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Aircastle Announces Fourth Quarter and Full Year 2022 Results

(PRNewsfoto/Aircastle Limited)

News provided by

Aircastle Advisor LLC

Apr 25, 2023, 07:00 ET

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Three Months Ended February 28, 2023

  • Net income of $14 million compared to $216 million net loss in fourth quarter 2021(1)
  • Total revenues of $189 million and Adjusted EBITDA(2) of $180 million
  • Acquired 7 aircraft for $296 million; 6 of which were new technology aircraft including 1 A320neo, 1 A321neo, 1 737MAX8, and 3 Embraer E2s
  • Sold 8 aircraft for proceeds of $92 million and a gain on sale of flight equipment of $4 million

Full Year Ended February 28, 2023

  • Cash flows from operations increased 17% compared to fiscal year 2021
  • Acquired 22 aircraft during the fiscal year 2022 for $914 million; new technology composed 77% of NBV acquired; converted 3 737-800 to freighter
  • Sold 25 aircraft and other flight equipment for proceeds of $426 million and a total gain on sale of $71 million; average age of aircraft sold was 17 years
  • Executed 187 transactions for the fiscal year, comprised of lease agreements, amendments, extensions,  purchases and sales

Liquidity

  • Raised $850 million in new financings from a $450 million secured aircraft financing facility and $400 million for new or upsized revolving credit facilities
  • As of April 3, 2023, total liquidity of $2.0 billion includes $1.4 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows through April 1, 2024, and $0.1 billion of unrestricted cash, and
  • We have 209 unencumbered aircraft with a net book value of $5.5 billion

STAMFORD, Conn., April 25, 2023 /PRNewswire/ -- Mike Inglese, Aircastle's Chief Executive Officer, commented, "We're proud to finish fiscal 2022 with a return to profitability and increased trading while navigating challenging macroeconomics.  Despite the competitive market for new technology aircraft, our team successfully completed just over $900 million in new acquisitions, over three-quarters of which were new technology.  Meanwhile, our capital markets team also worked through the volatile interest rate environment and sourced $850 million in new financing."

Mr. Inglese concluded, "Our partnership with the Marubeni Corporation and Mizuho Leasing has just marked its three year anniversary. During 2022, this relationship continued to deliver on expanded market access and credit rating support.  Our unique ownership, along with a limited forward order book and our ability to quickly raise and deploy capital, we are well positioned for disciplined future growth."





(1)

Refer to the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for additional information.

(2)

Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.

Aviation Assets

As of February 28, 2023, Aircastle owned 239 aircraft and other flight equipment having a net book value of $6.6 billion.  We also manage 9 aircraft with a net book value of $285 million on behalf of our joint venture with Mizuho Leasing.

Owned Aircraft

As of
February 28,
2023(1)


As of
February 28,
2022(1)

Net Book Value of Flight Equipment ($ mils.)

$              6,635


$              6,464

Net Book Value of Unencumbered Flight Equipment ($ mils.)

$              5,469


$              5,352

Number of Aircraft

239


251

Number of Unencumbered Aircraft

209


219

Number of Lessees

73


81

Number of Countries

44


45

Weighted Average Fleet Age (years)(2)

9.7


10.2

Weighted Average Remaining Lease Term (years)(2)

5.3


4.9

Weighted Average Fleet Utilization for the fourth quarter(3)

94.6 %


95.6 %

Weighted Average Fleet Utilization for the year ended(3)

94.8 %


94.2 %





Managed Aircraft on behalf of Joint Ventures




Net Book Value of Flight Equipment ($ mils.)

$                 285


$                 298

Number of Aircraft

9


9










(1)

Excludes nine aircraft that remain in Russia with zero Net Book Value - see "Update on Russian Invasion of Ukraine" above and Note 3 in the Notes to Consolidated Financial Statements.

(2)

Weighted by Net Book Value.

(3)

Aircraft on-lease days as a percent of total days in period weighted by Net Book Value.

Conference Call

In connection with this press release, management will host a conference call on Tuesday, April 25, 2023, at 9:00 A.M. Eastern Time.  All interested parties are welcome to participate on the live call.  The conference call can be accessed by dialing +1 (877) 870-4263 (from within the U.S. and Canada) or +1 (412) 317-0790 (outside the U.S. and Canada) ten minutes prior to the scheduled start. Please reference our company name "Aircastle" when prompted by the operator.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com.  Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. 

For those who are not available to listen to the live call, a replay will be available on Aircastle's website shortly after the live call.

About Aircastle Limited

Aircastle Limited acquires, leases, and sells commercial jet aircraft to airlines throughout the world.  As of February 28, 2023, Aircastle owned and managed on behalf of its joint ventures 248 aircraft leased to 73 customers located in 44 countries.

Safe Harbor

All statements in this press release, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995.  Examples of forward-looking statements include, but are not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA and Adjusted EBITDA and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements.  These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained.  Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this press release.  These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle's filings with the SEC and previously disclosed under "Risk Factors" in Item 1A of Aircastle's most recent Form 10-K and any subsequent filings with the SEC.  In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements.  Such forward-looking statements speak only as of the date of this press release.  Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

Aircastle Limited and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)



February 28,


2023


2022

ASSETS




Cash and cash equivalents

$      231,861


$       167,891

Restricted cash and cash equivalents

—


2,791

Accounts receivable

12,855


63,666

Flight equipment held for lease, net

6,567,606


6,313,950

Net investment in leases, net

67,694


150,325

Unconsolidated equity method investment

40,505


38,317

Other assets

346,330


356,326

Total assets

$   7,266,851


$   7,093,266





LIABILITIES AND SHAREHOLDERS' EQUITY




LIABILITIES




Borrowings from secured financings, net of debt issuance costs

$      752,298


$       684,039

Borrowings from unsecured financings, net of debt issuance costs

3,842,454


3,835,841

Accounts payable, accrued expenses and other liabilities

206,473


177,424

Lease rentals received in advance

66,816


37,361

Security deposits

61,734


69,189

Maintenance payments

465,618


459,713

Total liabilities

5,395,393


5,263,567





Commitments and Contingencies








SHAREHOLDERS' EQUITY




Preference shares, $0.01 par value, 50,000,000 shares authorized, 400 (aggregate liquidation preference of $400,000) shares issued and outstanding at February 28, 2023 and 2022

—


—

Common shares, $0.01 par value, 250,000,000 shares authorized, 14,048 shares issued and outstanding at February 28, 2023 and 2022

—


—

Additional paid-in capital

1,878,774


1,878,774

Retained earnings (accumulated deficit)

(7,316)


(49,075)

Total shareholders' equity

1,871,458


1,829,699

Total liabilities and shareholders' equity

$   7,266,851


$   7,093,266

Aircastle Limited and Subsidiaries

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(Dollars in thousands, except per share amounts)

(Unaudited)



Three Months Ended
February 28,


Year Ended

February 28,


2023


2022


2023


2022

Revenues:








Lease rental revenue

$     153,520


$     169,434


$     586,508


$     595,236

Direct financing and sales-type lease revenue

2,080


2,356


9,030


10,733

Amortization of lease premiums, discounts and incentives

(5,905)


(164)


(20,574)


(20,190)

Maintenance revenue

34,312


70,826


138,099


152,030

Total lease revenue

184,007


242,452


713,063


737,809

Gain on sale of flight equipment

3,651


8,057


70,860


26,001

Other revenue

1,716


4,336


12,110


5,977

Total revenues

189,374


254,845


796,033


769,787









Operating expenses:








Depreciation

86,367


87,220


332,663


337,528

Interest, net

52,968


50,387


204,606


214,352

Selling, general and administrative

21,499


17,624


76,857


66,338

Provision for credit losses

(36)


(40)


1,507


930

Impairment of flight equipment

17,644


341,324


85,623


452,250

Maintenance and other costs

5,186


6,891


22,196


31,166

Total operating expenses

183,628


503,406


723,452


1,102,564









Other income (expense):








Loss on extinguishment of debt

(173)


—


(636)


(14,156)

Other

10,819


—


14,092


57,682

Total other income

10,646


—


13,456


43,526









Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investments

16,392


(248,561)


86,037


(289,251)

Income tax provision (benefit)

3,134


(30,875)


25,466


(7,998)

Earnings of unconsolidated equity method investment, net of tax

408


1,834


2,188


3,044

Net income (loss)

$       13,666


$   (215,852)


$       62,759


$   (278,209)

Preference share dividends

(10,500)


(10,501)


(21,000)


(16,159)









Net income (loss) available to common shareholders

$         3,166


$   (226,353)


$       41,759


$   (294,368)









Total comprehensive income (loss) available to common shareholders

$         3,166


$   (226,353)


$       41,759


$   (294,368)

Aircastle Limited and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)



Year Ended February 28,


2023


2022

Cash flows from operating activities:




Net income (loss)

$         62,759


$     (278,209)

Adjustments to reconcile net loss to net cash and restricted cash provided by operating activities:




Depreciation

332,663


337,528

Amortization of deferred financing costs

14,338


16,267

Amortization of lease premiums, discounts and incentives

20,574


20,190

Deferred income taxes

13,690


(9,386)

Collections on net investments in leases

6,505


14,297

Security deposits and maintenance payments included in earnings

(66,194)


(123,969)

Gain on the sale of flight equipment

(70,860)


(26,001)

Loss on extinguishment of debt

636


14,156

Impairment of flight equipment

85,623


452,250

Provision for credit losses

1,507


930

Other

(2,211)


(3,043)

Changes on certain assets and liabilities:




Accounts receivable

17,338


16,948

Other assets

(12,510)


(29,963)

Accounts payable, accrued expenses and other liabilities

4,278


(5,716)

Lease rentals received in advance

29,601


(23,414)

Net cash and restricted cash provided by operating activities

437,737


372,865

Cash flows from investing activities:




Acquisition and improvement of flight equipment

(994,040)


(795,426)

Proceeds from sale of flight equipment

426,454


210,718

Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits

28,393


(202)

Distributions from unconsolidated equity method investment in excess of earnings

—


104

Other

1,319


(1,694)

Net cash and restricted cash used in investing activities

(537,874)


(586,500)

Cash flows from financing activities:




Net proceeds from preference share issuance

—


392,997

Proceeds from secured and unsecured debt financings

493,848


20,000

Repayments of secured and unsecured debt financings

(420,372)


(646,943)

Deferred financing costs

(13,242)


(5,339)

Debt extinguishment costs

(310)


(13,372)

Security deposits and maintenance payments received

142,699


88,891

Security deposits and maintenance payments returned

(20,307)


(26,857)

Dividends paid

(21,000)


(5,658)

Net cash and restricted cash provided by (used in) financing activities

161,316


(196,281)

Net increase (decrease) in cash and restricted cash:

61,179


(409,916)

Cash and restricted cash at beginning of year

170,682


580,598





Cash and restricted cash at end of year

$       231,861


$       170,682

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

EBITDA and Adjusted EBITDA Reconciliation

(Dollars in thousands)

(Unaudited)



Three Months Ended
February 28,


Year Ended

February 28,


2023


2022


2023


2022

Net income (loss)

$       13,666


$   (215,852)


$       62,759


$   (278,209)

Depreciation

86,367


87,220


332,663


337,528

Amortization of lease premiums, discounts and incentives

5,905


164


20,574


20,190

Interest, net

52,968


50,387


204,606


214,352

Income tax provision (benefit)

3,134


(30,875)


25,466


(7,998)

EBITDA

162,040


(108,956)


646,068


285,863

Adjustments:








Impairment of flight equipment

17,644


341,324


85,623


452,250

Loss on extinguishment of debt

173


—


636


14,156









Adjusted EBITDA

$     179,857


$     232,368


$     732,327


$     752,269

______________

We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance.

This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals, as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.

EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business.

We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants.

Contact:
Aircastle Advisor LLC
Jim Connelly, SVP ESG & Corporate Communications
Tel: +1-203-504-1871
[email protected]

SOURCE Aircastle Advisor LLC

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Aircastle Announces Second Quarter 2025 Results

Aircastle Announces Second Quarter 2025 Results

Mike Inglese, Aircastle's CEO, stated, "We're continuing to profitably grow our fleet. In the second quarter, we invested a half billion in aircraft...

Aircastle to Announce Second Quarter 2025 Results on October 9, 2025

Aircastle to Announce Second Quarter 2025 Results on October 9, 2025

Aircastle Limited ("Aircastle") announced today that it plans to release its second quarter financial results for the period ended August 31, 2025,...

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