Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
strong increases in volumes, revenue and earnings for the fourth
quarter and full year of 2020. These results were driven by ongoing
demand for our assets and services and our operational execution.
The company also provided an outlook for first-quarter 2021
earnings growth.
On a reported basis, net income totaled $184.0
million, or $6.15 per diluted share, for the three months ended
December 31, 2020. Results compare with a reported loss of $410.2
million, or $15.86 per diluted share, for the three months ended
December 31, 2019, which was primarily due to a noncash special
charge of $616.2 million ($485.2 million after tax).
On an adjusted basis, EBITDA rose to $279.7
million in the fourth quarter of 2020 compared with $204.7 million
in the prior-year period. Adjusted net income increased to $143.2
million, or $4.83 per diluted share, in the fourth quarter of 2020
compared with $98.2 million, or $3.80 per diluted share, in the
prior-year period.
“We finished this unprecedented year on a strong
note, with financial and operating results that exceeded our
expectations. I’d like to thank everyone at Atlas for stepping up
to deliver an extraordinary peak season and full year for our
business and our customers,” said President and Chief Executive
Officer John Dietrich.
“In the face of unrelenting operational
complexities driven by the COVID-19 pandemic, we added widebody
capacity, increased aircraft utilization and grew block hours to
carry historic volumes, including essential goods that businesses,
communities and individuals require as well as holiday e-commerce
packages.
“We are leveraging our unrivaled portfolio of
assets and the scale of our global network. We are also continuing
to diversify our customer base and have entered into numerous
long-term charter agreements with strategic customers, such as
Cainiao, Flexport and HP Inc. These agreements will provide
reliable and attractive revenue streams for the years ahead.
“Providing our customers with modern,
fuel-efficient aircraft has been a longstanding priority at Atlas,
and we were excited to announce that we ordered four new 747-8Fs
from Boeing. This acquisition underscores that commitment and also
demonstrates our focus on environmental stewardship through the
reduction of aircraft noise, emissions and fuel consumption. The
747-8F provides 20% higher payload capacity and 16% lower fuel
consumption than the very capable 747-400F, and has 25% higher
capacity than the new-technology 777-200LRF. In addition, the
advanced engines on the 747-8F reduce noise by approximately 30%
compared to the previous generation of aircraft.
“As the world’s largest 747 freighter operator,
the -8F is core to our business, and complements our diverse fleet
of 747-400s, 777s, 767s and 737s. We are expecting delivery of
these new aircraft from May through October 2022, and they will
play a key role in advancing Atlas’ strategic growth plans for
decades to come.”
He concluded: “The strong demand for our
aircraft and services has continued into this quarter. We expect to
fly approximately 85,000 block hours in the first quarter of 2021,
with revenue of approximately $820 million, and adjusted EBITDA of
about $150 million. In addition, we expect first-quarter 2021
adjusted net income to grow approximately 60% to 65% compared with
adjusted net income of $29.9 million in the first quarter of
2020.*
“Due to ongoing uncertainty related to the
pandemic and associated market dynamics, including ever-changing
border restrictions, new variants of COVID-19 and surges in cases
globally, we are not providing a full-year 2021 earnings outlook at
this time.”
Fourth-Quarter Results
Volumes in the fourth quarter of 2020 increased
to 96,079 block hours compared with 84,488 in the fourth quarter of
2019, with revenue growing to $932.5 million versus $747.0 million
in 2019.
ACMI segment revenue during the period primarily
reflected lower levels of flying driven by the redeployment of
747-400 aircraft to the Charter segment to support long-term
charter programs with customers seeking to secure committed cargo
capacity. This was partially offset by an increase in aircraft
utilization and higher CMI flying.
ACMI segment contribution included higher pilot
costs related to premium pay for pilots operating in certain areas
significantly impacted by COVID-19 and increased pay rates we
provided to our pilots in May 2020. In addition, ACMI segment
contribution reflected higher heavy maintenance expense, including
additional engine overhauls performed to take advantage of slot
availability and vendor pricing discounts, and the redeployment of
747-400 aircraft to the Charter segment. These items were partially
offset by increased aircraft utilization and an increase in CMI
flying.
Higher Charter segment revenue during the
quarter was primarily due to an increase in flying, partially
offset by a slight decrease in the average revenue per block hour
due to lower fuel costs.
Charter segment contribution was primarily
driven by an increase in commercial cargo yields (excluding fuel)
and demand for our services, reflecting a reduction of available
cargo capacity in the market, the disruption of global supply
chains due to the pandemic and our ability to increase aircraft
utilization. In addition, segment contribution benefited from a
reduction in aircraft rent and depreciation, the redeployment of
747-400 aircraft from the ACMI segment and the operation of a
777-200 freighter previously in our Dry Leasing business. These
improvements were partially offset by: higher heavy maintenance
expense, including additional engine overhauls performed to take
advantage of slot availability and vendor pricing discounts; fewer
charters for sports teams and fans as sports leagues cancelled
games; higher pilot costs related to premium pay for pilots
operating in certain areas significantly impacted by COVID-19; and
increased pay rates we provided to our pilots in May 2020.
In Dry Leasing, lower segment revenue and
contribution in the fourth quarter of 2020 primarily related to
changes in leases and the disposition of certain nonessential Dry
Leased aircraft during the first quarter of 2020.
Lower unallocated income and expenses, net,
during the quarter primarily reflected CARES Act grant income of
$67.2 million.
Reported results in the fourth quarter of 2020
included an effective income tax rate of 24.1%. On an adjusted
basis, our results reflected an effective income tax rate of
23.9%.
Full-Year Results
Volumes in 2020 grew to 344,821 block hours
compared with 321,140 in 2019, with revenue increasing to $3.21
billion in 2020 from $2.74 billion in 2019.
For the twelve months ended December 31, 2020,
our reported net income totaled $360.3 million, or $13.50 per
diluted share, which included a $71.1 million unrealized loss on
financial instruments. Reported results for the twelve months ended
December 31, 2019, reflected a net loss of $293.1 million, or
$11.35 per diluted share, which included a noncash special charge
of $638.4 million ($503.1 million after tax), partially offset by
an unrealized gain on financial instruments of $75.1 million.
On an adjusted basis, EBITDA grew to $844.2
million in 2020 compared with $504.8 million in 2019. For the
twelve months ended December 31, 2020, adjusted net income
increased to $379.0 million, or $13.67 per diluted share, compared
with $139.6 million, or $5.24 per diluted share, in 2019.
Reported results in 2020 included an effective
income tax rate of 27.5%. On an adjusted basis, our results
reflected an effective income tax rate of 22.9%.
Cash
At December 31, 2020, our cash and cash
equivalents, short-term investments and restricted cash totaled
$856.3 million, compared with $114.3 million at December 31,
2019.
Our improved cash balance primarily reflected
cash provided by operating activities, and also included the funds
we received through the Payroll Support Program available to air
cargo carriers under the CARES Act, partially offset by cash used
for investing and financing activities.
Net cash used for investing activities during
2020 primarily related to capital expenditures and payments for
flight equipment and modifications, including spare engines and
GEnx engine performance upgrade kits, partially offset by proceeds
from the disposal of nonessential aircraft. Net cash used for
financing activities during the year primarily related to payments
on debt obligations, including our revolving credit facility,
partially offset by debt issuances.
Amazon Warrants
On October 9, 2020, Amazon elected a cashless
exercise with respect to 3,607,477 shares vested under a Warrant
issued in 2016. As a result, Amazon acquired 1,375,421 shares of
AAWW common stock.
On January 27, 2021, Amazon elected a cashless
exercise with respect to 4,150,529 shares vested under Warrants
issued in 2016. As a result, Amazon acquired 1,280,450 shares of
AAWW common stock.
Labor
Our work continues to complete a new joint
collective bargaining agreement with our pilots in connection with
the merger between Atlas Air and Southern Air. Formal negotiations
with the pilots’ union have recently concluded, and we are moving
on to binding interest arbitration on the remaining open issues.
This arbitration is scheduled to begin in mid-March 2021.
Outlook*
We expect to fly approximately 85,000 block
hours in the first quarter of 2021, with revenue of approximately
$820 million, and adjusted EBITDA of about $150 million. In
addition, we expect first-quarter 2021 adjusted net income to grow
approximately 60% to 65% compared with adjusted net income of $29.9
million in the first quarter of 2020.*
We anticipate first-quarter results to continue
to be impacted by ongoing pandemic-related expenses, including
pilot premium pay and operational costs for providing a safe
working environment for our employees. We also expect higher pilot
costs related to increased pay rates we provided to our pilots in
May 2020 and higher scheduled heavy maintenance expense.
For the full year in 2021, we expect aircraft
maintenance expense to be lower than 2020, and depreciation and
amortization to total about $270 million. In addition, core capital
expenditures, which exclude aircraft and engine purchases, are
projected to total approximately $110 to $120 million, mainly for
parts and components for our fleet.
Committed expenditures to acquire aircraft and
spare engines are expected to be $264.7 million in 2021. These
expenditures include 747-400 passenger aircraft (to be used for
replacement of older passenger aircraft as well as engines and
spare parts), spare engines, and our January 2021 agreement to
purchase four 747-8F aircraft from Boeing that are expected to be
delivered from May 2022 through October 2022.
Due to ongoing uncertainty related to the
pandemic and associated market dynamics, including ever-changing
border restrictions, new variants of COVID-19 and surges in cases
globally, we are not providing a full-year 2021 earnings outlook at
this time. We will provide updates as the year progresses.
We provide guidance on an adjusted basis because
we are unable to predict, with reasonable certainty, 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
Management will host a conference call to
discuss Atlas Air Worldwide’s fourth-quarter and full-year 2020
financial and operating results at 11:00 a.m. Eastern Time on
Thursday, February 18, 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/kdnn77fd.
For those unable to listen to the live call, a
replay will be archived on the Investor site following the call. A
replay will also be available through February 25 by dialing (855)
859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.)
and using Access Code 2969689#.
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 expense
(benefit) rate; and Free Cash Flow, which exclude certain noncash
income and expenses, and items impacting year-over-year comparisons
of our results. These non-GAAP measures may not be comparable to
similarly titled measures used by other companies and should not be
considered in isolation or as a substitute for Net income (loss);
Diluted EPS; Effective tax rate; and Net Cash Provided by Operating
Activities, which are the most directly comparable measures of
performance prepared in accordance with U.S. GAAP.
Our management uses these non-GAAP financial
measures in assessing the performance of the company’s ongoing
operations and in planning and forecasting future periods. We
believe that these adjusted measures, when considered together with
the corresponding U.S. GAAP financial measures and the
reconciliations to those measures, provide meaningful supplemental
information to assist investors and analysts in understanding our
financial results and assessing our prospects for future
performance. For example:
- Adjusted EBITDA; Adjusted net
income; and Adjusted Diluted EPS provide a more comparable basis to
analyze operating results and earnings and are measures commonly
used by shareholders to measure our performance. In addition,
management’s incentive compensation is determined, in part, by
using Adjusted EBITDA and Adjusted net income.
- Adjusted effective tax rate
provides improved insight into the tax effects of our ongoing
business operations.
- Free Cash Flow helps investors
assess our ability, over the long term, to create value for our
shareholders as it represents cash available to execute our capital
allocation strategy.
*We provide guidance 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
the ultimate outcome of certain significant items, including future
gains and losses on asset sales, special charges and other
unanticipated items. These items are uncertain, depend on various
factors, and could have a material impact on our U.S. GAAP
results.
About Atlas Air Worldwide:
Atlas Air Worldwide is a leading global provider
of outsourced aircraft and aviation operating services. It is the
parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and
Titan Aviation Holdings, Inc., and is the majority shareholder of
Polar Air Cargo Worldwide, Inc. Our companies operate the world’s
largest fleet of 747 freighter aircraft and provide customers the
broadest array of Boeing 747, 777, 767 and 737 aircraft for
domestic, regional and international cargo and passenger
operations.
Atlas Air Worldwide’s press releases, SEC
filings and other information may be accessed through the company’s
home page, www.atlasairworldwide.com.
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that reflect Atlas Air Worldwide’s current views
with respect to certain current and future events and financial
performance. Those statements are based on management’s beliefs,
plans, expectations and assumptions, and on information currently
available to management. Generally, the words “will,” “may,”
“should,” “expect,” “anticipate,” “intend,” “plan,” “continue,”
“believe,” “seek,” “project,” “estimate,” and similar expressions
used in this release that do not relate to historical facts are
intended to identify forward-looking statements.
Such forward-looking statements speak only as of
the date of this release. They are and will be, as the case may be,
subject to many risks, uncertainties and factors relating to the
operations and business environments of Atlas Air Worldwide and its
subsidiaries (collectively, the “companies”) that may cause the
actual results of the companies to be materially different from any
future results, express or implied, in such forward-looking
statements.
Factors that could cause actual results to
differ materially from these forward-looking statements include,
but are not limited to, the following: our ability to effectively
operate the network service contemplated by our agreements with
Amazon; our ability to coordinate with Amazon to accept newly
converted aircraft; the possibility that Amazon may terminate its
agreements with the companies; the ability of the companies to
operate pursuant to the terms of their financing facilities; the
ability of the companies to obtain and maintain normal terms with
vendors and service providers; the companies’ ability to maintain
contracts that are critical to their operations; the ability of the
companies to fund and execute their business plan; the ability of
the companies to attract, motivate and/or retain key executives,
pilots and associates; the ability of the companies to attract and
retain customers; the continued availability of our wide-body
aircraft; demand for cargo services in the markets in which the
companies operate; changes in U.S. and foreign government trade
policies; economic conditions; the impact of geographical events or
health epidemics such as the COVID-19 pandemic; our compliance with
the requirements and restrictions under the Payroll Support
Program; the effects of any hostilities or act of war (in the
Middle East or elsewhere) or any terrorist attack; significant data
breach or disruption of our information technology systems; labor
costs and relations, work stoppages and service slowdowns; the
outcome of pending negotiations and arbitration with our pilots’
union; financing costs; the cost and availability of war risk
insurance; aviation fuel costs; security-related costs; competitive
pressures on pricing (especially from lower-cost competitors);
volatility in the international currency markets; weather
conditions; government legislation and regulation; 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.
Contacts: |
Investors
– InvestorRelations@atlasair.com |
|
Media – CorpCommunications@atlasair.com |
Atlas Air Worldwide Holdings,
Inc.Consolidated Statements of
Operations(in thousands, except per share
data)(Unaudited)
|
For the Three Months Ended |
|
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenue |
$ |
932,475 |
|
|
$ |
747,049 |
|
|
$ |
3,211,116 |
|
|
$ |
2,739,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
203,363 |
|
|
|
166,900 |
|
|
|
737,963 |
|
|
|
599,811 |
|
Maintenance, materials and repairs |
|
127,211 |
|
|
|
76,370 |
|
|
|
506,297 |
|
|
|
381,701 |
|
Aircraft fuel |
|
130,976 |
|
|
|
132,216 |
|
|
|
440,649 |
|
|
|
483,827 |
|
Depreciation and amortization |
|
68,667 |
|
|
|
60,428 |
|
|
|
257,672 |
|
|
|
251,097 |
|
Navigation fees, landing fees and other rent |
|
45,198 |
|
|
|
34,341 |
|
|
|
155,107 |
|
|
|
144,809 |
|
Travel |
|
40,043 |
|
|
|
48,698 |
|
|
|
154,792 |
|
|
|
189,211 |
|
Passenger and ground handling services |
|
40,467 |
|
|
|
33,560 |
|
|
|
138,822 |
|
|
|
130,698 |
|
Aircraft rent |
|
24,343 |
|
|
|
33,368 |
|
|
|
96,865 |
|
|
|
155,639 |
|
Loss (gain) on disposal of aircraft |
|
(370 |
) |
|
|
5,309 |
|
|
|
(7,248 |
) |
|
|
5,309 |
|
Special charge, net |
|
(216 |
) |
|
|
616,243 |
|
|
|
16,265 |
|
|
|
638,373 |
|
Transaction-related expenses |
|
494 |
|
|
|
579 |
|
|
|
2,780 |
|
|
|
4,164 |
|
Other |
|
58,455 |
|
|
|
54,973 |
|
|
|
216,384 |
|
|
|
215,521 |
|
Total Operating Expenses |
|
738,631 |
|
|
|
1,262,985 |
|
|
|
2,716,348 |
|
|
|
3,200,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
|
193,844 |
|
|
|
(515,936 |
) |
|
|
494,768 |
|
|
|
(460,971 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses
(Income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(147 |
) |
|
|
(321 |
) |
|
|
(1,076 |
) |
|
|
(4,296 |
) |
Interest expense |
|
27,886 |
|
|
|
29,815 |
|
|
|
114,635 |
|
|
|
120,330 |
|
Capitalized interest |
|
(397 |
) |
|
|
(331 |
) |
|
|
(925 |
) |
|
|
(2,274 |
) |
Loss on early extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
81 |
|
|
|
804 |
|
Unrealized (gain) loss on financial instruments |
|
(2,298 |
) |
|
|
3,791 |
|
|
|
71,053 |
|
|
|
(75,109 |
) |
Other income, net |
|
(73,661 |
) |
|
|
(27,072 |
) |
|
|
(185,742 |
) |
|
|
(27,668 |
) |
Total Non-operating Expenses (Income) |
|
(48,617 |
) |
|
|
5,882 |
|
|
|
(1,974 |
) |
|
|
11,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
242,461 |
|
|
|
(521,818 |
) |
|
|
496,742 |
|
|
|
(472,758 |
) |
Income tax expense (benefit) |
|
58,494 |
|
|
|
(111,573 |
) |
|
|
136,456 |
|
|
|
(179,645 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
$ |
183,967 |
|
|
$ |
(410,245 |
) |
|
$ |
360,286 |
|
|
$ |
(293,113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
6.72 |
|
|
$ |
(15.86 |
) |
|
$ |
13.64 |
|
|
$ |
(11.35 |
) |
Diluted |
$ |
6.15 |
|
|
$ |
(15.86 |
) |
|
$ |
13.50 |
|
|
$ |
(11.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
27,395 |
|
|
|
25,869 |
|
|
|
26,408 |
|
|
|
25,828 |
|
Diluted |
|
29,666 |
|
|
|
25,869 |
|
|
|
26,690 |
|
|
|
25,828 |
|
Atlas Air Worldwide Holdings,
Inc.Consolidated Balance Sheets(in
thousands, except share data)(Unaudited)
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
845,589 |
|
|
$ |
103,029 |
|
Restricted cash |
|
10,692 |
|
|
|
10,401 |
|
Short-term investments |
|
- |
|
|
|
879 |
|
Accounts receivable, net of allowance of $1,233 and $1,822,
respectively |
|
265,521 |
|
|
|
290,119 |
|
Prepaid expenses, assets held for sale and other current
assets |
|
95,919 |
|
|
|
228,103 |
|
Total current assets |
|
1,217,721 |
|
|
|
632,531 |
|
Property and
Equipment |
|
|
|
|
|
|
|
Flight equipment |
|
5,061,387 |
|
|
|
4,880,424 |
|
Ground equipment |
|
86,670 |
|
|
|
83,584 |
|
Less: accumulated depreciation |
|
(1,147,613 |
) |
|
|
(977,883 |
) |
Flight equipment modifications in progress |
|
110,150 |
|
|
|
67,101 |
|
Property and equipment, net |
|
4,110,594 |
|
|
|
4,053,226 |
|
Other
Assets |
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
255,805 |
|
|
|
231,133 |
|
Deferred costs and other assets |
|
374,242 |
|
|
|
391,895 |
|
Intangible assets, net and goodwill |
|
70,826 |
|
|
|
76,856 |
|
Total
Assets |
$ |
6,029,188 |
|
|
$ |
5,385,641 |
|
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
107,604 |
|
|
$ |
79,683 |
|
Accrued liabilities |
|
583,160 |
|
|
|
481,725 |
|
Current portion of long-term debt and finance leases |
|
298,690 |
|
|
|
395,781 |
|
Current portion of long-term operating leases |
|
157,732 |
|
|
|
141,973 |
|
Total current liabilities |
|
1,147,186 |
|
|
|
1,099,162 |
|
Other
Liabilities |
|
|
|
|
|
|
|
Long-term debt and finance leases |
|
2,020,451 |
|
|
|
1,984,902 |
|
Long-term operating leases |
|
318,850 |
|
|
|
392,832 |
|
Deferred taxes |
|
203,586 |
|
|
|
74,040 |
|
Financial instruments and other liabilities |
|
77,576 |
|
|
|
42,526 |
|
Total other liabilities |
|
2,620,463 |
|
|
|
2,494,300 |
|
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;
32,877,533 and 31,048,842 shares issued, 27,517,297 and
25,870,876 shares outstanding (net of treasury stock),
as of December 31, 2020 and December 31,
2019, respectively |
|
329 |
|
|
|
310 |
|
Additional paid-in-capital |
|
873,874 |
|
|
|
761,715 |
|
Treasury stock, at cost; 5,360,236 and 5,177,966 shares,
respectively |
|
(217,889 |
) |
|
|
(213,871 |
) |
Accumulated other comprehensive loss |
|
(1,904 |
) |
|
|
(2,818 |
) |
Retained earnings |
|
1,607,129 |
|
|
|
1,246,843 |
|
Total stockholders’ equity |
|
2,261,539 |
|
|
|
1,792,179 |
|
Total Liabilities and
Equity |
$ |
6,029,188 |
|
|
$ |
5,385,641 |
|
1 |
Balance sheet
debt at December 31, 2020 totaled $2,319.1 million, including
the impact of $50.6 million of unamortized discount and debt
issuance costs of $29.3 million, compared with $2,380.7 million,
including the impact of $68.6 million of unamortized discount and
debt issuance costs of $35.1 million at December 31, 2019. |
2 |
The face
value of our debt and finance leases at December 31, 2020
totaled $2,399.0 million, compared with $2,484.4 million on
December 31, 2019. |
Atlas Air Worldwide Holdings,
Inc.Consolidated Statements of Cash
Flows(in thousands)(Unaudited)
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Operating Activities: |
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
360,286 |
|
|
$ |
(293,113 |
) |
|
|
|
|
|
|
|
|
Adjustments to reconcile Net
Income (Loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
328,101 |
|
|
|
316,821 |
|
Accretion of debt securities discount |
|
(2 |
) |
|
|
(244 |
) |
Provision for expected credit losses |
|
463 |
|
|
|
41 |
|
Loss on early extinguishment of debt |
|
81 |
|
|
|
804 |
|
Special charge, net of cash payments |
|
16,265 |
|
|
|
638,373 |
|
Unrealized loss (gain) on financial instruments |
|
71,053 |
|
|
|
(75,109 |
) |
Loss (gain) on disposal of aircraft |
|
(7,248 |
) |
|
|
5,309 |
|
Deferred taxes |
|
133,598 |
|
|
|
(180,553 |
) |
Stock-based compensation |
|
21,997 |
|
|
|
25,189 |
|
Changes
in: |
|
|
|
|
|
|
|
Accounts receivable |
|
26,132 |
|
|
|
(22,524 |
) |
Prepaid expenses, current assets and other assets |
|
(56,716 |
) |
|
|
(66,843 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
115,532 |
|
|
|
(47,807 |
) |
Net cash provided by operating
activities |
|
1,009,542 |
|
|
|
300,344 |
|
Investing
Activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
(78,933 |
) |
|
|
(133,554 |
) |
Payments for flight equipment and modifications |
|
(184,273 |
) |
|
|
(214,236 |
) |
Investment in joint ventures |
|
(9,298 |
) |
|
|
(2,028 |
) |
Proceeds from insurance |
|
- |
|
|
|
38,133 |
|
Proceeds from investments |
|
881 |
|
|
|
15,624 |
|
Proceeds from disposal of aircraft |
|
126,335 |
|
|
|
10,300 |
|
Net cash used for investing
activities |
|
(145,288 |
) |
|
|
(285,761 |
) |
Financing
Activities: |
|
|
|
|
|
|
|
Proceeds from debt issuance |
|
417,733 |
|
|
|
115,992 |
|
Payment of debt issuance costs |
|
(6,100 |
) |
|
|
(2,404 |
) |
Payments of debt and finance lease obligations |
|
(429,749 |
) |
|
|
(344,674 |
) |
Proceeds from revolving credit facility |
|
75,000 |
|
|
|
100,000 |
|
Payment of revolving credit facility |
|
(175,000 |
) |
|
|
- |
|
Customer maintenance reserves and deposits received |
|
15,168 |
|
|
|
14,736 |
|
Customer maintenance reserves paid |
|
(14,437 |
) |
|
|
(8,174 |
) |
Treasury shares withheld for payment of taxes |
|
(4,018 |
) |
|
|
(9,370 |
) |
Net cash used for financing
activities |
|
(121,403 |
) |
|
|
(133,894 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
742,851 |
|
|
|
(119,311 |
) |
Cash, cash equivalents and
restricted cash at the beginning of period |
|
113,430 |
|
|
|
232,741 |
|
Cash, cash equivalents and
restricted cash at the end of period |
$ |
856,281 |
|
|
$ |
113,430 |
|
|
|
|
|
|
|
|
|
Noncash Investing and
Financing Activities: |
|
|
|
|
|
|
|
Acquisition of property and equipment included in Accounts payable
and accrued liabilities |
$ |
36,619 |
|
|
$ |
37,390 |
|
Acquisition of property and equipment acquired under operating
leases |
$ |
91,538 |
|
|
$ |
28,827 |
|
Acquisition of flight equipment under finance lease |
$ |
18,476 |
|
|
$ |
10,825 |
|
Customer maintenance reserves settled with sale of aircraft |
$ |
6,497 |
|
|
$ |
- |
|
Issuance of shares related to settlement of warrant liability |
$ |
49,545 |
|
|
$ |
- |
|
Atlas Air Worldwide Holdings,
Inc.Direct Contribution(in
thousands)(Unaudited)
|
For the Three Months Ended |
|
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
$ |
337,718 |
|
|
$ |
344,901 |
|
|
$ |
1,211,169 |
|
|
$ |
1,247,770 |
|
Charter |
|
559,218 |
|
|
|
361,021 |
|
|
|
1,855,230 |
|
|
|
1,305,860 |
|
Dry Leasing |
|
41,609 |
|
|
|
43,453 |
|
|
|
165,181 |
|
|
|
200,781 |
|
Customer incentive asset
amortization |
|
(10,676 |
) |
|
|
(7,117 |
) |
|
|
(39,090 |
) |
|
|
(33,135 |
) |
Other |
|
4,606 |
|
|
|
4,791 |
|
|
|
18,626 |
|
|
|
17,913 |
|
Total Operating
Revenue |
$ |
932,475 |
|
|
$ |
747,049 |
|
|
$ |
3,211,116 |
|
|
$ |
2,739,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
$ |
70,321 |
|
|
$ |
104,412 |
|
|
$ |
179,946 |
|
|
$ |
218,459 |
|
Charter |
|
186,303 |
|
|
|
69,817 |
|
|
|
559,673 |
|
|
|
149,372 |
|
Dry Leasing |
|
11,023 |
|
|
|
11,740 |
|
|
|
41,070 |
|
|
|
70,386 |
|
Total Direct
Contribution for Reportable Segments |
|
267,647 |
|
|
|
185,969 |
|
|
|
780,689 |
|
|
|
438,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated expenses and
(income), net |
|
(27,576 |
) |
|
|
(81,865 |
) |
|
|
(201,016 |
) |
|
|
(337,434 |
) |
Loss on early extinguishment
of debt |
|
- |
|
|
|
- |
|
|
|
(81 |
) |
|
|
(804 |
) |
Unrealized gain (loss) on
financial instruments |
|
2,298 |
|
|
|
(3,791 |
) |
|
|
(71,053 |
) |
|
|
75,109 |
|
Special charge, net |
|
216 |
|
|
|
(616,243 |
) |
|
|
(16,265 |
) |
|
|
(638,373 |
) |
Transaction-related
expenses |
|
(494 |
) |
|
|
(579 |
) |
|
|
(2,780 |
) |
|
|
(4,164 |
) |
Gain (loss) on disposal of
aircraft |
|
370 |
|
|
|
(5,309 |
) |
|
|
7,248 |
|
|
|
(5,309 |
) |
Income (loss) before
income taxes |
|
242,461 |
|
|
|
(521,818 |
) |
|
|
496,742 |
|
|
|
(472,758 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(147 |
) |
|
|
(321 |
) |
|
|
(1,076 |
) |
|
|
(4,296 |
) |
Interest expense |
|
27,886 |
|
|
|
29,815 |
|
|
|
114,635 |
|
|
|
120,330 |
|
Capitalized interest |
|
(397 |
) |
|
|
(331 |
) |
|
|
(925 |
) |
|
|
(2,274 |
) |
Loss on early extinguishment
of debt |
|
- |
|
|
|
- |
|
|
|
81 |
|
|
|
804 |
|
Unrealized (gain) loss on
financial instruments |
|
(2,298 |
) |
|
|
3,791 |
|
|
|
71,053 |
|
|
|
(75,109 |
) |
Other income, net |
|
(73,661 |
) |
|
|
(27,072 |
) |
|
|
(185,742 |
) |
|
|
(27,668 |
) |
Operating Income
(Loss) |
$ |
193,844 |
|
|
$ |
(515,936 |
) |
|
$ |
494,768 |
|
|
$ |
(460,971 |
) |
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: ACMI, Charter, and Dry Leasing.
Direct Contribution consists of net income
(loss) before income taxes, excluding loss on early extinguishment
of debt, unrealized (loss) gain on financial instruments, special
charge, net, transaction-related expenses, gain (loss) on disposal
of aircraft, and unallocated income and expenses, net.
Direct operating and ownership costs include
crew costs, maintenance, fuel, ground operations, sales costs,
aircraft rent, interest expense on the portion of debt used for
financing aircraft, interest income on debt securities, and
aircraft depreciation.
Unallocated income and expenses, net include
corporate overhead, nonaircraft depreciation, noncash expenses and
income, interest expense on the portion of debt used for general
corporate purposes, interest income on nondebt securities,
capitalized interest, foreign exchange gains and losses, other
revenue, 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 |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
$ |
183,967 |
|
|
$ |
(410,245 |
) |
|
|
144.8 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
(67,212 |
) |
|
|
- |
|
|
|
|
|
Customer incentive asset amortization |
|
10,676 |
|
|
|
7,117 |
|
|
|
|
|
Special charge, net |
|
(216 |
) |
|
|
616,243 |
|
|
|
|
|
Leadership transition costs |
|
128 |
|
|
|
3,343 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
4,599 |
|
|
|
4,524 |
|
|
|
|
|
Unrealized (gain) loss on financial instruments |
|
(2,298 |
) |
|
|
3,791 |
|
|
|
|
|
Other, net3 |
|
166 |
|
|
|
6,177 |
|
|
|
|
|
Income tax effect of reconciling items |
|
13,410 |
|
|
|
(132,754 |
) |
|
|
|
|
Special tax item4 |
|
- |
|
|
|
(3 |
) |
|
|
|
|
Adjusted Net
Income |
$ |
143,220 |
|
|
$ |
98,193 |
|
|
|
45.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
29,666 |
|
|
|
25,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
$ |
4.83 |
|
|
$ |
3.80 |
|
|
|
27.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
$ |
360,286 |
|
|
$ |
(293,113 |
) |
|
|
222.9 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
(151,590 |
) |
|
|
- |
|
|
|
|
|
Customer incentive asset amortization |
|
39,090 |
|
|
|
33,135 |
|
|
|
|
|
Special charge |
|
16,265 |
|
|
|
638,373 |
|
|
|
|
|
Leadership transition costs |
|
6,061 |
|
|
|
6,736 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
17,971 |
|
|
|
18,267 |
|
|
|
|
|
Unrealized loss (gain) on financial instruments |
|
71,053 |
|
|
|
(75,109 |
) |
|
|
|
|
Other, net3 |
|
(3,679 |
) |
|
|
10,830 |
|
|
|
|
|
Income tax effect of reconciling items |
|
23,580 |
|
|
|
(145,295 |
) |
|
|
|
|
Special tax item4 |
|
- |
|
|
|
(54,272 |
) |
|
|
|
|
Adjusted Net
Income |
$ |
379,037 |
|
|
$ |
139,552 |
|
|
|
171.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
26,690 |
|
|
|
25,828 |
|
|
|
|
|
Add: dilutive warrant5 |
|
1,040 |
|
|
|
758 |
|
|
|
|
|
dilutive restricted stock |
|
- |
|
|
|
64 |
|
|
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
27,730 |
|
|
|
26,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
$ |
13.67 |
|
|
$ |
5.24 |
|
|
|
160.9 |
% |
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
For the Three Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes |
$ |
242,461 |
|
|
$ |
(521,818 |
) |
|
|
146.5 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
(67,212 |
) |
|
|
- |
|
|
|
|
|
Customer incentive asset amortization |
|
10,676 |
|
|
|
7,117 |
|
|
|
|
|
Special charge, net |
|
(216 |
) |
|
|
616,243 |
|
|
|
|
|
Leadership transition costs |
|
128 |
|
|
|
3,343 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
4,599 |
|
|
|
4,524 |
|
|
|
|
|
Unrealized (gain) loss on financial instruments |
|
(2,298 |
) |
|
|
3,791 |
|
|
|
|
|
Other, net3 |
|
166 |
|
|
|
6,177 |
|
|
|
|
|
Adjusted income before
income taxes |
|
188,304 |
|
|
|
119,377 |
|
|
|
57.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
22,743 |
|
|
|
24,849 |
|
|
|
|
|
Other income, net |
|
(6,449 |
) |
|
|
(27,072 |
) |
|
|
|
|
Adjusted operating
income |
$ |
204,598 |
|
|
$ |
117,154 |
|
|
|
74.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
$ |
58,494 |
|
|
$ |
(111,573 |
) |
|
|
|
|
Income tax effect of
reconciling items |
|
13,410 |
|
|
|
(132,754 |
) |
|
|
|
|
Special tax4 |
|
- |
|
|
|
(3 |
) |
|
|
|
|
Adjusted income tax expense (benefit) |
|
45,084 |
|
|
|
21,184 |
|
|
|
|
|
Adjusted income before
income taxes |
$ |
188,304 |
|
|
$ |
119,377 |
|
|
|
|
|
Effective tax expense
(benefit) rate |
|
24.1 |
% |
|
|
(21.4 |
)% |
|
|
|
|
Adjusted effective tax
expense rate |
|
23.9 |
% |
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes |
$ |
496,742 |
|
|
$ |
(472,758 |
) |
|
|
205.1 |
% |
Impact from: |
|
|
|
|
|
|
|
|
|
|
|
CARES Act grant income1 |
|
(151,590 |
) |
|
|
- |
|
|
|
|
|
Customer incentive asset amortization |
|
39,090 |
|
|
|
33,135 |
|
|
|
|
|
Special charge |
|
16,265 |
|
|
|
638,373 |
|
|
|
|
|
Leadership transition costs |
|
6,061 |
|
|
|
6,736 |
|
|
|
|
|
Noncash expenses and income, net2 |
|
17,971 |
|
|
|
18,267 |
|
|
|
|
|
Unrealized loss (gain) on financial instruments |
|
71,053 |
|
|
|
(75,109 |
) |
|
|
|
|
Other, net3 |
|
(3,679 |
) |
|
|
10,830 |
|
|
|
|
|
Adjusted income before
income taxes |
|
491,913 |
|
|
|
159,474 |
|
|
|
208.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
94,663 |
|
|
|
97,122 |
|
|
|
|
|
Other income, net |
|
(34,071 |
) |
|
|
(24,013 |
) |
|
|
|
|
Adjusted operating
income |
$ |
552,505 |
|
|
$ |
232,583 |
|
|
|
137.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
$ |
136,456 |
|
|
$ |
(179,645 |
) |
|
|
|
|
Income tax effect of
reconciling items |
|
23,580 |
|
|
|
(145,295 |
) |
|
|
|
|
Special tax4 |
|
- |
|
|
|
(54,272 |
) |
|
|
|
|
Adjusted income tax
expense |
|
112,876 |
|
|
|
19,922 |
|
|
|
|
|
Adjusted income before
income taxes |
$ |
491,913 |
|
|
$ |
159,474 |
|
|
|
|
|
Effective tax expense
(benefit) rate |
|
27.5 |
% |
|
|
(38.0 |
)% |
|
|
|
|
Adjusted effective tax
expense rate |
|
22.9 |
% |
|
|
12.5 |
% |
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands)(Unaudited)
|
For the Three Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
$ |
183,967 |
|
|
$ |
(410,245 |
) |
|
|
144.8 |
% |
Interest expense, net |
|
27,342 |
|
|
|
29,163 |
|
|
|
|
|
Depreciation and
amortization |
|
68,667 |
|
|
|
60,428 |
|
|
|
|
|
Income tax expense
(benefit) |
|
58,494 |
|
|
|
(111,573 |
) |
|
|
|
|
EBITDA |
|
338,470 |
|
|
|
(432,227 |
) |
|
|
|
|
CARES Act grant income1 |
|
(67,212 |
) |
|
|
- |
|
|
|
|
|
Customer incentive asset
amortization |
|
10,676 |
|
|
|
7,117 |
|
|
|
|
|
Special charge, net |
|
(216 |
) |
|
|
616,243 |
|
|
|
|
|
Leadership transition
costs |
|
128 |
|
|
|
3,343 |
|
|
|
|
|
Unrealized (gain) loss on
financial instruments |
|
(2,298 |
) |
|
|
3,791 |
|
|
|
|
|
Other, net3 |
|
166 |
|
|
|
6,387 |
|
|
|
|
|
Adjusted
EBITDA |
$ |
279,714 |
|
|
$ |
204,654 |
|
|
|
36.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
$ |
360,286 |
|
|
$ |
(293,113 |
) |
|
|
222.9 |
% |
Interest expense, net |
|
112,634 |
|
|
|
113,760 |
|
|
|
|
|
Depreciation and
amortization |
|
257,672 |
|
|
|
251,097 |
|
|
|
|
|
Income tax expense
(benefit) |
|
136,456 |
|
|
|
(179,645 |
) |
|
|
|
|
EBITDA |
|
867,048 |
|
|
|
(107,901 |
) |
|
|
|
|
CARES Act grant income1 |
|
(151,590 |
) |
|
|
- |
|
|
|
|
|
Customer incentive asset
amortization |
|
39,090 |
|
|
|
33,135 |
|
|
|
|
|
Special charge |
|
16,265 |
|
|
|
638,373 |
|
|
|
|
|
Leadership transition
costs |
|
6,061 |
|
|
|
6,736 |
|
|
|
|
|
Unrealized loss (gain) on
financial instruments |
|
71,053 |
|
|
|
(75,109 |
) |
|
|
|
|
Other, net3 |
|
(3,679 |
) |
|
|
9,542 |
|
|
|
|
|
Adjusted
EBITDA |
$ |
844,248 |
|
|
$ |
504,776 |
|
|
|
67.3 |
% |
1 |
CARES Act grant income in 2020 related to income associated with
the Payroll Support Program. |
2 |
Noncash
expenses and income, net in 2020 and 2019 primarily related to
amortization of debt discount on the convertible notes. |
3 |
Other,
net in 2020 primarily related to a $7.2 million net gain on the
sale of aircraft, costs associated with the Payroll Support
Program, costs associated with the refinancing of debt, costs
associated with our acquisition of Southern Air and accrual for
legal matters and professional fees. Other, net in 2019 primarily
related to a loss on the sale of a GEnx engine, a net insurance
recovery, loss on early extinguishment of debt, unique training
aircraft costs required for a customer contract and costs
associated with a customer transaction with warrants, costs
associated with our acquisition of Southern Air and accrual for
legal matters and professional fees. |
4 |
Special
tax item in 2019 represents the income tax benefit from the
completion of the 2015 IRS examination that is not related to
ongoing operations. |
5 |
Dilutive
warrants represent potentially dilutive common shares related to
warrants issued to a customer. These warrants are excluded from
Diluted EPS, net of taxes prepared in accordance with GAAP when
they would have been antidilutive. |
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
For the Three Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
$ |
226,834 |
|
|
$ |
107,054 |
|
Less: |
|
|
|
|
|
|
|
Capital expenditures |
|
33,799 |
|
|
|
25,960 |
|
Capitalized interest |
$ |
397 |
|
|
$ |
331 |
|
Free Cash
Flow1 |
$ |
192,638 |
|
|
$ |
80,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
$ |
1,009,542 |
|
|
$ |
300,344 |
|
Less: |
|
|
|
|
|
|
|
Capital expenditures |
|
78,933 |
|
|
|
133,554 |
|
Capitalized interest |
$ |
925 |
|
|
$ |
2,274 |
|
Free Cash
Flow1 |
$ |
929,684 |
|
|
$ |
164,516 |
|
1 |
Free Cash Flow = Cash Flows 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 Twelve Months Ended |
|
|
Increase/ |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
(Decrease) |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block
Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
|
63,992 |
|
|
|
63,647 |
|
|
|
345 |
|
|
|
239,056 |
|
|
|
245,706 |
|
|
|
(6,650 |
) |
Charter |
|
31,169 |
|
|
|
20,084 |
|
|
|
11,085 |
|
|
|
101,238 |
|
|
|
72,547 |
|
|
|
28,691 |
|
Cargo |
|
26,712 |
|
|
|
14,898 |
|
|
|
11,814 |
|
|
|
84,461 |
|
|
|
51,982 |
|
|
|
32,479 |
|
Passenger |
|
4,457 |
|
|
|
5,186 |
|
|
|
(729 |
) |
|
|
16,777 |
|
|
|
20,565 |
|
|
|
(3,788 |
) |
Other |
|
918 |
|
|
|
757 |
|
|
|
161 |
|
|
|
4,527 |
|
|
|
2,887 |
|
|
|
1,640 |
|
Total Block Hours |
|
96,079 |
|
|
|
84,488 |
|
|
|
11,591 |
|
|
|
344,821 |
|
|
|
321,140 |
|
|
|
23,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block
Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI |
$ |
5,278 |
|
|
$ |
5,419 |
|
|
$ |
(141 |
) |
|
$ |
5,066 |
|
|
$ |
5,078 |
|
|
$ |
(12 |
) |
Charter |
$ |
17,941 |
|
|
$ |
17,976 |
|
|
$ |
(35 |
) |
|
$ |
18,325 |
|
|
$ |
18,000 |
|
|
$ |
325 |
|
Cargo |
$ |
17,747 |
|
|
$ |
16,630 |
|
|
$ |
1,117 |
|
|
$ |
18,303 |
|
|
$ |
17,164 |
|
|
$ |
1,139 |
|
Passenger |
$ |
19,109 |
|
|
$ |
21,841 |
|
|
$ |
(2,732 |
) |
|
$ |
18,440 |
|
|
$ |
20,113 |
|
|
$ |
(1,673 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Utilization
(block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
9.6 |
|
|
|
8.6 |
|
|
|
1.0 |
|
|
|
8.9 |
|
|
|
8.5 |
|
|
|
0.4 |
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
12.6 |
|
|
|
8.5 |
|
|
|
4.1 |
|
|
|
10.5 |
|
|
|
8.1 |
|
|
|
2.4 |
|
Passenger |
|
4.9 |
|
|
|
5.7 |
|
|
|
(0.8 |
) |
|
|
4.7 |
|
|
|
6.1 |
|
|
|
(1.4 |
) |
All Operating Aircraft1,2 |
|
9.9 |
|
|
|
8.4 |
|
|
|
1.5 |
|
|
|
8.9 |
|
|
|
8.3 |
|
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
$ |
1.37 |
|
|
$ |
2.22 |
|
|
$ |
(0.85 |
) |
|
$ |
1.41 |
|
|
$ |
2.27 |
|
|
$ |
(0.86 |
) |
Fuel gallons consumed (000s) |
|
95,921 |
|
|
|
59,487 |
|
|
|
36,434 |
|
|
|
313,428 |
|
|
|
213,253 |
|
|
|
100,175 |
|
1 |
ACMI and All
Operating Aircraft averages in the fourth quarter and 12 months of
2020 reflect the impact of increases in the number of CMI aircraft
and amount of CMI flying compared with the same periods of
2019. |
2 |
Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes. |
Atlas Air Worldwide Holdings,
Inc.Operating Statistics and Traffic
Results(Unaudited)
|
For the Three Months Ended |
|
|
Increase/ |
|
|
For the Twelve Months Ended |
|
|
Increase/ |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
(Decrease) |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Fleet(average aircraft
equivalents during the period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMI1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
7.9 |
|
|
|
8.9 |
|
|
|
(1.0 |
) |
|
|
8.5 |
|
|
|
8.5 |
|
|
|
- |
|
747-400 Cargo |
|
14.8 |
|
|
|
17.2 |
|
|
|
(2.4 |
) |
|
|
13.4 |
|
|
|
17.9 |
|
|
|
(4.5 |
) |
747-400 Dreamlifter |
|
1.7 |
|
|
|
3.4 |
|
|
|
(1.7 |
) |
|
|
2.4 |
|
|
|
3.5 |
|
|
|
(1.1 |
) |
777-200 Cargo |
|
8.0 |
|
|
|
8.0 |
|
|
|
- |
|
|
|
8.0 |
|
|
|
7.1 |
|
|
|
0.9 |
|
767-300 Cargo |
|
23.0 |
|
|
|
24.0 |
|
|
|
(1.0 |
) |
|
|
23.4 |
|
|
|
24.9 |
|
|
|
(1.5 |
) |
767-200 Cargo |
|
7.9 |
|
|
|
9.0 |
|
|
|
(1.1 |
) |
|
|
8.7 |
|
|
|
9.0 |
|
|
|
(0.3 |
) |
767-200 Passenger |
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
737-800 Cargo |
|
7.8 |
|
|
|
4.2 |
|
|
|
3.6 |
|
|
|
5.8 |
|
|
|
2.4 |
|
|
|
3.4 |
|
737-400 Cargo |
|
- |
|
|
|
5.0 |
|
|
|
(5.0 |
) |
|
|
2.6 |
|
|
|
5.0 |
|
|
|
(2.4 |
) |
Total |
|
72.1 |
|
|
|
80.7 |
|
|
|
(8.6 |
) |
|
|
73.8 |
|
|
|
79.3 |
|
|
|
(5.5 |
) |
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
2.0 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.5 |
|
|
|
1.5 |
|
|
|
- |
|
747-400 Cargo |
|
19.1 |
|
|
|
18.0 |
|
|
|
1.1 |
|
|
|
19.2 |
|
|
|
16.0 |
|
|
|
3.2 |
|
747-400 Passenger |
|
5.0 |
|
|
|
5.0 |
|
|
|
- |
|
|
|
5.0 |
|
|
|
4.3 |
|
|
|
0.7 |
|
777-200 Cargo |
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
0.7 |
|
|
|
- |
|
|
|
0.7 |
|
767-300 Cargo |
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
0.6 |
|
|
|
- |
|
|
|
0.6 |
|
767-300 Passenger |
|
4.8 |
|
|
|
4.9 |
|
|
|
(0.1 |
) |
|
|
4.8 |
|
|
|
4.9 |
|
|
|
(0.1 |
) |
Total |
|
32.9 |
|
|
|
28.9 |
|
|
|
4.0 |
|
|
|
31.8 |
|
|
|
26.7 |
|
|
|
5.1 |
|
Dry Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
777-200 Cargo |
|
7.0 |
|
|
|
7.0 |
|
|
|
- |
|
|
|
7.0 |
|
|
|
7.3 |
|
|
|
(0.3 |
) |
767-300 Cargo |
|
21.0 |
|
|
|
21.0 |
|
|
|
- |
|
|
|
21.0 |
|
|
|
21.1 |
|
|
|
(0.1 |
) |
757-200 Cargo |
|
- |
|
|
|
1.0 |
|
|
|
(1.0 |
) |
|
|
0.1 |
|
|
|
1.0 |
|
|
|
(0.9 |
) |
737-300 Cargo |
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
737-800 Passenger |
|
- |
|
|
|
1.0 |
|
|
|
(1.0 |
) |
|
|
0.2 |
|
|
|
1.0 |
|
|
|
(0.8 |
) |
Total |
|
29.0 |
|
|
|
31.0 |
|
|
|
(2.0 |
) |
|
|
29.3 |
|
|
|
31.4 |
|
|
|
(2.1 |
) |
Less: Aircraft Dry Leased to CMI customers |
|
(21.0 |
) |
|
|
(21.0 |
) |
|
|
- |
|
|
|
(21.0 |
) |
|
|
(22.6 |
) |
|
|
(1.6 |
) |
Total Operating Average Aircraft Equivalents |
|
113.0 |
|
|
|
119.6 |
|
|
|
(6.6 |
) |
|
|
113.9 |
|
|
|
114.8 |
|
|
|
(0.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Out-of-Service2 |
|
0.7 |
|
|
|
1.0 |
|
|
|
(0.3 |
) |
|
|
2.2 |
|
|
|
0.8 |
|
|
|
1.4 |
|
1 ACMI average fleet excludes spare aircraft provided by CMI
customers.
2 Out-of-service includes aircraft that are either temporarily
parked or held for sale.
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