2000 Westchester Avenue, Purchase, New York 10577 •?(914) 701-8400 FOR IMMEDIATE RELEASE Contacts: Dan Loh (Investors) –?(914) 701-8200 Bonnie Rodney (Media) – (914) 701-8580
Atlas Air Worldwide Reports Second-Quarter Earnings; Reaffirms Full-Year Outlook
•
Adjusted Net Income of $20.4 Million, $0.79 per Share
•
Reported Net Income of $20.1 Million, $0.78 per Share
•
1.52 Million Shares Repurchased during Six Months Ended June 30
•
Reaffirms Adjusted EPS Outlook of $4.80
PURCHASE, N.Y.,August 1, 2013 –Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating solutions, today announced second-quarter 2013 diluted earnings per share in line with expectations presented at the company’s investor-analyst day on May 30 and reaffirmed its full-year adjusted diluted earnings per share outlook of approximately $4.80.
For the three months ended June 30, 2013, adjusted net income attributable to common stockholders totaled $20.4 million, or $0.79 per diluted share, compared with $31.2 million, or $1.18 per diluted share, for the three months ended June 30, 2012.
On a reported basis, second-quarter 2013 net income attributable to common stockholders totaled $20.1 million, or $0.78 per diluted share, compared with $30.9 million, or $1.16 per diluted share, in the second quarter of 2012.
Free cash flow increased to $64.6 million in the second quarter of 2013 from $54.2 million in the second quarter of 2012.
“Earnings in the second quarter of 2013 were driven by the strength of our ACMI operations, especially our new 747-8 freighters,” said William J. Flynn, President and Chief Executive Officer.
“Our diversified business mix, with our expanding 767 service, growing CMI operations and ongoing continuous improvement initiatives, enabled us to perform well in a quarter that was challenged by lower AMC Charter demand and softer AMC and Commercial Charter rates.
“Reflecting our commitment to enhance shareholder value, we acquired an additional 2.3% of our outstanding common stock through our share repurchase program from May through July. Combined with the shares that we bought through the end of April, we have repurchased approximately 5.7% of our shares so far this year.
“In addition, we are executing a strategic plan that leverages our core competencies. In July, we acquired our second and third 777 freighters for our Dry Leasing business. Each of our 777s was acquired with a long-term customer lease in place with a leading operator in the airfreight industry. These investments enhance our position in an attractive aircraft type, and they generate predictable, long-term revenue and earnings streams.”
Second-Quarter Results
Revenue, volume and profitability growth in our core ACMI business during the second quarter were driven by our new 747-8Fs, with five additional -8F aircraft in service compared with the second quarter of 2012, as well as the continued ramp up of CMI flying for Boeing and DHL Express.
Improved ACMI segment earnings during the period benefited from higher rates per block hour and lower maintenance expense for our 747-8Fs, partially offset by the redeployment of 747-400 aircraft to other business segments.
In AMC Charter, a reduction in cargo and passenger block hours, lower average cargo and passenger revenue per block hour, and a reduction in the number of one-way AMC missions led to a decline in segment contribution. Lower average passenger revenue per block hour during the period stemmed from a higher proportion of passenger flying on smaller-gauge 767 aircraft, which we added to supplement our wide-body 747-400 passenger service and enhance our share of military passenger business.
Segment results in Commercial Charter primarily related to a reduction in yields driven by soft second-quarter global charter-market conditions.
Results in the second quarter were also affected by a reduction in capitalized interest on 747-8F aircraft that entered service.
Income Taxes
Adjusted and reported earnings for the second quarter of 2013 included an effective income tax rate of 32.3%, reflecting the ongoing beneficial impact of lower taxes for certain foreign subsidiaries in our Dry Leasing business.
Half-Year Results
For the six months ended June 30, 2013, adjusted net income attributable to common stockholders totaled $26.3 million, or $1.01 per diluted share, compared with $44.9 million, or $1.69 per diluted share, for the six months ended June 30, 2012.
On a reported basis, first-half 2013 net income attributable to common stockholders totaled $40.1 million, or $1.54 per diluted share, compared with $43.7 million, or $1.65 per diluted share, in the first half of 2012.
Free cash flow in the first six months of 2013 increased to $107.0 million from $55.2 million in the first half of 2012.
Cash, Cash Equivalents and Short-Term Investments
At June 30, 2013, our cash, cash equivalents and short-term investments totaled $367.5 million, compared with $419.9 million at December 31, 2012.
The change in cash, cash equivalents and short-term investments reflected cash provided by operating and financing activities offset by cash used for investing activities.
Net cash used for investing activities in the first six months of 2013 primarily related to the purchase of two 747-8F aircraft as well as a 777-200LRF aircraft for our Dry Leasing business.
Net cash provided by financing activities primarily reflected proceeds from the issuance of debt in connection with the acquisitions of these aircraft. These proceeds were partially offset by payments on debt obligations and net payments under accelerated share repurchase (“ASR”) programs.
Share Repurchases
In mid-May, we entered into an ASR with a financial institution for the repurchase of our common stock for an aggregate purchase price of a minimum of $35.0 million up to a maximum of $44.0 million. As of June 30, 2013, we received delivery of an initial 615,791 shares pursuant to the program. This ASR is expected to conclude no later than mid-October.
Through the first six months of 2013, we repurchased a total of 1,519,092 shares, or 5.7%, of our outstanding common stock.
Future repurchases may be made at our discretion, and the actual timing, form and amount will depend on company and market conditions.
Outlook
Looking to full-year 2013, we expect to generate significant earnings and cash flow led by our ACMI business, improving Commercial Charter contribution, and productivity improvements and operating efficiencies generated through our continuous improvement initiatives.
We expect market growth during 2013 to be seasonal and second-half weighted. We anticipate a strong peak season in 2013 driven by demand for new consumer electronics, especially in the gaming sector.
Based on our outlook for peak season and in line with our first-half performance, we continue to anticipate a sequential increase in our quarterly earnings throughout the year, with just under 80% of full-year adjusted EPS of approximately $4.80 occurring in the second half.
Full-year 2013 EPS guidance includes actual and expected repurchases of our outstanding stock during the year.
Similar to the first and second quarters, adjusted full-year earnings in 2013 will reflect strong growth in the company’s ACMI business, driven by an increase in the number of 747-8F aircraft in ACMI service compared with 2012.
Block-hour volumes in 2013 are now expected to total approximately 170,000 hours, with ACMI segment flying representing approximately 74% of expected 2013 block hours, Commercial Charter about 15%, and AMC Charter about 11%. Passenger flying should account for more than 11,000 AMC Charter block hours in 2013, with cargo flying totaling more than 7,000 hours.
In addition, we now anticipate that maintenance expense will total approximately $162 million in 2013, about 63% of which was incurred in the first half of the year.
Mr. Flynn concluded: “We have performed well in an environment of continuing global uncertainty. We are well-positioned to serve our customers and the airfreight markets. We are ready to capitalize on market improvements. And we are executing a strategic plan that leverages our core competencies, provides a basis for returning capital to our investors through share repurchases, and will enable us to grow over the long term.”
Conference Call
Management will host a conference call to discuss Atlas Air Worldwide’s second-quarter financial and operating results at 11:00 a.m. Eastern Time on Thursday, August 1, 2013.
Interested parties are invited to listen to the call live over the Internet atwww.atlasair.com (click on “Investor Information”, click on “Presentations” and on the link to the second-quarter call) or at the following Web address:
http://www.media-server.com/m/p/jqqnzrhr
For those unable to listen to the live call, a replay will be available on the above Web sites following the call. A replay will also be available through August 8 by dialing (855) 859-2056 (domestic) and (404) 537-3406 (international) and using Access Code 13663972#.
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 EBITDAR, as adjusted; EBITDA, as adjusted; Direct Contribution; Adjusted Net Income Attributable to Common Stockholders; Adjusted Diluted EPS; and Free Cash Flow, which exclude certain items. 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 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 provide meaningful information to assist investors and analysts in understanding our financial results and assessing our prospects for future performance.
About Atlas Air Worldwide:
Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, Atlas Air Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.
Atlas, Titan and Polar offer a range of outsourced aircraft and aviation operating solutions that include ACMI service – in which customers receive an aircraft, crew, maintenance and insurance on a long-term basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military cargo and passenger charters; commercial cargo and passenger charters; and dry leasing of aircraft and engines.
Atlas Air Worldwide’s press releases, SEC filings and other information can be accessed through the Company’s home page,www.atlasair.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. Such forward-looking statements 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: 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 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; economic conditions; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs and relations; financing costs; the cost and availability of war risk insurance; our ability to maintain adequate internal controls over financial reporting; 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 2013 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.
* * *
1
Atlas Air Worldwide Holdings, Inc. Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)
For the Three Months Ended
For the Six Months Ended
June 30, 2013
June 30, 2012
June 30, 2013
June 30, 2012
Operating Revenue
ACMI
$
181,957
$
160,421
$
363,127
$
315,124
AMC Charter
94,135
138,014
192,172
259,308
Commercial Charter
117,783
120,827
208,883
197,774
Dry Leasing
6,223
2,862
9,970
5,807
Other
3,475
2,581
6,757
5,996
Total Operating Revenue
$
403,573
$
424,705
$
780,909
$
784,009
Operating Expenses
Aircraft fuel
102,743
117,571
196,101
212,334
Salaries, wages and benefits
72,518
73,378
145,049
144,254
Maintenance, materials and repairs
43,477
43,371
101,846
96,351
Aircraft rent
42,247
42,758
82,255
82,176
Depreciation and amortization
20,371
13,877
38,179
28,180
Passenger and ground handling services
17,300
18,618
34,072
31,389
Navigation fees, landing fees and other rent
16,351
15,882
30,463
28,937
Travel
13,771
14,823
28,950
27,443
Gain on disposal of aircraft
(399
)
(1,163
)
(422
)
(1,359
)
Other
26,733
29,472
53,358
57,607
Total Operating Expenses
355,112
368,587
709,851
707,312
Operating Income
48,461
56,118
71,058
76,697
Non-operating Expenses (Income)
Interest income
(4,978
)
(4,887
)
(10,154
)
(9,796
)
Interest expense
20,677
15,631
39,117
29,594
Capitalized interest
(292
)
(5,952
)
(1,694
)
(12,304
)
Loss on early extinguishment of debt
994
142
994
142
Other expense (income), net
1,104
1,082
1,656
785
Total Non-operating Expenses (Income)
17,505
6,016
29,919
8,421
Income before income taxes
30,956
50,102
41,139
68,276
Income tax expense (benefit)
9,993
18,906
73
26,140
Net Income
20,963
31,196
41,066
42,136
Less: Net income (loss) attributable
to noncontrolling interests
903
344
928
(1,551
)
Net Income Attributable
to Common Stockholders
$
20,060
$
30,852
$
40,138
$
43,687
Earnings per share:
Basic
$
0.78
$
1.17
$
1.54
$
1.66
Diluted
$
0.78
$
1.16
$
1.54
$
1.65
Weighted average shares:
Basic
25,691
26,428
26,009
26,394
Diluted
25,716
26,511
26,076
26,500
2
Atlas Air Worldwide Holdings, Inc. Consolidated Balance Sheets (in thousands, except share data) (Unaudited)
June 30, 2013
December 31, 2012
Assets
Current Assets
Cash and cash equivalents
$
355,775
$
409,763
Short-term investments
11,729
10,119
Accounts receivable, net of allowance of $2,006 and $3,172, respectively
113,271
127,704
Prepaid maintenance
20,248
22,293
Deferred taxes
35,083
26,390
Prepaid expenses and other current assets
38,339
36,726
Total current assets
574,445
632,995
Property and Equipment
Flight equipment
2,682,577
2,209,782
Ground equipment
43,954
39,230
Less: accumulated depreciation
(217,534
)
(185,419
)
Purchase deposits for flight equipment
19,817
147,946
Property and equipment, net
2,528,814
2,211,539
Other Assets
Long-term investments and accrued interest
130,150
140,498
Deposits and other assets
139,795
132,120
Intangible assets, net
33,230
35,533
Total Assets
$
3,406,434
$
3,152,685
Liabilities and Equity
Current Liabilities
Accounts payable
$
35,891
$
20,789
Accrued liabilities
151,923
152,467
Current portion of long-term debt1,2
242,417
154,760
Total current liabilities
430,231
328,016
Other Liabilities
Long-term debt1,2
1,330,345
1,149,282
Deferred taxes
270,133
265,384
Other liabilities
126,840
121,899
Total other liabilities
1,727,318
1,536,565
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; 50,000,000 shares authorized; 28,192,693 and
27,672,924 shares issued, 25,237,814 and 26,443,441, shares outstanding
(net of treasury stock), as of June 30, 2013 and December 31, 2012, respectively
282
277
Additional paid-in-capital
536,747
544,421
Treasury stock, at cost; 2,954,879 and 1,229,483 shares, respectively
(118,103
)
(44,850
)
Accumulated other comprehensive loss
(13,451
)
(14,263
)
Retained earnings
838,814
798,676
Total stockholders’ equity
1,244,289
1,284,261
Noncontrolling interest
4,596
3,843
Total equity
1,248,885
1,288,104
Total Liabilities and Equity
$
3,406,434
$
3,152,685
1 Balance sheet debt at June 30, 2013 totaled $1,572.8 million, including the impact of $44.2 million of unamortized discount.
2 The face value of our debt at June 30, 2013 totaled $1,617.0 million, compared with $1,350.8 million on December 31, 2012.
Atlas Air Worldwide Holdings, Inc. Consolidated Statements of Cash Flows (in thousands) (Unaudited)
For the Six Months Ended
June 30, 2013
June 30, 2012
Operating Activities:
Net Income Attributable to Common Stockholders
$
40,138
$
43,687
Net income (loss) attributable to noncontrolling interests
928
(1,551
)
Net Income
41,066
42,136
Adjustments to reconcile Net Income
to net cash provided by operating activities:
Depreciation and amortization
45,374
32,447
Accretion of debt securities discount
(4,591
)
(4,373
)
Provision for allowance for doubtful accounts
17
637
Loss on early extinguishment of debt
994
142
Gain on disposal of aircraft
(422
)
(1,359
)
Deferred taxes
(548
)
25,872
Stock-based compensation expense
7,866
8,994
Changes in:
Accounts receivable
11,844
(5,681
)
Prepaid expenses and other current assets
9,478
7,290
Deposits and other assets
481
(12,964
)
Accounts payable and accrued liabilities
16,618
(7,203
)
Net cash provided by operating activities
128,177
85,938
Investing Activities:
Capital expenditures
(19,491
)
(18,443
)
Purchase deposits and delivery payments for flight equipment
(342,584
)
(161,477
)
Investment in debt securities
¯
(1,179
)
Proceeds from short-term investments
4,422
3,915
Proceeds from insurance
9,109
¯
Proceeds from disposal of aircraft
2,100
2,515
Net cash used for investing activities
(346,444
)
(174,669
)
Financing Activities:
Proceeds from debt issuance
510,808
328,221
Refund of accelerated share repurchase
13,510
¯
Prepayment of accelerated share repurchase
(29,510
)
¯
Purchase of treasury stock
(73,253
)
(3,249
)
Excess tax benefit from stock-based compensation expense
465
544
Payment of debt issuance costs
(13,096
)
(10,004
)
Payments of debt
(244,645
)
(180,820
)
Net cash provided by financing activities
164,279
134,692
Net increase (decrease) in cash and cash equivalents
(53,988
)
45,961
Cash and cash equivalents at the beginning of period
409,763
187,111
Cash and cash equivalents at the end of period
355,775
233,072
Atlas Air Worldwide Holdings, Inc. Direct Contribution (in thousands) (Unaudited)
For the Three Months Ended
For the Six Months Ended
June 30, 2013
June 30, 2012
June 30, 2013
June 30, 2012
Operating Revenue:
ACMI
$
181,957
$
160,421
$
363,127
$
315,124
AMC Charter
94,135
138,014
192,172
259,308
Commercial Charter
117,783
120,827
208,883
197,774
Dry Leasing
6,223
2,862
9,970
5,807
Other
3,475
2,581
6,757
5,996
Total Operating Revenue
$
403,573
$
424,705
$
780,909
$
784,009
Direct Contribution:
ACMI
$
55,063
$
40,793
$
95,007
$
64,948
AMC Charter
12,658
29,984
25,395
50,565
Commercial Charter
(2,480
)
10,081
(11,164
)
11,957
Dry Leasing
2,437
1,253
3,613
2,589
Total Direct Contribution for Reportable Segments
$67,678
$82,111
$112,851
$130,059
Unallocated income and expenses, net
(36,128)
(33,030)
(71,141)
(63,000)
Loss on early extinguishment of debt
(994)
(142)
(994)
(142)
Gain on disposal of aircraft
399
1,163
422
1,359
Income before Income Taxes
30,955
50,102
41,138
68,276
Interest income
(4,978
)
(4,887
)
(10,154
)
(9,796
)
Interest expense
20,677
15,631
39,117
29,594
Capitalized interest
(292
)
(5,952
)
(1,694
)
(12,304
)
Loss on early extinguishment of debt
994
142
994
142
Other expense (income), net
1,104
1,082
1,656
785
Operating Income
$
48,460
$
56,118
$
71,057
$
76,697
Atlas Air Worldwide uses an economic performance metric, Direct Contribution, to show the profitability of each of its segments after allocation of direct ownership costs. Atlas Air Worldwide currently has the following reportable segments: ACMI, AMC Charter, Commercial Charter, and Dry Leasing. Each segment has different operating and economic characteristics, which are separately reviewed by senior management.
Direct Contribution consists of income (loss) before taxes, excluding special charges, nonrecurring items, gains on the sale of aircraft, and unallocated fixed costs.
Direct costs include crew costs, maintenance costs, fuel, ground operations, sales costs, aircraft rent, interest expense related to aircraft debt and aircraft depreciation.
Unallocated income and expenses include corporate overhead, non-aircraft depreciation, interest income, foreign exchange gains and losses, other revenue and other non-operating costs, including one-time items.
3
Atlas Air Worldwide Holdings, Inc. Reconciliation to Non-GAAP Measures (in thousands, except per share data) (Unaudited)
For the Three Months Ended
June 30, 2013
June 30, 2012
Percent Change
Net Income Attributable to Common Stockholders
$
20,060
$
30,852
(35.0
%)
After-tax impact from:
Fleet retirement costs1
-
1,043
Loss on early extinguishment of debt2
633
90
Gain on disposal of aircraft
(254
)
(741
)
Adjusted Net Income Attributable to Common Stockholders
20,439
31,244
(34.6%)
Diluted EPS
$
0.78
$
1.16
(32.8
%)
After-tax impact from:
Fleet retirement costs1
-
0.04
Loss on early extinguishment of debt2
0.02
0.00
Gain on disposal of aircraft
(0.01
)
(0.03
)
Adjusted Diluted EPS
0.79
1.183
(33.1
%)
For the Six Months Ended
June 30, 2013
June 30, 2012
Percent Change
Net Income Attributable to Common Stockholders
$
40,138
$
43,687
(8.1
%)
After-tax impact from:
Fleet retirement costs1
-
1,968
Loss on early extinguishment of debt2
633
90
ETI tax benefit
(14,160
)
-
Gain on disposal of aircraft
(269
)
(866
)
Adjusted Net Income Attributable to Common Stockholders
$ 26,342
$ 44,879
(41.3%)
Diluted EPS
$
1.54��
$
1.65
(6.7
%)
After-tax impact from:
Fleet retirement costs1
-
0.07
Loss on early extinguishment of debt2
0.02
0.00
ETI tax benefit
(0.54
)
-
Gain on disposal of aircraft
(0.01
)
(0.03
)
Adjusted Diluted EPS
$
1.01
$
1.69
(40.2
%)
1
Fleet retirement costs included incremental employee costs related to the retirement of our 747-200 fleet.
2
Loss on early extinguishment of debt was related to the financing of 747-8F aircraft.
3 Items may not sum due to rounding.
Atlas Air Worldwide Holdings, Inc. Reconciliation to Non-GAAP Measures (in thousands, except per share data) (Unaudited)
For the Three Months Ended
June 30, 2013
June 30, 2012
Net Cash Provided by Operating Activities
$
73,788
$
67,850
Less:
Capital expenditures
8,493
7,717
Capitalized interest
292
5,952
Free Cash Flow1
$
64,553
$
54,181
For the Six Months Ended
June 30, 2013
June 30, 2012
Net Cash Provided by Operating Activities
$
128,177
$
85,938
Less:
Capital expenditures
19,491
18,443
Capitalized interest
1,694
12,304
Free Cash Flow1
$
106,992
$
55,191
1
Free Cash Flow = Cash Flows from Operations minus Base Capital Expenditures and Capitalized Interest.
Base Capital Expenditures excludes purchases of aircraft.
4
Atlas Air Worldwide Holdings, Inc. Reconciliation to Non-GAAP Measures (in thousands) (Unaudited)
For the Three Months Ended
For the Six Months Ended
June 30, 2013
June 30, 2012
June 30, 2013
June 30, 2012
Income before income taxes
$
30,956
$
50,102
$
41,139
$
68,276
Fleet retirement costs1
-
1,637
-
3,090
Loss on early extinguishment of debt
994
142
994
142
Gain on disposal of aircraft
(399
)
(1,163
)
(422
)
(1,359
)
Adjusted pretax income
31,551
50,718
41,711
70,149
Interest (income) expense, net
15,407
4,792
27,269
7,494
Other non-operating expenses
1,104
1,082
1,656
785
Adjusted operating income
48,062
56,592
70,636
78,428
Depreciation and amortization
20,371
13,877
38,179
28,180
EBITDA, as adjusted2
68,433
70,469
108,815
106,608
Aircraft rent
42,247
42,758
82,255
82,176
EBITDAR, as adjusted3
$
110,680
$
113,227
$
191,070
$
188,784
1
Fleet retirement costs included incremental employee costs related to the retirement of our 747-200 fleet.
2
Adjusted EBITDA: Earnings before interest, taxes, depreciation, amortization, fleet retirement costs, and gains on disposal of aircraft, as applicable.
3
Adjusted EBITDAR: Earnings before interest, taxes, depreciation, amortization, aircraft rent expense, fleet retirement costs, and gains on disposal of aircraft, as applicable.
5
Atlas Air Worldwide Holdings, Inc. Operating Statistics and Traffic Results (Unaudited)
For the Three Months Ended
For the Six Months Ended
June 30,
Increase/
June 30,
Increase/
2013
2012
(Decrease)
2013
2012
(Decrease)
Block Hours
ACMI
28,372
25,737
2,635
56,461
50,246
6,215
AMC Charter
Cargo
1,891
2,680
(789
)
3,765
5,869
(2,104
)
Passenger
2,675
3,389
(714
)
5,235
5,240
(5
)
Commercial Charter
6,331
5,739
592
11,050
9,429
1,621
Nonrevenue
245
197
48
435
631
(196
)
Total Block Hours
39,514
37,742
1,772
76,946
71,415
5,531
Revenue Per Block Hour
ACMI
$
6,413
$
6,233
$
180
$
6,431
$
6,272
$
159
AMC Charter
20,617
22,741
(2,124
)
21,352
23,342
(1,990
)
Cargo
22,615
25,783
(3,168
)
22,973
25,295
(2,332
)
Passenger
19,204
20,335
(1,131
)
20,187
21,155
(968
)
Commercial Charter
18,604
21,054
(2,450
)
18,903
20,975
(2,072
)
Average Utilization (block hours per day)
ACMI1
10.7
12.9
(2.2
)
10.5
12.6
(2.1
)
AMC Charter
Cargo
7.4
10.2
(2.8
)
7.2
9.0
(1.8
)
Passenger
6.4
8.3
(1.9
)
6.7
7.8
(1.1
)
Commercial Charter
7.5
10.0
(2.5
)
7.4
9.1
(1.7
)
All Operating Aircraft1,2
9.5
11.6
(2.1
)
9.4
11.2
(1.8
)
Fuel
AMC
Average fuel cost
per gallon
$
3.63
$
3.61
$
0.02
$
3.63
$
3.57
$
0.06
Fuel gallons
11,105
15,522
(4,417
)
22,523
29,551
(7,028
)
consumed (000s)
Commercial Charter
Average fuel cost
per gallon
$
3.03
$
3.31
$
(0.28
)
$
3.15
$
3.38
$
(0.23
)
Fuel gallons
20,628
18,590
2,038
36,254
31,621
4,633
consumed (000s)
1 ACMI and All Operating Aircraft averages in the second quarter and first six months of 2013 reflect the impact of increases in the number of CMI
aircraft and amount of CMI flying compared with the same periods of 2012.
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
For the Six Months Ended
June 30,
Increase/
June 30,
Increase/
2013
2012
(Decrease)
2013
2012
(Decrease)
Segment Operating Fleet (average
aircraft equivalents during the period)
ACMI1
747-8F Cargo
8.2
3.3
4.9
7.6
3.2
4.4
747-400 Cargo2
13.0
16.2
(3.2
)
13.9
16.7
(2.8
)
767-300 Cargo
2.0
—
2.0
1.7
—
1.7
767-200 Cargo
5.0
1.5
3.5
5.0
0.9
4.1
747-400 Passenger
1.0
1.0
—
1.0
1.1
(0.1
)
767-300 Passenger
—
—
—
0.4
—
0.4
Total
29.2
22.0
7.2
29.6
21.9
7.7
AMC Charter
747-400 Cargo
2.8
2.9
(0.1
)
2.9
3.3
(0.4
)
747-200 Cargo
—
—
—
—
0.3
(0.3
)
747-400 Passenger
1.8
1.6
0.2
1.8
1.7
0.1
767-300 Passenger
2.8
2.9
(0.1
)
2.5
2.0
0.5
Total
7.4
7.4
—
7.2
7.3
(0.1
)
Commercial Charter
747-8F Cargo
0.3
—
0.3
0.1
—
0.1
747-400 Cargo
8.6
6.0
2.6
7.9
4.9
3.0
747-200 Cargo
—
—
—
—
0.4
(0.4
)
747-400 Passenger
0.2
0.2
—
0.2
0.2
—
767-300 Passenger
0.2
0.1
0.1
0.1
0.2
(0.1
)
Total
9.3
6.3
3.0
8.3
5.7
2.6
Dry Leasing
777-200 Cargo
1.0
—
1.0
0.6
—
0.6
757-200 Cargo
1.0
1.0
—
1.0
1.0
—
737-300 Cargo
1.0
—
1.0
1.0
—
1.0
737-800 Passenger
2.0
2.0
—
2.0
2.0
—
Total
5.0
3.0
2.0
4.6
3.0
1.6
Total Operating Aircraft
50.9
38.7
12.2
49.7
37.9
11.8
Out of Service3
1.0
-
1.0
0.7
-
0.7
1 ACMI average fleet excludes spare aircraft provided by CMI customers. 2 Includes 1.6 and 1.1 Large Cargo Freighters in the three-month periods ended June 30, 2013 and 2012, respectively. Includes 1.6 and 1.1 Large Cargo Freighters in the six-month periods ended June 30, 2013 and 2012, respectively.
3 Out-of-service aircraft were temporarily parked during the period and are completely unencumbered.
6
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