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    Anthony Berni

    Research Analyst at Susquehanna Financial Group

    Anthony Berni is a Research Analyst at Susquehanna Financial Group, specializing in equity research within the airline and aviation sectors. He regularly covers major public companies such as American Airlines and Air Transport Services Group, providing earnings call analyses and financial guidance commentary. Berni began his equity research career at Susquehanna and has also worked at Jefferies LLC as an Equity Associate before returning to his current analyst role, contributing detailed sector insights for institutional investors. His professional credentials likely include FINRA registration and applicable securities licenses, given his roles at leading financial institutions focused on equity research.

    Anthony Berni's questions to ATSG leadership

    Anthony Berni's questions to ATSG leadership • Q4 2023

    Question

    Asked for a breakdown of the 2024 EBITDA decline between flying and leasing, details on various expense lines (wages, maintenance, D&A, interest), the status of labor negotiations, the nature of EASA flying opportunities, and how a potential macro slowdown is factored into guidance.

    Answer

    The EBITDA decline is primarily from 767-200 lease returns impacting the CAM segment and lower block hours in the airline segment. Salary and maintenance costs are expected to fall, offset by higher depreciation and interest. No new labor agreements are anticipated in 2024. EASA opportunities are mainly short-term passenger charters. The 2024 guidance is considered conservative, assuming a flat macro environment rather than a further significant downturn.

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