Aircastle (Aircastle) Q4 2024 earnings summary

Executive summary

• Fleet comprised 252 owned and managed aircraft across 75 lessees and 43 countries as of February 29, 2024; Q4 utilization was 99.2%.

• FY2023 revenue was $855.4 million and net income was $83.3 million; Adjusted EBITDA was $760 million.

• FY2023 activity included 30 aircraft acquisitions for $1.2 billion and sales of 28 aircraft and other flight equipment for $362 million.

Financial highlights

• Q4 total revenue was $230.2 million; net income was $29.4 million versus $13.7 million in Q4 2022, and Adjusted EBITDA was $203.4 million.

• FY2023 revenue was $855.4 million versus $796.0 million; net income was $83.3 million versus $62.8 million, and net income available to common shareholders was $62.3 million versus $41.8 million.

• FY2023 EBITDA was $704 million versus $646 million, and Adjusted EBITDA was $760 million versus $732 million.

• FY2023 gain on sale or disposition was $121.6 million; operating cash flow was $370.3 million versus $437.7 million, and investing cash outflow was $879.1 million.

Outlook and guidance

• Available liquidity was $3.0 billion as of April 1, 2024: $2.1 billion undrawn facilities, $300 million committed equity, $100 million cash and $500 million projected operating cash flows through April 1, 2025.

• Airline travel demand and a years-long forecast shortage of narrow-body passenger aircraft supported an optimistic outlook for disciplined growth.

• The remaining $300 million of a $500 million shareholder commitment was expected in the first quarter of fiscal 2024.