Aircastle Announces Second Quarter 2023 Results.

STAMFORD, Conn: Mike Inglese, Aircastle's Chief Executive Officer, commented, "Across aviation, demand for narrow-body passenger aircraft exceeds capacity. In the second quarter, IATA reported global domestic passenger traffic exceeding 2019 levels. The extended OEM production delays and maintenance challenges associated with new technology engines has resulted in further demand for current technology aircraft. These overlapping conditions have us optimistic about the sustaining logic of our unique business model."

Highlights for the Three Months Ended August 31, 2023

Total revenues of $168 million and net income of $6 million

Adjusted EBITDA(1) of $152 million

Acquired 1 Embraer E2 aircraft; total number of new technology aircraft increased 61% compared to second quarter 2022

Sold 6 aircraft with an average age of 18 years for a gain on sale of $4 million

Liquidity

Received $200 million of shareholder equity, the first tranche of a $500 million commitment. The remaining $300 million is expected in the first quarter of fiscal 2024

Issued $650 million 6.50% unsecured senior notes

Expanded revolving credit facilities by $130 million, resulting in total available capacity of $1.9 billion

Net debt-to-equity ratio was 2.3 times at August 31, 2023

Total liquidity as of October 6, 2023 of $2.8 billion includes $1.8 billion of undrawn facilities, $0.6 billion of projected adjusted operating cash flows and sales through October 6, 2024, $0.3 billion of equity commitments and $0.1 billion of unrestricted cash

201 unencumbered aircraft with a net book value of $5.2 billion

(1)

Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.

Mr. Inglese concluded, "Having now received the first $200 million tranche of our shareholders' $500 million equity commitment, we're looking forward to expanding our fleet of the most sought-after narrow-body passenger aircraft available. This long-term shareholder commitment, our considerable liquidity position, along with our IG Rating, and Aircastle's experienced team of solutions-focused aviation experts, have us well-poised for the disciplined future growth."

Aviation Assets

As of August 31, 2023, Aircastle owned 239 aircraft and other flight equipment having a...