PR Newswire
- Net income of $671 million, or $3.56 per share, for the fourth quarter of 2024 and $2.1 billion, or $10.79 per share, for the full year 2024.
- Adjusted net income of $624 million, or $3.31 per share, for the fourth quarter of 2024 and $2.3 billion, or $12.01 per share, for the full year 2024.
- New $1 billion share repurchase program announced.
- Quarterly dividend increased to $0.27 per share.
DUBLIN
, Feb. 26, 2025 /PRNewswire/ — AerCap Holdings N.V. (NYSE: AER), the industry leader across all areas of aviation leasing, today reported strong financial results for the fourth quarter and full year ended December 31, 2024.
“We are pleased to announce another strong quarter for AerCap, completing a year of record operating cash flow and earnings per share. These results reflect a continued positive operating environment across our businesses and high demand for leased aircraft, engines and helicopters. We also see this reflected in our asset sales, where we sold $869 million of assets in the fourth quarter at a record gain on sale of $260 million. Given AerCap’s strong outlook for 2025 and beyond, we are announcing a new $1 billion share repurchase program as well as an increase in our quarterly dividend to $0.27 per share,” said Aengus Kelly, Chief Executive Officer of AerCap.
Highlights:
- Return on equity of 16% and adjusted return on equity of 15% for the fourth quarter of 2024.
- Cash flow from operating activities of $1.3 billion for the fourth quarter of 2024 and $5.4 billion for the full year 2024.
- Unlevered gain on sale margin of 43% for assets sold in the fourth quarter of 2024, or 2.6x book value on an equity basis.
- Ordered over $2 billion of CFM LEAP engines in the fourth quarter of 2024, bringing total new engine orders by AerCap and SES to over $5 billion, at list prices, for the full year.
- Insurance and other recoveries of $195 million related to the Ukraine Conflict in 2024.
- Returned $1.6 billion to shareholders during 2024 through the repurchase of 16.8 million shares at an average price of $87.80 per share and the payment of dividends.
- New $1 billion share repurchase program announced today.
- Increasing quarterly dividend to $0.27 per share.
- Book value per share of $94.57 as of December 31, 2024, an increase of approximately 13% from December 31, 2023.
- Adjusted debt/equity ratio of 2.35 to 1 as of December 31, 2024.
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Lease revenue: |
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Basic lease rents |
$1,619 |
$1,576 |
3 % |
$6,377 |
$6,249 |
2 % |
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Maintenance rents and other receipts |
106 |
142 |
(25 %) |
627 |
611 |
3 % |
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Total lease revenue |
1,725 |
1,718 |
— |
7,004 |
6,860 |
2 % |
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Net gain on sale of assets |
260 |
94 |
176 % |
651 |
490 |
33 % |
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Other income |
88 |
86 |
2 % |
342 |
230 |
48 % |
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Basic lease rents were $1,619 million for the fourth quarter of 2024, compared with $1,576 million for the same period in 2023. Basic lease rents for the fourth quarter of 2024 were negatively impacted by $30 million of lease premium amortization.
Maintenance rents and other receipts were $106 million for the fourth quarter of 2024, compared with $142 million for the same period in 2023. Maintenance rents for the fourth quarter of 2024 were negatively impacted by $22 million as a result of maintenance rights assets that were amortized to revenue.
Net gain on sale of assets for the fourth quarter of 2024 was $260 million, relating to 40 assets sold for $869 million, compared with $94 million for the same period in 2023, relating to 35 assets sold for $625 million. The increase was primarily due to the volume and composition of asset sales in the current strong sales market.
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Adjusted for: |
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Amortization of lease premium/deficiency |
30 |
40 |
(27 %) |
127 |
166 |
(23 %) |
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Interest expense |
505 |
496 |
2 % |
1,991 |
1,806 |
10 % |
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Adjusted for: |
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Mark-to-market of interest rate derivatives |
(4) |
(19) |
(77 %) |
(34) |
(37) |
(7 %) |
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Interest expense excluding mark-to-market of interest rate derivatives |
500 |
477 |
5 % |
1,956 |
1,770 |
11 % |
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Depreciation and amortization |
(657) |
(631) |
4 % |
(2,580) |
(2,481) |
4 % |
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Average lease assets (*) |
$61,552 |
$60,283 |
2 % |
$60,845 |
$59,775 |
2 % |
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Annualized net spread (*) |
7.5 % |
7.6 % |
7.5 % |
7.8 % |
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(*) Refer to “Notes Regarding Financial Information Presented in This Press Release” for details relating to these non-GAAP measures and metrics |
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Interest expense excluding mark-to-market of interest rate derivatives was $500 million for the fourth quarter of 2024, compared with $477 million for the same period in 2023. AerCap’s average cost of debt was 4.1% for the fourth quarter of 2024 and 3.7% for the same period in 2023, in each case excluding debt issuance costs, upfront fees and other impacts.
Recoveries Related to Ukraine Conflict
During the fourth quarter of 2024, we recognized recoveries related to the Ukraine Conflict of $168 million, consisting of cash insurance settlement proceeds received pursuant to settlements with insurers under our C&P policy.
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Selling, general and administrative expenses (excluding share- based compensation expenses) |
$94 |
$95 |
(2 %) |
$378 |
$367 |
3 % |
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Share-based compensation expenses |
29 |
27 |
9 % |
111 |
97 |
15 % |
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Other Expenses
Leasing expenses were $214 million for the fourth quarter of 2024, compared with $135 million for the same period in 2023. Leasing expenses for the fourth quarter of 2024 were negatively impacted by $60 million of maintenance rights amortization. Asset impairment charges were $17 million for the fourth quarter of 2024, compared with $50 million recorded for the same period in 2023. Asset impairment charges recorded in the fourth quarter of 2024 related to sales transactions and leasing transactions and were partially offset by related maintenance revenue.
Effective Tax Rate
AerCap’s effective tax rate for the full year 2024 was 14.3%, compared with an effective tax rate of 8.9% for the full year 2023. The effective tax rate is impacted by the source and amount of earnings among our different tax jurisdictions as well as the amount of permanent tax differences relative to pre-tax income or loss, and certain other discrete items.
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Ordinary shares outstanding |
186,783,225 |
202,493,168 |
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Unvested restricted stock |
(5,072,382) |
(4,561,249) |
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Total cash, cash equivalents and restricted cash |
$1,402 |
$1,825 |
(23 %) |
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Total assets |
71,442 |
71,275 |
— |
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Debt |
45,295 |
46,484 |
(3 %) |
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Total liabilities |
54,257 |
54,686 |
(1 %) |
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Total AerCap Holdings N.V. shareholders’ equity |
17,185 |
16,589 |
4 % |
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Flight Equipment
As of December 31, 2024, AerCap’s portfolio consisted of 3,525 aircraft, engines and helicopters that were owned, managed or on order. The average age of the company’s owned aircraft fleet as of December 31, 2024 was 7.4 years (4.8 years for new technology aircraft, 14.9 years for current technology aircraft) and the average remaining contracted lease term was 7.4 years.
Dividend
In February 2025, AerCap’s Board of Directors declared a quarterly cash dividend of $0.27 per share, with a payment date of April 3, 2025, to shareholders of record of AerCap ordinary shares as of the close of business on March 12, 2025, an increase from the 2024 quarterly dividend of $0.25 per share.
Notes Regarding Financial Information Presented in This Press Release
The financial information presented in this press release is not audited.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
The following are definitions of non-GAAP measures and metrics used in this press release. We believe these measures and metrics may further assist investors in their understanding of our performance. These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our U.S. GAAP financial measures. Non-GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly-titled measures and metrics and disclosures by other companies.
Adjusted net income / earnings per share, adjusted return on equity and adjusted earnings per share guidance
Adjusted net income is calculated as net income excluding the after-tax impact of the net recoveries related to the Ukraine Conflict and amortization of maintenance rights and lease premium assets recognized under purchase accounting. Adjusted earnings per share is calculated by dividing adjusted net income by the weighted average of our ordinary shares outstanding. Adjusted return on equity is calculated by dividing adjusted net income by average shareholders’ equity. Given the relative significance of these items during 2024, we have chosen to present this measure in order to assist investors in their understanding of the changes and trends related to our earnings.
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Adjusted for: |
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Net recoveries related to Ukraine Conflict |
(168) |
(0.89) |
(195) |
(1.00) |
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Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*) |
112 |
0.60 |
475 |
2.44 |
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Income tax effect of the above adjustments |
8 |
0.04 |
(42) |
(0.22) |
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(*) Includes $30 million adjustment to basic lease rents, $22 million adjustment to maintenance revenues and $60 million adjustment to leasing expenses for the three months ended December 31, 2024, and $127 million adjustment to basic lease rents, $201 million adjustment to maintenance revenues and $147 million adjustment to leasing expenses for the year ended December 31, 2024 |
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Adjusted debt/equity ratio
This measure is the ratio obtained by dividing adjusted debt by adjusted equity.
- Adjusted debt means consolidated total debt less cash and cash equivalents, and less a 50% equity credit with respect to certain long-term subordinated debt.
- Adjusted equity means total equity, plus the 50% equity credit relating to the long-term subordinated debt.
Adjusted debt and adjusted equity are adjusted by the 50% equity credit to reflect the equity nature of those financing arrangements and to provide information that is consistent with definitions under certain of our debt covenants. We believe this measure may further assist investors in their understanding of our capital structure and leverage.
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Adjusted for: |
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Unrestricted cash and cash equivalents |
(1,209) |
(1,627) |
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50% equity credit for long-term subordinated debt |
(1,125) |
(1,125) |
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Adjusted for: |
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50% equity credit for long-term subordinated debt |
1,125 |
1,125 |
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Adjusted net interest margin, annualized net spread, annualized net spread less depreciation and amortization and average cost of debt
Adjusted net interest margin is calculated as the difference between basic lease rents, excluding the impact of the amortization of lease premium/deficiency recognized under purchase accounting, and interest expense, excluding the impact of the mark-to-market of interest rate derivatives. Annualized net spread is adjusted net interest margin expressed as a percentage of average lease assets. Annualized net spread less depreciation and amortization is adjusted net interest margin less depreciation and amortization, expressed as a percentage of average lease assets.
Average cost of debt is calculated as interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts, divided by average debt balance.
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Adjusted for: |
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Mark-to-market on interest rate derivatives |
(4) |
(19) |
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Debt issuance costs, upfront fees and other impacts |
(27) |
(37) |
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Average debt balance |
$46,491 |
$47,043 |
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Lease assets
Lease assets include flight equipment held for operating leases, flight equipment held for sale, net investment in finance leases and maintenance rights assets.
Aviation assets
Aviation assets include aircraft, engines and helicopters.
Conference Call
In connection with its report of fourth quarter 2024 results, management will host a conference call with members of the investment community today, Wednesday, February 26, 2025, at 8:30 am Eastern Time. The call can be accessed live via webcast by AerCap’s website at www.aercap.com under “Investors”, or by dialing (U.S./Canada) +1 646-828-8193 or (International) +353 1 246 5638 and referencing code 1025989 at least 5 minutes before start time.
The webcast replay will be archived in the “Investors” section of the company’s website for one year.
For further information, contact Joseph McGinley: +353 1 418 0428 ([email protected]).
About AerCap
AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Amsterdam, Shanghai, Dubai and other locations around the world.
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,” “will,” “aim,” “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, and 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, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; the impact of hostilities in the Middle East, or any escalation thereof, on the aviation industry or our business; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes; and disruptions and security breaches affecting our information systems or the information systems of our third-party providers.
As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap’s annual report on Form 20-F and other filings with the United States Securities and Exchange Commission. 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. Except as required by applicable law, 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 www.aercap.com.
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(U.S. Dollars in thousands) |
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Cash and cash equivalents |
$1,209,226 |
$1,627,181 |
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Restricted cash |
192,356 |
198,285 |
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Trade receivables |
68,073 |
73,667 |
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Flight equipment held for operating leases, net |
58,575,672 |
57,091,166 |
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Investment in finance leases, net |
1,208,585 |
1,254,451 |
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Flight equipment held for sale |
466,173 |
296,696 |
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Prepayments on flight equipment |
3,460,296 |
3,576,187 |
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Maintenance rights and lease premium, net |
2,129,993 |
2,729,962 |
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Other intangibles, net |
139,666 |
163,167 |
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Deferred tax assets |
261,004 |
275,756 |
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Associated companies |
1,128,894 |
971,517 |
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Other assets |
2,602,038 |
3,016,524 |
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Accounts payable, accrued expenses and other liabilities |
$1,774,827 |
$1,793,058 |
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Accrued maintenance liability |
3,327,347 |
2,863,730 |
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Lessee deposit liability |
1,092,585 |
1,018,702 |
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Debt |
45,294,511 |
46,483,903 |
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Deferred tax liabilities |
2,767,874 |
2,526,120 |
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Total Liabilities |
54,257,144 |
54,685,513 |
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Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of December 31, 2024 and 2023; 204,543,739 and 215,543,739 ordinary shares issued and 186,783,225 and 202,493,168 ordinary shares outstanding (including 5,072,382 and 4,561,249 shares of unvested restricted stock) as of December 31, 2024 and 2023, respectively |
2,558 |
2,676 |
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Additional paid-in capital |
5,809,276 |
6,594,556 |
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Treasury shares, at cost (17,760,514 and 13,050,571 ordinary shares as of December 31, 2024 and 2023, respectively) |
(1,425,652) |
(819,305) |
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Accumulated other comprehensive income |
42,683 |
8,304 |
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Accumulated retained earnings |
12,755,758 |
10,802,599 |
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Total AerCap Holdings N.V. shareholders’ equity |
17,184,623 |
16,588,830 |
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Non-controlling interest |
209 |
216 |
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Total Equity |
17,184,832 |
16,589,046 |
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(U.S. Dollars in thousands, except share and per share data) |
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Lease revenue: |
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Basic lease rents |
$1,618,684 |
$1,576,314 |
$6,377,181 |
$6,248,994 |
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Maintenance rents and other receipts |
105,944 |
141,941 |
626,816 |
611,326 |
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Total lease revenue |
1,724,628 |
1,718,255 |
7,003,997 |
6,860,320 |
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Net gain on sale of assets |
259,968 |
94,263 |
651,142 |
489,620 |
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Other income |
87,686 |
86,130 |
341,505 |
230,478 |
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Depreciation and amortization |
657,146 |
631,445 |
2,580,037 |
2,480,578 |
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Net recoveries related to Ukraine Conflict |
(168,067) |
(614,093) |
(194,750) |
(1,287,972) |
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Asset impairment |
16,964 |
50,315 |
49,766 |
86,855 |
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Interest expense |
504,670 |
495,867 |
1,990,732 |
1,806,442 |
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Loss on debt extinguishment |
5,968 |
— |
13,450 |
4,097 |
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Leasing expenses |
214,120 |
135,205 |
810,358 |
756,438 |
||||||
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Selling, general and administrative expenses |
122,984 |
121,879 |
488,916 |
464,128 |
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Gain on investments at fair value |
1,670 |
8,925 |
5,238 |
2,334 |
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Income tax expense |
(92,507) |
(39,038) |
(323,704) |
(291,056) |
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Equity in net earnings of investments accounted for under the equity method |
43,559 |
58,778 |
158,956 |
166,715 |
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Net (income) loss attributable to non-controlling interest |
(1) |
(857) |
7 |
(11,754) |
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Basic earnings per share |
$3.66 |
$5.47 |
$11.06 |
$13.99 |
||||||
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Diluted earnings per share |
$3.56 |
$5.37 |
$10.79 |
$13.78 |
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Weighted average shares outstanding—basic |
183,617,156 |
202,347,586 |
189,830,813 |
224,216,801 |
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Weighted average shares outstanding—diluted |
188,361,755 |
205,969,098 |
194,489,171 |
227,656,343 |
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(U.S. Dollars in thousands) |
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Net income |
$2,098,625 |
$3,147,845 |
||||
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||||||
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Depreciation and amortization |
2,580,037 |
2,480,578 |
||||
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Net recoveries related to Ukraine Conflict |
(194,750) |
(1,269,471) |
||||
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Asset impairment |
49,766 |
86,855 |
||||
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Amortization of debt issuance costs, debt discount, debt premium and lease premium |
223,649 |
253,003 |
||||
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Maintenance rights write-off |
342,933 |
328,239 |
||||
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Maintenance liability release to income |
(163,405) |
(203,440) |
||||
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Net gain on sale of assets |
(651,142) |
(489,620) |
||||
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Deferred tax expense |
250,504 |
280,069 |
||||
|
Share-based compensation |
111,140 |
97,058 |
||||
|
Collections of finance leases |
367,173 |
407,204 |
||||
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Gain on investments at fair value |
(5,238) |
(2,334) |
||||
|
Loss on debt extinguishment |
13,450 |
4,097 |
||||
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Other |
165,357 |
(7,392) |
||||
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||||||
|
Trade receivables |
5,852 |
56,442 |
||||
|
Other assets |
241,143 |
(128,459) |
||||
|
Accounts payable, accrued expenses and other liabilities |
1,549 |
220,761 |
||||
|
|
|
|
||||
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Purchase of flight equipment |
(5,062,507) |
(4,662,680) |
||||
|
Proceeds from sale or disposal of assets |
2,674,974 |
2,121,507 |
||||
|
Prepayments on flight equipment |
(1,553,851) |
(1,569,706) |
||||
|
Cash proceeds from insurance claim settlements |
172,000 |
1,254,400 |
||||
|
Net proceeds from (issuances of) loans receivable |
72,458 |
(300,329) |
||||
|
Other |
(27,281) |
(26,160) |
||||
|
|
|
|
||||
|
Issuance of debt |
7,641,379 |
6,550,992 |
||||
|
Repayment of debt |
(8,799,950) |
(6,568,370) |
||||
|
Debt issuance and extinguishment costs paid, net of debt premium received |
(106,512) |
(85,408) |
||||
|
Maintenance payments received |
920,932 |
817,229 |
||||
|
Maintenance payments returned |
(248,017) |
(201,474) |
||||
|
Security deposits received |
344,816 |
480,950 |
||||
|
Security deposits returned |
(224,846) |
(256,015) |
||||
|
Redemption of non-controlling interest and dividends paid to non-controlling interest holders |
— |
(112,034) |
||||
|
Repurchase of shares and tax withholdings on share-based compensation |
(1,520,320) |
(2,637,589) |
||||
|
Dividends paid on ordinary shares |
(139,991) |
— |
||||
|
|
|
|
||||
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(420,073) |
66,748 |
||||
|
Effect of exchange rate changes |
(3,811) |
1,948 |
||||
|
Cash, cash equivalents and restricted cash at beginning of period |
1,825,466 |
1,756,770 |
||||
|
|
|
|
||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/aercap-holdings-nv-reports-strong-financial-results-and-announces-new-share-repurchase-authorization-and-dividend-increase-302385881.html
SOURCE AerCap Holdings N.V.
