Demand for medium-size cargo aircraft remains
strong
2023 Outlook revised to reflect macro effects
on ATSG airlines
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, 2023. Those
results, as compared with the same quarter in 2022 were as
follows:
First Quarter 2023
Results
- Revenues $501 million, up 3%
- GAAP EPS (basic) from Continuing Operations $0.28, down
$0.39
- GAAP Pretax Earnings from Continuing Operations of $27 million,
versus $65 million
- Adjusted Pretax* Earnings $38 million, down from $64
million
- Adjusted EPS* $0.36, versus $0.56
- Adjusted EBITDA* $138 million, down $20 million
Rich Corrado, president and chief executive officer of ATSG,
said, "These results, while disappointing, do reflect the operating
headwinds we talked about in February, including lower 2023 results
at our airlines. The first quarter Adjusted EBITDA reflected lower
than expected passenger airline revenues, and the continued impact
of inflation at our airlines. Our aircraft leasing business, CAM,
has seen no reduction in demand for its desirable leased
freighters, and continues to invest with the expectation of
delivering attractive returns for the midsize freighter aircraft we
expect to lease during the rest of 2023 and into 2024."
*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 first quarter were up 8% compared to the first quarter of
2022, primarily reflecting the benefit of eight newly converted
Boeing 767-300 freighters leased since the beginning of the first
quarter of 2022, offset by lower revenues from engine pooling
arrangements for customers leasing 767-200 freighters.
- CAM’s first-quarter pretax earnings decreased 2% to $34 million
versus the prior-year quarter. Those earnings were impacted by $2.3
million more interest expense allocated to CAM, driven by more
aircraft assets, including feedstock in or awaiting freighter
modification.
- CAM deployed two 767-300 freighters to an external customer
during the quarter. One 767-200 freighter was returned upon lease
expiration. Ninety-two CAM-owned 767 freighter aircraft were leased
to external customers at the end of the quarter, six more than a
year ago.
- CAM intends to deploy eighteen more freighters in 2023,
including twelve 767s and six A321s. Twenty-seven CAM-owned
aircraft were in or awaiting conversion to freighters, twelve more
than a year ago. That quarter-end total includes nine A321 aircraft
and eighteen 767s.
ACMI Services
- Pretax earnings were a loss of $2 million in the first quarter,
versus earnings of $22 million in the first quarter of 2022. Nearly
all the decrease compared to the prior year is attributable to our
ACMI and charter airline, Omni Air. Segment results overall were
affected by inflation, including increases in line maintenance
personnel and flight crew travel and training costs.
- Revenue block hours for ATSG's airlines were essentially flat
for the first quarter compared to the prior-year period despite
operating six more aircraft in 2023. Cargo block hours increased
4%. 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
flown by Omni Air decreased by 25%. The prior year quarter included
passenger hours flown for additional routes to Europe.
2023 Outlook
ATSG now expects its Adjusted EBITDA for 2023 to be in a range
of $610 million to $620 million, and full year Adjusted EPS in a
range of $1.55 to $1.70, based on lower ACMI Services passenger
flying than was projected and inflationary effects associated with
ACMI airline operations since initial 2023 guidance in February.
CAM is projected to deliver results consistent with February
guidance.
The Adjusted EBITDA and Adjusted EPS forecasts for 2023 continue
to assume:
- ACMI Services pretax results will be slightly positive in the
first half, and improving in the second half.
- Dry leases this year for up to six Airbus A321-200 freighters
currently awaiting approval by the foreign regulatory agencies, and
fourteen newly converted 767-300s. CAM's results will also be
affected by the re-lease or sale of five Boeing 767-200 freighters
currently leased to Amazon.
ATSG continues to project 2023 capital spending of $850 million,
including $260 million in sustaining capex and $590 million for
growth.
Corrado said that demand for ATSG’s freighter aircraft remains
very strong, including its Boeing 767s, the narrow-body A321s, and
the Airbus A330 freighters the company will begin to deploy next
year. CAM is expected to generate more than $70 million in 2024
revenues from freighters it expects to lease this year.
“Our customers remain eager to lease the freighter aircraft we
intend to deliver,” he said. “The persistent growth in online
commerce throughout the world, and the need to replace older, less
efficient aircraft types, means that midsize freighters will remain
essential to global economic growth."
Corrado added that "If future market conditions were to affect
projected returns on our fleet investments, we have the flexibility
to significantly reduce our planned growth investments in 2024 and
beyond, in favor of other options, such as debt reduction and
additional share repurchases. Our decisions about capital
allocation will always be driven by what creates the most value 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, May 5,
2023, at 10 a.m. Eastern Time to review its financial results for
the first 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
fourth-quarter results also may be downloaded there shortly before
the start of the call at 10 a.m.
Annual Meeting of Stockholders
ATSG's 2023 Annual Meeting of Stockholders will be held
virtually on May 24, 2023, at 11 a.m. Eastern Time. Stockholders of
record as of March 27, 2023, may participate by phone or online at
www.virtualshareholdermeeting.com/ATSG2023 to consider and vote on,
among other items, the election of directors to the Board,
ratification of the selection of auditors for 2023, and an advisory
vote on executive compensation. ATSG's 2023 Proxy Statement, its
2022 Annual Report, and its 2022 Sustainability Report issued in
April are also on the Company's website, www.atsginc.com, and
include important information you should consider before casting
your vote.
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; (ix) changes in general economic
and/or industry-specific conditions, including inflation; and (x)
the impact of geographical events or health epidemics such as the
COVID-19 pandemic. 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
March 31,
2023
2022
REVENUES
$
501,095
$
485,860
OPERATING EXPENSES
Salaries, wages and benefits
176,715
161,762
Depreciation and amortization
84,728
82,071
Maintenance, materials and repairs
43,833
35,709
Fuel
66,755
60,358
Contracted ground and aviation
services
17,788
18,331
Travel
29,553
24,199
Landing and ramp
4,124
4,578
Rent
8,112
6,663
Insurance
2,548
2,552
Other operating expenses
19,516
19,843
453,672
416,066
OPERATING INCOME
47,423
69,794
OTHER INCOME (EXPENSE)
Interest income
215
9
Non-service component of retiree benefit
credits
(3,218
)
5,388
Net (loss) gain on financial
instruments
(1,740
)
2,696
Gain (loss) from non-consolidated
affiliates
(406
)
(1,403
)
Interest expense
(15,705
)
(11,399
)
(20,854
)
(4,709
)
EARNINGS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES
26,569
65,085
INCOME TAX EXPENSE
(6,428
)
(15,289
)
EARNINGS FROM CONTINUING OPERATIONS
20,141
49,796
NET EARNINGS
$
20,141
$
49,796
EARNINGS PER SHARE - CONTINUING
OPERATIONS
Basic
$
0.28
$
0.67
Diluted
$
0.25
$
0.57
WEIGHTED AVERAGE SHARES - CONTINUING
OPERATIONS
Basic
71,802
73,888
Diluted
83,057
88,744
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(In thousands, except share
data)
March 31, 2023
December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
89,602
$
27,134
Accounts receivable, net of allowance of
$1,053 in 2023 and $939 in 2022
227,122
301,622
Inventory
57,727
57,764
Prepaid supplies and other
33,555
31,956
TOTAL CURRENT ASSETS
408,006
418,476
Property and equipment, net
2,553,674
2,402,408
Customer incentive
73,828
79,650
Goodwill and acquired intangibles
490,088
492,642
Operating lease assets
66,329
74,070
Other assets
110,354
122,647
TOTAL ASSETS
$
3,702,279
$
3,589,893
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
218,218
$
192,992
Accrued salaries, wages and benefits
60,272
56,498
Accrued expenses
11,371
12,466
Current portion of debt obligations
642
639
Current portion of lease obligations
22,524
23,316
Unearned revenue
33,784
21,546
TOTAL CURRENT LIABILITIES
346,811
307,457
Long term debt
1,544,454
1,464,285
Stock obligations
1,509
695
Post-retirement obligations
33,702
35,334
Long term lease obligations
44,727
51,575
Other liabilities
56,020
62,861
Deferred income taxes
260,989
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; 71,451,610 and 72,327,758 shares
issued and outstanding in 2023 and 2022, respectively
715
723
Additional paid-in capital
964,026
986,303
Retained earnings
549,023
528,882
Accumulated other comprehensive loss
(99,697
)
(103,402
)
TOTAL STOCKHOLDERS’ EQUITY
1,414,067
1,412,506
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
3,702,279
$
3,589,893
AIR TRANSPORT SERVICES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SUMMARY OF
CASH FLOWS (UNAUDITED)
(In thousands)
Three Months Ended
March 31,
2023
2022
OPERATING CASH FLOWS
$
216,378
$
125,668
INVESTING ACTIVITIES:
Aircraft acquisitions and freighter
conversions
(164,608
)
(71,915
)
Planned aircraft maintenance, engine
overhauls and other non-aircraft additions to property and
equipment
(54,193
)
(36,337
)
Proceeds from sales of property and
equipment
9,860
76
Acquisitions and investments in
businesses
(800
)
—
TOTAL INVESTING CASH FLOWS
(209,741
)
(108,176
)
FINANCING ACTIVITIES:
Principal payments on debt
(25,214
)
(90,100
)
Proceeds from borrowings
105,000
40,000
Payments for financing costs
(484
)
—
Purchase of common stock
(21,918
)
—
Taxes paid for conversion of employee
awards
(1,553
)
(1,350
)
TOTAL FINANCING CASH FLOWS
55,831
(51,450
)
NET INCREASE (DECREASE) IN CASH
$
62,468
$
(33,958
)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD
$
27,134
$
69,496
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
$
89,602
$
35,538
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
March 31,
2023
2022
Revenues
CAM
Aircraft leasing and related revenues
$
117,074
$
111,935
Lease incentive amortization
(5,030
)
(5,030
)
Total CAM
112,044
106,905
ACMI Services
334,127
330,090
Other Activities
110,588
102,535
Total Revenues
556,759
539,530
Eliminate internal revenues
(55,664
)
(53,670
)
Customer Revenues
$
501,095
$
485,860
Pretax Earnings (Loss) from Continuing
Operations
CAM, inclusive of interest
expense
34,200
34,995
ACMI Services, interest expense
(2,411
)
22,165
Other Activities
654
1,551
Net, unallocated interest
expense
(510
)
(307
)
Non-service components of retiree
benefit credit
(3,218
)
5,388
Net gain (loss) on financial
instruments
(1,740
)
2,696
Loss from non-consolidated
affiliates
(406
)
(1,403
)
Earnings from Continuing Operations
before Income Taxes (GAAP)
$
26,569
$
65,085
Adjustments to Pretax Earnings from
Continuing Operations
Add customer incentive amortization
5,822
5,798
Add loss from non-consolidated
affiliates
406
1,403
Less net (gain) loss on financial
instruments
1,740
(2,696
)
Less non-service components of retiree
benefit credit
3,218
(5,388
)
Add net charges for hangar foam
incident
41
—
Adjusted Pretax Earnings
(non-GAAP)
$
37,796
$
64,202
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
March 31,
2023
2022
Earnings (Loss) from Continuing
Operations Before Income Taxes
$
26,569
$
65,085
Interest Income
(215
)
(9
)
Interest Expense
15,705
11,399
Depreciation and Amortization
84,728
82,071
EBITDA from Continuing Operations
(non-GAAP)
$
126,787
$
158,546
Add customer incentive amortization
5,822
5,798
Add start-up loss from non-consolidated
affiliates
406
1,403
Less net (gain) loss on financial
instruments
1,740
(2,696
)
Add non-service components of retiree
benefit credits
3,218
(5,388
)
Add net charges for hangar foam
incident
41
—
Adjusted EBITDA (non-GAAP)
$
138,014
$
157,663
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
Trailing 12
Months
Ended
March 31,
March 31,
2023
2022
2023
OPERATING CASH FLOWS (GAAP)
$
216,378
$
125,668
$
562,830
Sustaining capital expenditures
(54,193
)
(36,337
)
(204,692
)
ADJUSTED FREE CASH FLOW
(non-GAAP)
$
162,185
$
89,331
$
358,138
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
March 31, 2023
March 31, 2022
$
$ Per
Share
$
$ Per
Share
Earnings from Continuing Operations -
basic (GAAP)
$
20,141
$
49,796
Gain from warrant revaluation, net
tax1
(108
)
—
Convertible notes interest charges, net of
tax2
776
760
Earnings from Continuing Operations -
diluted (GAAP)
20,809
$
0.25
50,556
$
0.57
Adjustments, net of tax
Customer incentive amortization3
4,546
0.06
4,475
0.05
Non-service component of retiree
benefits4
2,513
0.03
(4,158
)
(0.05
)
Financial instrument revaluations5
1,466
0.02
(2,081
)
(0.02
)
Loss from affiliates6
317
—
1,083
0.01
Hangar foam incident7
32
—
—
—
Adjusted Earnings and Adjusted Earnings
Per Share (non-GAAP)
$
29,683
$
0.36
$
49,875
$
0.56
Shares
Shares
Weighted Average Shares -
diluted
83,057
88,744
Additional shares - warrants 1
—
—
Adjusted Shares (non-GAAP)
83,057
88,744
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.
- 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.
- Application of accounting standard ASU No. 2020-06, "Accounting
for Convertible Instruments and Contracts in an Entity's Own
Equity" was adopted prospectively for EPS calculations on January
1, 2022 using the modified retrospective approach. The updated GAAP
requires convertible debt to be treated under the "if-convert
method" for EPS.
- 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.
- Removes gains and losses from period end financial instruments
revaluations, including derivative interest rate instruments,
customer warrant and sale option.
- Removes losses for the Company's non-consolidated
affiliates.
- Removes charges 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
March 31, 2022
December 31, 2022
March 31, 2023
December 31, 2023
Projected
Freighter
Passenger
Freighter
Passenger
Freighter
Passenger
Freighter
Passenger
B767-200
33
3
32
3
31
3
24
3
B767-300
67
9
78
8
80
8
94
8
B777-200
—
3
—
3
—
3
—
3
B757 Combi
—
4
—
4
—
4
—
4
A321-200
—
—
—
—
—
—
6
—
Total Aircraft in Service
100
19
110
18
111
18
124
18
B767-300 in or awaiting cargo
conversion
12
—
15
—
18
—
14
—
A321 in cargo conversion
3
—
7
—
9
—
5
—
A330 in cargo conversion
—
—
—
—
—
—
3
—
B767-200 staging for lease
1
—
—
—
—
—
1
—
Total Aircraft
116
19
132
18
138
18
147
18
Aircraft in Service Deployments
March 31,
December 31,
March 31,
December 31,
2022
2022
2023
2023 Projected
Dry leased without CMI
36
39
40
55
Dry leased with CMI
50
52
52
47
Customer provided for CMI
7
13
13
16
ACMI/Charter1
26
24
24
24
- ACMI/Charter includes four Boeing 767 passenger aircraft leased
from external companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230504006032/en/
Quint Turner, ATSG Inc. Chief Financial Officer 937-366-2303
Air Transport Services (NASDAQ:ATSG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Air Transport Services (NASDAQ:ATSG)
Historical Stock Chart
From Jul 2023 to Jul 2024