UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934
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| ATLAS AIR WORLDWIDE HOLDINGS, INC. | ||||
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 Shareholder
Engagement Annual Meeting to be held on May 23, 2018
|
 2017-2018 Updates |
 Executive
Summary 3
Strategic initiatives implemented over the past few years, including Southern Air
acquisition and Amazon agreement, have transformed the
Company New era of accelerated business growth and development that has
and will continue to create significant value for
shareholders Record financial and operational performance in 2017
expected to continue throughout 2018 A New and
Transformative Era for AAWW Continued execution of multiyear shareholder outreach effort allowing shareholders to raise
issues and provide feedback outside of the annual meeting cycle
In response to 2017 Say-on-Pay outcome, enhanced shareholder engagement with
director participation andsignificant
involvement by Compensation Committee throughout process
Compensation Committee focused on seeking tangible feedback from shareholders to
ensure responsiveness to shareholder concerns
Enhanced Shareholder Engagement and Responsiveness Over several years, ongoing review and refinement of Board, corporate governance and
executive compensation practices to align with shareholder feedback and evolving best
practices
Demonstrated willingness to continuously enhance practices, resulting in substantial
changes over time
Long History of Making Changes in Response to Shareholders Recent, meaningful changes to Board leadership and composition demonstrate additional
responsiveness to shareholder feedback on executive compensation and corporate
governance
Significantly refreshed Board with half of all directors added in the last two
years New director nominees for 2018 closely reflect key topics of
shareholder interest, including gender diversity and
cybersecurity Ongoing Changes to
Board Demonstrate Additional Responsiveness |
 A New Era of
Significant Business Growth and Development at AAWW
Full-Year 2017 Performance Highlights
Strategic Highlights Financial Highlights Capitalizing on our strong market position and our focus on express, e-commerce and fast-growing global markets Volumes increased 20% to 252,802 block hours 20% Revenue grew 17% to $2.16 billion 17% Total direct contribution by our business segments increased 15% to $422.6 million 15% Adj. income from continuing operations, net of taxes, grew 17% to $133.7 million 17% Adj. EBITDA rose 12% to $428.6
million 12%
Over the past year, we have delivered record volumes, record revenue and robust earnings
growth, reflecting the key strategic initiatives that we have put in place
over many years and that have transformed our company, broadened our
customer base, diversified our fleet and created significant shareholder value 4 Expanded air transport services provided to Amazon Significant progress on the integration of Southern Air Entered several key new customer agreements |
 A Strong Start
to 2018 for AAWW Q1 2018 Performance Highlights
Revenue 1Q18 $590.0M 24% Block Hours 21% 1Q18 66,495 Direct Contribution 39% 1Q18 $86.5M Adj. EBITDA 47% 1Q18 $93.8M Adj. Net Income 187% 1Q18 $23.8M 5 15.5% -2.0% 3.2% 0.6% AAWW Dow Jones Transportation Russell 2000 S&P 500 TSR Performance vs. Key Indices 1 Meaningful 2018 Year-to-Date TSR outperformance compared with key indices
Shareholder Value Creation
Source: Bloomberg 1 2018 Y-T-D data as of 07-May-2018 close |
 Our Board
was not satisfied with the decline in support for Say-on-Pay at
the 2017 Annual Meeting In response to the Say-on-Pay result, the
Board and Compensation Committee undertook an even more robust
shareholder engagement program
Our enhanced outreach program included:
The goal of this program was to promote direct
communication between shareholders and the Board and
to ensure effective responsiveness to the Say-on-Pay vote
outcome We have engaged in extensive and ongoing shareholder outreach over the past seven years In each of the last two years, we have targeted shareholders representing approximately 75% of our shares outstanding and held discussions with all interested shareholders, representing approximately 50% of shares outstanding Engagement discussions have taken place throughout the year, offering investors the opportunity to ask questions and provide feedback outside of the annual meeting cycle In response to the insights gained during these discussions, we have made significant recent changes to our governance and compensation practices Shareholder Engagement Program Enhanced to Ensure Responsiveness 6 AAWW’s Shareholder Outreach and Engagement Process Twice a year, outreach to holders of ~75% of outstanding shares ...to communicate on key topics including: Business Strategy and Performance Corporate Governance Executive Compensation Public Disclosures ...with shareholder input reported back to the
relevant committees
and full Board ...and taken into consideration as the Board contemplates any changes to our corporate governance and compensation programs, communications and disclosures Ongoing Best-in-Class Shareholder Engagement Program Enhanced Outreach in Response to 2017 Say-on-Pay Participation by a member of the Compensation Committee in multiple in-person and telephonic meetings with shareholders Solicitation of shareholder feedback on
specific and tangible enhancements to executive compensation and corporate governance practices Holding of a number of extra
Compensation Committee meetings to determine a course of action that would be directly responsive to this feedback and the Say-on-Pay outcome In response to our 2017 Say-on-Pay outcome, our Board and Compensation Committee undertook an enhanced
shareholder engagement program, with the aim of ensuring that the changes made in
response to shareholder engagement would be directly responsive to
shareholder concerns |
 7 Compensation Program Design and Outcomes Reflect Close Link Between Pay and Performance Elements of Pay Form Link to Performance Purpose Base Salary Cash Fixed annual compensation Attract and retain executive talent Compensate executives for their responsibility, experience, sustained high performance
and contributions to Company success
Annual Incentive Cash Adjusted Net Income (60%) Drives key business, operating and individual results on an annual basis (all metrics) Derived from our annual operating plan (Adjusted Net Income) Strictly performance-based against measurable metrics; no payout guaranteed
Objective on-time customer reliability metrics (20%) Individual performance objectives (20%) Long-Term Incentive PSUs (25%) and Performance Cash (25%) Adjusted EBITDA Growth (50%) Links NEO and long-term shareholder interests Serves as a key retention tool and a strong long-term performance driver Performance-based against measureable metrics; no payout guaranteed Close alignment to shareholder returns via a relative metric (TSR) Specific responsiveness to shareholder feedback and recent Say-on-Pay outcomes ROIC (50%) Relative TSR Modifier (for awards granted in 2018 and after) RSUs (50%) Alignment with shareholder returns Multiyear long-term retention Value tied to share price Compensation Program Design that Emphasizes Pay for Performance Link 2017 Total CEO Compensation Opportunity 2017 CEO’s Long-Term Incentive Opportunity Performance-Based Compensation: 66.5% Aligned with Long-Term Success of the Company Performance Long- Term Incentives 66.5% Significant Portion of CEO Compensation Opportunity Performance-Based and/or At-Risk We design our CEO’s compensation opportunity to be largely performance-based and at-risk 66.5% of the maximum total CEO compensation opportunity in 2017 was designed to be based on attainment of performance metrics,
including approximately 43.5% in the form of long-term
multiyear opportunities and 23.0% in annual incentive
opportunity An additional 22.0% of compensation opportunity was
granted in the form of RSUs with four-year vesting,
resulting in 88.5% of CEO compensation opportunity being at-risk Annual Incentive 23.0% Base Salary 11.5% Long-Term Incentive RSUs 22.0 Performance Long-Term Incentives 43.5% RSUs 33.5% |
 Topic What We Heard During Engagement What We Did Since the 2017 Annual Meeting Change-in-Control Provisions Strong preference for strict double-trigger awards Requested clarification on context around payments to CEO relating to Amazon transaction Transition to strict double-trigger standard for all awards, requiring actual separation from service for second trigger Confirmed that CEO received no
incremental change-in-
control payments in 2016 and no LTI payments in 2017
(as a result of 2016 acceleration)
Performance Metrics Under LTI Strong support for the addition of a relative performance metric under the LTI program Addition of relative TSR performance measure to LTI awards to further strengthen pay-for-performance link Target-Setting Disclosure Under LTI Sought a better understanding of the target-setting process for LTI performance goals Understand concerns about providing long-term guidance Enhanced disclosure regarding target-setting process for LTI performance goals Share Ownership Guidelines Supportive of further enhancement to CEO stock ownership guidelines, recognizing that existing guideline was “on-market” Increased CEO stock ownership guidelines to 6x base salary to further align CEO interests
with those of shareholders
Board Composition and Refreshment Inquiries regarding the Board’s thinking around gender diversity, annual evaluation process, director succession planning, and Committee refreshment and rotation Nominated two new directors to the Board in 2018, with a focus on gender diversity, cybersecurity and banking/finance skills Rotated Chairman of the Board and of the Nominating & Governance Committee Peer Group Understood the unique characteristics of AAWW’s business model and growth profile and the need for continued refinement of the peer group Made revisions to the peer group to
reflect appropriate comparators for our evolving global
business 8
Changes in Response to Shareholder Feedback and
2017 Say-on-Pay Outcome
To address the recent Say-on-Pay outcomes, the Board made changes to our
executive compensation practices and Board composition that directly
responded to the specific and tangible feedback sought from shareholders and
closely aligned with the topics shareholders identified as most important
1 2 3 4 5 6 |
 9 Long History of Making Significant Changes in Response to Shareholder Feedback Increased the weight of corporate performance goals from 50% to 60% in determining compensation
of our NEOs under the AIP
Enhanced disclosure to clarify rigor of performance
goals under the AIP
Formalized existing practice of granting equity
awards subject to vesting periods greater than one
year by adding minimum vesting language to 2016
Plan Engaged a new independent compensation
consultant, Pay
Governance Reduced CEO LTI
award opportunity from 4.75
multiple of salary to 3.75 multiple of salary to be better
aligned with peer group levels
Revised CEO LTI award target grant level to
approximate median of peers
Executive Compensation Additional Board refreshment including one new
director added in 2017 and two new directors added in
2016 Adopted limits on Director service on other boards in keeping with market best practices and investor input regarding a board’s time commitment Added proxy access provisions to our by-laws Added enhanced disclosure of our environmental, social and governance policies Adopted majority voting to elect Directors in uncontested elections Board of Directors Corporate Governance 2016 to 2017 Prior to 2016 2016 to 2017 2016 to 2017 Prior to 2016 Over the past few years, the Board has been vigilant in its ongoing review and refinement of our
corporate governance and executive compensation structures, to ensure that they continue
to respond to the concerns of shareholders and protect shareholder
interests |
 10 Ongoing Enhancements to the Board of Directors In Response to Shareholder Feedback New Directors Added Since 2016 John K. Wulff Director since 2016 Bobby J. Griffin Director since 2016 Charles F. Bolden, Jr. Director since 2017 Jane H. Lute Sheila A. Stamps President and CEO of SICPA North America Special Advisor to the Secretary- General of the United Nations Formerly Deputy Secretary for the US Department of Homeland Security Significant technology and cybersecurity experience Previously EVP at Dreambuilder Investments Formerly Director of Pension Investments and Cash Management at New York State Common Retirement Fund Held senior positions with Bank of America and Bank One (now J.P. Morgan Chase) Significant banking and finance experience New Director Nominees for 2018 Significant Board Refreshment In May 2017, the independent directors elected Robert F. Agnew as the new independent Chairman of the Board Following the 2017 Annual Meeting, the Board appointed a new Chair of the Nominating and Governance Committee The Board continues to review Committee leadership structures to identify opportunities for enhancement Continuing Board Leadership Changes Since the 2017 Annual Meeting, the Board rotated the membership of all three of the Audit, Compensation and Nominating and Governance Committee The Board will continue to refresh the membership of these Committees as new directors are added to the Board Committee Membership Rotation Since 2016, we have made significant efforts to refresh the leadership and composition of our Board, adding five
independent directors bringing new and diverse perspectives, and rotating key leadership
positions Average tenure has decreased from 8 years to approximately 6
years |
 Highly
Qualified, Engaged and Refreshed Board of Directors
Significantly enhanced Board of Directors, consisting of 10 diverse and engaged director
nominees with deep industry and subject-matter expertise that enables
them to provide strong leadership and protect shareholder interests Robert F.
Agnew Independent Chairman
President and CEO, Morten Beyer & Agnew
Committees: Nominating and Governance
Timothy J. Bernlohr Independent Director Founder and managing member, TJB Management Consulting Committees: Audit (Chair); Nominating and Governance Charles F. Bolden, Jr. Independent Director Former Administrator of the National Aeronautics and Space Administration (NASA) Committees: Audit William J. Flynn President and CEO Former President and CEO, GeoLogistics Corporation Committees: None Bobby J. Griffin Independent Director Former President, International Operations, Ryder System. Director of Hanesbrands, Inc. Committees: Compensation; Nominating and Governance Carol B. Hallett Independent Director Of counsel, U.S. Chamber of Commerce, Former U.S. Ambassador to the Bahamas Committees: Compensation (Chair); Nominating and Governance Duncan J. McNabb Independent Director Former Commander, Unites States Air Mobility Command and USTRANSCOM Committees: Nominating and Governance (Chair); Audit John K. Wulff Independent Director Former CFO, Union Carbide, Former Chairman, Hercules Incorporated and member of the Financial Accounting Standards Board Committees: Audit; Compensation 11 Skills & Qualifications No. of Directors Strategic Planning Global Operations Public Company Board Experience Corporate Governance Current or Previous Senior Executive Experience Legal, Regulatory & Government Affairs Transportation & Security Military Affairs Supply Chain & Procurement Civil & Governmental Aviation Finance, Accounting & Risk Management Mergers & Acquisitions Capital Structure International Trade Sales & Marketing Cybersecurity & Information Technology 10 8 8 7 7 7 7 6 6 5 5 5 4 4 Jane H. Lute Independent Director President and CEO, SICPA North America, Special Advisor to the Secretary-General of the United Nations Sheila A. Stamps Independent Director Former Executive Vice President, Dreambuilder Investments 4 1 Board Skills & Qualifications Director Tenure Gender and Ethnic Diversity 6-13 years 4 directors 14 years 1 director 0-2 years 5 directors Other board members 50% Diverse board members 50% |
 12 Focused on Sustainability Initiatives and Reporting Environmental & Social Policies We are dedicated to serving our customers and the communities in which we operate Fulfilling this commitment dictates that we build a vibrant, innovative organization that satisfies our customers’
needs and delivers value to our shareholders
In 2017, we added enhanced disclosure regarding our environmental, social and governance
policies Setting groundwork to participate in CORSIA,
the global carbon emissions program governing
international flying starting on January 1, 2021 Current fleet
consists primarily of modern aircraft that are superior in terms of fuel efficiency, range, noise, capacity and loading
capabilities 747-8F aircraft are approximately 15% more fuel-efficient than our 400s, which translates into approximately 15% lower carbon dioxide emissions; they are also 30% less
noisy Conserve fuel wherever possible
through our FuelWise
fuel-management information system,
which uses our data to analyze fuel consumption
performance, enabling us to track fuel-burn rates more accurately and efficiently
and to identify additional opportunities to conserve fuel Work with our
customers to plan routes that are more fuel-efficient
Participate in industry and governmental initiatives to optimize air traffic
management systems, where advances could result in substantial reductions in
fuel use and emissions and fewer interruptions at airports
Prohibition on acceptance of shipments containing items covered by illegal wildlife trafficking laws Strong record on the ground, with no
significant spills of fuel, de-icing fluids or other liquids We have affirmative action plans
in place to ensure that qualified applicants and employees are receiving an equal opportunity for recruitment, selection, advancement and every other term and privilege associated with employment at AAWW We have a “zero tolerance”
policy for harassment, discrimination or retaliation of any kind in the workplace
We maintain a formal policy against human trafficking Health and safety of our employees, particularly our crewmembers, is of paramount importance, and our health and safety track record reflects this commitment Provide cost-free charter flights for disaster relief and encourage our employees to support disaster relief
and related activities |
 Additional
Information |
 14 AAWW – Key Takeaways Shaping a Powerful Future New era of significant business growth and development
Fundamental change in markets
served Strategic long-term relationship with Amazon Southern Air acquisition Capitalizing on initiatives to drive:
Value and benefit for customers and investors
Key new customer agreements
including Asiana Cargo, Cathay Pacific Cargo, Nippon Cargo Airlines, DHL Global Forwarding and FedEx Strong foundation for earnings and cash flow |
 Long-Term
Strategic Relationship with Amazon Strategic
Relationship Highly Complementary Alignment of Interests 20 aircraft expected to be placed in service by the end of 2018 10-year dry leases, 7- to 10-year CMI agreements 12 aircraft currently in service Expands 767 fleet Further broadens an already diverse AAWW fleet Amazon granted rights to acquire AAWW equity Strengthens long-term relationship and value Supporting fast deliveries for Amazon’s customers Agreement provides for future growth opportunities Earnings and cash flow contributions to ramp up as aircraft enter service Net leverage ratio expected to decrease over time 15 E-Commerce Growth Meaningfully Accretive Estimated Amazon Service Adjusted Income from Continuing Operations Accretion
Over Time 2017 2018 2019 2020 Estimated Amazon Service Cash Flows Over
Time 2017 2018 2019 2020 Estimated Amazon Service Net Leverage Ratio Impact
Over Time 2017 2018 2019 2020 Including our agreement with Amazon, we are moving more deeply into faster-growing express and e-commerce
markets Today, more than 70% of our freighters operate for customers in these markets, and that focus will continue as
we ramp up from 12 aircraft for Amazon currently to an expected 20 by the end of
2018 Transaction Overview
|
 Southern Air
Acquisition Strategically Compelling
Highly Complementary All-Cash, Debt-Free Immediately Accretive Foundation for Growth Premier provider of intercontinental and domestic CMI services Expands platform into 777 and 737 operations Provides access to broadest array of aircraft and operating services All-cash, debt-free transaction valued at ~$105.8 million Completed April 7, 2016 Immediately accretive to earnings Adjusted EBITDA/net income margins in line with AAWW’s Adding ~$100 million in annualized revenues Drives greater diversification, scale and global footprint Provides solid foundation for additional growth The acquisition of Southern Air has made AAWW a more diversified and profitable company, offering customers
access to a wide array of modern, efficient aircraft
The first full-year contribution from Southern Air in 2017 drove higher earnings
growth 16
Transaction Overview |
 17 Aviation News Awards, 2017 – Winner for Freighter Financing Transaction of the Year Corporate Secretary Governance Awards, 2017 – Nominee for Best Shareholder Engagement (Small- to Mid-Cap) – Nominee for Best Overall Compliance & Ethics Program (Small- to Mid-Cap) – Nominee for Corporate Governance Team of the Year (Small- to Mid-Cap) NYSE Governance Services Leadership Awards, 2016 – Winner for Exemplary Shareholder Engagement – Finalist for Exemplary CD&A Corporate Secretary Governance Awards, 2016 – Winner for Governance Professional of the Year (Small- to Mid-Cap) – Finalist for Best Overall Compliance & Ethics Program (Small- to Mid-Cap) – Finalist for Corporate Governance Team of the Year (Small- to Mid-Cap) Aviation News Awards, 2016 – Winner for Airline Management Team of the Year Corporate Secretary Governance Awards, 2015 – Finalist for Best Overall Compliance & Ethics Program (Small- to Mid-Cap) – Finalist for Governance Professional of the Year (Small- to Mid-Cap) – Finalist for Best Shareholder Engagement NYSE Governance Services Leadership Awards, 2015 – Finalist for Best Corporate Governance Team of the Year (Small- to Mid-Cap) – Finalist for Exemplary Shareholder Engagement Industry Leader Recognized for Best-in-Class Corporate Governance |
 18 Total Global Airfreight Tonnage: ICAO 2013 – 2014, IATA 2015 – 2018F (IATA – December 2017) International Global Airfreight: Annual Growth 49.5 51.5 52.8 54.9 59.9 62.5 40 45 50 55 60 65 2013 2014 2015 2016 2017E 2018F Total Global Airfreight Tonnage Growing from Record Levels Freight Tonnes (Millions) 1.4% 4.0% 2.5% 4.0% 9.1% 4.3% |
 Global
Operating Network – 2017
252,802
Total Block Hours Operated in 2017
48,983 Flights 422 Airports in 103 Countries 790 Charters Completed 80+ Unique Customers 19 |
 20 Our Customers Reflect Our Focus on Quality Long-term, profitable relationships Resilient business model and predictable revenues Shippers Forwarders / Brokers Express Airlines Expanded portfolio of growth-oriented market leaders Covering the entire air cargo supply chain High degree of customer integration Focused on continuous development and growth Long-term contractual commitments Our Strengths … and Amazon |
 AAWW
– Executing Strategic Plan
21 Thought Leadership Service Quality Solid Financial Structure Leading Assets Global Scale & Scope Diversified Mix Transformed Business |
 22 * Includes to-be-converted aircraft Our Current Fleet – April 2018 11 Boeing 777s 5 CMI 777Fs 6 Titan 777Fs 7 Boeing 737s 5 737-400Fs 1 737-300F Titan 1 737-800 passenger Titan 41 Boeing 767/757s 35 767-200/300Fs* 5 767-200/300 passenger 1 757-200 freighter Titan Total Fleet: 106 Operating Fleet: 97 …More than 100 aircraft
…Heading to over 40 B767s …More than 100 aircraft
…Heading to over 40 B767s 47 Boeing 747s 10 747-8Fs 29 747-400Fs 4 747-400 passenger 4 Boeing Large Cargo Freighters (LCFs) |
 23 Fleet Size and Net Leverage Ratio Growing and diversifying fleet and managing leverage * See Non-GAAP reconciliation 78 79 82 84 88 91 98 99 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Fleet Size 5.4x 5.3x 4.8x 4.9x 4.9x 5x 4.8x 4.9x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Net Leverage Ratio* 3.0x 3.5x 4.0x 4.5x 5.0x 1Q18 4Q19 Estimated Net Leverage Ratio Trend Based on estimates of fleet growth, placement dates and financing plans |
 2018
Objectives 24
Achieve earnings goals Deliver superior service quality Maximize business opportunities Implement Amazon service Continue Southern Air integration
Realize Continuous
Improvement In other words…
Continued Growth and Innovation
|
 Capital
Allocation Strategy 25
Balance sheet maintenance
Business investment Share repurchases 2015-2017 actions: Acquiring/converting 20 767-300s for Amazon agreements Acquired Southern Air Refinanced high-cost 747-400 EETC debt and higher-cost 747-8F term loans Acquired 10 th 747-8F Acquired two 767s for Dry Leasing; also operating them in CMI Acquired 4th 767 for AMC passenger service Focused on maintaining healthy cash position Repurchased >10% of outstanding stock since 2013
Remaining authority for up to $25 million |
 26 Reconciliation to Non-GAAP Measures (In $Millions) 1Q18 4Q17 3Q17 2Q17 1Q17 4Q16 3Q16 2Q16 Face Value of Debt $ 2,416.6 $ 2,378.8 $ 2,259.8 $ 2,307.2 $ 2,068.1 $ 1,943.4 $ 1,967.7 $ 2,001.7 Plus: Present Value of Operating Leases
709.7 656.6 681.9 661.0 678.6 749.9 774.7 799.4 Total Debt 3,126.2 3,035.4 2,941.8 2,968.2 2,746.7 2,693.2 2,742.4 2,801.1 Less: Cash and Equivalents $ 130.4 $ 291.9 $ 176.3 $ 282.7 $ 118.9 $ 138.3 $ 115.6 $ 168.3 Less: EETC Asset 27.8 29.0 29.9 30.9 31.9 32.3 34.8 35.8 LTM EBITDAR $ 603.0 $ 570.4 $ 546.8 $ 543.1 $ 525.6 $ 526.0 $ 485.9 $ 484.7 Net Leverage Ratio 4.9x 4.8x 5.0x 4.9x 4.9x 4.8x 5.3x 5.4x EBITDAR: Earnings before interest, taxes, depreciation, amortization, aircraft rent expense, U.S. Tax Cuts and Jobs Act special bonus,
noncash interest expenses and income, net, gain on disposal of aircraft,
special charge, costs associated with transactions, accrual for legal
matters and professional fees, charges associated with refinancing debt, and
unrealized loss (gain) on financial instruments, as applicable |
 27 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. To supplement our financial statements presented in accordance with
U.S. GAAP, we oftentimes present certain non-GAAP financial measures
to assist in the evaluation of our business performance. Our management uses these non-GAAP financial measures in assessing the performance of the AAWW’s ongoing operations and in planning and forecasting future periods. We believe that
these adjusted measures, when considered together with the corresponding
U.S. GAAP financial measures and the reconciliations to those measures,
provide meaningful information to assist investors and analysts in understanding our financial results and assessing our prospects for future performance. You can find our presentations on the most directly comparable U.S. GAAP financial measures calculated in accordance with
accounting principles generally accepted in the United States and our reconciliations in our earnings releases dated February 22, 2018 and May 3, 2018, which are posted on our Web site at www.atlasair.com.
Safe Harbor |