the full year in 2021, we expect aircraft
maintenance expense to be lower than 2020, and depreciation and
amortization to total about $275 million. In addition, core capital
expenditures, which exclude aircraft and engine purchases, are
projected to total approximately $105 to $115 million, mainly for
parts and components for our fleet.
Given ongoing economic and market-related
uncertainties, including COVID-19 and the Delta variant, as well as
travel restrictions, low international passenger travel and other
factors, we are providing a third-quarter outlook, but not issuing
a further outlook at this time.
Other than with regard to revenue, we provide
guidance only on an adjusted basis because we are unable to
predict, with reasonable certainty and without unreasonable effort,
the effects of future gains and losses on asset sales, special
charges and other unanticipated items that could be material to our
reported results.*
Conference Call
As previously announced, management will host a
conference call to discuss Atlas Air Worldwide’s second-quarter
2021 financial and operating results at 11:00 a.m. Eastern Time on
Thursday, August 5, 2021.
Interested parties may listen to the call live
at Atlas Air Worldwide’s Investor site or at
https://edge.media-server.com/mmc/p/yb85r7v2.
For those unable to listen to the live call, a
replay will be archived on the Investor site following the call. A
replay will also be available through August 12 by dialing (855)
859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.)
and using Access Code 8974504#.
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 net
income; Adjusted Diluted EPS; 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 Net income (loss); Diluted EPS;
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, respectively.
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 net
income; and Adjusted Diluted EPS 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 net income.
- 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.
*Other than with regard to revenue, we provide
guidance only on an adjusted basis and are unable to provide
forward-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 and without
unreasonable effort, the ultimate outcome of certain significant
items, including future gains and losses on asset sales, special
charges and other unanticipated items. 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 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; our ability to coordinate with Amazon to accept newly
converted aircraft; 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; changes in U.S. and foreign government trade
policies; economic conditions; the impact of geographical events or
health epidemics such as the COVID-19 pandemic; our compliance with
the requirements and restrictions under the Payroll Support
Program; 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 and arbitration 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; border
restrictions; 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 2021 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 publicly any
forward-looking statement to reflect future events or
circumstances.
Atlas Air Worldwide Holdings,
Inc.Consolidated Statements of
Operations(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
For the Six MonthsEnded |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenue |
|
$ |
990,432 |
|
|
$ |
825,253 |
|
|
$ |
1,851,732 |
|
$ |
1,468,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
|
208,366 |
|
|
|
192,591 |
|
|
|
410,980 |
|
|
340,335 |
|
Aircraft fuel |
|
|
214,269 |
|
|
|
83,242 |
|
|
|
377,820 |
|
|
191,560 |
|
Maintenance, materials and repairs |
|
|
132,547 |
|
|
|
168,300 |
|
|
|
253,680 |
|
|
262,452 |
|
Depreciation and amortization |
|
|
66,661 |
|
|
|
65,826 |
|
|
|
134,450 |
|
|
123,410 |
|
Navigation fees, landing fees and other rent |
|
|
47,409 |
|
|
|
35,638 |
|
|
|
92,296 |
|
|
67,039 |
|
Passenger and ground handling services |
|
|
41,504 |
|
|
|
30,130 |
|
|
|
81,569 |
|
|
62,089 |
|
Travel |
|
|
39,947 |
|
|
|
34,627 |
|
|
|
77,619 |
|
|
77,018 |
|
Aircraft rent |
|
|
17,687 |
|
|
|
24,316 |
|
|
|
38,443 |
|
|
|
48,283 |
|
Loss (gain) on disposal of aircraft |
|
|
- |
|
|
|
2 |
|
|
|
16 |
|
|
|
(6,715 |
) |
Special charge |
|
|
- |
|
|
|
15,934 |
|
|
|
- |
|
|
|
15,934 |
|
Transaction-related expenses |
|
|
117 |
|
|
|
1,275 |
|
|
|
318 |
|
|
|
1,796 |
|
Other |
|
|
61,848 |
|
|
|
52,710 |
|
|
|
120,260 |
|
|
|
103,822 |
|
Total Operating Expenses |
|
|
830,355 |
|
|
|
704,591 |
|
|
|
1,587,451 |
|
|
|
1,287,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
160,077 |
|
|
|
120,662 |
|
|
|
264,281 |
|
|
|
181,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses
(Income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(189 |
) |
|
|
(224 |
) |
|
|
(400 |
) |
|
|
(704 |
) |
Interest expense |
|
|
26,992 |
|
|
|
28,950 |
|
|
|
54,172 |
|
|
|
58,225 |
|
Capitalized interest |
|
|
(1,850 |
) |
|
|
(132 |
) |
|
|
(3,121 |
) |
|
|
(325 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
74 |
|
|
|
- |
|
|
|
74 |
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
30,671 |
|
|
|
113 |
|
|
|
29,747 |
|
Other (income) expense, net |
|
|
(4,854 |
) |
|
|
(50,598 |
) |
|
|
(44,310 |
) |
|
|
(49,392 |
) |
Total Non-operating Expenses (Income) |
|
|
20,099 |
|
|
|
8,741 |
|
|
|
6,454 |
|
|
|
37,625 |
|
Income before income taxes |
|
|
139,978 |
|
|
|
111,921 |
|
|
|
257,827 |
|
|
|
144,107 |
|
Income tax expense |
|
|
32,868 |
|
|
|
33,009 |
|
|
|
60,784 |
|
|
|
41,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
107,110 |
|
|
$ |
78,912 |
|
|
$ |
197,043 |
|
|
$ |
102,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.69 |
|
|
$ |
3.02 |
|
|
$ |
6.85 |
|
|
$ |
3.93 |
|
Diluted |
|
$ |
3.53 |
|
|
$ |
3.01 |
|
|
$ |
6.59 |
|
|
$ |
3.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
29,011 |
|
|
|
26,129 |
|
|
|
28,752 |
|
|
|
26,048 |
|
Diluted |
|
|
30,319 |
|
|
|
26,182 |
|
|
|
29,900 |
|
|
|
26,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Consolidated Balance Sheets(in
thousands, except share data)(Unaudited)
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
750,161 |
|
|
$ |
845,589 |
|
Restricted cash |
|
|
10,292 |
|
|
|
10,692 |
|
Accounts receivable, net of allowance of $3,582 and $1,233,
respectively |
|
|
291,843 |
|
|
|
265,521 |
|
Prepaid expenses, assets held for sale and other current
assets |
|
|
97,906 |
|
|
|
95,919 |
|
Total current assets |
|
|
1,150,202 |
|
|
|
1,217,721 |
|
Property and
Equipment |
|
|
|
|
|
|
|
|
Flight equipment |
|
|
5,287,205 |
|
|
|
5,061,387 |
|
Ground equipment |
|
|
95,901 |
|
|
|
86,670 |
|
Less: accumulated depreciation |
|
|
(1,240,656 |
) |
|
|
(1,147,613 |
) |
Flight equipment purchase deposits and modifications in
progress |
|
|
223,761 |
|
|
|
110,150 |
|
Property and equipment, net |
|
|
4,366,211 |
|
|
|
4,110,594 |
|
Other
Assets |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
209,898 |
|
|
|
255,805 |
|
Deferred costs and other assets |
|
|
344,914 |
|
|
|
374,242 |
|
Intangible assets, net and goodwill |
|
|
67,811 |
|
|
|
70,826 |
|
Total
Assets |
|
$ |
6,139,036 |
|
|
$ |
6,029,188 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
103,399 |
|
|
$ |
107,604 |
|
Accrued liabilities |
|
|
535,947 |
|
|
|
583,160 |
|
Current portion of long-term debt and finance leases |
|
|
606,661 |
|
|
|
298,690 |
|
Current portion of long-term operating leases |
|
|
73,595 |
|
|
|
157,732 |
|
Total current liabilities |
|
|
1,319,602 |
|
|
|
1,147,186 |
|
Other
Liabilities |
|
|
|
|
|
|
|
|
Long-term debt and finance leases |
|
|
1,783,648 |
|
|
|
2,020,451 |
|
Long-term operating leases |
|
|
241,067 |
|
|
|
318,850 |
|
Deferred taxes |
|
|
262,146 |
|
|
|
203,586 |
|
Financial instruments and other liabilities |
|
|
35,519 |
|
|
|
77,576 |
|
Total other liabilities |
|
|
2,322,380 |
|
|
|
2,620,463 |
|
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;34,515,070 and 32,877,533 shares issued, 29,024,700 and
27,517,297shares outstanding (net of treasury stock), as of June
30, 2021and December 31, 2020, respectively |
|
|
345 |
|
|
|
329 |
|
Additional paid-in-capital |
|
|
919,362 |
|
|
|
873,874 |
|
Treasury stock, at cost; 5,490,370 and 5,360,236 shares,
respectively |
|
|
(225,321 |
) |
|
|
(217,889 |
) |
Accumulated other comprehensive loss |
|
|
(1,504 |
) |
|
|
(1,904 |
) |
Retained earnings |
|
|
1,804,172 |
|
|
|
1,607,129 |
|
Total stockholders’ equity |
|
|
2,497,054 |
|
|
|
2,261,539 |
|
Total Liabilities and
Equity |
|
$ |
6,139,036 |
|
|
$ |
6,029,188 |
|
|
|
|
|
|
|
|
|
|
- Balance sheet debt at June 30, 2021 totaled $2,390.3 million,
including the impact of $41.2 million of unamortized discount and
debt issuance costs of $24.9 million, compared with $2,319.1
million, including the impact of $50.6 million of unamortized
discount and debt issuance costs of $29.3 million at December 31,
2020.
- The face value of our debt at June 30, 2021 totaled
$2,456.4 million, compared with $2,399.0 million on December 31,
2020.
Atlas Air Worldwide Holdings,
Inc.Consolidated Statements of Cash
Flows(in thousands)(Unaudited)
|
|
For the Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Operating
Activities: |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
197,043 |
|
|
$ |
102,265 |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile Net
Income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
172,216 |
|
|
|
157,509 |
|
Accretion of debt securities discount |
|
|
- |
|
|
|
(2 |
) |
Reversal of expected credit losses |
|
|
(381 |
) |
|
|
(6 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
74 |
|
Special charge, net of cash payments |
|
|
- |
|
|
|
15,934 |
|
Unrealized loss on financial instruments |
|
|
113 |
|
|
|
29,747 |
|
Loss (gain) on disposal of aircraft |
|
|
16 |
|
|
|
(6,715 |
) |
Deferred taxes |
|
|
60,086 |
|
|
|
39,518 |
|
Stock-based compensation |
|
|
7,466 |
|
|
|
10,506 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(24,730 |
) |
|
|
51,781 |
|
Prepaid expenses, current assets and other assets |
|
|
(12,452 |
) |
|
|
(19,115 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
|
(56,271 |
) |
|
|
178,894 |
|
Net cash provided by operating
activities |
|
|
343,106 |
|
|
|
560,390 |
|
Investing
Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(43,359 |
) |
|
|
(25,095 |
) |
Purchase deposits and payments for flight equipment and
modifications |
|
|
(224,922 |
) |
|
|
(59,919 |
) |
Investment in joint ventures |
|
|
(1,636 |
) |
|
|
- |
|
Proceeds from investments |
|
|
- |
|
|
|
881 |
|
Proceeds from disposal of aircraft |
|
|
1,850 |
|
|
|
44,110 |
|
Net cash used for investing
activities |
|
|
(268,067 |
) |
|
|
(40,023 |
) |
Financing
Activities: |
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
23,948 |
|
|
|
321,518 |
|
Payment of debt issuance costs |
|
|
(1,257 |
) |
|
|
(3,910 |
) |
Payments of debt and finance lease obligations |
|
|
(171,223 |
) |
|
|
(274,960 |
) |
Proceeds from revolving credit facility |
|
|
- |
|
|
|
75,000 |
|
Customer maintenance reserves and deposits received |
|
|
9,029 |
|
|
|
6,010 |
|
Customer maintenance reserves paid |
|
|
(23,932 |
) |
|
|
(14,437 |
) |
Treasury shares withheld for payment of taxes |
|
|
(7,432 |
) |
|
|
(3,840 |
) |
Net cash provided by (used for)
financing activities |
|
|
(170,867 |
) |
|
|
105,381 |
|
Net increase (decrease) in cash,
cash equivalents and restricted cash |
|
|
(95,828 |
) |
|
|
625,748 |
|
Cash, cash equivalents and
restricted cash at the beginning of period |
|
|
856,281 |
|
|
|
113,430 |
|
Cash, cash equivalents and
restricted cash at the end of period |
|
$ |
760,453 |
|
|
$ |
739,178 |
|
|
|
|
|
|
|
|
|
|
Noncash Investing and
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment included in Accounts payable
and accrued liabilities |
|
$ |
7,928 |
|
|
$ |
13,613 |
|
Acquisition of property and equipment acquired under operating
leases |
|
$ |
8,875 |
|
|
$ |
1,918 |
|
Acquisition of flight equipment under finance lease |
|
$ |
121,313 |
|
|
$ |
- |
|
Customer maintenance reserves settled with sale of aircraft |
|
$ |
- |
|
|
$ |
6,497 |
|
Issuance of shares related to settlement of warrant liability |
|
$ |
31,582 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Direct Contribution(in
thousands)(Unaudited)
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
955,861 |
|
|
$ |
789,498 |
|
|
$ |
1,782,101 |
|
|
$ |
1,395,871 |
|
Dry Leasing |
|
|
40,404 |
|
|
|
40,906 |
|
|
|
80,768 |
|
|
|
82,832 |
|
Customer incentive asset
amortization |
|
|
(11,443 |
) |
|
|
(9,534 |
) |
|
|
(21,924 |
) |
|
|
(18,556 |
) |
Other |
|
|
5,610 |
|
|
|
4,383 |
|
|
|
10,787 |
|
|
|
8,608 |
|
Total Operating
Revenue |
|
$ |
990,432 |
|
|
$ |
825,253 |
|
|
$ |
1,851,732 |
|
|
$ |
1,468,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
231,793 |
|
|
$ |
200,464 |
|
|
$ |
400,943 |
|
|
$ |
303,552 |
|
Dry Leasing |
|
|
10,766 |
|
|
|
9,721 |
|
|
|
21,329 |
|
|
|
20,420 |
|
Total Direct Contribution
for Reportable Segments |
|
|
242,559 |
|
|
|
210,185 |
|
|
|
422,272 |
|
|
|
323,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and
(expenses), net |
|
|
(102,464 |
) |
|
|
(50,308 |
) |
|
|
(163,998 |
) |
|
|
(139,029 |
) |
Loss on early extinguishment of
debt |
|
|
- |
|
|
|
(74 |
) |
|
|
- |
|
|
|
(74 |
) |
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
(30,671 |
) |
|
|
(113 |
) |
|
|
(29,747 |
) |
Special charge |
|
|
- |
|
|
|
(15,934 |
) |
|
|
- |
|
|
|
(15,934 |
) |
Transaction-related expenses |
|
|
(117 |
) |
|
|
(1,275 |
) |
|
|
(318 |
) |
|
|
(1,796 |
) |
Gain (loss) on disposal of
aircraft |
|
|
- |
|
|
|
(2 |
) |
|
|
(16 |
) |
|
|
6,715 |
|
Income before income
taxes |
|
|
139,978 |
|
|
|
111,921 |
|
|
|
257,827 |
|
|
|
144,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(189 |
) |
|
|
(224 |
) |
|
|
(400 |
) |
|
|
(704 |
) |
Interest expense |
|
|
26,992 |
|
|
|
28,950 |
|
|
|
54,172 |
|
|
|
58,225 |
|
Capitalized interest |
|
|
(1,850 |
) |
|
|
(132 |
) |
|
|
(3,121 |
) |
|
|
(325 |
) |
Loss on early extinguishment of
debt |
|
|
- |
|
|
|
74 |
|
|
|
- |
|
|
|
74 |
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
30,671 |
|
|
|
113 |
|
|
|
29,747 |
|
Other (income) expense, net |
|
|
(4,854 |
) |
|
|
(50,598 |
) |
|
|
(44,310 |
) |
|
|
(49,392 |
) |
Operating
Income |
|
$ |
160,077 |
|
|
$ |
120,662 |
|
|
$ |
264,281 |
|
|
$ |
181,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide uses an economic performance
metric, Direct Contribution, to show the profitability of each of
its segments after allocation of direct operating and ownership
costs. Atlas Air Worldwide currently has the following reportable
segments: Airline Operations and Dry Leasing.
Direct Contribution consists of income (loss)
before taxes, excluding loss on early extinguishment of debt,
unrealized loss on financial instruments, special charge,
transaction-related expenses, loss (gain) on disposal of aircraft,
nonrecurring items, and unallocated expenses and (income), 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 expenses and (income), 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, other nonoperating costs and CARES Act grant income.
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
|
For the Three Months Ended |
|
|
|
|
June 30, 2021 |
|
|
|
June 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ |
107,110 |
|
|
|
$ |
78,912 |
|
|
|
35.7 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
|
|
- |
|
|
|
|
(20,167 |
) |
|
|
|
|
Customer incentive asset amortization |
|
|
|
11,443 |
|
|
|
|
9,534 |
|
|
|
|
|
Special charge |
|
|
|
- |
|
|
|
|
15,934 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
|
|
4,746 |
|
|
|
|
4,458 |
|
|
|
|
|
Unrealized loss on financial instruments |
|
|
|
- |
|
|
|
|
30,671 |
|
|
|
|
|
Other, net3 |
|
|
|
696 |
|
|
|
|
4,710 |
|
|
|
|
|
Income tax effect of reconciling items |
|
|
|
(2,220 |
) |
|
|
|
(863 |
) |
|
|
|
|
Adjusted Net
Income |
|
|
$ |
121,775 |
|
|
|
$ |
123,189 |
|
|
|
(1.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
|
30,319 |
|
|
|
|
26,182 |
|
|
|
|
|
Add: effect of convertible notes hedges4 |
|
|
|
(608 |
) |
|
|
|
- |
|
|
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
|
|
29,711 |
|
|
|
|
26,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
|
|
$ |
4.10 |
|
|
|
$ |
4.71 |
|
|
|
(13.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
June 30, 2021 |
|
|
|
June 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ |
197,043 |
|
|
|
$ |
102,265 |
|
|
|
92.7 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
|
|
(40,944 |
) |
|
|
|
(20,167 |
) |
|
|
|
|
Customer incentive asset amortization |
|
|
|
21,924 |
|
|
|
|
18,556 |
|
|
|
|
|
Special charge |
|
|
|
- |
|
|
|
|
15,934 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
|
|
9,418 |
|
|
|
|
8,844 |
|
|
|
|
|
Unrealized loss on financial instruments |
|
|
|
113 |
|
|
|
|
29,747 |
|
|
|
|
|
Other, net3 |
|
|
|
1,025 |
|
|
|
|
(550 |
) |
|
|
|
|
Income tax effect of reconciling items |
|
|
|
5,411 |
|
|
|
|
(1,559 |
) |
|
|
|
|
Adjusted Net
Income |
|
|
$ |
193,990 |
|
|
|
$ |
153,070 |
|
|
|
26.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
|
29,900 |
|
|
|
|
26,074 |
|
|
|
|
|
Add: effect of convertible notes hedges4 |
|
|
|
(304 |
) |
|
|
|
- |
|
|
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
|
|
29,596 |
|
|
|
|
26,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
|
|
$ |
6.55 |
|
|
|
$ |
5.87 |
|
|
|
11.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
|
For the Three Months Ended |
|
|
|
|
June 30, 2021 |
|
|
|
June 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
$ |
139,978 |
|
|
|
$ |
111,921 |
|
|
|
25.1 |
|
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
|
|
- |
|
|
|
|
(20,167 |
) |
|
|
|
|
Customer incentive asset amortization |
|
|
|
11,443 |
|
|
|
|
9,534 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
|
|
4,746 |
|
|
|
|
4,458 |
|
|
|
|
|
Unrealized loss on financial instruments |
|
|
|
- |
|
|
|
|
30,671 |
|
|
|
|
|
Other, net3 |
|
|
|
696 |
|
|
|
|
4,710 |
|
|
|
|
|
Adjusted income before
income taxes |
|
|
$ |
156,863 |
|
|
|
$ |
157,061 |
|
|
|
(0.1 |
) |
% |
Interest expense, net |
|
|
|
20,207 |
|
|
|
|
24,136 |
|
|
|
|
|
Other income, net |
|
|
|
(4,854 |
) |
|
|
|
(30,431 |
) |
|
|
|
|
Adjusted operating
income |
|
|
$ |
172,216 |
|
|
|
$ |
150,766 |
|
|
|
14.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
$ |
32,868 |
|
|
|
$ |
33,009 |
|
|
|
|
|
Income tax effect of
reconciling items |
|
|
|
(2,220 |
) |
|
|
|
(863 |
) |
|
|
|
|
Adjusted income tax expense |
|
|
|
35,088 |
|
|
|
|
33,872 |
|
|
|
|
|
Adjusted income before
income taxes |
|
|
$ |
156,863 |
|
|
|
$ |
157,061 |
|
|
|
|
|
Effective tax expense
rate |
|
|
|
23.5 |
% |
|
|
|
29.5 |
% |
|
|
|
|
Adjusted effective tax
rate |
|
|
|
22.4 |
% |
|
|
|
21.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
June 30, 2021 |
|
|
|
June 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
$ |
257,827 |
|
|
|
$ |
144,107 |
|
|
|
78.9 |
|
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
|
|
(40,944 |
) |
|
|
|
(20,167 |
) |
|
|
|
|
Customer incentive asset amortization |
|
|
|
21,924 |
|
|
|
|
18,556 |
|
|
|
|
|
Special charge |
|
|
|
- |
|
|
|
|
15,934 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
|
|
9,418 |
|
|
|
|
8,844 |
|
|
|
|
|
Unrealized loss on financial instruments |
|
|
|
113 |
|
|
|
|
29,747 |
|
|
|
|
|
Other, net5 |
|
|
|
1,025 |
|
|
|
|
(550 |
) |
|
|
|
|
Adjusted income before
income taxes |
|
|
$ |
249,363 |
|
|
|
$ |
196,471 |
|
|
|
26.9 |
|
% |
Interest expense, net |
|
|
|
41,233 |
|
|
|
|
48,354 |
|
|
|
|
|
Other income, net |
|
|
|
(3,366 |
) |
|
|
|
(29,225 |
) |
|
|
|
|
Adjusted operating
income |
|
|
$ |
287,230 |
|
|
|
$ |
215,600 |
|
|
|
33.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
$ |
60,784 |
|
|
|
$ |
41,842 |
|
|
|
|
|
Income tax effect of
reconciling items |
|
|
|
5,411 |
|
|
|
|
(1,559 |
) |
|
|
|
|
Adjusted income tax expense |
|
|
|
55,373 |
|
|
|
|
43,401 |
|
|
|
|
|
Adjusted income before
income taxes |
|
|
$ |
249,363 |
|
|
|
$ |
196,471 |
|
|
|
|
|
Effective tax expense
rate |
|
|
|
23.6 |
% |
|
|
|
29.0 |
% |
|
|
|
|
Adjusted effective tax
rate |
|
|
|
22.2 |
% |
|
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
|
For the Three Months Ended |
|
|
|
|
June 30, 2021 |
|
|
|
June 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ |
107,110 |
|
|
|
$ |
78,912 |
|
|
|
35.7 |
% |
Interest expense, net |
|
|
|
24,953 |
|
|
|
|
28,594 |
|
|
|
|
|
Depreciation and
amortization |
|
|
|
66,661 |
|
|
|
|
65,826 |
|
|
|
|
|
Income tax expense |
|
|
|
32,868 |
|
|
|
|
33,009 |
|
|
|
|
|
EBITDA |
|
|
|
231,592 |
|
|
|
|
206,341 |
|
|
|
|
|
CARES Act grant income1 |
|
|
|
- |
|
|
|
|
(20,167 |
) |
|
|
|
|
Customer incentive asset
amortization |
|
|
|
11,443 |
|
|
|
|
9,534 |
|
|
|
|
|
Special charge |
|
|
|
- |
|
|
|
|
15,934 |
|
|
|
|
|
Unrealized loss on financial
instruments |
|
|
|
- |
|
|
|
|
30,671 |
|
|
|
|
|
Other, net3 |
|
|
|
696 |
|
|
|
|
4,710 |
|
|
|
|
|
Adjusted
EBITDA |
|
|
$ |
243,731 |
|
|
|
$ |
247,023 |
|
|
|
(1.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
June 30, 2021 |
|
|
|
June 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ |
197,043 |
|
|
|
$ |
102,265 |
|
|
|
92.7 |
% |
Interest expense, net |
|
|
|
50,651 |
|
|
|
|
57,196 |
|
|
|
|
|
Depreciation and
amortization |
|
|
|
134,450 |
|
|
|
|
123,410 |
|
|
|
|
|
Income tax expense |
|
|
|
60,784 |
|
|
|
|
41,842 |
|
|
|
|
|
EBITDA |
|
|
|
442,928 |
|
|
|
|
324,713 |
|
|
|
|
|
CARES Act grant income1 |
|
|
|
(40,944 |
) |
|
|
|
(20,167 |
) |
|
|
|
|
Customer incentive asset
amortization |
|
|
|
21,924 |
|
|
|
|
18,556 |
|
|
|
|
|
Special charge |
|
|
|
- |
|
|
|
|
15,934 |
|
|
|
|
|
Unrealized loss on financial
instruments |
|
|
|
113 |
|
|
|
|
29,747 |
|
|
|
|
|
Other, net5 |
|
|
|
1,025 |
|
|
|
|
(550 |
) |
|
|
|
|
Adjusted
EBITDA |
|
|
$ |
425,046 |
|
|
|
$ |
368,233 |
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- CARES Act grant income in 2021 and 2020 is related to income
associated with the Payroll Support Program.
- Noncash expenses and income, net in 2021 and 2020 is primarily
related to amortization of debt discount on the convertible
notes.
- Other, net in 2021 primarily related to leadership transition
costs. Other, net in 2020 primarily related to leadership
transition costs, costs associated with the Payroll Support Program
and costs associated with our acquisition of Southern Air.
- Represents the economic benefit from our convertible notes
hedges in offsetting dilution from our convertible notes as we
concluded in no event would economic dilution result from
conversion of each of the convertible notes when our stock price is
below the exercise price of the respective convertible note
warrants.
- Other, net in 2021 primarily related to leadership transition
costs. Other, net in 2020 primarily related to a $6.7 million net
gain on the sale of aircraft, partially offset by leadership
transition costs, costs associated with the Payroll Support Program
and our acquisition of Southern Air.
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
|
$ |
254,981 |
|
|
$ |
488,543 |
|
Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
16,697 |
|
|
|
16,804 |
|
Capitalized interest |
|
|
1,850 |
|
|
|
132 |
|
Free Cash
Flow1 |
|
$ |
236,434 |
|
|
$ |
471,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
|
$ |
343,106 |
|
|
$ |
560,390 |
|
Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
43,359 |
|
|
|
25,095 |
|
Capitalized interest |
|
|
3,121 |
|
|
|
325 |
|
Free Cash
Flow1 |
|
$ |
296,626 |
|
|
$ |
534,970 |
|
|
|
|
|
|
|
|
|
|
- Free Cash Flow = Net Cash from Operations minus Core Capital
Expenditures and Capitalized Interest.
Core Capital Expenditures excludes purchases of
aircraft.
Atlas Air Worldwide Holdings,
Inc.Operating Statistics and Traffic
Results(Unaudited)
|
|
For the Three Months Ended |
|
|
Increase/ |
|
|
For the Six Months Ended |
|
|
Increase/ |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
(Decrease) |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block
Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
92,388 |
|
|
|
83,515 |
|
|
|
8,873 |
|
|
|
179,146 |
|
|
|
156,160 |
|
|
|
22,986 |
|
Cargo |
|
|
87,675 |
|
|
|
80,407 |
|
|
|
7,268 |
|
|
|
170,784 |
|
|
|
148,246 |
|
|
|
22,538 |
|
Passenger |
|
|
4,713 |
|
|
|
3,108 |
|
|
|
1,605 |
|
|
|
8,362 |
|
|
|
7,914 |
|
|
|
448 |
|
Other |
|
|
802 |
|
|
|
1,451 |
|
|
|
(649 |
) |
|
|
2,567 |
|
|
|
2,053 |
|
|
|
514 |
|
Total Block Hours |
|
|
93,190 |
|
|
|
84,966 |
|
|
|
8,224 |
|
|
|
181,713 |
|
|
|
158,213 |
|
|
|
23,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block
Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
10,346 |
|
|
$ |
9,453 |
|
|
$ |
893 |
|
|
$ |
9,948 |
|
|
$ |
8,939 |
|
|
$ |
1,009 |
|
Cargo |
|
$ |
9,903 |
|
|
$ |
9,151 |
|
|
$ |
752 |
|
|
$ |
9,525 |
|
|
$ |
8,442 |
|
|
$ |
1,083 |
|
Passenger |
|
$ |
18,590 |
|
|
$ |
17,285 |
|
|
$ |
1,305 |
|
|
$ |
18,576 |
|
|
$ |
18,245 |
|
|
$ |
331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Utilization
(block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
10.8 |
|
|
|
9.3 |
|
|
|
1.5 |
|
|
|
10.4 |
|
|
|
8.5 |
|
|
|
1.9 |
|
Passenger |
|
|
5.2 |
|
|
|
3.2 |
|
|
|
2.0 |
|
|
|
4.6 |
|
|
|
4.0 |
|
|
|
0.6 |
|
All Operating Aircraft1 |
|
|
10.3 |
|
|
|
8.8 |
|
|
|
1.5 |
|
|
|
10.0 |
|
|
|
8.2 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
|
$ |
1.92 |
|
|
$ |
1.10 |
|
|
$ |
0.82 |
|
|
$ |
1.82 |
|
|
$ |
1.47 |
|
|
$ |
0.35 |
|
Fuel gallons consumed (000s) |
|
|
111,818 |
|
|
|
75,769 |
|
|
|
36,049 |
|
|
|
207,404 |
|
|
|
130,047 |
|
|
|
77,357 |
|
- Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes.
Atlas Air Worldwide Holdings,
Inc.Operating Statistics and Traffic
Results(Unaudited)
|
|
For the Three Months Ended |
|
|
Increase/ |
|
|
For the Six MonthsEnded |
|
|
Increase/ |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
(Decrease) |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Fleet (average aircraft equivalents during the
period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
10.0 |
|
|
|
9.9 |
|
|
|
0.1 |
|
|
|
10.0 |
|
|
|
10.0 |
|
|
|
- |
|
747-400 Cargo |
|
|
34.6 |
|
|
|
32.5 |
|
|
|
2.1 |
|
|
|
34.2 |
|
|
|
31.8 |
|
|
|
2.4 |
|
747-400 Dreamlifter |
|
|
1.3 |
|
|
|
1.8 |
|
|
|
(0.5 |
) |
|
|
1.2 |
|
|
|
2.7 |
|
|
|
(1.5 |
) |
747-400 Passenger |
|
|
5.0 |
|
|
|
5.0 |
|
|
|
- |
|
|
|
4.9 |
|
|
|
5.0 |
|
|
|
(0.1 |
) |
777-200 Cargo |
|
|
9.0 |
|
|
|
8.7 |
|
|
|
0.3 |
|
|
|
9.0 |
|
|
|
8.4 |
|
|
|
0.6 |
|
767-300 Cargo |
|
|
24.0 |
|
|
|
24.0 |
|
|
|
- |
|
|
|
24.0 |
|
|
|
24.0 |
|
|
|
- |
|
767-300 Passenger |
|
|
4.9 |
|
|
|
4.8 |
|
|
|
0.1 |
|
|
|
4.9 |
|
|
|
4.8 |
|
|
|
0.1 |
|
767-200 Cargo |
|
|
2.4 |
|
|
|
9.0 |
|
|
|
(6.6 |
) |
|
|
4.0 |
|
|
|
9.0 |
|
|
|
(5.0 |
) |
767-200 Passenger |
|
|
- |
|
|
|
1.0 |
|
|
|
(1.0 |
) |
|
|
0.3 |
|
|
|
1.0 |
|
|
|
(0.7 |
) |
737-800 Cargo |
|
|
8.0 |
|
|
|
5.0 |
|
|
|
3.0 |
|
|
|
8.0 |
|
|
|
5.0 |
|
|
|
3.0 |
|
737-400 Cargo |
|
|
- |
|
|
|
4.6 |
|
|
|
(4.6 |
) |
|
|
- |
|
|
|
4.8 |
|
|
|
(4.8 |
) |
Total |
|
|
99.2 |
|
|
|
106.3 |
|
|
|
(7.1 |
) |
|
|
100.5 |
|
|
|
106.5 |
|
|
|
(6.0 |
) |
Dry Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
777-200 Cargo |
|
|
7.0 |
|
|
|
7.0 |
|
|
|
- |
|
|
|
7.0 |
|
|
|
7.0 |
|
|
|
- |
|
767-300 Cargo |
|
|
21.0 |
|
|
|
21.0 |
|
|
|
- |
|
|
|
21.0 |
|
|
|
21.0 |
|
|
|
- |
|
757-200 Cargo |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
|
(0.2 |
) |
737-300 Cargo |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
737-800 Passenger |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
Total |
|
|
29.0 |
|
|
|
29.0 |
|
|
|
- |
|
|
|
29.0 |
|
|
|
29.5 |
|
|
|
(0.5 |
) |
Less: Aircraft Dry Leased to CMI customers |
|
|
(21.0 |
) |
|
|
(21.0 |
) |
|
|
- |
|
|
|
(21.0 |
) |
|
|
(21.0 |
) |
|
|
- |
|
Total Operating Average Aircraft Equivalents |
|
|
107.2 |
|
|
|
114.3 |
|
|
|
(7.1 |
) |
|
|
108.5 |
|
|
|
115.0 |
|
|
|
(6.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Out-of-Service2 |
|
|
- |
|
|
|
1.7 |
|
|
|
(1.7 |
) |
|
|
- |
|
|
|
3.5 |
|
|
|
(3.5 |
) |
- Airline Operations average fleet excludes spare aircraft
provided by CMI customers.
- Out-of-service includes aircraft that are temporarily
parked.
Contacts: Investors – InvestorRelations@atlasair.com
Media – CorpCommunications@atlasair.com
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