Investor Presentaiton
-SEGMENT ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
NON-GAAP RECONCILIATION
($ in thousands)
Segment Earnings (GAAP)
Remove: Government grants
Add: lease incentive amortization
Add: charges for non-consolidated affiliates
Add: net loss (gain) on financial instruments
Add: debt issuance costs
Add: transaction fees
Add: other non-service components of retiree
benefit costs, net
Add: impairment of aircraft and related assets
Add: net charges for hangar foam incident
Adjusted Pretax Earnings
Add: net interest expense
Add: Depreciation and amortization
Adjusted EBITDA
2019
2020
2021
2022
CAM ACMI
Other and
Reconciling
Leasing Services Items
Other and
Other and
Total
CAM ACMI Reconciling
Leasing Services
Items
Total
CAM ACMI Reconciling
Leasing Services
Items
68,643 32,055
(29,126)
71,572
77,424 114,128
(150,159)
(47,231)
41,393
(47,231)
106,161 158,733
36,311
(111,673)
16,708
470
17,178
18,509
2,162
20,671
20,040 3,054
Total
301,205
(111,673)
23,094
CAM ACMI Reconciling
Leasing Services
143,008 95,198
Other and
Items
22,292
Total
260,498
20,118
3,145
23,263
17,445
17,445
13,587
13,587
2,577
2,577
7,607
7,607
12,302
12,302
100,771
100,771
(29,979)
(29,979)
(9,022)
(9,022)
6,505
6,505
373
373
9,404
9,404
(12,032)
(12,032)
39,075
39,075
(17,827)
(17,827)
(20,046)
(20,046)
53
925
978
85,351 32,525
38,300 24,950
158,470 96,191
282,121 153,666
10,398
3,024
2,871
16,293
128,274
66,274
257,532
452,080
95,933 69,059 (8,758)
39,304 20,542
2,825
172,003 101,748
4,316 278,067
307,240 191,349 (1,617) 496,972
156,234
62,671
126,201 50,114
38,160 18,066
203,675 101,541
368,036 169,721
2,525
3,232
3,344
(2,413) 173,902
58,751
308,448
541,101
163,126 98,396
30,880 13,818
231,663 96,996
425,669 209,210
1,756
1,748
2,405
263,278
46,446
331,064
5,909
640,788
This presentation, including the attached non-GAAP reconciliation tables, contains financial measures that are not calculated and presented in accordance with generally
accepted accounting principles in the United States ("non-GAAP financial measures"). Management uses these non-GAAP financial measures to evaluate historical results
and project future results. Management believes that these non-GAAP financial measures assist in highlighting operational trends, facilitating period-over-period
comparisons, and providing additional clarity about events and trends affecting core operating performance and cash flows. Disclosing these non-GAAP financial measures
provides insight to investors about additional metrics that management uses to evaluate past performance and prospects for future performance. Non-GAAP measures
should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP and may be calculated differently by other companies.
Slide 1 67
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