- Net income for the second quarter of 2022 was
$340 million, or $1.40 per share.
- Adjusted net income for the second quarter of 2022 was
$464 million, or $1.91 per share.
DUBLIN, Aug. 11,
2022 /PRNewswire/ -- AerCap Holdings N.V. (NYSE:
AER), the global leader in aviation leasing, today reported
financial results for the second quarter of 2022 ended June 30, 2022.
"AerCap generated strong results in the second quarter, with
a significant increase in activity across all of our businesses.
The ongoing recovery in air travel continued to strengthen across
all major regions, and was manifested in high levels of cash
collections and greater utilization of our fleet during the
quarter. The strength in passenger demand, coupled with supply
constraints across the industry, is resulting in a favorable
leasing environment," said Aengus Kelly, Chief Executive
Officer of AerCap.
Highlights:
- Executed 184 transactions in the second quarter of 2022,
including 125 lease agreements, 16 purchases and 43 sales.
- Significant deleveraging in the second quarter of 2022:
adjusted debt/equity ratio of 2.8 to 1 at June 30, 2022.
- Cash flow from operating activities was approximately
$1.2 billion in the second quarter of
2022.
- Strong cash collections, higher utilization and a decrease in
deferral balances.
- 100% of new aircraft order book placed through 2023.
- 10% margin on gain on sale of assets sold in the second quarter
of 2022.
- $17 billion in total sources of
liquidity, representing next 12 months' sources-to-uses coverage
ratio of 2.1x.
- Rating outlook revised to positive by Fitch.
Revenue and Net Spread
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$1,462
|
|
$871
|
|
68 %
|
|
$3,015
|
|
$1,760
|
|
71 %
|
Maintenance rents and other receipts
|
|
103
|
|
131
|
|
(21 %)
|
|
289
|
|
314
|
|
(8 %)
|
Total lease
revenue
|
|
1,564
|
|
1,002
|
|
56 %
|
|
3,304
|
|
2,074
|
|
59 %
|
Net gain on sale of
assets
|
|
35
|
|
22
|
|
56 %
|
|
38
|
|
27
|
|
42 %
|
Other income
|
|
71
|
|
207
|
|
(66 %)
|
|
118
|
|
226
|
|
(48 %)
|
Total Revenues and
other income
|
|
$1,671
|
|
$1,232
|
|
36 %
|
|
$3,461
|
|
$2,327
|
|
49 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents were $1,462
million for the second quarter of 2022, compared with
$871 million for the same period in
2021. The increase was primarily due to the impact of the GECAS
acquisition. Basic lease rents were negatively impacted by the loss
of revenues from Russian aircraft and were reduced by $52 million as a result of the amortization of
lease premium assets.
Maintenance rents and other receipts were $103 million for the second quarter of 2022,
compared with $131 million for the
same period in 2021. The decrease was primarily due to lower
maintenance revenue recognized as a result of lease terminations
during the second quarter of 2022. Maintenance rents were reduced
by $53 million as a result of maintenance rights assets that
were amortized to revenue.
Net gain on sale of assets for the second quarter of 2022 was
$35 million, relating to 29 assets
sold for $386 million, compared with
$22 million for the same period in
2021, relating to 12 aircraft sold for $139
million. The increase was primarily due to the volume and
composition of asset sales.
Other income for the second quarter of 2022 was $71 million, compared with $207 million for the same period in 2021. The
decrease was primarily driven by the amount of proceeds from
unsecured claims. Other income in the second quarter of 2022
included $39 million of proceeds from
unsecured claims, whereas other income in the second quarter of
2021 included $193 million of
proceeds from unsecured claims.
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$1,462
|
|
$871
|
|
68 %
|
|
$3,015
|
|
$1,760
|
|
71 %
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of lease
premium/deficiency
|
|
52
|
|
1
|
|
NA
|
|
109
|
|
2
|
|
NA
|
Basic lease rents
excluding amortization of lease premium/deficiency
|
|
$1,514
|
|
$872
|
|
73 %
|
|
$3,124
|
|
$1,763
|
|
77 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
400
|
|
293
|
|
37 %
|
|
781
|
|
574
|
|
36 %
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps
|
|
3
|
|
—
|
|
NA
|
|
39
|
|
10
|
|
NA
|
Interest expense
excluding mark-to-market of interest rate caps and swaps
|
|
403
|
|
293
|
|
38 %
|
|
820
|
|
584
|
|
41 %
|
Net interest margin
(*)
|
|
$1,110
|
|
$580
|
|
92 %
|
|
$2,304
|
|
$1,179
|
|
95 %
|
Depreciation and
amortization
|
|
(581)
|
|
(392)
|
|
48 %
|
|
(1,215)
|
|
(789)
|
|
54 %
|
Net interest margin,
less depreciation and amortization
|
|
$530
|
|
$187
|
|
183 %
|
|
$1,089
|
|
$390
|
|
179 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average lease assets
(*)
|
|
$59,064
|
|
$36,023
|
|
64 %
|
|
$60,601
|
|
$36,190
|
|
67 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net spread
(*)
|
|
7.5 %
|
|
6.4 %
|
|
|
|
7.6 %
|
|
6.5 %
|
|
|
Annualized net
spread less depreciation and amortization (*)
|
|
3.6 %
|
|
2.1 %
|
|
|
|
3.6 %
|
|
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 $403 million for the
second quarter of 2022, compared with $293
million for the same period in 2021. AerCap's average cost
of debt was 3.0% for the second quarter of 2022 and 3.8% for the
same period in 2021, excluding debt issuance costs, upfront fees
and other impacts.
Selling, General and Administrative Expenses
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
2022
|
|
2021
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$78
|
|
$47
|
|
66 %
|
|
$148
|
|
$88
|
|
67 %
|
Share-based
compensation expenses
|
|
27
|
|
26
|
|
3 %
|
|
54
|
|
42
|
|
30 %
|
Total selling,
general and administrative expenses
|
|
$105
|
|
$73
|
|
44 %
|
|
$202
|
|
$130
|
|
55 %
|
Selling, general and administrative expenses increased to
$105 million for the second quarter
of 2022, compared with $73 million
for the same period in 2021. The increase was primarily driven by
higher expenses as a result of the GECAS acquisition.
Other Expenses
Asset impairment charges were $12
million for the second quarter of 2022, compared to
$57 million for the same period in
2021. Asset impairment charges recorded in the second quarter
of 2022 related to lease terminations and sales transactions and
were largely offset by related maintenance revenue. Leasing
expenses were $193 million for the
second quarter of 2022, compared with $59
million for the same period in 2021. The increase was
primarily due to higher transition costs, lessor maintenance
contributions and other 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 14% for the second quarter of
2022 and the second quarter of 2021. 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
|
|
June 30,
2022
|
|
June 30,
2021
|
|
|
(U.S. Dollars in
millions,
except share and per share data)
|
|
|
|
|
|
Total AerCap
Holdings N.V. shareholders' equity
|
|
$15,034
|
|
$9,384
|
|
|
|
|
|
Ordinary shares
outstanding
|
|
245,848,357
|
|
133,378,888
|
Unvested restricted
stock
|
|
(5,032,769)
|
|
(5,254,512)
|
Ordinary shares
outstanding (excl. unvested restricted stock)
|
|
240,815,588
|
|
128,124,376
|
|
|
|
|
|
Book value per
ordinary share outstanding (excl. unvested restricted
stock)
|
|
$62.43
|
|
$73.24
|
Financial Position
|
|
June 30,
2022
|
|
December 31,
2021
|
|
%
increase/
(decrease)
over
December 31,
2021
|
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
|
$1,402
|
|
$1,915
|
|
(27 %)
|
Total assets
|
|
69,748
|
|
74,570
|
|
(6 %)
|
Debt
|
|
47,928
|
|
50,205
|
|
(5 %)
|
Total
liabilities
|
|
54,636
|
|
57,922
|
|
(6 %)
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
15,034
|
|
16,571
|
|
(9 %)
|
Total equity
|
|
15,111
|
|
16,647
|
|
(9 %)
|
|
|
|
|
|
|
|
Flight Equipment Portfolio
As of June 30, 2022, AerCap's portfolio consisted of 3,599
aircraft, engines and helicopters that were owned, on order or
managed. The average age of the company's owned aircraft fleet as
of June 30, 2022 was 7.2 years (3.8 years for new technology
aircraft, 13.1 years for current technology aircraft) and the
average remaining contracted lease term was 7.2 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 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
June 30, 2022
|
|
Six months ended
June 30, 2022
|
|
|
|
Net
income
|
|
Earnings
per
share
|
|
Net (loss)
income
|
|
(Loss)
earnings
per
share
|
|
|
|
(U.S. Dollars in
millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss / loss per
share
|
|
$340
|
|
$1.40
|
|
($1,661)
|
|
($6.92)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
Net charges related to
Ukraine Conflict
|
|
—
|
|
—
|
|
2,729
|
|
11.33
|
|
Amortization of
maintenance rights and lease premium assets recognized under
purchase accounting
|
|
132
|
|
0.55
|
|
290
|
|
1.20
|
|
Transaction and
integration-related expenses
|
|
9
|
|
0.04
|
|
27
|
|
0.11
|
|
Income tax effect of
above adjustments
|
|
(18)
|
|
(0.07)
|
|
(381)
|
|
(1.57)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
/ earnings per share*
|
|
$464
|
|
$1.91
|
|
$1,004
|
|
$4.14
|
|
|
|
|
|
|
|
|
|
|
|
* Denominator for
adjusted earnings per share:
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted
|
|
|
|
|
|
|
|
240,008,449
|
|
Potentially dilutive
shares, whose effect would have been anti-dilutive
|
|
|
|
|
|
|
|
2,375,552
|
|
Adjusted weighted
average shares outstanding - diluted
|
|
|
|
|
|
|
|
242,384,001
|
|
Adjusted earnings
per share
|
|
|
|
|
|
|
|
$4.14
|
|
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.
|
|
June 30,
2022
|
|
December 31,
2021
|
|
(U.S. Dollars in
millions,
except debt/equity ratio)
|
|
|
|
|
|
Debt
|
|
$47,928
|
|
$50,205
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
Cash and
cash equivalents
|
|
(1,229)
|
|
(1,729)
|
50% credit
for long-term subordinated debt
|
|
(1,125)
|
|
(1,125)
|
Adjusted
debt
|
|
$45,574
|
|
$47,351
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
$15,111
|
|
$16,647
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
50% credit
for long-term subordinated debt
|
|
1,125
|
|
1,125
|
Adjusted
equity
|
|
$16,236
|
|
$17,772
|
|
|
|
|
|
Adjusted debt/equity
ratio
|
|
2.8 to
1
|
|
2.7 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, excluding the impact of the amortization of
lease premium/deficiency recognized under purchase accounting, 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, 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 second quarter 2022 results,
management will host a conference call with members of the
investment community today, Thursday, August
11, 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) + 1 646 828 8073 or
(International) +353 1 246 5682 and referencing code 3815376 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, Memphis, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
December 31,
2021
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,229,008
|
|
$1,728,794
|
|
|
Restricted
cash
|
|
173,441
|
|
185,959
|
|
|
Trade
receivables
|
|
125,642
|
|
181,455
|
|
|
Flight equipment held
for operating leases, net
|
|
54,306,782
|
|
57,825,056
|
|
|
Investment in finance
leases, net
|
|
2,033,033
|
|
1,929,220
|
|
|
Flight equipment held
for sale
|
|
64,084
|
|
304,362
|
|
|
Prepayments on flight
equipment
|
|
4,628,946
|
|
4,586,848
|
|
|
Maintenance rights and
lease premium, net
|
|
3,777,875
|
|
4,444,520
|
|
|
Other intangibles,
net
|
|
196,238
|
|
208,879
|
|
|
Deferred tax
assets
|
|
109,662
|
|
121,571
|
|
|
Associated
companies
|
|
724,745
|
|
705,087
|
|
|
Other assets
|
|
2,378,135
|
|
2,348,017
|
|
|
Total
Assets
|
|
$69,747,591
|
|
$74,569,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
|
$1,789,922
|
|
$1,958,096
|
|
|
Accrued maintenance
liability
|
|
2,315,468
|
|
2,900,651
|
|
|
Lessee deposit
liability
|
|
743,485
|
|
773,753
|
|
|
Debt
|
|
47,927,887
|
|
50,204,678
|
|
|
Deferred tax
liabilities
|
|
1,859,478
|
|
2,085,230
|
|
|
Total
Liabilities
|
|
54,636,240
|
|
57,922,408
|
|
|
|
|
|
|
|
|
|
Ordinary share capital
€0.01 par value, 450,000,000 ordinary shares authorized as of June
30, 2022 and
|
|
|
|
|
|
|
December 31,
2021; 250,347,345 and 250,347,345 ordinary shares issued and
245,848,357 and 245,395,448
|
|
|
|
|
|
|
ordinary shares
outstanding (including 5,032,769 and 5,822,811 unvested restricted
stock) as of
|
|
|
|
|
|
|
June 30, 2022 and
December 31, 2021, respectively
|
|
3,024
|
|
3,024
|
|
|
Additional paid-in
capital
|
|
8,546,331
|
|
8,522,694
|
|
|
Treasury shares, at
cost (4,498,988 and 4,951,897 ordinary shares as of June 30, 2022
and
|
|
|
|
|
|
|
December 31, 2021,
respectively)
|
|
(259,646)
|
|
(285,901)
|
|
|
Accumulated other
comprehensive income (loss)
|
|
2,926
|
|
(79,335)
|
|
|
Accumulated retained
earnings
|
|
6,741,794
|
|
8,410,261
|
|
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
15,034,429
|
|
16,570,743
|
|
|
Non-controlling
interest
|
|
76,922
|
|
76,617
|
|
|
Total Equity
|
|
15,111,351
|
|
16,647,360
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$69,747,591
|
|
$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
June 30,
|
|
Six months ended
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$1,461,526
|
|
$871,237
|
|
$3,015,172
|
|
$1,760,324
|
|
|
Maintenance rents and
other receipts
|
|
102,798
|
|
130,934
|
|
288,693
|
|
313,829
|
|
|
Total lease
revenue
|
|
1,564,324
|
|
1,002,171
|
|
3,303,865
|
|
2,074,153
|
|
|
Net gain on sale of
assets
|
|
35,200
|
|
22,453
|
|
38,485
|
|
27,248
|
|
|
Other income
|
|
71,188
|
|
207,444
|
|
118,378
|
|
226,017
|
|
|
Total Revenues and
other income
|
|
1,670,712
|
|
1,232,068
|
|
3,460,728
|
|
2,327,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
580,744
|
|
392,162
|
|
1,215,158
|
|
788,720
|
|
|
Net charges related to
Ukraine Conflict
|
|
—
|
|
—
|
|
2,728,718
|
|
—
|
|
|
Asset
impairment
|
|
11,803
|
|
57,054
|
|
14,228
|
|
73,386
|
|
|
Interest
expense
|
|
399,994
|
|
292,887
|
|
780,779
|
|
573,704
|
|
|
Loss on debt
extinguishment
|
|
901
|
|
—
|
|
2,041
|
|
6,061
|
|
|
Leasing
expenses
|
|
193,231
|
|
59,010
|
|
401,286
|
|
103,542
|
|
|
Selling, general and
administrative expenses
|
|
104,872
|
|
73,071
|
|
202,347
|
|
130,422
|
|
|
Transaction and
integration-related expenses
|
|
9,245
|
|
69,197
|
|
26,633
|
|
94,675
|
|
|
Total
Expenses
|
|
1,300,790
|
|
943,381
|
|
5,371,190
|
|
1,770,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on investment at
fair value
|
|
(12,464)
|
|
—
|
|
(12,351)
|
|
(2,463)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and income of investments
|
|
|
|
|
|
|
|
|
|
|
accounted for under
the equity method
|
|
357,458
|
|
288,687
|
|
(1,922,813)
|
|
554,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(50,044)
|
|
(40,531)
|
|
228,263
|
|
(80,395)
|
|
|
Equity in net earnings
of investments accounted for under the equity method
|
|
33,148
|
|
1,703
|
|
34,431
|
|
3,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$340,562
|
|
$249,859
|
|
($1,660,119)
|
|
$477,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to non-controlling interest
|
|
(736)
|
|
(108)
|
|
(885)
|
|
(129)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to AerCap Holdings N.V.
|
|
$339,826
|
|
$249,751
|
|
($1,661,004)
|
|
$477,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$1.41
|
|
$1.95
|
|
($6.92)
|
|
$3.73
|
|
|
Diluted earnings (loss)
per share
|
|
$1.40
|
|
$1.92
|
|
($6.92)
|
|
$3.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic
|
|
240,367,450
|
|
128,243,450
|
|
240,008,449
|
|
128,064,564
|
|
|
Weighted average shares
outstanding - diluted
|
|
242,264,561
|
|
129,896,210
|
|
240,008,449
|
|
129,690,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V.
|
|
|
|
|
|
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
($1,660,119)
|
|
$477,905
|
|
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,215,158
|
|
788,720
|
|
|
Net charges related to
Ukraine Conflict
|
|
2,938,487
|
|
—
|
|
|
Asset
impairment
|
|
14,228
|
|
73,386
|
|
|
Amortization of debt
issuance costs, debt discount, debt premium and lease
premium
|
|
161,633
|
|
33,932
|
|
|
Amortization of fair
value adjustment on debt
|
|
(4,017)
|
|
(8,254)
|
|
|
Maintenance rights
write-off
|
|
179,667
|
|
30,211
|
|
|
Maintenance liability
release to income
|
|
(131,427)
|
|
(140,047)
|
|
|
Net gain on sale of
assets
|
|
(38,485)
|
|
(27,248)
|
|
|
Deferred tax (benefit)
expense
|
|
(225,819)
|
|
82,388
|
|
|
Share-based
compensation
|
|
54,381
|
|
41,986
|
|
|
Collections of finance
leases
|
|
140,140
|
|
42,344
|
|
|
Loss on investment at
fair value
|
|
12,351
|
|
2,463
|
|
|
Loss on debt
extinguishment
|
|
2,041
|
|
6,061
|
|
|
Transaction and
integration-related expenses
|
|
—
|
|
74,601
|
|
|
Other
|
|
(90,383)
|
|
2,863
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
|
44,327
|
|
21,394
|
|
|
Other
assets
|
|
48,132
|
|
(198,019)
|
|
|
Accounts
payable, accrued expenses and other liabilities
|
|
(151,845)
|
|
(133,183)
|
|
|
Net cash provided by
operating activities
|
|
2,508,450
|
|
1,171,503
|
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
|
(1,328,669)
|
|
(470,584)
|
|
|
Proceeds from sale or
disposal of assets
|
|
796,373
|
|
267,779
|
|
|
Prepayments on flight
equipment
|
|
(415,070)
|
|
(30,537)
|
|
|
Other
|
|
84,683
|
|
—
|
|
|
Net cash used in
investing activities
|
|
(862,683)
|
|
(233,342)
|
|
|
|
|
|
|
|
|
|
Issuance of
debt
|
|
84,996
|
|
1,320,537
|
|
|
Repayment of
debt
|
|
(2,413,244)
|
|
(1,945,210)
|
|
|
Debt issuance and
extinguishment costs paid, net of debt premium received
|
|
(9,135)
|
|
(221,037)
|
|
|
Maintenance payments
received
|
|
353,522
|
|
163,280
|
|
|
Maintenance payments
returned
|
|
(172,570)
|
|
(91,957)
|
|
|
Security deposits
received
|
|
148,781
|
|
108,057
|
|
|
Security deposits
returned
|
|
(140,441)
|
|
(156,314)
|
|
|
Dividend paid to
non-controlling interest holders and others
|
|
(580)
|
|
(183)
|
|
|
Repurchase of shares
and tax withholdings on share-based compensation
|
|
(8,140)
|
|
(16,503)
|
|
|
Net cash used in
financing activities
|
|
(2,156,811)
|
|
(839,330)
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase
in cash, cash equivalents and restricted cash
|
|
(511,044)
|
|
98,831
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
(1,260)
|
|
(756)
|
|
|
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
|
|
$1,402,449
|
|
$1,593,365
|
|
|
|
|
|
|
|
|
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SOURCE AerCap Holdings N.V.