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Old 07-14-2020, 06:48 AM
  #11  
BcULstDaBlodyWr
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Joined APC: Jul 2017
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Originally Posted by itsmytime View Post
agreed. I was surprised at a lot of what I read in there. I always heard AWAC was flush with cash. I read it as flights were resuming at IAD in August, not a base re-opening. Correct me if I’m wrong.
Depreciation of assets for 2019 Was around $25 million. Operating revenue was $263 million and expenses $284 million (including depreciation). If you take away depreciation, AWAC gained about $4 million in cash in 2019 that is meant to eventually buy new assets to replace depreciating assets.
Obviously not great that our income didn’t outpace our depreciation but it’s not like AWAC moved in the wrong direction with regards to total cash/year.

Also something I noticed was AWAC bought up 9 more of their planes in March 2020 they now own that they were previously leasing, adding to expenses. This looks more like accounting wizardry than anything because it would make more sense to terminate leases in March with so many planes parked rather than outright buy them. I’m assuming they’re looking to incur greater depreciation this year to write off more taxes next. Also the leasers of the aircraft are a subsidiary of the same holding group so there’s no effective change to the bottom line.
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