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AAWW - Atlas Air Worldwide Holdings Inc News Story

$73.3 -0.7  -1.0%

Last Trade - 10/05/21

Sector
Industrials
Size
Mid Cap
Market Cap £1.51bn
Enterprise Value £2.63bn
Revenue £2.43bn
Position in Universe 2158th / 6853

Atlas Air Worldwide Reports Fourth-Quarter and Full-Year 2020 Results

Thu 18th February, 2021 1:00pm
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Fourth-Quarter 2020 Results
* Reported Net Income Increased to $184.0 Million
* Adjusted Net Income Grew to $143.2 Million
* Adjusted EBITDA Totaled $279.7 Million
Full-Year 2020 Results
* Reported Net Income Improved to $360.3 Million
* Adjusted Net Income Rose to $379.0 Million
* Adjusted EBITDA Totaled $844.2 Million
PURCHASE, N.Y., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Atlas Air Worldwide
Holdings, Inc. (Nasdaq: AAWW) today announced strong increases in volumes,
revenue and earnings for the fourth quarter and full year of 2020. These
results were driven by ongoing demand for our assets and services and our
operational execution. The company also provided an outlook for first-quarter
2021 earnings growth.

On a reported basis, net income totaled $184.0 million, or $6.15 per diluted
share, for the three months ended December 31, 2020. Results compare with a
reported loss of $410.2 million, or $15.86 per diluted share, for the three
months ended December 31, 2019, which was primarily due to a noncash special
charge of $616.2 million ($485.2 million after tax).

On an adjusted basis, EBITDA rose to $279.7 million in the fourth quarter of
2020 compared with $204.7 million in the prior-year period. Adjusted net
income increased to $143.2 million, or $4.83 per diluted share, in the fourth
quarter of 2020 compared with $98.2 million, or $3.80 per diluted share, in
the prior-year period.

“We finished this unprecedented year on a strong note, with financial and
operating results that exceeded our expectations. I’d like to thank everyone
at Atlas for stepping up to deliver an extraordinary peak season and full year
for our business and our customers,” said President and Chief Executive
Officer John Dietrich.

“In the face of unrelenting operational complexities driven by the COVID-19
pandemic, we added widebody capacity, increased aircraft utilization and grew
block hours to carry historic volumes, including essential goods that
businesses, communities and individuals require as well as holiday e-commerce
packages.

“We are leveraging our unrivaled portfolio of assets and the scale of our
global network. We are also continuing to diversify our customer base and have
entered into numerous long-term charter agreements with strategic customers,
such as Cainiao, Flexport and HP Inc. These agreements will provide reliable
and attractive revenue streams for the years ahead.

“Providing our customers with modern, fuel-efficient aircraft has been a
longstanding priority at Atlas, and we were excited to announce that we
ordered four new 747-8Fs from Boeing. This acquisition underscores that
commitment and also demonstrates our focus on environmental stewardship
through the reduction of aircraft noise, emissions and fuel consumption. The
747-8F provides 20% higher payload capacity and 16% lower fuel consumption
than the very capable 747-400F, and has 25% higher capacity than the
new-technology 777-200LRF. In addition, the advanced engines on the 747-8F
reduce noise by approximately 30% compared to the previous generation of
aircraft.

“As the world’s largest 747 freighter operator, the -8F is core to our
business, and complements our diverse fleet of 747-400s, 777s, 767s and 737s.
We are expecting delivery of these new aircraft from May through October 2022,
and they will play a key role in advancing Atlas’ strategic growth plans for
decades to come.”

He concluded: “The strong demand for our aircraft and services has continued
into this quarter. We expect to fly approximately 85,000 block hours in the
first quarter of 2021, with revenue of approximately $820 million, and
adjusted EBITDA of about $150 million. In addition, we expect first-quarter
2021 adjusted net income to grow approximately 60% to 65% compared with
adjusted net income of $29.9 million in the first quarter of 2020.*

“Due to ongoing uncertainty related to the pandemic and associated market
dynamics, including ever-changing border restrictions, new variants of
COVID-19 and surges in cases globally, we are not providing a full-year 2021
earnings outlook at this time.”

Fourth-Quarter Results

Volumes in the fourth quarter of 2020 increased to 96,079 block hours compared
with 84,488 in the fourth quarter of 2019, with revenue growing to $932.5
million versus $747.0 million in 2019.

ACMI segment revenue during the period primarily reflected lower levels of
flying driven by the redeployment of 747-400 aircraft to the Charter segment
to support long-term charter programs with customers seeking to secure
committed cargo capacity. This was partially offset by an increase in aircraft
utilization and higher CMI flying.

ACMI segment contribution included higher pilot costs related to premium pay
for pilots operating in certain areas significantly impacted by COVID-19 and
increased pay rates we provided to our pilots in May 2020. In addition, ACMI
segment contribution reflected higher heavy maintenance expense, including
additional engine overhauls performed to take advantage of slot availability
and vendor pricing discounts, and the redeployment of 747-400 aircraft to the
Charter segment. These items were partially offset by increased aircraft
utilization and an increase in CMI flying.

Higher Charter segment revenue during the quarter was primarily due to an
increase in flying, partially offset by a slight decrease in the average
revenue per block hour due to lower fuel costs.

Charter segment contribution was primarily driven by an increase in commercial
cargo yields (excluding fuel) and demand for our services, reflecting a
reduction of available cargo capacity in the market, the disruption of global
supply chains due to the pandemic and our ability to increase aircraft
utilization. In addition, segment contribution benefited from a reduction in
aircraft rent and depreciation, the redeployment of 747-400 aircraft from the
ACMI segment and the operation of a 777-200 freighter previously in our Dry
Leasing business. These improvements were partially offset by: higher heavy
maintenance expense, including additional engine overhauls performed to take
advantage of slot availability and vendor pricing discounts; fewer charters
for sports teams and fans as sports leagues cancelled games; higher pilot
costs related to premium pay for pilots operating in certain areas
significantly impacted by COVID-19; and increased pay rates we provided to our
pilots in May 2020.

In Dry Leasing, lower segment revenue and contribution in the fourth quarter
of 2020 primarily related to changes in leases and the disposition of certain
nonessential Dry Leased aircraft during the first quarter of 2020.

Lower unallocated income and expenses, net, during the quarter primarily
reflected CARES Act grant income of $67.2 million.

Reported results in the fourth quarter of 2020 included an effective income
tax rate of 24.1%. On an adjusted basis, our results reflected an effective
income tax rate of 23.9%.

Full-Year Results

Volumes in 2020 grew to 344,821 block hours compared with 321,140 in 2019,
with revenue increasing to $3.21 billion in 2020 from $2.74 billion in 2019.

For the twelve months ended December 31, 2020, our reported net income totaled
$360.3 million, or $13.50 per diluted share, which included a $71.1 million
unrealized loss on financial instruments. Reported results for the twelve
months ended December 31, 2019, reflected a net loss of $293.1 million, or
$11.35 per diluted share, which included a noncash special charge of $638.4
million ($503.1 million after tax), partially offset by an unrealized gain on
financial instruments of $75.1 million.

On an adjusted basis, EBITDA grew to $844.2 million in 2020 compared with
$504.8 million in 2019. For the twelve months ended December 31, 2020,
adjusted net income increased to $379.0 million, or $13.67 per diluted share,
compared with $139.6 million, or $5.24 per diluted share, in 2019.

Reported results in 2020 included an effective income tax rate of 27.5%. On an
adjusted basis, our results reflected an effective income tax rate of 22.9%.

Cash

At December 31, 2020, our cash and cash equivalents, short-term investments
and restricted cash totaled $856.3 million, compared with $114.3 million at
December 31, 2019.

Our improved cash balance primarily reflected cash provided by operating
activities, and also included the funds we received through the Payroll
Support Program available to air cargo carriers under the CARES Act, partially
offset by cash used for investing and financing activities.

Net cash used for investing activities during 2020 primarily related to
capital expenditures and payments for flight equipment and modifications,
including spare engines and GEnx engine performance upgrade kits, partially
offset by proceeds from the disposal of nonessential aircraft. Net cash used
for financing activities during the year primarily related to payments on debt
obligations, including our revolving credit facility, partially offset by debt
issuances.

Amazon Warrants

On October 9, 2020, Amazon elected a cashless exercise with respect to
3,607,477 shares vested under a Warrant issued in 2016. As a result, Amazon
acquired 1,375,421 shares of AAWW common stock.

On January 27, 2021, Amazon elected a cashless exercise with respect to
4,150,529 shares vested under Warrants issued in 2016. As a result, Amazon
acquired 1,280,450 shares of AAWW common stock.

Labor

Our work continues to complete a new joint collective bargaining agreement
with our pilots in connection with the merger between Atlas Air and Southern
Air. Formal negotiations with the pilots’ union have recently concluded, and
we are moving on to binding interest arbitration on the remaining open issues.
This arbitration is scheduled to begin in mid-March 2021.

Outlook*

We expect to fly approximately 85,000 block hours in the first quarter of
2021, with revenue of approximately $820 million, and adjusted EBITDA of about
$150 million. In addition, we expect first-quarter 2021 adjusted net income to
grow approximately 60% to 65% compared with adjusted net income of $29.9
million in the first quarter of 2020.*

We anticipate first-quarter results to continue to be impacted by ongoing
pandemic-related expenses, including pilot premium pay and operational costs
for providing a safe working environment for our employees. We also expect
higher pilot costs related to increased pay rates we provided to our pilots in
May 2020 and higher scheduled heavy maintenance expense.

For the full year in 2021, we expect aircraft maintenance expense to be lower
than 2020, and depreciation and amortization to total about $270 million. In
addition, core capital expenditures, which exclude aircraft and engine
purchases, are projected to total approximately $110 to $120 million, mainly
for parts and components for our fleet.

Committed expenditures to acquire aircraft and spare engines are expected to
be $264.7 million in 2021. These expenditures include 747-400 passenger
aircraft (to be used for replacement of older passenger aircraft as well as
engines and spare parts), spare engines, and our January 2021 agreement to
purchase four 747-8F aircraft from Boeing that are expected to be delivered
from May 2022 through October 2022.

Due to ongoing uncertainty related to the pandemic and associated market
dynamics, including ever-changing border restrictions, new variants of
COVID-19 and surges in cases globally, we are not providing a full-year 2021
earnings outlook at this time. We will provide updates as the year progresses.

We provide guidance on an adjusted basis because we are unable to predict,
with reasonable certainty, the effects of future gains and losses on asset
sales, special charges and other unanticipated items that could be material to
our reported results.*

Conference Call

Management will host a conference call to discuss Atlas Air Worldwide’s
fourth-quarter and full-year 2020 financial and operating results at 11:00
a.m. Eastern Time on Thursday, February 18, 2021.

Interested parties may listen to the call live at Atlas Air Worldwide’s
Investor
(https://www.globenewswire.com/Tracker?data=TOvV6wwT3pkJnxUgAHp4w-X4MpR6myJ2pvwhXD9-8MKwWkmmuJhnGTjSKbVQB-OAM6StmBjlnn5K7nCK3J_GfBWwsWYFtGr9AQ3RBqrzslh_h9Y5dwhdrZExonRZDIOM)
site or at https://edge.media-server.com/mmc/p/kdnn77fd.

For those unable to listen to the live call, a replay will be archived on the
Investor
(https://www.globenewswire.com/Tracker?data=TOvV6wwT3pkJnxUgAHp4wwp1vG_aBkn8p6-958GQGXYtxDRFkp3UMq5GE-kRgPvexYYOXI28YiY3dxEABf4EIu0DTvPa6yPdi-nacHjKcrTMU4AJdIFPfAqd3UdM_UeM)
site following the call. A replay will also be available through February 25
by dialing (855) 859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the
U.S.) and using Access Code 2969689#.

About Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with U.S. GAAP,
we present certain non-GAAP financial measures to assist in the evaluation of
our business performance. These non-GAAP measures include Adjusted EBITDA;
Adjusted net income; Adjusted Diluted EPS; Adjusted effective tax expense
(benefit) rate; and Free Cash Flow, which exclude certain noncash income and
expenses, and items impacting year-over-year comparisons of our results. These
non-GAAP measures may not be comparable to similarly titled measures used by
other companies and should not be considered in isolation or as a substitute
for Net income (loss); Diluted EPS; Effective tax rate; and Net Cash Provided
by Operating Activities, which are the most directly comparable measures of
performance prepared in accordance with U.S. GAAP.

Our management uses these non-GAAP financial measures in assessing the
performance of the company’s ongoing operations and in planning and
forecasting future periods. We believe that these adjusted measures, when
considered together with the corresponding U.S. GAAP financial measures and
the reconciliations to those measures, provide meaningful supplemental
information to assist investors and analysts in understanding our financial
results and assessing our prospects for future performance. For example:
* Adjusted EBITDA; Adjusted net income; and Adjusted Diluted EPS provide a
more comparable basis to analyze operating results and earnings and are
measures commonly used by shareholders to measure our performance. In
addition, management’s incentive compensation is determined, in part, by
using Adjusted EBITDA and Adjusted net income.


* Adjusted effective tax rate provides improved insight into the tax effects
of our ongoing business operations.


* Free Cash Flow helps investors assess our ability, over the long term, to
create value for our shareholders as it represents cash available to execute
our capital allocation strategy.
*We provide guidance on an adjusted basis and are unable to provide
forward-looking guidance on a U.S. GAAP basis or a reconciliation to the most
directly comparable U.S. GAAP measures because we are unable to predict with
reasonable certainty the ultimate outcome of certain significant items,
including future gains and losses on asset sales, special charges and other
unanticipated items. These items are uncertain, depend on various factors, and
could have a material impact on our U.S. GAAP results.

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and
aviation operating services. It is the parent company of Atlas Air, Inc.,
Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the
majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate
the world’s largest fleet of 747 freighter aircraft and provide customers
the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic,
regional and international cargo and passenger operations.

Atlas Air Worldwide’s press releases, SEC filings and other information may
be accessed through the company’s home page, www.atlasairworldwide.com.

This release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995 that reflect Atlas Air
Worldwide’s current views with respect to certain current and future events
and financial performance. Those statements are based on management’s
beliefs, plans, expectations and assumptions, and on information currently
available to management. Generally, the words “will,” “may,”
“should,” “expect,” “anticipate,” “intend,” “plan,”
“continue,” “believe,” “seek,” “project,” “estimate,” and
similar expressions used in this release that do not relate to historical
facts are intended to identify forward-looking statements.

Such forward-looking statements speak only as of the date of this release.
They are and will be, as the case may be, subject to many risks, uncertainties
and factors relating to the operations and business environments of Atlas Air
Worldwide and its subsidiaries (collectively, the “companies”) that may
cause the actual results of the companies to be materially different from any
future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the following: our
ability to effectively operate the network service contemplated by our
agreements with Amazon; our ability to coordinate with Amazon to accept newly
converted aircraft; the possibility that Amazon may terminate its agreements
with the companies; the ability of the companies to operate pursuant to the
terms of their financing facilities; the ability of the companies to obtain
and maintain normal terms with vendors and service providers; the companies’
ability to maintain contracts that are critical to their operations; the
ability of the companies to fund and execute their business plan; the ability
of the companies to attract, motivate and/or retain key executives, pilots and
associates; the ability of the companies to attract and retain customers; the
continued availability of our wide-body aircraft; demand for cargo services in
the markets in which the companies operate; changes in U.S. and foreign
government trade policies; economic conditions; the impact of geographical
events or health epidemics such as the COVID-19 pandemic; our compliance with
the requirements and restrictions under the Payroll Support Program; the
effects of any hostilities or act of war (in the Middle East or elsewhere) or
any terrorist attack; significant data breach or disruption of our information
technology systems; labor costs and relations, work stoppages and service
slowdowns; the outcome of pending negotiations and arbitration with our
pilots’ union; financing costs; the cost and availability of war risk
insurance; aviation fuel costs; security-related costs; competitive pressures
on pricing (especially from lower-cost competitors); volatility in the
international currency markets; weather conditions; government legislation and
regulation; consumer perceptions of the companies’ products and services;
anticipated and future litigation; and other risks and uncertainties set forth
from time to time in Atlas Air Worldwide’s reports to the United States
Securities and Exchange Commission.

For additional information, we refer you to the risk factors set forth under
the heading “Risk Factors” in the most recent Annual Report on Form 10-K
and subsequent reports on Form 10-Q filed by Atlas Air Worldwide with the
Securities and Exchange Commission. Other factors and assumptions not
identified above may also affect the forward-looking statements, and these
other factors and assumptions may also cause actual results to differ
materially from those discussed.

Except as stated in this release, Atlas Air Worldwide is not providing
guidance or estimates regarding its anticipated business and financial
performance for 2021 or thereafter.

Atlas Air Worldwide assumes no obligation to update such statements contained
in this release to reflect actual results, changes in assumptions or changes
in other factors affecting such estimates other than as required by law and
expressly disclaims any obligation to revise or update publicly any
forward-looking statement to reflect future events or circumstances.

 Contacts:  Investors –  InvestorRelations@atlasair.com      
            Media – CorpCommunications@atlasair.com          



Atlas Air Worldwide Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)

                                                  For the Three Months Ended                               For the Twelve Months Ended                              
                                                  December 31,                    December 31,             December 31,                      December 31,           
                                                  2020                            2019                     2020                              2019                   
                                                                                                                                                                    
 Operating Revenue                                $        932,475                $        747,049         $        3,211,116                $        2,739,189     
                                                                                                                                                                    
 Operating Expenses                                                                                                                                                 
 Salaries, wages and benefits                              203,363                         166,900                  737,963                           599,811       
 Maintenance, materials and repairs                        127,211                         76,370                   506,297                           381,701       
 Aircraft fuel                                             130,976                         132,216                  440,649                           483,827       
 Depreciation and amortization                             68,667                          60,428                   257,672                           251,097       
 Navigation fees, landing fees and other rent              45,198                          34,341                   155,107                           144,809       
 Travel                                                    40,043                          48,698                   154,792                           189,211       
 Passenger and ground handling services                    40,467                          33,560                   138,822                           130,698       
 Aircraft rent                                             24,343                          33,368                   96,865                            155,639       
 Loss (gain) on disposal of aircraft                       (370     )                      5,309                    (7,248     )                      5,309         
 Special charge, net                                       (216     )                      616,243                  16,265                            638,373       
 Transaction-related expenses                              494                             579                      2,780                             4,164         
 Other                                                     58,455                          54,973                   216,384                           215,521       
 Total Operating Expenses                                  738,631                         1,262,985                2,716,348                         3,200,160     
                                                                                                                                                                    
 Operating Income (Loss)                                   193,844                         (515,936   )             494,768                           (460,971   )  
                                                                                                                                                                    
 Non-operating Expenses (Income)                                                                                                                                    
 Interest income                                           (147     )                      (321       )             (1,076     )                      (4,296     )  
 Interest expense                                          27,886                          29,815                   114,635                           120,330       
 Capitalized interest                                      (397     )                      (331       )             (925       )                      (2,274     )  
 Loss on early extinguishment of debt                      -                               -                        81                                804           
 Unrealized (gain) loss on financial instruments           (2,298   )                      3,791                    71,053                            (75,109    )  
 Other income, net                                         (73,661  )                      (27,072    )             (185,742   )                      (27,668    )  
 Total Non-operating Expenses (Income)                     (48,617  )                      5,882                    (1,974     )                      11,787        
                                                                                                                                                                    
 Income (loss) before income taxes                         242,461                         (521,818   )             496,742                           (472,758   )  
 Income tax expense (benefit)                              58,494                          (111,573   )             136,456                           (179,645   )  
                                                                                                                                                                    
 Net Income (Loss)                                $        183,967                $        (410,245   )    $        360,286                  $        (293,113   )  
                                                                                                                                                                    
 Earnings (Loss) per share:                                                                                                                                         
 Basic                                            $        6.72                   $        (15.86     )    $        13.64                    $        (11.35     )  
 Diluted                                          $        6.15                   $        (15.86     )    $        13.50                    $        (11.35     )  
                                                                                                                                                                    
 Weighted average shares:                                                                                                                                           
 Basic                                                     27,395                          25,869                   26,408                            25,828        
 Diluted                                                   29,666                          25,869                   26,690                            25,828        



Atlas Air Worldwide Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
(Unaudited)

                                                                                                                                                                                                                                           December 31,              December 31,           
                                                                                                                                                                                                                                           2020                      2019                   
 Assets                                                                                                                                                                                                                                                                                     
 Current Assets                                                                                                                                                                                                                                                                             
 Cash and cash equivalents                                                                                                                                                                                                                 $        845,589          $        103,029       
 Restricted cash                                                                                                                                                                                                                                    10,692                    10,401        
 Short-term investments                                                                                                                                                                                                                             -                         879           
 Accounts receivable, net of allowance of $1,233 and $1,822, respectively                                                                                                                                                                           265,521                   290,119       
 Prepaid expenses, assets held for sale and other current assets                                                                                                                                                                                    95,919                    228,103       
 Total current assets                                                                                                                                                                                                                               1,217,721                 632,531       
 Property and Equipment                                                                                                                                                                                                                                                                     
 Flight equipment                                                                                                                                                                                                                                   5,061,387                 4,880,424     
 Ground equipment                                                                                                                                                                                                                                   86,670                    83,584        
 Less: accumulated depreciation                                                                                                                                                                                                                     (1,147,613  )             (977,883   )  
 Flight equipment modifications in progress                                                                                                                                                                                                         110,150                   67,101        
 Property and equipment, net                                                                                                                                                                                                                        4,110,594                 4,053,226     
 Other Assets                                                                                                                                                                                                                                                                               
 Operating lease right-of-use assets                                                                                                                                                                                                                255,805                   231,133       
 Deferred costs and other assets                                                                                                                                                                                                                    374,242                   391,895       
 Intangible assets, net and goodwill                                                                                                                                                                                                                70,826                    76,856        
 Total Assets                                                                                                                                                                                                                              $        6,029,188        $        5,385,641     
                                                                                                                                                                                                                                                                                            
 Liabilities and Equity                                                                                                                                                                                                                                                                     
 Current Liabilities                                                                                                                                                                                                                                                                        
 Accounts payable                                                                                                                                                                                                                          $        107,604          $        79,683        
 Accrued liabilities                                                                                                                                                                                                                                583,160                   481,725       
 Current portion of long-term debt and finance leases                                                                                                                                                                                               298,690                   395,781       
 Current portion of long-term operating leases                                                                                                                                                                                                      157,732                   141,973       
 Total current liabilities                                                                                                                                                                                                                          1,147,186                 1,099,162     
 Other Liabilities                                                                                                                                                                                                                                                                          
 Long-term debt and finance leases                                                                                                                                                                                                                  2,020,451                 1,984,902     
 Long-term operating leases                                                                                                                                                                                                                         318,850                   392,832       
 Deferred taxes                                                                                                                                                                                                                                     203,586                   74,040        
 Financial instruments and other liabilities                                                                                                                                                                                                        77,576                    42,526        
 Total other liabilities                                                                                                                                                                                                                            2,620,463                 2,494,300     
 Commitments and contingencies                                                                                                                                                                                                                                                              
 Equity                                                                                                                                                                                                                                                                                     
 Stockholders’ Equity                                                                                                                                                                                                                                                                       
 Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued                                                                                                                                                                      -                         -             
 Common stock, $0.01 par value; 100,000,000 shares authorized; 32,877,533 and 31,048,842 shares issued, 27,517,297 and 25,870,876 shares outstanding (net of treasury stock), as of December 31, 2020 and December 31, 2019, respectively           329                       310           
 Additional paid-in-capital                                                                                                                                                                                                                         873,874                   761,715       
 Treasury stock, at cost; 5,360,236 and 5,177,966 shares, respectively                                                                                                                                                                              (217,889    )             (213,871   )  
 Accumulated other comprehensive loss                                                                                                                                                                                                               (1,904      )             (2,818     )  
 Retained earnings                                                                                                                                                                                                                                  1,607,129                 1,246,843     
 Total stockholders’ equity                                                                                                                                                                                                                         2,261,539                 1,792,179     
 Total Liabilities and Equity                                                                                                                                                                                                              $        6,029,188        $        5,385,641     



 (1)  Balance sheet debt at December 31, 2020 totaled $2,319.1 million, including the impact of $50.6 million of unamortized discount and debt issuance costs of $29.3 million, compared with $2,380.7 million, including the impact of $68.6 million of unamortized discount and debt issuance costs of $35.1 million at December 31, 2019.  
 (2)  The face value of our debt and finance leases at December 31, 2020 totaled $2,399.0 million, compared with $2,484.4 million on December 31, 2019.                                                                                                                                                                                       





Atlas Air Worldwide Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

                                                                                             For the Twelve Months Ended                             
                                                                                             December 31,                      December 31,          
                                                                                             2020                              2019                  
 Operating Activities:                                                                                                                               
 Net Income (Loss)                                                                           $        360,286                  $        (293,113  )  
                                                                                                                                                     
 Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities:                                                            
 Depreciation and amortization                                                                        328,101                           316,821      
 Accretion of debt securities discount                                                                (2         )                      (244      )  
 Provision for expected credit losses                                                                 463                               41           
 Loss on early extinguishment of debt                                                                 81                                804          
 Special charge, net of cash payments                                                                 16,265                            638,373      
 Unrealized loss (gain) on financial instruments                                                      71,053                            (75,109   )  
 Loss (gain) on disposal of aircraft                                                                  (7,248     )                      5,309        
 Deferred taxes                                                                                       133,598                           (180,553  )  
 Stock-based compensation                                                                             21,997                            25,189       
 Changes in:                                                                                                                                         
 Accounts receivable                                                                                  26,132                            (22,524   )  
 Prepaid expenses, current assets and other assets                                                    (56,716    )                      (66,843   )  
 Accounts payable, accrued liabilities and other liabilities                                          115,532                           (47,807   )  
 Net cash provided by operating activities                                                            1,009,542                         300,344      
 Investing Activities:                                                                                                                               
 Capital expenditures                                                                                 (78,933    )                      (133,554  )  
 Payments for flight equipment and modifications                                                      (184,273   )                      (214,236  )  
 Investment in joint ventures                                                                         (9,298     )                      (2,028    )  
 Proceeds from insurance                                                                              -                                 38,133       
 Proceeds from investments                                                                            881                               15,624       
 Proceeds from disposal of aircraft                                                                   126,335                           10,300       
 Net cash used for investing activities                                                               (145,288   )                      (285,761  )  
 Financing Activities:                                                                                                                               
 Proceeds from debt issuance                                                                          417,733                           115,992      
 Payment of debt issuance costs                                                                       (6,100     )                      (2,404    )  
 Payments of debt and finance lease obligations                                                       (429,749   )                      (344,674  )  
 Proceeds from revolving credit facility                                                              75,000                            100,000      
 Payment of revolving credit facility                                                                 (175,000   )                      -            
 Customer maintenance reserves and deposits received                                                  15,168                            14,736       
 Customer maintenance reserves paid                                                                   (14,437    )                      (8,174    )  
 Treasury shares withheld for payment of taxes                                                        (4,018     )                      (9,370    )  
 Net cash used for financing activities                                                               (121,403   )                      (133,894  )  
 Net increase (decrease) in cash, cash equivalents and restricted cash                                742,851                           (119,311  )  
 Cash, cash equivalents and restricted cash at the beginning of period                                113,430                           232,741      
 Cash, cash equivalents and restricted cash at the end of period                             $        856,281                  $        113,430      
                                                                                                                                                     
 Noncash Investing and Financing Activities:                                                                                                         
 Acquisition of property and equipment included in Accounts payable and accrued liabilities  $        36,619                   $        37,390       
 Acquisition of property and equipment acquired under operating leases                       $        91,538                   $        28,827       
 Acquisition of flight equipment under finance lease                                         $        18,476                   $        10,825       
 Customer maintenance reserves settled with sale of aircraft                                 $        6,497                    $        -            
 Issuance of shares related to settlement of warrant liability                               $        49,545                   $        -            



Atlas Air Worldwide Holdings, Inc.
Direct Contribution
(in thousands)
(Unaudited)

                                                    For the Three Months Ended                              For the Twelve Months Ended                              
                                                    December 31,                    December 31,            December 31,                      December 31,           
                                                    2020                            2019                    2020                              2019                   
 Operating Revenue:                                                                                                                                                  
 ACMI                                               $        337,718                $        344,901        $        1,211,169                $        1,247,770     
 Charter                                                     559,218                         361,021                 1,855,230                         1,305,860     
 Dry Leasing                                                 41,609                          43,453                  165,181                           200,781       
 Customer incentive asset amortization                       (10,676  )                      (7,117    )             (39,090    )                      (33,135    )  
 Other                                                       4,606                           4,791                   18,626                            17,913        
 Total Operating Revenue                            $        932,475                $        747,049        $        3,211,116                $        2,739,189     
                                                                                                                                                                     
 Direct Contribution:                                                                                                                                                
 ACMI                                               $        70,321                 $        104,412        $        179,946                  $        218,459       
 Charter                                                     186,303                         69,817                  559,673                           149,372       
 Dry Leasing                                                 11,023                          11,740                  41,070                            70,386        
 Total Direct Contribution for Reportable Segments           267,647                         185,969                 780,689                           438,217       
                                                                                                                                                                     
 Unallocated expenses and (income), net                      (27,576  )                      (81,865   )             (201,016   )                      (337,434   )  
 Loss on early extinguishment of debt                        -                               -                       (81        )                      (804       )  
 Unrealized gain (loss) on financial instruments             2,298                           (3,791    )             (71,053    )                      75,109        
 Special charge, net                                         216                             (616,243  )             (16,265    )                      (638,373   )  
 Transaction-related expenses                                (494     )                      (579      )             (2,780     )                      (4,164     )  
 Gain (loss) on disposal of aircraft                         370                             (5,309    )             7,248                             (5,309     )  
 Income (loss) before income taxes                           242,461                         (521,818  )             496,742                           (472,758   )  
                                                                                                                                                                     
 Add back (subtract):                                                                                                                                                
 Interest income                                             (147     )                      (321      )             (1,076     )                      (4,296     )  
 Interest expense                                            27,886                          29,815                  114,635                           120,330       
 Capitalized interest                                        (397     )                      (331      )             (925       )                      (2,274     )  
 Loss on early extinguishment of debt                        -                               -                       81                                804           
 Unrealized (gain) loss on financial instruments             (2,298   )                      3,791                   71,053                            (75,109    )  
 Other income, net                                           (73,661  )                      (27,072   )             (185,742   )                      (27,668    )  
 Operating Income (Loss)                            $        193,844                $        (515,936  )    $        494,768                  $        (460,971   )  



Atlas Air Worldwide uses an economic performance metric, Direct Contribution,
to show the profitability of each of its segments after allocation of direct
operating and ownership costs. Atlas Air Worldwide currently has the following
reportable segments: ACMI, Charter, and Dry Leasing.

Direct Contribution consists of net income (loss) before income taxes,
excluding loss on early extinguishment of debt, unrealized (loss) gain on
financial instruments, special charge, net, transaction-related expenses, gain
(loss) on disposal of aircraft, and unallocated income and expenses, net.

Direct operating and ownership costs include crew costs, maintenance, fuel,
ground operations, sales costs, aircraft rent, interest expense on the portion
of debt used for financing aircraft, interest income on debt securities, and
aircraft depreciation.

Unallocated income and expenses, net include corporate overhead, nonaircraft
depreciation, noncash expenses and income, interest expense on the portion of
debt used for general corporate purposes, interest income on nondebt
securities, capitalized interest, foreign exchange gains and losses, other
revenue, other nonoperating costs and CARES Act grant income.



Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands, except per share data)
(Unaudited)

                                                       For the Three Months Ended                                                       
                                                       December 31,                 December 31,                 Percent Change         
                                                       2020                         2019                                                
                                                                                                                                        
 Net Income (Loss)                                     $        183,967             $        (410,245  )                   144.8     %  
 Impact from:                                                                                                                           
 CARES Act grant income (1)                                     (67,212   )                  -                                          
 Customer incentive asset amortization                          10,676                       7,117                                      
 Special charge, net                                            (216      )                  616,243                                    
 Leadership transition costs                                    128                          3,343                                      
 Noncash expenses and income, net (2)                           4,599                        4,524                                      
 Unrealized (gain) loss on financial instruments                (2,298    )                  3,791                                      
 Other, net (3)                                                 166                          6,177                                      
 Income tax effect of reconciling items                         13,410                       (132,754  )                                
 Special tax item (4)                                           -                            (3        )                                
 Adjusted Net Income                                   $        143,220             $        98,193                        45.9      %  
                                                                                                                                        
 Adjusted weighted average diluted shares outstanding           29,666                       25,869                                     
                                                                                                                                        
 Adjusted Diluted EPS                                  $        4.83                $        3.80                          27.1      %  
                                                                                                                                        
                                                       For the Twelve Months Ended                                                      
                                                       December 31,                 December 31,                 Percent Change         
                                                       2020                         2019                                                
                                                                                                                                        
 Net Income (Loss)                                     $        360,286             $        (293,113  )                   222.9     %  
 Impact from:                                                                                                                           
 CARES Act grant income (1)                                     (151,590  )                  -                                          
 Customer incentive asset amortization                          39,090                       33,135                                     
 Special charge                                                 16,265                       638,373                                    
 Leadership transition costs                                    6,061                        6,736                                      
 Noncash expenses and income, net (2)                           17,971                       18,267                                     
 Unrealized loss (gain) on financial instruments                71,053                       (75,109   )                                
 Other, net (3)                                                 (3,679    )                  10,830                                     
 Income tax effect of reconciling items                         23,580                       (145,295  )                                
 Special tax item (4)                                           -                            (54,272   )                                
 Adjusted Net Income                                   $        379,037             $        139,552                       171.6     %  
                                                                                                                                        
 Weighted average diluted shares outstanding                    26,690                       25,828                                     
 Add: dilutive warrant (5)                                      1,040                        758                                        
 dilutive restricted stock                                      -                            64                                         
 Adjusted weighted average diluted shares outstanding           27,730                       26,650                                     
                                                                                                                                        
 Adjusted Diluted EPS                                  $        13.67               $        5.24                          160.9     %  



Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands, except per share data)
(Unaudited)

                                                  For the Three Months Ended                                                       
                                                  December 31,                 December 31,                 Percent Change         
                                                  2020                         2019                                                
                                                                                                                                   
 Income (loss) before taxes                       $        242,461             $        (521,818  )                   146.5     %  
 Impact from:                                                                                                                      
 CARES Act grant income (1)                                (67,212   )                  -                                          
 Customer incentive asset amortization                     10,676                       7,117                                      
 Special charge, net                                       (216      )                  616,243                                    
 Leadership transition costs                               128                          3,343                                      
 Noncash expenses and income, net (2)                      4,599                        4,524                                      
 Unrealized (gain) loss on financial instruments           (2,298    )                  3,791                                      
 Other, net (3)                                            166                          6,177                                      
 Adjusted income before income taxes                       188,304                      119,377                       57.7      %  
                                                                                                                                   
 Interest expense, net                                     22,743                       24,849                                     
 Other income, net                                         (6,449    )                  (27,072   )                                
 Adjusted operating income                        $        204,598             $        117,154                       74.6      %  
                                                                                                                                   
 Income tax expense (benefit)                     $        58,494              $        (111,573  )                                
 Income tax effect of reconciling items                    13,410                       (132,754  )                                
 Special tax (4)                                           -                            (3        )                                
 Adjusted income tax expense (benefit)                     45,084                       21,184                                     
 Adjusted income before income taxes              $        188,304             $        119,377                                    
 Effective tax expense (benefit) rate                      24.1      %                  (21.4     )%                               
 Adjusted effective tax expense rate                       23.9      %                  17.7      %                                
                                                                                                                                   
                                                                                                                                   
                                                  For the Twelve Months Ended                                                      
                                                  December 31,                 December 31,                 Percent Change         
                                                  2020                         2019                                                
                                                                                                                                   
 Income (loss) before taxes                       $        496,742             $        (472,758  )                   205.1     %  
 Impact from:                                                                                                                      
 CARES Act grant income (1)                                (151,590  )                  -                                          
 Customer incentive asset amortization                     39,090                       33,135                                     
 Special charge                                            16,265                       638,373                                    
 Leadership transition costs                               6,061                        6,736                                      
 Noncash expenses and income, net (2)                      17,971                       18,267                                     
 Unrealized loss (gain) on financial instruments           71,053                       (75,109   )                                
 Other, net (3)                                            (3,679    )                  10,830                                     
 Adjusted income before income taxes                       491,913                      159,474                       208.5     %  
                                                                                                                                   
 Interest expense, net                                     94,663                       97,122                                     
 Other income, net                                         (34,071   )                  (24,013   )                                
 Adjusted operating income                        $        552,505             $        232,583                       137.6     %  
                                                                                                                                   
 Income tax expense (benefit)                     $        136,456             $        (179,645  )                                
 Income tax effect of reconciling items                    23,580                       (145,295  )                                
 Special tax (4)                                           -                            (54,272   )                                
 Adjusted income tax expense                               112,876                      19,922                                     
 Adjusted income before income taxes              $        491,913             $        159,474                                    
 Effective tax expense (benefit) rate                      27.5      %                  (38.0     )%                               
 Adjusted effective tax expense rate                       22.9      %                  12.5      %                                



Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands)
(Unaudited)

                                                  For the Three Months Ended                                                       
                                                  December 31,                 December 31,                 Percent Change         
                                                  2020                         2019                                                
                                                                                                                                   
 Net Income (Loss)                                $        183,967             $        (410,245  )                   144.8     %  
 Interest expense, net                                     27,342                       29,163                                     
 Depreciation and amortization                             68,667                       60,428                                     
 Income tax expense (benefit)                              58,494                       (111,573  )                                
 EBITDA                                                    338,470                      (432,227  )                                
 CARES Act grant income (1)                                (67,212   )                  -                                          
 Customer incentive asset amortization                     10,676                       7,117                                      
 Special charge, net                                       (216      )                  616,243                                    
 Leadership transition costs                               128                          3,343                                      
 Unrealized (gain) loss on financial instruments           (2,298    )                  3,791                                      
 Other, net (3)                                            166                          6,387                                      
 Adjusted EBITDA                                  $        279,714             $        204,654                       36.7      %  
                                                                                                                                   
                                                                                                                                   
                                                  For the Twelve Months Ended                                                      
                                                  December 31,                 December 31,                 Percent Change         
                                                  2020                         2019                                                
                                                                                                                                   
 Net Income (Loss)                                $        360,286             $        (293,113  )                   222.9     %  
 Interest expense, net                                     112,634                      113,760                                    
 Depreciation and amortization                             257,672                      251,097                                    
 Income tax expense (benefit)                              136,456                      (179,645  )                                
 EBITDA                                                    867,048                      (107,901  )                                
 CARES Act grant income (1)                                (151,590  )                  -                                          
 Customer incentive asset amortization                     39,090                       33,135                                     
 Special charge                                            16,265                       638,373                                    
 Leadership transition costs                               6,061                        6,736                                      
 Unrealized loss (gain) on financial instruments           71,053                       (75,109   )                                
 Other, net (3)                                            (3,679    )                  9,542                                      
 Adjusted EBITDA                                  $        844,248             $        504,776                       67.3      %  



 (1)  CARES Act grant income in 2020 related to income associated with the Payroll Support Program.                                                                                                                                                                   
 (2)  Noncash expenses and income, net in 2020 and 2019 primarily related to amortization of debt discount on the convertible notes.                                                                                                                                  
 (3)  Other, net in 2020 primarily related to a $7.2 million net gain on the sale of aircraft, costs associated with the Payroll Support Program, costs associated with the refinancing of debt, costs associated with our acquisition of Southern Air and accrual for 
      legal matters and professional fees. Other, net in 2019 primarily related to a loss on the sale of a GEnx engine, a net insurance recovery, loss on early extinguishment of debt, unique training aircraft costs required for a customer contract and costs     
      associated with a customer transaction with warrants, costs associated with our acquisition of Southern Air and accrual for legal matters and professional fees.                                                                                                
 (4)  Special tax item in 2019 represents the income tax benefit from the completion of the 2015 IRS examination that is not related to ongoing operations.                                                                                                           
 (5)  Dilutive warrants represent potentially dilutive common shares related to warrants issued to a customer. These warrants are excluded from Diluted EPS, net of taxes prepared in accordance with GAAP when they would have been antidilutive.                    





Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
(in thousands, except per share data)
(Unaudited)

                                            For the Three Months Ended                                  
                                            December 31, 2020                   December 31, 2019       
                                                                                                        
 Net Cash Provided by Operating Activities  $          226,834                  $          107,054      
 Less:                                                                                                  
 Capital expenditures                                  33,799                              25,960       
 Capitalized interest                       $          397                      $          331          
 Free Cash Flow (1)                         $          192,638                  $          80,763       
                                                                                                        
                                                                                                        
                                                                                                        
                                            For the Twelve Months Ended                                 
                                            December 31, 2020                   December 31, 2019       
                                                                                                        
 Net Cash Provided by Operating Activities  $          1,009,542                $          300,344      
 Less:                                                                                                  
 Capital expenditures                                  78,933                              133,554      
 Capitalized interest                       $          925                      $          2,274        
 Free Cash Flow (1)                         $          929,684                  $          164,516      



 (1)  Free Cash Flow = Cash Flows from Operations minus Core Capital Expenditures and Capitalized Interest.  
      Core Capital Expenditures excludes purchases of aircraft.                                              





Atlas Air Worldwide Holdings, Inc.
Operating Statistics and Traffic Results
(Unaudited)

                                            For the Three Months Ended                            Increase/            For the Twelve Months Ended                           Increase/           
                                            December 31,                    December 31,          (Decrease)           December 31,                    December 31,          (Decrease)          
                                            2020                            2019                                       2020                            2019                                      
                                                                                                                                                                                                 
 Block Hours                                                                                                                                                                                     
 ACMI                                                63,992                          63,647               345                   239,056                         245,706              (6,650   )  
 Charter                                             31,169                          20,084               11,085                101,238                         72,547               28,691      
 Cargo                                               26,712                          14,898               11,814                84,461                          51,982               32,479      
 Passenger                                           4,457                           5,186                (729    )             16,777                          20,565               (3,788   )  
 Other                                               918                             757                  161                   4,527                           2,887                1,640       
 Total Block Hours                                   96,079                          84,488               11,591                344,821                         321,140              23,681      
                                                                                                                                                                                                 
 Revenue Per Block Hour                                                                                                                                                                          
 ACMI                                       $        5,278                  $        5,419        $       (141    )    $        5,066                  $        5,078        $       (12      )  
 Charter                                    $        17,941                 $        17,976       $       (35     )    $        18,325                 $        18,000       $       325         
 Cargo                                      $        17,747                 $        16,630       $       1,117        $        18,303                 $        17,164       $       1,139       
 Passenger                                  $        19,109                 $        21,841       $       (2,732  )    $        18,440                 $        20,113       $       (1,673   )  
                                                                                                                                                                                                 
 Average Utilization (block hours per day)                                                                                                                                                       
 ACMI (1)                                            9.6                             8.6                  1.0                   8.9                             8.5                  0.4         
 Charter                                                                                                                                                                                         
 Cargo                                               12.6                            8.5                  4.1                   10.5                            8.1                  2.4         
 Passenger                                           4.9                             5.7                  (0.8    )             4.7                             6.1                  (1.4     )  
 All Operating Aircraft (1,2)                        9.9                             8.4                  1.5                   8.9                             8.3                  0.6         
                                                                                                                                                                                                 
 Fuel                                                                                                                                                                                            
 Charter                                                                                                                                                                                         
 Average fuel cost per gallon               $        1.37                   $        2.22         $       (0.85   )    $        1.41                   $        2.27         $       (0.86    )  
 Fuel gallons consumed (000s)                        95,921                          59,487               36,434                313,428                         213,253              100,175     



 (1)    ACMI and All Operating Aircraft averages in the fourth quarter and 12 months of 2020 reflect the impact of increases in the number of CMI aircraft and amount of CMI flying compared with the same periods of 2019.  
 (2 )   Average of All Operating Aircraft excludes Dry Leasing aircraft, which do not contribute to block-hour volumes.                                                                                                      





Atlas Air Worldwide Holdings, Inc.
Operating Statistics and Traffic Results
(Unaudited)

                                                    For the Three Months Ended                             Increase/            For the Twelve Months Ended                            Increase/          
                                                    December 31,                    December 31,           (Decrease)           December 31,                    December 31,           (Decrease)         
                                                    2020                            2019                                        2020                            2019                                      
                                                                                                                                                                                                          
 Segment Operating Fleet                                                                                                                                                                                  
 (average aircraft equivalents during the period)                                                                                                                                                         
 ACMI (1)                                                                                                                                                                                                 
 747-8F Cargo                                                7.9                             8.9                   (1.0    )             8.5                             8.5                   -          
 747-400 Cargo                                               14.8                            17.2                  (2.4    )             13.4                            17.9                  (4.5    )  
 747-400 Dreamlifter                                         1.7                             3.4                   (1.7    )             2.4                             3.5                   (1.1    )  
 777-200 Cargo                                               8.0                             8.0                   -                     8.0                             7.1                   0.9        
 767-300 Cargo                                               23.0                            24.0                  (1.0    )             23.4                            24.9                  (1.5    )  
 767-200 Cargo                                               7.9                             9.0                   (1.1    )             8.7                             9.0                   (0.3    )  
 767-200 Passenger                                           1.0                             1.0                   -                     1.0                             1.0                   -          
 737-800 Cargo                                               7.8                             4.2                   3.6                   5.8                             2.4                   3.4        
 737-400 Cargo                                               -                               5.0                   (5.0    )             2.6                             5.0                   (2.4    )  
 Total                                                       72.1                            80.7                  (8.6    )             73.8                            79.3                  (5.5    )  
 Charter                                                                                                                                                                                                  
 747-8F Cargo                                                2.0                             1.0                   1.0                   1.5                             1.5                   -          
 747-400 Cargo                                               19.1                            18.0                  1.1                   19.2                            16.0                  3.2        
 747-400 Passenger                                           5.0                             5.0                   -                     5.0                             4.3                   0.7        
 777-200 Cargo                                               1.0                             -                     1.0                   0.7                             -                     0.7        
 767-300 Cargo                                               1.0                             -                     1.0                   0.6                             -                     0.6        
 767-300 Passenger                                           4.8                             4.9                   (0.1    )             4.8                             4.9                   (0.1    )  
 Total                                                       32.9                            28.9                  4.0                   31.8                            26.7                  5.1        
 Dry Leasing                                                                                                                                                                                              
 777-200 Cargo                                               7.0                             7.0                   -                     7.0                             7.3                   (0.3    )  
 767-300 Cargo                                               21.0                            21.0                  -                     21.0                            21.1                  (0.1    )  
 757-200 Cargo                                               -                               1.0                   (1.0    )             0.1                             1.0                   (0.9    )  
 737-300 Cargo                                               1.0                             1.0                   -                     1.0                             1.0                   -          
 737-800 Passenger                                           -                               1.0                   (1.0    )             0.2                             1.0                   (0.8    )  
 Total                                                       29.0                            31.0                  (2.0    )             29.3                            31.4                  (2.1    )  
 Less: Aircraft Dry Leased to CMI customers                  (21.0    )                      (21.0    )            -                     (21.0    )                      (22.6    )            (1.6    )  
 Total Operating Average Aircraft Equivalents                113.0                           119.6                 (6.6    )             113.9                           114.8                 (0.9    )  
                                                                                                                                                                                                          
 Out-of-Service (2)                                          0.7                             1.0                   (0.3    )             2.2                             0.8                   1.4        

(1) ACMI average fleet excludes spare aircraft provided by CMI customers.

(2) Out-of-service includes aircraft that are either temporarily parked or
held for sale.

(https://www.globenewswire.com/NewsRoom/AttachmentNg/207044c8-527d-4144-bb84-e0da24be86e7)



GlobeNewswire, Inc. 2021
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