Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
strong third-quarter 2021 results, including net income of $119.5
million, or $3.91 per diluted share, compared with net income of
$74.1 million, or $2.78 per diluted share, in the third quarter of
2020.
On an adjusted basis, EBITDA grew sharply to
$280.5 million in the third quarter this year compared with $196.3
million in the third quarter of 2020. Adjusted net income in the
third quarter of 2021 increased to $145.4 million, or $4.88 per
diluted share, compared with $82.7 million, or $2.84 per diluted
share, in the third quarter of 2020.
“We delivered outstanding financial and
operating results in the third quarter. We flew over 90,000 block
hours and generated quarterly revenue that exceeded $1.0 billion
for the first time in our company’s history,” said Atlas Air
Worldwide President and Chief Executive Officer John W.
Dietrich.
“Our strategic focus on express, e-commerce and
fast-growing global markets is driving robust demand for our
services and producing strong financial performance. In a very
challenging pandemic operating environment, our team pulled
together to increase utilization of our aircraft, and safely serve
our customers and the global supply chain.
“We recently announced long-term contract
extensions for 20 aircraft with DHL Express as well as a new
long-term ACMI agreement with FedEx. We have also extended or
entered into other new long-term agreements with additional
strategic customers. Collectively, these agreements demonstrate our
ability to capitalize on market opportunities and deepen
long-standing relationships with our
customers.
“As we served the needs of our customers and
their businesses, we were also extremely proud to support the U.S.
government’s historic evacuation from Afghanistan. In total, we
operated over 30 missions, transporting about 10,000 U.S. personnel
as well as Afghan evacuees and their families from various
locations into the United States.”
Mr. Dietrich added: “At Atlas, our people are
our greatest asset, and we are pleased to have reached a new
five-year joint collective bargaining agreement with our pilots.
Under this agreement, all of our pilots will receive higher pay,
quality of life improvements and enhanced benefits in line with our
competitive landscape. We look forward to continuing to work
collaboratively with our pilots and their new union leadership to
build an even stronger company.
“We are operating in a very strong airfreight
market, and we expect industry conditions to remain favorable for
the foreseeable future. Global airfreight volumes continue to
exceed pre-pandemic levels, while industry capacity, particularly
on long-haul international routes, has not kept pace with demand.
Supply chain bottlenecks, including the widely reported challenges
at ocean ports worldwide, are driving increased modal shift to air
as manufacturers, retailers and shippers strive to replenish very
low inventory levels, especially ahead of the holiday shopping
season. This current environment has also led to a structural
acceleration of express growth and e-commerce adoption, which will
drive both current and longer-term airfreight demand.”
He concluded: “We expect record revenue and
adjusted earnings in the fourth quarter of 2021, with revenue of
nearly $1.1 billion and adjusted EBITDA of about $325 million. We
also anticipate adjusted net income to grow in excess of 20%
compared with our prior fourth-quarter adjusted net income record
of $143.2 million in 2020.*
“This outlook includes the impact of our new
joint collective bargaining agreement and our proactive initiatives
to help mitigate the higher costs of the new agreement. It also
reflects the increased contribution of numerous new and extended
long-term customer agreements, high levels of aircraft utilization
driven by strong customer demand, and solid peak-season volumes and
yields.”
Third-Quarter Results
Volumes in the third quarter of 2021 totaled
90,363 block hours compared with 90,528 in the third quarter of
2020, with revenue rising to a record $1.02 billion compared with
$809.9 million in the prior-year quarter.
Higher Airline Operations revenue primarily
reflected an increase in the average rate per block hour. The
higher average rate per block hour was primarily due to an
increased proportion of higher-yielding flying, including the
impact of new and extended long-term contracts, the ongoing
reduction of available cargo capacity in the market, the continued
disruption of global supply chains due to the pandemic, as well as
higher fuel costs. Block-hour volumes during the period were
relatively unchanged as we reduced less profitable smaller gauge
CMI service flying, while increasing utilization of our current
fleet to meet strong customer demand. Block-hour volumes benefited
from the operation of a 747-400 freighter we reactivated during the
fourth quarter of 2020 as well as increased AMC passenger Charter
flying related to Afghanistan evacuation efforts in 2021.
Higher Airline Operations segment contribution
in the third 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 higher pilot costs related to our new joint collective
bargaining agreement (JCBA).
In Dry Leasing, segment revenue in the third
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.
Unallocated income and expenses, net, increased
during the quarter, primarily due to $64.2 million in CARES Act
grant income in 2020 (which was excluded from our adjusted results)
and a $15.2 million increase related to adjustments to paid
time-off benefits in our new JCBA in 2021.
Reported earnings in the third quarter of 2021
also included an effective income tax rate of 23.4%. On an adjusted
basis, our results reflected an effective income tax rate of
22.3%.
Cash
At September 30, 2021, our cash, including cash
equivalents and restricted cash, totaled $784.1 million compared
with $856.3 million at December 31, 2020.
The change in position, which reflects
significant pre-delivery payments for our new 747-8F aircraft,
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 nine 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.
Nine-Month Results
Reported results for the nine months ended
September 30, 2021 increased to net income of $316.6 million, or
$10.52 per diluted share. Results compared with net income of
$176.3 million, or $6.72 per diluted share, which included an
unrealized loss on financial instruments of $73.4 million, for the
nine months ended September 30, 2020.
On an adjusted basis, EBITDA grew to $705.6
million in the first nine months of 2021 compared with $564.5
million in the first nine months of 2020. For the nine months ended
September 30, 2021, adjusted net income increased to $339.4
million, or $11.44 per diluted share, compared with $235.8 million,
or $8.71 per diluted share, in the first nine months of 2020.
Fleet Management
As previously announced, we acquired three of
our existing 747-400Fs between May and August 2021 that were
formerly on lease to us. In October 2021, we acquired three
additional 747-400Fs that were previously leased to us. We also
reached agreement with lessors in May and June 2021 to purchase
five of our other 747-400Fs at the end of their existing lease
terms, which occur throughout 2022.
Acquiring these eleven aircraft underscores our
confidence in the demand for widebody freighters and will provide
strong returns for Atlas in the years ahead.
Labor
As previously disclosed, we reached a new
five-year JCBA with our Atlas Air and Southern Air pilots in
September 2021. This new agreement will provide our pilots with
industry-competitive pay, quality of life improvements and enhanced
benefits. The new pay rates became effective as of September 1,
2021. The company and the union are working collaboratively to
implement all of the other terms of the JCBA in the coming months.
The new JCBA also paves the way for us to complete the merger
between Atlas Air and Southern Air, which we expect to occur during
the fourth quarter.
Outlook*
We are very proud of our performance during the
first nine months of 2021, and we are continuing to see strong
business conditions in the fourth quarter. Subject to any material
COVID-19 or other developments, we anticipate solid peak-season
volumes and yields, reflecting strong global demand for our
aircraft and services.
As a result, we expect the fourth quarter of
2021 to have the highest quarterly revenue and adjusted earnings in
the company’s history, with revenue of nearly $1.1 billion and
adjusted EBITDA of about $325 million from flying more than 90,000
block hours. In addition, we anticipate adjusted net income to grow
in excess of 20% compared with our prior fourth-quarter adjusted
net income record of $143.2 million in 2020.*
This outlook includes the impact of our new
JCBA, as well as our proactive initiatives to help mitigate the
higher costs from the new agreement. It also reflects the increased
contribution of numerous new and extended long-term customer
agreements, as well as our expectation of continued high levels of
aircraft utilization.
We expect fourth-quarter results to continue to
be impacted by ongoing pandemic-related expenses, including premium
pay for employees flying into certain locations significantly
impacted by COVID-19 and other operational costs for providing a
safe working environment for our employees.
For the full year in 2021, we expect aircraft
maintenance expense to total approximately $450 million, and
depreciation and amortization to total about $280 million. In
addition, core capital expenditures, which exclude aircraft and
engine purchases, are projected to total approximately $90 to $100
million, mainly for parts and components for our fleet.
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 third-quarter 2021
financial and operating results at 11:00 a.m. Eastern Time on
Wednesday, November 3, 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/gtuvu4m3.
For those unable to listen to the live call, a
replay will be archived on our Investor site following the call. A
replay will also be available through November 10 by dialing (855)
859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.)
and using Access Code 4879270#.
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; 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 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 non-U.S. government trade
and tax policies; economic conditions; the impact of geographical
events or health epidemics such as the COVID-19 pandemic; the
impact of COVID-19 vaccine mandates; 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 Nine Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenue |
|
$ |
1,016,100 |
|
|
$ |
809,886 |
|
|
$ |
2,867,832 |
|
|
$ |
2,278,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
|
231,437 |
|
|
|
194,265 |
|
|
|
642,417 |
|
|
|
534,600 |
|
Aircraft fuel |
|
|
216,638 |
|
|
|
118,113 |
|
|
|
594,458 |
|
|
|
309,673 |
|
Maintenance, materials and repairs |
|
|
102,819 |
|
|
|
116,634 |
|
|
|
356,499 |
|
|
|
379,086 |
|
Depreciation and amortization |
|
|
73,468 |
|
|
|
65,595 |
|
|
|
207,918 |
|
|
|
189,005 |
|
Navigation fees, landing fees and other rent |
|
|
46,622 |
|
|
|
42,870 |
|
|
|
138,918 |
|
|
|
109,909 |
|
Passenger and ground handling services |
|
|
40,268 |
|
|
|
36,266 |
|
|
|
121,837 |
|
|
|
98,355 |
|
Travel |
|
|
42,966 |
|
|
|
37,731 |
|
|
|
120,585 |
|
|
|
114,749 |
|
Aircraft rent |
|
|
15,485 |
|
|
|
24,239 |
|
|
|
53,928 |
|
|
|
72,522 |
|
Gain on disposal of aircraft |
|
|
(810 |
) |
|
|
(163 |
) |
|
|
(794 |
) |
|
|
(6,878 |
) |
Special charge |
|
|
- |
|
|
|
547 |
|
|
|
- |
|
|
|
16,481 |
|
Transaction-related expenses |
|
|
168 |
|
|
|
490 |
|
|
|
486 |
|
|
|
2,286 |
|
Other |
|
|
63,106 |
|
|
|
54,107 |
|
|
|
183,366 |
|
|
|
157,929 |
|
Total Operating Expenses |
|
|
832,167 |
|
|
|
690,694 |
|
|
|
2,419,618 |
|
|
|
1,977,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
183,933 |
|
|
|
119,192 |
|
|
|
448,214 |
|
|
|
300,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses
(Income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(159 |
) |
|
|
(225 |
) |
|
|
(559 |
) |
|
|
(929 |
) |
Interest expense |
|
|
27,173 |
|
|
|
28,524 |
|
|
|
81,345 |
|
|
|
86,749 |
|
Capitalized interest |
|
|
(2,335 |
) |
|
|
(203 |
) |
|
|
(5,456 |
) |
|
|
(528 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
81 |
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
43,604 |
|
|
|
113 |
|
|
|
73,351 |
|
Other (income) expense, net |
|
|
3,136 |
|
|
|
(62,689 |
) |
|
|
(41,174 |
) |
|
|
(112,081 |
) |
Total Non-operating Expenses (Income) |
|
|
27,815 |
|
|
|
9,018 |
|
|
|
34,269 |
|
|
|
46,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
156,118 |
|
|
|
110,174 |
|
|
|
413,945 |
|
|
|
254,281 |
|
Income tax expense |
|
|
36,583 |
|
|
|
36,120 |
|
|
|
97,367 |
|
|
|
77,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
119,535 |
|
|
$ |
74,054 |
|
|
$ |
316,578 |
|
|
$ |
176,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.12 |
|
|
$ |
2.83 |
|
|
$ |
10.98 |
|
|
$ |
6.76 |
|
Diluted |
|
$ |
3.91 |
|
|
$ |
2.78 |
|
|
$ |
10.52 |
|
|
$ |
6.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
29,023 |
|
|
|
26,135 |
|
|
|
28,844 |
|
|
|
26,077 |
|
Diluted |
|
|
30,547 |
|
|
|
26,619 |
|
|
|
30,117 |
|
|
|
26,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Consolidated Balance Sheets(in
thousands, except share data)(Unaudited)
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
773,911 |
|
|
$ |
845,589 |
|
Restricted cash |
|
|
10,230 |
|
|
|
10,692 |
|
Accounts receivable, net of allowance of $3,739 and $1,233,
respectively |
|
|
283,362 |
|
|
|
265,521 |
|
Prepaid expenses, assets held for sale and other current
assets |
|
|
88,330 |
|
|
|
95,919 |
|
Total current assets |
|
|
1,155,833 |
|
|
|
1,217,721 |
|
Property and
Equipment |
|
|
|
|
|
|
|
|
Flight equipment |
|
|
5,435,345 |
|
|
|
5,061,387 |
|
Ground equipment |
|
|
99,769 |
|
|
|
86,670 |
|
Less: accumulated depreciation |
|
|
(1,290,928 |
) |
|
|
(1,147,613 |
) |
Flight equipment purchase deposits and modifications in
progress |
|
|
289,475 |
|
|
|
110,150 |
|
Property and equipment, net |
|
|
4,533,661 |
|
|
|
4,110,594 |
|
Other
Assets |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
158,387 |
|
|
|
255,805 |
|
Deferred costs and other assets |
|
|
350,759 |
|
|
|
374,242 |
|
Intangible assets, net and goodwill |
|
|
66,303 |
|
|
|
70,826 |
|
Total
Assets |
|
$ |
6,264,943 |
|
|
$ |
6,029,188 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
92,708 |
|
|
$ |
107,604 |
|
Accrued liabilities |
|
|
591,208 |
|
|
|
583,160 |
|
Current portion of long-term debt and finance leases |
|
|
703,650 |
|
|
|
298,690 |
|
Current portion of long-term operating leases |
|
|
56,670 |
|
|
|
157,732 |
|
Total current liabilities |
|
|
1,444,236 |
|
|
|
1,147,186 |
|
Other
Liabilities |
|
|
|
|
|
|
|
|
Long-term debt and finance leases |
|
|
1,669,248 |
|
|
|
2,020,451 |
|
Long-term operating leases |
|
|
191,604 |
|
|
|
318,850 |
|
Deferred taxes |
|
|
297,472 |
|
|
|
203,586 |
|
Financial instruments and other liabilities |
|
|
38,119 |
|
|
|
77,576 |
|
Total other liabilities |
|
|
2,196,443 |
|
|
|
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; 34,515,565 and 32,877,533 shares issued,
29,025,102 and 27,517,297 shares outstanding (net of treasury
stock), as of September 30, 2021 and December 31,
2020, respectively |
|
|
345 |
|
|
|
329 |
|
Additional paid-in-capital |
|
|
926,853 |
|
|
|
873,874 |
|
Treasury stock, at cost; 5,490,463 and 5,360,236 shares,
respectively |
|
|
(225,327 |
) |
|
|
(217,889 |
) |
Accumulated other comprehensive loss |
|
|
(1,314 |
) |
|
|
(1,904 |
) |
Retained earnings |
|
|
1,923,707 |
|
|
|
1,607,129 |
|
Total stockholders’ equity |
|
|
2,624,264 |
|
|
|
2,261,539 |
|
Total Liabilities and
Equity |
|
$ |
6,264,943 |
|
|
$ |
6,029,188 |
|
|
|
|
|
|
|
|
|
|
1 Balance sheet debt at September 30, 2021 totaled
$2,372.9 million, including the impact of $36.4 million of
unamortized discount and debt issuance costs of $22.2 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. 2 The face value of our debt at
September 30, 2021 totaled $2,431.5 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 Nine Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
Operating
Activities: |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
316,578 |
|
|
$ |
176,319 |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile Net
Income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
265,231 |
|
|
|
240,826 |
|
Accretion of debt securities discount |
|
|
- |
|
|
|
(2 |
) |
Provision for (reversal of) expected credit losses |
|
|
(377 |
) |
|
|
76 |
|
Loss on early extinguishment of debt |
|
|
- |
|
|
|
81 |
|
Special charge, net of cash payments |
|
|
- |
|
|
|
16,481 |
|
Unrealized loss on financial instruments |
|
|
113 |
|
|
|
73,351 |
|
Gain on disposal of aircraft |
|
|
(794 |
) |
|
|
(6,878 |
) |
Deferred taxes |
|
|
96,053 |
|
|
|
75,331 |
|
Stock-based compensation |
|
|
10,653 |
|
|
|
15,816 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(15,785 |
) |
|
|
23,072 |
|
Prepaid expenses, current assets and other assets |
|
|
(43,297 |
) |
|
|
(39,823 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
|
(19,442 |
) |
|
|
208,058 |
|
Net cash provided by operating
activities |
|
|
608,933 |
|
|
|
782,708 |
|
Investing
Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(64,132 |
) |
|
|
(45,134 |
) |
Purchase deposits and payments for flight equipment and
modifications |
|
|
(346,028 |
) |
|
|
(102,777 |
) |
Investment in joint ventures |
|
|
(2,424 |
) |
|
|
- |
|
Proceeds from investments |
|
|
- |
|
|
|
881 |
|
Proceeds from disposal of aircraft |
|
|
9,470 |
|
|
|
45,660 |
|
Net cash used for investing
activities |
|
|
(403,114 |
) |
|
|
(101,370 |
) |
Financing
Activities: |
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
23,948 |
|
|
|
401,419 |
|
Payment of debt issuance costs |
|
|
(1,274 |
) |
|
|
(5,172 |
) |
Payments of debt and finance lease obligations |
|
|
(271,078 |
) |
|
|
(353,795 |
) |
Proceeds from revolving credit facility |
|
|
- |
|
|
|
75,000 |
|
Payment of revolving credit facility |
|
|
- |
|
|
|
(175,000 |
) |
Customer maintenance reserves and deposits received |
|
|
13,491 |
|
|
|
10,465 |
|
Customer maintenance reserves paid |
|
|
(35,608 |
) |
|
|
(14,437 |
) |
Treasury shares withheld for payment of taxes |
|
|
(7,438 |
) |
|
|
(3,915 |
) |
Net cash used for financing
activities |
|
|
(277,959 |
) |
|
|
(65,435 |
) |
Net increase (decrease) in cash,
cash equivalents and restricted cash |
|
|
(72,140 |
) |
|
|
615,903 |
|
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 |
|
$ |
784,141 |
|
|
$ |
729,333 |
|
|
|
|
|
|
|
|
|
|
Noncash Investing and
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment included in Accounts payable
and accrued liabilities |
|
$ |
16,802 |
|
|
$ |
11,357 |
|
Acquisition of property and equipment acquired under operating
leases |
|
$ |
9,661 |
|
|
$ |
2,486 |
|
Acquisition of flight equipment under finance leases |
|
$ |
191,913 |
|
|
$ |
17,035 |
|
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 Nine Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
980,714 |
|
|
$ |
773,591 |
|
|
$ |
2,762,815 |
|
|
$ |
2,169,462 |
|
Dry Leasing |
|
|
40,926 |
|
|
|
40,740 |
|
|
|
121,694 |
|
|
|
123,572 |
|
Customer incentive asset
amortization |
|
|
(11,332 |
) |
|
|
(9,858 |
) |
|
|
(33,256 |
) |
|
|
(28,414 |
) |
Other |
|
|
5,792 |
|
|
|
5,413 |
|
|
|
16,579 |
|
|
|
14,021 |
|
Total Operating
Revenue |
|
$ |
1,016,100 |
|
|
$ |
809,886 |
|
|
$ |
2,867,832 |
|
|
$ |
2,278,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
265,260 |
|
|
$ |
179,441 |
|
|
$ |
666,203 |
|
|
$ |
482,995 |
|
Dry Leasing |
|
|
10,435 |
|
|
|
9,627 |
|
|
|
31,765 |
|
|
|
30,046 |
|
Total Direct Contribution
for Reportable Segments |
|
|
275,695 |
|
|
|
189,068 |
|
|
|
697,968 |
|
|
|
513,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and
(expenses), net |
|
|
(120,219 |
) |
|
|
(34,409 |
) |
|
|
(284,218 |
) |
|
|
(173,439 |
) |
Loss on early extinguishment of
debt |
|
|
|
- |
|
|
(7 |
) |
|
|
- |
|
|
|
(81 |
) |
Unrealized loss on financial
instruments |
|
|
|
- |
|
|
(43,604 |
) |
|
|
(113 |
) |
|
|
(73,351 |
) |
Special charge |
|
|
|
- |
|
|
(547 |
) |
|
|
- |
|
|
|
(16,481 |
) |
Transaction-related expenses |
|
|
(168 |
) |
|
|
(490 |
) |
|
|
(486 |
) |
|
|
(2,286 |
) |
Gain on disposal of aircraft |
|
|
810 |
|
|
|
163 |
|
|
|
794 |
|
|
|
6,878 |
|
Income before income
taxes |
|
|
156,118 |
|
|
|
110,174 |
|
|
|
413,945 |
|
|
|
254,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(159 |
) |
|
|
(225 |
) |
|
|
(559 |
) |
|
|
(929 |
) |
Interest expense |
|
|
27,173 |
|
|
|
28,524 |
|
|
|
81,345 |
|
|
|
86,749 |
|
Capitalized interest |
|
|
(2,335 |
) |
|
|
(203 |
) |
|
|
(5,456 |
) |
|
|
(528 |
) |
Loss on early extinguishment of
debt |
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
81 |
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
43,604 |
|
|
|
113 |
|
|
|
73,351 |
|
Other (income) expense, net |
|
|
3,136 |
|
|
|
(62,689 |
) |
|
|
(41,174 |
) |
|
|
(112,081 |
) |
Operating
Income |
|
$ |
183,933 |
|
|
$ |
119,192 |
|
|
$ |
448,214 |
|
|
$ |
300,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
119,535 |
|
|
$ |
74,054 |
|
|
61.4 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
- |
|
|
|
(64,211 |
) |
|
|
|
Customer incentive asset amortization |
|
11,332 |
|
|
|
9,858 |
|
|
|
|
Adjustments to JCBA paid time-off benefits2 |
|
15,150 |
|
|
|
- |
|
|
|
|
Special charge |
|
- |
|
|
|
547 |
|
|
|
|
Noncash expenses and income, net3 |
|
4,821 |
|
|
|
4,527 |
|
|
|
|
Unrealized loss on financial instruments |
|
- |
|
|
|
43,604 |
|
|
|
|
Other, net4 |
|
(204 |
) |
|
|
2,638 |
|
|
|
|
Income tax effect of reconciling items |
|
(5,189 |
) |
|
|
11,731 |
|
|
|
|
Adjusted Net
Income |
$ |
145,445 |
|
|
$ |
82,748 |
|
|
75.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
30,547 |
|
|
|
26,619 |
|
|
|
|
Add: dilutive warrant |
|
- |
|
|
|
2,478 |
|
|
|
|
effect of convertible notes hedges5 |
|
(717 |
) |
|
|
- |
|
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
29,830 |
|
|
|
29,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
$ |
4.88 |
|
|
$ |
2.84 |
|
|
71.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
316,578 |
|
|
$ |
176,319 |
|
|
79.5 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
(40,944 |
) |
|
|
(84,378 |
) |
|
|
|
Customer incentive asset amortization |
|
33,256 |
|
|
|
28,414 |
|
|
|
|
Adjustments to JCBA paid time-off benefits2 |
|
15,150 |
|
|
|
- |
|
|
|
|
Special charge |
|
- |
|
|
|
16,481 |
|
|
|
|
Noncash expenses and income, net3 |
|
14,239 |
|
|
|
13,372 |
|
|
|
|
Unrealized loss on financial instruments |
|
113 |
|
|
|
73,351 |
|
|
|
|
Other, net6 |
|
821 |
|
|
|
2,088 |
|
|
|
|
Income tax effect of reconciling items |
|
222 |
|
|
|
10,170 |
|
|
|
|
Adjusted Net
Income |
$ |
339,435 |
|
|
$ |
235,817 |
|
|
43.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
30,117 |
|
|
|
26,256 |
|
|
|
|
Add: dilutive warrant |
|
- |
|
|
|
826 |
|
|
|
|
effect of convertible notes hedges5 |
|
(442 |
) |
|
|
- |
|
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
29,675 |
|
|
|
27,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
$ |
11.44 |
|
|
$ |
8.71 |
|
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
For the Three Months Ended |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
$ |
156,118 |
|
|
$ |
110,174 |
|
|
41.7 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
- |
|
|
|
(64,211 |
) |
|
|
|
Customer incentive asset amortization |
|
11,332 |
|
|
|
9,858 |
|
|
|
|
Adjustments to JCBA paid time-off benefits2 |
|
15,150 |
|
|
|
- |
|
|
|
|
Special charge |
|
- |
|
|
|
547 |
|
|
|
|
Noncash expenses and income, net3 |
|
4,821 |
|
|
|
4,527 |
|
|
|
|
Unrealized loss on financial instruments |
|
- |
|
|
|
43,604 |
|
|
|
|
Other, net4 |
|
(204 |
) |
|
|
2,638 |
|
|
|
|
Adjusted income before
income taxes |
|
187,217 |
|
|
|
107,137 |
|
|
74.7 |
% |
Interest (income) expense, net |
|
19,858 |
|
|
|
23,569 |
|
|
|
|
Other (income) expense, net |
|
3,136 |
|
|
|
1,522 |
|
|
|
|
Adjusted operating
income |
$ |
210,211 |
|
|
$ |
132,228 |
|
|
59.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
$ |
36,583 |
|
|
$ |
36,120 |
|
|
|
|
Income tax effect of
reconciling items |
|
(5,189 |
) |
|
|
11,731 |
|
|
|
|
Adjusted income tax expense |
|
41,772 |
|
|
|
24,389 |
|
|
|
|
Adjusted income before
income taxes |
$ |
187,217 |
|
|
$ |
107,137 |
|
|
|
|
Effective tax expense
rate |
|
23.4 |
% |
|
|
32.8 |
% |
|
|
|
Adjusted effective tax
expense rate |
|
22.3 |
% |
|
|
22.8 |
% |
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
$ |
413,945 |
|
|
$ |
254,281 |
|
|
62.8 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
(40,944 |
) |
|
|
(84,378 |
) |
|
|
|
Customer incentive asset amortization |
|
33,256 |
|
|
|
28,414 |
|
|
|
|
Adjustments to JCBA paid time-off benefits2 |
|
15,150 |
|
|
|
- |
|
|
|
|
Special charge |
|
- |
|
|
|
16,481 |
|
|
|
|
Noncash expenses and income, net3 |
|
14,239 |
|
|
|
13,372 |
|
|
|
|
Unrealized loss on financial instruments |
|
113 |
|
|
|
73,351 |
|
|
|
|
Other, net6 |
|
821 |
|
|
|
2,088 |
|
|
|
|
Adjusted income before
income taxes |
|
436,580 |
|
|
|
303,609 |
|
|
43.8 |
% |
Interest (income) expense, net |
|
61,091 |
|
|
|
71,922 |
|
|
|
|
Other (income) expense, net |
|
(230 |
) |
|
|
(27,703 |
) |
|
|
|
Adjusted operating
income |
$ |
497,441 |
|
|
$ |
347,828 |
|
|
43.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
$ |
97,367 |
|
|
$ |
77,962 |
|
|
|
|
Income tax effect of
reconciling items |
|
222 |
|
|
|
10,170 |
|
|
|
|
Adjusted income tax expense |
|
97,145 |
|
|
|
67,792 |
|
|
|
|
Adjusted income before
income taxes |
$ |
436,580 |
|
|
$ |
303,609 |
|
|
|
|
Effective tax expense
rate |
|
23.5 |
% |
|
|
30.7 |
% |
|
|
|
Adjusted effective tax
expense rate |
|
22.3 |
% |
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
For the Three Months Ended |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
119,535 |
|
|
$ |
74,054 |
|
|
61.4 |
% |
Interest expense, net |
|
24,679 |
|
|
|
28,096 |
|
|
|
|
Depreciation and
amortization |
|
73,468 |
|
|
|
65,595 |
|
|
|
|
Income tax expense |
|
36,583 |
|
|
|
36,120 |
|
|
|
|
EBITDA |
|
254,265 |
|
|
|
203,865 |
|
|
|
|
CARES Act grant income1 |
|
- |
|
|
|
(64,211 |
) |
|
|
|
Customer incentive asset
amortization |
|
11,332 |
|
|
|
9,858 |
|
|
|
|
Adjustments to JCBA paid
time-off benefits2 |
|
15,150 |
|
|
|
- |
|
|
|
|
Special charge |
|
- |
|
|
|
547 |
|
|
|
|
Unrealized loss on financial
instruments |
|
- |
|
|
|
43,604 |
|
|
|
|
Other, net4 |
|
(204 |
) |
|
|
2,638 |
|
|
|
|
Adjusted
EBITDA |
$ |
280,543 |
|
|
$ |
196,301 |
|
|
42.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
316,578 |
|
|
$ |
176,319 |
|
|
79.5 |
% |
Interest expense, net |
|
75,330 |
|
|
|
85,292 |
|
|
|
|
Depreciation and
amortization |
|
207,918 |
|
|
|
189,005 |
|
|
|
|
Income tax expense |
|
97,367 |
|
|
|
77,962 |
|
|
|
|
EBITDA |
|
697,193 |
|
|
|
528,578 |
|
|
|
|
CARES Act grant income1 |
|
(40,944 |
) |
|
|
(84,378 |
) |
|
|
|
Customer incentive asset
amortization |
|
33,256 |
|
|
|
28,414 |
|
|
|
|
Adjustments to JCBA paid
time-off benefits2 |
|
15,150 |
|
|
|
- |
|
|
|
|
Special charge |
|
- |
|
|
|
16,481 |
|
|
|
|
Unrealized loss on financial
instruments |
|
113 |
|
|
|
73,351 |
|
|
|
|
Other, net6 |
|
821 |
|
|
|
2,088 |
|
|
|
|
Adjusted
EBITDA |
$ |
705,589 |
|
|
$ |
564,534 |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
1 CARES Act grant income in 2021 and 2020
related to income associated with the Payroll Support Program.
2 Adjustments to JCBA paid time-off benefits in
2021 are related to our new JCBA.
3 Noncash expenses and income, net in 2021 and
2020 primarily related to amortization of debt discount on the
convertible notes.
4 Other, net in 2021 primarily related to gain
on the sale of aircraft partially offset by leadership transition
costs. Other, net in 2020 primarily related to leadership
transition costs and costs associated with our acquisition of
Southern Air.
5 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.
6 Other, net in 2021 primarily related to
leadership transition costs and costs associated with our
acquisition of Southern Air, partially offset by a gain on the sale
of aircraft. Other, net in 2020 primarily related to leadership
transition costs, costs associated with the Payroll Support Program
and our acquisition of Southern Air, partially offset by a $6.9
million net gain on the sale of aircraft.
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
For the Three Months Ended |
|
September 30, 2021 |
|
September 30, 2020 |
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
$ |
265,827 |
|
$ |
222,318 |
Less: |
|
|
|
|
|
Capital expenditures |
|
20,773 |
|
|
20,039 |
Capitalized interest |
|
2,335 |
|
|
203 |
Free Cash
Flow1 |
$ |
242,719 |
|
$ |
202,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
September 30, 2021 |
|
September 30, 2020 |
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
$ |
608,933 |
|
$ |
782,708 |
Less: |
|
|
|
|
|
Capital expenditures |
|
64,132 |
|
|
45,134 |
Capitalized interest |
|
5,456 |
|
|
528 |
Free Cash
Flow1 |
$ |
539,345 |
|
$ |
737,046 |
|
|
|
|
|
|
1 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 Nine Months Ended |
|
|
Increase/ |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
(Decrease) |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block
Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
89,624 |
|
|
|
88,973 |
|
|
|
651 |
|
|
|
268,770 |
|
|
|
245,133 |
|
|
|
23,637 |
|
Cargo |
|
|
84,512 |
|
|
|
84,435 |
|
|
|
77 |
|
|
|
255,296 |
|
|
|
232,681 |
|
|
|
22,615 |
|
Passenger |
|
|
5,112 |
|
|
|
4,538 |
|
|
|
574 |
|
|
|
13,474 |
|
|
|
12,452 |
|
|
|
1,022 |
|
Other |
|
|
739 |
|
|
|
1,555 |
|
|
|
(816 |
) |
|
|
3,306 |
|
|
|
3,609 |
|
|
|
(303 |
) |
Total Block Hours |
|
|
90,363 |
|
|
|
90,528 |
|
|
|
(165 |
) |
|
|
272,076 |
|
|
|
248,742 |
|
|
|
23,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block
Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
10,943 |
|
|
$ |
8,695 |
|
|
$ |
2,248 |
|
|
$ |
10,279 |
|
|
$ |
8,850 |
|
|
$ |
1,429 |
|
Cargo |
|
$ |
10,383 |
|
|
$ |
8,211 |
|
|
$ |
2,172 |
|
|
$ |
9,809 |
|
|
$ |
8,355 |
|
|
$ |
1,454 |
|
Passenger |
|
$ |
20,187 |
|
|
$ |
17,687 |
|
|
$ |
2,500 |
|
|
$ |
19,187 |
|
|
$ |
18,107 |
|
|
$ |
1,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Utilization
(block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
|
10.7 |
|
|
|
9.8 |
|
|
|
0.9 |
|
|
|
10.5 |
|
|
|
8.9 |
|
|
|
1.6 |
|
Passenger |
|
|
5.6 |
|
|
|
4.6 |
|
|
|
1.0 |
|
|
|
4.9 |
|
|
|
4.2 |
|
|
|
0.7 |
|
All Operating Aircraft1 |
|
|
10.2 |
|
|
|
9.4 |
|
|
|
0.8 |
|
|
|
10.1 |
|
|
|
8.6 |
|
|
|
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
|
$ |
2.06 |
|
|
$ |
1.35 |
|
|
$ |
0.71 |
|
|
$ |
1.90 |
|
|
$ |
1.42 |
|
|
$ |
0.48 |
|
Fuel gallons consumed (000s) |
|
|
105,258 |
|
|
|
87,460 |
|
|
|
17,798 |
|
|
|
312,662 |
|
|
|
217,507 |
|
|
|
95,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes.
Atlas Air Worldwide Holdings,
Inc.Operating Statistics and Traffic
Results(Unaudited)
|
For the Three Months Ended |
|
|
Increase/ |
|
|
For the Nine Months Ended |
|
|
Increase/ |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
(Decrease) |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Fleet (average aircraft
equivalents during the period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
10.0 |
|
|
10.0 |
|
|
- |
|
|
10.0 |
|
|
9.9 |
|
|
0.1 |
|
747-400 Cargo |
34.6 |
|
|
32.9 |
|
|
1.7 |
|
|
34.3 |
|
|
32.2 |
|
|
2.1 |
|
747-400 Dreamlifter |
0.6 |
|
|
2.7 |
|
|
(2.1 |
) |
|
1.0 |
|
|
2.7 |
|
|
(1.7 |
) |
747-400 Passenger |
5.1 |
|
|
5.0 |
|
|
0.1 |
|
|
5.0 |
|
|
5.0 |
|
|
- |
|
777-200 Cargo |
9.0 |
|
|
9.0 |
|
|
- |
|
|
9.0 |
|
|
8.5 |
|
|
0.5 |
|
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 |
- |
|
|
9.0 |
|
|
(9.0 |
) |
|
2.7 |
|
|
9.0 |
|
|
(6.3 |
) |
767-200 Passenger |
- |
|
|
1.0 |
|
|
(1.0 |
) |
|
0.2 |
|
|
1.0 |
|
|
(0.8 |
) |
737-800 Cargo |
8.0 |
|
|
5.5 |
|
|
2.5 |
|
|
8.0 |
|
|
5.2 |
|
|
2.8 |
|
737-400 Cargo |
- |
|
|
0.8 |
|
|
(0.8 |
) |
|
- |
|
|
3.5 |
|
|
(3.5 |
) |
Total |
96.2 |
|
|
104.7 |
|
|
(8.5 |
) |
|
99.1 |
|
|
105.8 |
|
|
(6.7 |
) |
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 |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.2 |
|
|
(0.2 |
) |
Total |
29.0 |
|
|
29.0 |
|
|
- |
|
|
29.0 |
|
|
29.4 |
|
|
(0.4 |
) |
Less: Aircraft Dry Leased to CMI customers |
(21.0 |
) |
|
(21.0 |
) |
|
- |
|
|
(21.0 |
) |
|
(21.0 |
) |
|
- |
|
Total Operating Average Aircraft Equivalents |
104.2 |
|
|
112.7 |
|
|
(8.5 |
) |
|
107.1 |
|
|
114.2 |
|
|
(7.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Out-of-Service2 |
- |
|
|
1.0 |
|
|
(1.0 |
) |
|
- |
|
|
2.7 |
|
|
(2.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Airline Operations average fleet excludes spare aircraft
provided by CMI
customers. 2
Out-of-service includes aircraft that are temporarily parked.
Contacts: |
|
Investors – InvestorRelations@atlasair.comMedia –
CorpCommunications@atlasair.com |
|
|
|
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