Aercap Holdings N.v. · NYSE:AER
Aercap — Q1 2024 Earnings Presentation
18 slides from Aercap's earnings presentation, May 1, 2024
Slide 1: AerCap 1Q 2024 Financial Results
AERCAP | " 2024FINANCIAL r ESULTS AERCAP HOLDINGS N.V.
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION This presentation 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 ca
Slide 3: Key Highlights
KEY HIGHLIGHTS Strong 1Q 2024 GAAP Net Income of $604 Million, Adjusted Net Income of $658 Million Demand Continues to Outstrip Supply Across Aircraft, Engines and Helicopters AE RCAP | Adjusted Debt/Equity Ratio of 2.40 to 1 as of March 31, 2024 Unlevered Gain-on-Sale Margin of 21% Raising 2024 Adj
Slide 4: Significant Activity Across All Business Lines
SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES @ fe E] ENGINES AIRCRAFT HELICOPTERS TOTAL TRANSACTIONS TRANSACTIONS TRANSACTIONS TRANSACTIONS 7X.) 46 10 LEASED LEASED LEASED LEASED 6 13 2 PURCHASED PURCHASED PURCHASED PURCHASED 13 35 SOLD SOLD © AerCap
Slide 5: 1Q 2024 Net Income Walk
1Q 2024 NET INCOME WALK 1Q 2024 Adjusted Net Income Increase Decrease (23) (9) 86 GAAP Net Purchase Net Recoveries Income Tax Adjusted Net Income Accounting Related to Impact Income Adjustments* Ukraine Conflict* EPS $3.02 $0.43 ($0.11) ($0.05) $3.29 *These items are presented pre-tax. See Supplemen
Slide 6: 1Q 2024 Financial Drivers
1Q 2024 FINANCIAL DRIVERS Basic lease rents were $1,586 million, and were negatively impacted by $33 million of lease premium amortization Maintenance rents and other receipts were $179 million, and were negatively impacted by $35 million of maintenance rights assets amortized to revenue Net gain on
Slide 7: Strong Liquidity Position
STRONG LIQUIDITY POSITION Sources vs. Uses (Next 12 Months) (as of March 31, 2024) Adjusted leverage ratio of 2.40x 2 20 2 18 a > 102024 operating cash flow 2 ' ' of $1.4 billion 16 i Excess | ' Coverage ! 4 ' ~$8 | Secured debt-to-total-assets ratio 12 ~$3 po of ~14% 10 8 Average cost of debt of 3.
Slide 8: Raising Full Year 2024 Guidance
RAISING FULL YEAR 2024 GUIDANCE ° Key drivers of outperformance include: ~$9.20 $9.00 ; * 1Q 2024 gains on sale of ~$160 $8.00 million $7.00 * Higher lease revenue due to $6.00 5 a P K excl. gains strong cash collections, including $5.00 higher maintenance rents $7.50-$8.50 $4.00 excl. gains _ 5 8 *
Slide 9: Q&A
Slide 10: Supplemental Information
Slide 11: 1Q 2024 Adjusted Net Income and EPS Reconciliation
1Q 2024 ADJUSTED NET INCOME AND EPS RECONCILIATION ($ million, except per share amounts) Net Income Earnings Per Share ($) Net Income / Earnings Per Share $604 $3.02 > Amortization of Maintenance Rights and Lease Premium Assets Recognized under | 86 0.43 Purchase Accounting > Net Recoveries Related
Slide 12: Full Year 2024 Adjusted EPS Guidance
FULL YEAR 2024 ADJUSTED EPS GUIDANCE Projected FY 2024 ($ billion, except per share amounts) Net Income / EPS Net Income $1.4 > Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.5 > Net Recoveries Related to Ukraine Conflict (0.0) > Income Tax Expense
Slide 13: Book Value Per Share
BOOK VALUE PER SHARE Book value per share of $87.47 as of March 31, 2024 (millions, except per share data) Mar. 31, 2024 Total Shareholders’ Equity $16,956 Ordinary Shares Outstanding 198.3 Unvested Restricted Stock (4.5) Ordinary Shares Outstanding (excl. Unvested Restricted Stock) 193.8 Book Value
Slide 14: Capital Structure
CAPITAL STRUCTURE Adjusted Debt/Equity Calculation (§ million) Mar. 31, 2024 Dec. 31, 2023 Debt (including fair value adjustments) 45,724 46,484 Adjusted for: > Unrestricted cash & cash equivalents (1,292) (1,627) > 50% equity credit for long-term subordinated debt (1,125) (1,125) Adjusted Debt 43,3
Slide 15: High-Quality & Well-Diversified Portfolio
HIGH-QUALITY & WELL-DIVERSIFIED PORTFOLIO New technology aircraft comprise ~71% of aircraft fleet AIRCRAFT TYPE NUMBER OF ASSETS OWNED %NET BOOK VALUE NUMBER OF ASSETS MANAGED —_ NUMBER OF ASSETS ON ORDER TOTAL ASSETS Airbus A220 Family 1 1% 6 8 25 Airbus A320neo Family 384 30% 23 143 550 Airbus A32
Slide 16: Forward Orders and Purchase/Leasebacks
FORWARD ORDERS AND PURCHASE/LEASEBACKS AIRCRAFT TYPE 2024 2025 2026 2027 2028 THEREAFTER TOTAL Airbus A220 Family 8 - - - - - 8 Airbus A320neo Family 38 45 33 22 5 - 143 Airbus A330neo Family 6 - - - 2 © 6 Boeing 737 MAX 1 37 38 33 - - 119 Boeing 787 3 6 9 - - - 18 Embraer E190 / 195-E2 10 18 - - -
Slide 17: Endnotes
ENDNOTES SLIDE 5: 10 2024 Net Income Walk Purchase accounting adjustments consist of the amortization of maintenance rights and lease premium assets recognized under purchase accounting. SLIDE 7: Strong Liquidity Position Estimated Cash Capex includes expected cash payments for aircraft deliveries a
Slide 18: AerCap
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