STAMFORD, Conn., May 6, 2015 /PRNewswire/ --
Key Financial Metrics
- Total revenues were $194.3
million for the first quarter of 2015, up 10% versus the
prior year
- Net income was $43.3 million, or
$0.53 per diluted common share versus
$0.07 the prior year
- Adjusted net income was $50.5
million, or $0.62 per diluted
common share versus $0.16 the prior
year
- Adjusted EBITDA was $190.2 for
the first quarter, up 12% versus the prior year
- Cash ROE was 13.5% and net cash interest margin was 9.0%
Highlights
- Closed or committed to acquire 25 aircraft for $770 million during 2015
- Raised $500 million of 5.50%
senior, unsecured notes maturing in 2022
- 36th consecutive quarterly dividend declared by
Aircastle's Board of Directors
Aircastle Limited (the "Company" or "Aircastle") (NYSE: AYR)
reported first quarter 2015 net income of $43.3 million, or $0.53 per diluted common share and adjusted net
income of $50.5 million, or
$0.62 per diluted common share.
The first quarter results included total revenues of $194.3 million, an increase of 10%, versus
$176.6 million in the first quarter
of 2014.
Commenting on the results, Ron
Wainshal, Aircastle's CEO, stated, "We're off to a strong
start in 2015 as earnings and cash returns increased. We are
finding attractive investments by delivering more unique and
value-additive transactions to our customers, and so far this year
we closed or committed to close $770
million in acquisitions. We continue to improve our
portfolio quality, increased our average lease term to 5.6 years
and secured new operators for all of the aircraft we removed from
Russia over the past several
months. During the first quarter, we further strengthened our
funding capacity and flexibility by issuing $500 million of new unsecured notes and enlarging
our revolving credit facility to $600
million."
Mr. Wainshal continued, "Market conditions remain solid and, as
a consequence, more investors are being drawn to our sector.
We are capitalizing on this through our asset sales and capital
market initiatives, yet we also remain optimistic about our ability
to grow profitably by leveraging our differentiated business
approach and our team strengths."
|
Financial
Results
|
|
|
|
|
(in thousands, except
share data)
|
Three Months
Ended
March
31,
|
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
Total
Revenues
|
$ 176,603
|
|
$ 194,296
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 170,013
|
|
$ 190,214
|
|
|
|
|
|
|
|
Net income
|
$ 5,777
|
|
$ 43,269
|
|
|
Per common share -
Diluted
|
$ 0.07
|
|
$ 0.53
|
|
|
|
|
|
|
|
Adjusted net
income
|
$ 13,260
|
|
$ 50,457
|
|
|
Per common share -
Diluted
|
$ 0.16
|
|
$ 0.62
|
|
First Quarter Results
Total revenues were $194.3
million, an increase of $17.7
million, or 10%, from the previous year, driven by higher
maintenance revenues of $15.0
million. During the first quarter of 2014, we recorded
$16.4 million of contra maintenance
revenue in connection with engine restoration work completed by a
lessee prior to the scheduled return of three aircraft.
Adjusted EBITDA for the first quarter was $190.2 million, up $20.2
million, or 12% from the first quarter of 2014, due
primarily to higher maintenance revenues of $15.0 million and higher gains from aircraft
sales of $5.1 million.
Adjusted net income for the quarter was $50.5 million, up $37.2
million year over year. The increase was due primarily
to higher total revenues of $17.7
million and lower non-cash aircraft impairment charges of
$18.3 million.
Aviation Assets
During the first quarter of 2015, we acquired six aircraft for
$254 million and are currently
committed to acquire an additional 19 aircraft for $515 million. The aircraft acquired during
the first quarter had a weighted average age of less than two years
and are on long term leases.
Also during the first quarter of 2015, we completed the
profitable sale of two aircraft leased to an airline based in
India and other flight equipment
for a total of $50.5 million.
As of March 31, 2015, Aircastle
owned 152 aircraft having a net book value of $5.8 billion. We also manage five aircraft with a
net book value of approximately $500 million
dollars on behalf of our joint venture with Ontario
Teachers' Pension Plan.
|
|
|
Owned
Aircraft as
of
March 31,
2014(1)
|
|
Owned
Aircraft as
of
March 31,
2015(1)
|
|
Total Flight
Equipment Held for Lease ($ mils.)
|
|
|
|
|
$
|
5,822
|
|
|
$
|
5,817
|
|
|
Unencumbered Flight
Equipment Held for Lease ($ mils.)
|
|
|
|
|
$
|
3,280
|
|
|
$
|
3,497
|
|
|
Number of
Aircraft
|
|
|
|
164
|
|
|
152
|
|
|
Number of
Unencumbered Aircraft
|
|
|
|
104
|
|
|
99
|
|
|
Passenger Aircraft (%
of NBV)
|
|
|
|
84%
|
|
|
86%
|
|
|
Freighter Aircraft (%
of NBV)
|
|
|
|
16%
|
|
|
14%
|
|
|
Weighted Average
Fleet Age (years)(2)
|
|
|
|
9.1
|
|
|
8.3
|
|
|
Weighted Average
Remaining Lease Term
(years)(3)
|
|
|
|
4.8
|
|
|
5.6
|
|
|
Weighted Average
Fleet Utilization for the year
ended(4)
|
|
|
|
98.9%
|
|
|
98.7%
|
|
|
Portfolio Yield for
the year ended(5)
|
|
|
|
13.5%
|
|
|
12.6%
|
|
|
Net Cash Interest
Margin(6)
|
|
|
|
9.5%
|
|
|
9.0%
|
|
|
|
(1) Calculated using
net book value of flight equipment held for lease and net
investment in finance leases at period end.
|
|
(2) Weighted average
age by net book value.
|
|
(3) Weighted average
remaining lease term by net book value.
|
|
(4) Aircraft on-lease
days as a percent of total days in period weighted by net book
value.
|
|
(5) Lease rental
revenue for the period as a percent of the average net book value
of flight equipment held for lease for the period; quarterly
information is annualized.
|
|
(6) Net Cash Interest
Margin = Lease rental yield minus interest on borrowings, net of
settlements on interest rate derivatives, and other liabilities /
average NBV of flight equipment for the period calculated on a
quarterly basis, annualized.
|
Financing Activity
During the first quarter of 2015, we issued $500 million in unsecured Senior Notes due 2022
bearing a coupon of 5.50% at par, and further increased the size of
our unsecured revolving credit facility to $600 million. In doing so, we maintained
the weighted average maturity of our debt at 4.4 years, enhanced
our financial flexibility and obtained capital to fund recent
acquisitions.
Common Dividend
On May 4, 2015, Aircastle's Board
of Directors declared a second quarter 2015 cash dividend on its
common shares of $0.22 per share,
payable on June 15, 2015 to
shareholders of record on May 29,
2015. This is our 36th consecutive
dividend.
Conference Call
In connection with this earnings release, management will host
an earnings conference call on Wednesday,
May 6, 2015 at 10:00 A.M. Eastern
time. All interested parties are welcome to
participate on the live call. The conference call can be
accessed by dialing (888) 337-8198 (from within the U.S. and
Canada) or (719) 325-2464 (from
outside of the U.S. and Canada)
ten minutes prior to the scheduled start and referencing the
passcode "8126530".
A simultaneous webcast of the conference call will be available
to the public on a listen-only basis at www.aircastle.com.
Please allow extra time prior to the call to visit the site and
download the necessary software required to listen to the internet
broadcast. A replay of the webcast will be available for one
month following the call. In addition to this earnings
release an accompanying power point presentation has been posted to
the Investor Relations section of Aircastle's website.
For those who are not available to listen to the live call, a
replay will be available until 1:00 P.M.
Eastern time on Friday, June 5,
2015 by dialing (888) 203-1112 (from within the U.S. and
Canada) or (719) 457-0820
(from outside of the U.S. and Canada); please reference passcode
"8126530".
About Aircastle Limited
Aircastle Limited acquires, leases and sells commercial jet
aircraft to airlines throughout the world. As of March 31, 2015, Aircastle's aircraft portfolio
consisted of 152 aircraft on lease with 54 customers located in 34
countries.
Safe Harbor
All statements included or incorporated by reference in this
Press Release (this "Release"), other than characterizations of
historical fact, are forward-looking statements within the meaning
of the federal securities laws, including the Private Securities
Litigation Reform Act of 1995. Examples of forward-looking
statements include, but are not necessarily limited to, statements
relating to our ability to acquire, sell, lease or finance
aircraft, raise capital, pay dividends, and increase revenues,
earnings, EBITDA, Adjusted EBITDA and Adjusted Net Income and the
global aviation industry and aircraft leasing sector. Words such as
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "may," "will," "would," "could," "should," "seeks,"
"estimates" and variations on these words and similar expressions
are intended to identify such forward-looking statements. These
statements are based on our historical performance and that of our
subsidiaries and on our current plans, estimates and expectations
and are subject to a number of factors that could lead to actual
results materially different from those described in the
forward-looking statements; Aircastle can give no assurance that
its expectations will be attained. Accordingly, you should not
place undue reliance on any such forward-looking statements which
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those anticipated as of
the date of this Release. These risks or uncertainties
include, but are not limited to, those described from time to time
in Aircastle's filings with the SEC and previously disclosed under
"Risk Factors" in Item 1 A of Aircastle's 2014 Annual Report on
Form 10-K, and elsewhere in this Release. In addition, new risks
and uncertainties emerge from time to time, and it is not possible
for Aircastle to predict or assess the impact of every factor that
may cause its actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this Release. Aircastle expressly disclaims
any obligation to revise or update publicly any forward-looking
statement to reflect future events or circumstances.
|
Aircastle Limited
and Subsidiaries
|
|
Consolidated
Balance Sheets
|
|
(Dollars in
thousands, except share data)
|
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
|
169,656
|
|
|
$
|
329,992
|
|
|
Accounts
receivable
|
3,334
|
|
|
2,386
|
|
|
Restricted cash and
cash equivalents
|
98,884
|
|
|
86,961
|
|
|
Restricted liquidity
facility collateral
|
65,000
|
|
|
65,000
|
|
|
Flight equipment held
for lease, net of accumulated depreciation of $1,294,063 and
$1,362,647
|
5,579,718
|
|
|
5,712,950
|
|
|
Net investment in
finance leases
|
106,651
|
|
|
104,377
|
|
|
Unconsolidated equity
method investment
|
46,453
|
|
|
47,842
|
|
|
Other
assets
|
157,317
|
|
|
174,858
|
|
|
Total
assets
|
$
|
6,227,013
|
|
|
$
|
6,524,366
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Borrowings from
secured financings
|
$
|
1,396,454
|
|
|
$
|
1,343,237
|
|
|
Borrowings from
unsecured financings
|
2,400,000
|
|
|
2,700,000
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
140,863
|
|
|
157,175
|
|
|
Lease rentals
received in advance
|
53,216
|
|
|
53,300
|
|
|
Liquidity
facility
|
65,000
|
|
|
65,000
|
|
|
Security
deposits
|
117,689
|
|
|
107,016
|
|
|
Maintenance
payments
|
333,456
|
|
|
345,086
|
|
|
Total
liabilities
|
4,506,678
|
|
|
4,770,814
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
Preference shares,
$.01 par value, 50,000,000 shares authorized, no shares
issued and outstanding
|
—
|
|
|
—
|
|
|
Common shares,
$.01 par value, 250,000,000 shares authorized, 80,983,249
shares issued and outstanding at December 31, 2014; and
81,181,133 shares issued and outstanding at March 31,
2015
|
810
|
|
|
812
|
|
|
Additional paid-in
capital
|
1,565,180
|
|
|
1,564,881
|
|
|
Retained
earnings
|
192,805
|
|
|
218,214
|
|
|
Accumulated other
comprehensive loss
|
(38,460)
|
|
|
(30,355)
|
|
|
Total shareholders'
equity
|
1,720,335
|
|
|
1,753,552
|
|
|
Total liabilities and
shareholders' equity
|
$
|
6,227,013
|
|
|
$
|
6,524,366
|
|
|
Aircastle Limited
and Subsidiaries
|
|
Consolidated
Statements of Income
|
|
(Dollars in
thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
Three Months
Ended
March
31,
|
|
2014
|
|
2015
|
|
Revenues:
|
|
|
|
|
Lease rental
revenue
|
$
|
174,335
|
|
|
$
|
177,146
|
|
|
Finance lease
revenue
|
3,987
|
|
|
1,607
|
|
|
Amortization of lease
premiums, discounts and lease incentives
|
(6,591)
|
|
|
(3,824)
|
|
|
Maintenance
revenue
|
3,042
|
|
|
18,073
|
|
|
Total lease
revenue
|
174,773
|
|
|
193,002
|
|
|
Other
revenue
|
1,830
|
|
|
1,294
|
|
|
Total
revenues
|
176,603
|
|
|
194,296
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Depreciation
|
73,927
|
|
|
74,846
|
|
|
Interest,
net
|
64,263
|
|
|
62,131
|
|
|
Selling, general and
administrative (including non-cash share based payment expense of
$990 and $1,170 for the three months ended March 31, 2014 and 2015,
respectively)
|
13,944
|
|
|
13,932
|
|
|
Impairment of
Aircraft
|
18,263
|
|
|
—
|
|
|
Maintenance and other
costs
|
1,863
|
|
|
2,943
|
|
|
Total
expenses
|
172,260
|
|
|
153,852
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Gain on sale of
flight equipment
|
1,110
|
|
|
6,253
|
|
|
Other
|
757
|
|
|
(6)
|
|
|
Total other income
(expense)
|
1,867
|
|
|
6,247
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
6,210
|
|
|
46,691
|
|
|
Income tax
provision
|
883
|
|
|
4,863
|
|
|
Earnings of
unconsolidated equity method investment, net of tax
|
450
|
|
|
1,441
|
|
|
Net income
|
$
|
5,777
|
|
|
$
|
43,269
|
|
|
|
|
|
|
Earnings per common
share — Basic:
|
|
|
|
|
Net income per
share
|
$
|
0.07
|
|
|
$
|
0.53
|
|
|
|
|
|
|
Earnings per common
share — Diluted:
|
|
|
|
|
Net income per
share
|
$
|
0.07
|
|
|
$
|
0.53
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.200
|
|
|
$
|
0.220
|
|
|
Aircastle Limited
and Subsidiaries
|
|
Consolidated
Statements of Cash Flows
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
Three Months
Ended
March
31,
|
|
2014
|
|
2015
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
(loss)
|
$
|
5,777
|
|
|
$
|
43,269
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
73,927
|
|
|
74,846
|
|
|
Amortization of
deferred financing costs
|
3,420
|
|
|
3,699
|
|
|
Amortization of net
lease discounts and lease incentives
|
6,591
|
|
|
3,824
|
|
|
Deferred income
taxes
|
1,347
|
|
|
2,110
|
|
|
Non-cash share based
payment expense
|
990
|
|
|
1,170
|
|
|
Cash flow hedges
reclassified into earnings
|
9,327
|
|
|
8,233
|
|
|
Security deposits and
maintenance payments included in earnings
|
(14,786)
|
|
|
(4,481)
|
|
|
Gain on sale of
flight equipment
|
(1,110)
|
|
|
(6,253)
|
|
|
Impairment of
aircraft
|
18,263
|
|
|
—
|
|
|
Other
|
(2,162)
|
|
|
209
|
|
|
Changes in certain
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
(1,496)
|
|
|
948
|
|
|
Other
assets
|
(1,171)
|
|
|
(7,176)
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
2,907
|
|
|
12,874
|
|
|
Lease rentals
received in advance
|
1,167
|
|
|
(344)
|
|
|
Net cash provided by
operating activities
|
102,991
|
|
|
132,928
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Acquisition and
improvement of flight equipment and lease incentives
|
(663,038)
|
|
|
(264,271)
|
|
|
Proceeds from sale of
flight equipment
|
28,018
|
|
|
50,525
|
|
|
Aircraft purchase
deposits and progress payments
|
3,280
|
|
|
(1,250)
|
|
|
Collections on
finance leases
|
2,773
|
|
|
2,274
|
|
|
Other
|
(19)
|
|
|
(372)
|
|
|
Net cash used in
investing activities
|
(628,986)
|
|
|
(213,094)
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Issuance of shares
net of repurchases
|
(2,091)
|
|
|
(1,960)
|
|
|
Proceeds from notes
and term debt financings
|
803,200
|
|
|
500,000
|
|
|
Securitization and
term debt financing repayments
|
(287,778)
|
|
|
(253,681)
|
|
|
Deferred financing
costs
|
(14,755)
|
|
|
(8,971)
|
|
|
Restricted liquidity
facility collateral
|
42,000
|
|
|
—
|
|
|
Liquidity
facility
|
(42,000)
|
|
|
—
|
|
|
Restricted cash and
cash equivalents related to financing activities
|
20,310
|
|
|
11,923
|
|
|
Security deposits and
maintenance payments received
|
41,901
|
|
|
33,365
|
|
|
Security deposits and
maintenance payments returned
|
(25,681)
|
|
|
(22,314)
|
|
|
Payments for
terminated cash flow hedges
|
(33,427)
|
|
|
—
|
|
|
Dividends
paid
|
(16,201)
|
|
|
(17,860)
|
|
|
Net cash provided by
financing activities
|
485,478
|
|
|
240,502
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(40,517)
|
|
|
160,336
|
|
|
Cash and cash
equivalents at beginning of period
|
654,613
|
|
|
169,656
|
|
|
Cash and cash
equivalents at end of period
|
$
|
614,096
|
|
|
$
|
329,992
|
|
|
Aircastle Limited
and Subsidiaries
|
|
Selected Financial
Guidance Elements for the Second Quarter of 2015
|
|
($ in millions,
except for percentages)
|
|
(Unaudited)
|
|
|
|
|
|
Guidance
Item
|
Q2:151
|
|
Lease rental
revenue
|
$180 -
$184
|
|
Finance lease
revenue
|
$1 - $2
|
|
Maintenance
revenue
|
$3 - $4
|
|
Amortization of net
lease discounts and lease incentives
|
($4) –
($5)
|
|
SG&A
|
$13 - $14
|
|
Depreciation
|
$78 - $80
|
|
Interest, net
2
|
$62 - $64
|
|
Gain on
sale
|
$2 - $10
|
|
Full year effective
tax rate
|
11% - 12%
|
|
|
1. Excludes the
impact of lease end part outs.
|
|
2. Includes
non-cash hedge loss amortization charges related to the payoff of
Term Financing No.1 and Securitization No.1 of $4.0
million.
|
|
Aircastle Limited
and Subsidiaries
|
|
|
Supplemental
Financial Information
|
|
|
(Amount in
thousands, except per share amounts)
|
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
March
31,
|
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
Revenues
|
$ 176,603
|
|
$ 194,296
|
|
|
|
|
|
|
|
EBITDA
|
$ 151,441
|
|
$ 188,933
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 170,013
|
|
$ 190,214
|
|
|
|
|
|
|
|
Adjusted net
income
|
$ 13,260
|
|
$ 50,457
|
|
|
|
|
|
|
|
Adjusted net income
allocable to common shares
|
$ 13,178
|
|
$ 50,136
|
|
|
Per common share -
Basic
|
$ 0.16
|
|
$ 0.62
|
|
|
Per common share -
Diluted
|
$ 0.16
|
|
$ 0.62
|
|
|
|
|
|
|
|
Basic common shares
outstanding
|
80,387
|
|
80,564
|
|
|
Diluted common shares
outstanding
|
80,387
|
|
80,564
|
|
|
|
|
|
Refer to the selected information accompanying this press
release for a reconciliation of GAAP to Non-GAAP information.
|
Aircastle Limited
and Subsidiaries
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
EBITDA and
Adjusted EBITDA Reconciliation
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
Three Months
Ended
March
31,
|
|
2014
|
|
2015
|
|
(Dollars in
thousands)
|
|
Net income
|
$
|
5,777
|
|
|
$
|
43,269
|
|
|
Depreciation
|
73,927
|
|
|
74,846
|
|
|
Amortization of net
lease discounts and lease incentives
|
6,591
|
|
|
3,824
|
|
|
Interest,
net
|
64,263
|
|
|
62,131
|
|
|
Income tax
provision
|
883
|
|
|
4,863
|
|
|
EBITDA
|
$
|
151,441
|
|
|
$
|
188,933
|
|
|
Adjustments:
|
|
|
|
|
Impairment of
aircraft
|
18,263
|
|
|
—
|
|
|
Non-cash share
based payment expense
|
990
|
|
|
1,170
|
|
|
(Gain) loss on
mark to market of interest rate derivative contracts
|
(681)
|
|
|
111
|
|
|
Adjusted EBITDA
|
$
|
170,013
|
|
|
$
|
190,214
|
|
We define EBITDA as income (loss) from continuing operations
before income taxes, interest expense, and depreciation and
amortization. We use EBITDA to assess our consolidated financial
and operating performance, and we believe this non-US GAAP
measure is helpful in identifying trends in our performance.
This measure provides an assessment of controllable expenses and
affords management the ability to make decisions which are expected
to facilitate meeting current financial goals as well as achieving
optimal financial performance. It provides an indicator for
management to determine if adjustments to current spending
decisions are needed.
EBITDA provides us with a measure of operating performance
because it assists us in comparing our operating performance on a
consistent basis as it removes the impact of our capital structure
(primarily interest charges on our outstanding debt) and asset base
(primarily depreciation and amortization) from our operating
results. Accordingly, this metric measures our financial
performance based on operational factors that management can impact
in the short-term, namely the cost structure, or expenses, of the
organization. EBITDA is one of the metrics used by senior
management and the board of directors to review the consolidated
financial performance of our business.
We define Adjusted EBITDA as EBITDA (as defined above) further
adjusted to give effect to adjustments required in calculating
covenant ratios and compliance as that term is defined in the
indenture governing our senior unsecured notes. Adjusted
EBITDA is a material component of these covenants.
|
Aircastle Limited
and Subsidiaries
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
Adjusted Net
Income Reconciliation
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
Three Months
Ended
March
31,
|
|
2014
|
|
2015
|
|
(Dollars in
thousands)
|
|
Net income
|
$
|
5,777
|
|
|
$
|
43,269
|
|
|
Ineffective portion
and termination of hedges(1)
|
53
|
|
|
—
|
|
|
(Gain) loss on mark to
market of interest rate derivative
contracts(2)
|
(681)
|
|
|
111
|
|
|
Non-cash share based payment expense(3)
|
990
|
|
|
1,170
|
|
|
Term
Financing No. 1 hedge loss amortization
charges(1)
|
4,104
|
|
|
3,126
|
|
|
Securitization No. 1 hedge loss amortization charges
(1)
|
3,017
|
|
|
2,781
|
|
|
Adjusted net
income
|
$
|
13,260
|
|
|
$
|
50,457
|
|
|
|
|
|
|
|
|
|
|
(1) Included in
Interest, net.
|
|
|
(2) Included in Other
income (expense).
|
|
|
(3) Included in
Selling, general and administrative expenses.
|
|
|
Aircastle Limited and
Subsidiaries
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
Cash Return on Equity
Calculation
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
CFFO
|
Finance Lease
Collections
|
(Gain) Loss on Sale
of Eqt.
|
Deprec.
|
Dividends from
JV
|
Cash
Earnings
|
Average Shareholders'
Equity
|
12 Month Cash
ROE
|
|
2008
|
$333,626
|
|
$6,525
|
$201,759
|
|
$138,392
|
$1,242,635
|
11.1%
|
|
2009
|
$327,641
|
|
$1,162
|
$209,481
|
|
$119,322
|
$1,205,284
|
9.9%
|
|
2010
|
$356,530
|
|
$7,084
|
$220,476
|
|
$143,138
|
$1,300,953
|
11.0%
|
|
2011
|
$359,377
|
|
$39,092
|
$242,103
|
|
$156,366
|
$1,370,513
|
11.4%
|
|
2012
|
$427,277
|
$3,852
|
$5,747
|
$269,920
|
|
$166,956
|
$1,425,658
|
11.7%
|
|
2013
|
$424,037
|
$9,508
|
$37,220
|
$284,924
|
|
$185,841
|
$1,513,156
|
12.3%
|
|
2014
|
$458,786
|
$10,312
|
$23,146
|
$299,365
|
$667
|
$193,546
|
$1,661,228
|
11.7%
|
|
LTM
|
$488,723
|
$9,813
|
$28,289
|
$300,284
|
$279
|
$226,820
|
$1,682,857
|
13.5%
|
|
Note: LTM Average Shareholders' Equity is the average
of the most recent five quarters period end Shareholders'
Equity. Management believes that the cash return on equity
metric (Cash ROE) when viewed in conjunction with the
Company's results under US GAAP and the above reconciliation,
provide useful information about operating and period-over-period
performance, and provide additional information that is useful for
evaluating the underlying operating performance of our business
without regard to periodic reporting impacts related to non-cash
revenue and expense items and interest rate derivative accounting,
while recognizing the depreciating nature of our
assets.
|
|
Aircastle Limited
and Subsidiaries
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
Net Cash Interest
Margin Calculation
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
Average
NBV
of
Flight
Equipment
|
|
Quarterly
Lease
Rental
Revenue
|
|
Cash
Interest1
|
|
Annualized
Net
Cash
Interest
Margin
|
|
Q1:11
|
|
$
4,041,967
|
|
$
141,116
|
|
$
41,278
|
|
9.9%
|
|
Q2:11
|
|
$
4,143,446
|
|
$
143,356
|
|
$
43,217
|
|
9.7%
|
|
Q3:11
|
|
$
4,222,512
|
|
$
145,890
|
|
$
42,066
|
|
9.8%
|
|
Q4:11
|
|
$
4,374,921
|
|
$
149,848
|
|
$
43,041
|
|
9.8%
|
|
Q1:12
|
|
$
4,388,008
|
|
$
152,242
|
|
$
44,969
|
|
9.8%
|
|
Q2:12
|
|
$
4,516,973
|
|
$
153,624
|
|
$
48,798
|
|
9.3%
|
|
Q3:12
|
|
$
4,602,185
|
|
$
159,546
|
|
$
41,373
|
|
10.3%
|
|
Q4:12
|
|
$
4,605,783
|
|
$
158,090
|
|
$
43,461
|
|
10.0%
|
|
Q1:13
|
|
$
4,619,204
|
|
$
156,590
|
|
$
48,591
|
|
9.4%
|
|
Q2:13
|
|
$
4,711,790
|
|
$
157,918
|
|
$
47,869
|
|
9.3%
|
|
Q3:13
|
|
$
4,717,877
|
|
$
161,148
|
|
$
47,682
|
|
9.6%
|
|
Q4:13
|
|
$
4,972,040
|
|
$
169,274
|
|
$
49,080
|
|
9.7%
|
|
Q1:14
|
|
$
5,168,851
|
|
$
174,335
|
|
$
51,685
|
|
9.5%
|
|
Q2:14
|
|
$
5,582,359
|
|
$
183,231
|
|
$
48,173
|
|
9.7%
|
|
Q3:14
|
|
$
5,412,299
|
|
$
178,886
|
|
$
44,820
|
|
9.9%
|
|
Q4:14
|
|
$
5,373,733
|
|
$
178,202
|
|
$
44,459
|
|
10.0%
|
|
Q1:15
|
|
$
5,637,513
|
|
$
177,146
|
|
$
50,235
|
|
9.0%
|
|
|
1. Excludes loan
termination payments of $3.2 million and $3.0 million in the second
quarter of 2011 and 2013 respectively.
|
|
Aircastle Limited
and Subsidiaries
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
Reconciliation of
Net Income Allocable to Common Shares
|
|
|
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
March 31,
2015
|
|
|
|
Weighted-average
shares:
|
Shares
|
|
Percent(2)
|
|
|
|
Common shares
outstanding – Basic
|
80,564
|
|
|
99.36%
|
|
|
|
|
Unvested restricted
common shares
|
515
|
|
|
0.64%
|
|
|
|
|
Total
weighted-average shares outstanding
|
81,080
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
allocation
|
|
|
|
|
|
|
|
|
Net income
|
$43,269
|
|
|
100.00%
|
|
|
|
|
Distributed and
undistributed earnings allocated to unvested restricted
shares
|
(275)
|
|
|
(0.64%)
|
|
|
|
|
Earnings available to
common shares
|
$42,994
|
|
|
99.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income allocation
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$50,457
|
|
|
100.00%
|
|
|
|
|
Amounts allocated to
unvested restricted shares
|
(321)
|
|
|
(0.64%)
|
|
|
|
|
Amounts allocated to
common shares
|
$50,136
|
|
|
99.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
months ended March 31, 2015 the company had no dilutive
shares.
|
|
|
|
(2) Percentages
rounded to two decimal places.
|
|
|
|
Aircastle Limited
and Subsidiaries
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
Reconciliation of
Net Income Allocable to Common Shares
|
|
|
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
March 31,
2014
|
|
|
|
Weighted-average
shares:
|
Shares
|
|
Percent(2)
|
|
|
|
Common shares
outstanding – Basic
|
80,387
|
|
|
99.38%
|
|
|
|
|
Unvested restricted
common shares
|
501
|
|
|
0.62%
|
|
|
|
|
Total
weighted-average shares outstanding
|
80,888
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
allocation
|
|
|
|
|
|
|
|
|
Net income
|
$ 5,777
|
|
|
100.00%
|
|
|
|
|
Distributed and
undistributed earnings allocated to unvested restricted
shares
|
(36)
|
|
|
(0.62%)
|
|
|
|
|
Earnings available to
common shares
|
$ 5,741
|
|
|
99.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income allocation
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$13,260
|
|
|
100.00%
|
|
|
|
|
Amounts allocated to
unvested restricted shares
|
(82)
|
|
|
(0.62%)
|
|
|
|
|
Amounts allocated to
common shares
|
$13,178
|
|
|
99.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
months ended March 31, 2014 the company had no dilutive
shares.
|
|
|
|
(2) Percentages
rounded to two decimal places.
|
|
|
Contact:
Frank Constantinople, SVP Investor Relations
Tel: +1-203-504-1063
fconstantinople@aircastle.com
The IGB Group
Leon Berman
Tel: +1-212-477-8438
lberman@igbir.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aircastle-announces-first-quarter-2015-results-300078377.html
SOURCE Aircastle Limited