Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
second-quarter 2022 net income of $88.3 million, or $2.65 per
diluted share, compared with net income of $107.1 million, or $3.53
per diluted share, in the second quarter of 2021.
On an adjusted basis, EBITDA totaled $215.6
million in the second quarter this year compared with $243.7
million in the second quarter of 2021. Adjusted net income in the
second quarter of 2022 totaled $97.3 million, or $3.36 per diluted
share, compared with $121.8 million, or $4.10 per diluted share, in
the second quarter of 2021.
Announced Transaction With Investor
Group Led by Funds Managed by Affiliates of Apollo
Global Management, Inc., Together With J.F. Lehman & Company,
LLC and Hill City Capital LP
In a separate press release, Atlas Air Worldwide
today announced that it has entered into a definitive agreement to
be acquired by an investor group led by funds managed by affiliates
of Apollo Global Management, Inc., together with investment
affiliates of J.F. Lehman & Company, LLC and Hill City Capital
LP. The transaction consideration of $102.50 per share in cash
represents a 57% premium to the 30-day volume-weighted average
trading price per share of Atlas Air Worldwide common stock as of
July 29, 2022,1 and values Atlas Air Worldwide at an enterprise
value of approximately $5.2 billion. Upon completion of the
transaction, AAWW will become a privately held company and shares
of Atlas Air Worldwide common stock will no longer be listed or
publicly traded on the Nasdaq stock market. A copy of that press
release is accessible by visiting Atlas Air Worldwide’s Investor
site.
In light of the announced transaction with the
investor group, Atlas Air Worldwide has cancelled the second
quarter 2022 earnings call previously scheduled for Friday, August
5, 2022. The Company is not providing financial guidance for the
third quarter and full year 2022.
1 July 29, 2022 represents the last full trading
day prior to market speculation regarding a potential sale of the
Company.
Second-Quarter Results
“We delivered second-quarter results in line
with our expectations,” said Atlas Air Worldwide President and
Chief Executive Officer John W. Dietrich. “Through the first half
of the year, global airfreight volumes exceeded pre-pandemic
levels, while capacity remains constrained, particularly on key
long-haul cargo trade lanes.”
Revenue grew to $1.2 billion in the second
quarter of 2022 compared with $990.4 million in the prior-year
quarter. Volumes in the second quarter of 2022 totaled 83,922 block
hours compared with 93,190 in the second quarter of 2021.
For the three months ended June 30, 2022, our
reported net income totaled $88.3 million, or $2.65 per diluted
share, compared with net income of $107.1 million, or $3.53 per
diluted share, in the second quarter of 2021.
On an adjusted basis, EBITDA totaled $215.6
million in the second quarter this year compared with $243.7
million in the second quarter of 2021. Adjusted net income in the
second quarter of 2022 totaled $97.3 million, or $3.36 per diluted
share, compared with $121.8 million, or $4.10 per diluted share, in
the second quarter of 2021.
Reported earnings in the second quarter of 2022
also included an effective income tax rate of 23.2%. On an adjusted
basis, our results reflected an effective income tax rate of
22.5%.
Higher Airline Operations revenue primarily
reflected an increase in the average rate per block hour, partially
offset by a reduction in block hours flown. The higher average rate
per block hour was primarily due to higher fuel prices and higher
yields (net of fuel), including the impact of new and extended
long-term contracts. Block hours decreased primarily due to a
reduction in less profitable smaller gauge CMI service flying and
our operation of fewer passenger flights, as well as operational
disruptions related to an increase in COVID-19 cases late in the
second quarter. The increase in cases adversely impacted our crew
availability and our ability to position them due to the widespread
and well-publicized cancellations of commercial passenger
flights.
Airline Operations segment contribution
decreased during the quarter primarily due to increased pilot costs
related to our new collective bargaining agreement (CBA), higher
premium pay for pilots operating in certain areas significantly
impacted by COVID-19, as well as higher overtime pay related to an
increase in COVID-19 cases late in the second quarter. In addition,
segment contribution was negatively impacted by the operational
disruptions related to the increase in cases as described in the
segment revenue discussion above. These items were partially offset
by higher yields (net of fuel), including the impact of new and
extended long-term contracts, as well as lower heavy maintenance
expense.
In Dry Leasing, segment revenue in the second
quarter of 2022 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, decreased
during the quarter primarily due to lower professional fees and
lower interest expense related to our adoption of the amended
accounting guidance for convertible notes, partially offset by a
reduction in refunds of aircraft rent paid in previous years.
Half-Year Results
For the six months ended June 30, 2022, our
reported net income totaled $169.8 million, or $5.03 per diluted
share, compared with net income of $197.0 million, or $6.59 per
diluted share, in the first half of 2021 (which included $40.9
million, $31.9 million after tax, of CARES Act grant income).
On an adjusted basis, EBITDA totaled $418.4
million in the first half of 2022 compared with $425.0 million in
the first half of 2021. First-half 2022 adjusted net income totaled
$186.0 million, or $6.35 per diluted share, compared with $194.0
million, or $6.55 per diluted share, in the first half of 2021.
Share Repurchases
As previously announced in February 2022, our
Board of Directors approved a share repurchase program authorizing
the repurchase of up to $200.0 million of our common stock.
In February 2022, we paid $100.0 million and
received an initial delivery of 1,061,257 shares of our common
stock pursuant to an accelerated share repurchase program (ASR). In
April 2022, the ASR was settled and we received an additional
172,887 shares. In total, we repurchased 1,234,144 shares for
$100.0 million at an average cost of $81.03 per share under this
ASR.
In connection with the announced transaction, we have suspended
our share repurchase program.
Fleet
During the second quarter, we took delivery of
the first of our four new 747-8Fs. The remaining three aircraft are
expected to be delivered throughout the balance of this year. As
announced in February 2022, all four of these aircraft are placed
with customers under attractive long-term agreements.
In addition, we look forward to the deliveries
and placements of the four new 777-200LRFs, for which we are in
advanced negotiations. We expect the first aircraft to be delivered
late in the fourth quarter of this year and three more throughout
2023.
As previously disclosed, we are purchasing five
of our existing 747-400Fs at the end of their leases during the
course of this year, the first of which was acquired in March and
the second in May. We expect to complete the remaining three
aircraft acquisitions between August and December 2022.
Acquiring these widebody freighters underscores
our confidence in the demand for international airfreight capacity,
particularly in express, e-Commerce and fast-growing global
markets, and will drive strong returns for Atlas in the years
ahead.
Settlement of 2015 Convertible Notes
On June 1, 2022, the Company’s Convertible Notes
issued in 2015 reached maturity.
To settle the Notes, Atlas delivered to holders
$216.6 million in cash and 138,509 shares of our common stock. For
the value above par, Atlas received 25,957 shares from the bank
hedge counterparties, resulting in a net issuance of 112,552
shares.
Cash
At June 30, 2022, our cash, including cash equivalents and
restricted cash, totaled $616.9 million compared with $921.0
million at December 31, 2021.
The change in position resulted from cash used
for investing and financing activities, including $216.6 million
related to the settlement of our 2015 Convertible Notes, $146.3
million for pre-delivery payments for our new aircraft and $100.0
million for our ASR, partially offset by cash provided by operating
activities.
Net cash used for investing activities during
the first six months of 2022 primarily related to payments for
flight equipment and modifications, including aircraft delivery and
pre-delivery payments, as well as capital expenditures and spare
engines.
Net cash used for financing activities during the period
primarily related to payments on debt obligations and the ASR,
partially offset by proceeds from debt issuance.
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.
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. 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.
Forward-Looking Statements
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,” “could,” “would,” “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; 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 or any terrorist attack; significant data
breach or disruption of our information technology systems; labor
costs and relations, work stoppages and service slowdowns;
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; geopolitical events; weather
conditions; natural disasters; government legislation and
regulation; border restrictions; consumer perceptions of the
companies’ products and services; anticipated and future
litigation; the risk that the proposed transaction may not be
completed in a timely manner or at all; the failure to receive, on
a timely basis or otherwise, the required approvals of the proposed
transaction by Atlas Air Worldwide’s stockholders; the possibility
that any or all of the various conditions to the consummation of
the proposed transaction may not be satisfied or waived, including
the failure to receive any required regulatory approvals from any
applicable governmental entities (or any conditions, limitations or
restrictions placed on such approvals); the possibility that
competing offers or acquisition proposals for Atlas Air Worldwide
will be made; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
definitive transaction agreement relating to the proposed
transaction, including in circumstances which would require Atlas
Air Worldwide to pay a termination fee; incurring substantial costs
related to the proposed transaction, such as legal, accounting,
financial advisory and integration costs; the effect of the
announcement, pendency of the proposed transaction, or any failure
to successfully complete the proposed transaction on Atlas Air
Worldwide’s ability to attract, motivate or retain key executives,
pilots and associates, its ability to maintain relationships with
its customers, including Amazon.com, Inc., vendors, service
providers and others with whom it does business, or its operating
results and business generally; risks related to the proposed
transaction diverting management’s attention from Atlas Air
Worldwide’s ongoing business operations; the risk of shareholder
litigation in connection with the proposed transaction, including
resulting expense or delay; and (i) any other risks discussed in
Atlas Air Worldwide’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2021 (the “Annual Report”) and Atlas Air
Worldwide’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022 filed by Atlas Air Worldwide with the Securities and
Exchange Commission (the “SEC”), and, in particular, the risk
factors set forth under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Annual Report and the Quarterly
Report and (ii) other risk factors identified from time to time in
other filings with the SEC. Filings with the SEC are available on
the SEC’s website at http://www.sec.gov.
Except as stated in this release, Atlas Air
Worldwide is not providing guidance or estimates regarding its
anticipated business and financial performance for 2022 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.
Participants in the Solicitation
Atlas Air Worldwide and its directors, executive
officers and other members of management and employees, under SEC
rules, may be deemed to be “participants” in the solicitation of
proxies from stockholders of Atlas Air Worldwide in favor of the
proposed transaction. Information about Atlas Air Worldwide’s
directors and executive officers is set forth in Atlas Air
Worldwide’s Proxy Statement on Schedule 14A for its 2022 Annual
Meeting of Shareholders, which was filed with the SEC on April 15,
2022. To the extent holdings of Atlas Air Worldwide’s securities by
its directors or executive officers have changed since the amounts
set forth in such 2022 proxy statement, such changes have been or
will be reflected on Initial Statements of Beneficial Ownership on
Form 3 or Statements of Change in Ownership on Form 4 filed with
the SEC. Additional information concerning the interests of Atlas
Air Worldwide’s participants in the solicitation, which may, in
some cases, be different than those of Atlas Air Worldwide’s
stockholders generally, will be set forth in Atlas Air Worldwide’s
proxy statement relating to the proposed transaction when it
becomes available.
Additional Information and Where to Find It
This release may be deemed to be solicitation
material in respect of the proposed acquisition of Atlas Air
Worldwide by Rand Parent, LLC. In connection with the proposed
transaction, Atlas Air Worldwide intends to file relevant materials
with the SEC, including Atlas Air Worldwide’s proxy statement in
preliminary and definitive form. INVESTORS AND STOCKHOLDERS OF
ATLAS AIR WORLDWIDE ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED
WITH THE SEC, INCLUDING ATLAS AIR WORLDWIDE’S PROXY STATEMENT (IF
AND WHEN AVAILABLE), BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security
holders are or will be able to obtain the documents (if and when
available) free of charge at the SEC’s website at www.sec.gov, or
free of charge from Atlas Air Worldwide by directing a request to
Atlas Air Worldwide Investor Relations, 2000 Westchester Avenue,
Purchase, NY or at tel: +1 914 701 8200 or email:
InvestorRelations@atlasair.com.
No Offer or Solicitation
This release is not intended to and shall not
constitute an offer to buy or sell or the solicitation of an offer
to buy or sell any securities, or a solicitation of any vote or
approval, nor shall there be any offer, solicitation or sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of
securities shall be made in the United States absent registration
under the U.S. Securities Act of 1933, as amended, or pursuant to
an exemption from, or in a transaction not subject to, such
registration requirements.
Atlas Air Worldwide Holdings,
Inc.Consolidated Statements of
Operations(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
|
$ |
1,179,971 |
|
|
$ |
990,432 |
|
|
$ |
2,217,127 |
|
|
$ |
1,851,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel |
|
|
385,882 |
|
|
|
214,269 |
|
|
|
630,219 |
|
|
|
377,820 |
|
Salaries, wages and benefits |
|
|
285,906 |
|
|
|
208,366 |
|
|
|
583,925 |
|
|
|
410,980 |
|
Maintenance, materials and repairs |
|
|
108,055 |
|
|
|
132,547 |
|
|
|
226,954 |
|
|
|
253,680 |
|
Depreciation and amortization |
|
|
74,358 |
|
|
|
66,661 |
|
|
|
146,560 |
|
|
|
134,450 |
|
Travel |
|
|
52,719 |
|
|
|
39,947 |
|
|
|
95,487 |
|
|
|
77,619 |
|
Navigation fees, landing fees and other rent |
|
|
39,091 |
|
|
|
47,409 |
|
|
|
78,445 |
|
|
|
92,296 |
|
Passenger and ground handling services |
|
|
34,747 |
|
|
|
41,504 |
|
|
|
69,683 |
|
|
|
81,569 |
|
Aircraft rent |
|
|
12,613 |
|
|
|
17,687 |
|
|
|
25,608 |
|
|
|
38,443 |
|
Loss (gain) on disposal of flight equipment |
|
|
19 |
|
|
|
- |
|
|
|
(6,221 |
) |
|
|
16 |
|
Special charge |
|
|
- |
|
|
|
- |
|
|
|
2,633 |
|
|
|
- |
|
Transaction-related expenses |
|
|
- |
|
|
|
117 |
|
|
|
- |
|
|
|
318 |
|
Other |
|
|
54,435 |
|
|
|
61,848 |
|
|
|
110,292 |
|
|
|
120,260 |
|
Total Operating Expenses |
|
|
1,047,825 |
|
|
|
830,355 |
|
|
|
1,963,585 |
|
|
|
1,587,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
132,146 |
|
|
|
160,077 |
|
|
|
253,542 |
|
|
|
264,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses
(Income) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(873 |
) |
|
|
(189 |
) |
|
|
(1,113 |
) |
|
|
(400 |
) |
Interest expense |
|
|
19,924 |
|
|
|
26,992 |
|
|
|
40,347 |
|
|
|
54,172 |
|
Capitalized interest |
|
|
(3,339 |
) |
|
|
(1,850 |
) |
|
|
(7,103 |
) |
|
|
(3,121 |
) |
Loss on early extinguishment of debt |
|
|
689 |
|
|
|
- |
|
|
|
689 |
|
|
|
- |
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
113 |
|
Other (income) expense, net |
|
|
837 |
|
|
|
(4,854 |
) |
|
|
219 |
|
|
|
(44,310 |
) |
Total Non-operating Expenses (Income) |
|
|
17,238 |
|
|
|
20,099 |
|
|
|
33,039 |
|
|
|
6,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
114,908 |
|
|
|
139,978 |
|
|
|
220,503 |
|
|
|
257,827 |
|
Income tax expense |
|
|
26,650 |
|
|
|
32,868 |
|
|
|
50,734 |
|
|
|
60,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
88,258 |
|
|
$ |
107,110 |
|
|
$ |
169,769 |
|
|
$ |
197,043 |
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.12 |
|
|
$ |
3.69 |
|
|
$ |
5.95 |
|
|
$ |
6.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
2.65 |
|
|
$ |
3.53 |
|
|
$ |
5.03 |
|
|
$ |
6.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,243 |
|
|
|
29,011 |
|
|
|
28,547 |
|
|
|
28,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
33,679 |
|
|
|
30,319 |
|
|
|
34,184 |
|
|
|
29,900 |
|
Atlas Air Worldwide Holdings,
Inc.Consolidated Balance Sheets(in
thousands, except share data)(Unaudited)
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
606,567 |
|
|
$ |
910,965 |
|
Restricted cash |
|
|
10,361 |
|
|
|
10,052 |
|
Accounts receivable, net of allowance of $3,929 and $4,003,
respectively |
|
|
279,033 |
|
|
|
305,905 |
|
Prepaid expenses, assets held for sale and other current
assets |
|
|
97,057 |
|
|
|
99,100 |
|
Total current assets |
|
|
993,018 |
|
|
|
1,326,022 |
|
Property and
Equipment |
|
|
|
|
|
|
Flight equipment |
|
|
5,752,365 |
|
|
|
5,449,100 |
|
Ground equipment |
|
|
107,302 |
|
|
|
101,824 |
|
Less: accumulated depreciation |
|
|
(1,415,347 |
) |
|
|
(1,319,636 |
) |
Flight equipment purchase deposits and modifications in
progress |
|
|
365,920 |
|
|
|
352,422 |
|
Property and equipment, net |
|
|
4,810,240 |
|
|
|
4,583,710 |
|
Other
Assets |
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
122,993 |
|
|
|
138,744 |
|
Deferred costs and other assets |
|
|
310,976 |
|
|
|
329,971 |
|
Intangible assets, net and goodwill |
|
|
61,781 |
|
|
|
64,796 |
|
Total
Assets |
|
$ |
6,299,008 |
|
|
$ |
6,443,243 |
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
83,771 |
|
|
$ |
82,885 |
|
Accrued liabilities |
|
|
654,498 |
|
|
|
641,978 |
|
Current portion of long-term debt and finance leases |
|
|
355,595 |
|
|
|
639,811 |
|
Current portion of long-term operating leases |
|
|
55,138 |
|
|
|
55,383 |
|
Total current liabilities |
|
|
1,149,002 |
|
|
|
1,420,057 |
|
Other
Liabilities |
|
|
|
|
|
|
Long-term debt and finance leases |
|
|
1,720,082 |
|
|
|
1,655,075 |
|
Long-term operating leases |
|
|
138,704 |
|
|
|
166,022 |
|
Deferred taxes |
|
|
397,890 |
|
|
|
354,798 |
|
Financial instruments and other liabilities |
|
|
28,764 |
|
|
|
37,954 |
|
Total other liabilities |
|
|
2,285,440 |
|
|
|
2,213,849 |
|
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; 35,227,975 and 34,707,860 shares issued,
28,320,835 and 29,215,702 shares outstanding (net of treasury
stock), as of June 30, 2022 and December 31, 2021,
respectively |
|
|
352 |
|
|
|
347 |
|
Additional paid-in capital |
|
|
863,014 |
|
|
|
934,516 |
|
Treasury stock, at cost; 6,907,140 and 5,492,158 shares,
respectively |
|
|
(337,635 |
) |
|
|
(225,461 |
) |
Accumulated other comprehensive income (loss) |
|
|
75 |
|
|
|
(511 |
) |
Retained earnings |
|
|
2,338,760 |
|
|
|
2,100,446 |
|
Total stockholders’ equity |
|
|
2,864,566 |
|
|
|
2,809,337 |
|
Total Liabilities and
Equity |
|
$ |
6,299,008 |
|
|
$ |
6,443,243 |
|
- Balance sheet debt
at June 30, 2022 totaled $2,075.7 million, including the
impact of debt issuance costs of $20.2 million, compared with
$2,294.9 million, including the impact of $31.5 million of
unamortized discount and debt issuance costs of $22.7 million at
December 31, 2021.
- The face value of
our debt at June 30, 2022 totaled $2,095.9 million, compared
with $2,349.1 million on December 31, 2021.
Atlas Air Worldwide Holdings,
Inc.Consolidated Statements of Cash
Flows(in thousands)(Unaudited)
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
|
|
|
|
|
|
Operating
Activities: |
|
|
|
|
|
|
Net Income |
|
$ |
169,769 |
|
|
$ |
197,043 |
|
|
|
|
|
|
|
|
Adjustments to reconcile Net
Income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
172,449 |
|
|
|
172,216 |
|
Reversal of expected credit losses |
|
|
(6 |
) |
|
|
(381 |
) |
Loss on early extinguishment of debt |
|
|
689 |
|
|
|
- |
|
Special charge |
|
|
2,633 |
|
|
|
- |
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
113 |
|
Loss (gain) on disposal of flight equipment |
|
|
(6,221 |
) |
|
|
16 |
|
Deferred taxes |
|
|
49,981 |
|
|
|
60,086 |
|
Stock-based compensation |
|
|
5,656 |
|
|
|
7,466 |
|
Changes
in: |
|
|
|
|
|
|
Accounts receivable |
|
|
28,676 |
|
|
|
(24,730 |
) |
Prepaid expenses, current assets and other assets |
|
|
(15,806 |
) |
|
|
(12,452 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
|
18,168 |
|
|
|
(56,271 |
) |
Net cash provided by operating
activities |
|
|
425,988 |
|
|
|
343,106 |
|
Investing
Activities: |
|
|
|
|
|
|
Capital expenditures |
|
|
(54,193 |
) |
|
|
(43,359 |
) |
Purchase deposits and payments for flight equipment and
modifications |
|
|
(329,774 |
) |
|
|
(224,922 |
) |
Investment in joint ventures |
|
|
(5,288 |
) |
|
|
(1,636 |
) |
Proceeds from disposal of flight equipment |
|
|
13,500 |
|
|
|
1,850 |
|
Net cash used for investing
activities |
|
|
(375,755 |
) |
|
|
(268,067 |
) |
Financing
Activities: |
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
230,000 |
|
|
|
23,948 |
|
Payment of debt issuance costs |
|
|
(2,176 |
) |
|
|
(1,257 |
) |
Payments of debt and finance lease obligations |
|
|
(478,940 |
) |
|
|
(171,223 |
) |
Purchase of treasury stock |
|
|
(100,000 |
) |
|
|
- |
|
Customer maintenance reserves and deposits received |
|
|
8,859 |
|
|
|
9,029 |
|
Customer maintenance reserves paid |
|
|
- |
|
|
|
(23,932 |
) |
Treasury shares withheld for payment of taxes |
|
|
(12,065 |
) |
|
|
(7,432 |
) |
Net cash used for financing
activities |
|
|
(354,322 |
) |
|
|
(170,867 |
) |
Net decrease in cash, cash
equivalents and restricted cash |
|
|
(304,089 |
) |
|
|
(95,828 |
) |
Cash, cash equivalents and
restricted cash at the beginning of period |
|
|
921,017 |
|
|
|
856,281 |
|
Cash, cash equivalents and
restricted cash at the end of period |
|
$ |
616,928 |
|
|
$ |
760,453 |
|
|
|
|
|
|
|
|
Noncash Investing and
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment included in Accounts payable
and accrued liabilities |
|
$ |
- |
|
|
$ |
7,928 |
|
Acquisition of property and equipment acquired under operating
leases |
|
$ |
488 |
|
|
$ |
8,875 |
|
Acquisition of flight equipment under finance leases |
|
$ |
3,154 |
|
|
$ |
121,313 |
|
Issuance of shares related to settlement of warrant liability |
|
$ |
- |
|
|
$ |
31,582 |
|
Issuance of shares related to settlement of convertible notes |
|
$ |
7,901 |
|
|
$ |
- |
|
Atlas Air Worldwide Holdings,
Inc.Direct Contribution(in
thousands)(Unaudited)
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Operating
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
1,142,731 |
|
|
$ |
955,861 |
|
|
$ |
2,138,086 |
|
|
$ |
1,782,101 |
|
Dry Leasing |
|
|
41,314 |
|
|
|
40,404 |
|
|
|
87,484 |
|
|
|
80,768 |
|
Customer incentive asset
amortization |
|
|
(9,864 |
) |
|
|
(11,443 |
) |
|
|
(19,915 |
) |
|
|
(21,924 |
) |
Other |
|
|
5,790 |
|
|
|
5,610 |
|
|
|
11,472 |
|
|
|
10,787 |
|
Total Operating
Revenue |
|
$ |
1,179,971 |
|
|
$ |
990,432 |
|
|
$ |
2,217,127 |
|
|
$ |
1,851,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
196,331 |
|
|
$ |
231,793 |
|
|
$ |
382,150 |
|
|
$ |
400,943 |
|
Dry Leasing |
|
|
12,646 |
|
|
|
10,766 |
|
|
|
29,555 |
|
|
|
21,329 |
|
Total Direct Contribution
for Reportable Segments |
|
|
208,977 |
|
|
|
242,559 |
|
|
|
411,705 |
|
|
|
422,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and
(expenses), net |
|
|
(93,361 |
) |
|
|
(102,464 |
) |
|
|
(194,101 |
) |
|
|
(163,998 |
) |
Loss on early extinguishment of
debt |
|
|
(689 |
) |
|
|
- |
|
|
|
(689 |
) |
|
|
- |
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(113 |
) |
Special charge |
|
|
- |
|
|
|
- |
|
|
|
(2,633 |
) |
|
|
- |
|
Transaction-related expenses |
|
|
- |
|
|
|
(117 |
) |
|
|
- |
|
|
|
(318 |
) |
Gain (loss) on disposal of flight
equipment |
|
|
(19 |
) |
|
|
- |
|
|
|
6,221 |
|
|
|
(16 |
) |
Income before income
taxes |
|
|
114,908 |
|
|
|
139,978 |
|
|
|
220,503 |
|
|
|
257,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(873 |
) |
|
|
(189 |
) |
|
|
(1,113 |
) |
|
|
(400 |
) |
Interest expense |
|
|
19,924 |
|
|
|
26,992 |
|
|
|
40,347 |
|
|
|
54,172 |
|
Capitalized interest |
|
|
(3,339 |
) |
|
|
(1,850 |
) |
|
|
(7,103 |
) |
|
|
(3,121 |
) |
Loss on early extinguishment of
debt |
|
|
689 |
|
|
|
- |
|
|
|
689 |
|
|
|
- |
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
113 |
|
Other (income) expense, net |
|
|
837 |
|
|
|
(4,854 |
) |
|
|
219 |
|
|
|
(44,310 |
) |
Operating
Income |
|
$ |
132,146 |
|
|
$ |
160,077 |
|
|
$ |
253,542 |
|
|
$ |
264,281 |
|
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 flight
equipment, 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, 2022 |
|
|
June 30, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
88,258 |
|
|
$ |
107,110 |
|
|
|
(17.6 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
Customer incentive asset amortization |
|
|
9,864 |
|
|
|
11,443 |
|
|
|
|
Noncash expenses and income, net1 |
|
|
- |
|
|
|
4,746 |
|
|
|
|
Other, net2 |
|
|
708 |
|
|
|
696 |
|
|
|
|
Income tax effect of reconciling items |
|
|
(1,580 |
) |
|
|
(2,220 |
) |
|
|
|
Adjusted Net
Income |
|
$ |
97,250 |
|
|
$ |
121,775 |
|
|
|
(20.1 |
)% |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
33,679 |
|
|
|
30,319 |
|
|
|
|
Less: effect of convertible notes hedges3 |
|
|
(4,731 |
) |
|
|
(608 |
) |
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
|
28,948 |
|
|
|
29,711 |
|
|
|
|
Adjusted Diluted
EPS |
|
$ |
3.36 |
|
|
$ |
4.10 |
|
|
|
(18.0 |
)% |
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
169,769 |
|
|
$ |
197,043 |
|
|
|
(13.8 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
CARES Act grant income4 |
|
|
- |
|
|
|
(40,944 |
) |
|
|
|
Customer incentive asset amortization |
|
|
19,915 |
|
|
|
21,924 |
|
|
|
|
Adjustments to CBA paid time-off benefits5 |
|
|
2,154 |
|
|
|
- |
|
|
|
|
Special charge6 |
|
|
2,633 |
|
|
|
- |
|
|
|
|
Noncash expenses and income, net1 |
|
|
- |
|
|
|
9,418 |
|
|
|
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
113 |
|
|
|
|
Other, net2 |
|
|
(5,532 |
) |
|
|
1,025 |
|
|
|
|
Income tax effect of reconciling items |
|
|
(2,909 |
) |
|
|
5,411 |
|
|
|
|
Adjusted Net
Income |
|
$ |
186,030 |
|
|
$ |
193,990 |
|
|
|
(4.1 |
)% |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
34,184 |
|
|
|
29,900 |
|
|
|
|
Less: effect of convertible notes hedges3 |
|
|
(4,881 |
) |
|
|
(304 |
) |
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
|
29,303 |
|
|
|
29,596 |
|
|
|
|
Adjusted Diluted EPS |
|
$ |
6.35 |
|
|
$ |
6.55 |
|
|
|
(3.1 |
)% |
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
114,908 |
|
|
$ |
139,978 |
|
|
|
(17.9 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
Customer incentive asset amortization |
|
|
9,864 |
|
|
|
11,443 |
|
|
|
|
Noncash expenses and income, net1 |
|
|
- |
|
|
|
4,746 |
|
|
|
|
Other, net2 |
|
|
708 |
|
|
|
696 |
|
|
|
|
Adjusted income before
income taxes |
|
|
125,480 |
|
|
|
156,863 |
|
|
|
(20.0 |
)% |
Interest (income) expense, net |
|
|
15,712 |
|
|
|
20,207 |
|
|
|
|
Other (income) expense, net |
|
|
837 |
|
|
|
(4,854 |
) |
|
|
|
Adjusted operating
income |
|
$ |
142,029 |
|
|
$ |
172,216 |
|
|
|
(17.5 |
)% |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
26,650 |
|
|
$ |
32,868 |
|
|
|
|
Income tax effect of
reconciling items |
|
|
(1,580 |
) |
|
|
(2,220 |
) |
|
|
|
Adjusted income tax expense |
|
|
28,230 |
|
|
|
35,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income before
income taxes |
|
$ |
125,480 |
|
|
$ |
156,863 |
|
|
|
|
Effective tax expense
rate |
|
|
23.2 |
% |
|
|
23.5 |
% |
|
|
|
Adjusted effective tax
expense rate |
|
|
22.5 |
% |
|
|
22.4 |
% |
|
|
|
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
220,503 |
|
|
$ |
257,827 |
|
|
|
(14.5 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
CARES Act grant income4 |
|
|
- |
|
|
|
(40,944 |
) |
|
|
|
Customer incentive asset amortization |
|
|
19,915 |
|
|
|
21,924 |
|
|
|
|
Adjustments to CBA paid time-off benefits5 |
|
|
2,154 |
|
|
|
- |
|
|
|
|
Special charge6 |
|
|
2,633 |
|
|
|
- |
|
|
|
|
Noncash expenses and income, net1 |
|
|
- |
|
|
|
9,418 |
|
|
|
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
113 |
|
|
|
|
Other, net2 |
|
|
(5,532 |
) |
|
|
1,025 |
|
|
|
|
Adjusted income before
income taxes |
|
|
239,673 |
|
|
|
249,363 |
|
|
|
(3.9 |
)% |
Interest (income) expense, net |
|
|
32,131 |
|
|
|
41,233 |
|
|
|
|
Other (income) expense, net |
|
|
219 |
|
|
|
(3,366 |
) |
|
|
|
Adjusted operating
income |
|
$ |
272,023 |
|
|
$ |
287,230 |
|
|
|
(5.3 |
)% |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
50,734 |
|
|
$ |
60,784 |
|
|
|
|
Income tax effect of
reconciling items |
|
|
(2,909 |
) |
|
|
5,411 |
|
|
|
|
Adjusted income tax expense |
|
|
53,643 |
|
|
|
55,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income before
income taxes |
|
$ |
239,673 |
|
|
$ |
249,363 |
|
|
|
|
Effective tax expense
rate |
|
|
23.0 |
% |
|
|
23.6 |
% |
|
|
|
Adjusted effective tax
expense rate |
|
|
22.4 |
% |
|
|
22.2 |
% |
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
88,258 |
|
|
$ |
107,110 |
|
|
|
(17.6 |
)% |
Interest expense, net |
|
|
15,712 |
|
|
|
24,953 |
|
|
|
|
Depreciation and
amortization |
|
|
74,358 |
|
|
|
66,661 |
|
|
|
|
Income tax expense |
|
|
26,650 |
|
|
|
32,868 |
|
|
|
|
EBITDA |
|
|
204,978 |
|
|
|
231,592 |
|
|
|
|
Customer incentive asset
amortization |
|
|
9,864 |
|
|
|
11,443 |
|
|
|
|
Other, net2 |
|
|
708 |
|
|
|
696 |
|
|
|
|
Adjusted
EBITDA |
|
$ |
215,550 |
|
|
$ |
243,731 |
|
|
|
(11.6 |
)% |
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
169,769 |
|
|
$ |
197,043 |
|
|
|
(13.8 |
)% |
Interest expense, net |
|
|
32,131 |
|
|
|
50,651 |
|
|
|
|
Depreciation and
amortization |
|
|
146,560 |
|
|
|
134,450 |
|
|
|
|
Income tax expense |
|
|
50,734 |
|
|
|
60,784 |
|
|
|
|
EBITDA |
|
|
399,194 |
|
|
|
442,928 |
|
|
|
|
CARES Act grant income4 |
|
|
- |
|
|
|
(40,944 |
) |
|
|
|
Customer incentive asset
amortization |
|
|
19,915 |
|
|
|
21,924 |
|
|
|
|
Adjustments to CBA paid
time-off benefits5 |
|
|
2,154 |
|
|
|
- |
|
|
|
|
Special charge6 |
|
|
2,633 |
|
|
|
- |
|
|
|
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
113 |
|
|
|
|
Other, net2 |
|
|
(5,532 |
) |
|
|
1,025 |
|
|
|
|
Adjusted
EBITDA |
|
$ |
418,364 |
|
|
$ |
425,046 |
|
|
|
(1.6 |
)% |
- Noncash expenses
and income, net in 2021 primarily related to amortization of debt
discount on the convertible notes.
- Other, net in 2022
primarily related to a gain on the sale of six spare CF6-80 engines
previously held for sale and a loss on early extinguishment of
debt. Other, net in 2021 primarily related to costs associated with
our acquisition of an airline and leadership transition costs.
- Represents the
economic benefit from our convertible notes hedges in offsetting
dilution from our convertible notes as we concluded that generally
there would be no 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.
- CARES Act grant
income in 2021 related to income associated with the Payroll
Support Program.
- Adjustments to CBA
paid time-off benefits in 2022 are related to our new CBA.
- Special charge in
2022 represented a charge related to two CF6-80 engines Dry Leased
to a customer.
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
$ |
218,149 |
|
|
$ |
254,981 |
|
Less: |
|
|
|
|
|
|
Capital expenditures |
|
|
24,298 |
|
|
|
16,697 |
|
Capitalized interest |
|
|
3,339 |
|
|
|
1,850 |
|
Free Cash
Flow1 |
|
$ |
190,512 |
|
|
$ |
236,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
|
$ |
425,988 |
|
|
$ |
343,106 |
|
Less: |
|
|
|
|
|
|
Capital expenditures |
|
|
54,193 |
|
|
|
43,359 |
|
Capitalized interest |
|
|
7,103 |
|
|
|
3,121 |
|
Free Cash
Flow1 |
|
$ |
364,692 |
|
|
$ |
296,626 |
|
- 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, 2022 |
|
|
June 30, 2021 |
|
|
(Decrease) |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
(Decrease) |
|
Block
Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
79,922 |
|
|
|
87,675 |
|
|
|
(7,753 |
) |
|
|
158,347 |
|
|
|
170,784 |
|
|
|
(12,437 |
) |
Passenger |
|
3,285 |
|
|
|
4,713 |
|
|
|
(1,428 |
) |
|
|
6,591 |
|
|
|
8,362 |
|
|
|
(1,771 |
) |
Other |
|
715 |
|
|
|
802 |
|
|
|
(87 |
) |
|
|
1,610 |
|
|
|
2,567 |
|
|
|
(957 |
) |
Total Block Hours |
|
83,922 |
|
|
|
93,190 |
|
|
|
(9,268 |
) |
|
|
166,548 |
|
|
|
181,713 |
|
|
|
(15,165 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block
Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
$ |
13,734 |
|
|
$ |
10,346 |
|
|
$ |
3,388 |
|
|
$ |
12,963 |
|
|
$ |
9,948 |
|
|
$ |
3,015 |
|
Cargo |
$ |
13,448 |
|
|
$ |
9,903 |
|
|
$ |
3,545 |
|
|
$ |
12,677 |
|
|
$ |
9,525 |
|
|
$ |
3,152 |
|
Passenger |
$ |
20,679 |
|
|
$ |
18,590 |
|
|
$ |
2,089 |
|
|
$ |
19,832 |
|
|
$ |
18,576 |
|
|
$ |
1,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Utilization (block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
10.2 |
|
|
|
10.8 |
|
|
|
(0.6 |
) |
|
|
10.2 |
|
|
|
10.4 |
|
|
|
(0.2 |
) |
Passenger |
|
3.5 |
|
|
|
5.2 |
|
|
|
(1.7 |
) |
|
|
3.5 |
|
|
|
4.6 |
|
|
|
(1.1 |
) |
All Operating Aircraft1 |
|
9.5 |
|
|
|
10.3 |
|
|
|
(0.8 |
) |
|
|
9.6 |
|
|
|
10.0 |
|
|
|
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
$ |
3.83 |
|
|
$ |
1.92 |
|
|
$ |
1.91 |
|
|
$ |
3.32 |
|
|
$ |
1.82 |
|
|
$ |
1.50 |
|
Fuel gallons consumed (000s) |
|
100,860 |
|
|
|
111,818 |
|
|
|
(10,958 |
) |
|
|
190,058 |
|
|
|
207,404 |
|
|
|
(17,346 |
) |
- 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 Months Ended |
|
|
Increase/ |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
(Decrease) |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Operating Fleet (average aircraft equivalents during the
period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
10.3 |
|
|
|
10.0 |
|
|
|
0.3 |
|
|
|
10.1 |
|
|
|
10.0 |
|
|
|
0.1 |
|
747-400 Cargo |
|
|
34.7 |
|
|
|
34.6 |
|
|
|
0.1 |
|
|
|
34.6 |
|
|
|
34.2 |
|
|
|
0.4 |
|
747-400 Dreamlifter |
|
|
0.3 |
|
|
|
1.3 |
|
|
|
(1.0 |
) |
|
|
0.3 |
|
|
|
1.2 |
|
|
|
(0.9 |
) |
747-400 Passenger |
|
|
4.6 |
|
|
|
5.0 |
|
|
|
(0.4 |
) |
|
|
4.7 |
|
|
|
4.9 |
|
|
|
(0.2 |
) |
777-200 Cargo |
|
|
9.0 |
|
|
|
9.0 |
|
|
|
- |
|
|
|
9.0 |
|
|
|
9.0 |
|
|
|
- |
|
767-300 Cargo |
|
|
24.0 |
|
|
|
24.0 |
|
|
|
- |
|
|
|
24.0 |
|
|
|
24.0 |
|
|
|
- |
|
767-300 Passenger |
|
|
5.7 |
|
|
|
4.9 |
|
|
|
0.8 |
|
|
|
5.6 |
|
|
|
4.9 |
|
|
|
0.7 |
|
767-200 Cargo |
|
|
- |
|
|
|
2.4 |
|
|
|
(2.4 |
) |
|
|
- |
|
|
|
4.0 |
|
|
|
(4.0 |
) |
767-200 Passenger |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
737-800 Cargo |
|
|
8.0 |
|
|
|
8.0 |
|
|
|
- |
|
|
|
8.0 |
|
|
|
8.0 |
|
|
|
- |
|
Total |
|
|
96.6 |
|
|
|
99.2 |
|
|
|
(2.6 |
) |
|
|
96.3 |
|
|
|
100.5 |
|
|
|
(4.2 |
) |
Dry Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
777-200 Cargo |
|
|
7.0 |
|
|
|
7.0 |
|
|
|
- |
|
|
|
7.0 |
|
|
|
7.0 |
|
|
|
- |
|
767-300 Cargo |
|
|
21.0 |
|
|
|
21.0 |
|
|
|
- |
|
|
|
21.0 |
|
|
|
21.0 |
|
|
|
- |
|
737-300 Cargo |
|
|
- |
|
|
|
1.0 |
|
|
|
(1.0 |
) |
|
|
- |
|
|
|
1.0 |
|
|
|
(1.0 |
) |
Total |
|
|
28.0 |
|
|
|
29.0 |
|
|
|
(1.0 |
) |
|
|
28.0 |
|
|
|
29.0 |
|
|
|
(1.0 |
) |
Less: Aircraft Dry Leased to CMI customers |
|
|
(21.0 |
) |
|
|
(21.0 |
) |
|
|
- |
|
|
|
(21.0 |
) |
|
|
(21.0 |
) |
|
|
- |
|
Total Operating Average Aircraft Equivalents |
|
|
103.6 |
|
|
|
107.2 |
|
|
|
(3.6 |
) |
|
|
103.3 |
|
|
|
108.5 |
|
|
|
(5.2 |
) |
- Airline Operations average fleet
excludes spare aircraft provided by CMI customers.
Contacts: Investors – InvestorRelations@atlasair.com Media
– CorpCommunications@atlasair.com
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