08/04/2022 | Press release | Distributed by Public on 08/04/2022 06:24
●
|
Reported Net Income of $88.3 Million
|
●
|
Adjusted EBITDA of $215.6 Million
|
●
|
Adjusted Net Income of $97.3 Million
|
1
|
July 29, 2022 represents the last full trading day prior to market speculation regarding a potential sale of the Company.
|
●
|
Adjusted EBITDA; Adjusted net income; and Adjusted Diluted EPS provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance. In addition, management's incentive compensation is determined, in part, by using Adjusted EBITDA and Adjusted net income.
|
●
|
Adjusted effective tax rate provides insight into the tax effects of our ongoing business operations.
|
●
|
Free Cash Flow helps investors assess our ability, over the long term, to create value for our shareholders as it represents cash available to execute our capital allocation strategy.
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30, 2022
|
June 30, 2021
|
June 30, 2022
|
June 30, 2021
|
|||||||||||||
Operating Revenue
|
$
|
1,179,971
|
$
|
990,432
|
$
|
2,217,127
|
$
|
1,851,732
|
||||||||
Operating Expenses
|
||||||||||||||||
Aircraft fuel
|
385,882
|
214,269
|
630,219
|
377,820
|
||||||||||||
Salaries, wages and benefits
|
285,906
|
208,366
|
583,925
|
410,980
|
||||||||||||
Maintenance, materials and repairs
|
108,055
|
132,547
|
226,954
|
253,680
|
||||||||||||
Depreciation and amortization
|
74,358
|
66,661
|
146,560
|
134,450
|
||||||||||||
Travel
|
52,719
|
39,947
|
95,487
|
77,619
|
||||||||||||
Navigation fees, landing fees and other rent
|
39,091
|
47,409
|
78,445
|
92,296
|
||||||||||||
Passenger and ground handling services
|
34,747
|
41,504
|
69,683
|
81,569
|
||||||||||||
Aircraft rent
|
12,613
|
17,687
|
25,608
|
38,443
|
||||||||||||
Loss (gain) on disposal of flight equipment
|
19
|
-
|
(6,221
|
)
|
16
|
|||||||||||
Special charge
|
-
|
-
|
2,633
|
-
|
||||||||||||
Transaction-related expenses
|
-
|
117
|
-
|
318
|
||||||||||||
Other
|
54,435
|
61,848
|
110,292
|
120,260
|
||||||||||||
Total Operating Expenses
|
1,047,825
|
830,355
|
1,963,585
|
1,587,451
|
||||||||||||
Operating Income
|
132,146
|
160,077
|
253,542
|
264,281
|
||||||||||||
Non-operating Expenses (Income)
|
||||||||||||||||
Interest income
|
(873
|
)
|
(189
|
)
|
(1,113
|
)
|
(400
|
)
|
||||||||
Interest expense
|
19,924
|
26,992
|
40,347
|
54,172
|
||||||||||||
Capitalized interest
|
(3,339
|
)
|
(1,850
|
)
|
(7,103
|
)
|
(3,121
|
)
|
||||||||
Loss on early extinguishment of debt
|
689
|
-
|
689
|
-
|
||||||||||||
Unrealized loss on financial instruments
|
-
|
-
|
-
|
113
|
||||||||||||
Other (income) expense, net
|
837
|
(4,854
|
)
|
219
|
(44,310
|
)
|
||||||||||
Total Non-operating Expenses (Income)
|
17,238
|
20,099
|
33,039
|
6,454
|
||||||||||||
Income before income taxes
|
114,908
|
139,978
|
220,503
|
257,827
|
||||||||||||
Income tax expense
|
26,650
|
32,868
|
50,734
|
60,784
|
||||||||||||
Net Income
|
$
|
88,258
|
$
|
107,110
|
$
|
169,769
|
$
|
197,043
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
3.12
|
$
|
3.69
|
$
|
5.95
|
$
|
6.85
|
||||||||
Diluted
|
$
|
2.65
|
$
|
3.53
|
$
|
5.03
|
$
|
6.59
|
||||||||
Weighted average shares:
|
||||||||||||||||
Basic
|
28,243
|
29,011
|
28,547
|
28,752
|
||||||||||||
Diluted
|
33,679
|
30,319
|
34,184
|
29,900
|
June 30, 2022
|
December 31, 2021
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
606,567
|
$
|
910,965
|
||||
Restricted cash
|
10,361
|
10,052
|
||||||
Accounts receivable, net of allowance of $3,929 and $4,003, respectively
|
279,033
|
305,905
|
||||||
Prepaid expenses, assets held for sale and other current assets
|
97,057
|
99,100
|
||||||
Total current assets
|
993,018
|
1,326,022
|
||||||
Property and Equipment
|
||||||||
Flight equipment
|
5,752,365
|
5,449,100
|
||||||
Ground equipment
|
107,302
|
101,824
|
||||||
Less: accumulated depreciation
|
(1,415,347
|
)
|
(1,319,636
|
)
|
||||
Flight equipment purchase deposits and modifications in progress
|
365,920
|
352,422
|
||||||
Property and equipment, net
|
4,810,240
|
4,583,710
|
||||||
Other Assets
|
||||||||
Operating lease right-of-use assets
|
122,993
|
138,744
|
||||||
Deferred costs and other assets
|
310,976
|
329,971
|
||||||
Intangible assets, net and goodwill
|
61,781
|
64,796
|
||||||
Total Assets
|
$
|
6,299,008
|
$
|
6,443,243
|
||||
Liabilities and Equity
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
83,771
|
$
|
82,885
|
||||
Accrued liabilities
|
654,498
|
641,978
|
||||||
Current portion of long-term debt and finance leases
|
355,595
|
639,811
|
||||||
Current portion of long-term operating leases
|
55,138
|
55,383
|
||||||
Total current liabilities
|
1,149,002
|
1,420,057
|
||||||
Other Liabilities
|
||||||||
Long-term debt and finance leases
|
1,720,082
|
1,655,075
|
||||||
Long-term operating leases
|
138,704
|
166,022
|
||||||
Deferred taxes
|
397,890
|
354,798
|
||||||
Financial instruments and other liabilities
|
28,764
|
37,954
|
||||||
Total other liabilities
|
2,285,440
|
2,213,849
|
||||||
Commitments and contingencies
|
||||||||
Equity
|
||||||||
Stockholders' Equity
|
||||||||
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued
|
-
|
-
|
||||||
Common stock, $0.01 par value; 100,000,000 shares authorized;
35,227,975 and 34,707,860 shares issued, 28,320,835 and 29,215,702
shares outstanding (net of treasury stock), as of June 30, 2022
and December 31, 2021, respectively
|
352
|
347
|
||||||
Additional paid-in capital
|
863,014
|
934,516
|
||||||
Treasury stock, at cost; 6,907,140 and 5,492,158 shares, respectively
|
(337,635
|
)
|
(225,461
|
)
|
||||
Accumulated other comprehensive income (loss)
|
75
|
(511
|
)
|
|||||
Retained earnings
|
2,338,760
|
2,100,446
|
||||||
Total stockholders' equity
|
2,864,566
|
2,809,337
|
||||||
Total Liabilities and Equity
|
$
|
6,299,008
|
$
|
6,443,243
|
1.
|
Balance sheet debt at June 30, 2022 totaled $2,075.7 million, including the impact of debt issuance costs of $20.2 million, compared with $2,294.9 million, including the impact of $31.5 million of unamortized discount and debt issuance costs of $22.7 million at December 31, 2021.
|
2.
|
The face value of our debt at June 30, 2022 totaled $2,095.9 million, compared with $2,349.1 million on December 31, 2021.
|
For the Six Months Ended
|
||||||||
June 30, 2022
|
June 30, 2021
|
|||||||
Operating Activities:
|
||||||||
Net Income
|
$
|
169,769
|
$
|
197,043
|
||||
Adjustments to reconcile Net Income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
172,449
|
172,216
|
||||||
Reversal of expected credit losses
|
(6
|
)
|
(381
|
)
|
||||
Loss on early extinguishment of debt
|
689
|
-
|
||||||
Special charge
|
2,633
|
-
|
||||||
Unrealized loss on financial instruments
|
-
|
113
|
||||||
Loss (gain) on disposal of flight equipment
|
(6,221
|
)
|
16
|
|||||
Deferred taxes
|
49,981
|
60,086
|
||||||
Stock-based compensation
|
5,656
|
7,466
|
||||||
Changes in:
|
||||||||
Accounts receivable
|
28,676
|
(24,730
|
)
|
|||||
Prepaid expenses, current assets and other assets
|
(15,806
|
)
|
(12,452
|
)
|
||||
Accounts payable, accrued liabilities and other liabilities
|
18,168
|
(56,271
|
)
|
|||||
Net cash provided by operating activities
|
425,988
|
343,106
|
||||||
Investing Activities:
|
||||||||
Capital expenditures
|
(54,193
|
)
|
(43,359
|
)
|
||||
Purchase deposits and payments for flight equipment and modifications
|
(329,774
|
)
|
(224,922
|
)
|
||||
Investment in joint ventures
|
(5,288
|
)
|
(1,636
|
)
|
||||
Proceeds from disposal of flight equipment
|
13,500
|
1,850
|
||||||
Net cash used for investing activities
|
(375,755
|
)
|
(268,067
|
)
|
||||
Financing Activities:
|
||||||||
Proceeds from debt issuance
|
230,000
|
23,948
|
||||||
Payment of debt issuance costs
|
(2,176
|
)
|
(1,257
|
)
|
||||
Payments of debt and finance lease obligations
|
(478,940
|
)
|
(171,223
|
)
|
||||
Purchase of treasury stock
|
(100,000
|
)
|
-
|
|||||
Customer maintenance reserves and deposits received
|
8,859
|
9,029
|
||||||
Customer maintenance reserves paid
|
-
|
(23,932
|
)
|
|||||
Treasury shares withheld for payment of taxes
|
(12,065
|
)
|
(7,432
|
)
|
||||
Net cash used for financing activities
|
(354,322
|
)
|
(170,867
|
)
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(304,089
|
)
|
(95,828
|
)
|
||||
Cash, cash equivalents and restricted cash at the beginning of period
|
921,017
|
856,281
|
||||||
Cash, cash equivalents and restricted cash at the end of period
|
$
|
616,928
|
$
|
760,453
|
||||
Noncash Investing and Financing Activities:
|
||||||||
Acquisition of property and equipment included in Accounts payable and accrued liabilities
|
$
|
-
|
$
|
7,928
|
||||
Acquisition of property and equipment acquired under operating leases
|
$
|
488
|
$
|
8,875
|
||||
Acquisition of flight equipment under finance leases
|
$
|
3,154
|
$
|
121,313
|
||||
Issuance of shares related to settlement of warrant liability
|
$
|
-
|
$
|
31,582
|
||||
Issuance of shares related to settlement of convertible notes
|
$
|
7,901
|
$
|
-
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30, 2022
|
June 30, 2021
|
June 30, 2022
|
June 30, 2021
|
|||||||||||||
Operating Revenue:
|
||||||||||||||||
Airline Operations
|
$
|
1,142,731
|
$
|
955,861
|
$
|
2,138,086
|
$
|
1,782,101
|
||||||||
Dry Leasing
|
41,314
|
40,404
|
87,484
|
80,768
|
||||||||||||
Customer incentive asset amortization
|
(9,864
|
)
|
(11,443
|
)
|
(19,915
|
)
|
(21,924
|
)
|
||||||||
Other
|
5,790
|
5,610
|
11,472
|
10,787
|
||||||||||||
Total Operating Revenue
|
$
|
1,179,971
|
$
|
990,432
|
$
|
2,217,127
|
$
|
1,851,732
|
||||||||
Direct Contribution:
|
||||||||||||||||
Airline Operations
|
$
|
196,331
|
$
|
231,793
|
$
|
382,150
|
$
|
400,943
|
||||||||
Dry Leasing
|
12,646
|
10,766
|
29,555
|
21,329
|
||||||||||||
Total Direct Contribution for Reportable Segments
|
208,977
|
242,559
|
411,705
|
422,272
|
||||||||||||
Unallocated income and (expenses), net
|
(93,361
|
)
|
(102,464
|
)
|
(194,101
|
)
|
(163,998
|
)
|
||||||||
Loss on early extinguishment of debt
|
(689
|
)
|
-
|
(689
|
)
|
-
|
||||||||||
Unrealized loss on financial instruments
|
-
|
-
|
-
|
(113
|
)
|
|||||||||||
Special charge
|
-
|
-
|
(2,633
|
)
|
-
|
|||||||||||
Transaction-related expenses
|
-
|
(117
|
)
|
-
|
(318
|
)
|
||||||||||
Gain (loss) on disposal of flight equipment
|
(19
|
)
|
-
|
6,221
|
(16
|
)
|
||||||||||
Income before income taxes
|
114,908
|
139,978
|
220,503
|
257,827
|
||||||||||||
Add back (subtract):
|
||||||||||||||||
Interest income
|
(873
|
)
|
(189
|
)
|
(1,113
|
)
|
(400
|
)
|
||||||||
Interest expense
|
19,924
|
26,992
|
40,347
|
54,172
|
||||||||||||
Capitalized interest
|
(3,339
|
)
|
(1,850
|
)
|
(7,103
|
)
|
(3,121
|
)
|
||||||||
Loss on early extinguishment of debt
|
689
|
-
|
689
|
-
|
||||||||||||
Unrealized loss on financial instruments
|
-
|
-
|
-
|
113
|
||||||||||||
Other (income) expense, net
|
837
|
(4,854
|
)
|
219
|
(44,310
|
)
|
||||||||||
Operating Income
|
$
|
132,146
|
$
|
160,077
|
$
|
253,542
|
$
|
264,281
|
For the Three Months Ended
|
||||||||||||
June 30, 2022
|
June 30, 2021
|
Percent Change
|
||||||||||
Net Income
|
$
|
88,258
|
$
|
107,110
|
(17.6
|
)%
|
||||||
Impact from:
|
||||||||||||
Customer incentive asset amortization
|
9,864
|
11,443
|
||||||||||
Noncash expenses and income, net1
|
-
|
4,746
|
||||||||||
Other, net2
|
708
|
696
|
||||||||||
Income tax effect of reconciling items
|
(1,580
|
)
|
(2,220
|
)
|
||||||||
Adjusted Net Income
|
$
|
97,250
|
$
|
121,775
|
(20.1
|
)%
|
||||||
Weighted average diluted shares outstanding
|
33,679
|
30,319
|
||||||||||
Less: effect of convertible notes hedges3
|
(4,731
|
)
|
(608
|
)
|
||||||||
Adjusted weighted average diluted shares outstanding
|
28,948
|
29,711
|
||||||||||
Adjusted Diluted EPS
|
$
|
3.36
|
$
|
4.10
|
(18.0
|
)%
|
For the Six Months Ended
|
||||||||||||
June 30, 2022
|
June 30, 2021
|
Percent Change
|
||||||||||
Net Income
|
$
|
169,769
|
$
|
197,043
|
(13.8
|
)%
|
||||||
Impact from:
|
||||||||||||
CARES Act grant income4
|
-
|
(40,944
|
)
|
|||||||||
Customer incentive asset amortization
|
19,915
|
21,924
|
||||||||||
Adjustments to CBA paid time-off benefits5
|
2,154
|
-
|
||||||||||
Special charge6
|
2,633
|
-
|
||||||||||
Noncash expenses and income, net1
|
-
|
9,418
|
||||||||||
Unrealized loss on financial instruments
|
-
|
113
|
||||||||||
Other, net2
|
(5,532
|
)
|
1,025
|
|||||||||
Income tax effect of reconciling items
|
(2,909
|
)
|
5,411
|
|||||||||
Adjusted Net Income
|
$
|
186,030
|
$
|
193,990
|
(4.1
|
)%
|
||||||
Weighted average diluted shares outstanding
|
34,184
|
29,900
|
||||||||||
Less: effect of convertible notes hedges3
|
(4,881
|
)
|
(304
|
)
|
||||||||
Adjusted weighted average diluted shares outstanding
|
29,303
|
29,596
|
||||||||||
Adjusted Diluted EPS
|
$
|
6.35
|
$
|
6.55
|
(3.1
|
)%
|
For the Three Months Ended
|
||||||||||||
June 30, 2022
|
June 30, 2021
|
Percent Change
|
||||||||||
Income before income taxes
|
$
|
114,908
|
$
|
139,978
|
(17.9
|
)%
|
||||||
Impact from:
|
||||||||||||
Customer incentive asset amortization
|
9,864
|
11,443
|
||||||||||
Noncash expenses and income, net1
|
-
|
4,746
|
||||||||||
Other, net2
|
708
|
696
|
||||||||||
Adjusted income before income taxes
|
125,480
|
156,863
|
(20.0
|
)%
|
||||||||
Interest (income) expense, net
|
15,712
|
20,207
|
||||||||||
Other (income) expense, net
|
837
|
(4,854
|
)
|
|||||||||
Adjusted operating income
|
$
|
142,029
|
$
|
172,216
|
(17.5
|
)%
|
||||||
Income tax expense
|
$
|
26,650
|
$
|
32,868
|
||||||||
Income tax effect of reconciling items
|
(1,580
|
)
|
(2,220
|
)
|
||||||||
Adjusted income tax expense
|
28,230
|
35,088
|
||||||||||
Adjusted income before income taxes
|
$
|
125,480
|
$
|
156,863
|
||||||||
Effective tax expense rate
|
23.2
|
%
|
23.5
|
%
|
||||||||
Adjusted effective tax expense rate
|
22.5
|
%
|
22.4
|
%
|
For the Six Months Ended
|
||||||||||||
June 30, 2022
|
June 30, 2021
|
Percent Change
|
||||||||||
Income before income taxes
|
$
|
220,503
|
$
|
257,827
|
(14.5
|
)%
|
||||||
Impact from:
|
||||||||||||
CARES Act grant income4
|
-
|
(40,944
|
)
|
|||||||||
Customer incentive asset amortization
|
19,915
|
21,924
|
||||||||||
Adjustments to CBA paid time-off benefits5
|
2,154
|
-
|
||||||||||
Special charge6
|
2,633
|
-
|
||||||||||
Noncash expenses and income, net1
|
-
|
9,418
|
||||||||||
Unrealized loss on financial instruments
|
-
|
113
|
||||||||||
Other, net2
|
(5,532
|
)
|
1,025
|
|||||||||
Adjusted income before income taxes
|
239,673
|
249,363
|
(3.9
|
)%
|
||||||||
Interest (income) expense, net
|
32,131
|
41,233
|
||||||||||
Other (income) expense, net
|
219
|
(3,366
|
)
|
|||||||||
Adjusted operating income
|
$
|
272,023
|
$
|
287,230
|
(5.3
|
)%
|
||||||
Income tax expense
|
$
|
50,734
|
$
|
60,784
|
||||||||
Income tax effect of reconciling items
|
(2,909
|
)
|
5,411
|
|||||||||
Adjusted income tax expense
|
53,643
|
55,373
|
||||||||||
Adjusted income before income taxes
|
$
|
239,673
|
$
|
249,363
|
||||||||
Effective tax expense rate
|
23.0
|
%
|
23.6
|
%
|
||||||||
Adjusted effective tax expense rate
|
22.4
|
%
|
22.2
|
%
|
For the Three Months Ended
|
||||||||||||
June 30, 2022
|
June 30, 2021
|
Percent Change
|
||||||||||
Net Income
|
$
|
88,258
|
$
|
107,110
|
(17.6
|
)%
|
||||||
Interest expense, net
|
15,712
|
24,953
|
||||||||||
Depreciation and amortization
|
74,358
|
66,661
|
||||||||||
Income tax expense
|
26,650
|
32,868
|
||||||||||
EBITDA
|
204,978
|
231,592
|
||||||||||
Customer incentive asset amortization
|
9,864
|
11,443
|
||||||||||
Other, net2
|
708
|
696
|
||||||||||
Adjusted EBITDA
|
$
|
215,550
|
$
|
243,731
|
(11.6
|
)%
|
For the Six Months Ended
|
||||||||||||
June 30, 2022
|
June 30, 2021
|
Percent Change
|
||||||||||
Net Income
|
$
|
169,769
|
$
|
197,043
|
(13.8
|
)%
|
||||||
Interest expense, net
|
32,131
|
50,651
|
||||||||||
Depreciation and amortization
|
146,560
|
134,450
|
||||||||||
Income tax expense
|
50,734
|
60,784
|
||||||||||
EBITDA
|
399,194
|
442,928
|
||||||||||
CARES Act grant income4
|
-
|
(40,944
|
)
|
|||||||||
Customer incentive asset amortization
|
19,915
|
21,924
|
||||||||||
Adjustments to CBA paid time-off benefits5
|
2,154
|
-
|
||||||||||
Special charge6
|
2,633
|
-
|
||||||||||
Unrealized loss on financial instruments
|
-
|
113
|
||||||||||
Other, net2
|
(5,532
|
)
|
1,025
|
|||||||||
Adjusted EBITDA
|
$
|
418,364
|
$
|
425,046
|
(1.6
|
)%
|
1.
|
Noncash expenses and income, net in 2021 primarily related to amortization of debt discount on the convertible notes.
|
2.
|
Other, net in 2022 primarily related to a gain on the sale of six spare CF6-80 engines previously held for sale and a loss on early extinguishment of debt. Other, net in 2021 primarily related to costs associated with our acquisition of an airline and leadership transition costs.
|
3.
|
Represents the economic benefit from our convertible notes hedges in offsetting dilution from our convertible notes as we concluded that generally there would be no economic dilution result from conversion of each of the convertible notes when our stock price is below the exercise price of the respective convertible note warrants.
|
4.
|
CARES Act grant income in 2021 related to income associated with the Payroll Support Program.
|
5.
|
Adjustments to CBA paid time-off benefits in 2022 are related to our new CBA.
|
6.
|
Special charge in 2022 represented a charge related to two CF6-80 engines Dry Leased to a customer.
|
For the Three Months Ended
|
||||||||
June 30, 2022
|
June 30, 2021
|
|||||||
Net Cash Provided by Operating Activities
|
$
|
218,149
|
$
|
254,981
|
||||
Less:
|
||||||||
Capital expenditures
|
24,298
|
16,697
|
||||||
Capitalized interest
|
3,339
|
1,850
|
||||||
Free Cash Flow1
|
$
|
190,512
|
$
|
236,434
|
||||
For the Six Months Ended
|
||||||||
June 30, 2022
|
June 30, 2021
|
|||||||
Net Cash Provided by Operating Activities
|
$
|
425,988
|
$
|
343,106
|
||||
Less:
|
||||||||
Capital expenditures
|
54,193
|
43,359
|
||||||
Capitalized interest
|
7,103
|
3,121
|
||||||
Free Cash Flow1
|
$
|
364,692
|
$
|
296,626
|
1.
|
Free Cash Flow = Net Cash from Operations minus Core Capital Expenditures and Capitalized Interest.
|
Core Capital Expenditures excludes purchases of aircraft.
|
For the Three Months Ended
|
Increase/
|
For the Six Months Ended
|
Increase/
|
|||||||||||||||||||||
June 30, 2022
|
June 30, 2021
|
(Decrease)
|
June 30, 2022
|
June 30, 2021
|
(Decrease)
|
|||||||||||||||||||
Block Hours
|
||||||||||||||||||||||||
Airline Operations
|
||||||||||||||||||||||||
Cargo
|
79,922
|
87,675
|
(7,753
|
)
|
158,347
|
170,784
|
(12,437
|
)
|
||||||||||||||||
Passenger
|
3,285
|
4,713
|
(1,428
|
)
|
6,591
|
8,362
|
(1,771
|
)
|
||||||||||||||||
Other
|
715
|
802
|
(87
|
)
|
1,610
|
2,567
|
(957
|
)
|
||||||||||||||||
Total Block Hours
|
83,922
|
93,190
|
(9,268
|
)
|
166,548
|
181,713
|
(15,165
|
)
|
||||||||||||||||
Revenue Per Block Hour
|
||||||||||||||||||||||||
Airline Operations
|
$
|
13,734
|
$
|
10,346
|
$
|
3,388
|
$
|
12,963
|
$
|
9,948
|
$
|
3,015
|
||||||||||||
Cargo
|
$
|
13,448
|
$
|
9,903
|
$
|
3,545
|
$
|
12,677
|
$
|
9,525
|
$
|
3,152
|
||||||||||||
Passenger
|
$
|
20,679
|
$
|
18,590
|
$
|
2,089
|
$
|
19,832
|
$
|
18,576
|
$
|
1,256
|
||||||||||||
Average Utilization (block hours per day)
|
||||||||||||||||||||||||
Airline Operations
|
||||||||||||||||||||||||
Cargo
|
10.2
|
10.8
|
(0.6
|
)
|
10.2
|
10.4
|
(0.2
|
)
|
||||||||||||||||
Passenger
|
3.5
|
5.2
|
(1.7
|
)
|
3.5
|
4.6
|
(1.1
|
)
|
||||||||||||||||
All Operating Aircraft1
|
9.5
|
10.3
|
(0.8
|
)
|
9.6
|
10.0
|
(0.4
|
)
|
||||||||||||||||
Fuel
|
||||||||||||||||||||||||
Charter
|
||||||||||||||||||||||||
Average fuel cost per gallon
|
$
|
3.83
|
$
|
1.92
|
$
|
1.91
|
$
|
3.32
|
$
|
1.82
|
$
|
1.50
|
||||||||||||
Fuel gallons consumed (000s)
|
100,860
|
111,818
|
(10,958
|
)
|
190,058
|
207,404
|
(17,346
|
)
|
1.
|
Average of All Operating Aircraft excludes Dry Leasing aircraft, which do not contribute to block-hour volumes.
|
For the Three Months Ended
|
Increase/
|
For the Six Months Ended
|
Increase/
|
|||||||||||||||||||||
June 30, 2022
|
June 30, 2021
|
(Decrease)
|
June 30, 2022
|
June 30, 2021
|
(Decrease)
|
|||||||||||||||||||
Segment Operating Fleet (average air craft equivalents during the period)
|
||||||||||||||||||||||||
Airline Operations1
|
||||||||||||||||||||||||
747-8F Cargo
|
10.3
|
10.0
|
0.3
|
10.1
|
10.0
|
0.1
|
||||||||||||||||||
747-400 Cargo
|
34.7
|
34.6
|
0.1
|
34.6
|
34.2
|
0.4
|
||||||||||||||||||
747-400 Dreamlifter
|
0.3
|
1.3
|
(1.0
|
)
|
0.3
|
1.2
|
(0.9
|
)
|
||||||||||||||||
747-400 Passenger
|
4.6
|
5.0
|
(0.4
|
)
|
4.7
|
4.9
|
(0.2
|
)
|
||||||||||||||||
777-200 Cargo
|
9.0
|
9.0
|
-
|
9.0
|
9.0
|
-
|
||||||||||||||||||
767-300 Cargo
|
24.0
|
24.0
|
-
|
24.0
|
24.0
|
-
|
||||||||||||||||||
767-300 Passenger
|
5.7
|
4.9
|
0.8
|
5.6
|
4.9
|
0.7
|
||||||||||||||||||
767-200 Cargo
|
-
|
2.4
|
(2.4
|
)
|
-
|
4.0
|
(4.0
|
)
|
||||||||||||||||
767-200 Passenger
|
-
|
-
|
-
|
-
|
0.3
|
(0.3
|
)
|
|||||||||||||||||
737-800 Cargo
|
8.0
|
8.0
|
-
|
8.0
|
8.0
|
-
|
||||||||||||||||||
Total
|
96.6
|
99.2
|
(2.6
|
)
|
96.3
|
100.5
|
(4.2
|
)
|
||||||||||||||||
Dry Leasing
|
||||||||||||||||||||||||
777-200 Cargo
|
7.0
|
7.0
|
-
|
7.0
|
7.0
|
-
|
||||||||||||||||||
767-300 Cargo
|
21.0
|
21.0
|
-
|
21.0
|
21.0
|
-
|
||||||||||||||||||
737-300 Cargo
|
-
|
1.0
|
(1.0
|
)
|
-
|
1.0
|
(1.0
|
)
|
||||||||||||||||
Total
|
28.0
|
29.0
|
(1.0
|
)
|
28.0
|
29.0
|
(1.0
|
)
|
||||||||||||||||
Less: Aircraft Dry Leased to CMI customers
|
(21.0
|
)
|
(21.0
|
)
|
-
|
(21.0
|
)
|
(21.0
|
)
|
-
|
||||||||||||||
Total Operating Average Aircraft Equivalents
|
103.6
|
107.2
|
(3.6
|
)
|
103.3
|
108.5
|
(5.2
|
)
|
1.
|
Airline Operations average fleet excludes spare aircraft provided by CMI customers.
|