AerCap Holdings N.V. Reports Financial Results for the First Quarter 2016
AerCap (NYSE: AER):
- Adjusted net income of $301.6 million for the first quarter of 2016
(Reported net income of $223.1 million)
- Adjusted basic earnings per share of $1.54 for the first quarter of 2016
(Reported basic earnings per share of $1.14)
Highlights
- 131 aircraft transactions executed in the first quarter of 2016, including 36 widebody
transactions.
- 99.3% fleet utilization rate for the first quarter of 2016.
- 6.1 years of average remaining lease term, as of March 31, 2016.
- 90% of new aircraft deliveries through 2018 have been leased under a contract or letter of intent on
an average 12-year lease term, as of May 9, 2016.
- $9.1 billion of available liquidity, as of March 31, 2016.
- Debt/equity ratio of 2.8 to 1 as of March 31, 2016.
- Upgraded to investment grade rating (BBB-) by Standard & Poor’s and to Ba1 by Moody’s.
- Repurchased 5.4 million shares in the first quarter of 2016 (repurchased 8.1 million shares in total
through May 9, 2016).
Aengus Kelly, CEO of AerCap, commented: “AerCap produced strong first quarter results, demonstrating the consistent earnings
power of our global leasing platform. We delivered adjusted earnings per share of $1.54, and expect to generate $800 million of
excess capital during 2016. We continue to see global demand for our aircraft and have access to $9.1 billion of liquidity to meet
our strategic objectives. Our proactive portfolio management initiatives, coupled with return of capital, are focused on maximizing
long-term value for our shareholders.”
First Quarter 2016 Financial Results
- Adjusted net income of $301.6 million, compared with $302.1 million for the same
period in 2015. Adjusted basic earnings per share of $1.54, compared with $1.42 for the same period in 2015. The increase
in adjusted earnings per share was primarily due to a lower number of outstanding shares as a result of share repurchases
completed in 2015 and the first quarter of 2016.
- Reported net income of $223.1 million, compared with $311.5 million for the same
period in 2015. Reported basic earnings per share of $1.14, compared with $1.47 for the same period in 2015.
Reported net income and earnings per share were driven by the same factors as adjusted net income and earnings per
share in addition to losses related to AeroTurbine included in the results for the first quarter of 2016 and higher maintenance
rights related expenses relative to those included in the results for the first quarter of 2015.
Net Income/Earnings Per Share
Set forth below are the details to reconcile reported net income to adjusted net income, including the specific
adjustments.
|
|
|
|
|
Three months ended
March 31,
|
|
|
2016 |
|
2015 |
|
% increase/
(decrease)
|
|
|
(U.S. dollars in millions except per
share amounts)
|
|
|
|
|
|
|
|
| Net income |
|
$ 223.1 |
|
$ 311.5 |
|
|
(28%) |
|
|
|
|
|
|
|
| Adjusted for: |
|
|
|
|
|
|
| Mark-to-market of interest rate caps and swaps, net of tax |
|
9.7 |
|
6.6 |
|
|
47% |
| Transaction, integration and restructuring related expenses, net of tax |
|
12.6 |
|
3.8 |
|
|
232% |
| AeroTurbine results excluding restructuring related expenses, net of tax |
|
12.9 |
|
(2.5 |
) |
|
NA |
| Maintenance rights related expenses, net of tax |
|
43.3 |
|
(17.3 |
) |
|
NA |
| Adjusted net income |
|
$ 301.6 |
|
$ 302.1 |
|
|
0% |
|
|
|
|
|
|
|
| Adjusted earnings per share - basic |
|
$ 1.54 |
|
$ 1.42 |
|
|
8% |
| Adjusted earnings per share - diluted |
|
$ 1.53 |
|
$ 1.41 |
|
|
8% |
|
|
|
|
|
|
|
First quarter 2016 adjusted net income was comparable to the same period in 2015, and first quarter 2016 adjusted
earnings per share increased 8% over the same period in 2015. Adjusted net income was primarily impacted by higher
maintenance rents and other receipts, offset by lower gain on sale of assets. In addition to the above factors, the increase in
adjusted earnings per share was primarily due to a lower number of outstanding shares as a result of share repurchases
completed in 2015 and the first quarter of 2016. First quarter 2016 reported net income and reported earnings per
share were impacted by the same drivers and the adjustments set forth in the table above.
Adjusted net income reflects, among other items, expensing the maintenance rights asset over the remaining economic life
of the aircraft as compared to expensing this asset during the remaining lease term as reflected in reported net income. The
maintenance rights asset represents the difference between the actual physical condition of the former ILFC aircraft at the
acquisition date and the value based on the contractual return conditions in the lease contracts. The difference in the two methods
has no economic impact as it is non-cash and equalizes over time. In addition, as a result of the restructuring and downsizing at
our wholly-owned subsidiary, AeroTurbine, we incurred $5.0 million of costs relating to severance and terminations and $7.6 million
of write-downs on leased engines and other assets, both of which we recognized as restructuring related expenses, and a period loss
of $12.9 million during the first quarter of 2016. In order to present AerCap Holdings N.V. core earnings relating to aircraft
leasing, adjusted net income excludes AeroTurbine related income and losses. We believe adjusted net income may
further assist investors in their understanding of our operational and financial performance. Refer to Notes Regarding Financial
Information Presented in This Press Release for details relating to the adjustments.
Revenue and Net Spread
|
|
|
|
|
Three months ended
March 31,
|
|
|
2016 |
|
2015 |
|
% increase/
(decrease)
|
|
|
(U.S. dollars in millions) |
|
|
|
|
|
|
|
| Lease revenue: |
|
|
|
|
|
|
| Basic lease rents |
|
$ 1,139.3 |
|
$ 1,157.9 |
|
(2%) |
| Maintenance rents and other receipts |
|
150.4 |
|
68.2 |
|
121% |
| Lease revenue |
|
1,289.7 |
|
1,226.1 |
|
5% |
| Net gain on sale of assets |
|
19.0 |
|
33.7 |
|
(44%) |
| Other income |
|
9.3 |
|
29.4 |
|
(68%) |
| Total Revenues and other income |
|
$ 1,318.0 |
|
$ 1,289.2 |
|
2% |
|
|
|
|
|
|
|
Basic lease rents were $1,139.3 million for the first quarter of 2016, compared with $1,157.9 million for the same period in
2015. The decrease was primarily due to the sale of older aircraft. Our average lease assets for the first quarter of 2016 were
$35.5 billion, compared with $36.4 billion for the same period in 2015.
Maintenance rents and other receipts were $150.4 million for the first quarter of 2016, compared with $68.2 million for the same
period in 2015. The increase was driven primarily by lease terminations and amendments in the first quarter of 2016.
Net gain on sale of assets for the first quarter of 2016 was $19.0 million, relating to 19 aircraft sold and 9 aircraft
reclassified to finance leases, compared with a gain of $33.7 million for the same period in 2015, relating to 12 aircraft sold and
5 aircraft reclassified to finance leases.
Other income for the first quarter of 2016 was $9.3 million, compared with $29.4 million for the same period in 2015. The
decrease is primarily related to lower AeroTurbine gross profit on engine, airframe, parts and supplies sales as a result of the
restructuring and downsizing of AeroTurbine.
|
|
|
|
|
Three months ended
March 31,
|
|
|
2016 |
|
2015 |
|
% increase/
(decrease)
|
|
|
(U.S. dollars in millions) |
|
|
|
|
|
|
|
| Basic lease rents |
|
$ 1,139.3 |
|
|
$ 1,157.9 |
|
|
(2%) |
|
|
|
|
|
|
|
| Interest expense |
|
284.6 |
|
|
287.6 |
|
|
(1%) |
| Adjusted for: |
|
|
|
|
|
|
| Mark-to-market of interest rate caps and swaps |
|
(11.0 |
) |
|
(7.6 |
) |
|
46% |
| Adjusted interest expense |
|
273.6 |
|
|
280.0 |
|
|
(2%) |
|
|
|
|
|
|
|
| Net interest margin, or net spread |
|
$ 865.7 |
|
|
$ 877.9 |
|
|
(1%) |
|
|
|
|
|
|
|
As shown in the table above, adjusted interest expense was $273.6 million in the first quarter of 2016. Net spread was $865.7
million in the first quarter of 2016, a 1% decrease compared with the same period in 2015, driven primarily by lower average lease
assets resulting in lower basic lease rents.
Selling, General and Administrative Expenses
|
|
|
|
|
Three months ended
March 31,
|
|
|
2016 |
|
2015 |
|
% increase/
(decrease)
|
|
|
(U.S. dollars in millions) |
|
|
|
|
|
|
|
| Share-based compensation expenses |
|
$ 25.7 |
|
$ 24.8 |
|
4% |
| AeroTurbine selling, general and administrative expenses |
|
13.3 |
|
16.6 |
|
(20%) |
| AerCap selling, general and administrative expenses |
|
48.0 |
|
53.7 |
|
(11%) |
| Total selling, general and administrative expenses |
|
$ 87.0 |
|
$ 95.1 |
|
(9%) |
|
|
|
|
|
|
|
The decrease in selling, general, and administrative expenses, quarter over quarter, is due to realized synergies after the
acquisition of ILFC and lower overhead expenses due to the restructuring and downsizing of AeroTurbine.
Other Expenses
Asset impairment was $44.6 million for the first quarter of 2016, compared to $4.7 million for the same period in 2015. The
increase was primarily driven by impairments recorded as a result of lease terminations and amendments, and were more than offset
by revenue of $62.1 million due to the release of associated maintenance reserves and other collateral. Leasing expenses were
$167.4 million for the first quarter of 2016, compared with $89.7 million for the same period in 2015. The increase was driven
primarily by higher maintenance rights related expenses. Transaction, integration and restructuring related expenses were $12.6
million for the first quarter of 2016, compared with $4.4 million for the same period in 2015. Transaction, integration and
restructuring related expenses in the first quarter of 2016 are related to the restructuring and downsizing of AeroTurbine and in
the first quarter of 2015 are related to the acquisition of ILFC.
Effective Tax Rate
AerCap’s effective tax rate during the first quarter of 2015 and 2016 was 13.5%. The effective tax rate for the full year 2015
was 13.9%. The effective tax rate in any year is impacted by the source and amount of earnings among AerCap’s different tax
jurisdictions.
Financial Position
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
% increase/
(decrease) over
December 31,
2015
|
|
|
(U.S. dollars in millions except d/e ratio) |
|
|
|
|
|
|
|
| Total cash (incl. restricted) |
|
$ 3,327.5 |
|
$ 2,822.5 |
|
18% |
| Total lease assets (*) |
|
35,311.3 |
|
35,652.3 |
|
(1%) |
| Total assets |
|
43,717.7 |
|
43,749.5 |
|
(0%) |
| Debt |
|
29,812.8 |
|
29,641.9 |
|
1% |
| Total liabilities |
|
35,258.5 |
|
35,323.7 |
|
(0%) |
| Total equity |
|
8,459.3 |
|
8,425.8 |
|
0% |
| Adjusted debt (**) |
|
26,133.6 |
|
26,488.8 |
|
(1%) |
| Adjusted equity (**) |
|
9,209.3 |
|
9,175.8 |
|
0% |
| Debt/equity ratio |
|
2.8 to 1 |
|
2.9 to 1 |
|
(3%) |
|
|
|
|
|
|
|
| (*) Includes flight equipment held for operating lease,
net investment in finance |
| and sales-type leases and maintenance rights intangible asset |
| (**) Refer to Notes Regarding Financial Information
Presented in This Press Release |
| for details relating to the adjustments |
|
|
|
As of March 31, 2016, AerCap’s portfolio consisted of 1,672 aircraft that were owned, on order, under contract or managed
(including aircraft owned by AerDragon, a non-consolidated joint venture). The average age of the owned fleet as of March 31, 2016
was 7.7 years and the average remaining contracted lease term was 6.1 years.
Notes Regarding Financial Information Presented in This Press Release
The financial information presented in this press release is not audited.
The following is a definition 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 and adjusted earnings per share. These measures are determined by adding non-cash charges relating to
gains and losses created by a mark-to-market of our interest rate caps and swaps, an adjustment for maintenance rights related
expense, transaction, expenses related to the ILFC transaction and integration, and an adjustment for the AeroTurbine results,
including restructuring related expenses, in each case during the applicable period and net of tax, to GAAP net income. The average
number of shares is based on a daily average.
We use interest rate caps and swaps to allow us to benefit from decreasing interest rates and protect against the negative
impact of rising interest rates on our floating rate debt. Management determines the appropriate level of caps in any period with
reference to the mix of floating and fixed cash flows from our lease, debt and other contracts. We do not apply hedge accounting to
our interest rate caps and some of our swaps. As a result, we recognize the change in fair value of these interest rate caps and
swaps in our income statement during each period.
In connection with the ILFC Transaction, we have recognized maintenance rights intangible assets associated with existing leases
on the legacy ILFC aircraft and we are expensing these assets during the remaining lease terms. The adjustment for maintenance
rights related expense represents the difference between expensing the maintenance rights intangible assets on a more
accelerated basis during the remaining lease terms (as in the Company’s reported net income) as compared to expensing these
assets on a straight-line basis over the remaining economic life of the aircraft (as in the Company’s adjusted net income).
Adjusted net income for the first quarter of 2015 excludes non-recurring expenses of $3.8 million, net of tax, relating
to the ILFC transaction and integration. We recorded no expenses related to the ILFC transaction and integration during the first
quarter of 2016.
During the fourth quarter of 2015, we made the decision to restructure and downsize the AeroTurbine business. After completion
of the downsizing, AeroTurbine will only provide services to support AerCap’s aircraft leasing business. In order to present AerCap
Holdings N.V. core earnings relating to aircraft leasing, adjusted net income reflects an adjustment for AeroTurbine
results, including AeroTurbine restructuring related expenses. Adjusted net income for the first quarter of 2016 excludes
restructuring related expenses of $12.6 million and a period loss of $12.9 million, net of tax, in each case related to AeroTurbine
and adjusted net income for the first quarter of 2015 excludes income of $2.5 million, net of tax, related to
AeroTurbine.
In addition to GAAP net income and earnings per share, we believe these measures may further assist investors in their
understanding of our operational performance in relation to past and future reporting periods. A reconciliation of adjusted
net income to net income for the three months ended March 31, 2016 and 2015 is presented in a table under the Net Income/Earnings
Per Share section of this press release.
Net interest margin, or net spread (refer to second table under Revenue and Net Spread section of this press release).
This measure is the difference between basic lease rents and interest expense, excluding the impact of the mark-to-market of
interest rate caps. We believe this measure may further assist investors in their understanding of the changes and trends related
to the earnings of our leasing activities. This measure reflects the impact from changes in the number of aircraft leased, lease
rates, utilization rates, as well as the impact from changes in the amount of debt and interest rates.
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.
Conference Call
In connection with the earnings release, management will host an earnings conference call today, Thursday, May 12, 2016, at 9:00
am Eastern Time. The call can be accessed live by dialing (U.S./Canada) +1 646 254 3365 or (International) +353 1 246 5602 and
referencing code 3419700 at least 5 minutes before start time, or by visiting AerCap’s website at www.aercap.com under “Investor Relations.”
The webcast replay will be archived in the “Investor Relations” section of the Company’s website for one year. For further
details and to register for this event please email: aercap@instinctif.com.
For further information, contact John Wikoff: +31 63 169 9430 (jwikoff@aercap.com) or Mark Walter (Instinctif Partners): +44 20 7457 2020 (aercap@instinctif.com).
About AerCap
AerCap is the global leader in aircraft leasing with approximately 1,670 owned, managed or on order aircraft in its portfolio.
AerCap has one of the most attractive order books in the industry. AerCap serves over 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 Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Miami, Singapore, 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 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.
|
|
|
|
|
| AerCap Holdings N.V. |
| Unaudited Consolidated Balance Sheets |
| (U.S. Dollars in thousands) |
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
|
|
|
| Assets |
|
|
|
|
| Cash and cash equivalents |
|
$ 2,929,232 |
|
|
$ 2,403,098 |
|
| Restricted cash |
|
398,222 |
|
|
419,447 |
|
| Trade receivables |
|
77,018 |
|
|
106,794 |
|
| Flight equipment held for operating leases, net |
|
31,987,882 |
|
|
32,219,494 |
|
| Maintenance rights intangible and lease premium, net |
|
2,854,320 |
|
|
3,139,045 |
|
| Flight equipment held for sale |
|
20,725 |
|
|
71,055 |
|
| Net investment in finance and sales-type leases |
|
634,813 |
|
|
469,198 |
|
| Prepayments on flight equipment |
|
3,304,803 |
|
|
3,300,426 |
|
| Other intangibles, net |
|
449,883 |
|
|
461,006 |
|
| Deferred income tax assets |
|
160,894 |
|
|
161,193 |
|
| Other assets |
|
899,918 |
|
|
998,743 |
|
| Total Assets |
|
$ 43,717,710 |
|
|
$ 43,749,499 |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Equity |
|
|
|
|
| Accounts payable, accrued expenses and other liabilities |
|
$ 1,144,404 |
|
|
$ 1,239,199 |
|
| Accrued maintenance liability |
|
3,027,631 |
|
|
3,185,794 |
|
| Lessee deposit liability |
|
876,288 |
|
|
891,454 |
|
| Debt |
|
29,812,797 |
|
|
29,641,863 |
|
| Deferred income tax liabilities |
|
397,334 |
|
|
365,380 |
|
| Total liabilities |
|
35,258,454 |
|
|
35,323,690 |
|
|
|
|
|
|
| Ordinary share capital €0.01 par value (350,000,000 ordinary |
|
|
|
|
|
|
| shares authorized, 199,040,467 ordinary shares issued and |
|
|
|
|
|
|
| 195,570,263 ordinary shares outstanding at March 31, 2016 and |
|
|
|
|
|
|
| 203,411,207 ordinary shares issued and 200,342,204 ordinary |
|
|
|
|
|
|
| shares outstanding at December 31, 2015) |
|
2,408 |
|
|
2,457 |
|
| Additional paid-in capital |
|
4,862,988 |
|
|
5,026,993 |
|
| Treasury shares, at cost (3,470,204 ordinary shares as of March
31, |
|
|
|
|
|
|
| 2016 and 3,069,003 ordinary shares as of December 31, 2015) |
|
(155,573 |
) |
|
(146,312 |
) |
| Accumulated other comprehensive loss |
|
(7,926 |
) |
|
(6,307 |
) |
| Accumulated retained earnings |
|
3,690,953 |
|
|
3,472,132 |
|
| Total AerCap Holdings N.V. shareholders' equity |
|
8,392,850 |
|
|
8,348,963 |
|
| Non-controlling interest |
|
66,406 |
|
|
76,846 |
|
| Total Equity |
|
8,459,256 |
|
|
8,425,809 |
|
|
|
|
|
|
| Total Liabilities and Equity |
|
$ 43,717,710 |
|
|
$ 43,749,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AerCap Holdings N.V. |
| Unaudited Consolidated Income Statements |
| (U.S. Dollars in thousands, except share and per share data) |
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2016 |
|
2015 |
|
|
|
|
|
| Revenues and other income |
|
|
|
|
| Lease revenue |
|
$ 1,289,666 |
|
|
$ 1,226,138 |
|
| Net gain on sale of assets |
|
19,033 |
|
|
33,701 |
|
| Other income |
|
9,319 |
|
|
29,376 |
|
| Total Revenues and other income |
|
1,318,018 |
|
|
1,289,215 |
|
|
|
|
|
|
| Expenses |
|
|
|
|
| Depreciation and amortization |
|
466,611 |
|
|
452,229 |
|
| Asset impairment |
|
44,628 |
|
|
4,696 |
|
| Interest expense |
|
284,562 |
|
|
287,605 |
|
| Leasing expenses |
|
167,403 |
|
|
89,728 |
|
| Transaction, integration and restructuring related expenses |
|
12,602 |
|
|
4,385 |
|
| Selling, general and administrative expenses |
|
87,028 |
|
|
95,080 |
|
| Total Expenses |
|
1,062,834 |
|
|
933,723 |
|
|
|
|
|
|
|
| Income before income taxes and income of investments
accounted |
|
|
|
|
|
|
| for under the equity method |
|
255,184 |
|
|
355,492 |
|
|
|
|
|
|
| Provision for income taxes |
|
(34,449 |
) |
|
(47,990 |
) |
| Equity in net earnings of investments accounted for under the |
|
|
|
|
|
|
| equity method |
|
2,406 |
|
|
1,868 |
|
|
|
|
|
|
| Net income |
|
$ 223,141 |
|
|
$ 309,370 |
|
|
|
|
|
|
| Net (income) loss attributable to non-controlling interest |
|
(61 |
) |
|
2,125 |
|
|
|
|
|
|
|
Net income attributable to AerCap Holdings N.V.
|
|
$ 223,080 |
|
|
$ 311,495 |
|
|
|
|
|
|
| Basic earnings per share |
|
$ 1.14 |
|
|
$ 1.47 |
|
| Diluted earnings per share |
|
$ 1.13 |
|
|
$ 1.45 |
|
|
|
|
|
|
| Weighted average shares outstanding - basic |
|
196,022,650 |
|
|
212,119,050 |
|
| Weighted average shares outstanding - diluted |
|
197,743,117 |
|
|
214,823,708 |
|
|
|
|
|
|
|
|
|
|
|
| AerCap Holdings N.V. |
| Unaudited Consolidated Statements of Cash Flows |
| (U.S. Dollars in thousands) |
|
|
|
|
|
|
|
Three Months ended March 31, |
|
|
2016 |
|
2015 |
|
|
|
|
|
| Net income |
|
$ 223,141 |
|
|
$ 309,370 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
| Depreciation and amortization |
|
466,611 |
|
|
452,229 |
|
| Asset impairment |
|
44,628 |
|
|
4,696 |
|
| Amortization of debt issuance costs and debt discount |
|
13,646 |
|
|
11,188 |
|
| Amortization of lease premium intangibles |
|
5,331 |
|
|
6,263 |
|
| Amortization of fair value adjustment on debt |
|
(95,128 |
) |
|
(122,455 |
) |
| Accretion of fair value adjustment on deposits and maintenance liabilities |
|
14,286 |
|
|
21,920 |
|
| Maintenance rights write off |
|
229,904 |
|
|
57,751 |
|
| Maintenance liability release to income |
|
(157,491 |
) |
|
(6,255 |
) |
| Net gain on sale of assets |
|
(19,033 |
) |
|
(33,701 |
) |
| Deferred income taxes |
|
32,345 |
|
|
44,007 |
|
| Restructuring related expenses |
|
12,602 |
|
|
- |
|
| Other |
|
37,826 |
|
|
32,900 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Trade receivables |
|
30,984 |
|
|
9,792 |
|
| Other assets |
|
45,713 |
|
|
12,200 |
|
| Accounts payable, accrued expenses and other liabilities |
|
(46,592 |
) |
|
(39,290 |
) |
| Net cash provided by operating activities |
|
838,773 |
|
|
760,615 |
|
|
|
|
|
|
| Purchase of flight equipment |
|
(498,037 |
) |
|
(1,044,294 |
) |
| Proceeds from sale or disposal of assets |
|
341,952 |
|
|
112,829 |
|
| Prepayments on flight equipment |
|
(194,146 |
) |
|
(108,661 |
) |
| Collections of finance and sales-type leases |
|
14,175 |
|
|
15,694 |
|
| Movement in restricted cash |
|
21,225 |
|
|
383,403 |
|
| Net cash used in investing activities |
|
(314,831 |
) |
|
(641,029 |
) |
|
|
|
|
|
| Issuance of debt |
|
791,749 |
|
|
413,569 |
|
| Repayment of debt |
|
(533,078 |
) |
|
(431,612 |
) |
| Debt issuance costs paid |
|
(6,115 |
) |
|
(4,920 |
) |
| Maintenance payments received |
|
172,317 |
|
|
136,971 |
|
| Maintenance payments returned |
|
(147,119 |
) |
|
(126,484 |
) |
| Security deposits received |
|
38,201 |
|
|
44,738 |
|
| Security deposits returned |
|
(58,033 |
) |
|
(45,676 |
) |
| Dividend paid to non-controlling interest holders |
|
(10,501 |
) |
|
- |
|
| Repurchase of shares and tax withholdings on share-based compensation |
|
(246,732 |
) |
|
- |
|
| Net cash (used in) provided by financing activities |
|
689 |
|
|
(13,414 |
) |
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
524,631 |
|
|
106,172 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
1,503 |
|
|
(2,523 |
) |
| Cash and cash equivalents at beginning of period |
|
2,403,098 |
|
|
1,490,369 |
|
| Cash and cash equivalents at end of period |
|
$ 2,929,232 |
|
|
$ 1,594,018 |
|
|
|
|
|
|
AerCap Holdings N.V.
For Investors:
Keith Helming, +353 1 636 0924
Chief Financial Officer
khelming@aercap.com
or
John Wikoff, +31 20 655 9661
Investor Relations
jwikoff@aercap.com
or
For Media:
Gillian Culhane, +353 1 636 0945
Corporate Communications
gculhane@aercap.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160512005588/en/