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 AMORTIZATION
|Three Months Ended||Year Ended|
|December 31,||December 31,|
Earnings from Continuing Operations Before Income Taxes
|Depreciation and Amortization||22,198||22,284||91,063||87,594|
|EBITDA from Continuing Operations||$||48,663||$||46,425||$||145,925||$||169,270|
|Add Asset impairment charges||—||—||27,144||—|
|Less Net (Gain) Loss on derivative instruments||(556||)||—||4,881||—|
|Add Write-off of unamortized debt issuance costs||—||—||2,886||—|
|Less DHL Severance and Retention activities||—||—||—||(3,549||)|
|Adjusted EBITDA from Continuing Operations||$||48,107||$||46,425||$||180,836||$||165,721|
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.