Investor Presentaiton

-ADJUSTED FREE CASH FLOW AND FREE CASH FLOW NON-GAAP RECONCILIATION 2020 2021 Net Cash Provided by Operating Activities (GAAP) Less Sustaining Capital Expenditures 2019 396,938 512,302 583,557 472,120 (125,464) (156,990) (183,104) (186,836) (207,680) 2022 TTM 2Q23 630,487 SUSTAINING CAPITAL EXPENDITURES Adj Free Cash Total (Non GAAP) Less Growth Capital Expenditures Free Cash (Non GAAP) 271,474 355,312 400,453 285,284 422,807 (328,038) (353,427) (321,644) (412,595) (510,466) (56,564) 1,885 78,809 (127,311) (87,659) GROWTH CAPITAL EXPENDITURES These measures facilitate the comparison of financial results among periods. Presenting these measures provides investors with comparative metrics of net cash generated from operations compared to capital expenditures and should not be considered an alternative to Net cash provided by operating actives or other GAAP cash flow metrics. ($ in thousands) Cost of planned airframe maintenance, engine overhauls, technology, and other property and equipment. Cost of aircraft acquisitions and freighter modifications. 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 168 ATSG

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