Company: AYR
Filing Date: 2025-01-10
Form Type: 10-Q
Source: 0001628280-25-001098
Chunk: 91

Company: Aircastle LTD
Filing Date: 2025-01-10
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 30, 2024 and 2023, respectively.  The net increase is attributable to higher customer cash collections during the nine months ended November 30, 2024, partially offset by lower cash paid for interest by $18.5 million related to the timing of interest payments.

Investing Activities:

Cash flow used in investing activities was $116.6 million and $473.2 million for the nine months ended November 30, 2024 and 2023, respectively.  The net decrease of $356.7 million was primarily attributable to an increase of $275.2 million in proceeds from the sale or disposition of aircraft and other flight equipment during the nine months ended November 30, 2024.  Additionally, cash used in the acquisition and improvement of flight equipment was lower during the nine months ended November 30, 2024 by $86.1 million primarily attributable to the mix of aircraft types with respect to aircraft acquisitions.

Financing Activities:

Cash flow provided by financing activities was $143.3 million and $38.1 million for the nine months ended November 30, 2024 and 2023, respectively.  The increase of $105.2 million was primarily attributable to a $100.0 million increase in proceeds from the issuance of our common shares.

Debt Obligations

For complete information on our debt obligations, refer to Note 8 in the Notes to the Unaudited Consolidated Financial Statements.

Contractual Obligations

Our contractual obligations primarily consist of principal and interest payments on debt financings, aircraft acquisitions and rent payments pursuant to our office leases.  Total contractual obligations increased to $6.8 billion at November 30, 2024 from $6.1 billion at February 29, 2024, due to higher aircraft purchase commitments and interest obligations, partially offset by lower outstanding debt.

Capital Expenditures

From time to time, we make capital expenditures to maintain or improve our aircraft.  These expenditures include the cost of major overhauls necessary to place an aircraft in service and modifications made at the request of lessees.  For the nine months ended November 30, 2024 and 2023, we incurred a total of $18.9 million and $66.9 million, respectively, of capital expenditures, including lease incentives, related to the improvement of aircraft.

As of November 30, 2024, the weighted average age by Net Book Value of our aircraft was approximately 9.7 years.