Financial Performance - Net income attributable to shareholders for Q1 2025 was $89.9 million, compared to $31.3 million in Q1 2024, representing a significant increase[6] - Basic earnings per ordinary share for Q1 2025 were $0.88, up from $0.31 in Q1 2024, reflecting a growth of 184%[14] - Total revenues for Q1 2025 reached $502.1 million, a 53.7% increase from $326.7 million in Q1 2024[15] - Adjusted EBITDA for Q1 2025 was $268.6 million, with an adjusted EBITDA margin of 36% for Aerospace Products[6] - Adjusted EBITDA for Q1 2025 reached $268,558,000, reflecting a 63.7% increase compared to $164,101,000 in Q1 2024[23] - In the Aerospace Products segment, net income attributable to shareholders increased to $106,643,000 in Q1 2025, up 60.5% from $66,433,000 in Q1 2024[26] - Adjusted EBITDA for Aerospace Products in Q1 2025 was $130,945,000, representing an increase of 86.3% from $70,277,000 in Q1 2024[26] Revenue Growth - The company generated $365.1 million in Aerospace products revenue, compared to $189.1 million in the same quarter last year, marking a 93% increase[15] - Total assets increased to $4.27 billion as of March 31, 2025, up from $4.04 billion at the end of 2024[18] Debt and Expenses - Long-term debt increased to $3.64 billion as of March 31, 2025, compared to $3.44 billion at the end of 2024[18] - Provision for income taxes in Q1 2025 was $22,859,000, compared to $5,572,000 in Q1 2024, indicating a rise of 311%[23] - Depreciation and amortization expense for Q1 2025 was $68,387,000, an increase of 15.7% from $59,122,000 in Q1 2024[23] - Equity-based compensation expense rose to $4,889,000 in Q1 2025, compared to $510,000 in Q1 2024, marking a substantial increase of 855%[23] - Interest expense and dividends on preferred shares increased to $68,155,000 in Q1 2025, up from $56,042,000 in Q1 2024, a rise of 21.6%[23] - Acquisition and transaction expenses for Q1 2025 were $7,292,000, compared to $6,179,000 in Q1 2024, reflecting an increase of 18.0%[23] Market Demand and Initiatives - FTAI's Module Factory has over 100 customers worldwide, indicating strong market demand[6] - As of March 31, 2025, FTAI owned or had letters of intent for 98 aircraft under its Strategic Capital Initiative 2025 partnership[6] Dividends - The company declared a cash dividend of $0.30 per ordinary share for Q1 2025, payable on May 23, 2025[3] Other Financial Metrics - The pro-rata share of Adjusted EBITDA from unconsolidated entities improved to $41,000 in Q1 2025, compared to a loss of $548,000 in Q1 2024, a positive change of $589,000[23]

Financial Performance - Total revenues increased by $564.0 million to $1,734.9 million in 2024, driven by a $624.9 million increase in aerospace products revenue[195]. - Net income from continuing operations decreased by $235.1 million, resulting in a net income of $8.7 million in 2024[198]. - Adjusted EBITDA increased by $264.8 million to $862.1 million, reflecting improved operational performance[199]. - Net income attributable to shareholders decreased by $81.4 million to $210.2 million in 2024 from $291.6 million in 2023[215]. - Net income attributable to shareholders rose to $346.3 million in 2024, up from $180.2 million in 2023, reflecting a $166.2 million increase[227]. - Adjusted EBITDA increased by $220.6 million to $380.6 million in 2024, compared to $160.0 million in 2023[228]. - Adjusted EBITDA for the corporate segment was $(18.6) million in 2024, an improvement from $(30.1) million in 2023[237]. Revenue Breakdown - Aerospace products revenue growth was primarily due to a $546.0 million increase in CFM56-7B, CFM56-5B, and V2500 engine and module sales[195]. - Aerospace products revenue surged to $1,079.8 million in 2024, up from $455.0 million in 2023, marking a significant increase of $624.9 million[222]. - Total revenues decreased by $53.2 million, with asset sales revenue dropping by $111.0 million due to fewer sales transactions of commercial aircraft and engines[212]. - Lease income increased by $54.7 million, driven by a $37.3 million rise in engine lease revenue and a $17.5 million increase in aircraft lease revenue[212]. - Maintenance revenue increased by $9.5 million, with engine maintenance revenue rising by $43.2 million, partially offset by a $32.7 million decrease in aircraft maintenance revenue[212]. Expenses and Costs - Total expenses increased by $665.9 million to $1,497.1 million, with significant contributions from cost of sales and acquisition expenses[197]. - Total expenses increased by $206.7 million, with cost of sales rising by $253.7 million, primarily in the Aerospace Products segment[201]. - Total expenses increased by $406.1 million in 2024, with a significant rise in cost of sales by $393.6 million[226]. - Interest expense increased by $60.1 million, reflecting an increase in average debt outstanding of approximately $779.3 million[200]. - The provision for income taxes increased by $65.3 million, reflecting higher tax obligations due to increased income from leasing and aerospace activities[197]. Asset Management - As of December 31, 2024, the company had total consolidated assets of $4.0 billion and total equity of $81.4 million[175]. - The Aviation Leasing segment owns and manages aviation assets, while the Aerospace Products segment develops and manufactures aircraft engines and components[186]. - As of December 31, 2024, the Aviation Leasing segment managed 421 aviation assets, with 94 commercial aircraft and 181 engines leased to operators[207]. - The insured value of aircraft and engines remaining in Russia is $210.7 million, with uncertain timing and amount of recoveries under insurance policies[179]. - Proceeds from the sale of assets were $969.3 million in 2024, significantly higher than previous years[260]. Strategic Initiatives - The company launched a Strategic Capital Initiative on December 30, 2024, focusing on acquiring 737NG and A320ceo aircraft[185]. - The company expects to provide aircraft management services and make minority investments in future partnerships under the Strategic Capital Initiative[185]. - The company launched a Strategic Capital Initiative in December 2024 to maintain an asset-light business model while acquiring on-lease aircraft[251]. Management and Internalization - The company internalized its management function on May 28, 2024, eliminating management fees to the Former Manager[176]. - The company entered into a Transition Services Agreement with the Former Manager to provide services until October 31, 2024[177]. - The company anticipates operational cost savings following the internalization of management functions effective May 28, 2024[256]. Financing and Liquidity - The company issued $500.0 million in senior unsecured notes due 2033, using proceeds to redeem $130.5 million of Senior Notes due 2027 and pay down the Revolving Credit Facility[250]. - Net cash provided by financing activities increased by $399.6 million, primarily due to proceeds from debt of $1,630.2 million and maintenance deposits of $19.0 million[261]. - The company expects to meet future short-term liquidity requirements through cash on hand, unused borrowing capacity, and net cash from current operations[267]. - Outstanding principal and interest payment obligations as of December 31, 2024, total $3.5 billion and $1.4 billion, respectively, with $229.8 million due in the next twelve months[264]. Taxation - The provision for income taxes increased by $69.2 million, reflecting higher tax obligations from increased income in taxable jurisdictions[214]. - The benefit from income taxes increased by $65.1 million, primarily due to the establishment of a deferred tax asset of $72.2 million[203]. - The provision for income taxes increased by $46.7 million in 2024, correlating with the growth in income from Aerospace Products activities[226]. Impairments and Losses - The company recognized an impairment charge of $120.0 million for leasing equipment assets due to the impact of Russia's invasion of Ukraine[178]. - Net loss attributable to shareholders from continuing operations was $588.7 million in 2024, compared to a loss of $259.8 million in 2023[236]. - Net loss increased by $320.0 million, primarily due to increased expenses and interest costs[241]. Interest Rate Risk - Interest rate risk is present due to variable interest rate agreements, with potential increases in interest rates impacting net income[281]. - A hypothetical 100-basis point increase/decrease in variable interest rates would not have affected interest expense over the next 12 months[284].

Financial Performance - FTAI reported a net income attributable to shareholders of $86,692,000 for Q4 2024, a decrease from $110,025,000 in Q4 2023, representing a decline of approximately 21.2%[22] - The company achieved total revenues of $498,819,000 in Q4 2024, up 59.5% from $312,737,000 in Q4 2023[22] - Adjusted EBITDA for Q4 2024 was $252,015,000, reflecting strong operational performance[2] - FTAI's Aerospace Products segment saw a net income of $346 million for fiscal year 2024, a significant increase of 92% year over year, with Adjusted EBITDA up 138% year over year[7] - Adjusted EBITDA for the year ended December 31, 2024, was $862,050, representing a 44% increase from $597,282 in 2023[27] - Adjusted EBITDA for Aerospace Products was $380,636 for the year ended December 31, 2024, compared to $160,009 in 2023[31] Dividends and Future Guidance - The company declared a cash dividend of $0.30 per ordinary share for Q4 2024, payable on March 24, 2025[3] - FTAI expects 2025 Adjusted EBITDA to be approximately $1.1 to $1.15 billion, with $500 million from Aviation Leasing and $600 to $650 million from Aerospace Products[11] - FTAI is increasing its 2026 Adjusted EBITDA guidance from $1.25 billion to approximately $1.4 billion, reflecting expected growth from the Strategic Capital Initiative[12] Assets and Liabilities - Total assets increased to $4,037,952, up 36% from $2,964,685 in 2023[24] - Current assets rose to $1,226,018, a 83% increase from $671,434 in 2023[24] - Long-term debt increased to $3,440,478, up 37% from $2,517,343 in 2023[24] - Total current liabilities increased to $347,246, a 91% increase from $181,843 in 2023[24] - Shareholders' equity decreased to $81,368, down 54% from $175,349 in 2023[24] - Cash and cash equivalents increased to $115,116, up 27% from $90,756 in 2023[24] - Inventory increased significantly to $551,156, a 74% increase from $316,637 in 2023[24] Strategic Initiatives - The joint venture with IAG Engine Center is expected to add maintenance capacity for 450 modules (150 engines) per year, increasing FTAI's total maintenance capacity to 1,800 CFM56 modules (600 engines)[8] - The company plans to produce an average of 100 modules per quarter at its Montreal facility in fiscal year 2025[11] - The acquisition of a 50% stake in IAG Engine Center is expected to close in the first half of 2025, subject to certain conditions[9]

Financial Performance - Total revenues for the three months ended September 30, 2024, increased by $174.7 million to $465.8 million compared to $291.1 million in the same period of 2023, representing a growth of approximately 60%[158] - Lease income for the three months ended September 30, 2024, was $65.5 million, up from $45.6 million in 2023, an increase of 43.5%[158] - Aerospace products revenue surged to $303.5 million for the three months ended September 30, 2024, compared to $118.7 million in 2023, reflecting a growth of 255.5%[158] - The company reported a net income of $86.5 million for the three months ended September 30, 2024, compared to a net income of $41.3 million in the same period of 2023, an increase of 109.4%[158] - Total revenues increased by $174.7 million for the three months ended September 30, 2024, driven by a $184.8 million increase in aerospace products revenue and a $19.8 million increase in lease income[160] - Net income attributable to shareholders increased by $52.5 million (127.0%) for the three months ended September 30, 2024, compared to the same period in 2023[183] - Adjusted EBITDA increased by $58.5 million (135.2%) for the three months ended September 30, 2024, compared to the same period in 2023[184] Expenses and Costs - The company incurred total expenses of $316.5 million for the three months ended September 30, 2024, compared to $206.4 million in 2023, an increase of 53.5%[158] - Total expenses increased by $110.1 million for the three months ended September 30, 2024, primarily due to a $102.8 million increase in cost of sales[161] - Total expenses increased by $128.5 million (168.3%) for the three months ended September 30, 2024, compared to the same period in 2023[181] - Total expenses increased by $286.3 million (148.5%) for the nine months ended September 30, 2024, compared to the same period in 2023[181] - The provision for income taxes increased by $3.6 million for the three months ended September 30, 2024, due to higher income generated from leasing and aerospace activities[162] - Depreciation and amortization expense increased by $11.3 million in Q3 2024, driven by an increase in the number of assets owned and on lease[175] Management and Internalization - The internalization of management was completed on May 28, 2024, eliminating management fees and incentive distributions to the former manager[149] - The company anticipates savings in operational costs as a result of the management internalization effective May 28, 2024[198] - The internalization fee to the affiliate amounted to $300.0 million, significantly impacting the company's financials[190] Assets and Liquidity - Total consolidated assets as of September 30, 2024, were $3.7 billion, with total equity of $118.5 million[148] - The company owns and manages 393 aviation assets as of September 30, 2024, including 96 commercial aircraft and 297 engines[167] - As of September 30, 2024, the company had 86 commercial aircraft and 184 engines leased, with an aviation equipment utilization rate of approximately 79%[168] - The principal sources of liquidity include revenues from aviation assets, proceeds from borrowings, and asset sales[197] - The company expects to meet future short-term liquidity requirements through cash on hand and unused borrowing capacity[5] Debt and Interest - Interest expense increased by $17.8 million, reflecting an increase in average debt outstanding of approximately $913.0 million, primarily due to new Senior Notes issued in 2024[166] - Additional borrowings included $800 million in Senior Notes due 2031 and $700 million in Senior Notes due 2030[1] - A hypothetical 100-basis point increase in variable interest rates would result in an increase of approximately $1.5 million in interest expense over the next 12 months[6] Acquisitions - The company acquired LMCES in September 2024 and QuickTurn in December 2023 to enhance its aerospace products segment and establish permanent manufacturing capabilities[176] Cash Flow - Cash used for investments was $1.0 billion in the nine months ended September 30, 2024, compared to $562.8 million in the same period of 2023[1] - Cash flows used in operating activities were $(146.2) million for the nine months ended September 30, 2024, compared to $116.8 million in 2023, reflecting a $262.9 million increase in cash used[1] - Net cash used in investing activities increased by $251.6 million, primarily due to business acquisitions and deposits for aircraft and engines[2] - Net cash provided by financing activities increased by $535.9 million, driven by $1.6 billion in proceeds from debt[3] Impairments and Losses - The company recognized an impairment charge of $120 million related to leasing equipment assets due to the impact of sanctions on Russian airlines[151] - The net loss attributable to shareholders increased by $11.4 million in Q3 2024 and $333.8 million for the nine months ended September 30, 2024[193]

Financial Performance - FTAI Aviation Ltd. reported a net income attributable to shareholders of $78,147,000 for Q3 2024, compared to $32,973,000 in Q3 2023, representing a 137% increase year-over-year[2][14]. - Total revenues for Q3 2024 were $465,794,000, a 60% increase from $291,096,000 in Q3 2023[14]. - Aerospace products revenue surged to $303,469,000 in Q3 2024, compared to $118,675,000 in Q3 2023, reflecting a 155% growth[14]. - For the nine months ended September 30, 2024, net income was $(118,771), a decrease of 216% compared to $101,997 in the same period of 2023[19]. - Nine-month Adjusted EBITDA increased to $610,035, reflecting a growth of 40.2% from $434,951 in the prior year[19]. - The company reported a loss of $(438) for Q3 2024, compared to a net income of $46 in Q3 2023[20]. Adjusted EBITDA - The company achieved an Adjusted EBITDA of $232,030,000 in Q3 2024, with over $100 million generated from Aerospace Products[2][6]. - Adjusted EBITDA for Q3 2024 reached $232,030, up 50.5% from $154,218 in Q3 2023[19]. Assets and Liabilities - FTAI's total assets increased to $3,738,910,000 as of September 30, 2024, up from $2,964,685,000 at the end of 2023[16]. - The company's total liabilities rose to $3,620,378,000 as of September 30, 2024, compared to $2,788,802,000 at the end of 2023[16]. - FTAI's cash and cash equivalents increased to $111,888,000 as of September 30, 2024, from $90,756,000 at the end of 2023[16]. Expenses - Equity-based compensation expense for Q3 2024 was $1,430, up from $510 in Q3 2023, indicating a rise of 180%[19]. - Acquisition and transaction expenses for Q3 2024 totaled $9,341, an increase of 119% from $4,261 in Q3 2023[19]. - Interest expense and dividends on preferred shares for Q3 2024 were $66,272, compared to $48,519 in Q3 2023, marking a 36.5% increase[19]. - Depreciation and amortization expense for Q3 2024 was $69,453, up from $59,380 in Q3 2023, reflecting a rise of 17.5%[19]. - Internalization fee to affiliate for Q3 2024 was $300,000, a new expense not present in Q3 2023[19]. Dividends and Future Outlook - The company declared a cash dividend of $0.30 per ordinary share for the quarter ended September 30, 2024[3]. - The company plans to host a conference call on October 31, 2024, to discuss these results and future outlook[7]. Lease Income - Lease income rose to $65,450,000 in Q3 2024, up from $45,622,000 in Q3 2023, marking a 43% increase[14].

Financial Performance - Total consolidated assets as of June 30, 2024, were $3.4 billion, with total equity of $69.6 million[137]. - Lease income for the three months ended June 30, 2024, was $70.754 million, an increase of 18.8% from $59.541 million in the same period of 2023[147]. - Aerospace products revenue surged to $245.200 million for the three months ended June 30, 2024, compared to $92.725 million in 2023, reflecting a growth of 164.5%[147]. - Total revenues for the six months ended June 30, 2024, reached $770.288 million, up 35.8% from $567.063 million in 2023[147]. - Total revenues increased by $169.2 million for the three months ended June 30, 2024, primarily due to a $152.5 million increase in Aerospace products revenue[150]. - Aerospace products revenue for the six months ended June 30, 2024, increased by $256.4 million, driven by sales of CFM56-7B, CFM56-5B, and V2500 engines[154]. - Total revenues for the three months ended June 30, 2024, increased by $17.1 million to $184.4 million, driven by increases in Lease income and Maintenance revenue[176]. - Total revenues for the six months ended June 30, 2024, decreased by $46.7 million to $319.7 million, primarily due to a decline in Asset sales revenue[177]. Expenses and Losses - The company incurred $300 million in internalization fees during the three months ended June 30, 2024, as part of the management function internalization[138]. - An impairment charge of $120 million was recognized due to the inability to recover aircraft and engines from Russia and Ukraine[140]. - Total expenses for the three months ended June 30, 2024, were $661.385 million, significantly higher than $217.765 million in the same period of 2023, marking an increase of 203.5%[147]. - Total expenses increased by $443.6 million for the three months ended June 30, 2024, mainly due to a $300.0 million increase in internalization fees to affiliates[157]. - Total expenses for the three months ended June 30, 2024, increased by $28.3 million to $122.4 million, mainly due to higher Depreciation and amortization, Cost of sales, and Operating expenses[179]. - Total expenses rose by $96.2 million (164.2%) and $157.9 million (135.7%) for the three and six months ended June 30, 2024, primarily due to increased costs of sales and operating expenses[190][191]. - Net loss attributable to shareholders for the three months ended June 30, 2024, was $228.205 million, compared to a profit of $46.418 million in 2023[147]. - Net loss attributable to shareholders was $365.9 million for the three months ended June 30, 2024, compared to a loss of $59.4 million in the same period of 2023[198]. - Net loss attributable to shareholders increased by $306.4 million to $(365.9) million for the three months ended June 30, 2024, compared to $(59.4) million in 2023[207]. Income and EBITDA - Adjusted EBITDA increased by $60.8 million for the three months ended June 30, 2024, totaling $213.9 million[171]. - Net income attributable to shareholders decreased by $274.6 million for the three months ended June 30, 2024, compared to the prior year[170]. - Net income attributable to shareholders decreased by $19.8 million to $52.8 million for the three months ended June 30, 2024[183]. - Adjusted EBITDA for the three months ended June 30, 2024, increased by $3.8 million to $125.0 million[184]. - Adjusted EBITDA decreased by $3.2 million to $(13.3) million for the six months ended June 30, 2024, compared to $(10.1) million in 2023[208]. - Adjusted EBITDA increased by $56.5 million (162.0%) and $99.4 million (159.9%) for the three and six months ended June 30, 2024, respectively[195]. Assets and Utilization - As of June 30, 2024, the company owned and managed 391 aviation assets, including 99 commercial aircraft and 292 engines[172]. - The aviation equipment utilization rate was approximately 81% during the six months ended June 30, 2024[173]. - The average remaining lease term for aircraft was 45 months, while for engines it was 22 months as of June 30, 2024[173]. Cash Flow and Financing - Cash used in operating activities increased by $254.9 million to $(187.6) million for the six months ended June 30, 2024, compared to $67.2 million in 2023[216]. - Net cash provided by financing activities increased by $483.1 million, primarily due to proceeds from debt of $1.5 billion[218]. - As of June 30, 2024, the company had outstanding principal and interest payment obligations of $3.1 billion and $1.3 billion, respectively[219]. Management and Strategy - The company expects to continue pursuing acquisition opportunities in its markets, leveraging its expertise and access to capital[137]. - The company acquired the remaining interest in Quick Turn Engine Center LLC in December 2023, enhancing its capabilities in engine maintenance and testing[185]. - The company is evaluating several potential transactions and related financings in the aviation sector, which could occur within the next 12 months[215]. - The company anticipates savings in operation costs as a result of the internalization of management[214]. Interest Rate Risk - The company is exposed to interest rate risk, which may affect net income due to increased borrowing costs without corresponding increases in rents or cash flow from leases[226]. - The company amended its revolving credit facility to incorporate SOFR as the successor rate to LIBOR in anticipation of LIBOR's phase-out[227]. - As of June 30, 2024, a hypothetical 100-basis point increase/decrease in the variable interest rate on borrowings would not have increased or decreased interest expense over the next 12 months[230]. - The company may manage its exposure to interest rate movements through the use of interest rate derivatives such as swaps and caps[228]. - The sensitivity analysis indicates that changes in interest rates could have potential impacts on financial instruments, but these should not be viewed as forecasts[229].

Financial Performance - Total revenues for the three months ended March 31, 2024, increased by $34.0 million to $326.7 million compared to $292.7 million in 2023[129] - Aerospace products revenue surged by $103.9 million, primarily driven by increased sales of CFM56-7B, CFM56-5B, and V2500 engines[130] - Maintenance revenue rose by $10.6 million due to a higher number of aircraft and engines placed on lease[130] - Total expenses increased by $21.5 million, driven by higher depreciation and amortization, interest expense, and acquisition expenses[132] - Adjusted EBITDA for the three months ended March 31, 2024, increased by $36.4 million to $164.1 million compared to $127.7 million in 2023[140] - Net income attributable to shareholders for the three months ended March 31, 2024, was $31.3 million, an increase of $8.7 million from $22.6 million in 2023[128] Aviation Leasing Segment - As of March 31, 2024, the Aviation Leasing segment managed 380 aviation assets, including 103 commercial aircraft and 277 engines[141] - Total revenues for the Aviation Leasing segment decreased by $63.7 million to $135.3 million, primarily due to a $70.1 million decrease in asset sales revenue[143][146] - Maintenance revenue increased by $10.6 million, driven by a higher number of aircraft and engines placed on lease and increased utilization[150] - Total expenses decreased by $50.2 million to $89.9 million, mainly due to a $60.3 million reduction in cost of sales[147] - Net income attributable to shareholders for the Aviation Leasing segment decreased by $15.2 million to $42.6 million[149] - Adjusted EBITDA for the Aviation Leasing segment decreased by $2.7 million to $104.8 million[152][160] Aerospace Products Segment - Aerospace Products segment revenue increased by $103.9 million to $189.1 million, primarily due to increased sales of CFM56-7B, CFM56-5B, and V2500 engines[154][156] - Total expenses in the Aerospace Products segment rose by $61.6 million to $119.6 million, largely due to increased costs of sales and operating expenses[157] - Net income attributable to shareholders in the Aerospace Products segment increased by $41.4 million to $66.4 million[159] - Adjusted EBITDA for the Aerospace Products segment increased by $42.9 million to $70.3 million[152][160] Impairment and Utilization - The company recognized an impairment charge of $120.0 million related to leasing equipment assets in Russia due to the ongoing conflict[119] - As of March 31, 2024, the aviation equipment utilization rate was approximately 78%, with a weighted average remaining lease term of 44 months for aircraft and 19 months for engines[142] Tax and Interest Expenses - The provision for income taxes increased by $2.0 million due to a reduction in a deferred tax asset related to a tax law change in Bermuda[151] - Interest expense rose by $8.4 million, reflecting an increase in average debt outstanding of approximately $417.1 million[173] Cash Flow and Investments - Cash used for investments was $303.0 million in Q1 2024, compared to $167.0 million in Q1 2023[174] - Net cash provided by operating activities decreased by $39.0 million to $(0.3) million in Q1 2024[175] - As of March 31, 2024, the company had outstanding principal and interest payment obligations of $2.7 billion and $0.7 billion, respectively[178] - The company expects to meet future short-term liquidity requirements through cash on hand, unused borrowing capacity, or future financings[181] - A hypothetical 100-basis point increase in variable interest rates would result in an increase of approximately $1.8 million in interest expense over the next 12 months[189] Offshore Energy Business - Total revenues decreased by $6.2 million to $2.3 million in Q1 2024, primarily due to a decrease in the Offshore Energy business as one vessel was off-hire[164] - Total expenses increased by $10.1 million to $72.0 million, driven by higher interest expense, acquisition and transaction expenses, and management fees[165] - Net loss attributable to shareholders increased by $17.5 million to $77.7 million in Q1 2024[167] - Adjusted EBITDA decreased by $3.7 million to $(10.98) million, reflecting the changes in revenues and expenses[168]

Financial Performance - For the year ended December 31, 2023, total revenues increased to $1,170.9 million, a 65.2% increase from $708.4 million in 2022[202]. - Net income attributable to shareholders for 2023 was $212.0 million, compared to a net loss of $220.4 million in 2022[202]. - Net income attributable to shareholders from continuing operations for 2023 was $212.0 million, a significant increase of $349.8 million compared to a loss of $137.8 million in 2022[203]. - The aviation leasing segment reported a net income attributable to shareholders of $291.6 million for 2023, a significant increase from $56.9 million in 2022[237]. - Net income attributable to shareholders surged to $180.18 million in 2023, up from $70.66 million in 2022, marking a $109.52 million increase[254]. Revenue Breakdown - Lease income for 2023 was $207.9 million, up 16.0% from $179.3 million in 2022[202]. - Maintenance revenue rose to $191.3 million, a 28.5% increase from $148.8 million in 2022[202]. - Aerospace products revenue surged to $455.0 million, a 153.8% increase from $178.5 million in 2022[202]. - Total revenues for the Aviation Leasing segment increased by $178.7 million to $681.6 million in 2023, driven by increases in asset sales revenue, maintenance revenue, and lease income[239]. - Asset sales revenue rose by $119.6 million primarily due to increased sales of commercial aircraft and engines[241]. Expenses and Costs - Total expenses increased by $122.0 million, mainly due to higher cost of sales, management fees, and depreciation and amortization[210]. - Cost of sales rose by $253.7 million, attributed to increased asset sales and Aerospace Product sales[210]. - Total expenses rose by $181.2 million to $303.12 million in 2023, primarily due to increased costs of sales and operating expenses[256]. - Operating expenses rose by $48.5 million, largely due to increased provisions for credit losses and other operational costs[253]. Adjusted EBITDA - The company reported Adjusted EBITDA as a key performance measure, reflecting operational performance[200]. - Adjusted EBITDA for 2023 rose to $597.3 million, reflecting an increase of $169.2 million from $428.1 million in 2022[217]. - Adjusted EBITDA increased by $87.2 million to $467.4 million, reflecting improved operational performance[244]. - Adjusted EBITDA increased by $85.7 million to $160.01 million in 2023, compared to $74.35 million in 2022[259]. Tax and Impairment - The benefit from income taxes increased by $65.1 million, largely due to the establishment of a deferred tax asset of $72.2 million in Bermuda[214]. - The company established a deferred tax asset of $46.6 million in Bermuda, contributing to a $38.7 million increase in the benefit from income taxes[243]. - The company recognized an impairment charge of $120.0 million for leasing equipment assets related to the impact of Russia's invasion of Ukraine[189]. Cash Flow and Financing - Net cash used in operating activities decreased by $149.6 million, primarily due to a reduction in net loss by $455.8 million[290]. - Net cash provided by financing activities increased by $237.3 million, driven by a decrease in debt repayment and an increase in proceeds from debt and preferred shares[292]. - Cash flows from operating activities, plus principal collections on finance leases, totaled $163.0 million in 2023, up from $29.4 million in 2022[293]. - The company issued $500 million in Senior Notes due 2030, using part of the proceeds to repay $250 million of outstanding borrowings[280]. Assets and Utilization - Total consolidated assets as of December 31, 2023, were $3.0 billion, with total equity of $175.9 million[188]. - As of December 31, 2023, the Aviation Leasing segment owned and managed 363 aviation assets, including 96 commercial aircraft and 267 engines[234]. - As of December 31, 2023, the aviation equipment utilization rate was approximately 77%, with a weighted average remaining lease term of 47 months for aircraft and 16 months for engines[235]. Dividends and Liquidity - The company declared cash dividends of $119.8 million on ordinary shares and $31.8 million on preferred shares during 2023[299]. - The company expects to meet future short-term liquidity requirements through cash on hand, unused borrowing capacity, and net cash provided by current operations[300]. Risk Management - The company is exposed to interest rate risk, particularly related to term loan arrangements, and may manage this exposure through interest rate derivatives[315][317]. - A hypothetical 100-basis point increase or decrease in the variable interest rate on borrowings would not have affected interest expense over the next 12 months as of December 31, 2023[319].

Financial Performance - Total revenues for the three months ended September 30, 2023, were $291.1 million, an increase of 26.4% compared to $230.4 million in the same period of 2022[143]. - Net income from continuing operations for the three months ended September 30, 2023, was $41.3 million, a significant increase from a net loss of $4.1 million in the same period of 2022[143]. - Net income attributable to shareholders from continuing operations increased to $32.973 million for Q3 2023, compared to a loss of $10.938 million in Q3 2022, representing a change of $43.911 million[144]. - Adjusted EBITDA for Q3 2023 was $154.218 million, an increase of $45.355 million compared to $108.863 million in Q3 2022[144]. - Net income from continuing operations increased by $45.5 million for Q3 2023 and $262.9 million for the nine months ended September 30, 2023[159]. - Adjusted EBITDA for the nine months ended September 30, 2023, increased by $130.4 million compared to the prior year[161]. Revenue Breakdown - Aerospace products revenue surged by 100.5% to $107.1 million in Q3 2023 compared to $53.4 million in Q3 2022[143]. - Maintenance revenue for the three months ended September 30, 2023, increased by $28.4 million, attributed to early redelivery of four aircraft and higher aircraft utilization[168]. - Total revenues for the nine months ended September 30, 2023, increased by $246.1 million, driven by increases in Asset sales revenue, Maintenance revenue, and Lease income[167]. - Lease income for the nine months ended September 30, 2023, increased by $21.3 million, primarily due to an increase in the number of aircraft and engines placed on lease[168]. Expenses and Impairments - Total expenses for the three months ended September 30, 2023, were $246.6 million, an increase of 17.9% from $209.1 million in Q3 2022[143]. - The company recognized an impairment charge of $120.0 million related to leasing equipment assets due to the impact of sanctions on Russian airlines[130]. - Total expenses for Q3 2023 increased by $37.5 million, mainly due to higher Cost of sales, Operating expenses, and Depreciation and amortization[152]. - Total expenses rose by $32.8 million (94.5%) and $100.4 million (157.7%) for the three and nine months ended September 30, 2023, primarily due to increased cost of sales and operating expenses[180]. Asset Management - As of September 30, 2023, the Aviation Leasing segment owned and managed 351 aviation assets, including 92 commercial aircraft and 259 engines[162]. - The utilization rate of aviation equipment was approximately 77% during Q3 2023, with a weighted average remaining lease term of 47 months for aircraft[163]. - Asset sales revenue decreased by $12.5 million in Q3 2023, primarily due to a decline in the sale of commercial aircraft and engines[147]. Cash Flow and Financing - Cash flows provided by operating activities increased by $138.1 million, reflecting an increase in net income of $364.3 million for the nine months ended September 30, 2023[197]. - Cash used for investments was $562.8 million during the nine months ended September 30, 2023, compared to $545.7 million in the same period of 2022[196]. - Principal and interest payment obligations as of September 30, 2023, totaled $2.3 billion and $0.5 billion, respectively, with $164.2 million due in the next twelve months[201]. - The company is evaluating several potential transactions and related financings, including additional debt and equity financings, which could occur within the next 12 months[195]. Other Income and Taxation - Total other income decreased by $61.8 million during the nine months ended September 30, 2023, primarily due to a decrease in Gain on sale of assets, net[172]. - The provision for income taxes decreased by $1.5 million (56.3%) for the three months ended September 30, 2023, compared to the same period in 2022[178]. Interest Rate Sensitivity - As of September 30, 2023, a hypothetical 100-basis point increase/decrease in the variable interest rate on borrowings would result in an increase or decrease of approximately $2.5 million in interest expense over the next 12 months[212]. - The sensitivity analysis regarding interest rate changes is constrained by several factors, including the inability to include complex market reactions[211]. - The analysis does not account for the mark-to-market impact on interest rate derivatives or other potential factors affecting the business due to interest rate changes[211]. - The Series A and Series B preferred shares will accrue interest at a floating rate starting September 15, 2024, based on a variable interest rate index plus a spread[211].

Financial Performance - For the three months ended June 30, 2023, total revenues increased by 145% to $274.3 million compared to $112.1 million in the same period of 2022[145]. - Net income attributable to shareholders from continuing operations for the three months ended June 30, 2023, was $46.4 million, compared to $11.4 million in the same period of 2022, a significant increase of 305%[145]. - Total revenues for the six months ended June 30, 2023, increased by $237.9 million to $391.1 million compared to $153.1 million in the same period of 2022[171]. - Net income attributable to shareholders from continuing operations was $28.6 million for the three months ended June 30, 2023, compared to $15.1 million for the same period in 2022, reflecting a $13.5 million increase (approximately 89.5%)[182]. Revenue Breakdown - Lease income for the three months ended June 30, 2023, was $59.5 million, up from $39.6 million in the same period of 2022, representing a 50% increase[145]. - Aerospace products revenue surged by 157% to $68.1 million for the three months ended June 30, 2023, compared to $26.5 million in the same period of 2022[145]. - Asset sales revenue increased by $101.5 million, driven by higher sales of commercial aircraft and engines in the Aviation Leasing segment[148]. - Aerospace products revenue rose by $41.6 million, mainly from increased sales of CFM56-7B and CFM56-5B engines and related components[149]. - Total revenues increased by $162.3 million for the three months ended June 30, 2023, primarily due to an increase in asset sales revenue, aerospace products revenue, and lease income[148]. Expenses and Costs - The company reported total expenses of $217.8 million for the three months ended June 30, 2023, compared to $129.3 million in the same period of 2022, an increase of 68%[145]. - Total expenses increased by $88.4 million, primarily due to higher cost of sales, operating expenses, and management fees[154]. - Cost of sales rose by $89.4 million, reflecting increased asset sales and aerospace products sales[154]. - Total expenses for the three months ended June 30, 2023, increased by $68.6 million to $114.0 million compared to $45.4 million in the same period of 2022[173]. Adjusted EBITDA - Adjusted EBITDA for the three months ended June 30, 2023, was $56.6 million, compared to $47.5 million in the same period of 2022, reflecting a 23% increase[145]. - Adjusted EBITDA increased by $2.3 million and $85.0 million for the three and six months ended June 30, 2023, respectively[165]. - Adjusted EBITDA increased by $13.0 million (approximately 76.2%) and $27.3 million (approximately 90.5%) for the three and six months ended June 30, 2023, respectively[187]. Impairment and Charges - The company recognized an impairment charge of $120.0 million related to leasing equipment assets due to the impact of sanctions on Russian airlines[132]. - Asset impairment decreased by $122.5 million primarily due to the write-down in 2022 of aircraft and engines located in Ukraine and Russia[179]. Cash Flow and Investments - Cash flows provided by operating activities increased by $115.8 million, primarily due to an increase in net income of $304.0 million and changes in working capital of $50.9 million[202]. - Cash used for investments was $380.8 million during the six months ended June 30, 2023, compared to $457.9 million in the same period of 2022[201]. - Proceeds from the sale of assets were $273.2 million during the six months ended June 30, 2023, compared to $142.3 million in 2022[201]. Dividends and Shareholder Returns - The spin-off of FTAI Infrastructure resulted in a dividend payment of $730.3 million to the company, which was used to repay outstanding borrowings[136]. - The company declared cash dividends of $122.5 million and $28.7 million on ordinary and preferred shares, respectively, over the last twelve months[208]. Debt and Liquidity - The company had outstanding principal and interest payment obligations of $2.2 billion and $0.6 billion, respectively, as of June 30, 2023[206]. - The company expects to meet future short-term liquidity requirements through cash on hand, unused borrowing capacity, or future financings[209]. Interest Rate Sensitivity - As of June 30, 2023, a hypothetical 100-basis point increase/decrease in the variable interest rate on borrowings would result in an increase or decrease of approximately $1.5 million in interest expense over the next 12 months[217]. - The sensitivity analysis regarding interest rate changes is based on a single point in time and does not account for complex market reactions[216]. - The analysis does not include the impact on interest rate derivatives or other potential factors affecting the business due to interest rate changes[216].