AerCap Holdings N.V. Reports Record Financial Results for Third Quarter 2023

Rhea-AI Summary

AerCap Holdings reports strong financial results for Q3 2023, with net income of $1.1 billion and adjusted earnings per share of $2.81. They have raised their full year 2023 adjusted EPS guidance to approximately $9.50. The company has also authorized a new $500 million share repurchase program.

Positive

• Net income for Q3 2023 was $1.1 billion, a positive indicator for investors. Adjusted earnings per share for the same period was $2.81, showing strong performance. The company has raised its full year 2023 adjusted EPS guidance to approximately $9.50, indicating positive growth. AerCap has also authorized a new $500 million share repurchase program, which can increase shareholder value.

Negative

• None.

• Net income for the third quarter of 2023 was $1.1 billion, or $4.86 per share.
• Adjusted net income for the third quarter of 2023 was $639 million, or $2.81 per share.
• Raising full year 2023 adjusted earnings per share guidance to approximately $9.50.
• New $500 million share repurchase program authorized.

DUBLIN, Oct. 27, 2023 /PRNewswire/ -- AerCap Holdings N.V. (NYSE: AER), the industry leader across all areas of aviation leasing, today reported financial results for the third quarter of 2023 ended September 30, 2023.

"This was another great quarter for AerCap. We generated adjusted net income of $639 million and adjusted earnings per share of $2.81. As a result of this strong performance and our outlook for the rest of the year, we are once again raising our guidance for the year. Our underlying business continues to perform well and demand for our assets remains robust, evidenced by the significant number of transactions completed during the quarter. We are pleased to announce a new $500 million share repurchase program, taking total authorizations to $2.65 billion so far this year and underlying our confidence in the value on offer today," said Aengus Kelly, Chief Executive Officer of AerCap.

Highlights:

• Increasing full year 2023 adjusted EPS guidance to approximately $9.50.
• New $500 million share repurchase program authorized.
• Repurchased approximately 36 million shares year to date, at an average price of $58.03 per share, for a total of approximately $2.1 billion. Approximately 20 million shares repurchased in the third quarter for approximately $1.2 billion.
• GE's ownership decreased from 33.6% to 14.5% following a successful secondary offering in the third quarter of 2023, down from 45% at the beginning of the year.
• Return on equity of 27% and adjusted return on equity of 16% for the third quarter of 2023.
• 24% margin on gain on sale of assets in the third quarter of 2023.
• Cash flow from operating activities was $1.3 billion for the third quarter of 2023.
• Adjusted debt/equity ratio of 2.51 to 1 as of September 30, 2023.
• Received cash insurance settlement proceeds of $646 million.
• Book value per share of $78.28 as of September 30, 2023, an increase of approximately 21% from September 30, 2022.

 

Revenue and Net Spread

		Three months ended September 30,						Nine months ended September 30,
		2023		2022		% increase/ (decrease)		2023		2022		% increase/ (decrease)
		(U.S. Dollars in millions)						(U.S. Dollars in millions)
Lease revenue:
Basic lease rents		$1,575		$1,473		7 %		$4,673		$4,488		4 %
Maintenance rents and other receipts		126		120		6 %		469		408		15 %
Total lease revenue		1,701		1,593		7 %		5,142		4,897		5 %
Net gain on sale of assets		130		69		88 %		395		108		267 %
Other income		61		62		(2 %)		144		181		(20 %)
Total Revenues and other income		$1,892		$1,724		10 %		$5,682		$5,185		10 %

Basic lease rents were $1,575 million for the third quarter of 2023, compared with $1,473 million for the same period in 2022. Basic lease rents for the third quarter of 2023 were impacted by $41 million of lease premium amortization.

Maintenance rents and other receipts were $126 million for the third quarter of 2023, compared with $120 million for the same period in 2022. Maintenance rents for the third quarter of 2023 were impacted by $23 million as a result of maintenance rights assets that were amortized to revenue.

Net gain on sale of assets for the third quarter of 2023 was $130 million, relating to 45 assets sold for $682 million, compared with $69 million for the same period in 2022, relating to 30 assets sold for $373 million. The increase was primarily due to the volume and composition of asset sales.

Other income for the third quarter of 2023 was $61 million, compared with $62 million for the same period in 2022.

	Three months ended September 30,						Nine months ended September 30,
	2023		2022		% increase/ (decrease)		2023		2022		% increase/ (decrease)
	(U.S. Dollars in millions)						(U.S. Dollars in millions)
Basic lease rents	$1,575		$1,473		7 %		$4,673		$4,488		4 %
Adjusted for:
Amortization of lease premium/deficiency	41		51		(18 %)		125		159		(21 %)
Basic lease rents excluding amortization of lease premium/deficiency	$1,616		$1,524		6 %		$4,798		$4,647		3 %
Interest expense	447		391		14 %		1,311		1,172		12 %
Adjusted for:
Mark-to-market of interest rate caps and swaps	(7)		28		NA		(17)		67		NA
Interest expense excluding mark-to-market of interest rate caps and swaps	440		419		5 %		1,293		1,239		4 %
Adjusted net interest margin (*)	$1,176		$1,105		6 %		$3,505		$3,408		3 %
Depreciation and amortization	(623)		(581)		7 %		(1,849)		(1,796)		3 %
Adjusted net interest margin, less depreciation and amortization	$553		$524		5 %		$1,656		$1,612		3 %
Average lease assets (*)	$59,951		$58,771		2 %		$59,605		$59,991		(1 %)
Annualized net spread (*)	7.8 %		7.5 %				7.8 %		7.6 %
Annualized net spread less depreciation and amortization (*)	3.7 %		3.6 %				3.7 %		3.6 %
(*) 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 caps and swaps was $440 million for the third quarter of 2023, compared with $419 million for the same period in 2022. AerCap's average cost of debt was 3.5% for the third quarter of 2023 and 3.2% for the same period in 2022, excluding debt issuance costs, upfront fees and other impacts.

Recoveries Related to Ukraine Conflict

During the third quarter of 2023, we received cash insurance settlement proceeds of $646 million in full settlement of our insurance claims under the Aeroflot group's insurance policies in respect of 17 aircraft and five spare engines on lease to the Aeroflot group at the time of Russia's invasion of Ukraine in February 2022.

Selling, General and Administrative Expenses

		Three months ended September 30,						Nine months ended September 30,
		2023		2022		% increase/ (decrease)		2023		2022		% increase/ (decrease)
		(U.S. Dollars in millions)						(U.S. Dollars in millions)
Selling, general and administrative expenses (excluding share-     based compensation expenses)		$90		$80		13 %		$272		$229		19 %
Share-based compensation expenses		21		25		(14 %)		70		79		(12 %)
Selling, general and administrative expenses		$112		$105		7 %		$342		$308		11 %

Selling, general and administrative expenses increased to $112 million for the third quarter of 2023, compared with $105 million for the same period in 2022.

Other Expenses

Leasing expenses were $166 million for the third quarter of 2023, compared with $161 million for the same period in 2022. Leasing expenses for the third quarter of 2023 were impacted by $49 million of maintenance rights asset amortization.

Effective Tax Rate

AerCap's effective tax rate for the full year 2023 is expected to be 14%, excluding income tax expense due to the recognition of the net recoveries related to Ukraine Conflict and certain other discrete items, compared to an effective tax rate of 16.4% for the full year 2022. 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.

AerCap's effective tax rate was 9.4% for the third quarter of 2023, compared to an effective tax rate of 13.9% for the third quarter of 2022.

Book Value Per Share

		September 30, 2023		September 30, 2022
		(U.S. Dollars in millions, except share and per share data)
Total AerCap Holdings N.V. shareholders' equity		$16,294		$15,568
Ordinary shares outstanding		212,379,835		245,879,536
Unvested restricted stock		(4,233,182)		(4,837,932)
Ordinary shares outstanding (excl. unvested restricted stock)		208,146,653		241,041,604
Book value per ordinary share outstanding (excl. unvested restricted stock)		$78.28		$64.59

 

Financial Position 

		September 30, 2023		December 31, 2022		% increase/ (decrease) over December 31, 2022
		(U.S. Dollars in millions)
Total cash, cash equivalents and restricted cash		$2,607		$1,757		48 %
Total assets		71,594		69,727		3 %
Debt		47,493		46,533		2 %
Total liabilities		55,222		53,532		3 %
Total AerCap Holdings N.V. shareholders' equity		16,294		16,118		1 %
Total equity		16,372		16,195		1 %

Flight Equipment 

As of September 30, 2023, AerCap's portfolio consisted of 3,451 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, 2023 was 7.3 years (4.4 years for new technology aircraft, 14.0 years for current technology aircraft) and the average remaining contracted lease term was 7.3 years.

Share Repurchase Program

In October 2023, our Board of Directors approved a new share repurchase program authorizing total repurchases of up to $500 million of AerCap ordinary shares through March 31, 2024. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of ordinary shares to be purchased will be determined by the Company's management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company's cash on hand and cash generated from operations. The program may be suspended or discontinued at any time.

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 U.S. GAAP financial measures. Non-GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly-titled measures and metrics and disclosures by other companies.

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 net recoveries related to the Ukraine Conflict and the amortization of maintenance rights and lease premium assets recognized under purchase accounting. 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 2023, we have chosen to present these measures in order to assist investors in their understanding of the changes and trends related to our earnings.

		Three months ended September 30, 2023				Nine months ended September 30, 2023
		Net income		Earnings per share		Net income		Earnings per share
		(U.S. Dollars in millions, except per share data)
Net income / earnings per share		$1,105		$4.86		$2,030		$8.65
Adjusted for:
Net recoveries related to Ukraine Conflict		(646)		(2.84)		(674)		(2.87)
Amortization of maintenance rights and lease premium    assets recognized under purchase accounting (*)		113		0.50		412		1.75
Income tax effect of above adjustments		67		0.29		33		0.14
Adjusted net income / earnings per share		$639		$2.81		$1,801		$7.67
Average AerCap Holdings N.V. shareholders' equity				$16,303				$16,192
Return on equity				27 %				17 %
Adjusted return on equity				16 %				15 %

(*) Includes $41 million adjustment to basic lease rents, $23 million adjustment to maintenance revenues and $49 million adjustment to leasing expenses for the three months ended September 30, 2023, and $125 million adjustment to basic lease rents, $97 million adjustment to maintenance revenues and $189 million adjustment to leasing expenses for the nine months ended September 30, 2023

Adjusted earnings per share guidance for full year 2023 is calculated as projected net income excluding the after-tax impact of net recoveries related to the Ukraine Conflict and the amortization of maintenance rights and lease premium assets recognized under purchase accounting, divided by the weighted average of our projected ordinary shares outstanding.

		Net income / Earnings per share
		(U.S. Dollars in billions, except per share data)
Net income		$2.3
Net recoveries related to Ukraine Conflict		(0.7)
Amortization of maintenance rights and lease premium    assets recognized under purchase accounting		0.5
Income tax effect of above adjustments		0.0
Adjusted net income		$2.2
Adjusted earnings per share		$9.50

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.

		September 30, 2023		December 31, 2022
	(U.S. Dollars in millions, except debt/equity ratio)
Debt		$47,493		$46,533
Adjusted for:
Cash and cash equivalents		(2,415)		(1,597)
50% credit for long-term subordinated debt		(1,125)		(1,125)
Adjusted debt		$43,953		$43,811
Equity		$16,372		$16,195
Adjusted for:
50% credit for long-term subordinated debt		1,125		1,125
Adjusted equity		$17,497		$17,320
Adjusted debt/equity ratio		2.51 to 1		2.53 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 caps and swaps. 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 caps and swaps, debt issuance costs, upfront fees and other impacts, divided by average debt balance.

		Three months ended September 30,
		2023		2022
	(U.S. Dollars in millions)
Interest expense		$447		$391
Adjusted for:
Mark-to-market on interest rate caps and swaps		(7)		28
Debt issuance costs, upfront fees and other impacts		(35)		(38)
Interest expense, excluding mark-to-market on interest rate caps and swaps, debt issuance   costs, upfront fees and other impacts		$405		$381
Average debt balance		$46,895		$48,021
Average cost of debt (*)		3.5 %		3.2 %

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 2023 results, management will host a conference call with members of the investment community today, Friday, October 27, 2023, 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 8193 or (International) +353 1 246 5638 and referencing code 9950885 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, Dubai, 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 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, among other things, 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 the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the rate of recovery in air travel related to the Covid-19 pandemic, the aviation industry and global economic conditions; the potential impacts of the pandemic and responsive government actions on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; the impact of current hostilities in the Middle East, or any escalation thereof, on the aviation industry or our business; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes.

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 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, except share data)
			September 30, 2023		December 31, 2022
	Assets
	Cash and cash equivalents		$2,415,297		$1,597,147
	Restricted cash		191,367		159,623
	Trade receivables		87,326		132,202
	Flight equipment held for operating leases, net		56,237,266		55,220,809
	Investment in finance leases, net		1,337,153		1,356,072
	Flight equipment held for sale		420,599		292,808
	Prepayments on flight equipment		3,883,402		3,806,602
	Maintenance rights and lease premium, net		2,852,540		3,364,453
	Other intangibles, net		168,488		185,210
	Deferred tax assets		201,408		210,334
	Associated companies		911,768		811,219
	Other assets		2,887,050		2,590,439
	Total Assets		$71,593,664		$69,726,918
	Liabilities and Equity
	Accounts payable, accrued expenses and other liabilities		$1,618,240		$1,494,953
	Accrued maintenance liability		2,720,624		2,503,202
	Lessee deposit liability		945,855		806,655
	Debt		47,492,809		46,532,960
	Deferred tax liabilities		2,444,015		2,194,098
	Total Liabilities		55,221,543		53,531,868
	Ordinary share capital €0.01 par value, 450,000,000 ordinary shares authorized as of September 30, 2023 and
	December 31, 2022; 235,543,739 and 250,347,345 ordinary shares issued and 212,379,835 and 245,931,275
	ordinary shares outstanding (including 4,233,182 and 4,837,602 shares of unvested restricted stock) as of
	September 30, 2023 and December 31, 2022, respectively		2,876		3,024
	Additional paid-in capital		7,786,722		8,586,034
	Treasury shares, at cost (23,163,904 and 4,416,070 ordinary shares as of September 30, 2023 and
	December 31, 2022, respectively)		(1,359,216)		(254,699)
	Accumulated other comprehensive income		160,013		108,226
	Accumulated retained earnings		9,703,259		7,674,922
	Total AerCap Holdings N.V. shareholders' equity		16,293,654		16,117,507
	Non-controlling interest		78,467		77,543
	Total Equity		16,372,121		16,195,050
	Total Liabilities and Equity		$71,593,664		$69,726,918

 

	AerCap HoldingsNV
	Unaudited Consolidated Income Statements
	(U.S. Dollars in thousands, except share and per share data)
		Three Months Ended September 30,				Nine months ended September 30,
		2023		2022		2023		2022
	Revenues and other income
	Lease revenue:
	Basic lease rents	$1,574,649		$1,473,084		$4,672,680		$4,488,256
	Maintenance rents and other receipts	126,229		119,542		469,385		408,235
	Total lease revenue	1,700,878		1,592,626		5,142,065		4,896,491
	Net gain on sale of assets	129,908		69,218		395,357		107,703
	Other income	60,881		62,181		144,348		180,559
	Total Revenues and other income	1,891,667		1,724,025		5,681,770		5,184,753
	Expenses
	Depreciation and amortization	623,012		580,934		1,849,133		1,796,092
	Net (recoveries) charges related to Ukraine Conflict	(645,807)		(16,137)		(673,879)		2,712,581
	Asset impairment	107		29,249		36,540		43,477
	Interest expense	446,977		390,809		1,310,575		1,171,588
	Loss on debt extinguishment	246		17		4,097		2,058
	Leasing expenses	165,986		161,416		621,233		562,702
	Selling, general and administrative expenses	111,908		105,319		342,249		307,666
	Transaction and integration-related expenses	—		3,565		—		30,198
	Total Expenses	702,429		1,255,172		3,489,948		6,626,362
	Loss on investments at fair value	(10,577)		(7,791)		(6,591)		(20,142)
	Income (loss) before income taxes and income of investments
	accounted for under the equity method	1,178,661		461,062		2,185,231		(1,461,751)
	Income tax (expense) benefit	(110,677)		(64,307)		(252,018)		163,956
	Equity in net earnings of investments accounted for under the equity method	41,019		44,593		107,937		79,024
	Net income (loss)	$1,109,003		$441,348		$2,041,150		($1,218,771)
	Net income attributable to non-controlling interest	(3,749)		(1,392)		(10,897)		(2,277)
	Net income (loss) attributable to AerCap Holdings N.V.	$1,105,254		$439,956		$2,030,253		($1,221,048)
	Basic earnings (loss) per share	$4.93		$1.83		$8.77		($5.08)
	Diluted earnings (loss) per share	$4.86		$1.82		$8.65		($5.08)
	Weighted average shares outstanding - basic	224,239,197		240,849,074		231,586,646		240,291,737
	Weighted average shares outstanding - diluted	227,379,759		242,364,744		234,818,115		240,291,737

 

	AerCap HoldingsNV
	Unaudited Consolidated Statements of Cash Flows
	(U.S. Dollars in thousands)
			Nine months ended September 30,
			2023		2022
	Net income (loss)		$2,041,150		($1,218,771)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Depreciation and amortization		1,849,133		1,796,092
	Net (recoveries) charges related to Ukraine Conflict		(660,878)		2,922,350
	Asset impairment		36,540		43,477
	Amortization of debt issuance costs, debt discount, debt premium and lease premium		191,512		236,723
	Maintenance rights write-off		286,581		252,189
	Maintenance liability release to income		(164,193)		(151,003)
	Net gain on sale of assets		(395,357)		(107,703)
	Deferred tax expense (benefit)		258,842		(159,727)
	Share-based compensation		70,079		79,228
	Collections of finance leases		309,453		207,810
	Loss on investments at fair value		6,591		20,142
	Loss on debt extinguishment		4,097		2,058
	Other		(35,449)		(140,311)
	Changes in operating assets and liabilities:
	Trade receivables		42,148		36,163
	Other assets		(134,419)		85,371
	Accounts payable, accrued expenses and other liabilities		156,009		(283,698)
	Net cash provided by operating activities		3,861,839		3,620,390
	Purchase of flight equipment		(3,273,890)		(2,296,808)
	Proceeds from sale or disposal of assets		1,556,713		1,152,224
	Prepayments on flight equipment		(1,378,339)		(630,047)
	Cash proceeds from insurance claim settlement		645,807		—
	Other		(104,667)		67,757
	Net cash used in investing activities		(2,554,376)		(1,706,874)
	Issuance of debt		5,009,330		467,996
	Repayment of debt		(4,016,056)		(3,392,836)
	Debt issuance and extinguishment costs paid, net of debt premium received		(74,336)		(7,006)
	Maintenance payments received		600,664		574,856
	Maintenance payments returned		(150,224)		(220,602)
	Security deposits received		300,765		256,904
	Security deposits returned		(150,940)		(221,901)
	Dividend paid to non-controlling interest holders		(9,973)		(2,060)
	Repurchase of shares and tax withholdings on share-based compensation		(1,966,392)		(15,838)
	Net cash used in financing activities		(457,162)		(2,560,487)
	Net increase (decrease) in cash, cash equivalents and restricted cash		850,301		(646,971)
	Effect of exchange rate changes		(407)		(11,066)
	Cash, cash equivalents and restricted cash at beginning of period		1,756,770		1,914,753
	Cash, cash equivalents and restricted cash at end of period		$2,606,664		$1,256,716

 

 

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SOURCE AerCap Holdings N.V.

FAQ

What was the net income for Q3 2023?

The net income for Q3 2023 was $1.1 billion.

What is the adjusted earnings per share for Q3 2023?

The adjusted earnings per share for Q3 2023 was $2.81.

What is the full year 2023 adjusted EPS guidance?

The full year 2023 adjusted EPS guidance is approximately $9.50.

What is the new share repurchase program authorized?

AerCap has authorized a new $500 million share repurchase program.