(State or other jurisdiction of incorporation) | Commission File Number: | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
99.1* | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
AIR TRANSPORT SERVICES GROUP, INC. | |||||
By: | /S/ W. JOSEPH PAYNE | ||||
W. Joseph Payne | |||||
Chief Legal Officer & Secretary | |||||
Date: | February 23, 2023 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUES | $ | 533,025 | $ | 482,367 | $ | 2,045,469 | $ | 1,734,282 | |||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Salaries, wages and benefits | 172,424 | 159,666 | 666,950 | 591,280 | |||||||||||||||||||
Depreciation and amortization | 84,338 | 84,013 | 331,064 | 308,448 | |||||||||||||||||||
Maintenance, materials and repairs | 45,465 | 41,693 | 162,122 | 173,364 | |||||||||||||||||||
Fuel | 73,432 | 56,390 | 275,512 | 173,600 | |||||||||||||||||||
Contracted ground and aviation services | 20,264 | 20,507 | 77,026 | 75,724 | |||||||||||||||||||
Travel | 29,445 | 24,768 | 111,989 | 86,601 | |||||||||||||||||||
Landing and ramp | 3,710 | 4,082 | 16,583 | 14,244 | |||||||||||||||||||
Rent | 8,323 | 6,294 | 30,437 | 23,695 | |||||||||||||||||||
Insurance | 2,442 | 3,206 | 9,666 | 12,588 | |||||||||||||||||||
Other operating expenses | 20,669 | 16,801 | 78,637 | 65,179 | |||||||||||||||||||
Government grants | — | (15,047) | — | (111,673) | |||||||||||||||||||
460,512 | 402,373 | 1,759,986 | 1,413,050 | ||||||||||||||||||||
OPERATING INCOME | 72,513 | 79,994 | 285,483 | 321,232 | |||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||
Interest income | 335 | 3 | 415 | 39 | |||||||||||||||||||
Non-service component of retiree benefit credits | 4,635 | 4,457 | 20,046 | 17,827 | |||||||||||||||||||
Debt issuance costs | — | — | — | (6,505) | |||||||||||||||||||
Net gain (loss) on financial instruments | (380) | (7,818) | 9,022 | 29,979 | |||||||||||||||||||
Losses from non-consolidated affiliates | (2,030) | (1,212) | (7,607) | (2,577) | |||||||||||||||||||
Interest expense | (13,834) | (14,788) | (46,861) | (58,790) | |||||||||||||||||||
(11,274) | (19,358) | (24,985) | (20,027) | ||||||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 61,239 | 60,636 | 260,498 | 301,205 | |||||||||||||||||||
INCOME TAX EXPENSE | (18,995) | (16,178) | (64,060) | (72,225) | |||||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS | 42,244 | 44,458 | 196,438 | 228,980 | |||||||||||||||||||
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAX | 407 | 66 | 2,143 | 2,440 | |||||||||||||||||||
NET EARNINGS | $ | 42,651 | $ | 44,524 | $ | 198,581 | $ | 231,420 | |||||||||||||||
EARNINGS PER SHARE - CONTINUING OPERATIONS | |||||||||||||||||||||||
Basic | $ | 0.58 | $ | 0.60 | $ | 2.67 | $ | 3.33 | |||||||||||||||
Diluted | $ | 0.50 | $ | 0.57 | $ | 2.26 | $ | 2.80 | |||||||||||||||
WEIGHTED AVERAGE SHARES - CONTINUING OPERATIONS | |||||||||||||||||||||||
Basic | 72,590 | 73,826 | 73,611 | 68,853 | |||||||||||||||||||
Diluted1 | 86,380 | 77,366 | 88,324 | 76,216 |
December 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 27,134 | $ | 69,496 | |||||||
Accounts receivable, net of allowance of $939 in 2022 and $742 in 2021 | 301,622 | 205,399 | |||||||||
Inventory | 57,764 | 49,204 | |||||||||
Prepaid supplies and other | 31,956 | 28,742 | |||||||||
TOTAL CURRENT ASSETS | 418,476 | 352,841 | |||||||||
Property and equipment, net | 2,402,408 | 2,129,934 | |||||||||
Customer incentive | 79,650 | 102,913 | |||||||||
Goodwill and acquired intangibles | 492,642 | 505,125 | |||||||||
Operating lease assets | 74,070 | 62,644 | |||||||||
Other assets | 122,647 | 113,878 | |||||||||
TOTAL ASSETS | $ | 3,589,893 | $ | 3,267,335 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 192,992 | $ | 174,237 | |||||||
Accrued salaries, wages and benefits | 56,498 | 56,652 | |||||||||
Accrued expenses | 12,466 | 14,950 | |||||||||
Current portion of debt obligations | 639 | 628 | |||||||||
Current portion of lease obligations | 23,316 | 18,783 | |||||||||
Unearned revenue and grants | 21,546 | 47,381 | |||||||||
TOTAL CURRENT LIABILITIES | 307,457 | 312,631 | |||||||||
Long term debt | 1,464,285 | 1,298,735 | |||||||||
Stock warrant obligations | 695 | 915 | |||||||||
Post-retirement obligations | 35,334 | 21,337 | |||||||||
Long term lease obligations | 51,575 | 44,387 | |||||||||
Other liabilities | 62,861 | 49,662 | |||||||||
Deferred income taxes | 255,180 | 217,291 | |||||||||
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; 72,327,758 and 74,142,183 shares issued and outstanding in 2022 and 2021, respectively | 723 | 741 | |||||||||
Additional paid-in capital | 986,303 | 1,074,286 | |||||||||
Retained earnings | 528,882 | 309,430 | |||||||||
Accumulated other comprehensive loss | (103,402) | (62,080) | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | 1,412,506 | 1,322,377 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,589,893 | $ | 3,267,335 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
OPERATING CASH FLOWS | $ | 74,050 | $ | 154,319 | $ | 472,120 | $ | 583,557 | |||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||
Aircraft acquisitions and freighter conversions | (109,636) | (43,078) | (412,595) | (321,644) | |||||||||||||||||||
Planned aircraft maintenance, engine overhauls and other non-aircraft additions to property and equipment | (41,437) | (33,544) | (186,836) | (183,104) | |||||||||||||||||||
Proceeds from property and equipment | 12,154 | 15,903 | 15,913 | 19,427 | |||||||||||||||||||
Acquisitions and investments in businesses | (312) | — | (16,545) | (2,155) | |||||||||||||||||||
TOTAL INVESTING CASH FLOWS | (139,231) | (60,719) | (600,063) | (487,476) | |||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||
Principal payments on debt | (20,103) | (142,293) | (365,628) | (1,900,311) | |||||||||||||||||||
Proceeds from borrowings | 115,000 | 70,000 | 625,000 | 1,500,600 | |||||||||||||||||||
Proceeds from bond issuance | — | — | — | 207,400 | |||||||||||||||||||
Payments for financing costs | (1,803) | — | (1,803) | (3,099) | |||||||||||||||||||
Proceeds from issuance of warrants | — | — | — | 131,967 | |||||||||||||||||||
Bond Repurchase | — | — | (115,204) | — | |||||||||||||||||||
Purchase of common stock | (53,868) | — | (53,868) | — | |||||||||||||||||||
Taxes paid for conversion of employee awards | (1,397) | (1,619) | (2,916) | (2,861) | |||||||||||||||||||
TOTAL FINANCING CASH FLOWS | 37,829 | (73,912) | 85,581 | (66,304) | |||||||||||||||||||
NET INCREASE (DECREASE) IN CASH | $ | (27,352) | $ | 19,688 | $ | (42,362) | $ | 29,777 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $ | 54,486 | $ | 49,808 | $ | 69,496 | $ | 39,719 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 27,134 | $ | 69,496 | $ | 27,134 | $ | 69,496 | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
CAM | |||||||||||||||||||||||
Aircraft leasing and related revenues | $ | 113,640 | $ | 110,514 | $ | 454,804 | $ | 390,327 | |||||||||||||||
Lease incentive amortization | (5,029) | (5,029) | (20,118) | (20,040) | |||||||||||||||||||
Total CAM | 108,611 | 105,485 | 434,686 | 370,287 | |||||||||||||||||||
ACMI Services | 369,385 | 333,790 | 1,404,348 | 1,185,128 | |||||||||||||||||||
Other Activities | 111,489 | 94,345 | 430,326 | 375,571 | |||||||||||||||||||
Total Revenues | 589,485 | 533,620 | 2,269,360 | 1,930,986 | |||||||||||||||||||
Eliminate internal revenues | (56,460) | (51,253) | (223,891) | (196,704) | |||||||||||||||||||
Customer Revenues | $ | 533,025 | $ | 482,367 | $ | 2,045,469 | $ | 1,734,282 | |||||||||||||||
Pretax Earnings (Loss) from Continuing Operations | |||||||||||||||||||||||
CAM, inclusive of interest expense | 31,421 | 33,643 | 143,008 | 106,161 | |||||||||||||||||||
ACMI Services, inclusive of government grants and interest expense | 25,931 | 34,487 | 95,198 | 158,733 | |||||||||||||||||||
Other Activities | 2,019 | (2,391) | 2,579 | 112 | |||||||||||||||||||
Net, unallocated interest expense | (357) | (530) | (1,748) | (2,525) | |||||||||||||||||||
Non-service components of retiree benefit credit | 4,635 | 4,457 | 20,046 | 17,827 | |||||||||||||||||||
Debt issuance costs | — | — | — | (6,505) | |||||||||||||||||||
Net gain (loss) on financial instruments | (380) | (7,818) | 9,022 | 29,979 | |||||||||||||||||||
Loss from non-consolidated affiliates | (2,030) | (1,212) | (7,607) | (2,577) | |||||||||||||||||||
Earnings from Continuing Operations before Income Taxes (GAAP) | $ | 61,239 | $ | 60,636 | $ | 260,498 | $ | 301,205 | |||||||||||||||
Adjustments to Pretax Earnings from Continuing Operations | |||||||||||||||||||||||
Add customer incentive amortization | 5,821 | 5,799 | 23,263 | 23,094 | |||||||||||||||||||
Add loss from non-consolidated affiliates | 2,030 | 1,212 | 7,607 | 2,577 | |||||||||||||||||||
Less net (gain) loss on financial instruments | 380 | 7,818 | (9,022) | (29,979) | |||||||||||||||||||
Less non-service components of retiree benefit credit | (4,635) | (4,457) | (20,046) | (17,827) | |||||||||||||||||||
Less government grants | — | (15,047) | — | (111,673) | |||||||||||||||||||
Add debt issuance costs | — | — | — | 6,505 | |||||||||||||||||||
Add net charges for hangar foam incident | 18 | — | 978 | — | |||||||||||||||||||
Adjusted Pretax Earnings (non-GAAP) | $ | 64,853 | $ | 55,961 | $ | 263,278 | $ | 173,902 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Earnings (Loss) from Continuing Operations Before Income Taxes | $ | 61,239 | $ | 60,636 | $ | 260,498 | $ | 301,205 | |||||||||||||||
Interest Income | (335) | (3) | (415) | (39) | |||||||||||||||||||
Interest Expense | 13,834 | 14,788 | 46,861 | 58,790 | |||||||||||||||||||
Depreciation and Amortization | 84,338 | 84,013 | 331,064 | 308,448 | |||||||||||||||||||
EBITDA from Continuing Operations (non-GAAP) | $ | 159,076 | $ | 159,434 | $ | 638,008 | $ | 668,404 | |||||||||||||||
Add customer incentive amortization | 5,821 | 5,799 | 23,263 | 23,094 | |||||||||||||||||||
Add start-up loss from non-consolidated affiliates | 2,030 | 1,212 | 7,607 | 2,577 | |||||||||||||||||||
Less net (gain) loss on financial instruments | 380 | 7,818 | (9,022) | (29,979) | |||||||||||||||||||
Add non-service components of retiree benefit credits | (4,635) | (4,457) | (20,046) | (17,827) | |||||||||||||||||||
Less government grants | — | (15,047) | — | (111,673) | |||||||||||||||||||
Less debt issuance costs | — | — | — | 6,505 | |||||||||||||||||||
Add net charges for hangar foam incident | 18 | — | 978 | — | |||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 162,690 | $ | 154,759 | $ | 640,788 | $ | 541,101 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
OPERATING CASH FLOWS (GAAP) | $ | 74,050 | $ | 154,319 | $ | 472,120 | $ | 583,557 | |||||||||||||||
Sustaining capital expenditures | (41,437) | (33,544) | (186,836) | (183,104) | |||||||||||||||||||
ADJUSTED FREE CASH FLOW (non-GAAP) | $ | 32,613 | $ | 120,775 | $ | 285,284 | $ | 400,453 | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ Per Share | $ | $ Per Share | $ | $ Per Share | $ | $ Per Share | ||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations - basic (GAAP) | $ | 42,244 | $ | 44,458 | $ | 196,438 | $ | 228,980 | |||||||||||||||||||||||||||||||||||||||
Gain from warrant revaluation, net tax1 | (15) | — | (170) | (15,564) | |||||||||||||||||||||||||||||||||||||||||||
Convertible notes interest charges, net of tax 2 | 766 | — | 3,051 | — | |||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) from Continuing Operations - diluted (GAAP) | 42,995 | $ | 0.50 | 44,458 | $ | 0.57 | 199,319 | $ | 2.26 | 213,416 | $ | 2.80 | |||||||||||||||||||||||||||||||||||
Adjustments, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
Customer incentive amortization3 | 4,492 | 0.05 | 4,475 | 0.06 | 17,953 | 0.20 | 17,823 | 0.23 | |||||||||||||||||||||||||||||||||||||||
Effects of government grants4 | — | — | (11,613) | (0.15) | — | — | (86,187) | (1.13) | |||||||||||||||||||||||||||||||||||||||
Non-service component of retiree benefits5 | (3,577) | (0.04) | (3,440) | (0.04) | (15,470) | (0.18) | (13,759) | (0.18) | |||||||||||||||||||||||||||||||||||||||
Debt issuance costs6 | — | — | — | — | — | — | 5,020 | 0.07 | |||||||||||||||||||||||||||||||||||||||
Derivative and warrant revaluation7 | 309 | — | 6,034 | 0.07 | (6,793) | (0.08) | (7,573) | (0.16) | |||||||||||||||||||||||||||||||||||||||
Loss from affiliates8 | 1,567 | 0.02 | 935 | 0.01 | 5,871 | 0.07 | 1,988 | 0.03 | |||||||||||||||||||||||||||||||||||||||
Convertible debt interest charges (prior period), net of tax2 | — | — | 2,372 | (0.02) | — | — | 9,390 | (0.05) | |||||||||||||||||||||||||||||||||||||||
Hangar foam incident9 | 14 | — | — | — | 755 | 0.01 | — | — | |||||||||||||||||||||||||||||||||||||||
Adjusted Earnings and Adjusted Earnings Per Share (non-GAAP) | $ | 45,800 | $ | 0.53 | $ | 43,221 | $ | 0.50 | $ | 201,635 | $ | 2.28 | $ | 140,118 | $ | 1.61 | |||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares - diluted | 86,380 | 77,366 | 88,324 | 76,216 | |||||||||||||||||||||||||||||||||||||||||||
Additional shares - warrants 1 | — | 1,635 | — | 2,680 | |||||||||||||||||||||||||||||||||||||||||||
Additional shares - convertible notes 2 | — | 8,111 | — | 8,111 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted Shares (non-GAAP) | 86,380 | 87,112 | 88,324 | 87,007 | |||||||||||||||||||||||||||||||||||||||||||
Aircraft Types | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2022 | December 31, 2023 Projected | ||||||||||||||||||||||||||||||||||||
Freighter | Passenger | Freighter | Passenger | Freighter | Passenger | |||||||||||||||||||||||||||||||||
B767-200 | 33 | 3 | 32 | 3 | 24 | 3 | ||||||||||||||||||||||||||||||||
B767-300 | 65 | 9 | 78 | 8 | 94 | 8 | ||||||||||||||||||||||||||||||||
B777-200 | — | 3 | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||
B757-200 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
B757 Combi | — | 4 | — | 4 | — | 4 | ||||||||||||||||||||||||||||||||
A321-200 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||
Total Aircraft in Service | 98 | 19 | 110 | 18 | 124 | 18 | ||||||||||||||||||||||||||||||||
B767-300 in or awaiting cargo conversion | 12 | — | 15 | — | 13 | — | ||||||||||||||||||||||||||||||||
A321 in cargo conversion | 1 | — | 7 | — | 5 | — | ||||||||||||||||||||||||||||||||
A330 in cargo conversion | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||
B767-200 staging for lease | 1 | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||
Total Aircraft | 112 | 19 | 132 | 18 | 147 | 18 | ||||||||||||||||||||||||||||||||
Aircraft in Service Deployments | ||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 Projected | ||||||||||||||||||||||||||||||||||||
Dry leased without CMI | 35 | 39 | 55 | |||||||||||||||||||||||||||||||||||
Dry leased with CMI | 50 | 52 | 47 | |||||||||||||||||||||||||||||||||||
Customer provided for CMI | 6 | 13 | 16 | |||||||||||||||||||||||||||||||||||
ACMI/Charter1 | 26 | 24 | 24 |
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Cover Cover |
Feb. 23, 2023 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Feb. 23, 2023 |
Entity Registrant Name | Air Transport Services Group, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-50368 |
Entity Tax Identification Number | 26-1631624 |
Entity Address, Address Line One | 145 Hunter Drive |
Entity Address, City or Town | Wilmington |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45177 |
City Area Code | 937 |
Local Phone Number | 382-5591 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | ATSG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000894081 |
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