DUBLIN, March 2, 2021 /PRNewswire/ -- AerCap
Holdings N.V. (NYSE: AER), the global leader in aircraft leasing,
today reported financial results for the fourth quarter of
2020.
- Net income for the fourth quarter of 2020 was
$28 million, or $0.22 per share. This was impacted by cash
accounting and debt extinguishment costs of $117 million and $76
million, pre-tax, respectively.
- Cash flow from operating activities was $653 million, an increase of 21% from the third
quarter of 2020.
Aengus Kelly, Chief Executive Officer of AerCap, said: "I am
pleased to report further positive progress for the company in the
fourth quarter. Our operating cash flows increased significantly,
we ran a number of successful aircraft placement campaigns and we
see a renewed enthusiasm from our customers. As the pace of
vaccinations accelerates around the world, allowing governments to
ease restrictions, we believe the strength of consumer demand will
become more evident, driving further confidence in the
sector."
Highlights
Strong Balance Sheet:
- AerCap ended the fourth quarter with over $9 billion in total sources of liquidity,
representing next 12 months' sources-to-uses coverage ratio of
2.3x.
- Adjusted debt/equity ratio of 2.6 to 1, below the company's
target of 2.7x to 1.
- Secured debt-to-total assets ratio of 26%.
- Approximately $26 billion of
unencumbered assets, providing a high degree of flexibility.
- In January 2021, AerCap completed
the offering of $1 billion of 5-year
senior unsecured notes with a 1.75% coupon.
Attractive Aircraft Fleet:
- AerCap's average current lease expires in 2028, and only 7% of
the company's aircraft by book value are scheduled to come off
lease through the end of 2022.
- AerCap has already placed all of its new aircraft deliveries
from its order book for 2021 and is 98% placed through 2022.
- New technology aircraft comprise 63% of AerCap's fleet. The
average age of the company's owned fleet as of December 31, 2020 was 6.4 years and the average
remaining contracted lease term was 7.3 years. The fleet
utilization rate for the fourth quarter of 2020 was 97%.
Revenue and Net Spread
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
2020
|
|
2019
|
|
% increase/
(decrease)
|
|
2020
|
|
2019
|
|
% increase/
(decrease)
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
$ 885
|
|
$ 1,062
|
|
(17%)
|
|
$ 3,762
|
|
$ 4,281
|
|
(12%)
|
Maintenance rents and other receipts
|
110
|
|
133
|
|
(17%)
|
|
559
|
|
401
|
|
39%
|
Lease
revenue
|
995
|
|
1,195
|
|
(17%)
|
|
4,321
|
|
4,682
|
|
(8%)
|
Net gain on sale of
assets
|
14
|
|
49
|
|
(71%)
|
|
90
|
|
189
|
|
(53%)
|
Other
income
|
22
|
|
14
|
|
63%
|
|
83
|
|
66
|
|
25%
|
Total Revenues and
other income
|
$
1,032
|
|
$
1,257
|
|
(18%)
|
|
$
4,494
|
|
$
4,937
|
|
(9%)
|
Basic lease rents were $885
million for the fourth quarter of 2020, compared with
$1,062 million for the same period in
2019. 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 fourth quarter of 2020,
compared with $133 million for the
same period in 2019. The decrease was primarily due to lower end of
lease compensation recognized during the fourth quarter of
2020.
Net gain on sale of assets for the fourth quarter of 2020 was
$14 million, relating to 12 aircraft
sold for $97 million, compared with
$49 million for the same period in
2019, relating to 28 aircraft sold for $729
million. The decrease was primarily due to the lower volume
and composition of asset sales.
Other income for the fourth quarter of 2020 was $22 million, compared with $14 million for the same period in 2019. The
increase was primarily driven by higher interest income.
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
2020
|
|
2019
|
|
% increase/
(decrease)
|
|
2020
|
|
2019
|
|
%
increase/
(decrease)
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
$
885
|
|
$
1,062
|
|
(17%)
|
|
$
3,762
|
|
$
4,281
|
|
(12%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
311
|
|
316
|
|
(2%)
|
|
1,248
|
|
1,295
|
|
(4%)
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps
|
0
|
|
(1)
|
|
NA
|
|
(14)
|
|
(30)
|
|
(52%)
|
Interest expense
excluding mark-to-market of interest rate caps and swaps
|
311
|
|
316
|
|
(1%)
|
|
1,234
|
|
1,265
|
|
(3%)
|
Net interest
margin (*)
|
$
575
|
|
$
747
|
|
(23%)
|
|
$
2,528
|
|
$
3,016
|
|
(16%)
|
Depreciation and
amortization, including maintenance rights expense
|
(408)
|
|
(441)
|
|
(8%)
|
|
(1,691)
|
|
(1,753)
|
|
(4%)
|
Net interest
margin less depreciation and amortization (*)
|
$
167
|
|
$
306
|
|
(45%)
|
|
$
837
|
|
$
1,263
|
|
(34%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average lease assets
(*)
|
$ 36,496
|
|
$ 37,789
|
|
(3%)
|
|
$ 37,145
|
|
$ 37,590
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net spread
(*)
|
6.3%
|
|
7.9%
|
|
|
|
6.8%
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Spread less
depreciation and amortization (*)
|
1.8%
|
|
3.2%
|
|
|
|
2.3%
|
|
3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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 $311 million for the
fourth quarter of 2020, compared with $316
million for the same period in 2019. AerCap's average cost
of debt was 4.1% for the fourth quarter of 2020, compared with 4.2%
for the same period in 2019. The company's average cost of debt
includes debt issuance costs, upfront fees and other impacts of
approximately 0.3% to 0.4%.
Selling, General and Administrative Expenses
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
2020
|
|
2019
|
|
% increase/
(decrease)
|
|
2020
|
|
2019
|
|
% increase/
(decrease)
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
$ 44
|
|
$ 54
|
|
(18%)
|
|
$ 173
|
|
$ 198
|
|
(13%)
|
Share-based
compensation expenses
|
20
|
|
18
|
|
11%
|
|
69
|
|
69
|
|
(0%)
|
Total selling,
general and administrative expenses
|
$
64
|
|
$
71
|
|
(11%)
|
|
$
242
|
|
$
267
|
|
(9%)
|
Selling, general and administrative expenses decreased by 11% to
$64 million for the fourth quarter of
2020, compared with $71 million for
the same period in 2019.
Other Expenses
Asset impairment charges were $27
million for the fourth quarter of 2020, compared to
$16 million recorded for the same
period in 2019. Asset impairment charges recorded in the fourth
quarter of 2020 related to lease terminations and sales
transactions and were partially offset by related maintenance
revenue.
Effective Tax Rate
AerCap's effective tax rate for the full year 2020 was 5.5%,
compared with the effective tax rate of 12.5% for the full year
2019. 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 21.7% for the fourth
quarter of 2020, compared to 11.1% for the fourth quarter of 2019.
Our effective tax rate in any quarter can be impacted by revisions
to the estimated full year rate.
Book Value Per Share
|
December 31,
2020
|
|
December 31,
2019
|
|
(U.S. Dollars in
millions, except share and per share
data)
|
|
|
|
|
Total AerCap
Holdings N.V. shareholders' equity
|
$8,864
|
|
$9,315
|
|
|
|
|
Ordinary shares
outstanding
|
130,398,538
|
|
131,583,489
|
Unvested restricted
stock
|
(2,552,346)
|
|
(2,354,318)
|
Ordinary shares
outstanding (excl. unvested restricted stock)
|
127,846,192
|
|
129,229,171
|
|
|
|
|
Book value per
ordinary share outstanding (excl. unvested restricted
stock)
|
$69.34
|
|
$72.08
|
Financial Position
|
December 31,
2020
|
|
December 31,
2019
|
|
% increase/
(decrease) over December 31,2019
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
$ 1,495
|
|
$ 1,300
|
|
15%
|
Total lease assets
(*)
|
36,642
|
|
37,930
|
|
(3%)
|
Total
assets
|
42,048
|
|
43,749
|
|
(4%)
|
Debt
|
28,742
|
|
29,486
|
|
(3%)
|
Total
liabilities
|
33,116
|
|
34,367
|
|
(4%)
|
Total AerCap Holdings
N.V. shareholders' equity
|
8,864
|
|
9,315
|
|
(5%)
|
Total
equity
|
8,932
|
|
9,382
|
|
(5%)
|
|
|
|
|
|
|
(*) Refer to "Notes
Regarding Financial Information Presented in This Press Release"
for details relating to this non-GAAP measure
|
Aircraft Portfolio
As of December 31, 2020, AerCap's
portfolio consisted of 1,330 aircraft that were owned, on order or
managed. The average age of the company's owned fleet as of
December 31, 2020 was 6.4 years (3.0
years for new technology aircraft, 12.1 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 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.
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
(U.S. Dollars in
millions,
except debt/equity
ratio)
|
|
|
|
|
|
Debt
|
|
$28,742
|
|
$29,486
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
Cash and
cash equivalents
|
|
(1,249)
|
|
(1,121)
|
50%
credit for long-term subordinated debt
|
|
(1,125)
|
|
(1,125)
|
Adjusted
debt
|
|
$26,368
|
|
$27,240
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
$8,932
|
|
$9,382
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
50%
credit for long-term subordinated debt
|
|
1,125
|
|
1,125
|
Adjusted
equity
|
|
$10,057
|
|
$10,507
|
|
|
|
|
|
Adjusted
debt/equity ratio
|
|
2.6 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, 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 fourth quarter 2020 results,
management will host a conference call with members of the
investment community today, Tuesday, March
2, 2021, 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 0402 or
(International) +353 1 246 5621 and referencing code 6107189 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 aircraft leasing. AerCap serves
approximately 200 customers in approximately 80 countries with
comprehensive fleet solutions. AerCap is listed on the New York
Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu
Dhabi, Seattle and
Toulouse.
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, 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)
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,248,772
|
|
$
1,121,396
|
|
|
Restricted
cash
|
246,518
|
|
178,951
|
|
|
Trade
receivables
|
170,675
|
|
47,935
|
|
|
Flight equipment held
for operating leases, net
|
35,156,450
|
|
35,870,781
|
|
|
Investment in finance
and sales-type leases, net
|
878,451
|
|
1,011,549
|
|
|
Flight equipment held
for sale
|
-
|
|
336,592
|
|
|
Prepayments on flight
equipment
|
2,111,659
|
|
2,954,478
|
|
|
Maintenance rights
and lease premium, net
|
649,914
|
|
809,615
|
|
|
Other intangibles,
net
|
224,634
|
|
307,394
|
|
|
Deferred income tax
assets
|
131,532
|
|
95,077
|
|
|
Other
assets
|
1,229,434
|
|
1,015,476
|
|
|
Total
Assets
|
$
42,048,039
|
|
$
43,749,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
$
1,109,325
|
|
$
1,032,623
|
|
|
Accrued maintenance
liability
|
1,750,395
|
|
2,190,159
|
|
|
Lessee deposit
liability
|
600,321
|
|
747,790
|
|
|
Debt
|
28,742,081
|
|
29,486,131
|
|
|
Deferred income tax
liabilities
|
913,431
|
|
910,336
|
|
|
Total
liabilities
|
33,115,553
|
|
34,367,039
|
|
|
|
|
|
|
|
|
Ordinary share
capital €0.01 par value, 350,000,000 ordinary shares authorized as
of December 31, 2020 and 2019; 138,847,345 and 141,847,345 ordinary
shares issued and 130,398,538 and 131,583,489 ordinary shares
outstanding (including 2,552,346 and 2,354,318 unvested restricted
stock) as of December 31, 2020 and 2019, respectively
|
1,721
|
|
1,754
|
|
|
Additional paid-in
capital
|
2,078,125
|
|
2,209,462
|
|
|
Treasury shares, at
cost (8,448,807 and 10,263,856 ordinary shares as of December 31,
2020 and 2019, respectively)
|
(459,994)
|
|
(537,341)
|
|
|
Accumulated other
comprehensive loss
|
(155,085)
|
|
(93,587)
|
|
|
Accumulated retained
earnings
|
7,399,703
|
|
7,734,609
|
|
|
Total AerCap Holdings
N.V. shareholders' equity
|
8,864,470
|
|
9,314,897
|
|
|
Non-controlling
interest
|
68,016
|
|
67,308
|
|
|
Total
Equity
|
8,932,486
|
|
9,382,205
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
$
42,048,039
|
|
$
43,749,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V.
|
|
|
|
|
|
Unaudited
Consolidated Income Statements
|
|
|
|
|
(U.S. Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
$ 885,333
|
|
$
1,062,326
|
|
$
3,761,611
|
|
$
4,281,260
|
|
|
Maintenance rents and
other receipts
|
110,143
|
|
132,500
|
|
559,395
|
|
401,006
|
|
|
Total lease
revenue
|
995,476
|
|
1,194,826
|
|
4,321,006
|
|
4,682,266
|
|
|
Net gain on sale of
assets
|
14,099
|
|
48,618
|
|
89,618
|
|
188,835
|
|
|
Other
income
|
22,042
|
|
13,508
|
|
83,005
|
|
66,239
|
|
|
Total Revenues and
other income
|
1,031,617
|
|
1,256,952
|
|
4,493,629
|
|
4,937,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
401,787
|
|
415,866
|
|
1,645,373
|
|
1,676,121
|
|
|
Asset
impairment
|
26,694
|
|
16,131
|
|
1,086,983
|
|
70,149
|
|
|
Interest
expense
|
310,534
|
|
316,089
|
|
1,248,225
|
|
1,295,020
|
|
|
Loss on debt
extinguishment
|
75,625
|
|
-
|
|
118,460
|
|
-
|
|
|
Leasing
expenses
|
91,453
|
|
86,905
|
|
323,535
|
|
287,950
|
|
|
Selling, general and
administrative expenses
|
63,746
|
|
71,330
|
|
242,161
|
|
267,458
|
|
|
Total
Expenses
|
969,839
|
|
906,321
|
|
4,664,737
|
|
3,596,698
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on investment at
fair value
|
(29,089)
|
|
-
|
|
(143,510)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes and income of investments
accounted for under the equity
method
|
32,689
|
|
350,631
|
|
(314,618)
|
|
1,340,642
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
(7,080)
|
|
(39,013)
|
|
17,231
|
|
(167,714)
|
|
|
Equity in net
earnings of investments accounted for under the equity
method
|
2,861
|
|
1,877
|
|
2,464
|
|
(6,151)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
28,470
|
|
$
313,495
|
|
($
294,923)
|
|
$
1,166,777
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income)
attributable to non-controlling interest
|
8
|
|
(3,737)
|
|
(3,643)
|
|
(21,083)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to AerCap Holdings N.V
|
$
28,478
|
|
$
309,758
|
|
($
298,566)
|
|
$
1,145,694
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$ 0.22
|
|
$ 2.36
|
|
($ 2.34)
|
|
$ 8.51
|
|
|
Diluted earnings
(loss) per share
|
$ 0.22
|
|
$ 2.34
|
|
($ 2.34)
|
|
$ 8.43
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
127,662,360
|
|
131,119,824
|
|
127,743,828
|
|
134,570,169
|
|
|
Weighted average
shares outstanding - diluted
|
128,840,968
|
|
132,227,255
|
|
127,743,828
|
|
135,898,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V.
|
|
|
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
($
294,923)
|
|
$
1,166,777
|
|
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
1,645,373
|
|
1,676,121
|
|
|
Asset
impairment
|
1,086,983
|
|
70,149
|
|
|
Amortization of debt
issuance costs, debt discount, debt premium and lease
premium
|
64,970
|
|
79,645
|
|
|
Amortization of fair
value adjustment on debt
|
(47,279)
|
|
(79,098)
|
|
|
Maintenance rights
write-off
|
133,015
|
|
244,748
|
|
|
Maintenance liability
release to income
|
(344,210)
|
|
(207,849)
|
|
|
Net gain on sale of
assets
|
(89,618)
|
|
(188,835)
|
|
|
Deferred income
taxes
|
(20,882)
|
|
162,498
|
|
|
Share-based
compensation
|
69,187
|
|
69,410
|
|
|
Collections of
finance and sales-type leases
|
68,128
|
|
98,365
|
|
|
Loss on investment at
fair value
|
143,510
|
|
-
|
|
|
Loss on debt
extinguishment
|
118,460
|
|
-
|
|
|
Other
|
252,350
|
|
96,117
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Trade
receivables
|
(128,188)
|
|
(8,751)
|
|
|
Other
assets
|
(400,316)
|
|
(73,646)
|
|
|
Accounts
payable, accrued expenses and other liabilities
|
(126,177)
|
|
31
|
|
|
Net cash provided
by operating activities
|
2,130,383
|
|
3,105,682
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
(778,547)
|
|
(3,359,092)
|
|
|
Proceeds from sale or
disposal of assets
|
471,437
|
|
1,773,766
|
|
|
Prepayments on flight
equipment
|
(405,178)
|
|
(1,369,400)
|
|
|
Other
|
-
|
|
(17)
|
|
|
Net cash used in
investing activities
|
(712,288)
|
|
(2,954,743)
|
|
|
|
|
|
|
|
|
Issuance of
debt
|
10,946,333
|
|
6,539,310
|
|
|
Repayment of
debt
|
(11,560,015)
|
|
(6,504,830)
|
|
|
Debt issuance and
extinguishment costs paid, net of debt premium received
|
(253,806)
|
|
(36,592)
|
|
|
Maintenance payments
received
|
345,699
|
|
736,423
|
|
|
Maintenance payments
returned
|
(412,492)
|
|
(352,032)
|
|
|
Security deposits
received
|
137,130
|
|
232,219
|
|
|
Security deposits
returned
|
(297,469)
|
|
(233,222)
|
|
|
Dividend paid to
non-controlling interest holders
|
(2,935)
|
|
(6,341)
|
|
|
Repurchase of shares
and tax withholdings on share-based compensation
|
(127,777)
|
|
(639,941)
|
|
|
Net cash used in
financing activities
|
(1,225,332)
|
|
(265,006)
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
192,763
|
|
(114,067)
|
|
|
Effect of exchange
rate changes
|
2,180
|
|
(621)
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
1,300,347
|
|
1,415,035
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
1,495,290
|
|
$
1,300,347
|
|
|
|
|
|
|
|
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SOURCE AerCap Holdings N.V.