Disclaimer About Forward-Looking Statements & Third-Party Sources INVESTOR PRESENTATION This presentation (this "Investor Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential transaction (the "Transaction") between ContextLogic Holdings Inc., and its subsidiaries (the "Company"), US Salt Parent Holdings, LLC and its subsidiaries ("US Salt"), affiliates of Abrams Capital Management, L.P. ("Abra ...

Summary of Air T (NasdaqCM:AIRT) FY Conference Call Company Overview - **Company Name**: Air T - **Ticker Symbol**: AIRT - **Industry**: Aviation and Aircraft Asset Management - **Key Personnel**: Dan Philpe (Senior Vice President, Corporate Development), Nick Swenson (CEO) Core Business Model - Air T focuses on building aviation companies through acquisitions and starting new businesses, primarily in aircraft asset management [2][3] - The company typically acquires one to two businesses per year, emphasizing a patient and strategic approach to acquisitions [3] - Air T operates with a decentralized management structure, allowing individual business units to make local decisions [4][10] Financial and Shareholder Insights - Senior management owns 20% of the company, with CEO Nick Swenson owning 49% [5] - The company has conducted stock buybacks, removing 22% of its stock from the market over time [5] - Air T aims to improve shareholder communication and transparency [6] Business Units and Operations - Air T owns three feeder airlines for FedEx, which are cash-generative and asset-light [8] - The company has a diversified portfolio, including businesses focused on aircraft engines, airframes, and maintenance services [21][22] - Recent acquisitions include World ACD, a co-op database for cargo information, and Crestone, which manages aircraft joint ventures [19][24] Recent Developments - Air T is in the process of acquiring Regional Express, the third-largest airline in Australia, which is expected to close soon [36] - The company has developed a significant asset management platform, allowing it to manage aircraft and generate fee income [28][30] Financial Performance - The company reported a working capital high due to inventory levels in its de-icing manufacturing business [17] - Air T's capital structure includes $35 million in trust-preferred securities with an 8% coupon [16] - The company is approaching $1 billion in assets under management (AUM) for its aircraft joint ventures [29] Market Position and Strategy - Air T aims to capitalize on the aging aircraft market, with many older aircraft still in operation due to issues with newer technology [40] - The company is focused on making the end-of-life aircraft market more institutionalized and understandable [41] - Air T plans to grow its leasing capabilities and potentially acquire younger aircraft as it scales [41] Digital Initiatives - Air T has invested in digital solutions, including Amber Hill Technologies, which provides ERP solutions for maintenance and repair facilities [32][33] - The company is experiencing growth in annual recurring revenue (ARR) from its software and data businesses [31] Conclusion - Air T is strategically positioned in the aviation industry with a focus on aircraft asset management and a diversified portfolio of businesses. The company is committed to enhancing shareholder value through acquisitions, operational efficiency, and improved communication.