Highlights
Took delivery of 14 aircraft from our new order pipeline, representing $843 million in aircraft investments, ending the period with over $28 billion in total assets.As of September 30, 2022, we had 405 aircraft in our owned fleet, with a net book value of $23.9 billion, a weighted average age of 4.5 years and a weighted average lease term remaining of 7.0 years.Placed 99% of our contracted orderbook positions on long-term leases for aircraft delivering through the end of 2023 and have placed 58% of our entire orderbook.Ended the quarter with $30.9 billion in committed minimum future rental payments consisting of $15.1 billion in contracted minimum rental payments on the aircraft in our existing fleet and $15.8 billion in minimum future rental payments related to aircraft on order.Increased our quarterly cash dividend by approximately 8.1%, from $0.185 per share to $0.20 per share of our outstanding Class A common stock. The next quarterly dividend of $0.20 per share will be paid on January 10, 2023 to holders of record of our common stock as of December 16, 2022.
Third Quarter 2022 Results
operating Results
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2022 | 2021 | $ change | % change | 2022 | 2021 | $ change | % change | ||||||||||||||||||||||
Revenues | $ | 561.3 |
| $ | 524.5 |
| $ | 36.8 |
| 7.0 | % | $ | 1,715.7 |
| $ | 1,491.2 |
| $ | 224.5 |
| 15.1 | % | ||||||||
Operating expenses |
| (423.5 | ) |
| (390.0 | ) |
| (33.5 | ) | 8.6 | % |
| (1,232.3 | ) |
| (1,138.6 | ) |
| (93.7 | ) | 8.2 | % | ||||||||
Write-off of Russian fleet |
| — |
|
| — |
|
| — |
| — | % |
| (802.4 | ) |
| — |
|
| (802.4 | ) | 100.0 | % | ||||||||
Income/(loss) before taxes |
| 137.8 |
|
| 134.5 |
|
| 3.3 |
| 2.5 | % |
| (318.9 | ) |
| 352.6 |
|
| (671.5 | ) | (190.4 | )% | ||||||||
Net income/(loss) attributable to common stockholders | $ | 100.0 |
| $ | 100.0 |
| $ | — |
| — | % | $ | (273.6 | ) | $ | 265.8 |
| $ | (539.4 | ) | (202.9 | )% | ||||||||
Diluted earnings/(loss) per share | $ | 0.90 |
| $ | 0.87 |
| $ | 0.03 |
| 3.4 | % | $ | (2.45 | ) | $ | 2.32 |
| $ | (4.77 | ) | (205.6 | )% | ||||||||
Adjusted net income before income taxes(1) | $ | 146.3 |
| $ | 146.5 |
| $ | (0.2 | ) | (0.1 | )% | $ | 501.7 |
| $ | 389.5 |
| $ | 112.2 |
| 28.8 | % | ||||||||
Adjusted diluted earnings per share before income taxes(1) | $ | 1.32 |
| $ | 1.28 |
| $ | 0.04 |
| 3.1 | % | $ | 4.47 |
| $ | 3.40 |
| $ | 1.07 |
| 31.5 | % |
Key Financial Ratios
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||
Pre-tax margin | 24.6 | % | 25.7 | % | (18.6 | )% | 23.6 | % | ||||
Pre-tax return on common equity (trailing twelve months) | (2.9 | )% | 8.0 | % | (2.9 | )% | 8.0 | % | ||||
Adjusted pre-tax margin(1) | 26.1 | % | 27.9 | % | 29.2 | % | 26.1 | % | ||||
Adjusted pre-tax return on common equity (trailing twelve months)(1) | 12.0 | % | 9.1 | % | 12.0 | % | 9.1 | % |
(1) | Adjusted net income before income taxes, adjusted diluted earnings per share before income taxes, adjusted pre-tax margin and adjusted pre-tax return on common equity have been adjusted to exclude the effects of certain non-cash items, one-time or non-recurring items, such as write-offs of our Russian fleet, that are not expected to continue in the future and certain other items. See note 1 under the Consolidated Statements of Operations included in this earnings release for a discussion of the non-GAAP measures and a reconciliation to their most comparable GAAP financial measures. |
FLEET
| September 30, 2022 | December 31, 2021 | ||||
Net book value of flight equipment subject to operating lease | $ | 23.9 billion |
| $ | 22.9 billion | |
Weighted-average fleet age(1) | 4.5 years |
| 4.4 years | |||
Weighted-average remaining lease term(1) | 7.0 years |
| 7.2 years | |||
|
|
|
| |||
Owned fleet |
| 405 |
|
| 382 | |
Managed fleet | 87 |
| 92 | |||
Aircraft on order |
| 412 |
|
| 431 | |
Total |
| 904 |
|
| 905 | |
|
|
|
| |||
Current fleet contracted rentals | $ | 15.1 billion |
| $ | 14.8 billion | |
Committed fleet rentals | $ | 15.8 billion |
| $ | 16.1 billion | |
Total committed rentals | $ | 30.9 billion |
| $ | 30.9 billion |
(1) | Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating lease. |
|
he following table details the composition of our flight equipment subject to operating leases by aircraft type:
|
| September 30, 2022 |
| December 31, 2021 | ||||||
Aircraft type |
| Number of Aircraft |
| % of Total |
| Number of Aircraft |
| % of Total | ||
Airbus A220-300 |
| 2 |
| 0.5 | % |
| — |
| 0.0 | % |
Airbus A319-100 |
| 1 |
| 0.2 | % |
| 1 |
| 0.3 | % |
Airbus A320-200 |
| 28 |
| 6.9 | % |
| 31 |
| 8.1 | % |
Airbus A320-200neo |
| 26 |
| 6.4 | % |
| 23 |
| 6.0 | % |
Airbus A321-200 |
| 24 |
| 5.9 | % |
| 26 |
| 6.8 | % |
Airbus A321-200neo |
| 73 |
| 18.0 | % |
| 69 |
| 18.1 | % |
Airbus A330-200 |
| 13 |
| 3.2 | % |
| 13 |
| 3.4 | % |
Airbus A330-300 |
| 5 |
| 1.2 | % |
| 8 |
| 2.1 | % |
Airbus A330-900neo |
| 14 |
| 3.5 | % |
| 9 |
| 2.4 | % |
Airbus A350-900 |
| 13 |
| 3.3 | % |
| 12 |
| 3.1 | % |
Airbus A350-1000 |
| 6 |
| 1.5 | % |
| 5 |
| 1.3 | % |
Boeing 737-700 |
| 4 |
| 1.0 | % |
| 4 |
| 1.0 | % |
Boeing 737-800 |
| 83 |
| 20.5 | % |
| 88 |
| 23.0 | % |
Boeing 737-8 MAX |
| 44 |
| 10.9 | % |
| 28 |
| 7.3 | % |
Boeing 737-9 MAX |
| 11 |
| 2.8 | % |
| 7 |
| 1.8 | % |
Boeing 777-200ER |
| 1 |
| 0.2 | % |
| 1 |
| 0.3 | % |
Boeing 777-300ER |
| 24 |
| 5.9 | % |
| 24 |
| 6.3 | % |
Boeing 787-9 |
| 26 |
| 6.4 | % |
| 26 |
| 6.8 | % |
Boeing 787-10 |
| 6 |
| 1.5 | % |
| 6 |
| 1.6 | % |
Embraer E190 |
| 1 |
| 0.2 | % |
| 1 |
| 0.3 | % |
Total (1) |
| 405 |
| 100.0 | % |
| 382 |
| 100.0 | % |
(1) | As of September 30, 2022, we had four aircraft classified as flight equipment held for sale. As of December 31, 2021, we did not have any flight equipment classified as held for sale. |
Air Lease Corporation and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands, except share and par value amounts) | ||||||||
| September 30, 2022 | December 31, 2021 | ||||||
| (unaudited) | |||||||
Assets |
| |||||||
Cash and cash equivalents | $ | 1,101,844 |
| $ | 1,086,500 |
| ||
Restricted cash |
| 15,124 |
|
| 21,792 |
| ||
Flight equipment subject to operating leases |
| 28,656,269 |
|
| 27,101,808 |
| ||
Less accumulated depreciation |
| (4,727,410 | ) |
| (4,202,804 | ) | ||
|
| 23,928,859 |
|
| 22,899,004 |
| ||
Deposits on flight equipment purchases |
| 1,493,041 |
|
| 1,508,892 |
| ||
Other assets |
| 1,685,103 |
|
| 1,452,534 |
| ||
Total assets | $ | 28,223,971 |
| $ | 26,968,722 |
| ||
Liabilities and Shareholders’ Equity |
|
| ||||||
Accrued interest and other payables | $ | 604,327 |
| $ | 611,757 |
| ||
Debt financing, net of discounts and issuance costs |
| 18,769,057 |
|
| 17,022,480 |
| ||
Security deposits and maintenance reserves on flight equipment leases |
| 1,235,704 |
|
| 1,173,831 |
| ||
Rentals received in advance |
| 149,923 |
|
| 138,816 |
| ||
Deferred tax liability |
| 936,526 |
|
| 1,013,270 |
| ||
Total liabilities | $ | 21,695,537 |
| $ | 19,960,154 |
| ||
Shareholders’ Equity |
|
| ||||||
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | $ | 106 |
| $ | 106 |
| ||
Class A common stock, $0.01 par value; 500,000,000 shares authorized; 110,892,097 and 113,987,154 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
| 1,109 |
|
| 1,140 |
| ||
Class B Non-Voting common stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding |
| — |
|
| — |
| ||
Paid-in capital |
| 3,250,169 |
|
| 3,399,245 |
| ||
Retained earnings |
| 3,274,113 |
|
| 3,609,885 |
| ||
Accumulated other comprehensive loss |
| 2,937 |
|
| (1,808 | ) | ||
Total shareholders’ equity | $ | 6,528,434 |
| $ | 7,008,568 |
| ||
Total liabilities and shareholders’ equity | $ | 28,223,971 |
| $ | 26,968,722 |
|
Air Lease Corporation and Subsidiaries | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except share, per share amounts and percentages) | ||||||||||||||||
|
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
| (unaudited) | ||||||||||||||
Revenues |
|
|
|
|
|
|
|
| ||||||||
Rental of flight equipment |
| $ | 541,397 |
|
| $ | 519,535 |
|
| $ | 1,653,223 |
|
| $ | 1,439,674 |
|
Aircraft sales, trading and other |
|
| 19,937 |
|
|
| 4,974 |
|
|
| 62,469 |
|
|
| 51,539 |
|
Total revenues |
|
| 561,334 |
|
|
| 524,509 |
|
|
| 1,715,692 |
|
|
| 1,491,213 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
| ||||||||
Interest |
|
| 122,348 |
|
|
| 114,659 |
|
|
| 358,621 |
|
|
| 346,244 |
|
Amortization of debt discounts and issuance costs |
|
| 13,162 |
|
|
| 12,571 |
|
|
| 39,772 |
|
|
| 37,109 |
|
Interest expense |
|
| 135,510 |
|
|
| 127,230 |
|
|
| 398,393 |
|
|
| 383,353 |
|
|
|
|
|
|
|
|
|
| ||||||||
Depreciation of flight equipment |
|
| 242,503 |
|
|
| 224,960 |
|
|
| 713,095 |
|
|
| 651,742 |
|
Write-off of Russian fleet |
|
| — |
|
|
| — |
|
|
| 802,352 |
|
|
| — |
|
Selling, general and administrative |
|
| 39,718 |
|
|
| 31,082 |
|
|
| 110,993 |
|
|
| 84,682 |
|
Stock-based compensation expense |
|
| 5,764 |
|
|
| 6,692 |
|
|
| 9,799 |
|
|
| 18,800 |
|
Total expenses |
|
| 423,495 |
|
|
| 389,964 |
|
|
| 2,034,632 |
|
|
| 1,138,577 |
|
Income/(loss) before taxes |
|
| 137,839 |
|
|
| 134,545 |
|
|
| (318,940 | ) |
|
| 352,636 |
|
Income tax (expense)/benefit |
|
| (27,458 | ) |
|
| (27,208 | ) |
|
| 76,606 |
|
|
| (67,785 | ) |
Net income/(loss) |
| $ | 110,381 |
|
| $ | 107,337 |
|
| $ | (242,334 | ) |
| $ | 284,851 |
|
Preferred stock dividends |
|
| (10,425 | ) |
|
| (7,331 | ) |
|
| (31,275 | ) |
|
| (19,010 | ) |
Net income/(loss) attributable to common stockholders |
| $ | 99,956 |
|
| $ | 100,006 |
|
| $ | (273,609 | ) |
| $ | 265,841 |
|
|
|
|
|
|
|
|
|
| ||||||||
Earnings/(Loss) per share of common stock: |
|
|
|
|
|
|
|
| ||||||||
Basic |
| $ | 0.90 |
|
| $ | 0.88 |
|
| $ | (2.45 | ) |
| $ | 2.33 |
|
Diluted |
| $ | 0.90 |
|
| $ | 0.87 |
|
| $ | (2.45 | ) |
| $ | 2.32 |
|
Weighted-average shares outstanding |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 110,892,097 |
|
|
| 114,122,512 |
|
|
| 111,874,002 |
|
|
| 114,071,951 |
|
Diluted |
|
| 111,090,133 |
|
|
| 114,381,621 |
|
|
| 111,874,002 |
|
|
| 114,415,169 |
|
|
|
|
|
|
|
|
|
| ||||||||
Other financial data |
|
|
|
|
|
|
|
| ||||||||
Pre-tax margin |
|
| 24.6 | % |
|
| 25.7 | % |
|
| (18.6 | )% |
|
| 23.6 | % |
Pre-tax return on common equity (trailing twelve months) |
|
| (2.9 | )% |
|
| 8.0 | % |
|
| (2.9 | )% |
|
| 8.0 | % |
Adjusted net income before income taxes(1) |
| $ | 146,340 |
|
| $ | 146,477 |
|
| $ | 501,708 |
|
| $ | 389,535 |
|
Adjusted diluted earnings per share before income taxes(1) |
| $ | 1.32 |
|
| $ | 1.28 |
|
| $ | 4.47 |
|
| $ | 3.40 |
|
Adjusted pre-tax margin(1) |
|
| 26.1 | % |
|
| 27.9 | % |
|
| 29.2 | % |
|
| 26.1 | % |
Adjusted pre-tax return on common equity (trailing twelve months)(1) |
|
| 12.0 | % |
|
| 9.1 | % |
|
| 12.0 | % |
|
| 9.1 | % |
(1) | Adjusted net income before income taxes (defined as net income/(loss) attributable to common stockholders excluding the effects of certain non-cash items, one-time or non-recurring items, such as write-offs of our Russian fleet, that are not expected to continue in the future and certain other items), adjusted pre-tax margin (defined as adjusted net income before income taxes divided by total revenues), adjusted diluted earnings per share before income taxes (defined as adjusted net income before income taxes divided by the weighted average diluted common shares outstanding) and adjusted pre-tax return on common equity (defined as adjusted net income before income taxes divided by average common shareholders' equity) are measures of operating performance that are not defined by GAAP and should not be considered as an alternative to net income/(loss) attributable to common stockholders, pre-tax margin, earnings/(loss) per share, diluted earnings/(loss) per share and pre-tax return on common equity, or any other performance measures derived in accordance with GAAP. Adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity are presented as supplemental disclosure because management believes they provide useful information on our earnings from ongoing operations. | |
|
| |
| Management and our board of directors use adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity to assess our consolidated financial and operating performance. Management believes these measures are helpful in evaluating the operating performance of our ongoing operations and identifying trends in our performance, because they remove the effects of certain non-cash items, one-time or non-recurring items that are not expected to continue in the future and certain other items from our operating results. Adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity, however, should not be considered in isolation or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity do not reflect our cash expenditures or changes in our cash requirements for our working capital needs. In addition, our calculation of adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity may differ from the adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity or analogous calculations of other companies in our industry, limiting their usefulness as a comparative measure. | |
|
| |
| The following table shows the reconciliation of the numerator for adjusted pre-tax margin (in thousands, except percentages): |
| Three Months Ended | Nine Months Ended | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (unaudited) | |||||||||||||||
Reconciliation of the numerator for adjusted pre-tax margin (net income/(loss) attributable to common stockholders to adjusted net income before income taxes): |
|
|
|
| ||||||||||||
Net income/(loss) attributable to common stockholders | $ | 99,956 |
| $ | 100,006 |
| $ | (273,609 | ) | $ | 265,841 |
| ||||
Amortization of debt discounts and issuance costs |
| 13,162 |
|
| 12,571 |
|
| 39,772 |
|
| 37,109 |
| ||||
Write-off of Russian fleet |
| — |
|
| — |
|
| 802,352 |
|
| — |
| ||||
Stock-based compensation expense |
| 5,764 |
|
| 6,692 |
|
| 9,799 |
|
| 18,800 |
| ||||
Income tax expense/(benefit) |
| 27,458 |
|
| 27,208 |
|
| (76,606 | ) |
| 67,785 |
| ||||
Adjusted net income before income taxes | $ | 146,340 |
| $ | 146,477 |
| $ | 501,708 |
| $ | 389,535 |
| ||||
|
|
|
|
| ||||||||||||
Denominator for adjusted pre-tax margin: |
|
|
| |||||||||||||
Total revenues | $ | 561,334 |
| $ | 524,509 |
| $ | 1,715,692 |
| $ | 1,491,213 |
| ||||
Adjusted pre-tax margin(a) |
| 26.1 | % |
| 27.9 | % |
| 29.2 | % |
| 26.1 | % |
(a) | Adjusted pre-tax margin is adjusted net income before income taxes divided by total revenues |
The following table shows the reconciliation of the numerator for adjusted diluted earnings per share before income taxes (in thousands, except share and per share amounts):
| Three Months Ended | Nine Months Ended | |||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| (unaudited) | ||||||||||||
Reconciliation of the numerator for adjusted diluted earnings per share (net income/(loss) attributable to common stockholders to adjusted net income before income taxes): |
|
|
|
| |||||||||
Net income/(loss) attributable to common stockholders | $ | 99,956 | $ | 100,006 | $ | (273,609 | ) | $ | 265,841 | ||||
Amortization of debt discounts and issuance costs |
| 13,162 |
| 12,571 |
| 39,772 |
|
| 37,109 | ||||
Write-off of Russian fleet |
| — |
| — |
| 802,352 |
|
| — | ||||
Stock-based compensation expense |
| 5,764 |
| 6,692 |
| 9,799 |
|
| 18,800 | ||||
Income tax expense/(benefit) |
| 27,458 |
| 27,208 |
| (76,606 | ) |
| 67,785 | ||||
Adjusted net income before income taxes | $ | 146,340 | $ | 146,477 | $ | 501,708 |
| $ | 389,535 | ||||
|
|
|
|
| |||||||||
Denominator for adjusted diluted earnings per share: |
|
|
|
| |||||||||
Weighted-average diluted common shares outstanding |
| 111,090,133 |
| 114,381,621 |
| 111,874,002 |
|
| 114,415,169 | ||||
Potentially dilutive securities, whose effect would have been anti-dilutive |
| — |
| — |
| 329,947 |
|
| — | ||||
Adjusted weighted-average diluted common shares outstanding |
| 111,090,133 |
| 114,381,621 |
| 112,203,949 |
|
| 114,415,169 | ||||
Adjusted diluted earnings per share before income taxes(b) | $ | 1.32 | $ | 1.28 | $ | 4.47 |
| $ | 3.40 |
(b) | Adjusted diluted earnings per share before income taxes is adjusted net income before income taxes divided by adjusted weighted-average diluted common shares outstanding |
The following table shows the reconciliation of pre-tax return on common equity to adjusted pre-tax return on common equity (in thousands, except percentages):
| Trailing Twelve Months Ended | |||||||
| 2022 | 2021 | ||||||
| (unaudited) | |||||||
Reconciliation of the numerator for adjusted pre-tax return on common equity (net (loss)/income attributable to common stockholders to adjusted net income before income taxes): |
|
| ||||||
Net (loss)/income attributable to common stockholders | $ | (131,292 | ) | $ | 373,090 |
| ||
Amortization of debt discounts and issuance costs |
| 53,284 |
|
| 48,474 |
| ||
Write-off of Russian fleet |
| 802,352 |
|
| — |
| ||
Stock-based compensation expense |
| 17,515 |
|
| 21,472 |
| ||
Income tax (benefit)/expense |
| (40,008 | ) |
| 94,513 |
| ||
Adjusted net income before income taxes | $ | 701,851 |
| $ | 537,549 |
| ||
|
|
| ||||||
Reconciliation of denominator for pre-tax return on common equity to adjusted pre-tax return on common equity: |
|
| ||||||
Common shareholders' equity as of beginning of the period | $ | 6,033,783 |
| $ | 5,727,323 |
| ||
Common shareholders' equity as of end of the period | $ | 5,678,434 |
| $ | 6,033,783 |
| ||
Average common shareholders' equity | $ | 5,856,109 |
| $ | 5,880,553 |
| ||
|
|
| ||||||
Adjusted pre-tax return on common equity(c) |
| 12.0 | % |
| 9.1 | % |
(c) | Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common shareholders’ equity |
Air Lease Corporation and Subsidiaries | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(In thousands) | ||||||||
Nine Months Ended | ||||||||
| 2022 | 2021 | ||||||
| (unaudited) | |||||||
Operating Activities |
|
| ||||||
Net (loss)/income | $ | (242,334 | ) | $ | 284,851 |
| ||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: |
|
| ||||||
Depreciation of flight equipment |
| 713,095 |
|
| 651,742 |
| ||
Write-off of Russian fleet |
| 802,352 |
|
| — |
| ||
Stock-based compensation expense |
| 9,799 |
|
| 18,800 |
| ||
Deferred taxes |
| (78,035 | ) |
| 64,931 |
| ||
Amortization of discounts and debt issuance costs |
| 39,772 |
|
| 37,109 |
| ||
Amortization of prepaid lease costs |
| 34,734 |
|
| 33,603 |
| ||
Gain on aircraft sales, trading and other activity |
| (85,616 | ) |
| (1,184 | ) | ||
Changes in operating assets and liabilities: |
|
| ||||||
Other assets |
| (243,109 | ) |
| (148,982 | ) | ||
Accrued interest and other payables |
| (8,354 | ) |
| (7,283 | ) | ||
Rentals received in advance |
| 16,259 |
|
| (4,199 | ) | ||
Net cash provided by operating activities |
| 958,563 |
|
| 929,388 |
| ||
Investing Activities |
|
| ||||||
Acquisition of flight equipment under operating lease |
| (2,166,317 | ) |
| (1,670,203 | ) | ||
Payments for deposits on flight equipment purchases |
| (428,424 | ) |
| (303,856 | ) | ||
Proceeds from aircraft sales, trading and other activity |
| 42,043 |
|
| 2,042 |
| ||
Acquisition of aircraft furnishings, equipment and other assets |
| (162,897 | ) |
| (178,359 | ) | ||
Net cash used in investing activities |
| (2,715,595 | ) |
| (2,150,376 | ) | ||
Financing Activities |
|
| ||||||
Issuance of common stock upon exercise of options |
| — |
|
| 1,438 |
| ||
Cash dividends paid on Class A common stock |
| (62,738 | ) |
| (54,737 | ) | ||
Common shares repurchased |
| (150,000 | ) |
| (5,780 | ) | ||
Net proceeds from preferred stock issuance |
| — |
|
| 295,428 |
| ||
Cash dividends paid on preferred stock |
| (31,275 | ) |
| (19,010 | ) | ||
Tax withholdings on stock-based compensation |
| (8,903 | ) |
| (7,441 | ) | ||
Net change in unsecured revolving facilities |
| 1,570,000 |
|
| — |
| ||
Proceeds from debt financings |
| 1,497,615 |
|
| 3,655,830 |
| ||
Payments in reduction of debt financings |
| (1,327,146 | ) |
| (2,585,652 | ) | ||
Debt issuance costs |
| (5,855 | ) |
| (9,688 | ) | ||
Security deposits and maintenance reserve receipts |
| 308,637 |
|
| 112,155 |
| ||
Security deposits and maintenance reserve disbursements |
| (24,627 | ) |
| (25,654 | ) | ||
Net cash provided by financing activities |
| 1,765,708 |
|
| 1,356,889 |
| ||
Net decrease in cash |
| 8,676 |
|
| 135,901 |
| ||
Cash, cash equivalents and restricted cash at beginning of period |
| 1,108,292 |
|
| 1,757,767 |
| ||
Cash, cash equivalents and restricted cash at end of period | $ | 1,116,968 |
| $ | 1,893,668 |
| ||
Supplemental Disclosure of Cash Flow Information |
|
| ||||||
Cash paid during the period for interest, including capitalized interest of $29,335 and $38,265 at September 30, 2022 and 2021, respectively | $ | 442,461 |
| $ | 428,349 |
| ||
Cash paid for income taxes | $ | 5,808 |
| $ | 2,739 |
| ||
Supplemental Disclosure of Noncash Activities |
|
| ||||||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment | $ | 596,021 |
| $ | 663,072 |
| ||
Cash dividends declared on common stock, not yet paid |