Company: AYR
Filing Date: 2025-01-10
Form Type: 10-Q
Source: 0001628280-25-001098
Chunk: 110

Company: Aircastle LTD
Filing Date: 2025-01-10
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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, 2023:

 Nine Months Ended November 30, 20242023 (Dollars in thousands)Revenues:Lease rental revenue$483,389 $453,906 Direct financing and sales-type lease revenue16,177 10,993 Amortization of lease premiums, discounts and incentives(18,005)(16,972)Maintenance revenue 76,044 108,223 Total lease revenue557,605 556,150 Gain on sale or disposition of flight equipment56,909 67,240 Other revenue903 1,803 Total revenues615,417 625,193 Operating expenses:Depreciation264,637 261,764 Interest, net185,989 170,963 Selling, general and administrative60,571 58,217 Provision for credit losses281 11,405 Impairment of flight equipment19,391 37,156 Maintenance and other costs13,411 24,494 Total operating expenses544,280 563,999 Other income:Gain on extinguishment of debt285 —      Other6,557 6,238 Total other income6,842 6,238 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment77,979 67,432 Income tax provision16,881 15,286 Earnings of unconsolidated equity method investment, net of tax1,737 1,787 Net income$62,835 $53,933 

Revenues

Total revenues decreased $9.8 million, attributable to:

Lease rental revenue increased $29.5 million, primarily attributable to an increase of $81.0 million related to 50 aircraft purchased since March 1, 2023.

29

This was partially offset by:

•a $36.8 million decrease related to the sale of 39 aircraft since March 1, 2023; and

•a $14.7 million decrease due to lease extensions, amendments, transitions and other changes.

Direct financing and sales-type lease revenue increased $5.2 million, primarily related to the reclassification of 12 aircraft to sales-type leases, partially offset by the sale of 2 aircraft since March 1, 2023.

Amortization of lease premiums, discounts and lease incentives:

 Nine Months Ended November 30, 20242023 (Dollars in thousands)Amortization