Aircastle Announces Second Quarter 2010 Results
STAMFORD, Conn., Aug 10, 2010 /PRNewswire via COMTEX/ -- Aircastle Limited (the "Company" or "Aircastle") (NYSE: AYR) reported second quarter net income of $18.1 million or $0.23 per diluted common share, and adjusted net income of $20.5 million or $0.26 per diluted common share.
Commenting on the results, Ron Wainshal, Aircastle's CEO, stated: "We continued delivering consistently solid portfolio performance during the second quarter, as we benefitted from effective asset management and improving industry conditions. We also capitalized on our strong operating track record and balance sheet by securing $1.1 billion in new financing commitments from a variety of debt sources, positioning us well to take advantage of a growing set of attractive new investment opportunities."
Lease rental revenue for the second quarter 2010 was $128.1 million, down 1.0% year over year and includes a decrease of $4.0 million due to aircraft transitions and lease extensions, of which $1.1 million relates to aircraft that were on the ground subject to a forward sale agreement. These decreases were partially offset by the impact of aircraft acquisitions net of dispositions of $3.1 million.
Second quarter total revenues were $130.2 million, a decrease of $6.7 million from the second quarter 2009, and reflect lower lease rental revenue of $1.3 million, lower end of lease maintenance revenue of $2.8 million due to fewer scheduled lease transitions in 2010 and higher non-cash lease incentive amortization of $2.1 million.
EBITDA was $119.2 million, down $6.4 million from the second quarter of 2009, due to lower lease rental revenue and maintenance revenue of $4.1 million, higher mark to market expense on our undesignated hedges of $1.2 million and a loss on the sale of aircraft of $1.3 million. These decreases in EBITDA were partially offset by lower maintenance and other costs of $1.1 million as a result of higher costs incurred in the second quarter of 2009 for repossessed aircraft.
Adjusted net income plus depreciation and amortization for the quarter was $79.8 million, down $1.5 million year over year, due primarily to lower lease rental revenue and maintenance revenue of $4.1 million, offset by lower maintenance and other expenses of $1.1 million and lower adjusted interest, net of $1.8 million.
Adjusted net income for the quarter was $20.5 million, down $6.4 million year over year, and reflects lower total revenues of $6.7 million, higher depreciation expense of $2.7 million, partially offset by lower maintenance and other costs of $1.1 million and lower adjusted interest, net of $1.8 million.
As disclosed previously, Aircastle owned three Boeing 757-200 aircraft subject to a forward sale agreement. During the second quarter we completed the sale of the first aircraft and recorded a loss on the sale of $1.3 million reflecting additional maintenance costs incurred to meet delivery conditions under the sale agreement. We anticipate completing the sale of the second aircraft during the third quarter of 2010. The final aircraft is currently on lease and is scheduled to return from the current lessee and deliver under the sale agreement in late 2011.
(1) Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.
Aviation Assets
As of June 30, 2010, Aircastle owned 129 aircraft having a net book value of $3.7 billion.
Owned
Aircraft
as of
June 30,
2010(A)
-------
108 Passenger Aircraft 71%
21 Freighter Aircraft 29%
Number of Lessees 63
Number of Countries 36
Weighted Average Remaining Lease Term (years)(B) 4.6
Percentage of Aircraft Leased Outside U.S. 91%
Percentage of "Latest Generation" Aircraft 88%
Weighted Average Fleet Utilization during the Three Months
ended June 30, 2010(C) 98%
Weighted Average Fleet Utilization during the Six Months
ended June 30, 2010(C) 98%
(A) Percentages calculated using net book value.
(B) Weighted average remaining lease term (years) by net value.
(C) Aircraft on-lease days as a percent of total days in period
weighted by net book value, excluding aircraft in freighter
conversion.
In June we purchased a Boeing 737-800 aircraft and placed it on lease. We also have a commitment to acquire three Airbus A330-200 aircraft from Sri Lankan Airlines, the flag carrier of Sri Lanka, in a sale-leaseback transaction (the "A330 SLB Aircraft"). The first aircraft closed in July 2010. The remaining two aircraft are expected to close in the third quarter of 2010. In addition we entered into a commitment to purchase one Boeing 737-800 aircraft which is subject to lease and is expected to close in the third quarter of 2010.
Financing Update
In July 2010, Aircastle Limited closed a private placement offering of 9.75% senior unsecured notes due in 2018, in an aggregate principal amount of $300 million. The notes were issued at 98.645% of par and were offered only to qualified institutional buyers and buyers outside the United States in accordance with Rule 144A and Regulation S, respectively, under the Securities Act of 1933. We used a portion of the net proceeds of the private placement to repay $25 million drawn under a credit facility used in connection with the purchase of the first A330 SLB Aircraft and plan to use the remaining net proceeds to repay all of its outstanding indebtedness under our Term Financing No. 2 and for general corporate purposes, including the purchase of aviation assets.
We secured a commitment from Citigroup Global Markets Inc. for a $50 million senior unsecured revolving credit facility which will have a three-year term and, subject to the completion of satisfactory documentation, is anticipated to be closed during the course of the third quarter.
In June, we entered into a $108 million loan facility to finance a portion of the pre delivery payments on six new Airbus A330 aircraft under the airbus A330 acquisition agreement (Airbus A330 Agreement).
In addition, in July 2010, we secured new financing commitments for our Airbus A330 Agreement which will benefit from an ECA guarantee provided by Compagnie Francaise d'Assurance pour le Commerce Exterieur, or COFACE, as follows:
- Sumitomo Mitsui Banking Corporation (SMBC) committed $250 million in debt to finance the first three new A330 Aircraft delivering to South African Airways; and
- Citibank, N.A. committed approximately $221 million and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BOTM) committed approximately $227 million, to finance six new A330 Aircraft.
Conference Call
In connection with this earnings release, management will host an earnings conference call on August 10, 2010 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 (866) 510-4578 (from within the U.S.) or (706) 634-9537 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the "Aircastle Second Quarter Earnings Call."
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 three months 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 11:59 P.M. Eastern time on Tuesday, August 17, 2010 by dialing (800) 642-1687 (from within the U.S.) or (706) 645-9291 (from outside of the U.S.); please reference passcode "89643753."
About Aircastle Limited
Aircastle Limited is a global company that acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world. As of June 30, 2010 Aircastle's aircraft portfolio consisted of 129 aircraft and had 63 lessees located in 36 countries.
Safe Harbor
Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but 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 Net Income and Adjusted Net Income plus Depreciation and Amortization 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 management's current expectations and beliefs 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 Limited can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle Limited's expectations include, but are not limited to, prolonged capital markets disruption and volatility, which may adversely affect our continued ability to obtain additional capital to finance our working capital needs, our pre-delivery payment obligations and other aircraft acquisition commitments, our ability to extend or replace our existing financings, and the demand for and value of aircraft; our exposure to increased bank and counterparty risk caused by credit and capital markets disruptions; volatility in the value of our aircraft or in appraisals thereof, which may, among other things, result in increased principal payments under our term financings and reduce our cash flow available for investment or dividends; general economic conditions and business conditions affecting demand for aircraft and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and/or reduced yields, operational disruptions caused by volcanic activity and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases; termination payments on our interest rate hedges; and other risks detailed from time to time in Aircastle Limited's filings with the SEC, including "Risk Factors" as previously disclosed in Aircastle's 2009 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other communications. 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 press release. Aircastle Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
December
31, June 30,
2009 2010
---- ----
(Unaudited)
ASSETS
Cash and cash equivalents $142,666 $149,696
Accounts receivable 2,941 3,041
Restricted cash and cash equivalents 207,834 213,105
Restricted liquidity facility collateral 81,000 79,000
Flight equipment held for lease, net of
accumulated depreciation of $586,537 and
$688,492 3,812,970 3,742,080
Aircraft purchase deposits and progress
payments 141,144 210,297
Leasehold improvements, furnishings and
equipment, net of accumulated depreciation
of $2,455 and $2,654 802 619
Other assets 65,155 66,504
------ ------
Total assets $4,454,512 $4,464,342
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Borrowings from securitizations and term
debt financings (including borrowings of
ACS Ireland VIEs of $331,856 and $322,453,
respectively) $2,464,560 $2,433,308
Accounts payable, accrued expenses and
other liabilities 60,392 58,542
Dividends payable 7,955 7,947
Lease rentals received in advance 34,381 31,288
Liquidity facility 81,000 79,000
Security deposits 82,533 74,670
Maintenance payments 253,175 279,235
Fair value of derivative liabilities 179,279 211,698
------- -------
Total liabilities 3,163,275 3,175,688
--------- ---------
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, 79,550,421 shares
issued and outstanding at December 31,
2009; and 79,472,390 shares issued and
outstanding at June 30, 2010 796 795
Additional paid-in capital 1,479,995 1,482,044
Retained earnings 70,294 91,414
Accumulated other comprehensive loss (259,848) (285,599)
-------- --------
Total shareholders' equity 1,291,237 1,288,654
--------- ---------
Total liabilities and shareholders' equity $4,454,512 $4,464,342
========== ==========
Aircastle Limited and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2009 2010 2009 2010
---- ---- ---- ----
Revenues:
Lease rental
revenue $129,406 $128,133 $255,400 $258,255
Amortization of net
lease discounts
and lease
incentives (2,810) (4,909) (3,927) (9,754)
Maintenance revenue 9,637 6,836 16,240 12,090
----- ----- ------ ------
Total lease rentals 136,233 130,060 267,713 260,591
Interest income 594 -- 1,227 --
Other revenue 86 124 111 154
--- --- --- ---
Total revenues 136,913 130,184 269,051 260,745
------- ------- ------- -------
Expenses:
Depreciation 51,688 54,424 103,249 108,569
Interest, net 41,482 40,166 84,893 81,125
Selling, general
and administrative
(including non-
cash share based
payment expense of
$1,729 and $1,929
for the three
months ended, and
$3,387 and $3,711
for the six months
ended June 30,
2009 and 2010,
respectively) 11,122 11,036 22,217 22,709
Maintenance and
other costs 4,502 3,437 10,278 5,637
----- ----- ------ -----
Total expenses 108,794 109,063 220,637 218,040
------- ------- ------- -------
Other income
(expense):
Loss on sale of
aircraft -- (1,291) -- (1,291)
Other income
(expense) 1,501 (176) 1,593 (546)
----- ---- ----- ----
Total other income
(expense) 1,501 (1,467) 1,593 (1,837)
----- ------ ----- ------
Income from
continuing
operations before
income taxes 29,620 19,654 50,007 40,868
Income tax
provision 2,049 1,515 3,965 3,850
----- ----- ----- -----
Net income $27,571 $18,139 $46,042 $37,018
======= ======= ======= =======
Earnings per common
share -Basic $0.35 $0.23 $0.58 $0.46
===== ===== ===== =====
Earnings per common
share -Diluted $0.35 $0.23 $0.58 $0.46
===== ===== ===== =====
Dividends declared
per share $0.10 $0.10 $0.20 $0.20
===== ===== ===== =====
Aircastle Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
Six Months Ended
June 30,
--------
2009 2010
--- ----
Cash flows from operating activities:
Net income $46,042 $37,018
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 103,249 108,569
Amortization of deferred financing costs 5,731 5,760
Amortization of net lease discounts and lease
incentives 3,927 9,754
Deferred income taxes 3,348 2,537
Accretion of purchase discounts on debt
investments (288) -
Non-cash share based payment expense 3,387 3,711
Cash flow hedges reclassified into earnings 7,796 4,074
Ineffective portion of cash flow hedges (573) 1,769
Loss on sale of flight equipment - 1,291
Security deposits and maintenance payments
included in earnings (10,506) (9,978)
Other (1,164) 546
Changes in certain assets and liabilities:
Accounts receivable (2,281) (662)
Restricted cash and cash equivalents (16,754) 12,436
Other assets (4,077) 655
Accounts payable, accrued expenses and other
liabilities (10,118) (5,445)
Lease rentals received in advance (1,228) (1,343)
------ ------
Net cash provided by operating activities 126,491 170,692
------- -------
Cash flows from investing activities:
Acquisition and improvement of flight
equipment and lease incentives (105,746) (55,353)
Proceeds from sale of flight equipment, net
of gain - 17,707
Restricted cash and cash equivalents related
to sale of flight equipment - (17,707)
Aircraft purchase deposits and progress
payments, net of returned deposits (39,715) (74,666)
Principal repayments on debt investments 808 -
Leasehold improvements, furnishings and
equipment (82) (16)
--- ---
Net cash used in investing activities (144,735) (130,035)
-------- --------
Cash flows from financing activities:
Repurchase of shares from directors and
employees (247) (1,663)
Proceeds from debt financings 70,916 57,089
Debt repayments (65,847) (88,341)
Deferred financing costs (3,098) (2,023)
Restricted secured liquidity facility
collateral (81,186) 2,000
Secured liquidity facility collateral 81,186 (2,000)
Security deposits received 37,475 3,917
Security deposits returned (6,267) (8,760)
Maintenance payments received 33,220 57,762
Maintenance payments returned (14,527) (35,702)
Payments for terminated cash flow hedges (2,758) -
Dividends paid (15,785) (15,906)
------- -------
Net cash provided by (used in) financing
activities 33,082 (33,627)
------ -------
Net increase (decrease) in cash and cash
equivalents 14,838 7,030
Cash and cash equivalents at beginning of
period 80,947 142,666
------ -------
Cash and cash equivalents at end of period $95,785 $149,696
======= ========
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,
-------- --------
2009 2010 2009 2010
---- ---- ---- ----
Revenues $136,913 $130,184 $269,051 $260,745
EBITDA $125,600 $119,153 $242,076 $240,316
Adjusted net income $26,884 $20,514 $48,009 $41,077
Adjusted net income
allocable to common shares $26,413 $20,217 $47,229 $40,467
Per common share - Basic $0.34 $0.26 $0.61 $0.52
Per common share -Diluted $0.34 $0.26 $0.61 $0.52
Adjusted net income plus
depreciation and
amortization $81,382 $79,847 $155,185 $159,400
Adjusted net income plus
depreciation and
amortization allocable to
common shares $79,957 $78,690 $152,665 $157,033
Per common share - Basic $1.03 $1.00 $1.96 $2.00
Per common share -Diluted $1.03 $1.00 $1.96 $2.00
Basic common shares
outstanding 77,977 78,465 77,959 78,437
Diluted common shares
outstanding 77,977 78,465 77,959 78,437
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 Reconciliation
(Dollars in thousands)
(Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
-------- --------
2009 2010 2009 2010
---- ---- ---- ----
Net income $27,571 $18,139 $46,042 $37,018
Depreciation 51,688 54,424 103,249 108,569
Amortization of net lease
discounts and lease
incentives 2,810 4,909 3,927 9,754
Interest, net 41,482 40,166 84,893 81,125
Income tax provision 2,049 1,515 3,965 3,850
----- ----- ----- -----
EBITDA $125,600 $119,153 $242,076 $240,316
======== ======== ======== ========
We define EBITDA as income 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-GAAP measure is helpful in identifying trends in our performance. Using EBITDA assists us in comparing our operating performance on a consistent basis by removing the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income plus Depreciation Reconciliation
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2009 2010 2009 2010
---- ---- ---- ----
Net income $27,571 $18,139 $46,042 $37,018
Ineffective portion and
termination of cash flow
hedges(1) 385 908 3,131 2,222
Mark to market of interest
rate derivative
contracts(2) (1,072) 176 (1,164) 546
Loss on sale of flight
equipment(2) - 1,291 - 1,291
--- ----- --- -----
Adjusted net income 26,884 20,514 48,009 41,077
Depreciation 51,688 54,424 103,249 108,569
Amortization of net lease
discounts and lease
incentives 2,810 4,909 3,927 9,754
----- ----- ----- -----
Adjusted net income plus
depreciation and
amortization $81,382 $79,847 $155,185 $159,400
======= ======= ======== ========
(1) Included in Interest, net
(2) Included in Other income (expense)
Management believes that Adjusted Net Income ("ANI") and Adjusted Net Income plus Depreciation and Amortization ("ANIDA"), when viewed in conjunction with the Company's results under 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 elements related to interest rate derivative accounting as well as gains/(losses) related to flight equipment and debt investments. Additionally, management believes that ANIDA provides investors with an additional metric to enhance their understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made, debt is serviced and dividends are paid. However, ANI and ANIDA are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income (loss) or cash flow from operating activities as indicators of operating performance or liquidity.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(In thousands)
(Unaudited)
Three
Months Six Months
Ended Ended
June 30, June 30,
2010 2010
--------- ---------
Shares Percent(2) Shares Percent(2)
Weighted average
shares
----------------
Common shares
outstanding -
Basic 78,465 98.55 % 78,437 98.52 %
Unvested
restricted
common shares
outstanding 1,153 1.45 % 1,182 1.48 %
----- ----- ----- -----
Total weighted
average shares
outstanding 79,619 100.00 % 79,619 100.00 %
====== ======= ====== =======
Common shares
outstanding -
Basic 78,465 100.00 % 78,437 100.00 %
Effect of
dilutive
shares(1) - - - -
--- --- --- ---
Common shares
outstanding -
Diluted 78,465 100.00 % 78,437 100.00 %
====== ======= ====== =======
Net income
allocation
-----------
Net income $18,139 100.00 % $37,018 100.00 %
Distributed and
undistributed
earnings
allocated to
unvested
restricted
shares (263) (1.45)% (550) (1.48)%
---- ------ ---- ------
Earnings
available to
common shares $17,876 98.55 % $36,468 98.52 %
======= ====== ======= ======
Adjusted net
income
allocation
------------
Adjusted net
income $20,514 100.00 % $41,077 100.00 %
Amounts
allocated to
unvested
restricted
shares (297) (1.45)% (610) (1.48)%
---- ------ ---- ------
Amounts
allocated to
common shares $20,217 98.55 % $40,467 98.52 %
======= ====== ======= ======
Adjusted net
income plus
depreciation
and
amortization
allocation
-------------
Adjusted net
income plus
depreciation
and
amortization $79,847 100.00 % $159,400 100.00 %
Amounts
allocated to
unvested
restricted
shares (1,157) (1.45)% (2,367) (1.48)%
------ ------ ------ ------
Amounts
allocated to
common shares $78,690 98.55 % $157,033 98.52 %
======= ====== ======== ======
(1) The Company had no dilutive common share equivalents for the
periods presented.
(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 Six Months
Ended Ended
June 30, June 30,
2009 2009
--------- ---------
Shares Percent(2) Shares Percent(2)
Weighted average
shares
----------------
Common shares
outstanding -
Basic 77,977 98.25 % 77,959 98.38 %
Unvested
restricted
common shares
outstanding 1,390 1.75 % 1,287 1.62 %
----- ----- ----- -----
Total weighted
average shares
outstanding 79,367 100.00 % 79,246 100.00 %
====== ======= ====== =======
Common shares
outstanding -
Basic 77,977 100.00 % 77,759 100.00 %
Effect of
dilutive
shares(1) - - - -
--- --- --- ---
Common shares
outstanding -
Diluted 77,977 100.00 % 77,759 100.00 %
====== ======= ====== =======
Net income
allocation
-----------
Net income $27,571 100.00 % $46,042 100.00 %
Distributed and
undistributed
earnings
allocated to
unvested
restricted
shares (483) (1.75)% (748) (1.62)%
---- ------ ---- ------
Earnings
available to
common shares $27,088 98.25 % $45,294 98.38 %
======= ====== ======= ======
Adjusted net
income
allocation
------------
Adjusted net
income $26,884 100.00 % $48,009 100.00 %
Amounts allocated
to unvested
restricted
shares (471) (1.75)% (780) (1.62)%
---- ------ ---- ------
Amounts allocated
to common shares $26,413 98.25 % $47,229 98.38 %
======= ====== ======= ======
Adjusted net
income plus
depreciation and
amortization
allocation
-----------------
Adjusted net
income plus
depreciation and
amortization $81,382 100.00 % $155,185 100.00 %
Amounts allocated
to unvested
restricted
shares (1,425) (1.75)% (2,520) (1.62)%
------ ------ ------ ------
Amounts allocated
to common shares $79,957 98.25 % $152,665 98.38 %
======= ====== ======== ======
(1) The Company had no dilutive common share equivalents for the
periods presented.
(2) Percentages rounded to two decimal places
SOURCE: Aircastle Limited
