Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • ROOMS:

FTAI Aviation Ltd. Reports Fourth Quarter 2022 Results, Declares Dividend of $0.30 per Ordinary Share

NEW YORK, Feb. 23, 2023 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the fourth quarter and full year 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)
Selected Financial ResultsQ4’22
Net Income Attributable to Shareholders$20,010 
Basic Earnings per Ordinary Share for Continuing Operations$0.20 
Diluted Earnings per Ordinary Share for Continuing Operations$0.20 
Adjusted EBITDA(1)$123,539 

(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

Fourth Quarter 2022 Dividends

On February 23, 2023, the Company’s Board of Directors (the “Board”) declared a cash dividend on its ordinary shares of $0.30 per share for the quarter ended December 31, 2022, payable on March 22, 2023 to the holders of record on March 10, 2023.

Additionally, on February 23, 2023, the Board declared cash dividends on its Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”), Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”) and Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) of $0.51563, $0.50000 and $0.51563 per share, respectively, for the quarter ended December 31, 2022, payable on March 15, 2023 to the holders of record on March 7, 2023.

Business Highlights

FTAI purchased $298mm of assets in Q4 comprised of 16 aircraft and 19 engines. In addition, FTAI sold non-core aviation assets, comprised of 8 aircraft/airframes and 18 engines, generating net proceeds of $123mm.

“With green time severely depleted and the supply chain unable to service engines on a timely basis, airlines are struggling to find power,” said Joe Adams, FTAI’s CEO.

“New aircraft delivery delays are driving airlines to extend the lives of their 737NG and A320ceo fleets, which further increases CFM56 flight hours.”

“With airlines experiencing record high CASM (cost per available seat mile), maintenance cost-saving products and practices are in high demand. We believe our suite of propriety products is allowing us to add and retain customers across the entire ecosystem of users, owners, and maintenance providers.”

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Center section of the Company’s website,, and the Company’s Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

The Company will host a conference call on Friday, February 24, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Friday, February 24, 2023 through 11:30 A.M. on Friday, March 3, 2023 on

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Aviation Ltd.

FTAI owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI’s propriety portfolio of products, including The Module Factory and a JV to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and MRO customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website ( In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414

Exhibit - Financial Statements

(Dollar amounts in thousands, except share and per share data)

 Three Months Ended December 31 Year Ended December 31,
 2022 2021 2022 2021
Revenues$274,291  $98,231  $708,411  $335,583 
Cost of sales 128,246   5,731   248,385   14,308 
Operating expenses 24,067   25,424   132,264   59,615 
General and administrative 2,343   3,831   14,164   13,448 
Acquisition and transaction expenses 4,867   5,285   13,207   17,911 
Management fees and incentive allocation to affiliate 3,558   (21)  3,562   684 
Depreciation and amortization 37,456   41,366   152,917   147,740 
Asset impairment 9,048   7,415   137,219   10,463 
Interest expense 36,997   39,419   169,194   155,017 
Total expenses 246,582   128,450   870,912   419,186 
Other income (expense)       
Equity in losses of unconsolidated entities (244)  (353)  (369)  (1,403)
(Loss) gain on sale of assets, net (2,722)  31,548   77,211   49,015 
Gain (loss) on extinguishment of debt 2      (19,859)  (3,254)
Other (expense) income (1)  227   207   (490)
Total other (expense) income (2,965)  31,422   57,190   43,868 
Income (loss) from continuing operations before income taxes 24,744   1,203   (105,311)  (39,735)
(Benefit from) provision for income taxes (2,057)  2,302   5,300   3,126 
Net income (loss) from continuing operations 26,801   (1,099)  (110,611)  (42,861)
Net loss from discontinued operations, net of income taxes    (18,680)  (101,416)  (87,845)
Net income (loss) 26,801   (19,779)  (212,027)  (130,706)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:       
Continuing operations           
Discontinued operations    (7,523)  (18,817)  (26,472)
Less: Dividends on preferred shares 6,791   6,791   27,164   24,758 
Net income (loss) attributable to shareholders$20,010  $(19,047) $(220,374) $(128,992)
Earnings (loss) per share:       
Continuing operations$0.20  $(0.08) $(1.39) $(0.75)
Discontinued operations$  $(0.11) $(0.83) $(0.68)
Continuing operations$0.20  $(0.08) $(1.39) $(0.75)
Discontinued operations$  $(0.11) $(0.83) $(0.68)
Weighted average shares outstanding:       
Basic 99,566,387   99,224,907   99,421,008   89,922,088 
Diluted 100,180,524   99,224,907   99,421,008   89,922,088 

(Dollar amounts in thousands, except share and per share data)

 December 31,
 2022 2021
Cash and cash equivalents$33,565  $138,206 
Restricted cash 19,500    
Accounts receivable, net 99,443   124,924 
Leasing equipment, net 1,913,553   1,855,637 
Property, plant, and equipment, net 10,014   38,263 
Investments 22,037   22,917 
Intangible assets, net 41,955   30,962 
Inventory, net 163,676   100,307 
Other assets 125,834   110,337 
Assets of discontinued operations    2,442,301 
Total assets$2,429,577  $4,863,854 
Accounts payable and accrued liabilities$86,452  $87,035 
Debt, net 2,175,727   2,501,587 
Maintenance deposits 78,686   106,836 
Security deposits 32,842   40,149 
Other liabilities 36,468   23,892 
Liabilities of discontinued operations    980,255 
Total liabilities$2,410,175  $3,739,754 
Commitments and contingencies   
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,716,621 and 99,180,385 shares issued and outstanding as of December 31, 2022 and 2021, respectively)$997  $992 
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 13,320,000 and 13,320,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively) 133   133 
Additional paid in capital 343,350   1,411,940 
Accumulated deficit (325,602)  (132,392)
Accumulated other comprehensive loss    (156,381)
Shareholders' equity 18,878   1,124,292 
Non-controlling interest in equity of consolidated subsidiaries 524   (192)
Total equity$19,402  $1,124,100 
Total liabilities and equity$2,429,577  $4,863,854 

(Dollar amounts in thousands, unless otherwise noted)

 Year Ended December 31,
 2022 2021
Cash flows from operating activities:   
Net loss$(212,027) $(130,706)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:   
Equity in losses of unconsolidated entities 46,971   12,734 
Gain on sale of assets, net (141,677)  (49,031)
Security deposits and maintenance claims included in earnings (41,845)  (39,067)
Loss on extinguishment of debt 19,859   3,254 
Equity-based compensation 2,623   4,038 
Depreciation and amortization 193,236   201,756 
Asset impairment 137,219   10,463 
Change in deferred income taxes 2,161   (2,057)
Change in fair value of non-hedge derivatives (1,567)  (2,220)
Amortization of lease intangibles and incentives 37,135   27,978 
Amortization of deferred financing costs 19,018   21,723 
Provision for credit losses 47,975   12,953 
Other (1,010)  (440)
Change in:   
Accounts receivable (65,969)  (88,872)
Other assets (23,037)  (30,789)
Inventory (23,267)   
Accounts payable and accrued liabilities (19,599)  25,079 
Management fees payable to affiliate 804   1,042 
Other liabilities 2,340   118 
Net cash used in operating activities (20,657)  (22,044)
Cash flows from investing activities:   
Investment in unconsolidated entities (7,344)  (54,655)
Principal collections on finance leases 2,227   7,387 
Acquisition of business, net of cash acquired (3,819)  (627,090)
Acquisition of leasing equipment (638,329)  (572,624)
Acquisition of property, plant and equipment (144,196)  (157,332)
Acquisition of lease intangibles (31,127)  (24,017)
Investment in convertible promissory notes    (10,000)
Purchase deposit for acquisitions (6,671)  (13,658)
Proceeds from sale of leasing equipment 408,937   158,927 
Proceeds from sale of property, plant and equipment 5,289   4,494 
Proceeds for deposit on sale of aircraft and engine 3,780   600 
Return of purchase deposits    1,010 
Net cash used in investing activities$(411,253) $(1,286,958)

 Year Ended December 31,
 2022 2021
Cash flows from financing activities:   
Proceeds from debt$813,980  $2,894,127 
Repayment of debt (1,144,529)  (1,553,231)
Payment of deferred financing costs (18,607)  (52,739)
Receipt of security deposits 3,882   8,770 
Return of security deposits (2,141)  (1,201)
Receipt of maintenance deposits 47,846   31,507 
Release of maintenance deposits (1,471)  (20,724)
Proceeds from issuance of ordinary shares, net of underwriter's discount    323,124 
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs    101,200 
Capital contributions from non-controlling interests 1,187    
Dividend from spin-off of FTAI Infrastructure, net of cash transferred 500,562    
Settlement of equity-based compensation (148)  (421)
Cash dividends - ordinary shares (128,483)  (118,009)
Cash dividends - preferred shares (27,164)  (24,758)
Net cash provided by financing activities 44,914   1,587,645 
Net (decrease) increase in cash and cash equivalents and restricted cash (386,996)  278,643 
Cash and cash equivalents and restricted cash, beginning of period 440,061   161,418 
Cash and cash equivalents and restricted cash, end of period$53,065  $440,061 

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares, and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net loss attributable to shareholders to Adjusted EBITDA for the three and twelve months ended December 31, 2022 and 2021:

 Three Months Ended December 31 Year Ended December 31,
(in thousands)2022 2021 2022 2021
Net income (loss) attributable to shareholders from continuing operations$20,010  $(7,890) $(137,775) $(67,619)
Add: Provision for (benefit from) income taxes (2,057)  2,302   5,300   3,126 
Add: Equity-based compensation expense           
Add: Acquisition and transaction expenses 4,867   5,285   13,207   17,911 
Add: Losses on the modification or extinguishment of debt and capital lease obligations (2)     19,859   3,254 
Add: Changes in fair value of non-hedge derivative instruments           
Add: Asset impairment charges 9,048   7,415   137,219   10,463 
Add: Incentive allocations 3,489      3,489    
Add: Depreciation & amortization expense(1) 44,277   47,995   190,031   175,718 
Add: Interest expense and dividends on preferred shares 43,788   46,210   196,358   179,775 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) (125)  (297)  40   (1,203)
Less: Equity in losses of unconsolidated entities 244   353   369   1,403 
Less: Non-controlling share of Adjusted EBITDA           
Adjusted EBITDA (non-GAAP)$123,539  $101,373  $428,097  $322,828 


(1)Includes the following items for the three months ended December 31, 2022 and 2021: (i) depreciation and amortization expense of $37,456 and $41,366, (ii) lease intangible amortization of $3,654 and $1,777 and (iii) amortization for lease incentives of $3,167 and $4,852, respectively.
 Includes the following items for the years ended December 31, 2022 and 2021: (i) depreciation and amortization expense of $152,917 and $147,740, (ii) lease intangible amortization of $13,913 and $4,993 and (iii) amortization for lease incentives of $23,201 and $22,985, respectively.
(2)Includes the following items for the three months ended December 31, 2022 and 2021: (i) net loss of $(244) and $(353), (ii) depreciation and amortization expense of $119 and $56, respectively.
 Includes the following items for the years ended December 31, 2022 and 2021: (i) net loss of $(369) and $(1,403), (ii) depreciation and amortization expense of $409 and $200, respectively.


Primary Logo

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.