Company: AYR
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001628280-25-044676
Chunk: 79

Company: Aircastle LTD
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 79
---
 million, and our effective tax rate was 8.4% and 24.3% for the three months ended August 31, 2025 and 2024, respectively.  The decrease in the income tax provision is primarily attributable to the mix of profits between the various jurisdictions in which we operate and the utilization of Bermuda net operating losses.

29

Results of Operations for the six months ended August 31, 2025, as compared to the six months ended August 31, 2024:

 Six Months Ended August 31, 20252024 (Dollars in thousands)Revenues:Lease rental revenue$373,159 $324,949 Direct financing and sales-type lease revenue10,333 10,883 Amortization of lease premiums, discounts and incentives1,253 (12,717)Maintenance revenue 47,840 61,527 Total lease revenue432,585 384,642 Gain on sale or disposition of flight equipment54,178 36,426 Other revenue591 773 Total revenues487,354 421,841 Operating expenses:Depreciation192,578 177,033 Interest, net139,370 127,237 Selling, general and administrative44,938 42,145 Provision for credit losses26 281 Impairment of flight equipment36,219 10,972 Maintenance and other costs8,221 8,539 Total operating expenses421,352 366,207 Other income (expense):Gain (loss) on extinguishment of debt(2,973)285      Other60,585 422 Total other income57,612 707 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment123,614 56,341 Income tax provision17,949 12,600 Earnings of unconsolidated equity method investment, net of tax855 999 Net income$106,520 $44,740 

Revenues

Total revenues increased $65.5 million, attributable to:

Lease rental revenue increased $48.2 million, primarily attributable to an increase of $83.6 million related to 72 aircraft purchased since March 1, 2024.

This was partially offset by a $35.4 million decrease related to the sale of 44 aircraft since March 1, 2024.

30

Amortization of lease premiums, discounts and lease