FTAI Aviation Ltd
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 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 nine months ended September 30, 2024 and 2023
CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
(Dollars in thousands, except share and per share data)
| Three Months Ended September 30, · Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| Notes | 2024 | 2023 | 2024 | 2023 | |
| Revenues | |||||
| Lease income | $65,450 | $45,622 | $189,365 | $161,141 | |
| Maintenance revenue | 59,917 | 63,925 | 156,894 | 141,131 | |
| Asset sales revenue | 34,953 | 61,400 | 145,993 | 246,927 | |
| Aerospace products revenue | 303,469 | 118,675 | 737,726 | 296,513 | |
| Other revenue | 2,005 | 1,474 | 6,104 | 12,447 | |
| Total revenues | 13 | 465,794 | 291,096 | 1,236,082 | 858,159 |
| Expenses | |||||
| Cost of sales | 219,496 | 116,707 | 568,157 | 366,909 | |
| Operating expenses | 2 | 26,858 | 33,887 | 81,274 | 81,218 |
| General and administrative | 4,045 | 3,015 | 10,697 | 10,270 | |
| Acquisition and transaction expenses | 9,341 | 4,261 | 23,539 | 10,195 | |
| Management fees and incentive allocation to affiliate | 12 | — | 4,577 | 8,449 | 13,137 |
| Internalization fee to affiliate | 16 | — | — | 300,000 | — |
| Depreciation and amortization | 5, 7 | 56,775 | 43,959 | 163,386 | 123,399 |
| Asset impairment | — | — | 962 | 1,220 | |
| Total expenses | 316,515 | 206,406 | 1,156,464 | 606,348 | |
| Other (expense) income | |||||
| Equity in (losses) earnings of unconsolidated entities | 6 | (438) | 46 | (1,799) | (1,669) |
| Interest expense | (57,937) | (40,185) | (160,840) | (117,976) | |
| Loss on extinguishment of debt | — | — | (13,920) | — | |
| Other income | 2,909 | 461 | 3,045 | 877 | |
| Total other expense | (55,466) | (39,678) | (173,514) | (118,768) | |
| Income (loss) before income taxes | 93,813 | 45,012 | (93,896) | 133,043 | |
| Provision for (benefit from) income taxes | 11 | 7,331 | 3,705 | (130) | 7,586 |
| Net income (loss) | 86,482 | 41,307 | (93,766) | 125,457 | |
| Less: Dividends on preferred shares | 8,335 | 8,334 | 25,005 | 23,460 | |
| Net income (loss) attributable to shareholders | $78,147 | $32,973 | $(118,771) | $101,997 | |
| Earnings (loss) per share: | 14 | ||||
| Basic | $0.76 | $0.33 | $(1.17) | $1.02 | |
| Diluted | $0.76 | $0.33 | $(1.17) | $1.02 | |
| Weighted average shares outstanding: | |||||
| Basic | 102,380,659 | 99,927,594 | 101,199,356 | 99,796,736 | |
| Diluted | 103,395,348 | 100,482,309 | 101,199,356 | 100,269,203 | |
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