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 the same period of 2023 [129]. - 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 [127]. - Adjusted EBITDA for the same period increased by $36.4 million to $164.1 million compared to $127.7 million in 2023 [140]. - 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]. - 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]. - 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]. - Net income attributable to shareholders for 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 [160]. - Total revenues decreased by $6.2 million to $2.3 million in Q1 2024, primarily due to a decrease in the Offshore Energy business [164]. - 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]. Asset Management - Total consolidated assets as of March 31, 2024, were $3.2 billion, with total equity of $177.6 million [118]. - As of March 31, 2024, the Aviation Leasing segment managed 380 aviation assets, including 103 commercial aircraft and 277 engines [141]. - The aviation equipment utilization rate was approximately 78% as of March 31, 2024 [142]. - An impairment charge of $120.0 million was recognized due to the inability to recover aircraft and engines from Russia [119]. Expenses and Liabilities - Total expenses for the Aerospace Products segment increased by $61.6 million, mainly due to higher costs of sales and operating expenses [157]. - Total expenses increased by $10.1 million to $72.0 million, driven by higher interest expense, acquisition and transaction expenses, and management fees [165]. - Interest expense increased by $8.4 million, reflecting an increase in average debt outstanding of approximately $417.1 million [134]. - The company had outstanding principal and interest payment obligations of $2.7 billion and $0.7 billion, respectively, as of March 31, 2024 [178]. Cash Flow and Liquidity - Cash used in investing activities increased by $156.9 million to $169.2 million, primarily due to higher acquisitions of leasing equipment [176]. - Cash flows from operating activities decreased by $39.0 million to $(0.3) million, impacted by changes in net working capital and other adjustments [175]. - 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]. Taxation - 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].

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 $212,022,000, a significant increase of $349,797,000 compared to a loss of $137,775,000 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 an increase of $109.52 million[254]. Revenue Breakdown - Lease income for 2023 was $207.9 million, up 15.9% from $179.3 million in 2022[202]. - Maintenance revenue rose to $191.3 million, a 28.5% increase compared to $148.8 million in 2022[202]. - Aerospace products revenue surged to $455.0 million, reflecting a 255.5% 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 rose by $122 million, mainly due to higher cost of sales, management fees, and depreciation and amortization[210]. - Cost of sales increased by $253.7 million, attributed to higher asset sales and Aerospace Product sales[210][225]. - Total expenses decreased by $76.2 million to $427.4 million, mainly due to reductions in asset impairment and operating expenses[240]. - Total expenses rose by $181.2 million, totaling $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, which is not in accordance with U.S. GAAP but is used for assessing operational performance[200]. - Adjusted EBITDA for 2023 reached $597,282,000, reflecting an increase of $169,185,000 from $428,097,000 in 2022[203][217]. - Adjusted EBITDA increased by $87.2 million to $467.4 million, reflecting improved operational performance[244]. - Adjusted EBITDA increased by $85.7 million, reaching $160.01 million in 2023 compared to $74.35 million in 2022[259]. Impairments and Charges - 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]. - Other income decreased by $51.2 million, primarily due to a reduction in gain on sale of assets in the Aviation Leasing and Aerospace Products segments[213]. Tax and Deferred Assets - 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 benefit from income taxes increased by $27.4 million, primarily due to a deferred tax asset of $25.6 million established in Bermuda[258]. Cash Flow and Financing - Net cash used in operating activities decreased by $149.6 million, primarily due to a reduction in net loss and changes in working capital[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, including 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]. - Cash used for investments was $861.5 million in 2023, compared to $831.5 million in 2022[284]. 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]. Interest Rate Risk - Interest rate risk is a significant concern, with potential increases in interest rates possibly reducing net income by increasing the cost of debt without a corresponding increase in cash flow from leases[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]. Asset Management - 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]. - The company acquired the remaining interest in Quick Turn Engine Center LLC in December 2023, enhancing its maintenance and testing capabilities for CFM56 engines[251].

Financial Performance - Lease income for Q3 2023 was $45.6 million, down 10.2% from $50.2 million in Q3 2022; however, lease income for the nine months ended September 30, 2023, increased by 24.8% to $161.1 million from $129.2 million in the same period of 2022[143] - Maintenance revenue surged by 80.0% in Q3 2023 to $63.9 million compared to $35.5 million in Q3 2022, and for the nine months, it rose to $141.1 million from $112.2 million, a 25.8% increase[143] - Aerospace products revenue increased by 100.6% in Q3 2023 to $107.1 million from $53.4 million in Q3 2022, and for the nine months, it rose to $260.3 million from $94.2 million, a 176.5% increase[143] - Total revenues for Q3 2023 were $291.1 million, a 26.4% increase from $230.4 million in Q3 2022; for the nine months, total revenues reached $858.2 million, up 97.8% from $434.1 million in the same period of 2022[143] - Net income for Q3 2023 was $41.3 million, compared to a net loss of $18.9 million in Q3 2022, representing a turnaround of $60.2 million; for the nine months, net income was $125.5 million, compared to a net loss of $238.8 million in the same period of 2022[143] Expenses and Costs - Total expenses for Q3 2023 were $246.6 million, an increase of 17.9% from $209.1 million in Q3 2022; for the nine months, total expenses rose to $724.3 million from $624.3 million, a 16.0% increase[143] - Total expenses increased by $37.5 million for the three months ended September 30, 2023, primarily due to higher Cost of sales, Operating expenses, and Depreciation and amortization[152] - Cost of sales increased by $246.8 million for the nine months ended September 30, 2023, primarily due to an increase in asset sales and Aerospace Products sales[155] - 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] - Operating expenses increased by $2.5 million (71.3%) and $4.7 million (58.0%) for the three and nine months ended September 30, 2023, mainly due to higher commission expenses[183] Asset Management - Total consolidated assets as of September 30, 2023, were $2.6 billion, with total equity of $95.1 million[129] - As of September 30, 2023, the Aviation Leasing segment owned and managed 351 aviation assets, including 92 commercial aircraft and 259 engines[162] - The aviation equipment was approximately 77% utilized during the three months ended September 30, 2023[163] Cash Flow and Liquidity - Cash flows provided by operating activities increased by $138.1 million for the nine months ended September 30, 2023, reflecting an increase in net income of $364.3 million[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] - Total principal repayments in connection with the Revolving Credit Facility were $330.0 million during the nine months ended September 30, 2023[196] - The company had outstanding principal and interest payment obligations of $2.3 billion and $0.5 billion, respectively, as of September 30, 2023[201] - The company expects to meet future short-term liquidity requirements through cash on hand and unused borrowing capacity[204] Impairments 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[130] Mergers and Spin-offs - The spin-off of FTAI Infrastructure resulted in a dividend of $730.3 million, which was used to repay outstanding borrowings, including $200.0 million of senior unsecured notes[134] - The merger with FTAI LLC on November 10, 2022, resulted in FTAI Aviation Ltd. becoming a Cayman Islands exempted company, enhancing its operational structure[136] 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 based on a single point in time and does not account for complex market reactions[211] - The analysis does not include the impact of 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 from September 15, 2024[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, reflecting a significant increase of 307%[145]. - 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]. - Net income from continuing operations increased by $9.1 million for the three months ended June 30, 2023, and by $217.4 million for the six months ended June 30, 2023[163]. - Adjusted EBITDA increased by $2.3 million and $85.0 million for the three and six months ended June 30, 2023, respectively[165]. - 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[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]. - Lease income increased by $19.9 million, attributed to a higher number of aircraft placed on lease and increased activity in the Offshore Energy business[149]. Expenses and Costs - 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]. - Operating expenses decreased by $46.9 million primarily due to reductions in provision for credit losses and other expenses related to sanctions on Russian airlines[179]. - Total expenses rose by $20.4 million (approximately 112.3%) for the three months ended June 30, 2023, primarily due to a $19.8 million increase in cost of sales[184]. Asset and Equity Information - Total consolidated assets as of June 30, 2023, were $2.5 billion, with total equity of $91.3 million[131]. - As of June 30, 2023, the Aviation Leasing segment owned and managed 344 aviation assets, including 97 commercial aircraft and 247 engines[166]. - As of June 30, 2023, the insured value of aircraft and engines remaining in Ukraine and Russia is approximately $243.0 million[133]. Cash Flow and Liquidity - Cash flows provided by operating activities increased by $115.8 million, primarily due to a net income increase 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]. - The company expects to meet future short-term liquidity requirements through cash on hand, unused borrowing capacity, or future financings[209]. Interest and Debt Management - As of June 30, 2023, the company had outstanding principal and interest payment obligations of $2.2 billion and $0.6 billion, respectively[206]. - Interest expense decreased by $9.4 million, attributed to a reduction in average outstanding debt of approximately $581.0 million[194]. - 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]. Corporate Actions - The company completed a spin-off of FTAI Infrastructure on August 1, 2022, which resulted in a dividend of $730.3 million used to repay outstanding borrowings[136]. - The merger with FTAI LLC on November 10, 2022, resulted in FTAI Aviation Ltd. becoming a Cayman Islands exempted company[138].

Financial Performance - Total revenues for the three months ended March 31, 2023, were $292.7 million, an increase of $201.0 million compared to $91.7 million in the same period of 2022 [140]. - Adjusted EBITDA for the three months ended March 31, 2023, was $127.7 million, an increase of $82.7 million from $45.0 million in Q1 2022 [141]. - The company reported a net income attributable to shareholders of $22.6 million for Q1 2023, a turnaround from a net loss of $229.7 million in Q1 2022 [140]. - Net income from continuing operations increased by $208.4 million, reflecting the changes in revenue and expenses noted above [151]. - The company reported a net income of $25.0 million in the Aerospace Products segment, an increase of $12.1 million from the previous year [168]. Revenue Breakdown - Lease income increased by $16.7 million to $56.0 million in Q1 2023 from $39.3 million in Q1 2022 [140]. - Aerospace products revenue surged by $70.8 million to $85.1 million in Q1 2023, compared to $14.3 million in Q1 2022 [140]. - Total revenues increased by $201.0 million, driven by higher asset sales revenue, aerospace products revenue, lease income, and other revenue [143]. - Asset sales revenue rose by $108.7 million, primarily due to increased sales of commercial aircraft and engines in the Aviation Leasing segment [143]. - Aerospace products revenue for the segment reached $85.1 million, a significant increase of $70.8 million compared to the previous year [168]. - Total Aerospace Products revenue increased by $70.8 million, driven by higher sales of CFM56-7B and CFM56-5B engines [171]. Expenses and Impairments - Total expenses decreased by $26.0 million, attributed to lower asset impairment charges, operating expenses, and interest expense [146]. - Total expenses in the Aerospace Products segment increased by $47.2 million, driven by higher cost of sales and operating expenses [168]. - Asset impairment decreased by $121.6 million primarily due to the write-down of aircraft and engines located in Ukraine and Russia [169]. - Operating expenses decreased by $47.4 million, mainly due to lower provisions for credit losses and professional fees [169]. - Total expenses increased by $47.2 million, primarily due to higher costs of sales and operating expenses [172]. Cash Flow and Investments - Net cash provided by operating activities increased by $36.8 million, reflecting an increase in net income [186]. - Cash used for investments decreased to $167.0 million from $284.4 million year-over-year [184]. - Proceeds from the sale of assets were $153.7 million, up from $54.4 million in the previous year [184]. Debt and Liquidity - As of March 31, 2023, the company had outstanding principal and interest payment obligations of $2.1 billion and $0.6 billion, respectively [192]. - Interest expense decreased by $4.8 million due to a reduction in average outstanding debt [183]. - The company declared cash dividends of $125.7 million on ordinary shares and $27.2 million on preferred shares over the last twelve months [194]. - Future short-term liquidity requirements are expected to be met through cash on hand, unused borrowing capacity, and net cash from current operations [195]. Interest Rate and Market Risks - As of March 31, 2023, a hypothetical 100-basis point increase/decrease in variable interest rates would result in an increase or decrease of approximately $0.8 million in interest expense over the next 12 months [203]. - The company amended its revolving credit facility to incorporate SOFR as the successor rate to LIBOR due to LIBOR's phase-out [200]. - Interest rate risk is primarily related to term loan arrangements, and increases in interest rates may reduce net income by increasing debt costs without a corresponding increase in cash flow [201]. - The company is exposed to market risks due to fluctuations in interest rates and foreign exchange rates, which could impact results of operations and cash flows [198]. - The company may manage interest rate exposure through the use of interest rate derivatives [201]. - The company is monitoring regulatory guidance and proposals for reform related to benchmark indices like LIBOR and SOFR [200]. Corporate Actions - The spin-off of FTAI Infrastructure on August 1, 2022, resulted in a $730.3 million dividend to the company, which was used to repay various debts [130]. - The merger with FTAI LLC on November 10, 2022, resulted in FTAI Aviation Ltd. becoming a Cayman Islands exempted company, enhancing its operational structure [132]. - The company has ongoing claims for approximately $274.0 million in insured value for aircraft and engines still located in Ukraine and Russia [127]. Accounting and Estimates - There were no material changes to critical accounting estimates as described in the Annual Report for the year ended December 31, 2022 [196]. - The company believes adequate capital and borrowings are available from various sources to fund its commitments [195].

Financial Performance - Total revenues for the year ended December 31, 2022, were $708.4 million, a 111% increase from $335.6 million in 2021[194] - Total expenses for 2022 were $870.9 million, up from $419.2 million in 2021, reflecting a significant increase in costs[194] - Net loss attributable to shareholders for 2022 was $220.4 million, compared to a net loss of $129.0 million in 2021[194] - Adjusted EBITDA increased by $105.3 million, reflecting improved operational performance despite rising expenses[213] - The company reported a net income of $60.9 million for 2022, down from $140.7 million in 2021, reflecting a decrease of $79.8 million[230][231] Revenue Breakdown - Total revenues increased by $372.8 million in 2022, driven by higher asset sales revenue, aerospace products revenue, maintenance revenue, and lease income[197] - Asset sales revenue rose by $208.5 million, primarily due to increased sales of commercial aircraft and engines in the Aviation Leasing segment[197] - Aerospace Products revenue increased by $130.2 million, attributed to higher sales of CFM56-7B and CFM56-5B engines and related components[198] - Maintenance revenue grew by $20.0 million, supported by a higher number of aircraft and engines leased and increased utilization[199] - Total revenues for the Aviation Leasing segment increased by $229.8 million to $527.9 million in 2022, driven by a $208.5 million increase in asset sales revenue and a $20.0 million increase in maintenance revenue[230][232] Expenses and Losses - Total expenses increased by $451.7 million, mainly due to higher costs of sales, asset impairment charges, and operating expenses[203] - Asset impairment charges surged by $126.8 million, primarily due to write-downs of aircraft and engines in Ukraine and Russia[204] - Total expenses increased by $340.2 million to $524.1 million, primarily due to increases in cost of sales, asset impairment, operating expenses, and depreciation and amortization[233][242] - Total expenses rose by $81.6 million, mainly due to increased costs of sales and operating expenses[248] - Total expenses in the Corporate and Other segment increased by $29.9 million, mainly due to higher interest expenses and operating costs[260] Corporate Actions - The company completed a spin-off of FTAI Infrastructure on August 1, 2022, which included a dividend payment of $730.3 million to the company[185] - The merger with FTAI Aviation Ltd. was completed on November 10, 2022, resulting in FTAI becoming a subsidiary of the company[188] - The company has two reportable segments: Aviation Leasing and Aerospace Products, following the spin-off of FTAI Infrastructure[189] Asset Management - As of December 31, 2022, the Aviation Leasing segment managed 330 aviation assets, including 106 commercial aircraft and 224 engines[227] - The number of aircraft in the leasing segment decreased from 108 to 106, while the number of engines increased from 207 to 224[228] - As of December 31, 2022, the aviation equipment utilization rate was approximately 71%, with a weighted average remaining lease term of 42 months for aircraft and 11 months for engines[228] Tax and Provisions - The company recognized approximately $47.1 million in provision for credit losses due to sanctions related to Russia's invasion of Ukraine[180] - The provision for income taxes increased by $2.2 million, primarily due to higher provisions in the Aerospace Products segment[209] Cash Flow and Investments - Cash used for investments was $831.5 million in 2022, compared to $1.5 billion in 2021 and $597.5 million in 2020[278] - Distributions to shareholders, including cash dividends, were $155.6 million in 2022, up from $142.8 million in 2021 and $131.4 million in 2020[278] - Net cash provided by financing activities decreased by $1.5 billion, primarily due to a decrease in proceeds from debt of $2.1 billion[284] - Cash flows from operating activities were $(20.7) million in 2022, compared to $(22.0) million in 2021 and $63.1 million in 2020[281] Market Risks - Interest rate risk exposure is significant, with a hypothetical 100-basis point change in variable interest rates potentially impacting interest expense by approximately $1.5 million over the next 12 months[310] - The company is exposed to market risks from fluctuations in interest rates and foreign exchange rates, which could affect operations and cash flows[305] Accounting and Revenue Recognition - The company recognizes asset sales revenue primarily from the sale of aircraft and aircraft engines, with revenue recorded when control is transferred to the customer[297] - Aerospace Products revenue includes sales of repaired CFM56-7B and CFM56-5B engines, engine modules, and spare parts, recognized upon transfer of control[298] - Maintenance payments from lessees are typically required monthly and are based on aircraft utilization, with reimbursements recorded against maintenance deposit liabilities[299][300] - The company assesses the recoverability of long-lived assets based on future undiscounted cash flows, adjusting carrying values if they do not meet recoverability tests[302][303]