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2016 Annual Report Air Transport Services Group 2016 Annual Report

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2016 Annual Report Air Transport Services Group 2016 Annual Report SM 2016 Annual Report Air Transport Services Group 2016 Annual Report To Our Shareholders In 2016, ATSG achieved its best revenue growth under price of $9.73 per share. We issued warrants for nearly 9 the business model we adopted in 2010, and one of the million shares in 2016, and will issue warrants for another best growth years in our history. Revenues rose 24 percent, 3.8 million shares this year. None have been exercised to or $150 million, to $769 million as we substantially date. But over time, Generally Accepted Accounting expanded our 767 fleet and placed more of them with key Principles (GAAP) require us to reflect their value in our global companies. Revenue growth excluding fuel and financial statements and their potential issuance in our other reimbursed expenses increased 18 percent. diluted share counts. That growth was spread across our principal business These warrant effects, which are non-cash, mask a units. It stemmed largely from groundbreaking significant portion of our operating earnings and cash agreements we signed in March with our newest customer, generating strength. Consolidated net earnings from Amazon Fulfillment Services. Our positive outlook for continuing operations in 2016 were $21.1 million, or 33 2017 and 2018 is for more growth and an even more cents per share diluted, which were lower than in 2015. diversified revenue base. DHL and Amazon, our two Those 2016 earnings, however, included a combined $16.5 largest customers, accounted for 34 and 29 percent, million, or 25 cents per share in non-cash after-tax respectively, of our revenues in 2016. reductions for revaluations and lease incentive Because of our unique positioning and key investments, amortization related to the Amazon warrants. We expect we were ready when Amazon asked us to help create its those effects to have a significant but unpredictable own dedicated U.S. air express network in March 2016, impact on our GAAP earnings until the warrants expire which called for twenty Boeing 767 freighters we would or are exercised, because changes in our stock price lease to and operate for them. We supplied them with account for a large portion of the warrant value variance. fourteen of the twenty leases by the end of 2016 and In our earnings releases and investor presentations, another in early January this year; we will complete available on our website, atsginc.com, we will continue to deliveries for the remaining five by July. provide adjusted non-GAAP results that exclude the warrant effects and other non-cash or non-recurring In 2017, we expect to add a record eleven 767 items, following our GAAP financials. converted freighters to our in-service fleet. Together with two Boeing 737s we will acquire, convert and lease to our Other one-time or limited-term items affected 2016 joint-venture partner in China, we expect to have seventy- results. They included $7 million, or seven cents per share three owned aircraft in service by year-end, of which in forfeited revenue related to a two-day walkout last fifty-four will be dry leased under multi-year terms. November by pilots at our ABX Air subsidiary. Premium pay for our pilot workforce was significant in the second Our Amazon agreements also included our half, as it took longer than planned to hire, train and place commitment to issue them warrants for up to 19.9 percent the additional pilots that ABX Air added for the Amazon of our common shares by September 2020 at an exercise agreements. Air Transport Services Group 2016 Annual Report Nearly all of that additional 2016 expense and lost huge appetite for 767s has filled the available conversion revenue was captured in our ACMI Services segment slots into 2018 and made them hard to find from any results, which includes our airlines. That segment loss was source. Due to our experience and relationships in the $32 million pretax. Most of that loss was for items we do midsize aircraft conversion market, however, we can still not expect to recur or will be substantially lower in 2017. secure high quality feedstock and conversion slots without For example, we expect normalized crew costs after the compromising our returns on invested capital. first quarter as we reach our pilot staffing targets. Also, The businesses we collectively refer to as Other pension and other post-retirement expenses will be lower Activities contributed a large portion of our 2016 revenue this year. As a result, we are cautiously optimistic about a gain. Their revenues were up more than $100 million from profitable 2017 in ACMI Services. 2015 to $263 million. Pretax earnings from Other The outlook is very bright for CAM, our aircraft leasing Activities increased by $8 million to $17 million for subsidiary, as revenues rose $22 million to nearly $200 the year. million, and pretax earnings rose $11 million to $69 Our aircraft maintenance business, AMES, is now million. CAM completed eighteen new 767 dry leases in substantially larger with the addition of PEMCO World all last year, including aircraft returned from other lessees. Air Services as a division. PEMCO’s conversion resources Forty-one of CAM’s fifty-two 767s were externally are focused on the 737 freighter market in China, where dry-leased for multi-year terms at the end of 2016. Ten narrow-body freighters are still the preferred option for 767s were in ACMI service with long-time customers at domestic air cargo networks. year-end, including some awaiting delivery of a 767-300 when more become available later this year. PEMCO-converted aircraft make up more than 70 percent of China-based Boeing 737-300 and -400 fleets CAM also received orders for 767s from customers in service. The company has redelivered over fifty besides Amazon last year. That meant they were very converted 737s to operators there since 2006, and received active scouting out good freighter feedstock prospects and orders for three more in February. PEMCO will also booking conversion slots before prices adjusted to convert two more 737s that CAM will acquire and lease additional market demand. The freighter feedstock CAM to Okay Airways, CAM’s first of that type. China-based has purchased and is converting is already spoken for. We Okay will put them in its own fleet under customer will buy more in 2017 and expect to end the year with contract pending transfer to a new cargo airline that we fifty-two of the 767s CAM has in service under external and other partners will own. dry leases and six others undergoing cargo modification for anticipated 2018 deployments. PEMCO’s heavy maintenance capabilities and hangar space in Tampa are good complements for those at As we expand our fleet, however, we remain prudent AMES in Wilmington. They hold certificates for investors of your capital. We will invest only in response maintenance of both Boeing and Airbus types, and we to specific demand from companies with strong track expect to use their facilities to handle a sizeable share of records of their own. Some of this demand is from our own expanding heavy maintenance requirements. We customers that would have already leased a converted expect a significant positive contribution to our earnings 767-300 from us if we had one available today. Amazon’s from PEMCO this year. PEMCO World Air Services in Tampa Air Transport Services Group 2016 Annual Report LGSTX Services, our materials handling, sorting and disposal prudently among investments, share buybacks ground support business, expanded in 2016 as it added and debt repayment. cargo handling and refueling for Amazon in Wilmington. Our growth phase is in its early stages, and potential In 2017, Amazon will shift its main hub to new facilities lease customers are still calling us about their long-range at the Cincinnati regional airport in Kentucky, with some needs. Keep in mind that in 2016, many of the leases corresponding impact on LGSTX. A portion of that CAM added were for our 767-200s. In 2017, all of the reduction at LGSTX will be replaced by results from 767s we lease will be for larger 767-300s, with longer PEMCO on our Other Activities line. terms and higher monthly rates. Assuming interim Taken together, these strong businesses and initiatives extensions or replacements of expiring leases, it’s not hard indicate a company with excellent growth potential to envision continued growth with solid margins into the backed by long-term agreements with customers. next decade. Maintaining that growth will require significant added Our growth also speaks volumes about the talent and capital investment this year, which we currently estimate efforts of the employees of our ATSG businesses, and the will be about $355 million in total, and $285 million for commitment of your management team and Board of growth. In addition to our strong cash flow, we will draw Directors to translate their efforts into stronger returns more from our revolving credit facility, which was for you, the shareholders. Those of you who have expanded in 2016 and will expand again in 2017. It will supported our efforts over time have been well rewarded. add credit capacity and some additional flexibility, but we Over the last one-, three- and five-year periods through expect no change in our rate structure. 2016, our stock price increased at more than twice the Even with additional borrowings, we expect our rate of the major stock-market indexes and most of our financial position to remain conservatively levered, with a peers, and remains on track so far in 2017. debt ratio below three times EBITDA throughout 2017. Our task is to keep the momentum going, and execute Assuming a smaller fleet growth program in 2018, we our plans with the highest regard for the interests of all anticipate more flexibility for allocating our increasing who invest with us.
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