Adjusted Pre-tax Earnings is defined as Earnings from Continuing Operations Before Income Taxes plus derivative losses, less derivative gains, plus the write-off related to the termination of certain credit agreements in conjunction with the refinancing of the Company's debt. Management uses Adjusted Pre-tax Earnings from Continuing Operations to assess the performance of its operating results among periods. Adjusted Pre-tax earnings from Continuing Operations is a non-GAAP financial measure and should not be considered an alternative 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||Nine Months Ended|
|September 30,||September 30,|
|Earnings (Loss) from Continuing Operations Before Income Taxes||$||18,959||$||(6,666||)||$||47,873||$||17,581|
|Depreciation and Amortization||21,057||22,616||62,871||68,865|
|EBITDA from Continuing Operations||$||43,646||$||19,225||$||121,526||$||97,262|
|Add Asset impairment charges||—||27,144||—||27,144|
|Less Net (Gain) Loss on derivative instruments||—||—||—||2,886|
|Add Write-off of unamortized debt issuance costs||(294||)||1,881||(956||)||5,437|
|Adjusted EBITDA from Continuing Operations||$||43,352||$||48,250||$||120,570||$||132,729|
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.
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