AerCap Holdings N.V. Reports Strong Financial Results for Second Quarter 2024
AerCap Holdings N.V. (NYSE: AER) reported strong Q2 2024 financial results, with net income of $448 million ($2.28 per share) and adjusted net income of $592 million ($3.01 per share). The company is raising its full-year 2024 adjusted EPS guidance from $9.20 to $10.25. Highlights include:
- Return on equity of 11% and adjusted ROE of 14% for Q2 2024
- Agreement with Airbus to purchase 36 A320neo Family aircraft
- Adjusted debt/equity ratio of 2.4 to 1
- Initiated quarterly dividend of $0.25 per share
- Credit ratings upgraded by Moody's and S&P
- $345 million returned to shareholders through share repurchases
- Book value per share increased 25% YoY to $89.47
AerCap Holdings N.V. (NYSE: AER) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un utile netto di 448 milioni di dollari (2,28 dollari per azione) e un utile netto rettificato di 592 milioni di dollari (3,01 dollari per azione). L'azienda sta innalzando le previsioni di utile per azione rettificato per l'intero anno 2024 da 9,20 a 10,25 dollari. Tra i punti salienti:
- Rendimento del capitale proprio dell'11% e ROE rettificato del 14% per il secondo trimestre del 2024
- Accordo con Airbus per l'acquisto di 36 aerei della famiglia A320neo
- Rapporto debito/patrimonio netto rettificato di 2,4 a 1
- Inizio di un dividendo trimestrale di 0,25 dollari per azione
- Aggiornamento dei rating creditizi da parte di Moody's e S&P
- 345 milioni di dollari restituiti agli azionisti tramite riacquisti di azioni
- Valore contabile per azione aumentato del 25% su base annua a 89,47 dollari
AerCap Holdings N.V. (NYSE: AER) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un ingreso neto de 448 millones de dólares (2,28 dólares por acción) y un ingreso neto ajustado de 592 millones de dólares (3,01 dólares por acción). La compañía está aumentando su guía de EPS ajustado para todo el año 2024 de 9,20 a 10,25 dólares. Los puntos destacados incluyen:
- Retorno sobre el patrimonio del 11% y ROE ajustado del 14% para el segundo trimestre de 2024
- Acuerdo con Airbus para comprar 36 aviones de la familia A320neo
- Relación deuda/patrimonio ajustada de 2,4 a 1
- Inicio de un dividendo trimestral de 0,25 dólares por acción
- Calificaciones crediticias mejoradas por Moody's y S&P
- 345 millones de dólares devueltos a los accionistas mediante recompra de acciones
- Valor contable por acción aumentado un 25% interanual a 89,47 dólares
AerCap Holdings N.V. (NYSE: AER)는 2024년 2분기 강력한 재무 결과를 보고했습니다. 순이익 4억 4,800만 달러 (주당 2.28달러) 및 조정 후 순이익 5억 9,200만 달러 (주당 3.01달러)가 기록되었습니다. 이 회사는 2024년 전체 연간 조정 EPS 가이던스를 9.20달러에서 10.25달러로 상향 조정하고 있습니다. 주요 내용은 다음과 같습니다:
- 2024년 2분기 자기자본 수익률 11% 및 조정 후 ROE 14%
- Airbus와 36대의 A320neo 패밀리 항공기 구매 계약 체결
- 조정된 부채/자본 비율 2.4:1
- 주당 0.25달러의 분기 배당금 시작
- Moody's 및 S&P에 의해 신용 등급 상향 조정
- 주식 매입을 통해 주주에게 3억 4,500만 달러 환급
- 주당 장부가 89.47달러로 작년 대비 25% 증가
AerCap Holdings N.V. (NYSE: AER) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec un revenu net de 448 millions de dollars (2,28 dollars par action) et un revenu net ajusté de 592 millions de dollars (3,01 dollars par action). L'entreprise augmente ses prévisions de BPA ajusté pour l'année entière 2024 de 9,20 à 10,25 dollars. Les points forts incluent :
- Retour sur fonds propres de 11 % et ROE ajusté de 14 % pour le 2e trimestre 2024
- Accord avec Airbus pour l'achat de 36 avions de la famille A320neo
- Ratio dette/capitaux propres ajusté de 2,4 à 1
- Début d'un dividende trimestriel de 0,25 dollar par action
- Notations de crédit améliorées par Moody's et S&P
- 345 millions de dollars restitués aux actionnaires par le biais de rachats d'actions
- Valeur comptable par action augmentée de 25 % en glissement annuel à 89,47 dollars
AerCap Holdings N.V. (NYSE: AER) hat starke Finanzresultate für das 2. Quartal 2024 berichtet, mit einem Nettoeinkommen von 448 Millionen Dollar (2,28 Dollar pro Aktie) und einem bereinigten Nettoeinkommen von 592 Millionen Dollar (3,01 Dollar pro Aktie). Das Unternehmen erhöht seine gesamte Jahresprognose für 2024 für das bereinigte EPS von 9,20 auf 10,25 Dollar. Zu den Highlights gehören:
- Eigenkapitalrendite von 11% und bereinigte ROE von 14% für das 2. Quartal 2024
- Vereinbarung mit Airbus über den Kauf von 36 Flugzeugen der A320neo-Familie
- Bereinigtes Verhältnis von Schulden zu Eigenkapital von 2,4 zu 1
- Einführung einer quartalsweisen Dividende von 0,25 Dollar pro Aktie
- Kreditratings von Moody's und S&P heraufgestuft
- 345 Millionen Dollar durch Aktienrückkäufe an die Aktionäre zurückgegeben
- Buchwert pro Aktie um 25% im Jahresvergleich auf 89,47 Dollar gestiegen
- Net income increased to $448 million in Q2 2024
- Adjusted net income rose to $592 million in Q2 2024
- Full-year 2024 adjusted EPS guidance raised from $9.20 to $10.25
- Return on equity of 11% and adjusted ROE of 14% for Q2 2024
- Agreement with Airbus to purchase 36 A320neo Family aircraft
- Credit ratings upgraded by Moody's and S&P
- Initiated quarterly dividend of $0.25 per share
- Book value per share increased 25% YoY to $89.47
- $345 million returned to shareholders through share repurchases
- Net gain on sale of assets decreased 22% YoY to $129 million in Q2 2024
- Adjusted net interest margin decreased 4% YoY to $1,126 million in Q2 2024
- Interest expense increased 12% YoY to $478 million in Q2 2024
- Asset impairment charges increased to $28 million in Q2 2024 from $2 million in Q2 2023
Insights
AerCap's Q2 2024 results demonstrate robust financial performance and strategic positioning in the aviation leasing industry. The company reported net income of
Key financial metrics paint a picture of a company in solid financial health:
- Return on equity of
11% and adjusted return on equity of14% - Adjusted debt/equity ratio of 2.4 to 1
- Cash flow from operating activities of
$1.4 billion - Book value per share increase of
25% year-over-year to$89.47
The company's strategic moves, including the agreement with Airbus to purchase 36 A320neo Family aircraft and the initiation of a quarterly dividend of
However, investors should note the slight decrease in net spread and net spread less depreciation and amortization, which could indicate some pressure on margins. The effective tax rate increase from
Overall, AerCap's Q2 results and forward-looking statements suggest a positive outlook for the company, supported by a strong market position and strategic capital deployment.
AerCap's Q2 2024 results reflect the ongoing recovery and strength in the aviation leasing sector. The company's performance indicators suggest a robust demand for aircraft leasing services, which aligns with the broader industry trends of air travel recovery and fleet modernization efforts by airlines globally.
Several key points stand out from an industry perspective:
- The agreement with Airbus for 36 A320neo Family aircraft, to be leased to Spirit Airlines, indicates continued demand for fuel-efficient narrow-body aircraft - a trend that's been accelerating post-pandemic.
- The unlevered gain on sale margin of
20% for assets sold in Q2, or 1.7x book value on an equity basis, suggests strong secondary market demand for aircraft assets. - The average age of AerCap's owned aircraft fleet at 7.4 years (4.7 years for new technology aircraft) demonstrates a focus on maintaining a young, efficient fleet - a key competitive advantage in the leasing market.
- The average remaining contracted lease term of 7.4 years provides good visibility on future revenues and underscores the long-term nature of aircraft leasing contracts.
The increase in basic lease rents and maintenance rents indicates a healthy leasing market, although the slight decrease in net gain on asset sales compared to the previous year warrants attention. This could be due to changes in the mix of assets sold or evolving market conditions for certain aircraft types.
AerCap's portfolio of 3,492 aircraft, engines and helicopters positions it well to capitalize on diverse market opportunities across different segments of the aviation industry. The company's ability to maintain a strong market position and financial performance amidst ongoing industry challenges speaks to its resilience and strategic management.
AerCap's Q2 2024 results offer valuable insights into broader market trends within the aviation and leasing sectors. The company's performance serves as a barometer for the health of the global aviation industry and provides clues about future market dynamics.
Key market insights derived from the results include:
- The positive industry environment mentioned by CEO Aengus Kelly suggests continued recovery in air travel demand, supporting the leasing market.
- The increase in other income, primarily driven by higher interest income, reflects the broader trend of rising interest rates affecting the financial sector.
- The company's average cost of debt increased from
3.4% to3.8% year-over-year, mirroring the global trend of increasing borrowing costs. - The initiation of a quarterly dividend signals confidence in sustained cash flow generation, a trend observed across mature companies in various sectors.
The agreement with Spirit Airlines for new aircraft deliveries in 2027 and 2028 indicates long-term planning and optimism about future air travel demand. This aligns with industry forecasts predicting continued growth in passenger numbers over the coming years.
AerCap's strong performance and market position, as evidenced by the credit rating upgrades, suggest that well-capitalized and efficiently managed companies in the aviation sector are thriving despite broader economic uncertainties. This could lead to further industry consolidation as stronger players capitalize on their advantages.
The company's focus on shareholder returns through dividends and share repurchases (
- Net income for the second quarter of 2024 was
$448 million $2.28 - Adjusted net income for the second quarter of 2024 was
$592 million $3.01 - Raising full year adjusted earnings per share guidance from approximately
$9.20 $10.25
"In an industry environment that has remained positive, AerCap continued to produce strong results in the second quarter. We were pleased to receive credit rating upgrades from Moody's and S&P reflecting the company's best-in-class performance. We continue to actively deploy capital for growth opportunities and to return capital through share repurchases and dividends to our shareholders. As a result of our outperformance during the first half of the year and our positive outlook going forward, we have raised our earnings guidance for the full year," said Aengus Kelly, Chief Executive Officer of AerCap.
Highlights:
- Return on equity of
11% and adjusted return on equity of14% for the second quarter of 2024. - Entered into an agreement with Airbus in July 2024 to purchase 36 A320neo Family aircraft, to be leased to Spirit Airlines upon delivery in 2027 and 2028.
- Adjusted debt/equity ratio of 2.4 to 1 as of June 30, 2024.
- Initiated quarterly dividend of
$0.25 - Ratings upgraded to Baa1 by Moody's and BBB+ by S&P; outlook revised to positive by Fitch.
- Unlevered gain on sale margin of
20% for assets sold in the second quarter of 2024, or 1.7x book value on an equity basis. - Cash flow from operating activities of
$1.4 billion - Book value per share of
$89.47 25% from June 30, 2023. - Returned
$345 million $88.66 - Increased full year 2024 adjusted earnings per share guidance from approximately
$9.20 $10.25
Revenue and Net Spread
Three Months Ended June 30, | Six months ended June 30, | |||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | |||||||
( | ( | |||||||||||
Lease revenue: | ||||||||||||
Basic lease rents | 0 % | 2 % | ||||||||||
Maintenance rents and other receipts | 180 | 156 | 15 % | 359 | 343 | 5 % | ||||||
Total lease revenue | 1,748 | 1,717 | 2 % | 3,512 | 3,441 | 2 % | ||||||
Net gain on sale of assets | 129 | 166 | (22 %) | 289 | 265 | 9 % | ||||||
Other income | 81 | 41 | 98 % | 175 | 83 | 111 % | ||||||
Total Revenues and other income | 2 % | 5 % | ||||||||||
Basic lease rents were
Maintenance rents and other receipts were
Net gain on sale of assets for the second quarter of 2024 was
Other income for the second quarter of 2024 was
Three Months Ended June 30, | Six months ended June 30, | ||||||||||
2024 | 2023 | % increase/ (decrease) | 2024 | 2023 | % increase/ (decrease) | ||||||
( | ( | ||||||||||
Basic lease rents | 0 % | 2 % | |||||||||
Adjusted for: | |||||||||||
Amortization of lease premium/deficiency | 32 | 41 | (20 %) | 66 | 84 | (21 %) | |||||
Basic lease rents excluding amortization of lease premium/ deficiency | 0 % | 1 % | |||||||||
Interest expense | 478 | 427 | 12 % | 970 | 864 | 12 % | |||||
Adjusted for: | |||||||||||
Mark-to-market of interest rate derivatives | (5) | 3 | NA | (8) | (11) | (27 %) | |||||
Interest expense excluding mark-to-market of interest rate derivatives | 474 | 430 | 10 % | 962 | 853 | 13 % | |||||
Adjusted net interest margin (*) | (4 %) | (3 %) | |||||||||
Depreciation and amortization | (636) | (616) | 3 % | (1,270) | (1,226) | 4 % | |||||
Adjusted net interest margin, less depreciation and amortization | (12 %) | (11 %) | |||||||||
Average lease assets (*) | 1 % | 2 % | |||||||||
Annualized net spread (*) | 7.5 % | 7.9 % | 7.5 % | 7.8 % | |||||||
Annualized net spread less depreciation and amortization (*) | 3.3 % | 3.7 % | 3.3 % | 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 June 30, | Six months ended June 30, | ||||||||||
2024 | 2023 | % increase/ | 2024 | 2023 | % increase/ | ||||||
( | ( | ||||||||||
Selling, general and administrative expenses (excluding share-based compensation expenses) | (5 %) | 3 % | |||||||||
Share-based compensation expenses | 32 | 22 | 48 % | 58 | 49 | 18 % | |||||
Selling, general and administrative expenses | 5 % | 7 % | |||||||||
Selling, general and administrative expenses were
Other Expenses
Asset impairment charges were
Effective Tax Rate
AerCap's effective tax rate was
Book Value Per Share
June 30, 2024 | June 30, 2023 | |||
( | ||||
Total AerCap Holdings N.V. shareholders' equity | ||||
Ordinary shares outstanding | 195,159,322 | 232,505,493 | ||
Unvested restricted stock | (4,975,247) | (4,233,182) | ||
Ordinary shares outstanding (excl. unvested restricted stock) | 190,184,075 | 228,272,311 | ||
Book value per ordinary share outstanding (excl. unvested restricted stock) | ||||
Dividend paid per ordinary share | — | |||
Financial Position
June 30, 2024 | December 31, 2023 | % increase/ (decrease) over December 31, 2023 | ||||
( | ||||||
Total cash, cash equivalents and restricted cash | (12 %) | |||||
Total assets | 71,107 | 71,275 | 0 % | |||
Debt | 45,697 | 46,484 | (2 %) | |||
Total liabilities | 54,090 | 54,686 | (1 %) | |||
Total AerCap Holdings N.V. shareholders' equity | 17,016 | 16,589 | 3 % | |||
Flight Equipment
As of June 30, 2024, AerCap's portfolio consisted of 3,492 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company's owned aircraft fleet as of June 30, 2024 was 7.4 years (4.7 years for new technology aircraft, 14.5 years for current technology aircraft) and the average remaining contracted lease term was 7.4 years.
Dividend
In July 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 June 30, 2024 | Six months ended June 30, 2024 | |||||||
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 (*) | 169 | 0.86 | 255 | 1.28 | ||||
Net recoveries related to Ukraine Conflict | — | — | (23) | (0.11) | ||||
Income tax effect of above adjustments | (25) | (0.13) | (35) | (0.18) | ||||
Adjusted net income / earnings per share | ||||||||
Average AerCap Holdings N.V. shareholders' equity | ||||||||
Return on equity | 11 % | 12 % | ||||||
Adjusted return on equity | 14 % | 15 % | ||||||
(*) 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
June 30, 2024 | December 31, 2023 | ||||
( | |||||
Debt | |||||
Adjusted for: | |||||
Cash and cash equivalents | (1,436) | (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 June 30, | ||||
2024 | 2023 | |||
( | ||||
Interest expense | ||||
Adjusted for: | ||||
Mark-to-market on interest rate derivatives | (5) | 3 | ||
Debt issuance costs, upfront fees and other impacts | (33) | (38) | ||
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 | 3.8 % | 3.4 % | ||
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 second quarter 2024 results, management will host a conference call with members of the investment community today, Thursday, August 1, 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 | ||||||
( | ||||||
June 30, 2024 | December 31, 2023 | |||||
Assets | ||||||
Cash and cash equivalents | ||||||
Restricted cash | 176,203 | 198,285 | ||||
Trade receivables | 49,512 | 73,667 | ||||
Flight equipment held for operating leases, net | 57,515,152 | 57,091,166 | ||||
Investment in finance leases, net | 1,276,639 | 1,254,451 | ||||
Flight equipment held for sale | 104,891 | 296,696 | ||||
Prepayments on flight equipment | 3,799,172 | 3,576,187 | ||||
Maintenance rights and lease premium, net | 2,411,180 | 2,729,962 | ||||
Other intangibles, net | 150,728 | 163,167 | ||||
Deferred tax assets | 273,298 | 275,756 | ||||
Associated companies | 1,039,709 | 971,517 | ||||
Other assets | 2,874,145 | 3,016,524 | ||||
Total Assets | ||||||
Liabilities and Equity | ||||||
Accounts payable, accrued expenses and other liabilities | ||||||
Accrued maintenance liability | 2,979,269 | 2,863,730 | ||||
Lessee deposit liability | 1,007,927 | 1,018,702 | ||||
Debt | 45,697,189 | 46,483,903 | ||||
Deferred tax liabilities | 2,683,354 | 2,526,120 | ||||
Total Liabilities | 54,090,240 | 54,685,513 | ||||
Ordinary share capital | ||||||
December 31, 2023; 204,543,739 and 215,543,739 ordinary shares issued and 195,159,322 and 202,493,168 | ||||||
ordinary shares outstanding (including 4,975,247 and 4,561,249 shares of unvested restricted stock) as of | ||||||
June 30, 2024 and December 31, 2023, respectively | 2,558 | 2,676 | ||||
Additional paid-in capital | 5,780,955 | 6,594,556 | ||||
Treasury shares, at cost (9,384,417 and 13,050,571 ordinary shares as of June 30, 2024 and | ||||||
December 31, 2023, respectively) | (644,954) | (819,305) | ||||
Accumulated other comprehensive income | 75,406 | 8,304 | ||||
Accumulated retained earnings | 11,802,243 | 10,802,599 | ||||
Total AerCap Holdings N.V. shareholders' equity | 17,016,208 | 16,588,830 | ||||
Non-controlling interest | 213 | 216 | ||||
Total Equity | 17,016,421 | 16,589,046 | ||||
Total Liabilities and Equity | ||||||
AerCap Holdings N.V. | |||||||||
Unaudited Consolidated Income Statements | |||||||||
( | |||||||||
Three Months Ended June 30, | Six months ended June 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Revenues and other income | |||||||||
Lease revenue: | |||||||||
Basic lease rents | |||||||||
Maintenance rents and other receipts | 180,036 | 156,014 | 359,496 | 343,156 | |||||
Total lease revenue | 1,747,562 | 1,717,382 | 3,512,653 | 3,441,187 | |||||
Net gain on sale of assets | 129,459 | 165,909 | 289,039 | 265,449 | |||||
Other income | 81,124 | 41,090 | 174,541 | 83,467 | |||||
Total Revenues and other income | 1,958,145 | 1,924,381 | 3,976,233 | 3,790,103 | |||||
Expenses | |||||||||
Depreciation and amortization | 636,419 | 615,604 | 1,269,897 | 1,226,121 | |||||
Net recoveries related to Ukraine Conflict | — | (13,964) | (22,749) | (28,072) | |||||
Asset impairment | 27,686 | 2,098 | 30,356 | 36,433 | |||||
Interest expense | 478,282 | 427,376 | 969,797 | 863,598 | |||||
Loss on debt extinguishment | 7,008 | 790 | 7,020 | 3,851 | |||||
Leasing expenses | 172,791 | 229,238 | 321,405 | 455,247 | |||||
Selling, general and administrative expenses | 125,333 | 119,737 | 244,625 | 230,341 | |||||
Total Expenses | 1,447,519 | 1,380,879 | 2,820,351 | 2,787,519 | |||||
(Loss) gain on investments at fair value | (18,207) | (5,259) | (4,684) | 3,986 | |||||
Income before income taxes and income of investments | |||||||||
accounted for under the equity method | 492,419 | 538,243 | 1,151,198 | 1,006,570 | |||||
Income tax expense | (76,346) | (75,747) | (170,455) | (141,341) | |||||
Equity in net earnings of investments accounted for under the equity method | 32,094 | 34,374 | 71,634 | 66,918 | |||||
Net income | |||||||||
Net (income) loss attributable to non-controlling interest | (1) | (3,976) | 3 | (7,148) | |||||
Net income attributable to AerCap Holdings N.V. | |||||||||
Basic earnings per share | |||||||||
Diluted earnings per share | |||||||||
Weighted average shares outstanding - basic | 192,515,755 | 231,318,582 | 194,144,800 | 235,321,261 | |||||
Weighted average shares outstanding - diluted | 196,881,272 | 232,866,512 | 198,514,778 | 237,204,222 | |||||
AerCap Holdings N.V. | ||||||
Unaudited Consolidated Statements of Cash Flows | ||||||
( | ||||||
Six months ended June 30, | ||||||
2024 | 2023 | |||||
Net income | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 1,269,897 | 1,226,121 | ||||
Net recoveries related to Ukraine Conflict | (22,749) | (15,072) | ||||
Asset impairment | 30,356 | 36,433 | ||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 116,181 | 130,723 | ||||
Maintenance rights write-off | 184,118 | 214,821 | ||||
Maintenance liability release to income | (112,413) | (145,006) | ||||
Net gain on sale of assets | (289,039) | (265,449) | ||||
Deferred tax expense | 148,777 | 145,085 | ||||
Share-based compensation | 57,668 | 48,669 | ||||
Collections of finance leases | 203,113 | 233,812 | ||||
Loss (gain) on investments at fair value | 4,684 | (3,986) | ||||
Loss on debt extinguishment | 7,020 | 3,851 | ||||
Other | (4,719) | (16,089) | ||||
Changes in operating assets and liabilities: | ||||||
Trade receivables | 24,305 | 65,486 | ||||
Other assets | 165,557 | (56,712) | ||||
Accounts payable, accrued expenses and other liabilities | (50,620) | 21,762 | ||||
Net cash provided by operating activities | 2,784,513 | 2,556,596 | ||||
Purchase of flight equipment | (2,177,406) | (2,290,042) | ||||
Proceeds from sale or disposal of assets | 1,527,481 | 944,798 | ||||
Prepayments on flight equipment | (1,077,429) | (789,408) | ||||
Net proceeds from (issuances of) loans receivable | 34,136 | (95,880) | ||||
Other | 803 | (20,756) | ||||
Net cash used in investing activities | (1,692,415) | (2,251,288) | ||||
Issuance of debt | 2,796,670 | 2,327,579 | ||||
Repayment of debt | (3,579,662) | (2,590,220) | ||||
Debt issuance and extinguishment costs paid, net of debt premium received | (37,165) | (35,627) | ||||
Maintenance payments received | 442,130 | 378,292 | ||||
Maintenance payments returned | (178,364) | (109,522) | ||||
Security deposits received | 122,433 | 193,524 | ||||
Security deposits returned | (105,500) | (114,150) | ||||
Dividend paid to non-controlling interest holders | — | (6,055) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (722,974) | (790,013) | ||||
Dividends paid on ordinary shares | (41,806) | — | ||||
Net cash used in financing activities | (1,304,238) | (746,192) | ||||
Net decrease in cash, cash equivalents and restricted cash | (212,140) | (440,884) | ||||
Effect of exchange rate changes | (1,091) | 1,101 | ||||
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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