Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced
full-year 2022 results, including net income of $355.9 million, or
$10.53 per diluted share, compared with net income of $493.3
million, or $16.16 per diluted share, in 2021.
On an adjusted basis, EBITDA totaled $899.2
million in 2022 compared with $1.1 billion in 2021. Adjusted net
income in 2022 totaled $418.0 million, or $14.23 per diluted share,
compared with $551.0 million, or $18.51 per diluted share, in
2021.
“2022 was one of the best years in Atlas’
history, and we are pleased that we placed all eight of our new and
incoming aircraft under long-term contracts. All four new 747-8Fs
and the first of four 777Fs have been delivered and are operating
for strategic customers under attractive long-term agreements,”
said Atlas Air Worldwide President and Chief Executive Officer John
W. Dietrich.
Mr. Dietrich added: “In January, we took
delivery of the final 747 ever to be produced by Boeing during an
historic ceremony. Although the celebration marked the end of the
54-year production run for the ‘Queen of the Skies,’ it is only the
beginning for this aircraft, which will serve the airfreight market
for decades to come.
“Atlas began over 30 years ago with a single
747-200 freighter and since then, we became, and still are, the
world’s largest operator of 747 freighters. Our company’s history
and success are directly linked to the 747 platform, and it is
fitting that we took delivery of the final four of these iconic
aircraft.”
He concluded: “I also want to thank the Atlas
team for their continued efforts to deliver safe and reliable
service to our customers throughout 2022.”
Transaction Update
As previously announced, on August 4, 2022,
Atlas Air Worldwide 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. In
light of this pending acquisition, Atlas Air Worldwide will not
hold an earnings conference call or provide forward-looking
guidance.
The Company is working to complete the
transaction in the first quarter of 2023, and continues to make
progress toward obtaining necessary approvals. At this time, we are
awaiting final approval from the U.S. Department of Transportation
and have received all other required shareholder and regulatory
approvals.
Fourth-Quarter Results
Revenue grew to $1.21 billion in the fourth
quarter of 2022 compared with $1.16 billion in the prior-year
quarter. Volumes in the fourth quarter of 2022 totaled 84,916 block
hours compared with 91,985 in the fourth quarter of 2021.
For the three months ended December 31, 2022,
our reported net income totaled $126.0 million, or $3.70 per
diluted share, compared with $176.7 million, or $5.55 per diluted
share, in the fourth quarter of 2021.
On an adjusted basis, EBITDA was $286.8 million
in the fourth quarter of 2022 compared with $361.8 million in the
fourth quarter of 2021. Adjusted net income in the fourth quarter
of 2022 totaled $153.1 million, or $5.17 per diluted share,
compared with $211.6 million, or $7.05 per diluted share, in the
prior-year period.
Reported earnings in the fourth quarter of 2022
also included an effective income tax rate of 22.6%. On an adjusted
basis, our results reflected an effective income tax rate of
21.1%.
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 yields
(net of fuel), including the impact of new and extended long-term
contracts and increased cargo flying for the AMC. Block hours
decreased primarily due to the impact of severe winter storms and a
reduction in less profitable smaller gauge CMI flying. The abnormal
increase in severe weather events also 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 higher overtime pay driven by operational disruptions,
including an abnormal increase in severe weather events, as well as
higher crew travel costs related to higher commercial passenger
airfare rates. Segment contribution was also adversely impacted by
lower aircraft utilization and yields (net of fuel), primarily
driven by lower market demand, the severe weather events noted
above, and decreased passenger flying for the AMC. These items were
partially offset by the contribution from our new 747-8F and
777-200LRF aircraft delivered in 2022, as well as lower heavy
maintenance expense.
In Dry Leasing, segment revenue in the fourth
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 a $14.1 million adjustment to
paid time-off benefits recorded in 2021 related to our new CBA,
lower interest expense related to our adoption of the amended
accounting guidance for convertible notes and higher interest
income.
Full-Year Results
Revenue increased to $4.5 billion in 2022 from
$4.0 billion in 2021. Volumes in 2022 totaled 330,738 block hours
compared with 364,061 in 2021.
For the twelve months ended December 31, 2022,
our reported net income was $355.9 million, or $10.53 per diluted
share, compared with $493.3 million, or $16.16 per diluted share,
in 2021.
On an adjusted basis, EBITDA was $899.2 million
in 2022 compared with $1.1 billion in 2021. For the twelve months
ended December 31, 2022, adjusted net income was $418.0 million, or
$14.23 per diluted share, compared with $551.0 million, or $18.51
per diluted share, in 2021.
Reported results in 2022 included an effective
income tax rate of 22.9%. On an adjusted basis, our results
reflected an effective income tax rate of 22.0%.
Fleet
All four new 747-8Fs have been delivered,
including the final 747 in January 2023. All four of these aircraft
are placed with strategic customers under long-term agreements.
All four of our new and incoming 777-200LRFs
have been placed under a long-term ACMI contract with MSC
Mediterranean Shipping Company SA. The first aircraft was delivered
in late November 2022, with three more expected to be delivered
throughout 2023.
As previously disclosed, we purchased five of
our existing 747-400Fs at the end of their leases during 2022, all
of which were acquired between March and December. In November
2022, we reached an agreement with one of our lessors to purchase a
747-400F at the end of its existing lease term. We expect to
complete the acquisition of the aircraft by April 2023.
Cash
At December 31, 2022, our cash, including cash equivalents and
restricted cash, totaled $773.9 million compared with $921.0
million at December 31, 2021.
The change in position resulted from cash used
for investing and financing activities, including $185.6 million
for pre-delivery payments for our new aircraft, $216.6 million
related to the settlement of our 2015 Convertible Notes and $100.0
million for our accelerated share repurchase program (which we have
suspended in connection with the proposed merger), partially offset
by cash provided by operating activities.
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 wide-body aircraft to us;
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; general economic conditions, including inflation; 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 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 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, financial advisory, integration and accounting 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, 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
subsequent quarterly reports on Form 10-Q 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 reports 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. Given
these risks and uncertainties, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results.
Except as stated in this release, Atlas Air
Worldwide is not providing guidance or estimates regarding its
anticipated business and financial performance for 2023 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.
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.
Contacts: Investors –
InvestorRelations@atlasair.comMedia –
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, 2022 |
|
|
December 31, 2021 |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
|
$ |
1,207,423 |
|
|
$ |
1,162,997 |
|
|
$ |
4,549,104 |
|
|
$ |
4,030,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel |
|
|
353,114 |
|
|
|
230,470 |
|
|
|
1,335,622 |
|
|
|
824,928 |
|
Salaries, wages and benefits |
|
|
286,543 |
|
|
|
282,023 |
|
|
|
1,135,153 |
|
|
|
924,440 |
|
Maintenance, materials and repairs |
|
|
82,383 |
|
|
|
116,038 |
|
|
|
425,959 |
|
|
|
472,537 |
|
Depreciation and amortization |
|
|
78,229 |
|
|
|
73,291 |
|
|
|
303,220 |
|
|
|
281,209 |
|
Travel |
|
|
59,178 |
|
|
|
42,401 |
|
|
|
211,902 |
|
|
|
162,986 |
|
Navigation fees, landing fees and other rent |
|
|
39,448 |
|
|
|
45,142 |
|
|
|
159,212 |
|
|
|
184,060 |
|
Passenger and ground handling services |
|
|
37,560 |
|
|
|
35,125 |
|
|
|
140,381 |
|
|
|
156,962 |
|
Aircraft rent |
|
|
13,057 |
|
|
|
13,817 |
|
|
|
52,268 |
|
|
|
67,745 |
|
Loss (gain) on disposal of flight equipment |
|
|
9,319 |
|
|
|
- |
|
|
|
3,098 |
|
|
|
(794 |
) |
Special charge |
|
|
7,283 |
|
|
|
- |
|
|
|
16,215 |
|
|
|
- |
|
Transaction-related expenses |
|
|
2,857 |
|
|
|
515 |
|
|
|
9,746 |
|
|
|
1,001 |
|
Other |
|
|
61,358 |
|
|
|
61,095 |
|
|
|
233,934 |
|
|
|
244,461 |
|
Total Operating Expenses |
|
|
1,030,329 |
|
|
|
899,917 |
|
|
|
4,026,710 |
|
|
|
3,319,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
177,094 |
|
|
|
263,080 |
|
|
|
522,394 |
|
|
|
711,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Expenses
(Income) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(5,216 |
) |
|
|
(164 |
) |
|
|
(8,755 |
) |
|
|
(723 |
) |
Interest expense |
|
|
22,168 |
|
|
|
26,147 |
|
|
|
81,692 |
|
|
|
107,492 |
|
Capitalized interest |
|
|
(2,500 |
) |
|
|
(2,860 |
) |
|
|
(12,683 |
) |
|
|
(8,316 |
) |
Loss on early extinguishment of debt |
|
|
- |
|
|
|
6,042 |
|
|
|
689 |
|
|
|
6,042 |
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
113 |
|
Other (income) expense, net |
|
|
(266 |
) |
|
|
469 |
|
|
|
(185 |
) |
|
|
(40,705 |
) |
Total Non-operating Expenses |
|
|
14,186 |
|
|
|
29,634 |
|
|
|
60,758 |
|
|
|
63,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
162,908 |
|
|
|
233,446 |
|
|
|
461,636 |
|
|
|
647,391 |
|
Income tax expense |
|
|
36,897 |
|
|
|
56,707 |
|
|
|
105,756 |
|
|
|
154,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
126,011 |
|
|
$ |
176,739 |
|
|
$ |
355,880 |
|
|
$ |
493,317 |
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.43 |
|
|
$ |
6.07 |
|
|
$ |
12.50 |
|
|
$ |
17.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
3.70 |
|
|
$ |
5.55 |
|
|
$ |
10.53 |
|
|
$ |
16.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,436 |
|
|
|
29,107 |
|
|
|
28,463 |
|
|
|
28,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
34,331 |
|
|
|
31,821 |
|
|
|
34,190 |
|
|
|
30,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Consolidated Balance Sheets(in
thousands, except share data)(Unaudited)
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
763,314 |
|
|
$ |
910,965 |
|
Restricted cash |
|
|
10,597 |
|
|
|
10,052 |
|
Accounts receivable, net of allowance of $2,661 and $4,003,
respectively |
|
|
253,738 |
|
|
|
305,905 |
|
Prepaid expenses, assets held for sale and other current
assets |
|
|
97,269 |
|
|
|
99,100 |
|
Total current assets |
|
|
1,124,918 |
|
|
|
1,326,022 |
|
Property and
Equipment |
|
|
|
|
|
|
Flight equipment |
|
|
6,286,103 |
|
|
|
5,449,100 |
|
Ground equipment |
|
|
106,246 |
|
|
|
101,824 |
|
Less: accumulated depreciation |
|
|
(1,510,402 |
) |
|
|
(1,319,636 |
) |
Flight equipment purchase deposits and modifications in
progress |
|
|
235,586 |
|
|
|
352,422 |
|
Property and equipment, net |
|
|
5,117,533 |
|
|
|
4,583,710 |
|
Other
Assets |
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
107,707 |
|
|
|
138,744 |
|
Deferred costs and other assets |
|
|
287,392 |
|
|
|
329,971 |
|
Intangible assets, net and goodwill |
|
|
58,766 |
|
|
|
64,796 |
|
Total
Assets |
|
$ |
6,696,316 |
|
|
$ |
6,443,243 |
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
115,304 |
|
|
$ |
82,885 |
|
Accrued liabilities |
|
|
565,108 |
|
|
|
641,978 |
|
Current portion of long-term debt and finance leases |
|
|
437,046 |
|
|
|
639,811 |
|
Current portion of long-term operating leases |
|
|
53,825 |
|
|
|
55,383 |
|
Total current liabilities |
|
|
1,171,283 |
|
|
|
1,420,057 |
|
Other
Liabilities |
|
|
|
|
|
|
Long-term debt and finance leases |
|
|
1,861,122 |
|
|
|
1,655,075 |
|
Long-term operating leases |
|
|
111,591 |
|
|
|
166,022 |
|
Deferred taxes |
|
|
452,495 |
|
|
|
354,798 |
|
Financial instruments and other liabilities |
|
|
35,049 |
|
|
|
37,954 |
|
Total other liabilities |
|
|
2,460,257 |
|
|
|
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;
35,465,249 and 34,707,860 shares issued, 28,542,203 and 29,215,702
shares outstanding (net of treasury stock), as of December 31,
2022 and December 31, 2021, respectively |
|
|
353 |
|
|
|
347 |
|
Additional paid-in capital |
|
|
878,727 |
|
|
|
934,516 |
|
Treasury stock, at cost; 6,923,046 and 5,492,158 shares,
respectively |
|
|
(339,219 |
) |
|
|
(225,461 |
) |
Accumulated other comprehensive income (loss) |
|
|
44 |
|
|
|
(511 |
) |
Retained earnings |
|
|
2,524,871 |
|
|
|
2,100,446 |
|
Total stockholders’ equity |
|
|
3,064,776 |
|
|
|
2,809,337 |
|
Total Liabilities and
Equity |
|
$ |
6,696,316 |
|
|
$ |
6,443,243 |
|
|
|
|
|
|
|
|
|
|
- Balance sheet debt
at December 31, 2022 totaled $2,298.2 million, including the
impact of debt issuance costs of $28.4 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 December 31, 2022 totaled $2,326.6 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 Twelve Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Operating
Activities: |
|
|
|
|
|
|
Net Income |
|
$ |
355,880 |
|
|
$ |
493,317 |
|
|
|
|
|
|
|
|
Adjustments to reconcile Net
Income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
354,139 |
|
|
|
357,330 |
|
Reversal of expected credit losses |
|
|
(595 |
) |
|
|
(378 |
) |
Loss on early extinguishment of debt |
|
|
689 |
|
|
|
6,042 |
|
Special charge |
|
|
16,215 |
|
|
|
- |
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
113 |
|
Loss (gain) on disposal of flight equipment |
|
|
3,098 |
|
|
|
(794 |
) |
Deferred taxes |
|
|
104,747 |
|
|
|
152,399 |
|
Stock-based compensation |
|
|
13,838 |
|
|
|
14,014 |
|
Changes
in: |
|
|
|
|
|
|
Accounts receivable |
|
|
49,885 |
|
|
|
(37,800 |
) |
Prepaid expenses, current assets and other assets |
|
|
(18,200 |
) |
|
|
(49,763 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
|
(41,957 |
) |
|
|
(11,496 |
) |
Net cash provided by operating
activities |
|
|
837,739 |
|
|
|
922,984 |
|
Investing
Activities: |
|
|
|
|
|
|
Capital expenditures |
|
|
(103,198 |
) |
|
|
(90,288 |
) |
Purchase deposits and payments for flight equipment and
modifications |
|
|
(743,079 |
) |
|
|
(407,684 |
) |
Investment in joint ventures |
|
|
(10,614 |
) |
|
|
(4,893 |
) |
Proceeds from disposal of flight equipment |
|
|
36,626 |
|
|
|
9,470 |
|
Net cash used for investing
activities |
|
|
(820,265 |
) |
|
|
(493,395 |
) |
Financing
Activities: |
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
652,929 |
|
|
|
212,717 |
|
Payment of debt issuance costs |
|
|
(14,701 |
) |
|
|
(9,541 |
) |
Payments of debt and finance lease obligations |
|
|
(693,723 |
) |
|
|
(542,594 |
) |
Purchase of treasury stock |
|
|
(100,000 |
) |
|
|
- |
|
Customer maintenance reserves and deposits received |
|
|
16,742 |
|
|
|
17,745 |
|
Customer maintenance reserves paid |
|
|
(12,178 |
) |
|
|
(35,608 |
) |
Treasury shares withheld for payment of taxes |
|
|
(13,649 |
) |
|
|
(7,572 |
) |
Net cash used for financing
activities |
|
|
(164,580 |
) |
|
|
(364,853 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
(147,106 |
) |
|
|
64,736 |
|
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 |
|
$ |
773,911 |
|
|
$ |
921,017 |
|
|
|
|
|
|
|
|
Noncash Investing and
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment included in Accounts payable
and accrued liabilities |
|
$ |
6,515 |
|
|
$ |
38,985 |
|
Acquisition of property and equipment acquired under operating
leases |
|
$ |
5,343 |
|
|
$ |
16,117 |
|
Acquisition of flight equipment under finance leases |
|
$ |
24,808 |
|
|
$ |
191,994 |
|
Issuance of shares related to settlement of warrant liability |
|
$ |
- |
|
|
$ |
31,583 |
|
Issuance of shares related to settlement of convertible notes |
|
$ |
7,902 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Direct Contribution(in
thousands)(Unaudited)
|
|
For the Three Months Ended |
|
|
For the Twelve Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Operating
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
1,170,821 |
|
|
$ |
1,125,786 |
|
|
$ |
4,395,905 |
|
|
$ |
3,888,601 |
|
Dry Leasing |
|
|
41,645 |
|
|
|
41,671 |
|
|
|
170,908 |
|
|
|
163,365 |
|
Customer incentive asset
amortization |
|
|
(10,375 |
) |
|
|
(10,906 |
) |
|
|
(39,764 |
) |
|
|
(44,162 |
) |
Other |
|
|
5,332 |
|
|
|
6,446 |
|
|
|
22,055 |
|
|
|
23,025 |
|
Total Operating
Revenue |
|
$ |
1,207,423 |
|
|
$ |
1,162,997 |
|
|
$ |
4,549,104 |
|
|
$ |
4,030,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
$ |
264,432 |
|
|
$ |
354,684 |
|
|
$ |
815,647 |
|
|
$ |
1,020,887 |
|
Dry Leasing |
|
|
13,255 |
|
|
|
10,822 |
|
|
|
56,142 |
|
|
|
42,587 |
|
Total Direct
Contribution for Reportable Segments |
|
|
277,687 |
|
|
|
365,506 |
|
|
|
871,789 |
|
|
|
1,063,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated income and
(expenses), net |
|
|
(95,320 |
) |
|
|
(125,503 |
) |
|
|
(380,405 |
) |
|
|
(409,721 |
) |
Loss on early extinguishment
of debt |
|
|
- |
|
|
|
(6,042 |
) |
|
|
(689 |
) |
|
|
(6,042 |
) |
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(113 |
) |
Special charge |
|
|
(7,283 |
) |
|
|
- |
|
|
|
(16,215 |
) |
|
|
- |
|
Transaction-related
expenses |
|
|
(2,857 |
) |
|
|
(515 |
) |
|
|
(9,746 |
) |
|
|
(1,001 |
) |
Gain (loss) on disposal of
flight equipment |
|
|
(9,319 |
) |
|
|
- |
|
|
|
(3,098 |
) |
|
|
794 |
|
Income before income
taxes |
|
|
162,908 |
|
|
|
233,446 |
|
|
|
461,636 |
|
|
|
647,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(5,216 |
) |
|
|
(164 |
) |
|
|
(8,755 |
) |
|
|
(723 |
) |
Interest expense |
|
|
22,168 |
|
|
|
26,147 |
|
|
|
81,692 |
|
|
|
107,492 |
|
Capitalized interest |
|
|
(2,500 |
) |
|
|
(2,860 |
) |
|
|
(12,683 |
) |
|
|
(8,316 |
) |
Loss on early extinguishment
of debt |
|
|
- |
|
|
|
6,042 |
|
|
|
689 |
|
|
|
6,042 |
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
113 |
|
Other (income) expense,
net |
|
|
(266 |
) |
|
|
469 |
|
|
|
(185 |
) |
|
|
(40,705 |
) |
Operating
Income |
|
$ |
177,094 |
|
|
$ |
263,080 |
|
|
$ |
522,394 |
|
|
$ |
711,294 |
|
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 |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
126,011 |
|
|
$ |
176,739 |
|
|
|
(28.7 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
Customer incentive asset amortization |
|
|
10,375 |
|
|
|
10,906 |
|
|
|
|
Adjustments to CBA paid time-off benefits1 |
|
|
- |
|
|
|
14,061 |
|
|
|
|
Special charge2 |
|
|
7,283 |
|
|
|
- |
|
|
|
|
Costs associated with transactions3 |
|
|
4,274 |
|
|
|
516 |
|
|
|
|
Noncash expenses and income, net4 |
|
|
- |
|
|
|
4,897 |
|
|
|
|
Other, net5 |
|
|
9,319 |
|
|
|
6,415 |
|
|
|
|
Income tax effect of reconciling items |
|
|
(4,128 |
) |
|
|
(6,018 |
) |
|
|
|
Special tax item7 |
|
|
- |
|
|
|
4,041 |
|
|
|
|
Adjusted Net
Income |
|
$ |
153,134 |
|
|
$ |
211,557 |
|
|
|
(27.6 |
)% |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
34,331 |
|
|
|
31,821 |
|
|
|
|
Less: effect of convertible notes hedges6 |
|
|
(4,731 |
) |
|
|
(1,802 |
) |
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
|
29,600 |
|
|
|
30,019 |
|
|
|
|
Adjusted Diluted
EPS |
|
$ |
5.17 |
|
|
$ |
7.05 |
|
|
|
(26.7 |
)% |
|
|
For the Twelve Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
355,880 |
|
|
$ |
493,317 |
|
|
|
(27.9 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
CARES Act grant income8 |
|
|
- |
|
|
|
(40,944 |
) |
|
|
|
Customer incentive asset amortization |
|
|
39,764 |
|
|
|
44,162 |
|
|
|
|
Adjustments to CBA paid time-off benefits1 |
|
|
2,154 |
|
|
|
29,211 |
|
|
|
|
Special charge2 |
|
|
16,215 |
|
|
|
- |
|
|
|
|
Costs associated with transactions3 |
|
|
12,192 |
|
|
|
1,013 |
|
|
|
|
Noncash expenses and income, net4 |
|
|
- |
|
|
|
19,136 |
|
|
|
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
113 |
|
|
|
|
Other, net5 |
|
|
3,787 |
|
|
|
6,739 |
|
|
|
|
Income tax effect of reconciling items |
|
|
(11,983 |
) |
|
|
(5,795 |
) |
|
|
|
Special tax item7 |
|
|
- |
|
|
|
4,041 |
|
|
|
|
Adjusted Net
Income |
|
$ |
418,009 |
|
|
$ |
550,993 |
|
|
|
(24.1 |
)% |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
34,190 |
|
|
|
30,543 |
|
|
|
|
Less: effect of convertible notes hedges6 |
|
|
(4,806 |
) |
|
|
(782 |
) |
|
|
|
Adjusted weighted average
diluted shares outstanding |
|
|
29,384 |
|
|
|
29,761 |
|
|
|
|
Adjusted Diluted
EPS |
|
$ |
14.23 |
|
|
$ |
18.51 |
|
|
|
(23.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
162,908 |
|
|
$ |
233,446 |
|
|
|
(30.2 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
Customer incentive asset amortization |
|
|
10,375 |
|
|
|
10,906 |
|
|
|
|
Adjustments to CBA paid time-off benefits1 |
|
|
- |
|
|
|
14,061 |
|
|
|
|
Special charge2 |
|
|
7,283 |
|
|
|
- |
|
|
|
|
Costs associated with transactions3 |
|
|
4,274 |
|
|
|
516 |
|
|
|
|
Noncash expenses and income, net4 |
|
|
- |
|
|
|
4,897 |
|
|
|
|
Other, net5 |
|
|
9,319 |
|
|
|
6,415 |
|
|
|
|
Adjusted income before
income taxes |
|
|
194,159 |
|
|
|
270,241 |
|
|
|
(28.2 |
)% |
Interest (income) expense, net |
|
|
14,452 |
|
|
|
18,226 |
|
|
|
|
Other (income) expense, net |
|
|
(266 |
) |
|
|
469 |
|
|
|
|
Adjusted operating
income |
|
$ |
208,345 |
|
|
$ |
288,936 |
|
|
|
(27.9 |
)% |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
36,897 |
|
|
$ |
56,707 |
|
|
|
|
Income tax effect of
reconciling items |
|
|
(4,128 |
) |
|
|
(6,018 |
) |
|
|
|
Special tax item7 |
|
|
- |
|
|
|
4,041 |
|
|
|
|
Adjusted income tax expense |
|
|
41,025 |
|
|
|
58,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income before
income taxes |
|
$ |
194,159 |
|
|
$ |
270,241 |
|
|
|
|
Effective tax expense
rate |
|
|
22.6 |
% |
|
|
24.3 |
% |
|
|
|
Adjusted effective tax
expense rate |
|
|
21.1 |
% |
|
|
21.7 |
% |
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
461,636 |
|
|
$ |
647,391 |
|
|
|
(28.7 |
)% |
Impact from: |
|
|
|
|
|
|
|
|
|
CARES Act grant income8 |
|
|
- |
|
|
|
(40,944 |
) |
|
|
|
Customer incentive asset amortization |
|
|
39,764 |
|
|
|
44,162 |
|
|
|
|
Adjustments to CBA paid time-off benefits1 |
|
|
2,154 |
|
|
|
29,211 |
|
|
|
|
Special charge2 |
|
|
16,215 |
|
|
|
- |
|
|
|
|
Costs associated with transactions3 |
|
|
12,192 |
|
|
|
1,013 |
|
|
|
|
Noncash expenses and income, net4 |
|
|
- |
|
|
|
19,136 |
|
|
|
|
Unrealized loss on financial instruments |
|
|
- |
|
|
|
113 |
|
|
|
|
Other, net5 |
|
|
3,787 |
|
|
|
6,739 |
|
|
|
|
Adjusted income before
income taxes |
|
|
535,748 |
|
|
|
706,821 |
|
|
|
(24.2 |
)% |
Interest (income) expense, net |
|
|
60,254 |
|
|
|
79,317 |
|
|
|
|
Other (income) expense, net |
|
|
504 |
|
|
|
239 |
|
|
|
|
Adjusted operating
income |
|
$ |
596,506 |
|
|
$ |
786,377 |
|
|
|
(24.1 |
)% |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
105,756 |
|
|
$ |
154,074 |
|
|
|
|
Income tax effect of
reconciling items |
|
|
(11,983 |
) |
|
|
(5,795 |
) |
|
|
|
Special tax item7 |
|
|
- |
|
|
|
4,041 |
|
|
|
|
Adjusted income tax expense |
|
|
117,739 |
|
|
|
155,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income before
income taxes |
|
$ |
535,748 |
|
|
$ |
706,821 |
|
|
|
|
Effective tax expense
rate |
|
|
22.9 |
% |
|
|
23.8 |
% |
|
|
|
Adjusted effective tax
expense rate |
|
|
22.0 |
% |
|
|
22.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
126,011 |
|
|
$ |
176,739 |
|
|
|
(28.7 |
)% |
Interest expense, net |
|
|
14,452 |
|
|
|
23,123 |
|
|
|
|
Depreciation and
amortization |
|
|
78,229 |
|
|
|
73,291 |
|
|
|
|
Income tax expense |
|
|
36,897 |
|
|
|
56,707 |
|
|
|
|
EBITDA |
|
|
255,589 |
|
|
|
329,860 |
|
|
|
|
Customer incentive asset
amortization |
|
|
10,375 |
|
|
|
10,906 |
|
|
|
|
Adjustments to CBA paid
time-off benefits1 |
|
|
- |
|
|
|
14,061 |
|
|
|
|
Special charge2 |
|
|
7,283 |
|
|
|
- |
|
|
|
|
Costs associated with
transactions3 |
|
|
4,274 |
|
|
|
516 |
|
|
|
|
Other, net5 |
|
|
9,319 |
|
|
|
6,415 |
|
|
|
|
Adjusted
EBITDA |
|
$ |
286,840 |
|
|
$ |
361,758 |
|
|
|
(20.7 |
)% |
|
|
For the Twelve Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
Percent Change |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
355,880 |
|
|
$ |
493,317 |
|
|
|
(27.9 |
)% |
Interest expense, net |
|
|
60,254 |
|
|
|
98,453 |
|
|
|
|
Depreciation and
amortization |
|
|
303,220 |
|
|
|
281,209 |
|
|
|
|
Income tax expense |
|
|
105,756 |
|
|
|
154,074 |
|
|
|
|
EBITDA |
|
|
825,110 |
|
|
|
1,027,053 |
|
|
|
|
CARES Act grant income8 |
|
|
- |
|
|
|
(40,944 |
) |
|
|
|
Customer incentive asset
amortization |
|
|
39,764 |
|
|
|
44,162 |
|
|
|
|
Adjustments to CBA paid
time-off benefits1 |
|
|
2,154 |
|
|
|
29,211 |
|
|
|
|
Special charge2 |
|
|
16,215 |
|
|
|
- |
|
|
|
|
Costs associated with
transactions3 |
|
|
12,192 |
|
|
|
1,013 |
|
|
|
|
Unrealized loss on financial
instruments |
|
|
- |
|
|
|
113 |
|
|
|
|
Other, net5 |
|
|
3,787 |
|
|
|
6,739 |
|
|
|
|
Adjusted
EBITDA |
|
$ |
899,222 |
|
|
$ |
1,067,347 |
|
|
|
(15.8 |
)% |
- Adjustments to CBA
paid time-off benefits in 2022 and 2021 are related to our new
CBA.
- Special charge in
2022 represented a charge related to six nonoperational spare
CF6-80 engines held for sale and two CF6-80 engines Dry Leased to a
customer.
- Costs associated
with transactions in 2022 are related to our proposed Merger. Costs
associated with transactions in 2021 are related to our previous
acquisition of an airline.
- 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 loss on the sale of four nonoperational
spare CF6-80 engines, partially offset by a gain from the sale of
six nonoperational spare CF6-80 engines, which were previously
classified as assets held for sale and a loss on early
extinguishment of debt. Other, net in 2021 primarily related to
leadership transaction 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.
- Special tax item in
2021 represented the income tax expense from the integration of a
previously-acquired airline. Special tax items are not related to
ongoing operations.
- CARES Act grant
income in 2021 related to income associated with the Payroll
Support Program.
Atlas Air Worldwide Holdings,
Inc.Reconciliation to Non-GAAP
Measures(in thousands, except per share
data)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
$ |
262,164 |
|
|
$ |
314,051 |
|
Less: |
|
|
|
|
|
|
Capital expenditures |
|
|
23,968 |
|
|
|
26,156 |
|
Capitalized interest |
|
|
2,500 |
|
|
|
2,860 |
|
Free Cash
Flow1 |
|
$ |
235,696 |
|
|
$ |
285,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities |
|
$ |
837,739 |
|
|
$ |
922,984 |
|
Less: |
|
|
|
|
|
|
Capital expenditures |
|
|
103,198 |
|
|
|
90,288 |
|
Capitalized interest |
|
|
12,683 |
|
|
|
8,316 |
|
Free Cash
Flow1 |
|
$ |
721,858 |
|
|
$ |
824,380 |
|
- 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 Twelve Months Ended |
|
|
Increase/ |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
(Decrease) |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
(Decrease) |
|
Block
Hours |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
81,737 |
|
|
|
88,661 |
|
|
|
(6,924 |
) |
|
|
315,983 |
|
|
|
343,957 |
|
|
|
(27,974 |
) |
Passenger |
|
2,625 |
|
|
|
2,431 |
|
|
|
194 |
|
|
|
12,067 |
|
|
|
15,905 |
|
|
|
(3,838 |
) |
Other |
|
554 |
|
|
|
893 |
|
|
|
(339 |
) |
|
|
2,688 |
|
|
|
4,199 |
|
|
|
(1,511 |
) |
Total Block Hours |
|
84,916 |
|
|
|
91,985 |
|
|
|
(7,069 |
) |
|
|
330,738 |
|
|
|
364,061 |
|
|
|
(33,323 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Per Block
Hour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
$ |
13,879 |
|
|
$ |
12,359 |
|
|
$ |
1,520 |
|
|
$ |
13,400 |
|
|
$ |
10,806 |
|
|
$ |
2,594 |
|
Cargo |
$ |
13,366 |
|
|
$ |
12,153 |
|
|
$ |
1,213 |
|
|
$ |
13,053 |
|
|
$ |
10,413 |
|
|
$ |
2,640 |
|
Passenger |
$ |
29,833 |
|
|
$ |
19,862 |
|
|
$ |
9,971 |
|
|
$ |
22,480 |
|
|
$ |
19,290 |
|
|
$ |
3,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Utilization (block hours per day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cargo |
|
10.0 |
|
|
|
11.2 |
|
|
|
(1.2 |
) |
|
|
9.9 |
|
|
|
10.7 |
|
|
|
(0.8 |
) |
Passenger |
|
2.7 |
|
|
|
2.9 |
|
|
|
(0.2 |
) |
|
|
3.2 |
|
|
|
4.4 |
|
|
|
(1.2 |
) |
All Operating Aircraft1 |
|
9.3 |
|
|
|
10.5 |
|
|
|
(1.2 |
) |
|
|
9.3 |
|
|
|
10.2 |
|
|
|
(0.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel cost per gallon |
$ |
3.40 |
|
|
$ |
2.32 |
|
|
$ |
1.08 |
|
|
$ |
3.42 |
|
|
$ |
2.00 |
|
|
$ |
1.42 |
|
Fuel gallons consumed (000s) |
|
103,944 |
|
|
|
99,183 |
|
|
|
4,761 |
|
|
|
390,808 |
|
|
|
411,845 |
|
|
|
(21,037 |
) |
1. Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes.
Atlas Air Worldwide Holdings,
Inc.Operating Statistics and Traffic
Results(Unaudited)
|
|
For the Three Months Ended |
|
|
Increase/ |
|
|
For the Twelve Months Ended |
|
|
Increase/ |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
(Decrease) |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Operating Fleet (average
aircraft equivalents during the period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airline Operations1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
747-8F Cargo |
|
|
12.2 |
|
|
|
10.0 |
|
|
|
2.2 |
|
|
|
10.9 |
|
|
|
10.0 |
|
|
|
0.9 |
|
747-400 Cargo |
|
|
34.7 |
|
|
|
34.5 |
|
|
|
0.2 |
|
|
|
34.7 |
|
|
|
34.5 |
|
|
|
0.2 |
|
747-400 Dreamlifter |
|
|
0.8 |
|
|
|
0.3 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.8 |
|
|
|
(0.3 |
) |
747-400 Passenger |
|
|
4.9 |
|
|
|
4.2 |
|
|
|
0.7 |
|
|
|
4.7 |
|
|
|
4.8 |
|
|
|
(0.1 |
) |
777-200 Cargo |
|
|
9.3 |
|
|
|
9.0 |
|
|
|
0.3 |
|
|
|
9.1 |
|
|
|
9.0 |
|
|
|
0.1 |
|
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 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2.0 |
|
|
|
(2.0 |
) |
767-200 Passenger |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
737-800 Cargo |
|
|
8.0 |
|
|
|
8.0 |
|
|
|
- |
|
|
|
8.0 |
|
|
|
8.0 |
|
|
|
- |
|
Total |
|
|
99.6 |
|
|
|
94.9 |
|
|
|
4.7 |
|
|
|
97.5 |
|
|
|
98.1 |
|
|
|
(0.6 |
) |
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 |
|
|
106.6 |
|
|
|
102.9 |
|
|
|
3.7 |
|
|
|
104.5 |
|
|
|
106.1 |
|
|
|
(1.6 |
) |
- Airline Operations average fleet
excludes spare aircraft provided by CMI customers.
Atlas Air Worldwide (NASDAQ:AAWW)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Atlas Air Worldwide (NASDAQ:AAWW)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024