Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 123

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 7
Chunk 123
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 lease term was 5.4 years.  The weighted average utilization rate of our fleet was 99% for the year ended February 28, 2025.

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Our revenues, net income and Adjusted EBITDA were $821.0 million, $123.6 million, and $789.9 million for the year ended February 28, 2025, respectively, and $855.4 million, $83.3 million and $759.5 million for the year ended February 29, 2024, respectively.  The Company’s financial performance reflects the strong global passenger demand for air travel and the robust demand for our aircraft due to ongoing OEM delivery delays and supply chain constraints. The increased demand for our aircraft through lease extension requests and strong gains on sales contributed positively to our financial results, which are also partly driven by cash settlement proceeds received in respect of our contingent and possessed insurance policies for aircraft formerly on lease to Russian airlines.

Acquisitions and Sales

During the year ended February 28, 2025, we acquired 50 aircraft for $1.6 billion.  As of February 28, 2025, we had commitments to acquire 20 aircraft for $771.7 million, with delivery through March 2027, which include estimated amounts for pre-delivery deposits, contractual price escalations and other adjustments.  As of April 16, 2025, we have acquired 9 additional aircraft and have commitments to acquire 26 aircraft for $1.4 billion.

During the year ended February 28, 2025, we sold 27 aircraft and other flight equipment for net proceeds of $565.9 million.  We recognized gains on the sale or disposition of aircraft totaling $77.2 million.  As of April 16, 2025, we have sold 12 additional aircraft.

Russian Aircraft Insurance Settlements

The Company leased 9 aircraft to Russian airlines that were unrecoverable following Russia’s invasion of Ukraine in February 2022.  The Company filed claims against the reinsurers of the Russian airlines’ insurance and the Company’s contingent and possessed insurance policies (“C&P Policies”) seeking indemnity.

During the fourth quarter of fiscal year 2024, the Company received cash proceeds of $49.5 million in settlement of the Company’s claims against certain of the insurers under its C&P Policies. The settlement proceeds were recorded as a component of other income for the year ended February 28, 2025. 

The receipt of the settlement proceeds