Atlas carried the weight of the world; Atlas Air Worldwide Holdings (AAWW) carries the freight of the world. The company leases cargo planes to customers, mainly airlines, under long-term ACMI (aircraft, crew, maintenance, and insurance) contracts. The segment accounts for about 45% of AAWW's revenue. All told, the company maintains a fleet of more than 35 Boeing 747 freighters. AAWW also offers dry leasing (aircraft and engines only) via its Titan division. Affiliates Atlas Air and 51% owned Polar Air Cargo provide charter services to charter brokers, freight forwarders, airlines, and the US military (referred to as AMC) which accounts for 22% of sales.
AAWW provides global services with operations in Africa, Asia, Australia, Europe, the Middle East, North America, and South America operating more than 25,500 flights, serving 430 destinations in 124 countries.
During 2014, AAWW operated 35 Boeing 747 freighters, four Boeing Large Cargo Freighters, more than 10 Boeing 767 freighters, six Boeing 777 freighters, two Boeing 737 freighters, and one Boeing 737 and Boeing 757 each.
AAWW has enjoyed unprecedented revenue growth over the last few years, with revenues peaking at a record-setting $1.66 billion in 2013. Profits, however, have fluctuated over the years, increasing sharply in 2012, only to decline 28% to $94 million in 2013.
The company's historic growth for 2013 was driven by an impressive 200% surge in Dry Leasing revenue due to the acquisition of three 777-200LRF aircraft in 2013 that were leased to customers on a long-term basis. The company was also helped by a 10% increase in ACMI revenue for 2013.
The company's erosion of profits was 2013 was attributed to a lease termination charge of $17.8 million it paid in addition to increased depreciation and amortization expenses. AAWW's cash flow from operating activities has also seen an upward trend the last few years.
Each year AAWW maintains a proper balance sheet by adjusting its cost structure and by extending its flight network reach. In 2013 it launched a daily nonstop 747-400 express freighter service between Cincinnati and Tokyo.