Adjusted Pre-tax Earnings is defined as Earnings from Continuing Operations Before Income Taxes less amounts related to the Severance and Retention agreement with DHL, plus net derivative losses, plus the write-off related to the termination of certain credit agreements in conjunction with the refinancing of the Company's debt, plus asset impairment charges. Adjusted Pre-tax earnings from Continuing Operations is a non-GAAP financial measure and should not be considered as alternatives to Earnings from Continuing Operations Before Income Taxes or any other performance measure derived in accordance with GAAP.
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST, TAXES,DEPRECIATION AND AMORTIZATIONNON-GAAP RECONCILIATION
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Earnings (Loss) from Continuing Operations Before|
|Depreciation and Amortization||22,616||22,758||68,865||65,310|
|EBITDA from Continuing Operations||$||19,225||$||43,986||$||97,262||$||122,845|
|Add Asset impairment charges||27,144||—||27,144||—|
|Add Net loss on derivative instruments||1,881||—||5,437||—|
|Add Write-off of unamortized debt issuance costs||—||—||2,886||—|
|Less DHL Severance and Retention activities||—||—||—||(3,549||)|
|Adjusted EBITDA from Continuing Operations||$||48,250||$||43,986||$||132,729||$||119,296|
EBITDA and Adjusted EBITDA from Continuing Operations are non-GAAP financial measures and should not be considered as alternatives to Earnings from Continuing Operations Before Income Taxes or any other performance measure derived in accordance with GAAP.