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FTAI Aviation Ltd. Reports First Quarter 2023 Results, Declares Dividend of $0.30 per Ordinary Share

NEW YORK, April 26, 2023 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the first quarter 2023. 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 ResultsQ1’23
Net Income Attributable to Shareholders$22,606 
Basic Earnings per Ordinary Share from Continuing Operations$0.23 
Diluted Earnings per Ordinary Share from Continuing Operations$0.22 
Adjusted EBITDA(1)$127,656 
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

First Quarter 2023 Dividends

On April 25, 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 March 31, 2023, payable on May 23, 2023 to the holders of record on May 12, 2023.

Additionally, on April 25, 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”), Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) and Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of $0.51563, $0.50000, $0.51563 and $0.59375 per share, respectively, for the quarter ended March 31, 2023, payable on June 15, 2023 to the holders of record on June 1, 2023.

Business Highlights

  • Quarterly Net Income Attributable to Shareholders growth of 13.0% versus Q4’22
  • 39 modules sold in Q1’23 to 10 unique customers
  • Generated $195.1 million positive free cashflow available for asset acquisition & investment activity

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 Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

In addition, management will host a conference call on Thursday, April 27, 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 Thursday, April 27, 2023 through 11:30 A.M. on Thursday, May 4, 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 joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations 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 March 31
  2023   2022 
Lease income$                              55,978  $                         39,325 
Maintenance revenue 35,141   36,732 
Asset sales revenue 108,691    
Aerospace products revenue 85,113   14,313 
Other revenue 7,795   1,321 
Total revenues 292,718   91,691 
Cost of sales 145,670   9,050 
Operating expenses 22,534   61,799 
General and administrative 4,067   4,561 
Acquisition and transaction expenses 3,262   2,273 
Management fees and incentive allocation to affiliate 2,997   3 
Depreciation and amortization 40,926   41,305 
Asset impairment 1,220   122,790 
Interest expense 39,292   44,139 
Total expenses 259,968   285,920 
Other income (expense)   
Equity in (losses) earnings of unconsolidated entities (1,335 )  198 
Gain on sale of assets, net    16,288 
Other income 8   128 
Total other (expense) income (1,327)  16,614 
Income (loss) from continuing operations before income taxes 31,423   (177,615)
Provision for income taxes 2,026   1,339 
Net income (loss) from continuing operations 29,397   (178,954)
Net loss from discontinued operations, net of income taxes    (50,705)
Net income (loss)         29,397   (229,659)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:   
Continuing operations     
Discontinued operations            (7,466)
Less: Dividends on preferred shares         6,791   6,791 
Net income (loss) attributable to shareholders$                         22,606  $                      (228,984)
Earnings (loss) per share:   
Continuing operations$                                   0.23  $                          (1.87)
Discontinued operations$                               $                             (0.43)
Continuing operations$                              0.22  $                             (1.87)
Discontinued operations$                               $                          (0.43)
Weighted average shares outstanding:   
Basic 99,728,245   99,336,877 
Diluted 100,974,100   99,336,877 

(Dollar amounts in thousands, except share and per share data)
 March 31, 2023 December 31, 2022
Cash and cash equivalents$                    40,994  $                        33,565 
Restricted cash            19,500 
Accounts receivable, net 113,547   99,443 
Leasing equipment, net 1,849,662   1,913,553 
Property, plant, and equipment, net 11,438   10,014 
Investments 40,202   22,037 
Intangible assets, net 45,729   41,955 
Inventory, net 192,790   163,676 
Other assets 147,082   125,834 
Total assets$                    2,441,444  $                      2,429,577 
Accounts payable and accrued liabilities$                 105,066  $                      86,452 
Debt, net 2,101,907   2,175,727 
Maintenance deposits 93,703   78,686 
Security deposits 33,768   32,842 
Other liabilities 32,844   36,468 
Total liabilities$                    2,367,288  $                       2,410,175 
Commitments and contingencies   
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,728,786 and 99,716,621 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)$                  997  $                      997 
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 15,920,000 and 13,320,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively) 159   133 
Additional paid in capital 368,681   343,350 
Accumulated deficit (296,205)  (325,602)
Shareholders' equity 73,632   18,878 
Non-controlling interest in equity of consolidated subsidiaries 524   524 
Total equity$         74,156  $                            19,402 
Total liabilities and equity$                    2,441,444  $                       2,429,577 

(Dollar amounts in thousands, unless otherwise noted)
 Three Months Ended March 31,
  2023   2022 
Cash flows from operating activities:   
Net income (loss)$         29,397  $                 (229,659)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
Equity in losses of unconsolidated entities 1,335   24,013 
Gain on sale of assets, net (31,657)  (16,288)
Security deposits and maintenance claims included in earnings (9,842)  (11,592)
Equity-based compensation 108   709 
Depreciation and amortization 40,926   58,301 
Asset impairment 1,220   122,790 
Change in deferred income taxes 1,692   2,388 
Change in fair value of non-hedge derivatives    766 
Change in fair value of guarantees (1,769)   
Amortization of lease intangibles and incentives 7,844   12,013 
Amortization of deferred financing costs 2,017   5,771 
Provision for credit losses 475   47,914 
Other (326)  (208)
Change in:   
Accounts receivable (14,840)  8,619 
Inventory 6,984   (6,044)
Other assets (2,013)  (4,221)
Accounts payable and accrued liabilities 6,088   (16,597)
Management fees payable to affiliate (386)  (158)
Other liabilities 1,444   3,406 
Net cash provided by operating activities 38,697   1,923 
Cash flows from investing activities:   
Investment in unconsolidated entities (19,500)  (1,637)
Principal collections on finance leases    67 
Acquisition of leasing equipment         (127,513)  (219,440)
Acquisition of property, plant and equipment         (1,451)  (54,661)
Acquisition of lease intangibles         (8,640)  (5,282)
Purchase deposit for acquisitions         (9,940)  (3,350)
Proceeds from sale of leasing equipment         153,679   51,491 
Proceeds from sale of property, plant and equipment    2,910 
Proceeds for deposit on sale of aircraft and engine 1,042   1,775 
Net cash used in investing activities$              (12,323) $                (228,127)

 Three Months Ended March 31,
  2023  2022 
Cash flows from financing activities:   
Proceeds from debt$                145,000  $         408,980 
Repayment of debt (220,000)  (224,473)
Payment of deferred financing costs    (10,818)
Receipt of security deposits 1,459   1,075 
Return of security deposits (65)   
Receipt of maintenance deposits 10,142   10,836 
Release of maintenance deposits    (250)
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs 61,729    
Cash dividends - ordinary shares (29,919)  (32,749)
Cash dividends - preferred shares (6,791)  (6,791)
Net cash (used in) provided by financing activities (38,445)  145,810 
Net decrease in cash and cash equivalents and restricted cash (12,071)  (80,394)
Cash and cash equivalents and restricted cash, beginning of period 53,065   440,061 
Cash and cash equivalents and restricted cash, end of period$         40,994  $         359,667 

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 income (loss) attributable to shareholders to Adjusted EBITDA for the three months ended March 31, 2023 and 2022:

 Three Months Ended March 31
(in thousands) 2023   2022 
Net income (loss) attributable to shareholders from continuing operations$                22,606  $        (185,745)
Add: Provision for income taxes 2,026   1,339 
Add: Equity-based compensation expense 108    
Add: Acquisition and transaction expenses 3,262   2,273 
Add: Losses on the modification or extinguishment of debt and capital lease obligations     
Add: Changes in fair value of non-hedge derivative instruments     
Add: Asset impairment charges 1,220   122,790 
Add: Incentive allocations 2,942    
Add: Depreciation & amortization expense (1) 48,770   53,317 
Add: Interest expense and dividends on preferred shares 46,083   50,930 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) (696)  254 
Less: Equity in losses (earnings) of unconsolidated entities 1,335   (198)
Less: Non-controlling share of Adjusted EBITDA     
Adjusted EBITDA (non-GAAP)$                127,656  $         44,690 

(1)Includes the following items for the three months ended March 31, 2023 and 2022: (i) depreciation and amortization expense of $40,926 and $41,305, (ii) lease intangible amortization of $3,983 and $3,658 and (iii) amortization for lease incentives of $3,861 and $8,354, respectively.
(2)Includes the following items for the three months ended March 31, 2023 and 2022: (i) net (loss) income of $(1,335) and $198, (ii) depreciation and amortization expense of $400 and $56, and (iii) acquisition and transaction expenses of $239 and $0, respectively.

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