Company Quick10K Filing
Air Transport Services
Price21.74 EPS1
Shares69 P/E15
MCap1,508 P/FCF5
Net Debt1,405 EBIT153
TEV2,913 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-08
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-10
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-04
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-05
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-08
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-09-09 Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-05-29
8-K 2020-05-29
8-K 2020-05-20
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-03-20
8-K 2020-03-02
8-K 2020-02-19
8-K 2020-02-11
8-K 2020-01-28
8-K 2020-01-16
8-K 2020-01-13
8-K 2019-11-14
8-K 2019-11-04
8-K 2019-10-03
8-K 2019-09-09
8-K 2019-08-28
8-K 2019-08-05
8-K 2019-05-24
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-03-20
8-K 2019-02-27
8-K 2019-02-20
8-K 2019-02-13
8-K 2018-12-20
8-K 2018-11-15
8-K 2018-11-09
8-K 2018-11-06
8-K 2018-11-01
8-K 2018-10-02
8-K 2018-08-06
8-K 2018-06-14
8-K 2018-05-10
8-K 2018-05-10
8-K 2018-05-07
8-K 2018-03-21
8-K 2018-03-19
8-K 2018-02-27
8-K 2018-02-13
8-K 2018-01-25
8-K 2015-08-19
8-K 2015-08-05
8-K 2015-05-07
8-K 2015-05-05
8-K 2015-04-15
8-K 2015-03-05
8-K 2015-02-27
8-K 2015-02-10
8-K 2015-01-14

ATSG 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.2 a102-pspagreementfinal.htm
EX-10.3 a103-pspagreementfinal.htm
EX-10.4 subsequentwarrantexecu.htm
EX-31.1 ex311atsg-2020630x10q.htm
EX-31.2 ex312atsg-2020630x10q.htm
EX-32.1 ex321atsg-2020630x10q.htm
EX-32.2 ex322atsg-2020630x10q.htm

Air Transport Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.82.21.71.10.60.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________________________________
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period June 30, 2020
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________

Commission file number 000-50368
________________________________________________________________
Air Transport Services Group, Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________________
Delaware26-1631624
(State of Incorporation) (I.R.S. Employer Identification No.)
145 Hunter Drive, Wilmington, OH 45177
(Address of principal executive offices)
937-382-5591
(Registrant’s telephone number, including area code)
 ________________________________________________________________
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class  Trading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per share  ATSGNASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
  
Accelerated filerSmaller reporting company
Non-accelerated filerEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No  
As of August 7, 2020, there were 59,589,770 shares of the registrant’s common stock outstanding.




AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
    Page
PART I. FINANCIAL INFORMATION
Item 1.  
  
  
  
  
  
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.  
Item 2.  
Item 5.  
Item 6.  





FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION
The financial information, including the financial statements, included in the Quarterly Report on Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 2, 2020.
The Securities and Exchange Commission maintains an Internet site that contains reports, proxy and information statements and other information regarding Air Transport Services Group, Inc. at www.sec.gov. Additionally, our filings with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports, are available free of charge from our website at www.atsginc.com as soon as reasonably practicable after filing with the SEC.

FORWARD LOOKING STATEMENTS
Statements contained in this Quarterly report on Form 10-Q that are not historical facts are considered forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995). Words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms and expressions are intended to identify forward-looking statements. These forward-looking statements are based on expectations, estimates and projections as of the date of this filing, and involve risks and uncertainties that are inherently difficult to predict. Actual results may differ materially from those expressed in the forward-looking statements for any number of reasons, including those described in this report and in our 2019 Annual Report filed on Form 10-K with the Securities and Exchange Commission.







PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
 June 30,December 31,
 20202019
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and restricted cash$60,253  $46,201  
Accounts receivable, net of allowance of $1,515 in 2020 and $975 in 2019166,547  162,870  
Inventory40,131  37,397  
Prepaid supplies and other20,944  20,323  
TOTAL CURRENT ASSETS287,875  266,791  
Property and equipment, net1,876,578  1,766,020  
Customer incentive136,924  146,678  
Goodwill and acquired intangibles521,937  527,654  
Operating lease assets55,356  44,302  
Other assets58,462  68,733  
TOTAL ASSETS$2,937,132  $2,820,178  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$156,674  $141,094  
Accrued salaries, wages and benefits57,205  59,429  
Accrued expenses17,901  17,586  
Current portion of debt obligations13,769  14,707  
Current portion of lease obligations14,902  12,857  
Unearned revenue and grants42,569  17,566  
TOTAL CURRENT LIABILITIES303,020  263,239  
Long term debt1,505,570  1,469,677  
Stock warrant obligations375,538  383,073  
Post-retirement obligations30,058  36,744  
Long term lease obligations40,082  30,334  
Other liabilities50,482  49,293  
Deferred income taxes135,849  127,476  
TOTAL LIABILITIES2,440,599  2,359,836  
Commitments and contingencies (Note H)
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; 59,589,770 and 59,329,431 shares issued and outstanding in 2020 and 2019, respectively596  593  
Additional paid-in capital477,829  475,720  
Retained earnings78,474  45,895  
Accumulated other comprehensive loss(60,366) (61,866) 
TOTAL STOCKHOLDERS’ EQUITY496,533  460,342  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$2,937,132  $2,820,178  
See notes to condensed consolidated financial statements.
4


AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
REVENUES$377,794  $334,576  $767,071  $682,759  
OPERATING EXPENSES
Salaries, wages and benefits119,503  97,850  245,034  197,191  
Depreciation and amortization68,291  63,266  137,633  125,903  
Maintenance, materials and repairs43,704  39,467  85,381  84,005  
Fuel36,787  34,168  80,586  69,118  
Contracted ground and aviation services13,546  14,531  27,895  30,129  
Travel17,315  20,937  38,972  41,035  
Landing and ramp2,772  2,391  5,517  5,439  
Rent5,198  3,984  8,684  7,737  
Insurance2,508  1,857  4,176  3,768  
Other operating expenses15,738  18,643  30,954  34,051  
Government grants(9,821)   (9,821)   
Impairment of aircraft39,075    39,075    
Transaction fees      373  
354,616  297,094  694,086  598,749  
OPERATING INCOME23,178  37,482  72,985  84,010  
OTHER INCOME (EXPENSE)
Interest income12  81  124  177  
Non-service component of retiree benefit gains (costs)2,898  (2,351) 5,796  (4,702) 
Net loss on financial instruments(109,723) (35,886) (2,679) (31,386) 
Loss from non-consolidated affiliate(6,513) (5,998) (9,277) (9,814) 
Interest expense(16,045) (16,804) (32,368) (34,194) 
(129,371) (60,958) (38,404) (79,919) 
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(106,193) (23,476) 34,581  4,091  
INCOME TAX (EXPENSE) BENEFIT1,031  (3,156) (6,010) (8,089) 
EARNINGS (LOSS) FROM CONTINUING OPERATIONS(105,162) (26,632) 28,571  (3,998) 
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAXES236  31  4,008  62  
NET EARNINGS (LOSS)$(104,926) $(26,601) $32,579  $(3,936) 
BASIC EARNINGS PER SHARE
Continuing operations$(1.78) $(0.45) $0.48  $(0.07) 
Discontinued operations0.01    0.07    
TOTAL BASIC EARNINGS (LOSS) PER SHARE$(1.77) $(0.45) $0.55  $(0.07) 
DILUTED EARNINGS PER SHARE
Continuing operations$(1.78) $(0.45) $0.14  $(0.07) 
Discontinued operations0.01    0.05    
TOTAL DILUTED EARNINGS (LOSS) PER SHARE$(1.77) $(0.45) $0.19  $(0.07) 
WEIGHTED AVERAGE SHARES
Basic59,130  58,909  59,085  58,874  
Diluted59,130  58,909  68,104  58,874  

See notes to condensed consolidated financial statements.
5


AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
NET EARNINGS (LOSS)$(104,926) $(26,601) 32,579  (3,936) 
OTHER COMPREHENSIVE INCOME (LOSS):
Defined Benefit Pension726  3,273  1,452  6,224  
Defined Benefit Post-Retirement24  36  48  69  
Foreign Currency Translation  1,479    1,474  
TOTAL COMPREHENSIVE INCOME (LOSS), net of tax$(104,176) $(21,813) 34,079  3,831  

See notes to condensed consolidated financial statements.

6


AIR TRANSPORT SERVICES GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
 Common StockAdditional
Paid-in
Capital
Accumulated Earnings (Deficit)Accumulated
Other
Comprehensive
Income (Loss)
Total
 NumberAmount
BALANCE AT MARCH 31, 201959,351,326  $594  $471,245  $7,358  $(88,383) $390,814  
Stock-based compensation plans
Grant of restricted stock18,600        
Issuance of common shares, net of withholdings(4,787)   (112) (112) 
Forfeited restricted stock(1,300)       
Amortization of stock awards and restricted stock1,920  1,920  
Total comprehensive income (loss)(26,601) 4,788  (21,813) 
BALANCE AT JUNE 30, 201959,363,839  $594  $473,053  $(19,243) $(83,595) $370,809  
BALANCE AT JANUARY 1, 201959,134,173  $591  $471,158  $56,051  $(91,362) $436,438  
Stock-based compensation plans
Grant of restricted stock143,800  2  (2)   
Issuance of common shares, net of withholdings87,166  1  (1,497) (1,496) 
Forfeited restricted stock(1,300)       
Cumulative effect in change in accounting principle(71,358) (71,358) 
Amortization of stock awards and restricted stock3,394  3,394  
Total comprehensive income(3,936) 7,767  3,831  
BALANCE AT JUNE 30, 201959,363,839  594  473,053  (19,243) (83,595) 370,809  

See notes to condensed consolidated financial statements.

7


AIR TRANSPORT SERVICES GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY, cont.
(In thousands, except share data)
 Common StockAdditional
Paid-in
Capital
Accumulated EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total
 NumberAmount
BALANCE AT MARCH 31, 202059,623,195  $596  $476,423  $183,400  $(61,116) $599,303  
Stock-based compensation plans
Grant of restricted stock900        
Issuance of common shares, net of withholdings(33,825)   (724) (724) 
Forfeited restricted stock(500)       
Amortization of stock awards and restricted stock2,130  2,130  
Total comprehensive income (loss)(104,926) 750  (104,176) 
BALANCE AT JUNE 30, 202059,589,770  $596  $477,829  $78,474  $(60,366) $496,533  
BALANCE AT JANUARY 1, 202059,329,431  $593  $475,720  $45,895  $(61,866) $460,342  
Stock-based compensation plans
Grant of restricted stock201,400  2  (2)   
Issuance of common shares, net of withholdings59,439  1  (1,840) (1,839) 
Forfeited restricted stock(500)       
Amortization of stock awards and restricted stock3,951  3,951  
Total comprehensive income32,579  1,500  34,079  
BALANCE AT JUNE 30, 202059,589,770  596  477,829  78,474  (60,366) 496,533  
See notes to condensed consolidated financial statements.
8


AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended
June 30,
 20202019
OPERATING ACTIVITIES:
Net earnings from continuing operations$28,571  $(3,998) 
Net earnings from discontinued operations4,008  62  
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization153,088  139,516  
Pension and post-retirement1,944  7,850  
Deferred income taxes6,597  8,021  
Amortization of stock-based compensation3,951  3,394  
Loss from non-consolidated affiliates9,277  9,814  
Net loss on financial instruments2,679  31,386  
Impairment of aircraft39,075    
Changes in assets and liabilities:
Accounts receivable(3,677) 21,235  
Inventory and prepaid supplies(6,992) (4,242) 
Accounts payable9,628  (3,899) 
Unearned revenue and grants26,631  896  
Accrued expenses, salaries, wages, benefits and other liabilities(12,104) 1,874  
Pension and post-retirement assets(10,049) (4,747) 
Other(3,631) 2,281  
NET CASH PROVIDED BY OPERATING ACTIVITIES248,996  209,443  
INVESTING ACTIVITIES:
Expenditures for property and equipment(265,882) (216,769) 
Proceeds from property and equipment9,080  78  
Acquisitions and investments in businesses, net of cash acquired (5,556) (18,429) 
NET CASH USED IN INVESTING ACTIVITIES(262,358) (235,120) 
FINANCING ACTIVITIES:
Principal payments on long term obligations(543,240) (15,938) 
Proceeds from borrowings80,000  40,000  
Proceeds from bond issuance500,000    
Payments for financing costs(7,507) (1,081) 
Other financing payments  (346) 
Withholding taxes paid for conversion of employee stock awards(1,839) (1,496) 
NET CASH PROVIDED BY FINANCING ACTIVITIES