Air Transport Services Group, Inc.

atsginc.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2024 10-K, filed Mar 3, 2025. Its latest SEC filing is a 15-12G from Apr 21, 2025.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Leased converted freighter aircraft and provided cargo and passenger air transport, aircraft maintenance, and ground services to airlines, delivery companies, and government agencies.

How Did They Make Money?

Customers paid monthly in advance for aircraft leases; airline services were billed monthly or more often based on flying and aircraft and crew resources, while maintenance and modification work could require deposits and milestone payments.

revenue

Segment	Share	How money arrives
Billable External Revenue	101%
Billable Internal Revenue Recurring	11%	Recurring
Customer Incentives	−1.5%

Who Were Their Customers?

Cargo airlines and delivery companies leased converted aircraft and contracted for cargo flights and ground and maintenance services; the Department of Defense and other government agencies contracted for passenger and cargo charter flights. Customers contracted under aircraft leases and airline service agreements.

Customers above 10% of revenue, FY2024

of revenue from three customers (29%, 33%, 14%)

FY2022: 76% from three customers

Did Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2024 and turned 10 cents into free cash flow.

Operating income, FY2024

7% of revenue

▼ −36% vs FY2023 ($199.8M, 10%)

Net income, FY2024

1% of revenue

▼ −55% vs FY2023 ($60.3M, 3%)

Free cash flow, FY2024

10% of revenue

▲ Now profitable vs FY2023 (−$139.4M, −7%)

How Were They Changing?

Since the FY2024 annual report

Apr 11, 2025 Stonepeak completed its acquisition of ATSG The all-cash acquisition closed, and ATSG's common shares ceased trading.

Grew. Revenue grew 25% in 4 years, from $1.6B in FY2020 to $2B in FY2024, about 6% a year.

Narrow-body freighter leasing The earlier report described a narrow-body freighter design and aircraft being acquired for conversion; the latest report described narrow-body freighters as part of CAM's leasing fleet.

Who Did They Compete With?

Competes with AerCap Holdings, Air Lease, Altavair Aviation Leasing, Amerijet International, Atlas Air, Kalitta Air, Northern Air Cargo, National Air Cargo Group, 21 Air, Western Global Airlines, Eastern Airlines, AAR, and Hong Kong Aircraft Engineering

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