Aircastle Fleet Evolution and Financial Update Q3 2023
Third Quarter Results & Highlights
4
AIRCASTLE
A MARUBENI & MIZUHO LEASING COMPANY
1
Operating Results
Three Months Ended November 30, Nine Months Ended November 30,
$ in millions
2023
2022
2023
2022
Total revenue
$239
$258
$625
$607
Total operating expenses
$210
$186
$564
$540
Income before taxes
$31
$73
$67
$70
Q3 2023 Highlights
Acquired 6 narrow-body passenger aircraft including 4 A320neo
family aircraft
Sold 8 aircraft with an average age of 19 years for proceeds of
$73 and a net gain of $20 million; (Q3 2022 included gains on sale
of $54 million primarily related to 3 freighter and wide-body
aircraft previously on lease to Russian airlines
Higher operating expenses primarily a result of an increase in
interest costs and a provision for credit losses related to an airline
restructuring
Ratings upgrade from Fitch to BBB+, Outlook Stable
Net income
$26
$50
$54
$49
Fleet utilization at 99%
EBITDA
$178
$211
$519
$484
Adjusted EBITDA
$213
$240
$556
$552
In December 2023, subsequently received $43 million in
settlement proceeds relating to aircraft formerly on lease to two
Russian airlines
1. Above summary of operating results does not feature income tax provision, earnings of unconsolidated equity method investments, or loss on extinguishment of debt.
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