Company: AYR
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001628280-25-034715
Chunk: 1

Company: Aircastle LTD
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 Months Ended May 31,20252024Revenues:Lease rental revenue$183,043 $162,570 Direct financing and sales-type lease revenue5,142 5,457 Amortization of lease premiums, discounts and incentives2,766 (6,649)Maintenance revenue 38,132 42,149 Total lease revenue229,083 203,527 Gain on sale or disposition of flight equipment30,289 1,010 Other revenue472 636 Total revenues259,844 205,173 Operating expenses:Depreciation95,816 89,358 Interest, net68,841 64,813 Selling, general and administrative20,691 22,055 Provision for credit losses142 (145)Impairment of flight equipment5,066 5,211 Maintenance and other costs4,244 4,443 Total operating expenses194,800 185,735 Other expense:Loss on extinguishment of debt(2,973)— Other(456)(304)Total other expense(3,429)(304)Income from continuing operations before income taxes and earnings of unconsolidated equity method investment61,615 19,134 Income tax provision12,721 3,572 Earnings of unconsolidated equity method investment, net of tax393 519 Net income$49,287 $16,081 Net income available to common shareholders$49,287 $16,081 Total comprehensive income available to common shareholders$49,287 $16,081 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

Aircastle Limited and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

Three Months Ended May 31,20252024Cash flows from operating activities:Net income$49,287 $16,081 Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:Depreciation95,816 89,358 Amortization of deferred financing costs4,470 4,343 Amortization of lease premiums, discounts and incentives(2,766)6,649 Deferred income taxes7,979 5,314 Collections on net investment in leases1,517 713 Security deposits and maintenance payments included in earnings(27,149)(2,210)Gain on sale or