- Record net income for the full year 2023 of $3.1 billion, or $13.78 per share, and $1.1
billion, or $5.37 per share,
for the fourth quarter of 2023.
- Record adjusted net income for the full year 2023 of
$2.4 billion, or $10.73 per share, and $641
million, or $3.11 per share,
for the fourth quarter of 2023.
- Returned $2.6 billion to
shareholders in 2023. New $500
million share repurchase authorization announced
today.
DUBLIN, Feb. 23,
2024 /PRNewswire/ -- AerCap Holdings N.V. (NYSE:
AER), the industry leader across all areas of aviation leasing,
today reported record financial results for the fourth quarter and
full year of 2023 ended December 31,
2023.
Aengus Kelly, Chief Executive Officer of AerCap, said: "We
are pleased to announce another record quarter for AerCap,
completing a record year for our company across many fronts. These
results reflect the continued strong operating environment across
our businesses and the positive momentum for leasing and sales of
aircraft, engines and helicopters. In addition, this quarter we
collected over $600 million of
insurance settlements, for a total of $1.3
billion collected during 2023. This strong performance is a
testament to the talent, dedication and commitment of the entire
AerCap team and our industry leadership. Given the strong tailwinds
that we see for demand for aircraft, engines and helicopters, we
are confident about the outlook for AerCap in 2024 and
beyond."
Highlights:
- Return on equity of 27% and adjusted return on equity of 16%
for the fourth quarter of 2023.
- Book value per share of $83.81 as
of December 31, 2023, an increase of
approximately 25% from December 31,
2022.
- Unlevered gain on sale margin of 18% for assets sold in the
fourth quarter of 2023, or 1.62x book value on an equity
basis.
- Cash flow from operating activities of $1.4 billion for the fourth quarter of 2023,
bringing the total for the full year 2023 to $5.3 billion.
- Recovered $1.3 billion in cash
insurance settlement proceeds to date, including $609 million in the fourth quarter of 2023.
- Returned $2.6 billion to
shareholders through the repurchase of 44.3 million shares during
2023, at an average price of $59.09
per share.
- Following a successful secondary offering of 30.7 million
shares in the fourth quarter of 2023, GE has now sold all of its
AerCap shares.
- Adjusted debt/equity ratio of 2.47 to 1 as of December 31, 2023.
Revenue and Net Spread
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
2023
|
|
2022
|
|
% increase/
(decrease)
|
|
2023
|
|
2022
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$1,576
|
|
$1,494
|
|
6 %
|
|
$6,249
|
|
$5,982
|
|
4 %
|
Maintenance rents and other receipts
|
|
142
|
|
140
|
|
1 %
|
|
611
|
|
549
|
|
11 %
|
Total lease
revenue
|
|
1,718
|
|
1,634
|
|
5 %
|
|
6,860
|
|
6,531
|
|
5 %
|
Net gain on sale of
assets
|
|
94
|
|
121
|
|
(22 %)
|
|
490
|
|
229
|
|
114 %
|
Other income
|
|
86
|
|
74
|
|
17 %
|
|
231
|
|
254
|
|
(9 %)
|
Total Revenues and
other income
|
|
$1,899
|
|
$1,829
|
|
4 %
|
|
$7,580
|
|
$7,014
|
|
8 %
|
Basic lease rents were $1,576
million for the fourth quarter of 2023, compared with
$1,494 million for the same period in
2022. Basic lease rents for the fourth quarter of 2023 were
impacted by $40 million of lease
premium amortization.
Maintenance rents and other receipts were $142 million for the fourth quarter of 2023,
compared with $140 million for the
same period in 2022. Maintenance rents for the fourth quarter of
2023 were impacted by $25 million as
a result of maintenance right assets that were amortized to
revenue.
Net gain on sale of assets for the fourth quarter of 2023 was
$94 million, relating to 35 assets
sold for $625 million, compared with
$121 million for the same period in
2022, relating to 83 assets sold for $1
billion. The decrease was primarily due to the volume and
composition of asset sales.
Other income for the fourth quarter of 2023 was $86 million, compared with $74 million for the same period in 2022. The
increase was primarily driven by higher interest income.
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
2023
|
|
2022
|
|
% increase/
(decrease)
|
|
2023
|
|
2022
|
|
% increase/
(decrease)
|
|
|
(U.S. Dollars in
millions)
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$1,576
|
|
$1,494
|
|
6 %
|
|
$6,249
|
|
$5,982
|
|
4 %
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of lease
premium/deficiency
|
|
40
|
|
47
|
|
(14 %)
|
|
166
|
|
206
|
|
(19 %)
|
Basic lease rents
excluding amortization of lease premium/deficiency
|
|
$1,617
|
|
$1,541
|
|
5 %
|
|
$6,415
|
|
$6,188
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
496
|
|
420
|
|
18 %
|
|
1,806
|
|
1,592
|
|
13 %
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of interest rate caps and swaps
|
|
(19)
|
|
2
|
|
NA
|
|
(37)
|
|
69
|
|
NA
|
Interest expense
excluding mark-to-market of interest rate caps and swaps
|
|
477
|
|
423
|
|
13 %
|
|
1,770
|
|
1,661
|
|
7 %
|
Adjusted net
interest margin (*)
|
|
$1,140
|
|
$1,118
|
|
2 %
|
|
$4,645
|
|
$4,527
|
|
3 %
|
Depreciation and
amortization
|
|
(631)
|
|
(594)
|
|
6 %
|
|
(2,481)
|
|
(2,390)
|
|
4 %
|
Adjusted net
interest margin, less depreciation and amortization
|
|
$509
|
|
$524
|
|
(3 %)
|
|
$2,164
|
|
$2,137
|
|
1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average lease assets
(*)
|
|
$60,283
|
|
$59,009
|
|
2 %
|
|
$59,775
|
|
$59,745
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net spread
(*)
|
|
7.6 %
|
|
7.6 %
|
|
|
|
7.8 %
|
|
7.6 %
|
|
|
Annualized net
spread less depreciation and amortization (*)
|
|
3.4 %
|
|
3.6 %
|
|
|
|
3.6 %
|
|
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 $477 million for the
fourth quarter of 2023, compared with $423
million for the same period in 2022. AerCap's average cost
of debt was 3.7% for the fourth quarter of 2023 and 3.3% for the
same period in 2022, excluding debt issuance costs, upfront fees
and other impacts.
Recoveries Related to Ukraine Conflict
During the fourth quarter of 2023, we recognized recoveries
related to the Ukraine Conflict of $614 million, primarily
consisting of cash insurance settlement proceeds received from four
Russian airlines and their Russian insurers in settlement of our
insurance claims in respect of 50 aircraft and five spare engines
on lease to these airlines at the time of Russia's invasion of Ukraine in February
2022.
Selling, General and Administrative Expenses
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
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)
|
|
$95
|
|
$68
|
|
38 %
|
|
$367
|
|
$297
|
|
24 %
|
Share-based
compensation expenses
|
|
27
|
|
24
|
|
14 %
|
|
97
|
|
103
|
|
(6 %)
|
Selling, general and
administrative expenses
|
|
$122
|
|
$92
|
|
32 %
|
|
$464
|
|
$400
|
|
16 %
|
Selling, general and administrative expenses were $122 million for the fourth quarter of 2023,
compared with $92 million for the
same period in 2022. The increase was primarily driven by higher
compensation-related expenses and higher travel, IT and other
expenses.
Other Expenses
Leasing expenses were $135 million
for the fourth quarter of 2023, compared with $261 million for the same period in 2022. The
decrease in leasing expenses was primarily due to lower
amortization of maintenance rights and lease premium assets and
lower other leasing expenses recognized during the fourth quarter
of 2023, compared with the same period in 2022. Asset impairment
charges were $50 million for the
fourth quarter of 2023, compared with $53
million recorded for the same period in 2022. Asset
impairment charges recorded in the fourth quarter of 2023 related
to sales transactions and leasing transactions and were partially
offset by related maintenance revenue.
Effective Tax Rate
AerCap's effective tax rate for the full year 2023 was 8.9%,
compared with 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.
Book Value Per Share
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
(U.S. Dollars in
millions,
except share and per share data)
|
|
|
|
|
|
Total AerCap
Holdings N.V. shareholders' equity
|
|
$16,589
|
|
$16,118
|
|
|
|
|
|
Ordinary shares
outstanding
|
|
202,493,168
|
|
245,931,275
|
Unvested restricted
stock
|
|
(4,561,249)
|
|
(4,837,602)
|
Ordinary shares
outstanding (excl. unvested restricted stock)
|
|
197,931,919
|
|
241,093,673
|
|
|
|
|
|
Book value per
ordinary share outstanding (excl. unvested restricted
stock)
|
|
$83.81
|
|
$66.85
|
Financial Position
|
|
December 31,
2023
|
|
December 31,
2022
|
|
%
increase/
(decrease)
over
December 31,
2022
|
|
|
(U.S. Dollars in
millions)
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
|
$1,825
|
|
$1,757
|
|
4 %
|
Total assets
|
|
71,275
|
|
69,727
|
|
2 %
|
Debt
|
|
46,484
|
|
46,533
|
|
—
|
Total
liabilities
|
|
54,686
|
|
53,532
|
|
2 %
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
16,589
|
|
16,118
|
|
3 %
|
Total equity
|
|
16,589
|
|
16,195
|
|
2 %
|
|
|
|
|
|
|
|
Flight Equipment
As of December 31, 2023, AerCap's
portfolio consisted of 3,452 aircraft, engines and helicopters that
were owned, on order or managed. The average age of the company's
owned aircraft fleet as of December 31,
2023 was 7.3 years (4.5 years for new technology aircraft,
14.2 years for current technology aircraft) and the average
remaining contracted lease term was 7.3 years.
Share Repurchase Program
In February 2024, our Board of
Directors approved a new share repurchase program authorizing total
repurchases of up to $500 million of
AerCap ordinary shares through September 30,
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 and adjusted return
on equity
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 this measure in order
to assist investors in their understanding of the changes and
trends related to our earnings.
|
|
Three months ended
December 31, 2023
|
|
Year ended December
31, 2023
|
|
|
Net
income
|
|
Earnings
per
share
|
|
Net
income
|
|
Earnings
per
share
|
|
|
(U.S. Dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
Net earnings /
earnings per share
|
|
$1,106
|
|
$5.37
|
|
$3,136
|
|
$13.78
|
|
|
|
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
Net recoveries related
to Ukraine Conflict
|
|
(614)
|
|
(2.98)
|
|
(1,288)
|
|
(5.66)
|
Amortization of
maintenance rights and lease premium assets
recognized
under purchase accounting (*)
|
|
83
|
|
0.40
|
|
495
|
|
2.17
|
Income tax effect of
the above adjustments
|
|
66
|
|
0.32
|
|
99
|
|
0.43
|
|
|
|
|
|
|
|
|
|
Adjusted net income
/ earnings per share
|
|
$641
|
|
$3.11
|
|
$2,442
|
|
$10.73
|
|
|
|
|
|
|
|
|
|
Average AerCap
Holdings N.V. shareholders' equity
|
|
|
|
$16,441
|
|
|
|
$16,271
|
|
|
|
|
|
|
|
|
|
Return on
equity
|
|
|
|
27 %
|
|
|
|
19 %
|
|
|
|
|
|
|
|
|
|
Adjusted return on
equity
|
|
|
|
16 %
|
|
|
|
15 %
|
|
|
|
|
|
|
|
|
|
(*) Includes $40
million adjustment to basic lease rents, $25 million adjustment to
maintenance revenues and $18 million adjustment to leasing expenses
for the three months ended December 31, 2023, and $166 million
adjustment to basic lease rents, $122 million adjustment to
maintenance revenues and $208 million adjustment to leasing
expenses for the year ended December 31, 2023
|
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.
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
(U.S. Dollars in
millions,
except debt/equity ratio)
|
|
|
|
|
|
Debt
|
|
$46,484
|
|
$46,533
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
Cash and
cash equivalents
|
|
(1,627)
|
|
(1,597)
|
50% credit
for long-term subordinated debt
|
|
(1,125)
|
|
(1,125)
|
Adjusted
debt
|
|
$43,732
|
|
$43,811
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
$16,589
|
|
$16,195
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
50% credit
for long-term subordinated debt
|
|
1,125
|
|
1,125
|
Adjusted
equity
|
|
$17,714
|
|
$17,320
|
|
|
|
|
|
Adjusted debt/equity
ratio
|
|
2.47 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
December 31,
|
|
|
2023
|
|
2022
|
|
|
(U.S. Dollars in
millions)
|
Interest
expense
|
|
$496
|
|
$420
|
|
|
|
|
|
Adjusted
for:
|
|
|
|
|
Mark-to-market on
interest rate caps and swaps
|
|
(19)
|
|
2
|
Debt issuance costs,
upfront fees and other impacts
|
|
(37)
|
|
(34)
|
Interest expense,
excluding mark-to-market on interest rate caps and swaps, debt
issuance costs,
upfront
fees and other impacts
|
|
$440
|
|
$388
|
|
|
|
|
|
Average debt
balance
|
|
$47,043
|
|
$47,358
|
|
|
|
|
|
Average cost of
debt
|
|
3.7 %
|
|
3.3 %
|
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 2023 results,
management will host a conference call with members of the
investment community today, Friday, February
23, 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
(U.S./Canada) +1 929 477 0448 or
(International) +353 1 246 5638 and referencing code 3938679 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, 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 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 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 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; the
impact of current hostilities in the Middle East, or any escalation thereof, on the
aviation industry or our business; 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; 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; and disruptions and security breaches
affecting our information systems or the information systems of our
third-party providers.
As a result, we cannot assure you 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. 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
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,627,181
|
|
$1,597,147
|
|
|
Restricted
cash
|
|
198,285
|
|
159,623
|
|
|
Trade
receivables
|
|
73,667
|
|
132,202
|
|
|
Flight equipment held
for operating leases, net
|
|
57,091,166
|
|
55,220,809
|
|
|
Investment in finance
leases, net
|
|
1,254,451
|
|
1,356,072
|
|
|
Flight equipment held
for sale
|
|
296,696
|
|
292,808
|
|
|
Prepayments on flight
equipment
|
|
3,576,187
|
|
3,806,602
|
|
|
Maintenance rights and
lease premium, net
|
|
2,729,962
|
|
3,364,453
|
|
|
Other intangibles,
net
|
|
163,167
|
|
185,210
|
|
|
Deferred tax
assets
|
|
275,756
|
|
210,334
|
|
|
Associated
companies
|
|
971,517
|
|
811,219
|
|
|
Other assets
|
|
3,016,524
|
|
2,590,439
|
|
|
Total
Assets
|
|
$71,274,559
|
|
$69,726,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other liabilities
|
|
$1,793,058
|
|
$1,494,953
|
|
|
Accrued maintenance
liability
|
|
2,863,730
|
|
2,503,202
|
|
|
Lessee deposit
liability
|
|
1,018,702
|
|
806,655
|
|
|
Debt
|
|
46,483,903
|
|
46,532,960
|
|
|
Deferred tax
liabilities
|
|
2,526,120
|
|
2,194,098
|
|
|
Total
Liabilities
|
|
54,685,513
|
|
53,531,868
|
|
|
|
|
|
|
|
|
|
Ordinary share capital,
€0.01 par value, 450,000,000 ordinary shares authorized as of
December 31, 2023 and 2022;
|
|
|
|
|
|
|
215,543,739 and
250,347,345 ordinary shares issued and 202,493,168 and
245,931,275
|
|
|
|
|
|
|
ordinary shares
outstanding (including 4,561,249 and 4,837,602 shares of
unvested restricted stock) as of
|
|
|
|
|
|
|
December 31, 2023 and
2022, respectively
|
|
2,676
|
|
3,024
|
|
|
Additional paid-in
capital
|
|
6,594,556
|
|
8,586,034
|
|
|
Treasury shares, at
cost (13,050,571 and 4,416,070 ordinary shares as of December 31,
2023 and 2022, respectively)
|
|
(819,305)
|
|
(254,699)
|
|
|
Accumulated other
comprehensive income
|
|
8,304
|
|
108,226
|
|
|
Accumulated retained
earnings
|
|
10,802,599
|
|
7,674,922
|
|
|
Total AerCap Holdings
N.V. shareholders' equity
|
|
16,588,830
|
|
16,117,507
|
|
|
Non-controlling
interest
|
|
216
|
|
77,543
|
|
|
Total Equity
|
|
16,589,046
|
|
16,195,050
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
$71,274,559
|
|
$69,726,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V.
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Consolidated Income Statements
|
|
|
|
|
|
|
|
|
|
|
(U.S. Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$1,576,314
|
|
$1,493,556
|
|
$6,248,994
|
|
$5,981,812
|
|
|
Maintenance rents and
other receipts
|
|
141,941
|
|
140,499
|
|
611,326
|
|
548,734
|
|
|
Total lease
revenue
|
|
1,718,255
|
|
1,634,055
|
|
6,860,320
|
|
6,530,546
|
|
|
Net gain on sale of
assets
|
|
94,263
|
|
121,227
|
|
489,620
|
|
228,930
|
|
|
Other income
|
|
86,130
|
|
73,515
|
|
230,478
|
|
254,074
|
|
|
Total Revenues and
other income
|
|
1,898,648
|
|
1,828,797
|
|
7,580,418
|
|
7,013,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
631,445
|
|
593,715
|
|
2,480,578
|
|
2,389,807
|
|
|
Net (recoveries)
charges related to Ukraine Conflict
|
|
(614,093)
|
|
(46,930)
|
|
(1,287,972)
|
|
2,665,651
|
|
|
Asset
impairment
|
|
50,315
|
|
53,114
|
|
86,855
|
|
96,591
|
|
|
Interest
expense
|
|
495,867
|
|
420,282
|
|
1,806,442
|
|
1,591,870
|
|
|
(Gain) loss on debt
extinguishment
|
|
—
|
|
(4,099)
|
|
4,097
|
|
(2,041)
|
|
|
Leasing
expenses
|
|
135,205
|
|
260,898
|
|
756,438
|
|
823,600
|
|
|
Selling, general and
administrative expenses
|
|
121,879
|
|
91,864
|
|
464,128
|
|
399,530
|
|
|
Transaction and
integration-related expenses
|
|
—
|
|
3,088
|
|
—
|
|
33,286
|
|
|
Total
Expenses
|
|
820,618
|
|
1,371,932
|
|
4,310,566
|
|
7,998,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on
investments at fair value
|
|
8,925
|
|
2,466
|
|
2,334
|
|
(17,676)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and income of investments
|
|
|
|
|
|
|
|
|
|
|
accounted for
under the equity method
|
|
1,086,955
|
|
459,331
|
|
3,272,186
|
|
(1,002,420)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(39,038)
|
|
141
|
|
(291,056)
|
|
164,097
|
|
|
Equity in net earnings
of investments accounted for under the equity method
|
|
58,778
|
|
38,141
|
|
166,715
|
|
117,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$1,106,695
|
|
$497,613
|
|
$3,147,845
|
|
($721,158)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to non-controlling interest
|
|
(857)
|
|
(2,606)
|
|
(11,754)
|
|
(4,883)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to AerCap Holdings N.V.
|
|
$1,105,838
|
|
$495,007
|
|
$3,136,091
|
|
($726,041)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$5.47
|
|
$2.05
|
|
$13.99
|
|
($3.02)
|
|
|
Diluted earnings (loss)
per share
|
|
$5.37
|
|
$2.04
|
|
$13.78
|
|
($3.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic
|
|
202,347,586
|
|
241,065,826
|
|
224,216,801
|
|
240,486,849
|
|
|
Weighted average shares
outstanding - diluted
|
|
205,969,098
|
|
242,857,553
|
|
227,656,343
|
|
240,486,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings
N.V.
|
|
|
|
|
|
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$3,147,845
|
|
($721,158)
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,480,578
|
|
2,389,807
|
|
|
Net (recoveries)
charges related to Ukraine Conflict
|
|
(1,269,471)
|
|
2,922,350
|
|
|
Asset
impairment
|
|
86,855
|
|
96,591
|
|
|
Amortization of debt
issuance costs, debt discount, debt premium and lease
premium
|
|
253,003
|
|
338,032
|
|
|
Maintenance rights
write-off
|
|
328,239
|
|
389,852
|
|
|
Maintenance liability
release to income
|
|
(203,440)
|
|
(203,490)
|
|
|
Net gain on sale of
assets
|
|
(489,620)
|
|
(228,930)
|
|
|
Deferred tax expense
(benefit)
|
|
280,069
|
|
(9,586)
|
|
|
Share-based
compensation
|
|
97,058
|
|
102,848
|
|
|
Collections of finance
leases
|
|
407,204
|
|
630,427
|
|
|
(Gain) loss on
investments at fair value
|
|
(2,334)
|
|
17,676
|
|
|
Loss (gain) on debt
extinguishment
|
|
4,097
|
|
(2,041)
|
|
|
Other
|
|
(7,392)
|
|
(161,933)
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
|
56,442
|
|
39,162
|
|
|
Other
assets
|
|
(128,459)
|
|
113,374
|
|
|
Accounts
payable, accrued expenses and other liabilities
|
|
220,761
|
|
(542,019)
|
|
|
Net cash provided by
operating activities
|
|
5,261,435
|
|
5,170,962
|
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
|
(4,662,680)
|
|
(3,480,074)
|
|
|
Proceeds from sale or
disposal of assets
|
|
2,121,507
|
|
1,635,777
|
|
|
Prepayments on flight
equipment
|
|
(1,569,706)
|
|
(391,498)
|
|
|
Cash proceeds from
insurance claim settlements
|
|
1,254,400
|
|
—
|
|
|
Net (disbursements)
proceeds from loans receivable
|
|
(300,329)
|
|
52,682
|
|
|
Other
|
|
(26,160)
|
|
22,614
|
|
|
Net cash used in
investing activities
|
|
(3,182,968)
|
|
(2,160,499)
|
|
|
|
|
|
|
|
|
|
Issuance of
debt
|
|
6,550,992
|
|
467,996
|
|
|
Repayment of
debt
|
|
(6,568,370)
|
|
(4,230,082)
|
|
|
Debt issuance and
extinguishment costs paid, net of debt premium received
|
|
(85,408)
|
|
379
|
|
|
Maintenance payments
received
|
|
817,229
|
|
779,824
|
|
|
Maintenance payments
returned
|
|
(201,474)
|
|
(245,294)
|
|
|
Security deposits
received
|
|
480,950
|
|
332,822
|
|
|
Security deposits
returned
|
|
(256,015)
|
|
(245,084)
|
|
|
Redemption of
non-controlling interest and dividends paid to non-controlling
interest holders
|
|
(112,034)
|
|
(3,957)
|
|
|
Repurchase of shares
and tax withholdings on share-based compensation
|
|
(2,637,589)
|
|
(17,419)
|
|
|
Net cash used in
financing activities
|
|
(2,011,719)
|
|
(3,160,815)
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
66,748
|
|
(150,352)
|
|
|
Effect of exchange rate
changes
|
|
1,948
|
|
(7,631)
|
|
|
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
|
|
$1,825,466
|
|
$1,756,770
|
|
|
|
|
|
|
|
|
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SOURCE AerCap Holdings N.V.