Concentration of Risk

3 Months Ended

Nov. 30, 2022

Risks and Uncertainties [Abstract]

Concentration of Risk

Note 6. Concentration of Risk

The classification of regions in the tables below is based on our customers’ principal place of business.

The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of November 30, 2023, and February 28, 2023, was as follows:

	November 30, 2023				February 28, 2023
Region	Number of Aircraft		Net Book Value %		Number of Aircraft	Net Book Value %
Asia and Pacific	60		27	%	62	28	%
Europe	88		30	%	88	30	%
Middle East and Africa	6		2	%	8	3	%
North America	44		24	%	38	20	%
South America	32		15	%	29	14	%
Off-lease	6	(1)	2	%	14	5	%
Total	236		100	%	239	100	%

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(1)Of the 6 off-lease aircraft at November 30, 2023, we currently have 1 narrow-body aircraft that is undergoing freighter conversion which we are marketing for lease.

The following table sets forth individual countries representing at least 10% of our Net Book Value as of November 30, 2023, and February 28, 2023:

	November 30, 2023				February 28, 2023
Country	Net Book Value		Net Book Value %	Number of Lessees	Net Book Value		Net Book Value %	Number of Lessees
United States(1)	$	745,266	11%	5	$	—	—%	—

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(1) As of February 28, 2023, the United States represented less than 10% of our Net Book Value.

The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows:

	Three Months Ended November 30,				Nine Months Ended November 30,
Region	2023		2022		2023		2022
Asia and Pacific	28	%	31	%	29	%	33	%
Europe	28	%	30	%	30	%	29	%
Middle East and Africa	4	%	5	%	4	%	5	%
North America	23	%	21	%	23	%	19	%
South America	17	%	13	%	14	%	14	%
Total	100	%	100	%	100	%	100	%

The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated:

	Three Months Ended November 30,				Nine Months Ended November 30,
	2023		2022		2023		2022
	Number of Lessees	Combined % of Lease Rental Revenue	Number of Lessees	Combined % of Lease Rental Revenue	Number of Lessees	Combined % of Lease Rental Revenue	Number of Lessees	Combined % of Lease Rental Revenue
Largest lessees by lease rental revenue	4	27%	4	25%	3	21%	4	27%

For the three months ended November 30, 2023, South Korea and the United States each comprised 11% of total revenue. Total revenue attributable to South Korea included $21.3 million of maintenance revenue and total revenue attributable to the United States included $9.3 million from gains on sale or disposition of flight equipment. For the nine months ended November 30, 2023, no single country comprised 10% or more of total revenue.

For the three months ended November 30, 2022, total revenue attributable to the United States was 29% and included $13.7 million of maintenance revenue and $47.0 million of gains on sale or disposition of aircraft. For the nine months ended November 30, 2022, total revenue attributable to the United States was 18% and included $54.8 million of gains on sales of aircraft and $13.9 million of maintenance revenue