Air Transport Services Group, Inc. (NASDAQ:ATSG) Q1 2024 Earnings Call Transcript

Joe Hete: So, again, I think our outlook for the potential hasn’t changed much. What slid a little bit was this agreement with Amazon. We originally anticipated that it might start a little bit earlier than getting the first airplane in June. So, that will be a little bit of downside there. But there is other potential opportunities from a flying standpoint. And again, the lease placements, we started out the year saying we had 17 aircraft coming through conversion. We have placed four , which is in the guidance. So, there is 13 more out there, that at some point in time, we expect to be able to get placed sometime this year that give us that upside. It all boils down to the timing in the end.

Michael Ciarmoli: Okay. Got it. Thanks.

Operator: Thank you. I would now like to turn the call back over to Joe Hete for any closing remarks.

Joe Hete: Thanks Josh. From the start of our relationship 9 years ago, the people of ATSG have proven that they can provide the fastest, best and most efficient service to our customer, Amazon. Once again, Amazon has acknowledged our performance with more aircraft to fly and by extending our relationship for many more years. Honoring commitments from customers has always required us to manage our cash flow to fund the investment that growth and great service require. Our goal for 2024 is to generate enough cash to fund our sustaining and growth investments, and we did just that in the first quarter as a first step towards being free cash flow positive for the year. I look forward to keeping you updated on our progress and to find new ways to produce more cash flow and allocate capital more effectively as the year unfolds. Thanks and have a quality day.

Operator: Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.