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Atlas Air Worldwide Holdings Inc (NASDAQ:AAWW)
Q3 2019 Earnings Call
Oct 30, 2019, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen thank you for standing by and welcome to the Third Quarter 2019 Earnings Call for Atlas Air Worldwide. [Operator Instruction] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to the host of today's call, Atlas Air. Please go ahead.

Ed McGarvey -- Senior Vice President and Treasurer

Thank you, Shelby, and good morning everyone. I'm Ed McGarvey Treasurer for Atlas Air Worldwide. Welcome to our Third Quarter 2019 Results Conference Call. On our call today are Bill Flynn our Chairman and Chief Executive Officer; John Dietrich our President and Chief Operating 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. As indicated on slide two we'd like to remind you that our discussion about the Company's [Technical Issues] 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 involve risks and uncertainties.

Our actual results or actions may differ materially from those projected in any forward-looking statements. For information about risk factors related to our business please refer to our 2018 Form 10-K as amended or supplemented by our subsequently filed SEC reports. Any references to non-GAAP measures are meant to provide meaningful insights and are reconciled with GAAP in today's press release and in the appendix that is attached to today's slides. During our question-and-answer period today we'd like to ask participants to limit themselves to one principal question and one follow-up question so that we can accommodate as many participants as possible. After you've gone through the queue we'll be happy to answer any additional questions as time permits.

At this point, I'd like to draw your attention to slide three and turn the call over to Bill Flynn.

William J. Flynn -- Chairman and Chief Executive Officer

Thank you, Ed, and good morning everyone. Our third quarter performance was affected by the uncertain global macro environment driven by ongoing tariff and trade tensions in addition to lower yields and volumes that we anticipated labor-related service disruptions had a significant impact on our performance during the quarter. We have recently received favorable arbitration rulings that confirm the contractual process for a new agreement to our pilots. We value the contributions of our pilots and we look forward to reaching a competitive contract that recognizes their efforts supporting our customers and our company. Airfreight is a long-term growth industry. Over the last 10 years, we have built and diversified our company. We know what we have to do to confront current headwinds and to continue to grow our business. Despite macroeconomic issues, the global middle class continues to expand and supply chains continue to grow and develop to meet demand. And as consumption increases and supply chains evolved airfreight is vital and transporting the good to materials required safely reliably and efficiently.

With this the scale and scope of our operations and our focus on Express e commerce and fastest growing markets. We are positioned well to serve the demand for air freight today and in the future. Moving the slide for we began flying one additional 737 32 for Amazon on a CMI basis during the quarter, increasing the current number two full And we expect to add our fifth 77 frames on before year end, in line with the schedule we outlined in March of this year. We also added a fourth 747 CMI freighter for NCAA during the quarter and expect to bring on a fifth 7474 NCAA in 2020. In Charter, we began flying an additional passenger 747 aircraft during the quarter in response to demand from the military and the NFL. As noted our third quarter financial results reflect a continued softness in commercial airfreight yields and volumes as well as labor-related service disruptions. In addition in military Charter passenger hours were significantly higher than in the third quarter of 2018 while military cargo flying was relatively in line with the prior year. Slide five highlights our updated framework for 2019. We expect to benefit from peak season volumes and yields including the seasonal flying we do for express and e-commerce customers. In addition, our outlook anticipates increased passenger flying for the military and lower levels of maintenance expense compared with the fourth quarter of 2018.

As well as a refund of aircraft rent paid in previous years. Based on global economic conditions in our current expectations we expect to fly approximately 325000 block hours this year with about 75% of the hours in ACMI and the balance in Charter. We also anticipate revenue of about $2.75 billion adjusted EBITDA of approximately $500 million and adjusted net income to be about 60% to 65% of our 2018 adjusted net income. In addition, maintenance expense for the year is expected to total approximately $380 million. With depreciation and amortization of about $260 million and core capital expenditures of about $140 million which is mainly for parts and components for our fleet. This is a good point to ask John to provide some perspectives about our business and the actions we are taking to drive our performance.

After John Spencer will provide further detail about our third quarter results I'll provide a few additional comments and then we'll be happy to take your questions. John?

John W. Dietrich -- President and Chief Operating Officer

Thank you, Bill, and hello everyone. Turning to slide number six. As Bill noted we are well positioned to serve our customers and the demand for airfreight. We have the right platform in place for the future. And it begins with our talented team of employees and our strong portfolio of assets and service offerings. As we announced yesterday I am pleased to confirm that Jim Forbes will become the new Chief Operating Officer of Atlas Air Worldwide effective on January 1 when I transitioned into the CEO role. Jim is currently Senior Vice President and Chief Operating Officer at Southern Air. He has over 30 years of aviation operating experience and has been with Atlas since 1997 in various management roles. Jim has been a trusted colleague for the last 20 years. He is an outstanding leader and has a proven track record of success. He has played a key role in our Polar Air Cargo joint venture with DHL our largest customer. And he has also played a lead role in the integration between Southern Air and Atlas Air as well as overseeing the day-to-day operations at Southern. I look forward to welcoming Jim to the senior leadership team.

In addition to our employees and our assets and services, we also have a strong core of long-term customers and we play a key role in their operating networks. With that as our foundation, we are also taking steps to navigate through the current headwinds. We continually assess the market to best balance our capacity with the demand for our aircraft and services. And as Bill stated we know what we have to do and we are adjusting our business to adapt to the changing market environment with a focus on growth customers and those opportunities that generate the highest returns. We are very focused on aggressively managing those issues that are within our control particularly during a softer market environment. This includes a relentless focus on reducing costs enhancing productivity-improving profitability and generating cash. I will also be particularly focused on completing our new joint collective bargaining agreement. I've been in regular contact with union leaders toward that goal. We also continue to make progress and our negotiating teams have been meeting regularly. Looking ahead we expect to provide our 2020 earnings outlook which will include the expected and collective impact of our actions during our next earnings call which will be my first as CEO. Not only will these actions benefit Atlas in the near term they will also contribute to the long-term success of our company.

I'd now like to turn it over to Spencer for our financial review.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Thank you, John, and hello everyone. Our third quarter earnings are summarized on slide seven. On an adjusted basis EBITDA totaled $95.6 million and income from continuing operations net of taxes totaled $9.5 million. On a reported basis net income was $60 million which included a non-cash unrealized gain of $83.2 million on outstanding warrants. Our adjusted earnings in the third quarter included an effective income tax rate of 5.7%. And as a result of proactive tax planning to maximize income tax benefits, we now expect our adjusted income tax rate for the full year of 2019 to be approximately 12%. Slide eight provides an overview of our third quarter segment revenues. Since many of the factors driving segment revenues and contribution during the third quarter are similar I'll focus my comments on segment contribution. Moving to slide nine. Segment contribution totaled $81.8 million in the third quarter. ACMI earnings primarily reflected an increase in CMI flying that was offset by a decrease in ACMI flying related to the impact of tariffs and global trade tensions and labor-related service disruptions. In addition, ACMI segment contribution was impacted by additional heavy maintenance start-up costs for customer growth initiatives and the short-term redeployment of two 747-8 to the Charter segment prior to their subsequent placement within ACMI customer after that customer obtain necessary regulatory approvals.

Lower charter segment contribution during the period was driven by a decrease in commercial cargo yields and volumes related to tariffs and global trade tensions as well as labor-related service disruptions. These were partially offset by earnings from the redeployment of 747-8 aircraft from ACMI increased passenger demand from the military and lower heavy maintenance expenses. In Dry Leasing, lower segment contribution during the quarter was primarily due to the scheduled return of a 777 freighter earlier this year partially offset by the placement of additional aircraft. Turning to, slide 10. Our net leverage ratio increased modestly in the third quarter as a result of softer than expected earnings and its impact on trailing 12 months EBITDA. We do not have any firm aircraft purchase commitments and we remain committed to a strong balance sheet and to reduce our net leverage ratio. We look for a gradual improvement as we benefit from increased EBITDA levels and as we continue to lower debt levels by maintaining debt repayments of approximately $70 million per quarter.

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

William J. Flynn -- Chairman and Chief Executive Officer

Thank you, Spencer. Moving to slide 11. Airfreight is a long-term growth industry we have the right platform to serve our customers and future airfreight demand. We have a strong core of long-term customers and we play a key role in their operating networks. We continually assess the market to best balance our capacity with the demand for our aircraft and services. We are adjusting our business to the changing market environment. We know what we have to do. And these actions will not only benefit Atlas in the near term they will contribute to the long-term success of our company.

Shelby may we have the first question, please.

Questions and Answers:

Operator

Of course. Your first question comes from Bob Labick of CJS Securities.

Bob Labick -- CJS Securities -- Analyst

Good morning. Thanks for taking my question.

William J. Flynn -- Chairman and Chief Executive Officer

Hi Bob.

John W. Dietrich -- President and Chief Operating Officer

Morning.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Hi.

Bob Labick -- CJS Securities -- Analyst

Hi. I wanted to start -- wanted to try to ask this is a hypothetical question versus the company's specific and hopefully we can talk about it in this regard. When a plane is reassigned mid-contract what has to happen for that to occur and we saw some news articles stating that has happened in the past quarter. So whatever did happen has it stopped? Or can you just talk around what generally happens for that event to occur?

William J. Flynn -- Chairman and Chief Executive Officer

Well Bob are you talking about the process of actually transferring an aircraft if --

Bob Labick -- CJS Securities -- Analyst

I'm talking about. Yes. If you had a CMI contract with a certain customer and it was assigned -- and it was reassigned to another carrier.

William J. Flynn -- Chairman and Chief Executive Officer

Well, there is a -- the aircraft -- an aircraft has to come off of Carrier A's operating's specifications and go onto Carrier B's operating specification. So there is a transfer of records and information there's also what's called a conformance check where a certain maintenance activities need to be performed on the air before the aircraft transfers to the other carrier's operation and conforms to the maintenance program at that other operating certificate.

Bob Labick -- CJS Securities -- Analyst

Got it. I'm just trying to get at what would cause it to go off of carrier A? What would have happened for that to change in the middle of a contract? What could happen?

William J. Flynn -- Chairman and Chief Executive Officer

Well, that's a customer decision. And customers look at a variety of factors when they consider to make a decision to move an asset from one operator to another. And so it really depends on a number of factors but certainly on the customer's assessment of what's going to best suit their network and meet their customer needs. So being more specific over the years we've had aircraft come to us from other operators and we would operate on CMI. That's not unusual. We've done that several times that I can think of. In the specific incident that I think you're referring to it's important to point out that the dry lease -- long term dry lease contracts that we have in place on the assets that have moved off of our off-spec remain in place for the term.

Bob Labick -- CJS Securities -- Analyst

Got it OK. Thank you. And then one kind of I guess longer term question. Obviously, you've talked about the ACMI. Direct contribution margins have been impacted by trade and tariff and then labor disruptions. Historically they have been in the mid to low 20% range. We've talked about on prior calls there has been some changes over the last few years with incremental pass-through expenses which modestly impact margins. So my question is once we get past the labor and the trade and tariff once all that normalizes what's the appropriate range for direct contribution for ACMI margins on an annual basis?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Bob, it's Spencer. You have that right. The increase in the smaller gauge 737 and 767 flying, as well as the increase in reimbursed cost to customers, has really had quite an impact. The increase in CMI block hours that's had a big impact. If you back out the smaller gauge aircraft and the reimbursed expenses the margin -- the ACMI margin for the third quarter would have been obviously much higher and then the difference between the prior year and the current year would really be due to the impact of the tariffs and global trade tension impact as well as the labor-related service disruptions. So to answer your question if you assume all else being equal then you can look at a prior period as a good representative but we hope to continue to add CMI aircrafts. So it depends whether those aircraft are smaller gauge or larger gauge. And then based on that it could have an impact obviously on the margins. We generally make more flying a bigger plane across a big body of water than we do flying a smaller gauge domestically in the U.S.

Bob Labick -- CJS Securities -- Analyst

Got it. Okay, that's very helpful. Thank you.

Operator

Your next question comes from Helane Becker of Cowen.

Helane Becker -- Cowen -- Analyst

Thanks, operator. Hi everybody. Thanks for the time. I don't know if Spencer if you can answer this but of the $80 million reduction in EBITDA from the start of the year can you say how much is the pilot disruption?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Helane we really -- we're reluctant to negotiate with the union through an earnings call. And so I know that's not what you're asking us to do but we really don't want to do that too much during an earnings call. But the impact from both the labor disruptions as well as the impact from the global trade tensions and tariffs are by far the 2 biggest issues that have impacted us. If you look at the third quarter and I know you're asking about the full year. But if you look at the third quarter on its own versus our previous guidance it's more than -- the variance is more than made up by the labor disruptions and then the impact from the tariffs and trade tensions. Those two things together make up more than the variance versus what we had expected for the quarter.

Helane Becker -- Cowen -- Analyst

Okay. So if you had been able to reach an agreement with your pilots a year ago this time is there any way you can say how much with the difference between what you actually earned and what you would have earned is? I mean what I'm trying to figure out is how much of the decline is really trade-related because as you know and I know this came up on the last call you guys always said that you weren't as impacted by out of freight data and that's an e-commerce focused company. You shouldn't be as impacted by IATA data going forward but yet you are by the China-U.S. trade dispute. I'm just trying to figure out how much is macro and how much is company-specific I guess. I don't know. Is there any way to help with that?

William J. Flynn -- Chairman and Chief Executive Officer

So I think -- Helane Bill speaking. That's certainly the position that we described and we discussed. I think what's going on right now with IATA trade data however or said another way with the market is something exceptional that we haven't seen in 10 years. I think IATA commented something to the effect that revenues may be down 10% for the International Air Freight industry on a year-over-year basis. A third of that due to volume and two-thirds of that due to yield. So the impact here I think of a higher order of magnitude than we have typically seen and in markets where you have a couple of percentage points one versus the other. And just overall we're seeing that impact in air freight. So I get your point. We're really not going to provide a line between labor and market. Spencer, I think described them accurately. Those are the 2 big areas. That's really probably as much more as I could say without getting into a level of detail. We're not going to do.

Helane Becker -- Cowen -- Analyst

Okay, that's fair. I'll let you off the hook on that one. Can you say now -- just my follow-up question is now that we're here in late October beginning of November can you just say how the peak is shaping up? How are you thinking about the next 5 or 6 weeks in terms of the peak? I know you're doing a lot of flying for FedEx and others. Maybe you could just talk about that a little bit and then those are my questions. Thank you.

William J. Flynn -- Chairman and Chief Executive Officer

Thanks. That's a great question. So you know the peak -- what we're generally -- we're all reading and hearing is that there is a peak certainly a peak for 2019 but it's not what the industry experienced in 2018 and 2017. We're seeing volumes and demands begin to exhibit those peak characteristics. In discussions with our marketing organization and charter teams, we're starting to see yields come up as we move into the peak. And you made an important point about express operations. So as we think about Atlas's peak going forward there are a couple of components that are important to underscore. So we'll be fly a greater number of freighters dedicated to the U.S. express operators during this peak. Those are at negotiated rates that reflect the kind of the value of providing supplemental lift for a short period of time during the peak.

And we've been doing this for many years and so we feel very good about that and glad that we're able to put several more units into that operation. I commented that the military passenger hours are going to be up on a year-over-year basis. That's an important component of our fourth quarter guide or framework shall I say. Military cargo hours are in there as well. Overall ACMI flying will be up. And so our view of that remaining commercial charter market is what's reflected in the guidance framework -- the updated framework that we've provided here in the call a little while ago. So there are several components to our outlook on peak.

Helane Becker -- Cowen -- Analyst

Great, thank you.

William J. Flynn -- Chairman and Chief Executive Officer

Thank you.

Operator

Your next question comes from Jack Atkins of Stephens.

Jack Atkins -- Stephens -- Analyst

Hey guys good morning. I appreciate you taking my questions. So I guess first Bill congratulations on your retirement and John congratulations on your new role. But I guess stepping back for a second when we think about the company as it is today and I know there are definitely some puts and takes going on this year. Bill your comment earlier that this is -- the Airfreight is a growth industry. When I look at your results in 2019 the midpoint of your guidance range that would imply something from a net income level similar to what we saw in 2015 and we still have a reset to come on the labor front. So I'm trying to understand revenue is up significantly over the last 4 or 5 years. Pre-tax income is flat and there is definitely some concern about potential risk going forward. What can you guys do to improve the cost structure of this business because it really seems like it's been under quite a bit of pressure and there perhaps is more to go?

John W. Dietrich -- President and Chief Operating Officer

So, Jack, it's John and thank you for your comments and congratulations. We're looking at every aspect of the business aggressively particularly in this environment. Clearly where we're under some pressure. We're looking at every line item minimizing discretionary spending certainly controlling headcount. There is a lot of headway we can get tightening our relationships with our vendors that we rely on quite a bit for our high-cost items like heavy checks and engine overhauls. Working with our customers for network efficiencies so that we ensure optimal scheduling so we get the best yield out of our resources both aircraft and crew. Further leveraging technology wherever we can on things like crew scheduling just to make us more efficient. Flight planning what are the routes we can fly that are the most efficient with the least amount of fuel burn spend. Inventories which just really Jack looking at the whole gamut of our cost structure. As well as if there are some routes that are not profitable or not as profitable potentially shedding some of those routes and redeploying those assets as elsewhere to more profitable flying. So we're looking at every aspect of it as we go forward here.

Jack Atkins -- Stephens -- Analyst

Okay got you, John. Thank you for that color. I guess on the fourth quarter guidance when I think about sort of what your full year implies there is really not a big change to your fourth quarter outlook relative to 3 months ago. Are you assuming that some of these trade issues abate and some of these labor issues abate because it seems like those would carry forward and be a headwind to the fourth quarter more so than what you're guiding to?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Right. That's the right question, Jack. Thank you. It's Spencer. So in the fourth quarter, there are a number of positives that's offset by one big negative. So the positives are that we expect to receive a return of excess rent that we paid in previous years. We have much lower heavy maintenance expense in the fourth quarter of this year versus the fourth quarter of last year. We have higher military passenger volumes and we have higher NFL flying because we added an additional team this year. So those are all the positives for the fourth quarter. And then the big offset to your point is that charter yields we expect to be much lower than the prior year. And so when you offset the decline based on the charter yields with the positives that I mentioned they offset each other. And so our outlook for the fourth quarter is very similar to the fourth quarter of last year after all those puts and takes.

Jack Atkins -- Stephens -- Analyst

Okay, thank you, Spencer. Last question for Bill or for John. But I guess as you are looking out at the global Airfreight market are you seeing anything in terms of leading indicators that will lead you to believe that maybe things are stabilizing or you starting to see some green shoots out there? I know it's been a tough year but just curious if you're seeing anything that would give you some more confidence as we head into 2020?

William J. Flynn -- Chairman and Chief Executive Officer

So there is as you point out Jack there is a fair amount of uncertainty out there. When we look just across different markets South America as you know is important to us. And in spite of the disruption that we saw in Chile recently and some of the similar activity in Ecuador that markets holding fairly strong for us. We reference military a couple of times here today. It's 12.5% of our business. We expect very stable military volumes in this fiscal year and trailing into the next fiscal year trailing or leading into the next fiscal year as leadership -- military leadership has told us and the other carriers that operate for them. What we do is essential to many of our customers and we're integrated into their core operating networks. Airfreight itself is essential. Yet another big question is what does -- do we get a Phase 1 agreement with China and when do we get that and what does that lead to? We're looking for some uptick really at this point absent any other a better information kind of continuing situation as we move into 2020 with some improvements as we get into the second half of the year but we've really all of us here and all of you on the call we really need to sharpen our focus on what the second half of next year looks like.

Jack Atkins -- Stephens -- Analyst

Okay, thank you again for the time.

William J. Flynn -- Chairman and Chief Executive Officer

Thank you, jack.

Operator

Your next question comes from Scott Group of Wolfe Research.

Scott Group -- Wolfe Research -- Analyst

Hey, thanks, good morning guys. So, Spencer, can you tell us how much is this refund -- customer refund in the fourth quarter? And then just directionally do you think maintenance cost is higher or lower in 2020 versus 2019?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Sure. So with regard to the quantification for the fourth quarter, I tried to give that in the response to Jack's question. We have a number of significant positives in the fourth quarter that are offset by a significant negative. So we're not going to quantify each particular item. Although heavy maintenance we do provide the detail on that. So you have that -- our estimate of what that would be is in our slide deck and you can certainly compare that to the prior year. So you have that and then the other items are offset or an offset to charter yields. And then -- sorry Scott your question about maintenance was 2018 versus 2019 or was it 2019 versus 2020?

Scott Group -- Wolfe Research -- Analyst

I had to think about it for 2020.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

So for 2020 as John said we will certainly talk about that during our next earnings call. We are in the process now of trying to determine what exactly that will be. And as John talked about we are going through a really appropriate process of trying to ensure that we have the cost that we need and we eliminate those costs that we do not need.

Scott Group -- Wolfe Research -- Analyst

Okay. I think the military business sort of resets each year in fourth quarter so can you just give us an update on the share. And then I've heard a lot about passenger today but should we think about -- how should we think about cargo military going forward? Growing? Shrinking? Any help there?

John W. Dietrich -- President and Chief Operating Officer

Sure. Scott, it's John. In terms of entitlement, our share of the business is somewhere in the neighborhood of about 53% to 54%. It's right in between there. We'll continue to enjoy that through 2020. In terms of the demand, I think Bill said it well. We expect it to be steady and stable both on passenger and cargo and that's consistent with what we're hearing from the military as well.

Scott Group -- Wolfe Research -- Analyst

Okay. And then just last question if I can. So tough Airfreight environment we know where are customer -- this is an ACMI question. Where are customers flying relative to block hour minimums? And as you look out to next year do you think it's more likely that we grow our ACMI fleet or shrink our ACMI fleet? And then maybe with that just is next year normal heavy or light year from our contract placement standpoint?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Okay. Three parts to that one. So the first part is flying above or below minimum guarantees. Our ACMI customers during the third quarter flew just a little over 10% above their minimums. So on one hand that's good. On the other hand, they flew about 18% above in the third quarter of last year. So for the first 3 quarters of this year customers have been flying below -- well sorry not in the first quarter. The first quarter of this year was stronger than the first quarter of last year from that perspective. The second quarter was pretty similar. The third quarter of this year was much much below. So for the full year customers typically fly somewhere 5% to 7% above. This year we expect it will be above that but below 2018 levels. And then another part of your question was next year do we expect to have more or fewer aircraft operating in ACMI? Today we have 75 aircraft in ACMI. You asked -- another part of your question was how many contracts are up for renewal? We always have a handful or so that are up for renewal at any given time. We try to kind of space them out so we don't have too many coming due at any one time. And so that is fairly normal. With regard to next year, we have to see how it all plays out. We are as John pointed out looking to make some changes and ensure that we're earning the highest returns that we can but we also continue to focus on growing our CMI business which we have been doing.

Scott Group -- Wolfe Research -- Analyst

Okay, thank you guys.

Operator

Next question comes from Kevin Sterling of Seaport Global Securities.

Kevin Sterling -- Seaport Global Securities -- Analyst

Thank you. Good morning gentlemen. Hey John, you talked to kind of follow up on Scott's question a little bit about the military. Obviously, the passenger flying was better than expected this quarter. If I'm not mistaken when at last quarter it lagged a little bit to what we saw this quarter. Is that some carryover from last quarter or is it just strong and like you said it's going to be strong heading into 2020?

John W. Dietrich -- President and Chief Operating Officer

So you're right it is stronger than last quarter. A little bit of it maybe carry over but mostly what we're seeing is stabilizing the demand and we expect that in the weeks and months to come.

Kevin Sterling -- Seaport Global Securities -- Analyst

Okay, thanks. My last question here. Instead of looking back on the labor disruptions and things if we can maybe look forward if you don't mind. The last time peak season was just compressed like we're going to see in 2019 was 2013. As you know Thanksgiving is late this year. Essentially got a three-week period between Thanksgiving and Christmas whereas compressed. So service levels and domestic Airfreight is going to be relied upon. In 2013 we had weather and obviously, UPS and FedEx got overwhelmed and that's when -- after that Amazon decided to develop their own air network. And so they need you guys this time around. Amazon has broken up with FedEx. UPS is obviously filled with their own e-commerce growth.

So looking forward to the peak season this year what are some of the things you're doing on the labor front to ensure that labor disruptions are mitigated because it seems like the past couple of quarters we've had those? And your pilots they work hard they're very very good people and they're lifeblood of your organization and kind of lockstep. What are some of the things that you're doing to ensure I think a smooth peak season given that it's going to be challenging because it is so compressed? Does that question make sense kind of maybe looking forward to some of the positives and things that can be done to mitigate any disruptions?

William J. Flynn -- Chairman and Chief Executive Officer

Yes, that's a great question Kevin and there's 2 parts to it. So let me just talk about the market and then John will talk about what we're doing with our -- what we're doing within the organization and to ensure we meet our customers' expectations. Thanksgiving is late. There is no doubt about it but that doesn't mean that the flying that supports the Express operations in e-commerce for Christmas waits until the 28th of November or whenever it is this year. And so what we've seen on a year-over-year basis is more capacity moving into express holiday season flying earlier and in what we've seen on a year-over-year basis is more capacity moving into Express holiday season flying earlier and in advance of Thanksgiving and then because of the nature of e-commerce flying that continues after Christmas Eve and even into January because of returns and exchanges. Just from the overall market the nature of that market is changing as well. And it's not so compressed into the Black Friday to Christmas Eve that that we would have observed even 10 years ago. So it's a broader window. And as I mentioned earlier we have more assets this year flying for those express operators. John?

John W. Dietrich -- President and Chief Operating Officer

Sure. And you're absolutely right our crew members are the lifeblood of the organization. They're a great group of professionals and we look forward to continuing to provide them with a career environment where they can continue to grow their careers here at Atlas. A number of things we're doing as I mentioned in my comments we are meeting regularly with the Union as you may have seen from our queue the Atlas pilot group has created a new local so that they now have their own local. We've been in direct contact with the new local leadership. I believe there is a genuine interest on the new local's part to continue to make progress. We've continued to meet at the table with the spirit of progress there are some things we do need, however. There is a comprehensive economic proposal that we've been waiting for from the Union which is important for us to assess the cost of the total deal.

So that will be an important piece. We've also have behind us now a lot of I won't say it's completely done but most of the dispute resolution processes to determine whether or not the merger provisions of our collective bargaining agreement apply and is as you're aware we were successful in both of those for both the Atlas and Southern groups where the arbitrators concluded that the merger provisions which provide for an orderly process to get to our next deal that those provisions apply. So we stayed true to that approach to follow the contract while concurrently meeting and trying to make further progress. Operationally there is also a number of things that we're doing in terms of having more crew availability out in the network to protect our peak season.

By design, we try and have our crew members take as much vacation time as they can in the first half of the year do as much training as we can in the first half of the year so that they're available to our customers during the important peak season. There are some qualified training instructors as well that we release into the field to provide some added buffer. And then importantly it's a shared responsibility and not only do we rely on our crew members. But here back at headquarters for our control center making sure that we do the basic blocking and tackling that there is transportation ready for the crew members. The hotels are reservations are there to make sure the schedules are in line with not being fatiguing for example. We work closely with the Union on our bid schedules. So all those things go into being best positioned to deliver the best quality for our customers in the peak.

Kevin Sterling -- Seaport Global Securities -- Analyst

Okay, John. Thank you, Bill. Thank you. Best of luck to you and I appreciate your time this morning.

John W. Dietrich -- President and Chief Operating Officer

Thank you.

William J. Flynn -- Chairman and Chief Executive Officer

Thank you.

Operator

Your next question comes from Seldon Clarke of Deutsche Bank.

Seldon Clarke -- Deutsche Bank -- Analyst

Hey, thanks for the question. It looks like you removed the slide in your quarterly presentation about the relationship between Atlas's book value and market cap and just given everything that's happened this year with the labor situation general weakness in airfreight military lumpiness and the CMI business moving away or the ACMI moving away. Do you see any risk that you might have to take impairment on any of your aircraft at some point?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Hi, Seldon, it's Spencer. That's something that we look at with regard to the accounting rules and when there are triggers that happen and then we take a look at the expected cash flows from particular aircraft types and we compare that with our book value. So that's something we look at all the time and this quarter we impaired two 737-400 training aircrafts so that happened during the third quarter. And then if there is other impairment that may or may not happen we would look at that in the future. Thus far when we compare our cash flows and you do that on an undiscounted basis first as the first step from the accounting standpoint. When we look at our cash flows compared to book value that has not been an issue. If however, those cash flows are then under book value then you perform calculation using the discounted cash flows and then record any necessary impairment. So we will continue to look at that as we always do and if there is then we would record that in the future. But thus far we have not needed to do that.

Seldon Clarke -- Deutsche Bank -- Analyst

Okay. Is there a sense of where you are in terms of breakeven with those cash flows? I mean is there a precedent for how long if we see another year of weakness like this how much buffer do you have right now?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

It's a calculation that we look at all the time and it depends on every particular aircraft type. In the past, it has not been issue we look at it and we will see.

Seldon Clarke -- Deutsche Bank -- Analyst

Okay. I appreciate it. And then just on free cash flow. Where do you guys expect that to shakeout this year? Given what's happened with the stock price recently have you considered any changes to your capital allocation strategy?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Sure. By the way, we took that slide out because we just felt that we made the point last quarter but at the same situation is still applies. We didn't take it out for any other reason. With regard to free cash flows. We expect free cash flows in the fourth quarter to be stronger than they were in the fourth quarter of last year. Again for the reasons that I talked about before we have some positives that are offset by lower yields. But all in all, we have very similar earnings in the fourth quarter of this year versus the fourth quarter of last year and cash flows we think will be a little bit stronger in the fourth quarter. With regard to capital allocation. Nothing has really changed there. It's something the Board looks at on a regular basis and considers. Our capital allocation strategy remains pretty disciplined and balanced. We're focused on maintaining a strong balance sheet investing in aircraft when it's appropriate and we have customer demand and we're focused on trying to lower our net leverage ratio and continue to be focused in that regard. We bought back over 10% of the company a few years ago. We have not done that since because we were really ramping up for Amazon and we have the Southern acquisition and so we did not do that. It's something that the Board considers. And I'm sure they will continue to consider that. But right now that's what our focus has been on.

Seldon Clarke -- Deutsche Bank -- Analyst

Okay got it. And then just last one from me. Was that refund of aircraft rent in your guidance previously or is this a new development?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

No, it has been in there. It's not new. So it's been in there and we always expected that it would be in the fourth quarter. And we had in the past too we had about $12.4 million if memory serves last year 2018.

Seldon Clarke -- Deutsche Bank -- Analyst

Okay. I appreciate it thanks.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Thank you Seldon.

Operator

Your next question comes from David Ross of Stifel.

David Ross -- Stifel -- Analyst

Yes, good morning gentlemen. First question is just on labor timing. I assume you got the merged seniority rosters recently and I know you're still waiting on the comprehensive economic proposal but what are the provisions for the orderly process? And is the clock started once you've got the seniority rosters and when does a clock end?

John W. Dietrich -- President and Chief Operating Officer

Sure. So, David, I'll say that we do not yet have the integrated seniority list. That is another item that we're waiting on and that receipt of the seniority list is what starts to clock ticking on a period of nine months of bargaining after which any unresolved issues would go to prompt arbitration binding arbitration. So that's what the contract provides. Frankly, the Union failed to meet the deadlines that the arbitrators laid out. In tendering the seniority list in lieu of that they had filed a motion to vacate the respective arbitration awards and where we in-turn filed motions to dismiss those which we have a degree of confidence we're going to be successful on. But it's one of the things we filed a recent action on last week frankly as to compel production of the seniority list now that the arbitrators in both cases have ordered that that be done. So once we have that seniority list then the contract requires that nine months. I'll just add one additional bit of color because as we've reported we've made a lot of progress already. And many of the sections of the joint collective bargaining agreement are agreed what they call TAs-tentative agreements. One of the things that we've agreed with the Union on is that once those TAs are reached we will not revisit those and those are done whether we go to arbitration on the back end of this or not those are done. What that says is there is opportunity for the parties to not necessarily need that full nine months if we can accelerate the process. We are willing to consider that but right now we are still in dispute on the tendering the seniority list and that's our next order of business.

David Ross -- Stifel -- Analyst

And is the comprehensive economic proposal separate from the seniority lists or is that part of the same submission?

John W. Dietrich -- President and Chief Operating Officer

It is separate and it's a part of bargaining as I mentioned a lot of what we've achieved up to this point I will describe as non-economic more administrative matters in the CBA. We're at the point now where the remaining open sections each of them have economic consequences. We've been urging the Union to tender us a proposal because as we sit here today we have not received a comprehensive economic proposal. You can't really get to the total deal because without that it's difficult to agree to sections that have economic implications if you don't know what the total ask is so we have repeatedly asked for that and continue to wait for it.

David Ross -- Stifel -- Analyst

And then Spencer on the core capex you said it's going to be about $140 million this year. Any reason for that to change next year?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Yes, Dave. We have invested a lot in parts inventory for the 744 that were leased in 2018 as well as the Amazon 767 737s and just general fleet requirements. Since we have no remaining aircraft purchase commitments core capex should go down in 2020 due to all the parts that we've added in recent years.

David Ross -- Stifel -- Analyst

And then just a follow up on one of the last questions regarding a share buyback. Is there a current buyback authorization in place or would you have to go to the Board to get approval for one?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

We still have remaining about I think it's $25 million and then anything above that would need to go to the Board.

David Ross -- Stifel -- Analyst

Thank you.

Operator

Your next question comes from David Campbell of Davis & Co.

David Campbell -- Davis & Co -- Analyst

Yes, thank you very much. Bill congratulations on your retirement from the company but you're not old enough to retire so I know you're going to be doing something --

William J. Flynn -- Chairman and Chief Executive Officer

I am not David.

David Campbell -- Davis & Co -- Analyst

Right, you're going to be doing something what are you going to be doing?

William J. Flynn -- Chairman and Chief Executive Officer

Well, thanks, David. Well as you know I'm going to continue as Chairman of the Board. I look forward to that transition and believe I will be generally pretty busy otherwise.

David Campbell -- Davis & Co -- Analyst

Okay, you're still going to be involved with Atlas for the time being as on the board?

William J. Flynn -- Chairman and Chief Executive Officer

Yes in a role on the Board. Yes, that's correct.

David Campbell -- Davis & Co -- Analyst

Okay, that's great. Glad to hear you're not retiring.

William J. Flynn -- Chairman and Chief Executive Officer

Thank you. Transitioning David.

David Campbell -- Davis & Co -- Analyst

Well, the disruptions that you mentioned a lot of that today labor disruptions any impact on results in the third quarter? Did those disruptions caused revenue losses or they made primarily an expense costs increased expenses? Or it was a combination of both or just one of them?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Yes, David, it's Spencer. It's really a combination. We've had penalties that we had to pay to customers when normally we enjoy bonuses and that obviously had an impact. We had certain canceled missions few but certain cancel admissions we had certain passenger displacement costs and then we had higher crew costs for various things. But generally higher crew travel and higher crew costs and higher crew training and things like that. So yes they all had an impact on the bottom line.

David Campbell -- Davis & Co -- Analyst

Well in terms of lost revenue was it actually some business that you lost?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

The payments that we make to customers for -- if we fall below certain service level agreement on time reliability metrics if we fall below those we make a payment back to the customer that is a sort of contract revenue. So yes that does reduce revenue and there were a few canceled missions canceled flights or flights that weren't awarded that were going to be. And so those impacted revenue as well.

John W. Dietrich -- President and Chief Operating Officer

David, it's John. I think it's fair to say as Spencer said in both categories there was some opportunity cost there as well.

David Campbell -- Davis & Co -- Analyst

Well do you expect is not built into your fourth quarter estimates will you have any of this in the fourth quarter?

William J. Flynn -- Chairman and Chief Executive Officer

Our fourth quarter estimates the framework that we provided today reflect the business as we see it today. The market that we've talked quite a bit about the several components of that revenue which is Commercial Charter the ACMI the military charter pax and cargo that we've operated and then the operating costs or the level of operating costs that we're experiencing today which would include those disruption cost. Or some of those disruption costs.

David Campbell -- Davis & Co -- Analyst

Hopefully, the contracts get signed and delivered you won't have that disruption next year that's a headwind you won't have next year. Right?

William J. Flynn -- Chairman and Chief Executive Officer

So what John said earlier in his comments is that we are focused on resolving the dispute and getting to a new joint collective bargaining agreement with our pilots an agreement that recognizes the essential contribution they make to the company and they make to our customers. And that's clearly what we're focused on and we look forward to making progress.

David Campbell -- Davis & Co -- Analyst

Right well, it's certainly nothing you needed to have on top of everything else because the assumptions you gave us for the fourth quarter are less than you had previously saw but reasonable given the downturn and yields. Yields are the big problem cargo yields that's the biggest single problem. Is that correct?

William J. Flynn -- Chairman and Chief Executive Officer

Yes, that's right.

Yes. And IATA put some analysis out on that as well. Just generally about Airfreight again is why when you think about our quarter yes we're certainly exposed to Commercial Charter yield in the fourth quarter. That's the strongest quarter but that is offset with the certainty we have around the express operations and the military.

David Campbell -- Davis & Co -- Analyst

Right. Okay, thank you very much.

John W. Dietrich -- President and Chief Operating Officer

Thank you David.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Thanks David.

Operator

Your next question comes from Barry Haimes of Sage Asset Management.

Barry Haimes -- Sage Asset Management -- Analyst

Yes, thanks very much. Two quick follow-ups. One is on the labor disruption issue has there been any improvement since you won the arbitration regarding that? And then my second question is you talked a little bit about capex for next year versus the 140 maybe coming down but the D&A 260 for this year as we go into next year would that number be similar or would there be much change in that number? Thanks.

John W. Dietrich -- President and Chief Operating Officer

Barry, it's John. I'll start on the labor piece and as I mentioned we've been focused on a number of areas for which to continue to improve the working environment for our pilots. I mentioned some of them that we can help control and the basic blocking and tackling for operational efficiency. And when we have had behaviors that we call into question we've informed the Union of that it's important to remember that we do have a preliminary injunction in place for an illegal work slowdown that was entered back in 2017 and that remains in place. We take that court order very seriously and want to be sure the Union does as well. So based on all those factors in direct communication with the Union we have seen some improvement and we expect that to continue. All the while we are focused on making progress as I said it's important for our crew members and their families to know that we're moving forward here. So those are some of the things that we expect to continue to improve. We're focused on it and I believe the Union is as well.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

And then our comment, Barry, on the depreciation amortization. So depreciation expense should be fairly steady amortization should increase as we have some deferred maintenance amortization. So those are the two big movers there.

Barry Haimes -- Sage Asset Management -- Analyst

Great. Thanks very much. Appreciate it.

John W. Dietrich -- President and Chief Operating Officer

Thank you.

Operator

Your next question comes from Howard Rosencrans of VA.

Howard Rosencrans -- VA -- Analyst

Yes hi, guys. Thank you for taking the question. Following on a couple of the prior questions regarding the book value and I guess really just taking a longer-term perspective as investors were first and foremost focused on making money on the stock. I don't mean to overstate the obvious I've been doing this for 30-35 years but that hasn't been a successful venture. Is it because of a continuity in the conversations with labor that you are reticent about bringing on outsiders I mean were the promotions that you're making are of the people who have been in place in a non-successful investment? For this is not transitory this is something that has subsisted now for 12-15 years your entire tenure bill.

So you're now moving to Chairman of the Board what is the reticence with making moves to really assess what's going on and to give the analytical community and investors, in general, a better understanding of how things will develop in the future and whether or not there are prospects for a meaningful improvement? I could say profitability but again at the end of the day its share price. The only resonating factor to us the shareholders is the -- that will take away that sort of amplifies our hurt is the compensation to management which runs significantly north of -- into the hundreds of millions of dollars.

William J. Flynn -- Chairman and Chief Executive Officer

So let me take that Howard a just a couple of points. So I too am a fairly substantial shareholder of the company and I absolutely understand what when shares don't perform and price doesn't appreciate what that means. In terms of our management team and choices, we're making now relative to succession if you allow me to look at some of the recent senior management team choices and decisions we've made we certainly have brought people in from outside the organization as well as promoted people within and we look for that balance. And when we do that each time I won't talk about each individual choice here or selection here but this is a technical industry. We are an operating company.

We fly complex aircraft operating time-definite networks on a global scale with everything else that goes along with that operation. From flight ops, tech ops network ops regulatory compliance focused on safety and security operating at over 100 countries performing key core services for our customers. And so when we build out that management team it's a balance of promoting folks with the expertise that know how to do it and how to run the business and comply with bringing in new talent and perspective. And so we brought in senior executives including retail from GE from Pepsi and other companies rather than naming each person. So I think we have a very good mix of talent new talent and promoted talent within and that's the balance that we seek.

Howard Rosencrans -- VA -- Analyst

So is there an issue with -- So is this management team imperative to resolving the labor issues? Is the continuity of the management team imperative to resolving the labor of the senior management who is all staying in place and/or being promoted?

William J. Flynn -- Chairman and Chief Executive Officer

I believe that the continuity of the senior management is imperative for the company of which solving and resolving the labor -- the new labor contract is just a part of that.

Howard Rosencrans -- VA -- Analyst

Okay. With all due respect, I'll have to agree to disagree. I'm certainly not belittling the challenges of running the aircraft and the company and the complexities thereof. But we will have to agree to disagree on the execution and success thereof you seem to be very confident that this team has done very well in that regard and I would say that the barometer is I would say that the evidence the barometer that is important to shareholders and/or the barometer that is important to labor because you're certainly not the only company that faces labor challenges I mean even somebody as complex in a much worse industry as GM has been able to successfully resolve labor issues more expeditiously. So I just beg to differ with your view and I hope there will be changes for the positive. Thank you for your time and I appreciate your courtesy.

William J. Flynn -- Chairman and Chief Executive Officer

Yeah. Well, Howard thank you. And I'm pretty sure I understand your point of view we will disagree. I think just a couple of things on labor we are in the process of working to realize a new collective bargaining agreement following the terms of the contract. Unfortunately, we had to go to court to obtain a preliminary injunction to address illegal behavior that's something we simply had to do. We continue to grow and diversify the company diversify the customer relationships and the array of service that we offer to our customers. It's clear the shares haven't responded but if you're asking fundamentally if the question is do we have a platform ultimately for success platform to move through both the headwinds in the market because they exist and the challenges of getting to a new labor agreement? I believe we do.

Howard Rosencrans -- VA -- Analyst

I would say at a bare minimum a reset of expectations is duly in order. But I guess we'll see with time as you introduce 2020 where that -- assuming you can -- the labor thing has been going on for many many many years. So this is not new one the horizon. I believe it should have been dealt with. We shouldn't have allowed it to coincide with the difficult macro environment we should have been ahead of the curve in my opinion but anyway. Thank you for the time and looking forward to a reset.

William J. Flynn -- Chairman and Chief Executive Officer

Yeah well -- I understand that Howard. I -- just as part of what the whole RLA framework is for a number of reasons these agreements take time to ultimately arrive at the next agreement. I'm not defending it by any means I would argue that in our specific instance had the union leadership simply filed the contract it would have had a deal two years ago but they chose not to for whatever reason and I'm not going to say more about that. That's just a fact. In the industry perhaps there's a new regulatory framework at some point that's beyond this conversation but it's taken years over at several of very large passenger airlines to get through to their new agreements. It's not misery loving company I'm simply saying that's just a feature of the industrial labor structure that exists under RLA and aviation. And so John has talked about he will be providing full year results and the 2020 framework when we have our next earnings call. Thank you.

Howard Rosencrans -- VA -- Analyst

Thank you.

Operator

Your final question comes from Chris Stathoulopoulos at Susquehanna Financial Services.

Chris Stathoulopoulos -- Susquehanna Financial Services -- Analyst

Thanks for getting me in here. So two-part question but sort of the same question or idea here at heart. This is for John or Bill. As we look toward 2020 and beyond curious what's the next chapter here for Atlas? A few years ago it was about pivoting to e-commerce which you did but the stock today is below where it was the first deal at Amazon. So should we think about Atlas as a cost story now and are there additional opportunities in e-commerce beyond Amazon and DHL? In other vertical sales and MRO? And then as we look forward again 2020 you have no aircraft commitments weak macro backdrop and the potential for a labor deal given that and the cost and the productivity focus would you talk about is it reasonable to say that the business can do around 10% EBITDA growth? Thank you.

John W. Dietrich -- President and Chief Operating Officer

So, Chris, it's John. From my perspective, we absolutely are focused on 2020 and beyond. If you look at some of the fastest growing markets and segments we're a key player in each of them. E-commerce Express and some of the other growing markets. We've got the right assets and we've got the right team together to execute on that and I think we've demonstrated that over the last 10 years of growth and diversification and we've been able to adapt to the changing market and capitalize on these opportunities and we expect to continue to do so.

Chris Stathoulopoulos -- Susquehanna Financial Services -- Analyst

Okay.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Chris, it's Spencer. I would just add that this has obviously been a challenging year for the company. And if you were to back out the impact of the tariffs and trade tensions and back out the impact from the labor-related service disruptions that we've had you would have seen nice EBITDA growth. And so when those things are behind with the other initiatives that John is talking about that's where our focus is.

William J. Flynn -- Chairman and Chief Executive Officer

And just more broadly Bill just to round it out. We believe that air freight whether it's heavy e-commerce or Express is ultimately growth industry. The diversification in the fleet types that we have the operational capabilities on the different types of networks that we operate long haul intercontinental domestic more time-definite e-commerce and express our skills and capabilities that position the company for growth. And so we believe in that growth opportunity and that we'll execute on it.

Chris Stathoulopoulos -- Susquehanna Financial Services -- Analyst

So if I understand if you're saying if we take out the impact of the tariffs and the labor that this business as a whole between the dry lease and the other subsidiaries that this is a business that later cycle can do around 8% to 10% adjusted EBITDA growth?

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

We're not quantifying the future. I was simply pointing out that this year has been a challenging year. If you back those items out it would have been a very very different year. Even with those items, we're still delivering EBITDA of approximately $500 million. So just pointing out that without those things and with the initiatives that John talked about and the growth that we see in Airfreight overall and our place in it should lead to a good opportunity for the company in the future.

Chris Stathoulopoulos -- Susquehanna Financial Services -- Analyst

Okay, thanks for the time.

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Thank you, Chris.

William J. Flynn -- Chairman and Chief Executive Officer

Thank you, Chris.

Operator

That concludes the Q&A portion of today's call. I would like to turn it back over to management for any closing remarks.

William J. Flynn -- Chairman and Chief Executive Officer

Okay. Well, thank you, Shelby. And as we talked about on the call today I am transitioning from CEO of Atlas Air Worldwide at the end of the year and will continue as Chairman of the Board. I personally just wanted to say to everybody on the call that it's been a privilege to work with you all through my -- during my tenure here and I've appreciated your engagement over the years. Spencer John and I want to thank you for sharing your time with us today and we look forward to your continued interest in Atlas Air Worldwide. Thank you, everyone.

Operator

[Operator Closing Remarks]

Duration: 73 minutes

Call participants:

Ed McGarvey -- Senior Vice President and Treasurer

William J. Flynn -- Chairman and Chief Executive Officer

John W. Dietrich -- President and Chief Operating Officer

Spencer Schwartz -- Executive Vice President and Chief Financial Officer

Bob Labick -- CJS Securities -- Analyst

Helane Becker -- Cowen -- Analyst

Jack Atkins -- Stephens -- Analyst

Scott Group -- Wolfe Research -- Analyst

Kevin Sterling -- Seaport Global Securities -- Analyst

Seldon Clarke -- Deutsche Bank -- Analyst

David Ross -- Stifel -- Analyst

David Campbell -- Davis & Co -- Analyst

Barry Haimes -- Sage Asset Management -- Analyst

Howard Rosencrans -- VA -- Analyst

Chris Stathoulopoulos -- Susquehanna Financial Services -- Analyst

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