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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Cash
Flows
Operating Activities — Net cash flow provided
by operations was $42.7 million, $200.2 million and
$321.8 million for the years ended December 31, 2006,
2007 and 2008, respectively. Cash flow from operations increased
$121.6 million for the years ended December 31, 2008
versus the same period in 2007, primarily as a result of an
increase of $150.5 million in lease rentals related to the
full year effect in 2008 for aircraft that were acquired in 2007
and an increase of $34.5 million in lease rentals for
aircraft acquired in 2008, offset by a $54.3 million
increase in cash paid for interest in 2008.
Cash flow from operations increased $157.5 million for the
year ended December 31, 2007 versus the same period in 2006
as a result of an increase of $130.0 million in lease
rentals for aircraft acquired in 2007 and an increase of
$63.7 million in lease rentals related to the full year
effect in 2007 for aircraft that were acquired in 2006, offset
by a $45.7 increase in cash paid for interest in 2007.
Investing Activities — Net cash used in
investing activities totaled $858.0 million and
$2.37 billion for the years ended December 31, 2006
and 2007, respectively. Net cash flow provided by investing
activities totaled $37.6 million for the year ended
December 31, 2008. Cash flow used in investing activities
decreased by $2.41 billion for the year ended
December 31, 2008 versus the same period in
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2007 primarily as a result of significantly lower aircraft
acquisition activity in 2008, with five aircraft acquired and
eight aircraft sold in 2008 compared to the acquisition of 65
aircraft and the sale of one aircraft in 2007.
Cash flow used in investing activities increased by
$1.51 billion for the year ended December 31, 2007
versus the same period in 2006 primarily as a result of
significantly higher aircraft acquisition activity in 2007, with
65 aircraft acquired and one sold in 2007 compared to the
acquisition of 37 aircraft in 2006.
Financing Activities — Net cash flow provided
by financing activities totaled $793.5 million and
$2.13 billion for the year ended December 31, 2006 and
2007, respectively. Net cash flow used in financing activities
was $292.0 million for the year ended December 31,
2008. Cash flow provided by financing decreased by
$2.42 billion for the year ended December 31, 2008
versus the same period in 2007 primarily as a result
significantly lower aircraft acquisition financing requirement
in 2008, with the acquisition and financing of five aircraft in
2008 versus 65 aircraft acquired and financed in 2007.
Cash flow provided by financing increased by $1.33 billion
for the year ended December 31, 2007 versus the same period
in 2006 primarily as a result of the acquisition and financing
of 65 aircraft in 2007 as compared to 37 aircraft acquired and
financed in 2006.
Cash Flows
Operating Activities — Net cash flow provided by operations was $42.7 million, $200.2 million and $321.8 million for the years ended December 31, 2006, 2007 and 2008, respectively. Cash flow from operations increased $121.6 million for the years ended December 31, 2008 versus the same period in 2007, primarily as a result of an increase of $150.5 million in lease rentals related to the full year effect in 2008 for aircraft that were acquired in 2007 and an increase of $34.5 million in lease rentals for aircraft acquired in 2008, offset by a $54.3 million increase in cash paid for interest in 2008. Cash flow from operations increased $157.5 million for the year ended December 31, 2007 versus the same period in 2006 as a result of an increase of $130.0 million in lease rentals for aircraft acquired in 2007 and an increase of $63.7 million in lease rentals related to the full year effect in 2007 for aircraft that were acquired in 2006, offset by a $45.7 increase in cash paid for interest in 2007. Investing Activities — Net cash used in investing activities totaled $858.0 million and $2.37 billion for the years ended December 31, 2006 and 2007, respectively. Net cash flow provided by investing activities totaled $37.6 million for the year ended December 31, 2008. Cash flow used in investing activities decreased by $2.41 billion for the year ended December 31, 2008 versus the same period in
Table of Contents2007 primarily as a result of significantly lower aircraft acquisition activity in 2008, with five aircraft acquired and eight aircraft sold in 2008 compared to the acquisition of 65 aircraft and the sale of one aircraft in 2007. Cash flow used in investing activities increased by $1.51 billion for the year ended December 31, 2007 versus the same period in 2006 primarily as a result of significantly higher aircraft acquisition activity in 2007, with 65 aircraft acquired and one sold in 2007 compared to the acquisition of 37 aircraft in 2006. Financing Activities — Net cash flow provided by financing activities totaled $793.5 million and $2.13 billion for the year ended December 31, 2006 and 2007, respectively. Net cash flow used in financing activities was $292.0 million for the year ended December 31, 2008. Cash flow provided by financing decreased by $2.42 billion for the year ended December 31, 2008 versus the same period in 2007 primarily as a result significantly lower aircraft acquisition financing requirement in 2008, with the acquisition and financing of five aircraft in 2008 versus 65 aircraft acquired and financed in 2007. Cash flow provided by financing increased by $1.33 billion for the year ended December 31, 2007 versus the same period in 2006 primarily as a result of the acquisition and financing of 65 aircraft in 2007 as compared to 37 aircraft acquired and financed in 2006. This excerpt taken from the AYR 10-Q filed Nov 17, 2008. Cash
Flows
Operating activities provided net cash flow of
$147.0 million and $214.7 million for the nine months
ended September 30, 2007 and 2008, respectively. Cash flow
from operations increased $67.5 million for the nine months
ended September 30, 2008 versus the same period in 2007 as
a result of the increase in flight equipment held for lease
earning revenue from 109 aircraft at September 30, 2007 to
133 aircraft at September 30, 2008 and a net increase in
other operating items of $10.6 million. Partially
offsetting these increases were reductions in amounts collected
for lease rentals received in advance of $5.2 million,
reductions in accounts payable and accrued liabilities of
$2.7 million and a
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decrease in net income of $1.5 million for the nine months
ended September 30, 2008 compared with the same period in
2007.
Net cash flow used in investing activities totaled
$1.54 billion and $93.0 million for the nine months
ended September 30, 2007 and 2008, respectively. During the
nine months ended September 30, 2008 we made a net
investment of $230.1 million in the acquisition and
improvement of flight equipment as compared to our net
investment of $1.43 billion during the nine months ended
September 30, 2007. The decrease in the acquisition of
flight equipment resulted from fewer aircraft acquisitions
during the nine months ended September 30, 2008 as compared
to the same period in 2007, and as a result of progress payments
made during the first nine months of 2007 for aircraft acquired
during the first nine months of 2008. We invested
$15.3 million in debt investments during the nine months
ended September 30, 2007. We did not sell any debt
investments during the nine months ended September 30,
2007. During the nine months ended September 30, 2008, we
did not invest in any debt investments and we sold
$65.3 million of debt investments. We received
$20.3 million of principal payments on our debt investments
during the nine months ended September 30, 2007 as compared
to $11.7 million during the nine months ended
September 30, 2008. We paid $156.4 million in deposits
on aircraft purchased during the nine months ended
September 30, 2007, as compared to $2.2 million, net
of the receipt of refunds for progress payments previously made,
for aircraft during the nine months ended September 30,
2008. Net cash collateral posted with our derivative
counterparties decreased $25.9 million for the nine months
ended September 30, 2008 as a result of terminating certain
hedge agreements resulting in a net return of collateral. For
the nine months ended September 30, 2007, we posted
$3.7 million with our derivative counterparties. During the
nine months ended September 30, 2007, we received
$34.9 million in proceeds from the sale of an aircraft that
had been classified on the balance sheet as flight equipment
held for sale. During the nine months ended September 30,
2008, we received $48.9 million from the sale of five
aircraft during the period and had $12.3 million of
restricted cash from the disposition of an aircraft held for
sale.
Net cash flow from financing activities totaled
$1.36 billion for the nine months ended September 30,
2007 and net cash flow used in financing activities was
$58.2 million for the nine months ended September 30,
2008, respectively. During the nine months ended
September 30, 2007, we closed Securitization No. 2 in
June 2007 and received proceeds of $1.17 billion. In
February 2007, we completed a follow-on public offering of
15,525,000 common shares at a price of $33.00 per share, raising
$512.3 million before offering costs. The net proceeds of
the offering, after our payment of $17.9 million in
underwriting discounts and commissions and $1.3 million in
offering expenses, were $493.1 million. In addition, during
the nine months ended September 30, 2007, we borrowed
$1.33 billion under our credit facilities and received
$8.9 million in proceeds from terminated cash flow hedges.
We also received $54.4 million from security deposits and
maintenance payments under our leases. These increases for the
nine months ended September 30, 2007 were offset by the
payments of $1.53 billion under our credit facilities,
$96.7 million in dividends, $26.2 million of payments
under our Securitizations No. 1 and No. 2,
$17.1 million of payments under our repurchase agreements
and we reimbursed our lessees $10.4 million in security and
maintenance payments.
During the nine months ended September 30, 2008, we
borrowed $992.7 million under our Term Financing No. 1
and Term Financing No. 2 and $482.7 million under our
credit facilities. We also received $83.8 million from
security deposits and maintenance payments under our leases.
These increases were offset by payments of $1.17 billion
under our credit facilities, $87.5 million of restricted
cash related to the purchase of the remaining aircraft under
Term Financing No. 2 , $85.1 million under our
Securitizations and term financings, $67.7 million under
our repurchase agreements as a result of the sale of our debt
investments, $94.3 million in dividends, $68.3 million
to terminate certain cash flow hedges on our credit facilities
and repurchase agreements, and we reimbursed our lessees
$22.3 million in security and maintenance payments.
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This excerpt taken from the AYR 10-Q filed Aug 8, 2008. Cash
Flows
Operating activities provided net cash flow of
$149.7 million and $179.6 million for the six months
ended June 30, 2007 and June 30, 2008, respectively.
Cash flow from operations increased $29.9 million for the
six months ended June 30, 2008 versus the same period in
2007 as a result of increases in net income of
$7.4 million, depreciation of $49.6 million and a net
increase in other operating items of $17.2 million. The
increase in depreciation was due to the increase in the number
of aircraft owned from 100 at June 30, 2007 to 135 at
June 30, 2008. Partially offsetting these increases were
reductions in amounts collected for lease rentals received in
advance of $7.7 million and in security and maintenance
deposits of $28.7 million. In addition, accounts payable
and accrued liabilities decreased $7.9 million for the six
months ended June 30, 2008 compared with the same period in
2007.
Net cash flow used in investing activities totaled
$1.12 billion and $80.2 million for the six months
ended June 30, 2007 and 2008, respectively. During the six
months ended June 30, 2008 we made a net investment of
$221.3 million in the acquisition and improvement of flight
equipment as compared to our net investment of
$1.07 billion during the six months ended June 30,
2007. The decrease in the acquisition of flight equipment
resulted from fewer aircraft acquisitions during the six months
ended
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June 30, 2008 (five aircraft) as compared to the same
period in 2007 (32 aircraft), and as a result of progress
payments made during the second half of 2007 for aircraft
acquired during the first six months of 2008. We invested
$15.3 million in debt investments during the six months
ended June 30, 2007. We did not sell any debt investments
during the six months ended June 30, 2007. During the six
months ended June 30, 2008, we did not invest in any debt
investments and we sold $65.3 million of debt investments.
We received $13.4 million of principal payments on our debt
investments during the six months ended June 30, 2007 as
compared to $11.5 million during the six months ended
June 30, 2008. We paid $88.4 million in deposits on
aircraft purchased during the six months ended June 30,
2007, as compared to the receipt of refunds for progress
payments previously made for aircraft of $9.0 million
during the six months ended June 30, 2008. Net cash
collateral posted with our derivative counterparties decreased
$34.3 million for the six months ended June 30, 2008
as a result of decreased mark-to-market losses and lower
interest rates as compared to December 31, 2007. For the
six months ended June 30, 2007, we posted $3.7 million
with our derivative counterparties. During the six months ended
June 30, 2007, we received $34.9 million in proceeds
from the sale of an aircraft that had been classified on the
balance sheet as flight equipment held for sale. During the six
months ended June 30, 2008, we received $21.4 million
from the sale of three aircraft during the second quarter of
2008.
Net cash flow from financing activities totaled
$982.0 million for the six months ended June 30, 2007
and net cash flow used in financing activities was
$36.1 million for the six months ended June 30, 2008,
respectively. During the six months ended June 30, 2007, we
closed Securitization No. 2 in June 2007 and received
proceeds of $1.17 billion. In February 2007, we completed a
follow-on public offering of 15,525,000 common shares at a price
of $33.00 per share, raising $512.3 million before offering
costs. The net proceeds of the offering, after our payment of
$17.9 million in underwriting discounts and commissions and
$1.3 million in offering expenses, were
$493.1 million. In addition, during the six months ended
June 30, 2007, we borrowed $1.01 billion under our
credit facilities and received $8.9 million in proceeds
from terminated cash flow hedges. These increases for the six
months ended June 30, 2007 were offset by the payments of
$1.11 billion under our credit facilities, and
$500.6 million of restricted cash related to the purchase
of the remaining aircraft under Securitization No. 2 which
was held by the ACS 2 Group at June 30, 2007. We also paid
$56.2 million in dividends, $10.9 million of payments
under our Securitization No. 1 and $9.4 million of
payments under our repurchase agreements.
During the six months ended June 30, 2008, we borrowed
$786.1 million under our Term Financing No. 1 and
$482.7 million under our credit facilities. This increase
was offset by payments of $1.03 billion under our credit
facilities, $67.7 million under our repurchase agreements
as a result of the sale of our debt investments,
$74.6 million in dividends, $68.3 million to terminate
certain cash flow hedges on our credit facilities and repurchase
agreements, and $49.5 million under our Securitizations and
term debt financings.
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This excerpt taken from the AYR 8-K filed Sep 26, 2007. Cash Flows
Operating activities provided net cash flow of $20.6 million for the year ended December 31, 2005 and provided net cash flow of $135.3 million in the year ended December 31, 2006. Cash flow from operations is primarily generated from rents received pursuant to the lease agreements on our aircraft. It is reduced by interest paid on our borrowings and by selling, general and administrative expenses. The amount of rent we receive depends on various factors, including the size, age and composition of our aircraft portfolio. Our aircraft lease agreements generally provide for the periodic payment of a fixed amount of rent over the life of the lease. However, the amount of rent we receive may vary due to several factors, including the credit worthiness of our lessees and the occurrence of delinquencies and defaults. It is also affected by the extent to which aircraft are off-lease and our ability to remarket aircraft that are nearing the end of their leases. Our success in re-leasing aircraft is affected by market conditions for our aircraft and by general industry trends. At December 31, 2005, all 31 of our aircraft were on-lease. At December 31, 2006, all 68 of our aircraft were on-lease. Cash flow provided by operations is also affected by the interest expense we pay on our credit facilities and by our decisions to hedge the risk of changing interest rates. All of our debt is currently floating rate and varies with changes in LIBOR. To the extent interest rates increase, we may be liable for more interest payments to our lenders. Our practice has been to hedge the expected future interest payments on a portion of our floating rate liabilities by entering into derivative contracts. However, we remain exposed to changes in interest rates to the extent we decide to remain unhedged and the degree to which our hedges are not perfectly correlated to the hedged future cash flows. Net cash flow used in investing activities totaled $742.1 million and $920.9 million for the years ended December 31, 2005 and 2006, respectively. The period to period increase reflects the increase in our
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acquisition of aviation assets during this time. During the year ended December 31, 2006 we acquired 37 aircraft as compared to 29 aircraft during the year ended December 31, 2005, resulting in our gross investment of $900.3 million in the acquisition and improvement of flight equipment during the year ended December 31, 2006 or $882.9 million, net of accrued liabilities as compared to our gross investments of $666.0 million or $664.6 million, net of accrued liabilities during the year ended December 31, 2005. We also invested $92.7 million in debt securities during the year ended December 31, 2006 as compared to $29.4 million during the year ended December 31, 2005. We paid $45.3 million in deposits on aircraft purchased during the year ended December 31, 2006, as compared to $5.6 million during the year ended December 31, 2005. Cash outflows from investing activities during the year ended December 31, 2006 are partially offset by proceeds of $57.2 million from the sale of an aircraft in March 2006 that had been reported as discontinued operations. Net cash flow from financing activities totaled $801.5 million and $763.8 for the year ended December 31, 2005 and 2006, respectively. The period to period decrease primarily reflects the growth in cash flows provided by operating activities (as noted above) and our strategy for financing aircraft acquisitions on an interim basis by reinvesting a portion of this internally generated cash to finance aircraft acquisitions in an amount approximately equal to depreciation expense and by borrowings under our credit facilities, until we aggregate a large enough portfolio to securitize. Borrowings under our credit facilities are collateralized by leases on our aircraft, ownership interest in our subsidiaries that own aircraft, cash on deposit in lockbox accounts and other assets held by the collateral agent and rights under the service provider agreements and certain other agreements. On August 11, 2006, we completed our initial public offering of 10,454,535 common shares at a price of $23.00 per share, raising approximately $240.5 million before offering costs. The net proceeds of the initial public offering, after our payment of $16.8 million in underwriting discounts and commissions and $4.1 in offering expenses, were $219.6 million, of which $205.5 million was used to repay a portion of the outstanding balance on Amended Credit Facility No. 2. The remainder of the net proceeds were used for working capital requirements and to fund additional aircraft acquisitions. On February 13, 2007, we completed a follow-on public offering of 15,525,000 common shares at a price of $33.00 per share, raising $512.3 million before offering costs. The net proceeds of the offering, after our payment of $17.9 million in underwriting discounts and commissions and $1.6 million in offering expenses, were $492.8 million, $398.1 million of which was used to repay borrowings under Amended Credit Facility No. 2 and $75.0 million of which was used to repay borrowings under the Revolving Credit Facility. The remainder of the net proceeds was used for other general corporate purposes. On June 15, 2006, we closed our first portfolio securitization, which we refer to as Securitization No. 1. The net proceeds from Securitization No. 1 were used to pay down $441.2 million of debt on Credit Facility No. 1 and $45.0 million on Amended Credit Facility No. 2 and for working capital purposes. We also repaid $36.7 million of debt outstanding on Credit Facility No. 3 on March 31, 2006 when we sold one of the aircraft that had been financed under this facility. The aircraft had been classified as held for sale for accounting purposes and results of operations related to the aircraft have been reported in Discontinued Operations. Net cash flow from financing activities for the year ended December 31, 2006 also reflects the receipt of $76.0 million from repurchase agreements. The cash flow is primarily related to the acquisition and financing of two debt securities on March 10, 2006. In 2004, the Fortress funds committed to invest $400 million of equity in Aircastle. Of this amount, $93.1 million was contributed in 2004 and the remaining $306.9 million was invested in 2005. In 2005, we borrowed a total of $490.6 million on secured credit facilities and $8.7 million on repurchase agreements. During 2006, we received cash from credit facilities and securitizations of $501.5 million, net of repayments, to finance investments in aircraft, and we received cash from repurchase agreements of $75.0 million, net of repayments, to finance the acquisition of debt securities. The borrowings under our credit facilities were collateralized by leases on our aircraft, ownership interests in the subsidiaries that own the
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aircraft, cash on deposit in lockbox accounts and other assets held by the collateral agent and rights under the service provider agreement and certain other agreements. | EXCERPTS ON THIS PAGE:
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