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Air Lease Corporation Announces Third Quarter 2019 Results

Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three and nine months ended September 30, 2019.

  • Revenues:
    • $531 million for the three months ended September 30, 2019, an increase of 17.8%
    • $1.5 billion for the nine months ended September 30, 2019, an increase of 19.4%
  • Diluted earnings per share:
    • $1.34 for the three months ended September 30, 2019, an increase of 1.5%
    • $3.67 for the nine months ended September 30, 2019, an increase of 9.2%
  • Adjusted diluted earnings per share before income taxes:
    • $1.80 for the three months ended September 30, 2019, an increase of 4.0%
    • $4.98 for the nine months ended September 30, 2019, an increase of 9.5%
  • Margin:
    • Pre-tax profit margin of 36.5% for the three months ended September 30, 2019
    • Adjusted pre-tax profit margin of 38.4% for the three months ended September 30, 2019
  • Return on common equity:
    • Pre-tax return on common equity of 14.3% for the trailing twelve months ended September 30, 2019
    • Adjusted pre-tax return on common equity of 15.4% for the trailing twelve months ended September 30, 2019

Highlights

  • Took delivery of 15 aircraft from our order book during the quarter, representing approximately $1.5 billion in aircraft investments. As of September 30, 2019, our fleet was comprised of 307 owned aircraft with a net book value of $18.9 billion, with a weighted average age and a weighted average lease term remaining of 3.6 years and 7.2 years, respectively.
  • Placed 83% of our order book on long-term leases for aircraft delivering through 2021.
  • Ended the quarter with $28.7 billion in committed minimum future rental payments consisting of $14.1 billion in contracted minimum rental payments on the aircraft in our existing fleet and $14.6 billion in minimum future rental payments related to aircraft on order.
  • On October 31, 2019, we initiated a portfolio sale of 19 aircraft to Thunderbolt Aircraft Lease Limited III (“Thunderbolt III”) and will continue to manage these aircraft. We anticipate closing the transaction on November 8, 2019 and expect a majority of the aircraft transfers to be completed over the next two quarters.
  • Issued $1.1 billion of Medium-Term Notes comprised of (i) $600.0 million due 2023 at a fixed rate of 2.25% and (ii) $500.0 million due 2029 at a fixed rate of 3.25%.
  • Increased our quarterly cash dividend by approximately 15%, from $0.13 per share to $0.15 per share of our outstanding Class A common stock. The next quarterly dividend of $0.15 per share will be paid on January 6, 2020 to holders of record of our Class A common stock as of December 20, 2019.

“Third quarter results reflect continued strength and stability in the underlying performance trends of our business and fundamental demand for our aircraft. All of our aircraft previously leased to Thomas Cook have been profitably placed with new airline customers. Even considering meaningful delays from both Boeing and Airbus, our 25% year-over-year fleet value expansion is significant, and strong growth is expected to continue via our 316 aircraft forward orderbook,” said John L. Plueger, Chief Executive Officer and President.

“Global air travel demand remains healthy in the face of market headlines. The MAX grounding has reduced industry net seat capacity, and environmental concerns further drive the need for ALC’s orderbook aircraft. Reflecting continued strong performance, our Board of Directors has authorized a 15% increase in ALC’s quarterly dividend to $0.15 per share from $0.13 per share – the 7th dividend increase and 28th consecutive quarterly dividend payment in ALC’s history,” said Steven F. Udvar-Házy, Executive Chairman of the Board.

The following table summarizes our operating results for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts and percentages):

Three Months Ended
September 30,

Nine Months Ended

September 30,

2019

2018

$ change

% change

2019

2018

$ change

% change

Revenues

$

530,902

$

450,698

$

80,204

17.8

%

$

1,468,348

$

1,229,721

$

238,627

19.4

%

Income before taxes

$

193,787

$

179,382

$

14,405

8.0

%

$

529,267

$

468,110

$

61,157

13.1

%

Net income available to common stockholders

$

151,943

$

146,574

$

5,369

3.7

%

$

414,071

$

372,436

$

41,635

11.2

%

Adjusted net income before income taxes(1)

$

203,918

$

192,429

$

11,489

6.0

%

$

562,416

$

505,506

$

56,910

11.3

%

Diluted earnings per share

$

1.34

$

1.32

$

0.02

1.5

%

$

3.67

$

3.36

$

0.31

9.2

%

Adjusted diluted earnings per share before income taxes(1)

$

1.80

$

1.73

$

0.07

4.0

%

$

4.98

$

4.55

$

0.43

9.5

%

(1)

Adjusted net income before income taxes and adjusted diluted earnings per share before income taxes 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 adjusted net income before income taxes and adjusted diluted earnings per share before income taxes and a reconciliation to their most comparable GAAP financial measures.

Flight Equipment Portfolio

Our owned fleet grew by 20.4% to a net book value of $18.9 billion as of September 30, 2019 compared to $15.7 billion as of December 31, 2018. As of September 30, 2019, our fleet was comprised of 307 owned aircraft, with a weighted-average age and remaining lease term of 3.6 years and 7.2 years, respectively, and 64 managed aircraft. We have a globally diversified customer base of 108 airlines in 59 countries.

During the quarter ended September 30, 2019, we took delivery of 15 aircraft from our order book and sold five aircraft ending the quarter with 307 owned aircraft in our operating lease portfolio.

The following table summarizes the key portfolio metrics of our fleet as of September 30, 2019 and December 31, 2018:

September 30, 2019

December 31, 2018

Aggregate fleet net book value

$

18.9 billion

$

15.7 billion

Weighted-average fleet age(1)

3.6 years

3.8 years

Weighted-average remaining lease term(1)

7.2 years

6.8 years

Owned fleet

307

275

Managed fleet

64

61

Aircraft on order(2)(3)

316

372

Aircraft purchase options(4)

50

50

Total

737

758

Current fleet contracted rentals

$

14.1 billion

$

11.8 billion

Committed fleet rentals

$

14.6 billion

$

13.9 billion

Total committed rentals

$

28.7 billion

$

25.7 billion

(1)

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

(2)

Excluded from the table above are memorandums of understanding ("MOU") with Airbus, signed in June 2019, to launch the A321 XLR aircraft and to order the A220 aircraft. Through these MOUs, we committed to purchase 100 aircraft comprised of 27 A321 XLR aircraft, 23 A321neo aircraft and 50 A220 aircraft, and we have purchase options for an additional 25 A220 aircraft.

(3)

The table above reflects the conversion of purchase orders for 15 Boeing 737 MAX aircraft to five Boeing 787-9 aircraft pursuant to an October 2019 agreement with Boeing.

(4)

As of September 30, 2019 and December 31, 2018, we had options to acquire up to five Airbus A350-1000 aircraft and 45 Boeing 737-8 MAX aircraft.

The following table details the regional concentration of our owned fleet:

September 30, 2019

December 31, 2018

Region

% of Net Book Value

% of Net Book Value

Europe

29.2

%

29.9

%

Asia (excluding China)

25.7

%

24.5

%

China

16.2

%

17.0

%

The Middle East and Africa

11.9

%

12.4

%

Central America, South America and Mexico

6.7

%

6.9

%

U.S. and Canada

5.3

%

4.8

%

Pacific, Australia and New Zealand

5.0

%

4.5

%

Total

100.0

%

100.0

%

The following table details the composition of our owned fleet by aircraft type:

September 30, 2019

December 31, 2018

Aircraft type

Number of
Aircraft

% of Total

Number of
Aircraft

% of Total

Airbus A319-100

1

0.3

%

1

0.4

%

Airbus A320-200

30

9.8

%

35

12.7

%

Airbus A320-200neo

11

3.6

%

6

2.2

%

Airbus A321-200

33

10.7

%

34

12.4

%

Airbus A321-200neo

29

9.4

%

14

5.1

%

Airbus A330-200

14

4.6

%

15

5.4

%

Airbus A330-300

6

2.0

%

5

1.8

%

Airbus A330-900neo

6

2.0

%

1

0.4

%

Airbus A350-900

10

3.3

%

6

2.2

%

Boeing 737-700

4

1.3

%

4

1.4

%

Boeing 737-800

95

30.9

%

98

35.6

%

Boeing 737-8 MAX

15

4.9

%

14

5.1

%

Boeing 767-300ER

1

0.3

%

1

0.4

%

Boeing 777-200ER

1

0.3

%

1

0.4

%

Boeing 777-300ER

24

7.8

%

24

8.7

%

Boeing 787-9

23

7.5

%

15

5.4

%

Boeing 787-10

3

1.0

%

%

Embraer E190

1

0.3

%

1

0.4

%

Total(1)

307

100.0

%

275

100.0

%

(1)

As of September 30, 2019 and December 31, 2018, we had six aircraft held for sale at the end of both periods.

Debt Financing Activities

We ended the third quarter of 2019 with total debt financing, net of discounts and issuance costs, of $13.8 billion, resulting in a debt to equity ratio of 2.52:1.

Our debt financing was comprised of unsecured debt of $13.5 billion representing 96.9% of our debt portfolio as of September 30, 2019 as compared to 96.5% as of December 31, 2018. Our fixed rate debt represented 84.7% of our debt portfolio as of September 30, 2019 as compared to 86.4% as of December 31, 2018. Our composite cost of funds decreased to 3.37% as of September 30, 2019 as compared to 3.46% as of December 31, 2018.

During the three months ended September 30, 2019, we issued $1.1 billion of Medium-Term Notes comprised of (i) $600.0 million due 2023 at a fixed rate of 2.25% and (ii) $500.0 million due 2029 at a fixed rate of 3.25%.

Our debt financing was comprised of the following at September 30, 2019 and December 31, 2018 (dollars in thousands):

September 30,
2019

December 31,
2018

Unsecured

Senior notes

$

12,050,000

$

10,043,445

Term financings

813,150

607,340

Revolving credit facilities

610,000

602,000

Total unsecured debt financing

13,473,150

11,252,785

Secured

Term financings

392,593

371,203

Export credit financing

33,274

38,265

Total secured debt financing

425,867

409,468

Total debt financing

13,899,017

11,662,253

Less: Debt discounts and issuance costs

(147,145)

(123,348)

Debt financing, net of discounts and issuance costs

$

13,751,872

$

11,538,905

Selected interest rates and ratios:

Composite interest rate(1)

3.37

%

3.46

%

Composite interest rate on fixed-rate debt(1)

3.41

%

3.42

%

Percentage of total debt at fixed-rate

84.74

%

86.41

%

(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 November 7, 2019 at 4:30 PM Eastern Time to discuss the Company's financial results for the third quarter of 2019.

Investors can participate in the conference call by dialing (855) 308-8321 domestic or (330) 863-3465 international. The passcode for the call is 7447217.

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 November 7, 2019 until 7:30 PM ET on November 14, 2019. 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 7447217.

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:

  • 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; 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, 2018, "Part II – Item 1A. Risk Factors," in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 and other SEC filings, including future SEC filings.

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)

September 30, 2019

December 31, 2018

(unaudited)

Assets

Cash and cash equivalents

$

291,772

$

300,127

Restricted cash

44,651

22,871

Flight equipment subject to operating leases

21,601,147

17,985,324

Less accumulated depreciation

(2,689,880)

(2,278,214)

18,911,267

15,707,110

Deposits on flight equipment purchases

1,600,959

1,809,260

Other assets

761,052

642,440

Total assets

$

21,609,701

$

18,481,808

Liabilities and Shareholders’ Equity

Accrued interest and other payables

$

420,444

$

382,132

Debt financing, net of discounts and issuance costs

13,751,872

11,538,905

Security deposits and maintenance reserves on flight equipment leases

1,091,073

990,578

Rentals received in advance

134,635

119,526

Deferred tax liability

749,504

643,767

Total liabilities

$

16,147,528

$

13,674,908

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) issued and outstanding at September 30, 2019 and no shares issued or outstanding at December 31, 2018

100

Class A common stock, $0.01 par value; 500,000,000 shares authorized; 112,701,349 and 110,949,850 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

1,127

1,110

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

Paid-in capital

2,758,928

2,474,238

Retained earnings

2,702,018

2,331,552

Total shareholders’ equity

$

5,462,173

$

4,806,900

Total liabilities and shareholders’ equity

$

21,609,701

$

18,481,808

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

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

Three Months Ended
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

(unaudited)

Revenues

Rental of flight equipment

$

492,869

$

422,763

$

1,412,478

$

1,194,104

Aircraft sales, trading and other

38,033

27,935

55,870

35,617

Total revenues

530,902

450,698

1,468,348

1,229,721

Expenses

Interest

104,637

82,189

290,681

224,584

Amortization of debt discounts and issuance costs

9,078

8,199

26,330

24,231

Interest expense

113,715

90,388

317,011

248,815

Depreciation of flight equipment

183,788

149,703

514,948

428,437

Selling, general and administrative

34,715

26,377

92,188

71,194

Stock-based compensation

4,897

4,848

14,934

13,165

Total expenses

337,115

271,316

939,081

761,611

Income before taxes

193,787

179,382

529,267

468,110

Income tax expense

(38,000)

(32,808)

(107,081)

(95,674)

Net income

$

155,787

$

146,574

$

422,186

$

372,436

Preferred stock dividends

(3,844)

(8,115)

Net income available to common stockholders

$

151,943

$

146,574

$

414,071

$

372,436

Earnings per share of Class A and B common stock

Basic

$

1.36

$

1.41

$

3.71

$

3.58

Diluted

$

1.34

$

1.32

$

3.67

$

3.36

Weighted-average shares outstanding

Basic

112,133,556

104,066,785

111,511,960

103,940,723

Diluted

113,263,396

112,509,612

112,837,526

112,377,870

Other financial data

Pre-tax profit margin

36.5

%

39.8

%

36.0

%

38.1

%

Adjusted net income before income taxes(1)

$

203,918

$

192,429

$

562,416

$

505,506

Adjusted pre-tax profit margin(1)

38.4

%

42.7

%

38.3

%

41.1

%

Adjusted diluted earnings per share before income taxes(1)

$

1.80

$

1.73

$

4.98

$

4.55

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

14.3

%

15.6

%

14.3

%

15.6

%

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

15.4

%

16.8

%

15.4

%

16.8

%

(1)

Adjusted net income before income taxes (defined as net income available to common stockholders excluding 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), adjusted pre-tax profit 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 plus assumed conversions 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 available to common stockholders, pre-tax profit margin, earnings per share, diluted earnings 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 profit 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 profit 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 profit 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 profit 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 profit 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 profit 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 tables show the reconciliation of net income available to common stockholders to adjusted net income before income taxes and adjusted pre-tax profit margin (in thousands, except percentages):

Three Months Ended
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

(unaudited)

Reconciliation of net income available to common stockholders to adjusted net income before income taxes and adjusted pre-tax profit margin:

Net income available to common stockholders

$

151,943

$

146,574

$

414,071

$

372,436

Amortization of debt discounts and issuance costs

9,078

8,199

26,330

24,231

Stock-based compensation

4,897

4,848

14,934

13,165

Provision for income taxes

38,000

32,808

107,081

95,674

Adjusted net income before income taxes

$

203,918

$

192,429

$

562,416

$

505,506

Total revenues

$

530,902

$

450,698

$

1,468,348

$

1,229,721

Adjusted pre-tax profit margin(1)

38.4

%

42.7

%

38.3

%

41.1

%

(1)

Adjusted pre-tax profit margin is adjusted net income before income taxes divided by total revenues.

The following table shows the reconciliation of net income available to common stockholders to adjusted diluted earnings per share before income taxes (in thousands, except share and per share amounts):

Three Months Ended
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

(unaudited)

Reconciliation of net income available to common stockholders to adjusted diluted earnings per share before income taxes:

Net income available to common stockholders

$

151,943

$

146,574

$

414,071

$

372,436

Amortization of debt discounts and issuance costs

9,078

8,199

26,330

24,231

Stock-based compensation

4,897

4,848

14,934

13,165

Provision for income taxes

38,000

32,808

107,081

95,674

Adjusted net income before income taxes

$

203,918

$

192,429

$

562,416

$

505,506

Assumed conversion of convertible senior notes

1,823

5,309

Adjusted net income before income taxes plus assumed conversions

$

203,918

$

194,252

$

562,416

$

510,815

Weighted-average diluted common shares outstanding

113,263,396

112,509,612

112,837,526

112,377,870

Adjusted diluted earnings per share before income taxes

$

1.80

$

1.73

$

4.98

$

4.55

The following table shows the reconciliation of net income available to common stockholders to adjusted pre-tax return on common equity (in thousands, except percentages):

Trailing Twelve Months Ended
September 30,

2019

2018

(unaudited)

Reconciliation of net income available to common stockholders to adjusted pre-tax return on common equity:

Net income available to common stockholders

552,470

843,538

Amortization of debt discounts and issuance costs

34,805

31,297

Stock-based compensation

19,247

18,534

Provision for income taxes

140,710

(209,764)

Adjusted net income before income taxes

$

747,232

$

683,605

Common shareholders' equity as of the beginning of the period

$

4,478,918

$

3,655,583

Common shareholders' equity as of the end of the period

$

5,212,173

$

4,478,918

Average common shareholders' equity

$

4,845,546

$

4,067,251

Adjusted pre-tax return on common equity

15.4

%

16.8

%

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Nine Months Ended
September 30,

2019

2018

(unaudited)

Operating Activities

Net income

$

422,186

$

372,436

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

Depreciation of flight equipment

514,948

428,437

Stock-based compensation

14,934

13,165

Deferred taxes

97,566

95,674

Amortization of debt discounts and issuance costs

26,330

24,231

Amortization of prepaid lease costs

24,190

18,713

Gain on aircraft sales, trading and other activity

(45,123)

(24,469)

Changes in operating assets and liabilities:

Other assets

(149,740)

(62,528)

Accrued interest and other payables

51,156

110

Rentals received in advance

15,109

4,335

Net cash provided by operating activities

971,556

870,104

Investing Activities

Acquisition of flight equipment under operating lease

(3,021,758)

(1,874,094)

Payments for deposits on flight equipment purchases

(727,982)

(548,225)

Proceeds from aircraft sales, trading and other activity

426,382

239,067

Acquisition of aircraft furnishings, equipment and other assets

(236,847)

(204,449)

Net cash used in investing activities

(3,560,205)

(2,387,701)

Financing Activities

Issuance of common stock upon exercise of options

31,823

4,188

Cash dividends paid on Class A common stock

(43,383)

(31,155)

Preferred dividends paid

(8,115)

Tax withholdings on stock-based compensation

(4,089)

(7,141)

Net change in unsecured revolving facility

8,000

(847,000)

Proceeds from debt financings

3,135,918

3,358,885

Payments in reduction of debt financings

(947,837)

(1,131,206)

Net proceeds from preferred stock issuance

242,139

Debt issuance costs

(9,443)

(9,327)

Security deposits and maintenance reserve receipts

230,966

173,754

Security deposits and maintenance reserve disbursements

(33,905)

(52,764)

Net cash provided by financing activities

2,602,074

1,458,234

Net increase/(decrease) in cash

13,425

(59,363)

Cash, cash equivalents and restricted cash at beginning of period

322,998

308,282

Cash, cash equivalents and restricted cash at end of period

$

336,423

$

248,919

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for interest, including capitalized interest of $46,314 and $38,947 at September 30, 2019 and 2018, respectively

$

358,237

$

278,297

Cash paid for income taxes

$

9,515

$

2,506

Supplemental Disclosure of Noncash Activities

Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment

$

1,161,573

$

663,223

Cash dividends declared on Class A common stock, not yet paid

$

14,644

$

10,407

Contacts:

Investors:
Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: investors@airleasecorp.com

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