Air Transport Services Group, Inc. (ATSG) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
ACMI Services	1,185.1	1,147.3	1,078.3	548.8	614.7	492.9	433.1	439.9
Other	375.6	334.3	314.0	286.6	433.2	9.5	3.2	11.4
CAM Leasing	370.3	308.7	285.3	229.0	209.2	195.1	177.8	166.3
Other						71.4	5.2
Total revenues	1,734.3	1,570.6	1,452.2	892.3	1,068.2	768.9	619.3	589.6
Revenue growth [+]	10.4%	8.2%	62.7%	-16.5%	38.9%	24.2%	5.0%	1.6%
ACMI Services	3.3%	6.4%	96.5%	-10.7%	24.7%	13.8%	-1.5%	-1.0%
Other	12.3%	6.5%	9.6%	-33.8%	4451.0%	200.7%	-72.1%	-6.9%
CAM Leasing	20.0%	8.2%	24.6%	9.4%	7.2%	9.7%	6.9%	3.7%
Cost of goods sold [+]	952.5	859.1	769.9	492.5	589.5	469.2	368.7	354.0
Labor costs	591.3	519.0	433.5	300.5	276.1	224.9	181.8	173.2
Other cost of sales								25.4
Fuel costs	173.6	148.4	155.0	39.3	149.6	87.1	52.6	53.5
Lease costs	14.2	12.5	11.2	6.0	22.3	13.5	9.7	10.3
Maintenance and operations costs	173.4	179.3	170.2	146.7	141.6	119.1	104.0	91.5
Landing fees and other rentals	14.2	12.5	11.2	6.0	22.3	13.5	9.7	10.3
Other direct costs						24.6	20.6	25.4
Gross profit	781.8	711.4	682.3	399.9	478.7	299.7	250.5	235.6
Gross margin	45.1%	45.3%	47.0%	44.8%	44.8%	39.0%	40.5%	40.0%
Selling, general and administrative [+]	122.9	106.6	114.3	54.5	45.8	36.1	15.3	32.0
General and administrative [+]	122.9	106.6	114.3	54.5	45.8	36.1	15.3	32.0
Rent expense	23.7	19.3	16.0	13.9	13.6	11.6	11.7	26.7
Insurance expense	12.6	9.9	7.3	6.1	4.8	4.5	3.6	5.3
Other operating expenses	29.2	81.3	133.1	50.2	178.9	57.5	37.0	30.9
Adjusted EBITDA	670.5	563.3	469.7	325.9	273.8	213.7	200.7	175.7
Adjusted EBITDA margin	38.7%	35.9%	32.3%	36.5%	25.6%	27.8%	32.4%	29.8%
Stock-based compensation	7.4	7.5	7.0	5.0	3.6	3.2	2.5	2.9
EBITDA [+]	663.1	555.8	462.7	320.8	270.2	210.6	198.2	172.8
EBITDA growth	19.3%	20.1%	44.2%	18.8%	28.3%	6.2%	14.7%	9.7%
EBITDA margin	38.2%	35.4%	31.9%	36.0%	25.3%	27.4%	32.0%	29.3%
Depreciation	330.7	299.0	285.4	204.6	170.8	140.0	125.4	108.3
EBITA	332.4	256.8	177.4	116.3	99.4	70.6	72.8	64.5
EBITA margin	19.2%	16.4%	12.2%	13.0%	9.3%	9.2%	11.8%	10.9%
Amortization of intangibles	11.2	11.4
EBIT [+]	321.2	245.5	177.4	116.3	99.4	70.6	72.8	64.5
EBIT growth	30.9%	38.4%	52.5%	17.0%	40.9%	-3.1%	12.8%	-1.9%
EBIT margin	18.5%	15.6%	12.2%	13.0%	9.3%	9.2%	11.8%	10.9%
Non-recurring items [+]		39.1	0.4	5.3
Asset impairment		39.1
Interest expense, net [+]	58.8	62.7	66.3	28.5	16.9	11.2	11.1	13.8
Interest expense	58.8	62.9	66.6	28.8	17.0	11.3	11.2	13.9
Interest income	0.0	0.2	0.4	0.3	0.1	0.1	0.1	0.1
Other income (expense), net [+]	38.7	-102.3	-39.2	5.0	-89.0	-24.9	0.9	1.1
Gain (loss) on debt retirement	-6.5
Unrealized gain/loss on derivatives	30.0	-100.8	-12.3	14.7	-161.6	-18.1	0.9	1.1
Write-off of deferred debt issuance costs	-6.5
Other	-20.0	-165.0	-105.4	-23.5	-105.9	-36.1	-10.2	-12.7
Pre-tax income	301.2	41.4	71.6	87.5	-6.5	34.5	62.6	51.8
Income taxes	-72.2	16.3	11.6	19.6	-28.3	13.4	23.4	19.7
Tax rate		39.4%	16.2%	22.4%	432.6%	38.9%	37.4%	38.1%
Net income	231.4	32.1	61.2	69.3	18.5	23.5	41.2	29.9
Net margin	13.3%	2.0%	4.2%	7.8%	1.7%	3.1%	6.7%	5.1%

Basic EPS [+]	$3.33	$0.42	$1.02	$1.16	$0.37	$0.34	$0.61	$0.50
Growth	684.1%	-58.4%	-11.8%	213.0%	7.5%	-43.7%	22.1%	-262.8%
Diluted EPS [+]	$3.00	$0.42	$0.86	$0.99	$0.36	$0.33	$0.60	$0.49
Growth	617.9%	-51.6%	-12.9%	172.6%	9.0%	-44.4%	22.2%	-260.4%

Shares outstanding (basic) [+]	68.9	59.1	58.9	58.8	58.9	61.3	64.2	64.3
Growth	16.4%	0.4%	0.2%	-0.2%	-4.0%	-4.5%	0.0%	0.4%
Shares outstanding (diluted) [+]	76.2	59.9	69.3	68.4	59.7	63.0	65.1	65.2
Growth	27.2%	-13.6%	1.5%	14.5%	-5.3%	-3.3%	-0.1%	1.9%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.