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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-35121
AIR LEASE CORPORATION
(Exact name of registrant as specified in its charter) | | | | | | | | |
| Delaware | | 27-1840403 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
| | | | | | | | | | | |
| 2000 Avenue of the Stars, | Suite 1000N | | 90067 |
| Los Angeles, | California | | |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (310) 553-0555
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock | AL | New York Stock Exchange |
| 3.700% Medium-Term Notes, Series A, due April 15, 2030 | AL30 | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
At November 5, 2024, there were 111,376,884 shares of Air Lease Corporation’s Class A common stock outstanding.
Air Lease Corporation and Subsidiaries
Form 10-Q
For the Quarterly Period Ended September 30, 2024
TABLE OF CONTENTS
NOTE ABOUT FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q and other publicly available documents may contain or incorporate statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements appear in a number of places in this Form 10-Q and include statements regarding, among other matters, the state of the airline industry, our access to the capital and debt markets, the impact of Russia’s invasion of Ukraine and the impact of sanctions imposed on Russia, the impact of the Israel Hamas conflict, aircraft and engine delivery delays and manufacturing flaws, including as a result of the Boeing labor strike, our aircraft sales pipeline and expectations, changes in inflation and interest rates and other macroeconomic conditions and other factors affecting our financial condition or results of operations. Words such as “can,” “could,” “may,” “predicts,” “potential,” “will,” “projects,” “continuing,” “ongoing,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and “should,” and variations of these words and similar expressions, are used in many cases to identify these forward-looking statements. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors that may cause our actual results, performance or achievements, or industry results to vary materially from our future results, performance or achievements, or those of our industry, expressed or implied in such forward-looking statements. Such factors include, among others:
•our inability to obtain additional capital on favorable terms, or at all, to acquire aircraft, service our debt obligations and refinance maturing debt obligations;
•increases in our cost of borrowing, decreases in our credit ratings or changes in interest rates;
•our inability to generate sufficient returns on our aircraft investments through strategic aircraft acquisitions and profitable leasing;
•the failure of an aircraft or engine manufacturer to meet its contractual obligations to us, including or as a result of labor strikes, aviation supply chain constraints, manufacturing flaws, or technical or other difficulties with aircraft or engines before or after delivery;
•our ability to recover losses related to aircraft detained in Russia, including through insurance claims and related litigation;
•obsolescence of, or changes in overall demand for, our aircraft;
•changes in the value of, and lease rates for, our aircraft, including as a result of aircraft oversupply, manufacturer production levels, our lessees’ failure to maintain our aircraft, inflation, and other factors outside of our control;
•impaired financial condition and liquidity of our lessees, including due to lessee defaults and reorganizations, bankruptcies or similar proceedings;
•increased competition from other aircraft lessors;
•the failure by our lessees to adequately insure our aircraft or fulfill their contractual indemnity obligations to us, or the failure of such insurers to fulfill their contractual obligations;
•increased tariffs and other restrictions on trade;
•changes in the regulatory environment, including changes in tax laws and environmental regulations;
•other events affecting our business or the business of our lessees and aircraft manufacturers or their suppliers that are beyond our or their control, such as the threat or realization of epidemic diseases, natural disasters, terrorist attacks, war or armed hostilities between countries or non-state actors; and
•any additional factors discussed under “Part I — Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other Securities and Exchange Commission (“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 do not intend and undertake no obligation to update any forward-looking information to reflect actual results or events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Air Lease Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (unaudited) |
| Assets | |
| Cash and cash equivalents | $ | 460,785 | | | $ | 460,870 | |
| Restricted cash | 4,565 | | | 3,622 | |
| Flight equipment subject to operating leases | 33,853,006 | | | 31,787,241 | |
| Less accumulated depreciation | (5,958,105) | | | (5,556,033) | |
| 27,894,901 | | | 26,231,208 | |
| Deposits on flight equipment purchases | 1,050,268 | | | 1,203,068 | |
| Other assets | 2,743,310 | | | 2,553,484 | |
| Total assets | $ | 32,153,829 | | | $ | 30,452,252 | |
| Liabilities and Shareholders’ Equity | | | |
| Accrued interest and other payables | $ | 1,072,033 | | | $ | 1,164,140 | |
| Debt financing, net of discounts and issuance costs | 20,161,860 | | | 19,182,657 | |
| Security deposits and maintenance reserves on flight equipment leases | 1,757,104 | | | 1,519,719 | |
| Rentals received in advance | 129,303 | | | 143,861 | |
| Deferred tax liability | 1,357,832 | | | 1,281,837 | |
| Total liabilities | $ | 24,478,132 | | | $ | 23,292,214 | |
| Shareholders’ Equity | | | |
Preferred Stock, $0.01 par value; 50,000,000 shares authorized at each of September 30, 2024 and December 31, 2023; 10,900,000 (aggregate liquidation preference of $1,150,000) shares issued and outstanding at September 30, 2024; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at December 31, 2023 | $ | 109 | | | $ | 106 | |
Class A common stock, $0.01 par value; 500,000,000 shares authorized; 111,376,884 and 111,027,252 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 1,114 | | | 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 | 3,598,407 | | | 3,287,234 | |
| Retained earnings | 4,079,173 | | | 3,869,813 | |
| Accumulated other comprehensive (loss)/income | (3,106) | | | 1,775 | |
| Total shareholders’ equity | $ | 7,675,697 | | | $ | 7,160,038 | |
| Total liabilities and shareholders’ equity | $ | 32,153,829 | | | $ | 30,452,252 | |
(See Notes to Consolidated Financial Statements)
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(In thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (unaudited) |
| Revenues | | | | | | | |
| Rental of flight equipment | $ | 625,180 | | | $ | 604,027 | | | $ | 1,849,014 | | | $ | 1,833,533 | |
| Aircraft sales, trading and other | 64,984 | | | 55,337 | | | 171,748 | | | 134,876 | |
| Total revenues | 690,164 | | | 659,364 | | | 2,020,762 | | | 1,968,409 | |
| | | | | | | |
| Expenses | | | | | | | |
| Interest | 203,092 | | | 161,769 | | | 574,691 | | | 485,555 | |
| Amortization of debt discounts and issuance costs | 14,371 | | | 13,695 | | | 40,772 | | | 40,414 | |
| Interest expense | 217,463 | | | 175,464 | | | 615,463 | | | 525,969 | |
| Depreciation of flight equipment | 290,132 | | | 267,393 | | | 849,374 | | | 795,659 | |
| | | | | | | |
| Selling, general and administrative | 44,418 | | | 42,770 | | | 137,592 | | | 136,216 | |
| Stock-based compensation expense | 7,919 | | | 8,719 | | | 25,031 | | | 23,330 | |
| Total expenses | 559,932 | | | 494,346 | | | 1,627,460 | | | 1,481,174 | |
| Income before taxes | 130,232 | | | 165,018 | | | 393,302 | | | 487,235 | |
| Income tax expense | (26,261) | | | (32,568) | | | (78,519) | | | (93,664) | |
| Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | |
| Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | |
| Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | |
| | | | | | | |
| Other comprehensive income/(loss): | | | | | | | |
| Foreign currency translation adjustment | $ | (35,976) | | | $ | 7,453 | | | $ | (2,956) | | | $ | 500 | |
| Change in fair value of hedged transactions | 31,833 | | | (7,629) | | | (3,254) | | | (1,733) | |
| Total tax benefit on other comprehensive income | 886 | | | 37 | | | 1,329 | | | 263 | |
| Other comprehensive income/(loss), net of tax | (3,257) | | | (139) | | | (4,881) | | | (970) | |
| Total comprehensive income attributable for common stockholders | $ | 88,389 | | | $ | 121,886 | | | $ | 274,644 | | | $ | 361,326 | |
| | | | | | | |
| Earnings per share of common stock: | | | | | | | |
| Basic | $ | 0.82 | | | $ | 1.10 | | | $ | 2.51 | | | $ | 3.26 | |
| Diluted | $ | 0.82 | | | $ | 1.10 | | | $ | 2.50 | | | $ | 3.25 | |
| Weighted-average shares of common stock outstanding | | | | | | | |
| Basic | 111,376,884 | | | 111,027,252 | | | 111,308,222 | | | 110,997,619 | |
| Diluted | 111,804,113 | | | 111,346,799 | | | 111,801,757 | | | 111,383,257 | |
| | | | | | | |
| Dividends declared per share of common stock | $ | 0.21 | | | $ | 0.20 | | | $ | 0.63 | | | $ | 0.60 | |
(See Notes to Consolidated Financial Statements)
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Class A
Common Stock | | Class B Non‑Voting
Common Stock | | | | | | Accumulated Other
Comprehensive Income/(loss) | | |
| (unaudited) | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Paid‑in
Capital | | Retained
Earnings | | | Total |
| Balance at December 31, 2023 | 10,600,000 | | | $ | 106 | | | 111,027,252 | | | $ | 1,110 | | | — | | | $ | — | | | $ | 3,287,234 | | | $ | 3,869,813 | | | $ | 1,775 | | | $ | 7,160,038 | |
| Issuance of common stock upon vesting of restricted stock units | — | | | — | | | 567,154 | | | 6 | | | — | | | — | | | — | | | — | | | — | | | 6 | |
| Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | — | | | 8,275 | | | — | | | — | | | 8,275 | |
Cash dividends (declared $0.21 per share of Class A common stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (23,387) | | | — | | | (23,387) | |
| Cash dividends (declared on preferred stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,425) | | | — | | | (10,425) | |
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,113) | | | (1,113) | |
| Tax withholdings on stock based-compensation | — | | | — | | | (227,905) | | | (2) | | | — | | | — | | | (9,387) | | | — | | | — | | | (9,389) | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 107,866 | | | — | | | 107,866 | |
| Balance at March 31, 2024 | 10,600,000 | | | $ | 106 | | | 111,366,501 | | | $ | 1,114 | | | — | | | $ | — | | | $ | 3,286,122 | | | $ | 3,943,867 | | | $ | 662 | | | $ | 7,231,871 | |
| Issuance of common stock upon vesting of restricted stock units | — | | | — | | | 10,383 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | — | | | 8,837 | | | — | | | — | | | 8,837 | |
Cash dividends (declared $0.21 per share of Class A common stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (23,389) | | | — | | | (23,389) | |
| Cash dividends (declared on preferred stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (12,508) | | | — | | | (12,508) | |
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (511) | | | (511) | |
| | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 102,946 | | | — | | | 102,946 | |
| Balance at June 30, 2024 | 10,600,000 | | | $ | 106 | | | 111,376,884 | | | $ | 1,114 | | | — | | | $ | — | | | $ | 3,294,959 | | | $ | 4,010,916 | | | $ | 151 | | | $ | 7,307,246 | |
| | | | | | | | | | | | | | | | | | | |
| Issuance of preferred stock | 300,000 | | | 3 | | | — | | | — | | | — | | | — | | | 295,529 | | | — | | | — | | | 295,532 | |
| Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | — | | | 7,919 | | | — | | | — | | | 7,919 | |
Cash dividends (declared $0.21 per share of Class A common stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (23,389) | | | — | | | (23,389) | |
| Cash dividends (declared on preferred stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (12,325) | | | — | | | (12,325) | |
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,257) | | | (3,257) | |
| | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 103,971 | | | — | | | 103,971 | |
| Balance at September 30, 2024 | 10,900,000 | | | $ | 109 | | | 111,376,884 | | | $ | 1,114 | | | — | | | $ | — | | | $ | 3,598,407 | | | $ | 4,079,173 | | | $ | (3,106) | | | $ | 7,675,697 | |
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Class A
Common Stock | | Class B Non‑Voting
Common Stock | | | | | | Accumulated Other
Comprehensive Income | | |
| (unaudited) | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Paid‑in
Capital | | Retained
Earnings | | | Total |
| Balance at December 31, 2022 | 10,600,000 | | | $ | 106 | | | 110,892,097 | | | $ | 1,109 | | | — | | | $ | — | | | $ | 3,255,973 | | | $ | 3,386,820 | | | $ | 2,355 | | | $ | 6,646,363 | |
| Issuance of common stock upon vesting of restricted stock units | — | | | — | | | 198,437 | | | 2 | | | — | | | — | | | — | | | — | | | — | | | 2 | |
| Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | — | | | 5,896 | | | — | | | — | | | 5,896 | |
Cash dividends (declared $0.20 per share of Class A common stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (22,203) | | | — | | | (22,203) | |
| Cash dividends (declared on preferred stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,425) | | | — | | | (10,425) | |
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (536) | | | (536) | |
| Tax withholdings on stock based-compensation | — | | | — | | | (75,116) | | | (1) | | | — | | | — | | | (3,230) | | | — | | | — | | | (3,231) | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 128,720 | | | — | | | 128,720 | |
| Balance at March 31, 2023 | 10,600,000 | | | $ | 106 | | | 111,015,418 | | | $ | 1,110 | | | — | | | $ | — | | | $ | 3,258,639 | | | $ | 3,482,912 | | | $ | 1,819 | | | $ | 6,744,586 | |
| Issuance of common stock upon vesting of restricted stock units | — | | | — | | | 14,962 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | — | | | 8,715 | | | — | | | — | | | 8,715 | |
Cash dividends (declared $0.20 per share of Class A common stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (22,205) | | | — | | | (22,205) | |
| Cash dividends (declared on preferred stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,425) | | | — | | | (10,425) | |
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (295) | | | (295) | |
| Tax withholdings on stock based-compensation | — | | | — | | | (3,128) | | | — | | | — | | | — | | | (124) | | | — | | | — | | | (124) | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 132,401 | | | — | | | 132,401 | |
| Balance at June 30, 2023 | 10,600,000 | | | $ | 106 | | | 111,027,252 | | | $ | 1,110 | | | — | | | $ | — | | | $ | 3,267,230 | | | $ | 3,582,683 | | | $ | 1,524 | | | $ | 6,852,653 | |
| Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | — | | | 8,719 | | | — | | | — | | | 8,719 | |
Cash dividends (declared $0.20 per share of Class A common stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (22,205) | | | — | | | (22,205) | |
| Cash dividends (declared on preferred stock) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,425) | | | — | | | (10,425) | |
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (139) | | | (139) | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 132,450 | | | — | | | 132,450 | |
| Balance at September 30, 2023 | 10,600,000 | | | $ | 106 | | | 111,027,252 | | | $ | 1,110 | | | — | | | $ | — | | | $ | 3,275,949 | | | $ | 3,682,503 | | | $ | 1,385 | | | $ | 6,961,053 | |
(See Notes to Consolidated Financial Statements)
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | | | | | | | | | |
| Nine Months Ended
September 30, |
| 2024 | | 2023 |
| (unaudited) |
| Operating Activities | | | |
| Net income | $ | 314,783 | | | $ | 393,571 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation of flight equipment | 849,374 | | | 795,659 | |
| | | |
| Stock-based compensation expense | 25,031 | | | 23,330 | |
| Deferred taxes | 77,324 | | | 91,410 | |
| Amortization of discounts and debt issuance costs | 40,772 | | | 40,414 | |
| Amortization of prepaid lease costs | 77,271 | | | 54,962 | |
| Gain on aircraft sales, trading and other activity | (149,018) | | | (147,174) | |
| Changes in operating assets and liabilities: | | | |
| Other assets | (3,509) | | | 40,496 | |
| Accrued interest and other payables | 29,494 | | | (6,380) | |
| Rentals received in advance | (14,467) | | | (3,982) | |
| Net cash provided by operating activities | 1,247,055 | | | 1,282,306 | |
| Investing Activities | | | |
| Acquisition of flight equipment under operating lease | (2,816,375) | | | (2,782,507) | |
| Payments for deposits on flight equipment purchases | (461,788) | | | (249,231) | |
| Proceeds from aircraft sales, trading and other activity | 884,045 | | | 1,568,420 | |
| Acquisition of aircraft furnishings, equipment and other assets | (284,050) | | | (205,368) | |
| Net cash used in investing activities | (2,678,168) | | | (1,668,686) | |
| Financing Activities | | | |
| Net proceeds from preferred stock issuance | 295,532 | | | — | |
| Cash dividends paid on Class A common stock | (70,092) | | | (66,587) | |
| | | |
| Cash dividends paid on preferred stock | (35,258) | | | (31,275) | |
| Tax withholdings on stock-based compensation | (9,384) | | | (3,354) | |
| Net change in unsecured revolving facility | 186,000 | | | 758,000 | |
| Proceeds from debt financings | 3,541,706 | | | 1,783,973 | |
| Payments in reduction of debt financings | (2,781,604) | | | (2,566,518) | |
| Debt issuance costs | (10,626) | | | (10,590) | |
| Security deposits and maintenance reserve receipts | 328,351 | | | 269,171 | |
| Security deposits and maintenance reserve disbursements | (12,654) | | | (10,723) | |
| Net cash provided by financing activities | 1,431,971 | | | 122,097 | |
| Net increase/(decrease) in cash | 858 | | | (264,283) | |
| Cash, cash equivalents and restricted cash at beginning of period | 464,492 | | | 780,017 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 465,350 | | | $ | 515,734 | |
| | | |
| Supplemental Disclosure of Cash Flow Information | | | |
Cash paid during the period for interest, including capitalized interest of $32,859 and $31,708 at September 30, 2024 and 2023, respectively | $ | 590,697 | | | $ | 532,922 | |
| Cash paid for income taxes | $ | 22,746 | | | $ | 6,250 | |
| Supplemental Disclosure of Noncash Activities | | | |
| Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets | $ | 838,170 | | | $ | 620,280 | |
| Flight equipment subject to operating leases reclassified to flight equipment held for sale | $ | 1,143,096 | | | $ | 1,411,564 | |
| Flight equipment subject to operating leases reclassified to investment in sales-type lease | $ | 74,017 | | | $ | 33,641 | |
| Cash dividends declared on Class A common stock, not yet paid | $ | 23,389 | | | $ | 22,205 | |
(See Notes to Consolidated Financial Statements)
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Company Background and Overview
Air Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of September 30, 2024, the Company owned 485 aircraft, managed 64 aircraft and had 287 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.
Note 2. Basis of Preparation and Critical Accounting Policies
The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at September 30, 2024, and for all periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results expected for the year ending December 31, 2024. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.
In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires disaggregated information for specified categories of expenses, including inventory purchases, employee compensation, depreciation, amortization, and depletion, to be presented in certain expense captions on the face of the income statement. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact of ASU 2024-03 on its financial statement disclosures.
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 3. Debt Financing
The Company’s consolidated debt as of September 30, 2024 and December 31, 2023 is summarized below:
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands) |
| Unsecured | | | |
| Senior unsecured securities | $ | 16,429,118 | | | $ | 16,329,605 | |
| Term financings | 2,082,800 | | | 1,628,400 | |
| Revolving credit facility | 1,286,000 | | | 1,100,000 | |
| Total unsecured debt financing | 19,797,918 | | | 19,058,005 | |
| Secured | | | |
| Term financings | 357,629 | | | 100,471 | |
| Export credit financing | 194,120 | | | 204,984 | |
| Total secured debt financing | 551,749 | | | 305,455 | |
| | | |
| Total debt financing | 20,349,667 | | | 19,363,460 | |
| Less: Debt discounts and issuance costs | (187,807) | | | (180,803) | |
| Debt financing, net of discounts and issuance costs | $ | 20,161,860 | | | $ | 19,182,657 | |
As of September 30, 2024, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test.
Senior unsecured securities (including Medium-Term Note Program)
As of September 30, 2024 and December 31, 2023, the Company had $16.4 billion and $16.3 billion in senior unsecured securities outstanding, respectively.
During the nine months ended September 30, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029, (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”), (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”), (iv) $600.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2026 and (v) $600.0 million in aggregate principal amount of 5.20% Medium-Term Notes due 2031.
The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps.
Unsecured syndicated revolving credit facility
As of September 30, 2024 and December 31, 2023, the Company had $1.3 billion and $1.1 billion, respectively, outstanding under its unsecured syndicated revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes.
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of November 7, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings.
Unsecured term financings
As of September 30, 2024 and December 31, 2023, the outstanding balance on the Company’s unsecured term financings was $2.1 billion and $1.6 billion, respectively.
In August 2024, the Company amended its existing $750.0 million term loan that, among other things, increased the aggregate term loan commitments by an additional $500.0 million and reduced the interest rate applicable to borrowings. Under the terms of the loan agreement, the Company had the ability to set the funding date of the additional commitments, subject to an outside funding date of November 15, 2024. The Company elected to borrow the additional $500.0 million on October 1, 2024. As amended, the term loan bears interest at a floating rate of Term SOFR plus 1.20% plus a credit spread adjustment of 0.10% and has a final maturity on November 24, 2026. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility. As of September 30, 2024 and October 1, 2024, the Company had $750.0 million and $1.25 billion in borrowings outstanding under the term loan, respectively.
In addition, during the three months ended September 30, 2024, the Company entered into a $250.0 million unsecured term loan with a one-year maturity bearing interest at a floating rate of Term SOFR plus 1.25% plus a credit spread adjustment of 0.10%.
Secured debt financings
In August 2024, the Company entered into a $267.3 million secured term loan and pledged six aircraft as collateral with a net book value of $346.6 million. The term loan bears interest at a floating rate of Term SOFR plus 1.35% and has a final maturity on July 31, 2031. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility.
As of September 30, 2024, the Company had an outstanding balance of $551.7 million in secured debt financings, including the secured term loan mentioned above, and had pledged ten aircraft as collateral, with a net book value of $778.9 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of September 30, 2024 and December 31, 2023 are recourse in nature.
Maturities
Maturities of debt outstanding as of September 30, 2024 are as follows (in thousands):
| | | | | |
| Years ending December 31, | |
| 2024 | $ | 423,509 | |
| 2025 | 2,798,505 | |
| 2026 | 5,281,687 | |
| 2027 | 2,786,350 | |
| 2028 | 4,238,788 | |
| Thereafter | 4,820,828 | |
| Total | $ | 20,349,667 | |
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 4. Flight equipment subject to operating lease
The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the nine months ended September 30, 2024:
| | | | | |
| (in thousands) |
| Net book value as of December 31, 2023 | $ | 26,231,208 | |
| Purchase of aircraft | 3,730,181 | |
| Depreciation | (849,374) | |
| Flight equipment subject to operating leases reclassified to flight equipment held for sale | (1,143,097) | |
| Flight equipment subject to operating leases reclassified to investment in sales-type lease | (74,017) | |
| Net book value as of September 30, 2024 | $ | 27,894,901 | |
| |
| Accumulated depreciation as of September 30, 2024 | $ | (5,958,105) | |
Update on Russian fleet
As previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, in June 2022, the Company and certain of its subsidiaries submitted insurance claims to the insurers on its aviation insurance policies to recover losses relating to aircraft detained in Russia for which the Company recorded a net write-off of its interests in its owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its aviation insurance carriers in connection with its previously submitted insurance claims for which a trial date has been set for April 17, 2025. The Company continues to have significant claims against its aviation insurance carriers and will continue to vigorously pursue all available insurance claims and its related insurance litigation, and all rights and remedies therein. Collection, timing and amounts of any future insurance and related recoveries and the outcome of the Company’s ongoing insurance litigation remain uncertain at this time.
In January 2024, the Company and certain of its subsidiaries filed suit in the High Court of Justice, Business & Property Courts of England & Wales, Commercial Court against the Russian airlines’ aviation insurers and reinsurance insurers (collectively, the “Airlines’ Insurers”) seeking recovery under the Russian airlines’ insurance policies for certain aircraft that remain in Russia. The lawsuit against the Airlines’ Insurers is in the early stages and no trial date has been set.
As of November 7, 2024, 16 aircraft previously included in the Company’s owned fleet are still detained in Russia. The operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities and the Company’s ongoing demands for the return of its assets.
Note 5. Flight Equipment Held for Sale
As of September 30, 2024, the Company had 23 aircraft, with a carrying value of $741.1 million, which were classified as held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 23 aircraft to be completed by the second half of 2025. During the nine months ended September 30, 2024, the Company received an aggregate of $186.9 million in purchase deposits pursuant to sale agreements related to five of the 23 aircraft, which amount is included in Accrued interest and other payables on the Consolidated Balance Sheets.
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
During the nine months ended September 30, 2024, the Company transferred 35 aircraft from flight equipment subject to operating lease to flight equipment held for sale and completed the sale of 25 aircraft from its held for sale portfolio. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2023, the Company had 14 aircraft, with a carrying value of $605.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets.
The following table summarizes the activities of the Company’s flight equipment held for sale for the nine months ended September 30, 2024 based on carrying value:
| | | | | |
| (in thousands) |
| Flight equipment held for sale as of December 31, 2023 | $ | 605,104 | |
| Flight equipment subject to operating leases reclassified to flight equipment held for sale | 1,143,097 | |
| Aircraft sales | (1,007,111) | |
| Flight equipment held for sale as of September 30, 2024 | $ | 741,090 | |
Note 6. Commitments and Contingencies
Aircraft Acquisition
As of September 30, 2024, the Company had commitments to purchase 287 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $18.2 billion. The following table shows the Company’s contractual delivery commitment schedule as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Estimated Delivery Years | | |
| Aircraft Type | | Last 3 months of 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
| Airbus A220-100/300 | | 8 | | | 14 | | | 6 | | | 12 | | | 12 | | | 2 | | | 54 | |
Airbus A320/321neo(1) | | 3 | | | 7 | | | 23 | | | 57 | | | 40 | | | 4 | | | 134 | |
| Airbus A330-900neo | | 2 | | | — | | | 1 | | | — | | | — | | | — | | | 3 | |
| | | | | | | | | | | | | | |
| Airbus A350F | | — | | — | | | — | | | 4 | | | 2 | | | 1 | | | 7 | |
| Boeing 737-8/9 MAX | | 11 | | 27 | | 20 | | | 12 | | | 2 | | | — | | | 72 | |
| Boeing 787-9/10 | | 6 | | 7 | | 4 | | | — | | | — | | | — | | | 17 | |
Total(2) | | 30 | | 55 | | 54 | | | 85 | | | 56 | | | 7 | | | 287 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
(1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. |
(2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through November 7, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for certain aircraft, including as a result of the Boeing labor strike, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. |
The table above is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft in its orderbook. The Company remains in discussions with Airbus and Boeing to determine the extent and duration of delivery delays; however, the Company is not currently able to determine the full impact of these delays.
Pursuant to the Company’s purchase agreements with Airbus and Boeing, the Company agrees to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly impacted the planned purchases of the Company’s aircraft on order with Airbus and Boeing. The Company is currently experiencing delivery delays with both Airbus and Boeing aircraft.
In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The 737-9 MAX aircraft has since returned to service; however, Boeing will not be allowed
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
by the FAA to increase 737 MAX production rates until quality control issues are resolved. In addition, in September 2024, the Company was notified by Boeing that certain union factory workers had commenced a labor strike. On November 4, 2024, the union factory workers voted to end the labor strike. The Company did not take delivery of any 737 MAX aircraft during the labor strike and some 787 deliveries were impacted. The Company expects its Boeing deliveries will continue to be delayed and is unable to estimate the duration of delays or the impact on the Company’s Boeing orderbook. The residual impacts of the Boeing labor strike have and may continue to impact the broader aviation supply chain.
The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Airbus and Boeing generally provide each of the Company and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, the Company’s lease agreements generally provide each of the Company and the lessee with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements.
Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $18.2 billion as of September 30, 2024, are as follows (in thousands):
| | | | | |
| Years ending December 31, | |
2024 (excluding the nine months ended September 30, 2024) | $ | 2,341,110 | |
| 2025 | 3,687,740 | |
| 2026 | 3,527,040 | |
| 2027 | 5,227,217 | |
| 2028 | 3,002,390 | |
| Thereafter | 416,433 | |
| Total | $ | 18,201,930 | |
The Company has made non-refundable deposits on flight equipment purchases of $1.1 billion and $1.2 billion as of September 30, 2024 and December 31, 2023, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits and may also be exposed to breach of contract claims by its lessees as well as the manufacturers.
Note 7. Rental Income
As of September 30, 2024, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of September 30, 2024 are as follows (in thousands):
| | | | | |
| Years ending December 31, | |
2024 (excluding the nine months ended September 30, 2024) | $ | 637,071 | |
| 2025 | 2,500,678 | |
| 2026 | 2,308,894 | |
| 2027 | 2,109,214 | |
| 2028 | 1,930,335 | |
| Thereafter | 8,160,494 | |
| Total | $ | 17,646,686 | |
Note 8. Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting,
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of September 30, 2024, the Company did not have any Class B non-voting common stock outstanding.
Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three and nine months ended September 30, 2024, and 2023, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,047,068 and 965,788 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2024 and 2023, respectively.
The following table sets forth the reconciliation of basic and diluted earnings per share:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| |
| 2024 | | 2023 | | 2024 | | 2023 |
| (in thousands, except share and per share) |
| Basic earnings per share: | | | | | | | |
| Numerator | | | | | | | |
| Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | |
| Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | |
| Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | |
| Denominator | | | | | | | |
| Weighted-average shares outstanding | 111,376,884 | | | 111,027,252 | | | 111,308,222 | | | 110,997,619 | |
| Basic earnings per share | $ | 0.82 | | | $ | 1.10 | | | $ | 2.51 | | | $ | 3.26 | |
| Diluted earnings per share: | | | | | | | |
| Numerator | | | | | | | |
| Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | |
| Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | |
| Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | |
| Denominator | | | | | | | |
| Number of shares used in basic computation | 111,376,884 | | 111,027,252 | | 111,308,222 | | 110,997,619 |
| Weighted-average effect of dilutive securities | 427,229 | | | 319,547 | | 493,535 | | 385,638 |
| Number of shares used in per share computation | 111,804,113 | | | 111,346,799 | | | 111,801,757 | | | 111,383,257 | |
| Diluted earnings per share | $ | 0.82 | | | $ | 1.10 | | | $ | 2.50 | | | $ | 3.25 | |
Note 9. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis
The Company has four cross-currency swaps related to its Canadian dollar and Euro Medium-Term Notes. The fair value of these swaps as a foreign currency derivative are categorized as a Level 2 measurement in the fair value hierarchy and are measured on a recurring basis. As of September 30, 2024, the estimated fair value of three of the Company’s foreign currency swaps were, in the aggregate, derivative assets of $17.8 million and the remaining one swap was a derivative liability of $4.1 million. As of December 31, 2023, the estimated fair value of two of the Company’s foreign currency swaps were, in the aggregate, derivative assets of $17.0 million. Derivative assets are included in Other assets on the Company’s Consolidated Balance Sheets while derivative liabilities are included in Accrued interest and other payables on the Company’s Consolidated Balance Sheets.
Financial Instruments Not Measured at Fair Values
The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of September 30, 2024 was $20.2 billion compared to a book value
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
of $20.3 billion. The estimated fair value of debt financing as of December 31, 2023 was $18.7 billion compared to a book value of $19.4 billion.
The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at September 30, 2024, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at September 30, 2024 and December 31, 2023 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.
Note 10. Shareholders’ Equity
The Company was authorized to issue up to 500,000,000 shares of Class A common stock, $0.01 par value, at September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had 111,376,884 and 111,027,252 shares of Class A common stock issued and outstanding, respectively. The Company was authorized to issue up to 10,000,000 shares of Class B common stock, $0.01 par value at September 30, 2024 and December 31, 2023. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of September 30, 2024 or December 31, 2023.
The Company was authorized to issue up to 50,000,000 shares of preferred stock, $0.01 par value, at September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). On September 17, 2024, the Company issued a notice of redemption for all of its outstanding shares of Series A Preferred Stock, with a redemption date of October 17, 2024 (the “Series A Preferred Stock Redemption Date”), pursuant to which the Company would redeem all outstanding shares of Series A Preferred Stock at a redemption price of $25.00 per share, plus dividends that have been declared but are unpaid in respect of such shares of Series A Preferred Stock for the dividend period in which the Series A Preferred Stock Redemption Date occurs to, but excluding, the Series A Preferred Stock Redemption Date.
On September 24, 2024, the Company issued 300,000 shares of Series D Preferred Stock (the “Series D Preferred Stock”). The Company will pay dividends on the Series D Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 6.00% through December 15, 2029, and payable quarterly in arrears beginning on December 15, 2024, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 2.560% per reset period from December 15, 2029 and reset every five years and payable quarterly in arrears; provided, that the dividend rate per annum during any reset period will not reset below 6.00% (which equals the initial dividend rate per annum on the Series D Preferred Stock).
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes the Company’s preferred stock issued and outstanding as of September 30, 2024 (in thousands, except for share amounts and percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Issued and Outstanding as of September 30, 2024 | | | | Liquidation Preference as of September 30, 2024(2) | | Issue Date | | Dividend Rate in Effect at September 30, 2024(3) | | Next dividend rate reset date | | Dividend rate after reset date(4) |
Series A(5) | 10,000,000 | | | | | $ | 250,000 | | | March 5, 2019 | | 3M Term SOFR(1) plus 3.65% | | N/A | | N/A |
| Series B | 300,000 | | | | | 300,000 | | | March 2, 2021 | | 4.65% | | June 15, 2026 | | 5 Yr U.S. Treasury plus 4.076% |
| Series C | 300,000 | | | | | 300,000 | | | October 13, 2021 | | 4.125% | | December 15, 2026 | | 5 Yr U.S. Treasury plus 3.149% |
| Series D | 300,000 | | | | | 300,000 | | | September 24, 2024 | | 6.00% | | December 15, 2029 | | 5 Yr U.S. Treasury plus 2.560% |
| Total | 10,900,000 | | | | | $ | 1,150,000 | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(1) 3M Term SOFR includes a credit spread adjustment of 0.10%. |
(2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. |
(3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are reset every five years and payable quarterly in arrears. |
(4) With respect to the Series D Preferred Stock, the dividend rate during any reset period is subject to a 6.00% floor. |
| (5) On September 17, 2024, the Company issued a notice of redemption for all of its outstanding shares of Series A Preferred Stock. |
Note 11. Stock-based Compensation
On May 3, 2023, the stockholders of the Company approved the Air Lease Corporation 2023 Equity Incentive Plan (the “2023 Plan”). As of September 30, 2024, the number of shares of Class A Common Stock available for new award grants under the 2023 Plan is approximately 3,749,209. The Company has issued restricted stock units (“RSUs”) with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of total shareholder return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a one or two year period.
The Company recorded $7.9 million and $8.7 million of stock-based compensation expense related to RSUs for the three months ended September 30, 2024 and 2023, respectively.
The Company recorded $25.0 million and $23.3 million of stock-based compensation expense related to RSUs for the nine months ended September 30, 2024 and 2023, respectively.
Restricted Stock Units
Compensation cost for RSUs is measured at the grant date based on fair value and recognized over the vesting period. The fair value of time based and book value RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of TSR goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period.
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
During the nine months ended September 30, 2024, the Company granted 827,980 RSUs of which 133,438 were TSR RSUs and 308,421 were book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the nine months ended September 30, 2024:
| | | | | | | | | | | | | | |
| | Unvested Restricted Stock Units |
| | Number of
Shares | | Weighted-Average
Grant-Date
Fair Value |
Unvested at December 31, 2023 | | 1,607,575 | | | $ | 46.44 | |
| Granted | | 827,980 | | | $ | 41.56 | |
Vested (1) | | (591,381) | | | $ | 44.95 | |
| Forfeited/canceled | | (123,224) | | | $ | 50.61 | |
Unvested at September 30, 2024 | | 1,720,950 | | | $ | 44.30 | |
Expected to vest after September 30, 2024 | | 1,926,327 | | | $ | 44.19 | |
| | | | |
| | | | |
(1) During the nine months ended September 30, 2024, 247,258 performance based RSUs and 344,123 time-based RSUs vested. |
As of September 30, 2024, there was $38.8 million of unrecognized compensation expense related to unvested stock-based payments granted to employees. Total unrecognized compensation expense will be recognized over a weighted-average remaining period of 1.73 years.
Note 12. Aircraft Under Management
As of September 30, 2024, the Company managed 64 aircraft across three aircraft management platforms. The Company managed 31 aircraft through its Thunderbolt platform, 32 aircraft through the Blackbird investment funds and one aircraft on behalf of a financial institution.
As of September 30, 2024, the Company managed 32 aircraft on behalf of third-party investors through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of September 30, 2024, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $71.4 million and $69.4 million as of September 30, 2024 and December 31, 2023, respectively, and are included in Other assets on the Consolidated Balance Sheets.
Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of September 30, 2024, the Company managed 31 aircraft across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $8.8 million as of each of September 30, 2024 and December 31, 2023 and is included in Other assets on the Consolidated Balance Sheets.
On November 6, 2023, Thunderbolt I entered into an agreement to sell all aircraft in its portfolio, consisting of 13 aircraft. During the nine months ended September 30, 2024, Thunderbolt I completed the sale of 12 of the 13 aircraft and, as of October 30, 2024, the sale of all 13 aircraft was completed. As servicer of Thunderbolt I, the Company facilitated the sale and transfer of the aircraft.
Note 13. Net Investment in Sales-type Leases
As of September 30, 2024, the Company had sales-type leases for 14 aircraft and one engine. As of December 31, 2023, the Company had sales-type leases for 12 aircraft in its owned fleet.
Air Lease Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Net investment in sales-type leases are included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Future minimum lease payments to be received | $ | 341,757 | | | $ | 285,443 | |
| Estimated residual values of leased flight equipment | 135,758 | | | 108,688 | |
| Less: Unearned income | (62,959) | | | (53,412) | |
| Net Investment in Sales-type Leases | $ | 414,556 | | | $ | 340,719 | |
As of September 30, 2024, future minimum lease payments to be received on sales-type leases were as follows:
| | | | | |
| (in thousands) |
| Years ending December 31, | |
2024 (excluding the nine months ended September 30, 2024) | $ | 9,481 | |
| 2025 | 37,924 | |
| 2026 | 37,924 | |
| 2027 | 37,924 | |
| 2028 | 37,924 | |
| Thereafter | 180,580 | |
| Total | $ | 341,757 | |
Note 14. Subsequent Events
On October 17, 2024, the Company redeemed all outstanding shares of Series A Preferred Stock at a redemption price of $25.00 per share, plus $0.187219 per share in declared and unpaid dividends to but excluding the redemption date. The redemption price paid in excess of the carrying value of Series A Preferred Stock of $7.9 million will be included as a deemed dividend on redemption of preferred stock in the consolidated statements of operations and other comprehensive income for the year ended December 31, 2024. Following the redemption, all previously authorized shares of the Series A Preferred Stock resumed the status of undesignated shares of the Company’s preferred stock, par value $0.01 per share.
On November 6, 2024, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series B, Series C and Series D preferred stock. The following table summarizes the details of the dividends that were declared:
| | | | | | | | | | | | | | | | | | | | |
| Title of each class | | Cash dividend per share | | Record Date | | Payment Date |
| Class A Common Stock | | $ | 0.22 | | | December 12, 2024 | | January 9, 2025 |
| Series B Preferred Stock | | $ | 11.625 | | | November 30, 2024 | | December 15, 2024 |
| Series C Preferred Stock | | $ | 10.3125 | | | November 30, 2024 | | December 15, 2024 |
| Series D Preferred Stock | | $ | 13.50 | | | November 30, 2024 | | December 15, 2024 |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated Financial Statements and related notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Overview
Air Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. We are principally engaged in purchasing the most modern, fuel-efficient new technology commercial jet aircraft directly from aircraft manufacturers, such as Airbus S.A.S. (“Airbus”) and The Boeing Company (“Boeing”), and leasing those aircraft to airlines throughout the world with the intention to generate attractive returns on equity. In addition to our leasing activities, we sell aircraft from our fleet to third-parties, including other leasing companies, financial services companies, airlines and other investors. We also provide fleet management services to investors and owners of aircraft portfolios for a management fee. Our operating performance is driven by the growth of our fleet, the terms of our leases, the interest rates on our debt, and the aggregate amount of our indebtedness, supplemented by gains from aircraft sales and our management fees.
Third Quarter Overview
During the three months ended September 30, 2024, we purchased 20 new aircraft from Airbus and Boeing and sold nine aircraft. We ended the third quarter with a total of 485 aircraft in our owned fleet. The net book value of our fleet1 grew by 6.3% to $27.9 billion as of September 30, 2024 compared to $26.2 billion as of December 31, 2023. The weighted average age of our fleet was 4.6 years and the weighted average lease term remaining was 7.1 years as of September 30, 2024. Our managed fleet was comprised of 64 aircraft as of September 30, 2024 compared to 78 aircraft as of December 31, 2023. We have a globally diversified customer base comprised of 117 airlines in 59 countries as of September 30, 2024. We continued to maintain a strong lease utilization rate of 100.0% for the three months ended September 30, 2024.
As of September 30, 2024, we had commitments to purchase 287 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $18.2 billion. We have placed 100% and 95% of our committed orderbook on long-term leases for aircraft delivering through the end of 2025 and 2026, respectively, and have placed 63% of our entire orderbook. We ended the third quarter of 2024 with $29.7 billion in committed minimum future rental payments, consisting of $17.6 billion in contracted minimum rental payments on the aircraft in our existing fleet and $12.1 billion in minimum future rental payments related to aircraft which will deliver during the last three months of 2024 through 2028.
We finance the purchase of aircraft and our business with our available cash balances and internally generated funds, which includes cash flows from our leases, as well as aircraft sales and debt financing activities. Our debt financing strategy is focused on raising unsecured debt in the global bank and debt capital markets, with limited utilization of government guaranteed export credit or other forms of secured financing. During the third quarter of 2024, we entered into a variety of committed term loans totaling approximately $1.0 billion. We ended the third quarter of 2024 with an aggregate borrowing capacity under our unsecured revolving credit facility of approximately $6.5 billion and total liquidity of $7.5 billion. As of September 30, 2024, we had total debt outstanding of $20.3 billion, of which 81.0% was at a fixed rate and 97.3% was unsecured, and in the aggregate, our composite cost of funds was 4.21%.
Our total revenues for the quarter ended September 30, 2024 increased by 4.7% to $690.2 million, compared to the quarter ended September 30, 2023. Our total revenues increased from the prior year due to the growth of our fleet and an increase in our sales activity, partially offset by a slight decrease in our lease yields due to the sales of older aircraft with higher lease yields and the purchases of new aircraft with lower initial lease yields. We recorded $41.5 million in gains from the sale of nine aircraft for the three months ended September 30, 2024, compared to $39.0 million in gains from the sale of eight aircraft for the three months ended September 30, 2023. We also experienced a decline in end of lease revenue of approximately $12.4 million as compared to the prior period due to fewer aircraft returns during the three months ended September 30, 2024.
During the three months ended September 30, 2024, we recorded net income attributable to common stockholders of $91.6 million, or $0.82 per diluted share, as compared to net income attributable to common stockholders of $122.0 million, or $1.10 per
1 References throughout this Quarterly Report on Form 10-Q to “our fleet” refer to the aircraft included in flight equipment subject to operating leases and do not include aircraft in our managed fleet, flight equipment held for sale or aircraft classified as net investments in sales-type leases unless the context indicates otherwise.
diluted share, for the three months ended September 30, 2023. The decrease from the prior year period is primarily due to higher interest expense, driven by the increase in our composite cost of funds and overall outstanding debt balance, partially offset by the increase in our total revenues as discussed above.
For the three months ended September 30, 2024, we recorded adjusted net income before income taxes2 of $140.2 million, or $1.25 per adjusted diluted share, compared to an adjusted net income before income taxes of $177.0 million, or $1.59 per adjusted diluted share, for the three months ended September 30, 2023. Adjusted net income before income taxes decreased primarily due to higher interest expense, driven by the increase in our composite cost of funds and overall outstanding debt balance, partially offset by an increase in our total revenues as discussed above.
Our Fleet
We continue to own one of the youngest fleets among aircraft lessors, including some of the most fuel-efficient commercial jet aircraft available. Our fleet, based on net book value, increased by 6.3%, to $27.9 billion as of September 30, 2024, compared to $26.2 billion as of December 31, 2023. During the three months ended September 30, 2024, we purchased 20 new aircraft from Airbus and Boeing and sold nine aircraft. We ended the period with a total of 485 aircraft in our owned fleet. As of September 30, 2024, the weighted average fleet age and weighted average remaining lease term of our fleet were 4.6 years and 7.1 years, respectively. We also managed 64 aircraft as of September 30, 2024.
Our portfolio metrics as of September 30, 2024 and December 31, 2023 are as follows:
| | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 | | | | | | | | | | | |
Net book value of flight equipment subject to operating lease | $ | 27.9 | billion | | $ | 26.2 | billion | | | | | | | | | | | |
Weighted-average fleet age(1) | 4.6 years | | 4.6 years | | | | | | | | | | | |
Weighted-average remaining lease term(1) | 7.1 years | | 7.0 years | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Owned fleet(2) | 485 | | 463 | | | | | | | | | | | |
| Managed fleet | 64 | | 78 | | | | | | | | | | | |
| Aircraft on order | 287 | | 334 | | | | | | | | | | | |
Total | 836 | | 875 | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Current fleet contracted rentals | $ | 17.6 | billion | | $ | 16.4 | billion | | | | | | | | | | | |
Committed fleet rentals | $ | 12.1 | billion | | $ | 14.6 | billion | | | | | | | | | | | |
Total committed rentals | $ | 29.7 | billion | | $ | 31.0 | billion | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
(1) Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating lease. | | | | | | | | | | | |
| (2) As of September 30, 2024 and December 31, 2023, our owned fleet count included 23 and 14 aircraft classified as flight equipment held for sale, respectively, and 14 and 12 aircraft classified as net investments in sales-type leases, respectively, which are all included in Other assets on the Consolidated Balance Sheet. | | | | | | | | | | | |
| | | | | | | | | | | |
2 Adjusted net income before income taxes excludes 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 net income before income taxes and adjusted diluted earnings per share before income taxes are measures of financial and operational performance that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). See “Results of Operations” below for a discussion of adjusted net income before income taxes and adjusted diluted earnings per share before income taxes as non-GAAP measures and a reconciliation of these measures to net income attributable to common stockholders.
The following table sets forth the net book value and percentage of the net book value of our flight equipment subject to operating leases in the indicated regions based on each airline’s principal place of business as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Region | Net Book
Value | | % of Total | | Net Book
Value | | % of Total |
| (in thousands, except percentages) |
| Europe | $ | 11,427,738 | | | 41.0 | % | | $ | 9,881,024 | | | 37.7 | % |
| Asia Pacific | 10,153,630 | | | 36.4 | % | | 10,456,435 | | | 39.8 | % |
| Central America, South America, and Mexico | 2,711,561 | | | 9.7 | % | | 2,361,089 | | | 9.0 | % |
| The Middle East and Africa | 1,985,424 | | | 7.1 | % | | 2,062,420 | | | 7.9 | % |
| U.S. and Canada | 1,616,548 | | | 5.8 | % | | 1,470,240 | | | 5.6 | % |
| Total | $ | 27,894,901 | | | 100.0 | % | | $ | 26,231,208 | | | 100.0 | % |
The following table sets forth our top five lessees by net book value as of September 30, 2024:
| | | | | |
| September 30, 2024 |
| Lessee | % of Total |
| Air France-KLM Group | 6.3 | % |
| Virgin Atlantic | 5.8 | % |
| ITA | 5.5 | % |
| Aeromexico | 4.5 | % |
| EVA Air | 4.4 | % |
| |
| |
The following table sets forth the number of aircraft in our owned fleet by aircraft type as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| Aircraft type | | Number of
Aircraft | | % of Total | | Number of
Aircraft | | % of Total |
| Airbus A220-100 | | 5 | | | 1.0 | % | | 2 | | | 0.4 | % |
| Airbus A220-300 | | 17 | | | 3.5 | % | | 13 | | | 2.8 | % |
| Airbus A319-100 | | 1 | | | 0.2 | % | | 1 | | | 0.2 | % |
| Airbus A320-200 | | 26 | | | 5.4 | % | | 28 | | | 6.0 | % |
| Airbus A320-200neo | | 23 | | | 4.7 | % | | 25 | | | 5.4 | % |
| Airbus A321-200 | | 21 | | | 4.3 | % | | 23 | | | 5.0 | % |
| Airbus A321-200neo | | 108 | | | 22.3 | % | | 95 | | | 20.6 | % |
Airbus A330-200(1) | | 13 | | | 2.7 | % | | 13 | | | 2.8 | % |
| Airbus A330-300 | | 5 | | | 1.0 | % | | 5 | | | 1.1 | % |
| Airbus A330-900neo | | 26 | | | 5.4 | % | | 23 | | | 5.0 | % |
| Airbus A350-900 | | 17 | | | 3.5 | % | | 14 | | | 3.0 | % |
| Airbus A350-1000 | | 8 | | | 1.6 | % | | 7 | | | 1.5 | % |
| Boeing 737-700 | | 2 | | | 0.4 | % | | 3 | | | 0.6 | % |
| Boeing 737-800 | | 64 | | | 13.2 | % | | 73 | | | 15.8 | % |
| Boeing 737-8 MAX | | 58 | | | 12.0 | % | | 52 | | | 11.2 | % |
| Boeing 737-9 MAX | | 30 | | | 6.2 | % | | 29 | | | 6.3 | % |
| Boeing 777-200ER | | 1 | | | 0.2 | % | | 1 | | | 0.2 | % |
| Boeing 777-300ER | | 24 | | | 4.9 | % | | 24 | | | 5.2 | % |
| Boeing 787-9 | | 26 | | | 5.4 | % | | 25 | | | 5.4 | % |
| Boeing 787-10 | | 9 | | | 1.9 | % | | 6 | | | 1.3 | % |
| Embraer E190 | | 1 | | | 0.2 | % | | 1 | | | 0.2 | % |
Total(2) | | 485 | | | 100.0 | % | | 463 | | | 100.0 | % |
| | | | | | | | |
| | | | | | | | |
(1) As of September 30, 2024 and December 31, 2023, aircraft count includes two Airbus A330-200 aircraft classified as a freighter. |
| (2) As of September 30, 2024 and December 31, 2023, our owned fleet count included 23 and 14 aircraft classified as flight equipment held for sale, respectively, and 14 and 12 aircraft classified as net investments in sales-type leases, respectively, which are all included in Other assets on the Consolidated Balance Sheet. |
As of September 30, 2024, we had contractual commitments to acquire a total of 287 new aircraft for delivery through 2029. The following tables show our contractual delivery commitment schedule and our expected delivery commitment schedule as of September 30, 2024:
Contractual commitment schedule
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Estimated Delivery Years | | |
| Aircraft Type | | Last 3 months of 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
| Airbus A220-100/300 | | 8 | | | 14 | | | 6 | | | 12 | | | 12 | | | 2 | | | 54 | |
Airbus A320/321neo(1) | | 3 | | | 7 | | | 23 | | | 57 | | | 40 | | | 4 | | | 134 | |
| Airbus A330-900neo | | 2 | | | — | | | 1 | | | — | | | — | | | — | | | 3 | |
| | | | | | | | | | | | | | |
| Airbus A350F | | — | | | — | | | — | | | 4 | | | 2 | | | 1 | | | 7 | |
| Boeing 737-8/9 MAX | | 11 | | | 27 | | | 20 | | | 12 | | | 2 | | | — | | | 72 | |
| Boeing 787-9/10 | | 6 | | | 7 | | | 4 | | | — | | | — | | | — | | | 17 | |
Total(2) | | 30 | | | 55 | | | 54 | | | 85 | | | 56 | | | 7 | | | 287 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
(1) Our Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. |
(2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through November 7, 2024. Our contractual delivery commitment schedule is subject to a number of factors outside our control, including ongoing delays by Airbus and Boeing for certain aircraft, including as a result of the Boeing labor strike, and we cannot guarantee delivery of any particular aircraft at any specific time notwithstanding our contractual delivery commitment schedule. |
Expected commitment schedule
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Estimated Delivery Years | | |
| Aircraft Type | | Last 3 months of 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
| Airbus A220-100/300 | | 6 | | | 15 | | | 3 | | | 12 | | | 15 | | | 3 | | | 54 | |
Airbus A320/321neo(1) | | 3 | | | 4 | | | 25 | | | 47 | | | 48 | | | 7 | | | 134 | |
| Airbus A330-900neo | | 1 | | | 1 | | | 1 | | | — | | | — | | | — | | | 3 | |
| | | | | | | | | | | | | | |
| Airbus A350F | | — | | | — | | | — | | | 3 | | | 3 | | | 1 | | | 7 | |
| Boeing 737-8/9 MAX | | 2 | | | 27 | | | 26 | | | 15 | | | 2 | | | — | | | 72 | |
| Boeing 787-9/10 | | 2 | | | 9 | | | 5 | | | 1 | | | — | | | — | | | 17 | |
Total(2) | | 14 | | | 56 | | | 60 | | | 78 | | | 68 | | | 11 | | | 287 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
(1) Our Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. |
(2) The table immediately above reflects management’s further refinement of expectations on future deliveries based on facts and circumstances known by management as of November 7, 2024. Our expected delivery schedule is subject to a number of factors outside our control, including ongoing delays by Airbus and Boeing for certain aircraft, including as a result of the Boeing labor strike, and we cannot guarantee delivery of any particular aircraft at any specific time notwithstanding our expected commitment schedule. For more information on the risks and uncertainties impacting our aircraft deliveries, see “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. |
Contractual and expected commitments for the acquisition of these aircraft as of September 30, 2024 are as follows (in thousands):
| | | | | | | | | | | | | | |
| Years ending December 31, | | Contractual | | Expected |
2024 (excluding the nine months ended September 30, 2024) | | $ | 2,341,110 | | | $ | 1,109,419 | |
| 2025 | | 3,687,740 | | | 4,058,497 | |
| 2026 | | 3,527,040 | | | 3,910,335 | |
| 2027 | | 5,227,217 | | | 4,856,630 | |
| 2028 | | 3,002,390 | | | 3,660,990 | |
| Thereafter | | 416,433 | | | 606,059 | |
| Total | | $ | 18,201,930 | | | $ | 18,201,930 | |
The tables above are subject to change based on Airbus and Boeing delivery delays. As noted above, we expect delivery delays for certain aircraft in our orderbook, including as a result of the Boeing labor strike. We remain in discussions with Airbus and Boeing to determine the extent and duration of delivery delays; however, we are not currently able to determine the full impact of these delays.
Aircraft Delivery Delays
Pursuant to our purchase agreements with Airbus and Boeing, we agree to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly impacted the planned purchases of our aircraft on order with both Airbus and Boeing.
In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The 737-9 MAX aircraft has since returned to service; however, Boeing will not be allowed by the FAA to increase 737 MAX production rates until quality control issues are resolved. In addition, in September 2024, we were notified by Boeing that certain union factory workers had commenced a labor strike. On November 4, 2024, the union factory workers voted to end the labor strike. We did not take delivery of any 737 MAX aircraft during the labor strike and some 787 deliveries were impacted. We expect our Boeing deliveries will continue to be delayed and are unable to estimate the duration of delays or the impact on our Boeing orderbook. The residual impacts of the Boeing labor strike have and may continue to impact the broader aviation supply chain.
Our purchase agreements with Airbus and Boeing generally provide each of us and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, our lease agreements generally provide each of us and the lessees with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in our purchase agreements.
As a result of continued manufacturing delays and supply chain constraints described herein, our aircraft delivery schedule could continue to be subject to material changes and delivery delays are expected to extend for at least the next three to four years.
The following table, which is subject to change based on Airbus and Boeing delivery delays, shows the number of new aircraft contractually scheduled to be delivered as of September 30, 2024, along with the lease placements of such aircraft as of November 7, 2024. Airbus and Boeing have expressed their desire to increase production rates on several aircraft types but have not meaningfully increased production because of several factors, including ongoing supply chain constraints and other production issues. At current production rates, we do not see delivery delays significantly improving in the near term for Airbus aircraft because of the ongoing impact from Pratt & Whitney GTF engine manufacturing flaws impacting the Airbus A320neo family aircraft production rates. Our Airbus deliveries may also be impacted by the impact of the Boeing labor strike on the broader aviation supply chain. We expect that the residual effects of the Boeing labor strike will continue to significantly impact our Boeing deliveries, including as a result of the halt in 737 MAX production and deliveries and some 787 deliveries during the labor strike. We remain in discussions with Airbus and Boeing to determine the extent and duration of delivery delays, but we are not currently able to determine the full impact of these delays.
| | | | | | | | | | | | | | | | | | | | |
| Delivery Year | | Number
Leased | | Number of
Aircraft | | % Leased |
| 2024 | | 30 | | 30 | | | 100.0 | % |
| 2025 | | 55 | | 55 | | | 100.0 | % |
| 2026 | | 47 | | 54 | | | 87.0 | % |
| 2027 | | 46 | | 85 | | | 54.1 | % |
| 2028 | | 3 | | 56 | | | 5.4 | % |
| Thereafter | | — | | 7 | | | — | % |
| Total | | 181 | | 287 | | |
| | | | | | |
As of September 30, 2024, we had commitments to purchase 287 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $18.2 billion. We have placed 95% of our committed orderbook on long-term leases for aircraft delivering through the end of 2026; however, due to the delivery delays from the aircraft manufacturers as discussed above, we expect to deliver 130 aircraft through 2026, of which 100% are placed.
Aircraft Industry and Sources of Revenues
Our revenues are principally derived from operating leases with airlines throughout the world. As of September 30, 2024, we had a globally diversified customer base of 117 airlines in 59 different countries, with over 95% of our business revenues from airlines domiciled outside of the U.S., and we anticipate that most of our revenues in the future will be generated from foreign customers.
We believe the current airline operating environment is favorably positioned for us and the broader commercial aircraft leasing industry. Factors such as increases in population growth and the size of the global middle class as well as air travel demand, and improved global economic health and development positively affect the long-term performance of the commercial aircraft leasing industry. In addition, factors and trends including increased airline financing needs, OEM supply chain challenges and backlogs, the rising price of jet fuel, and environmental sustainability objectives impact the commercial aircraft leasing industry in the short-term and may increase the demand for our aircraft.
Passenger traffic volume has historically expanded at a faster rate than global GDP growth, in part due to the expansion of the global middle class and the ease and affordability of air travel, which we expect to continue. The International Air Transport Association (“IATA”) reported that passenger traffic was up 7% in September 2024 relative to the prior year period, primarily due to continued strength in international traffic and healthy continued expansion of domestic traffic globally. International traffic in September rose 9% relative to the prior year, benefiting from robust continued international travel expansion in the Asia Pacific region, as well as strong international expansion in most other major markets reported by IATA. Global domestic traffic rose 4% in September as compared to the prior year period, remaining above the pace of global GDP expansion. Total passenger traffic volumes for the nine months ended September 30, 2024 rose 11% as compared to the same period in 2023. Meanwhile, passenger load factors also are persisting at historically high levels, which is compounding airline demand for additional aircraft. IATA reported total global passenger load factors of 84% for September 2024, as compared to 83% in the prior year period and 79% for full-year 2022.
As global air traffic continues to expand, we are experiencing increased demand for our aircraft through new lease requests and lease extension requests, which we expect to continue into 2025. Airline forward ticket sales as reported by IATA remained healthy in
the third quarter 2024, illustrating continued support for traffic volume expansion. We expect the need for airlines to replace aging aircraft will also increase the demand for newer, more fuel efficient aircraft. As a result, we believe many airlines will look to lessors for these new aircraft. In addition, both Airbus and Boeing have ongoing delivery delays which have been further compounded by engine manufacturer delays, shorter on wing engine time of most new technology engines and, most recently, the Boeing labor strike announced in September 2024. On November 4, 2024, the union factory workers voted to end the labor strike. The labor strike has impacted Boeing’s ability to produce and deliver aircraft in our orderbook and we anticipate ongoing impacts to our Boeing orderbook deliveries. We expect deliveries of our 737MAX aircraft and some 787 deliveries will continue to be impacted by the residual effects of the labor strike. In addition, the Boeing labor strike could lead to negative impacts on the broader aviation supply chain which could ultimately impact other OEMs, including Airbus. We also expect that relatively low levels of widebody retirements in recent years could lead to an accelerated replacement cycle of older widebody aircraft in the near future.
The increased demand for our new aircraft, combined with elevated interest rates and inflation, helped to increase lease rates on new lease agreements and lease extensions during the nine months ended September 30, 2024. However, lease rate increases continue to lag behind our rising borrowing costs. We expect that lease rates will remain strong as the supply and demand environment for commercial aircraft remains tight and our funding advantage relative to our airline customers widens. Lease rates are influenced by several factors above and beyond interest rates, including aircraft demand, supply technicals, supply chain disruptions, environmental initiatives and other factors that may result in a change in lease rates regardless of the interest rate environment and therefore, are difficult to project or forecast. We also believe the increase in lease rates and the sustained tightness in the credit markets may result in a shortfall of available capital to finance aircraft purchases, which could increase the demand for leasing.
As of November 7,2024, the Federal Reserve Open Market Committee (“FOMC”) has lowered the target range for the Federal Funds Rate to 4.50% to 4.75%. In general, reductions in the Federal Funds Rate should reduce the interest rate on our existing borrowings that bear interest at a floating rate, including our Revolving Credit Facility. Reductions in the Federal Funds Rate also tend to lower the interest rates available to us for new debt borrowings. However, we cannot predict whether the FOMC will continue to reduce the target range for the Federal Funds Rate or the impact of any such reductions on our interest expense or future debt borrowings.
Airline reorganizations, liquidations, or other forms of bankruptcies occurring in the industry may include some of our aircraft customers and result in the early return of aircraft or changes in our lease terms. Our airline customers are facing higher operating costs as a result of higher fuel costs, increased interest rates, inflation, foreign currency risk, ongoing labor shortages and disputes, as well as delays and cancellations caused by the global air traffic control system and airports, although the magnitude of underlying pre-pandemic demand returning to the market is offering a strong counterbalance to these increased costs.
We believe the aircraft leasing industry has remained resilient over time across a variety of global economic conditions and remain optimistic about the long-term fundamentals of our business. We believe leasing will continue to be an attractive form of aircraft financing for airlines because less cash and financing is required for the airlines, lessors maintain key delivery positions, and it provides fleet flexibility while eliminating residual value risk for lessees.
Update on Russian Fleet
As previously disclosed in our filings with the U.S. Securities and Exchange Commission, in June 2022, we and certain of our subsidiaries submitted insurance claims to the insurers on our aviation insurance policies to recover losses relating to aircraft detained in Russia for which we recorded a net write-off of our interests in our owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. In December 2022, we filed suit in the Los Angeles County Superior Court of the State of California against our aviation insurance carriers in connection with our previously submitted insurance claims for which a trial date has been set for April 17, 2025. We continue to have significant claims against our aviation insurance carriers and will continue to vigorously pursue all available insurance claims and our related insurance litigation, and all rights and remedies therein. Collection, timing and amounts of any future insurance and related recoveries and the outcome of our ongoing insurance litigation remain uncertain at this time. See “Part II — Item 1. Legal Proceedings” for more information on our ongoing litigation proceedings regarding aircraft that remain detained in Russia.
As of November 7, 2024, we maintain title to 16 aircraft previously included in our owned fleet and the respective managed platform maintains title to two aircraft previously included in our managed fleet that are still detained in Russia. While we remain in ongoing settlement discussions regarding these aircraft, the operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities. It is uncertain whether any of these discussions will result in any settlement or receipt of settlement proceeds and, if so, in what amount.
Liquidity and Capital Resources
Overview
We ended the third quarter of 2024 with available liquidity of $7.5 billion, which was comprised of unrestricted cash of $460.8 million, unfunded commitments from a term loan of $500.0 million and undrawn balances under our unsecured revolving credit facility of approximately $6.5 billion. We finance the purchase of aircraft and our business operations using our available cash balances and internally generated funds, which includes cash flows from our leases, as well as aircraft sales and debt financing activities. We aim to maintain investment-grade credit metrics and focus our debt financing strategy on funding our business primarily on an unsecured basis with mostly fixed-rate debt issued in the public bond market. Unsecured financing provides us with operational flexibility when selling or transitioning aircraft from one airline to another. We also have the ability to seek debt financing secured by our assets, as well as financings supported through government-guaranteed export credit agencies for future aircraft deliveries. We have also issued preferred stock in recent years and have outstanding preferred stock with an aggregate stated amount of $900.0 million as of November 7, 2024. Our access to a variety of financing alternatives and the global capital markets, including capital raises through unsecured public notes denominated in U.S. dollars or various foreign currencies, private capital, bank debt, secured debt and preferred stock issuances serves as a key advantage in managing our liquidity. Ongoing aircraft delivery delays due to manufacturer delays and the Boeing labor strike are expected to further reduce our aircraft investment and debt financing needs for the next 12 months and potentially beyond.
We ended the third quarter of 2024 with total debt outstanding of $20.3 billion, of which 81.0% was at a fixed rate and 97.3% was unsecured, and in the aggregate, our composite cost of funds was 4.21%. As of December 31, 2023, we had total debt outstanding of $19.4 billion, of which 84.7% was at a fixed rate and 98.4% of which was unsecured, and in the aggregate, our composite cost of funds was 3.77%.
Capital Allocation Strategy
We have a balanced approach to capital allocation based on the following priorities, ranked in order of priority: first, investing in modern, in-demand aircraft to profitably grow our core aircraft leasing business while maintaining strong fleet metrics and creating sustainable long-term shareholder value; second, maintaining our investment grade balance sheet utilizing unsecured debt as our primary form of financing; and finally, in line with the aforementioned priorities, returning excess cash to shareholders through our dividend policy as well as regular evaluation of share repurchases, as appropriate.
Material Cash Sources and Requirements
We believe that we have sufficient liquidity from available cash balances, cash generated from ongoing operations, available commitments under our unsecured revolving credit facility and general ability to access the capital and debt markets for opportunistic debt financings to satisfy the operating requirements of our business through at least the next 12 months. Our long-term debt financing strategy is focused on continuing to raise primarily unsecured debt in the global bank and investment grade capital markets. Our material cash sources include:
•Unrestricted cash: We ended the third quarter of 2024 with $0.5 billion in unrestricted cash.
•Lease cash flows: We ended the third quarter of 2024 with $29.7 billion in committed minimum future rental payments comprised of $17.6 billion in contracted minimum rental payments on the aircraft in our existing fleet and $12.1 billion in minimum future rental payments related to aircraft which will deliver during the last three months of 2024 through 2028. These rental payments are a primary driver of our short and long-term operating cash flow. As of September 30, 2024, our minimum future rentals on our existing non-cancellable operating leases for the next 12 months was $2.5 billion. For further detail on our minimum future rentals for the remainder of 2024 and thereafter, see “Notes to Consolidated Financial Statements” under “Item 1. Financial Statements” in this Quarterly Report on Form 10-Q.
•Unsecured revolving credit facility: As of November 7, 2024, our $7.8 billion revolving credit facility is syndicated across 52 financial institutions from various regions of the world, diversifying our reliance on any individual lending institution. The final maturity for the facility is May 2028, although we expect to refinance this facility in advance of that date. The facility contains standard investment grade covenants and does not condition our ability to borrow on the lack of a material adverse effect on us or the general economy. As of September 30, 2024, we had $1.3 billion outstanding under our unsecured revolving credit facility.
•Senior unsecured securities: We are a frequent issuer in the investment grade capital markets, opportunistically issuing unsecured notes, primarily through our Medium-Term Note Program at attractive cost of funds and other senior unsecured securities. During the nine months ended September 30, 2024, we issued approximately $2.6 billion in aggregate principal amount of Medium-Term Notes (inclusive of any associated hedging arrangements with respect to foreign currency denominated issuances) with maturities ranging from 2026 to 2031 and with a weighted average interest rate of 5.3%. We expect to have continued access to the investment grade bond market and other unsecured securities in the future, although we continue to anticipate that interest rates for issuances in the near term will remain elevated compared to those available prior to 2022.
•Unsecured bank facilities: We have active dialogue with a variety of global financial institutions and enter into new unsecured credit facilities from time to time as a means to supplement our liquidity and sources of funding. These loans are typically pre-payable without penalty at any time offering us significant flexibility in different rate environments.
•Aircraft sales: Proceeds from the sale of aircraft help supplement our liquidity position. We have $1.5 billion of aircraft in our sales pipeline3, which includes $741.1 million of aircraft classified as flight equipment held for sale as of September 30, 2024 and $745.0 million of aircraft subject to letters of intent4. We expect the sale of the majority of our aircraft classified as flight equipment held for sale to be completed by the second half of 2025. We continue to expect to sell approximately $1.5 billion in aircraft for 2024 and continue to see robust demand in the secondary market to support our aircraft sales program.
•Other sources: In addition to the above, we generate liquidity through cash received from security deposits and maintenance reserves from our lease agreements, other sources of debt financings (including secured bank term loans, export credit and private placements), as well as issuances of preferred stock.
Tighter monetary policies in the United States and other countries since early 2022 resulted in rapid interest rate increases over a relatively short period of time and many are predicting that rates may remain elevated despite the recent rate cut by the FOMC. This higher interest rate environment has resulted in increased borrowing costs for us and will result in increased borrowing costs until interest rates decline. Historically, there has been a lag between a rise in interest rates and subsequent increases in lease rates. While we have experienced increasing lease rates on new lease agreements and lease extensions since 2023, which are serving to partially offset increased borrowing costs, lease rate increases continue to lag the rapid increase in interest rates. We believe that lease rates should continue to increase as airlines adjust to a persistently higher rate environment and our funding advantage relative to our airline customers widens. In addition, lease rates are influenced by several factors above and beyond interest rates, including supply technicals driven by aircraft demand, supply chain disruptions, environmental initiatives and other factors that may result in a change in lease rates regardless of the interest rate environment.
As of September 30, 2024, we were in compliance in all material respects with the covenants contained in our debt agreements. While a ratings downgrade would not result in a default under any of our debt agreements, it could adversely affect our ability to issue debt and obtain new financings, or renew existing financings, and it would increase the interest rate applicable to certain of our financings. Our liquidity plans are subject to a number of risks and uncertainties, including those described in “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Our material cash requirements are primarily comprised of aircraft purchases, debt service payments and general operating expenses. The amount of our cash requirements depends on a variety of factors, including, the ability of aircraft manufacturers to meet their contractual delivery obligations to us, the ability of our lessees to meet their contractual obligations with us, the timing of aircraft sales from our fleet, the timing and amount of our debt service obligations, potential aircraft acquisitions, and the general economic environment in which we operate.
3 Aircraft in our sales pipeline is as of September 30, 2024, adjusted for letters of intent signed through November 7, 2024.
4 While our management’s historical experience is that non-binding letters of intent for aircraft sales generally lead to binding contracts, we cannot be certain that we will ultimately execute binding sales agreements for all or any of the aircraft subject to letters of intent or predict the timing of closing for any such aircraft sales.
Our material cash requirements as of September 30, 2024, are principally as follows (in thousands):
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| | Last 3 months of 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
Contractual purchase commitments(1) | | $ | 2,341,110 | | | $ | 3,687,740 | | | $ | 3,527,040 | | | $ | 5,227,217 | | | $ | 3,002,390 | | | $ | 416,433 | | | $ | 18,201,930 | |
| Long-term debt obligations | | 423,509 | | | 2,798,505 | | | 5,281,687 | | | 2,786,350 | | | 4,238,788 | | | 4,820,828 | | | 20,349,667 | |
Interest payments on debt outstanding(2) | | 210,064 | | | 841,654 | | | 700,531 | | | 542,910 | | | 321,568 | | | 413,050 | | | 3,029,777 | |
| Total | | $ | 2,974,683 | | | $ | 7,327,899 | | | $ | 9,509,258 | | | $ | 8,556,477 | | | $ | 7,562,746 | | | $ | 5,650,311 | | | $ | 41,581,374 | |
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(1) Contractual purchase commitments reflect future Airbus and Boeing aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through November 7, 2024. |
(2) Future interest payments on floating rate debt are estimated using floating rates in effect at September 30, 2024, which is inclusive of any cross-currency hedging arrangements. |
The actual delivery dates of the aircraft in our commitments table and the expected time for payment of such aircraft may differ from our estimates and could be further impacted by the pace at which Airbus and Boeing can deliver aircraft, among other factors. As a result, the timing of our contractual purchase commitments shown in the table above may not reflect when the aircraft investments are actually made. For 2024, we currently expect to make approximately $4.6 billion in aircraft investments.
The above table does not include any tax payments we may pay nor any dividends we may pay on our preferred stock or common stock.
Cash Flows
Our cash flows provided by operating activities decreased by 2.7% or $35.3 million, to $1.25 billion for the nine months ended September 30, 2024 as compared to $1.28 billion for the nine months ended September 30, 2023. Our cash flow provided by operating activities during the nine months ended September 30, 2024 decreased primarily due to an increase in our composite cost of funds as compared to the nine months ended September 30, 2023, partially offset by higher customer cash collections. Our cash flows used in investing activities was $2.7 billion for the nine months ended September 30, 2024 as compared to $1.7 billion for the nine months ended September 30, 2023. The increase is primarily due to the increase in our aircraft investments partially offset by the decrease in proceeds from our aircraft sales and trading activity. Our investing activities are primarily driven by the timing of our aircraft purchases and our sales and trading activity. Our cash flow provided by financing activities was $1.43 billion for the nine months ended September 30, 2024 as compared to $122.1 million for the nine months ended September 30, 2023. The increase was primarily due to an increase in debt borrowings, partially offset by an increase in debt repayments. Our financing activities are mainly driven by changes in our investing activities.
Debt
Our debt financing at September 30, 2024 and December 31, 2023 is summarized below:
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands, except percentages) |
| Unsecured | | | |
| Senior unsecured securities | $ | 16,429,118 | | | $ | 16,329,605 | |
| Term financings | 2,082,800 | | | 1,628,400 | |
| Revolving credit facility | 1,286,000 | | | 1,100,000 | |
| Total unsecured debt financing | 19,797,918 | | | 19,058,005 | |
| Secured | | | |
| Term financings | 357,629 | | | 100,471 | |
| Export credit financing | 194,120 | | | 204,984 | |
| Total secured debt financing | 551,749 | | | 305,455 | |
| | | |
| Total debt financing | 20,349,667 | | | 19,363,460 | |
| Less: Debt discounts and issuance costs | (187,807) | | | (180,803) | |
| Debt financing, net of discounts and issuance costs | $ | 20,161,860 | | | $ | 19,182,657 | |
| Selected interest rates and ratios: | | | |
Composite interest rate(1) | 4.21 | % | | 3.77 | % |
Composite interest rate on fixed-rate debt(1) | 3.72 | % | | 3.26 | % |
| Percentage of total debt at a fixed-rate | 81.05 | % | | 84.71 | % |
| | | |
| | | |
(1) This rate does not include the effect of upfront fees, facility fees, undrawn fees or amortization of debt discounts and issuance costs. |
Senior unsecured securities (including Medium-Term Note Program)
As of September 30, 2024 and December 31, 2023, we had $16.4 billion and $16.3 billion in senior unsecured securities outstanding, respectively.
During the nine months ended September 30, 2024, we issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029, (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”), (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”), (iv) $600.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2026 and (v) $600.0 million in aggregate principal amount of 5.20% Medium-Term Notes due 2031.
The C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. We hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. We hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9 of Notes to Consolidated Financial Statements included in Item 1 for additional details on the fair value of the swaps.
Unsecured syndicated revolving credit facility
As of September 30, 2024 and December 31, 2023, we had $1.3 billion and $1.1 billion, respectively, outstanding under our unsecured syndicated revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance our working capital needs in the ordinary course of business and for other general corporate purposes.
In April 2024, we amended and extended our Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of November 7, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. We are required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in our credit ratings.
The Revolving Credit Facility provides for certain covenants, including covenants that limit our subsidiaries’ ability to incur, create, or assume certain unsecured indebtedness, and our subsidiaries’ abilities to engage in certain mergers, consolidations, and asset sales. The Revolving Credit Facility also requires us to comply with certain financial maintenance covenants including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage test. In addition, the Revolving Credit Facility contains customary events of default. In the case of an event of default, the lenders may terminate the commitments under the Revolving Credit Facility and require immediate repayment of all outstanding borrowings.
Unsecured term financings
As of September 30, 2024 and December 31, 2023, the outstanding balance on our unsecured term financings was $2.1 billion and $1.6 billion, respectively.
In August 2024, we amended our existing $750.0 million term loan that, among other things, increased the aggregate term loan commitments by an additional $500.0 million and reduced the interest rate applicable to borrowings. Under the terms of the loan agreement, we had the ability to set the funding date of the additional commitments, subject to an outside funding date of November 15, 2024. We elected to borrow the additional $500.0 million on October 1, 2024. As amended, the term loan bears interest at a floating rate of Term SOFR plus 1.20% plus a credit spread adjustment of 0.10% and has a final maturity on November 24, 2026. The term loan contains customary covenants and events of default consistent with our Revolving Credit Facility. As of September 30, 2024 and October 1, 2024, we had $750.0 million and $1.25 billion in borrowings outstanding under the term loan, respectively.
In addition, during the three months ended September 30, 2024, we entered into a $250.0 million unsecured term financing with a one-year maturity bearing interest at a floating rate of Term SOFR plus 1.25% plus a credit spread adjustment of 0.10%.
Secured debt financings
In August 2024, we entered into a $267.3 million secured term loan and pledged six aircraft as collateral with a net book value of $346.6 million. The term loan bears interest at a floating rate of Term SOFR plus 1.35% and has a final maturity on July 31, 2031. The term loan contains customary covenants and events of default consistent with the our Revolving Credit Facility.
As of September 30, 2024, we had an outstanding balance of $551.7 million in secured debt financings, including the secured term loan mentioned above, and had pledged ten aircraft as collateral, with a net book value of $778.9 million. As of December 31, 2023, we had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of our secured obligations as of September 30, 2024 and December 31, 2023 are recourse in nature.
Preferred equity
In September 2024, we issued 300,000 shares of Series D Preferred Stock (the “Series D Preferred Stock”). We will pay dividends on the Series D Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 6.00% through December 15, 2029, and payable quarterly in arrears beginning on December 15, 2024, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 2.560% per reset period from December 15, 2029 and reset every five years and payable quarterly in arrears; provided, that the dividend rate per annum during any reset period will not reset below 6.00% (which equals the initial dividend rate per annum on the Series D Preferred Stock).
On October 17, 2024, we redeemed all outstanding shares of Series A Preferred Stock at a redemption price of $25.00 per share, plus $0.187219 per share in declared and unpaid dividends to but excluding the redemption date. The redemption price paid in excess of the carrying value of Series A Preferred Stock of $7.9 million will be included as a deemed dividend on redemption of
preferred stock in the consolidated statements of operations and other comprehensive income for the year ended December 31, 2024. Following the redemption, all previously-authorized shares of the Series A Preferred Stock resumed the status of undesignated shares of our preferred stock, par value $0.01 per share.
The following table summarizes our preferred stock issued and outstanding as of September 30, 2024 (in thousands, except for share amounts and percentages):
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| Shares Issued and Outstanding as of September 30, 2024 | | | | Liquidation Preference as of September 30, 2024(2) | | Issue Date | | Dividend Rate in Effect at September 30, 2024(3) | | Next dividend rate reset date | | Dividend rate after reset date(4) |
Series A(5) | 10,000,000 | | | | | $ | 250,000 | | | March 5, 2019 | | 3M Term SOFR(1) plus 3.65% | | N/A | | N/A |
| Series B | 300,000 | | | | | 300,000 | | | March 2, 2021 | | 4.65% | | June 15, 2026 | | 5 Yr U.S. Treasury plus 4.076% |
| Series C | 300,000 | | | | | 300,000 | | | October 13, 2021 | | 4.125% | | December 15, 2026 | | 5 Yr U.S. Treasury plus 3.149% |
| Series D | 300,000 | | | | | 300,000 | | | September 24, 2024 | | 6.00% | | December 15, 2029 | | 5 Yr U.S. Treasury plus 2.560% |
| Total | 10,900,000 | | | | | $ | 1,150,000 | | | | | | | | | |
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| (1) 3M Term SOFR includes a credit spread adjustment of 0.10% |
(2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. |
(3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are reset every five years and payable quarterly in arrears. |
| (4) With respect to the Series D Preferred Stock, the dividend rate during any reset period is subject to a 6.00% floor. |
| (5) We redeemed all of our outstanding shares of Series A Preferred Stock on October 17, 2024. |
For more information regarding our preferred stock issued and outstanding, see Note 5 of Notes to Consolidated Financial Statements included in Part III, Item 15 of our Annual Report on Form 10-K for the year ended December 31, 2023.
The following table summarizes the quarterly cash dividends that we paid during the nine months ended September 30, 2024 on our outstanding Series A, Series B and Series C Preferred Stock (in thousands):
| | | | | | | | | | | | | | | | | | | | | | |
| | Payment Date |
| Title of each class | | March 15, 2024 | | June 15, 2024 | | September 15, 2024 | | |
| Series A Preferred Stock | | $3,844 | | $5,927 | | $5,744 | | |
| Series B Preferred Stock | | $3,487 | | $3,487 | | $3,487 | | |
| Series C Preferred Stock | | $3,094 | | $3,094 | | $3,094 | | |
Off‑balance Sheet Arrangements
We have not established any unconsolidated entities for the purpose of facilitating off-balance sheet arrangements or for other contractually narrow or limited purposes. We have, however, from time to time established subsidiaries or trusts for the purpose of leasing aircraft or facilitating borrowing arrangements which are included in our balance sheet.
We have non-controlling interests in two investment funds in which we own 9.5% of the equity of each fund. We account for our interest in these funds under the equity method of accounting due to our level of influence and involvement in the funds. Also, we manage certain aircraft that we have sold through our Thunderbolt platform. In connection with the sale of certain aircraft portfolios
through our Thunderbolt platform, we hold non-controlling interests of approximately 5.0% in two entities. These investments are accounted for under the cost method of accounting.
For more information regarding our aircraft under management, see Note 12 of Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Credit Ratings
In 2024, Kroll Bond Ratings and Standard and Poor’s reaffirmed our corporate rating, long-term debt credit rating and outlook. Our investment-grade corporate and long-term debt credit ratings help us to lower our cost of funds and broaden our access to attractively priced capital. The following table summarizes our current credit ratings:
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| Rating Agency | | Long-term Debt | | Corporate Rating | | Outlook | | Date of Last Ratings Action |
Kroll Bond Ratings | A- | | A- | | Stable | | March 22, 2024 |
Standard and Poor’s | BBB | | BBB | | Stable | | November 1, 2024 |
Fitch Ratings | BBB | | BBB | | Stable | | December 19, 2023 |
While a ratings downgrade would not result in a default under any of our debt agreements, it could adversely affect our ability to issue debt and obtain new financings, or renew existing financings, and it would increase the interest rate applicable to certain of our financings.
Results of Operations
The following table presents our historical operating results for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share amounts and percentages): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (unaudited) |
| Revenues | | | | | | | | |
| Rental of flight equipment | | $ | 625,180 | | $ | 604,027 | | $ | 1,849,014 | | $ | 1,833,533 |
| Aircraft sales, trading and other | | 64,984 | | 55,337 | | 171,748 | | 134,876 |
| Total revenues | | 690,164 | | 659,364 | | 2,020,762 | | 1,968,409 |
| | | | | | | | |
| Expenses | | | | | | | | |
| Interest | | 203,092 | | 161,769 | | 574,691 | | 485,555 |
| Amortization of debt discounts and issuance costs | | 14,371 | | 13,695 | | 40,772 | | 40,414 |
| Interest expense | | 217,463 | | 175,464 | | 615,463 | | 525,969 |
| Depreciation of flight equipment | | 290,132 | | 267,393 | | 849,374 | | 795,659 |
| | | | | | | | |
| Selling, general and administrative | | 44,418 | | 42,770 | | 137,592 | | 136,216 |
| Stock-based compensation expense | | 7,919 | | 8,719 | | 25,031 | | 23,330 |
| Total expenses | | 559,932 | | 494,346 | | 1,627,460 | | 1,481,174 |
| Income before taxes | | 130,232 | | 165,018 | | 393,302 | | 487,235 |
| Income tax expense | | (26,261) | | (32,568) | | (78,519) | | (93,664) |
| Net income | | $ | 103,971 | | $ | 132,450 | | $ | 314,783 | | $ | 393,571 |
| Preferred stock dividends | | (12,325) | | (10,425) | | (35,258) | | (31,275) |
| Net income attributable to common stockholders | | $ | 91,646 | | $ | 122,025 | | $ | 279,525 | | $ | 362,296 |
| | | | | | | | |
| Earnings per share of common stock: | | | | | | | | |
| Basic | | $ | 0.82 | | $ | 1.10 | | $ | 2.51 | | $ | 3.26 |
| Diluted | | $ | 0.82 | | $ | 1.10 | | $ | 2.50 | | $ | 3.25 |
| | | | | | | | |
| Other financial data | | | | | | | | |
| Pre-tax margin | | 18.9% | | 25.0% | | 19.5% | | 24.8% |
| Pre-tax return on common equity (trailing twelve months) | | 9.7% | | 10.6% | | 9.7% | | 10.6% |
Adjusted net income before income taxes(1) | | $ | 140,197 | | $ | 177,007 | | $ | 423,847 | | $ | 519,704 |
Adjusted diluted earnings per share before income taxes(1) | | $ | 1.25 | | $ | 1.59 | | $ | 3.79 | | $ | 4.67 |
Adjusted pre-tax margin(1) | | 20.3% | | 26.8% | | 21.0% | | 26.4% |
Adjusted pre-tax return on common equity (trailing twelve months)(1) | | 10.1% | | 11.5% | | 10.1% | | 11.5% |
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(1)Adjusted net income before income taxes (defined as net income attributable 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 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 attributable to common stockholders, pre-tax 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 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):
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| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (unaudited) |
| Reconciliation of the numerator for adjusted pre-tax margin (net income attributable to common stockholders to adjusted net income before income taxes): | | | | | | | |
| Net income attributable to common stockholders | $ | 91,646 | | $ | 122,025 | | $ | 279,525 | | $ | 362,296 |
| Amortization of debt discounts and issuance costs | 14,371 | | 13,695 | | 40,772 | | 40,414 |
| | | | | | | |
| Stock-based compensation expense | 7,919 | | 8,719 | | 25,031 | | 23,330 |
| Income tax expense | 26,261 | | 32,568 | | 78,519 | | 93,664 |
| Adjusted net income before income taxes | $ | 140,197 | | $ | 177,007 | | $ | 423,847 | | $ | 519,704 |
| | | | | | | |
| Denominator for adjusted pre-tax margin: | | | | | |
| Total revenues | $ | 690,164 | | $ | 659,364 | | $ | 2,020,762 | | $ | 1,968,409 |
Adjusted pre-tax margin(a) | 20.3% | | 26.8% | | 21.0% | | 26.4% |
| | | | | | | |
| | | | | | | |
| (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
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (unaudited) |
| Reconciliation of the numerator for adjusted diluted earnings per share (net income attributable to common stockholders to adjusted net income before income taxes): | | | | | | | |
| Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | |
| Amortization of debt discounts and issuance costs | 14,371 | | | 13,695 | | | 40,772 | | | 40,414 | |
| | | | | | | |
| Stock-based compensation expense | 7,919 | | | 8,719 | | | 25,031 | | | 23,330 | |
| Income tax expense | 26,261 | | | 32,568 | | | 78,519 | | | 93,664 | |
| Adjusted net income before income taxes | $ | 140,197 | | | $ | 177,007 | | | $ | 423,847 | | | $ | 519,704 | |
| | | | | | | |
| Denominator for adjusted diluted earnings per share: | | | | | | | |
| Weighted-average diluted common shares outstanding | 111,804,113 | | | 111,346,799 | | | 111,801,757 | | | 111,383,257 | |
| | | | | | | |
| | | | | | | |
Adjusted diluted earnings per share before income taxes(b) | $ | 1.25 | | | $ | 1.59 | | | $ | 3.79 | | | $ | 4.67 | |
| | | | | | | |
| | | | | | | |
| (b) Adjusted diluted earnings per share before income taxes is adjusted net income before income taxes divided by 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 September 30, |
| 2024 | | 2023 |
| (unaudited) |
| Reconciliation of the numerator for adjusted pre-tax return on common equity (net income attributable to common stockholders to adjusted net income before income taxes): | | | |
| Net income attributable to common stockholders | $ | 490,151 | | $ | 497,182 |
| Amortization of debt discounts and issuance costs | 54,410 | | 53,896 |
| Recovery of Russian fleet | (67,022) | | (30,877) |
| Stock-based compensation expense | 36,316 | | 29,134 |
| Income tax expense | 123,868 | | 128,529 |
| Adjusted net income before income taxes | $ | 637,723 | | $ | 677,864 |
| | | |
| 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 | $ | 6,111,053 | | $ | 5,678,434 |
| Common shareholders' equity as of end of the period | $ | 6,525,697 | | $ | 6,111,053 |
| Average common shareholders' equity | $ | 6,318,375 | | $ | 5,894,744 |
| | | |
Adjusted pre-tax return on common equity(c) | 10.1% | | 11.5% |
| | | |
| | | |
| (c) Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common shareholders’ equity |
Three months ended September 30, 2024, compared to the three months ended September 30, 2023
Rental revenue
During the three months ended September 30, 2024, we recorded $625.2 million in rental revenue, which included amortization expense related to initial direct costs, net of overhaul revenue of $7.8 million as compared to $604.0 million, which included overhaul revenue, net of amortization expense related to initial direct costs of $9.5 million for the three months ended September 30, 2023. The net book value of our flight equipment subject to operating lease increased to $27.9 billion as of September 30, 2024 from a net book value of $25.6 billion as of September 30, 2023. Our rental of flight equipment revenues increased as compared to the prior period primarily due to the growth of our fleet, partially offset by a decrease in end of lease revenue of approximately $12.4 million as compared to the prior period primarily due to fewer aircraft returns during the three months ended September 30, 2024 as well as a slight decrease in our lease yields due to the sales of older aircraft with higher lease yields and the purchases of new aircraft with lower initial lease yields.
Aircraft sales, trading and other revenue
Aircraft sales, trading and other revenue totaled $65.0 million for the three months ended September 30, 2024 compared to $55.3 million for the three months ended September 30, 2023. During the three months ended September 30, 2024, we recorded $41.5 million in gains from the sale of nine aircraft and $8.0 million from two sales-type leases. During the three months ended September 30, 2023, we recorded approximately $39.0 million in gains from the sale of eight aircraft and $5.0 million from one sales-type lease.
Interest expense
Interest expense totaled $217.5 million for the three months ended September 30, 2024 compared to $175.5 million for the three months ended September 30, 2023. Our interest expense increased primarily due to an increase in our composite cost of funds to 4.21% as compared to 3.67% in the prior year period as well as an increase in our overall outstanding debt balance. We expect our interest expense will continue to increase as our average debt balance outstanding increases with the growth of our fleet. Our interest expense in future periods will also be impacted by increases or decreases in our composite cost of funds based on prevailing interest rates.
Depreciation expense
We recorded $290.1 million in depreciation expense of flight equipment for the three months ended September 30, 2024 compared to $267.4 million for the three months ended September 30, 2023. The increase in depreciation expense for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, is primarily attributable to the growth of our fleet. We expect our depreciation expense to increase as we continue to add aircraft to our fleet.
Selling, general and administrative expenses
We recorded selling, general and administrative expenses of $44.4 million for the three months ended September 30, 2024 compared to $42.8 million for the three months ended September 30, 2023. Selling, general and administrative expenses as a percentage of total revenue was 6.4% and 6.5% for the three months ended September 30, 2024 and three months ended September 30, 2023, respectively.
Taxes
Our effective tax rate for the three months ended September 30, 2024 increased to 20.2% from 19.7% in the three months ended September 30, 2023. The increase in our effective tax rate was driven by discrete items in the period and additional income taxes as a result of Pillar Two. On January 1, 2024, the Organization for Economic Co-operation and Development/G20 Inclusive Framework, known as Pillar Two, became effective. Pillar Two established a global minimum effective tax rate of 15%. If the jurisdictional effective tax rate determined under Pillar Two is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%.
Net income attributable to common stockholders
For the three months ended September 30, 2024, we reported consolidated net income attributable to common stockholders of $91.6 million, or $0.82 per diluted share, compared to consolidated net income attributable to common stockholders of $122.0 million, or $1.10 per diluted share, for the three months ended September 30, 2023. The decrease from the prior year period is primarily due to higher interest expense, driven by the increase in our composite cost of funds and overall outstanding debt balance partially offset by an increase in our revenues as discussed above.
Adjusted net income before income taxes
For the three months ended September 30, 2024, we recorded adjusted net income before income taxes of $140.2 million, or $1.25 per adjusted diluted share, compared to adjusted net income before income taxes of $177.0 million, or $1.59 per adjusted diluted share, for the three months ended September 30, 2023. Adjusted net income before income taxes decreased primarily due to higher interest expense, driven by the increase in our composite cost of funds and overall outstanding debt balance, partially offset by the increase in our revenues as discussed above.
Adjusted net income before income taxes and adjusted diluted earnings per share before income taxes are measures of financial and operational performance that are not defined by GAAP. See Note 1 under the “Results of Operations” table above for a discussion of adjusted net income before income taxes and adjusted diluted earnings per share before income taxes as non-GAAP measures and reconciliation of these measures to net income attributable to common stockholders.
Nine months ended September 30, 2024, compared to the nine months ended September 30, 2023
Rental revenue
During the nine months ended September 30, 2024, we recorded $1.85 billion in rental revenue, which included amortization expense, net of overhaul revenue related to initial direct costs of $19.8 million as compared to $1.83 billion in rental revenue, which included overhaul revenue, net of amortization expense related to initial direct costs of $40.8 million for the nine months ended September 30, 2023. The net book value of our flight equipment subject to operating lease was $27.9 billion as of September 30, 2024 compared to $25.6 billion as of September 30, 2023. Our rental of flight equipment revenues increased as compared to the prior period primarily due to the growth of our fleet, partially offset by a decrease in end of lease revenue of approximately $45.9 million as compared to the prior period primarily due to fewer aircraft returns during the nine months ended September 30, 2024.
Aircraft sales, trading and other revenue
Aircraft sales, trading and other revenue increased to $171.7 million for the nine months ended September 30, 2024 compared to $134.9 million for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, we recorded $104.2 million in gains from the sale of 25 aircraft and $14.5 million from three sales-type leases. During the nine months ended September 30, 2023, we recorded $92.5 million in gains from the sale of 18 aircraft and $5.1 million from one sales-type lease. In addition, we recorded $1.2 million in forfeiture of security deposit income during the nine months ended September 30, 2023.
Interest expense
Interest expense totaled $615.5 million for the nine months ended September 30, 2024 compared to $526.0 million for the nine months ended September 30, 2023. Our interest expense increased primarily due to an increase in our composite cost of funds to 4.21% as compared to 3.67% in the prior year period as well as an increase in our overall outstanding debt balance. We expect our interest expense to continue to increase as our average debt balance outstanding increases with the growth of our fleet. Our interest expense in future periods will also be impacted by increases or decreases in our composite cost of funds based on prevailing interest rates.
Depreciation expense
We recorded $849.4 million in depreciation expense of flight equipment for the nine months ended September 30, 2024 compared to $795.7 million for the nine months ended September 30, 2023. The increase in depreciation expense for the nine
months ended September 30, 2024, compared to the nine months ended September 30, 2023, is primarily attributable to the growth of our fleet. We expect our depreciation expense to increase as we continue to add aircraft to our fleet.
Selling, general and administrative expenses
We recorded selling, general and administrative expenses of $137.6 million for the nine months ended September 30, 2024 compared to $136.2 million for the nine months ended September 30, 2023. Selling, general and administrative expenses as a percentage of total revenue was 6.8% for the nine months ended September 30, 2024 as compared to 6.9% for the nine months ended September 30, 2023.
Taxes
For the nine months ended September 30, 2024 and September 30, 2023, we reported an effective tax rate of 20.0% and 19.2%, respectively. The effective tax rate increase was driven by discrete items in the period and additional income taxes as a result of Pillar Two. On January 1, 2024, the Organization for Economic Co-operation and Development/G20 Inclusive Framework, known as Pillar Two, became effective. Pillar Two established a global minimum effective tax rate of 15%. If the jurisdictional effective tax rate determined under Pillar Two is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%.
Net income attributable to common stockholders
For the nine months ended September 30, 2024, we reported consolidated net income attributable to common stockholders of $279.5 million, or $2.50 per diluted share, compared to a consolidated net income attributable to common stockholders of $362.3 million, or $3.25 per diluted share, for the nine months ended September 30, 2023. The decrease from the prior year period is primarily due to higher interest expense partially offset by an increase in our revenues, as discussed above.
Adjusted net income before income taxes
For the nine months ended September 30, 2024, we recorded adjusted net income before income taxes of $423.8 million, or $3.79 per adjusted diluted share, compared to an adjusted net income before income taxes of $519.7 million, or $4.67 per adjusted diluted share, for the nine months ended September 30, 2023. Adjusted net income before income taxes decreased primarily due to higher interest expense partially offset by the increase in our revenues as discussed above.
Adjusted net income before income taxes and adjusted diluted earnings per share before income taxes are measures of financial and operational performance that are not defined by GAAP. See Note 1 under the “Results of Operations” table above for a discussion of adjusted net income before income taxes and adjusted diluted earnings per share before income taxes as non-GAAP measures and reconciliation of these measures to net income attributable to common stockholders.
Critical Accounting Estimates
Our critical accounting estimates reflecting management’s estimates and judgments are described in our Annual Report on Form 10-K for the year ended December 31, 2023. We have reviewed recently adopted accounting pronouncements and determined that the adoption of such pronouncements is not expected to have a material impact, if any, on our Consolidated Financial Statements. Accordingly, there have been no material changes to critical accounting estimates in the nine months ended September 30, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk represents the risk of changes in the value of a financial instrument, caused by fluctuations in interest rates and foreign exchange rates. Changes in these factors could cause fluctuations in our results of operations and cash flows. We are exposed to the market risks described below.
Interest Rate Risk
The nature of our business exposes us to market risk arising from changes in interest rates. Changes, both increases and decreases, in our cost of borrowing, as reflected in our composite interest rate, directly impact our net income. Lease rates, and therefore our revenue from a lease, are generally fixed over the life of our leases. We have some exposure to changing interest rates as a result of our floating-rate debt, primarily from our Revolving Credit Facility and bilateral term loans. As of September 30, 2024 and December 31, 2023, we had $3.9 billion and $3.0 billion in floating-rate debt outstanding, respectively. Additionally, we have outstanding preferred stock with an aggregate stated amount of $900.0 million as of November 7, 2024 which will reset the dividends to a new fixed rate based on the then-applicable treasury rate after five years from initial issuance and every five years thereafter. If interest rates remain elevated, we would be obligated to make higher interest payments to the lenders of our floating-rate debt, and higher dividend payments to the holders of our preferred stock. If we incur significant fixed-rate debt in the future, increased interest rates prevailing in the market at the time of the incurrence of such debt would also increase our interest expense. If the composite interest rate on our outstanding floating rate debt was to increase by 1.0%, we would expect to incur additional annual interest expense on our existing indebtedness of approximately $38.6 million and $29.6 million as of September 30, 2024 and December 31, 2023, respectively, each on an annualized basis, which would put downward pressure on our operating margins.
We also have interest rate risk on our forward lease placements. This is caused by us setting a fixed lease rate in advance of the delivery date of an aircraft. The delivery date is when a majority of the financing for an aircraft is arranged. To partially mitigate the risk of an increasing interest rate environment between the lease signing date and the delivery date of the aircraft, a majority of our forward lease contracts have manufacturer escalation protection and/or interest rate adjusters which would adjust the final lease rate upward or downward based on changes in the consumer price index or certain benchmark interest rates, respectively, at the time of delivery of the aircraft as compared to the lease signing date, subject to an outside limit on such adjustments.
Foreign Exchange Rate Risk
We attempt to minimize currency and exchange risks by entering into aircraft purchase agreements and a majority of lease agreements and debt agreements with U.S. dollars as the designated payment currency. Thus, most of our revenue and expenses are denominated in U.S. dollars. Approximately 0.4% and 0.3% of our lease revenues were denominated in foreign currency as of September 30, 2024 and December 31, 2023, respectively. Additionally, some of our net investments in sales-type leases, which represent 0.5% and 0.2% of our total assets as of September 30, 2024 and December 31, 2023, respectively, were denominated in foreign currency. These investments are not currently hedged and require remeasurement as of the end of each period, exposing us to fluctuations in exchange rates that could impact our financial results and cash flows. We periodically assess our unhedged foreign currency risk and may employ hedging strategies in the future to mitigate any potential adverse effects.
Approximately 8.0% and 3.5% of our debt obligations were denominated in foreign currency as of September 30, 2024 and December 31, 2023, respectively; however, the exposure of such debt has been effectively hedged. As our principal currency is the U.S. dollar, fluctuations in the U.S. dollar as compared to other major currencies should not have a significant impact on our future operating results. However, many of our lessees are exposed to currency risk due to the fact that they earn revenues in their local currencies while a significant portion of their liabilities and expenses are denominated in U.S. dollars, including their lease payments to us, as well as fuel, debt service, and other expenses. For the nine months ended September 30, 2024, more than 95% of our revenues were derived from customers who have their principal place of business outside the U.S. and most leases designated payment currency is U.S. dollars. The ability of our lessees to make lease payments to us in U.S. dollars may be adversely impacted in the event of an appreciating U.S. dollar.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission (“SEC”), and such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer (collectively, the “Certifying Officers”), as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives as the Company’s controls are designed to do, and management necessarily was required to apply its judgment in evaluating the risk related to controls and procedures.
We have evaluated, under the supervision and with the participation of management, including the Certifying Officers, the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of September 30, 2024. Based on that evaluation, our Certifying Officers have concluded that our disclosure controls and procedures were effective as of September 30, 2024.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In June 2022, we and certain of our subsidiaries (collectively, the “Plaintiffs”) submitted insurance claims to the insurers on our aviation insurance policies (collectively, the “Plaintiffs’ Insurers”) to recover losses relating to aircraft detained in Russia for which we recorded a net write-off of our interests in our owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. On December 20, 2022, the Plaintiffs filed suit in the Los Angeles County Superior Court of the State of California seeking recovery of actual damages (subject to proof at trial) and declaratory relief against the Plaintiffs’ Insurers for breach of contract and breach of the covenant of good faith and fair dealing in connection with the Plaintiffs’ previously submitted insurance claims for which a trial date has been set for April 17, 2025. On December 21, 2023, certain Plaintiffs received cash insurance settlement proceeds of approximately US$64.9 million in settlement of their insurance claims under S7’s insurance policies in respect of four aircraft in our owned fleet on lease to S7 at the time of Russia’s invasion of Ukraine. The receipt of these insurance settlement proceeds serves to mitigate, in part, such Plaintiffs’ losses under their aviation insurance policies.
On January 19, 2024, certain of the Plaintiffs filed suit in the High Court of Justice, Business & Property Courts of England & Wales, Commercial Court against the Russian airlines’ aviation insurers and reinsurance insurers (collectively, the “Airlines’ Insurers”) seeking recovery under the Russian airlines’ insurance policies for certain aircraft that remain in Russia. The lawsuit against the Airlines’ Insurers is in the early stages and no trial date has been set.
We do not believe these matters will have a material adverse effect on our results of operations, financial condition or cash flow, as we recorded a write-off of our entire interest in our owned and managed aircraft detained in Russia during 2022 and any recovery in these lawsuits would be recorded as a gain in our financial statements.
In addition, from time to time, we may be involved in litigation and claims incidental to the conduct of our business in the ordinary course. Our industry is also subject to scrutiny by government regulators, which could result in enforcement proceedings or litigation related to regulatory compliance matters. We are not presently a party to any enforcement proceedings or litigation related to regulatory compliance matters. We maintain insurance policies in amounts and with the coverage and deductibles we believe are adequate, based on the nature and risks of our business, historical experience and industry standards.
ITEM 1A. RISK FACTORS
There have been no material changes in our risk factors from those discussed under “Part I—Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
None.
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Arrangements and Non-Rule 10b5-1 Trading Arrangements
None.
ITEM 6. EXHIBITS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated by Reference |
| Exhibit Number | | Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date |
| 3.1 | | | | S-1 | | 333-171734 | | 3.1 | | January 14, 2011 |
| | | | | | | | | | |
| 3.2 | | | | 8-K | | 001-35121 | | 3.1 | | March 27, 2018 |
| | | | | | | | | | |
| 3.3 | | | | 8-K | | 001-35121 | | 3.1 | | March 5, 2019 |
| | | | | | | | | | |
| 3.4 | | | | 8-K | | 001-35121 | | 3.1 | | October 18, 2024 |
| | | | | | | | | | |
| 3.5 | | | | 8-K | | 001-35121 | | 3.1 | | March 2, 2021 |
| | | | | | | | | | |
| 3.6 | | | | 8-K | | 001-35121 | | 3.1 | | October 13, 2021 |
| | | | | | | | | | |
| 3.7 | | | | 8-K | | 001-35121 | | 3.1 | | September 24, 2024 |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated by Reference |
| Exhibit Number | | Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date |
| 4.1 | | Certain instruments defining the rights of holders of long-term debt of Air Lease Corporation and all of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed are being omitted pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K. Air Lease Corporation agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request. | | | | | | | | |
| | | | | | | | | | |
| 4.2 | | | | 8-K | | 001-35121 | | 4.1 | | September 24, 2024 |
| | | | | | | | | | |
| 10.1† | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 10.2† | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 10.3† | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 10.4† | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 10.5† | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 10.6† | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 31.1 | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 31.2 | | | | | | | | | | Filed herewith |
| | | | | | | | | | |
| 32.1 | | | | | | | | | | Furnished herewith |
| | | | | | | | | | |
| 32.2 | | | | | | | | | | Furnished herewith |
| | | | | | | | | | |
| 101.INS | | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | | | | | | | | |
| | | | | | | | | | |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents | | | | | | | | |
| | | | | | | | | | |
| 104 | | The cover page from Air Lease Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL and contained in Exhibit 101 | | | | | | | | |
| | |
† The Company has omitted portions of the referenced exhibit pursuant to Item 601(b) of Regulation S-K because it (a) is not material and (b) is the type that the Company treats as private or confidential.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
| AIR LEASE CORPORATION |
| |
| November 7, 2024 | /s/ John L. Plueger |
| John L. Plueger |
| Chief Executive Officer and President |
| (Principal Executive Officer) |
| |
| November 7, 2024 | /s/ Gregory B. Willis |
| Gregory B. Willis |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT 10.1
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
AMENDMENT N°41
TO THE
A320 NEO FAMILY PURCHASE AGREEMENT
BETWEEN
AIRBUS S.A.S.
as Seller
and
AIR LEASE CORPORATION
as Buyer
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA | | |
| Ref. CLC-CT2308035 | | Page 1/12 |
AMENDMENT N°41 TO THE
A320 NEO FAMILY PURCHASE AGREEMENT
This amendment N°41 (the “Amendment N°41”) dated 24 July, 2024 is made
BETWEEN:
AIRBUS S.A.S., a société par actions simplifiée, created and existing under French law having its registered office at 2 Rond-Point Emile Dewoitine, 31707 Blagnac-Cedex, France and registered with the Toulouse Registre du Commerce under number RCS Toulouse 383 474 814 (the "Seller"),
and
AIR LEASE CORPORATION, a corporation organised and existing under the laws of the State of Delaware, U.S.A., having its principal place of business at 2000 Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (the “Buyer”).
The Buyer and the Seller together are referred to collectively as the “Parties”, and individually as a “Party”.
WHEREAS:
A.On 10 May 2012, the Buyer and the Seller have signed a purchase agreement with reference CLC-CT1103377 for the manufacture and sale by the Seller and purchase by the Buyer of thirty-six (36) firm A320 NEO Family aircraft hereinafter together with its Exhibits and Letter Agreements referred to as the “Purchase Agreement”.
B.On 28 December 2012, the Buyer and the Seller entered into Amendment N°1 to the Purchase Agreement for the manufacture and sale by the Seller and purchase by the Buyer of fourteen (14) incremental A320 NEO Family aircraft.
C.On 14 July 2014, the Seller and the Buyer entered into Amendment N°2 to the Purchase Agreement in order to [*].
D.On 14 July 2014, the Buyer and the Seller entered into Amendment N°3 to the Purchase Agreement for the manufacture and sale by the Seller and purchase by the Buyer of sixty (60) incremental A320 NEO Family aircraft.
E.On 10 October 2014, the Buyer and the Seller entered into Amendment N°4 to the Purchase Agreement [*].
F.On 03 March 2015, the Buyer and the Seller entered into Amendment N°5 to the Purchase Agreement for the cancellation of sixty (60) Amendment 3 NEO Aircraft and for the manufacture and sale by the Seller and purchase by the Buyer of ninety (90) incremental A321 NEO Family aircraft.
G.On 18 March 2015, the Buyer and the Seller entered into Amendment N°6 to the Purchase Agreement in order to [*].
H.On 09 November 2015, the Buyer and the Seller entered into Amendment N°7 to the Purchase Agreement in order to [*].
I.On 08 January 2016, the Buyer and the Seller entered into Amendment N°8 to the Purchase Agreement in order to [*].
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA | | |
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J.On 04 April 2016, the Buyer and the Seller entered into Amendment N°9 to the Purchase Agreement in order to [*].
K.On 12 April 2016, the Buyer and the Seller entered into Amendment N°10 to the Purchase Agreement in order to [*].
L.On 02 June 2016, the Buyer and the Seller entered into Amendment N°11 to the Purchase Agreement in order to [*].
M.On 17 August 2016, the Buyer and the Seller entered into Amendment N°12 to the Purchase Agreement in order to [*].
N.On 20 December 2016, the Buyer and the Seller entered into Amendment N°13 to the Purchase Agreement in order to [*].
O.On 03 March 2017, the Buyer and the Seller entered into Amendment N°14 to the Purchase Agreement in order to [*].
P.On 10 April 2017, the Buyer and the Seller entered into Amendment N°15 to the Purchase Agreement in order to [*].
Q.On 19 June 2017, the Buyer and the Seller entered into Amendment N°16 to the Purchase Agreement in order to [*].
R.On 19 June 2017, the Buyer and the Seller entered into Amendment N°17 to the Purchase Agreement in order to provide for the manufacture and sale of twelve (12) incremental A320 NEO Family aircraft.
S.On 12 July 2017, the Buyer and the Seller entered into Amendment N°18 to the Purchase Agreement in order to [*].
T.On 31 July 2017, the Buyer and the Seller entered into Amendment N°19 to the Purchase Agreement in order to [*].
U.On 29 September 2017, the Buyer and the Seller entered into Amendment N°20 to the Purchase Agreement in order to [*].
V.On 27 December 2017, the Buyer and the Seller entered into Amendment N°21 to the Purchase Agreement in order to provide for the manufacture and sale of six (6) incremental A320 NEO Family Aircraft.
W.On 16 February 2018, the Buyer and the Seller entered into Amendment N°22 to the Purchase Agreement in order to [*].
X.On 31 December 2018, the Buyer and the Seller entered into Amendment N°23 to the Purchase Agreement in order to [*].
Y.On 18 October 2019, the Buyer and the Seller entered into Amendment N°24 to the Purchase Agreement in order to [*].
Z.On 20 December 2019, the Buyer and the Seller entered into Amendment N°25 to the Purchase Agreement in order to cover (i) the manufacture and sale by the Seller and purchase by the Buyer of twenty-five (25) incremental A321 NEO Aircraft; (ii) the manufacture and sale by the Seller and purchase by the Buyer of twenty-seven (27) A321XLR Aircraft; and [*].
AA.On 07 April 2020, the Buyer and the Seller entered into Amendment N°26 to the Purchase Agreement in order to [*].
AB.On 31 August 2020, the Buyer and the Seller entered into Amendment N°27 to the Purchase Agreement in order to [*].
AC.On 22 December 2020, the Buyer and the Seller entered into Amendment N°28 to the Purchase Agreement in order to [*].
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| Amendment Nº41 to the ALC A320 NEO Family PA | | |
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AD.On 24 December 2020, the Buyer and the Seller entered into Amendment N°29 to the Purchase Agreement in order to [*].
AE.On 28 April 2021, the Buyer and the Seller entered into Amendment N°30 to the Purchase Agreement in order to [*].
AF.On 03 June 2021, the Buyer and the Seller entered into Amendment N°31 to the Purchase Agreement in order to, among other things, provide for the manufacture and sale by the Seller and purchase by the Buyer of one (1) incremental A321 NEO Aircraft.
AG.On 31 July 2021, the Buyer and the Seller entered into Amendment N°32 to the Purchase Agreement in order to [*].
AH.On 20 December 2021, the Buyer and the Seller entered into Amendment N°33 to the Purchase Agreement in order to [*].
AI.On 20 December 2021, the Buyer and the Seller entered into Amendment N°34 to the Purchase Agreement in order to, among other things cover the manufacture and sale by the Seller and purchase by the Buyer of (i) fifty-nine (59) incremental A321 NEO Aircraft, and (ii) twenty (20) incremental A321XLR Aircraft.
AJ.On 03 February 2022, the Buyer and the Seller entered into Amendment N°35 to the Purchase Agreement in order to [*].
AK.On 25 March 2022, the Buyer and the Seller entered into Amendment N°36 to the Purchase Agreement in order to [*].
AL.On 16 June 2022, the Buyer and the Seller entered into Amendment N°37 to the Purchase Agreement in order to [*].
AM.On 03 October 2022, the Buyer and the Seller entered into Amendment N°38 to the Purchase Agreement in order to [*].
AN.On 29 February 2024, the Buyer and the Seller entered into Amendment N°39 to the Purchase Agreement in order to [*].
AO.On 15 April 2024, the Buyer and the Seller entered into Amendment N°40 to the Purchase Agreement in order to [*].
The Purchase Agreement as amended and supplemented pursuant to the foregoing shall be referred to as the “Agreement”.
AP.The Parties now wish to enter into this Amendment N°41 in order to [*].
The terms “herein”, “hereof” and “hereunder” and words of similar import refer to this Amendment N°41. Capitalized terms used herein and not otherwise defined herein will have the meanings assigned thereto in the Agreement.
NOW IT IS HEREBY AGREED AS FOLLOWS:
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| Amendment Nº41 to the ALC A320 NEO Family PA | | |
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1[*]
2DELIVERY SCHEDULE
2.1By virtue of the changes contemplated in clauses 1.2 above, the table in Clause 9.1 of the Agreement, as amended from time to time, is hereby deleted in its entirety and replaced by the table set forth in Appendix 1 hereto.
The table set forth in Appendix 1 hereto [*]
3[*]
4INCONSISTENCY AND CONFIDENTIALITY
4.1In the event of any inconsistency between the terms and conditions of the Agreement and those of this Amendment N°41, the latter shall prevail to the extent of such inconsistency, whereas the part of the Agreement not concerned by such inconsistency shall remain in full force and effect.
4.2This Amendment N°41 reflects the understandings, commitments, agreements, representations and negotiations related to the matters set forth herein whatsoever, oral and written, and may not be varied except by an instrument in writing of even date herewith or subsequent hereto executed by the duly authorised representatives of both Parties.
4.3This Amendment N°41 shall be treated by both Parties as confidential and shall not be released in whole or in part to any third party without the prior consent of the other Party except as may be required by law, or to professional advisors for the implementation hereof.
5COUNTERPARTS
This Amendment N°41 may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
6LAW AND JURISDICTION
This amendment N°41 will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 22.6 of the Agreement shall apply to this Amendment N°41 as if the same were set out in full herein, mutatis mutandis.
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| Amendment Nº41 to the ALC A320 NEO Family PA | | |
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IN WITNESS WHEREOF this Amendment N°41 was entered into the day and year first above written.
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For and on behalf of | | For and on behalf of |
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AIR LEASE CORPORATION | | AIRBUS S.A.S. |
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/s/ Grant Levy | | /s/ Paul Meijers |
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By: Grant Levy | | By: Paul Meijers |
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Its: Executive Vice President | | Its: Executive Vice President Commercial Transactions |
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| Amendment Nº41 to the ALC A320 NEO Family PA | | |
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APPENDIX 1
DELIVERY SCHEDULE | | | | | | | | | | | | | | | | | |
| CAC Id | Aircraft Rank. | Scheduled Delivery Month | Aircraft Type | A321-200N / A321-200NX Standard Specification | Engines |
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| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] |
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA | | |
| Ref. CLC-CT2308035 | | Page 12/12 |
AIR LEASE CORPORATION
2000 Avenue of the Stars, Suite 1000N
Los Angeles, California 90067, U.S.A.
24 July, 2024
Subject : SPECIFIC PROVISIONS
AIR LEASE CORPORATION (the “Buyer") and AIRBUS S.A.S. (the “Seller") have entered into an Amendment N°41 dated even date herewith (the “Amendment”) to the A320 NEO Family Purchase Agreement dated as of May 10, 2012 as further amended and supplemented from time to time (the “Agreement”), [*]. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°1 to the Amendment (the “Letter Agreement”) certain additional terms and conditions regarding certain [*] Aircraft.
Capitalized terms used herein and not otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement and the Amendment.
The Parties agree that this Letter Agreement, upon execution thereof, shall constitute an integral, non-severable part of the Amendment, that the provisions of the Amendment are hereby incorporated herein by reference, and that if the Agreement, the Amendment and this Letter Agreement have specific provisions which are inconsistent, the specific provisions contained in this Letter Agreement shall govern.
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA – Letter Agreement N°1 |
| Ref. CLC-CT2308035 | | Page 1/3 |
1[*]
2[*]
3[*]
4[*]
5[*]
6[*]
7[*]
8ASSIGNMENT
The provisions of Clause 21 of the Agreement shall apply to this Letter Agreement as if the same were set out in full herein, mutatis mutandis.
9LAW AND JURISDICTION
This Letter Agreement will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 22.6 of the Purchase Agreement shall apply to this Letter Agreement as if the same were set out in full herein, mutatis mutandis.
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA – Letter Agreement N°1 |
| Ref. CLC-CT2308035 | | Page 2/3 |
If the foregoing correctly sets forth our understanding, please execute two (2) originals in the space provided below and return one (1) original of this Letter Agreement to the Seller.
| | | | | | | | |
For and on behalf of | | For and on behalf of |
| | |
| | |
| | |
| | |
| | |
AIR LEASE CORPORATION | | AIRBUS S.A.S. |
| | |
| | |
| | |
/s/ Grant Levy | | /s/ Paul Domejean |
| | |
By: Grant Levy | | By: Paul Domejean |
| | |
Its: Executive Vice President | | Its: HO Transaction Offering |
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA – Letter Agreement N°1 |
| Ref. CLC-CT2308035 | | Page 3/3 |
AIR LEASE CORPORATION
2000 Avenue of the Stars, Suite 1000N
Los Angeles, California 90067, U.S.A.
24 July, 2024
Subject : [*]
AIR LEASE CORPORATION (the “Buyer") and AIRBUS S.A.S. (the “Seller") have entered into an Amendment N°41 dated even date herewith (the “Amendment”) to the A320 NEO Family Purchase Agreement dated as of May 10, 2012 as further amended and supplemented from time to time (the “Agreement”), [*]. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°2 to the Amendment (the “Letter Agreement”) certain additional terms and conditions regarding certain Aircraft.
Capitalized terms used herein and not otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement and the Amendment.
The Parties agree that this Letter Agreement, upon execution thereof, shall constitute an integral, non-severable part of the Amendment, that the provisions of the Amendment are hereby incorporated herein by reference, and that if the Agreement, the Amendment and this Letter Agreement have specific provisions which are inconsistent, the specific provisions contained in this Letter Agreement shall govern.
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA – Letter Agreement N°2 |
| Ref. CLC-CT2308035 | | Page 1/3 |
1[*]
2ASSIGNMENT
The provisions of Clause 21 of the Agreement shall apply to this Letter Agreement as if the same were set out in full herein, mutatis mutandis.
3LAW AND JURISDICTION
This Letter Agreement will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 22.6 of the Purchase Agreement shall apply to this Letter Agreement as if the same were set out in full herein, mutatis mutandis.
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA – Letter Agreement N°2 |
| Ref. CLC-CT2308035 | | Page 2/3 |
If the foregoing correctly sets forth our understanding, please execute two (2) originals in the space provided below and return one (1) original of this Letter Agreement to the Seller.
| | | | | | | | |
For and on behalf of | | For and on behalf of |
| | |
| | |
| | |
| | |
| | |
AIR LEASE CORPORATION | | AIRBUS S.A.S. |
| | |
| | |
| | |
/s/ Grant Levy | | /s/ Paul Domejean |
| | |
By: Grant Levy | | By: Paul Domejean |
| | |
Its: Executive Vice President | | Its: HO Transaction Offering |
| | | | | | | | |
| Amendment Nº41 to the ALC A320 NEO Family PA – Letter Agreement N°2 |
| Ref. CLC-CT2308035 | | Page 3/3 |
EXHIBIT 10.2
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
Supplemental Agreement No. 18
to
Purchase Agreement No. PA-03659
between
The Boeing Company
and
Air Lease Corporation
This Supplemental Agreement is entered into as of September 5, 2024 (Supplemental Agreement No. 18), by and between THE BOEING COMPANY (Boeing) and AIR LEASE CORPORATION (Customer);
All terms used but not defined in this Supplemental Agreement No. 18 have the same meaning as in the Purchase Agreement;
WHEREAS, Boeing and Customer have entered into Purchase Agreement No. PA-03659, dated October 31, 2011, as amended, and supplemented, (Purchase Agreement) relating to the purchase and sale of Boeing model 787-9 Aircraft and model 787-10 Aircraft; and
WHEREAS, Boeing and Customer desire to [*]
WHEREAS, Customer has [*]; and
WHEREAS, Boeing and Customer desire to [*]
WHEREAS, Boeing and Customer desire to [*]
WHEREAS, Boeing and Customer desire to [*]
WHEREAS, Boeing and Customer [*].
NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows:
1.TABLE OF CONTENTS.
The Table of Contents of the Purchase Agreement is deleted in its entirety and replaced by a new Table of Contents, provided as Enclosure 1 to this Supplemental Agreement No. 18 which reflects the revisions set forth in this Supplemental Agreement No. 18.
2.[*]
| | | | | | | | |
| HAZ-PA-03659-SA-18 | | Page ii |
| BOEING PROPRIETARY | |
a. Table 1B to Purchase Agreement No. PA-03659, 787-9 Block B Aircraft Delivery, Description, Price and Advance Payments General Electric Engines, is deleted in its entirety and replaced by a revised Table 1B to Purchase Agreement No. PA-03659, 787-9 Block B Aircraft Delivery, Description, Price and Advance Payments General Electric Engines, provided as Enclosure 2 to this Supplemental Agreement No. 18 to reflect [*].
b. Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments General Electric Engines, is deleted in its entirety and replaced by a revised Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments General Electric Engines, provided as Enclosure 3 to this Supplemental Agreement No. 18 to reflect [*].
c. Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines, is deleted in its entirety and replaced by a revised Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines, provided as Enclosure 4 to this Supplemental Agreement No. 18 to reflect [*].
d. Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments General Electric Engines, is deleted in its entirety and replaced by a revised Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments General Electric Engines, provided as Enclosure 5 to this Supplemental Agreement No. 18 to reflect [*]
e. Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines, is deleted in its entirety and replaced by a revised Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines, provided as Enclosure 6 to this Supplemental Agreement No. 18 to reflect [*].
3.EXHIBITS
a. Exhibit A9, HAZ/[*] 787-9 Aircraft Configuration [*], provided as Enclosure 7 to this Supplemental Agreement No. 18, is hereby incorporated into the Purchase Agreement to identify the configuration applicable to the [*] 787-9 Aircraft to be leased to [*].
b. Exhibit A10, HAZ/[*] 787-10 Aircraft Configuration [*], provided as Enclosure 8 to this Supplemental Agreement No. 18 is hereby incorporated into the Purchase Agreement to identify the configuration applicable to the [*] 787-10 Aircraft to be leased to [*].
4.LETTER AGREEMENT.
Letter Agreement HAZ-PA-03659-LA-1104720R13, Advance Payment Matters, is deleted in its entirety and replaced by a revised Letter Agreement HAZ-PA-03659-LA-1104720R14, Advance Payment Matters, provided as Enclosure 9 to this Supplemental Agreement No. 18, which [*].
| | | | | | | | |
| HAZ-PA-03659-SA-18 | | Page iii |
| BOEING PROPRIETARY | |
5.MISCELLANEOUS.
a. The Purchase Agreement is amended as set forth above, and all other terms and conditions of the Purchase Agreement remain unchanged and are in full force and effect. Any Tables of Contents, Tables, Supplemental Exhibits, Letter Agreements or other documents that are listed in the Sections above are incorporated into this Supplemental Agreement by this reference.
b. This Supplemental Agreement will become effective upon execution and receipt by both parties of both this Supplemental Agreement No. 18 on or before August 30, 2024, after which date this Supplemental Agreement will be null and void and have no force or effect.
[Signature Page Follows]
EXECUTED IN DUPLICATE as of the day and year first above written.
| | | | | | | | | | | | | | |
THE BOEING COMPANY | | AIR LEASE CORPORATION |
| | | | |
By: | /s/ Mattew Cram | | By: | /s/ Grant Levy |
| | | | |
| Its: | Attorney-In-Fact | | Its: | Executive Vice President |
| | | | | | | | |
| HAZ-PA-03659-SA-18 | | Page iv |
| BOEING PROPRIETARY | |
PURCHASE AGREEMENT NUMBER PA-03659
between
THE BOEING COMPANY
and
AIR LEASE CORPORATION
Relating to Boeing Model 787-9 and 787-10 Aircraft
TABLE OF CONTENTS
| | | | | | | | |
| ARTICLES | |
| Article 1. | Quantity, Model, Description and Inspection | SA-2 |
| Article 2. | Delivery Schedule | SA-2 |
| Article 3. | Price | SA-2 |
| Article 4. | Payment | SA-2 |
| Article 5. | Additional Terms | SA-2 |
| | | | | | | | |
| TABLE | | |
1A. | 787-9 Block A Aircraft Information Table | SA-8 |
1B. | 787-9 Block B Aircraft Information Table SA-18 | SA-18 |
1C. | 787-10 Block A Aircraft Information Table SA-18 | SA-18 |
1D. | 787-9 Block C Aircraft Information Table | SA-8 |
| 1E. | 787-9 Block D Aircraft Information Table | SA-11 |
| 1F. | 787-9 Block E Aircraft Information Table | SA-18 |
| 1G. | 787-9 Block F Aircraft Information Table | SA-17 |
EXHIBIT | | |
| A1. | HAZ/[*] 787-9 Aircraft Configuration | SA-7 |
| A2. | HAZ/[*] 787-9 Aircraft Configuration | SA-7 |
| A3. | HAZ/[*] 787-9 Aircraft Configuration | SA-8 |
| A4. | HAZ/[*] 787-9 Aircraft Configuration | SA-11 |
| A5. | HAZ/[*] 787-10 Aircraft Configuration | SA-15 |
| A6. | HAZ/[*] 787-10 Aircraft Configuration | SA-15 |
| A7. | HAZ/[*] 787-9 Aircraft Configuration | SA-16 |
A8. | HAZ/[*] 787-9 Aircraft Configuration [*] | SA-17 |
A9. | HAZ/[*] 787-9 Aircraft Configuration [*] | SA-18 |
A10. | HAZ/[*] 787-10 Aircraft Configuration [*] | SA-18 |
| B. | Aircraft Delivery Requirements and Responsibilities | SA-2 |
| | | | | | | | |
| SUPPLEMENTAL EXHIBITS | |
| AE1. | Escalation Adjustment Airframe and Optional Features | SA-2 |
| BFE1. | BFE Variables | SA-7 |
| CS1. | Customer Support Document | SA-15 |
| EE1. | [*], Engine Warranty and Patent Indemnity –General Electric Engines | SA-2 |
| EE1. | [*], Engine Warranty and Patent Indemnity–Rolls Royce Engines | SA-2 |
| SLP1. | Service Life Policy Components | SA-2 |
LETTER AGREEMENTS
| | | | | | | | |
| LA-1104716R1 | [*] | SA-2 |
| LA-1104717R1 | Demonstration Flight Waiver | SA-2 |
| LA-1104718R1 | [*] | SA-2 |
| LA-1104719R1 | Other Matters | SA-2 |
LA-1104720R14 | Advance Payment Matters | SA-18 |
| LA-1104721R1 | [*] | SA-2 |
| LA-1104722R1 | Assignment of Customer’s Interest to a Subsidiary or Affiliate | SA-2 |
| LA-1104724 | e-Enabling Software Matters | |
| LA-1104725R1 | [*] | SA-2 |
| LA-1104726R1 | Special Matters relating to COTS Software and End User License Agreements | SA-2 |
| LA-1104727R2 | AGTA Matters | SA-2 |
| LA-1104728R1 | Leasing Matters for 787 Aircraft | SA-2 |
| LA-1104729R1 | Liquidated Damages – Non-Excusable Delay | SA-2 |
| LA-1104730R5 | Open Configuration Matters | SA-10 |
| LA-1104731R1 | Performance Guarantees – 787-9 Block A Aircraft | SA-2 |
| LA-1104733R1 | Special Terms - Seats and In-flight Entertainment | SA-2 |
| LA-1104734R2 | Special Matters – 787-9 Block A AircraftSA-6 | SA-6 |
LA-1300863 | Performance Guarantees – 787-10 Block A Aircraft | SA-2 |
LA-1300864R3 | Performance Guarantees – 787-9 Block B, C, D, and E Aircraft | SA-10 |
LA-1301080R10 | Special Matters – 787-9 Blocks B, C, D, E, and F Aircraft | SA-17 |
LA-1301081R1 | Special Matters – 787-10 Block A Aircraft | SA-10 |
LA-1301082R2 | [*] | SA-7 |
LA-1301083 | Promotional Support – 787-10 Aircraft | SA-2 |
LA-1301084 | [*] | SA-2 |
LA-1302043R1 | [*] | SA-10 |
LA-1302348R1 | [*] | SA-2 |
| LA-1601083 | Special Matters Relating to In-Seat IFE [*] | SA-7 |
| LA-1605597 | [*] | SA-9 |
| LA-1805142 | [*] | SA-10 |
| LA-1805362 | Model 787 Post-Delivery Software and Data Loading | SA-10 |
| LA-1901662 | Installation of Cabin Systems Equipment | SA-13 |
| LA-2104365 | [*] | SA-17 |
| | | | | | | | |
| Table 1B To | Enclosure 2 |
Purchase Agreement No. PA-03659
787-9 Block B Aircraft Delivery, Description, Price and Advance Payments
General Electric GEnx-1B74/75 Engines |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Airframe Model/MTOW: | 787-9 | 553,000 pounds | | | | | Detail Specification: | | | [*] | |
| Engine Model/Thrust: | GENX-1B74/75 | 74,100 pounds | | | | | Airframe Price Base Year/Escalation Formula: | [*] | [*] |
| Airframe Price: | | [*] | | | | | | Engine Price Base Year/Escalation Formula: | [*] | [*] |
| Optional Features: | | [*] | | | | | | | | |
| Sub-Total of Airframe and Features: | [*] | | | | | | Airframe Escalation Data: | | |
| Engine Price (Per Aircraft): | [*] | | | | | | Base Year Index (ECI): | | [*] | |
| Aircraft Basic Price (Excluding BFE/SPE): | [*] | | | | | | Base Year Index (CPI): | | [*] | |
| Buyer Furnished Equipment (BFE) Estimate: | [*] | | | | | | Engine Escalation Data: | | | |
| In-Flight Entertainment (IFE) Estimate: | [*] | | | | | | Base Year Index (ECI): | | [*] | |
| | | | | | | | | Base Year Index (CPI): | | [*] | |
| Refundable Deposit/Aircraft at Proposal Accept: | [*] | | | | | | | | | | |
| | | | | | | | | | | | | |
| | Manufacturer's | Optional | P.A. | | | Escalation | Escalation | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
| Delivery | Number of | Serial | Features | Exhibit | Engine | | Factor | Factor | Adv Payment Base | At Signing | 24 Mos. | 21/18/12/9/6 Mos. | Total |
| Date | Aircraft | Number | Price | A | Selection | Lessee | (Airframe) | (Engine) | Price Per A/P | 1% | 4% | 5% | 30% |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| Total: | 12 | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | |
| | | | | | | | |
| | SA-18 |
HAZ-PA-03659 72147-1F.TXT and 123335-1F.txt | Boeing Proprietary | Page 1 |
| | | | | | | | |
| Table 1B To | Enclosure 3 |
Purchase Agreement No. PA-03659
787-9 Block B Aircraft Delivery, Description, Price and Advance Payments
Roll Royce Trent 1000J Engines |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Airframe Model/MTOW: | 787-9 | 553,000 pounds | | | | | Detail Specification: | | | [*] | |
| Engine Model/Thrust: | TRENT1000-J | 74,100 pounds | | | | | Airframe Price Base Year/Escalation Formula: | [*] | [*] |
| Airframe Price: | | [*] | | | | | | Engine Price Base Year/Escalation Formula: | [*] | [*] |
| Optional Features: | | [*] | | | | | | | | |
| Sub-Total of Airframe and Features: | [*] | | | | | | Airframe Escalation Data: | | |
| Engine Price (Per Aircraft): | [*] | | | | | | Base Year Index (ECI): | | [*] | |
| Aircraft Basic Price (Excluding BFE/SPE): | [*] | | | | | | Base Year Index (CPI): | | [*] | |
| Buyer Furnished Equipment (BFE) Estimate: | [*] | | | | | | Engine Escalation Data: | | | |
| In-Flight Entertainment (IFE) Estimate: | [*] | | | | | | Base Year Index (ECI): | | [*] | |
| | | | | | | | | Base Year Index (CPI): | | [*] | |
| Refundable Deposit/Aircraft at Proposal Accept: | [*] | | | | | | | | | | |
| | | | | | | | | | | | | |
| | Manufacturer's | Optional | P.A. | | | Escalation | Escalation | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
| Delivery | Number of | Serial | Features | Exhibit | Engine | | Factor | Factor | Adv Payment Base | At Signing | 24 Mos. | 21/18/12/9/6 Mos. | Total |
| Date | Aircraft | Number | Price | A | Selection | Lessee | (Airframe) | (Engine) | Price Per A/P | 1% | 4% | 5% | 30% |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| Total: | 8 | | | | | | | | | | | | |
| | | | | | | | |
| | SA-18 |
| HAZ-PA-03659 72147-1F.TXT | Boeing Proprietary | Page 1 |
| | | | | | | | |
| Table 1C To | Enclosure 3 |
Purchase Agreement No. PA-03659
787-10 Block A Aircraft Delivery, Description, Price and Advance Payments
General Electric Engines |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Airframe Model/MTOW: | 787-10 | 553000 pounds | | | | | | Detail Specification: | [*] | |
| Engine Model/Thrust: | GENX-1B74/75 | 74100 pounds | | | | | | Airframe Price Base Year/Escalation Formula: | [*] | [*] |
| Airframe Price: | | [*] | | | | | | | Engine Price Base Year/Escalation Formula: | [*] | [*] |
| Optional Features: | | [*] | | | | | | | | | |
| Sub-Total of Airframe and Features: | [*] | | | | | | | Airframe Escalation Data: | | |
| Engine Price (Per Aircraft): | [*] | | | | | | | Base Year Index (ECI): | [*] | |
| Aircraft Basic Price (Excluding BFE/SPE): | [*] | | | | | | | Base Year Index (CPI): | [*] | |
| Buyer Furnished Equipment (BFE) Estimate: | [*] | | | | | | | Engine Escalation Data: | | |
| In-Flight Entertainment (IFE) Estimate: | [*] | | | | | | | Base Year Index (ECI): | [*] | |
| | | | | | | | | | Base Year Index (CPI): | [*] | |
| Refundable Deposit/Aircraft at Proposal Accept: | [*] | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | Manufacturer's | | Optional | P.A. | | | Escalation | Escalation | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
| Delivery | Number of | Serial | Lessee | Features | Exhibit | Engine | Engine | Factor | Factor | Adv Payment Base | At Signing | 24/21 Mos. | 18/12/9/6 Mos. | Total |
| Date | Aircraft | Number | | Price | A | Selection | Price | (Airframe) | (Engine) | Price Per A/P | 2% | 4% | 5% | 30% |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| Total: | 18 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | |
| | SA-18 |
| HAZ-PA-03659 63946-1F.TXT | Boeing Proprietary | Page 1 |
| | | | | | | | |
| Table 1C To | Enclosure 4 |
Purchase Agreement No. PA-03659
787-10 Block A Aircraft Delivery, Description, Price and Advance Payments
Rolls Royce Trent 1000-J Engines |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Airframe Model/MTOW: | 787-10 | 553000 pounds | | | | | Detail Specification: | | [*] | |
| Engine Model/Thrust: | TRENT1000-J | 74100 pounds | | | | | Airframe Price Base Year/Escalation Formula: | [*] | [*] | |
| Airframe Price: | | [*] | | | | | | Engine Price Base Year/Escalation Formula: | [*] | [*] | |
| Optional Features: | | [*] | | | | | | | | | |
| Sub-Total of Airframe and Features: | [*] | | | | | | Airframe Escalation Data: | | | |
| Engine Price (Per Aircraft): | [*] | | | | | | Base Year Index (ECI): | | [*] | | |
| Aircraft Basic Price (Excluding BFE/SPE): | [*] | | | | | | Base Year Index (CPI): | | [*] | | |
| Buyer Furnished Equipment (BFE) Estimate: | [*] | | | | | | Engine Escalation Data: | | | | |
| In-Flight Entertainment (IFE) Estimate: | [*] | | | | | | Base Year Index (ECI): | | [*] | | |
| | | | | | | | | Base Year Index (CPI): | | [*] | | |
| Refundable Deposit/Aircraft at Proposal Accept: | [*] | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | Manufacturer's | | Optional | P.A. | | | Escalation | Escalation | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
| Delivery | Number of | Serial | Lessee | Features | Exhibit | Engine | Engine | Factor | Factor | Adv Payment Base | At Signing | 24/21 Mos. | 18/12/9/6 Mos. | Total |
| Date | Aircraft | Number | | Price | A | Selection | Price | (Airframe) | (Engine) | Price Per A/P | 2% | 4% | 5% | 30% |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | | | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | | | | | | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| | | | | | | | | | | | | | |
| Total: | 23 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | |
| | SA-18 |
| HAZ-PA-03659 63946-1F.TXT | Boeing Proprietary | Page 1 |
| | | | | | | | |
| Table 1F To | Enclosure 5 |
Purchase Agreement No. PA-03659
787-9 Block E Aircraft Delivery, Description, Price and Advance Payments
General Electric Engines |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Airframe Model/MTOW: | 787-9 | | 560,000 pounds | | | Detail Specification: | [*] | | |
| Engine Model/Thrust: | GENX-1B74/75 | 74,100 pounds | | | Airframe Price Base Year/Escalation Formula: | [*] | [*] | |
| Airframe Price: | | | [*] | | | Engine Price Base Year/Escalation Formula1: | [*] | [*] | |
| Optional Features: | | | [*] | | | | | | | | |
| Sub-Total of Airframe and Features: | | [*] | | | Airframe Escalation Data: | | | |
Engine Price (Per Aircraft)1: | | [*] | | | Base Year Index (ECI): | [*] | | |
| Aircraft Basic Price (Excluding BFE/SPE): | [*] | | | Base Year Index (CPI): | [*] | | |
| Buyer Furnished Equipment (BFE) Estimate: | [*] | | | Engine Escalation Data: | | | |
| In-Flight Entertainment (IFE) Estimate: | [*] | | | Base Year Index (ECI): | [*] | | |
| | | | | | | Base Year Index (CPI): | [*] | | |
| Deposit per Aircraft: | | [*] | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Number | Escalation | Escalation | Manufacturer | P.A. | | Escalation Estimate | Engine | Engine | Engine | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
| Delivery | of | Factor | Factor | Serial | Ex | Lessee | Adv Payment Base | Thrust | Price2 | Baseyear3 | At Signing | 24 Mos. | 21/18/15/12 Mos. | Total |
| Date | Aircraft | (Airframe) | (Engine) | Number | A | | Price Per A/P | Selection | | | 1% | 4% | 5% | 25% |
| [*] | [*] | [*] | [*] | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | [*] | [*] | [*] | | | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | [*] | [*] | [*] | | | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | [*] | [*] | [*] | | | [*] | [*] | [*] | [*] |
| | | | | | | | | | | | | | |
| Total: | 3 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | |
| | SA-18 |
| HAZ-PA-03659 110415-1F.txt | Boeing Proprietary | Page 1 |
| | | | | | | | |
| Table 1F To | Enclosure 6 |
Purchase Agreement No. PA-03659
787-9 Block E Aircraft Delivery, Description, Price and Advance Payments
Rolls-Royce Engines |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Airframe Model/MTOW: | 787-9 | | 560,000 pounds | | | Detail Specification: | [*] | | |
| Engine Model/Thrust: | TRENT1000-J | 74,100 pounds | | | Airframe Price Base Year/Escalation Formula: | [*] | [*] | |
| Airframe Price: | | | [*] | | | Engine Price Base Year/Escalation Formula1: | [*] | [*] | |
| Optional Features: | | | [*] | | | | | | | | |
| Sub-Total of Airframe and Features: | | [*] | | | Airframe Escalation Data: | | | |
Engine Price (Per Aircraft)1: | | [*] | | | Base Year Index (ECI): | [*] | | |
| Aircraft Basic Price (Excluding BFE/SPE): | [*] | | | Base Year Index (CPI): | [*] | | |
| Buyer Furnished Equipment (BFE) Estimate: | [*] | | | Engine Escalation Data: | | | |
| In-Flight Entertainment (IFE) Estimate: | [*] | | | Base Year Index (ECI): | [*] | | |
| Deposit per Aircraft: | | [*] | | | Base Year Index (CPI): | [*] | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Number | Escalation | Escalation | Manufacturer | P.A. | | Escalation Estimate | Engine | Engine | Engine | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
| Delivery | of | Factor | Factor | Serial | Ex | Lessee | Adv Payment Base | Thrust | Price2 | Baseyear3 | At Signing | 24 Mos. | 21/18/15/12 Mos. | Total |
| Date | Aircraft | (Airframe) | (Engine) | Number | A | | Price Per A/P | Selection | | | 1% | 4% | 5% | 25% |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | | [*] | | | | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | | [*] | | | | [*] | [*] | [*] | [*] |
| [*] | [*] | [*] | [*] | [*] | | | [*] | | | | [*] | [*] | [*] | [*] |
| Total: | 3 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [*] | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | |
| | SA-18 |
| HAZ-PA-03659 110418-1F.txt | Boeing Proprietary | Page 1 |
HAZ/[*] 787-9 AIRCRAFT CONFIGURATION
between
THE BOEING COMPANY
and
AIR LEASE CORPORATION
Exhibit A9
to Purchase Agreement Number PA-03659
| | | | | | | | |
| HAZ-PA-03659-EXA9 | | Page 1 |
| BOEING PROPRIETARY | SA-18 |
Exhibit A9
AIRCRAFT CONFIGURATION
Dated , 2024
relating to
BOEING MODEL 787-9 AIRCRAFT
The Detail Specification is Boeing document number [*]. The Detail Specification provides further description of the configuration set forth in this Exhibit A9. Such Detail Specification will be comprised of Boeing configuration specification [*]. As soon as practicable, Boeing will furnish to Customer copies of the Detail Specification, which copies will reflect [*].
| | | | | | | | |
| HAZ-PA-03659-EXA9 | | Page 2 |
| BOEING PROPRIETARY | SA-18 |
| | | | | | | | |
| BOEING PROPRIETARY | Enclosure 7 |
| | | | | | | | |
| Exhibit A9 To |
| Purchase Agreement No. PA-03659 |
| [*] | | |
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| BOEING PROPRIETARY | |
| Page 1 of 3 | |
| | | | | | | | |
| BOEING PROPRIETARY | Enclosure 7 |
| | | | | | | | |
| BOEING PROPRIETARY | |
| Page 2 of 3 | |
| | | | | | | | |
| BOEING PROPRIETARY | Enclosure 7 |
| | | | | | | | |
| BOEING PROPRIETARY | |
| Page 3 of 3 | |
HAZ/[*] 787-10 AIRCRAFT CONFIGURATION
between
THE BOEING COMPANY
and
AIR LEASE CORPORATION
Exhibit A10
to Purchase Agreement Number PA-03659
| | | | | | | | |
| HAZ-PA-03659-EXA10 | | Page 1 |
| BOEING PROPRIETARY | SA-18 |
Exhibit A10
AIRCRAFT CONFIGURATION
Dated , 2024
relating to
BOEING MODEL 787-10 AIRCRAFT
The Detail Specification is Boeing document number [*]. The Detail Specification provides further description of the configuration set forth in this Exhibit A10. Such Detail Specification will be comprised of Boeing configuration specification [*]. As soon as practicable, Boeing will furnish to Customer copies of the Detail Specification, which copies will reflect [*].
| | | | | | | | |
| HAZ-PA-03659-EXA10 | | Page 2 |
| BOEING PROPRIETARY | SA-18 |
| | | | | | | | |
| BOEING PROPRIETARY | Enclosure 8 |
| | | | | | | | |
| Exhibit A10 to |
| Purchase Agreement No. PA-03659 |
| [*] | | |
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| P.A. 03659 | BOEING PROPRIETARY | Page 1 of 3 |
| | | | | | | | |
| BOEING PROPRIETARY | Enclosure 8 |
| | | | | | | | |
| P.A. 03659 | BOEING PROPRIETARY | Page 2 of 3 |
| | | | | | | | |
| BOEING PROPRIETARY | Enclosure 8 |
| | | | | | | | |
| P.A. 03659 | BOEING PROPRIETARY | Page 3 of 3 |
| | | | | | | | | | | |
| | Enclosure 9 |
| The Boeing Company
P.O. Box 3707
Seattle, WA 98124-2207 |
HAZ-PA-03659-LA-1104720R14
Air Lease Corporation
2000 Avenue of the Stars, Suite 1000N
Los Angeles, CA 90067
Subject: Advance Payment Matters
Reference: Purchase Agreement No. PA-03659 (Purchase Agreement) between The Boeing Company (Boeing) and Air Lease Corporation (Customer) relating to Model 787-9 and 787-10 aircraft (collectively, the Aircraft)
This letter agreement (Letter Agreement) cancels and supersedes letter agreement HAZ-PA-03659-LA-1104720R13 and amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.
The Purchase Agreement incorporates the terms and conditions of HAZ-AGTA (AGTA) between Boeing and Customer. This Letter Agreement modifies certain terms and conditions of the AGTA with respect to the Aircraft.
1.Alternative Fixed Advance Payment Schedule.
1.1.Notwithstanding the Aircraft advance payment schedule provided in Table 1 of the Purchase Agreement Customer may elect to pay an alternative fixed advance payment schedule for the respective Aircraft, as set forth in the table below (Alternative Fixed Advance Payment Schedule).
1.2.Alternative Fixed Advance Payment Schedule – 787-9 Block A Aircraft.
[*]
1.3.Alternative Fixed Advance Payment Schedule – 787-9 Block B Aircraft.
[*]
1.4.Alternative Fixed Advance Payment Schedule – 787-9 Block C, 787-9 Block D Aircraft and 787-9 Block E Aircraft.
[*]
| | | | | | | | |
HAZ-PA-03659 LA-1104720R14 | | SA-18 |
| Advance Payment Matters | | LA Page 1 |
| BOEING PROPRIETARY | |
1.5.Alternative Fixed Advance Payment Schedule – 787-10 Block A Aircraft.
[*]
1.6.Alternative Fixed Advance Payment Schedule – 787-9 Block F Aircraft.
[*]
2.[*]
3.[*]
4.[*]
5.Confidentiality.
Customer understands and agrees that the information contained herein represents confidential business information of Boeing and has value precisely because it is not available generally or to other parties. Customer agrees to limit the disclosure of its contents to (a) its directors and officers, (b) employees of Customer with a need to know the contents for performing its obligations (including, without limitation, those employees performing accounting, finance, administration and other functions necessary to finance and purchase, deliver or lease the Aircraft) and who understand they are not to disclose its contents to any other person or entity (other than those to whom disclosure is permitted by this paragraph 5), without the prior written consent of Boeing and (c) any auditors, financial advisors, attorneys and independent contractors of Customer who have a need to know such information and have signed a confidentiality agreement in the same form and substance similar to this paragraph 5. Customer shall be fully responsible to Boeing for compliance with such obligations.
6.Assignment.
Notwithstanding any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s taking title to the Aircraft at the time of delivery and leasing the Aircraft and cannot be assigned in whole or, in part.
If the foregoing correctly sets forth your understanding of our agreement with respect to the matters treated above, please indicate your acceptance and approval below.
| | | | | | | | |
HAZ-PA-03659 LA-1104720R14 | | SA-18 |
| Advance Payment Matters | | LA Page 2 |
| BOEING PROPRIETARY | |
Very truly yours,
| | | | | | | | | | | |
| THE BOEING COMPANY |
| By |
Matthew Cram |
|
| Its | Attorney-In-Fact |
|
| ACCEPTED AND AGREED TO this |
|
| Date: | September 5th, 2024 | |
|
| AIR LEASE CORPORATION |
|
| By | Grant Levy |
|
| Its | Executive Vice President |
| | | | | | | | |
HAZ-PA-03659 LA-1104720R14 | | SA-18 |
| Advance Payment Matters | | LA Page 3 |
| BOEING PROPRIETARY | |
EXHIBIT 10.3
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
AMENDMENT N°3
TO THE
[*] AGREEMENT
AMONG
AIRBUS S.A.S.
and
AIRBUS CANADA LIMITED PARTNERSHIP
and
AIR LEASE CORPORATION
[*]
| | | | | | | | |
| ALC – Amendment N°3 to [*] Agreement | | |
| Ref. CT2404170 | | Page 1/4 |
This amendment n°3 (the “Amendment N°3”) dated 24 July, 2024 is made
AMONG:
AIRBUS S.A.S., a French société par actions simplifiée, with its registered office at 2, rond-point Emile Dewoitine, 31700 Blagnac, France, registered with the Commercial and Companies Register of Toulouse under number 383 474 814 (“Airbus S.A.S.”),
and
AIRBUS CANADA LIMITED PARTNERSHIP, duly acting and represented by its managing general partner, AIRBUS CANADA MANAGING GP INC., having its registered office at 13100 Boulevard Henri Fabre, Mirabel, QC, Canada J7N 3C6 and includes its successors and assigns (“Airbus Canada”),
and
AIR LEASE CORPORATION, a corporation organised and existing under the laws of the State of Delaware, U.S.A., having its principal place of business at 2000 Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (“ALC”).
Airbus S.A.S. and Airbus Canada together are referred to as “Airbus”.
Airbus, Airbus Canada and ALC together are referred to as the “Parties” and individually as a “Party”.
WHEREAS:
A.[*]
B.[*]
C.[*]
D.[*]
E.[*]
F.On 20 June 2023, ALC and Airbus entered into a [*] with reference CLC-CT2305048 for [*], referred to as the “[*] Agreement”.
G.On 29 February 2024, ALC and Airbus entered into Amendment N°1 to the [*] Agreement in order to, [*].
H.On 15 April 2024, ALC and Airbus entered into Amendment N°2 to the [*] Agreement in order to, [*].
I.The Parties now wish to enter into this Amendment N°3 in order to [*].
NOW IT IS HEREBY AGREED AS FOLLOWS:
| | | | | | | | |
| ALC – Amendment N°3 to [*] Agreement | | |
| Ref. CT2404170 | | Page 2/4 |
1[*]
2INCONSISTENCY AND CONFIDENTIALITY
2.1In the event of any inconsistency between the terms and conditions of the [*] Agreement and those of this Amendment N°3, the latter shall prevail to the extent of such inconsistency, whereas the part of the [*] Agreement not concerned by such inconsistency shall remain in full force and effect.
2.2This Amendment N°3 reflects the understandings, commitments, agreements, representations and negotiations related to the matters set forth herein whatsoever, oral and written, and may not be varied except by an instrument in writing of even date herewith or subsequent hereto executed by the duly authorised representatives of the Parties.
2.3This Amendment N°3 shall be treated by the Parties as confidential and shall not be released in whole or in part to any third party without the prior consent of the other Parties except as may be required by law, or to professional advisors for the implementation hereof.
3COUNTERPARTS
This Amendment N°3 may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
4LAW AND JURISDICTION
This Amendment N°3 will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 4 of the [*] Agreement shall apply to this Amendment N°3 as if the same were set out in full herein, mutatis mutandis.
| | | | | | | | |
| ALC – Amendment N°3 to [*] Agreement | | |
| Ref. CT2404170 | | Page 3/4 |
IN WITNESS WHEREOF this Amendment N°3 was entered into the day and year first above written.
| | | | | | | | | | | | | | |
For and on behalf of | | For and on behalf of |
| | | | |
| | | | |
| | | | |
AIRBUS S.A.S. | | AIRBUS CANADA LIMITED PARTNERSHIP |
| | | duly acting and represented by its managing |
| | | general partner, |
| | | AIRBUS CANADA MANAGING GP INC. |
| | | | |
| | | | |
| /s/ Paul Domejean | | /s/ Benoît Schultz |
| | | | |
By: Paul Domejean | | By: Benoît Schultz |
| | | | |
Its: HO Transaction Offering Commercial Transactions | | Its: CEO |
For and on behalf of
AIR LEASE CORPORATION
By: Grant Levy
Its: Executive Vice President
| | | | | | | | |
| ALC – Amendment N°3 to [*] Agreement | | |
| Ref. CT2404170 | | Page 4/4 |
EXHIBIT 10.4
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
[*] AGREEMENT
AMONG
AIRBUS S.A.S.
and
AIR LEASE CORPORATION
[*]
| | | | | | | | |
| [*] Agreement | | |
| Ref. CT2405364 | | Page 1/4 |
This [*] Agreement (the “[*] Agreement”) dated 24 July, 2024 is made
AMONG:
AIRBUS S.A.S., a French société par actions simplifiée, with its registered office at 2, rond-point Emile Dewoitine, 31700 Blagnac, France, registered with the Commercial and Companies Register of Toulouse under number 383 474 814 (“the Seller”),
and
AIR LEASE CORPORATION, a corporation organised and existing under the laws of the State of Delaware, U.S.A., having its principal place of business at 2000 Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (“the Buyer”).
The Seller and the Buyer together are referred to as the “Parties” and individually as a “Party”.
WHEREAS:
A.[*]
B.The Parties agree that Airbus now wish to enter into this [*] Agreement, as per provisions set forth herein.
NOW IT IS HEREBY AGREED AS FOLLOWS:
| | | | | | | | |
| [*] Agreement | | |
| Ref. CT2405364 | | Page 2/4 |
1DEFINITIONS
The following terms used herein shall have the meanings assigned thereto:
[*]
The terms “herein”, “hereof” and “hereunder” and words of similar import refer to this [*] Agreement. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.
2[*]
3[*]
4ASSIGNMENT
The provisions of Clause 21 of the Agreement shall apply to this [*] Agreement as if the same were set out in full herein, mutatis mutandis.
5LAW AND JURISDICTION
This [*] Agreement will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 22.6 of the Purchase Agreement shall apply to this [*] Agreement as if the same were set out in full herein, mutatis mutandis.
| | | | | | | | |
| [*] Agreement | | |
| Ref. CT2405364 | | Page 3/4 |
If the foregoing correctly sets forth our understanding, please execute two (2) originals in the space provided below and return one (1) original of this [*] Agreement to the Seller.
| | | | | | | | | | | | | | |
For and on behalf of | | For and on behalf of |
| | | | |
| | | | |
| | | | |
AIR LEASE CORPORATION | | AIRBUS S.A.S. |
| | | | |
| | | | |
| /s/ Grant Levy | | /s/ Paul Domejean |
| | | | |
By: Grant Levy | | By: Paul Domejean |
| | | | |
Its: Executive Vice President | | Its: HO Transaction Offering |
| | | | | | | | |
| [*] Agreement | | |
| Ref. CT2405364 | | Page 4/4 |
EXHIBIT 10.5
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
AMENDMENT N°12
TO THE
A220 PURCHASE AGREEMENT
BETWEEN
AIRBUS CANADA LIMITED PARTNERSHIP
as the Seller
AND
AIR LEASE CORPORATION
as the Buyer
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 1/8 |
This amendment N°12 (the “Amendment N°12”) is made on the 24 day of July 2024,
BETWEEN:
AIRBUS CANADA LIMITED PARTNERSHIP, duly acting and represented by its managing general partner, AIRBUS CANADA MANAGING GP INC., having its registered office at 13100 Boulevard Henri Fabre, Mirabel, QC, Canada J7N 3C6 (the “Seller”)
AND:
AIR LEASE CORPORATION, a corporation organised and existing under the Iaws of the State of Delaware, U.S.A., having its principal place of business at 2000 Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (the “Buyer”).
The Buyer and Seller together are referred to as the “Parties” and individually as a “Party”.
WHEREAS
A.On 20 December 2019 the Buyer and the Seller have signed a purchase agreement with reference CLC-CT1906081 for the manufacture and sale by the Seller and purchase by the Buyer of certain A220 Aircraft hereinafter together with its Annexes and Letter Agreements referred to as the “Purchase Agreement”.
B.On 31 August 2020 the Buyer and the Seller entered into Amendment N°1 to the Purchase Agreement in order to [*].
C.On 06 April 2021, the Parties entered into Amendment N°2 in order to [*].
D.On 03 June 2021, the Parties entered into Amendment N°3 in order to [*].
E.On 20 December 2022, the Parties entered into Amendment N°4 in order to, among other things, (i) provide for the manufacture and sale by the Seller and purchase by the Buyer of twenty-four (24) Purchase Right Aircraft and one (1) incremental A220 Aircraft, and [*].
F.On 25 March 2022, the Parties entered into Amendment N°5 in order to [*].
G.On 15 July 2022, the Parties entered into Amendment N°6 in order to [*].
H.On 31 August 2022, the Parties entered into Amendment N°7 in order to [*].
I.On 03 October 2022, the Parties entered into Amendment N°8 in order to [*].
J.On 06 July 2023, the Parties entered into Amendment N°9 in order to [*].
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 2/8 |
K.On 29 February 2024, the Parties entered into Amendment N°10 in order to [*].
L.On 22 May 2024, the Parties entered into Amendment N°11 in order to [*].
The Purchase Agreement as amended and supplemented pursuant to the foregoing shall be referred to as the “Agreement”.
M.The Parties now wish to enter into this Amendment N°12 in order to [*].
The terms “herein”, “hereof” and “hereunder” and words of similar import refer to this Amendment N°12. Capitalized terms used herein and not otherwise defined herein will have the meanings assigned thereto in the Agreement.
NOW IT IS HEREBY AGREED AS FOLLOWS:
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 3/8 |
1DEFINITIONS
The following definitions shall be added to Clause 1 of the Agreement:
[*]
2[*]
3DELIVERY SCHEDULE
3.1By virtue of the changes contemplated in clauses 2.2 and 2.3 herein, the table in Schedule 2 of the Agreement is hereby deleted in its entirety and replaced by the table set forth in Appendix 1 hereto.
3.2The Scheduled Delivery Months in respect of the Aircraft as set forth in Appendix 1 hereto [*].
3.3[*]
4[*]
5INCONSISTENCY AND CONFIDENTIALITY
5.1In the event of any inconsistency between the terms and conditions of the Agreement and those of this Amendment N°12, the latter shall prevail to the extent of such inconsistency, whereas the part of the Agreement not concerned by such inconsistency shall remain in full force and effect.
5.2This Amendment N°12 reflects the understandings, commitments, agreements, representations and negotiations related to the matters set forth herein whatsoever, oral and written, and may not be varied except by an instrument in writing of even date herewith or subsequent hereto executed by the duly authorised representatives of both Parties.
5.3This Amendment N°12 shall be treated by both Parties as confidential and shall not be released in whole or in part to any third party without the prior consent of the other Party except as may be required by law, or to professional advisors for the implementation hereof.
6COUNTERPARTS
This Amendment N°12 may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 4/8 |
7LAW AND JURISDICTION
This Amendment N°12 will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 21 of the Agreement shall apply to this Amendment N°12 as if the same were set out in full herein, mutatis mutandis.
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 5/8 |
IN WITNESS WHEREOF this Amendment N°12 has been entered into on the date first written above.
AIRBUS CANADA LIMITED PARTNERSHIP,
duly acting and represented by its managing general partner,
AIRBUS CANADA MANAGING GP INC.,
| | | | | |
Per: | /s/ Benoit Schultz |
Name: | Benoit Schultz |
Title: | CEO |
AIR LEASE CORPORATION
| | | | | |
Per: | /s/ Grant Levy |
Name: | Grant Levy |
Title: | Executive Vice President |
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 6/8 |
APPENDIX 1
DELIVERY SCHEDULE
| | | | | | | | | | | | | | |
Aircraft Type | Rank | CAC ID | Scheduled Delivery Month |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 7/8 |
| | | | | | | | | | | | | | |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
[*] | [*] | [*] | [*] | [*] |
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement | |
| Ref. CLC-CT2308998 | | Page 8/8 |
AIR LEASE CORPORATION
2000 Avenue of the Stars, Suite 1000N
Los Angeles, California 90067, U.S.A.
24 July, 2024
Subject: SPECIFIC PROVISIONS
AIR LEASE CORPORATION ("the Buyer") and AIRBUS CANADA LIMITED PARTNERSHIP ("the Seller") have entered into an Amendment N°12 dated even date herewith (the “Amendment”) to the A220 Purchase Agreement dated as of December 20, 2019 as further amended and supplemented from time to time ("the Agreement") [*]. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°1 to the Amendment (the “Letter Agreement”) certain additional terms and conditions regarding certain Aircraft.
Capitalized terms used herein and not otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement and the Amendment.
Both parties agree that this Letter Agreement, upon execution thereof, shall constitute an integral, nonseverable part of said Agreement and shall be governed by all its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement – Letter Agreement N°1 |
| Ref. CLC- CT2308998 | | Page 1/3 |
1[*]
2[*]
3[*]
4[*]
5.MISCELLANEOUS
5.1Inconsistencies
In the event of any inconsistency between the terms of this Letter Agreement and the terms of the Agreement, the terms of this Letter Agreement shall prevail over the terms of the Agreement to the extent of such inconsistency, whereas the part of the Agreement not concerned by such inconsistency shall remain in full force and effect.
5.2Assignment
Notwithstanding any other provision of this Letter Agreement or of the Agreement, this Letter Agreement and the rights and obligations of the Buyer herein shall not be assigned or transferred in any manner, and any attempted assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect.
5.3Confidentiality
This Letter Agreement (and its existence) shall be treated by both parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other party. In particular, each party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other party.
5.4Law and jurisdiction
This Letter Agreement shall be governed by, and construed in accordance with, the laws of the state of New York, United States of America and the provisions of Clause 21 of the Agreement shall apply to this Letter Agreement.
5.5Counterparts
This Letter Agreement may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement – Letter Agreement N°1 |
| Ref. CLC- CT2308998 | | Page 2/3 |
If the foregoing correctly sets forth our understanding, please execute two (2) originals in the space provided below and return one (1) original of this Letter Agreement to the Seller.
| | | | | | | | | | | | | | |
| Agreed and Accepted | | Agreed and Accepted |
| | | | |
For and on behalf of | | For and on behalf of |
| | | | |
| | | | |
| | | | |
AIR LEASE CORPORATION | | AIRBUS CANADA LIMITED PARTNERSHIP |
| | | by its managing general partner, |
| | | AIRBUS CANADA MANAGING GP INC. |
| | | | |
| | | | |
| | | | |
| | | | |
By: Grant Levy | | By: Benoît Schultz |
| | | | |
Its: Executive Vice President | | Its: CEO |
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement – Letter Agreement N°1 |
| Ref. CLC- CT2308998 | | Page 3/3 |
AIR LEASE CORPORATION
2000 Avenue of the Stars, Suite 1000N
Los Angeles, California 90067, U.S.A.
24 July, 2024
Subject: [*]
AIR LEASE CORPORATION ("the Buyer") and AIRBUS CANADA LIMITED PARTNERSHIP ("the Seller") have entered into an Amendment N°12 dated even date herewith (the “Amendment”) to the A220 Purchase Agreement dated as of December 20, 2019 as further amended and supplemented from time to time ("the Agreement") [*]. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°2 to the Amendment (the “Letter Agreement”) certain additional terms and conditions regarding certain Aircraft.
Capitalized terms used herein and not otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement and the Amendment.
Both parties agree that this Letter Agreement, upon execution thereof, shall constitute an integral, non-severable part of said Agreement and shall be governed by all its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement – Letter Agreement N°2 |
| Ref. CLC- CT2308998 | | Page 1/3 |
1[*]
2MISCELLANEOUS
2.1Inconsistencies
In the event of any inconsistency between the terms of this Letter Agreement and the terms of the Agreement, the terms of this Letter Agreement shall prevail over the terms of the Agreement to the extent of such inconsistency, whereas the part of the Agreement not concerned by such inconsistency shall remain in full force and effect.
2.2Assignment
Notwithstanding any other provision of this Letter Agreement or of the Agreement, this Letter Agreement and the rights and obligations of the Buyer herein shall not be assigned or transferred in any manner, and any attempted assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect.
2.3Confidentiality
This Letter Agreement (and its existence) shall be treated by both parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other party. In particular, each party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other party.
2.4Law and jurisdiction
This Letter Agreement shall be governed by, and construed in accordance with, the laws of the state of New York, United States of America and the provisions of Clause 21 of the Agreement shall apply to this Letter Agreement.
2.5Counterparts
This Letter Agreement may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement – Letter Agreement N°2 |
| Ref. CLC- CT2308998 | | Page 2/3 |
If the foregoing correctly sets forth our understanding, please execute two (2) originals in the space provided below and return one (1) original of this Letter Agreement to the Seller.
| | | | | | | | | | | | | | |
| Agreed and Accepted | | Agreed and Accepted |
| | | | |
For and on behalf of | | For and on behalf of |
| | | | |
| | | | |
| | | | |
AIR LEASE CORPORATION | | AIRBUS CANADA LIMITED PARTNERSHIP |
| | | by its managing general partner, |
| | | AIRBUS CANADA MANAGING GP INC. |
| | | | |
| | | | |
| | | | |
| | | | |
By: Grant Levy | | By: Benoît Schultz |
| | | | |
Its: Executive Vice President | | Its: CEO |
| | | | | | | | |
| ALC – Amendment N°12 to the A220 Purchase Agreement – Letter Agreement N°2 |
| Ref. CLC- CT2308998 | | Page 3/3 |
EXHIBIT 10.6
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
AMENDMENT N°42
TO THE
A320 NEO FAMILY PURCHASE AGREEMENT
BETWEEN
AIRBUS S.A.S.
as Seller
and
AIR LEASE CORPORATION
as Buyer
| | | | | | | | |
| Amendment Nº42 to the ALC A320 NEO Family PA | | |
| Ref. CT2406800 | | Page 1/6 |
AMENDMENT N°42 TO THE
A320 NEO FAMILY PURCHASE AGREEMENT
This amendment N°42 (the “Amendment N°42”) dated 6 September, 2024 is made
BETWEEN:
AIRBUS S.A.S., a société par actions simplifiée, created and existing under French law having its registered office at 2 Rond-Point Emile Dewoitine, 31707 Blagnac-Cedex, France and registered with the Toulouse Registre du Commerce under number RCS Toulouse 383 474 814 (the "Seller"),
and
AIR LEASE CORPORATION, a corporation organised and existing under the laws of the State of Delaware, U.S.A., having its principal place of business at 2000 Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (the “Buyer”).
The Buyer and the Seller together are referred to collectively as the “Parties”, and individually as a “Party”.
WHEREAS:
A.On 10 May 2012, the Buyer and the Seller have signed a purchase agreement with reference CLC-CT1103377 for the manufacture and sale by the Seller and purchase by the Buyer of thirty-six (36) firm A320 NEO Family aircraft hereinafter together with its Exhibits and Letter Agreements referred to as the “Purchase Agreement”.
B.On 28 December 2012, the Buyer and the Seller entered into Amendment N°1 to the Purchase Agreement for the manufacture and sale by the Seller and purchase by the Buyer of fourteen (14) incremental A320 NEO Family aircraft.
C.On 14 July 2014, the Seller and the Buyer entered into Amendment N°2 to the Purchase Agreement in order to [*].
D.On 14 July 2014, the Buyer and the Seller entered into Amendment N°3 to the Purchase Agreement for the manufacture and sale by the Seller and purchase by the Buyer of sixty (60) incremental A320 NEO Family aircraft.
E.On 10 October 2014, the Buyer and the Seller entered into Amendment N°4 to the Purchase Agreement [*].
F.On 03 March 2015, the Buyer and the Seller entered into Amendment N°5 to the Purchase Agreement for the cancellation of sixty (60) Amendment 3 NEO Aircraft and for the manufacture and sale by the Seller and purchase by the Buyer of ninety (90) incremental A321 NEO Family aircraft.
G.On 18 March 2015, the Buyer and the Seller entered into Amendment N°6 to the Purchase Agreement in order to [*].
H.On 09 November 2015, the Buyer and the Seller entered into Amendment N°7 to the Purchase Agreement in order to [*].
I.On 08 January 2016, the Buyer and the Seller entered into Amendment N°8 to the Purchase Agreement in order to [*].
J.On 04 April 2016, the Buyer and the Seller entered into Amendment N°9 to the Purchase Agreement in order to [*].
| | | | | | | | |
| Amendment Nº42 to the ALC A320 NEO Family PA | | |
| Ref. CT2406800 | | Page 2/6 |
K.On 12 April 2016, the Buyer and the Seller entered into Amendment N°10 to the Purchase Agreement in order to [*].
L.On 02 June 2016, the Buyer and the Seller entered into Amendment N°11 to the Purchase Agreement in order to [*].
M.On 17 August 2016, the Buyer and the Seller entered into Amendment N°12 to the Purchase Agreement in order to, [*].
N.On 20 December 2016, the Buyer and the Seller entered into Amendment N°13 to the Purchase Agreement in order to [*].
O.On 03 March 2017, the Buyer and the Seller entered into Amendment N°14 to the Purchase Agreement in order to [*].
P.On 10 April 2017, the Buyer and the Seller entered into Amendment N°15 to the Purchase Agreement in order to [*].
Q.On 19 June 2017, the Buyer and the Seller entered into Amendment N°16 to the Purchase Agreement in order to [*].
R.On 19 June 2017, the Buyer and the Seller entered into Amendment N°17 to the Purchase Agreement in order to provide for the manufacture and sale of twelve (12) incremental A320 NEO Family aircraft.
S.On 12 July 2017, the Buyer and the Seller entered into Amendment N°18 to the Purchase Agreement in order to [*].
T.On 31 July 2017, the Buyer and the Seller entered into Amendment N°19 to the Purchase Agreement in order to [*].
U.On 29 September 2017, the Buyer and the Seller entered into Amendment N°20 to the Purchase Agreement in order to [*].
V.On 27 December 2017, the Buyer and the Seller entered into Amendment N°21 to the Purchase Agreement in order to provide for the manufacture and sale of six (6) incremental A320 NEO Family Aircraft.
W.On 16 February 2018, the Buyer and the Seller entered into Amendment N°22 to the Purchase Agreement in order to [*].
X.On 31 December 2018, the Buyer and the Seller entered into Amendment N°23 to the Purchase Agreement in order to [*].
Y.On 18 October 2019, the Buyer and the Seller entered into Amendment N°24 to the Purchase Agreement in order to [*].
Z.On 20 December 2019, the Buyer and the Seller entered into Amendment N°25 to the Purchase Agreement in order to cover (i) the manufacture and sale by the Seller and purchase by the Buyer of twenty-five (25) incremental A321 NEO Aircraft; (ii) the manufacture and sale by the Seller and purchase by the Buyer of twenty-seven (27) A321XLR Aircraft; and [*].
AA.On 07 April 2020, the Buyer and the Seller entered into Amendment N°26 to the Purchase Agreement in order to [*].
AB.On 31 August 2020, the Buyer and the Seller entered into Amendment N°27 to the Purchase Agreement in order to [*].
AC.On 22 December 2020, the Buyer and the Seller entered into Amendment N°28 to the Purchase Agreement in order to [*].
AD.On 24 December 2020, the Buyer and the Seller entered into Amendment N°29 to the Purchase Agreement in order to [*].
| | | | | | | | |
| Amendment Nº42 to the ALC A320 NEO Family PA | | |
| Ref. CT2406800 | | Page 3/6 |
AE.On 28 April 2021, the Buyer and the Seller entered into Amendment N°30 to the Purchase Agreement in order to [*].
AF.On 03 June 2021, the Buyer and the Seller entered into Amendment N°31 to the Purchase Agreement in order to, among other things, provide for the manufacture and sale by the Seller and purchase by the Buyer of one (1) incremental A321 NEO Aircraft.
AG.On 31 July 2021, the Buyer and the Seller entered into Amendment N°32 to the Purchase Agreement in order to [*].
AH.On 20 December 2021, the Buyer and the Seller entered into Amendment N°33 to the Purchase Agreement in order to [*].
AI.On 20 December 2021, the Buyer and the Seller entered into Amendment N°34 to the Purchase Agreement in order to, among other things cover the manufacture and sale by the Seller and purchase by the Buyer of (i) fifty-nine (59) incremental A321 NEO Aircraft, and (ii) twenty (20) incremental A321XLR Aircraft.
AJ.On 03 February 2022, the Buyer and the Seller entered into Amendment N°35 to the Purchase Agreement in order to [*].
AK.On 25 March 2022, the Buyer and the Seller entered into Amendment N°36 to the Purchase Agreement in order to [*].
AL.On 16 June 2022, the Buyer and the Seller entered into Amendment N°37 to the Purchase Agreement in order to [*].
AM.On 03 October 2022, the Buyer and the Seller entered into Amendment N°38 to the Purchase Agreement in order to [*].
AN.On 29 February 2024, the Buyer and the Seller entered into Amendment N°39 to the Purchase Agreement in order to [*].
AO.On 15 April 2024, the Buyer and the Seller entered into Amendment N°40 to the Purchase Agreement in order to [*].
AP.On 24 July 2024, the Buyer and the Seller entered into Amendment N°41 to the Purchase Agreement in order to [*].
The Purchase Agreement as amended and supplemented pursuant to the foregoing shall be referred to as the “Agreement”.
AQ.The Parties now wish to enter into this Amendment N°42 in order to [*].
The terms “herein”, “hereof” and “hereunder” and words of similar import refer to this Amendment N°42. Capitalized terms used herein and not otherwise defined herein will have the meanings assigned thereto in the Agreement.
NOW IT IS HEREBY AGREED AS FOLLOWS:
| | | | | | | | |
| Amendment Nº42 to the ALC A320 NEO Family PA | | |
| Ref. CT2406800 | | Page 4/6 |
1[*]
2INCONSISTENCY AND CONFIDENTIALITY
2.1In the event of any inconsistency between the terms and conditions of the Agreement and those of this Amendment N°42, the latter shall prevail to the extent of such inconsistency, whereas the part of the Agreement not concerned by such inconsistency shall remain in full force and effect.
2.2This Amendment N°42 reflects the understandings, commitments, agreements, representations and negotiations related to the matters set forth herein whatsoever, oral and written, and may not be varied except by an instrument in writing of even date herewith or subsequent hereto executed by the duly authorised representatives of both Parties.
2.3This Amendment N°42 shall be treated by both Parties as confidential and shall not be released in whole or in part to any third party without the prior consent of the other Party except as may be required by law, or to professional advisors for the implementation hereof.
3COUNTERPARTS
This Amendment N°42 may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
4LAW AND JURISDICTION
This Amendment N°42 will be governed by and construed and the performance thereof will be determined in accordance with the laws of the State of New York, without giving effect to its conflicts of laws provisions that would result in the application of the law of any other jurisdiction.
The other provisions of Clause 22.6 of the Agreement shall apply to this Amendment N°42 as if the same were set out in full herein, mutatis mutandis.
| | | | | | | | |
| Amendment Nº42 to the ALC A320 NEO Family PA | | |
| Ref. CT2406800 | | Page 5/6 |
IN WITNESS WHEREOF this Amendment N°42 was entered into the day and year first above written.
| | | | | | | | |
For and on behalf of | | For and on behalf of |
| | |
| | |
| | |
| | |
| | |
AIR LEASE CORPORATION | | AIRBUS S.A.S. |
| | |
| | |
| | |
/s/ Grant Levy | | /s/ Paul Meijers |
| | |
By: Grant Levy | | By: Paul Meijers |
| | |
Its: Executive Vice President | | Its: Executive Vice President Commercial Transactions |
| | | | | | | | |
| Amendment Nº42 to the ALC A320 NEO Family PA | | |
| Ref. CT2406800 | | Page 6/6 |
EXHIBIT 31.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES‑OXLEY ACT OF 2002
I, John L. Plueger, certify that:
1. I have reviewed this Quarterly Report on Form 10‑Q of Air Lease Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)), for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2024
| | | | | | | | |
| | /s/ John L. Plueger |
| | John L. Plueger Chief Executive Officer and President (Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES‑OXLEY ACT OF 2002
I, Gregory B. Willis, certify that:
1. I have reviewed this Quarterly Report on Form 10‑Q of Air Lease Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)), for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2024
| | | | | | | | |
| | /s/ Gregory B. Willis |
| | Gregory B. Willis Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002
In connection with the Quarterly Report of Air Lease Corporation (the “Company”) on Form 10‑Q for the quarter ended September 30, 2024 (the “Report”), I, John L. Plueger, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes‑Oxley Act of 2002, that to the best of my knowledge:
(i) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 7, 2024 | | | | | |
| /s/ John L. Plueger |
| John L. Plueger Chief Executive Officer and President (Principal Executive Officer) |
The foregoing certification is being furnished pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and it is not to be incorporated by reference into any filing of the Company, regardless of any general incorporation language in such filing.
EXHIBIT 32.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002
In connection with the Quarterly Report of Air Lease Corporation (the “Company”) on Form 10‑Q for the quarter ended September 30, 2024 (the “Report”), I, Gregory B. Willis, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes‑Oxley Act of 2002, that to the best of my knowledge:
(i) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 7, 2024 | | | | | |
| /s/ Gregory B. Willis |
| Gregory B. Willis Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
The foregoing certification is being furnished pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and it is not to be incorporated by reference into any filing of the Company, regardless of any general incorporation language in such filing.
v3.24.3
Cover Page - shares
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9 Months Ended |
|
Sep. 30, 2024 |
Nov. 05, 2024 |
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AIR LEASE CORPORATION
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DE
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27-1840403
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2000 Avenue of the Stars,
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Suite 1000N
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Los Angeles,
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CA
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NYSE
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v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Cash and cash equivalents |
$ 460,785
|
$ 460,870
|
| Restricted cash |
4,565
|
3,622
|
| Flight equipment subject to operating leases |
33,853,006
|
31,787,241
|
| Less accumulated depreciation |
(5,958,105)
|
(5,556,033)
|
| Flight equipment subject to operating leases, net |
27,894,901
|
26,231,208
|
| Deposits on flight equipment purchases |
1,050,268
|
1,203,068
|
| Other assets |
2,743,310
|
2,553,484
|
| Total assets |
32,153,829
|
30,452,252
|
| Liabilities and Shareholders’ Equity |
|
|
| Accrued interest and other payables |
1,072,033
|
1,164,140
|
| Debt financing, net of discounts and issuance costs |
20,161,860
|
19,182,657
|
| Security deposits and maintenance reserves on flight equipment leases |
1,757,104
|
1,519,719
|
| Rentals received in advance |
129,303
|
143,861
|
| Deferred tax liability |
1,357,832
|
1,281,837
|
| Total liabilities |
24,478,132
|
23,292,214
|
| Shareholders’ Equity |
|
|
| Preferred Stock, $0.01 par value; 50,000,000 shares authorized at each of September 30, 2024 and December 31, 2023; 10,900,000 (aggregate liquidation preference of $1,150,000) shares issued and outstanding at September 30, 2024; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at December 31, 2023 |
109
|
106
|
| Paid-in capital |
3,598,407
|
3,287,234
|
| Retained earnings |
4,079,173
|
3,869,813
|
| Accumulated other comprehensive (loss)/income |
(3,106)
|
1,775
|
| Total shareholders’ equity |
7,675,697
|
7,160,038
|
| Total liabilities and shareholders’ equity |
32,153,829
|
30,452,252
|
| Class A Common Stock |
|
|
| Shareholders’ Equity |
|
|
| Common stock |
1,114
|
1,110
|
| Class B Non‑Voting Common Stock |
|
|
| Shareholders’ Equity |
|
|
| Common stock |
$ 0
|
$ 0
|
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Paragraph 10
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
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-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Section 50
-Paragraph 28
-Subparagraph (f)
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-Section S99
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v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Preferred stock, authorized (in shares) |
50,000,000
|
50,000,000
|
| Preferred stock, issued (in shares) |
10,900,000
|
10,600,000
|
| Preferred stock, outstanding (in shares) |
10,900,000
|
10,600,000
|
| Preferred stock, aggregate liquidation preference |
$ 1,150,000,000
|
$ 850,000,000
|
| Class A Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, authorized (in shares) |
500,000,000
|
500,000,000
|
| Common stock, issued (in shares) |
111,376,884
|
111,027,252
|
| Common stock, outstanding (in shares) |
111,376,884
|
111,027,252
|
| Class B Non‑Voting Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, authorized (in shares) |
10,000,000
|
10,000,000
|
| Common stock, issued (in shares) |
0
|
0
|
| Common stock, outstanding (in shares) |
0
|
0
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
-Paragraph 3
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v3.24.3
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues |
|
|
|
|
| Rental of flight equipment |
$ 625,180
|
$ 604,027
|
$ 1,849,014
|
$ 1,833,533
|
| Revenue from Contract with Customer, Product and Service [Extensible Enumeration] |
Aircraft Sales, Trading And Other [Member]
|
Aircraft Sales, Trading And Other [Member]
|
Aircraft Sales, Trading And Other [Member]
|
Aircraft Sales, Trading And Other [Member]
|
| Aircraft sales, trading and other |
$ 64,984
|
$ 55,337
|
$ 171,748
|
$ 134,876
|
| Total revenues |
690,164
|
659,364
|
2,020,762
|
1,968,409
|
| Expenses |
|
|
|
|
| Interest |
203,092
|
161,769
|
574,691
|
485,555
|
| Amortization of debt discounts and issuance costs |
14,371
|
13,695
|
40,772
|
40,414
|
| Interest expense |
217,463
|
175,464
|
615,463
|
525,969
|
| Depreciation of flight equipment |
290,132
|
267,393
|
849,374
|
795,659
|
| Selling, general and administrative |
44,418
|
42,770
|
137,592
|
136,216
|
| Stock-based compensation expense |
7,919
|
8,719
|
25,031
|
23,330
|
| Total expenses |
559,932
|
494,346
|
1,627,460
|
1,481,174
|
| Income before taxes |
130,232
|
165,018
|
393,302
|
487,235
|
| Income tax expense |
(26,261)
|
(32,568)
|
(78,519)
|
(93,664)
|
| Net income |
103,971
|
132,450
|
314,783
|
393,571
|
| Preferred stock dividends |
(12,325)
|
(10,425)
|
(35,258)
|
(31,275)
|
| Net income attributable to common stockholders, basic |
91,646
|
122,025
|
279,525
|
362,296
|
| Net income attributable to common stockholders, diluted |
91,646
|
122,025
|
279,525
|
362,296
|
| Other comprehensive income/(loss): |
|
|
|
|
| Foreign currency translation adjustment |
(35,976)
|
7,453
|
(2,956)
|
500
|
| Change in fair value of hedged transactions |
31,833
|
(7,629)
|
(3,254)
|
(1,733)
|
| Total tax benefit on other comprehensive income |
886
|
37
|
1,329
|
263
|
| Other comprehensive income/(loss), net of tax |
(3,257)
|
(139)
|
(4,881)
|
(970)
|
| Total comprehensive income attributable for common stockholders |
$ 88,389
|
$ 121,886
|
$ 274,644
|
$ 361,326
|
| Earnings per share of common stock: |
|
|
|
|
| Basic (in dollars per share) |
$ 0.82
|
$ 1.10
|
$ 2.51
|
$ 3.26
|
| Diluted (in dollars per share) |
$ 0.82
|
$ 1.10
|
$ 2.50
|
$ 3.25
|
| Weighted-average shares of common stock outstanding |
|
|
|
|
| Basic (in shares) |
111,376,884
|
111,027,252
|
111,308,222
|
110,997,619
|
| Diluted (in shares) |
111,804,113
|
111,346,799
|
111,801,757
|
111,383,257
|
| Dividends declared per share of common stock (in dollars per share) |
$ 0.21
|
$ 0.20
|
$ 0.63
|
$ 0.60
|
| X |
- DefinitionAmount of amortization expense attributable to debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
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-Topic 505
-SubTopic 10
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v3.24.3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands |
Total |
Class A Common Stock |
Class B Non‑Voting Common Stock |
Preferred Stock |
Common Stock
Class A Common Stock
|
Common Stock
Class B Non‑Voting Common Stock
|
Paid‑in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income/(loss) |
| Beginning balance, preferred stock (in shares) at Dec. 31, 2022 |
|
|
|
10,600,000
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 6,646,363
|
|
|
$ 106
|
$ 1,109
|
$ 0
|
$ 3,255,973
|
$ 3,386,820
|
$ 2,355
|
| Beginning balance, common stock (in shares) at Dec. 31, 2022 |
|
|
|
|
110,892,097
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Issuance of common stock upon vesting of restricted stock units (in shares) |
|
|
|
|
198,437
|
|
|
|
|
| Issuance of common stock upon vesting of restricted stock units |
2
|
|
|
|
$ 2
|
|
|
|
|
| Stock-based compensation expense |
5,896
|
|
|
|
|
|
5,896
|
|
|
| Cash dividends |
(22,203)
|
|
|
|
|
|
|
(22,203)
|
|
| Cash dividends (declared on preferred stock) |
(10,425)
|
|
|
|
|
|
|
(10,425)
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(536)
|
|
|
|
|
|
|
|
(536)
|
| Tax withholdings on stock-based compensation (in shares) |
|
|
|
|
(75,116)
|
|
|
|
|
| Tax withholdings on stock based-compensation |
(3,231)
|
|
|
|
$ (1)
|
|
(3,230)
|
|
|
| Net income |
128,720
|
|
|
|
|
|
|
128,720
|
|
| Ending balance, preferred stock (in shares) at Mar. 31, 2023 |
|
|
|
10,600,000
|
|
|
|
|
|
| Ending balance at Mar. 31, 2023 |
6,744,586
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,258,639
|
3,482,912
|
1,819
|
| Ending balance, common stock (in shares) at Mar. 31, 2023 |
|
|
|
|
111,015,418
|
0
|
|
|
|
| Beginning balance, preferred stock (in shares) at Dec. 31, 2022 |
|
|
|
10,600,000
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
6,646,363
|
|
|
$ 106
|
$ 1,109
|
$ 0
|
3,255,973
|
3,386,820
|
2,355
|
| Beginning balance, common stock (in shares) at Dec. 31, 2022 |
|
|
|
|
110,892,097
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(970)
|
|
|
|
|
|
|
|
|
| Net income |
393,571
|
|
|
|
|
|
|
|
|
| Ending balance, preferred stock (in shares) at Sep. 30, 2023 |
|
|
|
10,600,000
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
6,961,053
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,275,949
|
3,682,503
|
1,385
|
| Ending balance, common stock (in shares) at Sep. 30, 2023 |
|
|
|
|
111,027,252
|
0
|
|
|
|
| Beginning balance, preferred stock (in shares) at Mar. 31, 2023 |
|
|
|
10,600,000
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
6,744,586
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,258,639
|
3,482,912
|
1,819
|
| Beginning balance, common stock (in shares) at Mar. 31, 2023 |
|
|
|
|
111,015,418
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Issuance of common stock upon vesting of restricted stock units (in shares) |
|
|
|
|
14,962
|
|
|
|
|
| Stock-based compensation expense |
8,715
|
|
|
|
|
|
8,715
|
|
|
| Cash dividends |
(22,205)
|
|
|
|
|
|
|
(22,205)
|
|
| Cash dividends (declared on preferred stock) |
(10,425)
|
|
|
|
|
|
|
(10,425)
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(295)
|
|
|
|
|
|
|
|
(295)
|
| Tax withholdings on stock-based compensation (in shares) |
|
|
|
|
(3,128)
|
|
|
|
|
| Tax withholdings on stock based-compensation |
(124)
|
|
|
|
|
|
(124)
|
|
|
| Net income |
132,401
|
|
|
|
|
|
|
132,401
|
|
| Ending balance, preferred stock (in shares) at Jun. 30, 2023 |
|
|
|
10,600,000
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
6,852,653
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,267,230
|
3,582,683
|
1,524
|
| Ending balance, common stock (in shares) at Jun. 30, 2023 |
|
|
|
|
111,027,252
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Stock-based compensation expense |
8,719
|
|
|
|
|
|
8,719
|
|
|
| Cash dividends |
(22,205)
|
|
|
|
|
|
|
(22,205)
|
|
| Cash dividends (declared on preferred stock) |
(10,425)
|
|
|
|
|
|
|
(10,425)
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(139)
|
|
|
|
|
|
|
|
(139)
|
| Net income |
132,450
|
|
|
|
|
|
|
132,450
|
|
| Ending balance, preferred stock (in shares) at Sep. 30, 2023 |
|
|
|
10,600,000
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 6,961,053
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,275,949
|
3,682,503
|
1,385
|
| Ending balance, common stock (in shares) at Sep. 30, 2023 |
|
|
|
|
111,027,252
|
0
|
|
|
|
| Beginning balance, preferred stock (in shares) at Dec. 31, 2023 |
10,600,000
|
|
|
10,600,000
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 7,160,038
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,287,234
|
3,869,813
|
1,775
|
| Beginning balance, common stock (in shares) at Dec. 31, 2023 |
|
111,027,252
|
0
|
|
111,027,252
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Issuance of common stock upon vesting of restricted stock units (in shares) |
|
|
|
|
567,154
|
|
|
|
|
| Issuance of common stock upon vesting of restricted stock units |
6
|
|
|
|
$ 6
|
|
|
|
|
| Stock-based compensation expense |
8,275
|
|
|
|
|
|
8,275
|
|
|
| Cash dividends |
(23,387)
|
|
|
|
|
|
|
(23,387)
|
|
| Cash dividends (declared on preferred stock) |
(10,425)
|
|
|
|
|
|
|
(10,425)
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(1,113)
|
|
|
|
|
|
|
|
(1,113)
|
| Tax withholdings on stock-based compensation (in shares) |
|
|
|
|
(227,905)
|
|
|
|
|
| Tax withholdings on stock based-compensation |
(9,389)
|
|
|
|
$ (2)
|
|
(9,387)
|
|
|
| Net income |
107,866
|
|
|
|
|
|
|
107,866
|
|
| Ending balance, preferred stock (in shares) at Mar. 31, 2024 |
|
|
|
10,600,000
|
|
|
|
|
|
| Ending balance at Mar. 31, 2024 |
$ 7,231,871
|
|
|
$ 106
|
$ 1,114
|
$ 0
|
3,286,122
|
3,943,867
|
662
|
| Ending balance, common stock (in shares) at Mar. 31, 2024 |
|
|
|
|
111,366,501
|
0
|
|
|
|
| Beginning balance, preferred stock (in shares) at Dec. 31, 2023 |
10,600,000
|
|
|
10,600,000
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 7,160,038
|
|
|
$ 106
|
$ 1,110
|
$ 0
|
3,287,234
|
3,869,813
|
1,775
|
| Beginning balance, common stock (in shares) at Dec. 31, 2023 |
|
111,027,252
|
0
|
|
111,027,252
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(4,881)
|
|
|
|
|
|
|
|
|
| Net income |
$ 314,783
|
|
|
|
|
|
|
|
|
| Ending balance, preferred stock (in shares) at Sep. 30, 2024 |
10,900,000
|
|
|
10,900,000
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 7,675,697
|
|
|
$ 109
|
$ 1,114
|
$ 0
|
3,598,407
|
4,079,173
|
(3,106)
|
| Ending balance, common stock (in shares) at Sep. 30, 2024 |
|
111,376,884
|
0
|
|
111,376,884
|
0
|
|
|
|
| Beginning balance, preferred stock (in shares) at Mar. 31, 2024 |
|
|
|
10,600,000
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2024 |
7,231,871
|
|
|
$ 106
|
$ 1,114
|
$ 0
|
3,286,122
|
3,943,867
|
662
|
| Beginning balance, common stock (in shares) at Mar. 31, 2024 |
|
|
|
|
111,366,501
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Issuance of common stock upon vesting of restricted stock units (in shares) |
|
|
|
|
10,383
|
|
|
|
|
| Stock-based compensation expense |
8,837
|
|
|
|
|
|
8,837
|
|
|
| Cash dividends |
(23,389)
|
|
|
|
|
|
|
(23,389)
|
|
| Cash dividends (declared on preferred stock) |
(12,508)
|
|
|
|
|
|
|
(12,508)
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(511)
|
|
|
|
|
|
|
|
(511)
|
| Net income |
102,946
|
|
|
|
|
|
|
102,946
|
|
| Ending balance, preferred stock (in shares) at Jun. 30, 2024 |
|
|
|
10,600,000
|
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
7,307,246
|
|
|
$ 106
|
$ 1,114
|
$ 0
|
3,294,959
|
4,010,916
|
151
|
| Ending balance, common stock (in shares) at Jun. 30, 2024 |
|
|
|
|
111,376,884
|
0
|
|
|
|
| Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
| Issuance of preferred stock (in shares) |
|
|
|
300,000
|
|
|
|
|
|
| Issuance of preferred stock |
295,532
|
|
|
$ 3
|
|
|
295,529
|
|
|
| Stock-based compensation expense |
7,919
|
|
|
|
|
|
7,919
|
|
|
| Cash dividends |
(23,389)
|
|
|
|
|
|
|
(23,389)
|
|
| Cash dividends (declared on preferred stock) |
(12,325)
|
|
|
|
|
|
|
(12,325)
|
|
| Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax |
(3,257)
|
|
|
|
|
|
|
|
(3,257)
|
| Net income |
$ 103,971
|
|
|
|
|
|
|
103,971
|
|
| Ending balance, preferred stock (in shares) at Sep. 30, 2024 |
10,900,000
|
|
|
10,900,000
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 7,675,697
|
|
|
$ 109
|
$ 1,114
|
$ 0
|
$ 3,598,407
|
$ 4,079,173
|
$ (3,106)
|
| Ending balance, common stock (in shares) at Sep. 30, 2024 |
|
111,376,884
|
0
|
|
111,376,884
|
0
|
|
|
|
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Operating Activities |
|
|
| Net income |
$ 314,783
|
$ 393,571
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation of flight equipment |
849,374
|
795,659
|
| Stock-based compensation expense |
25,031
|
23,330
|
| Deferred taxes |
77,324
|
91,410
|
| Amortization of discounts and debt issuance costs |
40,772
|
40,414
|
| Amortization of prepaid lease costs |
77,271
|
54,962
|
| Gain on aircraft sales, trading and other activity |
(149,018)
|
(147,174)
|
| Changes in operating assets and liabilities: |
|
|
| Other assets |
(3,509)
|
40,496
|
| Accrued interest and other payables |
29,494
|
(6,380)
|
| Rentals received in advance |
(14,467)
|
(3,982)
|
| Net cash provided by operating activities |
1,247,055
|
1,282,306
|
| Investing Activities |
|
|
| Acquisition of flight equipment under operating lease |
(2,816,375)
|
(2,782,507)
|
| Payments for deposits on flight equipment purchases |
(461,788)
|
(249,231)
|
| Proceeds from aircraft sales, trading and other activity |
884,045
|
1,568,420
|
| Acquisition of aircraft furnishings, equipment and other assets |
(284,050)
|
(205,368)
|
| Net cash used in investing activities |
(2,678,168)
|
(1,668,686)
|
| Financing Activities |
|
|
| Net proceeds from preferred stock issuance |
295,532
|
0
|
| Cash dividends paid on Class A common stock |
(70,092)
|
(66,587)
|
| Cash dividends paid on preferred stock |
(35,258)
|
(31,275)
|
| Tax withholdings on stock-based compensation |
(9,384)
|
(3,354)
|
| Net change in unsecured revolving facility |
186,000
|
758,000
|
| Proceeds from debt financings |
3,541,706
|
1,783,973
|
| Payments in reduction of debt financings |
(2,781,604)
|
(2,566,518)
|
| Debt issuance costs |
(10,626)
|
(10,590)
|
| Security deposits and maintenance reserve receipts |
328,351
|
269,171
|
| Security deposits and maintenance reserve disbursements |
(12,654)
|
(10,723)
|
| Net cash provided by financing activities |
1,431,971
|
122,097
|
| Net increase/(decrease) in cash |
858
|
(264,283)
|
| Cash, cash equivalents and restricted cash at beginning of period |
464,492
|
780,017
|
| Cash, cash equivalents and restricted cash at end of period |
465,350
|
515,734
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Cash paid during the period for interest, including capitalized interest of $32,859 and $31,708 at September 30, 2024 and 2023, respectively |
590,697
|
532,922
|
| Cash paid for income taxes |
22,746
|
6,250
|
| Supplemental Disclosure of Noncash Activities |
|
|
| Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets |
838,170
|
620,280
|
| Flight equipment subject to operating leases reclassified to flight equipment held for sale |
1,143,096
|
1,411,564
|
| Flight equipment subject to operating leases reclassified to investment in sales-type lease |
74,017
|
33,641
|
| Cash dividends declared on Class A common stock, not yet paid |
$ 23,389
|
$ 22,205
|
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v3.24.3
Company Background and Overview
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Company Background and Overview |
Company Background and Overview Air Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of September 30, 2024, the Company owned 485 aircraft, managed 64 aircraft and had 287 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.
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v3.24.3
Basis of Preparation and Critical Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Preparation and Critical Accounting Policies |
Basis of Preparation and Critical Accounting Policies The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at September 30, 2024, and for all periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results expected for the year ending December 31, 2024. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.
In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires disaggregated information for specified categories of expenses, including inventory purchases, employee compensation, depreciation, amortization, and depletion, to be presented in certain expense captions on the face of the income statement. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact of ASU 2024-03 on its financial statement disclosures.
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v3.24.3
Debt Financing
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt Financing |
Debt Financing The Company’s consolidated debt as of September 30, 2024 and December 31, 2023 is summarized below:
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | | Unsecured | | | | | Senior unsecured securities | $ | 16,429,118 | | | $ | 16,329,605 | | | Term financings | 2,082,800 | | | 1,628,400 | | | Revolving credit facility | 1,286,000 | | | 1,100,000 | | | Total unsecured debt financing | 19,797,918 | | | 19,058,005 | | | Secured | | | | | Term financings | 357,629 | | | 100,471 | | | Export credit financing | 194,120 | | | 204,984 | | | Total secured debt financing | 551,749 | | | 305,455 | | | | | | | Total debt financing | 20,349,667 | | | 19,363,460 | | | Less: Debt discounts and issuance costs | (187,807) | | | (180,803) | | | Debt financing, net of discounts and issuance costs | $ | 20,161,860 | | | $ | 19,182,657 | |
As of September 30, 2024, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test.
Senior unsecured securities (including Medium-Term Note Program)
As of September 30, 2024 and December 31, 2023, the Company had $16.4 billion and $16.3 billion in senior unsecured securities outstanding, respectively.
During the nine months ended September 30, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029, (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”), (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”), (iv) $600.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2026 and (v) $600.0 million in aggregate principal amount of 5.20% Medium-Term Notes due 2031.
The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps.
Unsecured syndicated revolving credit facility
As of September 30, 2024 and December 31, 2023, the Company had $1.3 billion and $1.1 billion, respectively, outstanding under its unsecured syndicated revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of November 7, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings.
Unsecured term financings
As of September 30, 2024 and December 31, 2023, the outstanding balance on the Company’s unsecured term financings was $2.1 billion and $1.6 billion, respectively.
In August 2024, the Company amended its existing $750.0 million term loan that, among other things, increased the aggregate term loan commitments by an additional $500.0 million and reduced the interest rate applicable to borrowings. Under the terms of the loan agreement, the Company had the ability to set the funding date of the additional commitments, subject to an outside funding date of November 15, 2024. The Company elected to borrow the additional $500.0 million on October 1, 2024. As amended, the term loan bears interest at a floating rate of Term SOFR plus 1.20% plus a credit spread adjustment of 0.10% and has a final maturity on November 24, 2026. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility. As of September 30, 2024 and October 1, 2024, the Company had $750.0 million and $1.25 billion in borrowings outstanding under the term loan, respectively.
In addition, during the three months ended September 30, 2024, the Company entered into a $250.0 million unsecured term loan with a one-year maturity bearing interest at a floating rate of Term SOFR plus 1.25% plus a credit spread adjustment of 0.10%.
Secured debt financings
In August 2024, the Company entered into a $267.3 million secured term loan and pledged six aircraft as collateral with a net book value of $346.6 million. The term loan bears interest at a floating rate of Term SOFR plus 1.35% and has a final maturity on July 31, 2031. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility.
As of September 30, 2024, the Company had an outstanding balance of $551.7 million in secured debt financings, including the secured term loan mentioned above, and had pledged ten aircraft as collateral, with a net book value of $778.9 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of September 30, 2024 and December 31, 2023 are recourse in nature.
Maturities
Maturities of debt outstanding as of September 30, 2024 are as follows (in thousands): | | | | | | | Years ending December 31, | | | 2024 | $ | 423,509 | | | 2025 | 2,798,505 | | | 2026 | 5,281,687 | | | 2027 | 2,786,350 | | | 2028 | 4,238,788 | | | Thereafter | 4,820,828 | | | Total | $ | 20,349,667 | |
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Flight equipment subject to operating lease
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Flight equipment subject to operating lease |
Flight equipment subject to operating lease The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the nine months ended September 30, 2024:
| | | | | | | (in thousands) | | Net book value as of December 31, 2023 | $ | 26,231,208 | | | Purchase of aircraft | 3,730,181 | | | Depreciation | (849,374) | | | Flight equipment subject to operating leases reclassified to flight equipment held for sale | (1,143,097) | | | Flight equipment subject to operating leases reclassified to investment in sales-type lease | (74,017) | | | Net book value as of September 30, 2024 | $ | 27,894,901 | | | | | Accumulated depreciation as of September 30, 2024 | $ | (5,958,105) | |
Update on Russian fleet
As previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, in June 2022, the Company and certain of its subsidiaries submitted insurance claims to the insurers on its aviation insurance policies to recover losses relating to aircraft detained in Russia for which the Company recorded a net write-off of its interests in its owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its aviation insurance carriers in connection with its previously submitted insurance claims for which a trial date has been set for April 17, 2025. The Company continues to have significant claims against its aviation insurance carriers and will continue to vigorously pursue all available insurance claims and its related insurance litigation, and all rights and remedies therein. Collection, timing and amounts of any future insurance and related recoveries and the outcome of the Company’s ongoing insurance litigation remain uncertain at this time.
In January 2024, the Company and certain of its subsidiaries filed suit in the High Court of Justice, Business & Property Courts of England & Wales, Commercial Court against the Russian airlines’ aviation insurers and reinsurance insurers (collectively, the “Airlines’ Insurers”) seeking recovery under the Russian airlines’ insurance policies for certain aircraft that remain in Russia. The lawsuit against the Airlines’ Insurers is in the early stages and no trial date has been set.
As of November 7, 2024, 16 aircraft previously included in the Company’s owned fleet are still detained in Russia. The operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities and the Company’s ongoing demands for the return of its assets.
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v3.24.3
Flight Equipment Held for Sale
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Flight Equipment Held for Sale |
Flight Equipment Held for Sale As of September 30, 2024, the Company had 23 aircraft, with a carrying value of $741.1 million, which were classified as held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 23 aircraft to be completed by the second half of 2025. During the nine months ended September 30, 2024, the Company received an aggregate of $186.9 million in purchase deposits pursuant to sale agreements related to five of the 23 aircraft, which amount is included in Accrued interest and other payables on the Consolidated Balance Sheets. During the nine months ended September 30, 2024, the Company transferred 35 aircraft from flight equipment subject to operating lease to flight equipment held for sale and completed the sale of 25 aircraft from its held for sale portfolio. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2023, the Company had 14 aircraft, with a carrying value of $605.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets.
The following table summarizes the activities of the Company’s flight equipment held for sale for the nine months ended September 30, 2024 based on carrying value: | | | | | | | (in thousands) | | Flight equipment held for sale as of December 31, 2023 | $ | 605,104 | | | Flight equipment subject to operating leases reclassified to flight equipment held for sale | 1,143,097 | | | Aircraft sales | (1,007,111) | | | Flight equipment held for sale as of September 30, 2024 | $ | 741,090 | |
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Aircraft Acquisition
As of September 30, 2024, the Company had commitments to purchase 287 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $18.2 billion. The following table shows the Company’s contractual delivery commitment schedule as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Delivery Years | | | | Aircraft Type | | Last 3 months of 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total | | Airbus A220-100/300 | | 8 | | | 14 | | | 6 | | | 12 | | | 12 | | | 2 | | | 54 | | Airbus A320/321neo(1) | | 3 | | | 7 | | | 23 | | | 57 | | | 40 | | | 4 | | | 134 | | | Airbus A330-900neo | | 2 | | | — | | | 1 | | | — | | | — | | | — | | | 3 | | | | | | | | | | | | | | | | | | Airbus A350F | | — | | — | | | — | | | 4 | | | 2 | | | 1 | | | 7 | | | Boeing 737-8/9 MAX | | 11 | | 27 | | 20 | | | 12 | | | 2 | | | — | | | 72 | | | Boeing 787-9/10 | | 6 | | 7 | | 4 | | | — | | | — | | | — | | | 17 | | Total(2) | | 30 | | 55 | | 54 | | | 85 | | | 56 | | | 7 | | | 287 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. | (2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through November 7, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for certain aircraft, including as a result of the Boeing labor strike, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. |
The table above is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft in its orderbook. The Company remains in discussions with Airbus and Boeing to determine the extent and duration of delivery delays; however, the Company is not currently able to determine the full impact of these delays.
Pursuant to the Company’s purchase agreements with Airbus and Boeing, the Company agrees to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly impacted the planned purchases of the Company’s aircraft on order with Airbus and Boeing. The Company is currently experiencing delivery delays with both Airbus and Boeing aircraft.
In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The 737-9 MAX aircraft has since returned to service; however, Boeing will not be allowed by the FAA to increase 737 MAX production rates until quality control issues are resolved. In addition, in September 2024, the Company was notified by Boeing that certain union factory workers had commenced a labor strike. On November 4, 2024, the union factory workers voted to end the labor strike. The Company did not take delivery of any 737 MAX aircraft during the labor strike and some 787 deliveries were impacted. The Company expects its Boeing deliveries will continue to be delayed and is unable to estimate the duration of delays or the impact on the Company’s Boeing orderbook. The residual impacts of the Boeing labor strike have and may continue to impact the broader aviation supply chain.
The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Airbus and Boeing generally provide each of the Company and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, the Company’s lease agreements generally provide each of the Company and the lessee with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements.
Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $18.2 billion as of September 30, 2024, are as follows (in thousands):
| | | | | | | Years ending December 31, | | 2024 (excluding the nine months ended September 30, 2024) | $ | 2,341,110 | | | 2025 | 3,687,740 | | | 2026 | 3,527,040 | | | 2027 | 5,227,217 | | | 2028 | 3,002,390 | | | Thereafter | 416,433 | | | Total | $ | 18,201,930 | |
The Company has made non-refundable deposits on flight equipment purchases of $1.1 billion and $1.2 billion as of September 30, 2024 and December 31, 2023, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits and may also be exposed to breach of contract claims by its lessees as well as the manufacturers.
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v3.24.3
Rental Income
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Rental Income |
Rental Income As of September 30, 2024, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of September 30, 2024 are as follows (in thousands):
| | | | | | | Years ending December 31, | | 2024 (excluding the nine months ended September 30, 2024) | $ | 637,071 | | | 2025 | 2,500,678 | | | 2026 | 2,308,894 | | | 2027 | 2,109,214 | | | 2028 | 1,930,335 | | | Thereafter | 8,160,494 | | | Total | $ | 17,646,686 | |
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v3.24.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of September 30, 2024, the Company did not have any Class B non-voting common stock outstanding.
Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three and nine months ended September 30, 2024, and 2023, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,047,068 and 965,788 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2024 and 2023, respectively.
The following table sets forth the reconciliation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | (in thousands, except share and per share) | | Basic earnings per share: | | | | | | | | | Numerator | | | | | | | | | Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | | | Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | | | Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | | | Denominator | | | | | | | | | Weighted-average shares outstanding | 111,376,884 | | | 111,027,252 | | | 111,308,222 | | | 110,997,619 | | | Basic earnings per share | $ | 0.82 | | | $ | 1.10 | | | $ | 2.51 | | | $ | 3.26 | | | Diluted earnings per share: | | | | | | | | | Numerator | | | | | | | | | Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | | | Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | | | Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | | | Denominator | | | | | | | | | Number of shares used in basic computation | 111,376,884 | | 111,027,252 | | 111,308,222 | | 110,997,619 | | Weighted-average effect of dilutive securities | 427,229 | | | 319,547 | | 493,535 | | 385,638 | | Number of shares used in per share computation | 111,804,113 | | | 111,346,799 | | | 111,801,757 | | | 111,383,257 | | | Diluted earnings per share | $ | 0.82 | | | $ | 1.10 | | | $ | 2.50 | | | $ | 3.25 | |
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis
The Company has four cross-currency swaps related to its Canadian dollar and Euro Medium-Term Notes. The fair value of these swaps as a foreign currency derivative are categorized as a Level 2 measurement in the fair value hierarchy and are measured on a recurring basis. As of September 30, 2024, the estimated fair value of three of the Company’s foreign currency swaps were, in the aggregate, derivative assets of $17.8 million and the remaining one swap was a derivative liability of $4.1 million. As of December 31, 2023, the estimated fair value of two of the Company’s foreign currency swaps were, in the aggregate, derivative assets of $17.0 million. Derivative assets are included in Other assets on the Company’s Consolidated Balance Sheets while derivative liabilities are included in Accrued interest and other payables on the Company’s Consolidated Balance Sheets.
Financial Instruments Not Measured at Fair Values
The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of September 30, 2024 was $20.2 billion compared to a book value of $20.3 billion. The estimated fair value of debt financing as of December 31, 2023 was $18.7 billion compared to a book value of $19.4 billion.
The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at September 30, 2024, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at September 30, 2024 and December 31, 2023 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.
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-Section 50
-Paragraph 2E
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v3.24.3
Shareholders' Equity
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Shareholders' Equity |
Shareholders’ Equity The Company was authorized to issue up to 500,000,000 shares of Class A common stock, $0.01 par value, at September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had 111,376,884 and 111,027,252 shares of Class A common stock issued and outstanding, respectively. The Company was authorized to issue up to 10,000,000 shares of Class B common stock, $0.01 par value at September 30, 2024 and December 31, 2023. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of September 30, 2024 or December 31, 2023.
The Company was authorized to issue up to 50,000,000 shares of preferred stock, $0.01 par value, at September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). On September 17, 2024, the Company issued a notice of redemption for all of its outstanding shares of Series A Preferred Stock, with a redemption date of October 17, 2024 (the “Series A Preferred Stock Redemption Date”), pursuant to which the Company would redeem all outstanding shares of Series A Preferred Stock at a redemption price of $25.00 per share, plus dividends that have been declared but are unpaid in respect of such shares of Series A Preferred Stock for the dividend period in which the Series A Preferred Stock Redemption Date occurs to, but excluding, the Series A Preferred Stock Redemption Date.
On September 24, 2024, the Company issued 300,000 shares of Series D Preferred Stock (the “Series D Preferred Stock”). The Company will pay dividends on the Series D Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 6.00% through December 15, 2029, and payable quarterly in arrears beginning on December 15, 2024, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 2.560% per reset period from December 15, 2029 and reset every five years and payable quarterly in arrears; provided, that the dividend rate per annum during any reset period will not reset below 6.00% (which equals the initial dividend rate per annum on the Series D Preferred Stock). The following table summarizes the Company’s preferred stock issued and outstanding as of September 30, 2024 (in thousands, except for share amounts and percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares Issued and Outstanding as of September 30, 2024 | | | | Liquidation Preference as of September 30, 2024(2) | | Issue Date | | Dividend Rate in Effect at September 30, 2024(3) | | Next dividend rate reset date | | Dividend rate after reset date(4) | Series A(5) | 10,000,000 | | | | | $ | 250,000 | | | March 5, 2019 | | 3M Term SOFR(1) plus 3.65% | | N/A | | N/A | | Series B | 300,000 | | | | | 300,000 | | | March 2, 2021 | | 4.65% | | June 15, 2026 | | 5 Yr U.S. Treasury plus 4.076% | | Series C | 300,000 | | | | | 300,000 | | | October 13, 2021 | | 4.125% | | December 15, 2026 | | 5 Yr U.S. Treasury plus 3.149% | | Series D | 300,000 | | | | | 300,000 | | | September 24, 2024 | | 6.00% | | December 15, 2029 | | 5 Yr U.S. Treasury plus 2.560% | | Total | 10,900,000 | | | | | $ | 1,150,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) 3M Term SOFR includes a credit spread adjustment of 0.10%. | (2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. | (3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are reset every five years and payable quarterly in arrears. | (4) With respect to the Series D Preferred Stock, the dividend rate during any reset period is subject to a 6.00% floor. | | (5) On September 17, 2024, the Company issued a notice of redemption for all of its outstanding shares of Series A Preferred Stock. |
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v3.24.3
Stock-based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock-based Compensation |
Stock-based Compensation On May 3, 2023, the stockholders of the Company approved the Air Lease Corporation 2023 Equity Incentive Plan (the “2023 Plan”). As of September 30, 2024, the number of shares of Class A Common Stock available for new award grants under the 2023 Plan is approximately 3,749,209. The Company has issued restricted stock units (“RSUs”) with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of total shareholder return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a one or two year period.
The Company recorded $7.9 million and $8.7 million of stock-based compensation expense related to RSUs for the three months ended September 30, 2024 and 2023, respectively.
The Company recorded $25.0 million and $23.3 million of stock-based compensation expense related to RSUs for the nine months ended September 30, 2024 and 2023, respectively.
Restricted Stock Units
Compensation cost for RSUs is measured at the grant date based on fair value and recognized over the vesting period. The fair value of time based and book value RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of TSR goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the nine months ended September 30, 2024, the Company granted 827,980 RSUs of which 133,438 were TSR RSUs and 308,421 were book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | Unvested Restricted Stock Units | | | Number of
Shares | | Weighted-Average
Grant-Date
Fair Value | Unvested at December 31, 2023 | | 1,607,575 | | | $ | 46.44 | | | Granted | | 827,980 | | | $ | 41.56 | | Vested (1) | | (591,381) | | | $ | 44.95 | | | Forfeited/canceled | | (123,224) | | | $ | 50.61 | | Unvested at September 30, 2024 | | 1,720,950 | | | $ | 44.30 | | Expected to vest after September 30, 2024 | | 1,926,327 | | | $ | 44.19 | | | | | | | | | | | | (1) During the nine months ended September 30, 2024, 247,258 performance based RSUs and 344,123 time-based RSUs vested. |
As of September 30, 2024, there was $38.8 million of unrecognized compensation expense related to unvested stock-based payments granted to employees. Total unrecognized compensation expense will be recognized over a weighted-average remaining period of 1.73 years.
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v3.24.3
Aircraft Under Management
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Aircraft Under Management |
Aircraft Under Management As of September 30, 2024, the Company managed 64 aircraft across three aircraft management platforms. The Company managed 31 aircraft through its Thunderbolt platform, 32 aircraft through the Blackbird investment funds and one aircraft on behalf of a financial institution.
As of September 30, 2024, the Company managed 32 aircraft on behalf of third-party investors through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of September 30, 2024, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $71.4 million and $69.4 million as of September 30, 2024 and December 31, 2023, respectively, and are included in Other assets on the Consolidated Balance Sheets.
Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of September 30, 2024, the Company managed 31 aircraft across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $8.8 million as of each of September 30, 2024 and December 31, 2023 and is included in Other assets on the Consolidated Balance Sheets. On November 6, 2023, Thunderbolt I entered into an agreement to sell all aircraft in its portfolio, consisting of 13 aircraft. During the nine months ended September 30, 2024, Thunderbolt I completed the sale of 12 of the 13 aircraft and, as of October 30, 2024, the sale of all 13 aircraft was completed. As servicer of Thunderbolt I, the Company facilitated the sale and transfer of the aircraft.
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v3.24.3
Net Investment in Sales-type Leases
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Net Investment in Sales-type Leases |
Net Investment in Sales-type Leases As of September 30, 2024, the Company had sales-type leases for 14 aircraft and one engine. As of December 31, 2023, the Company had sales-type leases for 12 aircraft in its owned fleet. Net investment in sales-type leases are included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands):
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Future minimum lease payments to be received | $ | 341,757 | | | $ | 285,443 | | | Estimated residual values of leased flight equipment | 135,758 | | | 108,688 | | | Less: Unearned income | (62,959) | | | (53,412) | | | Net Investment in Sales-type Leases | $ | 414,556 | | | $ | 340,719 | |
As of September 30, 2024, future minimum lease payments to be received on sales-type leases were as follows: | | | | | | | (in thousands) | | Years ending December 31, | | 2024 (excluding the nine months ended September 30, 2024) | $ | 9,481 | | | 2025 | 37,924 | | | 2026 | 37,924 | | | 2027 | 37,924 | | | 2028 | 37,924 | | | Thereafter | 180,580 | | | Total | $ | 341,757 | |
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events On October 17, 2024, the Company redeemed all outstanding shares of Series A Preferred Stock at a redemption price of $25.00 per share, plus $0.187219 per share in declared and unpaid dividends to but excluding the redemption date. The redemption price paid in excess of the carrying value of Series A Preferred Stock of $7.9 million will be included as a deemed dividend on redemption of preferred stock in the consolidated statements of operations and other comprehensive income for the year ended December 31, 2024. Following the redemption, all previously authorized shares of the Series A Preferred Stock resumed the status of undesignated shares of the Company’s preferred stock, par value $0.01 per share.
On November 6, 2024, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series B, Series C and Series D preferred stock. The following table summarizes the details of the dividends that were declared:
| | | | | | | | | | | | | | | | | | | | | | Title of each class | | Cash dividend per share | | Record Date | | Payment Date | | Class A Common Stock | | $ | 0.22 | | | December 12, 2024 | | January 9, 2025 | | Series B Preferred Stock | | $ | 11.625 | | | November 30, 2024 | | December 15, 2024 | | Series C Preferred Stock | | $ | 10.3125 | | | November 30, 2024 | | December 15, 2024 | | Series D Preferred Stock | | $ | 13.50 | | | November 30, 2024 | | December 15, 2024 |
|
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
|
|
|
|
| Net income |
$ 103,971
|
$ 102,946
|
$ 107,866
|
$ 132,450
|
$ 132,401
|
$ 128,720
|
$ 314,783
|
$ 393,571
|
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v3.24.3
Basis of Preparation and Critical Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidation |
The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation.
|
| Basis of Accounting |
The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.
In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires disaggregated information for specified categories of expenses, including inventory purchases, employee compensation, depreciation, amortization, and depletion, to be presented in certain expense captions on the face of the income statement. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact of ASU 2024-03 on its financial statement disclosures.
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v3.24.3
Debt Financing (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Consolidated Debt |
The Company’s consolidated debt as of September 30, 2024 and December 31, 2023 is summarized below:
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | | Unsecured | | | | | Senior unsecured securities | $ | 16,429,118 | | | $ | 16,329,605 | | | Term financings | 2,082,800 | | | 1,628,400 | | | Revolving credit facility | 1,286,000 | | | 1,100,000 | | | Total unsecured debt financing | 19,797,918 | | | 19,058,005 | | | Secured | | | | | Term financings | 357,629 | | | 100,471 | | | Export credit financing | 194,120 | | | 204,984 | | | Total secured debt financing | 551,749 | | | 305,455 | | | | | | | Total debt financing | 20,349,667 | | | 19,363,460 | | | Less: Debt discounts and issuance costs | (187,807) | | | (180,803) | | | Debt financing, net of discounts and issuance costs | $ | 20,161,860 | | | $ | 19,182,657 | |
|
| Schedule of Maturities of Debt Outstanding |
Maturities of debt outstanding as of September 30, 2024 are as follows (in thousands): | | | | | | | Years ending December 31, | | | 2024 | $ | 423,509 | | | 2025 | 2,798,505 | | | 2026 | 5,281,687 | | | 2027 | 2,786,350 | | | 2028 | 4,238,788 | | | Thereafter | 4,820,828 | | | Total | $ | 20,349,667 | |
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v3.24.3
Flight equipment subject to operating lease (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Schedule of Flight Equipment Subject to Operating Lease |
The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the nine months ended September 30, 2024:
| | | | | | | (in thousands) | | Net book value as of December 31, 2023 | $ | 26,231,208 | | | Purchase of aircraft | 3,730,181 | | | Depreciation | (849,374) | | | Flight equipment subject to operating leases reclassified to flight equipment held for sale | (1,143,097) | | | Flight equipment subject to operating leases reclassified to investment in sales-type lease | (74,017) | | | Net book value as of September 30, 2024 | $ | 27,894,901 | | | | | Accumulated depreciation as of September 30, 2024 | $ | (5,958,105) | |
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v3.24.3
Flight Equipment Held for Sale (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of Flight Equipment Held for Sale |
The following table summarizes the activities of the Company’s flight equipment held for sale for the nine months ended September 30, 2024 based on carrying value: | | | | | | | (in thousands) | | Flight equipment held for sale as of December 31, 2023 | $ | 605,104 | | | Flight equipment subject to operating leases reclassified to flight equipment held for sale | 1,143,097 | | | Aircraft sales | (1,007,111) | | | Flight equipment held for sale as of September 30, 2024 | $ | 741,090 | |
|
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v3.24.3
Commitments and Contingencies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Schedule of Contractual Commitments to Acquire Aircraft |
The following table shows the Company’s contractual delivery commitment schedule as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Delivery Years | | | | Aircraft Type | | Last 3 months of 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total | | Airbus A220-100/300 | | 8 | | | 14 | | | 6 | | | 12 | | | 12 | | | 2 | | | 54 | | Airbus A320/321neo(1) | | 3 | | | 7 | | | 23 | | | 57 | | | 40 | | | 4 | | | 134 | | | Airbus A330-900neo | | 2 | | | — | | | 1 | | | — | | | — | | | — | | | 3 | | | | | | | | | | | | | | | | | | Airbus A350F | | — | | — | | | — | | | 4 | | | 2 | | | 1 | | | 7 | | | Boeing 737-8/9 MAX | | 11 | | 27 | | 20 | | | 12 | | | 2 | | | — | | | 72 | | | Boeing 787-9/10 | | 6 | | 7 | | 4 | | | — | | | — | | | — | | | 17 | | Total(2) | | 30 | | 55 | | 54 | | | 85 | | | 56 | | | 7 | | | 287 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. | (2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through November 7, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for certain aircraft, including as a result of the Boeing labor strike, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. |
|
| Schedule of Commitments for the Acquisition of the Aircraft, at an Estimated Aggregate Purchase Price |
Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $18.2 billion as of September 30, 2024, are as follows (in thousands):
| | | | | | | Years ending December 31, | | 2024 (excluding the nine months ended September 30, 2024) | $ | 2,341,110 | | | 2025 | 3,687,740 | | | 2026 | 3,527,040 | | | 2027 | 5,227,217 | | | 2028 | 3,002,390 | | | Thereafter | 416,433 | | | Total | $ | 18,201,930 | |
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v3.24.3
Rental Income (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Minimum Future Rentals on Non-Cancellable Operating Leases of Flight Equipment |
As of September 30, 2024, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of September 30, 2024 are as follows (in thousands):
| | | | | | | Years ending December 31, | | 2024 (excluding the nine months ended September 30, 2024) | $ | 637,071 | | | 2025 | 2,500,678 | | | 2026 | 2,308,894 | | | 2027 | 2,109,214 | | | 2028 | 1,930,335 | | | Thereafter | 8,160,494 | | | Total | $ | 17,646,686 | |
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-Topic 842
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v3.24.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share |
The following table sets forth the reconciliation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | (in thousands, except share and per share) | | Basic earnings per share: | | | | | | | | | Numerator | | | | | | | | | Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | | | Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | | | Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | | | Denominator | | | | | | | | | Weighted-average shares outstanding | 111,376,884 | | | 111,027,252 | | | 111,308,222 | | | 110,997,619 | | | Basic earnings per share | $ | 0.82 | | | $ | 1.10 | | | $ | 2.51 | | | $ | 3.26 | | | Diluted earnings per share: | | | | | | | | | Numerator | | | | | | | | | Net income | $ | 103,971 | | | $ | 132,450 | | | $ | 314,783 | | | $ | 393,571 | | | Preferred stock dividends | (12,325) | | | (10,425) | | | (35,258) | | | (31,275) | | | Net income attributable to common stockholders | $ | 91,646 | | | $ | 122,025 | | | $ | 279,525 | | | $ | 362,296 | | | Denominator | | | | | | | | | Number of shares used in basic computation | 111,376,884 | | 111,027,252 | | 111,308,222 | | 110,997,619 | | Weighted-average effect of dilutive securities | 427,229 | | | 319,547 | | 493,535 | | 385,638 | | Number of shares used in per share computation | 111,804,113 | | | 111,346,799 | | | 111,801,757 | | | 111,383,257 | | | Diluted earnings per share | $ | 0.82 | | | $ | 1.10 | | | $ | 2.50 | | | $ | 3.25 | |
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v3.24.3
Shareholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Preferred Stock Issued and Outstanding |
The following table summarizes the Company’s preferred stock issued and outstanding as of September 30, 2024 (in thousands, except for share amounts and percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares Issued and Outstanding as of September 30, 2024 | | | | Liquidation Preference as of September 30, 2024(2) | | Issue Date | | Dividend Rate in Effect at September 30, 2024(3) | | Next dividend rate reset date | | Dividend rate after reset date(4) | Series A(5) | 10,000,000 | | | | | $ | 250,000 | | | March 5, 2019 | | 3M Term SOFR(1) plus 3.65% | | N/A | | N/A | | Series B | 300,000 | | | | | 300,000 | | | March 2, 2021 | | 4.65% | | June 15, 2026 | | 5 Yr U.S. Treasury plus 4.076% | | Series C | 300,000 | | | | | 300,000 | | | October 13, 2021 | | 4.125% | | December 15, 2026 | | 5 Yr U.S. Treasury plus 3.149% | | Series D | 300,000 | | | | | 300,000 | | | September 24, 2024 | | 6.00% | | December 15, 2029 | | 5 Yr U.S. Treasury plus 2.560% | | Total | 10,900,000 | | | | | $ | 1,150,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) 3M Term SOFR includes a credit spread adjustment of 0.10%. | (2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. | (3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are reset every five years and payable quarterly in arrears. | (4) With respect to the Series D Preferred Stock, the dividend rate during any reset period is subject to a 6.00% floor. | | (5) On September 17, 2024, the Company issued a notice of redemption for all of its outstanding shares of Series A Preferred Stock. |
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v3.24.3
Stock-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Activities for Unvested RSUs |
The following table summarizes the activities for the Company’s unvested RSUs for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | Unvested Restricted Stock Units | | | Number of
Shares | | Weighted-Average
Grant-Date
Fair Value | Unvested at December 31, 2023 | | 1,607,575 | | | $ | 46.44 | | | Granted | | 827,980 | | | $ | 41.56 | | Vested (1) | | (591,381) | | | $ | 44.95 | | | Forfeited/canceled | | (123,224) | | | $ | 50.61 | | Unvested at September 30, 2024 | | 1,720,950 | | | $ | 44.30 | | Expected to vest after September 30, 2024 | | 1,926,327 | | | $ | 44.19 | | | | | | | | | | | | (1) During the nine months ended September 30, 2024, 247,258 performance based RSUs and 344,123 time-based RSUs vested. |
|
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v3.24.3
Net Investment in Sales-type Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Components of Investment in Sales-Type Leases, Net |
The Company’s investment in sales-type leases consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Future minimum lease payments to be received | $ | 341,757 | | | $ | 285,443 | | | Estimated residual values of leased flight equipment | 135,758 | | | 108,688 | | | Less: Unearned income | (62,959) | | | (53,412) | | | Net Investment in Sales-type Leases | $ | 414,556 | | | $ | 340,719 | |
|
| Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease |
As of September 30, 2024, future minimum lease payments to be received on sales-type leases were as follows: | | | | | | | (in thousands) | | Years ending December 31, | | 2024 (excluding the nine months ended September 30, 2024) | $ | 9,481 | | | 2025 | 37,924 | | | 2026 | 37,924 | | | 2027 | 37,924 | | | 2028 | 37,924 | | | Thereafter | 180,580 | | | Total | $ | 341,757 | |
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v3.24.3
Subsequent Events (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Schedule of Dividends Declared |
The following table summarizes the details of the dividends that were declared: | | | | | | | | | | | | | | | | | | | | | | Title of each class | | Cash dividend per share | | Record Date | | Payment Date | | Class A Common Stock | | $ | 0.22 | | | December 12, 2024 | | January 9, 2025 | | Series B Preferred Stock | | $ | 11.625 | | | November 30, 2024 | | December 15, 2024 | | Series C Preferred Stock | | $ | 10.3125 | | | November 30, 2024 | | December 15, 2024 | | Series D Preferred Stock | | $ | 13.50 | | | November 30, 2024 | | December 15, 2024 |
|
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v3.24.3
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v3.24.3
Debt Financing - Schedule of Consolidated Debt (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
$ 20,349,667
|
$ 19,363,460
|
| Less: Debt discounts and issuance costs |
(187,807)
|
(180,803)
|
| Debt financing, net of discounts and issuance costs |
20,161,860
|
19,182,657
|
| Total unsecured debt financing |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
19,797,918
|
19,058,005
|
| Senior unsecured securities |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
16,429,118
|
16,329,605
|
| Term financings |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
2,082,800
|
1,628,400
|
| Revolving credit facility |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
1,286,000
|
1,100,000
|
| Total secured debt financing |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
551,749
|
305,455
|
| Term financings |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
357,629
|
100,471
|
| Export credit financing |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt financing |
$ 194,120
|
$ 204,984
|
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v3.24.3
Debt Financing - Narrative (Details)
$ in Thousands, € in Millions, $ in Millions |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
Oct. 01, 2024
USD ($)
|
Aug. 31, 2024
USD ($)
aircraft
|
Sep. 30, 2024
USD ($)
aircraft
|
Sep. 30, 2024
USD ($)
aircraft
|
Nov. 07, 2024
USD ($)
|
Sep. 30, 2024
CAD ($)
aircraft
|
Sep. 30, 2024
EUR (€)
aircraft
|
May 05, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
aircraft
|
Nov. 30, 2023
CAD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
|
|
$ 20,349,667
|
$ 20,349,667
|
|
|
|
|
$ 19,363,460
|
|
| Senior unsecured securities |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
|
|
16,429,118
|
16,429,118
|
|
|
|
|
16,329,605
|
|
| Medium Term Note Due 2029 - 5.100% | Medium-Term Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
$ 500,000
|
$ 500,000
|
|
|
|
|
|
|
| Interest rate |
|
|
5.10%
|
5.10%
|
|
5.10%
|
5.10%
|
|
|
|
| 2024 C$ notes | Medium-Term Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
|
|
|
$ 400.0
|
|
|
|
|
| Interest rate |
|
|
5.40%
|
5.40%
|
|
5.40%
|
5.40%
|
|
|
|
| Effective rate |
|
|
5.95%
|
5.95%
|
|
5.95%
|
5.95%
|
|
|
|
| 2024 € notes | Medium-Term Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount | € |
|
|
|
|
|
|
€ 600.0
|
|
|
|
| Interest rate |
|
|
3.70%
|
3.70%
|
|
3.70%
|
3.70%
|
|
|
|
| Effective rate |
|
|
5.441%
|
5.441%
|
|
5.441%
|
5.441%
|
|
|
|
| Medium Term Note Due 2026 - 5.30% | Medium-Term Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
$ 600,000
|
$ 600,000
|
|
|
|
|
|
|
| Interest rate |
|
|
5.30%
|
5.30%
|
|
5.30%
|
5.30%
|
|
|
|
| Medium Term Note Due 2031 - 5.20% | Medium-Term Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
$ 600,000
|
$ 600,000
|
|
|
|
|
|
|
| Interest rate |
|
|
5.20%
|
5.20%
|
|
5.20%
|
5.20%
|
|
|
|
| Medium Term Note Due 2028 - 5.400% Canadian Dollar, Issued November 2023 | Medium-Term Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
|
|
|
|
|
|
|
$ 500.0
|
| Interest rate |
|
|
|
|
|
|
|
|
|
5.40%
|
| Revolving credit facility |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
|
|
$ 1,286,000
|
$ 1,286,000
|
|
|
|
|
1,100,000
|
|
| Maximum borrowing capacity |
|
|
|
|
|
|
|
$ 7,800,000
|
|
|
| Interest margin |
|
|
|
1.05%
|
|
|
|
|
|
|
| Facility fee |
|
|
|
0.20%
|
|
|
|
|
|
|
| Revolving credit facility | Mature May 5, 2028 | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Line of credit, noncurrent |
|
|
|
|
$ 7,500,000
|
|
|
|
|
|
| Revolving credit facility | Mature May 5, 2027 | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Line of credit, noncurrent |
|
|
|
|
25,000
|
|
|
|
|
|
| Revolving credit facility | Mature May 5, 2026 | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Line of credit, noncurrent |
|
|
|
|
210,000
|
|
|
|
|
|
| Revolving credit facility | Mature May 5, 2025 | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Line of credit, noncurrent |
|
|
|
|
$ 25,000
|
|
|
|
|
|
| Term financings |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
|
|
2,082,800
|
$ 2,082,800
|
|
|
|
|
1,628,400
|
|
| 2023 Term Loan | Term Loan |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
|
|
750,000
|
750,000
|
|
|
|
|
|
|
| Aggregate principal amount |
|
$ 750,000
|
|
|
|
|
|
|
|
|
| Interest margin |
|
1.20%
|
|
|
|
|
|
|
|
|
| Increase in aggregate term loan capacity |
|
$ 500,000
|
|
|
|
|
|
|
|
|
| Credit spread adjustment |
|
0.10%
|
|
|
|
|
|
|
|
|
| 2023 Term Loan | Term Loan | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
$ 1,250,000
|
|
|
|
|
|
|
|
|
|
| Proceeds from lines of credit |
$ 500,000
|
|
|
|
|
|
|
|
|
|
| Unsecured Term Loan Due 2025 | Unsecured Term Financing |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
$ 250,000
|
250,000
|
|
|
|
|
|
|
| Interest margin |
|
|
1.25%
|
|
|
|
|
|
|
|
| Credit spread adjustment |
|
|
0.10%
|
|
|
|
|
|
|
|
| Debt instrument, term |
|
|
1 year
|
|
|
|
|
|
|
|
| 2024 Term Loan | Line of Credit | Secured Debt |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
$ 267,300
|
|
|
|
|
|
|
|
|
| Interest margin |
|
1.35%
|
|
|
|
|
|
|
|
|
| Number of aircraft pledged as collateral | aircraft |
|
6
|
|
|
|
|
|
|
|
|
| Net book value of aircraft pledged as collateral |
|
$ 346,600
|
|
|
|
|
|
|
|
|
| Secured Debt |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Unsecured term financings |
|
|
$ 551,749
|
$ 551,749
|
|
|
|
|
$ 305,455
|
|
| Number of aircraft pledged as collateral | aircraft |
|
|
10
|
10
|
|
10
|
10
|
|
4
|
|
| Net book value of aircraft pledged as collateral |
|
|
$ 778,900
|
$ 778,900
|
|
|
|
|
$ 445,900
|
|
| X |
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Debt Financing - Schedule of Maturities of Debt Outstanding (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Disclosure [Abstract] |
|
|
| 2024 |
$ 423,509
|
|
| 2025 |
2,798,505
|
|
| 2026 |
5,281,687
|
|
| 2027 |
2,786,350
|
|
| 2028 |
4,238,788
|
|
| Thereafter |
4,820,828
|
|
| Total |
$ 20,349,667
|
$ 19,363,460
|
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-Topic 235
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v3.24.3
Flight equipment subject to operating lease - Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Movement in Property, Plant and Equipment [Roll Forward] |
|
|
|
|
| Depreciation |
$ (290,132)
|
$ (267,393)
|
$ (849,374)
|
$ (795,659)
|
| Flight equipment subject to operating leases reclassified to flight equipment held for sale |
|
|
(1,143,096)
|
(1,411,564)
|
| Flight equipment subject to operating leases reclassified to investment in sales-type lease |
|
|
(74,017)
|
$ (33,641)
|
| Flight Equipment |
|
|
|
|
| Movement in Property, Plant and Equipment [Roll Forward] |
|
|
|
|
| Net book value, beginning balance |
|
|
26,231,208
|
|
| Purchase of aircraft |
|
|
3,730,181
|
|
| Depreciation |
|
|
(849,374)
|
|
| Flight equipment subject to operating leases reclassified to flight equipment held for sale |
|
|
(1,143,097)
|
|
| Flight equipment subject to operating leases reclassified to investment in sales-type lease |
|
|
(74,017)
|
|
| Net book value, ending balance |
27,894,901
|
|
27,894,901
|
|
| Accumulated depreciation |
$ (5,958,105)
|
|
$ (5,958,105)
|
|
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Flight Equipment Held for Sale - Narrative (Details)
$ in Millions |
9 Months Ended |
|
|
Sep. 30, 2024
USD ($)
aircraft
|
Dec. 31, 2023
USD ($)
aircraft
|
| Disposal Group, Held-for-sale, Not Discontinued Operations | Twenty-Three Aircrafts |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Number of aircrafts sold |
23
|
|
| Carrying value of assets held for sale | $ |
$ 741.1
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations | Five Aircrafts |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Number of aircrafts sold |
5
|
|
| Purchase deposits | $ |
$ 186.9
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations | Thirty-Five Aircrafts |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Number of aircrafts transferred |
35
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations | Fourteen Aircrafts |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Number of aircrafts sold |
|
14
|
| Carrying value of assets held for sale | $ |
|
$ 605.1
|
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Twenty-Five Aircrafts |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Number of aircrafts sold |
25
|
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v3.24.3
Flight Equipment Held for Sale - Schedule of Flight Equipment Held for Sale (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] |
|
|
| Flight equipment subject to operating leases reclassified to flight equipment held for sale |
$ 1,143,096
|
$ 1,411,564
|
| Flight Equipment |
|
|
| Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] |
|
|
| Flight equipment subject to operating leases reclassified to flight equipment held for sale |
1,143,097
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations | Flight Equipment |
|
|
| Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] |
|
|
| Flight equipment held for sale, beginning balance |
605,104
|
|
| Flight equipment subject to operating leases reclassified to flight equipment held for sale |
1,143,097
|
|
| Aircraft sales |
(1,007,111)
|
|
| Flight equipment held for sale, ending balance |
$ 741,090
|
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v3.24.3
Commitments and Contingencies - Narrative (Details)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024
USD ($)
aircraft
|
Dec. 31, 2023
USD ($)
|
| Long-term Purchase Commitment [Line Items] |
|
|
| Number of aircraft on order with manufacturers | aircraft |
287
|
|
| Purchase obligation |
$ 18,201,930
|
|
| Minimum aircraft delivery delays that could trigger lessee cancellation clauses |
1 year
|
|
| Purchase agreements, termination commencement period |
1 year
|
|
| Non-refundable deposits on aircraft |
$ 1,050,268
|
$ 1,203,068
|
| Aircrafts |
|
|
| Long-term Purchase Commitment [Line Items] |
|
|
| Non-refundable deposits on aircraft |
$ 1,100,000
|
$ 1,200,000
|
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v3.24.3
Commitments and Contingencies - Schedule of Commitments for the Acquisition of the Aircraft, at an Estimated Aggregate Purchase Price (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
|
| Commitments and Contingencies Disclosure [Abstract] |
|
| 2024 |
$ 2,341,110
|
| 2025 |
3,687,740
|
| 2026 |
3,527,040
|
| 2027 |
5,227,217
|
| 2028 |
3,002,390
|
| Thereafter |
416,433
|
| Total |
$ 18,201,930
|
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v3.24.3
Rental Income (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
|
| Leases [Abstract] |
|
| 2024 |
$ 637,071
|
| 2025 |
2,500,678
|
| 2026 |
2,308,894
|
| 2027 |
2,109,214
|
| 2028 |
1,930,335
|
| Thereafter |
8,160,494
|
| Total |
$ 17,646,686
|
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v3.24.3
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v3.24.3
Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Numerator |
|
|
|
|
|
|
|
|
| Net income |
$ 103,971
|
$ 102,946
|
$ 107,866
|
$ 132,450
|
$ 132,401
|
$ 128,720
|
$ 314,783
|
$ 393,571
|
| Preferred stock dividends |
(12,325)
|
|
|
(10,425)
|
|
|
(35,258)
|
(31,275)
|
| Net income attributable to common stockholders, basic |
$ 91,646
|
|
|
$ 122,025
|
|
|
$ 279,525
|
$ 362,296
|
| Denominator |
|
|
|
|
|
|
|
|
| Weighted-average shares outstanding (in shares) |
111,376,884
|
|
|
111,027,252
|
|
|
111,308,222
|
110,997,619
|
| Basic earnings per share (in dollars per share) |
$ 0.82
|
|
|
$ 1.10
|
|
|
$ 2.51
|
$ 3.26
|
| Numerator |
|
|
|
|
|
|
|
|
| Net income |
$ 103,971
|
$ 102,946
|
$ 107,866
|
$ 132,450
|
$ 132,401
|
$ 128,720
|
$ 314,783
|
$ 393,571
|
| Preferred stock dividends |
(12,325)
|
|
|
(10,425)
|
|
|
(35,258)
|
(31,275)
|
| Net income attributable to common stockholders, diluted |
$ 91,646
|
|
|
$ 122,025
|
|
|
$ 279,525
|
$ 362,296
|
| Denominator |
|
|
|
|
|
|
|
|
| Number of shares used in basic computation (in shares) |
111,376,884
|
|
|
111,027,252
|
|
|
111,308,222
|
110,997,619
|
| Weighted-average effect of dilutive securities (in shares) |
427,229
|
|
|
319,547
|
|
|
493,535
|
385,638
|
| Number of shares used in per share computation (in shares) |
111,804,113
|
|
|
111,346,799
|
|
|
111,801,757
|
111,383,257
|
| Diluted earnings per share (in dollars per share) |
$ 0.82
|
|
|
$ 1.10
|
|
|
$ 2.50
|
$ 3.25
|
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v3.24.3
Shareholders' Equity - Narrative (Details) - USD ($)
|
|
9 Months Ended |
12 Months Ended |
|
Sep. 24, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Oct. 17, 2024 |
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, authorized (in shares) |
|
50,000,000
|
50,000,000
|
|
| Preferred stock, par value (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Preferred stock, issued (in shares) |
|
10,900,000
|
10,600,000
|
|
| Preferred stock, outstanding (in shares) |
|
10,900,000
|
10,600,000
|
|
| Preferred stock, aggregate liquidation preference |
|
$ 1,150,000,000
|
$ 850,000,000
|
|
| Class A Common Stock |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Common stock, authorized (in shares) |
|
500,000,000
|
500,000,000
|
|
| Common stock, par value (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Common stock, outstanding (in shares) |
|
111,376,884
|
111,027,252
|
|
| Common stock, issued (in shares) |
|
111,376,884
|
111,027,252
|
|
| Class A Common Stock | Subsequent Event |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Common stock, par value (in dollars per share) |
|
|
|
$ 0.01
|
| Class B Non‑Voting Common Stock |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Common stock, authorized (in shares) |
|
10,000,000
|
10,000,000
|
|
| Common stock, par value (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Common stock, outstanding (in shares) |
|
0
|
0
|
|
| Common stock, issued (in shares) |
|
0
|
0
|
|
| Series A Preferred Stock |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, par value (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Preferred stock, issued (in shares) |
|
10,000,000.0
|
10,000,000.0
|
|
| Preferred stock, outstanding (in shares) |
|
10,000,000.0
|
10,000,000.0
|
|
| Preferred stock, dividend rate |
|
6.15%
|
6.15%
|
|
| Preferred stock, aggregate liquidation preference |
|
$ 250,000,000
|
$ 250,000,000.0
|
|
| Preferred stock, liquidation preference (in dollars per share) |
|
$ 25.00
|
$ 25.00
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 25.00
|
|
|
| Preferred stock, dividend rate, basis spread |
|
3.65%
|
|
|
| Dividend rate reset term |
|
5 years
|
|
|
| Series A Preferred Stock | Subsequent Event |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, redemption price (in dollars per share) |
|
|
|
$ 25.00
|
| Series B Preferred Stock |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, par value (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Preferred stock, issued (in shares) |
|
300,000
|
300,000
|
|
| Preferred stock, outstanding (in shares) |
|
300,000
|
300,000
|
|
| Preferred stock, dividend rate |
|
4.65%
|
4.65%
|
|
| Preferred stock, aggregate liquidation preference |
|
$ 300,000,000.0
|
$ 300,000,000.0
|
|
| Preferred stock, liquidation preference (in dollars per share) |
|
$ 1,000
|
$ 1,000
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 1,000
|
|
|
| Preferred stock, dividend rate, basis spread |
|
4.076%
|
|
|
| Dividend rate reset term |
|
5 years
|
|
|
| Series C Preferred Stock |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, par value (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Preferred stock, issued (in shares) |
|
300,000
|
300,000
|
|
| Preferred stock, outstanding (in shares) |
|
300,000
|
300,000
|
|
| Preferred stock, dividend rate |
|
4.125%
|
4.125%
|
|
| Preferred stock, aggregate liquidation preference |
|
$ 300,000,000.0
|
$ 300,000,000.0
|
|
| Preferred stock, liquidation preference (in dollars per share) |
|
$ 1,000
|
$ 1,000
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 1,000
|
|
|
| Preferred stock, dividend rate, basis spread |
|
3.149%
|
|
|
| Dividend rate reset term |
|
5 years
|
|
|
| Series D Preferred Stock |
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
| Preferred stock, issued (in shares) |
300,000
|
300,000
|
|
|
| Preferred stock, outstanding (in shares) |
|
300,000
|
|
|
| Preferred stock, dividend rate |
6.00%
|
6.00%
|
|
|
| Preferred stock, aggregate liquidation preference |
|
$ 300,000,000
|
|
|
| Preferred stock, liquidation preference (in dollars per share) |
$ 1,000
|
|
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 1,000
|
|
|
| Preferred stock, dividend rate, basis spread |
2.56%
|
2.56%
|
|
|
| Dividend rate reset term |
5 years
|
5 years
|
|
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v3.24.3
Shareholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($)
|
|
9 Months Ended |
12 Months Ended |
Sep. 24, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Class of Stock [Line Items] |
|
|
|
| Preferred stock, issued (in shares) |
|
10,900,000
|
10,600,000
|
| Preferred stock, outstanding (in shares) |
|
10,900,000
|
10,600,000
|
| Preferred stock, aggregate liquidation preference |
|
$ 1,150,000,000
|
$ 850,000,000
|
| Series A Preferred Stock |
|
|
|
| Class of Stock [Line Items] |
|
|
|
| Preferred stock, issued (in shares) |
|
10,000,000.0
|
10,000,000.0
|
| Preferred stock, outstanding (in shares) |
|
10,000,000.0
|
10,000,000.0
|
| Preferred stock, aggregate liquidation preference |
|
$ 250,000,000
|
$ 250,000,000.0
|
| Preferred stock, dividend rate, basis spread |
|
3.65%
|
|
| Preferred stock, dividend rate |
|
6.15%
|
6.15%
|
| Credit spread adjustment |
|
0.10%
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 25.00
|
|
| Dividend rate reset term |
|
5 years
|
|
| Series B Preferred Stock |
|
|
|
| Class of Stock [Line Items] |
|
|
|
| Preferred stock, issued (in shares) |
|
300,000
|
300,000
|
| Preferred stock, outstanding (in shares) |
|
300,000
|
300,000
|
| Preferred stock, aggregate liquidation preference |
|
$ 300,000,000.0
|
$ 300,000,000.0
|
| Preferred stock, dividend rate, basis spread |
|
4.076%
|
|
| Preferred stock, dividend rate |
|
4.65%
|
4.65%
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 1,000
|
|
| Dividend rate reset term |
|
5 years
|
|
| Series C Preferred Stock |
|
|
|
| Class of Stock [Line Items] |
|
|
|
| Preferred stock, issued (in shares) |
|
300,000
|
300,000
|
| Preferred stock, outstanding (in shares) |
|
300,000
|
300,000
|
| Preferred stock, aggregate liquidation preference |
|
$ 300,000,000.0
|
$ 300,000,000.0
|
| Preferred stock, dividend rate, basis spread |
|
3.149%
|
|
| Preferred stock, dividend rate |
|
4.125%
|
4.125%
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 1,000
|
|
| Dividend rate reset term |
|
5 years
|
|
| Series D Preferred Stock |
|
|
|
| Class of Stock [Line Items] |
|
|
|
| Preferred stock, issued (in shares) |
300,000
|
300,000
|
|
| Preferred stock, outstanding (in shares) |
|
300,000
|
|
| Preferred stock, aggregate liquidation preference |
|
$ 300,000,000
|
|
| Preferred stock, dividend rate, basis spread |
2.56%
|
2.56%
|
|
| Preferred stock, dividend rate |
6.00%
|
6.00%
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 1,000
|
|
| Dividend rate reset term |
5 years
|
5 years
|
|
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
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v3.24.3
Stock-based Compensation - Narrative (Details)
$ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024
USD ($)
shares
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
criteria
shares
|
Sep. 30, 2023
USD ($)
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Unrecognized compensation expense | $ |
$ 38.8
|
|
$ 38.8
|
|
| Weighted-average period of recognition of unrecognized stock-based compensation cost |
|
|
1 year 8 months 23 days
|
|
| Restricted Stock Units (RSUs) |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Number of different vesting criteria | criteria |
|
|
4
|
|
| Stock-based compensation expense | $ |
$ 7.9
|
$ 8.7
|
$ 25.0
|
$ 23.3
|
| Number of shares other than options granted |
|
|
827,980
|
|
| Restricted Stock Units (RSUs) | Vesting Tranche One |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
3 years
|
|
| Restricted Stock Units (RSUs) | Vesting Tranche Two |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
1 year
|
|
| Restricted Stock Units (RSUs) | Vesting Tranche Three |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
2 years
|
|
| Restricted Stock with Total Shareholder Return Conditions |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Number of shares other than options granted |
|
|
133,438
|
|
| Restricted Stock Units (RSUs), Book Value |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Number of shares other than options granted |
|
|
308,421
|
|
| 2023 Equity Incentive Plan |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Number of shares available for grant (in shares) |
3,749,209
|
|
3,749,209
|
|
| X |
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Stock-based Compensation - Schedule of Activities for Unvested RSUs (Details)
|
9 Months Ended |
|
Sep. 30, 2024
$ / shares
shares
|
|---|
| Restricted Stock Units (RSUs) |
|
| Unvested Restricted Stock Units, Number of Shares |
|
| Unvested at the beginning of the period (in shares) |
1,607,575
|
| Granted (in shares) |
827,980
|
| Vested (in shares) |
(591,381)
|
| Forfeited/canceled (in shares) |
(123,224)
|
| Unvested at the end of the period (in shares) |
1,720,950
|
| Expected to vest after at the end of the period (in shares) |
1,926,327
|
| Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value |
|
| Unvested at the beginning of the period (in dollars per share) | $ / shares |
$ 46.44
|
| Granted (in dollars per share) | $ / shares |
41.56
|
| Vested (in dollars per share) | $ / shares |
44.95
|
| Forfeited/canceled (in dollars per share) | $ / shares |
50.61
|
| Unvested at the end of the period (in dollars per share) | $ / shares |
44.30
|
| Expected to vest after at the end of the period (in dollars per share) | $ / shares |
$ 44.19
|
| Vested (in shares) |
591,381
|
| Performance Based RSUs |
|
| Unvested Restricted Stock Units, Number of Shares |
|
| Vested (in shares) |
(247,258)
|
| Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value |
|
| Vested (in shares) |
247,258
|
| Time-Based RSUs |
|
| Unvested Restricted Stock Units, Number of Shares |
|
| Vested (in shares) |
(344,123)
|
| Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value |
|
| Vested (in shares) |
344,123
|
| X |
- DefinitionRepresents the number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date which are expected to vest.
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v3.24.3
Aircraft Under Management (Details)
$ in Millions |
9 Months Ended |
|
|
|
|
Sep. 30, 2024
USD ($)
entity
aircraft
joint_venture
aircraft_management_platform
|
Oct. 30, 2024
aircraft
|
Dec. 31, 2023
USD ($)
|
Nov. 06, 2023
aircraft
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Number of aircraft managed |
64
|
|
|
|
| Number of aircraft management platforms | aircraft_management_platform |
3
|
|
|
|
| Number of aircrafts managed by financial institution |
1
|
|
|
|
| Percentage of non-controlling interest ownership, number of entities | entity |
2
|
|
|
|
| Blackbird Capital I and Blackbird Capital II |
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Number of aircraft managed |
32
|
|
|
|
| Number of joint ventures participated | joint_venture |
2
|
|
|
|
| Percentage of equity ownership |
9.50%
|
|
|
|
| Equity method investment | $ |
$ 71.4
|
|
$ 69.4
|
|
| Thunderbolt Platform |
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Number of aircraft managed |
31
|
|
|
|
| Number of entities which aircraft is managed | entity |
3
|
|
|
|
| Investment in aircraft sold | $ |
$ 8.8
|
|
$ 8.8
|
|
| Thunderbolt II and Thunderbolt III |
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Percentage of noncontrolling interest |
5.00%
|
|
|
|
| Thunderbolt I | Disposal Group, Held-for-sale, Not Discontinued Operations |
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Number of aircrafts sold |
|
|
|
13
|
| Thunderbolt I | Disposal Group, Disposed of by Sale, Not Discontinued Operations |
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Number of aircrafts sold |
12
|
|
|
|
| Thunderbolt I | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event |
|
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
|
| Number of aircrafts sold |
|
13
|
|
|
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-Topic 210
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-Topic 321
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v3.24.3
| X |
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v3.24.3
Net Investment in Sales-type Leases - Schedule of Components of Investment in Sales-Type Leases, Net (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Leases [Abstract] |
|
|
| Future minimum lease payments to be received |
$ 341,757
|
$ 285,443
|
| Estimated residual values of leased flight equipment |
135,758
|
108,688
|
| Less: Unearned income |
(62,959)
|
(53,412)
|
| Net Investment in Sales-type Leases |
$ 414,556
|
$ 340,719
|
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-Topic 842
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-Section 50
-Paragraph 10
-Publisher FASB
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-Topic 310
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-Section 50
-Paragraph 7A
-Publisher FASB
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-Topic 326
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v3.24.3
Net Investment in Sales-type Leases - Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Leases [Abstract] |
|
|
| 2024 (excluding the nine months ended September 30, 2024) |
$ 9,481
|
|
| 2025 |
37,924
|
|
| 2026 |
37,924
|
|
| 2027 |
37,924
|
|
| 2028 |
37,924
|
|
| Thereafter |
180,580
|
|
| Total |
$ 341,757
|
$ 285,443
|
| X |
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-Topic 842
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-Topic 842
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v3.24.3
Subsequent Events - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
Oct. 17, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Subsequent Events |
|
|
|
|
|
|
| Preferred stock redemption value in excess of carrying value |
|
$ 12,325
|
$ 10,425
|
$ 35,258
|
$ 31,275
|
|
| Series A Preferred Stock |
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
| Preferred stock, redemption price (in dollars per share) |
|
$ 25.00
|
|
$ 25.00
|
|
|
| Series A Preferred Stock | Subsequent Event |
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
| Preferred stock, redemption price (in dollars per share) |
$ 25.00
|
|
|
|
|
|
| Declared and unpaid dividends (in dollars per share) |
$ 0.187219
|
|
|
|
|
|
| Preferred stock redemption value in excess of carrying value |
$ 7,900
|
|
|
|
|
|
| Class A Common Stock |
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
| Common stock, par value (in dollars per share) |
|
$ 0.01
|
|
$ 0.01
|
|
$ 0.01
|
| Class A Common Stock | Subsequent Event |
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
|
|
|
|
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Topic 505
-SubTopic 10
-Section 50
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-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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v3.24.3
Subsequent Events - Summary of Dividends (Details) - $ / shares
|
|
3 Months Ended |
9 Months Ended |
Nov. 06, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Subsequent Events |
|
|
|
|
|
|
|
|
|
| Common stock, cash dividends declared per share (in dollars per share) |
|
$ 0.21
|
$ 0.21
|
$ 0.21
|
$ 0.20
|
$ 0.20
|
$ 0.20
|
$ 0.63
|
$ 0.60
|
| Class A Common Stock | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
|
|
|
| Common stock, cash dividends declared per share (in dollars per share) |
$ 0.22
|
|
|
|
|
|
|
|
|
| Series B Preferred Stock | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
|
|
|
| Preferred stock, cash dividends declared per share (in dollars per share) |
11.625
|
|
|
|
|
|
|
|
|
| Series C Preferred Stock | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
|
|
|
| Preferred stock, cash dividends declared per share (in dollars per share) |
10.3125
|
|
|
|
|
|
|
|
|
| Series D Preferred Stock | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Subsequent Events |
|
|
|
|
|
|
|
|
|
| Preferred stock, cash dividends declared per share (in dollars per share) |
$ 13.50
|
|
|
|
|
|
|
|
|
| X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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