Aercap Holdings N.v. · NYSE:AER
Aercap — Q3 2024 Earnings Presentation
18 slides from Aercap's earnings presentation, Oct 30, 2024
Slide 1: AerCap 3Q 2024 Financial Results
AERCAP | ~ 2024FINANCIAL 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 AERCAP ! © AerCap Strong 3Q 2024 Results: GAAP EPS of $1.95, Adjusted EPS of $2.41 Robust Sales Market Continues; $479 Million of Sales in 3Q 2024 at 27% Unlevered Gain- on-Sale Margin $500 Million Share Repurchase Program Authorized in 3Q 2024; $1.5 Billion of Shares Repurchase Progr
Slide 4: Significant Activity Across All Business Lines
SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES @ ahs Ey ENGINES AIRCRAFT HELICOPTERS TOTAL TRANSACTIONS TRANSACTIONS TRANSACTIONS TRANSACTIONS 24 120 16 LEASED LEASED LEASED LEASED 13 27 1 PURCHASED PURCHASED PURCHASED PURCHASED 3 18 SOLD © AerCap
Slide 5: 3Q 2024 Net Income Walk
3Q 2024 NET INCOME WALK 3Q 2024 Adjusted Net Income Net income of $375 million, Increase or $1.95 per share Decrease . . Adjusted net income of $463 4 (16) million, or $2.41 per share 107 Purchase accounting adjustments include: $31 million related to lease premium amortization affecting basic lease
Slide 6: 3Q 2024 Financial Drivers
3Q 2024 FINANCIAL DRIVERS Basic lease rents were $1,605 million, and were negatively impacted by $31 million of lease premium amortization Maintenance rents and other receipts were $161 million, and were negatively impacted by $44 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 September 30, 2024) Adjusted leverage ratio of 2.4x 3Q 2024 operating cash flow Fn of $1.4 billion 2 2 i ' 2 H 20 ' | i S 18 Excess ' > Secured debt-to-total-assets ratio c H 16 310 of ~12% 4 ~$3 ' | . 0 Average cost of debt of 4.0%
Slide 8: Raising Full Year 2024 Guidance
RAISING FULL YEAR 2024 GUIDANCE 2024 Adjusted Earnings Per Share Guidance > Key drivers of outperformance ~$10.70 include: $11.00 ~$10.25 $10.00 ~$9.20 > 9M 2024 gains on sale of $391 $9.00 million $7.50 - $8.50 $8.00 ean aeo8 Higher lease revenue primarily y excl. gains . due to strong cash collect
Slide 9: Q&A
Slide 10: Supplemental Information
Slide 11: 3Q 2024 Adjusted Net Income and EPS Reconciliation
3Q 2024 ADJUSTED NET INCOME AND EPS RECONCILIATION ($ million, except per share amounts) Net Income Earnings Per Share ($) Net Income / Earnings Per Share $375 $1.95 > Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting toy aa > Net Recoveries Related to
Slide 12: Full Year 2024 Adjusted EPS Guidance
FULL YEAR 2024 ADJUSTED EPS GUIDANCE ($ billion, except per share amounts) icine on Net Income $1.7 > Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase 05 Accounting > Net Recoveries Related to Ukraine Conflict 0.0 > Income Tax Effect (0.1) Adjusted Net Income Adj
Slide 13: Book Value Per Share
BOOK VALUE PER SHARE Book value per share of $90.66 as of September 30, 2024 (millions, except per share data) Sept. 30, 2024 Total Shareholders’ Equity $16,752 Ordinary Shares Outstanding 189.7 Unvested Restricted Stock (4.9) Ordinary Shares Outstanding (excl. Unvested Restricted Stock) 184.8 Book
Slide 14: Capital Structure
CAPITAL STRUCTURE Adjusted Debt/Equity Calculation ($ million) Sept. 30, 2024 Dec. 31, 2023 Debt 48,353 46,484 Adjusted for: > Unrestricted cash & cash equivalents (3,755) (1,627) >» 50% equity credit for long-term subordinated debt (1,125) (1,125) Adjusted Debt 43,473 43,732 Equity 16,752 16,589 Ad
Slide 15: High-Quality & Well-Diversified Portfolio
HIGH-QUALITY & WELL-DIVERSIFIED PORTFOLIO New technology aircraft comprise ~73% of aircraft fleet AIRCRAFT TYPE NUMBER OF ASSETS OWNED %NET BOOK VALUE NUMBER OF ASSETS MANAGED —_ NUMBER OF ASSETS ON ORDER Airbus A220 Family 15 1% 6 4 25 Airbus A320neo Family 405 30% 23 155 583 Airbus A320 Family 403
Slide 16: Forward Orders and Purchase/Leasebacks
FORWARD ORDERS AND PURCHASE/LEASEBACKS AIRCRAFT TYPE 2024 2025 2026 2027 2028 THEREAFTER TOTAL Airbus A220 Family 4 - = = o - 4 Airbus A320neo Family 12 32 42 46 23 - 165 Airbus A330neo Family 3 - = o - - 3 Boeing 737 MAX 4 25 55 33 - - 17 Boeing 787 1 2 10 3 - - 16 Embraer E190 / 195-E2 4 20 - - -
Slide 17: Endnotes
ENDNOTES SLIDE 5: 3@ 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 Cash Capex includes expected cash payments for aircraft deliveries and pre-del
Slide 18: AerCap
AERCAP | =R STAND STILL