DUBLIN, March 30, 2022 /PRNewswire/ -- AerCap Holdings N.V. (NYSE: AER), the global leader in aviation leasing, today reported financial results for the fourth quarter of 2021 ended December 31, 2021.
Aengus Kelly, Chief Executive Officer of AerCap, said: "2021 was a milestone year for AerCap as we closed the GECAS transaction on November 1st. This transaction significantly enhanced and diversified our fleet, broadened our customer base and geographic reach, increased our product offering and added outstanding new talent - the combination of which we expect to lead to increased revenues, earnings and cash flows in the future. Notwithstanding the Ukraine invasion and the broad sanctions imposed against Russia, where we had approximately 5% of our fleet, we believe the continued recovery in air travel in many parts of the world puts AerCap on a positive trajectory heading into 2022."
Revenue and Net Spread
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2021 |
2020 |
% increase/ |
2021 |
2020 |
% increase/ |
|||||||
(U.S. Dollars in millions) |
(U.S. Dollars in millions) |
|||||||||||
Lease revenue: |
||||||||||||
Basic lease rents |
$1,283 |
$885 |
45% |
$3,891 |
$3,762 |
3% |
||||||
Maintenance rents and other receipts |
97 |
110 |
(12%) |
521 |
559 |
(7%) |
||||||
Total lease revenue |
1,380 |
995 |
39% |
4,412 |
4,321 |
2% |
||||||
Net gain on sale of assets |
25 |
14 |
74% |
89 |
90 |
0% |
||||||
Other income |
38 |
22 |
72% |
723 |
83 |
771% |
||||||
Total Revenues and other income |
$1,441 |
$1,032 |
40% |
$5,224 |
$4,494 |
16% |
Basic lease rents were $1,283 million for the fourth quarter of 2021, compared with $885 million for the same period in 2020. The increase was primarily due to the impact of the GECAS acquisition.
Maintenance rents and other receipts were $97 million for the fourth quarter of 2021, compared with $110 million for the same period in 2020. The decrease was primarily due to lower maintenance revenue recognized as a result of lease terminations during the fourth quarter of 2021.
Net gain on sale of assets for the fourth quarter of 2021 was $25 million, relating to 24 assets sold for $412 million, compared with $14 million for the same period in 2020, relating to 12 aircraft sold for $97 million. The increase was primarily due to the higher volume and composition of asset sales.
Other income for the fourth quarter of 2021 was $38 million, compared with $22 million for the same period in 2020. The increase was primarily due to the impact of the GECAS acquisition.
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2021 |
2020 |
% increase/ |
2021 |
2020 |
% increase/ |
|||||||
(U.S. Dollars in millions) |
(U.S. Dollars in millions) |
|||||||||||
Basic lease rents |
$1,283 |
$885 |
45% |
$3,891 |
$3,762 |
3% |
||||||
Interest expense |
370 |
311 |
19% |
1,230 |
1,248 |
(1%) |
||||||
Adjusted for: |
||||||||||||
Mark-to-market of interest rate caps and swaps |
9 |
— |
NA |
20 |
(14) |
NA |
||||||
Interest expense excluding mark-to-market of interest rate caps and swaps |
379 |
311 |
22% |
1,250 |
1,234 |
1% |
||||||
Net interest margin (*) |
$905 |
$575 |
57% |
$2,641 |
$2,528 |
4% |
||||||
Depreciation and amortization, including maintenance rights expense |
(557) |
(408) |
37% |
(1,745) |
(1,691) |
3% |
||||||
Net interest margin, less depreciation and amortization (*) |
$348 |
$167 |
108% |
$896 |
$837 |
7% |
||||||
Average lease assets (*) |
$54,110 |
$36,496 |
48% |
$40,646 |
$37,145 |
9% |
||||||
Annualized net spread (*) |
6.7% |
6.3% |
6.5% |
6.8% |
||||||||
Annualized net spread less depreciation and amortization (*) |
2.6% |
1.8% |
2.2% |
2.3% |
||||||||
(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures |
Interest expense excluding mark-to-market of interest rate caps and swaps was $379 million for the fourth quarter of 2021, compared with $311 million for the same period in 2020. AerCap's average cost of debt was 3.2% for the fourth quarter of 2021, compared with 3.8% for the same period in 2020, excluding debt issuance costs, upfront fees and other impacts.
Selling, General and Administrative Expenses
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2021 |
2020 |
% increase/ |
2021 |
2020 |
% increase/ |
|||||||
(U.S. Dollars in millions) |
(U.S. Dollars in millions) |
|||||||||||
Selling, general and administrative expenses |
$87 |
$44 |
98% |
$222 |
$173 |
28% |
||||||
Share-based compensation expenses |
32 |
20 |
63% |
96 |
69 |
39% |
||||||
Total selling, general and administrative expenses |
$119 |
$64 |
87% |
$318 |
$242 |
31% |
Selling, general and administrative expenses increased to $119 million for the fourth quarter of 2021, compared with $64 million for the same period in 2020. The increase was primarily driven by higher compensation-related expenses as a result of the GECAS acquisition.
Asset impairment charges were $6 million for the fourth quarter of 2021, compared to $27 million recorded for the same period in 2020. Asset impairment charges recorded in the fourth quarter of 2021 related to lease terminations and sales transactions and were more than offset by related maintenance revenue.
Leasing expenses were $162 million for the fourth quarter of 2021, compared with $91 million for the same period in 2020. The increase was primarily driven by an increase in our provision for expected credit losses.
Effective Tax Rate
AerCap's effective tax rate for the full year 2021 was 14.2%, compared with the effective tax rate of 5.5% for the full year 2020. 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.
The company's effective tax rate was 21.7% for the fourth quarter of 2021 and the fourth quarter of 2020. Our effective tax rate in any quarter can be impacted by revisions to the estimated full year rate.
Book Value Per Share
December 31, |
December 31, |
|||
(U.S. Dollars in millions, |
||||
Total AerCap Holdings N.V. shareholders' equity |
$16,571 |
$8,864 |
||
Ordinary shares outstanding |
245,395,448 |
130,398,538 |
||
Unvested restricted stock |
(5,822,811) |
(2,552,346) |
||
Ordinary shares outstanding (excl. unvested restricted stock) |
239,572,637 |
127,846,192 |
||
Book value per ordinary share outstanding (excl. unvested restricted stock) |
$69.17 |
$69.34 |
Financial Position
December 31, |
December 31, |
% increase/ (decrease) over December 31, |
||||
(U.S. Dollars in millions) |
||||||
Total cash, cash equivalents and restricted cash |
$1,915 |
$1,495 |
28% |
|||
Total assets |
74,570 |
42,048 |
77% |
|||
Debt |
50,205 |
28,742 |
75% |
|||
Total liabilities |
57,922 |
33,116 |
75% |
|||
Total AerCap Holdings N.V. shareholders' equity |
16,571 |
8,864 |
87% |
|||
Total equity |
16,647 |
8,932 |
86% |
|||
Aircraft Portfolio
As of December 31, 2021, AerCap's portfolio consisted of 3,701 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, 2021 was 7.1 years (3.4 years for new technology aircraft, 13.0 years for current technology aircraft) and the average remaining contracted lease term was 7.3 years.
Ukraine Conflict
In response to the Russian invasion of Ukraine on February 24, 2022, the United States, the European Union, the United Kingdom and other countries have imposed broad, far-reaching sanctions against Russia, certain Russian persons and certain activities involving Russia or Russian persons. These sanctions include prohibitions regarding the supply of aircraft and aircraft components to Russian persons or for use in Russia, subject to certain wind-down periods. AerCap intends to fully comply with all applicable sanctions and we have terminated the leasing of all our aircraft and engines with Russian airlines. As of December 31, 2021, approximately 5% of AerCap's fleet by net book value was on lease to Russian airlines. We continue to make efforts to repossess additional aircraft and engines from our former Russian airline customers, but it is unclear if we will be able to do so, or what the condition of these assets will be at the time of repossession. We expect to recognize an impairment on our assets in Russia that have not been returned to us as early as the first quarter of 2022, although we have not determined the amount of any impairment.
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 used in this press release. We believe these measures may further assist investors in their understanding of our operational performance.
Net income / earnings per share excluding GECAS transaction and integration-related expenses
Net income excluding GECAS transaction and integration-related expenses is calculated as net income excluding the after-tax impact of transaction and integration-related expenses. Earnings per share excluding GECAS transaction and integration-related expenses is calculated by dividing net income excluding GECAS transaction and integration-related expenses by the weighted average of our ordinary shares outstanding. Given the relative significance of this item during 2021, 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, 2021 |
Year ended December 31, 2021 |
|||||||
Net income |
Earnings per share |
Net income |
Earnings per share |
|||||
(U.S. Dollars in millions, except per share data) |
||||||||
Net income / earnings per share |
$89 |
$0.44 |
$1,001 |
$6.71 |
||||
Transaction and Integration-related expenses |
139 |
0.68 |
335 |
2.25 |
||||
Income tax effect |
(17) |
(0.09) |
(42) |
(0.28) |
||||
Net income / earnings per share excluding GECAS |
$211 |
$1.04 |
$1,294 |
$8.68 |
Adjusted debt/equity ratio
This measure is the ratio obtained by dividing adjusted debt by adjusted equity.
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, |
December 31, |
|||
(U.S. Dollars in millions, |
||||
Debt |
$50,205 |
$28,742 |
||
Adjusted for: |
||||
Cash and cash equivalents |
(1,729) |
(1,249) |
||
50% credit for long-term subordinated debt |
(1,125) |
(1,125) |
||
Adjusted debt |
$47,351 |
$26,368 |
||
Equity |
$16,647 |
$8,932 |
||
Adjusted for: |
||||
50% credit for long-term subordinated debt |
1,125 |
1,125 |
||
Adjusted equity |
$17,772 |
$10,057 |
||
Adjusted debt/equity ratio |
2.66 to 1 |
2.62 to 1 |
Net interest margin, annualized net spread, annualized net spread less depreciation and amortization and average cost of debt
Net interest margin is calculated as the difference between basic lease rents and interest expense, excluding the impact of the mark-to-market of interest rate caps and swaps. Annualized net spread is net interest margin expressed as a percentage of average lease assets. Annualized net spread less depreciation and amortization is net interest margin less depreciation and amortization, including maintenance rights expense, 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, divided by average debt balance. We believe these measures may further assist investors in their understanding of the changes and trends related to the earnings of our leasing activities. These measures reflect the impact from changes in the number of aircraft leased, lease rates and utilization rates, as well as the impact from changes in the amount of debt and interest rates.
Lease assets include flight equipment held for operating leases, flight equipment held for sale, net investment in finance leases and maintenance rights assets.
Conference Call
In connection with its report of fourth quarter 2021 results, management will host a conference call with members of the investment community today, Wednesday, March 30, 2022, 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 0402 or (International) +353 1 246 5638 and referencing code 8067205 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 ([email protected]).
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, Abu Dhabi, 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, including the impacts of, and associated responses to: the Covid-19 pandemic, our ability to successfully integrate GECAS' operations and employees and realize anticipated synergies and cost savings; and the potential impact of the consummation of the GECAS transaction on relationships, including with employees, suppliers, customers and competitors, 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, 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 and follow us on Twitter www.twitter.com/aercapnv.
AerCap HoldingsNV |
||||||
Unaudited Consolidated Balance Sheets |
||||||
(U.S. Dollars in thousands) |
||||||
December 31, |
December 31, |
|||||
Assets |
||||||
Cash and cash equivalents |
$1,728,794 |
$1,248,772 |
||||
Restricted cash |
185,959 |
246,518 |
||||
Trade receivables |
181,455 |
170,675 |
||||
Flight equipment held for operating leases, net |
57,825,056 |
35,156,450 |
||||
Investment in finance leases, net |
1,929,220 |
878,451 |
||||
Flight equipment held for sale |
304,362 |
— |
||||
Prepayments on flight equipment |
4,586,848 |
2,111,659 |
||||
Maintenance rights and lease premium, net |
4,444,520 |
649,914 |
||||
Other intangibles, net |
208,879 |
224,634 |
||||
Deferred tax assets |
121,571 |
131,532 |
||||
Associated companies |
705,087 |
122,654 |
||||
Other assets |
2,348,017 |
1,106,780 |
||||
Total Assets |
$74,569,768 |
$42,048,039 |
||||
Liabilities and Equity |
||||||
Accounts payable, accrued expenses and other liabilities |
$1,958,096 |
$1,109,325 |
||||
Accrued maintenance liability |
2,900,651 |
1,750,395 |
||||
Lessee deposit liability |
773,753 |
600,321 |
||||
Debt |
50,204,678 |
28,742,081 |
||||
Deferred tax liabilities |
2,085,230 |
913,431 |
||||
Total liabilities |
57,922,408 |
33,115,553 |
||||
Ordinary share capital €0.01 par value, 450,000,000 and 350,000,000 ordinary shares authorized as of December 31, |
||||||
2021 and 2020, respectively; 250,347,345 and 138,847,345 ordinary shares issued and 245,395,448 and |
||||||
130,598,538 ordinary shares outstanding (including 5,822,811 and 2,552,346 unvested restricted stock) as of |
||||||
December 31, 2021 and 2020, respectively |
3,024 |
1,721 |
||||
Additional paid-in capital |
8,522,694 |
2,078,125 |
||||
Treasury shares, at cost (4,951,897 and 8,448,807 ordinary shares as of December 31, 2021 and 2020, respectively) |
(285,901) |
(459,994) |
||||
Accumulated other comprehensive loss |
(79,335) |
(155,085) |
||||
Accumulated retained earnings |
8,410,261 |
7,399,703 |
||||
Total AerCap Holdings N.V. shareholders' equity |
16,570,743 |
8,864,470 |
||||
Non-controlling interest |
76,617 |
68,016 |
||||
Total Equity |
16,647,360 |
8,932,486 |
||||
Total Liabilities and Equity |
$74,569,768 |
$42,048,039 |
||||
AerCap HoldingsNV |
||||||||||
Unaudited Consolidated Income Statements |
||||||||||
(U.S. Dollars in thousands, except share and per share data) |
||||||||||
Three months ended December 31, |
Year ended December 31, |
|||||||||
2021 |
2020 |
2021 |
2020 |
|||||||
Revenues and other income |
||||||||||
Lease revenue: |
||||||||||
Basic rents |
$1,283,115 |
$885,333 |
$3,891,089 |
$3,761,611 |
||||||
Maintenance rents and other receipts |
96,662 |
110,143 |
520,914 |
559,395 |
||||||
Lease revenue |
1,379,777 |
995,476 |
4,412,003 |
4,321,006 |
||||||
Net gain on sale of assets |
24,547 |
14,099 |
89,428 |
89,618 |
||||||
Other income |
37,857 |
22,042 |
722,574 |
83,005 |
||||||
Total Revenues and other income |
1,442,181 |
1,031,617 |
5,224,005 |
4,493,629 |
||||||
Expenses |
||||||||||
Depreciation and amortization |
555,839 |
401,787 |
1,737,925 |
1,645,373 |
||||||
Asset impairment |
5,822 |
26,694 |
128,409 |
1,086,983 |
||||||
Interest expense |
369,549 |
310,534 |
1,230,466 |
1,248,225 |
||||||
Loss on debt extinguishment |
758 |
75,625 |
9,713 |
118,460 |
||||||
Leasing expenses |
161,961 |
91,453 |
319,022 |
323,535 |
||||||
Selling, general and administrative expenses |
119,269 |
63,746 |
317,888 |
242,161 |
||||||
Transaction and integration-related expenses |
139,432 |
— |
334,966 |
— |
||||||
Total Expenses |
1,352,630 |
969,839 |
4,078,389 |
4,664,737 |
||||||
Gain (loss) on investment at fair value |
2,608 |
(29,089) |
2,301 |
(143,510) |
||||||
Income (loss) before income taxes and income of investments |
||||||||||
accounted for under the equity method |
92,159 |
32,689 |
1,147,917 |
(314,618) |
||||||
Income tax (expense) benefit |
(20,010) |
(7,080) |
(162,537) |
17,231 |
||||||
Equity in net earnings of investments accounted for under the equity method |
18,348 |
2,861 |
24,051 |
2,464 |
||||||
Net income (loss) |
$90,497 |
$28,470 |
$1,009,431 |
($294,923) |
||||||
Net loss (income) attributable to non-controlling interest |
(1,687) |
8 |
(8,924) |
(3,643) |
||||||
Net income (loss) attributable to AerCap Holdings N.V. |
$88,810 |
$28,478 |
$1,000,507 |
($298,566) |
||||||
Basic earnings (loss) per share |
$0.44 |
$0.22 |
$6.83 |
($2.34) |
||||||
Diluted earnings (loss) per share |
$0.44 |
$0.22 |
$6.71 |
($2.34) |
||||||
Weighted average shares outstanding - basic |
200,825,881 |
127,662,360 |
146,421,188 |
127,743,828 |
||||||
Weighted average shares outstanding - diluted |
203,641,504 |
128,840,968 |
149,005,981 |
127,743,828 |
||||||
AerCap HoldingsNV |
||||||
Unaudited Consolidated Statements of Cash Flows |
||||||
(U.S. Dollars in thousands) |
||||||
Year ended December 31, |
||||||
2021 |
2020 |
|||||
Net income (loss) |
$1,009,431 |
($294,923) |
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||
Depreciation and amortization |
1,737,925 |
1,645,373 |
||||
Asset impairment |
128,409 |
1,086,983 |
||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium |
113,981 |
64,970 |
||||
Amortization of fair value adjustment on debt |
(16,977) |
(47,279) |
||||
Maintenance rights write-off |
138,780 |
133,015 |
||||
Maintenance liability release to income |
(273,146) |
(344,210) |
||||
Net gain on sale of assets |
(89,428) |
(89,618) |
||||
Deferred tax benefit |
(5,905) |
(20,882) |
||||
Share-based compensation |
96,087 |
69,187 |
||||
Collections of finance leases |
124,325 |
68,128 |
||||
(Gain) loss on investment at fair value |
(2,301) |
143,510 |
||||
Loss on debt extinguishment |
9,713 |
118,460 |
||||
Transaction and integration-related expenses |
186,474 |
— |
||||
Other |
61,212 |
252,350 |
||||
Changes in operating assets and liabilities: |
||||||
Trade receivables |
232,119 |
(128,188) |
||||
Other assets |
112,790 |
(400,316) |
||||
Accounts payable, accrued expenses and other liabilities |
130,333 |
(126,177) |
||||
Net cash provided by operating activities |
3,693,822 |
2,130,383 |
||||
Purchase of flight equipment |
(1,703,395) |
(778,547) |
||||
Proceeds from sale or disposal of assets |
796,613 |
471,437 |
||||
Prepayments on flight equipment |
(86,386) |
(405,178) |
||||
Acquisition of GECAS, net of cash acquired |
(22,493,195) |
— |
||||
Other |
27,427 |
— |
||||
Net cash used in investing activities |
(23,458,936) |
(712,288) |
||||
Issuance of debt |
26,496,660 |
10,946,333 |
||||
Repayment of debt |
(5,973,508) |
(11,560,015) |
||||
Debt issuance and extinguishment costs paid, net of debt premium received |
(422,260) |
(253,806) |
||||
Maintenance payments received |
448,516 |
345,699 |
||||
Maintenance payments returned |
(209,087) |
(412,492) |
||||
Security deposits received |
210,781 |
137,130 |
||||
Security deposits returned |
(290,758) |
(297,469) |
||||
Dividend paid to non-controlling interest holders and others |
(323) |
(2,935) |
||||
Repurchase of shares and tax withholdings on share-based compensation |
(76,220) |
(127,777) |
||||
Net cash provided by (used in) financing activities |
20,183,801 |
(1,225,332) |
||||
Net increase in cash, cash equivalents and restricted cash |
418,687 |
192,763 |
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
776 |
2,180 |
||||
Cash, cash equivalents and restricted cash at beginning of period |
1,495,290 |
1,300,347 |
||||
Cash, cash equivalents and restricted cash at end of period |
$1,914,753 |
$1,495,290 |
||||
SOURCE AerCap Holdings N.V.
ДУБЛИН, 30 марта 2022 года /PRNewswire/ -- AerCap Holdings N.V. (NYSE: AER), мировой лидер в области авиационного лизинга, сегодня отчиталась о финансовых результатах за четвертый квартал 2021 года, закончившийся 31 декабря 2021 года.
Энгус Келли, главный исполнительный директор AerCap, сказал: "2021 год стал знаковым для AerCap, поскольку мы закрыли сделку GECAS 1 ноября. Эта сделка значительно расширила и диверсифицировала наш автопарк, расширила нашу клиентскую базу и географию охвата, расширила ассортимент нашей продукции и добавила новых выдающихся талантов - сочетание которых, как мы ожидаем, приведет к увеличению доходов, прибыли и денежных потоков в будущем. Несмотря на вторжение в Украину и широкие санкции, введенные против России, где у нас было примерно 5% нашего авиапарка, мы считаем, что продолжающееся восстановление авиаперевозок во многих частях мира выводит AerCap на положительную траекторию в 2022 году".
Выручка и чистый спред
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2021 |
2020 |
% increase/ |
2021 |
2020 |
% increase/ |
|||||||
(U.S. Dollars in millions) |
(U.S. Dollars in millions) |
|||||||||||
Lease revenue: |
||||||||||||
Basic lease rents |
$1,283 |
$885 |
45% |
$3,891 |
$3,762 |
3% |
||||||
Maintenance rents and other receipts |
97 |
110 |
(12%) |
521 |
559 |
(7%) |
||||||
Total lease revenue |
1,380 |
995 |
39% |
4,412 |
4,321 |
2% |
||||||
Net gain on sale of assets |
25 |
14 |
74% |
89 |
90 |
0% |
||||||
Other income |
38 |
22 |
72% |
723 |
83 |
771% |
||||||
Total Revenues and other income |
$1,441 |
$1,032 |
40% |
$5,224 |
$4,494 |
16% |
Базовая арендная плата за четвертый квартал 2021 года составила 1283 миллиона долларов по сравнению с 885 миллионами долларов за аналогичный период 2020 года. Увеличение произошло в первую очередь из-за влияния приобретения GECAS.
Арендная плата за техническое обслуживание и другие поступления составили 97 миллионов долларов в четвертом квартале 2021 года по сравнению со 110 миллионами долларов за аналогичный период 2020 года. Снижение произошло в основном из-за снижения доходов от технического обслуживания, признанных в результате прекращения аренды в четвертом квартале 2021 года.
Чистая прибыль от продажи активов за четвертый квартал 2021 года составила 25 миллионов долларов, относящихся к 24 активам, проданным за 412 миллионов долларов, по сравнению с 14 миллионами долларов за аналогичный период 2020 года, относящимися к 12 самолетам, проданным за 97 миллионов долларов. Увеличение произошло в первую очередь за счет увеличения объема и структуры продаж активов.
Прочие доходы за четвертый квартал 2021 года составили 38 миллионов долларов по сравнению с 22 миллионами долларов за аналогичный период 2020 года. Увеличение произошло в первую очередь из-за влияния приобретения GECAS.
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2021 |
2020 |
% increase/ |
2021 |
2020 |
% increase/ |
|||||||
(U.S. Dollars in millions) |
(U.S. Dollars in millions) |
|||||||||||
Basic lease rents |
$1,283 |
$885 |
45% |
$3,891 |
$3,762 |
3% |
||||||
Interest expense |
370 |
311 |
19% |
1,230 |
1,248 |
(1%) |
||||||
Adjusted for: |
||||||||||||
Mark-to-market of interest rate caps and swaps |
9 |
— |
NA |
20 |
(14) |
NA |
||||||
Interest expense excluding mark-to-market of interest rate caps and swaps |
379 |
311 |
22% |
1,250 |
1,234 |
1% |
||||||
Net interest margin (*) |
$905 |
$575 |
57% |
$2,641 |
$2,528 |
4% |
||||||
Depreciation and amortization, including maintenance rights expense |
(557) |
(408) |
37% |
(1,745) |
(1,691) |
3% |
||||||
Net interest margin, less depreciation and amortization (*) |
$348 |
$167 |
108% |
$896 |
$837 |
7% |
||||||
Average lease assets (*) |
$54,110 |
$36,496 |
48% |
$40,646 |
$37,145 |
9% |
||||||
Annualized net spread (*) |
6.7% |
6.3% |
6.5% |
6.8% |
||||||||
Annualized net spread less depreciation and amortization (*) |
2.6% |
1.8% |
2.2% |
2.3% |
||||||||
(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures |
Процентные расходы без учета рыночных ограничений процентных ставок и свопов составили 379 миллионов долларов в четвертом квартале 2021 года по сравнению с 311 миллионами долларов за аналогичный период 2020 года. Средняя стоимость долга AerCap составила 3,2% в четвертом квартале 2021 года по сравнению с 3,8% за аналогичный период 2020 года, без учета затрат на выдачу долга, авансовых платежей и других последствий.
Коммерческие, общие и административные расходы
Three months ended December 31, |
Year ended December 31, |
|||||||||||
2021 |
2020 |
% increase/ |
2021 |
2020 |
% increase/ |
|||||||
(U.S. Dollars in millions) |
(U.S. Dollars in millions) |
|||||||||||
Selling, general and administrative expenses |
$87 |
$44 |
98% |
$222 |
$173 |
28% |
||||||
Share-based compensation expenses |
32 |
20 |
63% |
96 |
69 |
39% |
||||||
Total selling, general and administrative expenses |
$119 |
$64 |
87% |
$318 |
$242 |
31% |
Коммерческие, общие и административные расходы увеличились до 119 миллионов долларов в четвертом квартале 2021 года по сравнению с 64 миллионами долларов за аналогичный период 2020 года. Увеличение было обусловлено главным образом увеличением расходов, связанных с компенсацией, в результате приобретения GECAS.
Расходы на обесценение активов составили 6 миллионов долларов в четвертом квартале 2021 года по сравнению с 27 миллионами долларов, зарегистрированными за аналогичный период 2020 года. Расходы на обесценение активов, зафиксированные в четвертом квартале 2021 года, были связаны с прекращением аренды и операциями по продаже и были более чем компенсированы соответствующими доходами от технического обслуживания.
Расходы на лизинг составили 162 миллиона долларов в четвертом квартале 2021 года по сравнению с 91 миллионом долларов за аналогичный период 2020 года. Увеличение было в основном обусловлено увеличением нашего резерва на возможные потери по кредитам.
Эффективная Налоговая Ставка
Эффективная налоговая ставка AerCap за весь 2021 год составила 14,2% по сравнению с эффективной налоговой ставкой в 5,5% за весь 2020 год. На эффективную налоговую ставку влияют источник и размер прибыли в наших различных налоговых юрисдикциях, а также сумма постоянных налоговых разниц по отношению к доходу до налогообложения.
Эффективная налоговая ставка компании составила 21,7% в четвертом квартале 2021 года и четвертом квартале 2020 года. На нашу эффективную налоговую ставку в любом квартале могут повлиять изменения расчетной ставки за весь год.
Балансовая Стоимость Одной Акции
December 31, |
December 31, |
|||
(U.S. Dollars in millions, |
||||
Total AerCap Holdings N.V. shareholders' equity |
$16,571 |
$8,864 |
||
Ordinary shares outstanding |
245,395,448 |
130,398,538 |
||
Unvested restricted stock |
(5,822,811) |
(2,552,346) |
||
Ordinary shares outstanding (excl. unvested restricted stock) |
239,572,637 |
127,846,192 |
||
Book value per ordinary share outstanding (excl. unvested restricted stock) |
$69.17 |
$69.34 |
Финансовое положение
December 31, |
December 31, |
% increase/ (decrease) over December 31, |
||||
(U.S. Dollars in millions) |
||||||
Total cash, cash equivalents and restricted cash |
$1,915 |
$1,495 |
28% |
|||
Total assets |
74,570 |
42,048 |
77% |
|||
Debt |
50,205 |
28,742 |
75% |
|||
Total liabilities |
57,922 |
33,116 |
75% |
|||
Total AerCap Holdings N.V. shareholders' equity |
16,571 |
8,864 |
87% |
|||
Total equity |
16,647 |
8,932 |
86% |
|||
Портфель самолетов
По состоянию на 31 декабря 2021 года портфель AerCap состоял из 3701 самолета, двигателей и вертолетов, которые находились в собственности, по заказу или под управлением. Средний возраст парка воздушных судов, принадлежащих компании, по состоянию на 31 декабря 2021 года составлял 7,1 года (3,4 года для самолетов с новыми технологиями, 13,0 года для самолетов с современными технологиями), а средний оставшийся срок аренды по контракту составлял 7,3 года.
Конфликт на Украине
В ответ на российское вторжение в Украину 24 февраля 2022 года Соединенные Штаты, Европейский союз, Соединенное Королевство и другие страны ввели широкие, далеко идущие санкции против России, определенных российских лиц и определенных видов деятельности, связанных с Россией или российскими лицами. Эти санкции включают запреты на поставку самолетов и авиационных компонентов российским лицам или для использования в России с учетом определенных периодов свертывания. AerCap намерена полностью соблюдать все применимые санкции, и мы прекратили лизинг всех наших самолетов и двигателей у российских авиакомпаний. По состоянию на 31 декабря 2021 года примерно 5% парка воздушных судов AerCap по балансовой стоимости находилось в аренде у российских авиакомпаний. Мы продолжаем прилагать усилия для изъятия дополнительных самолетов и двигателей у наших бывших клиентов из российских авиакомпаний, но неясно, сможем ли мы это сделать или в каком состоянии будут эти активы на момент изъятия. Мы ожидаем признания обесценения наших активов в России, которые не были возвращены нам, уже в первом квартале 2022 года, хотя мы не определили сумму какого-либо обесценения.
Примечания, касающиеся Финансовой информации, Представленной в Настоящем Пресс-релизе
Финансовая информация, представленная в настоящем пресс-релизе, не проверялась.
Из-за округления цифры, представленные в этом документе, могут не соответствовать приведенным итоговым данным, а проценты могут неточно отражать абсолютные цифры.
Ниже приведены определения показателей, не относящихся к GAAP, используемых в этом пресс-релизе. Мы считаем, что эти меры могут еще больше помочь инвесторам в понимании наших операционных показателей.
Чистая прибыль / прибыль на акцию без учета расходов, связанных с транзакциями GECAS и интеграцией
Чистая прибыль без учета расходов, связанных с транзакциями GECAS и интеграцией, рассчитывается как чистая прибыль без учета влияния расходов, связанных с транзакциями и интеграцией, после налогообложения. Прибыль на акцию без учета операций GECAS и расходов, связанных с интеграцией, рассчитывается путем деления чистой прибыли без учета операций GECAS и расходов, связанных с интеграцией, на средневзвешенное количество наших обыкновенных акций в обращении. Учитывая относительную значимость этого пункта в течение 2021 года, мы решили представить эту меру, чтобы помочь инвесторам в их понимании изменений и тенденций, связанных с нашими доходами.
Three months ended December 31, 2021 |
Year ended December 31, 2021 |
|||||||
Net income |
Earnings per share |
Net income |
Earnings per share |
|||||
(U.S. Dollars in millions, except per share data) |
||||||||
Net income / earnings per share |
$89 |
$0.44 |
$1,001 |
$6.71 |
||||
Transaction and Integration-related expenses |
139 |
0.68 |
335 |
2.25 |
||||
Income tax effect |
(17) |
(0.09) |
(42) |
(0.28) |
||||
Net income / earnings per share excluding GECAS |
$211 |
$1.04 |
$1,294 |
$8.68 |
Скорректированное соотношение долга и собственного капитала
Этот показатель представляет собой коэффициент, полученный путем деления скорректированного долга на скорректированный собственный капитал.
Скорректированный долг и скорректированный собственный капитал корректируются с помощью 50%-ного кредита на собственный капитал, чтобы отразить характер этих соглашений о финансировании и предоставить информацию, соответствующую определениям в соответствии с некоторыми из наших обязательств по долговым обязательствам. Мы считаем, что эта мера может еще больше помочь инвесторам в понимании нашей структуры капитала и левереджа.
December 31, |
December 31, |
|||
(U.S. Dollars in millions, |
||||
Debt |
$50,205 |
$28,742 |
||
Adjusted for: |
||||
Cash and cash equivalents |
(1,729) |
(1,249) |
||
50% credit for long-term subordinated debt |
(1,125) |
(1,125) |
||
Adjusted debt |
$47,351 |
$26,368 |
||
Equity |
$16,647 |
$8,932 |
||
Adjusted for: |
||||
50% credit for long-term subordinated debt |
1,125 |
1,125 |
||
Adjusted equity |
$17,772 |
$10,057 |
||
Adjusted debt/equity ratio |
2.66 to 1 |
2.62 to 1 |
Чистая процентная маржа, чистый спред в годовом исчислении, чистый спред в годовом исчислении за вычетом износа и амортизации и средней стоимости долга
Чистая процентная маржа рассчитывается как разница между базовой арендной платой и процентными расходами, исключая влияние рыночных ограничений процентных ставок и свопов. Чистый спред в годовом исчислении - это чистая процентная маржа, выраженная в процентах от средних арендных активов. Чистый спред в годовом исчислении за вычетом износа и амортизации представляет собой чистую процентную маржу за вычетом износа и амортизации, включая расходы на права обслуживания, выраженную в процентах от средних арендных активов. Средняя стоимость долга рассчитывается как процентные расходы, исключая рыночную наценку на ограничение процентных ставок и свопы, деленную на средний остаток долга. Мы считаем, что эти меры могут еще больше помочь инвесторам в их понимании изменений и тенденций, связанных с доходами от нашей лизинговой деятельности. Эти показатели отражают влияние изменений в количестве арендованных воздушных судов, арендных ставках и коэффициентах использования, а также влияние изменений в размере задолженности и процентных ставках.
Арендные активы включают летное оборудование, предназначенное для операционной аренды, летное оборудование, предназначенное для продажи, чистые инвестиции в финансовую аренду и активы с правами на техническое обслуживание.
Конференц-связь
В связи со своим отчетом о результатах четвертого квартала 2021 года руководство проведет телефонную конференцию с представителями инвестиционного сообщества сегодня, в среду, 30 марта 2022 года, в 8:30 утра по восточному времени. Доступ к вызову можно получить в прямом эфире через веб-трансляцию на веб-сайте AerCap по адресу www.aercap.com в разделе "Инвесторы" или набрав номер (США/Канада) +1 929 477 0402 или (Международный) +353 1 246 5638 и ссылочный код 8067205 по крайней мере за 5 минут до начала.
Повтор веб-трансляции будет храниться в архиве в разделе "Инвесторы" на веб-сайте компании в течение одного года.
За дополнительной информацией обращайтесь к Джозефу Макгинли: +353 1 418 0428 ([email protected]).
AerCap - мировой лидер в области авиационного лизинга с одним из самых привлекательных портфелей заказов в отрасли. AerCap обслуживает около 300 клиентов по всему миру с помощью комплексных решений для автопарка. AerCap котируется на Нью-Йоркской фондовой бирже (AER) и базируется в Дублине с офисами в Шенноне, Майами, Сингапуре, Амстердаме, Шанхае, Абу-Даби, Сиэтле, Тулузе и других местах по всему миру.
Заявления о перспективах
Этот пресс-релиз содержит определенные заявления, оценки и прогнозы в отношении будущих результатов и событий. Эти заявления, оценки и прогнозы являются "прогнозными заявлениями". В некоторых случаях прогнозные заявления могут быть идентифицированы с помощью прогнозной терминологии, такой как "может", "может", "должен", "ожидать", "планировать", "намереваться", "будет", "цель", "оценить", "предвидеть," "верить", "предсказывать", "потенциально" или "продолжать" или их отрицательные стороны, или вариации на них, или аналогичная терминология. Все заявления, кроме заявлений об исторических фактах, включенных в этот пресс-релиз, являются заявлениями прогнозного характера и основаны на различных базовых допущениях и ожиданиях и подвержены известным и неизвестным рискам, неопределенностям и допущениям, и могут включать прогнозы наших будущих финансовых показателей, основанные на наших стратегиях роста и ожидаемых тенденциях в нашем бизнесе. Эти заявления являются лишь прогнозами, основанными на наших текущих ожиданиях и прогнозах относительно будущих событий. Существуют важные факторы, в том числе последствия и связанные с ними меры реагирования: пандемия Covid-19, наша способность успешно интегрировать операции и сотрудников GECAS и реализовать ожидаемые синергетические эффекты и экономию средств; и потенциальное влияние завершения транзакции GECAS на отношения, в том числе с сотрудниками, поставщиками, клиентами. и конкурентами, что может привести к тому, что наши фактические результаты, уровень активности, производительность или достижения будут существенно отличаться от результатов, уровня активности, производительности или достижений, выраженных или подразумеваемых в прогнозных заявлениях. В результате мы не можем заверить вас в том, что прогнозные заявления, включенные в этот пресс-релиз, окажутся точными или правильными. В свете этих рисков, неопределенностей и допущений будущие результаты или события, описанные в прогнозных заявлениях в этом пресс-релизе, могут не произойти. Соответственно, вы не должны полагаться на прогнозные заявления в качестве прогноза фактических результатов, и мы не несем никакой ответственности за точность или полноту любого из этих прогнозных заявлений. За исключением случаев, предусмотренных применимым законодательством, мы не берем на себя никаких обязательств и не будем обновлять какие-либо прогнозные заявления, будь то в результате новой информации, будущих событий или иным образом.
Для получения дополнительной информации об AerCap и для добавления в наш список рассылки по электронной почте, пожалуйста, посетите www.aercap.com и следите за нами в Твиттере www.twitter.com/aercapnv .
AerCap HoldingsNV |
||||||
Unaudited Consolidated Balance Sheets |
||||||
(U.S. Dollars in thousands) |
||||||
December 31, |
December 31, |
|||||
Assets |
||||||
Cash and cash equivalents |
$1,728,794 |
$1,248,772 |
||||
Restricted cash |
185,959 |
246,518 |
||||
Trade receivables |
181,455 |
170,675 |
||||
Flight equipment held for operating leases, net |
57,825,056 |
35,156,450 |
||||
Investment in finance leases, net |
1,929,220 |
878,451 |
||||
Flight equipment held for sale |
304,362 |
— |
||||
Prepayments on flight equipment |
4,586,848 |
2,111,659 |
||||
Maintenance rights and lease premium, net |
4,444,520 |
649,914 |
||||
Other intangibles, net |
208,879 |
224,634 |
||||
Deferred tax assets |
121,571 |
131,532 |
||||
Associated companies |
705,087 |
122,654 |
||||
Other assets |
2,348,017 |
1,106,780 |
||||
Total Assets |
$74,569,768 |
$42,048,039 |
||||
Liabilities and Equity |
||||||
Accounts payable, accrued expenses and other liabilities |
$1,958,096 |
$1,109,325 |
||||
Accrued maintenance liability |
2,900,651 |
1,750,395 |
||||
Lessee deposit liability |
773,753 |
600,321 |
||||
Debt |
50,204,678 |
28,742,081 |
||||
Deferred tax liabilities |
2,085,230 |
913,431 |
||||
Total liabilities |
57,922,408 |
33,115,553 |
||||
Ordinary share capital €0.01 par value, 450,000,000 and 350,000,000 ordinary shares authorized as of December 31, |
||||||
2021 and 2020, respectively; 250,347,345 and 138,847,345 ordinary shares issued and 245,395,448 and |
||||||
130,598,538 ordinary shares outstanding (including 5,822,811 and 2,552,346 unvested restricted stock) as of |
||||||
December 31, 2021 and 2020, respectively |
3,024 |
1,721 |
||||
Additional paid-in capital |
8,522,694 |
2,078,125 |
||||
Treasury shares, at cost (4,951,897 and 8,448,807 ordinary shares as of December 31, 2021 and 2020, respectively) |
(285,901) |
(459,994) |
||||
Accumulated other comprehensive loss |
(79,335) |
(155,085) |
||||
Accumulated retained earnings |
8,410,261 |
7,399,703 |
||||
Total AerCap Holdings N.V. shareholders' equity |
16,570,743 |
8,864,470 |
||||
Non-controlling interest |
76,617 |
68,016 |
||||
Total Equity |
16,647,360 |
8,932,486 |
||||
Total Liabilities and Equity |
$74,569,768 |
$42,048,039 |
||||
AerCap HoldingsNV |
||||||||||
Unaudited Consolidated Income Statements |
||||||||||
(U.S. Dollars in thousands, except share and per share data) |
||||||||||
Three months ended December 31, |
Year ended December 31, |
|||||||||
2021 |
2020 |
2021 |
2020 |
|||||||
Revenues and other income |
||||||||||
Lease revenue: |
||||||||||
Basic rents |
$1,283,115 |
$885,333 |
$3,891,089 |
$3,761,611 |
||||||
Maintenance rents and other receipts |
96,662 |
110,143 |
520,914 |
559,395 |
||||||
Lease revenue |
1,379,777 |
995,476 |
4,412,003 |
4,321,006 |
||||||
Net gain on sale of assets |
24,547 |
14,099 |
89,428 |
89,618 |
||||||
Other income |
37,857 |
22,042 |
722,574 |
83,005 |
||||||
Total Revenues and other income |
1,442,181 |
1,031,617 |
5,224,005 |
4,493,629 |
||||||
Expenses |
||||||||||
Depreciation and amortization |
555,839 |
401,787 |
1,737,925 |
1,645,373 |
||||||
Asset impairment |
5,822 |
26,694 |
128,409 |
1,086,983 |
||||||
Interest expense |
369,549 |
310,534 |
1,230,466 |
1,248,225 |
||||||
Loss on debt extinguishment |
758 |
75,625 |
9,713 |
118,460 |
||||||
Leasing expenses |
161,961 |
91,453 |
319,022 |
323,535 |
||||||
Selling, general and administrative expenses |
119,269 |
63,746 |
317,888 |
242,161 |
||||||
Transaction and integration-related expenses |
139,432 |
— |
334,966 |
— |
||||||
Total Expenses |
1,352,630 |
969,839 |
4,078,389 |
4,664,737 |
||||||
Gain (loss) on investment at fair value |
2,608 |
(29,089) |
2,301 |
(143,510) |
||||||
Income (loss) before income taxes and income of investments |
||||||||||
accounted for under the equity method |
92,159 |
32,689 |
1,147,917 |
(314,618) |
||||||
Income tax (expense) benefit |
(20,010) |
(7,080) |
(162,537) |
17,231 |
||||||
Equity in net earnings of investments accounted for under the equity method |
18,348 |
2,861 |
24,051 |
2,464 |
||||||
Net income (loss) |
$90,497 |
$28,470 |
$1,009,431 |
($294,923) |
||||||
Net loss (income) attributable to non-controlling interest |
(1,687) |
8 |
(8,924) |
(3,643) |
||||||
Net income (loss) attributable to AerCap Holdings N.V. |
$88,810 |
$28,478 |
$1,000,507 |
($298,566) |
||||||
Basic earnings (loss) per share |
$0.44 |
$0.22 |
$6.83 |
($2.34) |
||||||
Diluted earnings (loss) per share |
$0.44 |
$0.22 |
$6.71 |
($2.34) |
||||||
Weighted average shares outstanding - basic |
200,825,881 |
127,662,360 |
146,421,188 |
127,743,828 |
||||||
Weighted average shares outstanding - diluted |
203,641,504 |
128,840,968 |
149,005,981 |
127,743,828 |
||||||
AerCap HoldingsNV |
||||||
Unaudited Consolidated Statements of Cash Flows |
||||||
(U.S. Dollars in thousands) |
||||||
Year ended December 31, |
||||||
2021 |
2020 |
|||||
Net income (loss) |
$1,009,431 |
($294,923) |
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||
Depreciation and amortization |
1,737,925 |
1,645,373 |
||||
Asset impairment |
128,409 |
1,086,983 |
||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium |
113,981 |
64,970 |
||||
Amortization of fair value adjustment on debt |
(16,977) |
(47,279) |
||||
Maintenance rights write-off |
138,780 |
133,015 |
||||
Maintenance liability release to income |
(273,146) |
(344,210) |
||||
Net gain on sale of assets |
(89,428) |
(89,618) |
||||
Deferred tax benefit |
(5,905) |
(20,882) |
||||
Share-based compensation |
96,087 |
69,187 |
||||
Collections of finance leases |
124,325 |
68,128 |
||||
(Gain) loss on investment at fair value |
(2,301) |
143,510 |
||||
Loss on debt extinguishment |
9,713 |
118,460 |
||||
Transaction and integration-related expenses |
186,474 |
— |
||||
Other |
61,212 |
252,350 |
||||
Changes in operating assets and liabilities: |
||||||
Trade receivables |
232,119 |
(128,188) |
||||
Other assets |
112,790 |
(400,316) |
||||
Accounts payable, accrued expenses and other liabilities |
130,333 |
(126,177) |
||||
Net cash provided by operating activities |
3,693,822 |
2,130,383 |
||||
Purchase of flight equipment |
(1,703,395) |
(778,547) |
||||
Proceeds from sale or disposal of assets |
796,613 |
471,437 |
||||
Prepayments on flight equipment |
(86,386) |
(405,178) |
||||
Acquisition of GECAS, net of cash acquired |
(22,493,195) |
— |
||||
Other |
27,427 |
— |
||||
Net cash used in investing activities |
(23,458,936) |
(712,288) |
||||
Issuance of debt |
26,496,660 |
10,946,333 |
||||
Repayment of debt |
(5,973,508) |
(11,560,015) |
||||
Debt issuance and extinguishment costs paid, net of debt premium received |
(422,260) |
(253,806) |
||||
Maintenance payments received |
448,516 |
345,699 |
||||
Maintenance payments returned |
(209,087) |
(412,492) |
||||
Security deposits received |
210,781 |
137,130 |
||||
Security deposits returned |
(290,758) |
(297,469) |
||||
Dividend paid to non-controlling interest holders and others |
(323) |
(2,935) |
||||
Repurchase of shares and tax withholdings on share-based compensation |
(76,220) |
(127,777) |
||||
Net cash provided by (used in) financing activities |
20,183,801 |
(1,225,332) |
||||
Net increase in cash, cash equivalents and restricted cash |
418,687 |
192,763 |
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
776 |
2,180 |
||||
Cash, cash equivalents and restricted cash at beginning of period |
1,495,290 |
1,300,347 |
||||
Cash, cash equivalents and restricted cash at end of period |
$1,914,753 |
$1,495,290 |
||||
ИСХОДНЫЕ AerCap Holdings N.V.
Показать большеПоказать меньше