Air Transport Services : 2024 Annual Stakeholder MeetingDownload Presentation REGISTER/REPLAY

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24

ANNUAL STOCKHOLDERS

MEETING

MAY 22, 2024 11:00 A.M.

VIRTUAL

JOE

HETE

CHAIRMANOFTHEBOARDOF DIRECTORS&

CHIEFEXECUTIVEOFFICER

ATSG

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PRINCIPAL BUSINESS OF THE

2024ANNUALMEETING OFSTOCKHOLDERS

1. The election of the nine (9) director nominees named in proxy statement
2. To consider and vote on an advisory proposal to ratify the appointment of Deloitte & Touche as the Company's independent registered public accounting firm for 2024
3. To consider and hold an advisory vote on the compensation paid to the Company's named executive officers for 2023
4. A stockholder proposal regarding disclosure of managing climate risk through science-based targets and transition planning

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PHYLLIS J.	JEFFREY A.	RAYMOND E.	LAURA J.
CAMPBELL	DOMINICK	JOHNS, JR.	PETERSON

RANDY D.	J. CHRISTOPHER	JEFFREY J.	PAUL S.	JOSEPH C.
RADEMACHER	TEETS	VORHOLT	WILLIAMS	HETE

ATSGBOARDOFDIRECTORS

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JOE

PAYNE

CHIEFLEGALOFFICER ANDSECRETARY

ATSG

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PRINCIPAL BUSINESS OF THE

2024ANNUALMEETING OFSTOCKHOLDERS

1. The election of the nine (9) director nominees named in proxy statement
2. To consider and vote on an advisory proposal to ratify the appointment of Deloitte & Touche as the Company's independent registered public accounting firm for 2024
3. To consider and hold an advisory vote on the compensation paid to the Company's named executive officers for 2023
4. A stockholder proposal regarding disclosure of managing climate risk through science-based targets and transition planning

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AIR TRANSPORT SERVICES GROUP

SAFEHARBORSTATEMENT

Throughout this presentation, Air Transport Services Group, Inc. ("ATSG") makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended (the "Act"). Except for historical information contained herein, the matters discussed in this presentation contain forward-looking statements that involve inherent risks and uncertainties. Such statements are provided under the "safe harbor" protection of the Act. Forward-looking statements include, but are not limited to, statements regarding anticipated operating results, prospects and levels of assets under management, technological developments, economic trends, expected transactions and similar matters. The words "may," "believe," "expect," "anticipate," "target," "goal," "project," "estimate," "guidance," "forecast," "outlook," "will," "continue," "likely," "should," "hope," "seek," "plan," "intend" and variations of such words and similar expressions identify forward-looking statements. Similarly, descriptions of ATSG's objectives, strategies, plans, goals or targets are also forward-looking statements.

Forward-looking statements are susceptible to a number of risks, uncertainties and other factors. While ATSG believes that the assumptions underlying its forward-looking statements are reasonable, investors are cautioned that any of the assumptions could prove to be inaccurate and, accordingly, ATSG's actual results and experiences could differ materially from the anticipated results or other expectations expressed in its forward-looking statements. A number of important factors could cause ATSG's actual results to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: (i) unplanned changes in the market demand for our assets and services, including the loss of customers or a reduction in the level of services we perform for customers; (ii) our operating airlines' ability to maintain on-time service and control costs; (iii) the cost and timing with respect to which we are able to purchase and modify aircraft to a cargo configuration; (iv) fluctuations in ATSG's traded share price and in interest rates, which may result in mark-to-market charges on certain financial instruments; (v) the number, timing, and scheduled routes of our aircraft deployments to customers; (vi) our ability to remain in compliance with key agreements with customers, lenders and government agencies; (vii) the impact of current supply chain constraints both within and outside the United States, which may be more severe or persist longer than we currently expect; (viii) the impact of the current competitive labor market, which could restrict our ability to fill key positions; (ix) changes in general economic and/or industry-specific conditions, including inflation and regulatory changes; and (x) other uncontrollable factors such as geopolitical tensions or conflicts and human health crises. Other factors that could cause ATSG's actual results to differ materially from those indicated by such forward-looking statements are discussed in "Risk Factors" in Item 1A of ATSG's Form 10-K and are contained from time to time in its other filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q.

Readers should carefully review this presentation and should not place undue reliance on ATSG's forward-looking statements. New risks and uncertainties arise from time to time, and factors that ATSG currently deems immaterial may become material, and it is impossible for ATSG to predict these events or how they may affect it. These forward-looking statements were based only on information, plans and estimates as of the date of this presentation. Except as may be required by applicable law, ATSG undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. ATSG does not endorse any projections regarding future performance that may be made by third parties.

This presentation also contains non-GAAP financial measures from continuing operations, including adjusted earnings, adjusted earnings per share, adjusted pretax earnings, adjusted EBITDA, and adjusted free cash flow. Management believes these metrics are useful to investors in assessing ATSG's financial position and results. These non-GAAP measures are not meant to be a substitute for ATSG's GAAP financials. We advise you to refer to the reconciliations to GAAP measures, which are included in the company's 8-K dated 2/27/2024 and accompanying earnings release furnished. The Company does not provide a reconciliation of projected Adjusted EBITDA or Adjusted EPS, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts. For example, certain adjustments can be significantly impacted by the re-measurements of financial instruments including stock warrants issued to a customer. The Company's earnings on a GAAP basis, including its earnings per share on a GAAP basis, and the non-GAAP adjustments for gains and losses resulting from the re-measurement of stock warrants, will depend on, among other things, the future prices of ATSG stock, interest rates, and other assumptions which are highly uncertain. As a result, the Company believes such reconciliations of forward-looking information would imply a degree of precision and certainty that could be confusing to investors.

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MIKE

BERGER

PRESIDENT

ATSG

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2023 HIGHLIGHTS

Customer		Strong Adjusted		2023 Adjusted
Revenues $2.1B		FreeCash Flow*		EBITDA* $562M

Up 1% vs. 2022	$435M, trailing	Down 12% vs.
	twelve months	2022

ending Dec 2023

9	*Non-GAAP measure, please see enclosed
GAAP reconciliations

GAAP EPS (diluted)		AdjustedEPS*			2024 Adjusted
from Continuing		of $1.46			EBITDA guidance
Operations					of $516M
$0.87					2024Capex
					Guidance of
		vs. $2.28 in2022
vs. $2.67in 2022
					$410M

QUINT TURNER

CHIEFFINANCIALOFFICER

ATSG

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