Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 137

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 7
Chunk 137
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 debt financings was 3.4 years and we were in compliance with all applicable covenants.  We have also determined that as of February 28, 2025, our consolidated subsidiaries’ restricted net assets, as defined by Rule 4-08(e)(3) of Regulation S-X, are less than 25% of our consolidated net assets.

We believe we have sufficient liquidity to meet our contractual obligations over the next 12 months.  As of April 1, 2025, total liquidity of $2.7 billion included $2.1 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows and sales through April 1, 2026 and $0.1 billion of unrestricted cash.  In addition, we believe payments received from lessees and other funds generated from operations, unsecured bond offerings, borrowings secured by our aircraft, borrowings under our revolving credit facilities and other borrowings and proceeds from future aircraft sales will be sufficient to satisfy our liquidity and capital resource needs over the next 12 months. Our liquidity and capital resource needs include payments due under our aircraft purchase obligations, required principal and interest payments under our long-term debt facilities, expected capital expenditures, lessee maintenance payment reimbursements and lease incentive payments.

Cash Flows

Year Ended February 28/29,20252024 (Dollars in thousands)Net cash flow provided by operating activities$464,021 $370,254 Net cash flow used in investing activities(970,232)(879,115)Net cash flow provided by financing activities655,286 406,977 

Operating Activities:

Cash flow provided by operating activities was $464.0 million and $370.3 million for the years ended February 28, 2025 and February 29, 2024, respectively.  The net increase was primarily attributable to higher customer collections during the year ended February 28, 2025, partially offset by slightly lower cash paid for interest related to the timing of interest.

Investing Activities:

Cash flow used in investing activities was $970.2 million and $879.1 million for the years ended February 28, 2025 and February 29, 2024, respectively.  The net increase of $91.1 million was primarily attributable to a $348.0 million increase in cash used for the acquisition and improvement of flight equipment.  This was partially offset by an increase of $204.1 million in proceeds from the sale or