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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Air Lease Corporation | NYSE:AL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.67 | -1.40% | 47.26 | 47.635 | 46.70 | 47.35 | 488,525 | 21:31:21 |
From Jul 2024 to Jan 2025
Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three and six months ended June 30, 2024.
“We continue to feel the effects of ongoing delays from the aircraft and engine manufacturers. We remain confident and optimistic about the value of our fleet, as seen through our aircraft sales initiatives. There is significant value in our orderbook based on our view of long-term aircraft demand and fundamental passenger traffic trends,” said John L. Plueger, Chief Executive Officer and President, and Steven F. Udvar-Házy, Executive Chairman of the Board.
Second Quarter 2024 Results
The following table summarizes our operating results for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts and percentages):
Operating Results
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
$ change
% change
2024
2023
$ change
% change
Revenues
$
667.3
$
672.9
$
(5.6
)
(0.8
)%
$
1,330.6
$
1,309.0
$
21.6
1.7
%
Operating expenses
(539.5
)
(509.0
)
(30.5
)
6.0
%
(1,067.5
)
(986.8
)
(80.7
)
8.2
%
Income before taxes
127.7
164.0
(36.3
)
(22.1
)%
263.1
322.2
(59.1
)
(18.3
)%
Net income attributable to common stockholders
$
90.4
$
122.0
$
(31.6
)
(25.9
)%
$
187.9
$
240.3
$
(52.4
)
(21.8
)%
Diluted earnings per share
$
0.81
$
1.10
$
(0.29
)
(26.4
)%
$
1.68
$
2.16
$
(0.48
)
(22.2
)%
Adjusted net income before income taxes(1)
$
137.4
$
175.9
$
(38.5
)
(21.9
)%
$
283.6
$
342.7
$
(59.1
)
(17.2
)%
Adjusted diluted earnings per share before income taxes(1)
$
1.23
$
1.58
$
(0.35
)
(22.2
)%
$
2.54
$
3.08
$
(0.54
)
(17.5
)%
Key Financial Ratios
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Pre-tax margin
19.1%
24.4%
19.8%
24.6%
Adjusted pre-tax margin(1)
20.6%
26.1%
21.3%
26.2%
Pre-tax return on common equity (trailing twelve months)
10.4%
10.3%
10.4%
10.3%
Adjusted pre-tax return on common equity (trailing twelve months)(1)
10.8%
11.2%
10.8%
11.2%
——————————————————————
(1)
Adjusted net income before income taxes, adjusted diluted earnings per share before income taxes, adjusted pre-tax margin and adjusted pre-tax return on common equity have been adjusted to exclude the effects of certain non-cash items, one-time or non-recurring items that are not expected to continue in the future and certain other items. See note 1 under the Consolidated Statements of Operations included in this earnings release for a discussion of the non-GAAP measures and a reconciliation to their most comparable GAAP financial measures.
Highlights
Financial Overview
Our rental revenues for the three months ended June 30, 2024 decreased by 0.4%, to $610 million, as compared to the three months ended June 30, 2023. Despite the growth of our fleet, our rental revenues decreased as compared to the prior period in part due to the sales of older aircraft with higher lease yields, and the purchases of new aircraft, with lower initial lease yields. In addition, we also experienced a decline in end of lease revenue of approximately $13 million, as compared to the prior period primarily due to fewer aircraft returns during the three months ended June 30, 2024.
Our aircraft sales, trading and other revenues for the three months ended June 30, 2024, decreased by 6%, to $58 million, as compared to the three months ended June 30, 2023 primarily driven by reduced gains from aircraft sales. We recorded $40 million in gains from the sale of 11 aircraft for the three months ended June 30, 2024, compared to $45 million in gains from the sale of eight aircraft for the three months ended June 30, 2023.
Our net income attributable to common stockholders for the three months ended June 30, 2024, was $90 million, or $0.81 per diluted share, as compared to $122 million, or $1.10 per diluted share, for the three months ended June 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, as well as the decline in our revenues, as discussed above.
Adjusted net income before income taxes during the three months ended June 30, 2024, was $137 million, or $1.23 per adjusted diluted share, as compared to $176 million, or $1.58 per adjusted diluted share, for the three months ended June 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, as well as the decline in our revenues as discussed above.
______________________1 Aircraft in our sales pipeline is as of June 30, 2024, adjusted for letters of intent signed through August 1, 2024.
Flight Equipment Portfolio
As of June 30, 2024, the net book value of our fleet increased to $26.8 billion, compared to $26.2 billion as of December 31, 2023. As of June 30, 2024, we owned 474 aircraft in our aircraft portfolio, comprised of 354 narrowbody aircraft and 120 widebody aircraft, and we managed 67 aircraft. The weighted average fleet age and weighted average remaining lease term of flight equipment subject to operating lease as of June 30, 2024 was 4.7 years and 6.9 years, respectively. We had a globally diversified customer base comprised of 118 airlines in 59 countries as of June 30, 2024.
The following table summarizes the key portfolio metrics of our fleet as of June 30, 2024 and December 31, 2023:
June 30, 2024
December 31, 2023
Net book value of flight equipment subject to operating lease
$26.8 billion
$
26.2 billion
Weighted-average fleet age(1)
4.7 years
4.6 years
Weighted-average remaining lease term(1)
6.9 years
7.0 years
Owned fleet(2)
474
463
Managed fleet
67
78
Aircraft on order
307
334
Total
848
875
Current fleet contracted rentals
$
16.5 billion
$
16.4 billion
Committed fleet rentals
$
13.5 billion
$
14.6 billion
Total committed rentals
$
30.0 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 June 30, 2024 and December 31, 2023, our owned fleet count included 18 and 14 aircraft classified as flight equipment held for sale, respectively, and 13 and 12 aircraft classified as net investments in sales-type leases, respectively, which are all included in Other assets on the Consolidated Balance Sheet.
The following table details the regional concentration of our flight equipment subject to operating leases:
June 30, 2024
December 31, 2023
Region
% of Net Book Value
% of Net Book Value
Europe
40.6
%
37.7
%
Asia Pacific
36.5
%
39.8
%
Central America, South America, and Mexico
9.5
%
9.0
%
The Middle East and Africa
7.6
%
7.9
%
U.S. and Canada
5.8
%
5.6
%
Total
100.0
%
100.0
%
The following table details the composition of our owned fleet by aircraft type:
June 30, 2024
December 31, 2023
Aircraft type
Number of Aircraft
% of Total
Number of Aircraft
% of Total
Airbus A220-100
4
0.8
%
2
0.4
%
Airbus A220-300
15
3.2
%
13
2.8
%
Airbus A319-100
1
0.2
%
1
0.2
%
Airbus A320-200
27
5.7
%
28
6.0
%
Airbus A320-200neo
23
4.9
%
25
5.4
%
Airbus A321-200
22
4.6
%
23
5.0
%
Airbus A321-200neo
104
21.9
%
95
20.6
%
Airbus A330-200(1)
13
2.7
%
13
2.8
%
Airbus A330-300
5
1.1
%
5
1.1
%
Airbus A330-900neo
23
4.9
%
23
5.0
%
Airbus A350-900
15
3.2
%
14
3.0
%
Airbus A350-1000
8
1.7
%
7
1.5
%
Boeing 737-700
3
0.6
%
3
0.6
%
Boeing 737-800
67
14.1
%
73
15.8
%
Boeing 737-8 MAX
57
12.0
%
52
11.2
%
Boeing 737-9 MAX
30
6.3
%
29
6.3
%
Boeing 777-200ER
1
0.2
%
1
0.2
%
Boeing 777-300ER
24
5.1
%
24
5.2
%
Boeing 787-9
25
5.3
%
25
5.4
%
Boeing 787-10
6
1.3
%
6
1.3
%
Embraer E190
1
0.2
%
1
0.2
%
Total(2)
474
100.0
%
463
100.0
%
(1) As of June 30, 2024 and December 31, 2023, aircraft count includes two Airbus A330-200 aircraft classified as freighters.
(2) As of June 30, 2024 and December 31, 2023, our owned fleet count included 18 and 14 aircraft classified as flight equipment held for sale, respectively, and 13 and 12 aircraft classified as net investments in sales-type leases, respectively, which are all included in Other assets on the Consolidated Balance Sheet.
Debt Financing Activities
We ended the second quarter of 2024 with total debt financing, net of discounts and issuance costs, of $19.7 billion. As of June 30, 2024, 88.3% of our total debt financing was at a fixed rate and 98.5% was unsecured. As of June 30, 2024, our composite cost of funds was 3.99%. We ended the quarter with total liquidity of $8.2 billion.
As of the end of the periods presented, our debt portfolio was comprised of the following components (dollars in millions, except percentages):
June 30, 2024
December 31, 2023
Unsecured
Senior unsecured securities
$
17,493
$
16,330
Term financings
2,004
1,628
Revolving credit facility
90
1,100
Total unsecured debt financing
19,587
19,058
Secured
Export credit financing
197
205
Term financings
94
101
Total secured debt financing
291
306
Total debt financing
19,878
19,364
Less: Debt discounts and issuance costs
(199
)
(181
)
Debt financing, net of discounts and issuance costs
$
19,679
$
19,183
Selected interest rates and ratios:
Composite interest rate(1)(2)
3.99
%
3.77
%
Composite interest rate on fixed-rate debt(1)
3.63
%
3.26
%
Percentage of total debt at a fixed-rate
88.34
%
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.
(2) Our composite interest rate as of March 31, 2024 was 4.03%.
Conference Call
In connection with this earnings release, Air Lease Corporation will host a conference call on August 1, 2024 at 4:30 PM Eastern Time to discuss the Company's financial results for the second quarter of 2024.
Investors can participate in the conference call by dialing 1 (888) 596-4144 domestic or 1 (646) 968-2525 international. The passcode for the call is 5952437.
The conference call will also be broadcast live through a link on the Investors page of the Air Lease Corporation website at www.airleasecorp.com. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investors page of the Air Lease Corporation website.
For your convenience, the conference call can be replayed in its entirety beginning on August 1, 2024 until 11:59 PM ET on August 8, 2024. If you wish to listen to the replay of this conference call, please dial 1 (800) 770-2030 domestic or 1 (647) 362-9199 international and enter passcode 5952437.
About Air Lease Corporation (NYSE: AL)
Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. Air Lease Corporation and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. Air Lease Corporation routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease Corporation’s website regularly for important information. The information contained on, or that may be accessed through, Air Lease Corporation’s website is not incorporated by reference into, and is not a part of, this press release.
Forward-Looking Statements
This press release contains 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 press release and include statements regarding, among other matters, the state of the airline industry, our access to the capital and debt markets, the impact of aircraft and engine delivery delays and manufacturing flaws, our aircraft sales pipeline and expectations, 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:
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.
Air Lease Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
June 30, 2024
December 31, 2023
(unaudited)
Assets
Cash and cash equivalents
$
454,123
$
460,870
Restricted cash
1,533
3,622
Flight equipment subject to operating leases
32,643,461
31,787,241
Less accumulated depreciation
(5,854,095
)
(5,556,033
)
26,789,366
26,231,208
Deposits on flight equipment purchases
1,131,899
1,203,068
Other assets
2,641,456
2,553,484
Total assets
$
31,018,377
$
30,452,252
Liabilities and Shareholders’ Equity
Accrued interest and other payables
$
916,998
$
1,164,140
Debt financing, net of discounts and issuance costs
19,679,063
19,182,657
Security deposits and maintenance reserves on flight equipment leases
1,654,107
1,519,719
Rentals received in advance
128,992
143,861
Deferred tax liability
1,331,971
1,281,837
Total liabilities
$
23,711,131
$
23,292,214
Shareholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
$
106
$
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 June 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
3,294,959
3,287,234
Retained earnings
4,010,916
3,869,813
Accumulated other comprehensive income
151
1,775
Total shareholders’ equity
$
7,307,246
$
7,160,038
Total liabilities and shareholders’ equity
$
31,018,377
$
30,452,252
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share, per share amounts and percentages)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
(unaudited)
Revenues
Rental of flight equipment
$
609,505
$
611,733
$
1,223,834
$
1,229,506
Aircraft sales, trading and other
57,783
61,171
106,764
79,540
Total revenues
667,288
672,904
1,330,598
1,309,046
Expenses
Interest
190,004
172,174
371,599
323,786
Amortization of debt discounts and issuance costs
13,292
13,646
26,401
26,719
Interest expense
203,296
185,820
398,000
350,505
Depreciation of flight equipment
281,982
268,586
559,242
528,266
Selling, general and administrative
45,432
45,832
93,175
93,447
Stock-based compensation expense
8,837
8,715
17,112
14,611
Total expenses
539,547
508,953
1,067,529
986,829
Income before taxes
127,741
163,951
263,069
322,217
Income tax expense
(24,795
)
(31,550
)
(52,257
)
(61,096
)
Net income
$
102,946
$
132,401
$
210,812
$
261,121
Preferred stock dividends
(12,508
)
(10,425
)
(22,933
)
(20,850
)
Net income attributable to common stockholders
$
90,438
$
121,976
$
187,879
$
240,271
Earnings per share of common stock:
Basic
$
0.81
$
1.10
$
1.69
$
2.16
Diluted
$
0.81
$
1.10
$
1.68
$
2.16
Weighted-average shares of common stock outstanding
Basic
111,372,434
111,021,133
111,273,514
110,982,557
Diluted
111,740,821
111,239,004
111,712,719
111,307,049
Other financial data
Pre-tax margin
19.1
%
24.4
%
19.8
%
24.6
%
Pre-tax return on common equity (trailing twelve months)
10.4
%
10.3
%
10.4
%
10.3
%
Adjusted net income before income taxes(1)
$
137,362
$
175,887
$
283,649
$
342,697
Adjusted diluted earnings per share before income taxes(1)
$
1.23
$
1.58
$
2.54
$
3.08
Adjusted pre-tax margin(1)
20.6
%
26.1
%
21.3
%
26.2
%
Adjusted pre-tax return on common equity (trailing twelve months)(1)
10.8
%
11.2
%
10.8
%
11.2
%
(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):
Three Months Ended June 30,
Six Months Ended June 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
$
90,438
$
121,976
$
187,879
$
240,271
Amortization of debt discounts and issuance costs
13,292
13,646
26,401
26,719
Stock-based compensation expense
8,837
8,715
17,112
14,611
Income tax expense
24,795
31,550
52,257
61,096
Adjusted net income before income taxes
$
137,362
$
175,887
$
283,649
$
342,697
Denominator for adjusted pre-tax margin:
Total revenues
$
667,288
$
672,904
$
1,330,598
$
1,309,046
Adjusted pre-tax margin(a)
20.6
%
26.1
%
21.3
%
26.2
%
(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 June 30,
Six Months Ended
June 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
$
90,438
$
121,976
$
187,879
$
240,271
Amortization of debt discounts and issuance costs
13,292
13,646
26,401
26,719
Stock-based compensation expense
8,837
8,715
17,112
14,611
Income tax expense
24,795
31,550
52,257
61,096
Adjusted net income before income taxes
$
137,362
$
175,887
$
283,649
$
342,697
Denominator for adjusted diluted earnings per share:
Weighted-average diluted common shares outstanding
111,740,821
111,239,004
111,712,719
111,307,049
Adjusted diluted earnings per share before income taxes(b)
$
1.23
$
1.58
$
2.54
$
3.08
(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 Ended June 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
$
520,530
$
475,113
Amortization of debt discounts and issuance costs
53,734
53,363
Recovery of Russian fleet
(67,022
)
(30,877
)
Stock-based compensation expense
37,116
26,179
Income tax expense
130,175
123,419
Adjusted net income before income taxes
$
674,533
$
647,197
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
$
6,002,653
$
5,589,634
Common shareholders' equity as of end of the period
$
6,457,246
$
6,002,653
Average common shareholders' equity
$
6,229,950
$
5,796,144
Adjusted pre-tax return on common equity(c)
10.8
%
11.2
%
(c) Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common shareholders’ equity
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended June 30,
2024
2023
(unaudited)
Operating Activities
Net income
$
210,812
$
261,121
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment
559,242
528,266
Stock-based compensation expense
17,112
14,611
Deferred taxes
50,575
59,114
Amortization of prepaid lease costs
50,579
36,064
Amortization of discounts and debt issuance costs
26,401
26,719
Gain on aircraft sales, trading and other activity
(97,978
)
(86,838
)
Changes in operating assets and liabilities:
Other assets
(25,377
)
7,028
Accrued interest and other payables
8,555
38,986
Rentals received in advance
(14,778
)
(4,172
)
Net cash provided by operating activities
785,143
880,899
Investing Activities
Acquisition of flight equipment under operating lease
(1,466,104
)
(2,416,609
)
Payments for deposits on flight equipment purchases
(179,213
)
(134,825
)
Proceeds from aircraft sales, trading and other activity
430,476
1,261,476
Acquisition of aircraft furnishings, equipment and other assets
(191,952
)
(125,541
)
Net cash used in investing activities
(1,406,793
)
(1,415,499
)
Financing Activities
Cash dividends paid on Class A common stock
(46,703
)
(44,382
)
Cash dividends paid on preferred stock
(22,933
)
(20,850
)
Tax withholdings on stock-based compensation
(9,384
)
(3,354
)
Net change in unsecured revolving facility
(1,010,000
)
(20,000
)
Proceeds from debt financings
3,024,408
1,538,087
Payments in reduction of debt financings
(1,503,849
)
(1,287,880
)
Debt issuance costs
(7,534
)
(9,149
)
Security deposits and maintenance reserve receipts
198,377
188,471
Security deposits and maintenance reserve disbursements
(9,568
)
(5,925
)
Net cash provided by financing activities
612,814
335,018
Net decrease in cash
(8,836
)
(199,582
)
Cash, cash equivalents and restricted cash at beginning of period
464,492
780,017
Cash, cash equivalents and restricted cash at end of period
$
455,656
$
580,435
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $21,709 and $21,336 at June 30, 2024 and 2023, respectively
$
390,120
$
325,365
Cash paid for income taxes
$
21,313
$
5,573
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
$
351,720
$
552,058
Flight equipment subject to operating leases reclassified to flight equipment held for sale
$
744,559
$
1,339,087
Flight equipment subject to operating leases reclassified to investment in sales-type lease
$
33,629
$
—
Cash dividends declared on Class A common stock, not yet paid
$
23,389
$
22,205
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731309412/en/
Investors: Jason Arnold Vice President, Investor Relations Email: investors@airleasecorp.com
Media: Laura Woeste Senior Manager, Media and Investor Relations Email: press@airleasecorp.com
Ashley Arnold Senior Manager, Media and Investor Relations Email: press@airleasecorp.com
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