Exhibit 99.1
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For Investors:
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Keith Helming
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Chief Financial Officer
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+31
20 655 9670
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khelming@aercap.com
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Peter
Wortel
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Investor
Relations
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+31 20 655 9658
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pwortel@aercap.com
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For Media:
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Frauke
Oberdieck
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PRESS
RELEASE
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Corporate
Communications
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+31
20 655 9616
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FOR
IMMEDIATE RELEASE
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foberdieck@aercap.com
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AerCap Holdings N.V. Reports Second Quarter 2010 Financial Results
Net spread, which is the margin earned on our
leased assets, was $169.0 million for the second quarter of 2010, an increase
of 50% over second quarter 2009
Amsterdam, Netherlands; August 5, 2010 - AerCap Holdings
N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its
operations for the second quarter ended June 30, 2010.
The
all-share acquisition of Genesis Lease Limited (“Genesis”) which was completed
on March 25, 2010 is fully reflected in all AerCap Holdings N.V. second
quarter 2010 consolidated financial statements. The Genesis Transaction was not
included in the AerCap Holdings N.V. first quarter 2010 income statement
(including the number of outstanding shares used for earnings per share
calculations) other than a one line item reflecting a $0.3 million amalgamation
gain (net of transaction expenses and tax). The impact of the Genesis
Transaction was also reflected in one line item in the AerCap Holdings N.V.
first quarter 2010 consolidated cash flow statement (purchase of subsidiaries,
net of cash acquired).
Second Quarter 2010 Highlights
· Second quarter 2010 basic and diluted
earnings per share were $0.41, compared with $0.67 for the same period in 2009.
Second quarter 2010 basic and diluted earnings per share excluding the impact
of the mark-to-market of interest rate caps and share-based compensation were
$0.50, compared with $0.46 in the second quarter 2009 on the same basis.
· Second quarter 2010 net income was $48.9
million, compared with net income of $56.6 million for the same period in 2009.
Second quarter 2010 net income excluding the impact of the mark-to-market of
interest rate caps and share-based compensation was $59.6 million, compared
with $39.1 million in the second quarter 2009 on the same basis.
· Net spread, the difference between basic
lease rents and interest expense excluding the impact from the mark-to-market
of interest rate caps, was $169.0
1
million in the second quarter of 2010 compared to $112.6 million in the
second quarter of 2009, an increase of 50%. This measure reflects the increase
in leasing income and excludes income derived from the sale of aircraft.
· Sales revenue for the second quarter 2010 was
$328.1 million, compared to $117.9 million for the same period in 2009, and was
generated from the sale of five aircraft, five engines and parts inventory.
· Basic lease rents for the second quarter of
2010 were $228.6 million, compared to $141.4 million for the same period in
2009, an increase of 62%. Total lease revenue (basic rents, maintenance rents
and end-of-lease compensation) for the second quarter of 2010 was $260.7
million, compared to $169.8 million for the same period in 2009, an increase of
54%.
· Total revenue for the second quarter of 2010
was $594.7 million, compared to $294.7 million for the same period in 2009. The
increase was mainly due to the increase in sales revenue and an increase in
lease revenue which was primarily driven by the Genesis Transaction and the
deliveries of forward order aircraft.
· Total assets were $9.1 billion at June 30,
2010, an increase of 48% over total assets of $6.1 billion at June 30,
2009. The Genesis Transaction accounted for $1.5 billion of the increase in total
assets. The remaining $1.5 billion
increase was driven primarily by deliveries of forward order aircraft.
· Committed purchases of aviation assets
delivered or scheduled for delivery in 2010 are $2.5 billion, of which $1.8
billion closed in the first half year of 2010.
Financing
Highlights — previously disclosed
· AerCap
signed agreements for $380 million
of new debt facilities in the second quarter and a total of $835 million in the
year to date. In addition, a $151 million refinancing through the issuance of
notes guaranteed by the United Kingdom’s Export Credit Agency was completed
during the second quarter.
Klaus
Heinemann, CEO of AerCap, commented: “AerCap has continued to
deliver asset, revenue and net margin growth quarter after quarter while
maintaining earnings per share that are consistently at the top end of the
range among our listed competitors. AerCap’s solid liquidity is reflected in
our total cash position, which now exceeds $500 million and represents one
third of our current market capitalization.”
AerCap’s CFO, Keith Helming, said: “We
are pleased with our second quarter results which include a full quarter’s financial impact
of the Genesis Transaction,
which is performing according to our expectations. The 48% year-on-year
increase in total assets as well as the 50% increase in net spread
highlight the profitability of our growing and diverse lease portfolio. In addition, our committed capital expenditures are
essentially fully funded
and we have secured
$835 million of new debt facilities year-to-date 2010 which demonstrates AerCap’s
ability to tap global financing markets throughout varying market conditions.”
2
Summary of Financial Results
AerCap recorded second
quarter 2010 net income of $48.9 million or $0.41 earnings per basic and
diluted share. Second quarter 2010 net income included net charges relating to
mark-to-market of interest rate caps and share-based compensation of $10.7
million or $0.09 per basic and diluted share, net of tax. The after-tax charge
relating to the mark-to- market of our interest rate caps was $10.1 million
reflecting changes in forecasted interest rates. The after-tax charge from
share-based compensation was $0.6 million.
Detailed Financial Data
($
in Millions)
Operating
results
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Three months ended
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Six months ended
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June 30,
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June 30,
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% increase/
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% increase/
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2010
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2009
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(decrease)
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2010
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2009
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(decrease)
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Revenues
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$
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594.7
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$
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294.7
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102
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%
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$
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958.7
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$
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503.2
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91
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%
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Net income
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48.9
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56.6
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(14
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)%
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83.3
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86.6
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(4
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)%
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Net income excluding the impact of
mark-to-market of interest rate caps and share-based compensation
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59.6
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39.1
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52
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%
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106.3
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70.7
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50
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%
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Total revenue in the second
quarter of 2010 increased 102% compared to the second quarter of 2009. This
increase resulted primarily from an increase in sales revenue and basic lease
rents driven by the additional aircraft acquired in the Genesis Transaction and
the deliveries of forward order aircraft. For similar reasons, net income
excluding the impact of mark-to-market of interest rate caps and share-based
compensation increased by 52%.
Revenue
breakdown
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Three months ended
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Six months ended
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June 30,
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June 30,
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% increase/
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% increase/
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2010
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2009
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(decrease)
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2010
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2009
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(decrease)
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Lease revenue:
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Basic lease rents
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$
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228.6
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$
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141.4
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62
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%
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$
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394.4
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$
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282.8
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39
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%
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Maintenance rents
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32.1
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26.9
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19
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%
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41.6
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39.5
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5
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%
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End-of-lease compensation and other
receipts
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—
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1.5
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(100
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)%
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—
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8.7
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(100
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)%
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Lease revenue
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$
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260.7
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$
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169.8
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54
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%
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$
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436.0
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$
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331.0
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32
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%
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Sales revenue
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328.1
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117.9
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178
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%
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510.6
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159.6
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220
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%
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Management fees and interest income
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4.1
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6.3
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(35
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)%
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7.9
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11.7
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(32
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)%
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Other revenue
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1.8
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0.7
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157
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%
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4.2
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0.9
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367
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%
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Total revenue
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$
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594.7
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$
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294.7
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102
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%
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$
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958.7
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$
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503.2
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91
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%
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Basic lease rents were
$228.6 million for the second quarter of 2010, an increase of 62% compared to
the second quarter of 2009, as a result of our growing asset base. Our average
lease assets increased by 71% to $7.5 billion compared to the second quarter of
2009. As shown in the table below, interest expense excluding the impact of the
mark-to-market of interest rate caps was $59.6 million in the second quarter of
2010, an increase of $30.8 million over the same period in 2009. The increase
was primarily driven by the Genesis Transaction ($17.3 million) and the
increase in our lease portfolio from the delivery of forward order aircraft. As
a result, net spread increased 50% to $169.0 million in the second quarter of
2010 over the same period in 2009.
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Three months ended
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Six months ended
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June 30,
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June 30,
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% increase/
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% increase/
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2010
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2009
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(decrease)
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2010
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2009
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(decrease)
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Basic lease rents
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$
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228.6
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$
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141.4
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62
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%
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$
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394.4
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$
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282.8
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39
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%
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Interest on debt
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$
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75.5
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$
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6.0
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1,158
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%
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$
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126.9
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$
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35.5
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257
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%
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Plus: mark-to-market of interest rate
caps
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(15.9
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)
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22.8
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(170
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)%
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(34.2
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)
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22.2
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(254
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)%
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Interest on debt excluding the impact of
mark-to-market of interest rate caps
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$
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59.6
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$
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28.8
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107
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%
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$
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92.7
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$
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57.7
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61
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%
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Net Spread
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$
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169.0
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$
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112.6
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50
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%
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$
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301.7
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$
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225.1
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34
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%
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3
Effective
tax rate
AerCap’s blended effective
tax rate during the first half year of 2010 was 8.8% (charge), consisting of
9.5% (charge) for AerCap’s aircraft business and 32.1% (income) for AerCap’s
engine and parts business. The blended effective tax rate in 2009 was 1.9%
(charge).
Financial position
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% Increase over
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June 30, 2010
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June 30, 2009
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June 30, 2009
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Total cash (incl. restricted)
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$
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506.7
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$
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346.6
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46
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%
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Flight equipment held for lease
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7,624.7
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4,493.8
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70
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%
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Total assets
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9,098.4
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6,130.8
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48
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%
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Total liabilities
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7,176.9
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4,835.8
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48
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%
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Total equity
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1,921.5
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1,295.1
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48
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%
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As of June 30, 2010,
AerCap’s portfolio consisted of 327 aircraft and 87 engines that were either
owned, on order, under contract or letter of intent, or managed. This includes
the 53 aircraft that AerCap added through the Genesis Transaction in March 2010.
Subsequent to quarter-end, one of our lessees, Mexicana, filed for bankruptcy
protection.
Notes Regarding Financial Information Presented In This Press Release
The
financial information presented in this press release is not audited.
The
following is a definition of non-GAAP measures used in this press release 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 and six month periods ended June 30, 2010 and 2009:
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Three months ended
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Six months ended
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June 30,
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June 30,
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|
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% increase/
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% increase/
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2010
|
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2009
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(decrease)
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2010
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2009
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(decrease)
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Net income
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$
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48.9
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$
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56.6
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(14
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)%
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$
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83.3
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$
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86.6
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(4
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)%
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|
Plus: mark-to-market of interest rate
caps, net of tax
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10.1
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(18.3
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)
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155
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%
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21.7
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(17.5
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)
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224
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%
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|
share-based compensation, net of tax
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0.6
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0.8
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(25
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)%
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1.3
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1.6
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(19
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)%
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Net income excluding
the impact of mark-to-market of interest rate caps and share-based
compensation
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$
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59.6
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$
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39.1
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52
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%
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$
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106.3
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$
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70.7
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50
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%
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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.
4
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 lease rents for the three and six month periods ended June 30, 2010
and 2009 is included above.
Conference Call
In
connection with the earnings release, management will host an earnings
conference call today, Thursday, August 5, 2010 at 9:30 am Eastern Time /
3:30 pm Central European Time. The call can be accessed live by dialing
(U.S./Canada) 1-888-935-4575 or (International) +31-20-707-5512 and referencing
code 4905052 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. The webcast replay will be archived in the “Investor
Relations” section of the company’s website for one year.
To
participate in either event, please register at:
http://client.sharedvalue.net/AerCap/Q210
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).
About AerCap Holdings N.V.
AerCap
is the world’s leading independent aircraft leasing company. AerCap also
provides engine leasing, aircraft management services, 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.
5
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
6
AerCap Holdings N.V.
Consolidated Balance Sheets - Unaudited
(In
thousands of U.S. Dollars)
|
|
|
June 30, 2010
|
|
December 31, 2009
|
|
June 30, 2009
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
260,256
|
|
$
|
182,617
|
|
$
|
218,423
|
|
|
Restricted
cash
|
|
246,462
|
|
140,746
|
|
128,184
|
|
|
Trade
receivables, net of provisions
|
|
47,991
|
|
48,070
|
|
39,244
|
|
|
Flight
equipment held for operating leases, net
|
|
7,624,655
|
|
5,230,437
|
|
4,493,793
|
|
|
Flight
equipment held for sale
|
|
39,442
|
|
—
|
|
—
|
|
|
Net
investment in direct finance leases
|
|
31,692
|
|
34,532
|
|
34,822
|
|
|
Notes
receivables, net of provisions
|
|
9,861
|
|
138,488
|
|
136,084
|
|
|
Prepayments
on flight equipment
|
|
259,387
|
|
527,666
|
|
576,754
|
|
|
Investments
|
|
29,775
|
|
21,031
|
|
20,111
|
|
|
Goodwill
|
|
6,776
|
|
6,776
|
|
6,776
|
|
|
Intangibles,
net
|
|
70,498
|
|
31,399
|
|
37,893
|
|
|
Inventory
|
|
125,057
|
|
102,538
|
|
131,416
|
|
|
Derivative
assets
|
|
23,447
|
|
44,866
|
|
40,035
|
|
|
Deferred
income taxes
|
|
108,080
|
|
80,098
|
|
81,187
|
|
|
Other
assets
|
|
214,980
|
|
180,237
|
|
186,105
|
|
|
Total Assets
|
|
$
|
9,098,359
|
|
$
|
6,769,501
|
|
$
|
6,130,827
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
25,724
|
|
$
|
11,832
|
|
$
|
28,290
|
|
|
Accrued
expenses and other liabilities
|
|
94,975
|
|
80,399
|
|
76,559
|
|
|
Accrued
maintenance liability
|
|
371,482
|
|
228,006
|
|
206,873
|
|
|
Lessee
deposit liability
|
|
139,357
|
|
126,093
|
|
112,112
|
|
|
Debt
|
|
6,393,867
|
*
|
4,846,664
|
|
4,336,966
|
|
|
Accrual
for onerous contracts
|
|
12,477
|
|
22,363
|
|
29,878
|
|
|
Deferred
revenue
|
|
57,050
|
|
33,011
|
|
36,805
|
|
|
Derivative
liabilities
|
|
81,973
|
|
7,801
|
|
8,285
|
|
|
Total liabilities
|
|
7,176,905
|
|
5,356,169
|
|
4,835,768
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
1,163
|
|
699
|
|
699
|
|
|
Additional
paid-in capital
|
|
968,625
|
|
593,133
|
|
591,623
|
|
|
Retained
earnings
|
|
747,431
|
|
664,177
|
|
585,560
|
|
|
Total AerCap Holdings N.V. shareholders’ equity
|
|
1,717,219
|
|
1,258,009
|
|
1,177,882
|
|
|
Non-controlling
interest
|
|
204,235
|
|
155,323
|
|
117,177
|
|
|
Total Equity
|
|
1,921,454
|
|
1,413,332
|
|
1,295,059
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
|
9,098,359
|
|
$
|
6,769,501
|
|
$
|
6,130,827
|
|
*
Includes $82.3 million of subordinated debt received from our joint venture
partners
|
|
|
June 30, 2010
|
|
December 31, 2009
|
|
June 30, 2009
|
|
|
Supplemental information
|
|
|
|
|
|
|
|
|
Debt/equity
ratio
|
|
3.3
|
|
3.4
|
|
3.3
|
|
|
Debt/equity
ratio (adjusted for subordinated debt)
|
|
3.1
|
|
3.2
|
|
3.2
|
|
7
AerCap Holdings N.V.
Consolidated Income Statements - Unaudited
(In
thousands of U.S. Dollars, except share and per share data)
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue
|
|
$
|
260,695
|
|
$
|
169,829
|
|
$
|
436,005
|
|
$
|
331,042
|
|
|
Sales
revenue
|
|
328,131
|
|
117,879
|
|
510,585
|
|
159,596
|
|
|
Interest
revenue
|
|
1,547
|
|
2,602
|
|
2,869
|
|
5,223
|
|
|
Management
fee revenue
|
|
2,515
|
|
3,732
|
|
5,048
|
|
6,473
|
|
|
Other
revenue
|
|
1,785
|
|
653
|
|
4,202
|
|
863
|
|
|
Total Revenues
|
|
594,673
|
|
294,695
|
|
958,709
|
|
503,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
86,597
|
|
53,243
|
|
149,974
|
|
104,490
|
|
|
Asset
impairment
|
|
2,721
|
|
13,733
|
|
2,721
|
|
20,950
|
|
|
Cost
of goods sold
|
|
313,684
|
|
105,496
|
|
469,822
|
|
139,320
|
|
|
Interest
on debt *
|
|
75,529
|
|
5,989
|
|
126,931
|
|
35,475
|
|
|
Operating
lease in costs
|
|
3,063
|
|
3,273
|
|
6,214
|
|
6,587
|
|
|
Leasing
expenses
|
|
15,926
|
|
22,076
|
|
26,416
|
|
41,237
|
|
|
Provision
for doubtful notes and accounts receivable
|
|
(224
|
)
|
(879
|
)
|
516
|
|
353
|
|
|
Selling,
general and administrative expenses
|
|
34,899
|
|
27,777
|
|
64,778
|
|
54,990
|
|
|
Total Expenses
|
|
532,195
|
|
230,708
|
|
847,372
|
|
403,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
62,478
|
|
63,987
|
|
111,337
|
|
99,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
|
(4,862
|
)
|
(827
|
)
|
(9,748
|
)
|
(2,687
|
)
|
|
Amalgamation
gain, net of transaction expenses and tax
|
|
—
|
|
—
|
|
274
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
57,616
|
|
63,160
|
|
101,863
|
|
97,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(income) attributable to non-controlling interest
|
|
(8,761
|
)
|
(6,564
|
)
|
(18,609
|
)
|
(10,558
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to AerCap Holdings N.V.
|
|
$
|
48,855
|
|
$
|
56,596
|
|
$
|
83,254
|
|
$
|
86,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted earnings per share
|
|
$
|
0.41
|
|
$
|
0.67
|
|
$
|
0.81
|
|
$
|
1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted
|
|
119,386,445
|
|
85,036,957
|
|
102,211,701
|
|
85,036,957
|
|
* The increase
of $69.5 million in interest on debt in the second quarter 2010 as compared to
the second quarter 2009 was primarily driven by (i) a $38.7 million
increase in the mark-to-market on interest rate caps, (ii) a $17.3 million
increase from the Genesis Transaction and (iii) the increase in our lease
portfolio from the delivery of our forward order aircraft. The same items were
also the primary drivers for the increase in the first half year of 2010 as
compared to the first half year of 2009.
8
AerCap Holdings N.V.
Consolidated Statements of Cash Flows - Unaudited
(In
thousands of U.S. Dollars)
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
57,616
|
|
63,160
|
|
101,863
|
|
97,108
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
86,597
|
|
53,243
|
|
149,974
|
|
104,490
|
|
|
Asset
impairment
|
|
2,721
|
|
13,733
|
|
2,721
|
|
20,950
|
|
|
Amortisation
of debt issuance cost
|
|
7,024
|
|
4,054
|
|
12,330
|
|
7,888
|
|
|
Amortisation
of intangibles
|
|
6,959
|
|
4,415
|
|
10,162
|
|
9,205
|
|
|
Provision
for doubtful notes and accounts receivable
|
|
(339
|
)
|
(879
|
)
|
357
|
|
353
|
|
|
Capitalised
interest on pre-delivery payments
|
|
(153
|
)
|
(338
|
)
|
(313
|
)
|
(709
|
)
|
|
Gain
on disposal of assets
|
|
(9,029
|
)
|
570
|
|
(29,252
|
)
|
1,018
|
|
|
Mark-to-market
of non-hedged derivatives
|
|
19,497
|
|
(18,502
|
)
|
41,836
|
|
(19,504
|
)
|
|
Deferred
taxes
|
|
3,520
|
|
(102
|
)
|
8,285
|
|
1,139
|
|
|
Share-based
compensation
|
|
678
|
|
996
|
|
1,557
|
|
1,998
|
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Trade
receivables and notes receivable, net
|
|
4,501
|
|
1,244
|
|
6,151
|
|
5,528
|
|
|
Inventories
|
|
3,463
|
|
(17,205
|
)
|
8,876
|
|
(2,721
|
)
|
|
Other
assets and derivative assets
|
|
(15,274
|
)
|
(6,543
|
)
|
(7,636
|
)
|
(10,730
|
)
|
|
Other
liabilities
|
|
748
|
|
(10,563
|
)
|
(13,552
|
)
|
(36,762
|
)
|
|
Deferred
revenue
|
|
(749
|
)
|
(3,328
|
)
|
11,997
|
|
1,884
|
|
|
Net cash provided by operating activities
|
|
167,780
|
|
83,955
|
|
305,356
|
|
181,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of flight equipment
|
|
(691,633
|
)
|
(286,726
|
)
|
(1,321,362
|
)
|
(574,814
|
)
|
|
Proceeds
from sale/disposal of assets
|
|
283,137
|
|
76,560
|
|
425,763
|
|
78,352
|
|
|
Prepayments
on flight equipment
|
|
(36,253
|
)
|
(127,857
|
)
|
(84,780
|
)
|
(286,361
|
)
|
|
Purchase
of subsidiaries, net of cash acquired
|
|
—
|
|
—
|
|
70,618
|
|
—
|
|
|
Purchase
of investments
|
|
(7,500
|
)
|
—
|
|
(7,500
|
)
|
—
|
|
|
Purchase
of intangibles
|
|
—
|
|
—
|
|
(9,006
|
)
|
—
|
|
|
Movement
in restricted cash
|
|
(31,977
|
)
|
16,770
|
|
(74,260
|
)
|
(14,787
|
)
|
|
Net cash used in investing activities
|
|
(484,226
|
)
|
(321,253
|
)
|
(1,000,527
|
)
|
(797,610
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of debt
|
|
896,904
|
|
835,278
|
|
1,616,282
|
|
1,280,978
|
|
|
Repayment
of debt
|
|
(542,821
|
)
|
(671,944
|
)
|
(885,640
|
)
|
(768,429
|
)
|
|
Debt
issuance costs paid
|
|
(25,353
|
)
|
(10,743
|
)
|
(35,284
|
)
|
(14,113
|
)
|
|
Maintenance
payments received
|
|
37,949
|
|
25,115
|
|
68,533
|
|
48,883
|
|
|
Maintenance
payments returned
|
|
(12,800
|
)
|
(11,057
|
)
|
(22,724
|
)
|
(25,609
|
)
|
|
Security
deposits received
|
|
7,533
|
|
15,051
|
|
16,921
|
|
23,065
|
|
|
Security
deposits returned
|
|
(14,564
|
)
|
(4,569
|
)
|
(17,128
|
)
|
(7,530
|
)
|
|
Capital
contributions from non-controlling interests
|
|
3,375
|
|
104,200
|
|
32,375
|
|
104,200
|
|
|
Net cash provided by financing activities
|
|
350,223
|
|
281,331
|
|
773,335
|
|
641,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents
|
|
33,777
|
|
44,033
|
|
78,164
|
|
24,970
|
|
|
Effect
of exchange rate changes
|
|
571
|
|
(691
|
)
|
(525
|
)
|
(110
|
)
|
|
Cash
and cash equivalents at beginning of period
|
|
225,908
|
|
175,081
|
|
182,617
|
|
193,563
|
|
|
Cash and cash equivalents at end of period
|
|
260,256
|
|
218,423
|
|
260,256
|
|
218,423
|
|
Certain
reclassifications have been made to prior years consolidated statements of cash
flow to reflect the current year presentation.
9