Air Transport Services Group, Inc. Financial Ratios — ATSG

Profitability (USD)

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	118.69	51.35	119.05	47.29	10.78	4.55
Return on Assets (%)	4.19	2.45	4.03	-1.9	2.92	4.01	2.04	1.32	3.45	2.31	1.1	7.38	5.79	1.61	0.71
Return on Capital (%)	34.53	19	21.82	- -	15.21	18.91	8.82	- -	9.1	7.72	4.39	16.74	12.5	5	3.5
Return on Invested Capital (%)	8.4	8.59	7.72	- -	5.54	6.64	5.87	- -	6.45	7.78	6.78	9.6	7.64	4.62	2.81
Gross Margin (%)	22.59	22.66	23.86	19.8	19.14	18.58	15.57	15.3	21.34	23.74	22.32	21.56	23.75	20.62	17.58
EBITDA Margin (%)	25.36	24.77	26.86	27.16	29.3	32.01	27.39	25.29	35.95	31.86	35.39	38.23	31.35	27.21	28.12
Operating Margin (%)	12.24	12.3	12.95	11.34	10.94	11.75	9.18	9.31	13.03	12.21	15.63	18.52	13.96	9.65	6.94
Incremental Operating Margin (%)	-6.33	12.9	9.03	47.12	-13.01	27.85	-1.49	9.63	-9.6	10.91	57.52	46.28	-11.49	-340.67	58.68
Pretax Margin (%)	9.49	5.6	10.92	-0.06	8.78	10.1	4.48	-0.61	9.8	4.93	2.64	17.37	12.74	4.07	2.16
Profit Margin (%)	5.97	3.18	6.73	-3.38	5.06	6.66	3.05	1.73	7.76	4.21	2.04	13.34	9.71	2.91	1.4
Net Income to Common Margin (%)	5.97	3.18	6.73	-3.38	5.06	6.66	3.05	1.73	7.76	4.21	2.04	13.34	9.71	2.91	1.4
Effective Tax Rate (%)	36.98	41.59	37.2	- -	38.05	37.42	38.88	- -	22.4	16.19	39.41	23.98	24.59	29.07	35.21
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	118.69	51.35	119.05	47.29	10.78	4.55

Credit (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Total Debt	303	347	364	385	344	318	459	570	1,401	1,528	1,548	1,363	1,540	1,817	1,603
ST Debt	37	13	21	24	24	34	29	19	30	28	32	19	24	75	19
LT Debt	266	334	343	361	320	284	429	552	1,372	1,500	1,516	1,343	1,516	1,743	1,583
Total Debt/EBITDA	1.79	1.92	2.23	2.44	1.99	1.6	2.18	2.11	4.37	3.3	2.79	2.05	2.4	3.23	2.9
Net Debt/EBITDA	1.51	1.75	2.14	2.24	1.81	1.51	2.1	1.99	4.18	3.11	2.59	1.85	2.24	3.03	2.7
Total Debt/EBIT	3.7	3.86	4.63	5.85	5.33	4.36	6.5	5.74	12.05	8.61	6.31	4.24	5.39	9.09	11.78
Net Debt/EBIT	3.13	3.52	4.44	5.36	4.86	4.12	6.27	5.41	11.54	8.11	5.86	3.83	5.04	8.55	10.94
EBITDA to Interest Expense	9.06	12.75	11.34	11.05	12.4	17.65	18.6	15.87	11.14	6.94	8.84	11.28	13.69	7.75	6.67
EBITDA-CapEx/Interest Expense	9.06	12.75	11.34	11.05	12.4	17.65	-4.76	-1.57	0.97	0.14	0.72	11.28	13.69	7.75	6.67
EBIT to Interest Expense	4.37	6.33	5.47	4.62	4.63	6.48	6.23	5.84	4.04	2.66	3.9	5.46	6.09	2.75	1.65
Interest Expense	19	14	14	14	14	11	11	17	29	67	63	59	47	73	83
Common Equity/Total Assets	-18.94	-14.84	-10.29	-12.21	-9.52	-5.29	-2.51	-0.85	2.29	1.65	2.62	9.49	14.75	15.19	15.85
Long-Term Debt/Equity (%)	88.04	123.52	114.69	97.78	92.02	77.97	129.38	139.55	314.27	325.85	177.26	101.57	107.32	127.31	106.7
Long-Term Debt/Capital (%)	201.6	167.27	133.06	139.65	129.04	108.13	100.55	99.04	94.08	95.3	93.23	80.3	73.25	72.39	71.33
Long-Term Debt/Total Assets (%)	29.53	33.58	33.14	34.92	31.6	27.25	34.1	35.61	55.52	53.19	50.52	41.11	42.23	44.89	40.67
Total Debt/Equity (%)	100.15	128.41	121.8	104.21	99.02	87.23	138.21	144.23	321.07	331.83	180.95	103.04	109.01	132.79	107.99
Total Debt/Capital (%)	229.34	173.9	141.31	148.84	138.87	120.98	107.41	102.36	96.11	97.05	95.17	81.46	74.41	75.5	72.19
Total Debt/Total Assets (%)	33.59	34.91	35.19	37.22	34.01	30.49	36.43	36.81	56.72	54.17	51.57	41.7	42.89	46.82	41.16
Net Debt to Equity	84.74	117.12	116.64	95.62	90.23	82.37	133.28	135.96	307.47	312.42	168.25	93	101.79	124.84	100.28
Net Debt/Capital (%)	299.85	187.24	143.94	155.67	144.33	122.5	107.71	102.51	95.95	94.13	90.7	76.71	70.4	72.6	68.92
EBITDA	169	181	163	158	173	198	211	270	321	463	556	663	641	563	552
EBITDA-CapEx	169	181	163	158	173	198	-54	-27	28	9	45	663	641	563	552
Operating Income (Loss)	82	90	79	66	65	73	71	99	116	177	245	321	285	200	136

Liquidity (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Cash Ratio	0.37	0.28	0.16	0.32	0.27	0.14	0.11	0.18	0.26	0.18	0.13	0.22	0.09	0.13	0.17
Current Ratio	0.95	1.23	1.05	1.2	0.87	0.8	0.85	1	1.13	1.01	0.9	1.13	1.36	0.86	0.98
Quick Ratio	0.7	0.68	0.64	0.84	0.66	0.6	0.6	0.77	0.9	0.79	0.64	0.88	1.07	0.67	0.75
CFO/Avg Current Liab	0.73	1.15	1.07	0.95	1.41	1.47	1.37	1.38	1.44	1.61	1.81	1.9	1.52	1.85	1.4
Common Equity/Total Assets	-18.94	-14.84	-10.29	-12.21	-9.52	-5.29	-2.51	-0.85	2.29	1.65	2.62	9.49	14.75	15.19	15.85
Long-Term Debt/Equity (%)	88.04	123.52	114.69	97.78	92.02	77.97	129.38	139.55	314.27	325.85	177.26	101.57	107.32	127.31	106.7
Long-Term Debt/Capital (%)	201.6	167.27	133.06	139.65	129.04	108.13	100.55	99.04	94.08	95.3	93.23	80.3	73.25	72.39	71.33
Long-Term Debt/Total Assets (%)	29.53	33.58	33.14	34.92	31.6	27.25	34.1	35.61	55.52	53.19	50.52	41.11	42.23	44.89	40.67
Total Debt/Equity (%)	100.15	128.41	121.8	104.21	99.02	87.23	138.21	144.23	321.07	331.83	180.95	103.04	109.01	132.79	107.99
Total Debt/Capital (%)	229.34	173.9	141.31	148.84	138.87	120.98	107.41	102.36	96.11	97.05	95.17	81.46	74.41	75.5	72.19
Total Debt/Total Assets (%)	33.59	34.91	35.19	37.22	34.01	30.49	36.43	36.81	56.72	54.17	51.57	41.7	42.89	46.82	41.16
CFO/Total Liabilities	18.75	18.41	15.02	14.21	22.54	25.83	20.82	20.37	14.65	16.82	23.87	30	21.68	26.02	22.11
CFO/CapEx	- -	- -	- -	- -	- -	- -	0.73	0.79	1.02	0.88	1	- -	- -	- -	- -
Altman's Z-Score	1.36	1.19	0.97	1.11	1.16	1.32	1.4	1.62	1.14	1.33	1.56	1.86	1.81	1.33	1.35

Working Capital (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Accounts Receivable Turnover	10.38	17.56	13.48	11.59	12.31	12.2	11.37	11.46	6.95	9.35	9.93	9.66	8.07	8.01	9.26
Days Sales Outstanding	35.16	20.78	27.08	31.5	29.64	29.91	32.1	31.84	52.53	39.04	36.76	37.77	45.24	45.59	39.43
Inventory Turnover	83.12	70.1	50.45	50.34	48.36	42.68	39.48	42.99	25.2	31.23	31.36	30.36	29.16	30.52	32.4
Days Inventory Outstanding	4.39	5.21	7.23	7.25	7.55	8.55	9.25	8.49	14.48	11.69	11.64	12.02	12.52	11.96	11.26
Accounts Payable Turnover	13.17	12.74	10.91	13.03	12.68	11.91	12.48	11.31	6.81	8.86	8.66	8.67	8.54	7.78	6.96
Accounts Payable Turnover Days	27.71	28.65	33.45	28.01	28.78	30.64	29.24	32.28	53.62	41.21	42.16	42.08	42.73	46.93	52.44
Cash Conversion Cycle	11.85	-2.66	0.86	10.74	8.41	7.83	12.11	8.05	13.4	9.52	6.25	7.71	15.02	10.62	-1.75
Inventory to Cash Days	30.77	15.58	19.85	24.25	22.09	21.36	22.85	23.35	38.05	27.35	25.12	25.75	32.72	33.63	28.16
Inventories	7	9	9	9	11	13	20	22	34	37	40	49	58	50	50
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	7	9	9	9	11	13	20	22	34	37	40	49	58	50	50

Enterprise Value (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Market Capitalization	496	299	254	518	550	648	979	1,363	1,340	1,382	1,853	2,023	1,912	1,209	1,429
- Cash & Cash Equivalents	47	31	15	32	31	18	16	33	59	46	40	69	27	54	61
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	303	347	364	385	344	318	459	570	1,401	1,528	1,548	1,363	1,540	1,817	1,603
Enterprise Value	752	615	604	871	864	948	1,421	1,901	2,682	2,863	3,361	3,316	3,425	2,973	2,971
Total Capital	132	199	258	258	248	263	427	557	1,458	1,574	1,627	1,673	2,069	2,407	2,220
Total Debt/Capital (%)	229.34	173.9	141.31	148.84	138.87	120.98	107.41	102.36	96.11	97.05	95.17	81.46	74.41	75.5	72.19
Total Debt / EV	0.4	0.56	0.6	0.44	0.4	0.34	0.32	0.3	0.52	0.53	0.46	0.41	0.45	0.61	0.54
EV/Sales	1.13	0.84	0.99	1.5	1.46	1.53	1.85	1.78	3.01	1.97	2.14	1.91	1.67	1.44	1.51
EV/EBITDA	4.44	3.4	3.7	5.53	5	4.78	6.75	7.04	8.36	6.19	6.05	5	5.34	5.28	5.39
EV/EBIT	9.21	6.85	7.67	13.24	13.38	13.02	20.14	19.12	23.07	16.14	13.69	10.32	12	14.88	21.83
EV/Cash Flow to Firm	6.06	4.35	5.04	1	5.45	5.21	7.11	10.65	8.37	6.32	6.11	5.28	6.75	4.21	5.07
EV/Free Cash Flow to Firm	6.06	4.35	5.04	1	5.45	5.21	3.06	4	4.37	3.16	3.17	5.28	6.75	4.21	5.07
Diluted Market Cap	506	302	258	518	558	656	1,005	1,381	1,559	1,627	1,878	2,239	2,295	1,331	1,479
Diluted Enterprise Value	762	619	607	871	872	956	1,448	1,919	2,901	3,108	3,387	3,532	3,807	3,095	3,021
EV per Share	11.98	9.72	9.51	13.6	13.44	14.75	23.17	32.26	45.65	48.61	56.85	48.16	46.53	43.31	45.69
TTM Sales	667	730	607	580	590	619	769	1,068	892	1,452	1,571	1,734	2,045	2,071	1,962
TTM EBITDA	169	181	163	158	173	198	211	270	321	463	556	663	641	563	552
TTM Operating Income	82	90	79	66	65	73	71	99	116	177	245	321	285	200	136
TTM Cash Flow to Firm	124	142	120	873	158	182	200	178	320	453	550	628	507	706	586
TTM Free Cash Flow to Firm	124	142	120	873	158	182	464	475	613	906	1,061	628	507	706	586

Multiples (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Price/Free Cash Flow	4.5	2.27	2.33	5.48	3.73	3.75	2.2	2.6	2.64	1.91	1.84	3.84	4.86	2.03	2.78
EV/EBIT	9.21	6.85	7.67	13.24	13.38	13.02	20.14	19.12	23.07	16.14	13.69	10.32	12	14.88	21.83
Enterprise Value	752	615	604	871	864	948	1,421	1,901	2,682	2,863	3,361	3,316	3,425	2,973	2,971
Low Price	1.78	3.86	3.38	4.08	5.81	7.6	9.05	14.97	17.06	19.01	13.2	21.42	23.32	14.03	11.62
EV/Sales	1.13	0.84	0.99	1.5	1.46	1.53	1.85	1.78	3.01	1.97	2.14	1.91	1.67	1.44	1.51
EV/EBITDA	4.44	3.4	3.7	5.53	5	4.78	6.75	7.04	8.36	6.19	6.05	5	5.34	5.28	5.39
Price/Earnings	12.46	12.88	6.23	- -	18.42	15.71	41.67	73.7	19.35	22.58	57.7	8.74	9.63	20.04	52.1
Price/Earnings Average	7.97	17.37	7.57	-20.53	17.01	14.73	35.68	67.26	18.65	21.7	43.67	7.89	10.77	23.14	37.23
Price/Earnings High	12.77	23.6	10.68	-26.73	20.59	17.08	45.15	85.2	23.47	24.85	58.71	9.65	12.8	32.66	52.93
Price/Earnings Low	2.81	10.53	5.25	-13.3	12.5	11.84	23.63	47.68	14.47	18.29	24.3	6.37	8.64	15.96	27.54
Price/Book Value	-2.91	-2.03	-2.39	-4.1	-5.71	-11.75	-30.93	-103.6	23.66	29.72	23.57	6.52	3.61	2.05	2.32
Price/Book Value Average	-1.86	-2.73	-2.9	-3.19	-5.28	-11.02	-26.48	-94.55	22.82	28.57	17.84	5.88	4.04	2.37	1.65
Price/Book Value High	-2.98	-3.71	-4.1	-4.16	-6.39	-12.78	-33.51	-119.77	28.71	32.71	23.99	7.2	4.8	3.34	2.35
Price/Book Value Low	-0.66	-1.66	-2.01	-2.07	-3.88	-8.86	-17.54	-67.02	17.7	24.09	9.93	4.75	3.24	1.63	1.22
Price/Tangible Book Value	2.44	1.69	1.23	1.57	1.78	1.99	3.42	3.89	-8.24	-6.46	8.69	2.83	2.28	1.46	1.6
Price/Tangible Book Value Average	1.56	2.28	1.49	1.22	1.65	1.87	2.93	3.55	-7.94	-6.21	6.58	2.56	2.55	1.69	1.15
Price/Tangible Book Value High	2.51	3.1	2.11	1.59	1.99	2.16	3.7	4.49	-9.99	-7.11	8.84	3.13	3.03	2.39	1.63
Price/Tangible Book Value Low	0.55	1.38	1.04	0.79	1.21	1.5	1.94	2.51	-6.16	-5.23	3.66	2.06	2.04	1.17	0.85
Price/Sales	0.74	0.41	0.42	0.89	0.93	1.05	1.27	1.28	1.5	0.95	1.18	1.17	0.93	0.58	0.73
Price/Sales Average	0.48	0.55	0.51	0.69	0.86	0.98	1.09	1.16	1.45	0.91	0.89	1.05	1.05	0.67	0.52
Price/Sales High	0.76	0.75	0.72	0.9	1.04	1.14	1.38	1.48	1.82	1.05	1.2	1.29	1.24	0.95	0.74
Price/Sales Low	0.17	0.33	0.35	0.45	0.63	0.79	0.72	0.83	1.12	0.77	0.5	0.85	0.84	0.47	0.39
Price/Cash Flow	4.42	2.24	2.3	5.48	3.67	3.7	5.07	5.8	4.5	3.48	3.62	3.47	4.05	1.85	2.68
Price/Cash Flow Average	2.83	3.02	2.8	4.27	3.39	3.47	4.34	5.29	4.34	3.35	2.74	3.13	4.53	2.13	1.92
Price/Cash Flow High	4.53	4.11	3.95	5.56	4.11	4.02	5.49	6.71	5.46	3.83	3.68	3.83	5.39	3.01	2.73
Price/Cash Flow Low	1	1.83	1.94	2.77	2.49	2.79	2.87	3.75	3.36	2.82	1.52	2.53	3.64	1.47	1.42
Price/Free Cash Flow Average	2.88	3.06	2.84	4.27	3.44	3.52	1.88	2.37	2.54	1.84	1.39	3.46	5.44	2.35	1.98
Price/Free Cash Flow High	4.62	4.16	4.01	5.56	4.17	4.08	2.38	3	3.2	2.11	1.87	4.24	6.46	3.32	2.82
Price/Free Cash Flow Low	1.01	1.86	1.97	2.77	2.53	2.83	1.25	1.68	1.97	1.55	0.77	2.8	4.36	1.62	1.47
EV/Sales Average	0.86	0.99	1.08	1.3	1.39	1.46	1.67	1.67	2.95	1.93	1.85	1.8	1.79	1.53	1.31
EV/Sales High	1.15	1.18	1.29	1.51	1.57	1.62	1.95	1.98	3.33	2.07	2.16	2.03	1.98	1.8	1.53
EV/Sales Low	0.55	0.77	0.93	1.06	1.16	1.27	1.3	1.33	2.63	1.79	1.46	1.6	1.58	1.32	1.17
EV/EBITDA Average	3.39	3.98	4.04	4.8	4.76	4.58	6.08	6.59	8.21	6.07	5.24	4.7	5.69	5.61	4.65
EV/EBITDA High	4.52	4.78	4.82	5.57	5.37	5.07	7.14	7.82	9.25	6.49	6.11	5.32	6.32	6.63	5.43
EV/EBITDA Low	2.17	3.1	3.45	3.9	3.98	3.98	4.74	5.25	7.31	5.62	4.12	4.17	5.04	4.84	4.16
EV/EBIT Average	7.02	8.01	8.37	11.49	12.73	12.46	18.15	17.92	22.65	15.84	11.86	9.71	12.79	15.81	18.84
EV/EBIT High	9.36	9.62	9.98	13.34	14.39	13.79	21.3	21.26	25.52	16.93	13.83	10.98	14.2	18.69	22
EV/EBIT Low	4.5	6.25	7.16	9.33	10.64	10.83	14.13	14.28	20.16	14.66	9.32	8.62	11.31	13.65	16.88
Last Price	7.9	4.72	4.01	8.09	8.56	10.08	15.96	23.14	22.81	23.46	31.34	29.38	25.98	17.61	21.98
High Price	8.1	8.65	6.88	8.2	9.57	10.96	17.29	26.75	27.67	25.82	31.89	32.43	34.54	28.7	22.33
Enterprise Value Average	573	719	658	756	822	907	1,280	1,781	2,634	2,810	2,911	3,118	3,651	3,160	2,564
Enterprise Value High	765	864	786	878	928	1,004	1,503	2,113	2,968	3,002	3,394	3,526	4,055	3,734	2,994
Enterprise Value Low	368	561	564	614	687	788	997	1,419	2,344	2,601	2,289	2,768	3,229	2,727	2,298

Shares Outstanding	64	64	64	65	65	64	59	59	59	59	60	74	72	65	66
Diluted Weighted Avg Shares	64	64	64	64	65	65	63	60	68	69	60	76	88	76	67
Basic Weighted Avg Shares	63	63	63	64	64	64	61	59	59	59	59	69	74	69	65
Revenue per Share	10.63	11.54	9.57	9.06	9.18	9.64	12.54	18.13	15.18	24.66	26.56	25.19	27.79	30.17	30.17
EBITDA per Share	2.7	2.86	2.57	2.46	2.69	3.09	3.43	4.59	5.46	7.86	9.4	9.63	8.71	8.21	8.48
Operating Income per Share	1.3	1.42	1.24	1.03	1	1.13	1.15	1.69	1.98	3.01	4.15	4.67	3.88	2.91	2.09
Basic EPS, GAAP	0.63	0.37	0.64	-0.31	0.46	0.64	0.38	0.31	1.18	1.04	0.54	3.36	2.7	0.88	0.42
Basic EPS from Cont Ops	0.64	0.38	0.66	-0.31	0.5	0.61	0.34	0.37	1.16	1.02	0.42	3.33	2.67	0.87	0.42
Diluted EPS, GAAP	0.62	0.36	0.63	-0.31	0.46	0.63	0.37	0.31	1.01	0.88	0.54	3.04	2.25	0.8	0.41
Diluted EPS from Cont Ops	0.62	0.37	0.65	-0.31	0.49	0.6	0.33	0.36	0.99	0.86	0.42	3	2.22	0.79	0.41
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.79	2.11	1.74	1.48	2.33	2.72	3.15	3.99	5.07	6.74	8.66	8.48	6.41	9.53	8.19
Free Cash Flow per Basic Share	1.79	2.11	1.74	1.48	2.33	2.72	-1.16	-1.05	0.09	-0.96	0.03	8.48	6.41	9.53	8.19
Cash & Equivalents per Share	0.74	0.48	0.24	0.5	0.48	0.28	0.27	0.56	1.01	0.78	0.67	1.01	0.37	0.78	0.93
Book Value per Share	-2.72	-2.33	-1.68	-1.97	-1.5	-0.86	-0.52	-0.22	0.96	0.79	1.33	4.5	7.19	8.59	9.49
Tangible Book Value per Share	3.23	2.79	3.26	5.15	4.8	5.07	4.67	5.95	-2.77	-3.63	3.61	10.37	11.41	12.02	13.7

Air Transport Services Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)