Aercap Holdings N.v. · NYSE:AER
Aercap — Q1 2018 Earnings Presentation
17 slides from Aercap's earnings presentation, May 3, 2018
Slide 1: First Quarter 2018 Financial Results
First Quarter 2018 Financial Results May 3, 2018 AerCap Holdings N.V.
Slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor
Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts with not rely upon forward-looking statements as a prediction of actual results respect to future performance and events. These statements, estimates and we do not assume
Slide 3: AerCap Investment Case
AerCap Investment Case AerCap is the global leader in aircraft leasing Resilient industry fundamentals Global platform with unmatched breadth and reach Strong earnings and cash flow generation Attractive order book and disciplined portfolio management Strong liquidity and access to capital Prudent h
Slide 4: 1Q 2018 Financial Results and Highlights
1Q 2018 Financial Results and Highlights Financial Results Highlights • 114 aircraft transactions, including 28 widebody Net Income transactions • ~95% of new aircraft deliveries through 2019 and ($ million) 1Q 2018 ~80% through 2020 leased • 6.9 years average remaining lease term Net Income 265.4 •
Slide 5: Net Income and Earnings Per Share
Net Income and Earnings Per Share 1Q 2018 1Q 2017 Net Income ($ million) 265.4 261.2 Diluted Earnings Per Share ($) 1.72 1.48 Key Highlights • Net income increased 2% and diluted earnings per share increased 16% • Increase in net income was primarily due to higher gain on sale of assets, partially o
Slide 6: Book Value Per Share
Book Value Per Share (millions, except per share data) Mar. 31, 2018 Dec. 31, 2017 Mar. 31, 2017 Total Shareholders’ Equity $8,593 $8,580 $8,520 Ordinary Shares Outstanding 147.2 153.0 169.9 Unvested Restricted Stock (3.0) (3.0) (3.5) Ordinary Shares Outstanding 144.2 150.0 166.4 (excl. Unvested Res
Slide 7: Revenues and Other Income
Revenues and Other Income ($ million) 1Q 2018 1Q 2017 Basic Lease Rents 1,032.9 1,067.1 Maintenance Rents and Other Receipts 87.4 89.9 Net Gain on Sale of Assets 89.3 47.3 Other Income 9.5 32.5 Total Revenues and Other Income 1,219.1 1,236.8 • Basic lease rents decreased primarily due to the sale of
Slide 8: Net Interest Margin (Net Spread)
Net Interest Margin (Net Spread) Net Interest Margin ($ million) 1Q 2018 1Q 2017 1Q 2018 1Q 2017 Annualized Net Spread 8.5% 9.2% 742.0 787.9 Average Cost of Debt1 Net Interest Margin is calculated as basic lease Including all fees 4.0% 4.0% rents less interest expense, excluding non-cash charges rel
Slide 9: Aircraft Disposals and Purchases
Aircraft Disposals and Purchases ($ million) 1Q 2018 1Q 2017 Net Gain on Sale of Assets 89.3 47.3 1Q 2018 Aircraft Disposal Activity: • 21 aircraft, with an average age of 12 years, were sold from our owned portfolio: • 11 Airbus A320 Family aircraft, 4 Airbus A330s and 1 Airbus A340 • 1 Boeing 737
Slide 10: Other Expenses
Other Expenses ($ million) 1Q 2018 1Q 2017 Maintenance Rights Expense 53.7 73.0 Other Leasing Costs 78.8 49.4 Selling, General & Administrative Expenses 85.8 83.5 Asset Impairment 2.1 − Restructuring Related Expenses − 9.9 • Maintenance rights expense decreased as a result of the amount of maintenan
Slide 11: Liquidity Position
Liquidity Position Sources vs. Uses (Next 12 Months) Liquidity Levels Since July 2014 ($ billion as of March 31, 2018) ($ billion) Sources (for 12 months to March 31, 2019) 10.8 3.0x Unsecured Revolver 4.0 10.5 10.0 2.8x 9.5 9.5 9.6 Other Facilities and Contracted Sales 4.6 9.2 9.1 9.0 9.0 8.9 2.6x
Slide 12: Q&A
GLOBAL LEADER IN AVIATIO Q&A DUBLIN | SHANNON | LOS ANGELES | SINGAPORE | AMSTERDAM | FORT LAUDERDALE | SHANGHAI | ABU DHABI | SEATTLE | TOULOUSE ‘AERCAP.COM
Slide 13: Supplemental Information
Supplemental Information DUBLIN | SHANNON | LOS ANGELES | SINGAPORE | AMSTERDAM | FORT LAUDERDALE | SHANGHAI | ABU DHABI | SEATTLE | TOULOUSE ‘AERCAP.COM
Slide 14: Capital Structure
Capital Structure Summary Mar. 31, 2018 Dec. 31, 2017 Adjusted Debt / Equity Ratio 2.8 to 1 2.8 to 1 Adjusted Debt/Equity Calculation ($ million) Mar. 31, 2018 Dec. 31, 2017 Debt (including fair value adjustments) 28,890 28,421 Adjusted for: • Unrestricted cash & cash equivalents (2,152) (1,660) • 5
Slide 15: High Quality and Well Diversified Portfolio as of March 31, 2018
High Quality and Well Diversified Portfolio as of March 31, 2018 Number of % Net Number of Number of Total Aircraft Type Owned Aircraft Book Value Managed Aircraft on Order Aircraft Aircraft Airbus A320 Family 359 20 56 − 415 Airbus A320neo Family 50 7 − 220 270 Airbus A330 79 10 12 − 91 Airbus A350
Slide 16: Forward Order and Purchase/Leasebacks as of March 31, 2018
Forward Order and Purchase/Leasebacks as of March 31, 2018 Aircraft Type 2018 2019 2020 2021 2022 Thereafter Total Airbus A320neo Family 51 42 47 30 25 25 220 Airbus A350 5 2 − − − − 7 Boeing 737MAX 5 17 27 28 27 − 104 Boeing 787 10 14 5 6 6 9 50 Embraer E190 / 195-E2 1 14 14 14 7 − 50 Total Aircraf
Slide 17: AerCap Holdings N.V. contact details
AerCap Holdings N.V. AerCap House 65 St. Stephen’s Green Dublin 2, Ireland +353 1 819 2010 contact@aercap.com Follow us on