Investor Presentaiton
-FINANCIAL
($ in millions)
HISTORICAL CAPEX AND ADJ. FREE CASH
Capital Spending
$718
$599
$510
$505
$454
$510
$412
$353
$322
$328
$126
$157
$183
$187
$208
2019
2020
2021
2022
TTM 2Q23
Sustaining Growth
Adj. Free Cash Flow*
$400
$355
$271
$285
SUSTAINING
CAPITAL
EXPENDITURES
GROWTH
CAPITAL
EXPENDITURES
Cost of planned airframe
maintenance, engine
overhauls, technology,
and other property and
equipment.
Cost of aircraft
acquisitions and
freighter modifications.
$423
Adj. Free Cash Flow in 2022 negatively
impacted by timing of a fuel receivable,
which was collected in 2023
Trailing Twelve Month Adj. Free Cash flow
has consistently been $375 - $400 million
range
2019
2020
2021
2022
TTM 2Q23
* Adj. Free Cash Flow is Non-GAAP measure defined as Net Cash from Operations minus Sustaining Capital
Slide 153
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