LOS ANGELES–(BUSINESS WIRE)–Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three months and year ended December 31, 2020.

“2020 concludes the toughest year in the history of the global airline industry. While ALC has been impacted, our fourth quarter and full-year 2020 financial results speak to both the durability of our business model and the strength of our team. We expect the difficult environment to continue for most of 2021, but have confidence in airline industry improvement in parallel with global pandemic recovery. We are seeing increased aircraft sales and trading interest, good momentum expanding our management business, and continued placements from our orderbook,” said John L. Plueger, Chief Executive Officer and President.

“The resilience of the airline industry never ceases to impress me. A number of our lessees have raised substantial capital or received government aid – but now more than ever, we believe many of them appreciate ALC’s financial strength and experience to help them utilize capital more efficiently with our young and fuel-efficient aircraft for their recovery and long-term sustainability. Global air travel has proven to be very robust over history, and we are confident in its future,” said Steven F. Udvar-Házy, Executive Chairman of the Board.

Fourth Quarter and Fiscal Year 2020 Results

The following table summarizes our operating results for the three and twelve months ended December 31, 2020 and 2019 (in millions, except per share amounts and percentages):

Operating Results

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

 

2020

 

2019

 

$ change

 

% change

 

2020

 

2019

 

$ change

 

% change

 

Revenues

 

$

489

 

$

549

 

$

(60)

 

(10.9)

%

$

2,015

 

$

2,017

 

$

(2)

 

(0.1)

%

Income before taxes

 

 

138

 

 

206

 

 

(68)

 

(33.0)

%

 

647

 

 

736

 

 

(89)

 

(12.1)

%

Net income available to common stockholders

 

 

107

 

 

161

 

 

(54)

 

(33.5)

%

 

501

 

 

575

 

 

(74)

 

(12.9)

%

Adjusted net income before income taxes(1)

 

 

148

 

 

219

 

 

(71)

 

(32.4)

%

 

692

 

 

781

 

 

(89)

 

(11.4)

%

Diluted earnings per share

 

$

0.94

 

$

1.42

 

$

(0.48)

 

(33.8)

%

$

4.39

 

$

5.09

 

$

(0.70)

 

(13.8)

%

Adjusted diluted earnings per share before income taxes(1)

 

$

1.30

 

$

1.92

 

$

(0.62)

 

(32.3)

%

$

6.07

 

$

6.91

 

$

(0.84)

 

(12.2)

%

Key Financial Ratios

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

 

2020

 

2019

 

2020

 

2019

 

Pre-tax profit margin

 

28.2

%

37.6

%

32.1

%

36.5

%

Adjusted pre-tax profit margin(1)

 

30.3

%

39.9

%

34.3

%

38.7

%

Pre-tax return on common equity (trailing twelve months)

 

11.3

%

14.2

%

11.3

%

14.2

%

Adjusted pre-tax return on common equity(1) (trailing twelve months)

 

12.4

%

15.4

%

12.4

%

15.4

%

(1)

Adjusted net income before income taxes, adjusted diluted earnings per share before income taxes, adjusted pre-tax profit 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, that are not expected to continue in the future and certain other items. See note 1 under the Consolidated Statements of Income included in this earnings release for a discussion of the non-GAAP measures and a reconciliation to their most comparable GAAP financial measures.

Fourth Quarter and Fiscal Year 2020 Highlights

  • Took delivery of 10 aircraft from our orderbook and purchased 14 aircraft from the secondary market during the fourth quarter 2020, representing $1.1 billion in aircraft investments. As of December 31, 2020, we owned 332 aircraft in our operating lease portfolio, with a net book value of $20.4 billion, a weighted average age of 4.1 years and a weighted average lease term remaining of 6.9 years.
  • Placed 92% of our contracted orderbook positions on long-term leases for aircraft delivering through the end of 2022 and 73% through the end of 2023.
  • Ended the year with $26.8 billion in committed minimum future rental payments consisting of $13.6 billion in contracted minimum rental payments on the aircraft in our existing fleet and $13.2 billion in minimum future rental payments related to aircraft on order.
  • Issued $4.5 billion of senior unsecured medium-term notes in 2020 with a weighted average interest rate of 2.93% and ended the year with total liquidity of $7.7 billion.
  • In January 2021, issued $750 million of senior unsecured medium-term notes due 2024 bearing an interest at a fixed rate of 0.7%, which represents ALC’s lowest interest rate on any of its senior unsecured medium-term notes.
  • Declared a quarterly cash dividend of $0.16 per share on our outstanding common stock for the fourth quarter of 2020. The dividend will be paid on April 7, 2021 to holders of record of our common stock as of March 19, 2021.

Financial Overview

Our total revenues for the year ended December 31, 2020 decreased by 0.1% to $2.0 billion as compared to 2019. Despite the continued growth of our fleet, our revenues decreased due to a reduction in our aircraft sales, trading and other activity. Additionally, we were not able to recognize $49.4 million of rental revenue because collection was not reasonably assured for certain of our leases. Finally, we entered into lease restructurings, which typically included lease extensions, resulting in a decrease of approximately $49.2 million in revenue. Our net income available to common stockholders for the year ended December 31, 2020 was $500.9 million compared to $575.2 million in 2019. Our diluted earnings per share for the full year 2020 was $4.39 compared to $5.09 for the full year 2019. The decrease in net income available to common stockholders in 2020 as compared to 2019 was primarily due to the decrease in revenues as discussed above and an increase in depreciation and interest expense from the growth of our fleet and due to our increased liquidity position, partially offset by a decrease in selling, general and administrative expenses.

Impact of COVID-19

The global pandemic resulting from COVID-19 has had an unprecedented impact and disrupted the operations of our lessees, aircraft manufacturers and suppliers. In response to the COVID-19 pandemic, governments around the world implemented numerous measures to try to contain the virus, including travel restrictions. It is unclear how long and to what extent these measures will remain in place and they may remain in place in some form for an extended period of time. The impact of the COVID-19 pandemic to our business includes, among other things, the following:

  • As of February 22, 2021, most of our lessees have requested some form of accommodation. We evaluate such requests on a case-by-case basis and have agreed to accommodations with approximately 61% of our lessees. Generally, these accommodations have been in the form of partial lease deferrals for payments due during 2020, typically with a short-term repayment period. The majority of the deferrals are to be repaid within 12 months from the date the deferrals were granted, and in many cases, include lease extensions. As of February 22, 2021, our total deferrals, net of repayments, was $144.3 million. To date, we have agreed to defer $240.4 million in lease payments, of which $96.1 million or 40% of the total deferrals have been repaid. These lease deferrals have negatively impacted our cash flow provided by operating activities but our net deferrals only represented approximately 1.9% of our total available liquidity as of December 31, 2020. While the majority of the accommodations are in the form of lease deferrals, we have also entered into some lease restructurings, which typically included lease extensions, resulting in a decrease of approximately $49.2 million in revenue for the year ended December 31, 2020.
  • Our collection rate(1) for both the three and twelve months ended December 31, 2020 was 88%. We expect that our collection rate will remain under pressure because of the impact of COVID-19. Because collection was not reasonably assured with certain lessees, we did not recognize rental revenue of approximately $21.2 million and $49.4 million for the quarter and year ended December 31, 2020, respectively. Aircraft on lease with these lessees represented approximately 7.8% of our fleet by net book value as of December 31, 2020.
  • Our Lease Utilization Rate(2) for the three months ended December 31, 2020 and September 30, 2020 was 99.8% and 99.6%, respectively.
  • While we have planned our capital expenditures for 2021 and beyond based on currently expected delivery schedules, given the current industry circumstances, our aircraft delivery schedule could continue to be subject to material changes. In any case, our capital expenditures will be significantly less than what we planned prior to the pandemic, which will slow our revenue growth, but will further improve our strong liquidity position. Similar to 2020, we also anticipate reduced sales activity in 2021 compared to previous years, as a result of these delivery delays.
  • Some transitions of the Company’s aircraft from one lessee to another lessee have been delayed. As a result of travel restrictions and other impacts from COVID-19, we expect some challenges when transitioning, acquiring or selling aircraft.
  • COVID-19 has caused disruption in the financial markets. However, during the COVID-19 pandemic, we have maintained a significant liquidity position of $7.7 billion and have raised $3.8 billion in aggregate principal Medium-Term Notes with a weighted average interest rate of 2.6%.

Given the dynamic nature of this situation, we cannot reasonably estimate the continued impacts of COVID-19 on our business, results of operations and financial condition for the foreseeable future.

____________________________

(1)

 

Collection rate is defined as the sum of cash collected from lease rentals and maintenance reserves, and includes cash recovered from outstanding receivables from previous periods, as a percentage of the total contracted receivables due for the period. The collection rate is calculated after giving effect to lease deferral arrangements made as of December 31, 2021. We define liquidity as unrestricted cash plus the available borrowing capacity under our unsecured committed revolving credit facility.

(2)

 

The Lease Utilization Rate is calculated based on the number of days each aircraft was subject to a lease or letter of intent during the period, weighted by the net book value of the aircraft.

Flight Equipment Portfolio

Our owned fleet grew by 9.0% to a net book value of $20.4 billion as of December 31, 2020 compared to $18.7 billion as of December 31, 2019. As of December 31, 2020, our fleet was comprised of 332 owned aircraft in our operating lease portfolio, with a weighted-average age and remaining lease term of 4.1 years and 6.9 years, respectively, and 81 managed aircraft. We have a globally diversified customer base of 112 airlines in 60 countries.

During the quarter ended December 31, 2020, we took delivery of 10 new aircraft and purchased 14 aircraft from the secondary market.

The following table summarizes the key portfolio metrics of our fleet as of December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

Aggregate fleet net book value

 

$

20.4 billion

 

$

18.7 billion

 

Weighted-average fleet age(1)

 

 

4.1 years

 

 

3.5 years

 

Weighted-average remaining lease term(1)

 

 

6.9 years

 

 

7.2 years

 

 

 

 

 

 

 

 

 

Owned fleet(2)

 

 

332

 

 

292

 

Managed fleet(2)

 

 

81

 

 

83

 

Aircraft on order

 

 

361

 

 

413

 

Aircraft purchase options(3)

 

 

25

 

 

70

 

Total

 

 

799

 

 

858

 

 

 

 

 

 

 

 

 

Current fleet contracted rentals

 

$

13.6 billion

 

$

14.1 billion

 

Committed fleet rentals

 

$

13.2 billion

 

$

15.0 billion

 

Total committed rentals

 

$

26.8 billion

 

$

29.1 billion

 

(1)

 

Weighted-average fleet age and remaining lease term calculated based on net book value of our operating lease portfolio.

(2)

 

As of December 31, 2020, we did not have any aircraft classified as flight equipment held for sale. As of December 31, 2019, we had eight aircraft classified as flight equipment held for sale which are included in Other assets on the Consolidated Balance Sheets. All of these aircraft are excluded from the owned fleet count and included in our managed fleet count.

(3)

 

As of December 31, 2020, we had options to acquire up to 25 Airbus A220 aircraft. As of December 31, 2019, we had options to acquire up to 45 Boeing 737-8 MAX aircraft and up to 25 Airbus A220 aircraft.

The following table details the region concentration of our flight equipment subject to operating leases:

 

 

December 31, 2020

 

December 31, 2019

 

Region

 

% of Net Book Value

 

% of Net Book Value

 

Europe

 

31.4

%

29.0

%

Asia (excluding China)

 

27.1

%

26.7

%

China

 

13.5

%

15.7

%

The Middle East and Africa

 

11.6

%

12.0

%

U.S. and Canada

 

6.4

%

5.3

%

Central America, South America, and Mexico

 

5.3

%

6.0

%

Pacific, Australia, and New Zealand

 

4.7

%

5.3

%

Total

 

100.0

%

100.0

%

The following table details the composition of our flight equipment subject to operating leases by aircraft type:

 

 

December 31, 2020

 

December 31, 2019

 

Aircraft type

 

Number of

Aircraft

 

% of Total

 

Number of

Aircraft

 

% of Total

 

Airbus A319-100

 

1

 

0.3

%

1

 

0.3

%

Airbus A320-200

 

31

 

9.4

%

21

 

7.2

%

Airbus A320-200neo

 

19

 

5.7

%

13

 

4.5

%

Airbus A321-200

 

28

 

8.4

%

28

 

9.6

%

Airbus A321-200neo

 

49

 

14.8

%

35

 

12.0

%

Airbus A330-200

 

13

 

3.9

%

12

 

4.1

%

Airbus A330-300

 

8

 

2.4

%

7

 

2.4

%

Airbus A330-900neo

 

8

 

2.4

%

7

 

2.4

%

Airbus A350-900

 

11

 

3.3

%

10

 

3.4

%

Airbus A350-1000

 

2

 

0.6

%

 

%

Boeing 737-700

 

4

 

1.2

%

4

 

1.4

%

Boeing 737-800

 

88

 

26.5

%

85

 

29.1

%

Boeing 737-8 MAX

 

15

 

4.5

%

15

 

5.1

%

Boeing 767-300ER

 

 

%

1

 

0.3

%

Boeing 777-200ER

 

1

 

0.3

%

1

 

0.3

%

Boeing 777-300ER

 

24

 

7.2

%

24

 

8.2

%

Boeing 787-9

 

23

 

7.0

%

23

 

8.0

%

Boeing 787-10

 

6

 

1.8

%

4

 

1.4

%

Embraer E190

 

1

 

0.3

%

1

 

0.3

%

Total

 

332

 

100.0

%

292

 

100.0

%

Debt Financing Activities

We ended the fourth quarter of 2020 with total debt financing, net of discounts and issuance costs, of $16.5 billion, resulting in a debt to equity ratio of 2.72:1.

Our debt financing was comprised of unsecured debt of $16.4 billion and such unsecured debt represented 98.2% of our debt portfolio as of December 31, 2020 as compared to 96.6% as of December 31, 2019. Our fixed rate debt represented 93.0% of our debt portfolio as of December 31, 2020 as compared to 88.4% as of December 31, 2019. Our composite cost of funds decreased to 3.13% as of December 31, 2020 as compared to 3.34% as of December 31, 2019.

In the fourth quarter of 2020, the Company issued $1.5 billion in senior unsecured Medium Term Notes which includes (i) $750.0 million due 2026 bearing interest at a fixed rate of 2.875% and (ii) $750.0 million due 2030 bearing interest at a fixed rate of 3.125%.

Our debt financing was comprised of the following at December 31, 2020 and 2019 (in thousands, except percentages):

 

 

December 31,

2020

December 31,

2019

Unsecured

 

 

 

 

 

Senior notes

 

$

15,583,544

 

$

12,357,811

 

Term financings

 

 

811,550

 

 

883,050

 

Revolving credit facility

 

 

 

 

20,000

 

Total unsecured debt financing

 

 

16,395,094

 

 

13,260,861

 

Secured

 

 

 

 

 

Term financings

 

 

276,032

 

 

428,824

 

Export credit financing

 

 

24,955

 

 

31,610

 

Total secured debt financing

 

 

300,987

 

 

460,434

 

 

 

 

 

 

 

Total debt financing

 

 

16,696,081

 

 

13,721,295

 

Less: Debt discounts and issuance costs

 

 

(177,743

)

 

(142,429

)

Debt financing, net of discounts and issuance costs

 

$

16,518,338

 

$

13,578,866

 

Selected interest rates and ratios:

 

 

 

 

 

Composite interest rate(1)

 

 

3.13

%

 

3.34

%

Composite interest rate on fixed rate debt(1)

 

 

3.26

%

 

3.39

%

Percentage of total debt at fixed rate

 

 

93.02

%

 

88.40

%

(1)

 

This rate does not include the effect of upfront fees, facility fees, undrawn fees or amortization of debt discounts and issuance costs.

Conference Call

In connection with this earnings release, Air Lease Corporation will host a conference call on February 22, 2021 at 4:30 PM Eastern Time to discuss the Company’s financial results for the fourth quarter and year end 2020.

Investors can participate in the conference call by dialing (855) 308-8321 domestic or (330) 863-3465 international. The passcode for the call is 7382239.

The conference call will also be broadcast live through a link on the Investor Relations page of the Air Lease Corporation website at www.airleasecorp.com. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investor Relations page of the Air Lease Corporation website.

For your convenience, the conference call can be replayed in its entirety beginning at 7:30 PM ET on February 22, 2021 until 7:30 PM ET on March 1, 2021. If you wish to listen to the replay of this conference call, please dial (855) 859-2056 domestic or (404) 537-3406 international and enter passcode 7382239.

About Air Lease Corporation (NYSE: AL)

Air Lease Corporation is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. ALC routinely posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to consult the ALC website regularly for important information about ALC. The information contained on, or that may be accessed through, ALC’s website is not incorporated by reference into, and is not a part of, this press release.

Forward-Looking Statements

Statements in this press release that are not historical facts are hereby identified as “forward-looking statements,” including any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in such statements, including as a result of the following factors, among others:

  • the extent to which the coronavirus (“COVID-19”) pandemic and measures taken to contain its spread ultimately impact our business, results of operation and financial condition;
  • our inability to obtain additional financing on favorable terms, if required, to complete the acquisition of sufficient aircraft as currently contemplated or to fund the operations and growth of our business;
  • our inability to obtain refinancing prior to the time our debt matures;
  • our inability to make acquisitions of, or lease, aircraft on favorable terms;
  • our inability to sell aircraft on favorable terms or to predict the timing of such sales;
  • impaired financial condition and liquidity of our lessees;
  • changes in overall demand for commercial aircraft leasing and aircraft management services;
  • deterioration of economic conditions in the commercial aviation industry generally;
  • potential natural disasters and terrorist attacks and the amount of our insurance coverage, if any, relating thereto;
  • increased maintenance, operating or other expenses or changes in the timing thereof;
  • changes in the regulatory environment, including tariffs and other restrictions on trade;
  • our inability to effectively oversee our managed fleet;
  • the failure of any manufacturer to meet its contractual aircraft delivery obligations to us, including or as a result of technical or other difficulties with aircraft before or after delivery, resulting in our inability to deliver the aircraft to our lessees;
  • other factors affecting our business or the business of our lessees and aircraft manufacturers or their suppliers that are beyond our or their control, including natural disasters, pandemics (such as COVID-19) and measures taken to contain its spread, and governmental actions; and
  • the factors discussed under “Part I – Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2020 and other SEC filings, including future SEC filings.

The factors noted above and the risks included in our other SEC filings may be increased or intensified as a result of the COVID-19 pandemic, including as a result of the recent resurgence of the COVID-19 virus and any future resurgences of the virus. The extent to which the COVID-19 pandemic ultimately impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Air Lease Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value amounts)

 

 

December 31, 2020

 

December 31, 2019

 

 

 

 

(in thousands, except share and par

value
amounts)

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,734,155

 

 

$

317,488

 

 

Restricted cash

 

 

23,612

 

 

 

20,573

 

 

Flight equipment subject to operating leases

 

 

23,729,742

 

 

 

21,286,154

 

 

Less accumulated depreciation

 

 

(3,349,392

)

 

 

(2,581,817

)

 

 

 

 

20,380,350

 

 

 

18,704,337

 

 

Deposits on flight equipment purchases

 

 

1,800,119

 

 

 

1,564,188

 

 

Other assets

 

 

1,276,939

 

 

 

1,102,569

 

 

Total assets

 

$

25,215,175

 

 

$

21,709,155

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Accrued interest and other payables

 

$

492,473

 

 

$

516,497

 

 

Debt financing, net of discounts and issuance costs

 

 

16,518,338

 

 

 

13,578,866

 

 

Security deposits and maintenance reserves on flight equipment leases

 

 

1,072,704

 

 

 

1,097,061

 

 

Rentals received in advance

 

 

142,915

 

 

 

143,692

 

 

Deferred tax liability

 

 

916,404

 

 

 

749,495

 

 

Total liabilities

 

$

19,142,834

 

 

$

16,085,611

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,000,000 shares of 6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (aggregate liquidation preference of 250,000,000) issued and outstanding at December 31, 2020 and December 31, 2019, respectively

 

 

100

 

 

 

100

 

 

Class A common stock, $0.01 par value; 500,000,000 shares authorized; 113,852,896 and 113,350,267 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively

 

 

1,139

 

 

 

1,134

 

 

Class B Non-Voting common stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding

 

 

 

 

 

 

 

Paid-in capital

 

 

2,793,178

 

 

 

2,777,601

 

 

Retained earnings

 

 

3,277,599

 

 

 

2,846,106

 

 

Accumulated other comprehensive income/(loss)

 

325

 

 

(1,397

)

 

Total shareholders’ equity

 

$

6,072,341

 

 

$

5,623,544

 

 

Total liabilities and shareholders’ equity

 

$

25,215,175

 

 

$

21,709,155

 

 

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share amounts and percentages)

 

 

Three Months Ended
December 31,

Twelve Months Ended
December 31,

 

 

2020

2019

2020

2019

 

 

(unaudited)

Revenues

 

 

 

 

 

 

 

 

 

Rental of flight equipment

 

$

483,621

 

$

504,391

 

$

1,946,620

 

$

1,916,869

 

Aircraft sales, trading and other

 

 

5,481

 

 

44,165

 

 

68,819

 

 

100,035

 

Total revenues

 

 

489,102

 

 

548,556

 

 

2,015,439

 

 

2,016,904

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Interest

 

 

113,980

 

 

106,639

 

 

431,733

 

 

397,320

 

Amortization of debt discounts and issuance costs

 

 

11,365

 

 

10,361

 

 

43,025

 

 

36,691

 

Interest expense

 

 

125,345

 

 

117,000

 

 

474,758

 

 

434,011

 

 

 

 

 

 

 

 

 

 

 

Depreciation of flight equipment

 

 

202,722

 

 

187,862

 

 

780,691

 

 

702,810

 

Selling, general and administrative

 

 

20,542

 

 

31,465

 

 

95,684

 

 

123,653

 

Stock-based compensation

 

 

2,672

 

 

5,812

 

 

17,628

 

 

20,745

 

Total expenses

 

 

351,281

 

 

342,139

 

 

1,368,761

 

 

1,281,219

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

137,821

 

 

206,417

 

 

646,678

 

 

735,685

 

Income tax expense

 

 

(26,728

)

 

(41,482

)

 

(130,414

)

 

(148,564

)

Net income

 

$

111,093

 

$

164,935

 

$

516,264

 

$

587,121

 

Preferred stock dividends

 

 

(3,844

)

 

(3,843

)

 

(15,375

)

 

(11,958

)

Net income available to common stockholders

 

$

107,249

 

$

161,092

 

$

500,889

 

$

575,163

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.94

 

$

1.43

 

$

4.41

 

$

5.14

 

Diluted

 

$

0.94

 

$

1.42

 

$

4.39

 

$

5.09

 

Weighted-average shares of common stock outstanding

 

 

 

 

 

 

 

 

 

Basic

 

 

113,795,564

 

 

113,033,348

 

 

113,684,782

 

 

111,895,433

 

Diluted

 

 

114,105,700

 

 

113,728,058

 

 

114,014,021

 

 

113,086,323

 

 

 

 

 

 

 

 

 

 

 

Other financial data

 

 

 

 

 

 

 

 

 

Pre-tax profit margin

 

 

28.2

%

 

37.6

%

 

32.1

%

 

36.5

%

Adjusted net income before income taxes(1)

 

$

148,014

 

$

218,747

 

$

691,956

 

$

781,163

 

Adjusted pre-tax profit margin(1)

 

 

30.3

%

 

39.9

%

 

34.3

%

 

38.7

%

Adjusted diluted earnings per share before income taxes(1)

 

$

1.30

 

$

1.92

 

$

6.07

 

$

6.91

 

Pre-tax return on common equity (trailing twelve months)

 

 

11.3

%

 

14.2

%

 

11.3

%

 

14.2

%

Adjusted pre-tax return on common equity (trailing twelve months)(1)

 

 

12.4

%

 

15.4

%

 

12.4

%

 

15.4

%

Contacts

Investors:
Mary Liz DePalma

Vice President, Investor Relations

Email: investors@airleasecorp.com

Jason Arnold

Assistant Vice President, Finance

Email: investors@airleasecorp.com

Media:
Laura Woeste

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Ashley Arnold

Manager, Media and Investor Relations

Email: press@airleasecorp.com

Read full story here

0 comments