Solid Growth in Revenues, Earnings, Adjusted
Earnings and Adjusted EBITDA vs 1Q 2019
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 quarter ended March 31, 2020.
ATSG's first quarter 2020 results, as compared with the first
quarter of 2019, include:
- Customer revenues up 12 percent, or $41.1 million, to $389.3
million. Both of ATSG's principal business segments, aircraft
leasing and air transport, plus its other businesses on a combined
basis, generated higher revenues.
- GAAP Earnings from Continuing Operations were $133.7
million, or $2.27 per share basic, versus a $22.6 million, or $0.38
per share, for the prior year, including warrant-related effects in
each period. Quarterly re-measurements of financial instrument
values increased first quarter after-tax earnings by $108.1 million
and $4.9 million in 2020 and 2019, respectively. Warrant gains in
each quarter stemmed primarily from decreases in the traded value
of ATSG shares in the first quarter of each year.
- Adjusted Earnings from Continuing Operations (non-GAAP) rose
13 percent, to $29.3 million. Adjusted Earnings Per Share
(non-GAAP) were $0.43 diluted, up $0.06. Adjusted Earnings from
Continuing Operations and Adjusted EPS exclude elements from GAAP
results that differ distinctly in predictability among periods or
are not closely related to operations. Adjustments from GAAP
include financial instrument revaluations, amortization of aircraft
lease incentives, retiree benefit costs, losses of non-consolidated
ATSG affiliates, and acquisition-related expenses.
- Adjusted EBITDA from Continuing Operations (non-GAAP)
increased 9 percent, to $124.0 million. Contributions from our
airlines, and from the increase in externally leased 767
freighters, drove the majority of the increase in Adjusted
EBITDA.
Adjusted Earnings per Share, Adjusted Earnings from Continuing
Operations and Adjusted EBITDA from Continuing Operations are
non-GAAP financial measures and are defined in the non-GAAP
reconciliation tables at the end of this release.
- Capital spending was $143.5 million, up 56 percent.
Capital expenditures included $105.4 million for the purchase of
five Boeing 767 aircraft in the first quarter, and for freighter
modification costs.
Joe Hete, Chief Executive Officer of ATSG, said, "The
flexibility and resilience of ATSG’s business model again proved
its value, as the company responded to rapidly changing business
conditions with the speed and attention to detail that its
customers demand, while generating solid financial results overall.
As an example, our aircraft maintenance technicians on short notice
completed avionics adjustments to the New England Patriot's 767
aircraft that enabled it to fly to China to pick up more than 1
million masks for health care workers in Massachusetts. Similarly,
our airlines' pilots, flight attendants and line maintenance techs
are answering the call from their global customers to maintain the
flow of vital supplies and personnel under very challenging
conditions. Despite the pandemic, we remain cautiously optimistic
about the rest of 2020, as we deploy more 767 converted freighters
for customers responding to expanded e-commerce shopping, and
operate passenger aircraft to support the U.S. military’s evolving
requirements."
Segment Results
Cargo Aircraft Management (CAM)
CAM
First Quarter
($ in thousands)
2020
2019
Aircraft leasing and related revenues
$
78,609
$
74,577
Lease incentive amortization
(4,446
)
(4,227
)
Total CAM revenues
74,163
70,350
Depreciation expense
43,047
38,795
Allocated interest expense
10,255
9,965
Segment earnings, pretax
15,820
16,174
Significant Developments:
- CAM's first quarter revenues, net of warrant-related lease
incentives, increased five percent versus the prior year. Revenues
benefited primarily from seven newly converted 767 freighters
deployed since March 31, 2019, including one deployed as a
dry-lease with UPS in January 2020. CAM's external customer
revenues increased 12 percent during the first quarter.
- CAM owned ninety-one aircraft in service at March 31, 2020,
versus eighty-nine on the same date in 2019. Of the ninety-one
owned aircraft in service, sixteen, including four 757-200
combination cargo/passenger aircraft (combis), are passenger
aircraft; seventy-five are cargo aircraft.
- Sixty-two in-service cargo aircraft were dry-leased to external
customers on March 31, 2020, three more than a year ago. Of those,
thirty-five were operated by ATSG airlines.
- CAM owned fifteen aircraft in cargo conversion or staging for
lease as of March 31, versus nine a year ago. CAM has 2020 customer
lease commitments for more than half of these aircraft, and is in
discussion with customers for deployment of the remainder in 2020
or 2021.
- CAM’s pretax earnings for the quarter were $15.8 million, $0.4
million less than the prior-year's first quarter. Earnings
reflected a $0.3 million increase in allocated interest and a $4.3
million increase in depreciation expense due to fleet growth since
March 2019. The timing of incremental aircraft leases, and the
transitioning of aircraft between lessees had a significant impact
on CAM's results for the quarter, and are expected to continue to
impact CAM’s 2020 results.
ACMI Services
ACMI
Services
First Quarter
($ in thousands)
2020
2019
Revenues
$
284,165
$
257,956
Allocated interest expense
5,301
6,549
Segment earnings, pretax
18,378
12,310
Significant Developments:
- First-quarter revenues for ACMI Services increased 10 percent
from the prior-year period, stemming mainly from growth in Omni Air
and ATI operations.
- ATSG's airlines operated sixty-nine aircraft at March 31,
fifteen passenger and fifty-four cargo aircraft. Two of ATSG's four
757-200 freighters are expected to remain available for service
through 2020, although current DHL commitments for ATSG's 757-200
freighters ended May 1.
- Total block hours increased 31 percent for the first quarter,
principally due to six more aircraft in airline service versus a
year ago, and expanded flying for Amazon.
- Pretax earnings for the quarter were $18.4 million, up 49
percent versus $12.3 million a year ago. Higher revenues from our
airline operations were the principal factor. Interest expense
allocated to ACMI Services for the first quarter decreased $1.2
million to $5.3 million.
Other Activities
Other
First Quarter
($ in thousands)
2020
2019
Total Revenues
$
80,036
$
67,362
Revenues from external customers
$
58,380
$
48,621
Pretax Earnings
53
1,903
Significant Developments:
- Total first-quarter revenues from other activities increased by
19 percent due to growth in maintenance services and ground
services for external customers. Revenues from external customers
increased $9.8 million versus the prior-year period, driven by
additional revenue for ground services and fuel sales.
- Pretax earnings for the first quarter of $53,000 reflect lower
margins for aircraft maintenance and jet fuel sales.
CARES Act Financing for ATSG Airlines
During the second quarter, ATSG’s subsidiary air carriers, Omni
Air International (“Omni”), a passenger carrier, and Air Transport
International (“ATI”), a passenger and cargo carrier, each
submitted an application for worker-protection grant funds
available under the Coronavirus Aid, Relief, and Economic Security
Act (“CARES”) to the Secretary of the Treasury. On April 24, 2020,
Omni was notified by the Treasury Department that its application
for funds under the Payroll Support Program had received
preliminary approval for approximately $67 million, to be paid in
five monthly installments through September 2020. ATI’s application
for a grant under the Payroll Support Program remains pending at
this time. Our subsidiary air carriers intend to use any such funds
to maintain their respective airlines' staffing necessary to serve
the Department of Defense and commercial customers during an
extended period of economic uncertainty stemming from the
pandemic.
Outlook
Due to uncertainties brought about by the global pandemic, ATSG
is no longer able to provide specific guidance for its Adjusted
EBITDA for the full year 2020, as the level and duration of
COVID-19 impacts, primarily on our passenger business, is difficult
to forecast. However, based on our current outlook, we expect 2020
Adjusted EBITDA to exceed our 2019 total of $452 million.
During the current second quarter, ATSG expects that its
Adjusted EBITDA will range from $110 million to $115 million,
compared with $105 million in the second quarter of 2019. The
second quarter results will include the impact of ATI flight crew
training expenses necessary to begin CMI operations for Amazon on
at least four additional 767-300 aircraft they will begin leasing
from CAM during the second half of 2020.
Rich Corrado, President, said that "We are staying in constant
contact with our principal customers as the pandemic continues.
Today, they are telling us that they intend to continue to use our
aircraft and other resources largely in line with their earlier
expectations, including plans to lease seven to nine more of our
newly converted 767s this year. Most of our cargo aircraft continue
to operate within expanding time-definite express networks as
e-commerce transactions accelerate during the pandemic. Demand for
our passenger aircraft, however, is expected to remain sensitive to
pandemic-driven changes in the U.S. military’s troop deployment and
rotation plans, and reductions in operations for Omni commercial
customers through 2020."
2020 capital expenditures, principally to purchase and modify
Boeing 767-300 aircraft for freighter deployment, are projected to
be $420 million. That includes expected purchases of eight Boeing
767-300 aircraft including two freighters and six passenger
aircraft for freighter conversion. Five of the eight Boeing 767-300
aircraft were purchased in the first quarter.
“We take pride in providing essential air transport services to
the global economy, and we are confident that ATSG will support the
needs of its customers no matter how the pandemic requires us to
adapt,” Corrado said. “That includes our ability to meet stringent
requirements to prevent the spread of the coronavirus among our own
employees and those of our customers. Better days are ahead for all
of us, including our shareholders.”
Non-GAAP Financial Measures
This release, including the attached tables, contains non-GAAP
financial measures that management uses to evaluate historical
results and project future results. Management believes that these
non-GAAP measures assist in highlighting operational trends,
facilitate period-over-period comparisons, and provide additional
clarity about events and trends affecting core operating
performance. Disclosing these non-GAAP measures provides insight to
investors about additional metrics that management uses to evaluate
past performance and prospects for future performance. Non-GAAP
measures are not a substitute for GAAP. The historical non-GAAP
financial measures included in this release are reconciled to GAAP
earnings in tables included later in this release. The Company does
not provide a reconciliation of projected Adjusted EBITDA 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 and the non-GAAP adjustments for gain 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 a conference call on May 6, 2020, at 10 a.m.
Eastern time to review its financial results for the first quarter
of 2020. Participants should dial (800) 708-4539 and
international participants should dial (847) 619-6396 ten
minutes before the scheduled start of the call and ask for
conference pass code 49650065. The call will also be webcast
live (in listen-only mode) via a link at www.atsginc.com. The
conference call also will be available on webcast replay via
www.atsginc.com for 30 days.
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'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) the
following which relate to the current COVID-19 pandemic and related
economic downturn: our expectations regarding the receipt of funds
by two of our subsidiary airlines pursuant to the Payroll Support
Program under the CARES Act and the final terms of the grants
issued through such Program; the potential for reduced flight
operations; disruptions to our workforce and staffing capability;
the impact on our customers' creditworthiness; and the continuing
ability of our vendors and third party service providers to
maintain customary service levels; and (ii) other factors that
could impact the market demand for our assets and services,
including our operating airlines' ability to maintain on-time
service and control costs; the cost and timing with respect to
which we are able to purchase and modify aircraft to a cargo
configuration; fluctuations in ATSG's traded share price and in
interest rates, which may result in mark-to-market charges on
certain financial instruments; the number, timing and scheduled
routes of our aircraft deployments to customers; our ability to
remain in compliance with our agreements with key customers and
lenders; changes in general economic and/or industry specific
conditions; and other factors that 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
(In thousands, except per share
data)
Three Months Ended
March 31,
2020
2019
REVENUES
$
389,277
$
348,183
OPERATING EXPENSES
Salaries, wages and benefits
125,531
99,341
Depreciation and amortization
69,342
62,637
Maintenance, materials and repairs
41,677
44,538
Fuel
43,799
34,950
Contracted ground and aviation
services
14,349
15,598
Travel
21,657
20,098
Landing and ramp
2,745
3,048
Rent
3,486
3,753
Insurance
1,668
1,911
Transaction fees
—
373
Other operating expenses
15,216
15,408
339,470
301,655
OPERATING INCOME
49,807
46,528
OTHER INCOME (EXPENSE)
Net gain on financial instruments
107,044
4,500
Interest expense
(16,323
)
(17,390
)
Non-service component of retiree benefit
(costs) credits
2,898
(2,351
)
Loss from non-consolidated affiliates
(2,764
)
(3,816
)
Interest income
112
96
90,967
(18,961
)
EARNINGS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES
140,774
27,567
INCOME TAX EXPENSE
(7,041
)
(4,933
)
EARNINGS FROM CONTINUING OPERATIONS
133,733
22,634
EARNINGS FROM DISCONTINUED OPERATIONS, NET
OF TAX
3,772
31
NET EARNINGS
$
137,505
$
22,665
EARNINGS PER SHARE - CONTINUING
OPERATIONS
Basic
$
2.27
$
0.38
Diluted
$
0.84
$
0.25
WEIGHTED AVERAGE SHARES - CONTINUING
OPERATIONS
Basic
59,040
58,838
Diluted
67,947
60,437
Certain historical expenses have been reclassified to conform to
the presentation above.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
data)
March 31,
December 31,
2020
2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
71,063
$
46,201
Accounts receivable, net of allowance of
$1,324 in 2020 and $975 in 2019
166,993
162,870
Inventory
43,278
37,397
Prepaid supplies and other
26,027
20,323
TOTAL CURRENT ASSETS
307,361
266,791
Property and equipment, net
1,835,176
1,766,020
Customer incentive
141,821
146,678
Goodwill and acquired intangibles
524,795
527,654
Operating lease assets
48,698
44,302
Other assets
62,189
68,733
TOTAL ASSETS
$
2,920,040
$
2,820,178
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
136,781
$
141,094
Accrued salaries, wages and benefits
49,328
59,429
Accrued expenses
19,716
17,586
Current portion of debt obligations
13,773
14,707
Current portion of lease obligations
13,340
12,857
Unearned revenue
20,863
17,566
TOTAL CURRENT LIABILITIES
253,801
263,239
Long term debt
1,546,867
1,469,677
Stock warrant obligations
265,104
383,073
Post-retirement obligations
33,021
36,744
Long term lease obligations
34,642
30,334
Other liabilities
50,324
49,293
Deferred income taxes
136,978
127,476
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; 59,623,195 and 59,329,431 shares
issued and outstanding in 2020 and 2019, respectively
596
593
Additional paid-in capital
476,423
475,720
Retained earnings
183,400
45,895
Accumulated other comprehensive loss
(61,116
)
(61,866
)
TOTAL STOCKHOLDERS’ EQUITY
599,303
460,342
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
2,920,040
$
2,820,178
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
PRETAX EARNINGS AND ADJUSTED
PRETAX EARNINGS SUMMARY
FROM CONTINUING OPERATIONS
NON-GAAP RECONCILIATION
(In thousands)
Three Months Ended
March 31,
2020
2019
Revenues
CAM
Aircraft leasing and related revenues
$
78,609
$
74,577
Lease incentive amortization
(4,446
)
(4,227
)
Total CAM
74,163
70,350
ACMI Services
284,165
257,956
Other Activities
80,036
67,362
Total Revenues
438,364
395,668
Eliminate internal revenues
(49,087
)
(47,485
)
Customer Revenues
$
389,277
$
348,183
Pretax Earnings (Loss) from Continuing
Operations
CAM, inclusive of interest
expense
15,820
16,174
ACMI Services, inclusive of interest
expense
18,378
12,310
Other Activities
53
1,903
Net, unallocated interest
expense
(655
)
(780
)
Net gain on financial
instruments
107,044
4,500
Other non-service components of retiree
benefit (costs) credits, net
2,898
(2,351
)
Transaction fees
—
(373
)
Non-consolidated affiliates
(2,764
)
(3,816
)
Earnings from Continuing Operations
before Income Taxes (GAAP)
$
140,774
$
27,567
Adjustments to Pretax Earnings
Add non-service components of retiree
benefit costs (credits), net
(2,898
)
2,351
Add loss from non-consolidated
affiliates
2,764
3,816
Add transaction fees
—
373
Add customer incentive amortization
4,857
4,227
Add net (gain) on financial
instruments
(107,044
)
(4,500
)
Adjusted Pretax Earnings
(non-GAAP)
$
38,453
$
33,834
Adjusted Pretax Earnings excludes certain items included in GAAP
based pretax earnings (loss) from continuing operations because
they 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
March 31,
2020
2019
Earnings (loss) from Continuing
Operations Before Income Taxes
$
140,774
$
27,567
Interest Income
(112
)
(96
)
Interest Expense
16,323
17,390
Depreciation and Amortization
69,342
62,637
EBITDA from Continuing Operations
(non-GAAP)
$
226,327
$
107,498
Add non-service components of retiree
benefit costs (credits), net
(2,898
)
2,351
Add losses for non-consolidated
affiliates
2,764
3,816
Add acquisition related transaction
fees
—
373
Add customer incentive amortization
4,857
4,227
Add net (gain) loss on financial
instruments
(107,044
)
(4,500
)
Adjusted EBITDA (non-GAAP)
$
124,006
$
113,765
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 exclude the non-service cost
components of retiree benefit plans because they are not closely
related to ongoing operating activities. 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, and costs from non-consolidated affiliates.
Adjusted EBITDA and EBITDA from Continuing Operations are
non-GAAP financial measures and should not be considered as
alternatives to Earnings from Continuing Operations Before Income
Taxes or any other performance measure derived in accordance with
GAAP. Adjusted EBITDA and EBITDA from Continuing Operations should
not be considered in isolation or as substitutes for analysis of
the Company's results as reported under GAAP, or as alternative
measures of liquidity.
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIES ADJUSTED EARNINGS PER SHARE FROM CONTINUING
OPERATIONS NON-GAAP RECONCILIATION (In thousands)
Management presents Adjusted Earnings and Adjusted Earnings Per
Share from Continuing Operations, both non-GAAP measures, to
provide additional information regarding earnings per share without
the volatility otherwise caused by the items below. Management uses
Adjusted Earnings and Adjusted Earnings Per Share from Continuing
Operations to compare the performance of its operating results
among periods.
Three Months Ended
March 31, 2020
March 31, 2019
$
$ Per Share
$
$ Per Share
Earnings (loss) from Continuing
Operations - basic (GAAP)
$
133,733
$
22,634
Gain from warrant revaluation, net
tax1
(76,361
)
(7,653
)
Earnings (loss) from Continuing
Operations - diluted (GAAP)
57,372
$
0.84
14,981
$
0.25
Adjustments, net of tax
Customer incentive amortization2
3,748
0.06
3,228
0.05
Non-service component of retiree benefits
3
(2,237
)
(0.03
)
1,795
0.03
Loss from affiliates4
2,133
0.03
2,914
0.05
Omni acquisition fees5
—
—
285
—
Derivative and warrant revaluation6
(31,697
)
(0.47
)
2,748
(0.01
)
Adjusted Earnings from Continuing
Operations (non-GAAP)
$
29,319
$
0.43
$
25,951
$
0.37
Shares
Shares
Weighted Average Shares -
diluted
67,947
60,437
Additional weighted average shares1
—
9,232
Adjusted Shares (non-GAAP)
67,947
69,669
Adjusted Earnings from Continuing Operations and Adjusted
Earnings Per Share from Continuing Operations are non-GAAP
financial measures and 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 from Continuing Operations
should not be considered in isolation or as a substitute for
analysis of the company's results as reported under GAAP.
- 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. As a
result, the Company’s EPS, as calculated under U.S. GAAP, can vary
significantly among periods due to unrealized mark-to-market losses
created by an increased trading value for the Company's shares.
Adjustment removes the unrealized gains for a large grant of stock
warrants granted to a customer as a lease incentive.
- Adjustment 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.
- Removes the non-service component of post-retirement costs and
credits.
- Adjustment removes losses for the Company's non-consolidated
affiliates.
- Adjustment removes the fees incurred for the acquisition of
Omni Air International.
- Adjustment removes gains and losses from derivative interest
rate instruments and warrant revaluations.
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
AIRCRAFT FLEET
Aircraft Types
December 31, 2019
March 31, 2020
December 31, 2020
Projected
Freighter
Passenger
Freighter
Passenger
Freighter
Passenger
B767-200
33
3
32
3
30
3
B767-300
42
8
42
9
50
10
B777-200
—
3
—
3
—
3
B757-200
4
—
3
—
2
—
B757 Combi
—
4
—
4
—
4
B737-400
1
—
—
—
—
—
Total Aircraft in Service
80
18
77
19
82
20
B767-300 in or awaiting cargo
conversion
8
—
12
—
8
—
B767-300 staging for lease
—
—
1
—
—
—
B767-200 staging for lease
2
—
2
—
3
—
Total Aircraft
90
18
92
19
93
20
Aircraft in Service Deployments
December 31,
March 31,
December 31,
2019
2020
2020 Projected
Dry leased without CMI
27
27
31
Dry leased with CMI
35
35
40
Customer provided for CMI2
2
2
2
ACMI/Charter1
34
32
29
- Includes four Boeing 767-300ER passenger aircraft and one
767-200ER passenger aircraft leased from external companies.
- Beginning in the fourth quarter of 2019, two aircraft provided
by a customer were operated under a CMI agreement by a Company
airline.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200505006073/en/
Quint Turner, ATSG Inc. Chief Financial Officer 937-366-2303
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