AerCap Holdings N.V. Reports Financial Results for the Third Quarter 2024
AerCap Holdings reported strong Q3 2024 financial results with net income of $375 million, or $1.95 per share, and adjusted net income of $463 million, or $2.41 per share. The company achieved a 99% utilization rate and 27% gain-on-sale margin. Operating cash flow reached a record $5.6 billion for the last twelve months. Basic lease rents were $1,605 million, up 2% year-over-year. AerCap increased its full-year 2024 adjusted earnings guidance from $10.25 to $10.70 per share and authorized a new $500 million share repurchase program.
AerCap Holdings ha riportato solidi risultati finanziari per il terzo trimestre del 2024, con un utile netto di 375 milioni di dollari, ovvero 1,95 dollari per azione, e un utile netto rettificato di 463 milioni di dollari, equivalente a 2,41 dollari per azione. L'azienda ha raggiunto un tasso di utilizzo del 99% e un margine di guadagno sulle vendite del 27%. Il flusso di cassa operativo ha raggiunto un record di 5,6 miliardi di dollari negli ultimi dodici mesi. I canoni di locazione di base sono stati 1.605 milioni di dollari, in aumento del 2% rispetto all'anno precedente. AerCap ha aumentato la sua stima di utili rettificati per l'intero anno 2024 da 10,25 a 10,70 dollari per azione e ha autorizzato un nuovo programma di riacquisto di azioni da 500 milioni di dollari.
AerCap Holdings reportó sólidos resultados financieros para el tercer trimestre de 2024, con un ingreso neto de 375 millones de dólares, es decir, 1,95 dólares por acción, y un ingreso neto ajustado de 463 millones de dólares, o 2,41 dólares por acción. La compañía alcanzó una tasa de utilización del 99% y un margen de ganancia por venta del 27%. El flujo de efectivo operativo alcanzó un récord de 5.6 mil millones de dólares en los últimos doce meses. Los alquileres básicos fueron de 1.605 millones de dólares, un aumento del 2% interanual. AerCap aumentó su guía de ganancias ajustadas para todo el año 2024 de 10,25 a 10,70 dólares por acción y autorizó un nuevo programa de recompra de acciones de 500 millones de dólares.
AerCap Holdings는 2024년 3분기 강력한 재무 결과를 보고했으며, 순이익이 3억 7500만 달러, 주당 1.95달러이고, 조정 순이익은 4억 6300만 달러, 주당 2.41달러입니다. 회사는 99%의 활용률과 27%의 판매 이익률을 달성했습니다. 운영 현금 흐름은 지난 12개월 동안 56억 달러로 기록을 경신했습니다. 기본 임대료는 16억 500만 달러였으며, 전년 대비 2% 증가했습니다. AerCap은 2024년 전체 조정 수익 가이던스를 주당 10.25달러에서 10.70달러로 상향 조정하고 5억 달러의 자사주 매입 프로그램을 승인했습니다.
AerCap Holdings a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un revenu net de 375 millions de dollars, soit 1,95 dollar par action, et un revenu net ajusté de 463 millions de dollars, ou 2,41 dollars par action. L'entreprise a atteint un taux d'utilisation de 99% et une marge de gain sur vente de 27%. Le flux de trésorerie d'exploitation a atteint un record de 5,6 milliards de dollars au cours des douze derniers mois. Les loyers de base étaient de 1.605 millions de dollars, en hausse de 2% par rapport à l'année précédente. AerCap a augmenté sa prévision de bénéfice ajusté pour l'année 2024 de 10,25 à 10,70 dollars par action et a autorisé un nouveau programme de rachat d'actions de 500 millions de dollars.
AerCap Holdings berichtete über starke finanzielle Ergebnisse im 3. Quartal 2024 mit einem Nettoeinkommen von 375 Millionen Dollar, was 1,95 Dollar pro Aktie entspricht, und einem bereinigten Nettoeinkommen von 463 Millionen Dollar, beziehungsweise 2,41 Dollar pro Aktie. Das Unternehmen erreichte eine 99%ige Auslastungsrate und eine 27%ige Gewinnmarge beim Verkauf. Der operative Cashflow erreichte mit 5,6 Milliarden Dollar einen Rekord für die letzten zwölf Monate. Die Grundmieten betrugen 1.605 Millionen Dollar, was einem Anstieg von 2% im Vergleich zum Vorjahr entspricht. AerCap hob die Prognose für die bereinigten Erträge für das gesamte Jahr 2024 von 10,25 auf 10,70 Dollar pro Aktie an und genehmigte ein neues Aktienrückkaufprogramm über 500 Millionen Dollar.
- Record operating cash flow of $5.6 billion for last twelve months
- High 99% fleet utilization rate and 92% extension rate for used aircraft
- 27% gain-on-sale margin (2.0x book value on equity basis)
- Increased 2024 EPS guidance from $10.25 to $10.70
- Book value per share increased 16% YoY to $90.66
- Basic lease revenue up 2% YoY to $1,605 million
- Net gain on asset sales decreased 21% YoY to $102 million
- Interest expense increased 16% YoY to $516 million
- Average cost of debt increased to 4.0% from 3.5% YoY
- Adjusted net interest margin decreased 3% YoY
Insights
AerCap delivered a strong Q3 2024 performance with
- Record operating cash flow of
$5.6 billion over the last twelve months 99% fleet utilization rate and92% extension rate for used aircraft- Impressive
27% gain-on-sale margin (2.0x book value) - Book value per share increased
16% year-over-year to$90.66
The company's financial position remains solid with a healthy adjusted debt/equity ratio of 2.4:1. The
The aircraft leasing market shows remarkable resilience, evidenced by AerCap's strong performance metrics. The
- Net income for the third quarter of 2024 was
, or$375 million per share.$1.95 - Adjusted net income for the third quarter of 2024 was
, or$463 million per share.$2.41 - Raising full year adjusted earnings per share guidance from approximately
to approximately$10.25 , not including any gains on sale for the fourth quarter of 2024.$10.70
"This was another strong quarter for AerCap. Demand for aircraft remains high, as evidenced by our
Highlights:
- Unlevered gain-on-sale margin of
27% for assets sold in the third quarter of 2024, or 2.0x book value on an equity basis. - Cash flow from operating activities was
for the third quarter of 2024, and a record$1.4 billion for the last twelve months.$5.6 billion - Signed financing transactions for approximately
in the third quarter of 2024 and completed inaugural Sukuk financing in October 2024.$10.5 billion - Adjusted debt/equity ratio of 2.4 to 1 as of September 30, 2024.
- Book value per share of
as of September 30, 2024, an increase of approximately$90.66 16% from September 30, 2023. - Repurchased 5.5 million shares for
and authorized a$497 million share repurchase program during the third quarter of 2024.$500 million - Increased full-year 2024 adjusted earnings per share guidance from approximately
to approximately$10.25 , not including any gains on sale for the fourth quarter of 2024.$10.70
Revenue and Net Spread | ||||||||||||
Three Months Ended September 30, | Nine months ended September 30, | |||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | |||||||
( | ( | |||||||||||
Lease revenue: | ||||||||||||
Basic lease rents | 2 % | 2 % | ||||||||||
Maintenance rents and other receipts | 161 | 126 | 28 % | 521 | 469 | 11 % | ||||||
Total lease revenue | 1,767 | 1,701 | 4 % | 5,279 | 5,142 | 3 % | ||||||
Net gain on sale of assets | 102 | 130 | (21 %) | 391 | 395 | (1 %) | ||||||
Other income | 79 | 61 | 30 % | 254 | 144 | 76 % | ||||||
Total Revenues and other income | 3 % | 4 % | ||||||||||
Basic lease rents were
Maintenance rents and other receipts were
Net gain on sale of assets for the third quarter of 2024 was
Other income for the third quarter of 2024 was
Three Months Ended September 30, | Nine months ended September 30, | ||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | ||||||
( | ( | ||||||||||
Basic lease rents | 2 % | 2 % | |||||||||
Adjusted for: | |||||||||||
Amortization of lease premium/deficiency | 31 | 41 | (24 %) | 97 | 125 | (22 %) | |||||
Basic lease rents excluding amortization of lease premium/ deficiency | 1 % | 1 % | |||||||||
Interest expense | 516 | 447 | 16 % | 1,486 | 1,311 | 13 % | |||||
Adjusted for: | |||||||||||
Mark-to-market of interest rate derivatives | (22) | (7) | NA | (30) | (17) | NA | |||||
Interest expense excluding mark-to-market of interest rate derivatives | 494 | 440 | 12 % | 1,456 | 1,293 | 13 % | |||||
Adjusted net interest margin (*) | (3 %) | (3 %) | |||||||||
Depreciation and amortization | (653) | (623) | 5 % | (1,923) | (1,849) | 4 % | |||||
Adjusted net interest margin, less depreciation and amortization | (11 %) | (11 %) | |||||||||
Average lease assets (*) | 2 % | 2 % | |||||||||
Annualized net spread (*) | 7.5 % | 7.8 % | 7.5 % | 7.8 % | |||||||
Annualized net spread less depreciation and amortization (*) | 3.2 % | 3.7 % | 3.2 % | 3.7 % | |||||||
(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures and metrics |
Interest expense excluding mark-to-market of interest rate derivatives was
Selling, General and Administrative Expenses | |||||||||||
Three Months Ended September 30, | Nine months ended September 30, | ||||||||||
2024 | 2023 | % | 2024 | 2023 | % | ||||||
( | ( | ||||||||||
Selling, general and administrative expenses (excluding share-based compensation expenses) | 8 % | 4 % | |||||||||
Share-based compensation expenses | 24 | 21 | 12 % | 82 | 70 | 17 % | |||||
Selling, general and administrative expenses | 8 % | 7 % |
Selling, general and administrative expenses were
Other Expenses
Leasing expenses were
Effective Tax Rate
AerCap's effective tax rate was
Book Value Per Share | ||||
September 30, 2024 | September 30, 2023 | |||
( | ||||
Total AerCap Holdings N.V. shareholders' equity | ||||
Ordinary shares outstanding | 189,731,024 | 212,379,835 | ||
Unvested restricted stock | (4,948,175) | (4,233,182) | ||
Ordinary shares outstanding (excl. unvested restricted stock) | 184,782,849 | 208,146,653 | ||
Book value per ordinary share outstanding (excl. unvested restricted stock) | ||||
Dividend declared per ordinary share for the nine months ended September 30, 2024 | — |
Financial Position | ||||||
September 30, 2024 | December 31, 2023 | % increase/ (decrease) over December 31, 2023 | ||||
( | ||||||
Total cash, cash equivalents and restricted cash | 117 % | |||||
Total assets | 73,825 | 71,275 | 4 % | |||
Debt | 48,353 | 46,484 | 4 % | |||
Total liabilities | 57,072 | 54,686 | 4 % | |||
Total AerCap Holdings N.V. shareholders' equity | 16,752 | 16,589 | 1 % | |||
Flight Equipment
As of September 30, 2024, AerCap's portfolio consisted of 3,491 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company's owned aircraft fleet as of September 30, 2024 was 7.4 years (4.7 years for new technology aircraft, 14.7 years for current technology aircraft) and the average remaining contracted lease term was 7.3 years.
Dividend
In October 2024, AerCap's Board of Directors declared a quarterly cash dividend of
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 and metrics used in this press release. We believe these measures and metrics may further assist investors in their understanding of our performance. These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our
Adjusted net income / earnings per share, adjusted return on equity and adjusted earnings per share guidance
Adjusted net income is calculated as net income excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting and net recoveries related to the Ukraine Conflict. Adjusted earnings per share is calculated by dividing adjusted net income by the weighted average of our ordinary shares outstanding. Adjusted return on equity is calculated by dividing adjusted net income by average shareholders' equity. Given the relative significance of these items during 2024, 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 September 30, | Nine months ended September 30, | |||||||
Net income | Earnings per share | Net income | Earnings per share | |||||
( except per share data) | ||||||||
Net income / earnings per share | ||||||||
Adjusted for: | ||||||||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*) | 107 | 0.56 | 362 | 1.84 | ||||
Net recoveries related to Ukraine Conflict | (4) | (0.02) | (27) | (0.14) | ||||
Income tax effect of above adjustments | (16) | (0.08) | (50) | (0.26) | ||||
Adjusted net income / earnings per share | ||||||||
Average AerCap Holdings N.V. shareholders' equity | ||||||||
Return on equity | 9 % | 11 % | ||||||
Adjusted return on equity | 11 % | 14 % | ||||||
(*) Includes |
Adjusted earnings per share guidance for full year 2024 is calculated as projected net income excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting and net recoveries related to the Ukraine Conflict, divided by the weighted average of our projected ordinary shares outstanding.
Projected FY 2024 | ||
( | ||
Net income | ||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting | 0.5 | |
Net recoveries related to Ukraine Conflict | 0.0 | |
Income tax effect of above adjustments | (0.1) | |
Adjusted net income | ||
Adjusted earnings per share |
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
September 30, 2024 | December 31, 2023 | ||||
( | |||||
Debt | |||||
Adjusted for: | |||||
Unrestricted cash and cash equivalents | (3,755) | (1,627) | |||
| (1,125) | (1,125) | |||
Adjusted debt | |||||
Equity | |||||
Adjusted for: | |||||
| 1,125 | 1,125 | |||
Adjusted equity | |||||
Adjusted debt/equity ratio | 2.4 to 1 | 2.5 to 1 |
(*) |
Adjusted net interest margin, annualized net spread, annualized net spread less depreciation and amortization and average cost of debt
Adjusted 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 derivatives. Annualized net spread is adjusted net interest margin expressed as a percentage of average lease assets. Annualized net spread less depreciation and amortization is adjusted 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 derivatives, debt issuance costs, upfront fees and other impacts, divided by average debt balance.
Three Months Ended September 30, | ||||
2024 | 2023 | |||
( | ||||
Interest expense | ||||
Adjusted for: | ||||
Mark-to-market on interest rate derivatives | (22) | (7) | ||
Debt issuance costs, upfront fees and other impacts | (29) | (35) | ||
Interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts | ||||
Average debt balance | ||||
Average cost of debt | 4.0 % | 3.5 % | ||
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.
Aviation assets
Aviation assets include aircraft, engines and helicopters.
Conference Call
In connection with its report of third quarter 2024 results, management will host a conference call with members of the investment community today, Wednesday, October 30, 2024, 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 (
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
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 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, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the continued impacts of the Ukraine Conflict, including the resulting sanctions by
As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap's annual report on Form 20-F and other filings with the United States Securities and Exchange Commission. 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 | ||||||
( | ||||||
September 30, 2024 | December 31, 2023 | |||||
Assets | ||||||
Cash and cash equivalents | ||||||
Restricted cash | 199,974 | 198,285 | ||||
Trade receivables | 64,723 | 73,667 | ||||
Flight equipment held for operating leases, net | 57,935,609 | 57,091,166 | ||||
Investment in finance leases, net | 1,250,944 | 1,254,451 | ||||
Flight equipment held for sale | 520,866 | 296,696 | ||||
Prepayments on flight equipment | 3,723,784 | 3,576,187 | ||||
Maintenance rights and lease premium, net | 2,281,831 | 2,729,962 | ||||
Other intangibles, net | 145,177 | 163,167 | ||||
Deferred tax assets | 279,853 | 275,756 | ||||
Associated companies | 1,084,855 | 971,517 | ||||
Other assets | 2,582,735 | 3,016,524 | ||||
Total Assets | ||||||
Liabilities and Equity | ||||||
Accounts payable, accrued expenses and other liabilities | ||||||
Accrued maintenance liability | 3,145,360 | 2,863,730 | ||||
Lessee deposit liability | 1,050,352 | 1,018,702 | ||||
Debt | 48,352,710 | 46,483,903 | ||||
Deferred tax liabilities | 2,706,901 | 2,526,120 | ||||
Total Liabilities | 57,072,414 | 54,685,513 | ||||
Ordinary share capital | ||||||
December 31, 2023; 204,543,739 and 215,543,739 ordinary shares issued and 189,731,024 and 202,493,168 | ||||||
ordinary shares outstanding (including 4,948,175 and 4,561,249 shares of unvested restricted stock) as of | ||||||
September 30, 2024 and December 31, 2023, respectively | 2,558 | 2,676 | ||||
Additional paid-in capital | 5,802,351 | 6,594,556 | ||||
Treasury shares, at cost (14,812,715 and 13,050,571 ordinary shares as of September 30, 2024 and | ||||||
December 31, 2023, respectively) | (1,139,955) | (819,305) | ||||
Accumulated other comprehensive (loss) income | (42,051) | 8,304 | ||||
Accumulated retained earnings | 12,129,365 | 10,802,599 | ||||
Total AerCap Holdings N.V. shareholders' equity | 16,752,268 | 16,588,830 | ||||
Non-controlling interest | 208 | 216 | ||||
Total Equity | 16,752,476 | 16,589,046 | ||||
Total Liabilities and Equity | ||||||
AerCap Holdings N.V. | |||||||||
Unaudited Consolidated Income Statements | |||||||||
( | |||||||||
Three Months Ended September 30, | Nine months ended September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Revenues and other income | |||||||||
Lease revenue: | |||||||||
Basic lease rents | |||||||||
Maintenance rents and other receipts | 161,376 | 126,229 | 520,872 | 469,385 | |||||
Total lease revenue | 1,766,716 | 1,700,878 | 5,279,369 | 5,142,065 | |||||
Net gain on sale of assets | 102,135 | 129,908 | 391,174 | 395,357 | |||||
Other income | 79,278 | 60,881 | 253,819 | 144,348 | |||||
Total Revenues and other income | 1,948,129 | 1,891,667 | 5,924,362 | 5,681,770 | |||||
Expenses | |||||||||
Depreciation and amortization | 652,994 | 623,012 | 1,922,891 | 1,849,133 | |||||
Net recoveries related to Ukraine Conflict | (3,934) | (645,807) | (26,683) | (673,879) | |||||
Asset impairment | 2,446 | 107 | 32,802 | 36,540 | |||||
Interest expense | 516,265 | 446,977 | 1,486,062 | 1,310,575 | |||||
Loss on debt extinguishment | 462 | 246 | 7,482 | 4,097 | |||||
Leasing expenses | 274,833 | 165,986 | 596,238 | 621,233 | |||||
Selling, general and administrative expenses | 121,307 | 111,908 | 365,932 | 342,249 | |||||
Total Expenses | 1,564,373 | 702,429 | 4,384,724 | 3,489,948 | |||||
Gain (loss) on investments at fair value | 8,252 | (10,577) | 3,568 | (6,591) | |||||
Income before income taxes and income of investments | |||||||||
accounted for under the equity method | 392,008 | 1,178,661 | 1,543,206 | 2,185,231 | |||||
Income tax expense | (60,742) | (110,677) | (231,197) | (252,018) | |||||
Equity in net earnings of investments accounted for under the equity method | 43,763 | 41,019 | 115,397 | 107,937 | |||||
Net income | |||||||||
Net loss (income) attributable to non-controlling interest | 5 | (3,749) | 8 | (10,897) | |||||
Net income attributable to AerCap Holdings N.V. | |||||||||
Basic earnings per share | |||||||||
Diluted earnings per share | |||||||||
Weighted average shares outstanding - basic | 187,510,161 | 224,239,197 | 191,917,111 | 231,586,646 | |||||
Weighted average shares outstanding - diluted | 191,886,520 | 227,379,759 | 196,309,483 | 234,818,115 | |||||
AerCap Holdings N.V. | ||||||
Unaudited Consolidated Statements of Cash Flows | ||||||
( | ||||||
Nine months ended September 30, | ||||||
2024 | 2023 | |||||
Net income | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 1,922,891 | 1,849,133 | ||||
Net recoveries related to Ukraine Conflict | (26,683) | (660,878) | ||||
Asset impairment | 32,802 | 36,540 | ||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 171,287 | 191,512 | ||||
Maintenance rights write-off | 260,107 | 286,581 | ||||
Maintenance liability release to income | (144,115) | (164,193) | ||||
Net gain on sale of assets | (391,174) | (395,357) | ||||
Deferred tax expense | 184,588 | 258,842 | ||||
Share-based compensation | 81,723 | 70,079 | ||||
Collections of finance leases | 313,570 | 309,453 | ||||
(Gain) loss on investments at fair value | (3,568) | 6,591 | ||||
Loss on debt extinguishment | 7,482 | 4,097 | ||||
Other | 140,207 | (35,449) | ||||
Changes in operating assets and liabilities: | ||||||
Trade receivables | 9,232 | 42,148 | ||||
Other assets | 189,281 | (134,419) | ||||
Accounts payable, accrued expenses and other liabilities | (22,729) | 156,009 | ||||
Net cash provided by operating activities | 4,152,307 | 3,861,839 | ||||
Purchase of flight equipment | (3,628,330) | (3,273,890) | ||||
Proceeds from sale or disposal of assets | 1,857,878 | 1,556,713 | ||||
Prepayments on flight equipment | (1,360,208) | (1,378,339) | ||||
Cash proceeds from insurance claim settlements | 3,933 | 645,807 | ||||
Net proceeds from (issuances of) loans receivable | 73,236 | (81,545) | ||||
Other | (11,518) | (23,122) | ||||
Net cash used in investing activities | (3,065,009) | (2,554,376) | ||||
Issuance of debt | 6,441,379 | 5,009,330 | ||||
Repayment of debt | (4,533,668) | (4,016,056) | ||||
Debt issuance and extinguishment costs paid, net of debt premium received | (97,198) | (74,336) | ||||
Maintenance payments received | 695,568 | 600,664 | ||||
Maintenance payments returned | (212,668) | (150,224) | ||||
Security deposits received | 214,443 | 300,765 | ||||
Security deposits returned | (157,342) | (150,940) | ||||
Dividend paid to non-controlling interest holders | — | (9,973) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (1,220,450) | (1,966,392) | ||||
Dividends paid on ordinary shares | (89,806) | — | ||||
Net cash provided by (used in) financing activities | 1,040,258 | (457,162) | ||||
Net increase in cash, cash equivalents and restricted cash | 2,127,556 | 850,301 | ||||
Effect of exchange rate changes | 1,491 | (407) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,825,466 | 1,756,770 | ||||
Cash, cash equivalents and restricted cash at end of period | ||||||
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SOURCE AerCap Holdings N.V.
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