- Net income for the fourth quarter of 2021 was
$89 million, or $0.44 per share. Net income for the full year
2021 was $1,001 million, or
$6.71 per share.
- Excluding expenses related to the GECAS transaction, net
income was $211 million, or
$1.04 per share for the fourth
quarter of 2021, and $1,294 million,
or $8.68 per share for the full year
2021.
- The airline industry continues to experience a rapid
recovery in air travel in many of the world's major
markets.
DUBLIN, March 30,
2022 /PRNewswire/ -- AerCap Holdings N.V. (NYSE:
AER), the global leader in aviation leasing, today reported
financial results for the fourth quarter of 2021 ended December 31, 2021.
Aengus Kelly, Chief Executive Officer of AerCap, said: "2021
was a milestone year for AerCap as we closed the GECAS transaction
on November 1st. This transaction
significantly enhanced and diversified our fleet, broadened our
customer base and geographic reach, increased our product offering
and added outstanding new talent - the combination of which we
expect to lead to increased revenues, earnings and cash flows in
the future. Notwithstanding the Ukraine invasion and the broad sanctions
imposed against Russia, where we
had approximately 5% of our fleet, we believe the continued
recovery in air travel in many parts of the world puts AerCap on a
positive trajectory heading into 2022."
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.
- Executed 230 transactions in the fourth quarter 2021, including
158 lease agreements, 42 purchases and 30 sales.
- 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 2.66 to 1 at December 31, 2021.
- Fourth quarter cash flow from operating activities was
$1.7 billion, more than 2.5x higher
than the fourth quarter of 2020.
- Continued to see significant improvements in cash collections,
trade receivables and deferral requests.
- Special items in the fourth quarter of 2021 included
$139 million ($122 million after-tax) of expenses related to
the GECAS transaction.
Revenue and Net Spread
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$1,283
|
|
$885
|
|
45%
|
|
$3,891
|
|
$3,762
|
|
3%
|
Maintenance rents and other receipts
|
|
97
|
|
110
|
|
(12%)
|
|
521
|
|
559
|
|
(7%)
|
Total lease
revenue
|
|
1,380
|
|
995
|
|
39%
|
|
4,412
|
|
4,321
|
|
2%
|
Net gain on sale of
assets
|
|
25
|
|
14
|
|
74%
|
|
89
|
|
90
|
|
0%
|
Other income
|
|
38
|
|
22
|
|
72%
|
|
723
|
|
83
|
|
771%
|
Total Revenues and
other income
|
|
$1,441
|
|
$1,032
|
|
40%
|
|
$5,224
|
|
$4,494
|
|
16%
|
Basic lease rents were $1,283
million for the fourth quarter of 2021, compared with
$885 million for the same period in
2020. The increase was primarily due to the impact of the GECAS
acquisition.
Maintenance rents and other receipts were $97 million for the fourth quarter of 2021,
compared with $110 million for the
same period in 2020. The decrease was primarily due to lower
maintenance revenue recognized as a result of lease terminations
during the fourth quarter of 2021.
Net gain on sale of assets for the fourth quarter of 2021 was
$25 million, relating to 24 assets
sold for $412 million, compared with
$14 million for the same period in
2020, relating to 12 aircraft sold for $97
million. The increase was primarily due to the higher volume
and composition of asset sales.
Other income for the fourth quarter of 2021 was $38 million, compared with $22 million for the same period in 2020. The
increase was primarily due to the impact of the GECAS
acquisition.
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$1,283
|
|
$885
|
|
45%
|
|
$3,891
|
|
$3,762
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
370
|
|
311
|
|
19%
|
|
1,230
|
|
1,248
|
|
(1%)
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps
|
|
9
|
|
—
|
|
NA
|
|
20
|
|
(14)
|
|
NA
|
Interest expense
excluding mark-to-market of interest rate caps and swaps
|
|
379
|
|
311
|
|
22%
|
|
1,250
|
|
1,234
|
|
1%
|
Net interest margin
(*)
|
|
$905
|
|
$575
|
|
57%
|
|
$2,641
|
|
$2,528
|
|
4%
|
Depreciation and
amortization, including maintenance rights expense
|
|
(557)
|
|
(408)
|
|
37%
|
|
(1,745)
|
|
(1,691)
|
|
3%
|
Net interest margin,
less depreciation and amortization (*)
|
|
$348
|
|
$167
|
|
108%
|
|
$896
|
|
$837
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average lease assets
(*)
|
|
$54,110
|
|
$36,496
|
|
48%
|
|
$40,646
|
|
$37,145
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net spread
(*)
|
|
6.7%
|
|
6.3%
|
|
|
|
6.5%
|
|
6.8%
|
|
|
Annualized net
spread less depreciation and amortization (*)
|
|
2.6%
|
|
1.8%
|
|
|
|
2.2%
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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 $379 million for the
fourth quarter of 2021, compared with $311
million for the same period in 2020. AerCap's average cost
of debt was 3.2% for the fourth quarter of 2021, compared with 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
December 31,
|
|
Year ended December
31,
|
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
2021
|
|
2020
|
|
%
increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$87
|
|
$44
|
|
98%
|
|
$222
|
|
$173
|
|
28%
|
Share-based
compensation expenses
|
|
32
|
|
20
|
|
63%
|
|
96
|
|
69
|
|
39%
|
Total selling,
general and administrative expenses
|
|
$119
|
|
$64
|
|
87%
|
|
$318
|
|
$242
|
|
31%
|
Selling, general and administrative expenses increased to
$119 million for the fourth quarter
of 2021, compared with $64 million
for the same period in 2020. The increase was primarily driven by
higher compensation-related expenses as a result of the GECAS
acquisition.
Other Expenses
Asset impairment charges were $6
million for the fourth quarter of 2021, compared to
$27 million recorded for the same
period in 2020. Asset impairment charges recorded in the fourth
quarter of 2021 related to lease terminations and sales
transactions and were more than offset by related maintenance
revenue.
Leasing expenses were $162 million
for the fourth quarter of 2021, compared with $91 million for the same period in 2020. The
increase was primarily driven by an increase in our provision for
expected credit losses.
Effective Tax Rate
AerCap's effective tax rate for the full year 2021 was 14.2%,
compared with the 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 21.7% for the fourth
quarter of 2021 and the fourth quarter of 2020. Our effective tax
rate in any quarter can be impacted by revisions to the estimated
full year rate.
Book Value Per Share
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
(U.S. Dollars in
millions,
except share and per share data)
|
|
|
|
|
|
Total AerCap
Holdings N.V. shareholders' equity
|
|
$16,571
|
|
$8,864
|
|
|
|
|
|
Ordinary shares
outstanding
|
|
245,395,448
|
|
130,398,538
|
Unvested restricted
stock
|
|
(5,822,811)
|
|
(2,552,346)
|
Ordinary shares
outstanding (excl. unvested restricted stock)
|
|
239,572,637
|
|
127,846,192
|
|
|
|
|
|
Book value per
ordinary share outstanding (excl. unvested restricted
stock)
|
|
$69.17
|
|
$69.34
|
Financial Position
|
|
December 31,
2021
|
|
December 31,
2020
|
|
%
increase/
(decrease)
over
December 31,
2020
|
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
|
$1,915
|
|
$1,495
|
|
28%
|
Total assets
|
|
74,570
|
|
42,048
|
|
77%
|
Debt
|
|
50,205
|
|
28,742
|
|
75%
|
Total
liabilities
|
|
57,922
|
|
33,116
|
|
75%
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
16,571
|
|
8,864
|
|
87%
|
Total equity
|
|
16,647
|
|
8,932
|
|
86%
|
|
|
|
|
|
|
|
Aircraft Portfolio
As of December 31, 2021, AerCap's
portfolio consisted of 3,701 aircraft, engines and helicopters that
were owned, on order or managed. The average age of the company's
owned aircraft fleet as of December 31,
2021 was 7.1 years (3.4 years for new technology aircraft,
13.0 years for current technology aircraft) and the average
remaining contracted lease term was 7.3 years.
Ukraine Conflict
In response to the Russian invasion of Ukraine on February 24,
2022, the United States,
the European Union, the United
Kingdom and other countries have imposed broad, far-reaching
sanctions against Russia, certain
Russian persons and certain activities involving Russia or Russian persons. These sanctions
include prohibitions regarding the supply of aircraft and aircraft
components to Russian persons or for use in Russia, subject to certain wind-down periods.
AerCap intends to fully comply with all applicable sanctions and we
have terminated the leasing of all our aircraft and engines with
Russian airlines. As of December 31,
2021, approximately 5% of AerCap's fleet by net book value
was on lease to Russian airlines. We continue to make efforts to
repossess additional aircraft and engines from our former Russian
airline customers, but it is unclear if we will be able to do so,
or what the condition of these assets will be at the time of
repossession. We expect to recognize an impairment on our assets in
Russia that have not been returned
to us as early as the first quarter of 2022, although we have not
determined the amount of any impairment.
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
and integration-related expenses
Net income excluding GECAS transaction and integration-related
expenses is calculated as net income excluding the after-tax impact
of transaction and integration-related expenses. Earnings per share
excluding GECAS transaction and integration-related expenses is
calculated by dividing net income excluding GECAS transaction and
integration-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
December 31, 2021
|
|
Year ended December
31, 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
|
|
$89
|
|
$0.44
|
|
$1,001
|
|
$6.71
|
|
|
|
|
|
|
|
|
|
Transaction and
Integration-related expenses
|
|
139
|
|
0.68
|
|
335
|
|
2.25
|
Income tax
effect
|
|
(17)
|
|
(0.09)
|
|
(42)
|
|
(0.28)
|
|
|
|
|
|
|
|
|
|
Net income /
earnings per share excluding GECAS
transaction and integration-related expenses
|
|
$211
|
|
$1.04
|
|
$1,294
|
|
$8.68
|
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,
2021
|
|
December 31,
2020
|
|
|
(U.S. Dollars in
millions,
except debt/equity ratio)
|
|
|
|
|
|
Debt
|
|
$50,205
|
|
$28,742
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
Cash and
cash equivalents
|
|
(1,729)
|
|
(1,249)
|
50% credit
for long-term subordinated debt
|
|
(1,125)
|
|
(1,125)
|
Adjusted
debt
|
|
$47,351
|
|
$26,368
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
$16,647
|
|
$8,932
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
50% credit
for long-term subordinated debt
|
|
1,125
|
|
1,125
|
Adjusted
equity
|
|
$17,772
|
|
$10,057
|
|
|
|
|
|
Adjusted debt/equity
ratio
|
|
2.66 to
1
|
|
2.62 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 leases
and maintenance rights assets.
Conference Call
In connection with its report of fourth quarter 2021 results,
management will host a conference call with members of the
investment community today, Wednesday, March
30, 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 0402 or
(International) +353 1 246 5638 and referencing code 8067205 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 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
HoldingsNV
|
|
|
|
|
|
|
Unaudited
Consolidated Balance Sheets
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,728,794
|
|
$1,248,772
|
|
|
Restricted
cash
|
|
185,959
|
|
246,518
|
|
|
Trade
receivables
|
|
181,455
|
|
170,675
|
|
|
Flight equipment held
for operating leases, net
|
|
57,825,056
|
|
35,156,450
|
|
|
Investment in finance
leases, net
|
|
1,929,220
|
|
878,451
|
|
|
Flight equipment held
for sale
|
|
304,362
|
|
—
|
|
|
Prepayments on flight
equipment
|
|
4,586,848
|
|
2,111,659
|
|
|
Maintenance rights and
lease premium, net
|
|
4,444,520
|
|
649,914
|
|
|
Other intangibles,
net
|
|
208,879
|
|
224,634
|
|
|
Deferred tax
assets
|
|
121,571
|
|
131,532
|
|
|
Associated
companies
|
|
705,087
|
|
122,654
|
|
|
Other assets
|
|
2,348,017
|
|
1,106,780
|
|
|
Total
Assets
|
|
$74,569,768
|
|
$42,048,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
|
$1,958,096
|
|
$1,109,325
|
|
|
Accrued maintenance
liability
|
|
2,900,651
|
|
1,750,395
|
|
|
Lessee deposit
liability
|
|
773,753
|
|
600,321
|
|
|
Debt
|
|
50,204,678
|
|
28,742,081
|
|
|
Deferred tax
liabilities
|
|
2,085,230
|
|
913,431
|
|
|
Total
liabilities
|
|
57,922,408
|
|
33,115,553
|
|
|
|
|
|
|
|
|
|
Ordinary share capital
€0.01 par value, 450,000,000 and 350,000,000 ordinary shares
authorized as of December 31,
|
|
|
|
|
|
|
2021 and 2020,
respectively; 250,347,345 and 138,847,345 ordinary shares issued
and 245,395,448 and
|
|
|
|
|
|
|
130,598,538 ordinary
shares outstanding (including 5,822,811 and 2,552,346 unvested
restricted stock) as of
|
|
|
|
|
|
|
December 31, 2021 and
2020, respectively
|
|
3,024
|
|
1,721
|
|
|
Additional paid-in
capital
|
|
8,522,694
|
|
2,078,125
|
|
|
Treasury shares, at
cost (4,951,897 and 8,448,807 ordinary shares as of December 31,
2021 and 2020, respectively)
|
|
(285,901)
|
|
(459,994)
|
|
|
Accumulated other
comprehensive loss
|
|
(79,335)
|
|
(155,085)
|
|
|
Accumulated retained
earnings
|
|
8,410,261
|
|
7,399,703
|
|
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
16,570,743
|
|
8,864,470
|
|
|
Non-controlling
interest
|
|
76,617
|
|
68,016
|
|
|
Total Equity
|
|
16,647,360
|
|
8,932,486
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$74,569,768
|
|
$42,048,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap
HoldingsNV
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Consolidated Income Statements
|
|
|
|
|
|
|
|
|
|
|
(U.S. Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
Basic rents
|
|
$1,283,115
|
|
$885,333
|
|
$3,891,089
|
|
$3,761,611
|
|
|
Maintenance rents and
other receipts
|
|
96,662
|
|
110,143
|
|
520,914
|
|
559,395
|
|
|
Lease
revenue
|
|
1,379,777
|
|
995,476
|
|
4,412,003
|
|
4,321,006
|
|
|
Net gain on sale of
assets
|
|
24,547
|
|
14,099
|
|
89,428
|
|
89,618
|
|
|
Other income
|
|
37,857
|
|
22,042
|
|
722,574
|
|
83,005
|
|
|
Total Revenues and
other income
|
|
1,442,181
|
|
1,031,617
|
|
5,224,005
|
|
4,493,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
555,839
|
|
401,787
|
|
1,737,925
|
|
1,645,373
|
|
|
Asset
impairment
|
|
5,822
|
|
26,694
|
|
128,409
|
|
1,086,983
|
|
|
Interest
expense
|
|
369,549
|
|
310,534
|
|
1,230,466
|
|
1,248,225
|
|
|
Loss on debt
extinguishment
|
|
758
|
|
75,625
|
|
9,713
|
|
118,460
|
|
|
Leasing
expenses
|
|
161,961
|
|
91,453
|
|
319,022
|
|
323,535
|
|
|
Selling, general and
administrative expenses
|
|
119,269
|
|
63,746
|
|
317,888
|
|
242,161
|
|
|
Transaction and
integration-related expenses
|
|
139,432
|
|
—
|
|
334,966
|
|
—
|
|
|
Total
Expenses
|
|
1,352,630
|
|
969,839
|
|
4,078,389
|
|
4,664,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on
investment at fair value
|
|
2,608
|
|
(29,089)
|
|
2,301
|
|
(143,510)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and income of investments
|
|
|
|
|
|
|
|
|
|
|
accounted for
under the equity method
|
|
92,159
|
|
32,689
|
|
1,147,917
|
|
(314,618)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(20,010)
|
|
(7,080)
|
|
(162,537)
|
|
17,231
|
|
|
Equity in net earnings
of investments accounted for under the equity method
|
|
18,348
|
|
2,861
|
|
24,051
|
|
2,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$90,497
|
|
$28,470
|
|
$1,009,431
|
|
($294,923)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income)
attributable to non-controlling interest
|
|
(1,687)
|
|
8
|
|
(8,924)
|
|
(3,643)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to AerCap Holdings N.V.
|
|
$88,810
|
|
$28,478
|
|
$1,000,507
|
|
($298,566)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$0.44
|
|
$0.22
|
|
$6.83
|
|
($2.34)
|
|
|
Diluted earnings (loss)
per share
|
|
$0.44
|
|
$0.22
|
|
$6.71
|
|
($2.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic
|
|
200,825,881
|
|
127,662,360
|
|
146,421,188
|
|
127,743,828
|
|
|
Weighted average shares
outstanding - diluted
|
|
203,641,504
|
|
128,840,968
|
|
149,005,981
|
|
127,743,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap
HoldingsNV
|
|
|
|
|
|
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$1,009,431
|
|
($294,923)
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,737,925
|
|
1,645,373
|
|
|
Asset
impairment
|
|
128,409
|
|
1,086,983
|
|
|
Amortization of debt
issuance costs, debt discount, debt premium and lease
premium
|
|
113,981
|
|
64,970
|
|
|
Amortization of fair
value adjustment on debt
|
|
(16,977)
|
|
(47,279)
|
|
|
Maintenance rights
write-off
|
|
138,780
|
|
133,015
|
|
|
Maintenance liability
release to income
|
|
(273,146)
|
|
(344,210)
|
|
|
Net gain on sale of
assets
|
|
(89,428)
|
|
(89,618)
|
|
|
Deferred tax
benefit
|
|
(5,905)
|
|
(20,882)
|
|
|
Share-based
compensation
|
|
96,087
|
|
69,187
|
|
|
Collections of finance
leases
|
|
124,325
|
|
68,128
|
|
|
(Gain) loss on
investment at fair value
|
|
(2,301)
|
|
143,510
|
|
|
Loss on debt
extinguishment
|
|
9,713
|
|
118,460
|
|
|
Transaction and
integration-related expenses
|
|
186,474
|
|
—
|
|
|
Other
|
|
61,212
|
|
252,350
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
|
232,119
|
|
(128,188)
|
|
|
Other
assets
|
|
112,790
|
|
(400,316)
|
|
|
Accounts
payable, accrued expenses and other liabilities
|
|
130,333
|
|
(126,177)
|
|
|
Net cash provided by
operating activities
|
|
3,693,822
|
|
2,130,383
|
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
|
(1,703,395)
|
|
(778,547)
|
|
|
Proceeds from sale or
disposal of assets
|
|
796,613
|
|
471,437
|
|
|
Prepayments on flight
equipment
|
|
(86,386)
|
|
(405,178)
|
|
|
Acquisition of GECAS,
net of cash acquired
|
|
(22,493,195)
|
|
—
|
|
|
Other
|
|
27,427
|
|
—
|
|
|
Net cash used in
investing activities
|
|
(23,458,936)
|
|
(712,288)
|
|
|
|
|
|
|
|
|
|
Issuance of
debt
|
|
26,496,660
|
|
10,946,333
|
|
|
Repayment of
debt
|
|
(5,973,508)
|
|
(11,560,015)
|
|
|
Debt issuance and
extinguishment costs paid, net of debt premium received
|
|
(422,260)
|
|
(253,806)
|
|
|
Maintenance payments
received
|
|
448,516
|
|
345,699
|
|
|
Maintenance payments
returned
|
|
(209,087)
|
|
(412,492)
|
|
|
Security deposits
received
|
|
210,781
|
|
137,130
|
|
|
Security deposits
returned
|
|
(290,758)
|
|
(297,469)
|
|
|
Dividend paid to
non-controlling interest holders and others
|
|
(323)
|
|
(2,935)
|
|
|
Repurchase of shares
and tax withholdings on share-based compensation
|
|
(76,220)
|
|
(127,777)
|
|
|
Net cash provided by
(used in) financing activities
|
|
20,183,801
|
|
(1,225,332)
|
|
|
|
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
418,687
|
|
192,763
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
776
|
|
2,180
|
|
|
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
|
|
$1,914,753
|
|
$1,495,290
|
|
|
|
|
|
|
|
|
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SOURCE AerCap Holdings N.V.