☑ |
☐ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1345 Avenue of the Americas, 45th Floor | New York | NY | 10105 | |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Trading Symbol: | Name of exchange on which registered: | |||
Ordinary shares, $0.01 par value per share | FTAI | The Nasdaq Global Select Market | ||
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares | FTAIP | The Nasdaq Global Select Market | ||
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares | FTAIO | The Nasdaq Global Select Market | ||
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares | FTAIN | The Nasdaq Global Select Market |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||
Emerging growth company | ☐ |
PART I - FINANCIAL INFORMATION | ||
Item 1. | ||
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Item 2. | 32 | |
Item 3. | 46 | |
Item 4. | 46 | |
PART II - OTHER INFORMATION | ||
Item 1. | 46 | |
Item 1A. | 46 | |
Item 2. | 65 | |
Item 3. | 65 | |
Item 4. | 65 | |
Item 5. | 65 | |
Item 6. | 65 |
Item 1. | Financial Statements |
(Unaudited) September 30, | December 31, | ||||||||||
Notes | 2022 | 2021 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | 2 | $ | 15,597 | $ | 2,158 | ||||||
Accounts receivable, net | 2 | 82,877 | 121,257 | ||||||||
Leasing equipment, net | 3 | 1,559,575 | 1,714,136 | ||||||||
Finance leases, net | 4 | 7,094 | 7,583 | ||||||||
Investments | 5 | 22,280 | 22,917 | ||||||||
Intangible assets, net | 6 | 29,416 | 30,962 | ||||||||
Inventory, net | 2 | 160,019 | 100,308 | ||||||||
Other assets | 2 | 141,294 | 97,531 | ||||||||
Total assets | $ | 2,018,152 | $ | 2,096,852 | |||||||
Liabilities | |||||||||||
Accounts payable and accrued liabilities | $ | 26,982 | $ | 32,058 | |||||||
Management fees payable to affiliate | 11 | 46,095 | 43,477 | ||||||||
Loans payable to affiliate | 7 | 27,090 | 25,181 | ||||||||
Maintenance deposits | 2 | 51,430 | 106,164 | ||||||||
Security deposits | 2 | 25,905 | 38,639 | ||||||||
Other liabilities | 47,383 | 31,274 | |||||||||
Total liabilities | $ | 224,885 | $ | 276,793 | |||||||
Commitments and contingencies | 14 | ||||||||||
Equity | |||||||||||
Ordinary shares ($1.00 par value per share; 50,000 shares authorized; 105.2 and 100.0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively) | — | — | |||||||||
Additional paid in capital | 1,087,534 | 1,139,628 | |||||||||
Retained earnings | 705,733 | 680,431 | |||||||||
Total equity | 1,793,267 | 1,820,059 | |||||||||
Total liabilities and equity | $ | 2,018,152 | $ | 2,096,852 |
(Unaudited) | |||||||||
Notes | September 30, | December 31, | |||||||
(Dollar amounts in thousands, except share and per share data) | 2017 | 2016 | |||||||
Assets | |||||||||
Cash and cash equivalents | 2 | $ | 176,357 | $ | 68,055 | ||||
Restricted cash | 2 | 36,458 | 65,441 | ||||||
Accounts receivable, net | 27,926 | 21,358 | |||||||
Leasing equipment, net | 3 | 929,364 | 765,455 | ||||||
Finance leases, net | 4 | 9,370 | 9,717 | ||||||
Property, plant, and equipment, net | 5 | 464,399 | 352,181 | ||||||
Investments (includes $30,470 and $17,630 available-for-sale securities at fair value as of September 30, 2017 and December 31, 2016, respectively) | 6 | 67,792 | 39,978 | ||||||
Intangible assets, net | 7 | 33,882 | 38,954 | ||||||
Goodwill | 116,584 | 116,584 | |||||||
Other assets | 2 | 47,789 | 69,589 | ||||||
Total assets | $ | 1,909,921 | $ | 1,547,312 | |||||
Liabilities | |||||||||
Accounts payable and accrued liabilities | $ | 51,684 | $ | 38,239 | |||||
Debt, net | 8 | 655,580 | 259,512 | ||||||
Maintenance deposits | 81,775 | 45,394 | |||||||
Security deposits | 24,752 | 19,947 | |||||||
Other liabilities | 18,207 | 18,540 | |||||||
Total liabilities | $ | 831,998 | $ | 381,632 | |||||
Commitments and contingencies | 16 | ||||||||
Equity | |||||||||
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 75,771,738 and 75,750,943 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively) | 758 | 758 | |||||||
Additional paid in capital | 1,010,026 | 1,084,757 | |||||||
Accumulated deficit | (41,709 | ) | (38,833 | ) | |||||
Accumulated other comprehensive income | 11,638 | 7,130 | |||||||
Shareholders' equity | 980,713 | 1,053,812 | |||||||
Non-controlling interest in equity of consolidated subsidiaries | 97,210 | 111,868 | |||||||
Total equity | 1,077,923 | 1,165,680 | |||||||
Total liabilities and equity | $ | 1,909,921 | $ | 1,547,312 |
(Dollar amounts in thousands, except share and per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Notes | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | |||||||||||||||||
Equipment leasing revenues | $ | 49,616 | $ | 30,054 | $ | 121,387 | $ | 71,980 | |||||||||
Infrastructure revenues | 10,746 | 11,672 | 34,842 | 34,394 | |||||||||||||
Total revenues | 10 | 60,362 | 41,726 | 156,229 | 106,374 | ||||||||||||
Expenses | |||||||||||||||||
Operating expenses | 23,688 | 17,028 | 66,025 | 48,937 | |||||||||||||
General and administrative | 3,439 | 3,205 | 10,615 | 9,154 | |||||||||||||
Acquisition and transaction expenses | 1,732 | 1,688 | 5,064 | 4,622 | |||||||||||||
Management fees and incentive allocation to affiliate | 13 | 3,771 | 4,146 | 11,529 | 12,725 | ||||||||||||
Depreciation and amortization | 3, 5, 7 | 24,784 | 15,376 | 62,382 | 43,294 | ||||||||||||
Interest expense | 8,914 | 5,416 | 21,292 | 15,839 | |||||||||||||
Total expenses | 66,328 | 46,859 | 176,907 | 134,571 | |||||||||||||
Other income (expense) | |||||||||||||||||
Equity in earnings (losses) of unconsolidated entities | 6 | 132 | (1,161 | ) | (1,461 | ) | (1,335 | ) | |||||||||
Gain on sale of equipment and finance leases, net | 2,709 | 40 | 6,726 | 3,307 | |||||||||||||
Loss on extinguishment of debt | 8 | — | — | (2,456 | ) | (1,579 | ) | ||||||||||
Asset impairment | — | — | — | (7,450 | ) | ||||||||||||
Interest income | 215 | 206 | 582 | 87 | |||||||||||||
Other income | 2,148 | 485 | 2,180 | 583 | |||||||||||||
Total other income (expense) | 5,204 | (430 | ) | 5,571 | (6,387 | ) | |||||||||||
Loss before income taxes | (762 | ) | (5,563 | ) | (15,107 | ) | (34,584 | ) | |||||||||
Provision for income taxes | 12 | 909 | 83 | 1,585 | 195 | ||||||||||||
Net loss | (1,671 | ) | (5,646 | ) | (16,692 | ) | (34,779 | ) | |||||||||
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (4,669 | ) | (4,370 | ) | (13,816 | ) | (16,528 | ) | |||||||||
Net income (loss) attributable to shareholders | $ | 2,998 | $ | (1,276 | ) | $ | (2,876 | ) | $ | (18,251 | ) | ||||||
Earnings/(loss) per share | 15 | ||||||||||||||||
Basic | $ | 0.04 | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.24 | ) | ||||||
Diluted | $ | 0.04 | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.24 | ) | ||||||
Weighted Average Shares Outstanding: | |||||||||||||||||
Basic | 75,770,529 | 75,746,200 | 75,765,144 | 75,734,587 | |||||||||||||
Diluted | 75,770,665 | 75,746,200 | 75,765,144 | 75,734,587 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Notes | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Revenues | 9 | $ | 218,249 | $ | 93,938 | $ | 412,205 | $ | 228,482 | ||||||||||
Expenses | |||||||||||||||||||
Operating expenses | 2 | 14,612 | 10,130 | 83,651 | 20,641 | ||||||||||||||
Cost of sales | 2 | 95,948 | 5,367 | 120,139 | 8,577 | ||||||||||||||
General and administrative | 3,354 | 2,862 | 9,125 | 7,166 | |||||||||||||||
Acquisition and transaction expenses | 2,848 | 1,132 | 5,449 | 3,710 | |||||||||||||||
Management fees and incentive allocation to affiliate | 11 | 539 | 2,116 | 4,692 | 7,027 | ||||||||||||||
Depreciation and amortization | 3 | 32,877 | 34,825 | 106,567 | 102,194 | ||||||||||||||
Asset impairment | 3 | 4,495 | 859 | 128,171 | 3,048 | ||||||||||||||
Interest expense | 644 | 584 | 1,910 | 1,734 | |||||||||||||||
Total expenses | 155,317 | 57,875 | 459,704 | 154,097 | |||||||||||||||
Other income (expense) | |||||||||||||||||||
Equity in losses of unconsolidated entities | 5 | (358 | ) | (369 | ) | (125 | ) | (1,050 | ) | ||||||||||
Gain on sale of assets, net | — | 12,685 | 79,933 | 17,467 | |||||||||||||||
Other income (expense) | 42 | (1,341 | ) | 245 | (717 | ) | |||||||||||||
Total other income (expense) | (316 | ) | 10,975 | 80,053 | 15,700 | ||||||||||||||
Income before income taxes | 62,616 | 47,038 | 32,554 | 90,085 | |||||||||||||||
Provision for income taxes | 10 | 3,818 | 500 | 7,252 | 1,037 | ||||||||||||||
Net income attributable to shareholders | $ | 58,798 | $ | 46,538 | $ | 25,302 | $ | 89,048 | |||||||||||
Earnings per share: | 13 | ||||||||||||||||||
Basic | $ | 558.92 | $ | 465.38 | $ | 244.46 | $ | 890.48 | |||||||||||
Diluted | $ | 558.92 | $ | 465.38 | $ | 244.46 | $ | 890.48 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 105.2 | 100.0 | 103.5 | 100.0 | |||||||||||||||
Diluted | 105.2 | 100.0 | 103.5 | 100.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net loss | $ | (1,671 | ) | $ | (5,646 | ) | $ | (16,692 | ) | $ | (34,779 | ) | |||
Other comprehensive income (loss): | |||||||||||||||
Change in fair value of cash flow hedge | — | — | — | (97 | ) | ||||||||||
Change in fair value of available-for-sale securities | 5,784 | — | 4,508 | — | |||||||||||
Comprehensive income (loss) | 4,113 | (5,646 | ) | (12,184 | ) | (34,876 | ) | ||||||||
Comprehensive loss attributable to non-controlling interest | (4,669 | ) | (4,370 | ) | (13,816 | ) | (16,528 | ) | |||||||
Comprehensive income (loss) attributable to shareholders | $ | 8,782 | $ | (1,276 | ) | $ | 1,632 | $ | (18,348 | ) |
Three and Nine Months Ended September 30,2022 | ||||||||||||
Additional Paid In Capital | Retained Earnings | Total Equity | ||||||||||
Equity - December 31, 2021 | $ | 1,139,628 | $ | 680,431 | $ | 1,820,059 | ||||||
Net loss | — | (33,496 | ) | (33,496 | ) | |||||||
Capital contributions | 230,766 | — | 230,766 | |||||||||
Capital distributions | (104,821 | ) | — | (104,821 | ) | |||||||
Equity - June 30, 2022 | $ | 1,265,573 | $ | 646,935 | $ | 1,912,508 | ||||||
Net income | — | 58,798 | 58,798 | |||||||||
Capital contributions | 11,365 | — | 11,365 | |||||||||
Capital distributions | (189,404 | ) | — | (189,404 | ) | |||||||
Equity - September 30, 2022 | $ | 1,087,534 | $ | 705,733 | $ | 1,793,267 |
Three and Nine Months Ended September 30,2021 | ||||||||||||
Additional Paid In Capital | Retained Earnings | Total Equity | ||||||||||
Equity - December 31, 2020 | $ | 897,089 | $ | 550,560 | $ | 1,447,649 | ||||||
Net income | — | 42,510 | 42,510 | |||||||||
Capital contributions | 140,273 | — | 140,273 | |||||||||
Capital distributions | (88,159 | ) | — | (88,159 | ) | |||||||
Equity - June 30, 2021 | $ | 949,203 | $ | 593,070 | $ | 1,542,273 | ||||||
Net income | — | 46,538 | 46,538 | |||||||||
Capital contributions | 109,191 | — | 109,191 | |||||||||
Capital distributions | (56,803 | ) | — | (56,803 | ) | |||||||
Equity - September 30, 2021 | $ | 1,001,591 | $ | 639,608 | $ | 1,641,199 |
(Dollar amounts in thousands) | Common Stock | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Non-Controlling Interest in Equity of Consolidated Subsidiaries | Total Equity | |||||||||||||||||
Equity - December 31, 2016 | $ | 758 | $ | 1,084,757 | $ | (38,833 | ) | $ | 7,130 | $ | 111,868 | $ | 1,165,680 | ||||||||||
Comprehensive loss: | |||||||||||||||||||||||
Net loss for the period | (2,876 | ) | (13,816 | ) | (16,692 | ) | |||||||||||||||||
Other comprehensive loss | — | 4,508 | — | 4,508 | |||||||||||||||||||
Total comprehensive loss | (2,876 | ) | 4,508 | (13,816 | ) | (12,184 | ) | ||||||||||||||||
Capital contributions | 1,261 | 1,261 | |||||||||||||||||||||
Transfer of non-controlling interest | (2,798 | ) | (2,798 | ) | |||||||||||||||||||
Dividends declared | (75,041 | ) | — | (75,041 | ) | ||||||||||||||||||
Issuance of common shares | 310 | — | 310 | ||||||||||||||||||||
Equity-based compensation | — | 695 | 695 | ||||||||||||||||||||
Equity - September 30, 2017 | $ | 758 | $ | 1,010,026 | $ | (41,709 | ) | $ | 11,638 | $ | 97,210 | $ | 1,077,923 |
Nine Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 25,302 | $ | 89,048 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Equity in losses of unconsolidated entities | 125 | 1,050 | ||||||
Gain on sale of assets, net | (106,169 | ) | (17,467 | ) | ||||
Security deposits and maintenance claims included in earnings | (31,558 | ) | (30,866 | ) | ||||
Depreciation and amortization | 106,567 | 102,194 | ||||||
Payment-in-kind interest | 1,910 | 1,734 | ||||||
Asset impairment | 128,171 | 3,048 | ||||||
Change in deferred income taxes | 6,614 | (23 | ) | |||||
Amortization of lease intangibles and incentives | 30,315 | 21,348 | ||||||
Provision for credit losses | 47,128 | 821 | ||||||
Change in: | ||||||||
Accounts receivable, net | (25,933 | ) | (38,575 | ) | ||||
Inventory, net | (11,041 | ) | (11,918 | ) | ||||
Other assets | (1,211 | ) | 972 | |||||
Accounts payable and accrued liabilities | (19,659 | ) | (3,677 | ) | ||||
Management fees payable to affiliate | 2,618 | 15,692 | ||||||
Other liabilities | (1,875 | ) | (1,553 | ) | ||||
Net cash provided by operating activities | 151,304 | 131,828 | ||||||
Cash flows from investing activities: | ||||||||
Distribution from unconsolidated entities | 512 | — | ||||||
Principal collections on finance leases | 2,165 | 1,707 | ||||||
Acquisition of leasing equipment | (360,642 | ) | (298,912 | ) | ||||
Acquisition of property, plant and equipment | (949 | ) | (1,121 | ) | ||||
Acquisition of lease intangibles | (6,542 | ) | (7,403 | ) | ||||
Purchase deposits for aircraft and engines | (28,621 | ) | (13,790 | ) | ||||
Proceeds from sale of leasing equipment | 262,096 | 78,463 | ||||||
Proceeds from deposit of sale of aircraft and engines | 7,801 | 600 | ||||||
Return of purchase deposits | — | 1,010 | ||||||
Net cash used in investing activities | $ | (124,180 | ) | $ | (239,446 | ) |
Nine Months Ended September 30, | |||||||
(Dollar amounts in thousands) | 2017 | 2016 | |||||
Cash flows from operating activities: | |||||||
Net loss | $ | (16,692 | ) | $ | (34,779 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Equity losses of unconsolidated entities | 1,461 | 1,335 | |||||
Gain on sale of equipment and finance leases, net | (6,726 | ) | (3,307 | ) | |||
Security deposits and maintenance claims included in earnings | (60 | ) | (300 | ) | |||
Loss on extinguishment of debt | 2,456 | 1,579 | |||||
Equity-based compensation | 695 | (3,818 | ) | ||||
Depreciation and amortization | 62,382 | 43,294 | |||||
Gain on settlement of liabilities | (1,093 | ) | — | ||||
Asset impairment | — | 7,450 | |||||
Change in current and deferred income taxes | 551 | (399 | ) | ||||
Change in fair value of non-hedge derivative | (1,036 | ) | 3 | ||||
Amortization of lease intangibles and incentives | 5,193 | 4,783 | |||||
Amortization of deferred financing costs | 3,120 | 1,927 | |||||
Operating distributions from unconsolidated entities | — | 30 | |||||
Bad debt expense | 63 | 134 | |||||
Other | 566 | 100 | |||||
Change in: | |||||||
Accounts receivable | (7,984 | ) | (6,263 | ) | |||
Other assets | 10,595 | (4,070 | ) | ||||
Accounts payable and accrued liabilities | 862 | 2,396 | |||||
Management fees payable to affiliate | (554 | ) | 1 | ||||
Other liabilities | (1,356 | ) | 5,566 | ||||
Net cash provided by operating activities | 52,443 | 15,662 | |||||
Cash flows from investing activities: | |||||||
Change in restricted cash | 28,983 | (799 | ) | ||||
Investment in notes receivable | — | (3,066 | ) | ||||
Investment in unconsolidated entities and available for sale securities | (24,903 | ) | (1,754 | ) | |||
Principal collections on finance leases | 347 | 2,406 | |||||
Acquisition of leasing equipment | (267,451 | ) | (114,012 | ) | |||
Acquisition of property plant and equipment | (86,455 | ) | (47,454 | ) | |||
Acquisition of lease intangibles | (1,583 | ) | (812 | ) | |||
Purchase deposit for aircraft and aircraft engines | (11,785 | ) | (10,225 | ) | |||
Proceeds from sale of finance leases | — | 71,000 | |||||
Proceeds from sale of leasing equipment | 87,093 | 15,905 | |||||
Proceeds from sale of property, plant and equipment | 51 | 125 | |||||
Proceeds from deposit on sale of leasing equipment | — | 250 | |||||
Return of capital distributions from unconsolidated entities | — | 432 | |||||
Net cash used in investing activities | $ | (275,703 | ) | $ | (88,004 | ) |
Nine Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
Cash flows from financing activities: | ||||||||
Receipt of security deposits | 2,636 | 1,390 | ||||||
Return of security deposits | (935 | ) | (1,034 | ) | ||||
Receipt of maintenance deposits | 37,586 | 23,075 | ||||||
Release of maintenance deposits | (878 | ) | (19,615 | ) | ||||
Capital contributions from Parent | 242,131 | 249,464 | ||||||
Capital distributions to Parent | (294,225 | ) | (144,962 | ) | ||||
Net cash (used in) provided by financing activities | (13,685 | ) | 108,318 | |||||
Net increase in cash and cash equivalents | 13,439 | 700 | ||||||
Cash and cash equivalents, beginning of period | 2,158 | 1,388 | ||||||
Cash and cash equivalents, end of period | $ | 15,597 | $ | 2,088 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Acquisition and transfers of leasing equipment | $ | 124,932 | $ | 66,988 | ||||
Assumed and settled security deposits | (12,161 | ) | (1,909 | ) | ||||
Assumed and settled maintenance deposits | (73,136 | ) | (30,302 | ) |
Nine Months Ended September 30, | |||||||
(Dollar amounts in thousands) | 2017 | 2016 | |||||
Cash flows from financing activities: | |||||||
Proceeds from debt | $ | 417,191 | $ | 110,658 | |||
Repayment of debt | (22,623 | ) | (157,603 | ) | |||
Payment of other liabilities to non-controlling interest holder | — | (1,000 | ) | ||||
Payment of deferred financing costs | (3,232 | ) | (3,935 | ) | |||
Receipt of security deposits | 5,826 | 3,340 | |||||
Return of security deposits | (3,232 | ) | (316 | ) | |||
Receipt of maintenance deposits | 18,784 | 10,806 | |||||
Release of maintenance deposits | (6,111 | ) | (5,653 | ) | |||
Capital contributions from non-controlling interests | — | 7,433 | |||||
Settlement of equity-based compensation | — | (200 | ) | ||||
Cash dividends | (75,041 | ) | (75,017 | ) | |||
Net cash provided by (used in) financing activities | $ | 331,562 | $ | (111,487 | ) | ||
Net increase (decrease) in cash and cash equivalents | 108,302 | (183,829 | ) | ||||
Cash and cash equivalents, beginning of period | 68,055 | 381,703 | |||||
Cash and cash equivalents, end of period | $ | 176,357 | $ | 197,874 | |||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Restricted cash proceeds from borrowings of debt | $ | — | $ | 44,342 | |||
Proceeds from borrowings of debt | 108,089 | — | |||||
Repayment and settlement of debt | (102,352 | ) | — | ||||
Acquisition of leasing equipment | (28,335 | ) | (3,451 | ) | |||
Acquisition of property, plant and equipment | (36,770 | ) | (11,519 | ) | |||
Settled and assumed security deposits | 2,272 | (272 | ) | ||||
Billed, assumed and settled maintenance deposits | 23,226 | 3,923 | |||||
Deferred financing costs | (7,867 | ) | (2,884 | ) | |||
Non-cash contribution from non-controlling interest | 1,261 | — | |||||
Transfer of non-controlling interest | (2,798 | ) | — |
Asset | Range of Estimated Useful Lives | Residual Value Estimates | ||
Aircraft | 25 years from date of manufacture | Generally not to exceed 15% of manufacturer’s list price when new | ||
Aircraft engines | 2 - 6 years, based on maintenance adjusted service life | Sum of engine core salvage value plus the estimated fair value of life limited parts | ||
Aviation tooling and equipment | 3 - 6 years from date of purchase | Scrap value at end of useful life | ||
Furniture and fixtures | 3 - 6 years from date of purchase | None |
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
Leasing equipment | 1,990,115 | $ | 2,122,428 | |||||
Less: Accumulated depreciation | (430,540 | ) | (408,292 | ) | ||||
Leasing equipment, net | $ | 1,559,575 | $ | 1,714,136 |
September 30, 2017 | December 31, 2016 | ||||||
Leasing equipment | $ | 1,055,548 | $ | 849,565 | |||
Less: accumulated depreciation | (126,184 | ) | (84,110 | ) | |||
Leasing equipment, net | $ | 929,364 | $ | 765,455 |
Acquisitions: | ||||
Aircraft | 23 | |||
Engines | 45 | |||
Dispositions: | ||||
Aircraft | 5 | |||
Engines | 50 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Depreciation expense for leasing equipment | $ | 32,728 | $ | 34,718 | $ | 106,180 | $ | 101,992 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation expense for leasing equipment | $ | 19,792 | $ | 11,322 | $ | 48,934 | $ | 31,065 |
September 30, 2017 | December 31, 2016 | ||||||
Finance leases | $ | 16,521 | $ | 18,022 | |||
Unearned revenue | (7,151 | ) | (8,305 | ) | |||
Finance leases, net | $ | 9,370 | $ | 9,717 |
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
Finance leases | $ | 7,697 | $ | 8,358 | ||||
Unearned revenue | (603 | ) | (775 | ) | ||||
Finance leases, net | $ | 7,094 | $ | 7,583 |
Total | |||
2017 | $ | 507 | |
2018 | 2,008 | ||
2019 | 2,008 | ||
2020 | 2,013 | ||
2021 | 2,008 | ||
Thereafter | 7,977 | ||
Total | $ | 16,521 |
September 30, 2017 | December 31, 2016 | ||||||
Land, site improvements and rights | $ | 74,270 | $ | 57,617 | |||
Construction in progress | 114,844 | 49,605 | |||||
Buildings and improvements | 9,763 | 2,750 | |||||
Terminal machinery and equipment | 262,212 | 236,652 | |||||
Track and track related assets | 27,977 | 22,948 | |||||
Railroad equipment | 1,037 | 1,091 | |||||
Railcars and locomotives | 3,114 | 2,909 | |||||
Computer hardware and software | 3,034 | 388 | |||||
Furniture and fixtures | 544 | 405 | |||||
Vehicles | 1,171 | 985 | |||||
497,966 | 375,350 | ||||||
Less: accumulated depreciation | (36,413 | ) | (26,002 | ) | |||
Spare parts | 2,846 | 2,833 | |||||
Property, plant and equipment, net | $ | 464,399 | $ | 352,181 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation expense for property, plant and equipment | $ | 4,092 | $ | 3,154 | $ | 10,749 | $ | 9,530 |
Carrying Value | |||||||||||||
Investment | Ownership Percentage | September 30, 2022 | December 31, 2021 | ||||||||||
Advanced Engine Repair JV | Equity method | 25% | $ | 20,439 | $ | 21,317 | |||||||
Falcon MSN 177 LLC | Equity method | 50% | 1,841 | 1,600 | |||||||||
$ | 22,280 | $ | 22,917 |
Carrying Value | |||||||||||
Investment | Ownership Percentage | September 30, 2017 | December 31, 2016 | ||||||||
Listed security | Available-for-sale | 2% | $ | 30,470 | $ | 17,630 | |||||
Advanced Engine Repair JV | Equity method | 25% | 13,954 | 15,000 | |||||||
JGP Energy Partners LLC | Equity method | 50% | 19,741 | 3,266 | |||||||
Intermodal Finance I, Ltd. | Equity method | 51% | 3,627 | 4,082 | |||||||
Investments | $ | 67,792 | $ | 39,978 |
Equity Security | ||||
December 31, 2016 | $ | 17,630 | ||
Purchases | 8,332 | |||
Unrealized gain | 4,508 | |||
September 30, 2017 | $ | 30,470 | ||
Cost | $ | 18,833 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Advanced Engine Repair JV | $ | (314 | ) | $ | (369 | ) | $ | (879 | ) | $ | (1,050 | ) | ||||
Falcon MSN 177 LLC | (44 | ) | — | 754 | — | |||||||||||
Total | $ | (358 | ) | $ | (369 | ) | $ | (125 | ) | $ | (1,050 | ) |
September 30, 2022 | December 31, 2021 | |||||||
Intangible assets | ||||||||
Acquired favorable lease intangibles | $ | 59,789 | $ | 67,013 | ||||
Less: Accumulated amortization | (30,373 | ) | (36,051 | ) | ||||
Total intangible assets, net | $ | 29,416 | $ | 30,962 | ||||
Intangible liabilities | ||||||||
Acquired unfavorable lease intangibles | $ | 13,114 | $ | 14,795 | ||||
Less: Accumulated amortization | (2,216 | ) | (6,068 | ) | ||||
Acquired unfavorable lease intangibles, net | $ | 10,898 | $ | 8,727 |
September 30, 2017 | |||||||||||||||
Aviation Leasing | Jefferson Terminal | Railroad | Total | ||||||||||||
Intangible assets | |||||||||||||||
Acquired favorable lease intangibles | $ | 28,180 | $ | — | $ | — | $ | 28,180 | |||||||
Less: Accumulated amortization | (18,946 | ) | — | — | (18,946 | ) | |||||||||
Acquired favorable lease intangibles, net | 9,234 | — | — | 9,234 | |||||||||||
Customer relationships | — | 35,513 | 225 | 35,738 | |||||||||||
Less: Accumulated amortization | — | (10,936 | ) | (154 | ) | (11,090 | ) | ||||||||
Acquired customer relationships, net | — | 24,577 | 71 | 24,648 | |||||||||||
Total intangible assets, net | $ | 9,234 | $ | 24,577 | $ | 71 | $ | 33,882 | |||||||
Intangible liabilities | |||||||||||||||
Acquired unfavorable lease intangibles | $ | 2,440 | $ | — | $ | — | $ | 2,440 | |||||||
Less: Accumulated amortization | (1,090 | ) | — | — | (1,090 | ) | |||||||||
Acquired unfavorable lease intangibles, net | $ | 1,350 | $ | — | $ | — | $ | 1,350 |
December 31, 2016 | |||||||||||||||
Aviation Leasing | Jefferson Terminal | Railroad | Total | ||||||||||||
Intangible assets | |||||||||||||||
Acquired favorable lease intangibles | $ | 26,605 | $ | — | $ | — | $ | 26,605 | |||||||
Less: Accumulated amortization | (14,998 | ) | — | — | (14,998 | ) | |||||||||
Acquired favorable lease intangibles, net | 11,607 | — | — | 11,607 | |||||||||||
Customer relationships | — | 35,513 | 225 | 35,738 | |||||||||||
Less: Accumulated amortization | — | (8,271 | ) | (120 | ) | (8,391 | ) | ||||||||
Acquired customer relationships, net | — | 27,242 | 105 | 27,347 | |||||||||||
Total intangible assets, net | $ | 11,607 | $ | 27,242 | $ | 105 | $ | 38,954 | |||||||
Intangible liabilities | |||||||||||||||
Acquired unfavorable lease intangibles | $ | 1,506 | $ | — | $ | — | $ | 1,506 | |||||||
Less: Accumulated amortization | (627 | ) | — | — | (627 | ) | |||||||||
Acquired unfavorable lease intangibles, net | $ | 879 | $ | — | $ | — | $ | 879 |
| Classification in Consolidated Statements of Operations | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Lease intangibles | Revenues | $ | 3,291 | $ | 1,266 | $ | 10,259 | $ | 3,216 |
Classification in Consolidated Statements of Operations | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Lease intangibles | Equipment leasing revenues | $ | 1,147 | $ | 1,403 | $ | 3,494 | $ | 4,557 | ||||||||
Customer relationships | Depreciation and amortization | 900 | 900 | 2,699 | 2,699 | ||||||||||||
Total | $ | 2,047 | $ | 2,303 | $ | 6,193 | $ | 7,256 |
Remainder of 2022 | 3,323 | |||
2023 | 8,398 | |||
2024 | 4,848 | |||
2025 | 1,962 | |||
2026 | 519 | |||
Thereafter | (532 | ) | ||
Total | $ | 18,518 |
Total | |||
2017 | $ | 1,899 | |
2018 | 7,301 | ||
2019 | 5,625 | ||
2020 | 4,331 | ||
2021 | 3,847 | ||
Thereafter | 9,529 | ||
Total | $ | 32,532 |
September 30, 2017 | December 31, 2016 | ||||||
Loans payable | |||||||
FTAI Pride Credit Agreement | $ | 53,993 | $ | 60,937 | |||
CMQR Credit Agreement | 18,400 | 12,625 | |||||
Revolving Credit Facility | 60,000 | — | |||||
Total loans payable | 132,393 | 73,562 | |||||
Bonds payable | |||||||
Series 2012 Bonds (including unamortized premium of $1,654 and $1,697 at September 30, 2017 and December 31, 2016, respectively) | 44,419 | 45,887 | |||||
Series 2016 Bonds | 144,200 | 144,200 | |||||
Senior Notes (including unamortized discount of $6,826 and unamortized premium of $2,686 at September 30, 2017) | 345,859 | — | |||||
Total bonds payable | 534,478 | 190,087 | |||||
Note payable to non-controlling interest | |||||||
Note payable to non-controlling interest | — | 2,352 | |||||
Total note payable to non-controlling interest | — | 2,352 | |||||
Debt | 666,871 | 266,001 | |||||
Less: Debt issuance costs | (11,291 | ) | (6,489 | ) | |||
Total debt, net | $ | 655,580 | $ | 259,512 | |||
Total debt due within one year | $ | 6,233 | $ | 8,078 |
Fair Value as of | Fair Value Measurements Using Fair Value Hierarchy as of | ||||||||||||||||
September 30, 2017 | September 30, 2017 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Valuation Technique | |||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 176,357 | $ | 176,357 | $ | — | $ | — | Market | ||||||||
Restricted cash | 36,458 | 36,458 | — | — | Market | ||||||||||||
Available-for-sale securities | 30,470 | 30,470 | — | — | Market | ||||||||||||
Total | $ | 243,285 | $ | 243,285 | $ | — | $ | — | |||||||||
Fair Value as of | Fair Value Measurements Using Fair Value Hierarchy as of | ||||||||||||||||
December 31, 2016 | December 31, 2016 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Valuation Technique | |||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 68,055 | $ | 68,055 | $ | — | $ | — | Market | ||||||||
Restricted cash | 65,441 | 65,441 | — | — | Market | ||||||||||||
Available-for-sale securities | 17,630 | 17,630 | — | — | Market | ||||||||||||
Total | $ | 151,126 | $ | 151,126 | $ | — | $ | — |
Three Months Ended September 30, 2022 | ||||||||||||
Aviation Leasing | Aerospace Products | Total | ||||||||||
Revenues | ||||||||||||
Lease income | $ | 40,273 | $ | — | $ | 40,273 | ||||||
Maintenance revenue | 35,507 | — | 35,507 | |||||||||
Finance lease income | 119 | — | 119 | |||||||||
Asset sales revenue | 85,488 | — | 85,488 | |||||||||
Aerospace products revenue | — | 53,401 | 53,401 | |||||||||
Other revenue | 3,461 | — | 3,461 | |||||||||
Total revenues | $ | 164,848 | $ | 53,401 | $ | 218,249 |
Three Months Ended September 30, 2021 | ||||||||||||
Aviation Leasing | Aerospace Products | Total | ||||||||||
Revenues | ||||||||||||
Lease income | $ | 40,392 | $ | — | $ | 40,392 | ||||||
Maintenance revenue | 40,252 | — | 40,252 | |||||||||
Finance lease income | 439 | — | 439 | |||||||||
Aerospace products revenue | — | 7,730 | 7,730 | |||||||||
Other revenue | 5,125 | — | 5,125 | |||||||||
Total revenues | $ | 86,208 | $ | 7,730 | $ | 93,938 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Revenues | Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | ||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||
Lease income | $ | 25,941 | $ | 3,800 | $ | — | $ | — | $ | — | $ | — | $ | 29,741 | |||||||||||||
Maintenance revenue | 17,533 | — | — | — | — | — | 17,533 | ||||||||||||||||||||
Finance lease income | — | 385 | — | — | — | — | 385 | ||||||||||||||||||||
Other revenue | — | 1,932 | 25 | — | — | — | 1,957 | ||||||||||||||||||||
Total equipment leasing revenues | 43,474 | 6,117 | 25 | — | — | — | 49,616 | ||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||
Lease income | — | — | — | — | — | 455 | 455 | ||||||||||||||||||||
Rail revenues | — | — | — | — | 8,258 | — | 8,258 | ||||||||||||||||||||
Terminal services revenues | — | — | — | 1,730 | — | — | 1,730 | ||||||||||||||||||||
Other revenue | — | — | — | — | — | 303 | 303 | ||||||||||||||||||||
Total infrastructure revenues | — | — | — | 1,730 | 8,258 | 758 | 10,746 | ||||||||||||||||||||
Total revenues | $ | 43,474 | $ | 6,117 | $ | 25 | $ | 1,730 | $ | 8,258 | $ | 758 | $ | 60,362 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Revenues | Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | ||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||
Lease income | $ | 19,039 | $ | 2,561 | $ | — | $ | — | $ | — | $ | — | $ | 21,600 | |||||||||||||
Maintenance revenue | 7,646 | — | — | — | — | — | 7,646 | ||||||||||||||||||||
Finance lease income | — | 403 | — | — | — | — | 403 | ||||||||||||||||||||
Other revenue | 375 | 5 | 25 | — | — | — | 405 | ||||||||||||||||||||
Total equipment leasing revenues | 27,060 | 2,969 | 25 | — | — | — | 30,054 | ||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||
Lease income | — | — | — | — | — | 16 | 16 | ||||||||||||||||||||
Rail revenues | — | — | — | — | 7,401 | — | 7,401 | ||||||||||||||||||||
Terminal services revenues | — | — | — | 4,255 | — | — | 4,255 | ||||||||||||||||||||
Total infrastructure revenues | — | — | — | 4,255 | 7,401 | 16 | 11,672 | ||||||||||||||||||||
Total revenues | $ | 27,060 | $ | 2,969 | $ | 25 | $ | 4,255 | $ | 7,401 | $ | 16 | $ | 41,726 |
Nine Months Ended September 30, 2022 | ||||||||||||
Aviation Leasing | Aerospace Products | Total | ||||||||||
Revenues | ||||||||||||
Lease income | $ | 111,316 | $ | — | $ | 111,316 | ||||||
Maintenance revenue | 112,171 | — | 112,171 | |||||||||
Finance lease income | 332 | — | 332 | |||||||||
Asset sales revenue | 85,488 | — | 85,488 | |||||||||
Aerospace products revenue | — | 94,211 | 94,211 | |||||||||
Other revenue | 8,687 | — | 8,687 | |||||||||
Total revenues | $ | 317,994 | $ | 94,211 | $ | 412,205 |
Nine Months Ended September 30, 2021 | ||||||||||||
Aviation Leasing | Aerospace Products | Total | ||||||||||
Revenues | ||||||||||||
Lease income | $ | 120,389 | $ | — | $ | 120,389 | ||||||
Maintenance revenue | 87,763 | — | 87,763 | |||||||||
Finance lease income | 1,285 | — | 1,285 | |||||||||
Aerospace products revenue | — | 13,284 | 13,284 | |||||||||
Other revenue | 5,761 | — | 5,761 | |||||||||
Total revenues | $ | 215,198 | $ | 13,284 | $ | 228,482 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Revenues | Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | ||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||
Lease income | $ | 63,577 | $ | 7,295 | $ | — | $ | — | $ | — | $ | — | $ | 70,872 | |||||||||||||
Maintenance revenue | 46,778 | — | — | — | — | — | 46,778 | ||||||||||||||||||||
Finance lease income | — | 1,156 | — | — | — | — | 1,156 | ||||||||||||||||||||
Other revenue | 2 | 2,504 | 75 | — | — | — | 2,581 | ||||||||||||||||||||
Total equipment leasing revenues | 110,357 | 10,955 | 75 | — | — | — | 121,387 | ||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||
Lease income | — | — | — | — | — | 594 | 594 | ||||||||||||||||||||
Rail revenues | — | — | — | — | 24,323 | — | 24,323 | ||||||||||||||||||||
Terminal services revenues | — | — | — | 9,622 | — | — | 9,622 | ||||||||||||||||||||
Other revenue | — | — | — | — | — | 303 | 303 | ||||||||||||||||||||
Total infrastructure revenues | — | — | — | 9,622 | 24,323 | 897 | 34,842 | ||||||||||||||||||||
Total revenues | $ | 110,357 | $ | 10,955 | $ | 75 | $ | 9,622 | $ | 24,323 | $ | 897 | $ | 156,229 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Revenues | Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | ||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||
Lease income | $ | 46,636 | $ | 3,216 | $ | — | $ | — | $ | — | $ | — | $ | 49,852 | |||||||||||||
Maintenance revenue | 19,037 | — | — | — | — | — | 19,037 | ||||||||||||||||||||
Finance lease income | — | 1,212 | 1,112 | — | — | — | 2,324 | ||||||||||||||||||||
Other revenue | 687 | 5 | 75 | — | — | — | 767 | ||||||||||||||||||||
Total equipment leasing revenues | 66,360 | 4,433 | 1,187 | — | — | — | 71,980 | ||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||
Lease income | — | — | — | — | — | 16 | 16 | ||||||||||||||||||||
Rail revenues | — | — | — | — | 23,107 | — | 23,107 | ||||||||||||||||||||
Terminal services revenues | — | — | — | 11,271 | — | — | 11,271 | ||||||||||||||||||||
Total infrastructure revenues | — | — | — | 11,271 | 23,107 | 16 | 34,394 | ||||||||||||||||||||
Total revenues | $ | 66,360 | $ | 4,433 | $ | 1,187 | $ | 11,271 | $ | 23,107 | $ | 16 | $ | 106,374 |
September 30, 2022 | ||||
Remainder of 2022 | $ | 32,414 | ||
2023 | 104,995 | |||
2024 | 70,428 | |||
2025 | 43,890 | |||
2026 | 24,835 | |||
Thereafter | 65,820 | |||
Total | $ | 342,382 |
Total | |||
2017 | $ | 29,473 | |
2018 | 91,448 | ||
2019 | 61,823 | ||
2020 | 39,441 | ||
2021 | 28,408 | ||
Thereafter | 21,934 | ||
Total | $ | 272,527 |
Three Months Ended September 30, | Nine Months Ended September 30, | Remaining Expense To Be Recognized, If All Vesting Conditions Are Met | Weighted Average Remaining Contractual Term, (in years) | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Stock Options | $ | — | $ | — | $ | — | $ | — | $ | — | 7.64 | |||||||||
Restricted Shares | 90 | — | 228 | (4,168 | ) | 1,091 | 3.28 | |||||||||||||
Common Units | 75 | 28 | 467 | 350 | 516 | 2.06 | ||||||||||||||
Total | $ | 165 | $ | 28 | $ | 695 | $ | (3,818 | ) | $ | 1,607 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Current: | ||||||||||||||||
Cayman Islands | $ | — | $ | — | $ | — | $ | — | ||||||||
United States: | ||||||||||||||||
Federal | 247 | 336 | 581 | 793 | ||||||||||||
State and local | (437 | ) | 54 | 69 | 218 | |||||||||||
Non-U.S. | 3 | 32 | (12 | ) | 49 | |||||||||||
Total current (benefit) provision | (187 | ) | 422 | 638 | 1,060 | |||||||||||
Deferred: | ||||||||||||||||
Cayman Islands | $ | — | $ | — | $ | — | $ | — | ||||||||
United States: | ||||||||||||||||
Federal | 3,029 | 45 | 4,560 | 45 | ||||||||||||
State and local | 346 | 14 | 608 | 14 | ||||||||||||
Non-U.S. | 630 | 19 | 1,446 | (82 | ) | |||||||||||
Total deferred provision (benefit) | 4,005 | 78 | 6,614 | (23 | ) | |||||||||||
Total | $ | 3,818 | $ | 500 | $ | 7,252 | $ | 1,037 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Current: | |||||||||||||||
Federal | $ | 841 | $ | 43 | $ | 1,157 | $ | 205 | |||||||
State and local | 58 | 9 | 106 | 49 | |||||||||||
Foreign | 8 | (218 | ) | 49 | (192 | ) | |||||||||
Total current provision | 907 | (166 | ) | 1,312 | 62 | ||||||||||
Deferred: | |||||||||||||||
Federal | (14 | ) | 1 | 34 | 2 | ||||||||||
State and local | (18 | ) | — | (18 | ) | 1 | |||||||||
Foreign | 34 | 248 | 257 | 130 | |||||||||||
Total deferred provision | 2 | 249 | 273 | 133 | |||||||||||
Total provision for income taxes | $ | 909 | $ | 83 | $ | 1,585 | $ | 195 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Management fees | $ | 539 | 2,116 | $ | 4,692 | 7,027 | ||||||||||
Income incentive allocation | — | — | — | — | ||||||||||||
Capital gains incentive allocation | — | — | — | — | ||||||||||||
Total | $ | 539 | $ | 2,116 | $ | 4,692 | $ | 7,027 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Classification in the Consolidated Statements of Operations: | ||||||||||||||||
General and administrative expenses | $ | 1,466 | $ | 1,195 | $ | 4,160 | $ | 3,584 | ||||||||
Acquisition and transaction expenses | 1,025 | 273 | 1,677 | 820 | ||||||||||||
Total | $ | 2,491 | $ | 1,468 | $ | 5,837 | $ | 4,404 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Classification in the Consolidated Statements of Operations: | ||||||||||||||||
General and administrative expenses | $ | 1,888 | $ | 1,667 | $ | 4,965 | $ | 3,582 |
September 30, 2022 | December 31, 2021 | |||||||
Management fees payable to affiliate | $ | 46,095 | $ | 43,477 |
Three Months Ended September 30, 2022 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | $ | 164,848 | $ | 53,401 | $ | — | $ | 218,249 | ||||||||
Expenses | ||||||||||||||||
Operating expenses | 10,533 | 3,491 | 588 | 14,612 | ||||||||||||
Cost of sales | 64,855 | 31,093 | — | 95,948 | ||||||||||||
General and administrative | — | — | 3,354 | 3,354 | ||||||||||||
Acquisition and transaction expenses | 247 | 15 | 2,586 | 2,848 | ||||||||||||
Management fees and incentive allocation to affiliate | — | — | 539 | 539 | ||||||||||||
Depreciation and amortization | 32,728 | 77 | 72 | 32,877 | ||||||||||||
Asset impairment | 4,495 | — | — | 4,495 | ||||||||||||
Interest expense | — | — | 644 | 644 | ||||||||||||
Total expenses | 112,858 | 34,676 | 7,783 | 155,317 | ||||||||||||
Other expense | ||||||||||||||||
Equity in losses of unconsolidated entities | (45 | ) | (313 | ) | — | (358 | ) | |||||||||
Other income | 42 | — | — | 42 | ||||||||||||
Total other expense | (3 | ) | (313 | ) | — | (316 | ) | |||||||||
Income (loss) before income taxes | 51,987 | 18,412 | (7,783 | ) | 62,616 | |||||||||||
Provision for income taxes | 1,232 | 2,586 | — | 3,818 | ||||||||||||
Net income (loss) attributable to shareholders | $ | 50,755 | $ | 15,826 | $ | (7,783 | ) | $ | 58,798 |
Three months ended September 30, 2017 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 43,474 | $ | 6,117 | $ | 25 | $ | — | $ | — | $ | — | $ | — | $ | 49,616 | |||||||||||||||
Infrastructure revenues | — | — | — | 1,730 | 8,258 | 758 | — | 10,746 | |||||||||||||||||||||||
Total revenues | 43,474 | 6,117 | 25 | 1,730 | 8,258 | 758 | — | 60,362 | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||
Operating expenses | 1,706 | 5,103 | 8 | 7,039 | 6,980 | 2,852 | — | 23,688 | |||||||||||||||||||||||
General and administrative | — | — | — | — | — | — | 3,439 | 3,439 | |||||||||||||||||||||||
Acquisition and transaction expenses | 6 | — | — | — | — | — | 1,726 | 1,732 | |||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | — | — | — | 3,771 | 3,771 | |||||||||||||||||||||||
Depreciation and amortization | 17,909 | 1,607 | — | 3,978 | 507 | 783 | — | 24,784 | |||||||||||||||||||||||
Interest expense | — | 946 | — | 1,408 | 264 | 273 | 6,023 | 8,914 | |||||||||||||||||||||||
Total expenses | 19,621 | 7,656 | 8 | 12,425 | 7,751 | 3,908 | 14,959 | 66,328 | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||
Equity in (losses)/earnings of unconsolidated entities | (203 | ) | — | 359 | (24 | ) | — | — | — | 132 | |||||||||||||||||||||
Gain (loss) on sale of equipment, net | 2,871 | — | — | — | (162 | ) | — | — | 2,709 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Interest income | 51 | 4 | — | 160 | — | — | — | 215 | |||||||||||||||||||||||
Other income | — | 1,093 | — | 1,055 | — | — | — | 2,148 | |||||||||||||||||||||||
Total other income (expense) | 2,719 | 1,097 | 359 | 1,191 | (162 | ) | — | — | 5,204 | ||||||||||||||||||||||
Income (loss) before income taxes | 26,572 | (442 | ) | 376 | (9,504 | ) | 345 | (3,150 | ) | (14,959 | ) | (762 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | 927 | (5 | ) | (10 | ) | (3 | ) | — | — | — | 909 | ||||||||||||||||||||
Net income (loss) | 25,645 | (437 | ) | 386 | (9,501 | ) | 345 | (3,150 | ) | (14,959 | ) | (1,671 | ) | ||||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 303 | (62 | ) | — | (4,806 | ) | (104 | ) | — | — | (4,669 | ) | |||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 25,342 | $ | (375 | ) | $ | 386 | $ | (4,695 | ) | $ | 449 | $ | (3,150 | ) | $ | (14,959 | ) | $ | 2,998 |
Three Months Ended September 30, 2022 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Adjusted EBITDA | $ | 95,994 | $ | 18,560 | $ | (4,481 | ) | $ | 110,073 | |||||||
Add: Equity in losses of unconsolidated entities | (358 | ) | ||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | 241 | |||||||||||||||
Less: Interest expense | (644 | ) | ||||||||||||||
Less: Depreciation and amortization expense | (39,353 | ) | ||||||||||||||
Less: Asset impairment charges | (4,495 | ) | ||||||||||||||
Less: Acquisition and transaction expenses | (2,848 | ) | ||||||||||||||
Less: Provision for income taxes | (3,818 | ) | ||||||||||||||
Net income attributable to shareholders | $ | 58,798 |
Three months ended September 30, 2017 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Adjusted Net Income (Loss) | $ | 26,274 | $ | (380 | ) | $ | 330 | $ | (6,081 | ) | $ | 517 | $ | (3,150 | ) | $ | (13,673 | ) | $ | 3,837 | |||||||||||
Add: Non-controlling share of adjustments to Adjusted Net Income | 447 | ||||||||||||||||||||||||||||||
Add: Equity in earnings of unconsolidated entities | 132 | ||||||||||||||||||||||||||||||
Add: Cash payments for income taxes | 438 | ||||||||||||||||||||||||||||||
Less: Incentive allocations | — | ||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities | (86 | ) | |||||||||||||||||||||||||||||
Less: Asset impairment charges | — | ||||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | 1,036 | ||||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | — | ||||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (1,732 | ) | |||||||||||||||||||||||||||||
Less: Equity-based compensation expense | (165 | ) | |||||||||||||||||||||||||||||
Less: Provision for income taxes | (909 | ) | |||||||||||||||||||||||||||||
Net income attributable to shareholders | $ | 2,998 |
Three Months Ended September 30, 2022 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | ||||||||||||||||
Africa | $ | 250 | $ | — | $ | — | $ | 250 | ||||||||
Asia | 23,496 | 1,200 | 24,696 | |||||||||||||
Europe | 41,869 | 15,511 | — | 57,380 | ||||||||||||
North America | 90,183 | 36,690 | 126,873 | |||||||||||||
South America | 9,050 | — | — | 9,050 | ||||||||||||
Total revenues | $ | 164,848 | $ | 53,401 | $ | — | $ | 218,249 |
Three months ended September 30, 2017 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Africa | $ | 1,964 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,964 | |||||||||||||
Asia | 6,094 | 1,543 | 25 | — | — | — | 7,662 | ||||||||||||||||||||
Europe | 28,907 | 4,189 | — | — | — | — | 33,096 | ||||||||||||||||||||
North America | 6,509 | 385 | — | 1,730 | 8,258 | 758 | 17,640 | ||||||||||||||||||||
South America | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 43,474 | $ | 6,117 | $ | 25 | $ | 1,730 | $ | 8,258 | $ | 758 | $ | 60,362 |
Nine Months Ended September 30, 2022 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | $ | 317,994 | $ | 94,211 | $ | — | $ | 412,205 | ||||||||
Expenses | ||||||||||||||||
Operating expenses | 72,135 | 8,094 | 3,422 | 83,651 | ||||||||||||
Cost of sales | 64,855 | 55,284 | — | 120,139 | ||||||||||||
General and administrative | — | — | 9,125 | 9,125 | ||||||||||||
Acquisition and transaction expenses | 624 | 15 | 4,810 | 5,449 | ||||||||||||
Management fees and incentive allocation to affiliate | — | — | 4,692 | 4,692 | ||||||||||||
Depreciation and amortization | 106,180 | 178 | 209 | 106,567 | ||||||||||||
Asset impairment | 128,171 | — | — | 128,171 | ||||||||||||
Interest expense | — | — | 1,910 | 1,910 | ||||||||||||
Total expenses | 371,965 | 63,571 | 24,168 | 459,704 | ||||||||||||
Other expense | ||||||||||||||||
Equity in earnings (losses) of unconsolidated entities | 753 | (878 | ) | — | (125 | ) | ||||||||||
Gain on sale of assets, net | 61,371 | 18,562 | — | 79,933 | ||||||||||||
Other income | 245 | — | — | 245 | ||||||||||||
Total other income | 62,369 | 17,684 | — | 80,053 | ||||||||||||
Income (loss) before income taxes | 8,398 | 48,324 | (24,168 | ) | 32,554 | |||||||||||
Provision for income taxes | 2,197 | 5,055 | — | 7,252 | ||||||||||||
Net income (loss) attributable to shareholders | $ | 6,201 | $ | 43,269 | $ | (24,168 | ) | $ | 25,302 |
Nine months ended September 30, 2017 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 110,357 | $ | 10,955 | $ | 75 | $ | — | $ | — | $ | — | $ | — | $ | 121,387 | |||||||||||||||
Infrastructure revenues | — | — | — | 9,622 | 24,323 | 897 | — | 34,842 | |||||||||||||||||||||||
Total revenues | 110,357 | 10,955 | 75 | 9,622 | 24,323 | 897 | — | 156,229 | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||
Operating expenses | 4,496 | 12,661 | 8 | 21,919 | 22,431 | 4,510 | — | 66,025 | |||||||||||||||||||||||
General and administrative | — | — | — | — | — | — | 10,615 | 10,615 | |||||||||||||||||||||||
Acquisition and transaction expenses | 276 | — | — | — | — | — | 4,788 | 5,064 | |||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | — | — | — | 11,529 | 11,529 | |||||||||||||||||||||||
Depreciation and amortization | 43,284 | 4,820 | — | 11,885 | 1,525 | 868 | — | 62,382 | |||||||||||||||||||||||
Interest expense | — | 2,800 | — | 4,283 | 710 | 817 | 12,682 | 21,292 | |||||||||||||||||||||||
Total expenses | 48,056 | 20,281 | 8 | 38,087 | 24,666 | 6,195 | 39,614 | 176,907 | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (1,046 | ) | — | (316 | ) | (99 | ) | — | — | — | (1,461 | ) | |||||||||||||||||||
Gain (loss) on sale of equipment, net | 6,932 | — | — | — | (206 | ) | — | — | 6,726 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | (2,456 | ) | (2,456 | ) | |||||||||||||||||||||
Interest income | 210 | 11 | — | 361 | — | — | — | 582 | |||||||||||||||||||||||
Other income | — | 1,093 | — | 1,087 | — | — | — | 2,180 | |||||||||||||||||||||||
Total other income (expense) | 6,096 | 1,104 | (316 | ) | 1,349 | (206 | ) | — | (2,456 | ) | 5,571 | ||||||||||||||||||||
Income (loss) before income taxes | 68,397 | (8,222 | ) | (249 | ) | (27,116 | ) | (549 | ) | (5,298 | ) | (42,070 | ) | (15,107 | ) | ||||||||||||||||
Provision for (benefit from) income taxes | 1,598 | — | (44 | ) | 31 | — | — | — | 1,585 | ||||||||||||||||||||||
Net income (loss) | 66,799 | (8,222 | ) | (205 | ) | (27,147 | ) | (549 | ) | (5,298 | ) | (42,070 | ) | (16,692 | ) | ||||||||||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | 445 | (526 | ) | — | (13,209 | ) | (43 | ) | (483 | ) | — | (13,816 | ) | ||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 66,354 | $ | (7,696 | ) | $ | (205 | ) | $ | (13,938 | ) | $ | (506 | ) | $ | (4,815 | ) | $ | (42,070 | ) | $ | (2,876 | ) |
Nine Months Ended September 30, 2022 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Adjusted EBITDA | $ | 273,788 | $ | 48,685 | $ | (17,239 | ) | $ | 305,234 | |||||||
Add: Equity in losses of unconsolidated entities | (125 | ) | ||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | (165 | ) | ||||||||||||||
Less: Interest expense | (1,910 | ) | ||||||||||||||
Less: Depreciation and amortization expense | (136,860 | ) | ||||||||||||||
Less: Asset impairment charges | (128,171 | ) | ||||||||||||||
Less: Acquisition and transaction expenses | (5,449 | ) | ||||||||||||||
Less: Provision for income taxes | (7,252 | ) | ||||||||||||||
Net income attributable to shareholders | $ | 25,302 |
Nine months ended September 30, 2017 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Adjusted Net Income (Loss) | $ | 68,227 | $ | (7,696 | ) | $ | (387 | ) | $ | (15,269 | ) | $ | (67 | ) | $ | (4,815 | ) | $ | (35,779 | ) | $ | 4,214 | |||||||||
Add: Non-controlling share of adjustments to Adjusted Net Income | 503 | ||||||||||||||||||||||||||||||
Add: Equity in losses of unconsolidated entities | (1,461 | ) | |||||||||||||||||||||||||||||
Add: Cash payments for income taxes | 1,033 | ||||||||||||||||||||||||||||||
Less: Incentive allocations | — | ||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities | 1,599 | ||||||||||||||||||||||||||||||
Less: Asset impairment charges | — | ||||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | 1,036 | ||||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (2,456 | ) | |||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (5,064 | ) | |||||||||||||||||||||||||||||
Less: Equity-based compensation expense | (695 | ) | |||||||||||||||||||||||||||||
Less: Provision for income taxes | (1,585 | ) | |||||||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (2,876 | ) |
Nine Months Ended September 30, 2022 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | ||||||||||||||||
Africa | $ | 250 | $ | 850 | $ | — | $ | 1,100 | ||||||||
Asia | 60,111 | 2,601 | — | 62,712 | ||||||||||||
Europe | 94,751 | 26,410 | — | 121,161 | ||||||||||||
North America | 130,362 | 64,350 | — | 194,712 | ||||||||||||
South America | 32,520 | — | — | 32,520 | ||||||||||||
Total revenues | $ | 317,994 | $ | 94,211 | $ | — | $ | 412,205 |
Nine months ended September 30, 2017 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Africa | $ | 6,744 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,744 | |||||||||||||
Asia | 29,207 | 4,657 | 75 | — | — | — | 33,939 | ||||||||||||||||||||
Europe | 63,229 | 5,142 | — | — | — | — | 68,371 | ||||||||||||||||||||
North America | 10,472 | 1,156 | — | 9,622 | 24,323 | 897 | 46,470 | ||||||||||||||||||||
South America | 705 | — | — | — | — | — | 705 | ||||||||||||||||||||
Total | $ | 110,357 | $ | 10,955 | $ | 75 | $ | 9,622 | $ | 24,323 | $ | 897 | $ | 156,229 |
Three Months Ended September 30, 2021 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | $ | 86,208 | $ | 7,730 | $ | — | $ | 93,938 | ||||||||
Expenses | ||||||||||||||||
Operating expenses | 7,282 | 1,774 | 1,074 | 10,130 | ||||||||||||
Cost of sales | — | 5,367 | — | 5,367 | ||||||||||||
General and administrative | — | — | 2,862 | 2,862 | ||||||||||||
Acquisition and transaction expenses | 234 | — | 898 | 1,132 | ||||||||||||
Management fees and incentive allocation to affiliate | — | — | 2,116 | 2,116 | ||||||||||||
Depreciation and amortization | 34,718 | 40 | 67 | 34,825 | ||||||||||||
Asset impairment | 859 | — | — | 859 | ||||||||||||
Interest expense | — | — | 584 | 584 | ||||||||||||
Total expenses | 43,093 | 7,181 | 7,601 | 57,875 | ||||||||||||
Other income (expense) | ||||||||||||||||
Equity in losses of unconsolidated entities | — | (369 | ) | — | (369 | ) | ||||||||||
Gain on sale of assets, net | 10,961 | 1,724 | — | 12,685 | ||||||||||||
Other expense | (1,341 | ) | — | — | (1,341 | ) | ||||||||||
Total other income | 9,620 | 1,355 | — | 10,975 | ||||||||||||
Income (loss) before income taxes | 52,735 | 1,904 | (7,601 | ) | 47,038 | |||||||||||
Provision for (benefit from) income taxes | 610 | (110 | ) | — | 500 | |||||||||||
Net income (loss) | $ | 52,125 | $ | 2,014 | $ | (7,601 | ) | $ | 46,538 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 27,060 | $ | 2,969 | $ | 25 | $ | — | $ | — | $ | — | $ | — | $ | 30,054 | |||||||||||||||
Infrastructure revenues | — | — | — | 4,255 | 7,401 | 16 | — | 11,672 | |||||||||||||||||||||||
Total revenues | 27,060 | 2,969 | 25 | 4,255 | 7,401 | 16 | — | 41,726 | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||
Operating expenses | 892 | 2,408 | 1 | 6,796 | 6,514 | 417 | — | 17,028 | |||||||||||||||||||||||
General and administrative | — | — | — | — | — | — | 3,205 | 3,205 | |||||||||||||||||||||||
Acquisition and transaction expenses | — | — | — | 109 | — | — | 1,579 | 1,688 | |||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | — | — | — | 4,146 | 4,146 | |||||||||||||||||||||||
Depreciation and amortization | 9,376 | 1,669 | — | 3,920 | 411 | — | — | 15,376 | |||||||||||||||||||||||
Interest expense | — | 934 | — | 4,016 | 182 | 284 | — | 5,416 | |||||||||||||||||||||||
Total expenses | 10,268 | 5,011 | 1 | 14,841 | 7,107 | 701 | 8,930 | 46,859 | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | — | — | (1,161 | ) | — | — | — | — | (1,161 | ) | |||||||||||||||||||||
Gain (loss) on sale of equipment and finance leases, net | — | — | — | — | 40 | — | — | 40 | |||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Asset impairment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Interest income (expense) | 6 | 4 | — | 196 | — | — | — | 206 | |||||||||||||||||||||||
Other (expense) income | — | — | — | 485 | — | — | — | 485 | |||||||||||||||||||||||
Total other income (expense) | 6 | 4 | (1,161 | ) | 681 | 40 | — | — | (430 | ) | |||||||||||||||||||||
Income (loss) before income taxes | 16,798 | (2,038 | ) | (1,137 | ) | (9,905 | ) | 334 | (685 | ) | (8,930 | ) | (5,563 | ) | |||||||||||||||||
Provision (benefit from) for income taxes | 100 | — | (41 | ) | 20 | — | 4 | — | 83 | ||||||||||||||||||||||
Net income (loss) | 16,698 | (2,038 | ) | (1,096 | ) | (9,925 | ) | 334 | (689 | ) | (8,930 | ) | (5,646 | ) | |||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 60 | (131 | ) | — | (4,241 | ) | 14 | (69 | ) | (3 | ) | (4,370 | ) | ||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 16,638 | $ | (1,907 | ) | $ | (1,096 | ) | $ | (5,684 | ) | $ | 320 | $ | (620 | ) | $ | (8,927 | ) | $ | (1,276 | ) |
Three Months Ended September 30, 2021 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Adjusted EBITDA | $ | 94,990 | $ | 2,001 | $ | (6,052 | ) | $ | 90,939 | |||||||
Add: Equity in losses of unconsolidated entities | (369 | ) | ||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | 312 | |||||||||||||||
Less: Interest expense | (584 | ) | ||||||||||||||
Less: Depreciation and amortization expense | (41,269 | ) | ||||||||||||||
Less: Asset impairment charges | (859 | ) | ||||||||||||||
Less: Acquisition and transaction expenses | (1,132 | ) | ||||||||||||||
Less: Provision for income taxes | (500 | ) | ||||||||||||||
Net income attributable to shareholders | $ | 46,538 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Adjusted Net Income (Loss) | $ | 16,564 | $ | (1,907 | ) | $ | (1,183 | ) | $ | (5,719 | ) | $ | 342 | $ | (616 | ) | $ | (7,348 | ) | $ | 133 | ||||||||||
Add: Non-controlling share of adjustments to Adjusted Net Income | 170 | ||||||||||||||||||||||||||||||
Add: Equity in losses of unconsolidated entities | (1,161 | ) | |||||||||||||||||||||||||||||
Add: Cash payments for income taxes | 174 | ||||||||||||||||||||||||||||||
Less: Incentive allocations | — | ||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities | 1,207 | ||||||||||||||||||||||||||||||
Less: Asset impairment charges | — | ||||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | — | ||||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | — | ||||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (1,688 | ) | |||||||||||||||||||||||||||||
Less: Equity-based compensation expense | (28 | ) | |||||||||||||||||||||||||||||
Less: Provision for income taxes | (83 | ) | |||||||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (1,276 | ) |
Three Months Ended September 30, 2021 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | ||||||||||||||||
Asia | $ | 36,420 | $ | — | $ | — | $ | 36,420 | ||||||||
Europe | 35,709 | — | — | 35,709 | ||||||||||||
North America | 10,422 | 7,730 | — | 18,152 | ||||||||||||
South America | 3,657 | — | — | 3,657 | ||||||||||||
Total revenues | $ | 86,208 | $ | 7,730 | $ | — | $ | 93,938 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Africa | $ | 3,554 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,554 | |||||||||||||
Asia | 11,589 | 2,565 | 25 | — | — | — | 14,179 | ||||||||||||||||||||
Europe | 9,431 | — | — | — | — | — | 9,431 | ||||||||||||||||||||
North America | 2,091 | 404 | — | 4,255 | 7,401 | 16 | 14,167 | ||||||||||||||||||||
South America | 395 | — | — | — | — | — | 395 | ||||||||||||||||||||
Total | $ | 27,060 | $ | 2,969 | $ | 25 | $ | 4,255 | $ | 7,401 | $ | 16 | $ | 41,726 |
Nine Months Ended September 30, 2021 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | $ | 215,198 | $ | 13,284 | $ | — | $ | 228,482 | ||||||||
Expenses | ||||||||||||||||
Operating expenses | 14,177 | 3,519 | 2,945 | �� | 20,641 | |||||||||||
Cost of sales | — | 8,577 | — | 8,577 | ||||||||||||
General and administrative | — | — | 7,166 | 7,166 | ||||||||||||
Acquisition and transaction expenses | 804 | — | 2,906 | 3,710 | ||||||||||||
Management fees and incentive allocation to affiliate | — | — | 7,027 | 7,027 | ||||||||||||
Depreciation and amortization | 101,992 | 40 | 162 | 102,194 | ||||||||||||
Asset impairment | 3,048 | — | — | 3,048 | ||||||||||||
Interest expense | — | — | 1,734 | 1,734 | ||||||||||||
Total expenses | 120,021 | 12,136 | 21,940 | 154,097 | ||||||||||||
Other (expense) income | ||||||||||||||||
Equity in losses of unconsolidated entities | — | (1,050 | ) | — | (1,050 | ) | ||||||||||
Gain on sale of assets, net | 15,751 | 1,716 | — | 17,467 | ||||||||||||
Other expense | (717 | ) | — | — | (717 | ) | ||||||||||
Total other income | 15,034 | 666 | — | 15,700 | ||||||||||||
Income (loss) before income taxes | 110,211 | 1,814 | (21,940 | ) | 90,085 | |||||||||||
Provision (benefit from) for income taxes | 1,048 | (11 | ) | — | 1,037 | |||||||||||
Net income (loss) attributable to shareholders | $ | 109,163 | $ | 1,825 | $ | (21,940 | ) | $ | 89,048 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 66,360 | $ | 4,433 | $ | 1,187 | $ | — | $ | — | $ | — | $ | — | $ | 71,980 | |||||||||||||||
Infrastructure revenues | — | — | — | 11,271 | 23,107 | 16 | — | 34,394 | |||||||||||||||||||||||
Total revenues | 66,360 | 4,433 | 1,187 | 11,271 | 23,107 | 16 | — | 106,374 | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||
Operating expenses | 2,875 | 8,410 | 43 | 16,182 | 21,004 | 417 | 6 | 48,937 | |||||||||||||||||||||||
General and administrative | — | — | — | — | — | — | 9,154 | 9,154 | |||||||||||||||||||||||
Acquisition and transaction expenses | — | — | — | 400 | — | — | 4,222 | 4,622 | |||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | — | — | — | 12,725 | 12,725 | |||||||||||||||||||||||
Depreciation and amortization | 25,307 | 4,927 | — | 11,589 | 1,471 | — | — | 43,294 | |||||||||||||||||||||||
Interest expense | — | 2,805 | 410 | 11,804 | 536 | 284 | — | 15,839 | |||||||||||||||||||||||
Total expenses | 28,182 | 16,142 | 453 | 39,975 | 23,011 | 701 | 26,107 | 134,571 | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | — | — | (1,335 | ) | — | — | — | — | (1,335 | ) | |||||||||||||||||||||
Gain (loss) on sale of equipment and finance leases, net | 2,717 | — | 304 | — | 286 | — | — | 3,307 | |||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (1,579 | ) | — | — | — | (1,579 | ) | |||||||||||||||||||||
Asset impairment | — | (7,450 | ) | — | — | — | — | — | (7,450 | ) | |||||||||||||||||||||
Interest income (expense) | 9 | 9 | — | 69 | — | — | — | 87 | |||||||||||||||||||||||
Other (expense) income | — | — | (2 | ) | 585 | — | — | — | 583 | ||||||||||||||||||||||
Total other income (expense) | 2,726 | (7,441 | ) | (1,033 | ) | (925 | ) | 286 | — | — | (6,387 | ) | |||||||||||||||||||
Income (loss) before income taxes | 40,904 | (19,150 | ) | (299 | ) | (29,629 | ) | 382 | (685 | ) | (26,107 | ) | (34,584 | ) | |||||||||||||||||
Provision (benefit from) for income taxes | 188 | — | (54 | ) | 55 | — | 5 | 1 | 195 | ||||||||||||||||||||||
Net income (loss) | 40,716 | (19,150 | ) | (245 | ) | (29,684 | ) | 382 | (690 | ) | (26,108 | ) | (34,779 | ) | |||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 350 | (4,289 | ) | — | (12,522 | ) | 11 | (69 | ) | (9 | ) | (16,528 | ) | ||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 40,366 | $ | (14,861 | ) | $ | (245 | ) | $ | (17,162 | ) | $ | 371 | $ | (621 | ) | $ | (26,099 | ) | $ | (18,251 | ) |
Nine Months Ended September 30, 2021 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Adjusted EBITDA | $ | 237,404 | $ | 1,998 | $ | (17,138 | ) | $ | 222,264 | |||||||
Add: Equity in losses of unconsolidated entities | (1,050 | ) | ||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | 906 | |||||||||||||||
Less: Interest expense | (1,734 | ) | ||||||||||||||
Less: Depreciation and amortization expense | (123,543 | ) | ||||||||||||||
Less: Asset impairment charges | (3,048 | ) | ||||||||||||||
Less: Acquisition and transaction expenses | (3,710 | ) | ||||||||||||||
Less: Provision for income taxes | (1,037 | ) | ||||||||||||||
Net income attributable to shareholders | $ | 89,048 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Adjusted Net Income (Loss) | $ | 40,016 | $ | (11,136 | ) | $ | (405 | ) | $ | (18,495 | ) | $ | 702 | $ | (621 | ) | $ | (21,875 | ) | $ | (11,814 | ) | |||||||||
Add: Non-controlling share of adjustments to Adjusted Net Income | 2,891 | ||||||||||||||||||||||||||||||
Add: Equity in losses of unconsolidated entities | (1,335 | ) | |||||||||||||||||||||||||||||
Add: Cash payments for income taxes | 594 | ||||||||||||||||||||||||||||||
Less: Incentive allocations | — | ||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities | 1,444 | ||||||||||||||||||||||||||||||
Less: Asset impairment charges | (7,450 | ) | |||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | (3 | ) | |||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (1,579 | ) | |||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (4,622 | ) | |||||||||||||||||||||||||||||
Less: Equity-based compensation income | 3,818 | ||||||||||||||||||||||||||||||
Less: Provision for income taxes | (195 | ) | |||||||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (18,251 | ) |
Nine Months Ended September 30, 2021 | ||||||||||||||||
Aviation Leasing | Aerospace Products | Corporate and Other | Total | |||||||||||||
Revenues | ||||||||||||||||
Africa | $ | 235 | $ | — | $ | — | $ | 235 | ||||||||
Asia | 93,925 | — | — | 93,925 | ||||||||||||
Europe | 88,296 | 812 | — | 89,108 | ||||||||||||
North America | 26,630 | 12,472 | — | 39,102 | ||||||||||||
South America | 6,112 | — | — | 6,112 | ||||||||||||
Total revenues | $ | 215,198 | $ | 13,284 | $ | — | $ | 228,482 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Total | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Africa | $ | 9,201 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,201 | |||||||||||||
Asia | 30,665 | 2,973 | 858 | — | — | — | 34,496 | ||||||||||||||||||||
Europe | 20,929 | 248 | — | — | — | — | 21,177 | ||||||||||||||||||||
North America | 4,192 | 1,212 | 329 | 11,271 | 23,107 | 16 | 40,127 | ||||||||||||||||||||
South America | 1,373 | — | — | — | — | — | 1,373 | ||||||||||||||||||||
Total | $ | 66,360 | $ | 4,433 | $ | 1,187 | $ | 11,271 | $ | 23,107 | $ | 16 | $ | 106,374 |
September 30, 2022 | ||||
Total | ||||
Leasing equipment, net | ||||
Africa | $ | 17,776 | ||
Asia | 222,830 | |||
Europe | 602,833 | |||
North America | 391,219 | |||
South America | 324,917 | |||
Total leasing equipment, net | $ | 1,559,575 |
December 31, 2021 | ||||
Total | ||||
Leasing equipment, net | ||||
Asia | $ | 365,331 | ||
Europe | 839,555 | |||
North America | 263,718 | |||
South America | 245,532 | |||
Total leasing equipment, net | $ | 1,714,136 |
September 30, 2017 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 792,335 | $ | 231,152 | $ | 4,090 | $ | 557,833 | $ | 49,318 | $ | 110,679 | $ | 164,514 | $ | 1,909,921 | |||||||||||||||
Debt, net | — | 53,531 | — | 184,526 | 18,034 | — | 399,489 | 655,580 | |||||||||||||||||||||||
Total liabilities | 116,080 | 58,589 | — | 203,148 | 33,936 | 16,588 | 403,657 | 831,998 | |||||||||||||||||||||||
Non-controlling interests in equity of consolidated subsidiaries | 3,040 | — | — | 91,106 | 2,540 | — | 524 | 97,210 | |||||||||||||||||||||||
Total equity | 676,255 | 172,563 | 4,090 | 354,685 | 15,382 | 94,091 | (239,143 | ) | 1,077,923 | ||||||||||||||||||||||
Total liabilities and equity | $ | 792,335 | $ | 231,152 | $ | 4,090 | $ | 557,833 | $ | 49,318 | $ | 110,679 | $ | 164,514 | $ | 1,909,921 |
September 30, 2017 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Property, plant and equipment and leasing equipment, net | |||||||||||||||||||||||||||||||
Africa | $ | 38,926 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 38,926 | |||||||||||||||
Asia | 280,554 | 36,710 | — | — | — | — | — | 317,264 | |||||||||||||||||||||||
Europe | 269,448 | 127,968 | — | — | — | — | — | 397,416 | |||||||||||||||||||||||
North America | 127,600 | — | — | 365,016 | 35,593 | 104,633 | — | 632,842 | |||||||||||||||||||||||
South America | 7,315 | — | — | — | — | — | — | 7,315 | |||||||||||||||||||||||
Total | $ | 723,843 | $ | 164,678 | $ | — | $ | 365,016 | $ | 35,593 | $ | 104,633 | $ | — | $ | 1,393,763 |
December 31, 2016 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 625,680 | $ | 220,544 | $ | 4,333 | $ | 534,638 | $ | 40,428 | $ | 63,331 | $ | 58,358 | $ | 1,547,312 | |||||||||||||||
Debt, net | — | 62,655 | — | 184,702 | 12,155 | — | — | 259,512 | |||||||||||||||||||||||
Total liabilities | 74,989 | 66,002 | — | 205,536 | 24,971 | 6,287 | 3,847 | 381,632 | |||||||||||||||||||||||
Non-controlling interests in equity of consolidated subsidiaries | 1,334 | 3,325 | — | 104,087 | 2,114 | 483 | 525 | 111,868 | |||||||||||||||||||||||
Total equity | 550,691 | 154,542 | 4,333 | 329,102 | 15,457 | 57,044 | 54,511 | 1,165,680 | |||||||||||||||||||||||
Total liabilities and equity | $ | 625,680 | $ | 220,544 | $ | 4,333 | $ | 534,638 | $ | 40,428 | $ | 63,331 | $ | 58,358 | $ | 1,547,312 |
December 31, 2016 | |||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||
Aviation Leasing | Offshore Energy | Shipping Containers | Jefferson Terminal | Railroad | Ports and Terminals | Corporate | Total | ||||||||||||||||||||||||
Property, plant and equipment and leasing equipment, net | |||||||||||||||||||||||||||||||
Africa | $ | 51,136 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 51,136 | |||||||||||||||
Asia | 212,635 | 169,499 | — | — | — | — | — | 382,134 | |||||||||||||||||||||||
Europe | 225,934 | — | — | — | — | — | — | 225,934 | |||||||||||||||||||||||
North America | 56,456 | — | — | 319,503 | 29,866 | 44,486 | — | 450,311 | |||||||||||||||||||||||
South America | 8,121 | — | — | — | — | — | — | 8,121 | |||||||||||||||||||||||
Total | $ | 554,282 | $ | 169,499 | $ | — | $ | 319,503 | $ | 29,866 | $ | 44,486 | $ | — | $ | 1,117,636 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands, except share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Net income attributable to shareholders | $ | 58,798 | $ | 46,538 | $ | 25,302 | $ | 89,048 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 105.2 | 100.0 | 103.5 | 100.0 | ||||||||||||
Diluted | 105.2 | 100.0 | 103.5 | 100.0 | ||||||||||||
Basic and Diluted Net earnings per share | $ | 558.92 | $ | 465.38 | $ | 244.46 | $ | 890.48 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands, except share and per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income (loss) attributable to shareholders | $ | 2,998 | $ | (1,276 | ) | $ | (2,876 | ) | $ | (18,251 | ) | ||||
Weighted Average Shares Outstanding - Basic | 75,770,529 | 75,746,200 | 75,765,144 | 75,734,587 | |||||||||||
Weighted Average Shares Outstanding - Diluted | 75,770,665 | 75,746,200 | 75,765,144 | 75,734,587 | |||||||||||
Basic EPS | $ | 0.04 | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.24 | ) | ||||
Diluted EPS | $ | 0.04 | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.24 | ) |
September 30, 2022 | ||||
2022 | $ | 203 | ||
2023 | 831 | |||
2024 | 858 | |||
2025 | 864 | |||
2026 | 321 | |||
Thereafter | — | |||
Total | $ | 3,077 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Rent expense | $ | 1,235 | $ | 1,197 | $ | 3,755 | $ | 3,724 |
2017 | $ | 2,047 | |
2018 | 6,925 | ||
2019 | 6,514 | ||
2020 | 5,484 | ||
2021 | 4,166 | ||
Thereafter | 73,330 | ||
Total | $ | 98,466 |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||
Lease income | $ | 29,741 | $ | 21,600 | $ | 8,141 | $ | 70,872 | $ | 49,852 | $ | 21,020 | |||||||||||
Maintenance revenue | 17,533 | 7,646 | 9,887 | 46,778 | 19,037 | 27,741 | |||||||||||||||||
Finance lease income | 385 | 403 | (18 | ) | 1,156 | 2,324 | (1,168 | ) | |||||||||||||||
Other revenue | 1,957 | 405 | 1,552 | 2,581 | 767 | 1,814 | |||||||||||||||||
Total equipment leasing revenues | 49,616 | 30,054 | 19,562 | 121,387 | 71,980 | 49,407 | |||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||
Lease income | 455 | 16 | 439 | 594 | 16 | 578 | |||||||||||||||||
Rail revenues | 8,258 | 7,401 | 857 | 24,323 | 23,107 | 1,216 | |||||||||||||||||
Terminal services revenues | 1,730 | 4,255 | (2,525 | ) | 9,622 | 11,271 | (1,649 | ) | |||||||||||||||
Other revenue | 303 | — | 303 | 303 | — | 303 | |||||||||||||||||
Total infrastructure revenues | 10,746 | 11,672 | (926 | ) | 34,842 | 34,394 | 448 | ||||||||||||||||
Total revenues | 60,362 | 41,726 | 18,636 | 156,229 | 106,374 | 49,855 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 23,688 | 17,028 | 6,660 | 66,025 | 48,937 | 17,088 | |||||||||||||||||
General and administrative | 3,439 | 3,205 | 234 | 10,615 | 9,154 | 1,461 | |||||||||||||||||
Acquisition and transaction expenses | 1,732 | 1,688 | 44 | 5,064 | 4,622 | 442 | |||||||||||||||||
Management fees and incentive allocation to affiliate | 3,771 | 4,146 | (375 | ) | 11,529 | 12,725 | (1,196 | ) | |||||||||||||||
Depreciation and amortization | 24,784 | 15,376 | 9,408 | 62,382 | 43,294 | 19,088 | |||||||||||||||||
Interest expense | 8,914 | 5,416 | 3,498 | 21,292 | 15,839 | 5,453 | |||||||||||||||||
Total expenses | 66,328 | 46,859 | 19,469 | 176,907 | 134,571 | 42,336 | |||||||||||||||||
Other (expense) income | |||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated entities | 132 | (1,161 | ) | 1,293 | (1,461 | ) | (1,335 | ) | (126 | ) | |||||||||||||
Gain on sale of equipment and finance leases, net | 2,709 | 40 | 2,669 | 6,726 | 3,307 | 3,419 | |||||||||||||||||
Gain/(loss) on extinguishment of debt | — | — | — | (2,456 | ) | (1,579 | ) | (877 | ) | ||||||||||||||
Asset impairment | — | — | — | — | (7,450 | ) | 7,450 | ||||||||||||||||
Interest income | 215 | 206 | 9 | 582 | 87 | 495 | |||||||||||||||||
Other income | 2,148 | 485 | 1,663 | 2,180 | 583 | 1,597 | |||||||||||||||||
Total other income (expense) | 5,204 | (430 | ) | 5,634 | 5,571 | (6,387 | ) | 11,958 | |||||||||||||||
Loss before income taxes | (762 | ) | (5,563 | ) | 4,801 | (15,107 | ) | (34,584 | ) | 19,477 | |||||||||||||
Provision for income taxes | 909 | 83 | 826 | 1,585 | 195 | 1,390 | |||||||||||||||||
Net loss | (1,671 | ) | (5,646 | ) | 3,975 | (16,692 | ) | (34,779 | ) | 18,087 | |||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | (4,669 | ) | (4,370 | ) | (299 | ) | (13,816 | ) | (16,528 | ) | 2,712 | ||||||||||||
Net income (loss) attributable to shareholders | $ | 2,998 | $ | (1,276 | ) | $ | 4,274 | $ | (2,876 | ) | $ | (18,251 | ) | $ | 15,375 | ||||||||
Add: Provision for income taxes | 909 | 83 | 826 | 1,585 | 195 | 1,390 | |||||||||||||||||
Add: Equity-based compensation expense (income) | 165 | 28 | 137 | 695 | (3,818 | ) | 4,513 | ||||||||||||||||
Add: Acquisition and transaction expenses | 1,732 | 1,688 | 44 | 5,064 | 4,622 | 442 | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | 2,456 | 1,579 | 877 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease income | $ | 40,273 | $ | 40,392 | $ | (119 | ) | $ | 111,316 | $ | 120,389 | $ | (9,073 | ) | ||||||||||
Maintenance revenue | 35,507 | 40,252 | (4,745 | ) | 112,171 | 87,763 | 24,408 | |||||||||||||||||
Finance lease income | 119 | 439 | (320 | ) | 332 | 1,285 | (953 | ) | ||||||||||||||||
Aerospace products revenue | 53,401 | 7,730 | 45,671 | 94,211 | 13,284 | 80,927 | ||||||||||||||||||
Asset sales revenue | 85,488 | — | 85,488 | 85,488 | — | 85,488 | ||||||||||||||||||
Other revenue | 3,461 | 5,125 | (1,664 | ) | 8,687 | 5,761 | 2,926 | |||||||||||||||||
Total revenues | 218,249 | 93,938 | 124,311 | 412,205 | 228,482 | 183,723 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Operating expenses | 14,612 | 10,130 | 4,482 | 83,651 | 20,641 | 63,010 | ||||||||||||||||||
Cost of sales | 95,948 | 5,367 | 90,581 | 120,139 | 8,577 | 111,562 | ||||||||||||||||||
General and administrative | 3,354 | 2,862 | 492 | 9,125 | 7,166 | 1,959 | ||||||||||||||||||
Acquisition and transaction expenses | 2,848 | 1,132 | 1,716 | 5,449 | 3,710 | 1,739 | ||||||||||||||||||
Management fees and incentive allocation to affiliate | 539 | 2,116 | (1,577 | ) | 4,692 | 7,027 | (2,335 | ) | ||||||||||||||||
Depreciation and amortization | 32,877 | 34,825 | (1,948 | ) | 106,567 | 102,194 | 4,373 | |||||||||||||||||
Asset impairment | 4,495 | 859 | 3,636 | 128,171 | 3,048 | 125,123 | ||||||||||||||||||
Interest expense | 644 | 584 | 60 | 1,910 | 1,734 | 176 | ||||||||||||||||||
Total expenses | 155,317 | 57,875 | 97,442 | 459,704 | 154,097 | 305,607 | ||||||||||||||||||
Other (expense) income | ||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (358 | ) | (369 | ) | 11 | (125 | ) | (1,050 | ) | 925 | ||||||||||||||
Gain on sale of assets, net | — | 12,685 | (12,685 | ) | 79,933 | 17,467 | 62,466 | |||||||||||||||||
Other income (expense) | 42 | (1,341 | ) | 1,383 | 245 | (717 | ) | 962 | ||||||||||||||||
Total other (expense) income | (316 | ) | 10,975 | (11,291 | ) | 80,053 | 15,700 | 64,353 | ||||||||||||||||
Income before income taxes | 62,616 | 47,038 | 15,578 | 32,554 | 90,085 | (57,531 | ) | |||||||||||||||||
Provision for income taxes | 3,818 | 500 | 3,318 | 7,252 | 1,037 | 6,215 | ||||||||||||||||||
Net income attributable to shareholders | 58,798 | 46,538 | 12,260 | 25,302 | 89,048 | (63,746 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | (1,036 | ) | — | (1,036 | ) | (1,036 | ) | 3 | (1,039 | ) | |||||||||||||
Add: Asset impairment charges | — | — | — | — | 7,450 | (7,450 | ) | ||||||||||||||||
Add: Pro-rata share of Adjusted Net (Loss) Income from unconsolidated entities(1) | 86 | (1,207 | ) | 1,293 | (1,599 | ) | (1,444 | ) | (155 | ) | |||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | (438 | ) | (174 | ) | (264 | ) | (1,033 | ) | (594 | ) | (439 | ) | |||||||||||
Less: Equity in losses (earnings) of unconsolidated entities | (132 | ) | 1,161 | (1,293 | ) | 1,461 | 1,335 | 126 | |||||||||||||||
Less: Non-controlling share of Adjusted Net (Loss) Income (2) | (447 | ) | (170 | ) | (277 | ) | (503 | ) | (2,891 | ) | 2,388 | ||||||||||||
Adjusted Net Income (Loss) | $ | 3,837 | $ | 133 | $ | 3,704 | $ | 4,214 | $ | (11,814 | ) | $ | 16,028 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Net income attributable to shareholders | $ | 58,798 | $ | 46,538 | $ | 12,260 | $ | 25,302 | $ | 89,048 | $ | (63,746 | ) | |||||||||||
Add: Provision for income taxes | 3,818 | 500 | 3,318 | 7,252 | 1,037 | 6,215 | ||||||||||||||||||
Add: Acquisition and transaction expenses | 2,848 | 1,132 | 1,716 | 5,449 | 3,710 | 1,739 | ||||||||||||||||||
Add: Asset impairment charges | 4,495 | 859 | 3,636 | 128,171 | 3,048 | 125,123 | ||||||||||||||||||
Add: Depreciation and amortization expense (1) | 39,353 | 41,269 | (1,916 | ) | 136,860 | 123,543 | 13,317 | |||||||||||||||||
Add: Interest expense | 644 | 584 | 60 | 1,910 | 1,734 | 176 | ||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | (241 | ) | (312 | ) | 71 | 165 | (906 | ) | 1,071 | |||||||||||||||
Less: Equity in losses of unconsolidated entities | 358 | 369 | (11 | ) | 125 | 1,050 | (925 | ) | ||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 110,073 | $ | 90,939 | $ | 19,134 | $ | 305,234 | $ | 222,264 | $ | 82,970 |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 2,998 | $ | (1,276 | ) | $ | 4,274 | $ | (2,876 | ) | $ | (18,251 | ) | $ | 15,375 | ||||||||
Add: Provision for income taxes | 909 | 83 | 826 | 1,585 | 195 | 1,390 | |||||||||||||||||
Add: Equity-based compensation expense (income) | 165 | 28 | 137 | 695 | (3,818 | ) | 4,513 | ||||||||||||||||
Add: Acquisition and transaction expenses | 1,732 | 1,688 | 44 | 5,064 | 4,622 | 442 | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | 2,456 | 1,579 | 877 | |||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | (1,036 | ) | — | (1,036 | ) | (1,036 | ) | 3 | (1,039 | ) | |||||||||||||
Add: Asset impairment charges | — | — | — | — | 7,450 | (7,450 | ) | ||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense (3) | 26,686 | 16,885 | 9,801 | 67,575 | 48,076 | 19,499 | |||||||||||||||||
Add: Interest expense | 8,914 | 5,416 | 3,498 | 21,292 | 15,839 | 5,453 | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (4) | 282 | (287 | ) | 569 | (209 | ) | 1,873 | (2,082 | ) | ||||||||||||||
Less: Equity in losses of unconsolidated entities | (132 | ) | 1,161 | (1,293 | ) | 1,461 | 1,335 | 126 | |||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (5) | (2,753 | ) | (3,379 | ) | 626 | (7,272 | ) | (12,314 | ) | 5,042 | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 37,765 | $ | 20,319 | $ | 17,446 | $ | 88,735 | $ | 46,589 | $ | 42,146 |
(1) | Includes the following items for the three months ended September 30, 2022 and 2021: (i) depreciation and amortization expense of $32,877 and $34,825, (ii) lease intangible amortization of $3,291 and $1,266 and (iii) amortization for lease incentives of $3,185 and $5,178, respectively. Includes the following items for the nine months ended September 30, 2022 and 2021: (i) depreciation and amortization expense of $106,567 and $102,194, (ii) lease intangible amortization of $10,259 and $3,216 and (iii) amortization for lease incentives of $20,034 and $18,133, respectively. |
(2) | Includes the following items for the three months ended September 30, 2022 and 2021: (i) net loss of $358 and $369 and (ii) depreciation and amortization expense of $117 and $57, respectively. Includes the following items for the nine months ended September 30, 2022 and 2021: (i) net loss of $125 and $1,050 and (ii) depreciation and amortization expense of $290 and $144, respectively. |
Aviation Leasing Assets | Widebody | Narrowbody | Total | |||||||||
Aircraft | ||||||||||||
Assets at January 1, 2022 | 13 | 95 | 108 | |||||||||
Purchases | 1 | 22 | 23 | |||||||||
Sales | (3 | ) | (2 | ) | (5 | ) | ||||||
Transfers | (2 | ) | (28 | ) | (30 | ) | ||||||
Assets at September 30, 2022 | 9 | 87 | 96 | |||||||||
Engines | ||||||||||||
Assets at January 1, 2022 | 68 | 139 | 207 | |||||||||
Purchases | 2 | 43 | 45 | |||||||||
Sales | (26 | ) | (24 | ) | (50 | ) | ||||||
Transfers | 5 | 22 | 27 | |||||||||
Assets at September 30, 2022 | 49 | 180 | 229 |
Aviation Assets | Widebody | Narrowbody | Total | |||||
Aircraft | ||||||||
Assets at January 1, 2017 | 7 | 19 | 26 | |||||
Purchases | 3 | 14 | 17 | |||||
Sales | (1 | ) | (4 | ) | (5 | ) | ||
Assets at September 30, 2017 | 9 | 29 | 38 | |||||
Jet Engines | ||||||||
Assets at January 1, 2017 | 38 | 28 | 66 | |||||
Purchases | 22 | 28 | 50 | |||||
Sales | (9 | ) | (4 | ) | (13 | ) | ||
Assets at September 30, 2017 | 51 | 52 | 103 |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||
Lease income | $ | 25,941 | $ | 19,039 | $ | 6,902 | $ | 63,577 | $ | 46,636 | $ | 16,941 | |||||||||||
Maintenance revenue | 17,533 | 7,646 | 9,887 | 46,778 | 19,037 | 27,741 | |||||||||||||||||
Other revenue | — | 375 | (375 | ) | 2 | 687 | (685 | ) | |||||||||||||||
Total revenues | 43,474 | 27,060 | 16,414 | 110,357 | 66,360 | 43,997 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 1,706 | 892 | 814 | 4,496 | 2,875 | 1,621 | |||||||||||||||||
Acquisition and transaction expenses | 6 | — | 6 | 276 | — | 276 | |||||||||||||||||
Depreciation and amortization | 17,909 | 9,376 | 8,533 | 43,284 | 25,307 | 17,977 | |||||||||||||||||
Total expenses | 19,621 | 10,268 | 9,353 | 48,056 | 28,182 | 19,874 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Equity losses of unconsolidated entities | (203 | ) | — | (203 | ) | (1,046 | ) | — | (1,046 | ) | |||||||||||||
Gain on sale of equipment, net | 2,871 | — | 2,871 | 6,932 | 2,717 | 4,215 | |||||||||||||||||
Interest income | 51 | 6 | 45 | 210 | 9 | 201 | |||||||||||||||||
Total other income | 2,719 | 6 | 2,713 | 6,096 | 2,726 | 3,370 | |||||||||||||||||
Income before income taxes | 26,572 | 16,798 | 9,774 | 68,397 | 40,904 | 27,493 | |||||||||||||||||
Provision for income taxes | 927 | 100 | 827 | 1,598 | 188 | 1,410 | |||||||||||||||||
Net income | 25,645 | 16,698 | 8,947 | 66,799 | 40,716 | 26,083 | |||||||||||||||||
Less: Net income attributable to non-controlling interest in consolidated subsidiaries | 303 | 60 | 243 | 445 | 350 | 95 | |||||||||||||||||
Net income attributable to shareholders | $ | 25,342 | $ | 16,638 | $ | 8,704 | $ | 66,354 | $ | 40,366 | $ | 25,988 | |||||||||||
Add: Provision for income taxes | 927 | 100 | 827 | 1,598 | 188 | 1,410 | |||||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | 6 | — | 6 | 276 | — | 276 | |||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities(1) | (203 | ) | — | (203 | ) | (1,046 | ) | — | (1,046 | ) | |||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | (1 | ) | (174 | ) | 173 | (1 | ) | (538 | ) | 537 | |||||||||||||
Less: Equity in losses of unconsolidated entities | 203 | — | 203 | 1,046 | — | 1,046 | |||||||||||||||||
Less: Non-controlling share of Adjusted Net Income | — | — | — | — | — | — | |||||||||||||||||
Adjusted Net Income | $ | 26,274 | $ | 16,564 | $ | 9,710 | $ | 68,227 | $ | 40,016 | $ | 28,211 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease income | $ | 40,273 | $ | 40,392 | $ | (119 | ) | $ | 111,316 | $ | 120,389 | $ | (9,073 | ) | ||||||||||
Maintenance revenue | 35,507 | 40,252 | (4,745 | ) | 112,171 | 87,763 | 24,408 | |||||||||||||||||
Finance lease income | 119 | 439 | (320 | ) | 332 | 1,285 | (953 | ) | ||||||||||||||||
Asset sales revenue | 85,488 | — | 85,488 | 85,488 | — | 85,488 | ||||||||||||||||||
Other revenue | 3,461 | 5,125 | (1,664 | ) | 8,687 | 5,761 | 2,926 | |||||||||||||||||
Total revenues | 164,848 | 86,208 | 78,640 | 317,994 | 215,198 | 102,796 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Operating expenses | 10,533 | 7,282 | 3,251 | 72,135 | 14,177 | 57,958 | ||||||||||||||||||
Cost of sales | 64,855 | — | 64,855 | 64,855 | — | 64,855 | ||||||||||||||||||
Acquisition and transaction expenses | 247 | 234 | 13 | 624 | 804 | (180 | ) | |||||||||||||||||
Depreciation and amortization | 32,728 | 34,718 | (1,990 | ) | 106,180 | 101,992 | 4,188 | |||||||||||||||||
Asset impairment | 4,495 | 859 | 3,636 | 128,171 | 3,048 | 125,123 | ||||||||||||||||||
Total expenses | 112,858 | 43,093 | 69,765 | 371,965 | 120,021 | 251,944 | ||||||||||||||||||
Other (expense) income | ||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated entities | (45 | ) | — | (45 | ) | 753 | — | 753 | ||||||||||||||||
Gain on sale of assets, net | — | 10,961 | (10,961 | ) | 61,371 | 15,751 | 45,620 | |||||||||||||||||
Other income (expense) | 42 | (1,341 | ) | 1,383 | 245 | (717 | ) | 962 | ||||||||||||||||
Total other (expense) income | (3 | ) | 9,620 | (9,623 | ) | 62,369 | 15,034 | 47,335 | ||||||||||||||||
Income before income taxes | 51,987 | 52,735 | (748 | ) | 8,398 | 110,211 | (101,813 | ) | ||||||||||||||||
Provision for income taxes | 1,232 | 610 | 622 | 2,197 | 1,048 | 1,149 | ||||||||||||||||||
Net income attributable to shareholders | 50,755 | 52,125 | (1,370 | ) | 6,201 | 109,163 | (102,962 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Net income attributable to shareholders | $ | 50,755 | $ | 52,125 | $ | (1,370 | ) | $ | 6,201 | $ | 109,163 | $ | (102,962 | ) | ||||||||||
Add: Provision for income taxes | 1,232 | 610 | 622 | 2,197 | 1,048 | 1,149 | ||||||||||||||||||
Add: Acquisition and transaction expenses | 247 | 234 | 13 | 624 | 804 | (180 | ) | |||||||||||||||||
Add: Asset impairment charges | 4,495 | 859 | 3,636 | 128,171 | 3,048 | 125,123 | ||||||||||||||||||
Add: Depreciation and amortization expense (1) | 39,204 | 41,162 | (1,958 | ) | 136,473 | 123,341 | 13,132 | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 16 | — | 16 | 875 | — | 875 | ||||||||||||||||||
Less: Equity in (earnings) losses of unconsolidated entities | 45 | — | 45 | (753 | ) | — | (753 | ) | ||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 95,994 | $ | 94,990 | $ | 1,004 | $ | 273,788 | $ | 237,404 | $ | 36,384 |
(1) | Includes the following items for the three months ended September 30, 2022 and 2021: (i) depreciation expense of $32,728 and $34,718, (ii) lease intangible amortization of $3,291 and $1,266 and (iii) amortization for lease incentives of $3,185 and $5,178, respectively. Includes the following items for the nine months ended September 30, 2022 and 2021: (i) depreciation expense of $106,180 and $101,992, (ii) lease intangible amortization of $10,259 and $3,216 and (iii) amortization for lease incentives of $20,034 and $18,133, respectively. |
(2) | Includes the following items for the three and nine months ended September 30, 2022: (i) net loss of $45 and net income of $753 and (ii) depreciation and amortization of $61 and $122, respectively. |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||
Net income attributable to shareholders | $ | 25,342 | $ | 16,638 | $ | 8,704 | $ | 66,354 | $ | 40,366 | $ | 25,988 | |||||||||||
Add: Provision for income taxes | 927 | 100 | 827 | 1,598 | 188 | 1,410 | |||||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | 6 | — | 6 | 276 | — | 276 | |||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense (2) | 19,811 | 10,885 | 8,926 | 48,477 | 30,089 | 18,388 | |||||||||||||||||
Add: Interest expense | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(3) | (203 | ) | — | (203 | ) | (1,046 | ) | — | (1,046 | ) | |||||||||||||
Less: Equity in losses of unconsolidated entities | 203 | — | 203 | 1,046 | — | 1,046 | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA(4) | (192 | ) | (41 | ) | (151 | ) | (354 | ) | (123 | ) | (231 | ) | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 45,894 | $ | 27,582 | $ | 18,312 | $ | 116,351 | $ | 70,520 | $ | 45,831 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Aerospace products revenue | $ | 53,401 | $ | 7,730 | $ | 45,671 | $ | 94,211 | $ | 13,284 | $ | 80,927 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Operating expenses | 3,491 | 1,774 | 1,717 | 8,094 | 3,519 | 4,575 | ||||||||||||||||||
Cost of sales | 31,093 | 5,367 | 25,726 | 55,284 | 8,577 | 46,707 | ||||||||||||||||||
Acquisition and transaction expenses | 15 | — | 15 | 15 | — | 15 | ||||||||||||||||||
Depreciation and amortization | 77 | 40 | 37 | 178 | 40 | 138 | ||||||||||||||||||
Total expenses | 34,676 | 7,181 | 27,495 | 63,571 | 12,136 | 51,435 | ||||||||||||||||||
Other (expense) income | ||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (313 | ) | (369 | ) | 56 | (878 | ) | (1,050 | ) | 172 | ||||||||||||||
Gain on sale of assets, net | — | 1,724 | (1,724 | ) | 18,562 | 1,716 | 16,846 | |||||||||||||||||
Total other (expense) income | (313 | ) | 1,355 | (1,668 | ) | 17,684 | 666 | 17,018 | ||||||||||||||||
Income before income taxes | 18,412 | 1,904 | 16,508 | 48,324 | 1,814 | 46,510 | ||||||||||||||||||
Provision for (benefit from) income taxes | 2,586 | (110 | ) | 2,696 | 5,055 | (11 | ) | 5,066 | ||||||||||||||||
Net income attributable to shareholders | 15,826 | 2,014 | 13,812 | 43,269 | 1,825 | 41,444 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Net income attributable to shareholders | $ | 15,826 | $ | 2,014 | $ | 13,812 | $ | 43,269 | $ | 1,825 | $ | 41,444 | ||||||||||||
Add: Provision for (benefit from) income taxes | 2,586 | (110 | ) | 2,696 | 5,055 | (11 | ) | 5,066 | ||||||||||||||||
Add: Acquisition and transaction expenses | 15 | — | 15 | 15 | — | 15 | ||||||||||||||||||
Add: Depreciation and amortization expense | 77 | 40 | 37 | 178 | 40 | 138 | ||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) | (257 | ) | (312 | ) | 55 | (710 | ) | (906 | ) | 196 | ||||||||||||||
Less: Equity in losses of unconsolidated entities | 313 | 369 | (56 | ) | 878 | 1,050 | (172 | ) | ||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 18,560 | $ | 2,001 | $ | 16,559 | $ | 48,685 | $ | 1,998 | $ | 46,687 |
(1) | Includes the following items for the three months ended September 30, 2022 and 2021: (i) net loss of $313 and $369 and (ii) depreciation and amortization of $56 and $57, respectively. Includes the following items for the nine months ended September 30, 2022 and 2021: (i) net loss of $878 and $1,050 and (ii) depreciation and amortization of $168 and $144, respectively. |
Offshore Energy Assets | |||
Asset Type | Year Built | Description | Economic Interest (%) |
AHTS Vessel | 2010 | Anchor handling tug supply vessel with accommodation for 30 personnel and a total bollard pull of 68.5 tons | 100% |
Construction Support Vessel | 2014 | DP-3 construction support and well intervention vessel with 250-ton main crane, 2,000 square meter open deck space, moon pool and accommodation for 100 personnel | 100% |
ROV Support Vessel | 2011 | DP-2 dive and ROV support vessel with 50-ton crane, moon pool and accommodation for 120 personnel | 100%* |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||
Lease income | $ | 3,800 | $ | 2,561 | $ | 1,239 | $ | 7,295 | $ | 3,216 | $ | 4,079 | |||||||||||
Finance lease income | 385 | 403 | (18 | ) | 1,156 | 1,212 | (56 | ) | |||||||||||||||
Other revenue | 1,932 | 5 | 1,927 | 2,504 | 5 | 2,499 | |||||||||||||||||
Total revenues | 6,117 | 2,969 | 3,148 | 10,955 | 4,433 | 6,522 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 5,103 | 2,408 | 2,695 | 12,661 | 8,410 | 4,251 | |||||||||||||||||
Depreciation and amortization | 1,607 | 1,669 | (62 | ) | 4,820 | 4,927 | (107 | ) | |||||||||||||||
Interest expense | 946 | 934 | 12 | 2,800 | 2,805 | (5 | ) | ||||||||||||||||
Total expenses | 7,656 | 5,011 | 2,645 | 20,281 | 16,142 | 4,139 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Asset impairment | — | — | — | — | (7,450 | ) | 7,450 | ||||||||||||||||
Interest income | 4 | 4 | — | 11 | 9 | 2 | |||||||||||||||||
Other income | 1,093 | — | 1,093 | 1,093 | — | 1,093 | |||||||||||||||||
Total other income (expense) | 1,097 | 4 | 1,093 | 1,104 | (7,441 | ) | 8,545 | ||||||||||||||||
Loss before income taxes | (442 | ) | (2,038 | ) | 1,596 | (8,222 | ) | (19,150 | ) | 10,928 | |||||||||||||
Benefit from income taxes | (5 | ) | — | (5 | ) | — | — | — | |||||||||||||||
Net loss | (437 | ) | (2,038 | ) | 1,601 | (8,222 | ) | (19,150 | ) | 10,928 | |||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | (62 | ) | (131 | ) | 69 | (526 | ) | (4,289 | ) | 3,763 | |||||||||||||
Net loss attributable to shareholders | $ | (375 | ) | $ | (1,907 | ) | $ | 1,532 | $ | (7,696 | ) | $ | (14,861 | ) | $ | 7,165 | |||||||
Add: Benefit from income taxes | (5 | ) | — | (5 | ) | — | — | — | |||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
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 | — | — | — | — | 7,450 | (7,450 | ) | ||||||||||||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted Net Income (1) | — | — | — | — | (3,725 | ) | 3,725 | ||||||||||||||||
Adjusted Net Loss | $ | (380 | ) | $ | (1,907 | ) | $ | 1,527 | $ | (7,696 | ) | $ | (11,136 | ) | $ | 3,440 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Expenses | ||||||||||||||||||||||||
Operating expenses | 588 | 1,074 | (486 | ) | 3,422 | 2,945 | 477 | |||||||||||||||||
General and administrative | 3,354 | 2,862 | 492 | 9,125 | 7,166 | 1,959 | ||||||||||||||||||
Acquisition and transaction expenses | 2,586 | 898 | 1,688 | 4,810 | 2,906 | 1,904 | ||||||||||||||||||
Management fees and incentive allocation to affiliate | 539 | 2,116 | (1,577 | ) | 4,692 | 7,027 | (2,335 | ) | ||||||||||||||||
Depreciation and amortization | 72 | 67 | 5 | 209 | 162 | 47 | ||||||||||||||||||
Interest expense | 644 | 584 | 60 | 1,910 | 1,734 | 176 | ||||||||||||||||||
Total expenses | 7,783 | 7,601 | 182 | 24,168 | 21,940 | 2,228 | ||||||||||||||||||
Loss before income taxes | (7,783 | ) | (7,601 | ) | (182 | ) | (24,168 | ) | (21,940 | ) | (2,228 | ) | ||||||||||||
Provision for (benefit from) income taxes | — | — | — | — | — | — | ||||||||||||||||||
Net loss attributable to shareholders | (7,783 | ) | (7,601 | ) | (182 | ) | (24,168 | ) | (21,940 | ) | (2,228 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Net loss attributable to shareholders | $ | (7,783 | ) | $ | (7,601 | ) | $ | (182 | ) | $ | (24,168 | ) | $ | (21,940 | ) | $ | (2,228 | ) | ||||||
Add: Acquisition and transaction expenses | 2,586 | 898 | 1,688 | 4,810 | 2,906 | 1,904 | ||||||||||||||||||
Add: Depreciation and amortization expense | 72 | 67 | 5 | 209 | 162 | 47 | ||||||||||||||||||
Add: Interest expense | 644 | 584 | 60 | 1,910 | 1,734 | 176 | ||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (4,481 | ) | $ | (6,052 | ) | $ | 1,571 | $ | (17,239 | ) | $ | (17,138 | ) | $ | (101 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||
Net loss attributable to shareholders | $ | (375 | ) | $ | (1,907 | ) | $ | 1,532 | $ | (7,696 | ) | $ | (14,861 | ) | $ | 7,165 | |||||||
Add: Benefit from income taxes | (5 | ) | — | (5 | ) | — | — | — | |||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
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 | — | — | — | — | 7,450 | (7,450 | ) | ||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense | 1,607 | 1,669 | (62 | ) | 4,820 | 4,927 | (107 | ) | |||||||||||||||
Add: Interest expense | 946 | 934 | 12 | 2,800 | 2,805 | (5 | ) | ||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (2) | (61 | ) | (91 | ) | 30 | (247 | ) | (3,992 | ) | 3,745 | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 2,112 | $ | 605 | $ | 1,507 | $ | (323 | ) | $ | (3,671 | ) | $ | 3,348 |
Shipping Containers Assets | |||||
Number of Containers | Type | Average Age | Lease Type | Customer Mix | Economic Interest (%) |
36,000 | 20’ Dry 20’ Reefer 40’ Dry 40’ HC Dry 40’ HC Reefer | ~9 Years | Direct Finance Lease/Operating Lease | 5 Customers | 51% |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||
Finance lease income | $ | — | $ | — | $ | — | $ | — | $ | 1,112 | $ | (1,112 | ) | ||||||||||
Other revenue | 25 | 25 | — | 75 | 75 | — | |||||||||||||||||
Total revenues | 25 | 25 | — | 75 | 1,187 | (1,112 | ) | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 8 | 1 | 7 | 8 | 43 | (35 | ) | ||||||||||||||||
Interest expense | — | — | — | — | 410 | (410 | ) | ||||||||||||||||
Total expenses | 8 | 1 | 7 | 8 | 453 | (445 | ) | ||||||||||||||||
Other (expense) income | |||||||||||||||||||||||
Equity in earnings / (losses) of unconsolidated entities | 359 | (1,161 | ) | 1,520 | (316 | ) | (1,335 | ) | 1,019 | ||||||||||||||
Gain on sale of finance leases, net | — | — | — | — | 304 | (304 | ) | ||||||||||||||||
Other expense | — | — | — | — | (2 | ) | 2 | ||||||||||||||||
Total other income (expense) | 359 | (1,161 | ) | 1,520 | (316 | ) | (1,033 | ) | 717 | ||||||||||||||
Income (loss) before income taxes | 376 | (1,137 | ) | 1,513 | (249 | ) | (299 | ) | 50 | ||||||||||||||
Benefit from income taxes | (10 | ) | (41 | ) | 31 | (44 | ) | (54 | ) | 10 | |||||||||||||
Net (loss) income attributable to shareholders | $ | 386 | $ | (1,096 | ) | $ | 1,482 | $ | (205 | ) | $ | (245 | ) | $ | 40 | ||||||||
Add: Benefit from income taxes | (10 | ) | (41 | ) | 31 | (44 | ) | (54 | ) | 10 | |||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | — | — | — | |||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | 3 | (3 | ) | ||||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted Net Income (Loss) from unconsolidated entities (1) | 313 | (1,207 | ) | 1,520 | (454 | ) | (1,444 | ) | 990 | ||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings / (losses) of unconsolidated entities | (359 | ) | 1,161 | (1,520 | ) | 316 | 1,335 | (1,019 | ) | ||||||||||||||
Less: Non-controlling share of Adjusted Net Income | — | — | — | — | — | — | |||||||||||||||||
Adjusted Net Income (Loss) | $ | 330 | $ | (1,183 | ) | $ | 1,513 | $ | (387 | ) | $ | (405 | ) | $ | 18 |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net (loss) income attributable to shareholders | $ | 386 | $ | (1,096 | ) | $ | 1,482 | $ | (205 | ) | $ | (245 | ) | $ | 40 | ||||||||
Add: Benefit from income taxes | (10 | ) | (41 | ) | 31 | (44 | ) | (54 | ) | 10 | |||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | — | — | — | |||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | 3 | (3 | ) | ||||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense | — | — | — | — | — | — | |||||||||||||||||
Add: Interest expense | — | — | — | — | 410 | (410 | ) | ||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 509 | (287 | ) | 796 | 936 | 1,873 | (937 | ) | |||||||||||||||
Less: Equity in earnings / (losses) of unconsolidated entities | (359 | ) | 1,161 | (1,520 | ) | 316 | 1,335 | (1,019 | ) | ||||||||||||||
Less: Non-controlling share of Adjusted EBITDA | — | — | — | — | — | — | |||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 526 | $ | (263 | ) | $ | 789 | $ | 1,003 | $ | 3,322 | $ | (2,319 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||
Terminal services revenues | $ | 1,730 | $ | 4,255 | $ | (2,525 | ) | $ | 9,622 | $ | 11,271 | $ | (1,649 | ) | |||||||||
Total revenues | 1,730 | 4,255 | (2,525 | ) | 9,622 | 11,271 | (1,649 | ) | |||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 7,039 | 6,796 | 243 | 21,919 | 16,182 | 5,737 | |||||||||||||||||
Acquisition and transaction expenses | — | 109 | (109 | ) | — | 400 | (400 | ) | |||||||||||||||
Depreciation and amortization | 3,978 | 3,920 | 58 | 11,885 | 11,589 | 296 | |||||||||||||||||
Interest expense | 1,408 | 4,016 | (2,608 | ) | 4,283 | 11,804 | (7,521 | ) | |||||||||||||||
Total expenses | 12,425 | 14,841 | (2,416 | ) | 38,087 | 39,975 | (1,888 | ) | |||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Equity in losses of unconsolidated entities | (24 | ) | — | (24 | ) | (99 | ) | — | (99 | ) | |||||||||||||
Loss on extinguishment of debt | — | — | — | — | (1,579 | ) | 1,579 | ||||||||||||||||
Interest income (expense) | 160 | 196 | (36 | ) | 361 | 69 | 292 | ||||||||||||||||
Other income | 1,055 | 485 | 570 | 1,087 | 585 | 502 | |||||||||||||||||
Total other income (expense) | 1,191 | 681 | 510 | 1,349 | (925 | ) | 2,274 | ||||||||||||||||
Loss before income taxes | (9,504 | ) | (9,905 | ) | 401 | (27,116 | ) | (29,629 | ) | 2,513 | |||||||||||||
(Benefit from) provision for income taxes | (3 | ) | 20 | (23 | ) | 31 | 55 | (24 | ) | ||||||||||||||
Net loss | (9,501 | ) | (9,925 | ) | 424 | (27,147 | ) | (29,684 | ) | 2,537 | |||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | (4,806 | ) | (4,241 | ) | (565 | ) | (13,209 | ) | (12,522 | ) | (687 | ) | |||||||||||
Net loss attributable to shareholders | $ | (4,695 | ) | $ | (5,684 | ) | $ | 989 | $ | (13,938 | ) | $ | (17,162 | ) | $ | 3,224 | |||||||
Add: (Benefit from) provision for income taxes | (3 | ) | 20 | (23 | ) | 31 | 55 | (24 | ) | ||||||||||||||
Add: Equity-based compensation expense | 90 | — | 90 | 228 | (4,168 | ) | 4,396 | ||||||||||||||||
Add: Acquisition and transaction expenses | — | 109 | (109 | ) | — | 400 | (400 | ) | |||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | — | 1,579 | (1,579 | ) | ||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | (1,036 | ) | — | (1,036 | ) | (1,036 | ) | — | (1,036 | ) | |||||||||||||
Add: Asset impairment charges | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted Net Loss from unconsolidated entities (1) | (24 | ) | — | (24 | ) | (99 | ) | — | (99 | ) | |||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | 3 | — | 3 | (79 | ) | (52 | ) | (27 | ) | ||||||||||||||
Less: Equity in losses of unconsolidated entities | 24 | — | 24 | 99 | — | 99 | |||||||||||||||||
Less: Non-controlling share of Adjusted Net Loss(2) | (440 | ) | (164 | ) | (276 | ) | (475 | ) | 853 | (1,328 | ) | ||||||||||||
Adjusted Net Loss | $ | (6,081 | ) | $ | (5,719 | ) | $ | (362 | ) | $ | (15,269 | ) | $ | (18,495 | ) | $ | 3,226 |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net loss attributable to shareholders | $ | (4,695 | ) | $ | (5,684 | ) | $ | 989 | $ | (13,938 | ) | $ | (17,162 | ) | $ | 3,224 | |||||||
Add: Provision for income taxes | (3 | ) | 20 | (23 | ) | 31 | 55 | (24 | ) | ||||||||||||||
Add: Equity-based compensation expense | 90 | — | 90 | 228 | (4,168 | ) | 4,396 | ||||||||||||||||
Add: Acquisition and transaction expenses | — | 109 | (109 | ) | — | 400 | (400 | ) | |||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | — | 1,579 | (1,579 | ) | ||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | (1,036 | ) | — | (1,036 | ) | (1,036 | ) | — | (1,036 | ) | |||||||||||||
Add: Asset impairment charges | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense | 3,978 | 3,920 | 58 | 11,885 | 11,589 | 296 | |||||||||||||||||
Add: Interest expense | 1,408 | 4,016 | (2,608 | ) | 4,283 | 11,804 | (7,521 | ) | |||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) | (24 | ) | — | (24 | ) | (99 | ) | — | (99 | ) | |||||||||||||
Less: Equity in losses of unconsolidated entities | 24 | — | 24 | 99 | — | 99 | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (4) | (2,439 | ) | (3,160 | ) | 721 | (6,509 | ) | (8,043 | ) | 1,534 | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (2,697 | ) | $ | (779 | ) | $ | (1,918 | ) | $ | (5,056 | ) | $ | (3,946 | ) | $ | (1,110 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||
Rail revenues | $ | 8,258 | $ | 7,401 | $ | 857 | $ | 24,323 | $ | 23,107 | $ | 1,216 | |||||||||||
Total revenues | 8,258 | 7,401 | 857 | 24,323 | 23,107 | 1,216 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 6,980 | 6,514 | 466 | 22,431 | 21,004 | 1,427 | |||||||||||||||||
Depreciation and amortization | 507 | 411 | 96 | 1,525 | 1,471 | 54 | |||||||||||||||||
Interest expense | 264 | 182 | 82 | 710 | 536 | 174 | |||||||||||||||||
Total expenses | 7,751 | 7,107 | 644 | 24,666 | 23,011 | 1,655 | |||||||||||||||||
Other (expense) income | |||||||||||||||||||||||
(Loss) Gain on sale of equipment, net | (162 | ) | 40 | (202 | ) | (206 | ) | 286 | (492 | ) | |||||||||||||
Total other (expense) income | (162 | ) | 40 | (202 | ) | (206 | ) | 286 | (492 | ) | |||||||||||||
Income (loss) before income taxes | 345 | 334 | 11 | (549 | ) | 382 | (931 | ) | |||||||||||||||
Provision for income taxes | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 345 | 334 | 11 | (549 | ) | 382 | (931 | ) | |||||||||||||||
Less: Net income attributable to non-controlling interest in consolidated subsidiaries | (104 | ) | 14 | (118 | ) | (43 | ) | 11 | (54 | ) | |||||||||||||
Net income (loss) attributable to shareholders | $ | 449 | $ | 320 | $ | 129 | $ | (506 | ) | $ | 371 | $ | (877 | ) | |||||||||
Add: Provision for income taxes | — | — | — | — | — | — | |||||||||||||||||
Add: Equity-based compensation expense | 75 | 28 | 47 | 467 | 350 | 117 | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted Net Income (1) | (7 | ) | (6 | ) | (1 | ) | (28 | ) | (19 | ) | (9 | ) | |||||||||||
Adjusted Net Income (Loss) | $ | 517 | $ | 342 | $ | 175 | $ | (67 | ) | $ | 702 | $ | (769 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 449 | $ | 320 | $ | 129 | $ | (506 | ) | $ | 371 | $ | (877 | ) | |||||||||
Add: Provision for income taxes | — | — | — | — | — | — | |||||||||||||||||
Add: Equity-based compensation expense | 75 | 28 | 47 | 467 | 350 | 117 | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense | 507 | 411 | 96 | 1,525 | 1,471 | 54 | |||||||||||||||||
Add: Interest expense | 264 | 182 | 82 | 710 | 536 | 174 | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (2) | (61 | ) | (59 | ) | (2 | ) | (162 | ) | (128 | ) | (34 | ) | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 1,234 | $ | 882 | $ | 352 | $ | 2,034 | $ | 2,600 | $ | (566 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||
Lease income | $ | 455 | $ | 16 | $ | 439 | $ | 594 | $ | 16 | $ | 578 | |||||||||||
Other revenue | 303 | — | 303 | 303 | — | 303 | |||||||||||||||||
Total revenues | 758 | 16 | 742 | 897 | 16 | 881 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 2,852 | 417 | 2,435 | 4,510 | 417 | 4,093 | |||||||||||||||||
Depreciation and amortization | 783 | — | 783 | 868 | — | 868 | |||||||||||||||||
Interest expense | 273 | 284 | (11 | ) | 817 | 284 | 533 | ||||||||||||||||
Total expenses | 3,908 | 701 | 3,207 | 6,195 | 701 | 5,494 | |||||||||||||||||
Loss before income taxes | (3,150 | ) | (685 | ) | (2,465 | ) | (5,298 | ) | (685 | ) | (4,613 | ) | |||||||||||
Provision for income taxes | — | 4 | (4 | ) | — | 5 | (5 | ) | |||||||||||||||
Net loss | (3,150 | ) | (689 | ) | (2,461 | ) | (5,298 | ) | (690 | ) | (4,608 | ) | |||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | — | (69 | ) | 69 | (483 | ) | (69 | ) | (414 | ) | |||||||||||||
Net loss attributable to shareholders | $ | (3,150 | ) | $ | (620 | ) | $ | (2,530 | ) | $ | (4,815 | ) | $ | (621 | ) | $ | (4,194 | ) | |||||
Add: Provision for income taxes | — | 4 | (4 | ) | — | 5 | (5 | ) | |||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | — | — | — | — | (5 | ) | 5 | ||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted Net Income | — | — | — | — | — | — | |||||||||||||||||
Adjusted Net Loss | $ | (3,150 | ) | $ | (616 | ) | $ | (2,534 | ) | $ | (4,815 | ) | $ | (621 | ) | $ | (4,194 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net loss attributable to shareholders | $ | (3,150 | ) | $ | (620 | ) | $ | (2,530 | ) | $ | (4,815 | ) | $ | (621 | ) | $ | (4,194 | ) | |||||
Add: Benefit from income taxes | — | 4 | (4 | ) | — | 5 | (5 | ) | |||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | — | |||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense | 783 | — | 783 | 868 | — | 868 | |||||||||||||||||
Add: Interest expense | 273 | 284 | (11 | ) | 817 | 284 | 533 | ||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (1) | — | (28 | ) | 28 | — | (28 | ) | 28 | |||||||||||||||
Adjusted EBITDA | $ | (2,094 | ) | $ | (360 | ) | $ | (1,734 | ) | $ | (3,130 | ) | $ | (360 | ) | $ | (2,770 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | $ | — | $ | — | $ | — | $ | — | $ | 6 | $ | (6 | ) | ||||||||||
General and administrative | 3,439 | 3,205 | 234 | 10,615 | 9,154 | 1,461 | |||||||||||||||||
Acquisition and transaction expenses | 1,726 | 1,579 | 147 | 4,788 | 4,222 | 566 | |||||||||||||||||
Management fees and incentive allocation to affiliate | 3,771 | 4,146 | (375 | ) | 11,529 | 12,725 | (1,196 | ) | |||||||||||||||
Interest expense | 6,023 | — | 6,023 | 12,682 | — | 12,682 | |||||||||||||||||
Total expenses | 14,959 | 8,930 | 6,029 | 39,614 | 26,107 | 13,507 | |||||||||||||||||
Other expense | |||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (2,456 | ) | — | (2,456 | ) | |||||||||||||||
Total other expense | — | — | — | (2,456 | ) | — | (2,456 | ) | |||||||||||||||
Loss before income taxes | (14,959 | ) | (8,930 | ) | (6,029 | ) | (42,070 | ) | (26,107 | ) | (15,963 | ) | |||||||||||
Provision for income taxes | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Net loss | (14,959 | ) | (8,930 | ) | (6,029 | ) | (42,070 | ) | (26,108 | ) | (15,962 | ) | |||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | — | (3 | ) | 3 | — | (9 | ) | 9 | |||||||||||||||
Net loss attributable to shareholders | $ | (14,959 | ) | $ | (8,927 | ) | $ | (6,032 | ) | $ | (42,070 | ) | $ | (26,099 | ) | $ | (15,971 | ) | |||||
Add: Provision for income taxes | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | �� | — | — | ||||||||||||||||
Add: Acquisition and transaction expenses | 1,726 | 1,579 | 147 | 4,788 | 4,222 | 566 | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | 2,456 | — | 2,456 | |||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | — | |||||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | — | |||||||||||||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Less: Cash payments for income taxes | (440 | ) | — | (440 | ) | (953 | ) | 1 | (954 | ) | |||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted Net Income | — | — | — | — | — | — | |||||||||||||||||
Adjusted Net Loss | $ | (13,673 | ) | $ | (7,348 | ) | $ | (6,325 | ) | $ | (35,779 | ) | $ | (21,875 | ) | $ | (13,904 | ) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(Dollar amounts in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net loss attributable to shareholders | $ | (14,959 | ) | $ | (8,927 | ) | $ | (6,032 | ) | $ | (42,070 | ) | $ | (26,099 | ) | $ | (15,971 | ) | |||||
Add: Provision for income taxes | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | — | |||||||||||||||||
Add: Acquisition and transaction expenses | 1,726 | 1,579 | 147 | 4,788 | 4,222 | 566 | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | 2,456 | — | 2,456 | |||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | — | |||||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | — | |||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense | — | — | — | — | — | — | |||||||||||||||||
Add: Interest expense | 6,023 | — | 6,023 | 12,682 | — | 12,682 | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | — | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA | — | — | — | — | — | — | |||||||||||||||||
Adjusted EBITDA | $ | (7,210 | ) | $ | (7,348 | ) | $ | 138 | $ | (22,144 | ) | $ | (21,876 | ) | $ | (268 | ) |
Nine Months Ended September 30, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Cash Flow Data: | ||||||||
Net cash provided by operating activities | $ | 151,304 | $ | 131,828 | ||||
Net cash used in investing activities | (124,180 | ) | (239,446 | ) | ||||
Net cash (used in) provided by financing activities | (13,685 | ) | 108,318 |
Nine Months Ended | |||||||
(Dollar amounts in thousands) | September 30, 2017 | September 30, 2016 | |||||
Cash Flow Data: | |||||||
Net cash provided by operating activities | $ | 52,443 | $ | 15,662 | |||
Net cash used in investing activities | $ | (275,703 | ) | $ | (88,004 | ) | |
Net cash provided by (used in) financing activities | $ | 331,562 | $ | (111,487 | ) |
Nine Months Ended | |||||||
(Dollar amounts in thousands) | September 30, 2017 | September 30, 2016 | |||||
Net Cash Provided by Operating Activities | $ | 52,443 | $ | 15,662 | |||
Add: Principal Collections on Finance Leases | 347 | 2,406 | |||||
Add: Proceeds from sale of assets (1) | 87,144 | 87,530 | |||||
Add: Return of Capital Distributions from Unconsolidated Entities | �� | 432 | |||||
Less: Required Payments on Debt Obligations (2) | (8,368 | ) | (52,105 | ) | |||
Less: Capital Distributions to Non-Controlling Interest | — | — | |||||
Exclude: Changes in Working Capital | (1,563 | ) | 2,370 | ||||
Funds Available for Distribution (FAD) | $ | 130,003 | $ | 56,295 |
(in thousands) | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||
FTAI Pride Credit Agreement | $ | — | $ | 6,250 | $ | 47,743 | $ | — | $ | — | $ | — | $ | 53,993 | |||||||||||||
CMQR Credit Agreement | — | — | 18,400 | — | — | — | 18,400 | ||||||||||||||||||||
Revolving Credit Facility | — | — | 60,000 | — | — | — | 60,000 | ||||||||||||||||||||
Jefferson Bonds Payable | — | 1,545 | 1,670 | 146,010 | 1,960 | 35,780 | 186,965 | ||||||||||||||||||||
Senior Notes | — | — | — | — | — | 350,000 | 350,000 | ||||||||||||||||||||
Note payable to non-controlling interest | — | — | — | — | — | — | — | ||||||||||||||||||||
Total principal payments on loans and bonds payable | — | 7,795 | 127,813 | 146,010 | 1,960 | 385,780 | 669,358 | ||||||||||||||||||||
Total estimated interest payments (1) | 16,035 | 23,741 | 32,707 | 30,518 | 21,215 | 22,063 | 146,279 | ||||||||||||||||||||
Obligation to third-party (Repauno) | — | 5,500 | — | — | — | — | 5,500 | ||||||||||||||||||||
Operating lease obligations | 1,950 | 6,616 | 6,200 | 5,186 | 4,061 | 73,318 | 97,331 | ||||||||||||||||||||
Capital lease obligations | 97 | 309 | 314 | 298 | 105 | 12 | 1,135 | ||||||||||||||||||||
2,047 | 6,925 | 6,514 | 5,484 | 4,166 | 73,330 | 98,466 | |||||||||||||||||||||
Total contractual obligations | $ | 18,082 | $ | 43,961 | $ | 167,034 | $ | 182,012 | $ | 27,341 | $ | 481,173 | $ | 919,603 |
Asset | Range of Estimated Useful Lives | Residual Value Estimates | ||
Aircraft | 25 years from date of manufacture | Generally not to exceed 15% of manufacturer’s list price when new | ||
Aircraft engines | 2 - 6 years, based on maintenance adjusted service life | Sum of engine core salvage value plus the estimated fair value of life limited parts | ||
Aviation tooling and equipment | 3 - 6 years from date of purchase | Scrap value at end of useful life | ||
Furniture and fixtures | 3 - 6 years from date of purchase | None |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibit No. | Description | ||
Agreement and Plan of Merger, dated as of August 12, 2022, by and among, FTAI, the Company and FTAI Aviation Merger Sub LLC (incorporated by reference to Annex A to FTAI’s Registration Statement on Form S-4, filed on October 11, 2022). | |||
Separation and Distribution Agreement, dated as of August 1, 2022, between FTAI Infrastructure Inc. and Fortress Transportation and Infrastructure Investors LLC (incorporated by reference to Exhibit 2.1 of FTAI’s Current Report on Form 8-K, filed on August 1, 2022). | |||
Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on November 14, 2022). | |||
Services and Profit Sharing Agreement, dated November 10, 2022, by and among FTAI Aviation Holdco Ltd., Fortress Transportation and Infrastructure Investors LLC and Fortress Worldwide Transportation and Infrastructure Master GP LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on November 14, 2022). | |||
† | Management and Advisory Agreement, dated as of July 31, 2022, between FTAI, FTAI Aviation Ltd., the Subsidiaries of FTAI party thereto and FIG LLC (incorporated by reference to Exhibit 10.1 of FTAI’s Current Report on Form 8-K, filed on August 1, 2022). | ||
† | Amended and Restated Registration Rights Agreement, dated November 10, 2022, by and among FTAI Aviation Ltd., Fortress Transportation and Infrastructure Investors LLC, Fortress Worldwide Transportation and Infrastructure Master GP LLC and FIG LLC (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, filed on November 14, 2022). | ||
† | FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Award Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022). | ||
Form of FTAI Aviation Ltd. Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022). | |||
† | Form of Director Award Agreement pursuant to the FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Plan (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022). | ||
† | Form of Award Agreement under the FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Award Plan (incorporated by reference to Exhibit 10.8 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022). | ||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101 | The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Changes in Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements. | ||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||
† | Management contracts and compensatory plans or arrangements. |
By: | ||||
/s/ Joseph P. Adams, Jr. | Date: | November | ||
Joseph P. Adams, Jr. | ||||
Chairman and Chief Executive Officer |
By: | /s/ Eun (Angela) Nam | Date: | November 17, 2022 | |
Eun (Angela) Nam | ||||
Chief Financial Officer |