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1FIRST QUARTER 2018 EARNINGS CALLbull 05032018
First Quarter 2019Earnings Call
May 2 2019
2FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Forward-Looking Statements Property of Aircastle
All statements included or incorporated by reference in this presentation other than characterizations of historical fact are forward-looking statementswithin the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995 Examples of forward-looking statementsinclude but are not necessarily limited to statements relating to our ability to acquire sell lease or finance aircraft raise capital pay dividends and increaserevenues earnings EBITDA Adjusted EBITDA Adjusted Net Income Cash Return on Equity and Net Cash Interest Margin and the global aviation industry andaircraft leasing sector Words such as ldquoanticipatesrdquo ldquoexpectsrdquo ldquointendsrdquo ldquoplansrdquo ldquoprojectsrdquo ldquobelievesrdquo ldquomayrdquo ldquowillrdquo ldquowouldrdquo ldquocouldrdquo ldquoshouldrdquo ldquoseeksrdquoldquoestimatesrdquo and variations on these words and similar expressions are intended to identify such forward-looking statements These statements are based onour historical performance and that of our subsidiaries and on our current plans estimates and expectations and are subject to a number of factors thatcould lead to actual results materially different from those described in the forward-looking statements Aircastle can give no assurance that its expectationswill be attained Accordingly you should not place undue reliance on any such forward-looking statements which are subject to certain risks anduncertainties that could cause actual results to differ materially from those anticipated as of the date of this presentation These risks or uncertaintiesinclude but are not limited to those described from time to time in Aircastlersquos filings with the SEC and previously disclosed under ldquoRisk Factorsrdquo in Item 1A ofAircastlersquos 2018 Annual Report on Form 10-K In addition new risks and uncertainties emerge from time to time and it is not possible for Aircastle to predictor assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements Such forward-lookingstatements speak only as of the date of this presentation Aircastle expressly disclaims any obligation to revise or update publicly any forward-lookingstatement to reflect future events or circumstances
The information contained herein is the property of Aircastle and shall not be disclosed copied distributed or transmitted or used for any purpose withoutthe express written consent of Aircastle
3FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Acquired fourteen aircraft during the first quarter for $445 million Committed to acquire twelve additional aircraft in 2019 for $385 million
2019 acquisitions are all modern in-demand narrow-body aircraft
Sold four aircraft and reclassified two others as direct financing and sales-type leases for gains of $120 million
Repurchased $87 million of our common shares to date at an average price of $1757 per shareAverage Q119 share price of $1991 was 133 higher
Declared our 52nd consecutive quarterly dividend
Committed leases for Ten A320 aircraft repossessed from Avianca Brazil transitioning to LATAM Airlines Group SA and
Seven 737 family aircraft previously leased with Jet Airways
Q119 Highlights
4FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Key Financial Metrics ndash Q119
Net income was $348 million versus $575 million in Q118$046 per diluted common share versus $073 the previous year
Adjusted net income1 was $396 million versus $568 million in Q118
$052 per diluted common share versus $072 the previous yearAdjusted diluted EPS was above FactSet consensus EPS estimate of $046 for Q119
Adjusted EBITDA1 was $1993 million versus $1911 million the prior year
Cash ROE1 was 118 and Net cash interest margin1 was 73The bankruptcies of Avianca Brazil and Jet Airways reduced annualized net cash interest margin by approximately 85bps in Q119
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
5FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Revenue Summary
Lease rental revenues of $1897 million up $28million vs Q118
Increase was driven by net fleet growth
Q119 rental revenues were $159 million lower due to the bankruptcies of Avianca Brazil and Jet Airways
Gain on sale up $62 millionSale of four aircraft resulted in a gain on sale of $83 million
$37 million of gain on sale due to reclassification of two other aircraft as direct financing and sales-type leases
Maintenance revenue of $164 million up $44 million due to transitions
Revenue Summary
$ in millions Q119 Q118
Lease Rental and Direct Financing and Sales-Type Lease Revenues $1897 $1869
Amortization of Lease Premiums Discounts and Incentives (57) (31)
Maintenance Revenue 164 120
Total Lease Revenue 2004 1958
Gain on Sale of Flight Equipment 120 58
Other Revenue 16 11
Total Revenues $2139 $2027
6FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Earnings Summary
Net income decreased $227million versus Q118 adjusted net income down $171 million
Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways
Adjusted EBITDA was $1993million up $82 million from Q118
Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million
Earnings Summary
$ in millions except per share amounts Q119 Q118
Net Income $348 $575
per diluted common share $046 $073
Adjusted Net Income1 $396 $568
per diluted common share $052 $072
EBITDA1 $1918 $1919
Adjusted EBITDA1 $1993 $1911
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
2FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Forward-Looking Statements Property of Aircastle
All statements included or incorporated by reference in this presentation other than characterizations of historical fact are forward-looking statementswithin the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995 Examples of forward-looking statementsinclude but are not necessarily limited to statements relating to our ability to acquire sell lease or finance aircraft raise capital pay dividends and increaserevenues earnings EBITDA Adjusted EBITDA Adjusted Net Income Cash Return on Equity and Net Cash Interest Margin and the global aviation industry andaircraft leasing sector Words such as ldquoanticipatesrdquo ldquoexpectsrdquo ldquointendsrdquo ldquoplansrdquo ldquoprojectsrdquo ldquobelievesrdquo ldquomayrdquo ldquowillrdquo ldquowouldrdquo ldquocouldrdquo ldquoshouldrdquo ldquoseeksrdquoldquoestimatesrdquo and variations on these words and similar expressions are intended to identify such forward-looking statements These statements are based onour historical performance and that of our subsidiaries and on our current plans estimates and expectations and are subject to a number of factors thatcould lead to actual results materially different from those described in the forward-looking statements Aircastle can give no assurance that its expectationswill be attained Accordingly you should not place undue reliance on any such forward-looking statements which are subject to certain risks anduncertainties that could cause actual results to differ materially from those anticipated as of the date of this presentation These risks or uncertaintiesinclude but are not limited to those described from time to time in Aircastlersquos filings with the SEC and previously disclosed under ldquoRisk Factorsrdquo in Item 1A ofAircastlersquos 2018 Annual Report on Form 10-K In addition new risks and uncertainties emerge from time to time and it is not possible for Aircastle to predictor assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements Such forward-lookingstatements speak only as of the date of this presentation Aircastle expressly disclaims any obligation to revise or update publicly any forward-lookingstatement to reflect future events or circumstances
The information contained herein is the property of Aircastle and shall not be disclosed copied distributed or transmitted or used for any purpose withoutthe express written consent of Aircastle
3FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Acquired fourteen aircraft during the first quarter for $445 million Committed to acquire twelve additional aircraft in 2019 for $385 million
2019 acquisitions are all modern in-demand narrow-body aircraft
Sold four aircraft and reclassified two others as direct financing and sales-type leases for gains of $120 million
Repurchased $87 million of our common shares to date at an average price of $1757 per shareAverage Q119 share price of $1991 was 133 higher
Declared our 52nd consecutive quarterly dividend
Committed leases for Ten A320 aircraft repossessed from Avianca Brazil transitioning to LATAM Airlines Group SA and
Seven 737 family aircraft previously leased with Jet Airways
Q119 Highlights
4FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Key Financial Metrics ndash Q119
Net income was $348 million versus $575 million in Q118$046 per diluted common share versus $073 the previous year
Adjusted net income1 was $396 million versus $568 million in Q118
$052 per diluted common share versus $072 the previous yearAdjusted diluted EPS was above FactSet consensus EPS estimate of $046 for Q119
Adjusted EBITDA1 was $1993 million versus $1911 million the prior year
Cash ROE1 was 118 and Net cash interest margin1 was 73The bankruptcies of Avianca Brazil and Jet Airways reduced annualized net cash interest margin by approximately 85bps in Q119
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
5FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Revenue Summary
Lease rental revenues of $1897 million up $28million vs Q118
Increase was driven by net fleet growth
Q119 rental revenues were $159 million lower due to the bankruptcies of Avianca Brazil and Jet Airways
Gain on sale up $62 millionSale of four aircraft resulted in a gain on sale of $83 million
$37 million of gain on sale due to reclassification of two other aircraft as direct financing and sales-type leases
Maintenance revenue of $164 million up $44 million due to transitions
Revenue Summary
$ in millions Q119 Q118
Lease Rental and Direct Financing and Sales-Type Lease Revenues $1897 $1869
Amortization of Lease Premiums Discounts and Incentives (57) (31)
Maintenance Revenue 164 120
Total Lease Revenue 2004 1958
Gain on Sale of Flight Equipment 120 58
Other Revenue 16 11
Total Revenues $2139 $2027
6FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Earnings Summary
Net income decreased $227million versus Q118 adjusted net income down $171 million
Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways
Adjusted EBITDA was $1993million up $82 million from Q118
Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million
Earnings Summary
$ in millions except per share amounts Q119 Q118
Net Income $348 $575
per diluted common share $046 $073
Adjusted Net Income1 $396 $568
per diluted common share $052 $072
EBITDA1 $1918 $1919
Adjusted EBITDA1 $1993 $1911
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
3FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Acquired fourteen aircraft during the first quarter for $445 million Committed to acquire twelve additional aircraft in 2019 for $385 million
2019 acquisitions are all modern in-demand narrow-body aircraft
Sold four aircraft and reclassified two others as direct financing and sales-type leases for gains of $120 million
Repurchased $87 million of our common shares to date at an average price of $1757 per shareAverage Q119 share price of $1991 was 133 higher
Declared our 52nd consecutive quarterly dividend
Committed leases for Ten A320 aircraft repossessed from Avianca Brazil transitioning to LATAM Airlines Group SA and
Seven 737 family aircraft previously leased with Jet Airways
Q119 Highlights
4FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Key Financial Metrics ndash Q119
Net income was $348 million versus $575 million in Q118$046 per diluted common share versus $073 the previous year
Adjusted net income1 was $396 million versus $568 million in Q118
$052 per diluted common share versus $072 the previous yearAdjusted diluted EPS was above FactSet consensus EPS estimate of $046 for Q119
Adjusted EBITDA1 was $1993 million versus $1911 million the prior year
Cash ROE1 was 118 and Net cash interest margin1 was 73The bankruptcies of Avianca Brazil and Jet Airways reduced annualized net cash interest margin by approximately 85bps in Q119
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
5FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Revenue Summary
Lease rental revenues of $1897 million up $28million vs Q118
Increase was driven by net fleet growth
Q119 rental revenues were $159 million lower due to the bankruptcies of Avianca Brazil and Jet Airways
Gain on sale up $62 millionSale of four aircraft resulted in a gain on sale of $83 million
$37 million of gain on sale due to reclassification of two other aircraft as direct financing and sales-type leases
Maintenance revenue of $164 million up $44 million due to transitions
Revenue Summary
$ in millions Q119 Q118
Lease Rental and Direct Financing and Sales-Type Lease Revenues $1897 $1869
Amortization of Lease Premiums Discounts and Incentives (57) (31)
Maintenance Revenue 164 120
Total Lease Revenue 2004 1958
Gain on Sale of Flight Equipment 120 58
Other Revenue 16 11
Total Revenues $2139 $2027
6FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Earnings Summary
Net income decreased $227million versus Q118 adjusted net income down $171 million
Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways
Adjusted EBITDA was $1993million up $82 million from Q118
Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million
Earnings Summary
$ in millions except per share amounts Q119 Q118
Net Income $348 $575
per diluted common share $046 $073
Adjusted Net Income1 $396 $568
per diluted common share $052 $072
EBITDA1 $1918 $1919
Adjusted EBITDA1 $1993 $1911
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
4FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Key Financial Metrics ndash Q119
Net income was $348 million versus $575 million in Q118$046 per diluted common share versus $073 the previous year
Adjusted net income1 was $396 million versus $568 million in Q118
$052 per diluted common share versus $072 the previous yearAdjusted diluted EPS was above FactSet consensus EPS estimate of $046 for Q119
Adjusted EBITDA1 was $1993 million versus $1911 million the prior year
Cash ROE1 was 118 and Net cash interest margin1 was 73The bankruptcies of Avianca Brazil and Jet Airways reduced annualized net cash interest margin by approximately 85bps in Q119
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
5FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Revenue Summary
Lease rental revenues of $1897 million up $28million vs Q118
Increase was driven by net fleet growth
Q119 rental revenues were $159 million lower due to the bankruptcies of Avianca Brazil and Jet Airways
Gain on sale up $62 millionSale of four aircraft resulted in a gain on sale of $83 million
$37 million of gain on sale due to reclassification of two other aircraft as direct financing and sales-type leases
Maintenance revenue of $164 million up $44 million due to transitions
Revenue Summary
$ in millions Q119 Q118
Lease Rental and Direct Financing and Sales-Type Lease Revenues $1897 $1869
Amortization of Lease Premiums Discounts and Incentives (57) (31)
Maintenance Revenue 164 120
Total Lease Revenue 2004 1958
Gain on Sale of Flight Equipment 120 58
Other Revenue 16 11
Total Revenues $2139 $2027
6FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Earnings Summary
Net income decreased $227million versus Q118 adjusted net income down $171 million
Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways
Adjusted EBITDA was $1993million up $82 million from Q118
Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million
Earnings Summary
$ in millions except per share amounts Q119 Q118
Net Income $348 $575
per diluted common share $046 $073
Adjusted Net Income1 $396 $568
per diluted common share $052 $072
EBITDA1 $1918 $1919
Adjusted EBITDA1 $1993 $1911
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
5FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Revenue Summary
Lease rental revenues of $1897 million up $28million vs Q118
Increase was driven by net fleet growth
Q119 rental revenues were $159 million lower due to the bankruptcies of Avianca Brazil and Jet Airways
Gain on sale up $62 millionSale of four aircraft resulted in a gain on sale of $83 million
$37 million of gain on sale due to reclassification of two other aircraft as direct financing and sales-type leases
Maintenance revenue of $164 million up $44 million due to transitions
Revenue Summary
$ in millions Q119 Q118
Lease Rental and Direct Financing and Sales-Type Lease Revenues $1897 $1869
Amortization of Lease Premiums Discounts and Incentives (57) (31)
Maintenance Revenue 164 120
Total Lease Revenue 2004 1958
Gain on Sale of Flight Equipment 120 58
Other Revenue 16 11
Total Revenues $2139 $2027
6FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Earnings Summary
Net income decreased $227million versus Q118 adjusted net income down $171 million
Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways
Adjusted EBITDA was $1993million up $82 million from Q118
Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million
Earnings Summary
$ in millions except per share amounts Q119 Q118
Net Income $348 $575
per diluted common share $046 $073
Adjusted Net Income1 $396 $568
per diluted common share $052 $072
EBITDA1 $1918 $1919
Adjusted EBITDA1 $1993 $1911
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
6FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Earnings Summary
Net income decreased $227million versus Q118 adjusted net income down $171 million
Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways
Adjusted EBITDA was $1993million up $82 million from Q118
Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million
Earnings Summary
$ in millions except per share amounts Q119 Q118
Net Income $348 $575
per diluted common share $046 $073
Adjusted Net Income1 $396 $568
per diluted common share $052 $072
EBITDA1 $1918 $1919
Adjusted EBITDA1 $1993 $1911
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
7FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Acquisitions amp Sales
Acquired fourteen aircraft in Q119 for $445 million
Committed to acquire twelve additional aircraft for $385 million in 2019
Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases
Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft
Q119 Acquisitions amp Sales
Acquisitions1 Completed Sales
Investments Sales Proceeds $445 million $56 million
Total Number of Aircraft 14 4
1 Closed deals only through March 31 2019
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
8FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Robust Portfolio Management with an Active Asset Strategy
274 aircraft owned and managed at Q119
Since 2015
Acquired 227 aircraft
Sold 116 aircraft
Generated $201 million gains from sales and net proceeds of $25 billion
46
6068
39
14
31 3037
14
4
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 Q119
Num
ber o
f airc
raft
Purchases Sales
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
9FIRST QUARTER 2019 EARNINGS CALLbull 05022019
73 of the fleet now consists of more liquidnarrow-body aircraft
versus 36 five years ago
36
49
15
NBs WBs Freighters Classics
73
23
4
NBs WBs Freighters
9336
23
NBs WBs Freighters Classics
229
26
4
NBs WBs Freighters
Fleet EvolutionSignificant Fleet Risk Reduction
Since Q115 the number of wide-body freighter
and classic aircraft declined from a total of 59 aircraft to 30 aircraft
Q115 Aircraft Count Q119 Aircraft Count
Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)
Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
10FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Portfolio Metrics
Since Q115 expanded owned fleet at a compound annual growth rate of 71
$ in billions Q115 Q119 Q119 vs Q115
Flight Equipment Held for Lease1 $58 $76 + $18
Wtd Avg Fleet Age (years)2 83 94 + 11
Wtd Avg Lease Term (years)2 56 45 - 11
Managed JV Aircraft1 $05 $07 + $02
1 Calculated using NBV at period end2 Weighted average by NBV
NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
11FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Diversified Customer Base with Broad Geographic Distribution
86 airline customers in 47countries across the globe
Most top customers are large flag carriers and leading LCCs
Balanced distribution of the aircraft fleet by geographic region
Asia represents 37 of portfolio NBV followed by Europe at 29
South America represents 10 North America 9
Top Ten Lessees of NBV1 per
customer Customer Country Aircraft
gt6 IndiGo India 17
3-6
Lion Air Indonesia 11
LATAM Chile 3
TAP Portugal Portugal 8
Iberia Spain 15
SAA SouthAfrica 4
easyJet UnitedKingdom 20
Jeju Air SouthKorea 9
lt3Aerolineas Argentinas Argentina 5
Interjet Mexico 11
1 As of March 31 2019
Top Ten Countries
Country AC of NBV1
India 28 122
Indonesia 15 66
Russia 11 60
United Kingdom 30 52
South Korea 14 51
Portugal 8 45
Chile 3 44
USA 15 42
Mexico 16 42
Spain 16 41
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
12FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Leasing Activity and Portfolio Performance
Note Aircraft on-lease days as a percent of total days in period weighted by NBV
937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways
We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing
Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV
Utilization Performance
Utilization has averaged 988 since Q115
80
82
84
86
88
90
92
94
96
98
100
Q1
15
Q1
16
Q1
17
Q1
18
Q1
19
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
13FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Rental Yields and Net Cash Interest Margins
Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways
105 lease rental yield 12 and 73 net cash interest margin1
114 pro-forma3 lease rental yield12 81 and net cash interest margin13
We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service
0
2
4
6
8
10
12
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Pro-
form
aQ
119
Lease Rental Yield Net Cash Interest Margin
105
73
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized
3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin
1 2 13
Pro-forma 23
114
Pro-forma 13
81
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
14FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Cash ROE Performance
Q119 118
AVG 140
Trailing twelve month Cash ROE1 was 118 versus 160 a year ago
GAAP ROE of 114
Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier
Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262
1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers
2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE
0
2
4
6
8
10
12
14
16
18
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Q3
18
Q4
18
Q1
19
Cash
Ret
urn
on A
vera
ge S
hare
hold
errsquos
Equ
ity
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
15FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure
Strong liquidity profile and low financial leverage minimal forward commitments
Net debt to equity of 24x84 of total debt was unsecured at quarter-end
Average remaining life of debt is 32 years$500 million note matures in 2019
$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million
$63 billion of unencumbered flight equipment ndash 228 aircraft
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
16FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Selected Financial Guidance Elements for Q219
Guidance Item Q219
Lease rental revenue1 $186 - $190
Direct financing and sales-type lease revenue $8 - $9
Amortization of lease premiums discounts and incentives $(5) - $(6)
Maintenance revenue2 $16 - $20
Gain on sale $4 - $8
Depreciation $87 - $90
Interest net $66 - $69
SGampA3 $18 - $19
Full year effective tax rate 7 - 9
1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
17FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Appendix
18FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Q119 Capital Structure amp Liquidity Summary
Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet
Aircastles Capital Structure
As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1
ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368
Total Secured Debt 783 440 809 446 863 365
Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359
Total Unsecured Debt 4160 506 3995 510 3495 521
Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265
Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80
19FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Three Months Ended
March 31in thousands except per share amounts 2019 2018
Revenues $ 213927 $ 202680
EBITDA $ 191817 $ 191941
Adjusted EBITDA $ 199347 $ 191145
Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232
Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073
Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440
Per common share - Basic $ 053 $ 072Per common share - Diluted $ 052 $ 072
Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595
20FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA
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-US 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
2019 2018
Net income $ 34810 $ 57547
Depreciation 84735 75002
Amortization of lease premiums discounts and incentives 5711 3128
Interest net 63463 57108
Income tax provision 3098 (844)
EBITDA 191817 191941
Adjustments
Equity share of joint venture impairment 2724 -
Non-cash share based payment expense 2726 2378
(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)
Adjusted EBITDA $ 199347 $ 191145
Three Mos Ended Dec 31
(Dollars in thousands)
21FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income
Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides 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
1 Included in Other income (expense)2 Included in Selling general and administrative expenses
Net Income Loss on mark-to-market of interest rate derivative contracts(1)
Non-cash share-based payment expense(2)
Adjusted Net Income2726 2378
39616$ 56751$
For the Three Months Ended March 31
2019 2018
34810$ 57547$ 2080 (3174)
22FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE
Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US 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 impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting
Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019
Dollars in thousands
LTM Ended CFFO +Gain on Sale
of Eqt - Deprec =Cash
Earnings
Average Shareholders
Equity
Trailing 12 Month Cash
ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118
Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126
23FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Net Cash Interest Margin Calculation
1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing 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 in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease
2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018
Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently
Except for percentages all figures are $ in thousands
3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019
Average NBV
Quarterly Rental
Revenue1 Cash Interest2
Annualized Net Cash Interest
Margin12
Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73
Pro-forma Q119 7449957$ 211501$ 60279$ 81 33
24FIRST QUARTER 2019 EARNINGS CALLbull 05022019
As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation
Reclassification of Collections on Direct Financing and Sales-Type Leases
Three Months Ended March 31 2018
Net cash and restricted cash provided by operating activities as previously reported $142412
Collections on direct financing and sales-type leases 6493
Net cash and restricted cash provided by operating activities $148905
25FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Book Value Per Share Calculation
As of Mar 31Shares Issued and Outstanding (000)
Shareholders Equity ($000)
Book Value Per Share Change
2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87
Q115-Q119 CAGR 56
26FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000
Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000
Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942
Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942
Three Months Ended March 31 2019
27FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Supplemental Financial Information
Except for percentages all figures are in thousands1 For the three months ended March 31 2018 distributed and undistributed earnings to restricted shares was 055 of net income and adjusted net income The amount of restricted share
forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares
Weighted-average shares Shares Percent2
Common shares outstanding ndash Basic 78367 9945Unvested restricted common shares 431 055Total weighted-average shares outstanding 78798 10000
Common shares outstanding ndash Basic 78367 9971Effect of dilutive shares1 228 029Common shares outstanding ndash Diluted 78595 10000
Net income allocationNet income $ 57547 10000Distributed and undistributed earnings allocated to unvested restricted shares (315) -055Earnings available to common shares $ 57232 9945
Adjusted net income allocationAdjusted net income $ 56751 10000Amounts allocated to unvested restricted shares (311) -055Amounts allocated to common shares $ 56440 9945
Three Months Ended March 31 2018
28FIRST QUARTER 2019 EARNINGS CALLbull 05022019
Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin
An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include
depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos 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 related to Term Financing No 1 and Securitization No 1 and
adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes
EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Three Months Ended March 31 2019 | Three Months Ended March 31 2019 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9942 | Common shares outstanding ndash Basic | 74704 | 9942 | |||||||||||||||
Unvested restricted common shares | 435 | 058 | Unvested restricted common shares | 435 | 058 | |||||||||||||||
Total weighted-average shares outstanding | 75138 | 10000 | Total weighted-average shares outstanding | 75138 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 74704 | 9924 | Common shares outstanding ndash Basic | 74704 | 9924 | |||||||||||||||
Effect of dilutive shares1 | 570 | 076 | Effect of dilutive shares1 | 570 | 076 | |||||||||||||||
Common shares outstanding ndash Diluted | 75274 | 10000 | Common shares outstanding ndash Diluted | 75274 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 34810 | 10000 | Net income | $ | 34810 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | Distributed and undistributed earnings allocated to unvested restricted shares | (201) | -058 | |||||||||||||||
Earnings available to common shares | $ | 34609 | 9942 | Earnings available to common shares | $ | 34609 | 9942 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 39616 | 10000 | Adjusted net income | $ | 39616 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (229) | -058 | Amounts allocated to unvested restricted shares | (229) | -058 | |||||||||||||||
Amounts allocated to common shares | $ | 39387 | 9942 | Amounts allocated to common shares | $ | 39387 | 9942 | |||||||||||||
Three Months Ended March 31 2018 | Three Months Ended March 31 2018 | |||||||||||||||||||
Weighted-average shares | Shares | Percent2 | Weighted-average shares | Shares | Percent2 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9945 | Common shares outstanding ndash Basic | 78367 | 9945 | |||||||||||||||
Unvested restricted common shares | 431 | 055 | Unvested restricted common shares | 431 | 055 | |||||||||||||||
Total weighted-average shares outstanding | 78798 | 10000 | Total weighted-average shares outstanding | 78798 | 10000 | |||||||||||||||
Common shares outstanding ndash Basic | 78367 | 9971 | Common shares outstanding ndash Basic | 78367 | 9971 | |||||||||||||||
Effect of dilutive shares1 | 228 | 029 | Effect of dilutive shares1 | 228 | 029 | |||||||||||||||
Common shares outstanding ndash Diluted | 78595 | 10000 | Common shares outstanding ndash Diluted | 78595 | 10000 | |||||||||||||||
Net income allocation | Net income allocation | |||||||||||||||||||
Net income | $ | 57547 | 10000 | Net income | $ | 57547 | 10000 | |||||||||||||
Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | Distributed and undistributed earnings allocated to unvested restricted shares | (315) | -055 | |||||||||||||||
Earnings available to common shares | $ | 57232 | 9945 | Earnings available to common shares | $ | 57232 | 9945 | |||||||||||||
Adjusted net income allocation | Adjusted net income allocation | |||||||||||||||||||
Adjusted net income | $ | 56751 | 10000 | Adjusted net income | $ | 56751 | 10000 | |||||||||||||
Amounts allocated to unvested restricted shares | (311) | -055 | Amounts allocated to unvested restricted shares | (311) | -055 | |||||||||||||||
Amounts allocated to common shares | $ | 56440 | 9945 | Amounts allocated to common shares | $ | 56440 | 9945 | |||||||||||||
Q119 | Q418 | Q318 | Q119 B (W) vs Q418 | |||||||||
Average NBV for the 4th and 3rd Quarters of 2018 | $ 7449957 | $ 7136627 | $ 6787206 | $ 313330 | Average NBV 44 higher Q418 to Q119 | |||||||
Operating and Finance Lease Revenues | $ 189676 | $ 192711 | $ 190836 | $ (3034) | ||||||||
Finance Lease Collections | $ 5925 | $ 7316 | $ 9518 | $ (1391) | ||||||||
Annualized Portfolio Yield | 105 | 112 | 118 | -07 | Annualized yield 71bps lower | |||||||
Cash Interest Expense | $ 60279 | $ 60348 | $ 54521 | $ 69 | ||||||||
Annualized Cash Interest | 32 | 34 | 32 | 01 | Annualized cash int exp 15bps lower | |||||||
Annualized Cash Net Interest Margin | 73 | 78 | 86 | -06 | Annualized cash margin 56bps lower | |||||||
Average NBV | Quarterly Rental Revenue(1) | Cash Interest(2) | Annualized Net Cash Interest Margin(1)(2) | Yield | Cash Interest Expense | ||||||||||||||
Q112 | $ 4388008 | $ 152242 | $ 44969 | 98 | 139 | 410 | |||||||||||||
Q212 | $ 4542477 | $ 156057 | $ 48798 | 94 | 137 | 430 | |||||||||||||
Q312 | $ 4697802 | $ 163630 | $ 41373 | 104 | 139 | 352 | |||||||||||||
Q412 | $ 4726457 | $ 163820 | $ 43461 | 102 | 139 | 368 | |||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
Average NBV | Quarterly Rental Revenue1 | Cash Interest2 | Annualized Net Cash Interest Margin12 | Yield | Cash Interest Expense | ||||||||||||||
Q113 | $ 4740161 | $ 162319 | $ 48591 | 96 | 137 | 410 | |||||||||||||
Q213 | $ 4840396 | $ 164239 | $ 44915 | 99 | 136 | 371 | |||||||||||||
Q313 | $ 4863444 | $ 167876 | $ 47682 | 99 | 138 | 392 | |||||||||||||
Q413 | $ 5118601 | $ 176168 | $ 49080 | 99 | 138 | 384 | |||||||||||||
Q114 | $ 5312651 | $ 181095 | $ 51685 | 97 | 136 | 389 | |||||||||||||
Q214 | $ 5721521 | $ 190574 | $ 48172 | 100 | 133 | 337 | |||||||||||||
Q314 | $ 5483958 | $ 182227 | $ 44820 | 100 | 133 | 327 | |||||||||||||
Q414 | $ 5468637 | $ 181977 | $ 44459 | 101 | 133 | 325 | |||||||||||||
Q115 | $ 5743035 | $ 181027 | $ 50235 | 91 | 126 | 350 | |||||||||||||
Q215 | $ 5967898 | $ 189238 | $ 51413 | 92 | 127 | 345 | |||||||||||||
Q315 | $ 6048330 | $ 191878 | $ 51428 | 93 | 127 | 340 | |||||||||||||
Q415 | $ 5962874 | $ 188491 | $ 51250 | 92 | 126 | 344 | |||||||||||||
Q116 | $ 5988076 | $ 186730 | $ 51815 | 90 | 125 | 346 | |||||||||||||
Q216 | $ 5920030 | $ 184469 | $ 55779 | 87 | 125 | 377 | |||||||||||||
Q316 | $ 6265175 | $ 193909 | $ 57589 | 87 | 124 | 368 | |||||||||||||
Q416 | $ 6346361 | $ 196714 | $ 58631 | 87 | 124 | 370 | |||||||||||||
Q117 | $ 6505355 | $ 200273 | $ 58839 | 87 | 123 | 362 | |||||||||||||
Q217 | $ 6512100 | $ 199522 | $ 55871 | 88 | 123 | 343 | |||||||||||||
Q317 | $ 5985908 | $ 184588 | $ 53457 | 88 | 123 | 357 | |||||||||||||
Q417 | $ 6247581 | $ 187794 | $ 53035 | 86 | 120 | 340 | |||||||||||||
Q118 | $ 6700223 | $ 193418 | $ 53978 | 83 | 115 | 322 | |||||||||||||
Q218 | $ 6721360 | $ 193988 | $ 53979 | 83 | 115 | 321 | |||||||||||||
Q318 | $ 6787206 | $ 200354 | $ 54521 | 86 | 118 | 321 | |||||||||||||
Q418 | $ 7136627 | $ 200027 | $ 60348 | 78 | 112 | 338 | |||||||||||||
Q119 | $ 7449957 | $ 195601 | $ 60279 | 73 | 105 | 324 | |||||||||||||
Pro-forma Q119 | $ 7449957 | $ 211501 | $ 60279 | 81 | 114 | 324 | |||||||||||||
NBV FE | Fin Lease | NBV Flight Equip + Fin Lease | Lease Rentals | Interest Inc Fin lease | Collections on Fin Leases | Total Lease Rent Collections | Quarterly Lease rent Collections | Cash Interest | Loan and Contract Termination Fees included in Cash Interest | Adj Cash Int | NIM $ | NIM | Yield | Cash Int | |||||||||||||||||||||||||||||||||||||||
Month End | Month End | Month End | Mo Avg | Qtrly Avg | MTD | MTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||||||||||||||||||
DEC10 | 4065780 | - 0 | 4065780 | ||||||||||||||||||||||||||||||||||||||||||||||||||
JAN11 | 3981690 | - 0 | 3981690 | 4023735 | - 0 | 47091 | - 0 | - 0 | 47091 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB11 | 4051167 | - 0 | 4051167 | 4016428 | - 0 | 47264 | - 0 | - 0 | 47264 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR11 | 4120309 | - 0 | 4120309 | 4085738 | 4041967 | 46761 | - 0 | - 0 | 46761 | 141116 | $ 41278 | 41278 | 99838 | 988 | |||||||||||||||||||||||||||||||||||||||
APR11 | 4125377 | - 0 | 4125377 | 4122843 | - 0 | 47211 | - 0 | - 0 | 47211 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY11 | 4194987 | - 0 | 4194987 | 4160182 | - 0 | 47897 | - 0 | - 0 | 47897 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN11 | 4099641 | - 0 | 4099641 | 4147314 | 4143446 | 48248 | - 0 | - 0 | 48248 | 143356 | $ 43217 | $ 3196 | 40021 | 103335 | 998 | ||||||||||||||||||||||||||||||||||||||
JUL11 | 4271013 | - 0 | 4271013 | 4185327 | - 0 | 47994 | - 0 | - 0 | 47994 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG11 | 4248242 | - 0 | 4248242 | 4259628 | - 0 | 49193 | - 0 | - 0 | 49193 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP11 | 4196918 | - 0 | 4196918 | 4222580 | 4222512 | 48704 | - 0 | - 0 | 48704 | 145890 | $ 42066 | 42066 | 103824 | 984 | |||||||||||||||||||||||||||||||||||||||
OCT11 | 4430527 | - 0 | 4430527 | 4313723 | - 0 | 49054 | - 0 | - 0 | 49054 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV11 | 4401782 | - 0 | 4401782 | 4416155 | - 0 | 50498 | - 0 | - 0 | 50498 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC11 | 4387986 | - 0 | 4387986 | 4394884 | 4374921 | 50297 | - 0 | - 0 | 50297 | 149848 | $ 43041 | 43041 | 106807 | 977 | |||||||||||||||||||||||||||||||||||||||
JAN12 | 4391666 | - 0 | 4391666 | 4389826 | - 0 | 51034 | - 0 | - 0 | 51034 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB12 | 4385360 | - 0 | 4385360 | 4388513 | - 0 | 49705 | - 0 | - 0 | 49705 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR12 | 4386010 | - 0 | 4386010 | 4385685 | 4388008 | 51503 | - 0 | - 0 | 51503 | 152242 | $ 44969 | 44969 | 107273 | 978 | |||||||||||||||||||||||||||||||||||||||
APR12 | 4484956 | - 0 | 4484956 | 4435483 | - 0 | 50824 | - 0 | - 0 | 50824 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY12 | 4570712 | 31500 | 4602212 | 4543584 | - 0 | 51020 | - 0 | - 0 | 51020 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN12 | 4604493 | 90024 | 4694518 | 4648365 | 4542477 | 51781 | 956 | 1476 | 54213 | 156057 | $ 48798 | 48798 | 107259 | 944 | |||||||||||||||||||||||||||||||||||||||
JUL12 | 4572121 | 90739 | 4662860 | 4678689 | - 0 | 52892 | 963 | - 0 | 53855 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG12 | 4665966 | 90332 | 4756298 | 4709579 | - 0 | 52945 | 948 | - 0 | 53893 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP12 | 4532445 | 121533 | 4653978 | 4705138 | 4697802 | 53709 | 1608 | 565 | 55881 | 163630 | $ 41373 | 41373 | 122257 | 1041 | |||||||||||||||||||||||||||||||||||||||
OCT12 | 4574055 | 120934 | 4694990 | 4674484 | - 0 | 52277 | 1311 | - 0 | 53588 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV12 | 4645741 | 120345 | 4766086 | 4730538 | - 0 | 52596 | 1321 | - 0 | 53917 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC12 | 4662661 | 119951 | 4782612 | 4774349 | 4726457 | 53217 | 1286 | 1811 | 56314 | 163820 | $ 43461 | 43461 | 120359 | 1019 | |||||||||||||||||||||||||||||||||||||||
JAN13 | 4639414 | 119339 | 4758753 | 4770682 | - 0 | 52957 | 1298 | - 0 | 54255 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB13 | 4614480 | 118707 | 4733187 | 4745970 | - 0 | 51936 | 1277 | - 0 | 53213 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR13 | 4544773 | 129700 | 4674474 | 4703830 | 4740161 | 51697 | 1309 | 1845 | 54850 | 162319 | $ 48591 | 48591 | 113728 | 960 | |||||||||||||||||||||||||||||||||||||||
APR13 | 4621392 | 128981 | 4750373 | 4712423 | - 0 | 51363 | 1384 | - 0 | 52747 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY13 | 4915814 | 128237 | 5044051 | 4897212 | - 0 | 53613 | 1359 | - 0 | 54972 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN13 | 4651553 | 127504 | 4779057 | 4911554 | 4840396 | 52942 | 1370 | 2207 | 56520 | 164239 | $ 47869 | $ 2954 | 44915 | 119324 | 986 | ||||||||||||||||||||||||||||||||||||||
JUL13 | 4668642 | 149932 | 4818574 | 4798816 | - 0 | 52469 | 1372 | - 0 | 53840 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG13 | 4690154 | 149017 | 4839171 | 4828873 | - 0 | 53339 | 1423 | - 0 | 54763 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP13 | 4938113 | 148005 | 5086118 | 4962645 | 4863444 | 55340 | 1327 | 2606 | 59273 | 167876 | $ 47682 | 47682 | 120194 | 989 | |||||||||||||||||||||||||||||||||||||||
OCT13 | 4913184 | 147017 | 5060200 | 5073159 | - 0 | 56643 | 1350 | - 0 | 57993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV13 | 5011676 | 146076 | 5157752 | 5108976 | - 0 | 56264 | 1361 | - 0 | 57625 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC13 | 5044410 | 145173 | 5189583 | 5173668 | 5118601 | 56367 | 1333 | 2850 | 60550 | 176168 | $ 49080 | 49080 | 127088 | 993 | |||||||||||||||||||||||||||||||||||||||
JAN14 | 5015452 | 144256 | 5159708 | 5174646 | - 0 | 58142 | 1337 | - 0 | 59478 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB14 | 5129035 | 143356 | 5272392 | 5216050 | - 0 | 57572 | 1354 | - 0 | 58926 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR14 | 5679723 | 142400 | 5822123 | 5547257 | 5312651 | 58621 | 1297 | 2773 | 62691 | 181095 | $ 51685 | 51685 | 129410 | 974 | |||||||||||||||||||||||||||||||||||||||
APR14 | 5605462 | 155551 | 5761013 | 5791568 | - 0 | 61276 | 1329 | - 0 | 62604 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY14 | 5512769 | 154435 | 5667205 | 5714109 | - 0 | 60998 | 1338 | - 0 | 62336 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN14 | 5577966 | 72600 | 5650566 | 5658886 | 5721521 | 60957 | 1231 | 3446 | 65634 | 190574 | $ 48172 | 48172 | 142402 | 996 | |||||||||||||||||||||||||||||||||||||||
JUL14 | 5418990 | 71971 | 5490961 | 5570764 | - 0 | 60509 | 484 | - 0 | 60993 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG14 | 5412453 | 71345 | 5483799 | 5487380 | - 0 | 59617 | 488 | - 0 | 60105 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP14 | 5232940 | 70723 | 5303663 | 5393731 | 5483958 | 58760 | 491 | 1877 | 61129 | 182227 | $ 44820 | 44820 | 137407 | 1002 | |||||||||||||||||||||||||||||||||||||||
OCT14 | 5340303 | 88360 | 5428663 | 5366163 | - 0 | 59394 | 480 | - 0 | 59874 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV14 | 5374566 | 107667 | 5482233 | 5455448 | - 0 | 59717 | 542 | - 0 | 60259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC14 | 5579718 | 106651 | 5686369 | 5584301 | 5468637 | 59091 | 537 | 2216 | 61844 | 181977 | $ 44459 | 44459 | 137518 | 1006 | 1331 | 325 | 134 | 99 | |||||||||||||||||||||||||||||||||||
JAN15 | 5642590 | 105896 | 5748487 | 5717428 | - 0 | 59898 | 539 | - 0 | 60437 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB15 | 5623616 | 105155 | 5728770 | 5738628 | - 0 | 58688 | 552 | - 0 | 59240 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR15 | 5712950 | 104377 | 5817327 | 5773049 | 5743035 | 58560 | 516 | 2274 | 61350 | 181027 | $ 50235 | 50235 | 130792 | 911 | 1261 | 350 | |||||||||||||||||||||||||||||||||||||
APR15 | 5778092 | 119625 | 5897717 | 5857522 | - 0 | 60016 | 589 | - 0 | 60605 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY15 | 5940205 | 118903 | 6059108 | 5978412 | - 0 | 61684 | 628 | - 0 | 62311 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN15 | 5953555 | 122855 | 6076411 | 6067759 | 5967898 | 63140 | 660 | 2521 | 66322 | 189238 | $ 51413 | 51413 | 137825 | 924 | 1268 | 345 | |||||||||||||||||||||||||||||||||||||
JUL15 | 5942037 | 122200 | 6064238 | 6070324 | - 0 | 63838 | 625 | - 0 | 64463 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG15 | 5917660 | 121542 | 6039202 | 6051720 | - 0 | 62322 | 623 | - 0 | 62945 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP15 | 5885807 | 120882 | 6006689 | 6022946 | 6048330 | 61877 | 620 | 1973 | 64470 | 191878 | $ 51428 | 51428 | 140450 | 929 | 1269 | 340 | |||||||||||||||||||||||||||||||||||||
OCT15 | 5829040 | 103074 | 5932114 | 5969402 | - 0 | 61959 | 611 | - 0 | 62570 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
NOV15 | 5801167 | 117861 | 5919028 | 5925571 | - 0 | 60485 | 623 | - 0 | 61108 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
DEC15 | 5867062 | 201211 | 6068273 | 5993651 | 5962874 | 60949 | 1072 | 2791 | 64812 | 188491 | $ 51250 | 51250 | 137241 | 921 | 1264 | 344 | 127 | 92 | |||||||||||||||||||||||||||||||||||
JAN16 | 5836479 | 198445 | 6034923 | 6051598 | - 0 | 60245 | 1141 | - 0 | 61387 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
FEB16 | 5796230 | 213436 | 6009666 | 6022295 | - 0 | 60098 | 1161 | - 0 | 61259 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAR16 | 5558666 | 212336 | 5771002 | 5890334 | 5988076 | 59227 | 1195 | 3663 | 64085 | 186730 | $ 53324 | 1509 | 51815 | 134915 | 901 | 1247 | 346 | ||||||||||||||||||||||||||||||||||||
APR16 | 5654825 | 211354 | 5866179 | 5818591 | - 0 | 58383 | 1160 | - 0 | 59544 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
MAY16 | 5659238 | 265253 | 5924490 | 5895335 | - 0 | 58787 | 1432 | - 0 | 60218 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
JUN16 | 5875935 | 291903 | 6167838 | 6046164 | 5920030 | 58955 | 1582 | 4170 | 64707 | 184469 | 55779 | 55779 | 128690 | 870 | 1246 | 377 | |||||||||||||||||||||||||||||||||||||
JUL16 | 5980982 | 290048 | 6271030 | 6219434 | - 0 | 60301 | 1805 | - 0 | 62107 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
AUG16 | 6017274 | 288131 | 6305405 | 6288218 | - 0 | 60757 | 1744 | - 0 | 62501 | - 0 | - 0 | - 0 | |||||||||||||||||||||||||||||||||||||||||
SEP16 | 6004489 | 265854 | 6270343 | 6287874 | 6265175 | 60917 | 1805 | 6580 | 69301 | 193909 | 57589 | 57589 | 136320 | 870 | 1238 | 368 | |||||||||||||||||||||||||||||||||||||
OCT16 | 6025556 | 264389 | 6289945 | 6280144 | - 0 | 61757 | 1413 | 63170 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
NOV16 | 6097520 | 262667 | 6360187 | 6325066 | - 0 | 62824 | 1357 | 64181 | - 0 | - 0 | - 0 | ||||||||||||||||||||||||||||||||||||||||||
DEC16 | 6246707 | 260853 | 6507560 | 6433874 | 6346361 | 62969 | 1394 | 5000 | 69363 | 196714 | 62082 | 3451 | 58631 | 138083 | 870 | 1240 | 370 | 124 | 88 | ||||||||||||||||||||||||||||||||||
JAN17 | 6219012 | 259264 | 6478276 | 6492918 | - 0 | 63296 | 1359 | 64655 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
FEB17 | 6227957 | 257474 | 6485431 | 6481853 | - 0 | 63575 | 1288 | 64863 | - 0 | ||||||||||||||||||||||||||||||||||||||||||||
MAR17 | 6297190 | 299969 | 6597159 | 6541295 | 6505355 | 63715 | 1426 | 5614 | 70755 | 200273 | 58839 | 58839 | 141434 | 870 | 1231 | 362 | |||||||||||||||||||||||||||||||||||||
APR17 | 6269189 | 348327 | 6617516 | 6607338 | 64119 | 1814 | 65933 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY17 | 6156371 | 377186 | 6533557 | 6575537 | 63186 | 2079 | 65265 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN17 | 5818821 | 354474 | 6173295 | 6353426 | 6512100 | 61794 | 1985 | 4545 | 68324 | 199522 | 56859 | 988 | 55871 | 143651 | 882 | 1226 | 343 | ||||||||||||||||||||||||||||||||||||
JUL17 | 5615695 | 352411 | 5968106 | 6070700 | 59464 | 1954 | 61418 | ||||||||||||||||||||||||||||||||||||||||||||||
AUG17 | 5523543 | 390140 | 5913683 | 5940895 | 56603 | 1917 | 58520 | ||||||||||||||||||||||||||||||||||||||||||||||
SEP17 | 5490164 | 488408 | 5978572 | 5946128 | 5985908 | 55621 | 2541 | 6488 | 64650 | 184588 | 54527 | 1070 | 53457 | 131131 | 876 | 1233 | 357 | ||||||||||||||||||||||||||||||||||||
OCT17 | 5493432 | 549212 | 6042644 | 6010608 | 55282 | 2833 | 58115 | ||||||||||||||||||||||||||||||||||||||||||||||
NOV17 | 5789587 | 554117 | 6343704 | 6193174 | 56823 | 3248 | 60071 | ||||||||||||||||||||||||||||||||||||||||||||||
DEC17 | 6188469 | 545750 | 6734219 | 6538962 | 6247581 | 57826 | 3272 | 8511 | 69609 | 187794 | 53035 | 53035 | 134759 | 863 | 1202 | 340 | 122 | 87 | |||||||||||||||||||||||||||||||||||
JAN18 | 6163924 | 543311 | 6707235 | 6720727 | 59570 | 3212 | 62782 | ||||||||||||||||||||||||||||||||||||||||||||||
FEB18 | 6173766 | 514024 | 6687790 | 6697513 | 59177 | 3007 | 62184 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR18 | 6143695 | 533373 | 6677067 | 6682429 | 6700223 | 58736 | 3222 | 6493 | 68451 | 193418 | 53978 | 53978 | 139440 | 832 | 1155 | 322 | |||||||||||||||||||||||||||||||||||||
APR18 | 6120068 | 531077 | 6651145 | 6664106 | 58481 | 2936 | 61417 | ||||||||||||||||||||||||||||||||||||||||||||||
MAY18 | 6257826 | 528503 | 6786329 | 6718737 | 59975 | 3015 | 62990 | ||||||||||||||||||||||||||||||||||||||||||||||
JUN18 | 6249406 | 526738 | 6776144 | 6781236 | 6721360 | 60030 | 2918 | 6634 | 69582 | 193988 | 53979 | 53979 | 140009 | 833 | 1154 | 321 | 12 MONTH CALCULATION | ||||||||||||||||||||||||||||||||||||
JUL18 | 6261431 | 523491 | 6784922 | 6780533 | 60815 | 2990 | 63804 | Yield | NIM | ||||||||||||||||||||||||||||||||||||||||||||
AUG18 | 6250137 | 519066 | 6769203 | 6777062 | 60517 | 2927 | 63444 | 2014 | 134 | 99 | |||||||||||||||||||||||||||||||||||||||||||
SEP18 | 6321623 | 517221 | 6838844 | 6804023 | 6787206 | 60712 | 2876 | 9518 | 73106 | 200354 | 53683 | -838 | 54521 | 145833 | 859 | 1181 | 321 | 2015 | 127 | 92 | |||||||||||||||||||||||||||||||||
OCT18 | 6602809 | 515251 | 7118060 | 6978452 | 62875 | 2742 | 65617 | 2016 | 124 | 88 | |||||||||||||||||||||||||||||||||||||||||||
NOV18 | 6657588 | 512429 | 7170017 | 7144039 | 61402 | 2610 | 64012 | 2017 | 122 | 87 | |||||||||||||||||||||||||||||||||||||||||||
DEC18 | 6935585 | 469180 | 7404765 | 7287391 | 7136627 | 60405 | 2677 | 7316 | 70398 | 200027 | 60348 | 60348 | 139679 | 783 | 1121 | 338 | 115 | 83 | 2018 | 115 | 83 | ||||||||||||||||||||||||||||||||
JAN19 | 6900489 | 509725 | 7410214 | 7407489 | 59462 | 2959 | 62421 | LTM Q119 | 112 | 80 | |||||||||||||||||||||||||||||||||||||||||||
FEB19 | 6907294 | 507653 | 7414948 | 7412581 | 62458 | 2701 | 65158 | ||||||||||||||||||||||||||||||||||||||||||||||
MAR19 | 7138689 | 505964 | 7644653 | 7529800 | 7449957 | 59314 | 2783 | 5925 | 68022 | 195601 | 60279 | 60279 | 135322 | 727 | 1050 | 324 | 112 | 80 | |||||||||||||||||||||||||||||||||||
wCollections on Finance Leases | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease Collections | Finance Lease Collections | Finance Lease Collections | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | YTD | 5925 | YTD | 29961 | YTD | 32184 | ||||||||||||||||||||||||||||||||||||||||||
Q117 | 1231 | 362 | 870 | 6505355 | 200273 | $ 58839 | Q119 | 5925 | Q118 | 6493 | Q117 | 5614 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | Q219 | Q218 | 6634 | Q217 | 11571 | ||||||||||||||||||||||||||||||||||||||||||
-181 | -038 | -143 | Change | 145 | -23 | 24 | Q319 | Q318 | 9518 | Q317 | 6488 | ||||||||||||||||||||||||||||||||||||||||||
Q419 | Q418 | 7316 | Q417 | 8511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | Finance Lease Revenue | Finance Lease Revenue | Finance Lease Revenue | |||||||||||||||||||||||||||||||||||||||||||||
Q118 | 1155 | 322 | 832 | 6700223 | 193418 | 53978 | Q119 | 8442 | Q418 | 8029 | Q417 | 9353 | |||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | January | 2959 | October | 2742 | October | 2833 | |||||||||||||||||||||||||||||||||||||||||
-104 | 001 | -106 | Change | 112 | 11 | 117 | February | 2701 | November | 2610 | November | 3248 | |||||||||||||||||||||||||||||||||||||||||
March | 2783 | December | 2677 | December | 3272 | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield | Cash Interest | Net Spread | Avg NBV | Lease Rent | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||
Q418 | 1121 | 338 | 783 | 7136627 | 200027 | 60348 | Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217 | ||||||||||||||||||||||||||||||||||||||||||||||
Q119 | 1050 | 324 | 727 | 7449957 | 195601 | 60279 | |||||||||||||||||||||||||||||||||||||||||||||||
-071 | -015 | -056 | Change | 44 | -22 | -01 | |||||||||||||||||||||||||||||||||||||||||||||||
112 | w$17mm added to Q119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Actual | 1050 | 324 | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revised | 1141 | 324 | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
091 | 091 |
wCollections on Finance Leases | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13292 | 3269 | 1002 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0911 | 0408 | -132 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12690 | 3401 | 929 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0310 | 0276 | -059 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12464 | 3769 | 870 | |||||
Q316 | 12380 | 3677 | 870 | |||||
-0084 | -0092 | 001 | ||||||
Old Format | ||||||||
Yield | Cash Interest | Net Spread | ||||||
Q314 | 13221 | 3312 | 991 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-1047 | -0540 | -159 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q315 | 12691 | 3471 | 922 | |||||
Q316 | 12173 | 3852 | 832 | |||||
-0518 | -0381 | -090 | ||||||
Yield | Cash Interest | Net Spread | ||||||
Q216 | 12409 | 3930 | 8479 | |||||
Q316 | 12173 | 3852 | 8321 | |||||
Change | -0236 | 0078 | -0159 |
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
(Gain) loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
For the Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net Income | $ 34810 | $ 57547 | |||||
Loss on mark-to-market of interest rate derivative contracts(1) | 2080 | (3174) | |||||
Non-cash share-based payment expense(2) | 2726 | 2378 | |||||
Adjusted Net Income | $ 39616 | $ 56751 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||
Three Mos Ended Dec 31 | |||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Net income | $ 34810 | $ 57547 | |||||
Depreciation | 84735 | 75002 | |||||
Amortization of lease premiums discounts and incentives | 5711 | 3128 | |||||
Interest net | 63463 | 57108 | |||||
Income tax provision | 3098 | (844) | |||||
EBITDA | 191817 | 191941 | |||||
Adjustments | |||||||
Equity share of joint venture impairment | 2724 | - 0 | |||||
Non-cash share based payment expense | 2726 | 2378 | |||||
(Gain) loss on MTM of interest rate derivative contracts | 2080 | (3174) | |||||
Adjusted EBITDA | $ 199347 | $ 191145 | |||||