AerCap Holdings N.V. Reports Strong Financial Results and Announces New Share Repurchase Authorization and Dividend Increase
AerCap Holdings (NYSE: AER) reported strong Q4 and full-year 2024 financial results, with Q4 net income of $671 million ($3.56 per share) and full-year net income of $2.1 billion ($10.79 per share). Key highlights include:
- Q4 operating cash flow of $1.3 billion and full-year of $5.4 billion
- Asset sales of $869 million in Q4 with record gain of $260 million
- Return on equity of 16% in Q4
- Book value per share increased 13% to $94.57
The company announced a new $1 billion share repurchase program and increased its quarterly dividend to $0.27 per share. Basic lease rents reached $1,619 million in Q4 2024, up from $1,576 million in Q4 2023. The company's portfolio consisted of 3,525 aircraft, engines, and helicopters, with an average owned aircraft fleet age of 7.4 years.
AerCap Holdings (NYSE: AER) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024, con un reddito netto nel Q4 di 671 milioni di dollari (3,56 dollari per azione) e un reddito netto complessivo di 2,1 miliardi di dollari (10,79 dollari per azione). Punti salienti includono:
- Flusso di cassa operativo nel Q4 di 1,3 miliardi di dollari e per l'intero anno di 5,4 miliardi di dollari
- Vendite di attivi per 869 milioni di dollari nel Q4 con un guadagno record di 260 milioni di dollari
- Rendimento del capitale proprio del 16% nel Q4
- Valore contabile per azione aumentato del 13% a 94,57 dollari
La società ha annunciato un nuovo programma di riacquisto di azioni da 1 miliardo di dollari e ha aumentato il suo dividendo trimestrale a 0,27 dollari per azione. I canoni di locazione base hanno raggiunto 1.619 milioni di dollari nel Q4 2024, in aumento rispetto ai 1.576 milioni di dollari nel Q4 2023. Il portafoglio della società consisteva in 3.525 aerei, motori e elicotteri, con un'età media della flotta di aerei di 7,4 anni.
AerCap Holdings (NYSE: AER) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con un ingreso neto de $671 millones en el Q4 ($3.56 por acción) y un ingreso neto total de $2.1 mil millones ($10.79 por acción). Puntos destacados incluyen:
- Flujo de caja operativo de $1.3 mil millones en el Q4 y de $5.4 mil millones en el año completo
- Ventas de activos de $869 millones en el Q4 con una ganancia récord de $260 millones
- Retorno sobre el patrimonio del 16% en el Q4
- Valor contable por acción incrementado en un 13% a $94.57
La compañía anunció un nuevo programa de recompra de acciones de $1 mil millones y aumentó su dividendo trimestral a $0.27 por acción. Los alquileres básicos alcanzaron $1,619 millones en el Q4 2024, un aumento desde $1,576 millones en el Q4 2023. La cartera de la compañía consistía en 3,525 aeronaves, motores y helicópteros, con una edad promedio de flota de aeronaves de 7.4 años.
AerCap Holdings (NYSE: AER)는 2024년 4분기 및 연간 재무 결과를 발표했으며, 4분기 순이익은 6억 7,100만 달러(주당 3.56달러), 연간 순이익은 21억 달러(주당 10.79달러)로 강력한 실적을 기록했습니다. 주요 하이라이트는 다음과 같습니다:
- 4분기 운영 현금 흐름 13억 달러, 연간 54억 달러
- 4분기 자산 매각 8억 6,900만 달러, 기록적인 이익 2억 6천만 달러
- 4분기 자기자본 수익률 16%
- 주당 장부가치 13% 증가하여 94.57달러
회사는 10억 달러 규모의 새로운 자사주 매입 프로그램을 발표하고 분기 배당금을 주당 0.27달러로 인상했습니다. 기본 임대료는 2024년 4분기 16억 1,900만 달러에 도달했으며, 2023년 4분기 15억 7,600만 달러에서 증가했습니다. 회사의 포트폴리오는 평균 7.4년의 항공기 보유 연령을 가진 3,525대의 항공기, 엔진 및 헬리콥터로 구성되어 있습니다.
AerCap Holdings (NYSE: AER) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024, avec un bénéfice net de 671 millions de dollars au Q4 (3,56 dollars par action) et un bénéfice net total de 2,1 milliards de dollars (10,79 dollars par action). Points clés incluent :
- Flux de trésorerie opérationnel de 1,3 milliard de dollars au Q4 et de 5,4 milliards de dollars pour l'année entière
- Ventes d'actifs de 869 millions de dollars au Q4 avec un gain record de 260 millions de dollars
- Retour sur capitaux propres de 16% au Q4
- Valeur comptable par action augmentée de 13% à 94,57 dollars
L'entreprise a annoncé un nouveau programme de rachat d'actions de 1 milliard de dollars et a augmenté son dividende trimestriel à 0,27 dollar par action. Les loyers de base ont atteint 1.619 millions de dollars au Q4 2024, en hausse par rapport à 1.576 millions de dollars au Q4 2023. Le portefeuille de l'entreprise se composait de 3.525 avions, moteurs et hélicoptères, avec un âge moyen de flotte de 7,4 ans.
AerCap Holdings (NYSE: AER) hat starke Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 gemeldet, mit einem Nettogewinn von 671 Millionen Dollar im Q4 (3,56 Dollar pro Aktie) und einem Nettogewinn von 2,1 Milliarden Dollar für das gesamte Jahr (10,79 Dollar pro Aktie). Wichtige Highlights sind:
- Operativer Cashflow im Q4 von 1,3 Milliarden Dollar und für das gesamte Jahr von 5,4 Milliarden Dollar
- Vermögensverkäufe von 869 Millionen Dollar im Q4 mit einem Rekordgewinn von 260 Millionen Dollar
- Eigenkapitalrendite von 16% im Q4
- Buchwert pro Aktie um 13% auf 94,57 Dollar gestiegen
Das Unternehmen kündigte ein neues Aktienrückkaufprogramm über 1 Milliarde Dollar an und erhöhte die vierteljährliche Dividende auf 0,27 Dollar pro Aktie. Die Grundmieten erreichten im Q4 2024 1.619 Millionen Dollar, ein Anstieg von 1.576 Millionen Dollar im Q4 2023. Das Portfolio des Unternehmens bestand aus 3.525 Flugzeugen, Triebwerken und Hubschraubern mit einem durchschnittlichen Alter der Flotte von 7,4 Jahren.
- Record Q4 net income of $671M ($3.56/share)
- Strong operating cash flow of $5.4B for full year
- Record gain on asset sales of $260M in Q4
- Book value per share up 13% YoY
- New $1B share repurchase program announced
- Dividend increased to $0.27 per share
- 16% return on equity in Q4
- Maintenance rents declined to $106M from $142M YoY
- Interest expense increased to $500M from $477M YoY
- Average cost of debt rose to 4.1% from 3.7% YoY
Insights
AerCap's Q4 and full-year 2024 results demonstrate exceptional financial performance in the aviation leasing sector, with the company leveraging strong market demand to deliver record results across multiple metrics. Q4 net income reached
The company's asset sale performance is particularly noteworthy, achieving a
The board's approval of both a new
AerCap's operational fundamentals remain solid with
Strategic investments in future growth continue with over
AerCap's exceptional Q4 and full-year 2024 results reveal a company capitalizing on unprecedented strength in the aviation leasing market. The
The company's portfolio composition shows sophisticated positioning for industry transitions. With new technology aircraft averaging just 4.8 years of age versus 14.9 years for current technology aircraft, AerCap has strategically weighted its fleet toward fuel-efficient models that command premium lease rates and will retain value longer as environmental regulations tighten. The 7.4-year average remaining lease term provides exceptional revenue visibility compared to industry norms of 5-6 years.
AerCap's
The company's financial strength—evidenced by
While management's confidence is evident in the increased shareholder returns, investors should monitor key risk factors: potential normalization of aircraft values if OEM production accelerates, exposure to interest rate fluctuations affecting financing costs, and the ongoing geopolitical risks that could impact global aviation demand beyond the Ukraine situation where AerCap has effectively managed exposures.
- Net income of
$671 million $3.56 $2.1 billion $10.79 - Adjusted net income of
$624 million $3.31 $2.3 billion $12.01 - New
$1 billion - Quarterly dividend increased to
$0.27
"We are pleased to announce another strong quarter for AerCap, completing a year of record operating cash flow and earnings per share. These results reflect a continued positive operating environment across our businesses and high demand for leased aircraft, engines and helicopters. We also see this reflected in our asset sales, where we sold
Highlights:
- Return on equity of
16% and adjusted return on equity of15% for the fourth quarter of 2024. - Cash flow from operating activities of
$1.3 billion $5.4 billion - Unlevered gain on sale margin of
43% for assets sold in the fourth quarter of 2024, or 2.6x book value on an equity basis. - Ordered over
$2 billion $5 billion - Insurance and other recoveries of
$195 million - Returned
$1.6 billion $87.80 - New
$1 billion - Increasing quarterly dividend to
$0.27 - Book value per share of
$94.57 13% from December 31, 2023. - Adjusted debt/equity ratio of 2.35 to 1 as of December 31, 2024.
Revenue and Net Spread | ||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | |||||||
( | ( | |||||||||||
Lease revenue: | ||||||||||||
Basic lease rents | 3 % | 2 % | ||||||||||
Maintenance rents and other receipts | 106 | 142 | (25 %) | 627 | 611 | 3 % | ||||||
Total lease revenue | 1,725 | 1,718 | — | 7,004 | 6,860 | 2 % | ||||||
Net gain on sale of assets | 260 | 94 | 176 % | 651 | 490 | 33 % | ||||||
Other income | 88 | 86 | 2 % | 342 | 230 | 48 % | ||||||
Total Revenues and other income | 9 % | 5 % | ||||||||||
Basic lease rents were
Maintenance rents and other receipts were
Net gain on sale of assets for the fourth quarter of 2024 was
Three months ended December 31, | Year ended December 31, | |||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | |||||||
( | ( | |||||||||||
Basic lease rents | 3 % | 2 % | ||||||||||
Adjusted for: | ||||||||||||
Amortization of lease premium/deficiency | 30 | 40 | (27 %) | 127 | 166 | (23 %) | ||||||
Basic lease rents excluding amortization of lease premium/deficiency | 2 % | 1 % | ||||||||||
Interest expense | 505 | 496 | 2 % | 1,991 | 1,806 | 10 % | ||||||
Adjusted for: | ||||||||||||
Mark-to-market of interest rate derivatives | (4) | (19) | (77 %) | (34) | (37) | (7 %) | ||||||
Interest expense excluding mark-to-market of interest rate derivatives | 500 | 477 | 5 % | 1,956 | 1,770 | 11 % | ||||||
Adjusted net interest margin (*) | 1 % | (2 %) | ||||||||||
Depreciation and amortization | (657) | (631) | 4 % | (2,580) | (2,481) | 4 % | ||||||
Adjusted net interest margin, less depreciation and amortization | (3 %) | (9 %) | ||||||||||
Average lease assets (*) | 2 % | 2 % | ||||||||||
Annualized net spread (*) | 7.5 % | 7.6 % | 7.5 % | 7.8 % | ||||||||
Annualized net spread less depreciation and amortization (*) | 3.2 % | 3.4 % | 3.2 % | 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 derivatives was
Recoveries Related to Ukraine Conflict
During the fourth quarter of 2024, we recognized recoveries related to the Ukraine Conflict of
Selling, General and Administrative Expenses | ||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | |||||||
( | ( | |||||||||||
Selling, general and administrative expenses (excluding share- based compensation expenses) | (2 %) | 3 % | ||||||||||
Share-based compensation expenses | 29 | 27 | 9 % | 111 | 97 | 15 % | ||||||
Selling, general and administrative expenses | 1 % | 5 % | ||||||||||
Other Expenses
Leasing expenses were
Effective Tax Rate
AerCap's effective tax rate for the full year 2024 was
Book Value Per Share | ||||
December 31, | December 31, | |||
( | ||||
Total AerCap Holdings N.V. shareholders' equity | ||||
Ordinary shares outstanding | 186,783,225 | 202,493,168 | ||
Unvested restricted stock | (5,072,382) | (4,561,249) | ||
Ordinary shares outstanding (excl. unvested restricted stock) | 181,710,843 | 197,931,919 | ||
Book value per ordinary share outstanding (excl. unvested restricted stock) | ||||
Dividends declared per ordinary share during the twelve months ended December 31, 2024 | — | |||
Financial Position | ||||||
December 31, | December 31, | % increase/ (decrease) over December 31, 2023 | ||||
( | ||||||
Total cash, cash equivalents and restricted cash | (23 %) | |||||
Total assets | 71,442 | 71,275 | — | |||
Debt | 45,295 | 46,484 | (3 %) | |||
Total liabilities | 54,257 | 54,686 | (1 %) | |||
Total AerCap Holdings N.V. shareholders' equity | 17,185 | 16,589 | 4 % | |||
Flight Equipment
As of December 31, 2024, AerCap's portfolio consisted of 3,525 aircraft, engines and helicopters that were owned, managed or on order. The average age of the company's owned aircraft fleet as of December 31, 2024 was 7.4 years (4.8 years for new technology aircraft, 14.9 years for current technology aircraft) and the average remaining contracted lease term was 7.4 years.
Dividend
In February 2025, 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 net recoveries related to the Ukraine Conflict and 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 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 December 31, 2024 | Year ended December 31, 2024 | |||||||
Net income | Earnings per share | Net income | Earnings per share | |||||
( | ||||||||
Net income / earnings per share | ||||||||
Adjusted for: | ||||||||
Net recoveries related to Ukraine Conflict | (168) | (0.89) | (195) | (1.00) | ||||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*) | 112 | 0.60 | 475 | 2.44 | ||||
Income tax effect of the above adjustments | 8 | 0.04 | (42) | (0.22) | ||||
Adjusted net income / earnings per share | ||||||||
Average AerCap Holdings N.V. shareholders' equity | ||||||||
Return on equity | 16 % | 12 % | ||||||
Adjusted return on equity | 15 % | 14 % | ||||||
(*) Includes | ||||||||
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
December 31, | December 31, | |||
( | ||||
Debt | ||||
Adjusted for: | ||||
Unrestricted cash and cash equivalents | (1,209) | (1,627) | ||
| (1,125) | (1,125) | ||
Adjusted debt | ||||
Equity | ||||
Adjusted for: | ||||
| 1,125 | 1,125 | ||
Adjusted equity | ||||
Adjusted debt/equity ratio | 2.35 to 1 | 2.47 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 December 31, | ||||
2024 | 2023 | |||
( | ||||
Interest expense | ||||
Adjusted for: | ||||
Mark-to-market on interest rate derivatives | (4) | (19) | ||
Debt issuance costs, upfront fees and other impacts | (27) | (37) | ||
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 | 4.1 % | 3.7 % | ||
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 fourth quarter 2024 results, management will host a conference call with members of the investment community today, Wednesday, February 26, 2025, 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 | ||||||
( | ||||||
December 31, | December 31, | |||||
Assets | ||||||
Cash and cash equivalents | ||||||
Restricted cash | 192,356 | 198,285 | ||||
Trade receivables | 68,073 | 73,667 | ||||
Flight equipment held for operating leases, net | 58,575,672 | 57,091,166 | ||||
Investment in finance leases, net | 1,208,585 | 1,254,451 | ||||
Flight equipment held for sale | 466,173 | 296,696 | ||||
Prepayments on flight equipment | 3,460,296 | 3,576,187 | ||||
Maintenance rights and lease premium, net | 2,129,993 | 2,729,962 | ||||
Other intangibles, net | 139,666 | 163,167 | ||||
Deferred tax assets | 261,004 | 275,756 | ||||
Associated companies | 1,128,894 | 971,517 | ||||
Other assets | 2,602,038 | 3,016,524 | ||||
Total Assets | ||||||
Liabilities and Equity | ||||||
Accounts payable, accrued expenses and other liabilities | ||||||
Accrued maintenance liability | 3,327,347 | 2,863,730 | ||||
Lessee deposit liability | 1,092,585 | 1,018,702 | ||||
Debt | 45,294,511 | 46,483,903 | ||||
Deferred tax liabilities | 2,767,874 | 2,526,120 | ||||
Total Liabilities | 54,257,144 | 54,685,513 | ||||
Ordinary share capital, | 2,558 | 2,676 | ||||
Additional paid-in capital | 5,809,276 | 6,594,556 | ||||
Treasury shares, at cost (17,760,514 and 13,050,571 ordinary shares as of December 31, 2024 and 2023, respectively) | (1,425,652) | (819,305) | ||||
Accumulated other comprehensive income | 42,683 | 8,304 | ||||
Accumulated retained earnings | 12,755,758 | 10,802,599 | ||||
Total AerCap Holdings N.V. shareholders' equity | 17,184,623 | 16,588,830 | ||||
Non-controlling interest | 209 | 216 | ||||
Total Equity | 17,184,832 | 16,589,046 | ||||
Total Liabilities and Equity | ||||||
AerCap Holdings N.V. | ||||||||||
Unaudited Consolidated Income Statements | ||||||||||
( | ||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Revenues and other income | ||||||||||
Lease revenue: | ||||||||||
Basic lease rents | ||||||||||
Maintenance rents and other receipts | 105,944 | 141,941 | 626,816 | 611,326 | ||||||
Total lease revenue | 1,724,628 | 1,718,255 | 7,003,997 | 6,860,320 | ||||||
Net gain on sale of assets | 259,968 | 94,263 | 651,142 | 489,620 | ||||||
Other income | 87,686 | 86,130 | 341,505 | 230,478 | ||||||
Total Revenues and other income | 2,072,282 | 1,898,648 | 7,996,644 | 7,580,418 | ||||||
Expenses | ||||||||||
Depreciation and amortization | 657,146 | 631,445 | 2,580,037 | 2,480,578 | ||||||
Net recoveries related to Ukraine Conflict | (168,067) | (614,093) | (194,750) | (1,287,972) | ||||||
Asset impairment | 16,964 | 50,315 | 49,766 | 86,855 | ||||||
Interest expense | 504,670 | 495,867 | 1,990,732 | 1,806,442 | ||||||
Loss on debt extinguishment | 5,968 | — | 13,450 | 4,097 | ||||||
Leasing expenses | 214,120 | 135,205 | 810,358 | 756,438 | ||||||
Selling, general and administrative expenses | 122,984 | 121,879 | 488,916 | 464,128 | ||||||
Total Expenses | 1,353,785 | 820,618 | 5,738,509 | 4,310,566 | ||||||
Gain on investments at fair value | 1,670 | 8,925 | 5,238 | 2,334 | ||||||
Income before income taxes and income of investments accounted for under the equity method | 720,167 | 1,086,955 | 2,263,373 | 3,272,186 | ||||||
Income tax expense | (92,507) | (39,038) | (323,704) | (291,056) | ||||||
Equity in net earnings of investments accounted for under the equity method | 43,559 | 58,778 | 158,956 | 166,715 | ||||||
Net income | ||||||||||
Net (income) loss attributable to non-controlling interest | (1) | (857) | 7 | (11,754) | ||||||
Net income attributable to AerCap Holdings N.V. | ||||||||||
Basic earnings per share | ||||||||||
Diluted earnings per share | ||||||||||
Weighted average shares outstanding—basic | 183,617,156 | 202,347,586 | 189,830,813 | 224,216,801 | ||||||
Weighted average shares outstanding—diluted | 188,361,755 | 205,969,098 | 194,489,171 | 227,656,343 | ||||||
AerCap Holdings N.V. | ||||||
Unaudited Consolidated Statements of Cash Flows | ||||||
( | ||||||
Year ended December 31, | ||||||
2024 | 2023 | |||||
Net income | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 2,580,037 | 2,480,578 | ||||
Net recoveries related to Ukraine Conflict | (194,750) | (1,269,471) | ||||
Asset impairment | 49,766 | 86,855 | ||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 223,649 | 253,003 | ||||
Maintenance rights write-off | 342,933 | 328,239 | ||||
Maintenance liability release to income | (163,405) | (203,440) | ||||
Net gain on sale of assets | (651,142) | (489,620) | ||||
Deferred tax expense | 250,504 | 280,069 | ||||
Share-based compensation | 111,140 | 97,058 | ||||
Collections of finance leases | 367,173 | 407,204 | ||||
Gain on investments at fair value | (5,238) | (2,334) | ||||
Loss on debt extinguishment | 13,450 | 4,097 | ||||
Other | 165,357 | (7,392) | ||||
Changes in operating assets and liabilities: | ||||||
Trade receivables | 5,852 | 56,442 | ||||
Other assets | 241,143 | (128,459) | ||||
Accounts payable, accrued expenses and other liabilities | 1,549 | 220,761 | ||||
Net cash provided by operating activities | 5,436,643 | 5,261,435 | ||||
Purchase of flight equipment | (5,062,507) | (4,662,680) | ||||
Proceeds from sale or disposal of assets | 2,674,974 | 2,121,507 | ||||
Prepayments on flight equipment | (1,553,851) | (1,569,706) | ||||
Cash proceeds from insurance claim settlements | 172,000 | 1,254,400 | ||||
Net proceeds from (issuances of) loans receivable | 72,458 | (300,329) | ||||
Other | (27,281) | (26,160) | ||||
Net cash used in investing activities | (3,724,207) | (3,182,968) | ||||
Issuance of debt | 7,641,379 | 6,550,992 | ||||
Repayment of debt | (8,799,950) | (6,568,370) | ||||
Debt issuance and extinguishment costs paid, net of debt premium received | (106,512) | (85,408) | ||||
Maintenance payments received | 920,932 | 817,229 | ||||
Maintenance payments returned | (248,017) | (201,474) | ||||
Security deposits received | 344,816 | 480,950 | ||||
Security deposits returned | (224,846) | (256,015) | ||||
Redemption of non-controlling interest and dividends paid to non-controlling interest holders | — | (112,034) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (1,520,320) | (2,637,589) | ||||
Dividends paid on ordinary shares | (139,991) | — | ||||
Net cash used in financing activities | (2,132,509) | (2,011,719) | ||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (420,073) | 66,748 | ||||
Effect of exchange rate changes | (3,811) | 1,948 | ||||
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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