Aviation Capital Group (ACG) has reported total revenues in the second quarter 2023 of $296 million and pre-tax net income of $31 million.
The US lessor reported cash flow from operations of $150 million for the three months ended June 30, 2023, an increase of 26% as compared to the same period last year. ACG's TTM collection rate as of June 30, 2023 was over 100%.
ACG added 10 new technology aircraft during the reporting period: nine A320neo family and one 737 MAX. It sold two mid-life aircraft during the quarter.
United States and Canada country concentration increased to 16% as of June 30, 2023, primarily attributable to the addition of nine aircraft to airlines in this region during the quarter.
As of June 30, 2023, the weighted average age of ACG's owned portfolio was 5.9 years, and the weighted average remaining lease term was 6.9 years.
ACG has unencumbered asset coverage ratio of 1.5 to 1 as of June 30, 2023, with total unencumbered assets of $12.1 billion. The lessor's net debt to equity ratio is 2.5 to 1 as of June 30, 2023. The company ended the quarter with $3.6 billion in immediate liquidity, comprised of $3.2 billion available under revolving credit facilities and $0.4 billion in unrestricted cash. During the quarter, ACG extended the final maturity date of its $2.7 billion revolving credit facility to June 2027, and issued $500 million of senior unsecured notes due July 2030.