Aercap Holdings N.v. · NYSE:AER
Aercap — Q4 2020 Earnings Presentation
17 slides from Aercap's earnings presentation, Mar 2, 2021
Slide 1: Fourth Quarter 2020 Financial Results
Fourth Quarter 2020 Financial Results AerCap Holdings N.V. March 2 , 2021 D u b l i n | S h a n n o n | L o s A n g e l e s | S i n g a p o r e | A m s t e r d a m | S h a n g h a i | A b u D h a b i | S e a t t l e | T o u l o u s e
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 Accordingly, you should not rely upon forward-looking statements as a respect to future performance and events. These statements, estimates and prediction of actual r
Slide 3: Key Messages
Key Messages There will be a structural shift towards leasing aircraft Vaccine rollouts are progressing Consumer demand expected to bounce back quickly We remain focused on maximising long-term returns © AerCap | Confidential property of the company, not for disclosure or use without permission 3
Slide 4: Key Messages
Key Messages STRUCTURAL CONSUMER SHIFT VACCINE DEMAND IS TOWARDS ROLLOUT RESILIENT LEASING Demand for leasing will Over 250m people have Consumers want to travel, grow as airlines look to now been vaccinated and and will come back in repair their balance pace is increasing large numbers once s
Slide 5: AerCap 4Q Update
AerCap 4Q Update STRONG OPPORTUNITIES CASH FLOW CONTINUES TO PLACEMENTS IMPROVING FOR GROWTH IMPROVE Growth opportunities will Operating cash flow Lease agreements signed present themselves as increased a further 21% in in 4Q for 22 narrowbody recovery gathers pace 4Q, to over $650m and 9 wide
Slide 6: Net Income and Earnings Per Share
Net Income and Earnings Per Share 4Q 2020 4Q 2019 FY 2020 FY 2019 Net Income ($ million) 28 310 (299) 1,146 Diluted Earnings Per Share ($) 0.22 2.34 (2.34) 8.43 Key Drivers of Net Income 4Q 2020 4Q 2019 FY 2020 FY 2019 Asset Impairment - - (973) - Cash Accounting (117) - (311) - Loss on Debt Extingu
Slide 7: Revenues and Other Income
Revenues and Other Income ($ million) 4Q 2020 4Q 2019 FY 2020 FY 2019 Basic Lease Rents 885 1,062 3,762 4,281 Maintenance Rents and Other Receipts 110 133 559 401 Net Gain on Sale of Assets 14 49 90 189 Other Income 22 14 83 66 Total Revenues and Other Income 1,032 1,257 4,494 4,937 Basic lease re
Slide 8: Cash Flow Recovery
Cash Flow Recovery Cash Flow from Operations Cash flow from operations more 700 than doubled from 2Q to 4Q ($ million) 600 The vast majority of our customers 500 continue to pay every month 400 New deferral requests have 653 significantly slowed 300 629 541 200 308 100 0 1Q 2020 2Q 2020 3Q 202
Slide 9: Other Expenses
Other Expenses ($ million) 4Q 2020 4Q 2019 FY 2020 FY 2019 Asset Impairment 27 16 1,087 70 Selling, General & Administrative Expenses 64 71 242 267 Maintenance Rights Expense 6 25 46 77 Other Leasing Costs 85 62 278 211 Asset impairment charges in 4Q 2020 related to lease terminations and sales tr
Slide 10: Liquidity Position
Liquidity Position Next 12 months’ sources-to-uses coverage of 2.3x, with $9.1 billion sources of liquidity Sources vs. Uses (Next 12 Months) (as of December 31, 2020) $5.2 billion of excess cash coverage ($ billion) 9.0 2.6x leverage ratio $2.4 7.5 Excess ~26% secured debt-to-total assets rat
Slide 11: Q&A
Q&A D u b l i n | S h a n n o n | L o s A n g e l e s | S i n g a p o r e | A m s t e r d a m | S h a n g h a i | A b u D h a b i | S e a t t l e | T o u l o u s e
Slide 12: Supplemental Information
Supplemental Information D u b l i n | S h a n n o n | L o s A n g e l e s | S i n g a p o r e | A m s t e r d a m | S h a n g h a i | A b u D h a b i | S e a t t l e | T o u l o u s e
Slide 13: High-Quality and Well-Diversified Portfolio
High-Quality and Well-Diversified Portfolio New technology aircraft comprise ~63% of our owned fleet Number of % Net Number of Managed Number of Total Aircraft Type Owned Aircraft Book Value Aircraft on Order Aircraft Aircraft Airbus A320 Family 274 13% 44 − 318 Airbus A320neo Family 165 23% 5 157 3
Slide 14: Forward Order and Purchase/Leasebacks
Forward Order and Purchase/Leasebacks Aircraft Type 2021 2022 2023 2024 2025 Thereafter Total Airbus A320neo Family 23 30 37 29 25 13 157 Boeing 737 MAX - 2 17 18 19 15 71 Boeing 787 6 1 1 4 4 7 23 Embraer E190 / 195-E2 2 - - 11 18 4 35 Total Aircraft 31 33 55 62 66 39 286 As of December 31, 2020 ©
Slide 15: Capital Structure
Capital Structure Adjusted Debt/Equity Calculation ($ million) Dec. 31, 2020 Dec. 31, 2019 Debt (including fair value adjustments) 28,742 29,486 Adjusted for: Unrestricted cash & cash equivalents (1,249) (1,121) 50% equity credit for long-term subordinated debt (1,125) (1,125) Adjusted Debt 26,3
Slide 16: Endnotes
Endnotes SLIDE 10: Liquidity Position Estimated cash capex includes expected cash payments for aircraft deliveries and pre-delivery payments during the next 12 months. © AerCap | Confidential property of the company, not for disclosure or use without permission 16
Slide 17: AerCap House, Dublin
AerCap House T: +353 1 819 2010 65 St Stephens Green E: contact@aercap.com Dublin D02 YX20 W: aercap.com Ireland D u b l i n | S h a n n o n | L o s A n g e l e s | S i n g a p o r e | A m s t e r d a m | S h a n g h a i | A b u D h a b i | S e a t t l e | T o u l o u s e