Aircastle Announces Third Quarter 2017 Results
Key Financial Metrics
- Total lease rental and finance and sales-type lease revenues were
$178.1 million , down 4.9% - Total revenues were
$191.4 million , down 1.7% - Net income was
$57.4 million , or$0.73 per diluted common share versus net income of$27.4 million , or$0.35 per diluted common share in the third quarter of 2016 - Adjusted net income(1) was
$64.4 million , or$0.82 per diluted common share versus adjusted net income of$29.7 million , or$0.38 per diluted common share in the third quarter of 2016 - Adjusted EBITDA(1) was
$199.5 million , up 10.2% - Cash ROE(1) was 15.2%; net cash interest margin(1) was 8.8%
Highlights
- Acquired thirteen narrow-body aircraft for
$359 million during the third quarter, and 28 aircraft year-to-date for$635 million - Closed or committed to acquire 39 additional mid-age narrow-body aircraft in the fourth quarter of 2017 for
$860 million - Sold fifteen aircraft during the third quarter and 29 aircraft year-to-date; sales included three wide-bodies, three freighters, and one classic aircraft; year-to-date gain on sale of
$35.9 million - Declared our 46th consecutive quarterly dividend and increased it to
$0.28 from$0.26 , or 7.7%; This is our eighth dividend increase in seven years
(1) Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.
Commenting on the results,
Financial Results | |||||||||||||||
(In thousands, except share data) |
Three Months Ended |
Nine Months Ended | |||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Total revenues |
$ |
191,411 |
$ |
194,652 |
$ |
619,218 |
$ |
568,305 |
|||||||
Lease rental and finance and sales-type lease revenues |
$ |
178,099 |
$ |
187,329 |
$ |
567,734 |
$ |
550,696 |
|||||||
Adjusted EBITDA(1) |
$ |
199,535 |
$ |
181,145 |
$ |
617,031 |
$ |
547,460 |
|||||||
Net income |
$ |
57,431 |
$ |
27,437 |
$ |
92,754 |
$ |
83,729 |
|||||||
Per common share - Diluted |
$ |
0.73 |
$ |
0.35 |
$ |
1.18 |
$ |
1.06 |
|||||||
Adjusted net income(1) |
$ |
64,387 |
$ |
29,706 |
$ |
112,526 |
$ |
98,002 |
|||||||
Per common share - Diluted |
$ |
0.82 |
$ |
0.38 |
$ |
1.43 |
$ |
1.24 |
|||||||
(1) Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers. |
Third Quarter Results
Total revenues were
Lease rental and finance and sales-type lease revenues were
Net income was
Adjusted net income improved by
Adjusted EBITDA was
Aviation Assets
During the third quarter, we acquired thirteen aircraft for
During the third quarter of 2017, we sold fifteen aircraft, including two freighters, three wide-bodies and one classic aircraft, for total sales proceeds of
During the first three quarters of 2017, we sold 29 aircraft for proceeds of
Our fleet utilization during the third quarter was 100%. As of
Owned Aircraft |
As of 2017(1) |
As of 2016(1) | |||||
Net Book Value of Flight Equipment ($ mils.) |
$ |
5,979 |
$ |
6,270 |
|||
Net Book Value of Unencumbered Flight Equipment ($ mils.) |
$ |
4,572 |
$ |
4.343 |
|||
Number of Aircraft |
192 |
175 |
|||||
Number of Unencumbered Aircraft |
163 |
139 |
|||||
Weighted Average Fleet Age (years)(2) |
8.7 |
7.6 |
|||||
Weighted Average Remaining Lease Term (years)(2) |
4.7 |
5.3 |
|||||
Weighted Average Fleet Utilization for the quarter ended(3) |
100.0 |
% |
98.2 |
% | |||
Portfolio Yield for the quarter ended(2)(4) |
12.3 |
% |
12.4 |
% | |||
Net Cash Interest Margin(5) |
8.8 |
% |
8.7 |
% | |||
Managed Aircraft on behalf of Joint Ventures |
|||||||
Net Book Value of Flight Equipment ($ mils.) |
$ |
661 |
$ |
629 |
|||
Number of Aircraft |
13 |
11 |
|||||
_______________ | |||||||
(1) Calculated using net book value of flight equipment held for lease and net investment in finance leases at | |||||||
(2) Weighted by net book value. | |||||||
(3) Aircraft on-lease days as a percent of total days in period weighted by net book value. | |||||||
(4) Lease rental revenue and interest income and cash collections on finance and sales-type leases for the | |||||||
(5) Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to |
Financing Activity
Year-to-date, we've secured
Common Dividend
On
Conference Call
In connection with this earnings release, management will host an earnings conference call on
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. In addition to this earnings release an accompanying power point presentation has been posted to the Investor Relations section of
For those who are not available to listen to the live call, a replay will be available until
About
Safe Harbor
All statements in this press 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 proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA, Adjusted Net Income, Cash Return on Equity and Net Cash Interest Margin 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;
| |||||||
Consolidated Balance Sheets | |||||||
(Dollars in thousands, except share data) | |||||||
|
| ||||||
(Unaudited) |
|||||||
ASSETS |
|||||||
Cash and cash equivalents |
$ |
662,649 |
$ |
455,579 |
|||
Restricted cash and cash equivalents |
20,536 |
53,238 |
|||||
Accounts receivable |
5,708 |
6,035 |
|||||
Flight equipment held for lease, net of accumulated depreciation of |
5,490,164 |
6,247,585 |
|||||
Net investment in finance and sales-type leases |
488,408 |
260,853 |
|||||
Unconsolidated equity method investments |
76,098 |
72,977 |
|||||
Other assets |
131,395 |
148,398 |
|||||
Total assets |
$ |
6,874,958 |
$ |
7,244,665 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
LIABILITIES |
|||||||
Borrowings from secured financings, net of debt issuance costs |
$ |
874,874 |
$ |
1,219,034 |
|||
Borrowings from unsecured financings, net of debt issuance costs |
3,286,240 |
3,287,211 |
|||||
Accounts payable, accrued expenses and other liabilities |
145,691 |
127,527 |
|||||
Lease rentals received in advance |
51,937 |
62,225 |
|||||
Security deposits |
120,320 |
122,597 |
|||||
Maintenance payments |
523,922 |
591,757 |
|||||
Total liabilities |
5,002,984 |
5,410,351 |
|||||
Commitments and Contingencies |
|||||||
SHAREHOLDERS' EQUITY |
|||||||
Preference shares, |
— |
— |
|||||
Common shares, |
787 |
786 |
|||||
Additional paid-in capital |
1,525,766 |
1,521,190 |
|||||
Retained earnings |
347,248 |
315,890 |
|||||
Accumulated other comprehensive loss |
(1,827) |
(3,552) |
|||||
Total shareholders' equity |
1,871,974 |
1,834,314 |
|||||
Total liabilities and shareholders' equity |
$ |
6,874,958 |
$ |
7,244,665 |
| |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Revenues: |
|||||||||||||||
Lease rental revenue |
$ |
171,687 |
$ |
181,975 |
$ |
551,371 |
$ |
537,670 |
|||||||
Finance and sales-type lease revenue |
6,412 |
5,354 |
16,363 |
13,026 |
|||||||||||
Amortization of lease premiums, discounts and incentives |
(2,388) |
(521) |
(8,780) |
(5,419) |
|||||||||||
Maintenance revenue |
14,507 |
6,829 |
55,738 |
20,603 |
|||||||||||
Total lease revenue |
190,218 |
193,637 |
614,692 |
565,880 |
|||||||||||
Other revenue |
1,193 |
1,015 |
4,526 |
2,425 |
|||||||||||
Total revenues |
191,411 |
194,652 |
619,218 |
568,305 |
|||||||||||
Operating expenses: |
|||||||||||||||
Depreciation |
70,018 |
76,201 |
227,446 |
227,918 |
|||||||||||
Interest, net |
60,636 |
61,797 |
185,376 |
188,490 |
|||||||||||
Selling, general and administrative (including non-cash share-based |
17,137 |
15,985 |
55,491 |
46,883 |
|||||||||||
Impairment of flight equipment |
— |
10,462 |
80,430 |
27,185 |
|||||||||||
Maintenance and other costs |
2,572 |
1,834 |
7,846 |
5,504 |
|||||||||||
Total expenses |
150,363 |
166,279 |
556,589 |
495,980 |
|||||||||||
Other income (expense): |
|||||||||||||||
Gain (loss) on sale of flight equipment |
21,642 |
(73) |
35,926 |
14,932 |
|||||||||||
Other |
(360) |
(210) |
(3,069) |
(136) |
|||||||||||
Total other income (expense) |
21,282 |
(283) |
32,857 |
14,796 |
|||||||||||
Income from continuing operations before income taxes and earnings of |
62,330 |
28,090 |
95,486 |
87,121 |
|||||||||||
Income tax provision |
6,195 |
2,458 |
8,536 |
8,782 |
|||||||||||
Earnings of unconsolidated equity method investments, net of tax |
1,296 |
1,805 |
5,804 |
5,390 |
|||||||||||
Net income |
$ |
57,431 |
$ |
27,437 |
$ |
92,754 |
$ |
83,729 |
|||||||
Earnings per common share — Basic: |
|||||||||||||||
Net income per share |
$ |
0.73 |
$ |
0.35 |
$ |
1.18 |
$ |
1.06 |
|||||||
Earnings per common share — Diluted: |
|||||||||||||||
Net income per share |
$ |
0.73 |
$ |
0.35 |
$ |
1.18 |
$ |
1.06 |
|||||||
Dividends declared per share |
$ |
0.26 |
$ |
0.24 |
$ |
0.78 |
$ |
0.72 |
| |||||||
Consolidated Statements of Cash Flows | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Nine Months Ended | |||||||
2017 |
2016 | ||||||
Cash flows from operating activities: |
|||||||
Net income |
$ |
92,754 |
$ |
83,729 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Depreciation |
227,446 |
227,918 |
|||||
Amortization of deferred financing costs |
15,860 |
13,567 |
|||||
Amortization of lease premiums, discounts and incentives |
8,780 |
5,419 |
|||||
Deferred income taxes |
(1,369) |
3,129 |
|||||
Non-cash share-based payment expense |
10,636 |
5,796 |
|||||
Cash flow hedges reclassified into earnings |
1,725 |
9,074 |
|||||
Security deposits and maintenance payments included in earnings |
(17,147) |
(12,844) |
|||||
Gain on sale of flight equipment |
(35,926) |
(14,932) |
|||||
Impairment of flight equipment |
80,430 |
27,185 |
|||||
Other |
2,078 |
(4,712) |
|||||
Changes in certain assets and liabilities: |
|||||||
Accounts receivable |
415 |
1,699 |
|||||
Other assets |
(6,980) |
3,815 |
|||||
Accounts payable, accrued expenses and other liabilities |
17,648 |
16,459 |
|||||
Lease rentals received in advance |
(2,892) |
2,111 |
|||||
Net cash and restricted cash provided by operating activities |
393,458 |
367,413 |
|||||
Cash flows from investing activities: |
|||||||
Acquisition and improvement of flight equipment |
(353,492) |
(792,270) |
|||||
Proceeds from sale of flight equipment |
764,984 |
488,749 |
|||||
Net investment in finance and sales-type leases |
(246,871) |
(78,892) |
|||||
Collections on finance and sales-type leases |
23,673 |
14,413 |
|||||
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits |
(14,068) |
(14,035) |
|||||
Unconsolidated equity method investments and associated costs |
— |
(12,686) |
|||||
Other |
(405) |
(812) |
|||||
Net cash and restricted cash provided by (used in) investing activities |
173,821 |
(395,533) |
|||||
Cash flows from financing activities: |
|||||||
Repurchase of shares |
(4,862) |
(36,573) |
|||||
Proceeds from secured and unsecured debt financings |
500,000 |
999,350 |
|||||
Repayments of secured and unsecured debt financings |
(852,451) |
(489,134) |
|||||
Deferred financing costs |
(8,540) |
(17,273) |
|||||
Restricted secured liquidity facility collateral |
— |
65,000 |
|||||
Liquidity facility |
— |
(65,000) |
|||||
Security deposits and maintenance payments received |
138,813 |
123,767 |
|||||
Security deposits and maintenance payments returned |
(104,475) |
(37,036) |
|||||
Dividends paid |
(61,396) |
(56,702) |
|||||
Other |
— |
(2,073) |
|||||
Net cash and restricted cash (used in) provided by financing activities |
(392,911) |
484,326 |
|||||
Net increase in cash and restricted cash |
174,368 |
456,206 |
|||||
Cash and restricted cash at beginning of period |
508,817 |
254,041 |
|||||
Cash and restricted cash at end of period |
$ |
683,185 |
$ |
710,247 |
| |
Selected Financial Guidance Elements for the Fourth Quarter of 2017 | |
($ in millions, except for percentages) | |
(Unaudited) | |
Guidance Item |
Q4:17 |
Lease rental revenue |
|
Finance lease revenue |
|
Maintenance revenue |
|
Amortization of net lease discounts and lease incentives |
|
SG&A(1) |
|
Depreciation |
|
Interest, net |
|
Gain on sale |
|
Full year effective tax rate |
9% - 10% |
(1) Includes |
| |||||||||||||||
Supplemental Financial Information | |||||||||||||||
(Amount in thousands, except per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Revenues |
$ |
191,411 |
$ |
194,652 |
$ |
619,218 |
$ |
568,305 |
|||||||
EBITDA(1) |
$ |
196,668 |
$ |
168,414 |
$ |
522,892 |
$ |
514,338 |
|||||||
Adjusted EBITDA(1) |
$ |
199,535 |
$ |
181,145 |
$ |
617,031 |
$ |
547,460 |
|||||||
Net income |
$ |
57,431 |
$ |
27,437 |
$ |
92,754 |
$ |
83,729 |
|||||||
Net income allocable to common shares |
$ |
57,016 |
$ |
27,200 |
$ |
92,083 |
$ |
83,043 |
|||||||
Per common share - Basic |
$ |
0.73 |
$ |
0.35 |
$ |
1.18 |
$ |
1.06 |
|||||||
Per common share - Diluted |
$ |
0.73 |
$ |
0.35 |
$ |
1.18 |
$ |
1.06 |
|||||||
Adjusted net income(1) |
$ |
64,387 |
$ |
29,706 |
$ |
112,526 |
$ |
98,002 |
|||||||
Adjusted net income allocable to common shares |
$ |
63,922 |
$ |
29,449 |
$ |
111,712 |
$ |
97,199 |
|||||||
Per common share - Basic |
$ |
0.82 |
$ |
0.38 |
$ |
1.43 |
$ |
1.24 |
|||||||
Per common share - Diluted |
$ |
0.82 |
$ |
0.38 |
$ |
1.43 |
$ |
1.24 |
|||||||
Basic common shares outstanding |
78,237 |
77,990 |
78,197 |
78,230 |
|||||||||||
Diluted common shares outstanding(2) |
78,375 |
78,022 |
78,366 |
78,266 |
|||||||||||
_______________ | |||||||||||||||
(1) Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information. | |||||||||||||||
(2) For the three and nine months ended |
| |||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||||
EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Net income |
$ |
57,431 |
$ |
27,437 |
$ |
92,754 |
$ |
83,729 |
|||||||
Depreciation |
70,018 |
76,201 |
227,446 |
227,918 |
|||||||||||
Amortization of lease premiums, discounts and incentives |
2,388 |
521 |
8,780 |
5,419 |
|||||||||||
Interest, net |
60,636 |
61,797 |
185,376 |
188,490 |
|||||||||||
Income tax provision |
6,195 |
2,458 |
8,536 |
8,782 |
|||||||||||
EBITDA |
196,668 |
168,414 |
522,892 |
514,338 |
|||||||||||
Adjustments: |
|||||||||||||||
Impairment of flight equipment |
— |
10,462 |
80,430 |
27,185 |
|||||||||||
Non-cash share-based payment expense |
2,506 |
2,059 |
10,636 |
5,796 |
|||||||||||
Loss on mark-to-market of interest rate derivative contracts |
361 |
210 |
3,073 |
141 |
|||||||||||
Adjusted EBITDA |
$ |
199,535 |
$ |
181,145 |
$ |
617,031 |
$ |
547,460 |
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-U.S. 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.
| |||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||||
Adjusted Net Income Reconciliation | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Net income |
$ |
57,431 |
$ |
27,437 |
$ |
92,754 |
$ |
83,729 |
|||||||
Loan termination fee(1) |
1,070 |
— |
2,058 |
1,509 |
|||||||||||
Loss on mark-to-market of interest rate derivative contracts(2) |
361 |
210 |
3,073 |
141 |
|||||||||||
Write-off of deferred financing fees(1) |
3,019 |
— |
4,005 |
1,972 |
|||||||||||
Non-cash share-based payment expense(3) |
2,506 |
2,059 |
10,636 |
5,796 |
|||||||||||
Hedge loss amortization charges(1) |
— |
— |
— |
4,855 |
|||||||||||
Adjusted net income |
$ |
64,387 |
$ |
29,706 |
$ |
112,526 |
$ |
98,002 |
|||||||
_______________ | |||||||||||||||
(1) Included in Interest, net. | |||||||||||||||
(2) Included in Other income (expense). | |||||||||||||||
(3) Included in Selling, general and administrative expenses. | |||||||||||||||
Management believes that ANI, when viewed in conjunction with the Company's results under U.S. GAAP and the above reconciliation, provides useful information about operating and period-over-period performance and 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, changes related to refinancing activity and non-cash share-based payment expense. |
| ||||||||||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||||||||||||||||||
Cash Return on Equity Calculation | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
Period |
CFFO |
Finance Lease Collections |
Gain on |
Deprec. |
Distributions in excess (less than) Equity Earnings |
Cash |
Average Shareholders Equity |
Trailing 12 Month Cash ROE | ||||||||||||||||||||||
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 |
% | ||||||||||||||
2015 |
$ |
526,285 |
$ |
9,559 |
$ |
58,017 |
$ |
318,783 |
$ |
(530) |
$ |
274,548 |
$ |
1,759,871 |
15.6 |
% | ||||||||||||||
2016 |
$ |
468,092 |
$ |
19,413 |
$ |
39,126 |
$ |
305,216 |
$ |
(1,782) |
$ |
219,633 |
$ |
1,789,256 |
12.3 |
% | ||||||||||||||
LTM Q3:17 |
$ |
494,137 |
$ |
28,673 |
$ |
60,120 |
$ |
304,744 |
$ |
575 |
$ |
278,761 |
$ |
1,836,511 |
15.2 |
% | ||||||||||||||
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 |
| |||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||||
Net Cash Interest Margin Calculation | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Period |
Average NBV |
Quarterly Rental Revenue(1) |
Cash Interest(2) |
Annualized Net Cash Interest Margin(1)(2) | |||||||||||
Q1:12 |
$ |
4,388,008 |
$ |
152,242 |
$ |
44,969 |
9.8 |
% | |||||||
Q2:12 |
$ |
4,542,477 |
$ |
156,057 |
$ |
48,798 |
9.4 |
% | |||||||
Q3:12 |
$ |
4,697,802 |
$ |
163,630 |
$ |
41,373 |
10.4 |
% | |||||||
Q4:12 |
$ |
4,726,457 |
$ |
163,820 |
$ |
43,461 |
10.2 |
% | |||||||
Q1:13 |
$ |
4,740,161 |
$ |
162,319 |
$ |
48,591 |
9.6 |
% | |||||||
Q2:13 |
$ |
4,840,396 |
$ |
164,239 |
$ |
44,915 |
9.9 |
% | |||||||
Q3:13 |
$ |
4,863,444 |
$ |
167,876 |
$ |
47,682 |
9.9 |
% | |||||||
Q4:13 |
$ |
5,118,601 |
$ |
176,168 |
$ |
49,080 |
9.9 |
% | |||||||
Q1:14 |
$ |
5,312,651 |
$ |
181,095 |
$ |
51,685 |
9.7 |
% | |||||||
Q2:14 |
$ |
5,721,521 |
$ |
190,574 |
$ |
48,172 |
10.0 |
% | |||||||
Q3:14 |
$ |
5,483,958 |
$ |
182,227 |
$ |
44,820 |
10.0 |
% | |||||||
Q4:14 |
$ |
5,468,637 |
$ |
181,977 |
$ |
44,459 |
10.1 |
% | |||||||
Q1:15 |
$ |
5,743,035 |
$ |
181,027 |
$ |
50,235 |
9.1 |
% | |||||||
Q2:15 |
$ |
5,967,898 |
$ |
189,238 |
$ |
51,413 |
9.2 |
% | |||||||
Q3:15 |
$ |
6,048,330 |
$ |
191,878 |
$ |
51,428 |
9.3 |
% | |||||||
Q4:15 |
$ |
5,962,874 |
$ |
188,491 |
$ |
51,250 |
9.2 |
% | |||||||
Q1:16 |
$ |
5,988,076 |
$ |
186,730 |
$ |
51,815 |
9.0 |
% | |||||||
Q2:16 |
$ |
5,920,030 |
$ |
184,469 |
$ |
55,779 |
8.7 |
% | |||||||
Q3:16 |
$ |
6,265,175 |
$ |
193,909 |
$ |
57,589 |
8.7 |
% | |||||||
Q4:16 |
$ |
6,346,361 |
$ |
196,714 |
$ |
58,631 |
8.7 |
% | |||||||
Q1:17 |
$ |
6,505,355 |
$ |
200,273 |
$ |
58,839 |
8.7 |
% | |||||||
Q2:17 |
$ |
6,512,100 |
$ |
199,522 |
$ |
55,871 |
8.8 |
% | |||||||
Q3:17 |
$ |
5,985,908 |
$ |
184,588 |
$ |
53,457 |
8.8 |
% | |||||||
_______________ | |||||||||||||||
(1) Management's Use of Net Cash Interest Margin: Beginning with this earnings release for the three months | |||||||||||||||
(2) Excludes loan termination payments of | |||||||||||||||
We define net cash interest margin as lease rentals from operating leases, interest income and cash collections from finance and sales-type leases minus interest on borrowings, net settlements on interest rate derivatives and other liabilities adjusted for loan termination payments divided by the average net book of flight equipment (which includes net investment on finance and sales-type leases) for the period calculated on a quarterly and annualized basis. | |||||||||||||||
Management believes that net cash interest margin, when viewed in conjunction with the Company's results under |
| |||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||
Reconciliation of Net Income Allocable to Common Shares | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||
Weighted-average shares: |
Shares |
Percent |
Shares |
Percent | |||||||||
Common shares outstanding - Basic |
78,237 |
99.28 |
% |
78,197 |
99.28 |
% | |||||||
Unvested restricted common shares |
570 |
0.72 |
% |
569 |
0.72 |
% | |||||||
Total weighted-average shares outstanding |
78,807 |
100.00 |
% |
78,767 |
100.00 |
% | |||||||
Common shares outstanding - Basic |
78,237 |
99.82 |
% |
78,197 |
99.78 |
% | |||||||
Effect of dilutive shares(1) |
138 |
0.18 |
% |
169 |
0.22 |
% | |||||||
Common shares outstanding - Diluted |
78,375 |
100.00 |
% |
78,366 |
100.00 |
% | |||||||
Net income allocation |
|||||||||||||
Net income |
$ |
57,431 |
100.00 |
% |
$ |
92,754 |
100.00 |
% | |||||
Distributed and undistributed earnings allocated to unvested restricted |
(415) |
(0.72) |
% |
(671) |
(0.72) |
% | |||||||
Earnings available to common shares |
$ |
57,016 |
99.28 |
% |
$ |
92,083 |
99.28 |
% | |||||
Adjusted net income allocation |
|||||||||||||
Adjusted net income |
$ |
64,387 |
100.00 |
% |
$ |
112,526 |
100.00 |
% | |||||
Amounts allocated to unvested restricted shares |
(465) |
(0.72) |
% |
(814) |
(0.72) |
% | |||||||
Amounts allocated to common shares - Basic and Diluted |
$ |
63,922 |
99.28 |
% |
$ |
111,712 |
99.28 |
% | |||||
_______________ | |||||||||||||
(1) For the three and nine months ended | |||||||||||||
(2) For all periods presented, dilutive shares represented contingently issuable shares. |
| |||||||||||||
Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||
Reconciliation of Net Income Allocable to Common Shares | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||
Weighted-average shares: |
Shares |
Percent |
Shares |
Percent | |||||||||
Common shares outstanding - Basic |
77,990 |
99.14 |
% |
78,230 |
99.18 |
% | |||||||
Unvested restricted common shares |
680 |
0.86 |
% |
646 |
0.82 |
% | |||||||
Total weighted-average shares outstanding |
78,670 |
100.00 |
% |
78,876 |
100.00 |
% | |||||||
Common shares outstanding - Basic |
77,990 |
99.96 |
% |
78,230 |
99.95 |
% | |||||||
Effect of dilutive shares(1) |
32 |
0.04 |
% |
36 |
0.05 |
% | |||||||
Common shares outstanding - Diluted |
78,022 |
100.00 |
% |
78,266 |
100.00 |
% | |||||||
Net income allocation |
|||||||||||||
Net income |
$ |
27,437 |
100.00 |
% |
$ |
83,729 |
100.00 |
% | |||||
Distributed and undistributed earnings allocated to unvested restricted |
(237) |
(0.86)% |
(686) |
(0.82)% |
|||||||||
Earnings available to common shares |
$ |
27,200 |
99.14 |
% |
$ |
83,043 |
99.18 |
% | |||||
Adjusted net income allocation |
|||||||||||||
Adjusted net income |
$ |
29,706 |
100.00 |
% |
$ |
98,002 |
100.00 |
% | |||||
Amounts allocated to unvested restricted shares |
(257) |
(0.86)% |
(803) |
(0.82)% |
|||||||||
Amounts allocated to common shares - Basic and Diluted |
$ |
29,449 |
99.14 |
% |
$ |
97,199 |
99.18 |
% | |||||
_______________ | |||||||||||||
(1) For the three and nine months ended | |||||||||||||
(2) For all periods presented, dilutive shares represented contingently issuable shares. |
Contact: |
|
|
|
|
|
Tel: +1-203-504-1063 |
Tel: +1-212-477-8438 |
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