FORTRESS TRSP(FTAIN) - 2024 Q3 - Quarterly Results

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].