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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aircastle Limited | NYSE:AYR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.01 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Bermuda
|
98-0444035
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer
Identification No.)
|
|
|
c/o Aircastle Advisor LLC
|
|
201 Tresser Boulevard, Suite 400
|
|
Stamford
|
|
Connecticut
|
|
06901
|
|
(Address of Principal Executive Offices)
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Each Exchange on Which Registered
|
Common Shares, par value $0.01 per share
|
|
N/A
|
|
NONE
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☑
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
Page
No.
|
|
|
|
Item 1.
|
|
|
|
Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019
|
|
|
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended March 31, 2020 and 2019
|
|
|
Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019
|
|
|
||
|
||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
||
Item 4.
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Revenues:
|
|
|
|
|
||||
Lease rental revenue
|
|
$
|
198,920
|
|
|
$
|
181,234
|
|
Direct financing and sales-type lease revenue
|
|
6,766
|
|
|
8,443
|
|
||
Amortization of lease premiums, discounts and incentives
|
|
(5,696
|
)
|
|
(5,711
|
)
|
||
Maintenance revenue
|
|
46,552
|
|
|
16,401
|
|
||
Total lease revenue
|
|
246,542
|
|
|
200,367
|
|
||
Gain on sale of flight equipment
|
|
27,049
|
|
|
12,002
|
|
||
Other revenue
|
|
8,907
|
|
|
1,558
|
|
||
Total revenues
|
|
282,498
|
|
|
213,927
|
|
||
|
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
||||
Depreciation
|
|
89,705
|
|
|
84,735
|
|
||
Interest, net
|
|
61,507
|
|
|
63,463
|
|
||
Selling, general and administrative (including non-cash share-based payment expense of $38,727 and $2,726 for the three months ended March 31, 2020 and 2019, respectively)
|
|
62,382
|
|
|
18,000
|
|
||
Impairment of flight equipment
|
|
62,657
|
|
|
—
|
|
||
Maintenance and other costs
|
|
4,756
|
|
|
7,404
|
|
||
Total operating expenses
|
|
281,007
|
|
|
173,602
|
|
||
|
|
|
|
|
||||
Other expense:
|
|
|
|
|
||||
Loss on extinguishment of debt
|
|
(3,955
|
)
|
|
—
|
|
||
Merger expenses
|
|
(32,210
|
)
|
|
—
|
|
||
Other
|
|
(112
|
)
|
|
(2,061
|
)
|
||
Total other expense
|
|
(36,277
|
)
|
|
(2,061
|
)
|
||
|
|
|
|
|
||||
Income (loss) from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investments
|
|
(34,786
|
)
|
|
38,264
|
|
||
Income tax provision
|
|
149
|
|
|
3,098
|
|
||
Earnings (loss) of unconsolidated equity method investments, net of tax
|
|
714
|
|
|
(356
|
)
|
||
Net income (loss)
|
|
$
|
(34,221
|
)
|
|
$
|
34,810
|
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
||||
Net derivative loss reclassified into earnings
|
|
—
|
|
|
184
|
|
||
Other comprehensive income
|
|
—
|
|
|
184
|
|
||
Total comprehensive income (loss)
|
|
$
|
(34,221
|
)
|
|
$
|
34,994
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(34,221
|
)
|
|
$
|
34,810
|
|
Adjustments to reconcile net income (loss) to net cash and restricted cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
89,705
|
|
|
84,735
|
|
||
Amortization of deferred financing costs
|
3,581
|
|
|
3,364
|
|
||
Amortization of lease premiums, discounts and incentives
|
5,696
|
|
|
5,711
|
|
||
Deferred income taxes
|
6,857
|
|
|
3,164
|
|
||
Non-cash share-based payment expense
|
38,727
|
|
|
2,726
|
|
||
Collections on net investment in leases
|
8,138
|
|
|
5,925
|
|
||
Security deposits and maintenance payments included in earnings
|
(47,284
|
)
|
|
(14,975
|
)
|
||
Gain on sale of flight equipment
|
(27,049
|
)
|
|
(12,002
|
)
|
||
Loss on extinguishment of debt
|
3,955
|
|
|
—
|
|
||
Impairment of flight equipment
|
62,657
|
|
|
—
|
|
||
Provision for credit losses
|
3,595
|
|
|
—
|
|
||
Other
|
(601
|
)
|
|
1,797
|
|
||
Changes in certain assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(24,683
|
)
|
|
(3,662
|
)
|
||
Other assets
|
(7,941
|
)
|
|
(1,030
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(3,127
|
)
|
|
(7,337
|
)
|
||
Lease rentals received in advance
|
(8,788
|
)
|
|
3,134
|
|
||
Net cash and restricted cash provided by operating activities
|
69,217
|
|
|
106,360
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Acquisition and improvement of flight equipment
|
(49,129
|
)
|
|
(355,817
|
)
|
||
Proceeds from sale of flight equipment
|
150,040
|
|
|
56,307
|
|
||
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits
|
(8,451
|
)
|
|
19,697
|
|
||
Unconsolidated equity method investments and associated costs
|
—
|
|
|
(7,551
|
)
|
||
Other
|
(56
|
)
|
|
1,118
|
|
||
Net cash and restricted cash provided by (used in) investing activities
|
92,404
|
|
|
(286,246
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repurchase of shares
|
(27,906
|
)
|
|
(11,424
|
)
|
||
Parent contribution at Merger
|
25,536
|
|
|
—
|
|
||
Proceeds from secured and unsecured debt financings
|
650,000
|
|
|
215,000
|
|
||
Repayments of secured and unsecured debt financings
|
(282,470
|
)
|
|
(76,131
|
)
|
||
Debt extinguishment costs
|
(2,685
|
)
|
|
—
|
|
||
Deferred financing costs
|
—
|
|
|
(1,921
|
)
|
||
Security deposits and maintenance payments received
|
37,504
|
|
|
45,149
|
|
||
Security deposits and maintenance payments returned
|
(19,819
|
)
|
|
(27,914
|
)
|
||
Dividends paid
|
(24,025
|
)
|
|
(22,518
|
)
|
||
Net cash and restricted cash provided by financing activities
|
356,135
|
|
|
120,241
|
|
||
Net increase in cash and restricted cash:
|
517,756
|
|
|
(59,645
|
)
|
||
Cash and restricted cash at beginning of period
|
155,443
|
|
|
167,853
|
|
||
|
|
|
|
||||
Cash and restricted cash at end of period
|
$
|
673,199
|
|
|
$
|
108,208
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Reconciliation to Consolidated Balance Sheets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
667,845
|
|
|
$
|
92,629
|
|
Restricted cash and cash equivalents
|
5,354
|
|
|
15,579
|
|
||
|
|
|
|
||||
Unrestricted and restricted cash and cash equivalents
|
$
|
673,199
|
|
|
$
|
108,208
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
55,295
|
|
|
$
|
54,673
|
|
Cash paid (received) for income taxes
|
$
|
127
|
|
|
$
|
(858
|
)
|
Supplemental disclosures of non-cash investing activities:
|
|
|
|
||||
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions
|
$
|
37,742
|
|
|
$
|
22,355
|
|
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment
|
$
|
16,927
|
|
|
$
|
10,877
|
|
Transfers from flight equipment held for lease to Net investment in leases and Other assets
|
$
|
31,821
|
|
|
$
|
42,709
|
|
|
Three Months Ended March 31, 2020
|
|||||||||||||||||||||
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’
Equity
|
|||||||||||||
|
Common Shares
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance, December 31, 2019
|
75,122,129
|
|
|
$
|
751
|
|
|
$
|
1,446,664
|
|
|
$
|
605,269
|
|
|
$
|
—
|
|
|
$
|
2,052,684
|
|
Issuance of common shares to directors and employees
|
28,568
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Repurchase of common shares from stockholders, directors and employees
|
(73,903
|
)
|
|
(1
|
)
|
|
(2,369
|
)
|
|
—
|
|
|
—
|
|
|
(2,370
|
)
|
|||||
Amortization of share-based payments
|
—
|
|
|
—
|
|
|
38,727
|
|
|
—
|
|
|
—
|
|
|
38,727
|
|
|||||
Reclassification of prior year director stock award liability
|
—
|
|
|
—
|
|
|
2,005
|
|
|
—
|
|
|
—
|
|
|
2,005
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
|
|
(24,025
|
)
|
|
—
|
|
|
(24,025
|
)
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,221
|
)
|
|
—
|
|
|
(34,221
|
)
|
|||||
Adoption of accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,210
|
)
|
|
—
|
|
|
(6,210
|
)
|
|||||
Payment of unvested shares at Merger
|
(101,809
|
)
|
|
(1
|
)
|
|
(25,535
|
)
|
|
—
|
|
|
—
|
|
|
(25,536
|
)
|
|||||
Parent contribution at Merger
|
—
|
|
|
—
|
|
|
25,536
|
|
|
—
|
|
|
—
|
|
|
25,536
|
|
|||||
Share cancellation and re-issuance at Merger
|
(74,960,937
|
)
|
|
(750
|
)
|
|
750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, March 31, 2020
|
14,048
|
|
|
$
|
—
|
|
|
$
|
1,485,777
|
|
|
$
|
540,813
|
|
|
$
|
—
|
|
|
$
|
2,026,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Three Months Ended March 31, 2019
|
|||||||||||||||||||||
|
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’
Equity
|
|||||||||||||
|
Common Shares
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance, December 31, 2018
|
75,454,511
|
|
|
$
|
754
|
|
|
$
|
1,468,779
|
|
|
$
|
539,332
|
|
|
$
|
(184
|
)
|
|
$
|
2,008,681
|
|
Issuance of common shares to directors and employees
|
276,923
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Repurchase of common shares from stockholders, directors and employees
|
(653,796
|
)
|
|
(6
|
)
|
|
(11,418
|
)
|
|
—
|
|
|
—
|
|
|
(11,424
|
)
|
|||||
Amortization of share-based payments
|
—
|
|
|
—
|
|
|
2,410
|
|
|
—
|
|
|
—
|
|
|
2,410
|
|
|||||
Reclassification of prior year director stock award liability
|
—
|
|
|
—
|
|
|
796
|
|
|
—
|
|
|
—
|
|
|
796
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,518
|
)
|
|
—
|
|
|
(22,518
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
34,810
|
|
|
—
|
|
|
34,810
|
|
|||||
Net derivative loss reclassified into earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
184
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, March 31, 2019
|
75,077,638
|
|
|
$
|
751
|
|
|
$
|
1,460,564
|
|
|
$
|
551,624
|
|
|
$
|
—
|
|
|
$
|
2,012,939
|
|
•
|
Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.
|
•
|
Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.
|
•
|
The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
|
•
|
The income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts.
|
•
|
The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
|
|
|
|
Fair Value Measurements at March 31, 2020
Using Fair Value Hierarchy
|
||||||||||||||
|
Fair Value as of 3/31/2020
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Valuation
Technique
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
667,845
|
|
|
$
|
667,845
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Market
|
Restricted cash and cash equivalents
|
5,354
|
|
|
5,354
|
|
|
—
|
|
|
—
|
|
|
Market
|
||||
Derivative assets
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
Market
|
||||
Total
|
$
|
673,200
|
|
|
$
|
673,199
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2019
Using Fair Value Hierarchy
|
||||||||||||||
|
Fair Value as of 12/31/2019
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Valuation
Technique
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
140,882
|
|
|
$
|
140,882
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Market
|
Restricted cash and cash equivalents
|
14,561
|
|
|
14,561
|
|
|
—
|
|
|
—
|
|
|
Market
|
||||
Derivative assets
|
115
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
Market
|
||||
Total
|
$
|
155,558
|
|
|
$
|
155,443
|
|
|
$
|
115
|
|
|
$
|
—
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
|
Carrying Amount
of Liability
|
|
Fair Value
of Liability
|
|
Carrying
Amount
of Liability
|
|
Fair Value
of Liability
|
||||||||
Credit Facilities
|
$
|
650,000
|
|
|
$
|
638,866
|
|
|
$
|
150,000
|
|
|
$
|
150,000
|
|
Unsecured Term Loan
|
215,000
|
|
|
208,597
|
|
|
215,000
|
|
|
215,000
|
|
||||
ECA Financings
|
48,994
|
|
|
51,229
|
|
|
147,644
|
|
|
150,805
|
|
||||
Bank Financings
|
959,772
|
|
|
953,451
|
|
|
993,593
|
|
|
1,010,482
|
|
||||
Senior Notes
|
3,600,000
|
|
|
3,291,610
|
|
|
3,600,000
|
|
|
3,787,268
|
|
Year Ending December 31,
|
|
Amount
|
||
Remainder of 2020
|
|
$
|
551,433
|
|
2021
|
|
672,070
|
|
|
2022
|
|
592,544
|
|
|
2023
|
|
512,637
|
|
|
2024
|
|
401,032
|
|
|
Thereafter
|
|
476,472
|
|
|
Total
|
|
$
|
3,206,188
|
|
|
Three Months Ended March 31,
|
||||
Region
|
2020
|
|
2019
|
||
Asia and Pacific
|
42
|
%
|
|
42
|
%
|
Europe
|
25
|
%
|
|
28
|
%
|
Middle East and Africa
|
10
|
%
|
|
11
|
%
|
North America
|
10
|
%
|
|
8
|
%
|
South America
|
13
|
%
|
|
11
|
%
|
|
|
|
|
||
Total
|
100
|
%
|
|
100
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
Number of Lessees
|
|
Combined % of Lease
Rental Revenue
|
|
Number of Lessees
|
|
Combined % of Lease
Rental Revenue |
Largest lessees by lease rental revenue
|
3
|
|
20%
|
|
4
|
|
27%
|
|
Three Months Ended March 31,
|
||||||||||||
|
2020
|
|
2019
|
||||||||||
Country
|
Revenue
|
|
% of Total Revenue
|
|
Revenue
|
|
% of Total Revenue
|
||||||
Indonesia(1)
|
$
|
30,113
|
|
|
11
|
%
|
|
$
|
—
|
|
|
—
|
%
|
South Africa(2)
|
57,336
|
|
|
20
|
%
|
|
—
|
|
|
—
|
%
|
(1)
|
For the three months ended March 31, 2020, total revenue attributable to Indonesia includes $14,987 from gain on sale of flight equipment related to the sale of aircraft. For the three months ended March 31, 2019, total revenue attributable to Indonesia was less than 10%.
|
(2)
|
For the three months ended March 31, 2020, total revenue attributable to South Africa included $38,804 of maintenance revenue, $5,863 of lease rentals received in advance and $8,740 of security deposits taken into revenue as a result of the South African Airways Transaction - see Note 2. For the three months ended March 31, 2019, total revenue attributable to South Africa was less than 10%.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||
Region
|
Number
of
Aircraft
|
|
Net Book
Value %
|
|
Number
of
Aircraft
|
|
Net Book
Value %
|
||||
Asia and Pacific
|
89
|
|
|
37
|
%
|
|
94
|
|
|
38
|
%
|
Europe
|
100
|
|
|
27
|
%
|
|
99
|
|
|
26
|
%
|
Middle East and Africa
|
14
|
|
|
6
|
%
|
|
16
|
|
|
7
|
%
|
North America
|
40
|
|
|
13
|
%
|
|
40
|
|
|
13
|
%
|
South America
|
26
|
|
|
15
|
%
|
|
26
|
|
|
15
|
%
|
Off-lease
|
5
|
|
(1)
|
2
|
%
|
|
3
|
|
(2)
|
1
|
%
|
Total
|
274
|
|
|
100
|
%
|
|
278
|
|
|
100
|
%
|
(1)
|
Consisted of one Airbus A320-200 and one Airbus A330-200 aircraft, which are each scheduled to be delivered during the second quarter of 2020 to lessees in North America and Europe, respectively, and one Airbus A330-200 and two Boeing 737-800 aircraft, which we are marketing for lease or sale.
|
(2)
|
Consisted of one Airbus A320-200 aircraft, which was delivered on lease to a customer in Europe during the first quarter of 2020, one Airbus A330-200 aircraft, which is scheduled to be delivered to a customer in Europe in the second quarter of 2020, and one Boeing 737-800 aircraft, which was sold during the first quarter of 2020.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||
Country
|
Net Book
Value
|
Net Book
Value %
|
Number
of
Lessees
|
|
Net Book
Value
|
Net Book
Value %
|
Number
of
Lessees
|
||||
India
|
$
|
914,581
|
|
12%
|
4
|
|
$
|
924,190
|
|
12%
|
4
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Lease receivable
|
$
|
160,315
|
|
|
$
|
164,816
|
|
Unguaranteed residual value of flight equipment
|
270,014
|
|
|
254,580
|
|
||
Net investment leases
|
430,329
|
|
|
419,396
|
|
||
Allowance for credit losses
|
(9,865
|
)
|
|
—
|
|
||
Net investment in leases, net of allowance
|
$
|
420,464
|
|
|
$
|
419,396
|
|
|
|
Amount
|
||
Balance at December 31, 2019
|
|
$
|
—
|
|
Adoption of accounting standard
|
|
6,270
|
|
|
Provision for credit losses
|
|
3,595
|
|
|
|
|
|
||
Balance at March 31, 2020
|
|
$
|
9,865
|
|
Year Ending December 31,
|
|
Amount
|
||
Remainder of 2020
|
|
$
|
46,034
|
|
2021
|
|
44,415
|
|
|
2022
|
|
33,270
|
|
|
2023
|
|
28,523
|
|
|
2024
|
|
10,232
|
|
|
Thereafter
|
|
21,989
|
|
|
Total lease payments to be received
|
|
184,463
|
|
|
Present value of lease payments - lease receivable
|
|
(160,315
|
)
|
|
Difference between undiscounted lease payments and lease receivable
|
|
$
|
24,148
|
|
|
|
Amount
|
||
Investment in joint ventures at December 31, 2019
|
|
$
|
32,974
|
|
Earnings from joint venture, net of tax
|
|
714
|
|
|
Investment in joint venture at March 31, 2020
|
|
$
|
33,688
|
|
|
At March 31, 2020
|
|
At
December 31,
2019
|
|||||||||||
Debt Obligation
|
Outstanding
Borrowings
|
|
Number of Aircraft
|
|
Interest Rate
|
|
Final Stated
Maturity
|
|
Outstanding
Borrowings |
|||||
Secured Debt Financings:
|
|
|
|
|
|
|
|
|
|
|||||
ECA Financings(1)
|
$
|
48,994
|
|
|
2
|
|
|
3.49% to 3.96%
|
|
12/03/21 to 11/30/24
|
|
$
|
147,644
|
|
Bank Financings(2)
|
959,772
|
|
|
34
|
|
|
2.96% to 4.55%
|
|
06/17/23 to 01/19/26
|
|
993,593
|
|
||
Less: Debt issuance costs and discounts
|
(9,657
|
)
|
|
—
|
|
|
|
|
|
|
(11,892
|
)
|
||
Total secured debt financings, net of debt issuance costs and discounts
|
999,109
|
|
|
36
|
|
|
|
|
|
|
1,129,345
|
|
||
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured Debt Financings:
|
|
|
|
|
|
|
|
|
|
|||||
Senior Notes due 2020(3)
|
300,000
|
|
|
|
|
7.625%
|
|
04/15/20
|
|
300,000
|
|
|||
Senior Notes due 2021
|
500,000
|
|
|
|
|
5.125%
|
|
03/15/21
|
|
500,000
|
|
|||
Senior Notes due 2022
|
500,000
|
|
|
|
|
5.50%
|
|
02/15/22
|
|
500,000
|
|
|||
Senior 5.00% Notes due 2023
|
500,000
|
|
|
|
|
5.00%
|
|
04/01/23
|
|
500,000
|
|
|||
Senior 4.40% Notes due 2023
|
650,000
|
|
|
|
|
4.40%
|
|
09/25/23
|
|
650,000
|
|
|||
Senior Notes due 2024
|
500,000
|
|
|
|
|
4.125%
|
|
05/01/24
|
|
500,000
|
|
|||
Senior Notes due 2026
|
650,000
|
|
|
|
|
4.250%
|
|
06/15/26
|
|
650,000
|
|
|||
Unsecured Term Loans
|
215,000
|
|
|
|
|
2.21%
|
|
03/07/22 to 03/07/24
|
|
215,000
|
|
|||
Revolving Credit Facilities
|
650,000
|
|
|
|
|
2.24% to 2.46%
|
|
12/27/21 to 06/27/22
|
|
150,000
|
|
|||
Less: Debt issuance costs and discounts
|
(29,893
|
)
|
|
|
|
|
|
|
|
(32,509
|
)
|
|||
Total unsecured debt financings, net of debt issuance costs and discounts
|
4,435,107
|
|
|
|
|
|
|
|
|
3,932,491
|
|
|||
Total secured and unsecured debt financings, net of debt issuance costs and discounts
|
$
|
5,434,216
|
|
|
|
|
|
|
|
|
$
|
5,061,836
|
|
(1)
|
The borrowings under these financings at March 31, 2020 have a weighted-average rate of interest of 3.61%. During February 2020, the Company repaid the principal amounts outstanding for four aircraft, which were not released as security for the loans as of March 31, 2020, due to the physical location of the aircraft - see Note 6.
|
(2)
|
The borrowings under these financings at March 31, 2020 have a weighted-average fixed rate of interest of 3.52%.
|
(3)
|
Repaid on April 15, 2020.
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
U.S. operations
|
$
|
4,905
|
|
|
$
|
1,916
|
|
Non-U.S. operations
|
(39,691
|
)
|
|
36,348
|
|
||
Income (loss) from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investments
|
$
|
(34,786
|
)
|
|
$
|
38,264
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Notional U.S. federal income tax expense (benefit) at the statutory rate
|
$
|
(7,305
|
)
|
|
$
|
8,035
|
|
U.S. state and local income tax, net
|
1,589
|
|
|
209
|
|
||
Non-U.S. operations:
|
|
|
|
||||
Bermuda
|
2,506
|
|
|
(5,138
|
)
|
||
Ireland
|
(1,188
|
)
|
|
509
|
|
||
Singapore
|
26
|
|
|
(2
|
)
|
||
Other low tax jurisdictions
|
1,654
|
|
|
(852
|
)
|
||
Non-deductible expenses in the U.S.
|
3,280
|
|
|
337
|
|
||
Other
|
(413
|
)
|
|
—
|
|
||
|
|
|
|
||||
Income tax provision
|
$
|
149
|
|
|
$
|
3,098
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Interest on borrowings and other liabilities
|
$
|
58,426
|
|
|
$
|
60,279
|
|
Amortization of deferred losses related to interest rate derivatives
|
—
|
|
|
184
|
|
||
Amortization of deferred financing fees and debt discount
|
3,581
|
|
|
3,364
|
|
||
Interest expense
|
62,007
|
|
|
63,827
|
|
||
Less: Interest income
|
(500
|
)
|
|
(364
|
)
|
||
|
|
|
|
||||
Interest, net
|
$
|
61,507
|
|
|
$
|
63,463
|
|
Year Ending December 31,
|
|
Amount
|
||
Remainder of 2020
|
|
$
|
1,386
|
|
2021
|
|
1,883
|
|
|
2022
|
|
1,799
|
|
|
2023
|
|
1,693
|
|
|
2024
|
|
1,724
|
|
|
Thereafter
|
|
6,107
|
|
|
Total
|
|
$
|
14,592
|
|
Year Ending December 31,
|
|
Amount
|
||
Remainder of 2020
|
|
$
|
125,800
|
|
2021
|
|
508,424
|
|
|
2022
|
|
192,507
|
|
|
2023
|
|
119,131
|
|
|
2024
|
|
73,848
|
|
|
|
|
|
||
Total
|
|
$
|
1,019,710
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Deferred income tax asset
|
$
|
833
|
|
|
$
|
1,007
|
|
Lease incentives and lease premiums, net of amortization of $64,530 and $71,851, respectively
|
101,765
|
|
|
112,923
|
|
||
Flight equipment held for sale
|
326
|
|
|
333
|
|
||
Aircraft purchase deposits and Embraer E-2 progress payments
|
41,124
|
|
|
33,754
|
|
||
Right-of-use asset(1)
|
9,057
|
|
|
9,329
|
|
||
Deferred rent receivable
|
9,100
|
|
|
5,255
|
|
||
Other assets
|
49,713
|
|
|
38,608
|
|
||
|
|
|
|
||||
Total other assets
|
$
|
211,918
|
|
|
$
|
201,209
|
|
(1)
|
Net of lease incentives and tenant allowances.
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Accounts payable, accrued expenses and other liabilities
|
$
|
40,027
|
|
|
$
|
47,228
|
|
Deferred income tax liability
|
71,297
|
|
|
64,674
|
|
||
Accrued interest payable
|
47,834
|
|
|
44,694
|
|
||
Lease liability
|
12,359
|
|
|
12,800
|
|
||
Lease discounts, net of amortization of $45,071 and $44,696, respectively
|
2,343
|
|
|
2,718
|
|
||
|
|
|
|
||||
Total accounts payable, accrued expenses and other liabilities
|
$
|
173,860
|
|
|
$
|
172,114
|
|
•
|
2021: 15 aircraft, representing 4%;
|
•
|
2022: 28 aircraft, representing 9%;
|
•
|
2023: 33 aircraft, representing 10%; and
|
•
|
2024: 54 aircraft, representing 21%.
|
Owned Aircraft
|
As of
March31,
2020(1)
|
|
As of
March 31,
2019(1)
|
||||
Net Book Value of Flight Equipment
|
$
|
7,565
|
|
|
$
|
7,645
|
|
Net Book Value of Unencumbered Flight Equipment
|
$
|
5,831
|
|
|
$
|
6,298
|
|
Number of Aircraft
|
274
|
|
|
259
|
|
||
Number of Unencumbered Aircraft
|
234
|
|
|
228
|
|
||
Number of Lessees
|
84
|
|
|
86
|
|
||
Number of Countries
|
46
|
|
|
47
|
|
||
Weighted Average Age (years)(2)
|
10.1
|
|
|
9.4
|
|
||
Weighted Average Remaining Lease Term (years)(2)
|
4.7
|
|
|
4.5
|
|
||
Weighted Average Fleet Utilization during the three months ended March 31, 2020 and 2019(3)
|
98.9
|
%
|
|
93.7
|
%
|
||
|
|
|
|
||||
Managed Aircraft on behalf of Joint Venture
|
|
|
|
||||
Net Book Value of Flight Equipment
|
$
|
324
|
|
|
$
|
686
|
|
Number of Aircraft
|
9
|
|
|
15
|
|
(1)
|
Calculated using net book value at period end.
|
(2)
|
Weighted by net book value.
|
(3)
|
Aircraft on-lease days as a percent of total days in period weighted by net book value. The decrease from our historical utilization rate for the three months ended March 31, 2019, was due to the early termination of the leases for eleven aircraft from Avianca Brazil and seven aircraft from Jet Airways.
|
(4)
|
Lease rental revenue, interest income and cash collections on our net investment in leases for the period as a percent of the average net book value for the period; quarterly information is annualized. The decrease from our historical portfolio yield for the three months ended March 31, 2019, was due to the early termination of the leases for eleven aircraft from Avianca Brazil and seven aircraft from Jet Airways. The calculation of portfolio yield includes our net investment in leases in the average net book value, and the interest income and cash collections from our net investment in lease rentals.
|
|
Owned Aircraft as of
March 31, 2020
|
|
Owned Aircraft as of
March 31, 2019 |
||||||||
|
Number of
Aircraft
|
|
% of Net
Book Value(1)
|
|
Number of
Aircraft |
|
% of Net
Book Value(1) |
||||
Aircraft Type
|
|
|
|
|
|
|
|
||||
Passenger:
|
|
|
|
|
|
|
|
||||
Narrow-body
|
246
|
|
|
75
|
%
|
|
229
|
|
|
73
|
%
|
Wide-body
|
24
|
|
|
21
|
%
|
|
26
|
|
|
23
|
%
|
Total Passenger
|
270
|
|
|
96
|
%
|
|
255
|
|
|
96
|
%
|
Freighter
|
4
|
|
|
4
|
%
|
|
4
|
|
|
4
|
%
|
Total
|
274
|
|
|
100
|
%
|
|
259
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
||||
Manufacturer
|
|
|
|
|
|
|
|
||||
Airbus
|
186
|
|
|
68
|
%
|
|
159
|
|
|
59
|
%
|
Boeing
|
83
|
|
|
30
|
%
|
|
95
|
|
|
40
|
%
|
Embraer
|
5
|
|
|
2
|
%
|
|
5
|
|
|
1
|
%
|
Total
|
274
|
|
|
100
|
%
|
|
259
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
||||
Regional Diversification
|
|
|
|
|
|
|
|
||||
Asia and Pacific
|
89
|
|
|
37
|
%
|
|
85
|
|
|
37
|
%
|
Europe
|
100
|
|
|
27
|
%
|
|
94
|
|
|
29
|
%
|
Middle East and Africa
|
14
|
|
|
6
|
%
|
|
17
|
|
|
8
|
%
|
North America
|
40
|
|
|
13
|
%
|
|
35
|
|
|
9
|
%
|
South America
|
26
|
|
|
15
|
%
|
|
16
|
|
|
10
|
%
|
Off-lease
|
5
|
|
(2)
|
2
|
%
|
|
12
|
|
(3)
|
7
|
%
|
|
|
|
|
|
|
|
|
||||
Total
|
274
|
|
|
100
|
%
|
|
259
|
|
|
100
|
%
|
(1)
|
Calculated using net book value at period end.
|
(2)
|
Consisted of one Airbus A320-200 and one Airbus A330-200 aircraft, which are each scheduled to be delivered during the second quarter of 2020 to lessees in North America and Europe, respectively, and one Airbus A330-200 and two Boeing 737-800 aircraft, which we are marketing for lease or sale.
|
(3)
|
Consisted of ten Airbus A320-200 aircraft, which were delivered on lease to a customer in South America during the second and third quarters of 2019, and two Airbus A330-200 aircraft, one of which was delivered on lease to a customer in South America during the third quarter of 2019 and one of which will be delivered to a customer in Europe during the second quarter of 2020.
|
Customer
|
|
Percent of Net Book Value
|
|
Country
|
|
Number of
Aircraft
|
|
LATAM
|
|
9.1%
|
|
Chile
|
|
13
|
|
IndiGo
|
|
8.4%
|
|
India
|
|
16
|
|
easyJet
|
|
5.0%
|
|
United Kingdom
|
|
30
|
|
Iberia
|
|
3.6%
|
|
Spain
|
|
15
|
|
Air Canada
|
|
3.6%
|
|
Canada
|
|
6
|
|
Aerolineas Argentinas
|
|
2.8%
|
|
Argentina
|
|
5
|
|
Interjet
|
|
2.6%
|
|
Mexico
|
|
11
|
|
American Airlines
|
|
2.6%
|
|
United States
|
|
7
|
|
AirBridgeCargo(1)
|
|
2.4%
|
|
Russia
|
|
2
|
|
Jeju Air
|
|
2.3%
|
|
South Korea
|
|
7
|
|
|
|
|
|
|
|
|
|
Total top ten customers
|
|
|
|
|
|
112
|
|
All other customers
|
|
|
|
|
|
162
|
|
|
|
|
|
|
|
|
|
Total all customers
|
|
|
|
|
|
274
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in thousands)
|
||||||
Revenues:
|
|
|
|
||||
Lease rental revenue
|
$
|
198,920
|
|
|
$
|
181,234
|
|
Direct financing and sales-type lease revenue
|
6,766
|
|
|
8,443
|
|
||
Amortization of lease premiums, discounts and incentives
|
(5,696
|
)
|
|
(5,711
|
)
|
||
Maintenance revenue
|
46,552
|
|
|
16,401
|
|
||
Total lease revenue
|
246,542
|
|
|
200,367
|
|
||
Gain on sale of flight equipment
|
27,049
|
|
|
12,002
|
|
||
Other revenue
|
8,907
|
|
|
1,558
|
|
||
Total revenues
|
282,498
|
|
|
213,927
|
|
||
Operating expenses:
|
|
|
|
||||
Depreciation
|
89,705
|
|
|
84,735
|
|
||
Interest, net
|
61,507
|
|
|
63,463
|
|
||
Selling, general and administrative
|
62,382
|
|
|
18,000
|
|
||
Impairment of flight equipment
|
62,657
|
|
|
—
|
|
||
Maintenance and other costs
|
4,756
|
|
|
7,404
|
|
||
Total operating expenses
|
281,007
|
|
|
173,602
|
|
||
|
|
|
|
||||
Other expense:
|
|
|
|
||||
Loss on extinguishment of debt
|
(3,955
|
)
|
|
—
|
|
||
Merger expenses
|
(32,210
|
)
|
|
—
|
|
||
Other
|
(112
|
)
|
|
(2,061
|
)
|
||
Total other expense
|
(36,277
|
)
|
|
(2,061
|
)
|
||
|
|
|
|
||||
Income (loss) from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investments
|
(34,786
|
)
|
|
38,264
|
|
||
Income tax provision
|
149
|
|
|
3,098
|
|
||
Earnings (loss) of unconsolidated equity method investments, net of tax
|
714
|
|
|
(356
|
)
|
||
Net income (loss)
|
$
|
(34,221
|
)
|
|
$
|
34,810
|
|
•
|
a $29.7 million increase in revenue, reflecting the impact of 52 aircraft purchased since January 1, 2019; and
|
•
|
a $2.6 million increase due to lease extensions, amendments, transitions and other changes.
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in thousands)
|
||||||
Amortization of lease premiums
|
$
|
(3,529
|
)
|
|
$
|
(4,037
|
)
|
Amortization of lease discounts
|
375
|
|
|
1,426
|
|
||
Amortization of lease incentives
|
(2,542
|
)
|
|
(3,100
|
)
|
||
|
|
|
|
||||
Amortization of lease premiums, discounts and incentives
|
$
|
(5,696
|
)
|
|
$
|
(5,711
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in thousands)
|
||||||
Interest on borrowings and other liabilities
|
$
|
58,426
|
|
|
$
|
60,279
|
|
Amortization of deferred losses related to interest rate derivatives
|
—
|
|
|
184
|
|
||
Amortization of deferred financing fees and debt discount
|
3,581
|
|
|
3,364
|
|
||
Interest expense
|
62,007
|
|
|
63,827
|
|
||
Less: Interest income
|
(500
|
)
|
|
(364
|
)
|
||
|
|
|
|
||||
Interest, net
|
$
|
61,507
|
|
|
$
|
63,463
|
|
•
|
various forms of borrowing secured by our aircraft, including bank term facilities, limited recourse securitization financings, and ECA-backed financings for new aircraft acquisitions;
|
•
|
unsecured indebtedness, including our current unsecured revolving credit facilities, term loan and senior notes;
|
•
|
asset sales; and
|
•
|
contributions from our shareholders.
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in thousands)
|
||||||
Net cash flow provided by operating activities
|
$
|
69,217
|
|
|
$
|
106,360
|
|
Net cash flow provided by (used in) investing activities
|
92,404
|
|
|
(286,246
|
)
|
||
Net cash flow provided by financing activities
|
356,135
|
|
|
120,241
|
|
|
Payments Due by Period as of March 31, 2020
|
||||||||||||||||||
Contractual Obligations
|
Total
|
|
1 year
or less
|
|
2-3 years
|
|
4-5 years
|
|
More than
5 years
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Principal payments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior Notes due 2020 - 2026
|
$
|
3,600,000
|
|
|
$
|
800,000
|
|
|
$
|
500,000
|
|
|
$
|
1,650,000
|
|
|
$
|
650,000
|
|
DBJ Term Loan
|
215,000
|
|
|
—
|
|
|
60,000
|
|
|
155,000
|
|
|
—
|
|
|||||
Revolving Credit Facilities
|
650,000
|
|
|
—
|
|
|
650,000
|
|
|
—
|
|
|
—
|
|
|||||
ECA Financings
|
48,994
|
|
|
14,399
|
|
|
20,664
|
|
|
13,931
|
|
|
—
|
|
|||||
Bank Financings
|
959,772
|
|
|
89,156
|
|
|
183,502
|
|
|
648,533
|
|
|
38,581
|
|
|||||
Total principal payments
|
5,473,766
|
|
|
903,555
|
|
|
1,414,166
|
|
|
2,467,464
|
|
|
688,581
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest payments on debt obligations(1)
|
741,693
|
|
|
234,250
|
|
|
317,388
|
|
|
147,989
|
|
|
42,066
|
|
|||||
Office leases(2)
|
14,592
|
|
|
1,860
|
|
|
3,629
|
|
|
3,432
|
|
|
5,671
|
|
|||||
Purchase obligations(3)
|
1,019,710
|
|
|
246,460
|
|
|
621,338
|
|
|
151,912
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
7,249,761
|
|
|
$
|
1,386,125
|
|
|
$
|
2,356,521
|
|
|
$
|
2,770,797
|
|
|
$
|
736,318
|
|
(1)
|
Future interest payments on variable rate, LIBOR-based debt obligations are estimated using the interest rate in effect at March 31, 2020.
|
(2)
|
Represents contractual payment obligations for our office leases in Stamford, Connecticut; Dublin, Ireland and Singapore.
|
(3)
|
At March 31, 2020, we had commitments to acquire 27 aircraft for $1.02 billion, including 25 new E-Jet E2 aircraft from Embraer S.A. These amounts include estimates for pre-delivery deposits, contractual price escalation and other adjustments. As of May 8, 2020, we have commitments to acquire 27 aircraft for $1.02 billion.
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in thousands)
|
||||||
Net income (loss)
|
$
|
(34,221
|
)
|
|
$
|
34,810
|
|
Depreciation
|
89,705
|
|
|
84,735
|
|
||
Amortization of lease premiums, discounts and incentives
|
5,696
|
|
|
5,711
|
|
||
Interest, net
|
61,507
|
|
|
63,463
|
|
||
Income tax provision
|
149
|
|
|
3,098
|
|
||
EBITDA
|
122,836
|
|
|
191,817
|
|
||
Adjustments:
|
|
|
|
||||
Impairment of flight equipment
|
62,657
|
|
|
—
|
|
||
Equity share of joint venture impairment
|
—
|
|
|
2,724
|
|
||
Loss on extinguishment of debt
|
3,955
|
|
|
—
|
|
||
Non-cash share-based payment expense
|
38,727
|
|
|
2,726
|
|
||
Merger related expenses(1)
|
34,770
|
|
|
—
|
|
||
Loss on mark-to-market of interest rate derivative contracts
|
114
|
|
|
2,080
|
|
||
|
|
|
|
||||
Adjusted EBITDA
|
$
|
263,059
|
|
|
$
|
199,347
|
|
•
|
depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our aircraft, which affects the aircraft’s availability for use and may be indicative of future needs for capital expenditures;
|
•
|
the cash portion of income tax (benefit) provision generally represents charges (gains), which may significantly affect our financial results;
|
•
|
elements of our interest rate derivative accounting may be used to evaluate the effectiveness of our hedging policy;
|
•
|
hedge loss amortization charges; and
|
•
|
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes.
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
•
|
forfeiting advance deposits and progress payments to Embraer, as well as incurring certain significant costs related to these commitments such as contractual damages and legal, accounting and financial advisory expenses;
|
•
|
defaulting on any future lease commitments we may have entered into with respect to these aircraft, which could result in monetary damages and strained relationships with lessees;
|
•
|
failing to realize the benefits of purchasing and leasing such aircraft; and
|
•
|
risking harm to our business reputation, which would make it more difficult to purchase and lease aircraft in the future on agreeable terms, if at all.
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total
Number
of Shares
Purchased
|
|
Average
Price
Paid
per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs(1)
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
Under the Plans or
Programs (1)
|
||||||
|
(Dollars in thousands, except per share amounts)
|
||||||||||||
January 1 through January 31
|
73,903
|
|
|
$
|
32.07
|
|
|
—
|
|
|
$
|
90,351
|
|
February 1 through February 29
|
—
|
|
|
—
|
|
|
—
|
|
|
90,351
|
|
||
March 1 through March 31
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
||||||
Total
|
73,903
|
|
|
$
|
32.07
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
As a result of the Merger, 100% of our shares are now owned by Parent and Marubeni Aviation Holding Coöperatief U.A. and the share repurchase plan authorized by our prior Board has been canceled.
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit No.
|
|
Description of Exhibit
|
|
|
|
2.1
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
4.7
|
|
|
|
|
|
4.8
|
|
|
|
|
|
10.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019; (ii) Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended March 31, 2020 and 2019; (iii) Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019; (iv) Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2020 and 2019; and (v) Notes to Unaudited Consolidated Financial Statements. *
|
|
|
|
104
|
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
|
|
AIRCASTLE LIMITED
|
|
|
(Registrant)
|
|
|
By:
|
/s/ James C. Connelly
|
|
|
James C. Connelly
|
|
|
Chief Accounting Officer and Authorized Officer
|
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