Delivering Growth. Dahlman Rose 2012 Global Transportation Conference September 6, 2012
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1 Delivering Growth Dahlman Rose 2012 Global Transportation Conference September 6, 2012
2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Atlas Air Worldwide Holdings, Inc. s (AAWW) current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries that may cause actual results to be materially different from any future results, express or implied, in such forward-looking statements. For additional information, we refer you to the risk factors set forth in the documents filed by AAWW with the Securities and Exchange Commission. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those discussed. AAWW assumes no obligation to update the statements in this presentation to reflect actual results, changes in assumptions, or changes in other factors affecting such estimates, other than as required by law. This presentation also includes some non-gaap financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with accounting principles generally accepted in the United States and our reconciliations in our earnings releases dated August 2, May 3 and February 15, 2012, which are posted on our Web site at 2
3 AAWW Key Takeaways Atlas Air: The Growth Story Track record of execution on strategic plan Delivering on business promises Resilient business model with operating leverage Positioned to perform well in all economic conditions 3
4 Underlying Core Strength and Growth Resilient Business Model 2012: Delivering growth Increasing contribution from business investments New 747-8Fs Higher ACMI, CMI volumes Increase in AMC pax flying Pax Commercial Charter 767 platform Scale efficiencies Free cash flow generation 4
5 AAWW Resilient Business Model Asia-Pacific Region Traffic-Capacity Trends (% Change Y-o-Y) (10) (25) (40) (55) -$6.4 $3.9 $10.2 $49.3 $24.8 $17.7 $21.7 $54.3 $43.9 $18.5 $76.4 $10.3 Benefited from M-ATV flights for military 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q $55.1 $62.1 $20.3 $ $49.8 $66.0 $19.4 $ (10) (25) (40) (55) AAWW Adj. Pretax Income ($ Millions) Source: IATA June 2012 Traffic (FTKs) Capacity (AFTKs) AAWW Price Change (%) 5
6 Atlas Growth Map CMI Boeing Dreamlifter DHL 767 SonAir Growth Strategy 1. Leverage core competencies 2. Develop new organizational capabilities 3. Drive efficiencies across company 4. Manage balance sheet Dry Lease ACMI Commercial Charter AMC PAX Cargo 6
7 Transformed Operating Fleet Boeing Freighters Fs BCFs 7 Boeing 747-8Fs 2 additional to be delivered in 2013 Options for 13 additional 747-8Fs 4 Boeing Large Cargo Freighters (LCFs) Customer-owned 4 Boeing Passenger 2 Custom aircraft for SonAir (customer-owned) 2 Boeing s for AMC and Commercial Charter 3 Boeing ER Passenger For AMC and Commercial Charter 5 Boeing Freighters For DHL Express service (customer-owned) 7
8 Diversified Global Operating Network 137,055 Total Block Hours Operated in ,552 Flights Cities in 94 Countries 1,100+ Charters Completed, 65 Unique Customers Asian trade lanes lead market growth Asian lanes becoming more balanced Rapid market growth in Middle East, Africa, South America Markets in North America, Europe remain substantial 8
9 Growth Initiatives Driving New Earnings Levels PTI ($MM) Adjusted Pretax Income Trend 2005 Future F FUTURE 9
10 Change in Cash & Free Cash Flow Generation (1) FCF = Cash Flows from Operations Base CapEx Capitalized Interest. Base CapEx excludes purchase of aircraft. (2) See Appendix for Non-GAAP reconciliation. 10
11 AAWW Key Takeaways Atlas Air: The Growth Story Track record of execution on strategic plan Delivering on business promises Resilient business model with operating leverage Positioned to perform well in all economic conditions 11
12 Appendix 12
13 We Carry the World Boeing Dreamliner Components High-tech Goods Pharmaceuticals Automotive Express Livestock Perishables Capital equipment Machinery / Components Intermediate Materials and People 13
14 Atlas Air Worldwide Ownership 100% Ownership 51% (49% DHL) Ownership 100% Ownership 49% Recognized leader in international aviation outsourcing World s largest fleet of Boeing 747 freighter aircraft Comprehensive global infrastructure Providing superior assets and services to the airline industry, freight-forwarding community, commercial, U.S. military customers 14
15 Core Business Segments Business Segments ACMI (2) % of 2011 Block Hours (1) CMI (3) 76 Description Offers aircraft that are crewed, maintained, and insured by Atlas for lease on a long-term basis Customers assume fuel, demand and yield risk Provides outsourced CMI operating solutions for passenger and freighter operations Air Mobility Command (AMC) Charter Commercial Charter Other: Dry Leasing Other Services AMC Charter provides full planeload cargo and passenger charter flights to the U.S. military Cost-plus business Commercial Charter segment provides full planeload cargo and passenger charter services to charter brokers, freight forwarders, direct shippers, and airlines Provides aircraft and engine dry leasing solutions to third parties Selected by the U.S. government to train pilots who fly the President on Air Force One Note: (1) Excludes ferry block hours (2) Aircraft, Crew, Maintenance, Insurance. (3) Crew, Maintenance, Insurance 15
16 Leading Industry Position AAWW surpasses the competition with scale & new technology 4 5 Number of Wide-Body Freighter Aircraft / Orders B747-8F Order B747-8F B777 B F B Converted MD-11 B F 3 4 Atlas Kalitta Southern Evergreen Air Atlanta Icelandic World Sources: Ascend (July 2012), AAWW, company reports F total includes -100s and -300s. 16
17 Track Record of Execution 17
18 Our Newest 747-8F is second in service for Panalpina! 18
19 Our Customers Reflect Our Focus on Quality Long-term, profitable relationships Resilient Business Model & Predictable Revenues Strategic focus on cargo Growth-oriented market leaders High degree of customer integration Focus on continuous development and growth Long-term earnings growth Long-term contractual commitments 19
20 2012 Guidance and Assumptions Adjusted fully diluted EPS > $ % growth compared with 2011 adjusted EPS* Business growth in 2H12 Quarterly earnings acceleration throughout 2012 Over 160,000 Block Hours (BHs); over 17% increase (~75% ACMI; ~13% AMC Charter; ~12% Commercial Charter) fleet retired 20,000 AMC Charter BHs, > 50% passenger Step-up in CMI flying $175 million of maintenance expense (30% in 1Q, 25% in 2Q, 24% in 3Q, 21% in 4Q) * See Appendix for Non-GAAP reconciliation. 20
21 AMC Transformation 21
22 Transformative Growth Mix Transformative Growth 22
23 Returns on New Investments 30%+ Estimated IRR (%) and Capital Investment ($ Mil) 25%+ 20%+ $1,500 Mil $90 Mil $90 Mil 747-8F Passenger AMC Titan 23
24 The Future The Industry Atlas Airfreight growing from near-record levels Inventory levels are at a historic low across all industry segments Supply is limited and will remain so, driving airfreight yields Higher-growth markets driving demand for market-leading 747 freighter assets Approximately 80% of airfreight from Asia is carried on freighters Rapid market growth in Middle East, Africa and South America Airfreight provides a compelling value proposition opportunity for sea-to-air mode shift exists Largest and best-performing fleet Only ACMI operator with new 747-8F on order; strong customer interest Strong portfolio of long-term customers committed to further expansion Unique integrated value proposition single source for value-adding outsourced solutions for both cargo and passenger operations High degree of customer collaboration enabling new growth opportunities Atlas is uniquely positioned for the future 24
25 Global Airfreight Drivers High-value, time-sensitive items; items with short shelf lives Products/supply chains with just-in-time delivery requirements Products with significant security considerations By Drivers Industry Sectors Served by AAWW Customers By Region Percent of Internat l Freight Tonne Kilometers (FTKs) Automotive Other Mail & 5% Express 6% Live 1% 11% 17% High-Tech Products North America Middle East 13% Latin America 3% Africa 1% 41% Asia Pacific Pharmaceuticals 6% 17% Capital Goods 17% 10% Apparel 11% Perishables 16% Intermediate Materials Europe 25% By Drivers Chart Source: Atlas research By Region Chart Source: International Air Transport Association June
26 The Airfreight Market Although the rate of growth is slowing, airfreight continues to grow. With Permission: Seabury Group March 2012 IATA World Cargo Symposium 26
27 Market Outlook 2011 was a flat year for commercial airfreight demand but Our ACMI customers continued to perform well AAWW continued to deliver strong results Supported by limited wide-body freighter supply Airfreight growing from nearrecord levels 2012 ACMI customer utilization expected to be 3-5% above minimum contractual block hours Global Airfreight Tonnage Growing from Near-Record Levels 50 Freight Tonnes (Millions) Y-o-Y F % 2.5% 6.4% 5.0% (2.4)% (0.7)% 17.9% (0.6)% 0.2% Source: ICAO , IATA 2011E 2012F (IATA June 2012) 27
28 Large Freighter Order Book and Production Capacity Current orders and projected production capacity will result in large freighter capacity to grow by 3.5% annually not enough to keep up with future demand Jan 2008 Jan 2009 Jan Jul F Old Technology Shrinking F SF Current Technology Static F 747-8F New Technology Order Book Measured (Deliveries Spread Through 2017) Limited supply of efficient, wide-body freighters to continue Source: Atlas (July 2012), Ascend (July 2012), Boeing (July 2012), company reports. Excludes parked aircraft, aircraft in express operations, combis and tankers; F total includes - 100s and -300s. July F total includes 61 deliveries (including 19 with FedEx, 8 with Aerologic/DHL, 4 for DHL Express, and 3 with TNT). 28
29 Game-Changing Financial Benefits 747-8Fs Common pilot-type rating Favorable financing conditions Heavy maintenance honeymoon No C Checks for two years No D Checks for eight years First engine overhauls after five years Warranties cover repair of major components for first four years Bonus depreciation 100% in 2011 & % in
30 Aircraft Performance Comparison ACMI Customer Perspective Aircraft Performance Comparison Performance Category 777F 747-8F Range Payload Cost per Available Tonne-Mile Real World Application Nose Loading Capability The 747-8F offers estimated cost savings of $0.011 per Available Tonne-Mile versus the 777F, which can generate up to $3.5 million per year of contribution improvement for our customers 30
31 747-8F Financing Summary Three aircraft delivered in 4Q11 for British Airways financed by European banks $120 million 12-year term-loan facilities Blended fixed rate of 6.30% Groundbreaking U.S. Export-Import Bank transaction for up to six aircraft $865 million 12-year term-loan facility $285 million funded to date for two Panalpina deliveries in May and July 2012 Blended fixed rate of 1.88% $215 million in positive cash generation throughout the delivery program 31
32 AMC Pax and Titan Financing Financed five AMC passenger aircraft (two 747s and three 767s) with CIT $44 million, five-year term loan at 6.91% Back-levering Titan-owned passenger aircraft on lease to Skymark Airlines with Helaba $26 million, seven-year term loan Anticipated fixed-rate coupon under 5% Establish new financing relationships 32
33 AAWW Leverage Trends F Net Leverage / EBITDAR Ratio Excluding EETC Asset Including EETC Asset Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2Q12 4Q12F (1) Net Leverage = (Face Debt + TTM Capitalized Rents) (Cash & S-T Investments) 33
34 Atlas Strategic Fleet Plan Aircraft placement/renewal projection On average, 3-4 ACMI contracts are up for renewal annually F enter service between 4Q11 and 1H13 All aircraft retired by 1Q BCF aircraft is returned in aircraft replace s in AMC and Commercial Charter 9 new, better-performing aircraft replace 7 older, lesser-performing aircraft Aircraft Placements Required New Aircraft Placements F Deliveries Avg. ACMI Contracts up for Renewal Total New Placements Required Aircraft Retirements (5.0) BCF (1.0) Total Retirements (5.0) 0.0 (1.0) Net Placements Required Increment (Under)/Over Typical Placements (1.0) 2.0 (1.0) 34
35 2012 Estimated Maintenance Expense In $Millions Totals $175.2 Heavy Maintenance $66.7 Non-heavy Maintenance $9.2 Line Maintenance $99.2 Line maintenance expense will increase commensurate with additional block hour flying Line maintenance expense is approximately $620 per block hour Non-heavy maintenance includes discrete events such as APU, thrust reverser, and landing gear overhauls 35
36 2012 Estimated Maintenance Events Events 1Q12A 2Q12A 3Q12F 4Q12F FY 2012F FY 2011A Increase / (Decrease) C Checks (4) C Checks D Checks (2) CF6-50 Engine Overhauls (2) CF6-80 Engine Overhauls
37 Maintenance What is involved? Daily Line Maintenance A Checks Every 750 to 1,000 hours Approximately 600 labor hours One to three days per check C Checks Every 18 to 24 months Approximately 12,000 labor hours 14 to 16 days per check D Check Every six years Approximately 30,000 labor hours 30 to 40 days per check Engine Overhauls Every 3,200 cycles Approximately 60 days per event 37
38 Maintenance: We Partner with Premier Maintenance Providers Heavy and Line Maintenance Haeco Hong Kong (C Checks and Line Maintenance) EGAT Taiwan (D Checks) F&E Miami and Houston (A Checks and Line Maintenance) Boeing Shanghai (A Checks and Line Maintenance) Engine Overhauls MTU Hannover ( engines) Delta Atlanta ( engines) 38
39 Reconciliation to Non-GAAP Measures For the Three Months Ended M arch 3 1, June 30, September 3 0, December 3 1, M arch 3 1, June 3 0, September 3 0, December 3 1, Income (Loss) before Income Taxes $ (9,818) $ 6,389 $ 10,151 $ 103,499 $ 38,459 $ 17,838 $ 21,679 $ 46,121 Pre-tax impact from: Special charge * , ,216 One-time maintenance charge , Gain on issuance of subsidiary stock (153,579) Gain on consolidation of subsidiary (113) - - Terminat ion f ee f rom DHL (10,000) Gain on early extinguishment of debt (2,713) Loss (gain) on disposal of aircraft - (2,726) - - (957) Adjusted Pre-tax Income (Loss) $ (9,818) $ 3,663 $ 10,151 $ 49,273 $ 24,789 $ 17,725 $ 21,679 $ 54,337 * Included in Special charge in 2009 and 2008 were costs related to the impairment of the fleet. 39
40 Reconciliation to Non-GAAP Measures For the Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, Income (Loss) before Income Taxes $ 53,891 $ 61,696 $ 55,224 $ 62,299 $ 16,686 $ 39,378 $ 45,807 $ 55,118 Pre- tax impact from: Special charge * ,441 Pre- operating expenses ** ,766 3,940 4,126 5,298 Net accrual for legal settlements - 16,200 - (132) Litigation settlement received (8,750) Loss (gain) on disposal of aircraft (1,222) (2,158) (161) (60) (120) (181) (163) 100 Adjusted Pre-tax Income (Loss) $ 43,919 $ 76,361 $ 55,063 $ 62,107 $ 20,332 $ 43,137 $ 49,770 $ 65,957 * Included in Special charge in 2011 were asset impairment and employee termination charges related to the retirement of the fleet. ** Pre-operating expenses in 2011 and 2010 were related to the introduction of new aircraft types and included incremental costs incurred as a result of aircraft delivery delays. 40
41 Reconciliation to Non-GAAP Measures For the three months ended March 31, June 30, Income (Loss) before Income Taxes $ 18,174 $ 50,102 Pre-tax impact from: Fleet retirement costs* 1,453 1,637 Loss (gain) on disposal of aircraft (196) (1,163) Loss on extinguishment of debt Adjusted Pre-tax Income (Loss) $ 19,431 $ 50,718 *Fleet retirement costs in 2012 included incremental employee costs related to the retirement of our fleet. 41
42 Reconciliation to Non-GAAP Measures For the Year Ended December 31, 2011 Net Income Attributable to Common Stockholders $ 96,083 After-tax impact from: Pre-Operating expenses (1) 9,455 Special charge (2) 3,466 Gain on disposal of aircraft (232) Adjusted Net Income Attributable to Common Stockholders $ 108,772 Diluted EPS $ 3.64 After-tax impact from: Pre-Operating expenses (1) 0.36 Special charge (2) 0.13 Gain on disposal of aircraft (0.01) Adjusted Diluted EPS $ Pre-operating expenses in 2011 related to the introduction of new aircraft types and included incremental costs incurred as a result of aircraft delivery delays. 2 Special charge in 2011 included asset impairment and employee termination charges related to the retirement of the fleet. 42
43 Reconciliation to Non-GAAP Measures 2011 Actual Six Months Ended June 30, Forecast 2013 Forecast Net Cash Provided by Operating Activities $ 142,958 $ 85,938 $ 310,871 $ 423,970 Less: Capital expenditures 37,374 18,443 48,955 66,231 Capitalized interest 27,636 12,304 17,693 1,272 Free Cash Flow $ 77,948 $ 55,191 $ 244,223 $ 356,467 Weighted Average Diluted Shares 26,422 26,500 26,750 27,050 Free Cash Flow Per Share $ 2.95 $ 2.08 $ 9.13 $
44 The future looks bright. Thank you. 44
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