AIRCASTLE LIMITED STAMFORD, Conn., Aug. 6, 2015 /PRNewswire/ --
Second Quarter Highlights
-- Net income of $41.8 million, or $0.51 per diluted common share, vs.
$0.04 the prior year
-- Cash ROE was 14.6% and net cash interest margin was 9.1%
-- Acquired 19 aircraft for $553 million
-- Ordered 25 new technology Embraer E-Jet E2 aircraft, with the first
delivery scheduled in 2018
-- Sold ten aircraft for approximately $180 million and designated for sale
two freighter aircraft; total net pre-tax contribution of $16.2 million
-- 37(th) consecutive quarterly dividend declared by Aircastle's Board of
Directors
Aircastle Limited (the "Company" or "Aircastle") (NYSE: AYR) reported second quarter 2015 net income of $41.8 million, or $0.51 per diluted common share and adjusted net income of $47.2 million, or $0.58 per diluted common share on total revenues of $204.6 million.
Commenting on the results, Ron Wainshal, Aircastle's CEO, stated "We are continuing to execute on our strategy of growing while upgrading Aircastle's portfolio. So far this year we've originated $1.0 billion in large, value-add deals with our airline customers while taking timely advantage of strong market conditions to sell older assets at attractive pricing. In the course of doing so, we drove our cash ROE to 14.6% during the second quarter."
Mr. Wainshal added, "Aircastle generated strong operating results by managing our portfolio through prudent and proactive initiatives. Our portfolio utilization during the second quarter was in excess of 99% as we successfully redeployed ahead of schedule all of the aircraft we removed from Russia earlier this year. Moreover, we continue to capitalize on strong lease demand by securing leases for nearly all of the aircraft we have coming off lease through next year, pushing the average remaining lease term to 5.8 years, nearly a year longer than a year ago."
___________________________
Note: Non-GAAP items reconciled in the Appendix.
Financial
Results
(in thousands,
except share
data) Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2015 2014 2015 2014
---- ---- ---- ----
Total Revenues $204,565 $226,146 $398,861 $402,749
Lease Rental and
Finance Lease
Revenues $186,716 $187,128 $365,469 $365,450
Adjusted EBITDA $214,608 $211,662 $404,822 $381,675
Net income $41,808 $3,136 $85,077 $8,913
Per common share
-Diluted $0.51 $0.04 $1.05 $0.11
Adjusted net
income $47,229 $47,692 $97,686 $60,952
Per common share
-Diluted $0.58 $0.59 $1.20 $0.75
Second Quarter Results
Total revenues were $204.6 million, a decrease of $21.6 million, or 9.5%, from the previous year, driven by lower maintenance revenues of $14.8 million. During the second quarter of 2014, we recorded $36.2 million of maintenance revenue related to nine aircraft that were sold, parted out or transitioned.
Lease rental and finance lease revenues during the second quarter were $186.7 million. The small change in this revenue versus last year reflects the combined effects of asset acquisitions, aircraft dispositions and lease extensions.
Adjusted EBITDA for the second quarter was $214.6 million, up 1.4% versus the prior year's quarter reflecting higher gains from aircraft sales of $20.2 million, partially offset by lower maintenance revenue of $14.8 million.
Adjusted net income for the quarter was $47.2 million, down 1.0% year over year. Higher gains from aircraft sales of $20.2 million were offset by lower total revenues of $21.6 million.
Net income for the second quarter was $41.8 million versus $3.1 million the previous year. In the second quarter of 2014 we incurred bond redemption expenses of $36.6 million associated with refinancing $450 million of 9.75% senior unsecured notes due in 2018.
Aviation Assets
During the second quarter of 2015, we acquired nineteen aircraft for $553 million and committed to acquire six additional aircraft in 2015 for approximately $200 million. Year-to-date, we acquired or committed to acquire a total of 31 aircraft that will close in 2015, for approximately $1.0 billion. The aircraft acquired during the first half of 2015 had a weighted average age of less than four years, an average lease term of nearly nine years, and all but one were narrow-body aircraft.
During the second quarter of 2015, we completed the sale of ten aircraft, including two older A330s and one 767-300ER. We also designated for sale in the third quarter two MD-11 freighter aircraft. The total pre-tax impact from this activity during the second quarter of 2015 was approximately $16.2 million.
Q2 2015 Opportunistic and Number Gain on
Exit Aircraft Sales
$ in thousands of Maintenance Sale of Flight Pre-tax
Aircraft Revenue Equipment Impairment Impact
-------- ------- --------- ---------- ------
Opportunistic Sales 8 $ - $19,572 $ - $19,572
Exit Sales 2 7,034 1,530 (5,328) 3,236
--- ----- ----- ------ -----
Total Sales 10 7,034 21,102 (5,328) 22,808
Freighter Exits (1) 2 11,200 - (17,852) (6,652)
--- ------ --- ------- ------
Total 12 $18,234 $21,102 $(23,180) $16,156
=== ======= ======= ======== =======
_______________
(1) We intend to sell these freighter aircraft in the third quarter of 2015.
As of June 30, 2015, Aircastle owned 161 aircraft having a net book value of $6.1 billion. We also manage five aircraft with a net book value of approximately $500 million dollars on behalf of our joint venture with Ontario Teachers' Pension Plan.
Owned Owned
Aircraft as of Aircraft as of
June 30, June 30,
2015 2014
---- ----
Total Flight
Equipment
Held for
Lease ($
mils.) $6,076 $5,651
Unencumbered
Flight
Equipment
Held for
Lease ($
mils.) $3,705 $3,187
Number of
Aircraft 161 148
Number of
Unencumbered
Aircraft 110 91
Passenger
Aircraft (%
of NBV) 87% 84%
Weighted
Average
Fleet Age
(years)((2)) 8.0 8.6
Weighted
Average
Remaining
Lease Term
(years)((3)) 5.8 4.9
Weighted
Average
Fleet
Utilization
for the
period
ended(4) 99.1% 100.0%
Portfolio
Yield for
the period
ended(5) 12.6% 13.1%
Net Cash
Interest
Margin(6) 9.1% 9.7%
(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.
Embraer Order
On June 15, 2015, Aircastle entered into an agreement to purchase 25 new technology E-Jet E2 aircraft from Embraer S.A. The deliveries are scheduled to begin in 2018 at a rate of roughly seven units per year through 2021. The agreement includes purchase rights for an additional 25 units, bringing the total potential order to up to 50 aircraft.
Financing Activity
In the second quarter of 2015, we closed floating rate loans with Bank of Tokyo Mitsubishi UFJ and Development Bank of Japan, helping build our network of strong global banking relationships. These loans, which total $150 million, are secured by two A330-300 aircraft acquired during the fourth quarter of 2014.
During the second quarter of 2015, we also extended the maturity of our $600 million revolving credit facility by one year, to May of 2019.
Common Dividend
On August 4, 2015, Aircastle's Board of Directors declared a third quarter 2015 cash dividend on its common shares of $0.22 per share, payable on September 15, 2015 to shareholders of record on August 31, 2015. This is our 37(th) consecutive dividend.
Conference Call
In connection with this earnings release, management will host an earnings conference call on Thursday, August 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) 539-3612 (from within the U.S. and Canada) or (719) 457-2085 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode "1175363".
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 Saturday, September 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 "1175363".
About Aircastle Limited
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of June 30, 2015, Aircastle's aircraft portfolio consisted of 161 aircraft on lease with 52 customers located in 32 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.
Contact:
Aircastle Advisor LLC The IGB Group
Frank Constantinople, SVP Investor Relations Leon Berman
Tel: +1-203-504-1063 Tel: +1-212-377-8483
fconstantinople@aircastle.com lberman@igbir.com
Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
June 30, December 31,
2015 2014
---- ----
(Unaudited)
ASSETS
Cash and cash equivalents $242,941 $169,656
Accounts receivable 4,996 3,334
Restricted cash and cash
equivalents 161,854 98,884
Restricted liquidity facility
collateral 65,000 65,000
Flight equipment held for lease,
net of accumulated depreciation
of $1,361,420 and $1,294,063 5,953,555 5,579,718
Net investment in finance leases 122,855 106,651
Unconsolidated equity method
investment 48,712 46,453
Other assets 203,762 157,317
------- -------
Total assets $6,803,675 $6,227,013
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Borrowings from secured
financings $1,427,374 $1,396,454
Borrowings from unsecured
financings 2,850,000 2,400,000
Accounts payable, accrued
expenses and other liabilities 156,045 140,863
Lease rentals received in
advance 56,785 53,216
Liquidity facility 65,000 65,000
Security deposits 111,765 117,689
Maintenance payments 351,148 333,456
------- -------
Total liabilities 5,018,117 4,506,678
--------- ---------
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,
81,181,495 shares issued and
outstanding at June 30, 2015;
and 80,983,249 shares issued
and outstanding at December 31,
2014 812 810
Additional paid-in capital 1,566,268 1,565,180
Retained earnings 242,159 192,805
Accumulated other comprehensive
loss (23,681) (38,460)
------- -------
Total shareholders' equity 1,785,558 1,720,335
--------- ---------
Total liabilities and
shareholders' equity $6,803,675 $6,227,013
========== ==========
Aircastle Limited and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
---------------------------
2015 2014 2015 2014
---- ---- ---- ----
Revenues:
Lease rental revenue $184,839 $183,231 $361,985 $357,566
Finance lease revenue 1,877 3,897 3,484 7,884
Amortization of lease premiums, discounts and lease incentives (4,351) 414 (8,175) (6,177)
Maintenance revenue 21,349 36,182 39,422 39,224
------ ------ ------ ------
Total lease revenue 203,714 223,724 396,716 398,497
Other revenue 851 2,422 2,145 4,252
--- ----- ----- -----
Total revenues 204,565 226,146 398,861 402,749
------- ------- ------- -------
Operating expenses:
Depreciation 77,368 75,784 152,214 149,711
Interest, net 61,551 60,494 123,682 124,757
Selling, general and administrative (including non-cash share based payment expense of $1,387 and $1,228 for the three
months ended and $2,557 and $2,218 for the six months ended June 30, 2015 and 2014, respectively) 14,699 14,057 28,631 28,001
Impairment of Aircraft 23,955 28,306 23,955 46,569
Maintenance and other costs 3,663 2,646 6,606 4,509
----- ----- ----- -----
Total expenses 181,236 181,287 335,088 353,547
------- ------- ------- -------
Other income (expense):
Gain on sale of flight equipment 21,102 884 27,355 1,994
Loss on extinguishment of debt - (36,570) - (36,570)
Other 277 - 271 757
Total other income (expense) 21,379 (35,686) 27,626 (33,819)
------ ------- ------ -------
Income from continuing operations before income taxes 44,708 9,173 91,399 15,383
Income tax provision 4,465 6,558 9,328 7,441
Earnings of unconsolidated equity method investment, net of tax 1,565 521 3,006 971
----- --- ----- ---
Net income $41,808 $3,136 $85,077 $8,913
======= ====== ======= ======
Earnings per common share - Basic:
Net income per share $0.51 $0.04 $1.05 $0.11
===== ===== ===== =====
Earnings per common share - Diluted:
Net income per share $0.51 $0.04 $1.05 $0.11
===== ===== ===== =====
Dividends declared per share $0.22 $0.20 $0.44 $0.40
===== ===== ===== =====
Aircastle Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
Six Months Ended June 30,
2015 2014
---- ----
Cash flows from operating activities:
Net income (loss) $85,077 $8,913
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 152,214 149,711
Amortization of deferred financing
costs 7,465 6,987
Amortization of net lease discounts
and lease incentives 8,175 6,177
Deferred income taxes (1,363) 3,999
Non-cash share based payment
expense 2,557 2,218
Cash flow hedges reclassified into
earnings 14,343 18,181
Security deposits and maintenance
payments included in earnings (22,382) (40,006)
Gain on sale of flight equipment (27,355) (1,994)
Loss on extinguishment of debt - 36,570
Impairment of aircraft 23,955 46,569
Other 108 (91)
Changes in certain assets and liabilities:
Accounts receivable (1,697) (3,619)
Other assets (2,155) (1,914)
Accounts payable, accrued expenses
and other liabilities 7,018 (20,438)
Lease rentals received in advance 3,646 2,742
----- -----
Net cash provided by operating
activities 249,606 214,005
------- -------
Cash flows from investing activities:
Acquisition and improvement of
flight equipment and lease
incentives (797,136) (834,467)
Proceeds from sale of flight
equipment 231,842 246,037
Restricted cash and cash
equivalents related to sale of
flight equipment (76,433) (7,600)
Aircraft purchase deposits and
progress payments (3,461) (3,785)
Net investment in finance leases (24,000) (14,258)
Collections on finance leases 4,795 6,219
Other (256) 87
---- ---
Net cash used in investing
activities (664,649) (607,767)
-------- --------
Cash flows from financing activities:
Issuance of shares net of
repurchases (1,960) (2,091)
Proceeds from notes and term debt
financings 800,000 803,200
Securitization and term debt
financing repayments (319,994) (827,512)
Debt extinguishment costs - (32,835)
Deferred financing costs (11,658) (15,834)
Restricted liquidity facility
collateral - 42,000
Liquidity facility - (42,000)
Restricted cash and cash
equivalents related to financing
activities 13,463 29,015
Security deposits and maintenance
payments received 71,536 83,144
Security deposits and maintenance
payments returned (27,336) (44,577)
Payments for terminated cash flow
hedges - (33,427)
Dividends paid (35,723) (32,402)
------- -------
Net cash provided by (used in)
financing activities 488,328 (73,319)
------- -------
Net increase (decrease) in cash and
cash equivalents 73,285 (467,081)
Cash and cash equivalents at
beginning of period 169,656 654,613
------- -------
Cash and cash equivalents at end of
period $242,941 $187,532
======== ========
Aircastle Limited and Subsidiaries
Selected Financial Guidance Elements for the Third
Quarter of 2015
($ in millions, except for percentages)
(Unaudited)
Guidance Item Q3:15(1)
------------- -------
Lease rental revenue $182 - $186
Finance lease revenue $1 - $2
Maintenance revenue $2 - $4
Amortization of net lease
discounts and lease incentives ($5) - ($6)
SG&A $14 - $15
Depreciation $76 - $78
Interest, net (2) $60 - $62
Gain on sale $12 - $15
Full year effective tax rate 10% - 11%
---------------------------- --------
(1) Excludes the impact of lease end
part outs.
(2) Includes non-cash hedge loss
amortization charges related to
the payoff of Securitization
No.1 of $2.7 million.
Aircastle Limited and Subsidiaries
Supplemental Financial Information
(Amount in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2015 2014 2015 2014
---- ---- ---- ----
Revenues $204,565 $226,146 $398,861 $402,749
EBITDA $189,543 $145,558 $378,476 $296,999
Adjusted EBITDA $214,608 $211,662 $404,822 $381,675
Adjusted net income $47,229 $47,692 $97,686 $60,952
Adjusted net income
allocable to common shares $46,851 $47,313 $96,984 $60,521
Per common share - Basic $0.58 $0.59 $1.20 $0.75
Per common share - Diluted $0.58 $0.59 $1.20 $0.75
Basic common shares
outstanding 80,566 80,390 80,565 80,389
Diluted common shares
outstanding 80,566 80,390 80,565 80,389
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 Six Months Ended
June 30, June 30,
-------- --------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands)
---------------------
Net income $41,808 $3,136 $85,077 $8,913
Depreciation 77,368 75,784 152,214 149,711
Amortization of net lease discounts and lease incentives 4,351 (414) 8,175 6,177
Interest, net 61,551 60,494 123,682 124,757
Income tax provision 4,465 6,558 9,328 7,441
----- ----- ----- -----
EBITDA 189,543 145,558 378,476 296,999
Adjustments:
Impairment of aircraft 23,955 28,306 23,955 46,569
Loss on extinguishment of debt - 36,570 - 36,570
Non-cash share based payment expense 1,387 1,228 2,557 2,218
Gain on mark to market of interest rate derivative
contracts (277) - (166) (681)
Adjusted EBITDA $214,608 $211,662 $404,822 $381,675
======== ======== ======== ========
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 Six Months Ended
June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands)
---------------------
Net income $41,808 $3,136 $85,077 $8,913
Loss on extinguishment of debt(2) - 36,570 - 36,570
Ineffective portion and termination of hedges(1) 294 9 294 62
Gain on mark to market of interest rate derivative contracts(2) (277) - (166) (681)
Non-cash share based payment expense(3) 1,387 1,228 2,557 2,218
Term Financing No. 1 hedge loss amortization charges(1) 1,275 3,839 4,401 7,943
Securitization No. 1 hedge loss amortization charges (1) 2,742 2,910 5,523 5,927
-----
Adjusted net income $47,229 $47,692 $97,686 $60,952
======= ======= ======= =======
(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)
Cash Flow from Collections on Gain (Loss) on Depreciation Distributions from JV Cash Earnings Average Shareholders' Equity 12 Month Cash
Operations Finance Leases Sale of Eqt. 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 $494,387 $8,888 $48,507 $301,868 $131 $250,045 $1,711,152 14.6%
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 Cash Interest(1) Annualized Net Cash Interest
Revenue 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 $48,172 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%
Q2:15 $5,850,516 $184,839 $51,413 9.1%
(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 Six Months Ended
June 30, 2015 June 30, 2015
------------- -------------
Weighted-average shares(1): Shares Percent(2) Shares Percent(2)
--------------------------- ------ --------- ------ ---------
Common shares outstanding - Basic 80,566 99.20% 80,565 99.28%
Unvested restricted common shares 650 0.80% 583 0.72%
--- ---- --- ----
Total weighted-average shares outstanding 81,217 100.00% 81,149 100.00%
====== ====== ====== ======
Net income allocation
---------------------
Net income $41,808 100.00% $85,077 100.00%
Distributed and undistributed earnings allocated to unvested
restricted shares (335) (0.80%) (611) (0.72%)
---- ------ ---- ------
Earnings available to common shares $41,473 99.20% $84,466 99.28%
======= ===== ======= =====
Adjusted net income allocation
------------------------------
Adjusted net income $47,229 100.00% $97,686 100.00%
Amounts allocated to unvested restricted shares (378) (0.80%) (702) (0.72%)
---- ------ ---- ------
Amounts allocated to common shares $46,851 99.20% $96,984 99.28%
======= ===== ======= =====
(1) For the three and six months
ended June 30, 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 Six Months Ended
June 30, 2014 June 30, 2014
------------- -------------
Weighted-average shares(1): Shares Percent(2) Shares Percent(2)
--------------------------- ------ --------- ------ ---------
Common shares outstanding - Basic 80,390 99.21% 80,389 99.29%
Unvested restricted common shares 644 0.79% 572 0.71%
--- ---- --- ----
Total weighted-average shares outstanding 81,034 100.00% 80,961 100.00%
====== ====== ====== ======
Net income allocation
---------------------
Net income $3,136 100.00% $8,913 100.00%
Distributed and undistributed earnings allocated to unvested
restricted shares (25) (0.79%) (63) (0.71%)
--- ------ --- ------
Earnings available to common shares $3,111 99.21% $8,850 99.29%
====== ===== ====== =====
Adjusted net income allocation
------------------------------
Adjusted net income $47,692 100.00% $60,952 100.00%
Amounts allocated to unvested restricted shares (379) (0.79%) (431) (0.71%)
---- ------ ---- ------
Amounts allocated to common shares $47,313 99.21% $60,521 99.29%
======= ===== ======= =====
(1) For the three and six months
ended June 30, 2014 the company
had no dilutive shares.
(2) Percentages rounded to two
decimal places.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/aircastle-announces-second-quarter-2015-results-300124624.html
SOURCE Aircastle Limited
