Air Lease Corporation (ALC) (NYSE: AL) announces financial
results for the three months ended March 31, 2023.
“We’re pleased to report strong first quarter 2023 results,
which benefitted from robust fleet growth. Global air travel demand
continues to expand meaningfully with healthy airline yields, while
aircraft capacity remains constrained. The need for new
fuel-efficient commercial aircraft continues to rise, bolstering
the value of our orderbook positions and existing fleet. While our
deliveries exceeded expectations this quarter, we do foresee OEM
delivery delays persisting for several years ahead,” said John L.
Plueger, Chief Executive Officer and President, and Steven F.
Udvar-Házy, Executive Chairman of the Board.
First Quarter 2023
Results
The following table summarizes our operating results for the
three months ended March 31, 2023 and 2022 (in millions, except per
share amounts and percentages):
Operating Results
Three Months Ended
March 31,
2023
2022
$ change
% change
Revenues
$
636.1
$
596.7
$
39.4
6.6
%
Operating expenses
(477.9
)
(396.0
)
(81.9
)
20.7
%
Write-off of Russian fleet
—
(802.4
)
802.4
—
%
Income/(loss) before taxes
158.3
(601.7
)
760.0
—
%
Net income/(loss) attributable to common
stockholders
$
118.3
$
(479.4
)
$
597.7
—
%
Diluted earnings/(loss) per share
$
1.06
$
(4.21
)
$
5.27
—
%
Adjusted net income before income
taxes(1)
$
166.8
$
200.9
$
(34.1
)
(17.0
)%
Adjusted diluted earnings per share before
income taxes(1)
$
1.50
$
1.76
$
(0.26
)
(14.8
)%
Key Financial Ratios
Three Months Ended
March 31,
2023
2022
Pre-tax margin
24.9
%
(100.8
)%
Adjusted pre-tax margin(1)
26.2
%
33.7
%
Pre-tax return on common equity (trailing twelve months)
10.2
%
(3.5
)%
Adjusted pre-tax return on common equity (trailing twelve
months)(1)
11.0
%
11.8
%
(1)
Adjusted net income before income
taxes, adjusted diluted earnings per share before income taxes,
adjusted pre-tax margin and adjusted pre-tax return on common
equity have been adjusted to exclude the effects of certain
non-cash items, one-time or non-recurring items, such as write-offs
of our Russian fleet, that are not expected to continue in the
future and certain other items. See note 1 under the Consolidated
Statements of Operations included in this earnings release for a
discussion of the non-GAAP measures and a reconciliation to their
most comparable GAAP financial measures.
Highlights
- As of March 31, 2023, we had 437 aircraft in our owned fleet,
with a net book value of $25.7 billion, a weighted average age of
4.5 years and a weighted average lease term remaining of 7.1 years.
During the first quarter, we took delivery of 22 aircraft from our
orderbook, representing approximately $1.4 billion in aircraft
investments, ending the period with over $29 billion in total
assets.
- Placed 93% of our contracted orderbook positions on long-term
leases for aircraft delivering through the end of 2024 and have
placed 57% of our entire orderbook.
- Ended the year with $30.5 billion in committed minimum future
rental payments consisting of $16.3 billion in contracted minimum
rental payments on the aircraft in our existing fleet and $14.2
billion in minimum future rental payments related to aircraft on
order.
- In January 2023, we issued $700.0 million of 5.30% Medium-Term
Notes due 2028 and in March 2023, we completed the successful
inaugural $600.0 million issuance of 5.85% trust certificates due
2028 in a Sukuk financing. Our Sukuk issuance represents the first
ever offering of its kind into the Middle East market from a North
American corporate issuer and the largest Sukuk offering from a
U.S.-based borrower in history.
- In April 2023, with the support of 49 financial institutions,
we extended the final maturity of our $7.2 billion syndicated
unsecured revolving credit facility by one year to May 5,
2027.
- On April 28, 2023, our board of directors declared a quarterly
cash dividend of $0.20 per share on our outstanding common stock.
The next quarterly dividend of $0.20 per share will be paid on July
7, 2023 to holders of record of our common stock as of June 6,
2023.
Financial Overview
Our total revenues for the three months ended March 31, 2023
increased by 6.6% to $636.1 million as compared to the three months
ended March 31, 2022. The increase in total revenues was primarily
driven by the continued growth in our fleet partially offset by a
net decrease in end of lease revenue. During the first quarter of
2023, we recognized $34.7 million in end of lease revenue from
lease terminations as compared to approximately $59.6 million in
end of lease revenue from the termination of our leasing activities
in Russia in the prior year period.
Our net income attributable to common stockholders for the three
months ended March 31, 2023 was $118.3 million, or $1.06 per
diluted share compared to net loss of $479.4 million, or net loss
of $4.21 per diluted share, for the three months ended March 31,
2022. The increase was due to the growth of our fleet and the
effect of the write-off of our Russian fleet in the first quarter
of 2022. The increase was partially offset by an increase in
interest expense due to the increases in our composite cost of
funds, aircraft transition costs and insurance expense in the
current year period.
Our adjusted net income before income taxes during the three
months ended March 31, 2023 was $166.8 million or $1.50 per
adjusted diluted share as compared to $200.9 million or $1.76 per
adjusted diluted share for the three months ended March 31, 2022.
Despite the continued growth of our fleet, the decrease in our
adjusted net income before income taxes for the three months ended
March 31, 2023 as compared to 2022 was mainly driven by lower end
of lease revenue recognized as discussed above and an increase in
interest expense, aircraft transition costs and insurance
expense.
Flight Equipment
Portfolio
As of March 31, 2023 the net book value of our fleet increased
to $25.7 billion, compared to $24.5 billion as of December 31,
2022. As of March 31, 2023, we owned 437 aircraft in our aircraft
portfolio, comprised of 323 narrowbody aircraft and 114 widebody
aircraft, and we managed 86 aircraft. The weighted average fleet
age and weighted average remaining lease term of our fleet as of
March 31, 2023 was 4.5 years and 7.1 years, respectively. We have a
globally diversified customer base of 118 airlines in 63 countries
as of March 31, 2023.
The following table summarizes the key portfolio metrics of our
fleet as of March 31, 2023 and December 31, 2022:
March 31, 2023
December 31, 2022
Net book value of flight equipment subject
to operating lease
$ 25.7 billion
$ 24.5 billion
Weighted-average fleet age(1)
4.5 years
4.5 years
Weighted-average remaining lease
term(1)
7.1 years
7.1 years
Owned fleet
437
417
Managed fleet
86
85
Aircraft on order
376
398
Total
899
900
Current fleet contracted rentals
$ 16.3 billion
$ 15.6 billion
Committed fleet rentals
$ 14.2 billion
$ 15.8 billion
Total committed rentals
$ 30.5 billion
$ 31.4 billion
(1) Weighted-average fleet age and
remaining lease term calculated based on net book value of our
flight equipment subject to operating lease.
The following table details the regional concentration of our
flight equipment subject to operating leases:
March 31, 2023
December 31, 2022
Region
% of Net Book Value
% of Net Book Value
Europe
33.0 %
32.5 %
Asia (excluding China)
29.4 %
29.1 %
China
10.8 %
11.4 %
The Middle East and Africa
8.6 %
9.3 %
Central America, South America, and
Mexico
8.3 %
7.8 %
U.S. and Canada
6.5 %
6.3 %
Pacific, Australia, and New Zealand
3.4 %
3.6 %
Total
100.0 %
100.0 %
The following table details the composition of our flight
equipment subject to operating leases by aircraft type:
March 31, 2023
December 31, 2022
Aircraft type
Number of
Aircraft
% of Total
Number of
Aircraft
% of Total
Airbus A220-300
4
0.9 %
4
1.0 %
Airbus A319-100
1
0.2 %
1
0.2 %
Airbus A320-200
28
6.4 %
28
6.7 %
Airbus A320-200neo
23
5.3 %
23
5.5 %
Airbus A321-200
23
5.3 %
23
5.5 %
Airbus A321-200neo
84
19.2 %
78
18.7 %
Airbus A330-200
13
3.0 %
13
3.1 %
Airbus A330-300
5
1.1 %
5
1.2 %
Airbus A330-900neo
18
4.1 %
16
3.8 %
Airbus A350-900
14
3.2 %
13
3.1 %
Airbus A350-1000
6
1.4 %
6
1.4 %
Boeing 737-700
3
0.7 %
4
1.0 %
Boeing 737-800
81
18.5 %
82
19.7 %
Boeing 737-8 MAX
52
11.9 %
47
11.3 %
Boeing 737-9 MAX
23
5.3 %
15
3.7 %
Boeing 777-200ER
1
0.2 %
1
0.2 %
Boeing 777-300ER
24
5.5 %
24
5.8 %
Boeing 787-9
27
6.2 %
27
6.5 %
Boeing 787-10
6
1.4 %
6
1.4 %
Embraer E190
1
0.2 %
1
0.2 %
Total (1)
437
100.0 %
417
100.0 %
(1) As of March 31, 2023 and December 31,
2022, we had six and four aircraft, respectively, classified as
flight equipment held for sale.
Debt Financing
Activities
We ended the first quarter of 2023 with total debt financing,
net of discounts and issuance costs, of $19.4 billion. As of March
31, 2023, 88.0% of our total debt financing was at a fixed rate and
99.4% was unsecured. As of March 31, 2023, our composite cost of
funds was 3.42%. We ended the first quarter with total liquidity of
$6.5 billion.
As of the end of the periods presented, our debt portfolio was
comprised of the following components (dollars in millions):
March 31, 2023
December 31, 2022
Unsecured
Senior unsecured securities
$
17,196
$
17,095
Revolving credit facilities
1,673
1,020
Term financings
653
583
Total unsecured debt financing
19,522
18,698
Secured
Term financings
111
114
Export credit financing
10
11
Total secured debt financing
121
125
Total debt financing
19,643
18,823
Less: Debt discounts and issuance
costs
(195
)
(182
)
Debt financing, net of discounts and
issuance costs
$
19,448
$
18,641
Selected interest rates and
ratios:
Composite interest rate(1)
3.42
%
3.07
%
Composite interest rate on fixed-rate
debt(1)
3.20
%
2.98
%
Percentage of total debt at a
fixed-rate
88.0
%
91.3
%
(1) This rate does not include the effect
of upfront fees, facility fees, undrawn fees or amortization of
debt discounts and issuance costs.
Conference Call
In connection with this earnings release, Air Lease Corporation
will host a conference call on May 1, 2023 at 4:30 PM Eastern Time
to discuss the Company's financial results for the first quarter of
2023.
Investors can participate in the conference call by dialing 1
(888) 660-6652 domestic or 1 (646) 960-0554 international. The
passcode for the call is 5952437.
The conference call will also be broadcast live through a link
on the Investors page of the Air Lease Corporation website at
www.airleasecorp.com. Please visit the website at least 15 minutes
prior to the call to register, download and install any necessary
audio software. A replay of the broadcast will be available on the
Investors page of the Air Lease Corporation website.
For your convenience, the conference call can be replayed in its
entirety beginning on May 1, 2023 until 11:59 PM ET on May 8, 2023.
If you wish to listen to the replay of this conference call, please
dial 1 (800) 770-2030 domestic or 1 (647) 362-9199 international
and enter passcode 5952437.
About Air Lease Corporation (NYSE: AL)
Air Lease Corporation is a leading global aircraft leasing
company based in Los Angeles, California that has airline customers
throughout the world. Air Lease Corporation and its team of
dedicated and experienced professionals are principally engaged in
purchasing new commercial aircraft and leasing them to its airline
customers worldwide through customized aircraft leasing and
financing solutions. Air Lease Corporation routinely posts
information that may be important to investors in the “Investors”
section of its website at www.airleasecorp.com. Investors and
potential investors are encouraged to consult Air Lease
Corporation’s website regularly for important information. The
information contained on, or that may be accessed through, Air
Lease Corporation's website is not incorporated by reference into,
and is not a part of, this press release.
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Those statements appear
in a number of places in this press release and include statements
regarding, among other matters, the state of the airline industry,
our access to the capital markets, the impact of Russia’s invasion
of Ukraine and the impact of sanctions imposed on Russia, the
impact of lease deferrals and other accommodations, aircraft
delivery delays, the impact of inflation, rising interest rates and
other macroeconomic conditions and other factors affecting our
financial condition or results of operations. Words such as “can,”
“could,” “may,” “predicts,” “potential,” “will,” “projects,”
“continuing,” “ongoing,” “expects,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “estimates” and “should,” and
variations of these words and similar expressions, are used in many
cases to identify these forward-looking statements. Any such
forward-looking statements are not guarantees of future performance
and involve risks, uncertainties, and other factors that may cause
our actual results, performance or achievements, or industry
results to vary materially from our future results, performance or
achievements, or those of our industry, expressed or implied in
such forward-looking statements. Such factors include, among
others:
- our inability to obtain additional capital on favorable terms,
or at all, to acquire aircraft, service our debt obligations and
refinance maturing debt obligations;
- increases in our cost of borrowing or changes in interest
rates;
- our inability to generate sufficient returns on our aircraft
investments through strategic acquisition and profitable
leasing;
- the failure of an aircraft or engine manufacturer to meet its
delivery obligations to us, including or as a result of technical
or other difficulties with aircraft before or after delivery;
- our ability to pursue insurance claims to recover losses
related to aircraft detained in Russia;
- obsolescence of, or changes in overall demand for, our
aircraft;
- changes in the value of, and lease rates for, our aircraft,
including as a result of aircraft oversupply, manufacturer
production levels, our lessees’ failure to maintain our aircraft,
rising inflation, appreciation of the U.S. Dollar, and other
factors outside of our control;
- impaired financial condition and liquidity of our lessees,
including due to lessee defaults and reorganizations, bankruptcies
or similar proceedings;
- increased competition from other aircraft lessors;
- the failure by our lessees to adequately insure our aircraft or
fulfill their contractual indemnity obligations to us;
- increased tariffs and other restrictions on trade;
- changes in the regulatory environment, including changes in tax
laws and environmental regulations;
- other events affecting our business or the business of our
lessees and aircraft manufacturers or their suppliers that are
beyond our or their control, such as the threat or realization of
epidemic diseases, natural disasters, terrorist attacks, war or
armed hostilities between countries or non-state actors; and
- any additional factors discussed under “Part I — Item 1A. Risk
Factors,” in our Annual Report on Form 10-K for the year ended
December 31, 2022 and other SEC filings, including future SEC
filings.
All forward-looking statements are necessarily only estimates of
future results, and there can be no assurance that actual results
will not differ materially from expectations. You are therefore
cautioned not to place undue reliance on such statements. Any
forward-looking statement speaks only as of the date on which it is
made, and we do not intend and undertake no obligation to update
any forward-looking information to reflect actual results or events
or circumstances after the date on which the statement is made or
to reflect the occurrence of unanticipated events.
Air Lease Corporation and
Subsidiaries
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
and par value amounts)
March 31, 2023
December 31, 2022
Assets
Cash and cash equivalents
$
690,408
$
766,418
Restricted cash
11,129
13,599
Flight equipment subject to operating
leases
30,924,948
29,466,888
Less accumulated depreciation
(5,175,430
)
(4,928,503
)
25,749,518
24,538,385
Deposits on flight equipment purchases
1,220,332
1,344,973
Other assets
1,691,754
1,733,330
Total assets
$
29,363,141
$
28,396,705
Liabilities and Shareholders’
Equity
Accrued interest and other payables
$
681,096
$
696,899
Debt financing, net of discounts and
issuance costs
19,447,601
18,641,063
Security deposits and maintenance reserves
on flight equipment leases
1,336,891
1,293,929
Rentals received in advance
153,588
147,654
Deferred tax liability
999,379
970,797
Total liabilities
$
22,618,555
$
21,750,342
Shareholders’ Equity
Preferred Stock, $0.01 par value;
50,000,000 shares authorized; 10,600,000 (aggregate liquidation
preference of $850,000) shares issued and outstanding at March 31,
2023 and December 31, 2022, respectively
$
106
$
106
Class A common stock, $0.01 par value;
500,000,000 shares authorized; 111,015,418 and 110,892,097 shares
issued and outstanding at March 31, 2023 and December 31, 2022,
respectively
1,110
1,109
Class B Non-Voting common stock, $0.01 par
value; authorized 10,000,000 shares; no shares issued or
outstanding
—
—
Paid-in capital
3,258,639
3,255,973
Retained earnings
3,482,912
3,386,820
Accumulated other comprehensive income
1,819
2,355
Total shareholders’ equity
$
6,744,586
$
6,646,363
Total liabilities and shareholders’
equity
$
29,363,141
$
28,396,705
Air Lease Corporation and
Subsidiaries
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except share,
per share amounts and percentages)
Three Months Ended
March 31,
2023
2022
(unaudited)
Revenues
Rental of flight equipment
$
617,773
$
566,554
Aircraft sales, trading and other
18,369
30,107
Total revenues
636,142
596,661
Expenses
Interest
151,613
117,277
Amortization of debt discounts and
issuance costs
13,073
13,198
Interest expense
164,686
130,475
Depreciation of flight equipment
259,680
235,308
Write-off of Russian fleet
—
802,352
Selling, general and administrative
47,614
32,762
Stock-based compensation expense
5,896
(2,523
)
Total expenses
477,876
1,198,374
Income/(loss) before taxes
158,266
(601,713
)
Income tax (expense)/benefit
(29,546
)
132,720
Net income/(loss)
$
128,720
$
(468,993
)
Preferred stock dividends
(10,425
)
(10,425
)
Net income/(loss) attributable to
common stockholders
$
118,295
$
(479,418
)
Earnings/(Loss) per share of common
stock:
Basic
$
1.07
$
(4.21
)
Diluted
$
1.06
$
(4.21
)
Weighted-average shares of common stock
outstanding
Basic
110,943,552
113,894,867
Diluted
111,199,996
113,894,867
Other financial data
Pre-tax margin
24.9
%
(100.8
)%
Pre-tax return on common equity (trailing
twelve months)
10.2
%
(3.5
)%
Adjusted net income before income
taxes(1)
$
166,810
$
200,889
Adjusted diluted earnings per share before
income taxes(1)
$
1.50
$
1.76
Adjusted pre-tax margin(1)
26.2
%
33.7
%
Adjusted pre-tax return on common equity
(trailing twelve months)(1)
11.0
%
11.8
%
(1)
Adjusted net income before income taxes (defined as net
income/(loss) attributable to common stockholders excluding the
effects of certain non-cash items, one-time or non-recurring items,
such as write-offs of our Russian fleet, that are not expected to
continue in the future and certain other items), adjusted pre-tax
margin (defined as adjusted net income before income taxes divided
by total revenues), adjusted diluted earnings per share before
income taxes (defined as adjusted net income before income taxes
divided by the weighted average diluted common shares outstanding)
and adjusted pre-tax return on common equity (defined as adjusted
net income before income taxes divided by average common
shareholders' equity) are measures of operating performance that
are not defined by GAAP and should not be considered as an
alternative to net income/(loss) attributable to common
stockholders, pre-tax margin, earnings/(loss) per share, diluted
earnings/(loss) per share and pre-tax return on common equity, or
any other performance measures derived in accordance with GAAP.
Adjusted net income before income taxes, adjusted pre-tax margin,
adjusted diluted earnings per share before income taxes and
adjusted pre-tax return on common equity are presented as
supplemental disclosure because management believes they provide
useful information on our earnings from ongoing operations.
Management and our board of directors use
adjusted net income before income taxes, adjusted pre-tax margin,
adjusted diluted earnings per share before income taxes and
adjusted pre-tax return on common equity to assess our consolidated
financial and operating performance. Management believes these
measures are helpful in evaluating the operating performance of our
ongoing operations and identifying trends in our performance,
because they remove the effects of certain non-cash items, one-time
or non-recurring items that are not expected to continue in the
future and certain other items from our operating results. Adjusted
net income before income taxes, adjusted pre-tax margin, adjusted
diluted earnings per share before income taxes and adjusted pre-tax
return on common equity, however, should not be considered in
isolation or as a substitute for analysis of our operating results
or cash flows as reported under GAAP. Adjusted net income before
income taxes, adjusted pre-tax margin, adjusted diluted earnings
per share before income taxes and adjusted pre-tax return on common
equity do not reflect our cash expenditures or changes in our cash
requirements for our working capital needs. In addition, our
calculation of adjusted net income before income taxes, adjusted
pre-tax margin, adjusted diluted earnings per share before income
taxes and adjusted pre-tax return on common equity may differ from
the adjusted net income before income taxes, adjusted pre-tax
margin, adjusted diluted earnings per share before income taxes and
adjusted pre-tax return on common equity or analogous calculations
of other companies in our industry, limiting their usefulness as a
comparative measure.
The following table shows the reconciliation of the numerator
for adjusted pre-tax margin (in thousands, except percentages):
Three Months Ended
March 31,
2023
2022
(unaudited)
Reconciliation of the numerator for
adjusted pre-tax margin (net income/(loss) attributable to common
stockholders to adjusted net income before income taxes):
Net income/(loss) attributable to common
stockholders
$
118,295
$
(479,418
)
Amortization of debt discounts and
issuance costs
13,073
13,198
Write-off of Russian fleet
—
802,352
Stock-based compensation expense
5,896
(2,523
)
Income tax expense/(benefit)
29,546
(132,720
)
Adjusted net income before income
taxes
$
166,810
$
200,889
Denominator for adjusted pre-tax
margin:
Total revenues
$
636,142
$
596,661
Adjusted pre-tax margin(a)
26.2
%
33.7
%
(a) Adjusted pre-tax margin is adjusted
net income before income taxes divided by total revenues
The following table shows the reconciliation of the numerator
for adjusted diluted earnings per share before income taxes (in
thousands, except share and per share amounts):
Three Months Ended
March 31,
2023
2022
(unaudited)
Reconciliation of the numerator for
adjusted diluted earnings per share (net income/(loss) attributable
to common stockholders to adjusted net income before income
taxes):
Net income/(loss) attributable to common
stockholders
$
118,295
$
(479,418
)
Amortization of debt discounts and
issuance costs
13,073
13,198
Write-off of Russian fleet
—
802,352
Stock-based compensation expense
5,896
(2,523
)
Income tax expense/(benefit)
29,546
(132,720
)
Adjusted net income before income
taxes
$
166,810
$
200,889
Denominator for adjusted diluted
earnings per share:
Weighted-average diluted common shares
outstanding
111,199,996
113,894,867
Potentially dilutive securities, whose
effect would have been anti-dilutive
—
249,781
Adjusted weighted-average diluted common
shares outstanding
111,199,996
114,144,648
Adjusted diluted earnings per share before
income taxes(b)
$
1.50
$
1.76
(b) Adjusted diluted earnings per share
before income taxes is adjusted net income before income taxes
divided by adjusted weighted-average diluted common shares
outstanding
The following table shows the reconciliation of pre-tax return
on common equity to adjusted pre-tax return on common equity (in
thousands, except percentages):
Trailing Twelve Months
Ended March 31,
2023
2022
(unaudited)
Reconciliation of the numerator for
adjusted pre-tax return on common equity (net income/(loss)
attributable to common stockholders to adjusted net income before
income taxes):
Net income/(loss) attributable to common
stockholders
$
458,989
$
(151,507
)
Amortization of debt discounts and
issuance costs
53,130
51,793
(Recovery)/write-off of Russian fleet
(30,877
)
802,352
Stock-based compensation expense
24,022
18,585
Income tax expense/(benefit)
120,524
(47,773
)
Adjusted net income before income
taxes
$
625,788
$
673,450
Reconciliation of denominator for
pre-tax return on common equity to adjusted pre-tax return on
common equity:
Common shareholders' equity as of
beginning of the period
$
5,519,585
$
5,878,212
Common shareholders' equity as of end of
the period
$
5,894,586
$
5,519,585
Average common shareholders' equity
$
5,707,086
$
5,698,899
Adjusted pre-tax return on common
equity(c)
11.0
%
11.8
%
(c) Adjusted pre-tax return on common
equity is adjusted net income before income taxes divided by
average common shareholders’ equity
Air Lease Corporation and
Subsidiaries
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Three Months Ended
March 31,
2023
2022
(in thousands)
Operating Activities
Net income/(loss)
$
128,720
$
(468,993
)
Adjustments to reconcile net income/(loss)
to net cash provided by operating activities:
Depreciation of flight equipment
259,680
235,308
Write-off of Russian fleet
—
802,352
Stock-based compensation expense
5,896
(2,523
)
Deferred taxes
28,726
(133,360
)
Amortization of prepaid lease costs
18,323
13,193
Amortization of discounts and debt
issuance costs
13,073
13,198
Gain on aircraft sales, trading and other
activity
(41,650
)
(66,791
)
Changes in operating assets and
liabilities:
Other assets
(26,907
)
(74,560
)
Accrued interest and other payables
(45,493
)
(64,068
)
Rentals received in advance
8,122
938
Net cash provided by operating
activities
348,490
254,694
Investing Activities
Acquisition of flight equipment under
operating lease
(1,236,828
)
(395,402
)
Payments for deposits on flight equipment
purchases
(4,000
)
(172,943
)
Proceeds from aircraft sales, trading and
other activity
21,391
750
Acquisition of aircraft furnishings,
equipment and other assets
(53,939
)
(52,974
)
Net cash used in investing activities
(1,273,376
)
(620,569
)
Financing Activities
Cash dividends paid on Class A common
stock
(22,178
)
(21,088
)
Common shares repurchased
—
(97,644
)
Cash dividends paid on preferred stock
(10,425
)
(10,425
)
Tax withholdings on stock-based
compensation
(3,229
)
(8,095
)
Net change in unsecured revolving
facilities
653,000
—
Proceeds from debt financings
1,352,766
1,497,615
Payments in reduction of debt
financings
(1,209,971
)
(708,847
)
Debt issuance costs
(3,159
)
(2,740
)
Security deposits and maintenance reserve
receipts
93,377
125,727
Security deposits and maintenance reserve
disbursements
(3,775
)
(4,864
)
Net cash provided by financing
activities
846,406
769,639
Net decrease in cash
(78,480
)
403,764
Cash, cash equivalents and restricted cash
at beginning of period
780,017
1,108,292
Cash, cash equivalents and restricted cash
at end of period
$
701,537
$
1,512,056
Supplemental Disclosure of Cash Flow
Information
Cash paid during the period for interest,
including capitalized interest of $10,658 and $9,365 at March 31,
2023 and 2022, respectively
$
197,935
$
179,026
Cash paid for income taxes
$
3,571
$
3,446
Supplemental Disclosure of Noncash
Activities
Buyer furnished equipment, capitalized
interest and deposits on flight equipment purchases applied to
acquisition of flight equipment
$
227,738
$
85,791
Cash dividends declared on common stock,
not yet paid
$
22,203
$
21,136
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230428005536/en/
Investors: Jason Arnold Vice President, Investor
Relations Email: investors@airleasecorp.com
Media: Laura Woeste Senior Manager, Media and Investor
Relations Email: press@airleasecorp.com
Ashley Arnold Senior Manager, Media and Investor Relations
Email: press@airleasecorp.com
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