Key Financial Metrics for the Three Months ended September 30, 2020

  • Total revenues were $192.4 million
  • Net income of $5.8 million
  • Adjusted EBITDA(1) was $181.1 million


  • Issued $650 million of 5.25%, senior unsecured notes due in 2025
  • In September, Moody's affirmed Aircastle's senior unsecured debt rating at Baa3
  • For the three months ended September 30, 2020 collections represented approximately 73% of lease rental and direct financing and sales-type lease revenues
  • Agreements in place to sell 21 narrow body aircraft as they come off lease


  • As of October 30, 2020, total liquidity of $2.1 billion includes $1.25 billion of undrawn credit facilities, unrestricted cash of $432 million, $120 million of contracted asset sales, and $340 million of projected operating cash flows through October 30, 2021
  • 226 unencumbered aircraft with a net book value of $5.5 billion
  • $771 million of total adjusted contractual commitments through October 30, 2021; includes $500 million of notes due in March 2021

Mike Inglese, Aircastle's Chief Executive Officer, commented, "We are optimistic about the eventual recovery of global aviation and the global airline industry. While it is impossible to predict the timing of recovery, we are confident passengers will return, and we are confident about the increasingly important role operating leasing will play in facilitating the industry's recovery."

Mr. Inglese continued, "Aircastle's fleet of predominantly mid-age, single-aisle, fuel efficient aircraft represents a strong value proposition for capital constrained, sensibly managed airlines around the globe. Our management team is deep and experienced, and we enjoy the strong shareholder support of Marubeni Corporation and Mizuho Leasing. Driven by our strategic ownership, management's track record, minimal forward commitments, strong liquidity and conservative balance sheet, Aircastle's investment grade credit rating was recently affirmed at Baa3 by Moody's."


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

Aviation Assets
As of September 30, 2020, Aircastle owned 262 aircraft and other flight equipment having a net book value of $7.0 billion. We also manage nine aircraft with a net book value of $318 million dollars on behalf of our joint venture with Mizuho Leasing.

Owned Aircraft

As of 
Sept. 30, 2020(1)

As of 
Sept. 30, 2019(1)

Net Book Value of Flight Equipment ($ mils.)





Net Book Value of Unencumbered Flight Equipment ($ mils.)





Number of Aircraft



Number of Unencumbered Aircraft



Number of Lessees



Number of Countries



Weighted Average Fleet Age (years)(2)



Weighted Average Remaining Lease Term (years)(2)



Weighted Average Fleet Utilization for the quarter ended(3)





Managed Aircraft on behalf of Joint Ventures

Net Book Value of Flight Equipment ($ mils.)





Number of Aircraft





Calculated using net book value of flight equipment held for lease and net investment in leases at period end.


Weighted by net book value.


Aircraft on-lease days as a percent of total days in period weighted by net book value. The decrease from our historical utilization rate was primarily due to the early termination of leases.

In the current environment airlines have sought support from their lessor partners. These requests have generally come in the form of payment deferrals and lease restructurings. Through mid-October, forty-three airlines across the globe have either entered bankruptcy proceedings or completely ceased or suspended operations. We are confident that the major US and global carriers, as well as the largest low-cost carriers, have the means to survive the crisis. We also anticipate that there will be further airline bankruptcies and liquidations in the winter.

We continue to grant deferrals to help certain clients manage through the crisis. As of October 30, 2020, we had executed documents or had approved deferral arrangements with 40 lessees representing approximately 50% of our customer base. The amount deferred currently approximates $101 million, including $80 million that appear in our September 30, 2020 Consolidated Balance Sheet. This represented approximately 14% of our reported lease rental and direct financing and sales-type lease revenues for the trailing twelve months ended September 30, 2020.

New Fiscal Year End
Aircastle previously announced that we changed our fiscal year end to the twelve-month period ending on the last day in February. This change better aligns our financial reporting with the financial reporting cycle of our shareholders, Marubeni Corporation and Mizuho Leasing Company, Limited. To assist investors with the transition to the new fiscal year, we expect to file a Transition Report on Form 10-Q with the Securities Exchange Commission for the two-month period ending February 29, 2020.