EX-99.1 2 ex99-1.htm PRESS RELEASE
Exhibit 99.1
 
 

For Investors:
For Media:
Keith Helming
Frauke Oberdieck
Chief Financial Officer
Corporate Communications
+31 20 655 9670
+31 20 655 9616
khelming@aercap.com
foberdieck@aercap.com

John Wikoff
Investor Relations
+31 63 169 9430
jwikoff@aercap.com


PRESS RELEASE

AerCap Holdings N.V. Reports Financial Results for Second Quarter 2015

Amsterdam, Netherlands; August 11, 2015

 
Ø
Adjusted net income was:
   
○
$361.1 million for the second quarter of 2015 (reported net income of $309.1 million)
   
○
$665.7 million for the first half year of 2015 (reported net income of $620.6 million)

 
Ø
Adjusted basic earnings per share were:
   
○
$1.73 for the second quarter of 2015 (reported basic earnings per share of $1.48)
   
○
$3.16 for the first half year of 2015 (reported basic earnings per share of $2.95)

Second Quarter 2015 Highlights

 
●
132 aircraft transactions executed.
 
●
99.1% fleet utilization rate and 6.0 years average remaining contracted lease term as of June 30, 2015.
 
●
Commitments to purchase 461 aircraft with scheduled delivery dates through 2022. Approximately 80% of aircraft purchases delivering through December 2018 are leased under a lease contract or letter of intent on an average 12-year lease term.
 
●
Placed an order for 100 Boeing 737 MAX 8 aircraft with deliveries starting in 2019.
 
●
15.7 million shares repurchased for $750 million from American International Group, Inc. ("AIG").
  ● 
$6.6 billion of available liquidity. $16.8 billion of financing raised since the ILFC acquisition announcement in December 2013.

 

 
Aengus Kelly, CEO of AerCap, commented: "AerCap is proud to have delivered record results again this quarter which reflects the earnings consistency in the aircraft leasing sector and the power of our franchise. In addition to outstanding operating results, we also completed in the second quarter a highly successful $3.5 billion secondary share offering, a landmark order for 100 Boeing 737 MAX 8 aircraft and a $750 million share repurchase representing over 7% of our outstanding shares. The highly accretive share repurchase was financed in part by a subordinated debt issuance. AerCap remains totally committed to delivering long term shareholder value by delivering consistent operating results and taking advantage of accretive opportunities as they arise. Our second quarter performance is a reflection of this commitment."

Second Quarter 2015 Financial Results

 
●
Reported net income of $309.1 million, compared with $123.7 million for the same period in 2014. Reported basic earnings per share of $1.48, compared with $0.75 for the same period in 2014. Increases in reported net income and earnings per share over the second quarter 2014 were driven primarily by the full quarter impact of the ILFC Transaction, gain on sale of assets and a gain from the settlement of a residual value guarantee.
 
●
Adjusted net income of $361.1 million, compared with $187.1 million for the same period in 2014. Adjusted basic earnings per share of $1.73, compared with $1.14 for the same period in 2014. Increases in adjusted net income and earnings per share over the second quarter 2014 were driven primarily by the full quarter impact of the ILFC Transaction, gain on sale of assets and a gain from the settlement of a residual value guarantee.
 
●
Annualized net spread of 9.9%, compared to 9.8% for the same period in 2014.
 
●
Debt/equity ratio of 3.3 to 1 as of June 30, 2015 compared to 3.8 to 1 as of June 30, 2014, reflecting our commitment to deleveraging, post the ILFC Transaction.
 
●
Total assets of $44.1 billion as of June 30, 2015.

Net Income/Earnings Per Share

Set forth below are the details to reconcile reported net income to adjusted net income, including the specific adjustments.

   
Three months ended
 June 30,
    
Six months ended
 June 30,
  
   
2015
    
2014
    
% increase/ (decrease)
    
2015
    
2014
    
% increase/ (decrease)
  
   
(US dollars in millions except share and per share amounts)
    
(US dollars in millions except share and per share amounts)
  
                         
Net income                                                                                  
  
$
309.1
    
$
123.7
      
150
%
  
$
620.6
    
$
178.4
      
248
%
                                                 
Adjusted for:
                                                
Mark-to-market of interest rate caps and swaps, net of tax
    
0.1
      
5.7
      
(98
%)
    
6.7
      
10.0
      
(33
%)
Transaction and integration related expenses, net of tax
    
1.0
      
88.4
      
(99
%)
    
4.8
      
107.2
      
(96
%)
Maintenance rights related expenses, net of tax
    
50.9
      
(30.7
)
  
NA
      
33.6
      
(30.7
)
  
NA
  
Adjusted net income                                                                                  
  
$
361.1
    
$
187.1
      
93
%
  
$
665.7
    
$
264.9
      
151
%
                                                 
Adjusted earnings per share – basic
  
$
1.73
    
$
1.14
      
52
%
  
$
3.16
    
$
1.90
      
66
%
 

Second quarter 2015 adjusted net income increased 93% over the same period in 2014 and second quarter 2015 adjusted earnings per share increased 52% over the same period in 2014. The increases were driven primarily by the full quarter impact of the ILFC Transaction, gain on sale of assets and a gain from the settlement of a residual value guarantee.
 
 
2
 

 
Adjusted net income reflects, among others, expensing the maintenance rights asset over the remaining economic life of the aircraft as compared to expensing this asset during the remaining lease term as reflected in reported net income.  The maintenance rights asset represents the difference between the actual physical condition of the aircraft at the ILFC acquisition date and the value based on the contractual return conditions in the lease contracts. We believe adjusted net income may further assist investors in their understanding of our operational and financial performance. The difference in the two methods has no economic impact as it is non-cash and equalizes over time. Refer to Notes Regarding Financial Information Presented in This Press Release for details relating to the adjustments.

Revenue and Net Spread

   
Three months ended
 June 30,
    
Six months ended
 June 30,
  
   
2015
    
2014
    
% increase/ (decrease)
    
2015
    
2014
    
% increase/ (decrease)
  
   
(US dollars in millions)
    
(US dollars in millions)
  
                         
Lease revenue:
                        
Basic lease rents  
  
$
1,164.6
    
$
716.7
      
62
%
  
$
2,322.4
    
$
951.4
      
144
%
Maintenance rents and other receipts
    
69.7
      
29.0
      
140
%
    
138.0
      
43.3
      
219
%
Lease revenue  
    
1,234.3
      
745.7
      
66
%
    
2,460.4
      
994.7
      
147
%
Net gain (loss) on sale of assets  
    
54.6
      
(0.9
)
  
NA
      
88.3
      
8.9
      
892
%
Other income  
    
48.6
      
44.4
      
9
%
    
78.0
      
50.4
      
55
%
Total revenues and other income
  
$
1,337.5
    
$
789.2
      
69
%
  
$
2,626.7
    
$
1,054.0
      
149
%

Basic lease rents were $1,164.6 million for the second quarter of 2015, compared with $716.7 million for the same period in 2014. The increase was driven primarily by the full quarter impact of the ILFC Transaction and new lease contracts relating to new aircraft purchases. Our average lease assets for the second quarter 2015 were $36.6 billion, compared with $22.5 billion for the same period in 2014.

Lease revenue for the second quarter of 2015 was $1,234.3 million, compared with $745.7 million for the same period in 2014.

Net gain on sale of assets for the second quarter of 2015 was $54.6 million, relating to 13 aircraft that were sold, compared with a net loss of $0.9 million for the same period in 2014. During the second quarter of 2015, we also parted-out one aircraft and reclassified two aircraft to finance leases, which had no impact on net gain on sale of assets.

Other income for the second quarter of 2015 was $48.6 million, compared with $44.4 million for the same period in 2014. Other income for the second quarter of 2015 included a gain of $17.0 million from the settlement of a residual value guarantee. Other income for the second quarter of 2014 included a gain of $19.9 million from the sale of an investment.


   
Three months ended
 June 30,
    
Six months ended
 June 30,
  
   
2015
    
2014
    
% increase/ (decrease)
    
2015
    
2014
    
% increase/ (decrease)
  
   
(US dollars in millions)
    
(US dollars in millions)
  
                         
Basic lease rents  
  
$
1,164.6
    
$
716.7
      
62
%
  
$
2,322.4
    
$
951.4
      
144
%
                                                 
Interest expense  
    
255.0
      
171.7
      
49
%
    
542.6
      
234.7
      
131
%
Adjusted for:
                                                
Mark-to-market of interest rate caps and swaps
    
(0.1
)
    
(6.5
)
    
(99
%)
    
(7.6
)
    
(11.4
)
    
(33
%)
Adjusted interest expense  
    
254.9
      
165.2
      
54
%
    
535.0
      
223.3
      
140
%
                                                 
Net interest margin, or net spread
  
$
909.7
    
$
551.5
      
65
%
  
$
1,787.4
    
$
728.1
      
145
%

 
 
3
 
 
As shown in the table above, adjusted interest expense was $254.9 million in the second quarter of 2015, a 54% increase compared with the same period in 2014. Net spread was $909.7 million in the second quarter of 2015, a 65% increase compared with the same period in 2014.

Selling, General and Administrative Expenses
 
   
Three months ended
 June 30,
    
Six months ended
 June 30,
  
   
2015
    
2014
    
% increase/ (decrease)
    
2015
    
2014
    
% increase/ (decrease)
  
   
(US dollars in millions)
    
(US dollars in millions)
  
                         
Selling, general and administrative expenses
    
66.2
      
48.2
      
37
%
    
136.4
      
68.9
      
98
%
Share-based compensation expenses
    
25.3
      
15.1
      
68
%
    
50.1
      
17.5
      
186
%
Total selling, general and administrative expenses
  
$
91.5
    
$
63.3
      
45
%
  
$
186.5
    
$
86.4
      
116
%

The increase in selling, general, and administrative expenses, period over period, reflects the full quarter impact of the ILFC Transaction partially offset by realized synergies.

Effective Tax Rate

AerCap's blended effective tax rate during the second quarter of 2015 was 13.5%. The blended effective tax rate for the year ended December 31, 2014 was 15.0%. The decrease in our effective tax rate is driven primarily by the transfer of aircraft and substantial business operations from the United States to Ireland. The blended effective tax rate in any year is impacted by the source and amount of earnings among AerCap's different tax jurisdictions.

Financial Position

   
June 30,
 2015
    
December 31, 2014
    
% increase/ (decrease) over December 31, 2014
  
   
(US dollars in millions except d/e ratio)
  
             
Total cash (incl. restricted)                                                                                                  
  
$
1,947.9
    
$
2,207.8
      
(12%
)
Total lease assets (*)                                                                                                  
    
36,596.4
      
36,034.9
      
2%
 
Total assets                                                                                                  
    
44,056.5
      
43,867.4
      
0%
 
Debt                                                                                                  
    
30,682.4
      
30,402.4
      
1%
 
Total liabilities                                                                                                  
    
36,234.1
      
35,924.8
      
1%
 
Total equity                                                                                                  
    
7,822.3
      
7,942.5
      
(2%
)
Adjusted debt (**)                                                                                                  
    
28,364.1
      
28,412.0
      
(0%
)
Adjusted equity (**)                                                                                                  
    
8,572.3
      
8,442.5
      
2%
 
Debt/equity ratio                                                                                                  
  
3.3 to 1
    
3.4 to 1
      
(3%
)

(*) Includes flight equipment held for operating lease, net investment in finance and sales-type leases and maintenance rights intangible asset
(**) Refer to Notes Regarding Financial Information Presented in This Press Release for details relating to the adjustments

As of June 30, 2015, AerCap's portfolio consisted of 1,728 aircraft that were owned, on order, under contract or managed (including aircraft owned by AerDragon, a non-consolidated joint venture). The average age of the owned fleet as of June 30, 2015 was 7.7 years and the average remaining contracted lease term was 6.0 years.
 

4
 
 
Notes Regarding Financial Information Presented in This Press Release

The financial information presented in this press release is not audited.

The following is a definition of non-GAAP measures used in this press release. We believe these measures may further assist investors in their understanding of our operational performance.

Adjusted net income and adjusted earnings per share. These measures are determined by adding non-cash charges relating to gains and losses created by a mark-to-market of our interest rate caps and swaps, an adjustment for maintenance rights related expense, and transaction and integration related expenses, in each case during the applicable period and net of tax, to GAAP net income. The average number of shares is based on a daily average.

We use interest rate caps and swaps to allow us to benefit from decreasing interest rates and protect against the negative impact of rising interest rates on our floating rate debt. Management determines the appropriate level of caps in any period with reference to the mix of floating and fixed cash flows from our lease, debt and other contracts. We do not apply hedge accounting to our interest rate caps and some of our swaps. As a result, we recognize the change in fair value of these interest rate caps and swaps in our income statement during each period.

In connection with the ILFC transaction, we have recognized maintenance rights assets relating to the existing leases on the legacy ILFC aircraft and expense this asset during the remaining lease term. The adjustment for maintenance rights related expense is based on the difference between expensing the maintenance rights asset on a more accelerated basis during the remaining lease term as compared to expensing this asset straight-line over the remaining economic life of the aircraft.

In addition, adjusted net income excludes the following non-recurring charges:

 
●
Second quarter 2015 adjusted net income of $361.1 million excludes expenses relating to the ILFC transaction and integration of $1.0 million, net of tax.
 
●
Adjusted net income of $665.7 million for the six months ended June 30, 2015 excludes expenses relating to the ILFC transaction and integration of $4.8 million, net of tax.
 
●
Second quarter 2014 adjusted net income of $187.1 million excludes expenses relating to the ILFC transaction and integration of $88.4 million, net of tax.
 
●
Adjusted net income of $264.9 million for the six months ended June 30, 2014 excludes expenses relating to the ILFC transaction and integration of $107.2 million, net of tax.

In addition to GAAP net income and earnings per share, we believe these measures may further assist investors in their understanding of our operational performance in relation to past and future reporting periods. A reconciliation of adjusted net income to net income for the three and six months periods ended June 30, 2015 and 2014 is presented in a table under the Net Income/Earnings Per Share section of this press release.

Net interest margin, or net spread (refer to second table under Revenue and Net Spread section of this press release). This measure is the difference between basic lease rents and interest expense excluding the impact from the mark-to-market of interest rate caps. We believe this measure may further assist investors in their understanding of the changes and trends related to the earnings of our leasing activities. This measure reflects the impact from changes in the number of aircraft leased, lease rates, utilization rates, as well as the impact from changes in the amount of debt and interest rates.
 

5
 
 
Debt/equity ratio. This measure is the ratio obtained by dividing adjusted net debt by adjusted equity.

 
●
Adjusted net debt means consolidated total debt less cash and cash equivalents, and less a 50% equity credit with respect to certain long-term subordinated debts.
 
●
Adjusted equity means total equity, plus the 50% equity credit relating to the long-term subordinated debts.

Adjusted net debt and adjusted equity are adjusted by the 50% equity credit to reflect the equity nature of those financing arrangements and to provide information in line with definitions under certain of our debt covenants.

Conference Call

In connection with the earnings release, management will host an earnings conference call today, Tuesday, August 11, 2015, at 9:00 am Eastern Time. The call can be accessed live by dialing (U.S./Canada) +1-212 444 0896 or (International) +31-20-713-2789 and referencing code 7303915 at least 5 minutes before start time, or by visiting AerCap's website at http://www.aercap.com under "Investor Relations".

The webcast replay will be archived in the "Investor Relations" section of the Company's website for one year.

For further details and to register for this event please email: aercap@instinctif.com

For further information, contact John Wikoff: +31-63-169-9430 (jwikoff@aercap.com) or Mark Walter and Jenny Payne (Instinctif Partners): +44-20-7457-2020 (aercap@instinctif.com).

About AerCap Holdings N.V.

AerCap is the global leader in aircraft leasing with approximately 1,730 owned, managed or on order aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves over 200 customers in approximately 90 countries with comprehensive fleet solutions and provides part-out and engine leasing services through its subsidiary, AeroTurbine. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Amsterdam with offices in Dublin, Los Angeles, Shannon, Fort Lauderdale, Miami, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse.

 
6
 
 
Forward Looking Statements

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. We do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information regarding AerCap and to be added to our email distribution list, please visit http://www.aercap.com.

Financial Statements Follow

The results of ILFC have been consolidated in AerCap Holdings N.V.'s financial statements as of May 14, 2014, the completion date of the acquisition.
 
 
 
7
 
 
AerCap Holdings N.V.
Unaudited Consolidated Balance Sheets
(In thousands of U.S. Dollars)
 
   
June 30, 2015
    
December 31, 2014
  
         
Assets
        
Cash and cash equivalents                                                                                                          
  
$
1,568,345
    
$
1,490,369
  
Restricted cash                                                                                                          
    
379,509
      
717,388
  
Trade receivables                                                                                                          
    
152,424
      
160,412
  
Flight equipment held for operating leases, net
    
32,750,877
      
31,984,668
  
Maintenance rights intangible and lease premium, net
    
3,607,717
      
3,906,026
  
Flight equipment held for sale                                                                                                          
    
19,533
      
14,082
  
Net investment in finance and sales-type leases
    
426,106
      
347,091
  
Prepayments on flight equipment                                                                                                          
    
3,416,378
      
3,486,514
  
Other intangibles, net                                                                                                          
    
511,356
      
523,709
  
Deferred income tax assets                                                                                                          
    
150,218
      
190,029
  
Other assets                                                                                                          
    
1,074,016
      
1,047,092
  
Total Assets                                                                                                          
  
$
44,056,479
    
$
43,867,380
  
                 
                 
Liabilities and Equity
                
Accounts payable, accrued expenses and other liabilities
  
$
1,153,434
    
$
1,195,880
  
Accrued maintenance liability                                                                                                          
    
3,197,971
      
3,194,365
  
Lessee deposit liability                                                                                                          
    
864,461
      
848,332
  
Debt                                                                                                          
    
30,682,408
      
30,402,392
  
Deferred income tax liabilities                                                                                                          
    
335,865
      
283,863
  
Total liabilities                                                                                                          
    
36,234,139
      
35,924,832
  
                 
Ordinary share capital €0.01 par value (350,000,000 ordinary shares authorized,
 213,109,795 ordinary shares issued and 197,411,207 ordinary shares outstanding
at June 30, 2015 and 212,318,291 ordinary shares issued and outstanding at December 31, 2014)
    
2,568
      
2,559
  
Additional paid-in capital                                                                                                          
    
5,580,398
      
5,557,627
  
Treasury shares (15,698,588 ordinary shares)                                                                                                          
    
(761,228
)
    
-
  
Accumulated other comprehensive loss                                                                                                          
    
(6,585
)
    
(6,895
)
Accumulated retained earnings                                                                                                          
    
2,931,090
      
2,310,486
  
Total AerCap Holdings N.V. shareholders’ equity
    
7,746,243
      
7,863,777
  
Non-controlling interest                                                                                                          
    
76,097
      
78,771
  
Total Equity                                                                                                          
    
7,822,340
      
7,942,548
  
                 
Total Liabilities and Equity                                                                                                          
  
$
44,056,479
    
$
43,867,380
  

 
8

 
AerCap Holdings N.V.
 Unaudited Consolidated Income Statements
(In thousands of U.S. Dollars, except share and per share data)
 
   
Three months ended June 30,
    
Six months ended June 30,
  
   
2015
    
2014
    
2015
    
2014
  
                 
Revenues and other income
                
Lease revenue                                                                  
  
$
1,234,279
    
$
745,656
    
$
2,460,416
    
$
994,717
  
Net gain (loss) on sale of assets
    
54,606
      
(936
)
    
88,307
      
8,870
  
Other income                                                                  
    
48,635
      
44,424
      
78,011
      
50,391
  
Total Revenues and other income
    
1,337,520
      
789,144
      
2,626,734
      
1,053,978
  
                                 
Expenses
                                
Depreciation and amortization
    
459,386
      
277,259
      
911,615
      
367,044
  
Asset impairment                                                                  
    
2,747
      
287
      
7,443
      
287
  
Interest expense                                                                  
    
255,014
      
171,659
      
542,619
      
234,664
  
Leasing expenses `
    
173,426
      
22,551
      
263,153
      
35,334
  
Transaction and integration related expenses
    
1,091
      
100,999
      
5,476
      
122,477
  
Selling, general and administrative expenses
    
91,458
      
63,256
      
186,538
      
86,387
  
Total Expenses                                                                  
    
983,122
      
636,011
      
1,916,844
      
846,193
  
                                 
Income from continuing operations before income taxes and income of investments accounted for under the equity method
    
354,398
      
153,133
      
709,890
      
207,785
  
                                 
Provision for income taxes                                                                  
    
(47,846
)
    
(32,760
)
    
(95,836
)
    
(37,407
)
Equity in net earnings of investments accounted for under the equity method
    
2,140
      
2,465
      
4,008
      
6,163
  
                                 
Net income                                                                  
  
$
308,692
    
$
122,838
    
$
618,062
    
$
176,541
  
                                 
Net loss attributable to non-controlling interest
    
417
      
834
      
2,542
      
1,842
  
                                 
Net income attributable to AerCap Holdings N.V.
  
$
309,109
    
$
123,672
    
$
620,604
    
$
178,383
  
                                 
Total basic earnings per share
  
$
1.48
    
$
0.75
    
$
2.95
    
$
1.28
  
Total diluted earnings per share
  
$
1.46
    
$
0.74
    
$
2.91
    
$
1.26
  
                                 
Weighted average share outstanding – basic
    
208,944,833
      
164,371,369
      
210,523,173
      
139,148,164
  
Weighted average shares outstanding – diluted
    
211,486,227
      
166,632,714
      
213,045,364
      
141,445,745
  

 
9

 
AerCap Holdings N.V.
 Unaudited Consolidated Statements of Cash Flows
(In thousands of U.S. Dollars)
 
   
Six months ended June 30,
  
   
2015
    
2014
  
         
Net income                                                                                                        
  
$
618,062
    
$
176,541
  
Adjustments to reconcile net income to net cash provided by operating activities
                
Depreciation and amortization                                                                                                        
    
911,615
      
367,044
  
Asset impairment                                                                                                        
    
7,443
      
287
  
Amortization of debt issuance costs and debt discount
    
22,613
      
62,964
  
Amortization of lease premium intangibles                                                                                                        
    
12,184
      
5,244
  
Amortization of fair value adjustment on debt                                                                                                        
    
(238,987
)
    
(74,718
)
Accretion of fair value adjustment on deposits and maintenance liabilities
    
41,022
      
15,602
  
Maintenance rights expense                                                                                                        
    
242,646
      
-
  
Maintenance liability release to income  (54,316 ) (3,914 )
Net gain on sale of assets                                                                                                        
    
(88,307
)
    
(8,870
)
Deferred income taxes                                                                                                        
    
91,813
      
32,740
  
Other                                                                                                        
    
43,853
      
27,640
  
Changes in operating assets and liabilities:
                
   Trade receivables                                                                                                        
    
7,988
      
33,745
  
   Other assets                                                                                                        
    
31,716
      
10,708
  
   Accounts payable, accrued expenses and other liabilities
    
(39,511
)
    
(50,587
)
Net cash provided by operating activities                                                                                                        
    
1,609,834
      
594,426
  
                 
Purchase of flight equipment                                                                                                        
    
(1,669,831
)
    
(763,688
)
Proceeds from sale of disposal of assets                                                                                                        
    
486,165
      
452,421
  
Prepayments of flight equipment                                                                                                        
    
(465,707
)
    
(115,906
)
Acquisition of ILFC, net of cash acquired                                                                                                        
    
-
      
(195,311
)
Collections of finance and sales-type leases                                                                                                        
    
27,784
      
8,283
  
Movement in restricted cash                                                                                                        
    
337,879
      
201,002
  
Other                                                                                                        
    
(14,000
)
    
-
  
Net cash used in investing activities                                                                                                        
    
(1,297,710
)
    
(413,199
)
                 
Issuance of debt                                                                                                        
    
2,180,384
      
2,986,693
  
Repayment of debt                                                                                                        
    
(1,650,672
)
    
(1,722,606
)
Debt issuance costs paid                                                                                                        
    
(16,511
)
    
(95,674
)
Maintenance payments received                                                                                                        
    
342,701
      
139,212
  
Maintenance payments returned                                                                                                        
    
(311,238
)
    
(47,060
)
Security deposits received                                                                                                        
    
85,970
      
24,227
  
Security deposits returned                                                                                                        
    
(81,433
)
    
(29,842
)
Repurchase of shares and tax withholdings on share-based compensation
    
(781,337
)
    
-
  
Net cash (used in) provided by financing activities
    
(232,136
)
    
1,254,950
  
                 
Net increase in cash and cash equivalents                                                                                                        
    
79,988
      
1,436,177
  
Effect of exchange rate changes on cash and cash equivalents
    
(2,012
)
    
(256
)
Cash and cash equivalents at beginning of period
    
1,490,369
      
295,514
  
Cash and cash equivalents at end of period
  
$
1,568,345
    
$
1,731,435
  

10