SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended March 31, 2023


	Three Months Ended March 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	48,830	$	—	$	7,148	$	55,978
Maintenance revenue	35,141		—		—		35,141
Asset sales revenue	108,691		—		—		108,691
Aerospace products revenue	—		85,113		—		85,113
Other revenue	6,378		—		1,417		7,795
Total revenues	$	199,040	$	85,113	$	8,565	$	292,718

Expenses
Cost of sales	92,234		53,436		—		145,670
Operating expenses	7,088		3,655		11,791		22,534
General and administrative	—		—		4,067		4,067
Acquisition and transaction expenses	1,462		755		1,045		3,262
Management fees and incentive allocation to affiliate	—		—		2,997		2,997
Depreciation and amortization	38,140		86		2,700		40,926
Asset impairment	1,220		—		—		1,220
Interest expense	—		—		39,292		39,292
Total expenses	140,144		57,932		61,892		259,968

Other income (expense)
Equity in losses of unconsolidated entities	(99)		(1,236)		—		(1,335)


Other income	8		—		—		8
Total other expense	(91)		(1,236)		—		(1,327)
Income (loss) from continuing operations before income taxes	58,805		25,945		(53,327)		31,423
Provision for income taxes	995		916		115		2,026
Net income (loss) from continuing operations	57,810		25,029		(53,442)		29,397
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		6,791		6,791
Net income (loss) attributable to shareholders from continuing operations	$	57,810	$	25,029	$	(60,233)	$	22,606

II. For the Three Months Ended March 31, 2022


	Three Months Ended March 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	33,958	$	—	$	5,367	$	39,325
Maintenance revenue	36,732		—		—		36,732

Aerospace products revenue	—		14,313		—		14,313
Other revenue	22		—		1,299		1,321
Total revenues	$	70,712	$	14,313	$	6,666	$	91,691

Expenses
Cost of sales	—		9,050		—		9,050
Operating expenses	54,472		1,623		5,704		61,799
General and administrative	—		—		4,561		4,561
Acquisition and transaction expenses	209		—		2,064		2,273
Management fees and incentive allocation to affiliate	—		—		3		3
Depreciation and amortization	39,228		34		2,043		41,305
Asset impairment	122,790		—		—		122,790
Interest expense	—		—		44,139		44,139
Total expenses	216,699		10,707		58,514		285,920

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	552		(354)		—		198
Gain on sale of assets, net	6,587		9,701		—		16,288

Other income (expense)	165		—		(37)		128
Total other income (expense)	7,304		9,347		(37)		16,614
(Loss) income from continuing operations before income taxes	(138,683)		12,953		(51,885)		(177,615)
Provision for income taxes	986		71		282		1,339
Net (loss) income from continuing operations	(139,669)		12,882		(52,167)		(178,954)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		6,791		6,791
Net (loss) income attributable to shareholders from continuing operations	$	(139,669)	$	12,882	$	(58,958)	$	(185,745)

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:


	Three Months Ended March 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	107,556	$	27,377	$	(7,277)	$	127,656
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,335)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							696
Less: Interest expense and dividends on preferred shares							(46,083)
Less: Depreciation and amortization expense							(48,770)
Less: Incentive allocations							(2,942)
Less: Asset impairment charges							(1,220)
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							(3,262)
Less: Equity-based compensation expense							(108)
Less: Provision for income taxes							(2,026)
Net income attributable to shareholders from continuing operations							$	22,606

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders:


	Three Months Ended March 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	35,556	$	13,043	$	(3,639)	$	44,960
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in earnings of unconsolidated entities							198
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(254)
Less: Interest expense and dividends on preferred shares							(50,930)
Less: Depreciation and amortization expense							(53,317)
Less: Incentive allocations							—
Less: Asset impairment charges							(122,790)
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							(2,273)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(1,339)
Net loss attributable to shareholders from continuing operations							$	(185,745)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net:


	March 31, 2023		December 31, 2022
Property, plant and equipment and leasing equipment, net
Africa	$	—	$	7,952
Asia	375,595		383,378
Europe	871,581		821,840
North America	427,391		424,617
South America	186,533		285,780
Total property, plant and equipment and leasing equipment, net	$	1,861,100	$	1,923,567

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2023: