Aviation Capital Group recorded first quarter (Q1 2023) revenue of $258 million and pre-tax net income of $14 million.
The company said its cash flow from operations was $150 million, an increase of 4% as compared to Q1 2022.
ACG's unencumbered asset ratio was 1.5 to 1 at the end of Q1 2023, when it had unencumbered assets of $11.4bn. The net debt to equity ratio of 2.5 to 1 as it ended the quarter with $3.5bn in immediate liquidity, made up of $3.4bn in a revolving credit facilities and $100 million in unrestricted cash.
During the Q1 2023 period, ACG funded a $300 million senior unsecured term loan that matures in December 2029. It doubled its borrowing capacity under its revolving credit facility with Tokyo Century to $1.2bn and priced $600 million of senior unsecured notes due April 2028 in March, which settled in April.
Those previously-announced deals came as ACG took delivery of eight new technology aircraft - seven A320neo family and one 737 MAX - and closed two AFS transactions, leaving with a portfolio with an average age of six years and weighted remaining lease terms averaging out at 6.9 years. During the period ACG signed a SLB purchase agreement for ten A320neos and an agreement to acquire five A320neos.