DE | 000-50368 | 26-1631624 | ||
(State or other jurisdiction of incorporation) | Commission File Number: | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
AIR TRANSPORT SERVICES GROUP, INC. | |
By: | /S/ W. JOSEPH PAYNE |
W. Joseph Payne | |
Chief Legal Officer & Secretary | |
Date: | February 27, 2019 |
• | 4Q Revenues increase 27 percent, 15 percent for 2018 excluding 2017 reimbursable revenues. |
• | 4Q Adjusted Earnings up 23 percent, 42 percent for 2018 excluding primarily non-cash tax, warrant-related items. |
• | Adjusted EBITDA up 19 percent for 4Q, 16 percent for 2018. |
• | Customer revenues were $280.8 million in 4Q 2018 vs. same-basis $221.2 million in 4Q 2017. |
• | GAAP Earnings from Continuing Operations were negative $5.2 million, $0.09 per share diluted in 4Q 2018 vs. $94.1 million, $1.11 per share diluted in 4Q 2017. |
• | Adjusted Earnings from Continuing Operations (non-GAAP) $24.1 million in 4Q 2018 vs $19.6 million in 4Q 2017. Adjusted EPS (non-GAAP) $0.36 diluted 4Q 2018 vs. $0.28 diluted 4Q2017. |
• | Adjusted EBITDA from Continuing Operations (non-GAAP) up 19 percent in 4Q 2018 to $96.2 million. |
• | 2018 capital spending was $292.9 million, comparable to 2017, as ten cargo aircraft (nine Boeing 767s, one Boeing 737) were deployed in each year. |
• | Diversified via Omni acquisition: Purchase in November added more than $400 million in annualized revenues and strong cash flow from charter passenger operations for the Department of Defense and others, plus the Boeing 777 platform, giving ATSG more comprehensive custom solution capabilities. |
• | Agreements with Amazon extended and expanded: December deal provides for ten more 767 leases over two years, or thirty total 767s leased to Amazon by the end of 2020. Multi-year lease extensions for twenty existing 767s, and for the agreement covering ATSG airlines that operate the aircraft. Additional warrants granted to Amazon, which together with warrants granted in 2016, would allow them to acquire about 33.2% of ATSG shares, and options for more warrants based on additional aircraft leases. |
• | More feedstock 767s secured: Twenty 767-300s sourced via Jetran from the American Airlines fleet to be acquired, converted and leased through 2021 under a December agreement. These will help ATSG meet strong e-commerce-driven demand for express-network cargo aircraft, perhaps augmenting Omni’s passenger fleet before conversion. |
• | Labor agreement with ATI pilots: Added four years and market-competitive terms for pilots of Air Transport International flying ATSG’s 767 and 757 aircraft under CMI and ACMI agreements. |
• | Freighter fleet expansion: Nine Boeing 767-300 freighters entered service in 2018, with eight to ten more 767 freighters due in 2019 based on current commitments. More than 80 percent of 767 freighters in service at year-end 2018 are dry-leased. |
• | New lease customers: Dry-lease deliveries of 767s to Air Incheon and SkyTaxi in 2018 expanded ATSG’s lease-customer base. Additional leases were also completed with other customers Amerijet, CargoJet and Northern Air Cargo. |
CAM | Fourth Quarter | Year | ||||||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Aircraft leasing and related revenues | $ | 67,643 | $ | 57,813 | $ | 245,860 | $ | 223,546 | ||||||||
Lease incentive amortization | (4,226 | ) | (4,226 | ) | (16,904 | ) | (13,986 | ) | ||||||||
Total CAM revenues | 63,417 | 53,587 | 228,956 | 209,560 | ||||||||||||
Pre-Tax Earnings | 15,684 | 15,940 | 65,576 | 61,510 |
• | CAM's revenues, net of warrant-related lease incentives, increased 18 percent. Higher revenues from additional aircraft in service, including four freighter aircraft deployed in the fourth quarter, and fourth-quarter lease revenues from eleven Omni passenger aircraft, were offset by lower than anticipated revenues from delayed freighter deployments and other aircraft in transition. |
• | The CAM segment’s in-service fleet at year-end 2018 comprised seventy-seven cargo aircraft and eleven passenger aircraft, including Boeing 777s, 767s, 757s, and 737s. That is eighteen more aircraft than at the end of 2017, including a net seven additional cargo aircraft. Five other 767s were undergoing conversion to freighters. |
• | CAM’s pre-tax earnings for the fourth quarter were $15.7 million, down slightly from $15.9 million in the fourth quarter a year ago due primarily to the transitioning and delayed deployment effects noted above. Earnings from external customers increased for the quarter. The fourth quarter of 2017 benefited from higher aircraft engine leasing and lease-customer maintenance support. The fourth quarter of 2018 included $3.5 million in additional interest expense allocated to CAM. |
• | ATSG’s aircraft leasing entities acquired three 767s during the fourth quarter for freighter conversion and redeployment in 2019. That was in addition to 11 passenger aircraft owned and operated by Omni Air International, which ATSG acquired in November. CAM expects to acquire nine additional 767s in 2019 for conversion and lease to external customers. |
ACMI Services | Fourth Quarter | Year | |||||||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 193,635 | $ | 127,152 | $ | 548,839 | $ | 459,272 | |||||||||
Pre-Tax Earnings (Loss) | 12,724 | 11,533 | 17,717 | 8,557 |
• | ACMI Services revenues, excluding revenues from reimbursed expenses in 2017, increased 52 percent to $193.6 million in the fourth quarter, including contributions from Omni Air but excluding reimbursement payments, principally for fuel, from 2017 revenue. |
• | Pre-tax earnings were up 10 percent, to $12.7 million, also including contributions from Omni Air for a portion of the fourth quarter. |
• | Billable block hours increased 4 percent from last year's fourth quarter as ATSG’s fleet continued to grow. The fourth quarter hours were negatively affected by the California wildfires. |
MRO Services | Fourth Quarter | Year | |||||||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 62,414 | $ | 59,274 | $ | 207,539 | $ | 205,401 | |||||||||
Pre-Tax Earnings (Loss) | 6,384 | 2,936 | 14,499 | 19,741 |
• | Total fourth-quarter revenues from MRO Services increased 5 percent from the prior year. |
• | Pre-tax earnings from MRO Services more than doubled to $6.4 million from $2.9 million from the same period a year ago. The increase reflects higher service hours for ATSG airlines. |
Other | Fourth Quarter | Year | |||||||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 17,429 | $ | 23,611 | $ | 79,040 | $ | 93,856 | |||||||||
Pre-Tax Earnings | 638 | 295 | 9,107 | 5,590 |
• | Total revenues from other activities decreased by 26 percent, excluding revenues from reimbursed expenses from 2017. Revenues from external customers, which do not include 2017 revenues for the reimbursement of certain ground services, decreased $6.1 million. |
• | The decrease in external revenue excluding reimbursables was driven by the third-quarter termination of ATSG’s support of U.S. Postal Service sort facilities, offset in part by higher contractual rates and additional gateway services provided to Amazon, including cargo handling and related ground support services provided directly at Amazon's gateway location in Tampa. |
• | Pre-tax earnings of $0.6 million increased from $0.3 million a year ago. The gain is attributable to better results from ATSG’s minority interest in West Atlantic, and improvement in gateway operations. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES | $ | 280,779 | $ | 322,971 | $ | 892,345 | $ | 1,068,200 | |||||||
OPERATING EXPENSES | |||||||||||||||
Salaries, wages and benefits | 84,341 | 76,610 | 300,514 | 276,106 | |||||||||||
Depreciation and amortization | 54,070 | 42,728 | 178,895 | 154,556 | |||||||||||
Maintenance, materials and repairs | 39,540 | 40,605 | 146,692 | 141,575 | |||||||||||
Fuel | 21,611 | 48,445 | 39,293 | 149,579 | |||||||||||
Contracted ground and aviation services | 9,176 | 53,809 | 16,640 | 147,092 | |||||||||||
Travel | 13,620 | 6,847 | 34,443 | 27,390 | |||||||||||
Landing and ramp | 2,298 | 7,933 | 5,968 | 22,271 | |||||||||||
Rent | 3,635 | 3,538 | 13,899 | 13,629 | |||||||||||
Insurance | 1,639 | 1,369 | 6,112 | 4,820 | |||||||||||
Transaction fees | 5,264 | — | 5,264 | — | |||||||||||
Other operating expenses | 12,935 | 7,194 | 33,607 | 31,782 | |||||||||||
248,129 | 289,078 | 781,327 | 968,800 | ||||||||||||
OPERATING INCOME | 32,650 | 33,893 | 111,018 | 99,400 | |||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Net gain (loss) on financial instruments | (21,411 | ) | 20,424 | 7,296 | (79,789 | ) | |||||||||
Interest expense | (12,463 | ) | (5,365 | ) | (28,799 | ) | (17,023 | ) | |||||||
Non-service component of retiree benefit costs | 2,045 | (222 | ) | 8,180 | (6,105 | ) | |||||||||
Loss from non-consolidated affiliate | (2,868 | ) | (2,190 | ) | (10,468 | ) | (3,135 | ) | |||||||
Interest income | 107 | 31 | 251 | 116 | |||||||||||
(34,590 | ) | 12,678 | (23,540 | ) | (105,936 | ) | |||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,940 | ) | 46,571 | 87,478 | (6,536 | ) | |||||||||
INCOME TAX EXPENSE | (3,256 | ) | 47,520 | (19,595 | ) | 28,276 | |||||||||
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | (5,196 | ) | 94,091 | 67,883 | 21,740 | ||||||||||
EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 866 | 1,026 | 1,402 | (3,245 | ) | ||||||||||
NET EARNINGS (LOSS) | $ | (4,330 | ) | $ | 95,117 | $ | 69,285 | $ | 18,495 | ||||||
EARNINGS (LOSS) PER SHARE - CONTINUING OPERATIONS | |||||||||||||||
Basic | $ | (0.09 | ) | $ | 1.60 | $ | 1.16 | $ | 0.37 | ||||||
Diluted | $ | (0.09 | ) | $ | 1.11 | $ | 0.89 | $ | 0.36 | ||||||
WEIGHTED AVERAGE SHARES - CONTINUING OPERATIONS | |||||||||||||||
Basic | 58,740 | 58,733 | 58,765 | 58,907 | |||||||||||
Diluted | 58,740 | 68,987 | 68,356 | 59,686 |
December 31, | December 31, | ||||||
2018 | 2017 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 59,322 | $ | 32,699 | |||
Accounts receivable, net of allowance of $1,444 in 2018 and $2,445 in 2017 | 147,755 | 109,114 | |||||
Inventory | 33,536 | 22,169 | |||||
Prepaid supplies and other | 18,608 | 20,521 | |||||
TOTAL CURRENT ASSETS | 259,221 | 184,503 | |||||
Property and equipment, net | 1,555,005 | 1,159,962 | |||||
Lease incentive | 63,780 | 80,684 | |||||
Goodwill and acquired intangibles | 535,359 | 44,577 | |||||
Convertible note hedges | — | 53,683 | |||||
Other assets | 57,220 | 25,435 | |||||
TOTAL ASSETS | $ | 2,470,585 | $ | 1,548,844 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 109,843 | $ | 99,728 | |||
Accrued salaries, wages and benefits | 50,932 | 40,127 | |||||
Accrued expenses | 19,623 | 10,455 | |||||
Current portion of debt obligations | 29,654 | 18,512 | |||||
Unearned revenue | 19,082 | 15,850 | |||||
TOTAL CURRENT LIABILITIES | 229,134 | 184,672 | |||||
Long term debt | 1,371,598 | 497,246 | |||||
Convertible note obligations | — | 54,359 | |||||
Stock warrant obligations | 203,782 | 211,136 | |||||
Post-retirement obligations | 64,485 | 61,355 | |||||
Other liabilities | 51,905 | 45,353 | |||||
Deferred income taxes | 113,243 | 99,444 | |||||
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; 110,000,000 shares authorized; 59,134,173 and 59,057,195 shares issued and outstanding in 2018 and 2017, respectively | 591 | 591 | |||||
Additional paid-in capital | 471,158 | 471,456 | |||||
Retained earnings (accumulated deficit) | 56,051 | (13,748 | ) | ||||
Accumulated other comprehensive loss | (91,362 | ) | (63,020 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY | 436,438 | 395,279 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,470,585 | $ | 1,548,844 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | |||||||||||||||
CAM | |||||||||||||||
Aircraft leasing and related revenues | $ | 67,643 | $ | 57,813 | $ | 245,860 | $ | 223,546 | |||||||
Lease incentive amortization | (4,226 | ) | (4,226 | ) | (16,904 | ) | (13,986 | ) | |||||||
Total CAM | 63,417 | 53,587 | 228,956 | 209,560 | |||||||||||
ACMI Services | 193,635 | 127,152 | 548,839 | 459,272 | |||||||||||
MRO Services | 62,414 | 59,274 | 207,539 | 205,401 | |||||||||||
Other Activities | 17,429 | 23,611 | 79,040 | 93,856 | |||||||||||
Total Revenues | 336,895 | 263,624 | 1,064,374 | 968,089 | |||||||||||
Eliminate internal revenues | (56,116 | ) | (42,465 | ) | (172,029 | ) | (189,309 | ) | |||||||
Customer Revenues - non reimbursed | 280,779 | 221,159 | 892,345 | 778,780 | |||||||||||
Revenues recorded for reimbursed expenses | — | 101,812 | — | 289,420 | |||||||||||
Customer Revenues (GAAP) | $ | 280,779 | $ | 322,971 | $ | 892,345 | $ | 1,068,200 | |||||||
Pre-tax Earnings (Loss) from Continuing Operations | |||||||||||||||
CAM, inclusive of interest expense | 15,684 | 15,940 | 65,576 | 61,510 | |||||||||||
ACMI Services | 12,724 | 11,533 | 17,717 | 8,557 | |||||||||||
MRO Services | 6,384 | 2,936 | 14,499 | 19,741 | |||||||||||
Other Activities | 638 | 295 | 9,107 | 5,590 | |||||||||||
Inter-segment earnings eliminated | (5,660 | ) | (1,478 | ) | (12,436 | ) | (11,583 | ) | |||||||
Net, unallocated interest expense | (4,212 | ) | (667 | ) | (6,729 | ) | (1,322 | ) | |||||||
Net gain (loss) on financial instruments | (21,411 | ) | 20,424 | 7,296 | (79,789 | ) | |||||||||
Other non-service components of retiree benefit costs, net | 2,045 | (222 | ) | 8,180 | (6,105 | ) | |||||||||
Transaction fees | (5,264 | ) | — | (5,264 | ) | — | |||||||||
Non-consolidated affiliate | (2,868 | ) | (2,190 | ) | (10,468 | ) | (3,135 | ) | |||||||
Earnings (loss) from Continuing Operations before Income Taxes (GAAP) | $ | (1,940 | ) | $ | 46,571 | $ | 87,478 | $ | (6,536 | ) | |||||
Adjustments to Pre-tax Earnings | |||||||||||||||
Add non-service components of retiree benefit costs, net (gain) loss | (2,045 | ) | 222 | (8,180 | ) | 6,105 | |||||||||
Add loss from non-consolidated affiliates | 2,868 | 2,190 | 10,468 | 3,135 | |||||||||||
Add transaction fees | 5,264 | — | 5,264 | — | |||||||||||
Add lease incentive amortization | 4,226 | 4,226 | 16,904 | 13,986 | |||||||||||
Add net (gain) loss on financial instruments | 21,411 | (20,424 | ) | (7,296 | ) | 79,789 | |||||||||
Adjusted Pre-tax Earnings (non-GAAP) | $ | 29,784 | $ | 32,785 | $ | 104,638 | $ | 96,479 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Earnings (loss) from Continuing Operations Before Income Taxes | $ | (1,940 | ) | $ | 46,571 | $ | 87,478 | $ | (6,536 | ) | |||||
Interest Income | (107 | ) | (31 | ) | (251 | ) | (116 | ) | |||||||
Interest Expense | 12,463 | 5,365 | 28,799 | 17,023 | |||||||||||
Depreciation and Amortization | 54,070 | 42,728 | 178,895 | 154,556 | |||||||||||
EBITDA from Continuing Operations (non-GAAP) | $ | 64,486 | $ | 94,633 | $ | 294,921 | $ | 164,927 | |||||||
Add non-service components of retiree benefit costs, net (gain) loss | (2,045 | ) | 222 | (8,180 | ) | 6,105 | |||||||||
Add losses for non-consolidated affiliates | 2,868 | 2,190 | 10,468 | 3,135 | |||||||||||
Add acquisition related transaction fees | 5,264 | — | 5,264 | — | |||||||||||
Add lease incentive amortization | 4,226 | 4,226 | 16,904 | 13,986 | |||||||||||
Add net (gain) loss on financial instruments | 21,411 | (20,424 | ) | (7,296 | ) | 79,789 | |||||||||
Adjusted EBITDA (non-GAAP) | $ | 96,210 | $ | 80,847 | $ | 312,081 | $ | 267,942 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||
$ | $ Per Share | $ | $ Per Share | $ | $ Per Share | $ | $ Per Share | ||||||||||||||||||||||||
Earnings (loss) from Continuing Operations - basic (GAAP) | $ | (5,196 | ) | $ | 94,091 | $ | 67,883 | $ | 21,740 | ||||||||||||||||||||||
Gain from warrant revaluation, net tax | — | (17,551 | ) | (7,118 | ) | — | |||||||||||||||||||||||||
Earnings (loss) from Continuing Operations - diluted (GAAP) | (5,196 | ) | $ | (0.09 | ) | 76,540 | $ | 1.11 | 60,765 | $ | 0.89 | 21,740 | $ | 0.36 | |||||||||||||||||
Adjustments, net of tax | |||||||||||||||||||||||||||||||
Loss from warrant revaluation 1 | 17,156 | 0.24 | — | — | — | — | 77,464 | 1.18 | |||||||||||||||||||||||
Lease incentive amortization 2 | 3,094 | 0.05 | 2,692 | 0.04 | 12,910 | 0.18 | 16,400 | 0.27 | |||||||||||||||||||||||
Pension settlement charge 3 | — | — | — | — | — | — | 3,400 | 0.06 | |||||||||||||||||||||||
Loss from joint venture 4 | 2,110 | 0.04 | 1,395 | 0.02 | 7,993 | 0.12 | 1,997 | 0.03 | |||||||||||||||||||||||
Omni acquisition fees 5 | 4,020 | 0.07 | — | — | 4,020 | 0.06 | — | — | |||||||||||||||||||||||
Derivative revaluation 6 | 2,881 | 0.05 | (1,049 | ) | (0.02 | ) | 6 | — | (873 | ) | (0.01 | ) | |||||||||||||||||||
Effect of 2017 tax law 7 | — | — | (59,944 | ) | (0.87 | ) | — | — | (59,944 | ) | (1.00 | ) | |||||||||||||||||||
Adjusted Earnings from Continuing Operations (non-GAAP) | $ | 24,065 | $ | 0.36 | $ | 19,634 | $ | 0.28 | $ | 85,694 | $ | 1.25 | $ | 60,184 | $ | 0.89 | |||||||||||||||
Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||
Weighted Average Shares - diluted | 58,740 | 68,987 | 68,356 | 59,686 | |||||||||||||||||||||||||||
Additional weighted average shares 1 | 8,806 | — | — | 7,838 | |||||||||||||||||||||||||||
Adjusted Shares (non-GAAP) | 67,546 | 68,987 | 68,356 | 67,524 | |||||||||||||||||||||||||||
1. | Adjustment removes the unrealized losses for a large grant of stock warrants granted to a customer as a lease incentive. Under U.S. GAAP, these 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. |
2. | Adjustment removes the amortization of the customer lease incentive which is recorded against revenue over the term of the related aircraft leases. |
3. | Removes the pension charge to settle certain retirement obligations of former employees through the purchase of a third party group annuity contract during the third quarter of 2017. |
4. | Adjustment removes losses for the Company's share of development costs for a joint venture accounted for under the equity method. |
5. | Adjustment removes the fees incurred for the acquisition of Omni Air International, Inc. |
6. | Adjustment removes gains or losses from derivative interest rate revaluations. |
7. | Removes the effects of U.S. federal tax rate changes on deferred tax assets and deferred tax liabilities due to the enactment of the Tax Cuts and Jobs Act. |
Aircraft Types | ||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||
2017 | 2018 | 2019 Projected | ||||||||||||||||
B767-200 Freighter | 36 | 34 | 35 | |||||||||||||||
B767-200 Passenger 1 | — | 3 | 3 | |||||||||||||||
B767-300 Freighter | 25 | 33 | 42 | |||||||||||||||
B767-300 Passenger 1 | — | 7 | 7 | |||||||||||||||
B777-200 Passenger | — | 3 | 3 | |||||||||||||||
B757-200 Freighter | 4 | 4 | 4 | |||||||||||||||
B757 Combi | 4 | 4 | 4 | |||||||||||||||
B737-400 Freighter | 1 | 2 | 2 | |||||||||||||||
Total Aircraft in Service | 70 | 90 | 100 | |||||||||||||||
B767-300 in or awaiting cargo conversion | 6 | 5 | 5 | |||||||||||||||
B737-400 in or awaiting cargo conversion | 1 | — | — | |||||||||||||||
B767-200 staging for lease | — | 1 | — | |||||||||||||||
Total Aircraft | 77 | 96 | 105 | |||||||||||||||
Aircraft in Service Deployments | ||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||
2017 | 2018 | 2019 Projected | ||||||||||||||||
Dry leased without CMI | 18 | 28 | 36 | |||||||||||||||
Dry leased with CMI | 33 | 31 | 34 | |||||||||||||||
ACMI/Charter | 19 | 31 | 30 | |||||||||||||||
1. | Includes one Boeing 767-300ER passenger aircraft and one 767-200ER passenger aircraft that are leased from external companies. |
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