FTAI Aviation Ltd
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
FTAI$180.27+11.0%Stored close · as of Nov 6, 2026
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Item 1. Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023
CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
(Dollars in thousands, except share and per share data)
| Three Months Ended June 30, · Six Months Ended June 30, | |||||
|---|---|---|---|---|---|
| Notes | 2024 | 2023 | 2024 | 2023 | |
| Revenues | |||||
| Lease income | $70,754 | $59,541 | $123,915 | $115,519 | |
| Maintenance revenue | 51,187 | 42,065 | 96,977 | 77,206 | |
| Asset sales revenue | 72,433 | 76,836 | 111,040 | 185,527 | |
| Aerospace products revenue | 245,200 | 92,725 | 434,257 | 177,838 | |
| Other revenue | 4,020 | 3,178 | 4,099 | 10,973 | |
| Total revenues | 12 | 443,594 | 274,345 | 770,288 | 567,063 |
| Expenses | |||||
| Cost of sales | 205,857 | 104,532 | 348,661 | 250,202 | |
| Operating expenses | 2 | 29,099 | 24,797 | 54,416 | 47,331 |
| General and administrative | 2,969 | 3,188 | 6,652 | 7,255 | |
| Acquisition and transaction expenses | 8,019 | 2,672 | 14,198 | 5,934 | |
| Management fees and incentive allocation to affiliate | 11 | 3,554 | 5,563 | 8,449 | 8,560 |
| Internalization fee to affiliate | 15 | 300,000 | — | 300,000 | — |
| Depreciation and amortization | 4, 6 | 56,691 | 38,514 | 106,611 | 79,440 |
| Asset impairment | — | — | 962 | 1,220 | |
| Interest expense | 55,196 | 38,499 | 102,903 | 77,791 | |
| Total expenses | 661,385 | 217,765 | 942,852 | 477,733 | |
| Other (expense) income | |||||
| Equity in losses of unconsolidated entities | 5 | (694) | (380) | (1,361) | (1,715) |
| Loss on extinguishment of debt | (13,920) | — | (13,920) | — | |
| Other (expense) income | (498) | 408 | 136 | 416 | |
| Total other (expense) income | (15,112) | 28 | (15,145) | (1,299) | |
| (Loss) income before income taxes | (232,903) | 56,608 | (187,709) | 88,031 | |
| (Benefit from) provision for income taxes | 10 | (13,033) | 1,855 | (7,461) | 3,881 |
| Net (loss) income | (219,870) | 54,753 | (180,248) | 84,150 | |
| Less: Dividends on preferred shares | 8,335 | 8,335 | 16,670 | 15,126 | |
| Net (loss) income attributable to shareholders | $(228,205) | $46,418 | $(196,918) | $69,024 | |
| (Loss) Earnings per share: | 13 | ||||
| Basic | $(2.26) | $0.47 | $(1.96) | $0.69 | |
| Diluted | $(2.26) | $0.46 | $(1.96) | $0.69 | |
| Weighted average shares outstanding: | |||||
| Basic | 100,958,524 | 99,732,179 | 100,602,214 | 99,730,223 | |
| Diluted | 100,958,524 | 100,462,277 | 100,602,214 | 100,314,508 | |
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