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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Revenues
Revenues are comprised primarily of operating lease rentals on
flight equipment held for lease. In addition, we recognize
revenue from retained maintenance payments related to lease
expirations. Typically, our aircraft are subject to net
operating leases whereby the lessee pays rentals and is
generally responsible for maintaining the aircraft and paying
operational, maintenance and insurance costs, although in a
majority of cases we are obligated to pay a portion of specified
maintenance or modification costs. The amount of rent we receive
depends on various factors, including the type, size and age of
the aircraft in our portfolio. Lease payments are typically
denominated in U.S. dollars. Lease rental revenue is
recognized on a straight-line basis over the term of the lease.
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. Our lease rental
revenues are 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 in order to minimize their off-lease
time. Our success in re-leasing aircraft is affected by market
conditions relating to our aircraft and by general industry
trends. An increase in the percentage of off-lease aircraft or a
reduction in lease rates upon remarketing would negatively
impact our revenues.
Revenues Revenues are comprised primarily of operating lease rentals on flight equipment held for lease. In addition, we recognize revenue from retained maintenance payments related to lease expirations. Typically, our aircraft are subject to net operating leases whereby the lessee pays rentals and is generally responsible for maintaining the aircraft and paying operational, maintenance and insurance costs, although in a majority of cases we are obligated to pay a portion of specified maintenance or modification costs. The amount of rent we receive depends on various factors, including the type, size and age of the aircraft in our portfolio. Lease payments are typically denominated in U.S. dollars. Lease rental revenue is recognized on a straight-line basis over the term of the lease. 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. Our lease rental revenues are 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 in order to minimize their off-lease time. Our success in re-leasing aircraft is affected by market conditions relating to our aircraft and by general industry trends. An increase in the percentage of off-lease aircraft or a reduction in lease rates upon remarketing would negatively impact our revenues. Revenues:
Total revenues increased by 52.9% or $201.5 million for the
year ended December 31, 2008 as compared to the year ended
December 31, 2007, primarily as a result of the following:
Lease Rentals. The increase in lease rentals
of $208.7 million for the year ended December 31, 2008
as compared to the same period in 2007 was primarily due to the
effect of a full year of lease rental revenue for the aircraft
acquired during 2007 and lease rental revenue related to
aircraft acquired in 2008. Also contributing to the increase was
revenue from maintenance payments related to scheduled lease
expirations and lease expirations following customer
bankruptcies in the amount of $34.5 million that was
recognized during 2008.
Interest Income. The decrease in interest
income of $7.2 million was primarily due to the sale of two
of our debt investments in February 2008, which we owned during
the year ended December 31, 2007.
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Revenues:
Total revenues increased by 108.4% or $198.2 million for
the year ended December 31, 2007 as compared to the year
ended December 31, 2006, primarily as a result of the
following:
Lease rentals. The increase in lease rentals
of $196.3 million for the year ended December 31, 2007
as compared to the same period in 2006 was primarily due to the
effect of a full year of lease rental revenue for the aircraft
acquired during 2006 and lease rental revenue related to
aircraft acquired in 2007. Our portfolio increased from 68
aircraft on lease at December 31, 2006 to 133 aircraft at
December 31, 2007, all of which were on-lease or in
freighter conversion.
Interest Income. The increase in interest
income of $1.4 million was primarily due to additional
interest received on a loan secured by a commercial jet aircraft
that we acquired in the first quarter of 2007.
Revenues: Total revenues increased by 52.9% or $201.5 million for the year ended December 31, 2008 as compared to the year ended December 31, 2007, primarily as a result of the following: Lease Rentals. The increase in lease rentals of $208.7 million for the year ended December 31, 2008 as compared to the same period in 2007 was primarily due to the effect of a full year of lease rental revenue for the aircraft acquired during 2007 and lease rental revenue related to aircraft acquired in 2008. Also contributing to the increase was revenue from maintenance payments related to scheduled lease expirations and lease expirations following customer bankruptcies in the amount of $34.5 million that was recognized during 2008. Interest Income. The decrease in interest income of $7.2 million was primarily due to the sale of two of our debt investments in February 2008, which we owned during the year ended December 31, 2007.
Table of ContentsRevenues: Total revenues increased by 108.4% or $198.2 million for the year ended December 31, 2007 as compared to the year ended December 31, 2006, primarily as a result of the following: Lease rentals. The increase in lease rentals of $196.3 million for the year ended December 31, 2007 as compared to the same period in 2006 was primarily due to the effect of a full year of lease rental revenue for the aircraft acquired during 2006 and lease rental revenue related to aircraft acquired in 2007. Our portfolio increased from 68 aircraft on lease at December 31, 2006 to 133 aircraft at December 31, 2007, all of which were on-lease or in freighter conversion. Interest Income. The increase in interest income of $1.4 million was primarily due to additional interest received on a loan secured by a commercial jet aircraft that we acquired in the first quarter of 2007. This excerpt taken from the AYR 10-Q filed Nov 17, 2008. Revenues:
Total revenues increased by 63.1% or $164.4 million for the
nine months ended September 30, 2008 as compared to the
nine months ended September 30, 2007, primarily as a result
of the following:
Lease Rentals. The increase in lease rentals
of $169.6 million for the nine months ended
September 30, 2008 as compared to the same period in 2007
was primarily due to the increase in our owned aircraft
portfolio, increasing from 109 aircraft on lease at
September 30, 2007 to 133 aircraft at September 30,
2008, three of which were off-lease, and an average 12% increase
in lease rental rates for lease renewals which occurred during
the nine months ended September 30, 2008, and revenue from
maintenance payments related to lease expirations in the amount
of $9.6 million that were recognized during the second and
third quarters of 2008.
Interest Income. The decrease in interest
income of $5.2 million was primarily due to the sale of two
of our debt investments in February 2008, which we owned during
the nine months ended September 30, 2007.
This excerpt taken from the AYR 10-Q filed Aug 8, 2008. Revenues:
Total revenues increased by 80.7% or $125.2 million for the
six months ended June 30, 2008 as compared to the six
months ended June 30, 2007, primarily as a result of the
following:
Lease Rentals. The increase in lease rentals
of $128.6 million for the six months ended June 30,
2008 as compared to the same period in 2007 was primarily due to
the increase in our owned aircraft portfolio, increasing from
100 aircraft on lease at June 30, 2007 to 135 aircraft at
June 30, 2008, two of which were off-lease, and an average
12% increase in lease rental rates for lease renewals which
occurred during the six months ended June 30, 2008, and
revenue from maintenance payments related
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to lease expirations in the amount of $4.1 million that
were recognized during the second quarter of 2008.
Interest Income. The decrease in interest
income of $3.4 million was primarily due to the sale of two
of our debt investments in February 2008, which we owned during
the six months ended June 30, 2007.
This excerpt taken from the AYR 10-Q filed May 9, 2008. Revenues: |  | | | | | | | | | | |||||||||
| Lease rentals | | | | $ | 67,358 | | | | | $ | 133,627 | | |||||||
| Interest income | | | | | 2,588 | | | | | | 1,291 | | |||||||
| Other revenue | | | | | 58 | | | | | | 38 | | |||||||
| Total revenues | | | | | 70,004 | | | | | | 134,956 | | |||||||
This excerpt taken from the AYR 8-K filed Sep 26, 2007. Revenues Revenues in our Aircraft Leasing segment are comprised of operating lease rentals on flight equipment held for lease. The amount of rent we receive depends on various factors, including the type, size and age of the aircraft in our portfolio. Lease rental revenue is recognized on a straight-line basis over the term of the lease. 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. Our lease rental revenues are 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 in order to minimize their off-lease time. Our success in re-leasing aircraft is affected by market conditions relating to our aircraft and by general industry trends. An increase in the percentage of off-lease aircraft or a reduction in lease rates upon remarketing would negatively impact our revenues. Revenues in our Aircraft Leasing segment for the year ended December 31, 2005 were $28.6 million as compared to $173.6 million for the year ended December 31, 2006. Our revenues increased significantly from 2005 to 2006 as a result of aircraft acquisitions in 2006 which caused our aircraft fleet to grow from 31 aircraft at December 31, 2005 to 68 aircraft (excluding one aircraft reclassified as held-for-sale) at December 31, 2006, all of which were on-lease. Revenues in our Debt Investments segment are recognized using the effective interest method. Certain investments which represent residual interests are accounted for using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest. Revenues in our Debt Investments segment for the year ended December 31, 2005 were $3.0 million as compared to $9.0 million for the year ended December 31, 2006. This excerpt taken from the AYR 10-Q filed May 15, 2007. Revenues |
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| Lease rentals | |
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$ | 29,752 | |
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$ | 67,358 | |
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| Interest income | |
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1,641 | |
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2,588 | |
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| Other revenue | |
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58 | |
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| Total revenues | |
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31,393 | |
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70,004 | |
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