Atlas Air Worldwide Holdings Inc (AAWW) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Atlas Air Worldwide Holdings, Inc. Q1 2022 Results Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的收看。歡迎參加阿特拉斯航空全球控股公司2022年第一季業績電話會議。 （接線生指示）。請注意，今天的會議正在錄音中。 （接線生指示）

I would now like to hand the call over to your speaker today, Atlas Air. Please go ahead.

現在我想把電話交給今天的發言人阿特拉斯航空。請您發言。

Thank you, operator, and good morning, everyone. I'm Ed McGarvey, Treasurer for Atlas Air Worldwide. Welcome to our first quarter 2022 results conference call.

謝謝接線員，大家早安。我是阿特拉斯航空全球財務主管Ed McGarvey。歡迎參加我們2022年第一季業績電話會議。

Today's call will be hosted by John Dietrich, our Chief Executive Officer; and Spencer Schwartz, our Chief Financial Officer. Today's call is complemented by a slide presentation that can be viewed at atlasairworldwide.com under Presentations in the Investor Information section.

今天的電話會議將由我們的執行長 John Dietrich 和財務長 Spencer Schwartz 主持。今天的電話會議將附有幻燈片演示，可在 atlasairworldwide.com 的“投資者資訊”版塊的“演示文稿”下觀看。

As indicated on Slide 2, we'd like to remind you that our discussion about the company's performance today includes some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events and expectations, and they involve risks and uncertainties. Our actual results or actions may differ materially from those projected in any forward-looking statements.

如投影片2所示，我們謹此提醒您，我們今天關於公司績效的討論包含一些符合1995年《私人證券訴訟改革法》定義的前瞻性陳述。這些陳述與未來事件和預期有關，並包含風險和不確定性。我們的實際結果或行動可能與任何前瞻性陳述中的預測有重大差異。

For information about risk factors related to our business, please refer to our 2021 Form 10-K as amended or supplemented by our subsequently filed SEC reports. Any references to non-GAAP measures are meant to be provide meaningful insights and are reconciled with GAAP in today's press release and in the appendix that is attached to today's slides.

有關我們業務的風險因素的信息，請參閱我們2021年的10-K表格，該表格已由我們隨後提交給美國證券交易委員會（SEC）的報告修訂或補充。任何提及非公認會計準則（non-GAAP）指標的內容旨在提供有意義的見解，並在今天的新聞稿和今天幻燈片的附錄中與公認會計準則（GAAP）進行了協調。

During our question-and-answer period today, we'd like to ask participants to limit themselves to 1 principal question and 1 follow-up question so that we can accommodate as many participants as possible. After we've gone through the queue, we'll be happy to answer any additional questions as time permits.

在今天的問答環節，我們希望參與者只提出一個主要問題和一個後續問題，以便我們盡可能接待參與者。在完成所有提問後，我們很樂意在時間允許的情況下回答任何其他問題。

At this point, I'd like to draw your attention to Slide 3 and turn the call over to John Dietrich.

現在，我想請大家注意幻燈片 3，並將電話轉給 John Dietrich。

Thanks, Ed, and thank you all for joining our first quarter earnings call. I'd like to start by acknowledging the unfortunate and horrific humanitarian crisis in Ukraine. Our thoughts are with the people of Ukraine and with all those helping during these difficult times. At Atlas, we've been doing our part by providing critical airlift to many organizations moving relief supplies into the region, and as the leading provider of airlift to the U.S. military, we've been supporting the U.S. government's significant supply efforts. We're very grateful that Atlas is able to participate in these important relief missions.

謝謝，艾德，也謝謝大家參加我們第一季的財報電話會議。首先，我想承認烏克蘭正經歷著不幸而可怕的人道危機。我們的心與烏克蘭人民以及所有在這段艱難時期提供幫助的人們同在。在阿特拉斯公司，我們一直在盡自己的一份力量，為許多向該地區運送救援物資的組織提供關鍵的空運服務。作為美國軍方空運的主要供應商，我們也一直在支持美國政府的重大物資供應。我們非常感謝阿特拉斯能夠參與這些重要的救援任務。

I'd also like to thank the entire Atlas team for their ongoing commitment to delivering these outstanding results. As we've been able to demonstrate, Atlas has a resilient and proven business that's consistently delivered very positive results even through the most challenging of times. And we continue to show the value of airfreight as a critical component of the global supply chain. Our aircraft and services provide the flexibility, reliability and speed that enables our customers to succeed even through the ever-changing logistical landscape. And air freight will continue to be vital going forward, particularly as pandemic and related challenges remain, passenger capacity is slow to return and manufacturing in Asia ramps back up.

我還要感謝整個 Atlas 團隊，感謝他們為實現這些卓越表現所做的不懈努力。正如我們所展現的，Atlas 擁有韌性十足且久經考驗的業務，即使在最具挑戰性的時期也始終如一地取得了非常積極的成果。我們持續展現空運作為全球供應鏈關鍵組成部分的價值。我們的飛機和服務提供靈活性、可靠性和速度，使我們的客戶即使在瞬息萬變的物流環境中也能取得成功。未來，空運仍將至關重要，尤其是在疫情及相關挑戰持續存在、客運運力恢復緩慢以及亞洲製造業復甦的背景下。

And as we've been discussing with you in recent quarters, we're seeing a sustaining shift in customer demand for long-term dedicated airlift, which is driving more need for Atlas' assets and services. We're expanding and diversifying our customer base and increasing the amount of flying that we perform under long-term contracts with attractive rates and guaranteed levels of flying. In fact, during the first quarter, our customers continued to enter or enhance long-term agreements with Atlas for dedicated freighter capacity. And it's important to reiterate that the overwhelming majority of our fleet is now committed under these long-term contracts, which puts us in a strong position for the years ahead. This all bodes well for Atlas and our future.

正如我們最近幾季與您討論的那樣，我們看到客戶對長期專用空運的需求持續變化，這推動了對阿特拉斯資產和服務的需求增加。我們正在擴大和多樣化我們的客戶群，並增加我們根據長期合約執行的飛行次數，這些合約具有吸引力，飛行水平有保證。事實上，在第一季度，我們的客戶繼續與阿特拉斯簽訂或加強長期專用貨機運力協議。值得重申的是，我們絕大多數機隊目前都已簽訂了這些長期合同，這使我們在未來幾年處於有利地位。這一切都預示著阿特拉斯和我們的未來前景光明。

On the financial front, we've significantly strengthened our balance sheet and have dramatically improved our net leverage ratio. We have a healthy cash balance and the financial flexibility to act quickly on attractive opportunities to deploy capital, including investing in our business and returning capital to shareholders. As we've previously noted, we're investing in our world cast feet -- or world-class fleet excuse me, by adding 4 new 747-8s and 4 new 777s to meet customer demand. All 4 of our new -8s have been placed under long-term agreements, and we expect the first will be delivered later this month.

在財務方面，我們顯著增強了資產負債表，並大幅改善了淨槓桿率。我們擁有健康的現金餘額和財務靈活性，能夠迅速抓住有利的資本配置機會，包括投資我們的業務和向股東返還資本。正如我們之前提到的，我們正在投資我們世界一流的機隊——不好意思，是世界級的機隊——透過新增4架747-8和4架777飛機來滿足客戶需求。我們所有4架747-8飛機都已簽訂長期協議，預計首架將於本月稍後交付。

We also have very strong interest for the new 777s, and we look forward to sharing details on those placements in future calls. And as we've shared before, we're also purchasing 5 of our existing 747-400 freighters at the end of their leases throughout this year, the first of which we acquired in March.

我們對新的777飛機也非常感興趣，並期待在未來的電話會議上分享這些飛機的配置細節。正如我們之前所說，我們也將在今年購買5架租期到期的現有747-400貨機，其中第一架是我們在今年3月購買的。

Now turning to our outstanding first quarter results on Slide 4. I'm pleased to report that we've achieved new first quarter records for both revenue and adjusted earnings. This is despite the ongoing operational challenges that were caused by the pandemic. Our strong results reflected higher yields, including the impact of numerous new and extended long-term contracts. This was partially offset by higher pilot costs driven by our new collective bargaining agreement. Spencer will provide more details on our Q1 results in a moment.

現在來看看投影片4上我們出色的第一季業績。我很高興地報告，儘管疫情持續帶來營運挑戰，我們第一季的營收和調整後收益均創下新高。我們強勁的業績反映了更高的收益率，其中包括大量新簽和續簽長期合約的影響。這部分被我們新的集體談判協議導致的飛行員成本上升所抵消。 Spencer稍後將提供更多關於我們第一季業績的詳細資訊。

Now moving on to our outlook on Slide 5. As I mentioned earlier, we expect market conditions and customer demands to remain favorable. Global air freight volumes are exceeding prepandemic levels, capacity continues to be constrained as there are a limited number of new freighters entering the market, while older, less efficient aircraft will need to be retired, passenger belly capacity, particularly out of Asia remained slow to return. And as it does, we expect passenger networks will look different than prior to the pandemic and will favor more leisure and point-to-point flying. This will result in more need for dedicated [freighters] in major cargo trade lines.

現在來看看幻燈片5上的展望。正如我之前提到的，我們預計市場狀況和客戶需求將保持良好。全球航空貨運量已超過疫情前的水平，但由於進入市場的新貨機數量有限，運力持續受限，而老舊、效率較低的飛機將需要退役，客運腹艙運力（尤其是來自亞洲的客機）恢復緩慢。同時，我們預期客運網路將與疫情前有所不同，並將更傾向於休閒和點對點飛行。這將導致主要貨運航線對專用貨機的需求增加。

The continuation of congestion at ocean ports and other related supply chain disruptions are also continuing to favor airfreight. And importantly, a new customer base, including more manufacturers and freight forwarders are now turning to dedicated freighters due to the resiliency of airfreight networks compared to the vulnerability of passenger networks.

海運港口持續擁擠以及其他相關供應鏈中斷也持續利好空運。更重要的是，由於航空貨運網路的韌性遠超客運網路的脆弱性，包括更多製造商和貨運代理在內的新客戶群正在轉向專用貨機。

In addition to our excellent first quarter results, we expect strong performance in the second quarter and for the full year. In the second quarter, we anticipate revenue to exceed $1.1 billion from flying more than 85,000 block hours. In addition, we expect adjusted EBITDA of approximately $215 million and adjusted net income to grow by a high single-digit percentage compared with our adjusted net income of $88.8 million in the first quarter of this year.

除了我們第一季的出色業績外，我們預計第二季及全年業績也將強勁成長。第二季度，我們預計收入將超過11億美元，飛行時間將超過85,000個飛行小時。此外，我們預計調整後EBITDA約為2.15億美元，調整後淨利潤將較今年第一季8,880萬美元的調整後淨利潤實現高個位數百分比成長。

Our full year earnings outlook reflects the significant portion of our business under high-yielding long-term contracts as well as strong yields in the ad hoc charter market. As a result, we expect to fly more than 350,000 block hours in 2022 with revenue of approximately $4.6 billion and adjusted EBITDA of about $1 billion. In addition, we anticipate adjusted net income in the second half of 2022 to improve approximately 60% compared with that of the first half of this year. This includes a projected full year adjusted tax rate of approximately 23%.

我們的全年獲利預期反映了我們高收益長期合約業務的很大一部分，以及臨時包機市場的強勁收益。因此，我們預計2022年飛行小時數將超過35萬個區塊小時，營收約46億美元，調整後息稅折舊攤提前利潤（EBITDA）約為10億美元。此外，我們預計2022年下半年調整後淨利將較今年上半年成長約60%。這包括預計全年調整後稅率約為23%。

We expect aircraft maintenance expense in 2022 to be similar to that of 2021, and we anticipate depreciation and amortization to be around $300 million. Our core capital expenditures, which exclude aircraft and engine purchases, are projected to total approximately $135 million to $145 million, mainly for parts and components for our fleet. This outlook also includes the higher pilot costs from our new collective bargaining agreement, including additional pay for pilots flying in locations still significantly impacted by COVID.

我們預計2022年的飛機維修費用將與2021年持平，折舊和攤提費用預計約為3億美元。我們的核心資本支出（不包括飛機和發動機採購）預計總額約為1.35億至1.45億美元，主要用於機隊零件採購。這項預期也考慮了新集體談判協議帶來的飛行員成本上漲，其中包括在仍受新冠疫情嚴重影響地區飛行的飛行員的額外薪資。

Before I turn the call over to Spencer, I'd like to discuss the update we shared in our press release this morning regarding our share repurchase program. As announced in February, we established a $200 million share repurchase program. We began by entering into a $100 million accelerated share repurchase program, which was recently completed. In total, we have now repurchased approximately 1.2 million shares through this month, returning the capital to shareholders continues to be a top priority.

在將電話轉給斯賓塞之前，我想先談談我們今天早上在新聞稿中分享的有關股票回購計劃的最新進展。正如我們在二月宣布的那樣，我們設立了一項2億美元的股票回購計畫。我們首先啟動了一項1億美元的加速股票回購計劃，該計劃最近已完成。截至本月，我們已累積回購約120萬股，將資本回饋給股東仍是我們的首要任務。

I'd like to now pass the call over to Spencer. And after his remarks, I'll have some additional comments, and then we'll be happy to take your questions. Spencer?

現在我想把電話轉給史賓塞。他發言結束後，我會補充一些意見，然後我們很樂意回答你們的問題。斯賓塞？

Thank you, John, and hello, everyone. Our outstanding first quarter results are highlighted on Slide 6. On an adjusted basis, EBITDA was $202.8 million, and adjusted net income was $88.8 million. On a reported basis, net income was $81.5 million. Our adjusted earnings included an effective income tax rate of 22.3%.

謝謝約翰，大家好。我們出色的第一季業績在投影片6中重點展示。經調整後，EBITDA為2.028億美元，調整後淨利為8,880萬美元。經報告，淨利為8150萬美元。我們的調整後收益包含22.3%的有效所得稅率。

Moving to the top of Slide 7. Revenue rose to $1 billion in the quarter. Higher Airline Operations segment revenue was primarily driven by an increase in the average rate per block hour, which was mainly due to higher yields net of fuel, including the impact of the new and enhanced long-term agreements as well as higher fuel costs. Slightly lower volumes during the period reflected a reduction in less profitable smaller gauge CMI flying as well as operational disruptions caused by Omicron and the lockdowns in China.

移至第7張投影片頂部。本季營收增至10億美元。航空營運部門收入的成長主要得益於每小時平均運價的上漲，這主要得益於扣除燃油後的收益率上升，其中包括新簽訂和升級的長期協議的影響以及燃油成本的上漲。期內客運量略有下降，反映了利潤較低的CMI小型飛機航班的減少，以及Omicron和中國疫情封鎖造成的營運中斷。

Higher revenue in our Dry Leasing segment was primarily due to the expected $5 million of revenue received from the maintenance payment related to the scheduled return of an aircraft, which we subsequently sold in January.

我們的乾租賃部門收入增加主要是由於預期從一架飛機的定期歸還相關的維護費用中獲得 500 萬美元的收入，我們隨後在 1 月份出售了該飛機。

Looking now at the bottom of the slide. Segment contribution was $202.7 million in the first quarter. Higher Airline Operations contribution was primarily driven by higher yields net of fuel. These improvements were partially offset by the increased pilot costs related to our new collective bargaining agreement and higher premium pay for pilots operating in certain areas significantly impacted by COVID-19. In Dry Leasing, segment contribution benefited from the maintenance payment I noted a moment ago as well as lower interest expense following the scheduled repayment of debt.

現在來看幻燈片底部。第一季度，該部門貢獻為2.027億美元。航空營運部門貢獻的增加主要得益於扣除燃油後的收益率上升。這些改進部分被我們新的集體談判協議導致的飛行員成本增加以及在受新冠疫情嚴重影響的某些地區運營的飛行員的保費上漲所抵消。乾式租賃部門的貢獻得益於我剛才提到的維護費，以及按計畫償還債務後利息支出的降低。

Now turning to Slide 8. Our net leverage ratio ended the quarter at 1.5x, which is consistent with year-end 2021. We ended the first quarter of 2022 with cash, including cash equivalents and restricted cash totaling $740.9 million. Our cash position at March 31 reflected cash used for investing and financing activities, partially offset by cash provided by operating activities. Net cash used for investing activities was primarily for payments for flight equipment and modifications, including $115 million for predelivery payments for our new aircraft as well as core capital expenditures and spare engines.

現在翻到第8張幻燈片。本季末，我們的淨槓桿率為1.5倍，與2021年末持平。截至2022年第一季末，我們的現金（包括現金等價物和限制性現金）總額為7.409億美元。截至3月31日，我們的現金狀況反映了用於投資和融資活動的現金，部分被經營活動提供的現金所抵銷。投資活動所使用的淨現金主要用於支付飛行設備和改裝費用，其中包括1.15億美元的新飛機交付前付款以及核心資本支出和備用發動機。

Net cash used for financing activities primarily reflected debt payments and the payment for our share repurchases. As we've said before, we applied a disciplined approach to financing. Given the current rising interest rate environment, it's important to highlight that all of our debt is at a fixed rate with a very low weighted average coupon rate, which is now at 2.83%. And the majority is secured by our aircraft assets, which have a value in excess of the related debt. We are committed to maintaining our strong balance sheet, which allows us to deploy capital for attractive investment opportunities, navigate unexpected events and return capital to shareholders.

融資活動所用淨現金主要反映了債務償還和股票回購的支付。正如我們之前所說，我們採取了嚴謹的融資方式。鑑於目前利率上升的環境，需要強調的是，我們所有的債務均為固定利率，加權平均票面利率非常低，目前為2.83%。其中大部分債務由我們的飛機資產擔保，其價值超過相關債務。我們致力於維持強勁的資產負債表，這使我們能夠將資本配置於具有吸引力的投資機會，應對意外事件，並向股東返還資本。

Now I'd like to turn it back to John.

現在我想把話題轉回給約翰。

Thank you, Spencer. And moving to Slide 9. As I mentioned, we're off to an excellent start in 2022, and we have a strong outlook for the remainder of the year. Equally important to the results we delivered is how we delivered them. At Atlas, one of our core values is corporate responsibility. And next week, we're issuing our third environmental, social and governance report. Our ESG initiatives capture our commitments to our people, communities and the planet, and also how we're advancing our ESG strategy and goals. We invite you to read more about these initiatives in our ESG report, which will be available in the Corporate Responsibility section of our website next week.

謝謝Spencer。現在請看第9張投影片。正如我之前提到的，我們在2022年取得了良好的開端，並且對今年剩餘時間的前景充滿信心。與我們所取得的成果同樣重要的是我們如何實現這些成果。在Atlas，企業責任是我們的核心價值之一。下週，我們將發布第三份環境、社會和治理報告。我們的ESG措施體現了我們對員工、社區和地球的承諾，以及我們如何推動ESG策略和目標。我們誠摯邀請您閱讀我們的ESG報告，以了解更多關於這些舉措的信息，該報告將於下週在我們網站的「企業責任」版塊發布。

And with that, operator, may we have our first question, please?

接線員，我們可以問第一個問題嗎？

Your first question is from Bob Labick of CJS Securities.

您的第一個問題來自 CJS Securities 的 Bob Labick。

Congratulations on continued strong performance. So I just wanted to start with a kind of broad question. You've obviously made some major fleet changes over the last a year or 2 and coming as well. You've reduced some of the lower-margin smaller-gauge planes. You've added new plans are in the process of that buying leases, et cetera. Once the 777s come in, are there more expected changes? Or how do you feel about the current fleet mix with what you've announced with the 777s coming in? It's question one.

恭喜您持續保持強勁表現。所以我想先問一個比較廣泛的問題。在過去一兩年裡，你們顯然對機隊進行了一些重大調整，未來還會繼續調整。你們減少了一些利潤率較低的小尺寸飛機的產量，增加了一些新的計劃，目前正在進行購買租賃等等。一旦777飛機投入使用，預計還會有更多變化嗎？或者，您對目前的機隊結構以及您宣布的777飛機投入使用後的情況有何看法？這是第一個問題。

And then what is the earnings power of this newly positioned fleet look like or compared to the pre-COVID fleet, even if spot prices do eventually kind of come back down?

那麼，即使現貨價格最終有所回落，這支新定位的船隊的盈利能力如何，或者與疫情之前的船隊相比如何？

Sure. Thanks, Bob. And I'll start and then maybe turn it over to Spencer for the latter part of your questions on the earnings power. But yes, look, we're very happy with the composition of our fleet. You're right, we did consciously phase out of some of our less productive and less profitable assets on the older equipment we were flying earlier, and we feel good about all the fleet types we currently operate, starting with the 737-800, which is a great fleet and is exciting opportunities for new hire pilots and that can continue to graduate up through the 767, 777 and 74 in a variety of different asset types. So it really provides an exciting proposition for pilots who want to see the world or choose to do more domestic flying. So we feel we've got the bases covered in terms of our composition with a focus on our wide-body international capabilities.

當然。謝謝，鮑伯。我先開始，之後或許交給史賓賽來回答你關於獲利能力的後半部問題。不過，是的，我們對機隊的組成非常滿意。你說得對，我們確實有意識地逐步淘汰了一些之前運營的、效率較低、利潤較低的老舊機型，我們對目前運營的所有機隊類型都感到滿意，首先是737-800，這是一個很棒的機隊，為新飛行員提供了激動人心的機會，之後可以繼續升級到767、777和74等各種不同飛行員的機型。所以，對於那些想要環遊世界或選擇更多國內飛行的飛行員來說，這確實是一個令人興奮的選擇。因此，我們認為，在機隊組成方面，我們已經做好了基礎準備，並專注於我們的寬體國際飛行能力。

Going forward, one of the things we've said in the past is we will look at other fleet types or enhancing our existing fleets. The 777 is a great airplane. It is going to be an airplane of the future, which is why we acquired more of them. We're really excited about taking the last 4 747s that will ever be produced. That's happening throughout this year. In fact, excited to take on one in May, at the end of May.

展望未來，我們過去說過的一件事是，我們會考慮其他機隊類型或增強現有機隊。 777是一架很棒的飛機，它將成為未來的飛機，這就是我們收購更多777的原因。我們非常高興能夠接收最後四架747飛機。這項工作將在今年全年進行。事實上，我們很期待在五月底接收其中一架。

And there are other new products coming to market that we're looking at closely as well. Airbus has announced the A350, the A330 conversion. So we're looking at all of those and for the right opportunities. There's nothing we can't fly, I guess, is what I would say. So that's just -- I'll summarize and say we're happy with our fleet composition and open to other fleet types as well.

我們正在密切關注其他即將推出的新產品。空中巴士已經宣布了A350和A330改裝機型。因此，我們正在關注所有這些機型，並尋找合適的機會。我想說，沒有什麼是我們飛不了的。所以，我總結一下，我們對目前的機隊組成很滿意，也對其他類型的機隊持開放態度。

So on the earnings power question, I'll turn it over to Spencer.

因此，關於獲利能力的問題，我將把它交給史賓塞。

Thank you, John. And Bob, I'll just add a couple of quick things. One is that, as you know, we performed a review of all of our aircraft. We specifically -- we're looking at some of the older aircraft, and we decided to exit the operations of the aging 737-400s and 767-200s, and that strategy really ensures that our resources are put to the most profitable use. So I wanted to point that out.

謝謝約翰。鮑勃，我只想快速補充幾點。首先，正如你所知，我們對所有飛機進行了審查。我們特別關註一些舊款飛機，並決定停止老舊的737-400和767-200的營運。這項策略確實確保了我們的資源能夠得到最有利可圖的利用。所以我想指出這一點。

The other thing is that our aircraft are modern efficient aircraft that customers want. We really don't have aircraft that we think will be retired anytime soon. And then the other thing I would comment on, you were talking about sort of profitability or earnings power, we don't really provide profitability by fleet type, but certainly, we expect 4 new -8s will contribute to our second half earnings this year at a similar level as the existing -8s, perhaps even more so because they come with the benefit of a maintenance honeymoon.

另一點是，我們的飛機是客戶想要的現代化高效能飛機。我們確實沒有短期內會退役的飛機。另外我想補充一點，您剛才談到盈利能力或盈利能力，我們並沒有按機隊類型提供盈利能力，但我們預計，4架新的-8飛機將對我們今年下半年的盈利貢獻與現有-8飛機的水平相當，甚至可能更高，因為它們帶來了維護蜜月期的益處。

And the 777s, they won't really contribute materially this year because the one is coming towards the end of the year, but that will generate similar earnings as our -8s in '23 and beyond. So those 2 fleet types really generate very strong levels of earnings. And I think your question was about earnings power, and you can see we provided a full year outlook today. Our earnings power is multiples of where it was pre-pandemic.

777 飛機今年不會帶來實質的貢獻，因為其中一架飛機將在年底前交付，但它在 2023 年及以後的盈利將與我們的 777 飛機相當。所以，這兩種機隊確實創造了非常強勁的獲利水準。我想你的問題是關於盈利能力的，你可以看到我們今天提供了全年展望。我們的獲利能力是疫情前的數倍。

Got it. Great. And then just for my follow-up question, I guess. Can you give us an update on the financing environment out there? I mean, you mentioned, obviously, your debt is fixed at 2.8%, which is super attractive. You obviously have more planes coming on. And so maybe a sense of the cash commitments, the PDPs you have to put out? And then just ultimately, how -- when you finance these planes, what are your thoughts on the current market environment for the financing?

明白了。太好了。接下來是我的後續問題。能否介紹一下目前的融資環境？您提到，顯然您的債務利率固定為2.8%，這非常有吸引力。您顯然還有更多飛機即將交付。所以，或許可以談談現金承諾，以及您必須提供的PDP（產品開發計劃）？最終，當您為這些飛機融資時，您如何看待目前的市場融資環境？

Sure, Bob. Yes, great questions. So we have paid all of the predelivery payments for the 747-8s. We completed those last year. This year, during the first quarter, we made $115 million of predelivery payments. And that is about nearly 2/3 of the amount that we need to pay. And so we have about 1/3 left that we'll pay over the course of the remainder of the year. So we're in a great position with our balance sheet and our cash. We'll be able to pay those in cash, so we feel terrific about that. We have the financing already arranged and mandated for the 747-8s. So when we take delivery of -8 and put the financing in place, it will actually be cash flow positive, which is great. The margins and swap rates and all of that has been negotiated, and we feel really good about the financing that we have in place for those and some of the financing on the 777s, because they're coming later is set and some of that is still to be done, but we feel great about where we are with regard to all of that. .

當然，鮑伯。是的，問題問得好。我們已經支付了747-8的所有交付前款項。這些款項我們在去年就完成了。今年第一季度，我們支付了1.15億美元的交付前款項，幾乎相當於我們需要支付金額的三分之二。我們還剩下大約三分之一的款項，將在今年剩餘時間內支付。我們的資產負債表和現金狀況都很好。我們能夠以現金支付這些款項，對此我們感到非常高興。我們已經為747-8安排好了融資，並已獲得授權。因此，當我們接收747-8並完成融資後，我們的現金流實際上是正的，這非常好。保證金和掉期利率等都已協商好，我們對為這些項目提供的融資以及 777 的部分融資感到非常滿意，因為它們稍後會推出，而且有些融資還有待完成，但我們對目前在所有這些方面的進展感到非常滿意。

Your next question is from Chris Stathoulopoulos of SIG.

您的下一個問題來自 SIG 的 Chris Stathoulopoulos。

So capacity on the transatlantic route for passenger wide-bodies is coming back online. I think [UIL] was restarting a lot of flights here. Could you remind us of your mix of regional flying and what you're seeing with respect to the supply dynamic on key lanes such as transatlantic and Asia Pacific? And then Part B, what are you seeing with respect to rates for charter flying, but also for ACMI rates on the 767s and 747s?

因此，跨大西洋航線的寬體客機運力正在恢復。我認為[UIL]已經重啟了這裡很多航班。您能否介紹一下您的區域航班組合，以及跨大西洋和亞太等主要航線的供應動態？然後是B部分，您看到的包機票價以及767和747的ACMI票價如何？

Okay. There's a lot there to unpack, Chris. Let's see. So with regard to passenger flying and capacity coming back, I think as John pointed out earlier, not all passenger flying is the same. And so what we're seeing is that when -- firstly is that the flying Trans-Pacific, the passenger flying Trans-Pacific, will be the last flying to come back. We don't think that will be at pre-pandemic levels for quite some time. And then even when that flying does return, it's probably not going to look the same as what it looked like prior to the pandemic. There's more leisure and point-to-point flying, and the passenger belly capacity is not as reliable as it once was. And so what we're seeing is that our customers are really focusing on dedicated freighters, the flexibility, the reliability and the security that it provides. So we're seeing more and more freight forwarders and manufacturers, direct shippers coming to us.

好的。克里斯，有很多事情需要解答。我們拭目以待。關於客運航班和運力的恢復，我認為正如約翰之前指出的，並非所有客運航班都一樣。因此，我們看到的是——首先，跨太平洋航班，也就是跨太平洋客運航班，將是最後恢復的航班。我們認為，在相當長的一段時間內，跨太平洋客運航班都不會恢復到疫情前的水平。而且，即使跨太平洋航班真的恢復了，其狀況可能也不會像疫情前那樣。休閒和點對點航班增多，客機腹艙的運力也不像以前那麼可靠了。我們看到的是，我們的客戶真正關注的是專用貨機，以及它提供的靈活性、可靠性和安全性。因此，我們看到越來越多的貨運代理商、製造商和直接托運人選擇我們。

So I think that was part of your question. And then I think you were asking about yields, pivot to that right?

所以我認為這是你問題的一部分。然後我想你問的是收益率，可以轉到收益率上來，對嗎？

There's some concern out there that rates are starting to go the other way on charter, but also on some of the ACMI flying in the market.

有人擔心，包機的費率開始出現相反的變化，而且市場上的一些 ACMI 航班的費率也開始出現變化。

Sure. So let's see. So for the first quarter, ad hoc yields held up extremely well. They were well above the first quarter of the prior year. As an example, ex Asia flying from Asia to the U.S., including fuel, first quarter this year was, on average, $9.65. Last year it was $5.68, but that includes fuel. So if you take fuel out, looking at the first quarter of this year, it was $8.07, excluding fuel, versus the first quarter of last year was $4.83, excluding fuel. So you can see just how strong of a quarter that was.

當然。我們來看看。第一季度，臨時收益率保持得非常好，遠高於去年第一季。例如，今年第一季度，除亞洲外，從亞洲飛往美國的航班平均票價（含燃油）為9.65美元。去年同期為5.68美元，但含燃油。所以，如果扣除燃油費用，今年第一季的臨時收益率為8.07美元（不含燃油），而去年同期為4.83美元（不含燃油）。由此可見，今年第一季的殖利率有多麼強勁。

Now for the second quarter of this year, we think that yields are going to be sort of roughly in line with where they were last year. So last year, what happened was rates were lower in the beginning of the year, and then they really took off. And we think that the rates in the second quarter of this year are looking more similar to where they were in the second quarter of last year.

就今年第二季而言，我們認為收益率將與去年大致持平。去年的情況是，利率在年初較低，然後大幅上升。我們認為，今年第二季的利率看起來與去年第二季的水平更加接近。

And then overall, we expect spot yields to remain well above where they were. They're sort of pre-pandemic levels, driven by the shift in consumer demand patterns and continued lack of available capacity.

總體而言，我們預計現貨收益率將遠高於目前的水平。受消費者需求模式轉變和可用產能持續不足的影響，現貨收益率基本上處於疫情前的水平。

Okay. And then Chris, you mentioned, I think, transatlantic flying, and that's not really a big space for us. We don't really focus too much on that space. It can be handled by smaller gauge aircraft and passenger belly space, and we really focus more on the longer haul flying for the most part.

好的。克里斯，我想你提到了跨大西洋飛行，但這對我們來說不是一個很大的領域。我們並沒有太多關注這個領域。小型飛機和客艙空間足夠，我們更專注於長途飛行。

And if I could maybe clarify that a little bit. And I know these numbers, particularly as the summer travel comes up, but they're still well below pre-pandemic levels and just some data that we have through IATA is even on the transatlantic, it's still 42% of what it was pre pandemic on the transatlantic and 10% on the Trans-Pacific. So it's a long way to go still. And I know there's a lot of excitement as there should be for international travel opening up, but there's still a long way to go.

我可以稍微解釋一下。我知道這些數字，尤其是在夏季旅行即將到來之際，但它們仍然遠低於疫情前的水平。我們透過國際航空運輸協會（IATA）獲得的一些數據顯示，即使是跨大西洋航線，其客運量也只有疫情前的42%，跨太平洋航線客運量也只有疫情前的10%。所以，這還有很長的路要走。我知道大家對國際旅行的開放應該感到興奮，但還有很長的路要走。

Okay. So nothing that you're seeing is giving you concern that this supply dynamic is starting to unravel, if you will, for cargo operators.

好的。所以，對於貨運業者來說，您所看到的一切都沒有讓您擔心這種供應動態正在開始瓦解。

No. And in fact, I think, Chris, what's happened in Ukraine, it's been an additional draw on capacity for the increased flying and some of the relief missions I talked about, which keeps in addition to other factors, demand out there for the available capacity that's remaining, especially for U.S. carriers.

不。事實上，克里斯，我認為烏克蘭發生的事情，對運力產生了額外的消耗，因為增加了飛行次數，並執行了我之前提到的一些救援任務，除了其他因素之外，還對剩餘的可用運力產生了需求，特別是對美國航空公司而言。

Okay. As a follow-up. So JetBlue's CEO, I think, said a week or 2 ago that he believes pay rates for pilots among the majors will gradually start to converge. And I know you just inked a new deal here with your pilots. But as several of the large U.S. airline pilots have deals open now, are you concerned that pilot rates are going to go up across the board here? And if so, as you think about the next class pilots at Atlas for the next 5 to 10 years, what is the value proposition for flying at Atlas? Is it the location of crew bases, opportunities to advance, what else?

好的。接下來我想問一下。捷藍航空的執行長大概在一兩週前說過，他相信各大航空公司飛行員的薪資水準會逐漸趨同。我知道你們剛剛和飛行員簽署了一項新協議。但是，鑑於目前美國幾家大型航空公司的飛行員都已開始簽訂合同，您是否擔心飛行員的薪資水平會全面上漲？如果是的話，考慮到未來5到10年阿特拉斯航空的下一屆飛行員，您認​​為在阿特拉斯航空飛行的價值主張是什麼？是機組基地的位置、晉升機會，還是其他？

Sure. And first of all, let me just say, I'm just pleased with where we are now from a pilot labor standpoint compared to where we've been. We're delighted to be able to have our long-term 5-year contract that has provided competitive rates. We did go through an arbitration process, but that's not where it ended. Anytime you're in an arbitration, there's a risk that you get some of what you want, but not all of what you want and that proved true here. And it enabled us to continue to work with the union and get agreement on additional provisions, which I'm pleased to say we did cooperatively and reached agreement and now have fully implemented.

當然。首先，我想說，從試點勞工的角度來看，與以往相比，我對目前的狀況感到滿意。我們很高興能夠簽訂為期五年的長期合同，這份合約提供了具有競爭力的薪資。我們確實經歷了仲裁程序，但事情並沒有就此結束。任何時候進行仲裁，都存在著風險，你只能得到部分想要的東西，但無法得到全部想要的東西，這次的情況就是如此。仲裁使我們能夠繼續與工會合作，並就附加條款達成協議。我很高興地說，我們合作進行了這些工作，達成了協議，現在已全面實施。

But you're right, there are other contracts that are open, and I expect rates will go up and not down. But our contract provides for escalations that were negotiated and both sides were aware of what the market is and what it will likely be, as we reached our pay rates. And you have to remember, a pay rate for a pilot is not static. It's not waiting for the next contract. There are built-in raises within the pay scale for years of service. So it's not as though a pilot is not going without a raise. So that's all factored into the total collective bargaining agreement.

但你說得對，還有其他合約在執行中，我預期工資會上漲而不是下跌。但我們的合約規定了薪資上漲，這些上漲是經過協商的，雙方都清楚市場行情以及未來可能如何，因為我們當時已經確定了薪資標準。而且你必須記住，飛行員的薪資標準並不是固定的。它不會等到下一份合約才生效。工資等級中已經包含了根據服務年資而增加的工資。所以，飛行員並非沒有加薪。所以這些因素都已納入集體談判協議的考量。

With regard to the environment, it's not uncommon that carriers lose pilots, particular carriers in our space and the regionals when the big guys are hiring. That's not a new phenomenon, but it's something we're continuing to focus on. We feel good about the pipeline of pilots, and I'll get to the value proposition in a minute. But we feel good about the pipeline. And I wish there was less attrition. We're focused on that and making sure our pilots understand the full value proposition of working for Atlas. For example, flying the biggest and best assets that are out there. If you're a young man or woman pursuing a pilot career, you have the opportunity coming out was to start with the 737 and work your way up through the biggest aircraft in the market, which I talked about in my comments.

就環境而言，航空公司流失飛行員的情況並不少見，尤其是在我們這個領域和地區性航空公司，而大型航空公司都在招募飛行員。這並不是什麼新鮮事，但我們一直在關注這個問題。我們對飛行員的儲備感到滿意，我稍後會談到價值主張。我們對儲備情況感到滿意。我希望人員流失率能更低。我們專注於此，並確保我們的飛行員能夠充分理解在阿特拉斯航空工作的價值主張。例如，駕駛市場上最大、最好的飛機。如果你是一位追求飛行員職業的年輕人，你有機會從駕駛737飛機開始，一路晉升到市場上最大的飛機，我在評論中提到過這一點。

We also have a number of different types of flying. You can fly scheduled networks, both domestically or internationally. You can truly see the globe with our international breadth. You can fly passengers in our passenger network for the military. We do some cool charter stuff, sports teams and entertainment, junkets and so forth. And we really have a great niche. And my sense is that the overwhelming majority of our pilots are really happy to be here at Atlas. And that's what we're focused on delivering the quality of life and the career path for them because we know they have choices. That's the way we can compete. We cannot always compete on rate. It's just not our business. But we value each and every one of our pilots, and there is pressure in the marketplace that pilots do have choices, and you talked about the next 5 to 10 years.

我們也提供多種不同類型的航班。您可以搭乘定期航班，無論是國內還是國際。憑藉我們覆蓋全球的航線網絡，您可以真正放眼世界。您也可以搭乘我們為軍隊提供的客運網路航班。我們還提供一些很棒的包機服務，包括體育團隊和娛樂活動、公費旅遊等等。我們確實擁有一個很棒的細分市場。我的感覺是，絕大多數飛行員都非常樂意在阿特拉斯航空工作。因此，我們專注於為他們提供高品質的生活和職業發展道路，因為我們知道他們擁有選擇。這就是我們的競爭之道。我們不能總是靠價格競爭。這不是我們的業務。但我們珍惜每一位飛行員，而且市場上也存在著飛行員選擇的壓力，您也提到了未來5到10年。

I think the next few years are going to be critical of maintaining our pilot supply. And then I think the pipeline of pilots coming out of the military, but the flight schools I think is going to catch up eventually. I'll just give you an anecdote. Our head of flight ops and myself, we visit flight schools. I went to one recently that the particular university said they were inclined to shut down the flight program back in 2018, and they're glad they didn't because they're busting at the scenes now and can't keep up with the number of young men and women interested in pilot careers. But that's going to take some time, to get those pilots fully trained and qualified to fly commercially, which is another area, I think, as an industry, we're focused on.

我認為未來幾年對於維持我們的飛行員供應至關重要。我認為，軍隊培養的飛行員隊伍以及飛行學校最終都會迎頭趕上。我給你講個故事。我和我們的飛行營運主管一起參觀了幾所飛行學校。我最近去了一所飛行學校，那所大學表示，他們早在2018年就傾向於關閉飛行項目，但他們很慶幸自己沒有這麼做，因為現在飛行員數量已經跟不上對飛行員職業感興趣的年輕男女的數量。但這需要一些時間，才能讓這些飛行員接受充分的培訓並獲得商業飛行資格，我認為這是我們作為一個行業關注的另一個領域。

There's -- it's very expensive to become a commercial pilot, and there are some impediments in terms of total hours and working closely with the government, I think industry is looking for ways to make it more efficient and cost effective for young pilots to get their commercial licenses, maximizing simulator time. I'm expecting the rules of 1,500-hour rule, for example, those who follow the industry know what that is. But there are ways to get to that 1,500 hours or alternate means of compliance that are available that we think should be leveraged to increase the pipeline of pilots. But look, we feel great about the company, the direction we're going, the value proposition for our pilots to build their careers here, and that's what we're focused on.

成為商用飛行員的成本非常高，而且在總飛行小時數方面也存在一些障礙，為了與政府密切合作，我認為業界正在尋找方法，讓年輕飛行員更有效率、更經濟地獲得商用執照，最大限度地延長模擬器飛行時間。例如，我期待1500小時飛行規則的出台，業內人士都知道這是什麼意思。但我們認為，有一些方法可以達到1500小時的飛行小時數，或者有其他合規途徑可以遵循，應該加以利用，以增加飛行員的儲備。不過，我們對公司、我們的發展方向以及我們為飛行員在這裡發展職業生涯提供的價值主張感到非常滿意，而這正是我們關注的重點。

Your next question is from Scott Group of Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Scott Group。

This is Jake, on for Scott. So when I look historically, you normally see a pretty significant earnings ramp from 1Q to 2Q, at least on a percent basis. So guidance of up high single digits sequentially feels a little more muted than normal. What's driving that?

我是傑克，代替史考特發言。從歷史上看，通常情況下，第一季到第二季的獲利成長相當顯著，至少在百分比上是如此。因此，預計第二季獲利將環比成長高個位數，這感覺比以往略顯平淡。是什麼原因導致了這種情況？

Yes. Jake, it's Spencer. So a couple of things that are going on. So in the beginning of the first quarter, I know you're asking about the second, but in the beginning of the first quarter, we were impacted by Omicron. We had challenges with our own employees, and we had challenges with airport and other employees.

是的。傑克，我是史賓塞。所以有幾件事正在發生。我知道你問的是第二季的情況，但在第一季初，我們受到了Omicron的影響。我們與自己的員工、機場和其他員工都遇到了挑戰。

In the second quarter now -- well, actually late in the first quarter and then now in the second quarter, we're having issues with the lockdowns in China. And so -- so that's certainly having an impact on the second quarter. When we think about the sort of seasonality and our earnings pattern, traditionally, our earnings are higher in the second half of the year than the first half, although that distribution has changed a bit over the past few years, but we do have the majority of our capacity committed with customers on a long-term basis. And so that kind of naturally results in a smoother quarterly earnings pattern, but we still perform more heavy maintenance in the first half of the year, and we typically still see higher ad hoc rates and higher customer utilization in the fourth quarter peak period. And then, of course, this year, we expect to take delivery of the 4 -8s, 1 this quarter and 3 in the second half. So that will continue to further improve our second half earnings.

現在到了第二季度——實際上在第一季末，然後是第二季度，我們遇到了中國封鎖的問題。這肯定會對第二季產生影響。考慮到季節性因素和我們的獲利模式，傳統上，我們下半年的利潤高於上半年，儘管這種分佈在過去幾年中略有變化，但我們的大部分產能確實與客戶簽訂了長期協議。因此，這自然會導致季度獲利模式更加平穩，但我們在上半年仍然會進行更多的大修，而且在第四季度高峰期，我們通常會看到更高的臨時費率和更高的客戶利用率。當然，今年我們預計將交付4艘8,000噸級核電機組，其中1艘在本季度交付，3艘在下半年交付。這將繼續進一步提高我們下半年的獲利。

And I just wanted to point one other quick thing out, which is about the lockdowns in China. The last question was asking about yields. And so I just want to point out that right now, because of the lockdowns in China, manufacturing is not as strong as it was and some of the manufacturing has stopped or slowed, and some of the supply chain has stopped or slowed. And so I think some people are misinterpreting that, I mean that there's some sort of a slowdown. But I think it's really a short-term COVID blip. And when China opens back up, there's going to be a tremendous backlog of goods, and there's going to be a lot more goods manufactured. And so there's going to be tremendous demand for airfreight and presumably higher yield as a result.

我只想快速指出另一點，關於中國的封鎖。最後一個問題是關於收益率的。所以我想指出，目前由於中國的封鎖，製造業不如以前強勁，部分製造業已經停止或放緩，部分供應鏈也停止或放緩。所以我認為有些人誤解了這一點，我的意思是經濟放緩。但我認為這只是短期的新冠疫情波動。當中國重新開放時，將會有大量的商品積壓，生產的商品也會更多。因此，對空運的需求將非常巨大，收益率也可能會更高。

Got it. No, that's all really helpful. And then just a quick question on the salary, wages and benefits line for this quarter. It was up sequentially despite block hours down quarter-on-quarter. What drove that?

明白了。不，這些都很有幫助。然後我簡單問一下本季的薪資、薪資和福利。儘管工作時間環比下降，但薪資、薪資和福利環比增長。是什麼推動了這項成長？

Yes. So you're asking on a sequential basis or (inaudible) the prior year? I just want to make sure...

是的。所以你問的是按季度計算的，還是（聽不清楚）照前一年計算的？我只是想確認一下…

That's the prior year. There is the new CBA, right, but on a sequential basis?

那是前一年的數據。現在有新的勞資協議了，對吧？但是是按順序計算的嗎？

Correct. Yes. So on a sequential basis, we had higher premium pay. So we pay our pilots premium pay. We're operating into areas significantly impacted by COVID-19. And so the premium pay payments in the first quarter were very high. In fact, if you were going to try to model our salaries, wages and benefits, I think probably the fourth quarter is more representative than the first quarter. Interestingly, but of course, it will depend on what happens with COVID going forward.

正確。是的。所以，以季度來看，我們的保費收入更高了。所以我們給飛行員支付的是保費。我們的業務範圍涵蓋了受新冠疫情嚴重影響的地區。因此，第一季的保費收入非常高。事實上，如果要模擬我們的薪資、薪資和福利，我認為第四季可能比第一季更具代表性。有趣的是，當然，這取決於未來新冠疫情的進展。

Yes. And if I could add to that -- if I could add to that just quickly. The Omicron variant, there was a period of time where some of the restrictions in foreign countries were easing. And when Omicron came around we had countries that had been kind of taken off the red zone list that was eligible for premium pay, go back on. And that factored into what Spencer is talking about here. And now some of that's pulling back again.

是的。我可以補充一下——我可以快速補充一下。 Omicron 變異疫苗出現後，有一段時間，一些國家的限制有所放鬆。而當 Omicron 變異疫苗出現後，一些原本有資格獲得額外津貼的國家又重新回到了紅區名單上。這也是 Spencer 所說的原因之一。現在，有些國家的限制又開始減少。

Got it. That's all really helpful.

明白了。這些都很有幫助。

Your next question is from Frank Galanti of Stifel.

您的下一個問題來自 Stifel 的 Frank Galanti。

Great. I wanted to sort of ask about contract coverage. Historically, you've said, I guess, in the last year or 2 that it's about 5% of block hours that's tied directly to the ad hoc charter market. Can you just give us an update on where that stands today? And I guess, more importantly, what is the expectations around that exposure through the rest of this year and into next year?

好的。我想問一下合約覆蓋率的問題。從歷史上看，我想大概在過去一兩年裡，您說過大約有5%的飛行小時數與臨時包機市場直接相關。能否介紹一下目前的情況？更重要的是，您預計今年剩餘時間和明年的合約覆蓋率會如何？

Sure. Frank, it's Spencer. So I guess the first thing I'll say is that during the first quarter, as John noted earlier, we extended or entered into new contracts, about 10 of those at great rates, hours and maturities. And so we now have nearly 2.5 dozen of these long-term charter contracts. Customers are enjoying the dedicated capacity they now have. The majority of them now go through late '24, early '25 and some of them go through the end of 2027. So we feel great about these. And then to your specific question, about 60% of our flying is in ACMI, now about 24% is long-term charter, about 6% is with the U.S. military, about 6% is South America, and that leaves about 4% for ad hoc spot market flying.

當然。弗蘭克，我是史賓塞。我想首先要說的是，正如約翰之前提到的，在第一季度，我們續簽或簽訂了大約10份新合同，其中價格、小時數和期限都非常好。所以，我們現在有近25份長期包機合約。客戶們正在享受他們現在擁有的專用運力。其中大部分合約的租期將持續到2024年末或2025年初，有些合約的租期將持續到2027年底。所以我們對此感到非常滿意。然後，關於您的具體問題，我們大約60%的飛行是在ACMI地區，現在大約24%是長期包機，大約6%是美國軍方，大約6%是南美，剩下大約4%是臨時現貨市場飛行。

Okay. And I guess a follow-up on that. Some of those -- well, I guess, on all of those contracts that are locked in now right through late 2024, those rates are what exactly they tied to spot? Are they fixed today? Do they fluctuate seasonally? What does that look like from a I guess, revenue and EBITDA contribution?

好的。我想問一下這個問題。其中一些——嗯，我想，對於所有現在鎖定到2024年底的合同，這些費率究竟是與現貨掛鉤的嗎？它們現在固定嗎？它們會隨著季節波動嗎？從收入和EBITDA貢獻來看，這看起來怎麼樣？

Sure. So in our ACMI business, it is a fixed -- these are fixed take-or-pay contracts. We have guaranteed monthly minimums. Customers pay us a guaranteed rate per block hour. And then in the long-term charter contracts, it's very similar. But instead of on a per block hour basis, it's on a per-trip basis. But these are guaranteed levels, and they stay consistent throughout. Fuel is not an issue. Okay. Fuel is not really an issue there for us.

當然。在我們的ACMI業務中，價格是固定的——這些都是固定的照付不議合約。我們保證每月最低費用。客戶按每小時向我們支付保證費率。在長期包機合約中，情況也非常類似。只不過不是以每小時計算，而是以每次行程計算。但這些都是保證水平，並且始終保持一致。燃料不是問題。好的。燃料對我們來說真的不是什麼問題。

Actually, so are those currently above -- so on the ACMI side, those are generally on minimum block hour levels. And I think in the past, you said you're about 13, low double digits percentage above minimum levels. Is that -- am I remembering that correctly? Is that right? Is that -- is that dynamic the same on the charter side? Are you currently operating above contract minimum levels?

實際上，目前高於ACMI（美國飛機製造商協會）的飛機也一樣——所以在ACMI方面，這些通常處於最低的飛行小時水平。我記得您之前說過，您的飛機運行時間比最低水平高出大約13%，也就是兩位數百分比。我沒記錯吧？對嗎？在包機方面，情況也是一樣嗎？您目前的營運時間是否超過了合約規定的最低水準？

For ACMI customers, typically fly 5% to 10% above, and we expect them to be well above that, much higher than that this year. With regard to long-term charters, it's more on a per-trip basis. So we're flying the customers' network on a per-trip basis. We can, at times, work with the customer and try to increase utilization, but we really are trying to operate their network. So there's not a tremendous amount of up flexing involved there because we're flying the customer's network.

對於ACMI的客戶，通常飛行次數會高出5%到10%，我們預期他們的飛行次數會遠高於這個數字，今年會更高。至於長期包機，則更多是按單次飛行計算的。因此，我們按單次飛行來運作客戶的網路。我們有時可以與客戶合作，努力提高利用率，但我們實際上是在努力經營他們的網路。因此，我們不會進行大量的調整，因為我們正在經營客戶的網路。

All right. Perfect. Appreciate you taking the third question.

好的。非常好。感謝您回答第三個問題。

Your next question is from Eric Gregg of FTIA.

您的下一個問題來自 FTIA 的 Eric Gregg。

Great results, gentlemen. Just a few questions here. Can you quantify the higher premium pay? Was it along the lines of $20 million plus in Q1 for the higher COVID going to more COVID hot spots?

先生們，結果很棒。我只想問幾個問題。您能量化一下更高的保費嗎？第一季度，由於疫情高峰期，保費是否達到了2,000多萬美元，用於支付給更多疫情熱點地區？

Yes. We haven't really quantified it, but I guess I'll sort of quantify it for you. So in the first quarter, our salaries, wages and benefits. If you look at the increase in salaries, wages and benefits in the first quarter of this year versus the first quarter of last year, about 85% of that increase was related to crew costs. And of that amount, about 2/3 was related to our new joint collective bargaining agreement and then about 1/3 of that was related to premium pay.

是的。我們還沒有真正量化，但我想我可以大致量化。第一季度，我們的薪資、薪資和福利。如果你比較今年第一季與去年第一季的薪資、薪資和福利增幅，你會發現大約85%的增幅與機組人員成本有關。其中，約三分之二與我們新的聯合集體談判協議有關，約三分之一與加班費有關。

Okay. That's great. And then did you say the second half of the year, you're forecasting net income to be up approximately more than 50% or was it 60%? I didn't hear that correctly over the first half of 2022?

好的。太好了。那麼您剛才說的是，您預測下半年的淨收入會成長約50%以上，還是60%？我沒聽清楚，是2022年上半年的淨收入成長嗎？

We said that the second half of the year results would be about 60% of the full year.

我們說下半年的業績會佔到全年的60%左右。

60% of the full year. Okay. Great. Can you quantify...

佔全年的60%。好的。太好了。你能量化一下嗎…

We've announced first quarter earnings today. We've provided an outlook for the second quarter, and then we said the full year would be about 60%. The second half would make up 60% of the full year.

我們今天公佈了第一季的業績。我們也對第二季的業績進行了展望，並表示全年業績將占到60%左右。下半年將佔全年業績的60%。

Great. That's excellent. And then in terms of the...

太好了。太好了。那麼就…

Sorry, no, I'm sorry. I'm sorry, I said that wrong. 60% greater than the first half is what we said. Sorry about that.

抱歉，不，對不起。抱歉，我說錯了。我們說的是比前半部多60%。抱歉。

Thank you for that clarification, Spencer, I was just about to...

謝謝你的澄清，史賓塞，我正要…

Sorry about that.

很抱歉。

Okay. Great. And then in terms of the impacts from COVID in China specifically right now, are you seeing with all the pressure and the shutdown in Shanghai, are you seeing flights being diverted to other major metropolitan areas in China? Or are you seeing a general reduction to China currently at some point has got to open up?

好的。太好了。那麼，就目前新冠疫情對中國的影響而言，您是否看到上海面臨如此大的壓力和封鎖，航班是否轉移到中國其他大城市？還是說，您是否看到目前飛往中國的客流量整體減少，最終不得不重新開放？

Well, it's both, in my opinion. We have been working hard with our customers to very quickly adjust to those locations that are being restricted or limited. And I feel good about our success factor in doing that. It has not resulted in really any material negativity in terms of total block hours. So utilizing other locations or some of the surrounding countries, Korea, for example, we've been effectively working with our customers. I'll go back to what Spencer said, though, and that is when that does open up, and it will. We see a lot of pent-up demand and there's going to be a tremendous appetite for the speed and reliability that air freight brings to the market, and we expect that will continue for a long period of time.

嗯，在我看來，兩者兼而有之。我們一直在與客戶密切合作，以便快速適應那些受到限製或限制的地區。我對我們在這方面的成功感到滿意。這並沒有對總飛行小時數造成任何實質的負面影響。因此，我們利用其他地點或一些週邊國家，例如韓國，與客戶進行了有效的合作。不過，我還是要回到史賓塞所說的，那就是當這些機會真正開放時，而且一定會開放的。我們看到大量被壓抑的需求，市場對空運帶來的速度和可靠性有著巨大的需求，我們預期這種情況將持續很長一段時間。

Okay. And then finally, on the stock repurchase, it's great to see that ASR done last quarter. Do you -- how do you expect the pace of the remaining authorization to go? And are you contemplating the potential for adding to that authorization in 2022?

好的。最後，關於股票回購，很高興看到上個季度ASR（股票回購）已經完成。您預計剩餘授權的進度會如何？您是否考慮在2022年增加授權的可能性？

Well, as I said in my remarks, share repurchases remain a top priority, and we'll look forward to keeping you all posted. As you can see, we fairly quickly completed the first $100 million of that through the accelerated program and I look forward to keeping you updated on more details.

正如我在發言中所說，股票回購仍是我們的首要任務，我們期待隨時向大家通報最新情況。如大家所見，我們透過加速回購計畫相當迅速地完成了第一筆1億美元的回購，我期待隨時向大家通報更多細節。

We have a follow-up from Chris Stathoulopoulos of SIG.

我們收到了 SIG 的 Chris Stathoulopoulos 的後續消息。

So I just want to understand here the utilization of 9.6 hours in the quarter was below the 10 or so you did for the last 3 quarters. And I know that there's some seasonality here in 1Q, generally a weaker quarter. But how much of that reflects any irregular ops due to COVID or perhaps the conflict in Ukraine?

所以我想了解一下，本季的使用率為9.6小時，低於過去三個季度的10小時左右。我知道第一季有一些季節性因素，通常是一個較為疲軟的季度。但這在多大程度上反映了新冠疫情或烏克蘭衝突導致的運作不正常？

Yes. Thanks, Chris. Less about the conflict in Ukraine. There's an aspect of the Ukraine flying that actually increases block hours to have to go around Russian aerospace versus through it. And more of it is associated with what you described, the operational disruptions, particularly with regard to Omicron that as you look at global statistics affected everybody and Atlas was no different.

是的。謝謝，克里斯。關於烏克蘭衝突的部分不多。烏克蘭的飛行實際上增加了飛行間隔時間，因為必須繞過俄羅斯的空域而不是穿越俄羅斯的空域。更多的是與您所描述的營運中斷有關，尤其是奧米克龍公司的營運中斷，從全球統計數據來看，它影響了所有公司，阿特拉斯公司也不例外。

Chris, if I could just add to that. I'm sorry. Overall, Airline Operations utilization was fairly flat in the first quarter versus the first quarter of last year. And traditionally, the first quarter has lower utilization due to the higher downtime that we have because of scheduled maintenance and lower customer flying around Lunar New Year. And then additionally, as we've talked about this quarter, we experienced disruptions and cancellations driven by Omicron, especially in the beginning of the quarter. We expect utilization to improve sequentially throughout the year with the fourth quarter being the highest quarter.

克里斯，抱歉，我可以補充一下。整體而言，第一季的航空營運利用率與去年同期基本持平。通常來說，第一季的使用率較低，是因為定期維護導致停機時間較長，而且農曆新年期間乘客數量較少。此外，正如我們在本季度討論過的，我們經歷了由Omicron公司造成的航班中斷和取消，尤其是在本季度初。我們預計全年利用率將環比提升，其中第四季的利用率最高。

Okay. And then last question on the '22 this year's block hour guide. Is there a way to give a same-store sales comp here? And if we do see slowing in the U.S. consumer and say, volumes with Amazon, do you think that a low single-digit comp for 2023 is possible?

好的。最後一個問題是關於2022年的全年營業時間指南。有沒有辦法給出同店銷售額的年比數據？如果我們看到美國消費者支出和亞馬遜的銷售放緩，您認為2023年的年比數據有可能達到個位數嗎？

Let's see. With regard to same-store sales, you're saying take away the aircraft that we're no longer flying anymore, I think, is that your point?

我想想。關於同店銷售額，您說的是把我們不再營運的飛機也算進去，我想，這是您的意思嗎？

On an apples per apples basis, just wanted to get a sense of, right, because you're adding aircraft here, which ultimately drives EBITDA. But if we were to normalize the fleet year-on-year, what would that volume comp look like?

就同​​類情況而言，我只是想了解一下，對吧，因為你在這裡增加了飛機，這最終會推動EBITDA（息稅折舊攤銷前利潤）。但如果我們按年將機隊規模標準化，那麼產量對比會是怎麼樣呢？

Yes. I think you'll see that our utilization on a per aircraft basis will increase throughout the year, and then we'll be adding 4 747-8s and 1 777 this year is our expectation. So really fairly consistent, slightly better flying on the existing claims and then adding these great new planes will really improve things as well.

是的。我認為您會看到，我們每架飛機的利用率全年都會上升，我們預計今年將新增4架747-8和1架777。所以，目前的飛行狀況相當穩定，略有改善，再加上這些優秀的新飛機，情況也會得到改善。

Okay. And given the order book here that you have or your implied count for this year, the 777s, is it possible if we do see a slowing here in the U.S. and perhaps with world trade that you can do -- is a low single-digit volume comp here later cycle or for 2023 possible?

好的。考慮到您目前的訂單量，或者您預測的今年 777 飛機的數量，如果我們看到美國和世界貿易的增長放緩，您認為在後期週期或 2023 年，777 飛機的銷量可能會出現低個位數增長嗎？

I don't think we're going to comment on 2023 today. But I guess I will say we'll be adding the 747-8 this year, 1 this quarter and 3 in the second half of the year. Next year, we'll have a full year of flying all of those. We'll be adding 1 777 this year and 3 more next year. And so we will have not quite a full year of flying in '23, but then a full year of flying in '24. And those are our most profitable planes. They come with a maintenance honeymoon. They're brand new, modern and efficient, customers love them. They carry a high rate. So that will be good for volumes as well as earnings.

我想我們今天不會對2023年發表評論。但我想說的是，我們今年會新增747-8，本季新增1架，下半年新增3架。明年，所有這些飛機都將飛行一整年。我們今年還會新增1架777，明年還會新增3架。所以，2023年我們不會飛行一整年，但2024年會飛行一整年。這些飛機是我們最賺錢的飛機。它們擁有良好的維護蜜月期。它們是全新的、現代化的、高效的，深受顧客喜愛。它們的維護費率很高。所以，這對銷量和收益都有好處。

Okay. I just organically then, you're attached (inaudible) at DHL, we shouldn't think that if things do slow that 1% to 2% organic volume growth here is not achievable. I realize you're adding planes, and it's not, again, like-for-like. Just trying to -- there is some concern here that the sustainability of rates here, but also what block hours can do ex the addition of the 747 and 777s?

好的。那麼，您（聽不清楚）在DHL，我們不應該認為，如果情況真的放緩，1%到2%的有機運量成長就無法實現。我知道你們在增加飛機，而且這不是同比增長。只是想問一下——有人擔心運價的可持續性，以及增加747和777飛機後，航班時段能帶來什麼影響？

Yes. I think -- we think that a lot of the concern at the moment is because of the lockdowns in China. And I think perhaps people are misinterpreting the reduced volumes and the reduced buildup at the ocean shipping ports as things are slowing down, but it's just because of these China lockdowns. And as soon as things open up, what we're hearing from all of our customers is that things are going to be incredibly strong. So we are not expecting what you said.

是的。我認為——我們認為目前的許多擔憂是由於中國的封鎖。我認為人們可能誤解了海運港口吞吐量和集運量減少是經濟放緩的原因，但這完全是因為中國的封鎖。一旦經濟恢復，我們從所有客戶那裡聽到的是，情況將會非常強勁。所以我們並不期待您所說的情況。

And I'd like to add to that, and this is in no way intended to disparage our brothers in the passenger business. But as I said in my comments, we think there's been a shift change in terms of the interest in dedicated freighters. And even when some capacity comes back, which anytime capacity comes back, it could potentially put pressure on rates. But I think there were a lot of lessons learned as the value of long-term dedicated freighters, the airfreight market was resilient through this difficult time, and there is vulnerability on the passenger as the new variant surfaces or commercially if capacity doesn't come back to the same degree or in the same form that it was before.

我想補充一點，這絕對不是貶低我們客運產業的兄弟。但正如我在評論中所說，我們認為市場對專用貨機的興趣發生了轉變。即使運力有所恢復——任何時候運力恢復，都可能對運價造成壓力。但我認為我們已經吸取了很多教訓，因為長期專用貨機的價值在於其價值，而航空貨運市場在這段艱難時期表現強勁。如果運力沒有恢復到先前的水平或形式，隨著新型貨機的出現，客運或商業營運都會面臨風險。

So again, we think that favors both the volume and rate environment for air freight and has created a whole new customer bases of customers that have historically not contracted for dedicated air freight. And so that demand -- that increased demand helps offset some of the concerns in my opinion, that you're talking about.

所以，我們認為這有利於空運的運量和運價環境，並創造了一個全新的客戶群，這些客戶過去從未簽訂過專線空運合約。因此，在我看來，這種需求的成長有助於抵消您提到的一些擔憂。

Your next question is from Helane Becker of Cowen & Company.

您的下一個問題來自 Cowen & Company 的 Helane Becker。

This is Tom Fitzgerald, I'm on for Helane Becker today. Congrats on a great quarter. Just picking up on some of the macro stuff Chris was talking about. I appreciate that the customers are seeing the value of dedicated air freighters, but there's a lot of debate about how much of an inventory glut that's going on outside of semiconductors and chips and given how much consumers spent on goods in the last couple of years and the inflation rates are experiencing, savings rates have come down a lot. It seems like people are shifting their wallet spend back to services and goods. They're going -- and it's going to come at the expense of goods. I'm just kind of curious as to play devil's advocate how you're thinking about thinking about that? It seems like the macro environment is going to get much more sinister over the next year or so.

我是湯姆·菲茨傑拉德，今天我代替海倫·貝克爾報道。恭喜您本季取得了優異的成績。我只是想補充一下克里斯剛才談到的一些宏觀經濟方面的問題。我很欣賞客戶們看到了專用空運貨機的價值，但關於半導體和晶片之外的庫存過剩程度，存在著許多爭議。考慮到過去幾年消費者在商品上的支出以及通貨膨脹率，儲蓄率已經大幅下降。人們似乎正在將錢包裡的錢重新轉向服務和商品。他們正在轉向——而這將以犧牲商品為代價。我只是有點好奇，作為魔鬼代言人，您對此有何看法？看來，未來一年左右的宏觀環境將變得更加嚴峻。

Well, I think we've described how we're thinking about it, Tom and I appreciate it, what you've said. But I think there are a number of countering positive factors that we're showing. Look, we're keeping our heads down and delivering results after result after result despite some of these same questions coming up in prior calls. And is this going to last forever? We fully expect, and as we've said before, things will moderate. But I think for all the reasons we've said, the favorable factors outweighed some of the concerns that both you and Chris have identified.

嗯，我想我們已經描述了我們對此的看法，湯姆和我都很感激你所說的話。但我認為我們也展現了一些與之相反的正面因素。你看，儘管之前的電話會議中也出現過類似的問題，但我們仍然保持低調，不斷取得成果。這種情況會永遠持續下去嗎？我們完全相信，正如我們之前所說，情況會有所緩和。但我認為，基於我們之前提到的所有原因，有利因素超過了你和克里斯提到的一些擔憂。

I think you're right for being concerned about that and for asking those questions. But again, our focus on. And one of the reasons why things are starting to settle a little bit and why we elected to go with full year guidance as you know, we hadn't done that for a number of quarters because of the lack of clarity and the volatility of the pandemic and some of the supply chain issues, but we have some more visibility now. And with as much of our capacity locked up for years, this is not just a '22 for years going forward. I think there's validation in the decisions, the choices that very sophisticated purchases of our services and aircraft capacity are aligned with what our view of the market is here. That's not to say we're not concerned about some of the negative forces. We watch that very closely.

我認為你對此的擔憂和提出這些問題是正確的。但再次強調，我們的重點是…情況開始逐漸穩定下來，以及我們選擇採用全年業績指引的原因之一，正如你所知，由於缺乏透明度、疫情的波動性以及一些供應鏈問題，我們已經有好幾個季度沒有這樣做了，但現在我們有了更清晰的認識。而且，由於我們的大部分運能已被鎖定多年，未來幾年不會只是「22年」。我認為，這些決策、這些選擇，這些對服務和飛機運力進行非常精明的採購，都與我們對當前市場的看法相符，這是有道理的。這並不是說我們不擔心一些負面因素。我們會密切注意這些因素。

But based on the visibility and the strength of the market, we felt comfortable giving full year guidance for this particular release and look forward to keeping you posted and look forward to keeping our head down and continuing to deliver as we've done up to this point.

但基於市場的知名度和實力，我們感到很放心為這次發布提供全年指導，並期待隨時向您通報最新情況，也期待保持低調，繼續像我們迄今為止所做的那樣提供服務。

No more questions. Please continue.

沒有其他問題了。請繼續。

Okay. Great. Well, thank you all. These are great questions. And on behalf of all of us at Atlas, Spencer, I want to thank you for your interest in Atlas Air Worldwide. We appreciate the questions and the time you've taken with us today, and we hope you all stay safe, and we look forward to catching up with you next time, and thank you for joining.

好的。太好了。好的，謝謝大家。這些問題都很棒。 Spencer，我謹代表Atlas全體員工，感謝您對Atlas Air Worldwide的關注。感謝您今天提出的問題以及您抽出的時間，祝大家平安，期待下次與您見面，感謝您的參與。

Thank you, operator.

謝謝您，接線生。

Welcome, sir. And this concludes today's conference call. Thank you for participating. You may now disconnect.

歡迎光臨，先生。今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。