– Projects Record 2023 Freighter Lease
Deployments With Lower Full Year Capital Expenditure
Requirements
– Increases 2023 Adjusted EPS Guidance
Air Transport Services Group, Inc. (Nasdaq: ATSG), the leading
provider of medium wide-body aircraft leasing, contracted air
transportation, and related services, today reported consolidated
financial results for the second quarter ended June 30, 2023. Those
results, as compared with the same quarter in 2022 were as
follows:
Second Quarter 2023
Results
- Revenues of $529 million, up 4%
- GAAP EPS (basic) from Continuing Operations of $0.54, down
$0.19
- Adjusted EPS* from Continuing Operations of $0.57, versus $0.59
diluted
- Pretax Earnings of $50 million, down from $69 million.
- Adjusted Pretax* Earnings of $58 million, down from $67
million
- Adjusted EBITDA* of $157 million, comparable to prior year
- 3.9 million shares repurchased since October 2022, including
950,000 shares in the second quarter
Rich Corrado, President and CEO of ATSG, said, “Our results in
the second quarter reflect a rebound from the first quarter in our
passenger airline operations, including both improved revenues and
cost efficiencies, and the benefit of 13 more Boeing 767-300
freighters in service at June 30 this year versus a year ago.
Adjusted EBITDA was in-line with the prior year period, despite
continuing inflationary effects on our operations versus the second
quarter of 2022. We remain confident in executing our plan to lease
nineteen newly converted freighters in 2023, including nine leased
to date. We continue to expect attractive returns on what we now
project will be $785 million in 2023 capital spending, down $65
million compared with prior guidance.”
* Adjusted EPS (Earnings per Share), Adjusted Pretax Earnings,
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) and Adjusted Free Cash Flow are non-GAAP financial
measures and are defined and reconciled to GAAP measures at the end
of this release.
Segment Results
Cargo Aircraft Management (CAM)
- Aircraft leasing and related revenues from external customers
in the second quarter were up 4% compared with the prior year
quarter, driven by higher average lease rates as more 767-300s have
been deployed, offset in part by fewer leased 767-200
aircraft.
- Pre-tax earnings decreased 22% to $31 million versus the prior
year quarter. Earnings were impacted by the scheduled return of ten
767-200s since June 2022, including seven in the second quarter
this year. Interest expense versus the prior year period increased
$5 million, and depreciation was up $2 million, also impacting
pre-tax earnings.
- CAM deployed one 767-300 leased freighter to an external
customer during the quarter. Six more leased freighters have been
deployed since June 30, 2023, including four more 767-300s, and two
A321-200s.
- Twenty-three aircraft are currently in or awaiting conversion
to freighters. That total includes seven A321 aircraft and sixteen
767-300s.
ACMI Services
- Pre-tax earnings were $24 million in the second quarter, up 10%
versus the prior year quarter, driven by improved performance of
passenger operations, including both military and commercial
flying, and greater operating efficiencies.
- Revenue block hours for ATSG's cargo airlines were up 1% for
the second quarter while operating a net three more 767 freighters
compared with the prior-year period. Cargo block hours were
affected by the loss of certain long-haul ACMI flying between the
U.S. and Europe versus 2022.
- Hours flown by the four Boeing 757 combination
freighter-passenger aircraft were up significantly due to the
resumption of a Pacific route in late 2022.
- Passenger block hours, including combi flying, decreased 2%.
The prior-year quarter included passenger hours flown for
additional routes to Europe.
2023 Outlook
ATSG continues to expect Adjusted EBITDA for 2023 to be in a
range of $610 million to $620 million, and now expects full year
Adjusted EPS in a range of $1.65 to $1.80, ten cents higher than
prior guidance, based on second-half leased freighter deployment
projections and stronger ACMI Services performance.
"A solid July for both freighter leasing and passenger flying
has positioned us to achieve our second-half 2023 goals, with
sequential improvement each quarter," Corrado said.
ATSG has decreased its capital spending projection for 2023 by
$65 million to $785 million, including $240 million in sustaining
capex and $545 million for growth. The decrease in growth capex
principally reflects two fewer A321 aircraft purchases this year
for conversion in 2024. Lower sustaining capex reflects fewer than
planned overhauls of engines for Boeing 767-200 freighters.
Corrado noted that the fundamental driver of midsize freighter
leasing - rapid fulfillment of e-commerce purchases via air express
networks - will persist over the long term.
“Global e-commerce growth projections remain strong, and our
owned fleet and conversion pipeline stand ready to meet future
demand, further supported by the need to replace aging, less
fuel-efficient aircraft over the next decade," he said. "Our
freighters, including Boeing 767s, Airbus A321s, and Airbus A330s,
remain the most efficient and reliable solutions for these
markets.”
Corrado finished by saying, “Capital investments in 2024 are now
expected to be lower than 2023 levels. That gives us the option to
pursue other capital allocation alternatives that may yield even
better returns for shareholders.”
Non-GAAP Financial Measures
This release, including the attached non-GAAP reconciliation
tables, contains financial measures that are not calculated and
presented in accordance with generally accepted accounting
principles in the United States ("non-GAAP financial measures").
Management uses these non-GAAP financial measures to evaluate
historical results and project future results. Management believes
that these non-GAAP financial measures assist in highlighting
operational trends, facilitating period-over-period comparisons,
and providing additional clarity about events and trends affecting
core operating performance. Disclosing these non-GAAP financial
measures provides insight to investors about additional metrics
that management uses to evaluate past performance and prospects for
future performance. Non-GAAP measures should not be considered in
isolation or as a substitute for analysis of the Company's results
as reported under GAAP and may be calculated differently by other
companies.
The historical non-GAAP financial measures included in this
release are reconciled to the most directly comparable financial
measure calculated and presented in accordance with GAAP in the
non-GAAP Reconciliation tables included later in this release. The
Company does not provide a reconciliation of projected Adjusted
EBITDA or Adjusted EPS because it is unable to predict with
reasonable accuracy the value of certain adjustments. Certain
adjustments can be significantly impacted by the re-measurements of
financial instruments including stock warrants issued to a
customer. The Company’s earnings on a GAAP basis, including its
earnings per share on a GAAP basis, and the non-GAAP adjustments
for gains and losses resulting from the re-measurement of stock
warrants, will depend on the future prices of ATSG stock, interest
rates, and other assumptions which are highly uncertain.
Conference Call
ATSG will host an investor conference call on Friday, August 4,
2023, at 10 a.m. Eastern Time to review its financial results for
the second quarter of 2023, and its outlook for remainder of the
year. Live call participants must register via this link that is
also available at ATSG’s website, www.atsginc.com under “Investors”
and “Presentations.” Once registered, call participants will
receive dial-in numbers and a unique Personal Identification Number
(PIN) that must be entered to join the live call. Listen-only
access to live and replay versions of the call, including slides,
will be available via a webcast link at the same ATSG website
location. Slides that accompany management’s discussion of its
quarterly results also may be downloaded there shortly before the
start of the call at 10 a.m.
About ATSG
ATSG is a leading provider of aircraft leasing and air cargo
transportation and related services to domestic and foreign air
carriers and other companies that outsource their air cargo lift
requirements. ATSG, through its leasing and airline subsidiaries,
is the world's largest owner and operator of converted Boeing 767
freighter aircraft. Through its principal subsidiaries, including
three airlines with separate and distinct U.S. FAA Part 121 Air
Carrier certificates, ATSG provides aircraft leasing, air cargo
lift, passenger ACMI and charter services, aircraft maintenance
services and airport ground services. ATSG's subsidiaries include
ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne
Maintenance and Engineering Services, Inc., including its
subsidiary, Pemco World Air Services, Inc.; Air Transport
International, Inc.; Cargo Aircraft Management, Inc.; and Omni Air
International, LLC. For more information, please see
www.atsginc.com.
Except for historical information contained herein, the matters
discussed in this release contain forward-looking statements that
involve risks and uncertainties. A number of important factors
could cause Air Transport Services Group, Inc.'s ("ATSG's") actual
results to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to: (i) unplanned changes in the market demand for our
assets and services, including the loss of customers or a reduction
in the level of services we perform for customers; (ii) our
operating airlines' ability to maintain on-time service and control
costs; (iii) the cost and timing with respect to which we are able
to purchase and modify aircraft to a cargo configuration; (iv)
fluctuations in ATSG's traded share price and in interest rates,
which may result in mark-to-market charges on certain financial
instruments; (v) the number, timing, and scheduled routes of our
aircraft deployments to customers; (vi) our ability to remain in
compliance with key agreements with customers, lenders and
government agencies; (vii) the impact of current supply chain
constraints both within and outside the United States, which may be
more severe or persist longer than we currently expect; (viii) the
impact of a competitive labor market, which could restrict our
ability to fill key positions; and (ix) changes in general economic
and/or industry-specific conditions, including inflation. Other
factors that could cause ATSG’s actual results to differ materially
from those indicated by such forward-looking statements are
contained from time to time in ATSG's filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 10-K and quarterly reports on Form 10-Q. Readers should
carefully review this release and should not place undue reliance
on ATSG's forward-looking statements. These forward-looking
statements were based on information, plans and estimates as of the
date of this release. Except as may be required by applicable law,
ATSG undertakes no obligation to update any forward-looking
statements to reflect changes in underlying assumptions or factors,
new information, future events or other changes.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS (UNAUDITED)
(In thousands, except per share
data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
REVENUES
$
529,339
$
509,668
$
1,030,434
$
995,528
OPERATING EXPENSES
Salaries, wages and benefits
170,458
162,797
347,173
324,559
Depreciation and amortization
82,691
81,372
167,419
163,443
Maintenance, materials and repairs
50,436
39,407
94,269
75,116
Fuel
67,271
73,102
134,026
133,460
Contracted ground and aviation
services
19,682
20,153
37,470
38,484
Travel
31,222
28,480
60,775
52,679
Landing and ramp
4,744
4,085
8,868
8,663
Rent
8,274
7,068
16,386
13,731
Insurance
2,684
2,326
5,232
4,878
Other operating expenses
22,136
20,361
41,652
40,204
459,598
439,151
913,270
855,217
OPERATING INCOME
69,741
70,517
117,164
140,311
OTHER INCOME (EXPENSE)
Interest income
180
15
395
24
Non-service component of retiree benefit
credits
(3,218)
5,388
(6,436)
10,776
Net gain on financial instruments
1,818
6,011
78
8,707
Loss from non-consolidated affiliates
(2,107)
(3,220)
(2,513)
(4,623)
Interest expense
(16,672)
(9,461)
(32,377)
(20,860)
(19,999)
(1,267)
(40,853)
(5,976)
EARNINGS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES
49,742
69,250
76,311
134,335
INCOME TAX EXPENSE
(11,720)
(15,040)
(18,148)
(30,329)
EARNINGS FROM CONTINUING OPERATIONS
38,022
54,210
58,163
104,006
EARNINGS FROM DISCONTINUED OPERATIONS, NET
OF TAX
—
882
—
882
NET EARNINGS
$
38,022
$
55,092
$
58,163
$
104,888
EARNINGS PER SHARE - CONTINUING
OPERATIONS
Basic
$
0.54
$
0.73
$
0.82
$
1.41
Diluted
$
0.49
$
0.61
$
0.73
$
1.18
WEIGHTED AVERAGE SHARES - CONTINUING
OPERATIONS
Basic
70,722
73,980
71,259
73,934
Diluted
79,515
89,449
81,276
89,098
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(In thousands, except share
data)
June 30, 2023
December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
43,150
$
27,134
Accounts receivable, net of allowance of
$1,186 in 2023 and $939 in 2022
218,312
301,622
Inventory
57,648
57,764
Prepaid supplies and other
32,387
31,956
TOTAL CURRENT ASSETS
351,497
418,476
Property and equipment, net
2,678,980
2,402,408
Customer incentive
69,109
79,650
Goodwill and acquired intangibles
487,534
492,642
Operating lease assets
60,808
74,070
Other assets
104,637
122,647
TOTAL ASSETS
$
3,752,565
$
3,589,893
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
269,805
$
192,992
Accrued salaries, wages and benefits
51,509
56,498
Accrued expenses
11,061
12,466
Current portion of debt obligations
645
639
Current portion of lease obligations
21,771
23,316
Unearned revenue
38,654
21,546
TOTAL CURRENT LIABILITIES
393,445
307,457
Long term debt
1,514,737
1,464,285
Stock obligations
1,762
695
Post-retirement obligations
32,612
35,334
Long term lease obligations
40,032
51,575
Other liabilities
54,565
62,861
Deferred income taxes
272,208
255,180
STOCKHOLDERS’ EQUITY:
Preferred stock, 20,000,000 shares
authorized, including 75,000 Series A Junior Participating
Preferred Stock
—
—
Common stock, par value $0.01 per share;
150,000,000 shares authorized; 70,761,243 and 72,327,758 shares
issued and outstanding in 2023 and 2022, respectively
708
723
Additional paid-in capital
951,463
986,303
Retained earnings
587,045
528,882
Accumulated other comprehensive loss
(96,012)
(103,402)
TOTAL STOCKHOLDERS’ EQUITY
1,443,204
1,412,506
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
3,752,565
$
3,589,893
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SUMMARY OF
CASH FLOWS (UNAUDITED)
(In thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
OPERATING CASH FLOWS
$
192,198
$
124,541
$
408,576
$
250,209
INVESTING ACTIVITIES:
Aircraft acquisitions and freighter
conversions
(138,556)
(133,378)
(303,164)
(205,293)
Planned aircraft maintenance, engine
overhauls and other non-aircraft additions to property and
equipment
(55,568)
(52,580)
(109,761)
(88,917)
Proceeds from sales of property and
equipment
585
78
10,445
154
Acquisitions and investments in
businesses
—
(16,545)
(800)
(16,545)
TOTAL INVESTING CASH FLOWS
(193,539)
(202,425)
(403,280)
(310,601)
FINANCING ACTIVITIES:
Principal payments on debt
(65,103)
(205,210)
(90,317)
(295,310)
Proceeds from borrowings
35,000
410,000
140,000
450,000
Payments for financing costs
(27)
—
(511)
—
Bond Repurchase
—
(115,204)
—
(115,204)
Purchase of common stock
(14,956)
—
(36,874)
—
Taxes paid for conversion of employee
awards
(25)
(89)
(1,578)
(1,439)
TOTAL FINANCING CASH FLOWS
(45,111)
89,497
10,720
38,047
NET INCREASE (DECREASE) IN CASH
$
(46,452)
$
11,613
$
16,016
$
(22,345)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD
$
89,602
$
35,538
$
27,134
$
69,496
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
$
43,150
$
47,151
$
43,150
$
47,151
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
PRETAX EARNINGS FROM CONTINUING
OPERATIONS AND ADJUSTED PRETAX EARNINGS SUMMARY
NON-GAAP RECONCILIATION
(In thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenues
CAM
Aircraft leasing and related revenues
$
115,281
$
114,703
$
232,355
$
226,638
Lease incentive amortization
(3,903)
(5,029)
(8,933)
(10,059)
Total CAM
111,378
109,674
223,422
216,579
ACMI Services
366,187
347,498
700,314
677,588
Other Activities
110,789
107,879
221,377
210,414
Total Revenues
588,354
565,051
1,145,113
1,104,581
Eliminate internal revenues
(59,015)
(55,383)
(114,679)
(109,053)
Customer Revenues
$
529,339
$
509,668
$
1,030,434
$
995,528
Pretax Earnings (Loss) from Continuing
Operations
CAM, inclusive of interest
expense
31,020
39,617
65,220
74,612
ACMI Services, interest expense
24,054
21,837
21,643
44,002
Other Activities
(1,299)
191
(645)
1,742
Net, unallocated interest
expense
(526)
(574)
(1,036)
(881)
Non-service components of retiree
benefit credit
(3,218)
5,388
(6,436)
10,776
Net gain on financial
instruments
1,818
6,011
78
8,707
Loss from non-consolidated
affiliates
(2,107)
(3,220)
(2,513)
(4,623)
Earnings from Continuing Operations
before Income Taxes (GAAP)
$
49,742
$
69,250
$
76,311
$
134,335
Adjustments to Pretax Earnings from
Continuing Operations
Add customer incentive amortization
4,719
5,822
10,541
11,620
Add loss from non-consolidated
affiliates
2,107
3,220
2,513
4,623
Less net gain on financial instruments
(1,818)
(6,011)
(78)
(8,707)
Less non-service components of retiree
benefit credit
3,218
(5,388)
6,436
(10,776)
Add net charges for hangar foam
incident
(28)
—
13
—
Adjusted Pretax Earnings
(non-GAAP)
$
57,940
$
66,893
$
95,736
$
131,095
Adjusted Pretax Earnings excludes certain items included in
GAAP-based pretax Earnings (Loss) from Continuing Operations before
Income Taxes because these items are distinctly different in their
predictability among periods or not closely related to our
operations. Presenting this measure provides investors with a
comparative metric of fundamental operations, while highlighting
changes to certain items among periods. Adjusted Pretax Earnings
should not be considered an alternative to Earnings from Continuing
Operations Before Income Taxes or any other performance measure
derived in accordance with GAAP.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
ADJUSTED EARNINGS FROM CONTINUING
OPERATIONS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION
NON-GAAP RECONCILIATION
(In thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Earnings (Loss) from Continuing
Operations Before Income Taxes
$
49,742
$
69,250
$
76,311
$
134,335
Interest Income
(180)
(15)
(395)
(24)
Interest Expense
16,672
9,461
32,377
20,860
Depreciation and Amortization
82,691
81,372
167,419
163,443
EBITDA from Continuing Operations
(non-GAAP)
$
148,925
$
160,068
$
275,712
$
318,614
Add customer incentive amortization
4,719
5,822
10,541
11,620
Add start-up loss from non-consolidated
affiliates
2,107
3,220
2,513
4,623
Less net gain on financial instruments
(1,818)
(6,011)
(78)
(8,707)
Add non-service components of retiree
benefit credits
3,218
(5,388)
6,436
(10,776)
Add net charges for hangar foam
incident
(28)
—
13
—
Adjusted EBITDA (non-GAAP)
$
157,123
$
157,711
$
295,137
$
315,374
Management uses Adjusted EBITDA to assess the performance of its
operating results among periods. It is a metric that facilitates
the comparison of financial results of underlying operations.
Additionally, these non-GAAP adjustments are similar to the
adjustments used by lenders in the Company’s senior secured credit
facility to assess financial performance and determine the cost of
borrowed funds. The adjustments also remove the non-service cost
components of retiree benefit plans because they are not closely
related to ongoing operating activities. To improve comparability
between periods, the adjustments also exclude from EBITDA from
Continuing Operations charges related to the discharge of a fire
suppression system in the Company's aircraft hangar, net of related
insurance recoveries. Management presents EBITDA from Continuing
Operations, a commonly referenced metric, as a subtotal toward
computing Adjusted EBITDA.
EBITDA from Continuing Operations is defined as Earnings (Loss)
from Continuing Operations Before Income Taxes plus net interest
expense, depreciation, and amortization expense. Adjusted EBITDA is
defined as EBITDA from Continuing Operations less financial
instrument revaluation gains or losses, non-service components of
retiree benefit costs including pension plan settlements,
amortization of warrant-based customer incentive costs recorded in
revenue, costs from non-consolidated affiliates and charges related
to the discharge of a fire suppression system, net of insurance
recoveries.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
ADJUSTED FREE CASH FLOW
NON-GAAP RECONCILIATION
(In thousands)
Three Months Ended
Six Months Ended
Trailing 12 Months
Ended
June 30,
June 30,
June 30,
2023
2022
2023
2022
2023
OPERATING CASH FLOWS (GAAP)
$
192,198
$
124,541
$
408,576
$
250,209
$
630,487
Sustaining capital expenditures
(55,568)
(52,580)
(109,761)
(88,917)
(207,680)
ADJUSTED FREE CASH FLOW
(non-GAAP)
$
136,630
$
71,961
$
298,815
$
161,292
$
422,807
Sustaining capital expenditures includes cash outflows for
planned aircraft maintenance, engine overhauls, information systems
and other non-aircraft additions to property and equipment. It does
not include expenditures for aircraft acquisitions and related
passenger-to-freighter conversion costs.
Adjusted Free Cash Flow (non-GAAP) includes cash flow from
operations net of expenditures for planned aircraft maintenance,
engine overhauls and other non-aircraft additions to property and
equipment. Management believes that adjusting GAAP operating cash
flows is useful for investors to evaluate the company's ability to
generate adjusted free cash flow for growth initiatives, debt
service, cash returns for shareholders or other discretionary
allocations of capital.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
ADJUSTED EARNINGS AND ADJUSTED
EARNINGS PER SHARE
NON-GAAP RECONCILIATION
(In thousands)
Management presents Adjusted
Earnings and Adjusted Earnings Per Share, both non-GAAP measures,
to provide additional information regarding earnings per share
without the volatility otherwise caused by the items below among
periods.
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
$
$ Per Share
$
$ Per Share
$
$ Per Share
$
$ Per Share
Earnings from Continuing Operations -
basic (GAAP)
$
38,022
$
54,210
$
58,163
$
104,006
Gain from warrant revaluation, net
tax1
—
(107)
(148)
(50)
Convertible notes interest charges, net of
tax 2
780
762
1,556
1,522
Earnings from Continuing Operations -
diluted (GAAP)
38,802
$
0.49
54,865
$
0.61
59,571
$
0.73
105,478
$
1.18
Adjustments, net of tax
Customer incentive amortization3
3,665
0.05
4,493
0.05
8,211
0.11
8,968
0.10
Non-service component of retiree
benefits4
2,499
0.03
(4,158)
(0.05)
5,012
0.06
(8,316)
(0.09)
Financial instrument revaluations5
(1,411)
(0.02)
(4,533)
(0.05)
95
—
(6,671)
(0.07)
Loss from affiliates6
1,636
0.02
2,485
0.03
1,953
0.02
3,568
0.04
Hangar foam incident7
(22)
—
—
—
10
—
—
—
Adjusted Earnings and Adjusted Earnings
Per Share (non-GAAP)
$
45,169
$
0.57
$
53,152
$
0.59
$
74,852
$
0.92
$
103,027
$
1.16
Shares
Shares
Shares
Shares
Weighted Average Shares -
diluted
79,515
89,449
81,276
89,098
This presentation does not give effect to convertible note
hedges the Company purchased having the same number of the
Company's common shares, 8.1 million shares, and the same strike
price of $31.90, that underlie the Convertible Notes. The
convertible note hedges are expected to reduce the potential equity
dilution with respect to the Company's common stock upon conversion
of the Convertible Notes.
Adjusted Earnings and Adjusted Earnings Per Share should not be
considered as alternatives to Earnings from Continuing Operations,
Weighted Average Shares - diluted or Earnings Per Share from
Continuing Operations or any other performance measure derived in
accordance with GAAP. Adjusted Earnings and Adjusted Earnings Per
Share should not be considered in isolation or as a substitute for
analysis of the company's results as reported under GAAP.
1. Under U.S. GAAP, certain warrants are
reflected as a liability and unrealized warrant gains are typically
removed from diluted earnings per share (“EPS”) calculations, while
unrealized warrant losses are not removed because they are dilutive
to EPS. For all periods presented, additional shares assumes that
Amazon net settled its remaining warrants during each period.
2. Application of accounting standard ASU
No. 2020-06, "Accounting for Convertible Instruments and Contracts
in an Entity's Own Equity" requires convertible debt to be treated
under the "if-convert method" for EPS.
3. Removes the amortization of the
warrant-based customer incentives which are recorded against
revenue over the term of the related aircraft leases and customer
contracts.
4. Removes the non-service component of
post-retirement costs and credits.
5. Removes gains and losses from period
end financial instruments revaluations, including derivative
interest rate instruments, customer warrant and sale option.
6. Removes losses for the Company's
non-consolidated affiliates.
7. Removes charges and gains related to
the discharge of a fire suppression system in the Company's
aircraft hangar, net of related insurance recoveries.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
AIRCRAFT FLEET
Aircraft Types
June 30, 2022
December 31, 2022
June 30, 2023
December 31, 2023
Projected
Freighter
Passenger
Freighter
Passenger
Freighter
Passenger
Freighter
Passenger
B767-200
33
3
32
3
24
3
21
3
B767-300
70
8
78
8
83
8
93
8
B777-200
—
3
—
3
—
3
—
3
B757 Combi
—
4
—
4
—
4
—
4
A321-200
—
—
—
—
—
—
5
—
Total Aircraft in Service
103
18
110
18
107
18
119
18
In or awaiting cargo conversion
B767-300
14
—
15
—
20
—
12
—
A321
5
—
7
—
9
—
4
—
A330
—
—
—
—
—
—
3
—
B767 staging for lease
1
—
—
—
2
—
2
—
Total Aircraft
123
18
132
18
138
18
140
18
Aircraft in Service Deployments
June 30
December 31,
June 30
December 31,
2022
2022
2023
2023 Projected
Dry leased without CMI
37
39
38
49
Dry leased with CMI
52
52
48
47
Customer provided for CMI
7
13
15
16
ACMI/Charter1
25
24
24
25
1. ACMI/Charter includes four Boeing 767
passenger aircraft leased from external companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803700602/en/
Quint Turner, ATSG Inc. Chief Financial Officer 937-366-2303
Air Transport Services (NASDAQ:ATSG)
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