Amsterdam, Netherlands;
November 10, 2015
Highlights
-
306 aircraft transactions, including 86 widebody
aircraft, executed in the nine month period ended September 30,
2015.
-
99.7% fleet utilization rate for the third
quarter of 2015 and 5.9 years average remaining contracted lease
term as of September 30, 2015.
-
Commitments to purchase 458 aircraft, as of
September 30, 2015, with scheduled delivery dates through 2022.
Approximately 80% of aircraft purchases delivering through December
2018 are leased under a lease contract or letter of intent on an
average 12-year lease term.
-
Completed the sale of a $0.6 billion
ten-aircraft portfolio which included eight widebody
aircraft.
-
$6.4 billion of available liquidity as of
September 30, 2015.
-
In October 2015, we completed the offering of
$1.0 billion senior unsecured notes due 2020 which was upsized from
initial launch size of $0.4 billion.
Aengus Kelly, CEO of
AerCap, commented: "We are delighted to be
reporting industry leading earnings in a sector with very resilient
fundamentals. AerCap's strong growth profile, as well as the
efficiency of our platform, have contributed to adjusted basic
earnings per share of $4.82 for the nine months ended September 30,
2015, already exceeding the full year guidance of $4.00 announced
during the ILFC acquisition.
Demand
for the most modern and fuel efficient narrowbody aircraft remains
strong and we continue to see stable values and demand for widebody
aircraft types. Approximately 80% of our orderbook through December
2018 has already been placed and we continue to see the growing
demand for operating leases globally."
Third
Quarter 2015 Financial Results
-
Adjusted net income of $328.0 million, compared
with $294.0 million for the same period in 2014. Adjusted basic earnings per share of $1.66, compared
with $1.39 for the same period in 2014. Increases in adjusted net income and earnings per share over the
third quarter of 2014 were driven primarily by gain on sale of
assets partially offset by lower earnings from investments
accounted for under the equity method. The gain in earnings per
share was also driven by lower outstanding shares as a result of
share repurchases completed in the second quarter of 2015.
-
Reported net income of $293.9 million, compared
with $333.8 million for the same period in 2014. Reported basic earnings per share of $1.49, compared
with $1.57 for the same period in 2014. Decreases in reported net income and earnings per share over the
third quarter of 2014 were driven primarily by lower than average
maintenance rights related expenses during 2014.
-
Debt/equity ratio of 3.1 to 1 as of September
30, 2015 compared to 3.5 to 1 as of September 30, 2014, reflecting
our commitment to deleveraging post the ILFC Transaction.
Net
Income/Earnings Per Share
Set
forth below are the details to reconcile reported net income to adjusted
net income, including the specific adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
|
(US dollars
in millions except per share amounts) |
|
(US dollars
in millions except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$293.9 |
|
$333.8 |
|
(12%) |
|
$914.5 |
|
$512.2 |
|
79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps, net of tax |
|
9.3 |
|
0.4 |
|
2,225% |
|
16.0 |
|
10.4 |
|
54% |
Transaction and integration related expenses, net of tax |
|
2.3 |
|
12.6 |
|
(82%) |
|
7.1 |
|
119.8 |
|
(94%) |
Maintenance rights related expenses, net of tax |
|
22.5 |
|
(52.8) |
|
NA |
|
56.1 |
|
(83.6) |
|
NA |
Adjusted net income |
|
$328.0 |
|
$294.0 |
|
12% |
|
$993.7 |
|
$558.8 |
|
78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share - basic |
|
$1.66 |
|
$1.39 |
|
20% |
|
$4.82 |
|
$3.41 |
|
41% |
Third
quarter 2015 adjusted net income increased 12%
over the same period in 2014 and third quarter 2015 adjusted earnings per share increased 20% over the same
period in 2014. The increases were driven primarily by gain on sale
of assets and, in the case of earnings per share, lower outstanding
shares as a result of share repurchases completed in the second
quarter of 2015. Third quarter 2015 reported
net income and reported earnings per share
were impacted by the same drivers in addition to the adjustments in
the table above.
Adjusted net income reflects, among other
items, expensing the maintenance rights asset over the remaining
economic life of the aircraft as compared to expensing this asset
during the remaining lease term as reflected in reported net income. The maintenance rights asset
represents the difference between the actual physical condition of
the former ILFC aircraft at the acquisition date and the value
based on the contractual return conditions in the lease contracts.
We believe adjusted net income may further assist investors in
their understanding of our operational and financial performance.
The difference in the two methods has no economic impact as it is
non-cash and equalizes over time. Refer to Notes Regarding
Financial Information Presented in This Press Release for details
relating to the adjustments.
Revenue and Net Spread
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
|
(US dollars
in millions) |
|
(US dollars
in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents |
|
$1,164.6 |
|
$1,172.3 |
|
(1%) |
|
$3,487.0 |
|
$2,123.8 |
|
64% |
Maintenance rents and other receipts |
|
81.1 |
|
43.7 |
|
86% |
|
219.1 |
|
86.9 |
|
152% |
Lease
revenue |
|
1,245.7 |
|
1,216.0 |
|
2% |
|
3,706.1 |
|
2,210.7 |
|
68% |
Net
gain on sale of assets |
|
51.6 |
|
2.8 |
|
1,743% |
|
139.9 |
|
11.7 |
|
1,096% |
Other
income |
|
25.5 |
|
26.1 |
|
(2%) |
|
103.5 |
|
76.5 |
|
35% |
Total Revenues and other income |
|
$1,322.8 |
|
$1,244.9 |
|
6% |
|
$3,949.5 |
|
$2,298.9 |
|
72% |
Basic
lease rents were $1,164.6 million for the third quarter of 2015,
compared with $1,172.3 million for the same period in 2014. The
decrease was driven primarily by the extension of leases prior to
their contracted redelivery dates. The accounting for extensions
requires the remaining rental payments to be recorded on a
straight-line basis over the remaining months of the original lease
plus the extension period. This results in a decrease in basic
lease rents during the remaining months of the original lease which
will be offset by an increase in basic lease rents during the
extension period. Our average lease assets for the third quarter of
2015 were $36.4 billion, compared with $35.8 billion for the same
period in 2014.
Net
gain on sale of assets for the third quarter of 2015 was $51.6
million, relating to 12 aircraft, compared with a net gain of $2.8
million, relating to six older aircraft, for the same period in
2014. During the third quarter of 2015, we also parted-out one
aircraft and reclassified one aircraft to a finance lease, which
had no impact on net gain on sale of assets.
Other
income for the third quarter of 2015 was $25.5 million, compared
with $26.1 million for the same period in 2014.
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
|
(US dollars
in millions) |
|
(US dollars
in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents |
|
$1,164.6 |
|
$1,172.3 |
|
(1%) |
|
$3,487.0 |
|
$2,123.8 |
|
64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
282.9 |
|
265.4 |
|
7% |
|
825.5 |
|
500.0 |
|
65% |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps |
|
(10.6) |
|
(0.5) |
|
2,055% |
|
(18.2) |
|
(11.9) |
|
53% |
Adjusted interest expense |
|
272.3 |
|
264.9 |
|
3% |
|
807.3 |
|
488.1 |
|
65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin, or net spread |
|
$892.3 |
|
$907.4 |
|
(2%) |
|
$2,679.7 |
|
$1,635.7 |
|
64% |
As
shown in the table above, adjusted interest expense was $272.3
million in the third quarter of 2015, a 3% increase compared with
the same period in 2014. Net spread was $892.3 million in the third
quarter of 2015, a 2% decrease compared with the same period in
2014.
Selling, General and Administrative Expenses
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
2015 |
|
2014 |
|
% increase/
(decrease) |
|
|
(US dollars
in millions) |
|
(US dollars
in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$66.1 |
|
$70.3 |
|
(6%) |
|
$202.5 |
|
$139.2 |
|
45% |
Share-based compensation expenses |
|
25.1 |
|
25.7 |
|
(2%) |
|
75.2 |
|
43.2 |
|
74% |
Total selling, general and administrative
expenses |
|
$91.2 |
|
$96.0 |
|
(5%) |
|
$277.7 |
|
$182.4 |
|
52% |
The
decrease in selling, general, and administrative expenses, period
over period, reflects realized synergies after the ILFC
Transaction.
Effective Tax Rate
AerCap's blended effective tax rate during the third quarter of
2015 was 13.5%. The blended effective tax rate for the year ended
December 31, 2014 was 15.0%. The decrease in our effective tax rate
is driven primarily by the transfer of aircraft and substantial
business operations from the United States to Ireland. The blended
effective tax rate in any year is impacted by the source and amount
of earnings among AerCap's different tax jurisdictions.
Financial Position
|
|
September 30,
2015 |
|
December 31,
2014 |
|
% increase/
(decrease) over
December 31,
2014 |
|
|
(US dollars
in millions except d/e ratio) |
|
|
|
|
|
|
|
Total
cash (incl. restricted |
|
$1,686.1 |
|
$2,207.8 |
|
(24%) |
Total
lease assets (*) |
|
35,906.4 |
|
36,034.9 |
|
(0%) |
Total
assets |
|
43,202.1 |
|
43,867.4 |
|
(2%) |
Debt |
|
29,321.2 |
|
30,402.4 |
|
(4%) |
Total
liabilities |
|
35,065.8 |
|
35,924.8 |
|
(2%) |
Total
equity |
|
8,136.3 |
|
7,942.5 |
|
2% |
Adjusted debt (**) |
|
27,269.7 |
|
28,412.0 |
|
(4%) |
Adjusted equity (**) |
|
8,886.3 |
|
8,442.5 |
|
5% |
Debt/equity ratio |
|
3.1 to 1 |
|
3.4 to 1 |
|
(9%) |
|
|
|
|
|
|
|
(*) Includes flight equipment held for operating lease,
net investment in finance and sales-type leases and maintenance
rights intangible asset |
(**) Refer to Notes Regarding Financial Information
Presented in This Press Release for details relating to the
adjustments |
As of
September 30, 2015, AerCap's portfolio consisted of 1,725 aircraft
that were owned, on order, under contract or managed (including
aircraft owned by AerDragon, a non-consolidated joint venture). The
average age of the owned fleet as of September 30, 2015 was 7.7
years and the average remaining contracted lease term was 5.9
years.
Notes Regarding Financial
Information Presented in This Press Release
The
financial information presented in this press release is not
audited.
The
following is a definition of non-GAAP measures used in this press
release. We believe these measures may further assist investors in
their understanding of our operational performance.
Adjusted net income and adjusted earnings per
share. These measures are determined by adding non-cash charges
relating to gains and losses created by a mark-to-market of our
interest rate caps and swaps, an adjustment for maintenance rights
related expense, and transaction and integration related expenses,
in each case during the applicable period and net of tax, to GAAP
net income. The average number of shares is based on a daily
average.
We use
interest rate caps and swaps to allow us to benefit from decreasing
interest rates and protect against the negative impact of rising
interest rates on our floating rate debt. Management determines the
appropriate level of caps in any period with reference to the mix
of floating and fixed cash flows from our lease, debt and other
contracts. We do not apply hedge accounting to our interest rate
caps and some of our swaps. As a result, we recognize the change in
fair value of these interest rate caps and swaps in our income
statement during each period.
In
connection with the ILFC transaction, we have recognized
maintenance rights intangible assets associated with existing
leases on the legacy ILFC aircraft and we are expensing these
assets during the remaining lease terms. The adjustment for
maintenance rights related expense represents the difference
between expensing the maintenance rights intangible assets
on a more accelerated basis during the
remaining lease terms (as in the Company's reported net income) as
compared to expensing these assets on a straight-line basis over
the remaining economic life of the aircraft (as in the Company's
adjusted net income).
In
addition, adjusted net income excludes the
following non-recurring charges:
-
Third quarter 2015 adjusted net income of $328.0
million excludes expenses relating to the ILFC transaction and
integration of $2.3 million, net of tax.
-
Adjusted net income of $993.7 million for the
nine months ended September 30, 2015 excludes expenses relating to
the ILFC transaction and integration of $7.1 million, net of
tax.
-
Third quarter 2014 adjusted net income of $294.0
million excludes expenses relating to the ILFC transaction and
integration of $12.6 million, net of tax.
-
Adjusted net income of $558.8 million for the
nine months ended September 30, 2014 excludes expenses relating to
the ILFC transaction and integration of $119.8 million, net of
tax.
In
addition to GAAP net income and earnings per share, we believe
these measures may further assist investors in their understanding
of our operational performance in relation to past and future
reporting periods. A reconciliation of adjusted net income to net income for the three and
nine months ended September 30, 2015 and 2014 is presented in a
table under the Net Income/Earnings Per Share section of this press
release.
Net interest margin, or net spread (refer to
second table under Revenue and Net Spread section of this press
release). This measure is the difference between basic lease
rents and interest expense, excluding the impact from the
mark-to-market of interest rate caps. We believe this measure may
further assist investors in their understanding of the changes and
trends related to the earnings of our leasing activities. This
measure reflects the impact from changes in the number of aircraft
leased, lease rates, utilization rates, as well as the impact from
changes in the amount of debt and interest rates.
Debt/equity ratio. This measure is the ratio
obtained by dividing adjusted debt by adjusted equity.
-
Adjusted debt means consolidated total debt less
cash and cash equivalents, and less a 50% equity credit with
respect to certain long-term subordinated debts.
-
Adjusted equity means total equity, plus the 50%
equity credit relating to the long-term subordinated debts.
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 in line with definitions under certain
of our debt covenants.
Conference Call
In
connection with the earnings release, management will host an
earnings conference call today, Tuesday, November 10, 2015, at 9:00
am Eastern Time. The call can be accessed live by dialing
(U.S./Canada) +1 646 254 3387 or (International) +31 20 716 8250
and referencing code 8440858 at least 5 minutes before start time,
or by visiting AerCap's website at www.aercap.com under "Investor
Relations."
The
webcast replay will be archived in the "Investor Relations" section
of the Company's website for one year.
For
further details and to register for this event please email:
aercap@instinctif.com.
For
further information, contact John Wikoff: +31 63 169 9430
(jwikoff@aercap.com) or Mark Walter (Instinctif Partners): +44 20
7457 2020 (aercap@instinctif.com).
About AerCap Holdings N.V.
AerCap
is the global leader in aircraft leasing with 1,725 owned, managed
or on order aircraft in its portfolio. AerCap has one of the most
attractive order books in the industry. AerCap serves over 200
customers in approximately 90 countries with comprehensive fleet
solutions, and provides part-out and engine leasing services
through its subsidiary, AeroTurbine. AerCap is listed on the New
York Stock Exchange (AER) and has its headquarters in Amsterdam
with offices in Dublin, Los Angeles, Shannon, Fort Lauderdale,
Miami, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse.
Forward-Looking Statements
This
press release contains certain statements, estimates and forecasts
with respect to future performance and events. These statements,
estimates and forecasts are "forward-looking statements". In some
cases, forward-looking statements can be identified by the use of
forward-looking terminology such as "may," "might," "should,"
"expect," "plan," "intend," "estimate," "anticipate," "believe,"
"predict," "potential" or "continue" or the negatives thereof or
variations thereon or similar terminology. All statements other
than statements of historical fact included in this press release
are forward-looking statements and are based on various underlying
assumptions and expectations and are subject to known and unknown
risks, uncertainties and assumptions, may include projections of
our future financial performance based on our growth strategies and
anticipated trends in our business. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied in the forward-looking
statements. As a result, there can be no assurance that the
forward-looking statements included in this press release will
prove to be accurate or correct. In light of these risks,
uncertainties and assumptions, the future performance or events
described in the forward-looking statements in this press release
might not occur. Accordingly, you should not rely upon
forward-looking statements as a prediction of actual results and we
do not assume any responsibility for the accuracy or completeness
of any of these forward-looking statements. 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.
Financial Statements Follow
The results of ILFC
have been consolidated in AerCap Holdings N.V.'s financial
statements as of May 14, 2014, the completion date of the
acquisition.
|
|
|
|
|
|
|
|
AerCap Holdings N.V. |
|
|
|
|
|
|
Unaudited Consolidated Balance Sheets |
|
|
|
|
|
|
(In
thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$1,301,492 |
|
$1,490,369 |
|
|
Restricted cash |
|
384,657 |
|
717,388 |
|
|
Trade
receivables |
|
178,520 |
|
160,412 |
|
|
Flight
equipment held for operating leases, net |
|
32,247,129 |
|
31,984,668 |
|
|
Maintenance rights intangible and lease premium, net |
|
3,406,062 |
|
3,906,026 |
|
|
Flight
equipment held for sale |
|
9,889 |
|
14,082 |
|
|
Net
investment in finance and sales-type leases |
|
436,063 |
|
347,091 |
|
|
Prepayments on flight equipment |
|
3,436,012 |
|
3,486,514 |
|
|
Other
intangibles, net |
|
499,817 |
|
523,709 |
|
|
Deferred income tax assets |
|
149,571 |
|
190,029 |
|
|
Other
assets |
|
1,152,875 |
|
1,047,092 |
|
|
Total Assets |
|
$43,202,087 |
|
$43,867,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities |
|
$1,141,038 |
|
$1,195,880 |
|
|
Accrued maintenance liability |
|
3,315,132 |
|
3,194,365 |
|
|
Lessee
deposit liability |
|
906,458 |
|
848,332 |
|
|
Debt |
|
29,321,208 |
|
30,402,392 |
|
|
Deferred income tax liabilities |
|
381,963 |
|
283,863 |
|
|
Total liabilities |
|
35,065,799 |
|
35,924,832 |
|
|
|
|
|
|
|
|
|
Ordinary share capital €0.01 par value (350,000,000 ordinary shares
authorized, 213,109,795 ordinary |
|
|
|
|
|
|
shares issued and 197,532,637 ordinary shares outstanding at
September 30, 2015 and 212,318,291 |
|
|
|
|
|
|
ordinary shares issued and outstanding at December 31, 2014) |
|
2,568 |
|
2,559 |
|
|
Additional paid-in capital |
|
5,598,512 |
|
5,557,627 |
|
|
Treasury shares (15,577,158 ordinary shares) |
|
(755,118) |
|
- |
|
|
Accumulated other comprehensive loss |
|
(6,539) |
|
(6,895) |
|
|
Accumulated retained earnings |
|
3,220,402 |
|
2,310,486 |
|
|
Total
AerCap Holdings N.V. shareholders' equity |
|
8,059,825 |
|
7,863,777 |
|
|
Non-controlling interest |
|
76,463 |
|
78,771 |
|
|
Total
Equity |
|
8,136,288 |
|
7,942,548 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$43,202,087 |
|
$43,867,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings N.V. |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Income Statements |
|
|
|
|
|
|
|
|
|
|
(In
thousands of U.S. Dollars, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
Lease
revenue |
|
$1,245,689 |
|
$1,216,016 |
|
$3,706,105 |
|
$2,210,733 |
|
|
Net
gain on sale of assets |
|
51,576 |
|
2,786 |
|
139,883 |
|
11,656 |
|
|
Other
income |
|
25,542 |
|
26,139 |
|
103,553 |
|
76,530 |
|
|
Total Revenues and other income |
|
1,322,807 |
|
1,244,941 |
|
3,949,541 |
|
2,298,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
459,669 |
|
456,672 |
|
1,371,284 |
|
823,716 |
|
|
Asset
impairment |
|
7,912 |
|
1,584 |
|
15,355 |
|
1,871 |
|
|
Interest expense |
|
282,855 |
|
265,375 |
|
825,474 |
|
500,039 |
|
|
Leasing expenses |
|
132,951 |
|
31,394 |
|
396,104 |
|
66,728 |
|
|
Transaction and integration related expenses |
|
2,623 |
|
14,386 |
|
8,099 |
|
136,863 |
|
|
Selling, general and administrative expenses |
|
91,191 |
|
96,011 |
|
277,729 |
|
182,398 |
|
|
Total Expenses |
|
977,201 |
|
865,422 |
|
2,894,045 |
|
1,711,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income
taxes and income |
|
|
|
|
|
|
|
|
|
|
of investments accounted for under the
equity method |
|
345,606 |
|
379,519 |
|
1,055,496 |
|
587,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(46,658) |
|
(65,374) |
|
(142,494) |
|
(102,781) |
|
|
Equity
in net (loss) earnings of investments accounted for under the
equity method |
|
(4,550) |
|
21,037 |
|
(542) |
|
27,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$294,398 |
|
$335,182 |
|
$912,460 |
|
$511,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(income) loss attributable to non-controlling interest |
|
(481) |
|
(1,341) |
|
2,061 |
|
501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to AerCap Holdings
N.V |
|
$293,917 |
|
$333,841 |
|
$914,521 |
|
$512,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
basic earnings per share |
|
$1.49 |
|
$1.57 |
|
$4.44 |
|
$3.13 |
|
|
Total
diluted earnings per share |
|
$1.48 |
|
$1.56 |
|
$4.38 |
|
$3.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
197,264,160 |
|
212,070,104 |
|
206,054,934 |
|
163,722,591 |
|
|
Weighted average shares outstanding - diluted |
|
199,215,352 |
|
214,398,654 |
|
208,568,730 |
|
166,095,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings N.V. |
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
(In
thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
Net
income |
|
$912,460 |
|
$511,723 |
|
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
1,371,284 |
|
823,716 |
|
|
Asset
impairment |
|
15,355 |
|
1,871 |
|
|
Amortization of debt issuance costs and debt discount |
|
34,322 |
|
74,284 |
|
|
Amortization of lease premium intangibles |
|
17,689 |
|
11,618 |
|
|
Amortization of fair value adjustment on debt |
|
(348,377) |
|
(208,510) |
|
|
Accretion of fair value adjustment on deposits and maintenance
liabilities |
|
59,215 |
|
44,809 |
|
|
Maintenance rights write off |
|
396,007 |
|
34,411 |
|
|
Maintenance liability release to income |
|
(78,769) |
|
(25,853) |
|
|
Net
gain on sale of assets |
|
(139,883) |
|
(11,656) |
|
|
Deferred income taxes |
|
138,558 |
|
98,114 |
|
|
Other |
|
88,230 |
|
64,596 |
|
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
Trade receivables |
|
(20,108) |
|
88,612 |
|
|
Other assets |
|
5,310 |
|
65,257 |
|
|
Accounts payable, accrued expenses and other liabilities |
|
(45,063) |
|
(99,002) |
|
|
Net cash provided by operating activities |
|
2,406,230 |
|
1,473,990 |
|
|
|
|
|
|
|
|
|
Purchase of flight equipment |
|
(2,029,973) |
|
(1,373,863) |
|
|
Proceeds from sale or disposal of assets |
|
1,086,513 |
|
487,555 |
|
|
Prepayments on flight equipment |
|
(643,499) |
|
(265,398) |
|
|
Acquisition of ILFC, net of cash acquired |
|
- |
|
(195,311) |
|
|
Collections of finance and sales-type leases |
|
40,388 |
|
28,900 |
|
|
Movement in restricted cash |
|
332,731 |
|
326,604 |
|
|
Other |
|
(46,400) |
|
- |
|
|
Net cash used in investing activities |
|
(1,260,240) |
|
(991,513) |
|
|
|
|
|
|
|
|
|
Issuance of debt |
|
2,725,275 |
|
4,453,455 |
|
|
Repayment of debt |
|
(3,441,730) |
|
(3,562,887) |
|
|
Debt
issuance costs paid |
|
(22,801) |
|
(111,190) |
|
|
Maintenance payments received |
|
576,282 |
|
367,146 |
|
|
Maintenance payments returned |
|
(415,698) |
|
(162,824) |
|
|
Security deposits received |
|
146,586 |
|
48,052 |
|
|
Security deposits returned |
|
(108,124) |
|
(62,448) |
|
|
Repurchase of shares and tax withholdings on share-based
compensation |
|
(792,473) |
|
- |
|
|
Net cash (used in) provided by financing
activities |
|
(1,332,683) |
|
969,304 |
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in cash and cash equivalents |
|
(186,693) |
|
1,451,781 |
|
|
Effect
of exchange rate changes on cash and cash equivalents |
|
(2,184) |
|
(3,001) |
|
|
Cash
and cash equivalents at beginning of period |
|
1,490,369 |
|
295,514 |
|
|
Cash and cash equivalents at end of
period |
|
$1,301,492 |
|
$1,744,294 |
|
|
|
|
|
|
|
|
For
Investors:
Keith Helming
Chief Financial Officer
+31 20 655 9670
khelming@aercap.com
For
Investors/Media:
John Wikoff
Investor Relations
+31 63 169 9430
jwikoff@aercap.com
AerCap 2015 Third Quarter
Earnings
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: AerCap Holdings N.V. via Globenewswire
HUG#1965665
Aercap Holdings NV (NYSE:AER)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aercap Holdings NV (NYSE:AER)
Historical Stock Chart
From Apr 2023 to Apr 2024