- Net loss for the first quarter of 2022, including net
charges related to the Ukraine Conflict, was $2.0 billion, or $8.35 per share.
- Net income for the first quarter of 2022 was $540 million, or $2.23 per share, after adjustments for net
charges related to the Ukraine Conflict and other
items.
DUBLIN, May 17, 2022
/PRNewswire/ -- AerCap Holdings N.V. (NYSE: AER), the global leader
in aviation leasing, today reported financial results for the first
quarter of 2022 ended March 31,
2022.
"During the first quarter, we continued to see a broad-based
recovery in travel around the world as governments lifted travel
restrictions and demand for travel continued to increase. We expect
to see demand for travel continue to grow as the recovery
progresses," said Aengus Kelly, Chief Executive Officer of
AerCap.
"During the first quarter, we ceased all of our leasing
activity to Russian airlines and took a charge primarily related to
our aircraft and engines that remain in Russia. We have filed insurance claims related
to these assets and will vigorously pursue all available remedies
to recover our losses," Mr. Kelly added.
Highlights:
- Executed 157 transactions in the first quarter of 2022,
including 102 lease agreements, 25 purchases and 30 sales.
- First quarter cash flow from operating activities was
$1.3 billion, more than three times
higher than the first quarter of 2021.
- Continued to see significant improvements in cash collections,
trade receivables and deferral requests.
- Adjusted debt/equity ratio of 2.9 to 1 at March 31, 2022.
- 92% of new aircraft order book placed through 2023.
- $17 billion in total sources of
liquidity, representing next 12 months' sources-to-uses coverage
ratio of 2.1x.
Revenue and Net Spread
|
|
Three months ended March 31,
|
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in millions)
|
Lease
revenue:
|
|
|
|
|
|
|
Basic
lease rents
|
|
$1,554
|
|
$889
|
|
75%
|
Maintenance rents and other receipts
|
|
186
|
|
183
|
|
2%
|
Total lease
revenue
|
|
1,740
|
|
1,072
|
|
62%
|
Net gain on sale of
assets
|
|
3
|
|
5
|
|
(31%)
|
Other income
|
|
47
|
|
19
|
|
154%
|
Total Revenues and other income
|
|
$1,790
|
|
$1,095
|
|
63%
|
|
|
|
|
|
|
|
Basic lease rents were $1,554
million for the first quarter of 2022, compared with
$889 million for the same period in
2021. The increase was primarily due to the impact of the GECAS
acquisition. Basic lease rents were reduced by $57 million in the first quarter of 2022 as a
result of the amortization of lease premium assets.
Maintenance rents and other receipts were $186 million for the first quarter of 2022,
compared with $183 million for the
same period in 2021.
Net gain on sale of assets for the first quarter of 2022 was
$3 million, relating to 23 assets
sold for $452 million, compared with
$5 million for the same period in
2021, relating to nine aircraft sold for $184 million. The decrease was primarily due to
the composition of asset sales.
Other income for the first quarter of 2022 was $47 million, compared with $19 million for the same period in 2021. The
increase was primarily due to higher management fee income,
interest income and other income as a result of the GECAS
acquisition.
|
|
Three months ended March 31,
|
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in millions)
|
|
|
|
|
|
|
|
Basic lease rents
|
|
$1,554
|
|
$889
|
|
75%
|
|
|
|
|
|
|
|
Interest
expense
|
|
381
|
|
281
|
|
36%
|
Adjusted
for:
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps
|
|
36
|
|
10
|
|
261%
|
Interest expense
excluding mark-to-market of interest rate caps and swaps
|
|
417
|
|
291
|
|
43%
|
Net interest margin (*)
|
|
$1,137
|
|
$598
|
|
90%
|
Depreciation and
amortization, including maintenance rights expense
|
|
(684)
|
|
(401)
|
|
71%
|
Net interest margin, less depreciation and
amortization
|
|
$453
|
|
$197
|
|
129%
|
|
|
|
|
|
|
|
Average lease assets
(*)
|
|
$62,137
|
|
$36,362
|
|
71%
|
|
|
|
|
|
|
|
Annualized net spread
(*)
|
|
7.3%
|
|
6.6%
|
|
|
Annualized net spread less depreciation and
amortization (*)
|
|
2.9%
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
(*) 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 $417 million for the
first quarter of 2022, compared with $291
million for the same period in 2021. AerCap's average cost
of debt was 3.0% for the first quarter of 2022, and 3.7% for the
same period in 2021, excluding debt issuance costs, upfront fees
and other impacts.
Net Charges Related to Ukraine Conflict
In response to the Russian invasion of Ukraine and sanctions imposed by the United States, the European Union, the
United Kingdom and other
countries, we terminated the leasing of all our aircraft and
engines with Russian airlines. Prior to the Russian invasion, we
had 135 aircraft and 14 engines on lease with Russian airlines,
which represented approximately 5% of AerCap's fleet by net book
value as of December 31, 2021. We
have removed 22 aircraft and 3 engines outside of Russia, and 113 aircraft and 11 engines remain
in Russia.
During the first quarter of 2022, we recognized a pre-tax charge
of $2.7 billion ($2.4 billion after-tax) to our earnings,
comprised of flight equipment write-offs and impairments, which
were partially offset by the derecognition of lease-related assets
and liabilities. We recognized a total loss on our assets that
remain in Russia and Ukraine and impairment losses on the assets we
have recovered from Russian and Ukrainian airlines.
|
|
Three Months Ended
March 31, 2022
|
|
|
|
(U.S. Dollars in millions)
|
|
Write-offs and
impairments of flight equipment
|
|
$3,176
|
|
Derecognition of
lease-related assets and liabilities
|
|
(237)
|
|
Letters of credit
receipts
|
|
(210)
|
|
Net charges related to Ukraine Conflict
(pre-tax)
|
|
$2,729
|
|
Income tax
effect
|
|
(341)
|
|
Net charges related to Ukraine Conflict
(after-tax)
|
|
$2,388
|
|
We had letters of credit related to our aircraft and engines
leased to Russian airlines as of February 24, 2022 of
approximately $260 million, confirmed by nine financial
institutions in Western Europe. We
have presented requests for payment to all these institutions. To
date, we have received payments of $210 million related to
these letters of credit. We have initiated legal proceedings
against one financial institution which rejected our payment
demands in respect of certain letters of credit.
Our lessees are required to provide insurance coverage with
respect to leased aircraft and we are named as insureds under those
policies in the event of a total loss of an aircraft or engine. We
also purchase insurance which provides us with coverage when our
flight equipment are not subject to a lease or where a lessee's
policy fails to indemnify us. We have submitted an insurance claim
for approximately $3.5 billion
with respect to all aircraft and engines remaining in Russia and intend to pursue all of our claims
under these policies with respect to our assets leased to Russian
airlines as of February 24, 2022. However, the timing and
amount of any recoveries under these policies are uncertain and we
have not recognized any claim receivables as of March 31,
2022.
Selling, General and Administrative Expenses
|
|
Three months ended March 31,
|
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in millions)
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$70
|
|
$41
|
|
69%
|
Share-based
compensation expenses
|
|
28
|
|
16
|
|
73%
|
Total selling, general and administrative
expenses
|
|
$97
|
|
$57
|
|
70%
|
Selling, general and administrative expenses increased to
$97 million for the first quarter of
2022, compared with $57 million for
the same period in 2021. The increase was primarily driven by
higher expenses as a result of the GECAS acquisition and is
consistent with our $150 million
annual expense savings target from the GECAS acquisition.
Other Expenses
Asset impairment charges were $2
million for the first quarter of 2022, compared to
$16 million for the same period in
2021. Asset impairment charges recorded in the first quarter of
2022 related to lease terminations and were offset by related
maintenance revenue. Leasing expenses were $208 million for the first quarter of 2022,
compared with $45 million for the
same period in 2021. The increase was primarily due to higher
leasing expenses and an increase in maintenance rights expense as a
result of the GECAS acquisition.
Effective Tax Rate
AerCap's effective tax rate was 12.2% for the first quarter of
2022, compared to 15% for the first quarter of 2021. During the
first quarter of 2022, we recorded an income tax benefit due to the
recognition of net charges related to the Ukraine Conflict.
Excluding these charges, our effective tax rate was 14%. 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 or loss, and
certain other discrete items.
Book Value Per Share
|
|
March 31, 2022
|
|
March 31, 2021
|
|
|
(U.S. Dollars in millions,
except share and per share
data)
|
|
|
|
|
|
Total AerCap Holdings N.V. shareholders'
equity
|
|
$14,653
|
|
$9,139
|
|
|
|
|
|
Ordinary shares
outstanding
|
|
245,618,872
|
|
130,734,441
|
Unvested restricted
stock
|
|
(5,845,011)
|
|
(2,591,959)
|
Ordinary shares outstanding (excl. unvested
restricted stock)
|
|
239,773,861
|
|
128,142,482
|
|
|
|
|
|
Book value per ordinary share outstanding (excl.
unvested restricted stock)
|
|
$61.11
|
|
$71.32
|
Financial Position
|
|
March 31, 2022
|
|
December 31, 2021
|
|
% increase/
(decrease) over
December 31, 2021
|
|
|
(U.S. Dollars in millions)
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
|
$1,346
|
|
$1,915
|
|
(30%)
|
Total assets
|
|
70,208
|
|
74,570
|
|
(6%)
|
Debt
|
|
48,913
|
|
50,205
|
|
(3%)
|
Total
liabilities
|
|
55,478
|
|
57,922
|
|
(4%)
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
14,653
|
|
16,571
|
|
(12%)
|
Total equity
|
|
14,730
|
|
16,647
|
|
(12%)
|
|
|
|
|
|
|
|
Flight Equipment Portfolio
As of March 31, 2022, AerCap's portfolio consisted of 3,615
aircraft, engines and helicopters that were owned, on order or
managed. The average age of the company's owned aircraft fleet as
of March 31, 2022 was 7.0 years (3.6 years for new technology
aircraft, 12.9 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.
Adjusted net income / earnings per share
Adjusted net income is calculated as net loss excluding the
after-tax impact of net charges related to the Ukraine Conflict,
the amortization of maintenance rights and lease premium assets
recognized under purchase accounting, and GECAS transaction and
integration-related expenses. Adjusted earnings per share is
calculated by dividing adjusted net income by the weighted average
of our ordinary shares outstanding. Given the relative significance
of these items during the first quarter of 2022, 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 March 31,
2022
|
|
|
|
Net (loss) income
|
|
(Loss) earnings
per share
|
|
|
|
(U.S. Dollars in millions,
except share and per share
data)
|
|
|
|
|
|
|
|
Net loss / loss per share
|
|
($2,001)
|
|
($8.35)
|
|
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
|
Net charges related to
Ukraine Conflict
|
|
2,729
|
|
11.35
|
|
Amortization of
maintenance rights and lease premium assets recognized under
purchase accounting
|
|
158
|
|
0.65
|
|
Transaction and
integration-related expenses
|
|
17
|
|
0.07
|
|
Income tax effect of
above adjustments
|
|
(363)
|
|
(1.50)
|
|
|
|
|
|
|
|
Adjusted net income / earnings per
share*
|
|
$540
|
|
$2.23
|
|
|
|
|
|
|
|
* Denominator for adjusted earnings per
share:
|
|
|
|
|
|
Weighted average shares
outstanding - diluted
|
|
|
|
239,645,460
|
|
Potentially dilutive
shares, whose effect would have been anti-dilutive
|
|
|
|
2,815,813
|
|
Adjusted weighted
average shares outstanding - diluted
|
|
|
|
242,461,273
|
|
Adjusted earnings per share
|
|
|
|
$2.23
|
|
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.
|
|
March 31, 2022
|
|
December 31, 2021
|
|
|
|
|
|
|
|
Debt
|
|
$48,913
|
|
$50,205
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
Cash and
cash equivalents
|
|
(1,186)
|
|
(1,729)
|
50% credit
for long-term subordinated debt
|
|
(1,125)
|
|
(1,125)
|
Adjusted debt
|
|
$46,602
|
|
$47,351
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
$14,730
|
|
$16,647
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
50% credit
for long-term subordinated debt
|
|
1,125
|
|
1,125
|
Adjusted equity
|
|
$15,855
|
|
$17,772
|
|
|
|
|
|
Adjusted debt/equity ratio
|
|
2.94 to 1
|
|
2.66 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 leases
and maintenance rights assets.
Conference Call
In connection with its report of first quarter 2022 results,
management will host a conference call with members of the
investment community today, Tuesday, May 17,
2022, at 8:30 am Eastern Time.
The call can be accessed live via webcast by AerCap's website at
www.aercap.com under "Investors", or by dialing
(U.S./Canada) +1 929 477 0448 or
(International) +353 1 246 5638 and referencing code 5103066 at
least 5 minutes before start time.
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, Miami,
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," "will," "aim,"
"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 Ukraine Conflict; 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022
|
|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,185,702
|
|
$1,728,794
|
|
|
Restricted
cash
|
|
160,532
|
|
185,959
|
|
|
Trade
receivables
|
|
128,204
|
|
181,455
|
|
|
Flight equipment held
for operating leases, net
|
|
54,568,482
|
|
57,825,056
|
|
|
Investment in finance
leases, net
|
|
2,112,421
|
|
1,929,220
|
|
|
Flight equipment held
for sale
|
|
165,482
|
|
304,362
|
|
|
Prepayments on flight
equipment
|
|
4,539,807
|
|
4,586,848
|
|
|
Maintenance rights and
lease premium, net
|
|
3,916,453
|
|
4,444,520
|
|
|
Other intangibles,
net
|
|
201,834
|
|
208,879
|
|
|
Deferred tax
assets
|
|
113,766
|
|
121,571
|
|
|
Associated
companies
|
|
708,631
|
|
705,087
|
|
|
Other assets
|
|
2,406,871
|
|
2,348,017
|
|
|
Total Assets
|
|
$70,208,185
|
|
$74,569,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
|
$1,774,761
|
|
$1,958,096
|
|
|
Accrued maintenance
liability
|
|
2,241,084
|
|
2,900,651
|
|
|
Lessee deposit
liability
|
|
742,076
|
|
773,753
|
|
|
Debt
|
|
48,912,874
|
|
50,204,678
|
|
|
Deferred tax
liabilities
|
|
1,807,612
|
|
2,085,230
|
|
|
Total
liabilities
|
|
55,478,407
|
|
57,922,408
|
|
|
|
|
|
|
|
|
|
Ordinary share capital
€0.01 par value, 450,000,000 ordinary shares authorized as of March
31, 2022 and
|
|
|
|
|
|
|
December 31,
2021; 250,347,345 and 250,347,345 ordinary shares issued and
245,618,872 and 245,395,448
|
|
|
|
|
|
|
ordinary shares
outstanding (including 5,845,011 and 5,822,811 unvested restricted
stock) as of
|
|
|
|
|
|
|
March 31, 2022
and December 31, 2021, respectively
|
|
3,024
|
|
3,024
|
|
|
Additional paid-in
capital
|
|
8,541,022
|
|
8,522,694
|
|
|
Treasury shares, at
cost (4,728,473 and 4,951,897 ordinary shares as of March 31, 2022
and
|
|
|
|
|
|
|
December 31,
2021)
|
|
(273,320)
|
|
(285,901)
|
|
|
Accumulated other
comprehensive loss
|
|
(25,687)
|
|
(79,335)
|
|
|
Accumulated retained
earnings
|
|
6,408,091
|
|
8,410,261
|
|
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
14,653,130
|
|
16,570,743
|
|
|
Non-controlling
interest
|
|
76,648
|
|
76,617
|
|
|
Total Equity
|
|
14,729,778
|
|
16,647,360
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$70,208,185
|
|
$74,569,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings N.V.
|
|
|
|
|
|
|
Unaudited Consolidated Income
Statements
|
|
|
|
|
|
|
(U.S. Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Revenues and other income
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
Basic lease
rents
|
|
$1,553,646
|
|
$889,087
|
|
|
Maintenance
rents and other receipts
|
|
185,895
|
|
182,895
|
|
|
Total lease
revenue
|
|
1,739,541
|
|
1,071,982
|
|
|
Net gain on sale of
assets
|
|
3,285
|
|
4,795
|
|
|
Other income
|
|
47,190
|
|
18,573
|
|
|
Total Revenues and other income
|
|
1,790,016
|
|
1,095,350
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
634,414
|
|
396,558
|
|
|
Net charges related to
Ukraine Conflict
|
|
2,728,718
|
|
—
|
|
|
Asset
impairment
|
|
2,425
|
|
16,332
|
|
|
Interest
expense
|
|
380,785
|
|
280,817
|
|
|
Loss on debt
extinguishment
|
|
1,140
|
|
6,061
|
|
|
Leasing
expenses
|
|
208,055
|
|
44,532
|
|
|
Selling, general and
administrative expenses
|
|
97,475
|
|
57,351
|
|
|
Transaction and
integration-related expenses
|
|
17,388
|
|
25,478
|
|
|
Total Expenses
|
|
4,070,400
|
|
827,129
|
|
|
|
|
|
|
|
|
|
Gain (loss) on
investment at fair value
|
|
113
|
|
(2,463)
|
|
|
|
|
|
|
|
|
|
Loss (income) before income taxes and income of
investments
|
|
|
|
|
|
|
accounted for under the equity
method
|
|
(2,280,271)
|
|
265,758
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
278,307
|
|
(39,864)
|
|
|
Equity in net earnings
of investments accounted for under the equity method
|
|
1,283
|
|
2,152
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
($2,000,681)
|
|
$228,046
|
|
|
|
|
|
|
|
|
|
Net income attributable
to non-controlling interest
|
|
(149)
|
|
(21)
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to AerCap Holdings
N.V.
|
|
($2,000,830)
|
|
$228,025
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share
|
|
($8.35)
|
|
$1.78
|
|
|
Diluted (loss) earnings
per share
|
|
($8.35)
|
|
$1.76
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic
|
|
239,645,460
|
|
127,883,690
|
|
|
Weighted average shares
outstanding - diluted
|
|
239,645,460
|
|
129,484,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings N.V.
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash
Flows
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
($2,000,681)
|
|
$228,046
|
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
634,414
|
|
396,558
|
|
|
Net charges related to
Ukraine Conflict
|
|
2,938,487
|
|
—
|
|
|
Asset
impairment
|
|
2,425
|
|
16,332
|
|
|
Amortization of debt
issuance costs, debt discount, debt premium and lease
premium
|
|
83,210
|
|
15,944
|
|
|
Amortization of fair
value adjustment on debt
|
|
(1,991)
|
|
(4,119)
|
|
|
Maintenance rights
write-off
|
|
101,114
|
|
15,209
|
|
|
Maintenance liability
release to income
|
|
(101,162)
|
|
(68,472)
|
|
|
Net gain on sale of
assets
|
|
(3,285)
|
|
(4,795)
|
|
|
Deferred tax (benefit)
expense
|
|
(277,674)
|
|
40,382
|
|
|
Share-based
compensation
|
|
27,503
|
|
15,926
|
|
|
Collections of finance
leases
|
|
61,009
|
|
25,763
|
|
|
(Gain) loss on
investment at fair value
|
|
(113)
|
|
2,463
|
|
|
Loss on debt
extinguishment
|
|
1,140
|
|
6,061
|
|
|
Transaction and
integration-related expenses
|
|
—
|
|
14,595
|
|
|
Other
|
|
(77,370)
|
|
10,984
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
|
39,590
|
|
(45,496)
|
|
|
Other
assets
|
|
10,778
|
|
(90,206)
|
|
|
Accounts
payable, accrued expenses and other liabilities
|
|
(100,838)
|
|
(174,823)
|
|
|
Net cash provided by operating
activities
|
|
1,336,556
|
|
400,352
|
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
|
(881,608)
|
|
(11,039)
|
|
|
Proceeds from sale or
disposal of assets
|
|
405,107
|
|
160,198
|
|
|
Prepayments on flight
equipment
|
|
(177,176)
|
|
(79,879)
|
|
|
Other
|
|
7,125
|
|
—
|
|
|
Net cash (used in) provided by investing
activities
|
|
(646,552)
|
|
69,280
|
|
|
|
|
|
|
|
|
|
Issuance of
debt
|
|
84,996
|
|
1,188,357
|
|
|
Repayment of
debt
|
|
(1,412,038)
|
|
(1,357,263)
|
|
|
Debt issuance and
extinguishment costs paid, net of debt premium received
|
|
(8,684)
|
|
(170,002)
|
|
|
Maintenance payments
received
|
|
202,541
|
|
75,917
|
|
|
Maintenance payments
returned
|
|
(127,541)
|
|
(30,237)
|
|
|
Security deposits
received
|
|
98,132
|
|
56,382
|
|
|
Security deposits
returned
|
|
(92,826)
|
|
(49,869)
|
|
|
Dividend paid to
non-controlling interest holders and others
|
|
(118)
|
|
(128)
|
|
|
Repurchase of shares
and tax withholdings on share-based compensation
|
|
(3,517)
|
|
(1,841)
|
|
|
Net cash used in financing
activities
|
|
(1,259,055)
|
|
(288,684)
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase
in cash, cash equivalents and restricted cash
|
|
(569,051)
|
|
180,948
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
532
|
|
(782)
|
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
1,914,753
|
|
1,495,290
|
|
|
Cash, cash equivalents and restricted cash at end of
period
|
|
$1,346,234
|
|
$1,675,456
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aercap-holdings-nv-reports-financial-results-for-the-first-quarter-2022-301548666.html
SOURCE AerCap Holdings N.V.