DUBLIN, Nov. 10, 2021 /PRNewswire/ -- AerCap Holdings
N.V. (NYSE: AER), the global leader in aviation leasing, today
reported financial results for the third quarter of 2021 ended
September 30, 2021.
Aengus Kelly, Chief Executive Officer of AerCap, said,
"I am pleased to report a strong quarter of earnings,
with net income of $434 million, or
$3.35 per share. This quarter was an
important inflection point for the company. Our business continues
to recover from the effects of the Covid-19 pandemic, with leasing
demand and cash collections remaining strong. The GECAS transaction
adds a portfolio of well-priced assets and a deeply experienced
team of people that will further enhance AerCap's position as the
lessor of choice for airlines around the world."
Highlights:
- Completed the GECAS acquisition on November 1, 2021, making AerCap the worldwide
industry leader across all areas of aviation leasing: aircraft,
engines and helicopters.
- Completed the offering of $21
billion of senior unsecured notes in October 2021 and a $2
billion secured institutional term loan in November 2021 to finance the GECAS acquisition
with an average coupon of approximately 2.6% and an average tenor
of 7.1 years.
- Adjusted debt/equity ratio of 2.3 to 1 at September 30, 2021, which was a record low for
the company. Pro forma for the GECAS acquisition, our adjusted
debt/equity ratio was 2.8 to 1 as of September 30, 2021.
- Continued to see significant improvements in cash collections,
trade receivables and deferral requests.
- Special items in the third quarter of 2021 included
$442 million ($387 million after-tax) of other income related
to proceeds from unsecured claims and $101
million ($88 million
after-tax) of expenses related to the GECAS transaction.
- Signed lease agreements for 42 aircraft in the third quarter of
2021.
- 100% of new aircraft order book placed through 2022.
Revenue and Net Spread
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
2021
|
|
2020
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$848
|
|
$897
|
|
(6%)
|
|
$2,608
|
|
$2,876
|
|
(9%)
|
Maintenance rents and other receipts
|
|
110
|
|
91
|
|
22%
|
|
424
|
|
449
|
|
(6%)
|
Total lease
revenue
|
|
958
|
|
988
|
|
(3%)
|
|
3,032
|
|
3,326
|
|
(9%)
|
Net gain on sale of
assets
|
|
38
|
|
7
|
|
422%
|
|
65
|
|
76
|
|
(14%)
|
Other
income
|
|
459
|
|
31
|
|
1,365%
|
|
685
|
|
61
|
|
1,022%
|
Total Revenues and
other income
|
|
$1,454
|
|
$1,027
|
|
42%
|
|
$3,782
|
|
$3,462
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents were $848
million for the third quarter of 2021, compared with
$897 million for the same period in
2020. The decrease was primarily due to lease restructurings,
transitions and the impact of airline bankruptcies.
Maintenance rents and other receipts were $110 million for the third quarter of 2021,
compared with $91 million for the
same period in 2020. The increase was primarily due to higher
maintenance revenue recognized as a result of lease terminations
during the third quarter of 2021.
Net gain on sale of assets for the third quarter of 2021 was
$38 million, relating to 11 aircraft
sold for $101 million, compared with
$7 million for the same period in
2020, relating to seven aircraft sold for $63 million. The increase was primarily due to
the higher volume and composition of asset sales.
Other income for the third quarter of 2021 was $459 million, compared with $31 million for the same period in 2020. The
increase was primarily driven by proceeds from unsecured claims in
the third quarter of 2021.
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$848
|
|
$897
|
|
(6%)
|
|
$2,608
|
|
$2,876
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
287
|
|
307
|
|
(7%)
|
|
861
|
|
938
|
|
(8%)
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps
|
|
1
|
|
—
|
|
NA
|
|
11
|
|
(15)
|
|
NA
|
Interest expense
excluding mark-to-market of interest rate caps and swaps
|
|
288
|
|
307
|
|
(6%)
|
|
872
|
|
924
|
|
(6%)
|
Net interest
margin (*)
|
|
$559
|
|
$590
|
|
(5%)
|
|
$1,736
|
|
$1,952
|
|
(11%)
|
Depreciation and
amortization, including maintenance rights expense
|
|
(393)
|
|
(428)
|
|
(8%)
|
|
(1,188)
|
|
(1,283)
|
|
(7%)
|
Net interest
margin, less depreciation and amortization
|
|
$166
|
|
$164
|
|
2%
|
|
$548
|
|
$670
|
|
(18%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average lease assets
(*)
|
|
$36,095
|
|
$36,926
|
|
(2%)
|
|
$36,158
|
|
$37,313
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net spread
(*)
|
|
6.2%
|
|
6.4%
|
|
|
|
6.4%
|
|
7.0%
|
|
|
Annualized net
spread less depreciation and amortization (*)
|
|
1.8%
|
|
1.8%
|
|
|
|
2.0%
|
|
2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Refer to "Notes
Regarding Financial Information Presented in This Press Release"
for details relating to these non-GAAP measures
|
|
|
|
|
|
|
|
Interest expense excluding mark-to-market of interest rate caps
and swaps was $288 million for the
third quarter of 2021, compared with $307
million for the same period in 2020. AerCap's average cost
of debt was 3.8% for the third quarter of 2021, and 3.8% for the
same period in 2020, excluding debt issuance costs, upfront fees
and other impacts.
Selling, General and Administrative Expenses
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$46
|
|
$44
|
|
5%
|
|
$127
|
|
$129
|
|
(1%)
|
Share-based
compensation expenses
|
|
22
|
|
17
|
|
29%
|
|
71
|
|
50
|
|
44%
|
Total selling,
general and administrative expenses
|
|
$68
|
|
$61
|
|
12%
|
|
$199
|
|
$178
|
|
11%
|
Total selling, general and administrative expenses increased
primarily due to the timing of compensation-related expenses.
Other Expenses
Asset impairment charges were $49
million for the third quarter of 2021, compared to
$973 million for the same period in
2020. Asset impairment charges recorded in the third quarter of
2021 related to lease terminations and were largely offset by
maintenance releases. Asset impairment charges recorded in the
third quarter of 2020 included $915
million of impairment of flight equipment, related primarily
to current technology widebody aircraft, in particular Airbus A330
and Boeing 777 aircraft, as well as the write-off of $58 million of goodwill.
Leasing expenses were $54 million
for the third quarter of 2021, compared with $51 million for the same period in 2020. The
increase was primarily due to higher leasing expenses as a result
of lease terminations, partially offset by a decrease in
maintenance rights expense as a result of lower maintenance
activity during the period and the lower maintenance rights asset
balance.
Effective Tax Rate
AerCap's effective tax rate for the full year 2021 is expected
to be 13.5%, compared to an effective tax rate of 5.5% for the full
year 2020. The effective tax rate is impacted by the source and
amount of earnings among our different tax jurisdictions as well as
the amount of permanent tax differences relative to pre-tax
income.
The company's effective tax rate was 12.4% for the third quarter
of 2021, compared to 11.1% for the third quarter of 2020. Our
effective tax rate in any quarter can be impacted by revisions to
the estimated full-year rate.
Other Assets
Other assets increased from $1,229
million as of December 31,
2020 to $1,670 million as of
September 30, 2021, primarily due to
receivables related to proceeds from unsecured claims that were
received in October 2021 and
unamortized debt issuance costs related to the bridge financing for
the GECAS transaction.
Book Value Per Share
|
|
September 30,
2021
|
|
September 30,
2020
|
|
|
(U.S. Dollars in
millions,
except share and
per share data)
|
|
|
|
|
|
Total AerCap
Holdings N.V. shareholders' equity
|
|
$9,855
|
|
|
$8,811
|
|
|
|
|
|
|
Ordinary shares
outstanding
|
|
133,379,789
|
|
|
129,756,613
|
|
Unvested restricted
stock
|
|
(5,244,285)
|
|
|
(2,163,670)
|
|
Ordinary shares
outstanding (excl. unvested restricted stock)
|
|
128,135,504
|
|
|
127,592,943
|
|
|
|
|
|
|
Book value per
ordinary share outstanding (excl. unvested restricted
stock)
|
|
$76.91
|
|
|
$69.06
|
|
Financial Position
|
|
September 30,
2021
|
|
December 31,
2020
|
|
%
increase/
(decrease)
over
December 31,
2020
|
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
|
$1,535
|
|
|
$1,495
|
|
|
3%
|
Total lease assets
(*)
|
|
35,962
|
|
|
36,642
|
|
|
(2%)
|
Total
assets
|
|
41,499
|
|
|
42,048
|
|
|
(1%)
|
Debt
|
|
27,540
|
|
|
28,742
|
|
|
(4%)
|
Total
liabilities
|
|
31,569
|
|
|
33,116
|
|
|
(5%)
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
9,855
|
|
|
8,864
|
|
|
11%
|
Total
equity
|
|
9,930
|
|
|
8,932
|
|
|
11%
|
|
|
|
|
|
|
|
(*) Refer to "Notes
Regarding Financial Information Presented in This Press Release"
for details relating to this non-GAAP measure
|
Aircraft Portfolio
As of September 30, 2021, AerCap's portfolio consisted of
1,304 aircraft that were owned, on order or managed. The average
age of the company's owned fleet as of September 30, 2021 was
6.7 years (3.6 years for new technology aircraft, 12.7 years for
current technology aircraft) and the average remaining contracted
lease term was 7.3 years.
Notes Regarding Financial Information Presented in This Press
Release
The financial information presented in this press release is not
audited.
Due to rounding, numbers presented throughout this document may
not add up precisely to the totals provided and percentages may not
precisely reflect the absolute figures.
The following are definitions of non-GAAP measures used in this
press release. We believe these measures may further assist
investors in their understanding of our operational
performance.
Net income / earnings per share excluding GECAS
transaction-related expenses
Net income excluding GECAS transaction-related expenses is
calculated as net income excluding the after-tax impact of
transaction-related expenses. Earnings per share excluding GECAS
transaction-related expenses is calculated by dividing net income
excluding GECAS transaction-related expenses by the weighted
average of our ordinary shares outstanding. Given the relative
significance of this item during 2021, we have chosen to present
this measure in order to assist investors in their understanding of
the changes and trends related to our earnings.
|
|
Three months ended
September 30, 2021
|
|
Nine months ended
September 30, 2021
|
|
|
Net
income
|
|
Earnings
per
share
|
|
Net
income
|
|
Earnings
per
share
|
|
|
(U.S. Dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
Net income /
earnings per share
|
|
$434
|
|
|
$3.35
|
|
$912
|
|
|
$7.04
|
|
|
|
|
|
|
|
|
|
Transaction-related
expenses
|
|
101
|
|
|
0.78
|
|
196
|
|
|
1.51
|
Income tax
benefit
|
|
(13)
|
|
|
(0.10)
|
|
(24)
|
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
Net income /
earnings per share excluding GECAS transaction-related
expenses
|
|
$522
|
|
|
$4.04
|
|
$1,083
|
|
|
$8.36
|
Adjusted debt/equity ratio
This measure is the ratio obtained by dividing adjusted debt by
adjusted equity.
- Adjusted debt means consolidated total debt less cash and cash
equivalents, and less a 50% equity credit with respect to certain
long-term subordinated debt.
- Adjusted equity means total equity, plus the 50% equity credit
relating to the long-term subordinated debt.
Adjusted debt and adjusted equity are adjusted by the 50% equity
credit to reflect the equity nature of those financing arrangements
and to provide information that is consistent with definitions
under certain of our debt covenants. We believe this measure may
further assist investors in their understanding of our capital
structure and leverage.
|
Pro Forma
for
GECAS
acquisition
|
|
AerCap
stand-alone
|
|
September 30,
2021
|
|
September 30,
2021
|
|
December 31,
2020
|
|
(U.S. Dollars in
millions, except debt/equity ratio)
|
|
|
|
|
|
|
Debt
|
$51,477
|
|
|
$27,540
|
|
|
$28,742
|
|
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
|
Cash and
cash equivalents
|
(1,651)
|
|
|
(1,311)
|
|
|
(1,249)
|
|
50%
credit for long-term subordinated debt
|
(1,125)
|
|
|
(1,125)
|
|
|
(1,125)
|
|
Adjusted
debt
|
$48,701
|
|
|
$25,104
|
|
|
$26,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
$16,513
|
|
|
$9,930
|
|
|
$8,932
|
|
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
|
50%
credit for long-term subordinated debt
|
1,125
|
|
|
1,125
|
|
|
1,125
|
|
Adjusted
equity
|
$17,638
|
|
|
$11,055
|
|
|
$10,057
|
|
|
|
|
|
|
|
Adjusted
debt/equity ratio
|
2.8 to
1
|
|
|
2.3 to
1
|
|
|
2.6 to
1
|
|
Net interest margin, annualized net spread, annualized net
spread less depreciation and amortization and average cost of
debt
Net interest margin is calculated as the difference between
basic lease rents and interest expense, excluding the impact of the
mark-to-market of interest rate caps and swaps. Annualized net
spread is net interest margin expressed as a percentage of average
lease assets. Annualized net spread less depreciation and
amortization is net interest margin less depreciation and
amortization, including maintenance rights expense, expressed as a
percentage of average lease assets. Average cost of debt is
calculated as interest expense, excluding mark-to-market on
interest rate caps and swaps, debt issuance costs, upfront fees and
other impacts, divided by average debt balance. We believe these
measures may further assist investors in their understanding of the
changes and trends related to the earnings of our leasing
activities. These measures reflect the impact from changes in the
number of aircraft leased, lease rates and utilization rates, as
well as the impact from changes in the amount of debt and interest
rates.
Lease assets
Lease assets include flight equipment held for operating leases,
flight equipment held for sale, net investment in finance and
sales-type leases and maintenance rights assets.
Conference Call
In connection with its report of third quarter 2021 results,
management will host a conference call with members of the
investment community today, Wednesday,
November 10, 2021, at 8:30 am Eastern
Time. The call can be accessed live by dialing
(U.S./Canada) +1 929 477 0324 or
(International) +353 1 246 5638 and referencing code 6980765 at
least 5 minutes before start time, or by visiting AerCap's website
at www.aercap.com under "Investors".
The webcast replay will be archived in the "Investors" section
of the company's website for one year.
For further information, contact Joseph
McGinley: +353 1 418 0428
(jmcginley@aercap.com).
About AerCap
AerCap is the global leader in aviation leasing with one of the
most attractive order books in the industry. AerCap serves
approximately 300 customers around the world with comprehensive
fleet solutions. AerCap is listed on the New York Stock Exchange
(AER) and is based in Dublin with
offices in Shannon, Los Angeles,
Singapore, Amsterdam, Shanghai, Abu
Dhabi, Seattle, Toulouse
and other locations around the world.
Forward-Looking Statements
This press release contains certain statements, estimates and
forecasts with respect to future performance and events. These
statements, estimates and forecasts are "forward-looking
statements". In some cases, forward-looking statements can be
identified by the use of forward-looking terminology such as "may,"
"might," "should," "expect," "plan," "intend," "estimate,"
"anticipate," "believe," "predict," "potential" or "continue" or
the negatives thereof or variations thereon or similar terminology.
All statements other than statements of historical fact included in
this press release are forward-looking statements and are based on
various underlying assumptions and expectations and are subject to
known and unknown risks, uncertainties and assumptions, and may
include projections of our future financial performance based on
our growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors,
including the impacts of, and associated responses to: the Covid-19
pandemic, our ability to successfully integrate GECAS' operations
and employees and realize anticipated synergies and cost savings;
and the potential impact of the consummation of the GECAS
transaction on relationships, including with employees, suppliers,
customers and competitors, that could cause our actual results,
level of activity, performance or achievements to differ materially
from the results, level of activity, performance or achievements
expressed or implied in the forward-looking statements. As a
result, we cannot assure you that the forward-looking statements
included in this press release will prove to be accurate or
correct. In light of these risks, uncertainties and assumptions,
the future performance or events described in the forward-looking
statements in this press release might not occur. Accordingly, you
should not rely upon forward-looking statements as a prediction of
actual results and we do not assume any responsibility for the
accuracy or completeness of any of these forward-looking
statements. Except as required by applicable law, we do not
undertake any obligation to, and will not, update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information regarding AerCap and to be added to our
email distribution list, please visit
www.aercap.com and follow us on Twitter
www.twitter.com/aercapnv.
|
|
|
|
|
|
|
|
AerCap Holdings
N.V
|
|
|
|
|
|
|
Unaudited
Consolidated Balance Sheets
|
|
|
|
|
|
|
(U.S. Dollars in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,311,234
|
|
|
$1,248,772
|
|
|
|
Restricted
cash
|
|
223,271
|
|
|
246,518
|
|
|
|
Trade
receivables
|
|
79,504
|
|
|
170,675
|
|
|
|
Flight equipment held
for operating leases, net
|
|
34,411,391
|
|
|
35,156,450
|
|
|
|
Investment in finance
and sales-type leases, net
|
|
814,989
|
|
|
878,451
|
|
|
|
Flight equipment held
for sale
|
|
192,403
|
|
|
—
|
|
|
|
Prepayments on flight
equipment
|
|
1,872,387
|
|
|
2,111,659
|
|
|
|
Maintenance rights
and lease premium, net
|
|
594,685
|
|
|
649,914
|
|
|
|
Other intangibles,
net
|
|
207,569
|
|
|
224,634
|
|
|
|
Deferred income tax
assets
|
|
121,812
|
|
|
131,532
|
|
|
|
Other
assets
|
|
1,670,083
|
|
|
1,229,434
|
|
|
|
Total
Assets
|
|
$41,499,328
|
|
|
$42,048,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
|
$881,173
|
|
|
$1,109,325
|
|
|
|
Accrued maintenance
liability
|
|
1,596,414
|
|
|
1,750,395
|
|
|
|
Lessee deposit
liability
|
|
497,178
|
|
|
600,321
|
|
|
|
Debt
|
|
27,539,694
|
|
|
28,742,081
|
|
|
|
Deferred income tax
liabilities
|
|
1,054,915
|
|
|
913,431
|
|
|
|
Total
liabilities
|
|
31,569,374
|
|
|
33,115,553
|
|
|
|
|
|
|
|
|
|
|
Ordinary share
capital €0.01 par value, 450,000,000 and 350,000,000 ordinary
shares authorized
as of September 30, 2021 and December 31, 2020, respectively; 138,847,345 and
138,847,345
ordinary shares issued and 133,379,789 and 130,398,538
ordinary shares outstanding
(including 5,244,285 and 2,552,346 unvested restricted stock) as of
September 30, 2021 and December 31, 2020,
respectively
|
|
1,721
|
|
|
1,721
|
|
|
|
Additional paid-in
capital
|
|
1,946,529
|
|
|
2,078,125
|
|
|
|
Treasury shares, at
cost (5,467,556 and 8,448,807 ordinary shares as of September 30,
2021
and December 31, 2020, respectively)
|
|
(313,907)
|
|
|
(459,994)
|
|
|
|
Accumulated other
comprehensive loss
|
|
(101,972)
|
|
|
(155,085)
|
|
|
|
Accumulated retained
earnings
|
|
8,322,581
|
|
|
7,399,703
|
|
|
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
9,854,952
|
|
|
8,864,470
|
|
|
|
Non-controlling
interest
|
|
75,002
|
|
|
68,016
|
|
|
|
Total
Equity
|
|
9,929,954
|
|
|
8,932,486
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$41,499,328
|
|
|
$42,048,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Consolidated Income Statements
|
|
|
|
|
|
|
|
|
|
|
(U.S. Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$847,650
|
|
|
$897,358
|
|
|
$2,607,974
|
|
|
$2,876,278
|
|
|
|
Maintenance rents and
other receipts
|
|
110,423
|
|
|
90,743
|
|
|
424,252
|
|
|
449,252
|
|
|
|
Total lease
revenue
|
|
958,073
|
|
|
988,101
|
|
|
3,032,226
|
|
|
3,325,530
|
|
|
|
Net gain on sale of
assets
|
|
37,633
|
|
|
7,151
|
|
|
64,881
|
|
|
75,519
|
|
|
|
Other
income
|
|
458,700
|
|
|
31,304
|
|
|
684,717
|
|
|
60,963
|
|
|
|
Total Revenues and
other income
|
|
1,454,406
|
|
|
1,026,556
|
|
|
3,781,824
|
|
|
3,462,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
393,366
|
|
|
415,970
|
|
|
1,182,086
|
|
|
1,243,586
|
|
|
|
Asset
impairment
|
|
49,201
|
|
|
972,921
|
|
|
122,587
|
|
|
1,060,289
|
|
|
|
Interest
expense
|
|
287,213
|
|
|
307,316
|
|
|
860,917
|
|
|
937,691
|
|
|
|
Loss on debt
extinguishment
|
|
2,894
|
|
|
42,835
|
|
|
8,955
|
|
|
42,835
|
|
|
|
Leasing
expenses
|
|
53,519
|
|
|
51,211
|
|
|
157,061
|
|
|
232,082
|
|
|
|
Selling, general and
administrative expenses
|
|
68,197
|
|
|
60,918
|
|
|
198,619
|
|
|
178,415
|
|
|
|
Transaction-related
expenses
|
|
100,859
|
|
|
—
|
|
|
195,534
|
|
|
—
|
|
|
|
Total
Expenses
|
|
955,249
|
|
|
1,851,171
|
|
|
2,725,759
|
|
|
3,694,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on
investment at fair value
|
|
2,156
|
|
|
(128,363)
|
|
|
(307)
|
|
|
(114,421)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes and income of investments
|
|
|
|
|
|
|
|
|
|
|
accounted for under
the equity method
|
|
501,313
|
|
|
(952,978)
|
|
|
1,055,758
|
|
|
(347,307)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(62,132)
|
|
|
106,077
|
|
|
(142,527)
|
|
|
24,311
|
|
|
|
Equity in net
earnings of investments accounted for under the equity
method
|
|
1,848
|
|
|
(3,901)
|
|
|
5,703
|
|
|
(397)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$441,029
|
|
|
($850,802)
|
|
|
$918,934
|
|
|
($323,393)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss
attributable to non-controlling interest
|
|
(7,108)
|
|
|
873
|
|
|
(7,237)
|
|
|
(3,651)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to AerCap Holdings N.V.
|
|
$433,921
|
|
|
($849,929)
|
|
|
$911,697
|
|
|
($327,044)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$3.39
|
|
|
($6.66)
|
|
|
$7.12
|
|
|
($2.56)
|
|
|
|
Diluted earnings
(loss) per share
|
|
$3.35
|
|
|
($6.66)
|
|
|
$7.04
|
|
|
($2.56)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
|
128,131,157
|
|
|
127,589,905
|
|
|
128,087,006
|
|
|
127,771,182
|
|
|
|
Weighted average
shares outstanding - diluted
|
|
129,378,791
|
|
|
127,589,905
|
|
|
129,585,420
|
|
|
127,771,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V
|
|
|
|
|
|
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$918,934
|
|
|
($323,393)
|
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,182,086
|
|
|
1,243,586
|
|
|
|
Asset
impairment
|
|
122,587
|
|
|
1,060,289
|
|
|
|
Amortization of debt
issuance costs, debt discount, debt premium and lease
premium
|
|
50,305
|
|
|
45,802
|
|
|
|
Amortization of fair
value adjustment on debt
|
|
(12,452)
|
|
|
(41,418)
|
|
|
|
Maintenance rights
write-off
|
|
48,480
|
|
|
101,791
|
|
|
|
Maintenance liability
release to income
|
|
(206,085)
|
|
|
(297,815)
|
|
|
|
Net gain on sale of
assets
|
|
(64,881)
|
|
|
(75,519)
|
|
|
|
Deferred income
taxes
|
|
143,222
|
|
|
(21,737)
|
|
|
|
Share-based
compensation
|
|
63,956
|
|
|
49,513
|
|
|
|
Collections of
finance and sales-type leases
|
|
94,626
|
|
|
47,117
|
|
|
|
Loss on investment at
fair value
|
|
307
|
|
|
114,421
|
|
|
|
Loss on debt
extinguishment
|
|
8,955
|
|
|
42,835
|
|
|
|
Transaction-related
expenses
|
|
158,746
|
|
|
—
|
|
|
|
Other
|
|
22,780
|
|
|
150,937
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
|
87,855
|
|
|
(148,184)
|
|
|
|
Other
assets
|
|
(413,811)
|
|
|
(382,914)
|
|
|
|
Accounts
payable, accrued expenses and other liabilities
|
|
(246,296)
|
|
|
(87,468)
|
|
|
|
Net cash provided
by operating activities
|
|
1,959,314
|
|
|
1,477,843
|
|
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
|
(738,090)
|
|
|
(306,048)
|
|
|
|
Proceeds from sale or
disposal of assets
|
|
393,373
|
|
|
379,518
|
|
|
|
Prepayments on flight
equipment
|
|
(75,930)
|
|
|
(564,927)
|
|
|
|
Net cash used in
investing activities
|
|
(420,647)
|
|
|
(491,457)
|
|
|
|
|
|
|
|
|
|
|
Issuance of
debt
|
|
1,486,567
|
|
|
10,165,837
|
|
|
|
Repayment of
debt
|
|
(2,678,134)
|
|
|
(8,451,299)
|
|
|
|
Debt issuance and
extinguishment costs paid, net of debt premium received
|
|
(227,472)
|
|
|
(145,260)
|
|
|
|
Maintenance payments
received
|
|
267,925
|
|
|
266,654
|
|
|
|
Maintenance payments
returned
|
|
(172,035)
|
|
|
(312,136)
|
|
|
|
Security deposits
received
|
|
155,794
|
|
|
53,915
|
|
|
|
Security deposits
returned
|
|
(264,674)
|
|
|
(216,975)
|
|
|
|
Dividend paid to
non-controlling interest holders and others
|
|
(251)
|
|
|
(2,843)
|
|
|
|
Repurchase of shares
and tax withholdings on share-based compensation
|
|
(67,453)
|
|
|
(119,779)
|
|
|
|
Net cash (used in)
provided by financing activities
|
|
(1,499,733)
|
|
|
1,238,114
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
38,934
|
|
|
2,224,500
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
281
|
|
|
939
|
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
1,495,290
|
|
|
1,300,347
|
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$1,534,505
|
|
|
$3,525,786
|
|
|
|
|
|
|
|
|
|
View original content to download
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SOURCE AerCap Holdings N.V.