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Berlin
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Company Description

Contact Info

2000 Westchester Avenue

Purchase, NY 10577

United States

Phone: 914-701-8000

Fax:

Atlas Air Worldwide Holdings, Inc., through its subsidiaries, provides outsourced aircraft and aviation operating services worldwide. The company operates a fleet of 747 freighters, as well as 747 and 767 passenger aircraft and 767 freighters. The company also owns and dry leases a portfolio of aircraft, including six 777 freighters. The company’s customers include airlines, express delivery providers, freight forwarders, the U.S. military and charter brokers. The company provides global services with operations in Africa, Asia, Australia, Europe, the Middle East, North America, and South America. The company provides its services through contractual service arrangements, including those through which the company provides aircraft to customers and value-added services, including crew, maintenance and insurance (ACMI), as well as those through which the company provides crew, maintenance and insurance, but not the aircraft (CMI); cargo and passenger charter services (Charter); and dry leasing aircraft and engines (Dry Leasing or Dry Lease). The company’s primary service offerings include the following: ACMI The company provides outsourced cargo and passenger aircraft operating solutions, including the provision of an aircraft, crew, maintenance and insurance, while customers assume fuel, demand and yield risk. CMI CMI, which is part of the company’s ACMI business segment, provides outsourced cargo and passenger aircraft operating solutions, including the provision of crew, maintenance and insurance, but not the aircraft. Customers assume fuel, demand and yield risk. Charter The company provides cargo and passenger aircraft charter services to customers, including the U.S. Military Air Mobility Command (AMC), brokers, freight forwarders, direct shippers, airlines, sports teams and fans, and private charter customers. Dry Leasing The company provides cargo and passenger aircraft and engine leasing solutions. The customer operates, and is responsible for insuring and maintaining, the flight equipment. The company is the operator offering 747-8F aircraft to the ACMI market. In November 2015, the company purchased and took delivery of its 10th 747-8F aircraft, which the company placed in Charter service until its placement with an ACMI customer. The company’s Dry Leasing business is primarily focused on a portfolio of six 777-200LRF aircraft that are dry leased to customers on a long-term basis. During 2015, the company expanded its Dry Leasing portfolio through the acquisition of two 767-300 passenger aircraft that have been converted to freighters. One entered service in December 2015, while the other would enter service during the first quarter of 2016. The company’s Charter business primarily provides full planeload cargo and passenger aircraft to customers, including the AMC, brokers, freight forwarders, direct shippers, airlines, sports teams and fans, and private charter customers. Charters are for one or more flights based on a specific origin and destination. The company’s subsidiary, Atlas Air, Inc. (Atlas) also provides limited airport-to-airport cargo services to select markets, including various cities in South America. The company’s Dry Leasing business provides a specific aircraft or engine without crew, maintenance or insurance to a customer for compensation that is typically based on a fixed monthly amount (a ‘Dry Lease’). This business is primarily operated by Titan, which is principally a cargo aircraft dry lessor, and also owns and manages aviation assets, such as passenger narrow-body aircraft, engines and related equipment. Titan also markets its expertise in asset management, passenger-to-freighter conversion, and other aviation-related technical services. DHL Network Operations (USA), Inc. (DHL) Investment and Polar Air Cargo Worldwide, Inc. (Polar) DHL holds a 49% equity interest and a 25% voting interest in Polar. The company owns the remaining 51% equity interest and 75% voting interest. Under a 20-year blocked space agreement that expires in 2027, Polar provides air cargo capacity to DHL. Under the flight services agreement, Atlas provides Polar with

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Price/Sales 0.6x
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Price/Cash Flow 9.5x
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