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AerCap Holdings N.V. Reports Record EPS for Full Year 2019 and Announces New Share Repurchase Progra

AerCap Holdings N.V. Reports Record EPS for Full Year 2019 and Announces New Share Repurchase Program

  • Net income of $309.8 million for the fourth quarter of 2019 and $1,145.7 million for the full year 2019
  • Diluted earnings per share of $2.34 for the fourth quarter of 2019 and $8.43 for the full year 2019

Highlights

  • 44% increase in diluted EPS for the fourth quarter of 2019 year over year.
  • New technology aircraft now comprise 58% of our owned fleet.
  • Approximately $40 billion of contracted future lease rents.
  • Approximately 97% of lease rents through 2022 already contracted.
  • Average current lease expires in the third quarter of 2027.
  • 99.8% fleet utilization rate for the fourth quarter of 2019 (99.6% for full year 2019).
  • Adjusted debt/equity ratio of 2.6 to 1.
  • 22% secured debt to total assets ratio.
  • 6.1 years average age of owned fleet.
  • $1.4 billion increase in average lease assets over the fourth quarter of 2018.
  • 15% increase in book value per share since December 31, 2018.
  • Upgraded to BBB rating by S&P Global Ratings.
  • Repurchased 3.4 million shares in the fourth quarter of 2019 for $197 million.
  • New $250 million share repurchase program authorized, which will run through June 30, 2020.

Aengus Kelly, CEO of AerCap, said: "I am very pleased to report a record year of financial results with earnings per share of $8.43. New technology aircraft now represent 58% of our aircraft fleet, the highest percentage of any major lessor, positioning AerCap well for success in the years ahead and continued leadership in providing the most fuel-efficient aircraft to airlines around the world."

Fourth Quarter 2019 Financial Results

  • Net income increased by 33% to $309.8 million, from $232.6 million for the same period in 2018. Diluted earnings per share was $2.34, compared with $1.62 for the same period in 2018.
  • The increase in net income was primarily driven by higher maintenance revenue and lower leasing expenses.
  • Diluted earnings per share increased by 44%, driven by the repurchase of 16.6 million shares from October 2018 through December 2019 and the same factors as net income.

Full Year 2019 Financial Results

  • Net income was $1,145.7 million, compared with $1,015.6 million for 2018. Diluted earnings per share was $8.43, compared with $6.83 for 2018.
  • The increase in net income was primarily driven by higher lease rents resulting from an increase in average lease assets due to the delivery of new technology aircraft in 2018 and 2019.
  • Diluted earnings per share increased by 23%, driven by the repurchase of 25.9 million shares during 2018 and 2019 and the same factors as net income.

Revenue and Net Spread

 

Three months ended December 31,

 

Year ended December 31,

 

2019

 

2018

 

% increase/
(decrease)

 

2019

 

2018

 

% increase/
(decrease)

 

(U.S. Dollars in millions)

 

(U.S. Dollars in millions)

                       

Lease revenue:

                     

   Basic lease rents

$ 1,062.3

 

$ 1,051.0

 

1%

 

$ 4,281.3

 

$ 4,145.6

 

3%

   Maintenance rents and other receipts

132.5

 

102.3

 

30%

 

401.0

 

391.5

 

2%

Lease revenue

1,194.8

 

1,153.4

 

4%

 

4,682.3

 

4,537.1

 

3%

Net gain on sale of assets

48.6

 

40.8

 

19%

 

188.8

 

201.3

 

(6%)

Other income

13.5

 

25.5

 

(47%)

 

66.2

 

61.6

 

7%

Total Revenues and other income

$ 1,257.0

 

$ 1,219.7

 

3%

 

$ 4,937.3

 

$ 4,800.0

 

3%

Basic lease rents were $1,062.3 million for the fourth quarter of 2019, compared with $1,051.0 million for the same period in 2018. The increase was primarily due to an increase in average lease assets.

Maintenance rents and other receipts were $132.5 million for the fourth quarter of 2019, compared with $102.3 million for the same period in 2018. The increase was primarily the result of higher end of lease compensation recognized during the fourth quarter of 2019.

Net gain on sale of assets for the fourth quarter of 2019 was $48.6 million, relating to 28 aircraft sold for $729 million, compared with $40.8 million for the same period in 2018, relating to 27 aircraft sold for $515 million. The increase was primarily due to the volume and composition of asset sales.

Other income for the fourth quarter of 2019 was $13.5 million, compared with $25.5 million for the same period in 2018. The decrease was primarily due to higher inventory sales in the fourth quarter of 2018.

 

Three months ended December 31,

 

Year ended December 31,

 

2019

 

2018

 

% increase/
(decrease)

 

2019

 

2018

 

% increase/
(decrease)

 

(U.S. Dollars in millions)

 

(U.S. Dollars in millions)

                       

Basic lease rents

$ 1,062.3

 

$ 1,051.0

 

1%

 

$ 4,281.3

 

$ 4,145.6

 

3%

                       

Interest expense

316.1

 

322.7

 

(2%)

 

1,295.0

 

1,174.1

 

10%

Adjusted for:

                     

   Mark-to-market of interest rate caps

(0.6)

 

(20.8)

 

(97%)

 

(29.7)

 

5.2

 

NA

Interest expense excluding mark-to-market of interest rate caps

315.5

 

301.9

 

5%

 

1,265.3

 

1,179.3

 

7%

Net interest margin (*)

$ 746.8

 

$ 749.1

 

(0%)

 

$ 3,016.0

 

$ 2,966.3

 

2%

Depreciation and amortization, including maintenance rights expense

(441.1)

 

(461.5)

 

(4%)

 

(1,752.7)

 

(1,836.8)

 

(5%)

Net interest margin less depreciation and amortization (*)

$ 305.7

 

$ 287.6

 

6%

 

$ 1,263.3

 

$ 1,129.5

 

12%

                       

Average lease assets (*)

$ 37,789

 

$ 36,364

 

4%

 

$ 37,590

 

$ 35,369

 

6%

                       

Annualized net spread (*)

7.9%

 

8.2%

     

8.0%

 

8.4%

   

Net Spread less depreciation and amortization (*)

3.2%

 

3.2%

     

3.4%

 

3.2%

   
                       

(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures

Interest expense excluding mark-to-market of interest rate caps of $0.6 million was $315.5 million for the fourth quarter of 2019, compared with $301.9 million for the same period in 2018. Our average cost of debt was 4.2% for the fourth quarter of 2019, compared with 4.1% for the same period in 2018. Our average cost of debt includes debt issuance costs, upfront fees and other impacts of approximately 0.4%.

Selling, General and Administrative Expenses

 

Three months ended December 31,

 

Year ended December 31,

 

2019

 

2018

 

% increase/
(decrease)

 

2019

 

2018

 

% increase/
(decrease)

 

(U.S. Dollars in millions)

 

(U.S. Dollars in millions)

                       

Selling, general and administrative expenses

$ 53.6

 

$ 52.7

 

2%

 

$ 198.1

 

$ 210.0

 

(6%)

Share-based compensation expenses

17.7

 

18.1

 

(2%)

 

69.4

 

95.2

 

(27%)

Total selling, general and administrative expenses

$ 71.3

 

$ 70.8

 

1%

 

$ 267.5

 

$ 305.2

 

(12%)

Selling, general and administrative expenses decreased by 12% to $267.5 million for the full year 2019, compared with $305.2 million for the full year 2018, and were approximately 5.4% of total revenues.

Other Expenses

Leasing expenses were $86.9 million for the fourth quarter of 2019, compared with $125.9 million for the same period in 2018. The decrease was primarily due to a decrease in leasing expenses as a result of lease terminations, as well as a decrease in maintenance rights expense as a result of lower maintenance activity during the period and the lower maintenance rights asset balance. Asset impairment charges were $16.1 million for the fourth quarter of 2019, compared to $15.3 million recorded for the same period in 2018. Asset impairment charges recorded in the fourth quarter of 2019 related to lease terminations and sales transactions and were more than offset by maintenance revenue.

Effective Tax Rate

Our effective tax rate for the full year 2019 was 12.5%, the same as for the full year 2018. The effective tax rate is impacted by the source and amount of earnings among our various tax jurisdictions.

Book Value Per Share

 

December 31,
2019

 

December 31,
2018

 

(U.S. Dollars in millions,
except share and per share data)

       

Total AerCap Holdings N.V. shareholders' equity

$ 9,314.9

 

$ 8,828.0

       

Ordinary shares outstanding

131,583,489

 

142,674,664

Unvested restricted stock

(2,354,318)

 

(2,429,442)

Ordinary shares outstanding (excl. unvested restricted stock)

129,229,171

 

140,245,222

       

Book value per ordinary share outstanding (excl. unvested restricted stock)

$ 72.08

 

$ 62.95

Book value per share has increased 15% since December 31, 2018.

Financial Position

 

December 31,
2019

 

December 31,
2018

 

% increase/
(decrease) over
December 31, 2018

 

(U.S. Dollars in millions, except debt/equity ratio)

           

Total cash, cash equivalents and restricted cash

$ 1,300.3

 

$ 1,415.0

 

(8%)

Total lease assets (*)

37,930.4

 

37,244.6

 

2%

Total assets

43,749.2

 

43,208.9

 

1%

Debt

29,486.1

 

29,507.6

 

(0%)

Total liabilities

34,367.0

 

34,328.3

 

0%

Total AerCap Holdings N.V. shareholders' equity

9,314.9

 

8,828.0

 

6%

Total equity

9,382.2

 

8,880.6

 

6%

           

(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures

As of December 31, 2019, AerCap's portfolio consisted of 1,334 aircraft that were owned, on order or managed. The average age of our owned fleet as of December 31, 2019 was 6.1 years (2.3 years for new technology aircraft, 11.3 years for current technology aircraft) and the average remaining contracted lease term was 7.5 years.

Boeing 737 MAX Delays

On March 13, 2019, the Federal Aviation Administration issued an order to suspend operations of all Boeing 737 MAX aircraft in the U.S. and by U.S. aircraft operators following two recent fatal accidents involving Boeing 737 MAX aircraft. Non-U.S. civil aviation authorities have also issued directives to similar effect. Boeing has suspended deliveries of the Boeing 737 MAX until clearance is granted by the appropriate regulatory authorities. Prior to the grounding, we had delivered five Boeing 737 MAX aircraft that are currently on lease to an airline customer, and we currently have 95 Boeing 737 MAX aircraft on order. Boeing currently estimates that the Boeing 737 MAX will begin to return to service in mid-2020. However, it is uncertain when and under what conditions our Boeing 737 MAX aircraft will return to service and when Boeing will resume making deliveries of our Boeing 737 MAX aircraft on order. As a result, we have incurred delays and expect to incur future delays on our Boeing 737 MAX deliveries, and any such future delays are likely to have an impact on our financial results.

Share Repurchase Program

In January 2020, our Board of Directors approved a new share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares through June 30, 2020. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of ordinary shares to be purchased will be determined by the Company's management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company's cash on hand and cash generated from operations. The program may be suspended or discontinued at any time.

Airbus A320neo Family Option Exercise

In February 2020, we exercised an option to purchase an additional 50 Airbus A320neo Family aircraft from Airbus, with deliveries starting in 2024.

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 used in this press release. We believe these measures may further assist investors in their understanding of our operational performance.

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.

       
 

December 31,
2019

 

December 31,
2018

 

(U.S. Dollars in millions,
except debt/equity ratio)

       

Debt

$ 29,486

 

$ 29,508

       

Adjusted for:

     

   Cash and cash equivalents

(1,121)

 

(1,204)

   50% credit for long-term subordinated debt

(1,125)

 

(750)

Adjusted debt

$ 27,240

 

$ 27,554

       
       

Equity

$ 9,382

 

$ 8,881

       

Adjusted for:

     

   50% credit for long-term subordinated debt

1,125

 

750

Adjusted equity

$ 10,507

 

$ 9,631

       

Adjusted debt/equity ratio

 2.6 to 1

 

 2.9 to 1

 

Net interest margin, annualized net spread, annualized net spread less depreciation and amortization, and average cost of debt
Net interest margin is calculated as the difference between basic lease rents and interest expense, excluding the impact of the mark-to-market of interest rate caps. Annualized net spread is net interest margin expressed as a percentage of average lease assets. Annualized net spread less depreciation and amortization is net interest margin less depreciation and amortization, including maintenance rights expense, expressed as a percentage of average lease assets. Average cost of debt is calculated as interest expense, excluding mark-to-market on interest rate caps, divided by average debt balance. We believe these measures may further assist investors in their understanding of the changes and trends related to the earnings of our leasing activities. These measures reflect the impact from changes in the number of aircraft leased, lease rates and utilization rates, as well as the impact from changes in the amount of debt and interest rates.

Lease assets
Lease assets include flight equipment held for operating leases, flight equipment held for sale, net investment in finance and sales-type leases and maintenance rights assets.

Conference Call

In connection with the earnings release, management will host an earnings conference call today, Thursday, February 13, 2020, at 8:30 am Eastern Standard Time. The call can be accessed live by dialing (U.S./Canada) +1 929 477 0324 or (International) +353 1 246 5621 and referencing code 8756050 at least 5 minutes before start time, or by visiting AerCap's website at www.aercap.com under "Investors."

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 (jmcginley@aercap.com).

About AerCap

AerCap is the global leader in aircraft leasing with 1,334 aircraft owned, managed or on order and $43.7 billion of total assets as of December 31, 2019. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.

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," "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. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. 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 and follow us on Twitter www.twitter.com/aercapnv.

             
 

AerCap Holdings N.V.

 
 

Unaudited Consolidated Balance Sheets

 
 

(U.S. Dollars in thousands)

 
             
     

December 31,
2019

 

December 31,
2018

 
             
 

Assets

         
 

Cash and cash equivalents

 

$1,121,396

 

$1,204,018

 
 

Restricted cash

 

178,951

 

211,017

 
 

Trade receivables

 

47,935

 

40,379

 
 

Flight equipment held for operating leases, net

 

35,870,781

 

35,052,335

 
 

Maintenance rights and lease premium, net

 

809,615

 

1,113,190

 
 

Flight equipment held for sale

 

336,592

 

184,129

 
 

Net investment in finance and sales-type leases

 

1,011,549

 

1,003,286

 
 

Prepayments on flight equipment

 

2,954,478

 

3,024,520

 
 

Other intangibles, net

 

307,394

 

328,570

 
 

Deferred income tax assets

 

95,077

 

138,281

 
 

Other assets

 

1,015,476

 

909,190

 
 

Total Assets

 

$43,749,244

 

$43,208,915

 
             
             
 

Liabilities and Equity

         
 

Accounts payable, accrued expenses and other liabilities

 

$1,032,623

 

$1,009,945

 
 

Accrued maintenance liability

 

2,190,159

 

2,237,494

 
 

Lessee deposit liability

 

747,790

 

768,677

 
 

Debt

 

29,486,131

 

29,507,587

 
 

Deferred income tax liabilities

 

910,336

 

804,598

 
 

Total liabilities

 

34,367,039

 

34,328,301

 
             
 

Ordinary share capital €0.01 par value, 350,000,000 ordinary shares authorized as of December 31, 2019 and December 31, 2018; 141,847,345 and 151,847,345 ordinary shares issued and 131,583,489 and 142,674,664 ordinary shares outstanding (including 2,354,318 and 2,429,442 unvested restricted stock) as of December 31, 2019 and December 31, 2018, respectively

 

1,754

 

1,866

 
 

Additional paid-in capital

 

2,209,462

 

2,712,417

 
 

Treasury shares, at cost (10,263,856 and 9,172,681 ordinary shares as of December 31, 2019 and December 31, 2018, respectively)

 

(537,341)

 

(476,085)

 
 

Accumulated other comprehensive loss

 

(93,587)

 

(1,824)

 
 

Accumulated retained earnings

 

7,734,609

 

6,591,674

 
 

Total AerCap Holdings N.V. shareholders' equity

 

9,314,897

 

8,828,048

 
 

Non-controlling interest

 

67,308

 

52,566

 
 

Total Equity

 

9,382,205

 

8,880,614

 
             
 

Total Liabilities and Equity

 

$43,749,244

 

$43,208,915

 
             

 

                     
 

AerCap Holdings N.V.

 
 

Unaudited Consolidated Income Statements

 
 

(U.S. Dollars in thousands, except share and per share data)

 
                     
     

Three months ended December 31,

 

Year ended December 31,

 
     

2019

 

2018

 

2019

 

2018

 
                     
 

Revenues and other income

                 
 

Lease revenue:

                 
 

Basic rents

 

$1,062,326

   

$1,051,035

   

$4,281,260

   

$4,145,552

   
 

Maintenance rents and other receipts

 

132,500

   

102,323

   

401,006

   

391,541

   
 

Lease revenue

 

1,194,826

   

1,153,358

   

4,682,266

   

4,537,093

   
 

Net gain on sale of assets

 

48,618

   

40,806

   

188,835

   

201,323

   
 

Other income

 

13,508

   

25,521

   

66,239

   

61,564

   
 

Total Revenues and other income

 

1,256,952

   

1,219,685

   

4,937,340

   

4,799,980

   
                     
 

Expenses

                 
 

Depreciation and amortization

 

415,866

   

425,905

   

1,676,121

   

1,679,074

   
 

Asset impairment

 

16,131

   

15,257

   

70,149

   

44,186

   
 

Interest expense

 

316,089

   

322,678

   

1,295,020

   

1,174,074

   
 

Leasing expenses

 

86,905

   

125,896

   

287,950

   

446,487

   
 

Selling, general and administrative expenses

 

71,330

   

70,771

   

267,458

   

305,226

   
 

Total Expenses

 

906,321

   

960,507

   

3,596,698

   

3,649,047

   
                     
 

Income before income taxes and income of investments accounted for under the equity method

 

350,631

   

259,178

   

1,340,642

   

1,150,933

   
                     
 

Provision for income taxes

 

(39,013)

   

(28,147)

   

(167,714)

   

(144,079)

   
 

Equity in net earnings of investments accounted for under the equity method

 

1,877

   

2,123

   

(6,151)

   

10,643

   
                     
 

Net income

 

$313,495

   

$233,154

   

$1,166,777

   

$1,017,497

   
                     
 

Net income attributable to non-controlling interest

 

(3,740)

   

(512)

   

(21,086)

   

(1,865)

   
                     
 

Net income attributable to AerCap Holdings N.V

 

$309,755

   

$232,642

   

$1,145,691

   

$1,015,632

   
                     
 

Basic earnings per share

 

$2.36

   

$1.63

   

$8.51

   

$7.00

   
 

Diluted earnings per share

 

$2.34

   

$1.62

   

$8.43

   

$6.83

   
                     
 

Weighted average shares outstanding - basic

 

131,119,824

   

142,557,379

   

134,570,169

   

145,162,220

   
 

Weighted average shares outstanding - diluted

 

132,227,255

   

144,033,735

   

135,898,139

   

148,706,266

   
                     

 


             
 

AerCap Holdings N.V.

 
 

Unaudited Consolidated Statements of Cash Flows

 
 

(U.S. Dollars in thousands)

 
             
     

Year ended December 31,

 
     

2019

 

2018

 
             
 

Net income

 

$1,166,777

   

$1,017,497

   
 

Adjustments to reconcile net income to net cash provided by operating activities:

         
 

Depreciation and amortization

 

1,676,121

   

1,679,074

   
 

Asset impairment

 

70,149

   

44,186

   
 

Amortization of debt issuance costs, debt discount, debt premium and lease premium

 

79,645

   

76,499

   
 

Amortization of fair value adjustment on debt

 

(79,098)

   

(142,596)

   
 

Maintenance rights write-off

 

244,748

   

287,119

   
 

Maintenance liability release to income

 

(207,849)

   

(228,081)

   
 

Net gain on sale of assets

 

(188,835)

   

(201,323)

   
 

Deferred income taxes

 

162,498

   

147,588

   
 

Collections of finance and sales-type leases

 

98,365

   

   
 

Other

 

165,527

   

155,628

   
 

 Changes in operating assets and liabilities:

         
 

   Trade receivables

 

(8,751)

   

19,839

   
 

   Other assets

 

(73,646)

   

9,800

   
 

   Accounts payable, accrued expenses and other liabilities

 

31

   

(24,858)

   
 

Net cash provided by operating activities

 

3,105,682

   

2,840,372

   
             
 

Purchase of flight equipment

 

(3,359,092)

   

(4,036,194)

   
 

Proceeds from sale or disposal of assets

 

1,773,766

   

1,822,601

   
 

Prepayments on flight equipment

 

(1,369,400)

   

(1,912,215)

   
 

Collections of finance and sales-type leases

 

   

94,703

   
 

Other

 

(17)

   

(21,505)

   
 

Net cash used in investing activities

 

(2,954,743)

   

(4,052,610)

   
             
 

Issuance of debt

 

6,539,310

   

5,589,825

   
 

Repayment of debt

 

(6,504,830)

   

(4,360,520)

   
 

Debt issuance costs paid, net of debt premium received

 

(36,592)

   

(57,831)

   
 

Maintenance payments received

 

736,423

   

743,256

   
 

Maintenance payments returned

 

(352,032)

   

(459,326)

   
 

Security deposits received

 

232,219

   

208,259

   
 

Security deposits returned

 

(233,222)

   

(220,452)

   
 

Dividend paid to non-controlling interest holders and others

 

(6,341)

   

(8,403)

   
 

Repurchase of shares and tax withholdings on share-based compensation

 

(639,941)

   

(834,398)

   
 

Net cash (used in) provided by financing activities

 

(265,006)

   

600,410

   
             
 

Net decrease in cash, cash equivalents and restricted cash

 

(114,067)

   

(611,828)

   
 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(621)

   

2,738

   
 

Cash, cash equivalents and restricted cash at beginning of period

 

1,415,035

   

2,024,125

   
 

Cash, cash equivalents and restricted cash at end of period

 

$1,300,347

   

$1,415,035

   
           
This press release was sourced from AerCap on 13-Feb-2020.