2Q 2023 ATSG QUARTERLY PRESENTATION RICH CORRADO l PRESIDENT & CEO JOE PAYNE l CLO MIKE BERGER l CSO QUINT TURNER l CFO Slide l 1 AIR TRANSPORT SERVICES GROUP ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 000-50368 ________________________________________________________________ Air Transport Services Group, Inc. (Exact name of registran ...

Air Transport Services Group, Inc. (NASDAQ:ATSG) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Joe Payne - Chief Legal Officer Rich Corrado - President and CEO Quint Turner - CFO Mike Berger - CSO Conference Call Participants Jack Atkins - Stephens Helane Becker - TD Cowen Frank Galanti - Stifel Chris Stathoulopoulos - Susquehanna Financial Michael Ciarmoli - Truist Operator Thank you for standing by, and welcome to the Air Transport Services Group First Quarter 2023 Earnings ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 000-50368 ________________________________________________________________ Air Transport Services Group, Inc. (Exact name of registra ...

Financial Data and Key Metrics Changes - In 2022, consolidated revenues grew by $311 million to reach $2 billion, marking an all-time high for the company [8] - Adjusted EPS increased by over 40% to $2.28 compared to $1.61 in 2021, exceeding the target of $2 set a year ago [8] - Adjusted pretax earnings rose by 51%, and adjusted EBITDA increased by 18% [8][9] - Adjusted free cash flow for 2022 was $285 million, down $115 million from the previous year [11] Business Line Data and Key Metrics Changes - Earnings from airline businesses and leasing returns from CAM contributed significantly to the EPS gain [8] - The company added 13 767 freighters in 2022, with 6 leased to third-party customers [16] - ACMI Services saw more than a doubling of earnings, contributing to the overall growth [9] Market Data and Key Metrics Changes - The company expects to generate between $650 million and $660 million in adjusted EBITDA for 2023, reflecting a record pace of 20 freighter lease deployments [22] - Over 80% of CAM's leased freighter deployments in the coming years will be to airlines operating outside North America [20] Company Strategy and Development Direction - The company plans to expand its leased 767 fleet and introduce other freighter types, including the Airbus A321 and A330 [12][23] - The strategy includes targeting international markets where e-commerce is growing rapidly [20] - The company aims to maintain a debt leverage ratio below 3 times through 2024 and begin deleveraging in 2025 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth opportunities despite anticipated headwinds in 2023 [7][25] - The company is prepared for increased capital expenditures, projecting $850 million in CapEx for 2023 [12] - Management noted that the demand for cargo freighters is expected to remain strong due to a reduction in retirements during the pandemic [55] Other Important Information - The company repurchased 2 million shares, approximately 3% of outstanding shares, during the fourth quarter after pandemic-related restrictions expired [14] - The company has a strong balance sheet and has locked in favorable fixed rates for debt [13] Q&A Session Summary Question: Can you elaborate on the 2023 guidance for ACMI? - Management expects a year-over-year decrease in block hours for ACMI, with a potential recovery in the second half of the year [30] Question: What is the committed revenue for aircraft placements? - The company anticipates around $70 million of annualized revenue from 20 aircraft targeted for deployment in 2023 [36] Question: Are inflationary cost pressures reimbursable by customers? - Some costs are reimbursable, but inflation has outpaced contract escalators, affecting maintenance and travel costs [41] Question: Why will Boeing be faster for conversions than IAI? - Boeing has a more robust supply chain due to ongoing production lines, which supports their conversion capabilities [44] Question: How does the company view pilot availability and costs? - The company has successfully attracted pilots and does not anticipate issues with pilot availability, as costs are largely fixed under contracts [63]

Air Transport Services Group, Inc. (NASDAQ:ATSG) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET Company Participants Joe Payne - Chief Legal Officer Rich Corrado - President & Chief Executive Officer Quint Turner - Chief Financial Officer Mike Berger - Chief Commercial Officer Conference Call Participants Frank Galanti - Stifel Christopher Stathoulopoulos - Susquehanna Financial Group Thomas Fitzgerald - Cowen and Company Michael Ciarmoli - Truist Securities Scott Cavanagh - APG Asset Manage ...

Revenue Performance - External customer revenues from continuing operations increased by $99.8 million, or 24%, to $509.7 million for the three months ended June 30, 2022, compared to the same period in 2021[99]. - Revenues from commercial arrangements with ASI comprised approximately 34% of consolidated revenues during the six months ended June 30, 2022[96]. - The DoD accounted for 29% of consolidated revenues during the six months ended June 30, 2022, up from 24% in the same period of 2021[98]. - CAM's total revenues increased to $109.7 million for the three months ended June 30, 2022, from $88.6 million in the same period of 2021[102]. - ACMI Services revenues rose to $347.5 million for the three months ended June 30, 2022, compared to $273.3 million for the same period in 2021[102]. - Revenues from external customers for the three and six months ended June 30, 2022, were $80.8 million and $157.5 million, respectively, compared to $66.7 million and $127.5 million in 2021[107]. - Total revenues from ACMI Services increased by $74.2 million and $157.2 million for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021[110]. Earnings and Profitability - Consolidated net earnings from continuing operations were $54.2 million for the three months ended June 30, 2022, compared to $79.9 million for the same period in 2021[99]. - Adjusted pre-tax earnings from continuing operations were $66.9 million for the three months ended June 30, 2022, compared to $37.1 million for the same period in 2021[101]. - Pre-tax earnings from continuing operations for the three and six months ended June 30, 2022, were $39.6 million and $74.6 million, respectively, compared to $22.6 million and $44.0 million in 2021[109]. - The company recognized net gains of $6.0 million for the three months ended June 30, 2022, related to the repurchase of debt and financial instrument valuations[99]. Expenses - Fuel expenses increased by $36.5 million and $66.4 million during the three and six months ended June 30, 2022, respectively, due to a 60% and 52% increase in aviation fuel rates per gallon[113]. - Salaries, wages, and benefits expense increased by $21.3 million (15%) and $41.0 million (14%) during the three and six months ended June 30, 2022, respectively[113]. - Landing and ramp expenses increased by $1.1 million and $2.5 million for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, due to increased flying volumes for express cargo networks[116]. - Other operating expenses rose by $5.6 million and $9.0 million during the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021[116]. - Interest expense decreased by $5.6 million and $8.7 million for the three and six months ended June 30, 2022, respectively, due to lower interest rates and average debt balances[117]. Cash Flow and Capital Expenditures - Net cash generated from operating activities totaled $250.2 million for the six months ended June 30, 2022, down from $307.2 million in the same period of 2021[120]. - Capital expenditures were $294.2 million for the first six months of 2022, compared to $300.2 million in the same period of 2021, with significant spending on aircraft acquisitions and modifications[120]. - The company expects total capital expenditures for 2022 to be approximately $625 million, primarily related to aircraft purchases and modifications[121]. - As of June 30, 2022, the company had $47.2 million in cash and $269.7 million available from its revolving credit facility[123]. Fleet and Operations - The company leased 42 Boeing 767 freighter aircraft to ASI, with lease expirations between 2023 and 2031[96]. - The company secured additional aircraft conversion slots during 2021 to expand and diversify its fleet[95]. - As of June 30, 2022, the total in-service fleet consisted of 110 aircraft, an increase from 107 aircraft as of December 31, 2021[106]. - CAM has agreements to purchase eleven more Boeing 767-300 aircraft, four more Airbus A321-200 aircraft, and six Airbus A330 aircraft through 2024[109]. - Future operating results will depend on the ability to convert passenger aircraft into freighters within planned costs and timeframes required by customers[109]. - Customer block hours increased by 9% and 15% for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021[110]. Tax and Discontinued Operations - The effective tax rate for the three months ended June 30, 2022, was 22.6%, with an estimated effective income tax rate of 23% for the current year[117]. - Gains from discontinued operations related to former sorting operations were $0.9 million for the first half of 2022, compared to less than $0.1 million in the same period of 2021[119].

Air Transport Services Group, Inc. (NASDAQ:ATSG) Q2 2022 Results Conference Call August 5, 2022 10:00 AM ET Company Participants Joe Payne - Chief Legal Officer Rich Corrado - President and CEO Quint Turner - CFO Mike Berger - Chief Commercial Officer Conference Call Participants Jack Atkins - Stephens Helane Becker - Cowen Chris Stathoulopoulos - SIG Frank Galanti - Stifel Eric Kulisch - FreightWaves Operator Good day, and thank you for standing by. Welcome to the Second Quarter 2022 Air Transport Services ...