Company: AYR
Filing Date: 2025-01-10
Form Type: 10-Q
Source: 0001628280-25-001098
Chunk: 38

Company: Aircastle LTD
Filing Date: 2025-01-10
Form: 10-Q
Item: Part I, Item 1
Chunk 38
---
Three Months Ended November 30,Nine Months Ended November 30, 2024202320242023 Net income$18,095 $25,645 $62,835 $53,933 Depreciation87,604 86,647 264,637 261,764 Amortization of lease premiums, discounts and incentives5,288 2,641 18,005 16,972 Interest, net58,752 57,037 185,989 170,963 Income tax provision4,281 6,025 16,881 15,286 EBITDA$174,020 $177,995 $548,347 $518,918 Adjustments:Impairment of flight equipment8,419 34,959 19,391 37,156 Gain on extinguishment of debt— — (285)— Adjusted EBITDA$182,439 $212,954 $567,453 $556,074 

Limitations of EBITDA and Adjusted EBITDA

An investor or potential investor may find EBITDA and Adjusted EBITDA important measures in evaluating our performance, results of operations and financial position.  We use these non-U.S. GAAP measures to supplement our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.

EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be viewed in isolation or as substitutes for U.S. GAAP measures of income (loss).  Material limitations in making the adjustments to our income (loss) to calculate EBITDA and Adjusted EBITDA, and using these non-U.S. GAAP measures as compared to U.S. GAAP net income (loss), income (loss) from continuing operations and cash flows provided by or used in operations, include:

•depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our aircraft, which affects the aircraft’s availability for use and may be indicative of future needs for capital expenditures;

•the cash portion of income tax provision (benefit) generally represents charges (gains), which may significantly affect our financial results; and

•adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes, which may not be comparable