Exhibit 99.1

 

 

 

For Investors:

Keith Helming

Chief Financial Officer

+31 20 655 9670

khelming@aercap.com

 

 

 

 

 

 

 

Peter Wortel

 

 

 

Investor Relations

 

 

 

+31 20 655 9658

 

 

 

pwortel@aercap.com

 

 

 

 

 

 

 

For Media:

 

 

 

Frauke Oberdieck

PRESS RELEASE

 

 

Corporate Communications

 

 

 

+31 20 655 9616

 

 

 

foberdieck@aercap.com

 

AerCap Holdings N.V. Reports Fourth Quarter and Full Year 2009 Financial Results

 

Net spread, which is the margin earned on our leased assets, was $466 million for full year 2009, an increase of 30% over the prior year.

 

Amsterdam, Netherlands; February 24, 2010 - AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its operations for the fourth quarter and full year ended December 31, 2009.

 

Fourth Quarter 2009 Highlights

 

·                  Fourth quarter 2009 net income was $43.2 million, compared to a net loss of $19.0 million for the same period in 2008. Fourth quarter 2009 net income excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $40.3 million, compared to net income of $18.7 million in fourth quarter 2008 on the same basis.

·                  Fourth quarter 2009 basic and diluted income per share was $0.51. Fourth quarter 2009 basic and diluted earnings per share excluding the impact of the mark-to-market of interest rate caps and share-based compensation were $0.47.

·                  Net spread, the difference between basic lease rents and interest expense excluding the impact from the mark-to-market of interest rate caps, was $126.4 million in fourth quarter 2009 compared to $87.8 million in fourth quarter 2008, an increase of 44%. This measure reflects the increase in leasing income.

·                  Basic lease rents for the fourth quarter 2009 were $156.6 million, compared to $134.7 million for the same period in 2008, an increase of 16%. Total lease revenue for the fourth quarter 2009 was $165.7 million, compared to $149.1 million for the same period in 2008, an increase of 11%.

·                  Sales revenue for the fourth quarter 2009 was $115.9 million, compared to $170.9 million for the same period in 2008, and was generated from the sale of eight aircraft, two engines and parts inventory. Sales revenue for four of the

 

1



 

eight aircraft sold were sales of forward order positions. These sales are recorded in sales revenue on a net basis (i.e. sales price less cost of goods sold) at the time of the related delivery. The recognition of the net gain on sale as sales revenue instead of the gross sales amount was the primary cause of the reduction in sales revenue in fourth quarter 2009 as compared to the same period in 2008.

·                  Total revenue for the fourth quarter 2009 was $287.6 million, compared to $326.4 million for the same period in 2008. The decrease was mainly due to sales revenue reflected on a net basis as discussed above, partially offset by higher basic lease rents.

·                  Total assets were $6.8 billion at December 31, 2009, an increase of 25% over total assets of $5.4 billion at December 31, 2008.

 

Full Year 2009 Key Financial Highlights

 

·                  Full year 2009 net income was $165.2 million, compared to $151.8 million for the full year 2008. Full year 2009 net income excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $150.2 million, down 24% compared to $197.8 million for the full year 2008. This decrease was mainly caused by lower gains from sales.

·                  Full year 2009 basic and diluted earnings per share was $1.94. Full year 2009 basic and diluted earnings per share excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $1.77.

·                  Net spread for the full year 2009 was $466.0 million, up 30% compared to the full year 2008.

·                  Basic lease rents for the full year 2009 were $581.9 million, up 12% compared to the full year 2008.

·                  Sales revenue for the full year 2009 was $324.8 million, down 47% compared to the full year 2008 and was generated from the sale of 15 aircraft, 15 engines and parts inventory. Sales revenue for five of the 15 aircraft sold were sales of forward order positions. These sales are recorded in sales revenue on a net basis (i.e. sales price less cost of goods sold) at the time of the related delivery. The recognition of the net gain on sale as sales revenue instead of the gross sales amount was the primary cause of the reduction in sales revenue in full year 2009 as compared to full year 2008.

·                  Total revenue for the full year 2009 was $1,003.3 million, down 20% compared to the full year 2008 resulting primarily from sales revenue reflected on a net basis as discussed above, partially offset by higher basic rents.

·                  Aviation assets purchased and delivered in 2009 were $1.9 billion.

 

Fourth Quarter 2009 Financing Highlights - Previously Disclosed

 

·                  During the fourth quarter, AerCap signed agreements for three separate debt facilities totaling $484 million. This brings the total debt facilities arranged by AerCap during 2009 to $1.7 billion, and $5.0 billion during the last two years.

 

2



 

Genesis Transaction Update

 

·                  All regulatory approvals have been obtained and the registration statement was declared effective by the Securities and Exchange Commission (SEC) on February 3, 2010.  Transitional activities are on track and closing is expected on March 25, 2010.

 

Klaus Heinemann, CEO of AerCap, commented: “AerCap management used 2009 to best position the company for the impending economic recovery by progressively growing and upgrading its aircraft fleet with the addition of $1.9 billion of brand new, state of the art aircraft. Our efforts have resulted in a 30% increase of revenue from leasing activity after deduction of interest cost (net spread). AerCap is well positioned as the largest global independent aircraft leasing company to take full advantage of the industry recovery which is now well underway in most markets.”

 

AerCap’s CFO, Keith Helming, said: “In spite of the challenges presented by the global financial crisis throughout 2009, AerCap has grown its basic rents and net spread from 2008 levels, including an increase in net spread of 44% in fourth quarter 2009. Moreover, while global economic conditions have been weak, the year-over-year margin of net spread divided by average lease assets, which is a proxy for the lease margin, has improved. These improvements continue to validate AerCap’s commitment to grow assets under management, while maintaining a commensurate return on investment, as reflected in our 2009 financial results.

 

Summary of Financial Results

 

AerCap recorded a fourth quarter 2009 net income of $43.2 million or $0.51 income per basic and diluted share. Fourth quarter 2009 net income amount included net income relating to mark-to-market of interest rate caps and share-based compensation of $2.9 million or $0.04 per basic and diluted share, net of tax. The after-tax gain relating to the mark-to-market of our interest rate caps was $3.7 million and the after-tax charge from share-based compensation was $0.8 million.

 

Detailed Financial Data

($ in Millions)

 

Operating results

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

287.6

 

$

326.4

 

(12

)%

$

1,003.3

 

$

1,256.3

 

(20

)%

Net income

 

43.2

 

(19.0

)

327

%

165.2

 

151.8

 

9

%

Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation

 

40.3

 

18.7

 

116

%

150.2

 

197.8

 

(24

)%

 

Total revenue in fourth quarter 2009 decreased 12% compared to fourth quarter 2008. This decrease resulted primarily from sales revenue reflected on a net basis as discussed above, partially offset by higher basic lease rents.

 

Net income for the fourth quarter excluding the impact of mark-to-market of interest rate caps and share-based compensation increased by 116%. This increase was caused by higher income from the sale of assets and an increase in net spread.

 

3



 

Revenue breakdown

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic lease rents

 

$

156.6

 

$

134.7

 

16

%

$

581.9

 

$

520.7

 

12

%

Maintenance rents

 

9.1

 

11.7

 

(22

)%

59.0

 

69.3

 

(15

)%

End-of-lease compensation and other receipts

 

 

2.7

 

(100

)%

9.7

 

15.2

 

(36

)%

Lease revenue

 

$

165.7

 

$

149.1

 

11

%

$

650.6

 

$

605.2

 

8

%

Sales revenue

 

115.9

 

170.9

 

(32

)%

324.8

 

616.6

 

(47

)%

Management fees and interest income

 

5.2

 

6.4

 

(19

)%

22.2

 

30.3

 

(27

)%

Other revenue

 

0.8

 

 

100

%

5.7

 

4.2

 

36

%

Total revenue

 

$

287.6

 

$

326.4

 

(12

)%

$

1,003.3

 

$

1,256.3

 

(20

)%

 

Basic lease rents were $156.6 million for the fourth quarter 2009, an increase of 16% compared to fourth quarter 2008, as a result of our growing asset base. Our average lease assets increased by 29% to $5.0 billion compared to fourth quarter 2008. The percentage increase in basic rents was less than the percentage increase in average lease assets which results from a decrease in interest rates.  Decreasing interest rates reduce basic lease rents but also reduce interest expense.  As shown in the table below, interest expense excluding the impact of the mark-to-market of interest rate caps was $30.2 million in the fourth quarter 2009, a 36% decline compared to fourth quarter 2008. We refer to the difference in basic lease rents and interest expense on debt excluding the mark-to-market on interest rate caps as net spread, which increased 44% to $126.4 million in fourth quarter 2009 over the same period in 2008.

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic lease rents

 

$

156.6

 

$

134.7

 

16

%

$

581.9

 

$

520.7

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on debt

 

$

23.8

 

$

99.0

 

(76

)%

$

92.2

 

$

219.2

 

(58

)%

Plus: mark-to-market of interest rate caps

 

6.4

 

(52.1

)

112

%

23.7

 

(58.1

)

141

%

Interest on debt excluding the impact of mark-to-market of interest rate caps

 

$

30.2

 

$

46.9

 

(36

)%

$

115.9

 

$

161.1

 

(28

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Spread

 

$

126.4

 

$

87.8

 

44

%

$

466.0

 

$

359.6

 

30

%

 

Effective tax rate

 

AerCap’s effective tax rate during the twelve month period ended December 31, 2009 was negative 1.9% (a charge), consisting of 0.0% for AerCap’s aircraft business and 36.8% for AerCap’s engine and parts business. The annual blended effective tax rate for 2008 was positive 0.3% (income).

 

Financial position

 

 

 

 

 

 

 

% Increase

 

 

 

 

 

 

 

over

 

 

 

December 31,

 

December 31,

 

December 31,

 

 

 

2009

 

2008

 

2008

 

 

 

 

 

 

 

 

 

Flight equipment held for lease

 

$

5,230.4

 

$

3,989.6

 

31

%

Total assets

 

6,769.5

 

5,410.8

 

25

%

Total liabilities

 

5,356.2

 

4,284.8

 

25

%

Total equity

 

1,413.3

 

1,126.1

 

26

%

 

As of December 31, 2009, AerCap’s portfolio consisted of 291 aircraft and 92 engines that were either owned, on order, under contract or letter of intent, or managed.

 

Notes Regarding Financial Information Presented In This Press Release

 

The financial information presented in this press release is not audited.

 

4



 

The following is a definition of non-GAAP measures used in this press release and a reconciliation of such measure to the most closely related GAAP measure:

 

Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation. This measure is determined by adding non-cash charges related to the mark-to-market losses on our interest rate caps and share based compensation during the applicable period, net of related tax benefits, to GAAP net income. In addition to GAAP net income, we believe this measure may provide investors with supplemental information regarding our operational performance and may further assist investors in their understanding of our operational performance in relation to past and future reporting periods. We use interest rate caps 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 inflows from our lease and other contracts. We do not apply hedge accounting to our interest rate caps. As a result, we recognize the change in fair value of the interest rate caps in our income statement during each period. Following is a reconciliation of net income excluding the impact of mark-to-market of interest rate caps and share-based compensation to net income for the three month and twelve month periods ended December 31, 2009 and 2008:

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

43.2

 

$

(19.0

)

327

%

$

165.2

 

$

151.8

 

9

%

Plus: mark-to-market of interest rate caps, net of tax

 

(3.7

)

35.9

 

(110

)%

(18.2

)

39.6

 

(146

)%

share-based compensation, net of tax

 

0.8

 

1.8

 

(56

)%

3.2

 

6.4

 

(50

)%

Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation

 

$

40.3

 

$

18.7

 

116

%

$

150.2

 

$

197.8

 

(24

)%

 

Earnings per share excluding the impact of mark-to-market of interest rate caps and share-based compensation are determined by dividing the amount of net income excluding such impact by the average number of shares outstanding for that period. The average number of shares is based on a daily average.

 

Net spread (refer to second table under Revenue breakdown 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 and non-recurring charges.  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 the use of interest rate caps instead of swaps to hedge our interest rate risk. The reconciliation of net spread to basic rents for the three month and twelve month periods ended December 31, 2009 and 2008 is included above.

 

Conference Call

 

In connection with the earnings release, management will host an earnings conference call today, Wednesday, February 24, 2010 at 9:30 am Eastern Time / 3:30 pm Central European Time. The call can be accessed live by dialing (U.S./Canada) 800-676-6978 or (International) +1-706-634-5464 and referencing code 50019420 at least 5 minutes before start time, or by visiting AerCap’s website at http://www.aercap.com under “Investor Relations”.

 

The presentation slides for the conference call will be posted on AerCap’s website in advance of the call. A replay of the call will be available beginning at 12:30 pm Eastern

 

5



 

Time / 6:30 pm Central European Time on February 24, 2010 and continuing through March 24, 2010. To access the recording, call 800-642-1687 (U.S./Canada) or +1-706-645-9291 (International) and enter passcode 50019420. The webcast replay will be archived in the “Investor Relations” section of the company’s website for one year.

 

In addition, a New York Group Lunch Presentation for investors and analysts will be hosted by AerCap’s management today, Wednesday, February 24, 2010, at 12:30 pm Eastern Time at The New York Palace (the Louis Room), 455 Madison Avenue, New York. Doors will open at 12:00 pm.

 

To participate in either event, please register at: www.sharedvalue.net/aercap/q409results

 

For further information, contact Peter Wortel: +31 20 655 9658 (pwortel@aercap.com)

or Mark Walter (Shared Value): +44 (0)20 7321 5039 (aercap@sharedvalue.net).

 

6



 

About AerCap Holdings N.V.

 

AerCap is an integrated global aviation company with a leading market position in aircraft and engine leasing, trading and parts sales. AerCap also provides aircraft management services and performs aircraft maintenance, repair and overhaul services and aircraft disassemblies. AerCap is headquartered in The Netherlands and has offices in Ireland, the United States, Singapore, China and the United Kingdom.

 

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 http://www.aercap.com.

 

Financial Statements Follow

 

7



 

AerCap Holdings N.V.

Consolidated Balance Sheets - Unaudited

(In thousands of U.S. Dollars)

 

 

 

December 31, 2009

 

December 31, 2008

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Cash and cash equivalents

 

$

182,617

 

$

193,563

 

Restricted cash

 

140,746

 

113,397

 

Trade receivables, net of provisions

 

48,070

 

43,649

 

Flight equipment held for operating leases, net

 

5,230,437

 

3,989,629

 

Net investment in direct finance leases

 

34,532

 

30,571

 

Notes receivables, net of provisions

 

138,488

 

134,067

 

Prepayments on flight equipment

 

527,666

 

448,945

 

Investments

 

21,031

 

18,678

 

Goodwill

 

6,776

 

6,776

 

Intangibles, net

 

31,399

 

47,099

 

Inventory

 

102,538

 

102,879

 

Derivative assets

 

44,866

 

19,352

 

Deferred income taxes

 

80,098

 

82,471

 

Other assets

 

180,237

 

179,750

 

Total Assets

 

$

6,769,501

 

$

5,410,826

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

11,832

 

$

7,510

 

Accrued expenses and other liabilities

 

80,399

 

104,750

 

Accrued maintenance liability

 

228,006

 

202,834

 

Lessee deposit liability

 

126,093

 

98,584

 

Debt*

 

4,846,664

 

3,790,487

 

Accrual for onerous contracts

 

22,363

 

33,306

 

Deferred revenue

 

33,011

 

34,922

 

Derivative liabilities

 

7,801

 

12,378

 

Total liabilities

 

5,356,169

 

4,284,771

 

 

 

 

 

 

 

Share capital

 

699

 

699

 

Additional paid-in capital

 

593,133

 

609,327

 

Retained earnings

 

664,177

 

499,011

 

Total AerCap Holdings N.V. shareholders’ equity

 

1,258,009

 

1,109,037

 

Non-controlling interest

 

155,323

 

17,018

 

Total Equity

 

1,413,332

 

1,126,055

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

6,769,501

 

$

5,410,826

 

 


* Includes $63 million of subordinated debt received from our joint venture partner relating to the TUI portfolio acquisition

 

8



 

AerCap Holdings N.V.

Consolidated Income Statements - Unaudited

(In thousands of U.S. Dollars, except share and per share data)

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31,

 

December 31,

 

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

Lease revenue

 

$

165,672

 

$

149,119

 

$

650,604

 

$

605,253

 

Sales revenue

 

115,878

 

170,925

 

324,781

 

616,554

 

Interest revenue

 

2,449

 

3,584

 

10,105

 

18,515

 

Management fee revenue

 

2,780

 

2,779

 

12,074

 

11,749

 

Other revenue

 

781

 

25

 

5,703

 

4,181

 

Total Revenues

 

287,560

 

326,432

 

1,003,267

 

1,256,252

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Depreciation

 

60,843

 

46,061

 

220,996

 

169,392

 

Asset impairment

 

11,242

 

11,100

 

32,574

 

18,789

 

Cost of goods sold

 

69,604

 

146,596

 

248,897

 

506,312

 

Interest on debt

 

23,833

 

98,990

 

92,152

 

219,172

 

Operating lease in costs

 

3,235

 

3,303

 

13,090

 

14,512

 

Leasing expenses

 

13,279

 

32,356

 

65,164

 

55,569

 

Provision for doubtful notes and accounts receivable

 

555

 

2,685

 

963

 

3,746

 

Selling, general and administrative expenses

 

33,405

 

31,616

 

116,201

 

128,268

 

Other expenses

 

1,065

 

 

2,965

 

 

Total Expenses

 

217,061

 

372,707

 

793,002

 

1,115,760

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

70,499

 

(46,275

)

210,265

 

140,492

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

(423

)

15,851

 

(3,894

)

431

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

70,076

 

(30,424

)

206,371

 

140,923

 

 

 

 

 

 

 

 

 

 

 

Net (income) loss attributable to non-controlling interest

 

(26,912

)

11,426

 

(41,205

)

10,883

 

 

 

 

 

 

 

 

 

 

 

Net Income (loss) attributable to AerCap Holdings N.V.

 

$

43,164

 

$

(18,998

)

$

165,166

 

$

151,806

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.51

 

$

(0.22

)

$

1.94

 

$

1.79

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic and diluted

 

85,036,957

 

85,036,957

 

85,036,957

 

85,036,957

 

 

9



 

AerCap Holdings N.V.

Consolidated Statements of Cash Flows

(In thousands of U.S. Dollars)

 

 

 

Three months ended December 31,

 

Twelve months ended December 31,

 

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

70,076

 

(30,424

)

206,371

 

140,922

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities

 

 

 

 

 

 

 

 

 

Depreciation

 

60,843

 

46,061

 

220,996

 

169,392

 

Asset impairment

 

11,242

 

11,100

 

32,574

 

18,789

 

Amortisation of debt issuance cost

 

4,575

 

4,328

 

16,364

 

16,239

 

Amortisation of intangibles

 

3,202

 

3,788

 

15,701

 

14,615

 

Gain on discounted purchase of securitized bonds

 

 

 

 

(2,783

)

Provision for doubtful notes and accounts receivable

 

424

 

2,685

 

1,364

 

3,746

 

Capitalised interest on pre-delivery payments

 

(172

)

210

 

(1,106

)

(2,098

)

Gain on disposal of assets

 

(37,046

)

(15,073

)

(36,007

)

(80,341

)

Change in fair value of derivative instruments

 

(3,287

)

48,742

 

(18,929

)

51,646

 

Deferred taxes

 

365

 

(15,161

)

2,228

 

(642

)

Share-based compensation

 

1,000

 

1,475

 

3,910

 

6,858

 

Changes in assets and liabilities

 

 

 

 

 

 

 

 

 

Trade receivables and notes receivable, net

 

(836

)

(6,784

)

(6,686

)

(5,208

)

Inventories

 

2,092

 

(14,683

)

35,238

 

(5,469

)

Other assets and derivative assets

 

7,285

 

(929

)

(7,236

)

(48,580

)

Other liabilities

 

(7,251

)

(12,861

)

(63,968

)

(75,823

)

Deferred revenue

 

(171

)

(3,594

)

(1,613

)

1,348

 

Net cash provided by operating activities

 

112,341

 

18,880

 

399,201

 

202,611

 

 

 

 

 

 

 

 

 

 

 

Purchase of flight equipment

 

(416,415

)

(287,515

)

(1,264,446

)

(1,286,609

)

Proceeds from sale/disposal of assets

 

73,238

 

135,048

 

153,481

 

467,539

 

Prepayments on flight equipment

 

(50,251

)

(132,839

)

(453,305

)

(339,422

)

Receipt of notes receivable in defeasance structures

 

 

44,157

 

 

44,157

 

Purchase of investments

 

 

(7,550

)

 

(17,550

)

Sale of investments

 

 

 

 

6,234

 

Purchase of intangibles

 

 

 

 

(21,410

)

Movement in restricted cash

 

(19,679

)

54,446

 

(27,349

)

(18,325

)

Net cash used in investing activities

 

(413,107

)

(194,253

)

(1,591,619

)

(1,165,386

)

 

 

 

 

 

 

 

 

 

 

Issuance of debt

 

588,397

 

494,446

 

2,431,839

 

1,642,784

 

Repayment of debt

 

(332,878

)

(306,972

)

(1,414,456

)

(742,258

)

Debt issuance costs paid

 

(12,398

)

(6,314

)

(32,723

)

(44,933

)

Maintenance payments received

 

25,235

 

19,677

 

99,664

 

98,980

 

Maintenance payments returned

 

(8,529

)

(17,588

)

(46,897

)

(64,572

)

Security deposits received

 

15,806

 

16,571

 

42,169

 

43,644

 

Security deposits returned

 

(2,215

)

(15,344

)

(12,840

)

(25,842

)

Capital contributions from non-controlling interests

 

7,500

 

5,000

 

111,700

 

5,000

 

Net cash provided by financing activities

 

280,918

 

189,476

 

1,178,456

 

912,803

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

(19,848

)

14,103

 

(13,962

)

(49,972

)

Effect of exchange rate changes

 

(912

)

3,016

 

3,016

 

1,799

 

Cash and cash equivalents at beginning of period

 

203,377

 

176,444

 

193,563

 

241,736

 

Cash and cash equivalents at end of period

 

182,617

 

193,563

 

182,617

 

193,563

 

 

Certain reclassifications have been made to prior years consolidated statements of cash flow to reflect the current year presentation.

 

10