Air Transport Services Group, Inc. (ATSG): Business Model Canvas [Dec-2025 Updated]

You're looking at Air Transport Services Group, Inc. (ATSG) right as it's being acquired by Stonepeak for about $3.1 billion, which definitely changes the near-term playbook for this air cargo specialist. Honestly, their business model is built on a powerful, integrated Lease+Plus approach, where they manage the planes, crew, and maintenance to serve giants like Amazon Air, which alone accounts for roughly $1.2 billion of their $2.0 billion consolidated revenue from 2024. I've broken down the entire nine-block canvas below, showing you precisely where that cash flows from ACMI services and external leasing, and mapping out the capital intensity tied to their $218.060 million in freighter conversion spending last year. Keep reading to see the exact structure powering this critical piece of the e-commerce logistics chain.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Air Transport Services Group, Inc. (ATSG) now that it's a private entity under Stonepeak. These aren't just vendor agreements; they are foundational to the company's asset utilization and growth strategy.

The most significant structural change is the acquisition by Stonepeak Group, which closed on April 11, 2025, following shareholder approval in February 2025. This transaction valued Air Transport Services Group, Inc. (ATSG) at an enterprise valuation of approximately $3.1 billion, with shareholders receiving $22.50 per share in cash.

The operational backbone remains heavily reliant on major e-commerce and logistics players. Here's a breakdown of the key alliances:

• Amazon Air: This relationship is central to Air Transport Services Group, Inc. (ATSG)'s dedicated air cargo services. As of the May 2024 announcement, Air Transport Services Group, Inc. (ATSG) leased 30 767 Freighters to Amazon and operated an additional 11 provided by the e-commerce giant. A subsequent deal added 10 more Boeing 767 freighters to be operated by Air Transport Services Group, Inc. (ATSG) over a five-year period, with the 10th of these entering operations by November 2024.
• Frontier Scientific Solutions: A strategic partnership announced in October 2025 established a dedicated air corridor for temperature-controlled life science logistics. This builds upon Frontier Scientific Solutions' existing $1.5 billion commitment from GID for infrastructure development. The goal is to reduce the typical 20 or more handoffs in pharmaceutical supply chains to fewer than four.
• DHL Express: Air Transport Services Group, Inc. (ATSG) maintains a long-standing relationship with DHL Express, dating back to August 2003. Current support for the DHL network involves approximately 16 Boeing 767 aircraft leased or operated through Air Transport Services Group, Inc. (ATSG)'s subsidiaries.
• Aircraft Maintenance and Conversion: Air Transport Services Group, Inc. (ATSG) integrates maintenance and conversion capabilities through its subsidiary, Airborne Maintenance and Engineering Services, which includes PEMCO World Air Services. PEMCO Conversions is noted as a market leader in narrowbody passenger-to-freighter conversions, having completed well over 150 Boeing 737-300 and 737-400 freighter conversions.

You can see the scale of these commitments in the table below:

These partnerships are designed to maximize the utilization of Air Transport Services Group, Inc. (ATSG)'s fleet of medium widebody freighters, especially the Boeing 767 conversions. The Frontier Scientific Solutions deal, for instance, leverages the existing fleet and maintenance expertise to enter the high-value, regulated life sciences logistics space.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Key Activities

You're looking at the core operations that drive Air Transport Services Group, Inc. (ATSG) as of late 2025. Here's the breakdown of what they are actively doing, grounded in the latest available figures.

Cargo Aircraft Management (CAM) leasing of mid-widebody freighters

Cargo Aircraft Management (CAM) is busy managing and placing its growing fleet of converted aircraft. At the end of 2024, Air Transport Services Group, Inc. (ATSG) had a total fleet of 148 owned and leased aircraft, which was mostly comprised of Boeing 767s. At the end of the fourth quarter of 2024, 91 CAM-owned aircraft were leased to external customers. The pipeline for newer widebodies is significant; Air Transport Services Group, Inc. (ATSG) has 29 Airbus A330-300 Passenger-to-Freighter (P2F) jets on order. Air Transport Services Group, Inc. (ATSG) expects deliveries of the first four of these A330P2Fs in 2025. CAM expects to take up to six A330P2Fs through next year (2026). The A330-200P2F offers a payload capacity of 62 tonnes and a maximum range of 3,699nm (6,850km). For narrowbody leasing, Air Transport Services Group, Inc. (ATSG) expects to place up to five A321-200PCFs on lease in 2025.

The leasing activity can be summarized:

ACMI (Aircraft, Crew, Maintenance, Insurance) services for customers

The airline operations saw mixed utilization in the final quarter of 2024. Revenue block hours for Air Transport Services Group, Inc. (ATSG)'s airlines increased 1% for the fourth quarter of 2024. Cargo block hours increased 3% for the fourth quarter, driven by eleven incremental customer-provided aircraft. However, for the full year 2024, revenue block hours declined 6% over 2023, and cargo block hours declined 5% compared to 2023. Passenger block hours decreased 9% in the quarter and 14% for the year compared to 2023. The ACMI Services segment posted pretax earnings of $26 million for the fourth quarter of 2024, compared to a pretax loss of ($2 million) for the fourth quarter of 2023. The full year 2024 saw a pretax loss of ($14 million) for the segment.

Key operational metrics for the airlines in Q4 2024:

• Cargo block hours increase: 3%
• Revenue block hours increase: 1%
• Passenger block hours decrease: 9%
• Pretax earnings for the quarter: $26 million

Passenger-to-freighter aircraft conversion and modification

Conversion activity is ramping up for the next generation of freighters. At the end of the fourth quarter of 2024, fourteen CAM-owned aircraft were in or awaiting conversion to freighters, which was nine fewer than at the end of the prior-year quarter. This pipeline included seven 767s, one A321, and six A330s. Air Transport Services Group, Inc. (ATSG) developed the A321 Passenger-to-Freighter (P2F) design with Precision Aircraft Solutions, receiving a supplemental-type certificate from the Federal Aviation Administration for the configuration in 2021. As of early 2025, six A321 aircraft were currently receiving cargo modifications. The first two A330 freighter conversions were expected to be completed in the first quarter of 2025. Air Transport Services Group, Inc. (ATSG) delivered its first EASA-certified A321 P2F to Warsaw Cargo on July 17, 2025.

Operating three separate U.S. FAA Part 121 certified airlines

Air Transport Services Group, Inc. (ATSG)'s unique structure involves operating through three airlines, each holding a separate and distinct U.S. FAA Part 121 Air Carrier certificate. The operational activity is measured by block hours:

• Cargo block hours increased 3% in Q4 2024.
• Passenger block hours decreased 14% for the full year 2024 versus 2023.
• Revenue block hours for the airlines declined 6% for the full year 2024 over 2023.

Ground support and material handling services via LGSTX

LGSTX Services, Inc. provides complementary services, including airport ground services and material handling equipment engineering and service. No specific 2025 financial or statistical data for LGSTX Services, Inc. was explicitly detailed in the provided Q4 2024 earnings reports.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Key Resources

You're looking at the core assets Air Transport Services Group, Inc. (ATSG) relies on to execute its business, especially as it transitions into a private entity under Stonepeak Partners LP following the acquisition approved in February 2025. These resources are what make their ACMI (Aircraft, Crew, Maintenance, and Insurance) and leasing segments function.

The physical assets, primarily the fleet, are central. As of late 2025 data points, the in-service fleet is definitely over the 100 mark, showing a clear focus on widebody cargo capacity while integrating newer, more efficient types. The company remains the world's largest owner and operator of converted Boeing 767 freighter aircraft through its subsidiaries.

The fleet composition is diverse and evolving, with significant investment in Airbus conversions to supplement the workhorse Boeing 767s. Here's a look at the aircraft breakdown based on recent operational data:

ATSG is actively expanding its Airbus capacity; for instance, the first of 29 Airbus A330 Passenger-to-Freighter (P2F) aircraft on order were expected to arrive in 2025, with the first two conversions completed in the first quarter of 2025. Also, six A321s were undergoing cargo modifications in early 2025. The A321P2F is noted for better fuel efficiency over shorter routes compared to the Boeing 737 and 757 freighter variants.

Operationally, the regulatory structure is a key resource. Air Transport Services Group, Inc. operates through principal subsidiaries that hold three separate and distinct U.S. FAA Part 121 Air Carrier Certificates. This structure allows for distinct operational capabilities under the most stringent scheduled air carrier regulations.

Human capital is substantial, with approximately 5,300 skilled employees as of 2025 data. This includes the necessary pilots and mechanics to support the complex fleet and maintenance operations. The company is also investing in this resource base; for example, an expansion in Wilmington is expected to create 48 full-time-equivalent positions, generating over $3.5 million in new annual payroll.

The physical infrastructure centers around its primary hub and maintenance base. The corporate office and main hub are located at 145 Hunter Drive, Wilmington, OH 45177. The company is expanding operations at the Wilmington Air Park, which includes the relocation of key maintenance functions from CVG (Cincinnati/Northern Kentucky International Airport). This facility supports the maintenance, repair, and overhaul segment through subsidiaries like Airborne Maintenance and Engineering Services, Inc., and Pemco World Air Services, Inc.

Finance: draft 13-week cash view by Friday.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Value Propositions

You're looking at the core value Air Transport Services Group, Inc. (ATSG) delivers to its customers, which is essentially a complete, outsourced air cargo solution. It's not just about moving boxes; it's about providing the entire operational backbone.

Integrated Lease+Plus model (aircraft, crew, maintenance, insurance)

This is the comprehensive package that sets ATSG apart. It bundles the physical asset with the operational necessities. The Lease+Plus strategy is recognized by leasing customers as a way to immediately increase capacity by combining:

• Aircraft leasing (dry lease or ACMI).
• Air express operations.
• Heavy maintenance.
• Freighter conversions.
• Logistics services.

The company's subsidiaries include three airlines holding distinct U.S. FAA Part 121 Air Carrier certificates, which deliver the air cargo lift component of this bundle. For the full year 2024, ATSG generated consolidated revenues of $2.0 billion and an Adjusted EBITDA of $549.4 million.

High operational reliability rate of 99.5% for cargo fleet

The commitment to operational performance is a key promise. The stated high operational reliability rate for the cargo fleet is 99.5%. This reliability underpins the contracted services, such as operating eleven incremental customer-provided 767-300 freighters for a major customer during 2024.

Flexible, customized air cargo solutions for e-commerce scale

ATSG provides the scalable lift required by the expanding e-commerce sector. The company is actively managing its fleet to meet this demand, expecting the delivery of its first four converted Airbus A330 freighters in 2025. This flexibility is evident in the fleet management actions; for instance, at the end of the fourth quarter of 2024, 91 CAM-owned aircraft were leased to external customers.

The scale of their medium widebody operations is significant, as shown by the fleet composition at the end of 2024:

Specialized cold-chain logistics for the life sciences sector

While specific revenue figures for ATSG's life sciences logistics are proprietary, the value proposition is anchored in the rapidly growing global environment for temperature-sensitive goods. The global Cold Chain Logistics Market size was estimated at USD 385.6 billion in 2025. ATSG's capability to support this sector is part of its broader logistics services offering, which includes aircraft maintenance and ground handling services.

Medium widebody freighter leadership, especially the 767 platform

ATSG positions itself as the global leader in freighter aircraft leasing, with the Boeing 767 platform forming the core of this leadership. The company stated that the Boeing 767 remains unrivaled in the medium-widebody freighter market, offering optimal payload and range for express delivery operations. For example, a lease agreement with a major logistics provider increased the total CAM-leased 767 fleet at that customer to fourteen 767-300 aircraft.

The company's full-year 2024 Free Cash Flow was $228.1 million, a significant turnaround from negative ($111.8) million in 2023, demonstrating the financial strength supporting this asset-heavy leadership position.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Customer Relationships

The Customer Relationships component for Air Transport Services Group, Inc. (ATSG) is fundamentally built on deep, multi-year, integrated partnerships with major logistics and government entities. This model relies on long-term commitments that provide significant visibility into future earnings and cash flows, with some contracts extending up to 10 years.

Long-term, dedicated strategic contracts (e.g., Amazon, DHL)

The concentration of revenue from key partners underscores the importance of these relationships. For the nine months ended September 30, 2024, the revenue split from the top three customers was:

The Amazon relationship is secured by the Third Amended and Restated Air Transportation Services Agreement (3rd A&R ATSA), which runs through May 6, 2029, covering the operation of 10 additional Boeing 767-300 freighter aircraft, with an option for up to 10 more. For DHL, as of September 30, 2024, ATSG leased 14 Boeing 767 freighters, with lease expirations spanning from 2025 to 2031. Furthermore, prior agreements included six-year extensions through April 2028 for dry leases of five B767 freighters to DHL, with the Crew, Maintenance and Insurance (CMI) agreement expanded to cover a total of 12 operated freighters.

Integrated service delivery via wholly-owned subsidiaries

ATSG utilizes its wholly-owned subsidiaries to offer a seamless, end-to-end service bundle, which is a core differentiator. Cargo Aircraft Management, Inc. (CAM) handles the leasing of aircraft, while the airline subsidiaries-ABX Air, Air Transport International, and Omni Air International-provide the contracted air transportation services. This structure allows for the management of both owned and customer-provided assets within the same operational framework. At the end of 2024, 91 CAM-owned aircraft were leased to external customers, and 27 customer-provided 767-300 freighters were subleased to and operated by an ATSG cargo airline. The total fleet size at year-end 2024 was 167 aircraft.

High-touch, B2B account management for complex ACMI deals

The nature of Aircraft, Crew, Maintenance, Insurance (ACMI) agreements requires dedicated, high-touch account management due to the complexity of integrating Air Transport Services Group, Inc.'s assets and crews directly into a customer's proprietary logistics network. This involves managing operational performance metrics like block hours, which for ATSG's airlines saw cargo block hours increase 3% in the fourth quarter of 2024, despite a 5% decline for the full year 2024 compared to 2023. The service offering is often a full-service option, combining leasing with operations.

Relationship-driven model for recurring lease and service revenue

The recurring nature of these long-term contracts is key to the financial stability. For the full year 2024, consolidated revenues were $2.0 billion. Revenue from aircraft leasing and related activities decreased 6% for the full year 2024 compared to 2023, which the company attributed to the scheduled return of nine 767-200 and four 767-300 aircraft, partially offset by leases on nine additional 767-300 freighters. The model is designed so that revenue from multi-year lease agreements supports strong Adjusted EBITDA margins.

• Total employees supporting these operations were over 4,700 as of December 31, 2024.
• Full Year 2024 Adjusted EBITDA was $549.4 million.
• Free Cash Flow for the full year 2024 was $228.1 million.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Channels

You're looking at how Air Transport Services Group, Inc. (ATSG) gets its services and aircraft to customers. It's not just one way; it's a mix of direct deals, managing assets for others, and running its own certified airlines.

Direct sales teams for large, long-term leasing and ACMI contracts

These teams focus on securing major, multi-year agreements, often with large logistics players or government entities. The structure of these relationships is key to Air Transport Services Group, Inc.'s revenue stability.

• Amazon accounted for approximately 33% of consolidated revenues for the nine months ended September 30, 2024.
• The Department of Defense (DoD) accounted for 29% of consolidated revenues for the nine months ended September 30, 2024.
• DHL accounted for 14% of consolidated revenues for the nine months ended September 30, 2024.
• As of September 30, 2024, Air Transport Services Group, Inc. leased 14 Boeing 767 freighter aircraft to DHL.
• Air Transport Services Group, Inc. operates 15 passenger aircraft and four combi aircraft for the DoD under one-year agreements as of September 30, 2024.

Cargo Aircraft Management (CAM) for external aircraft leasing

Cargo Aircraft Management (CAM) is the asset-holding channel, leasing its converted freighters directly to external customers globally. This segment saw its aircraft leasing and related revenues decrease by 6% for the full year 2024.

• At the end of the fourth quarter of 2024, 91 CAM-owned aircraft were leased to external customers.
• During 2024, CAM added nine Boeing 767-300 freighter aircraft and placed all nine with external customers under long-term leases.
• Air Transport Services Group, Inc. expects to place up to nine Airbus widebody and narrowbody freighters on lease in 2025.
• Fourteen CAM-owned aircraft were in or awaiting conversion to freighters at the end of the fourth quarter of 2024.

Wholly-owned airlines (e.g., ABX Air, Air Transport International)

The wholly-owned airlines serve as the operational arm, providing the actual air cargo lift, often under the large contracts secured by the direct sales teams. Air Transport Services Group, Inc. maintains a diverse operational base through its subsidiaries.

Here's a quick look at the operational scale of the airline segment based on late 2024 figures:

The airlines also handle passenger services; passenger block hours decreased 14% for the full year 2024 compared to 2023.

MRO and ground services subsidiaries for complementary offerings

These subsidiaries provide the integrated support necessary to keep the core leasing and ACMI channels running smoothly. This includes maintenance, ground handling, and engineering services.

• Complementary services allow the integration of aircraft maintenance, airport ground services, and material handling equipment engineering and service.
• The company performs passenger-to-freighter and passenger-to-combi conversions of aircraft.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Customer Segments

You're looking at the core groups Air Transport Services Group, Inc. (ATSG) serves to generate its revenue. Honestly, it's all about moving cargo for the giants of global commerce, but they've got a few other key pockets of business too.

The primary customer base is clearly the world of high-volume, time-sensitive logistics. This segment drives the bulk of the business, as shown by the revenue split from the last full reporting year.

• Global e-commerce and express delivery companies (primary segment)

This group relies heavily on ATSG's ACMI Services (Aircraft, Crew, Maintenance, and Insurance), which typically bills based on hours or miles flown. For context, ATSG's total reported revenue for the full year 2024 was $1.96 billion.

The relative importance of the main customer-facing segments, based on 2024 sales breakdown, looks like this:

International freight forwarders and logistics providers are a significant part of the demand, feeding into both the ACMI and CAM segments. They need reliable lift capacity to move goods globally, often on long-term contracts.

The U.S. military and government agencies provide charter services for both passenger and cargo needs. While specific contract values for ATSG related to these charters in 2025 aren't public in the same way as commercial revenue, the company explicitly serves government customers. One specific contract noted for a period ending in late 2025 was for policy analyst services, valued at $151,848.40, though this is administrative and not core transport revenue.

Airlines seeking flexible capacity management use ATSG to supplement their own fleets, especially for cargo operations, without the capital outlay of buying more planes. This is a key driver for the Cargo Aircraft Management (CAM) segment, which leases aircraft. As of December 31, 2023, ATSG's in-service fleet stood at 107 owned Boeing aircraft, three Airbus aircraft, and 20 leased aircraft. The company added nine converted 767-300 freighters under lease since the end of December 2023, though some older aircraft returns offset this.

The life sciences and pharmaceutical companies represent an emerging segment. ATSG announced a strategic partnership with Frontier Scientific Solutions to launch dedicated, temperature-controlled air services for life sciences logistics. This points to a growing need for specialized, high-integrity transport within that sector, which is projected to see significant market growth.

Here are the key customer-facing service areas ATSG provides:

• Aircraft leasing and ACMI contracts for cargo operations.
• Aircraft maintenance and modification services, including passenger-to-freighter conversions.
• Ground support services like cargo load transfer and sorting.
• Crew training services.

Finance: draft 13-week cash view by Friday.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Cost Structure

You're looking at the core expenses Air Transport Services Group, Inc. (ATSG) faces to keep its fleet flying and growing. Honestly, for an aircraft lessor and cargo operator, the costs are heavily weighted toward fixed assets and the debt that pays for them.

High fixed costs from aircraft depreciation and amortization (increased in 2024)

The biggest non-cash hit comes from the planes themselves. Depreciation and amortization are significant because ATSG owns the world's largest fleet of Boeing 767 converted freighters. Full-year 2024 results showed that increased costs for depreciation and amortization contributed to lower full-year pretax earnings compared to 2023. Specifically, in the Cargo Aircraft Management (CAM) segment, depreciation expense increased by $\mathbf{\$34 \text{ million}}$ versus the prior year for the fourth quarter alone, indicating a rising fixed cost base as new assets are placed in service or converted.

Significant capital expenditure for freighter conversions

The drive to expand the modern freighter fleet requires massive upfront investment. For the year ended December 31, 2024, the cash outflow for aircraft acquisitions and freighter conversions totaled $\mathbf{\$218.060 \text{ million}}$ in the investing activities section of the cash flow statement. This is a key driver of capital deployment, supporting future revenue streams.

Here's a quick look at the capital spending focus for 2024:

Variable costs for fuel, maintenance, and employee compensation

While depreciation is fixed, operating costs fluctuate with flight hours. Fuel is a major variable cost, though for ACMI (Aircraft, Crew, Maintenance, Insurance) contracts, the customer is typically responsible for it. Maintenance is substantial; for instance, required heavy maintenance was a $\mathbf{\$100.6 \text{ million}}$ component of 2024 capital expenditures. Employee compensation is also a significant variable cost, rising in 2024 due to factors like inflation and the need to staff up for growth.

Key operational cost drivers include:

• Increased costs for employee compensation compared to 2023.
• Costs associated with bringing new aircraft into service, such as adding over $\mathbf{50 \text{ additional pilots}}$ at ABX Air for the expanded Amazon flying agreement.
• Higher wage rates, increased personnel, and overtime pay impacting expenses.
• Increased ground service rates impacting ACMI Services segment expenses.

Interest expense on debt used for fleet financing (increased in 2024)

Financing the large asset base means interest expense is a recurring, non-trivial cost. Full-year 2024 saw interest expense increase compared to 2023. For the CAM segment alone, interest expense increased by $\mathbf{\$12 \text{ million}}$ versus the prior year in the fourth quarter comparison. On a consolidated basis, interest expense increased by $\mathbf{\$10.0 \text{ million}}$ during 2024 compared to 2023, partly due to higher rates under the Senior Credit Agreement and the issuance of the 2023 Convertible Notes.

Costs associated with customer incentives and pilot labor agreements

Incentives, often tied to warrants or lease agreements, can create significant, non-recurring charges. For example, the third quarter of 2024 included $\mathbf{\$4.9 \text{ million}}$ more in customer incentive costs stemming from warrant agreements with Amazon. Overall, increased customer incentives were cited as a factor contributing to lower full-year pretax earnings in 2024 versus 2023. Labor agreements also factor in; the ABX Air pilots ratified an extension moving the next amendable date to $\mathbf{2030}$, which provides cost certainty for staffing the expanded Amazon operations.

Here's how some of these specific expense pressures compared in 2024:

The structure is definitely asset-heavy, you know? Finance: draft 13-week cash view by Friday.

Air Transport Services Group, Inc. (ATSG) - Canvas Business Model: Revenue Streams

You're looking at how Air Transport Services Group, Inc. (ATSG) brings in its money. It's a mix of putting their planes to work for others and keeping other people's planes flying right. Honestly, the structure is built around their fleet assets and the operational expertise of their airlines.

The total picture for the full year 2024 shows consolidated revenue hitting $2.0 billion. That's the top line before any costs come out. To give you a sense of where that came from, we can break down the main sources based on the structure of their business segments.

External aircraft leasing revenue, which primarily comes from the Cargo Aircraft Management (CAM) segment, was reported at $497 million in 2024. This revenue stream is about getting their owned freighters into the hands of customers under long-term agreements. For context, in the fourth quarter of 2024, CAM's total revenues were $111,560 thousand. Keep in mind that for the full year 2024, aircraft leasing and related revenues for CAM actually decreased by 6% compared to 2023, even though they added nine Boeing 767-300 freighter aircraft under long-term leases during the year.

Dedicated cargo transportation revenue, which is the flying they do for customers under contract, is heavily influenced by the Amazon Air partnership. That specific agreement is noted as generating approximately $1.2 billion annually. This revenue comes from the ACMI Services segment, where Air Transport Services Group, Inc. (ATSG) provides the aircraft, crew, maintenance, and insurance (ACMI) to operate dedicated routes. For the fourth quarter of 2024, the ACMI Services segment brought in $372,067 thousand in total revenues.

ACMI Services revenue, separate from the dedicated Amazon contract, is derived from flying services provided to various customers. While the full-year 2024 results for this segment showed a pre-tax earning of $1 million, the fourth quarter saw a significant swing to a pre-tax profit of $26 million, up from a loss of $2 million in the fourth quarter of 2023. This improvement was helped by operating eleven customer-provided Boeing 767-300 aircraft and contractual rate increases.

The final piece of the main revenue puzzle is Maintenance, Repair, and Overhaul (MRO) services revenue, which was approximately $141 million in 2024. This revenue stream supports the core operations by servicing the fleet, both their own and customer aircraft.

Here's a quick look at how those key revenue components stack up for the full year 2024, based on the provided figures and segment data:

You can see the concentration of revenue in the dedicated cargo transportation, but the leasing side is substantial too. The revenue mix is dynamic, though. Here are some key operational metrics that feed into these streams:

• Full-year 2024 revenue declined from $2.1 billion in 2023.
• Cargo block hours for ATSG's airlines declined 6% for the full year 2024 over 2023.
• At year-end 2024, 91 CAM-owned aircraft were leased to external customers.
• ACMI Services pretax earnings for the full year 2024 were $1 million, down from $32 million in 2023.
• The company is working toward completing its acquisition by Stonepeak in the first half of 2025.

It's definitely a business where asset deployment and contract volume drive the top line.