(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Flight equipment subject to operating leases | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Deposits on flight equipment purchases | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Accrued interest and other payables | $ | $ | |||||||||
Debt financing, net of discounts and issuance costs | |||||||||||
Security deposits and maintenance reserves on flight equipment leases | |||||||||||
Rentals received in advance | |||||||||||
Deferred tax liability | |||||||||||
Total liabilities | $ | $ | |||||||||
Shareholders’ Equity | |||||||||||
Preferred Stock, $ | $ | $ | |||||||||
Class A common stock, $ | |||||||||||
Class B Non-Voting common stock, $ | |||||||||||
Paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total shareholders’ equity | $ | $ | |||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
Revenues | |||||||||||
Rental of flight equipment | $ | $ | |||||||||
Total revenues | |||||||||||
Expenses | |||||||||||
Interest | |||||||||||
Amortization of debt discounts and issuance costs | |||||||||||
Interest expense | |||||||||||
Depreciation of flight equipment | |||||||||||
Write-off of Russian fleet | |||||||||||
Selling, general and administrative | |||||||||||
Stock-based compensation expense | ( | ||||||||||
Total expenses | |||||||||||
Income/(loss) before taxes | ( | ||||||||||
Income tax (expense)/benefit | ( | ||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income/(loss) attributable to common stockholders | $ | $ | ( | ||||||||
Other comprehensive income/(loss): | |||||||||||
Foreign currency translation adjustment | $ | ( | $ | ( | |||||||
Change in fair value of hedged transactions | |||||||||||
Total tax benefit/(expense) on other comprehensive income/loss | ( | ||||||||||
Other comprehensive income/(loss), net of tax | ( | ||||||||||
Total comprehensive income/(loss) attributable for common stockholders | $ | $ | ( | ||||||||
Earnings/(loss) per share of common stock: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( | ||||||||
Weighted-average shares of common stock outstanding | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Dividends declared per share of common stock | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared $ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared on preferred stock) | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings on stock based-compensation | — | — | ( | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | — | — | ( | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared $ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared on preferred stock) | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings on stock-based compensation | — | — | ( | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
Operating Activities | |||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||||||||
Depreciation of flight equipment | |||||||||||
Write-off of Russian fleet | |||||||||||
Stock-based compensation expense | ( | ||||||||||
Deferred taxes | ( | ||||||||||
Amortization of discounts and debt issuance costs | |||||||||||
Amortization of prepaid lease costs | |||||||||||
Gain on aircraft sales, trading and other activity | ( | ( | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets | ( | ( | |||||||||
Accrued interest and other payables | ( | ( | |||||||||
Rentals received in advance | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Acquisition of flight equipment under operating lease | ( | ( | |||||||||
Payments for deposits on flight equipment purchases | ( | ( | |||||||||
Proceeds from aircraft sales, trading and other activity | |||||||||||
Acquisition of aircraft furnishings, equipment and other assets | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Cash dividends paid on Class A common stock | ( | ( | |||||||||
Common shares repurchased | ( | ||||||||||
Cash dividends paid on preferred stock | ( | ( | |||||||||
Tax withholdings on stock-based compensation | ( | ( | |||||||||
Net change in unsecured revolving facilities | |||||||||||
Proceeds from debt financings | |||||||||||
Payments in reduction of debt financings | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Security deposits and maintenance reserve receipts | |||||||||||
Security deposits and maintenance reserve disbursements | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net decrease in cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid during the period for interest, including capitalized interest of $ | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Supplemental Disclosure of Noncash Activities | |||||||||||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment | $ | $ | |||||||||
Cash dividends declared on common stock, not yet paid | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Unsecured | |||||||||||
Senior unsecured securities | $ | $ | |||||||||
Revolving credit facilities | |||||||||||
Term financings | |||||||||||
Total unsecured debt financing | |||||||||||
Secured | |||||||||||
Term financings | |||||||||||
Export credit financing | |||||||||||
Total secured debt financing | |||||||||||
Total debt financing | |||||||||||
Less: Debt discounts and issuance costs | ( | ( | |||||||||
Debt financing, net of discounts and issuance costs | $ | $ |
(in thousands) | |||||
Years ending December 31, | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
(in thousands) | |||||
Net book value as of December 31, 2022 | $ | ||||
Purchase of aircraft | |||||
Depreciation | ( | ||||
Sale of aircraft | ( | ||||
Net book value as of March 31, 2023 | $ | ||||
Accumulated depreciation as of March 31, 2023 | $ | ( |
Estimated Delivery Years | ||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Airbus A220-100/300 | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A320/321neo(1) | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A330-900neo | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A350-900/1000 | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A350F | ||||||||||||||||||||||||||||||||||||||||||||
Boeing 737-8/9 MAX | ||||||||||||||||||||||||||||||||||||||||||||
Boeing 787-9/10 | ||||||||||||||||||||||||||||||||||||||||||||
Total(2) | ||||||||||||||||||||||||||||||||||||||||||||
(1) The Company’s Airbus A320/321neo aircraft orders include | ||||||||||||||||||||||||||||||||||||||||||||
(2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation. |
Years ending December 31, | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
Years ending December 31, | |||||
2023 (excluding the three months ended March 31, 2023) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands, except share and per share) | |||||||||||
Basic earnings/(loss) per share: | |||||||||||
Numerator | |||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income/(loss) attributable to common stockholders | $ | $ | ( | ||||||||
Denominator | |||||||||||
Weighted-average shares outstanding | |||||||||||
Basic earnings/(loss) per share | $ | $ | ( | ||||||||
Diluted earnings/(loss) per share: | |||||||||||
Numerator | |||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income/(loss) attributable to common stockholders | $ | $ | ( | ||||||||
Denominator | |||||||||||
Number of shares used in basic computation | |||||||||||
Weighted-average effect of dilutive securities | |||||||||||
Number of shares used in per share computation | |||||||||||
Diluted earnings/(loss) per share | $ | $ | ( |
Shares Issued and Outstanding as of March 31, 2023 | Liquidation Preference as of March 31, 2023 | Issue Date | Dividend Rate in Effect at March 31, 2023 | Next dividend rate reset date | Dividend rate after reset date | ||||||||||||||||||||||||||||||
Series A | $ | March 5, 2019 | % | March 15, 2024 | 3M LIBOR plus | ||||||||||||||||||||||||||||||
Series B | March 2, 2021 | % | June 15, 2026 | 5 Yr U.S. Treasury plus | |||||||||||||||||||||||||||||||
Series C | October 13, 2021 | % | December 15, 2026 | 5 Yr U.S. Treasury plus | |||||||||||||||||||||||||||||||
Total | $ |
Unvested Restricted Stock Units | ||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||||||
Unvested at December 31, 2022 | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited/canceled | ( | $ | ||||||||||||
Unvested at March 31, 2023 | $ | |||||||||||||
Expected to vest after March 31, 2023 | $ |
March 31, 2023 | |||||
Future minimum lease payments to be received | $ | ||||
Estimated residual values of leased flight equipment | |||||
Less: Unearned income | ( | ||||
Net Investment in Sales-type Leases | $ |
(in thousands) | |||||
Years ending December 31, | |||||
2023 (excluding the three months ended March 31, 2023) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
Title of each class | Cash dividend per share | Record Date | Payment Date | |||||||||||||||||
Class A Common Stock | $ | June 6, 2023 | July 7, 2023 | |||||||||||||||||
Series A Preferred Stock | $ | May 31, 2023 | June 15, 2023 | |||||||||||||||||
Series B Preferred Stock | $ | May 31, 2023 | June 15, 2023 | |||||||||||||||||
Series C Preferred Stock | $ | May 31, 2023 | June 15, 2023 |
March 31, 2023 | December 31, 2022 | ||||||||||
Net book value of flight equipment subject to operating lease | $ | 25.7 | billion | $ | 24.5 | billion | |||||
Weighted-average fleet age(1) | 4.5 years | 4.5 years | |||||||||
Weighted-average remaining lease term(1) | 7.1 years | 7.1 years | |||||||||
Owned fleet | 437 | 417 | |||||||||
Managed fleet | 86 | 85 | |||||||||
Aircraft on order | 376 | 398 | |||||||||
Total | 899 | 900 | |||||||||
Current fleet contracted rentals | $ | 16.3 | billion | $ | 15.6 | billion | |||||
Committed fleet rentals | $ | 14.2 | billion | $ | 15.8 | billion | |||||
Total committed rentals | $ | 30.5 | billion | $ | 31.4 | billion | |||||
(1) Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating lease. | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Region | Net Book Value | % of Total | Net Book Value | % of Total | |||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Europe | $ | 8,497,227 | 33.0 | % | $ | 7,985,317 | 32.5 | % | |||||||||||||||
Asia (excluding China) | 7,560,879 | 29.4 | % | 7,144,188 | 29.1 | % | |||||||||||||||||
China | 2,769,093 | 10.8 | % | 2,792,022 | 11.4 | % | |||||||||||||||||
The Middle East and Africa | 2,217,459 | 8.6 | % | 2,253,342 | 9.3 | % | |||||||||||||||||
Central America, South America, and Mexico | 2,146,706 | 8.3 | % | 1,924,216 | 7.8 | % | |||||||||||||||||
U.S. and Canada | 1,685,430 | 6.5 | % | 1,557,260 | 6.3 | % | |||||||||||||||||
Pacific, Australia, and New Zealand | 872,724 | 3.4 | % | 882,040 | 3.6 | % | |||||||||||||||||
Total | $ | 25,749,518 | 100.0 | % | $ | 24,538,385 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Aircraft type | Number of Aircraft | % of Total | Number of Aircraft | % of Total | ||||||||||||||||||||||
Airbus A220-300 | 4 | 0.9 | % | 4 | 1.0 | % | ||||||||||||||||||||
Airbus A319-100 | 1 | 0.2 | % | 1 | 0.2 | % | ||||||||||||||||||||
Airbus A320-200 | 28 | 6.4 | % | 28 | 6.7 | % | ||||||||||||||||||||
Airbus A320-200neo | 23 | 5.3 | % | 23 | 5.5 | % | ||||||||||||||||||||
Airbus A321-200 | 23 | 5.3 | % | 23 | 5.5 | % | ||||||||||||||||||||
Airbus A321-200neo | 84 | 19.2 | % | 78 | 18.7 | % | ||||||||||||||||||||
Airbus A330-200 | 13 | 3.0 | % | 13 | 3.1 | % | ||||||||||||||||||||
Airbus A330-300 | 5 | 1.1 | % | 5 | 1.2 | % | ||||||||||||||||||||
Airbus A330-900neo | 18 | 4.1 | % | 16 | 3.8 | % | ||||||||||||||||||||
Airbus A350-900 | 14 | 3.2 | % | 13 | 3.1 | % | ||||||||||||||||||||
Airbus A350-1000 | 6 | 1.4 | % | 6 | 1.4 | % | ||||||||||||||||||||
Boeing 737-700 | 3 | 0.7 | % | 4 | 1.0 | % | ||||||||||||||||||||
Boeing 737-800 | 81 | 18.5 | % | 82 | 19.7 | % | ||||||||||||||||||||
Boeing 737-8 MAX | 52 | 11.9 | % | 47 | 11.3 | % | ||||||||||||||||||||
Boeing 737-9 MAX | 23 | 5.3 | % | 15 | 3.7 | % | ||||||||||||||||||||
Boeing 777-200ER | 1 | 0.2 | % | 1 | 0.2 | % | ||||||||||||||||||||
Boeing 777-300ER | 24 | 5.5 | % | 24 | 5.8 | % | ||||||||||||||||||||
Boeing 787-9 | 27 | 6.2 | % | 27 | 6.5 | % | ||||||||||||||||||||
Boeing 787-10 | 6 | 1.4 | % | 6 | 1.4 | % | ||||||||||||||||||||
Embraer E190 | 1 | 0.2 | % | 1 | 0.2 | % | ||||||||||||||||||||
Total (1) | 437 | 100.0 | % | 417 | 100.0 | % | ||||||||||||||||||||
(1) As of March 31, 2023 and December 31, 2022, we had six and four aircraft, respectively, classified as flight equipment held for sale. |
Estimated Delivery Years | ||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Airbus A220-100/300 | 14 | 23 | 23 | 12 | — | — | 72 | |||||||||||||||||||||||||||||||||||||
Airbus A320/321neo(1) | 21 | 20 | 21 | 35 | 35 | 40 | 172 | |||||||||||||||||||||||||||||||||||||
Airbus A330-900neo | 5 | 6 | — | — | — | — | 11 | |||||||||||||||||||||||||||||||||||||
Airbus A350-900/1000 | 3 | 3 | — | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||
Airbus A350F | — | — | — | 2 | 2 | 3 | 7 | |||||||||||||||||||||||||||||||||||||
Boeing 737-8/9 MAX | 17 | 26 | 30 | 16 | — | — | 89 | |||||||||||||||||||||||||||||||||||||
Boeing 787-9/10 | 5 | 4 | 10 | — | — | — | 19 | |||||||||||||||||||||||||||||||||||||
Total(2) | 65 | 82 | 84 | 65 | 37 | 43 | 376 | |||||||||||||||||||||||||||||||||||||
(1) Our Airbus A320/321neo aircraft orders include 18 long-range variants and 49 extra long-range variants. | ||||||||||||||||||||||||||||||||||||||||||||
(2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation. |
Delivery Year | Number Leased | Number of Aircraft | % Leased | ||||||||||||||
2023 | 65 | 65 | 100.0 | % | |||||||||||||
2024 | 72 | 82 | 87.8 | % | |||||||||||||
2025 | 43 | 84 | 51.2 | % | |||||||||||||
2026 | 19 | 65 | 29.2 | % | |||||||||||||
2027 | 14 | 37 | 37.8 | % | |||||||||||||
Thereafter | 1 | 43 | 2.3 | % | |||||||||||||
Total | 214 | 376 | |||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Long-term debt obligations | $ | 1,398,216 | $ | 2,978,506 | $ | 2,386,926 | $ | 5,137,146 | $ | 2,780,862 | $ | 4,960,631 | $ | 19,642,287 | ||||||||||||||||||||||||||||||
Interest payments on debt outstanding(1) | 487,886 | 643,980 | 567,319 | 404,536 | 284,342 | 318,569 | 2,706,632 | |||||||||||||||||||||||||||||||||||||
Purchase commitments(2) | 4,889,889 | 5,357,669 | 5,081,295 | 3,869,866 | 2,478,928 | 2,563,357 | 24,241,004 | |||||||||||||||||||||||||||||||||||||
Total | $ | 6,775,991 | $ | 8,980,155 | $ | 8,035,540 | $ | 9,411,548 | $ | 5,544,132 | $ | 7,842,557 | $ | 46,589,923 | ||||||||||||||||||||||||||||||
(1) Future interest payments on floating rate debt are estimated using floating rates in effect at March 31, 2023. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Purchase commitments reflect future Boeing and Airbus aircraft deliveries based on information currently available to us based on contractual documentation. |
March 31, 2023 | December 31, 2022 | ||||||||||
( in thousands, except percentages) | |||||||||||
Unsecured | |||||||||||
Senior unsecured securities | $ | 17,195,946 | $ | 17,095,116 | |||||||
Revolving credit facilities | 1,673,000 | 1,020,000 | |||||||||
Term financings | 652,925 | 582,950 | |||||||||
Total unsecured debt financing | 19,521,871 | 18,698,066 | |||||||||
Secured | |||||||||||
Term financings | 110,434 | 113,717 | |||||||||
Export credit financing | 9,982 | 11,646 | |||||||||
Total secured debt financing | 120,416 | 125,363 | |||||||||
Total debt financing | 19,642,287 | 18,823,429 | |||||||||
Less: Debt discounts and issuance costs | (194,686) | (182,366) | |||||||||
Debt financing, net of discounts and issuance costs | $ | 19,447,601 | $ | 18,641,063 | |||||||
Selected interest rates and ratios: | |||||||||||
Composite interest rate(1) | 3.42 | % | 3.07 | % | |||||||
Composite interest rate on fixed-rate debt(1) | 3.20 | % | 2.98 | % | |||||||
Percentage of total debt at a fixed-rate | 88.0 | % | 91.34 | % | |||||||
(1) This rate does not include the effect of upfront fees, facility fees, undrawn fees or amortization of debt discounts and issuance costs. |
Shares Issued and Outstanding as of March 31, 2023 | Liquidation Preference as of March 31, 2023 | Issue Date | Dividend Rate in Effect at March 31, 2023 | Next dividend rate reset date | Dividend rate after reset date | ||||||||||||||||||||||||||||||
Series A | 10,000,000 | $ | 250,000 | March 5, 2019 | 6.150 | % | March 15, 2024 | 3M LIBOR plus 3.65% | |||||||||||||||||||||||||||
Series B | 300,000 | 300,000 | March 2, 2021 | 4.650 | % | 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% | ||||||||||||||||||||||||||||
Total | 10,600,000 | $ | 850,000 |
Payment Date | ||||||||
Title of each class | March 15, 2023 | |||||||
(in thousands) | ||||||||
Series A Preferred Stock | $3,844 | |||||||
Series B Preferred Stock | $3,487 | |||||||
Series C Preferred Stock | $3,094 |
Rating Agency | Long-term Debt | Corporate Rating | Outlook | Date of Last Ratings Action | ||||||||||||||||||||||
Kroll Bond Ratings | A- | A- | Stable | March 24, 2023 | ||||||||||||||||||||||
Standard and Poor's | BBB | BBB | Stable | April 25, 2023 | ||||||||||||||||||||||
Fitch Ratings | BBB | BBB | Stable | December 19, 2022 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(unaudited) | ||||||||||||||
Revenues | ||||||||||||||
Rental of flight equipment | $ | 617,773 | $ | 566,554 | ||||||||||
Aircraft sales, trading and other | 18,369 | 30,107 | ||||||||||||
Total revenues | 636,142 | 596,661 | ||||||||||||
Expenses | ||||||||||||||
Interest | 151,613 | 117,277 | ||||||||||||
Amortization of debt discounts and issuance costs | 13,073 | 13,198 | ||||||||||||
Interest expense | 164,686 | 130,475 | ||||||||||||
Depreciation of flight equipment | 259,680 | 235,308 | ||||||||||||
Write-off of Russian fleet | — | 802,352 | ||||||||||||
Selling, general and administrative | 47,614 | 32,762 | ||||||||||||
Stock-based compensation expense | 5,896 | (2,523) | ||||||||||||
Total expenses | 477,876 | 1,198,374 | ||||||||||||
Income/(loss) before taxes | 158,266 | (601,713) | ||||||||||||
Income tax (expense)/benefit | (29,546) | 132,720 | ||||||||||||
Net income/(loss) | $ | 128,720 | $ | (468,993) | ||||||||||
Preferred stock dividends | (10,425) | (10,425) | ||||||||||||
Net income/(loss) attributable to common stockholders | $ | 118,295 | $ | (479,418) | ||||||||||
Earnings/(Loss) per share of common stock: | ||||||||||||||
Basic | $ | 1.07 | $ | (4.21) | ||||||||||
Diluted | $ | 1.06 | $ | (4.21) | ||||||||||
Other financial data | ||||||||||||||
Pre-tax margin | 24.9 | % | (100.8) | % | ||||||||||
Pre-tax return on common equity (trailing twelve months) | 10.2 | % | (3.5) | % | ||||||||||
Adjusted net income before income taxes(1) | $ | 166,810 | $ | 200,889 | ||||||||||
Adjusted diluted earnings per share before income taxes(1) | $ | 1.50 | $ | 1.76 | ||||||||||
Adjusted pre-tax margin(1) | 26.2 | % | 33.7 | % | ||||||||||
Adjusted pre-tax return on common equity (trailing twelve months)(1) | 11.0 | % | 11.8 | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
Reconciliation of the numerator for adjusted pre-tax margin (net income/(loss) attributable to common stockholders to adjusted net income before income taxes): | |||||||||||
Net income/(loss) attributable to common stockholders | $ | 118,295 | $ | (479,418) | |||||||
Amortization of debt discounts and issuance costs | 13,073 | 13,198 | |||||||||
Write-off of Russian fleet | — | 802,352 | |||||||||
Stock-based compensation expense | 5,896 | (2,523) | |||||||||
Income tax expense/(benefit) | 29,546 | (132,720) | |||||||||
Adjusted net income before income taxes | $ | 166,810 | $ | 200,889 | |||||||
Denominator for adjusted pre-tax margin: | |||||||||||
Total revenues | $ | 636,142 | $ | 596,661 | |||||||
Adjusted pre-tax margin(a) | 26.2 | % | 33.7 | % | |||||||
(a) Adjusted pre-tax margin is adjusted net income before income taxes divided by total revenues |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
Reconciliation of the numerator for adjusted diluted earnings per share (net income/(loss) attributable to common stockholders to adjusted net income before income taxes): | |||||||||||
Net income/(loss) attributable to common stockholders | $ | 118,295 | $ | (479,418) | |||||||
Amortization of debt discounts and issuance costs | 13,073 | 13,198 | |||||||||
Write-off of Russian fleet | — | 802,352 | |||||||||
Stock-based compensation expense | 5,896 | (2,523) | |||||||||
Income tax expense/(benefit) | 29,546 | (132,720) | |||||||||
Adjusted net income before income taxes | $ | 166,810 | $ | 200,889 | |||||||
Denominator for adjusted diluted earnings per share: | |||||||||||
Weighted-average diluted common shares outstanding | 111,199,996 | 113,894,867 | |||||||||
Potentially dilutive securities, whose effect would have been anti-dilutive | — | 249,781 | |||||||||
Adjusted weighted-average diluted common shares outstanding | 111,199,996 | 114,144,648 | |||||||||
Adjusted diluted earnings per share before income taxes(b) | $ | 1.50 | $ | 1.76 | |||||||
(b) Adjusted diluted earnings per share before income taxes is adjusted net income before income taxes divided by adjusted weighted-average diluted common shares outstanding |
Trailing Twelve Months March 31, | |||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
Reconciliation of the numerator for adjusted pre-tax return on common equity (net income/(loss) attributable to common stockholders to adjusted net income before income taxes): | |||||||||||
Net income/(loss) attributable to common stockholders | $ | 458,989 | $ | (151,507) | |||||||
Amortization of debt discounts and issuance costs | 53,130 | 51,793 | |||||||||
(Recovery)/write-off of Russian fleet | (30,877) | 802,352 | |||||||||
Stock-based compensation expense | 24,022 | 18,585 | |||||||||
Income tax expense/(benefit) | 120,524 | (47,773) | |||||||||
Adjusted net income before income taxes | $ | 625,788 | $ | 673,450 | |||||||
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 | $ | 5,519,585 | $ | 5,878,212 | |||||||
Common shareholders' equity as of end of the period | $ | 5,894,586 | $ | 5,519,585 | |||||||
Average common shareholders' equity | $ | 5,707,086 | $ | 5,698,899 | |||||||
Adjusted pre-tax return on common equity(c) | 11.0 | % | 11.8 | % | |||||||
(c) Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common shareholders’ equity |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
3.1 | S-1 | 333-171734 | 3.1 | January 14, 2011 | ||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
3.2 | 8-K | 001-35121 | 3.1 | March 27, 2018 | ||||||||||||||||||||||||||||
3.3 | 8-A | 001-35121 | 3.2 | March 4, 2019 | ||||||||||||||||||||||||||||
3.4 | 8-K | 001-35121 | 3.1 | March 2, 2021 | ||||||||||||||||||||||||||||
3.5 | 8-K | 001-35121 | 3.1 | October 13, 2021 | ||||||||||||||||||||||||||||
4.1 | 10-Q | 001-35121 | 4.1 | November 4, 2021 | ||||||||||||||||||||||||||||
4.2 | 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. | |||||||||||||||||||||||||||||||
10.1 | 10-K | 001-35121 | 10.37 | February 16, 2023 | ||||||||||||||||||||||||||||
10.2 | Filed herewith | |||||||||||||||||||||||||||||||
10.3 | 8-K | 001-35121 | 10.1 | April 26, 2023 | ||||||||||||||||||||||||||||
10.4§ | 10-K | 001-35121 | 10.212 | February 16, 2023 | ||||||||||||||||||||||||||||
10.5§ | 10-K | 001-35121 | 10.213 | February 16, 2023 | ||||||||||||||||||||||||||||
10.6§ | 10-K | 001-35121 | 10.214 | February 16, 2023 | ||||||||||||||||||||||||||||
10.7§ | 10-K | 001-35121 | 10.215 | February 16, 2023 | ||||||||||||||||||||||||||||
31.1 | Filed herewith | |||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
31.2 | Filed herewith | |||||||||||||||||||||||||||||||
32.1 | Furnished herewith | |||||||||||||||||||||||||||||||
32.2 | Furnished herewith | |||||||||||||||||||||||||||||||
101.INS | 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 | XBRL Taxonomy Extension Schema | |||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |||||||||||||||||||||||||||||||
104 | The cover page from Air Lease Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL and contained in Exhibit 101 | |||||||||||||||||||||||||||||||
AIR LEASE CORPORATION | |||||
May 1, 2023 | /s/ John L. Plueger | ||||
John L. Plueger | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) | |||||
May 1, 2023 | /s/ Gregory B. Willis | ||||
Gregory B. Willis | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer and Principal Accounting Officer) |
SCOTIABANK (IRELAND) DESIGNATED ACTIVITY COMPANY | |||||
By: | /s/ Maxime Comeau | ||||
Name: Maxime Comeau | |||||
Title: Managing Director | |||||
By: | /s/ Carlos Ivan Duarte | ||||
Name: Carlos Ivan Duarte | |||||
Title: Associate Director |
By: | /s/ Gregory B. Willis | ||||
Name: Gregory B. Willis | |||||
Title: Executive Vice President and Chief Financial Officer |
By: | /s/ Cristina Caviness | ||||
Name: Cristina Caviness | |||||
Title: Executive Director |
/s/ John L. Plueger | ||||||||
John L. Plueger Chief Executive Officer and President (Principal Executive Officer) |
/s/ Gregory B. Willis | ||||||||
Gregory B. Willis Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
/s/ John L. Plueger | |||||
John L. Plueger Chief Executive Officer and President (Principal Executive Officer) |
/s/ Gregory B. Willis | |||||
Gregory B. Willis Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share of common stock (in dollars per share) | $ 0.200 | $ 0.185 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 10,658 | $ 9,365 |
Company Background and Overview |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Background and Overview | Company Background and OverviewAir 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 March 31, 2023, the Company owned 437 aircraft, managed 86 aircraft and had 376 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. |
Basis of Preparation and Critical Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
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 March 31, 2023, and for all periods presented. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results expected for the year ending December 31, 2023. 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, 2022.
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Debt Financing |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Financing | Debt Financing The Company’s consolidated debt as of March 31, 2023 and December 31, 2022 is summarized below:
At March 31, 2023, 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. All of the Company’s secured obligations as of March 31, 2023 and December 31, 2022 are recourse in nature. Senior unsecured securities (including Medium-Term Note Program) As of March 31, 2023, the Company had $17.2 billion in senior unsecured securities outstanding. As of December 31, 2022, the Company had $17.1 billion in senior unsecured securities outstanding. Public unsecured bonds. During the three months ended March 31, 2023, the Company issued $700.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2028. Private placement securities. During the three months ended March 31, 2023, the Company, through a trust, issued $600.0 million in aggregate principal amount of 5.85% trust certificates due 2028 in a Sukuk financing. If the Company fails to meet its obligations under the Sukuk financing, the sole rights of each of the holders of the trust certificates will be against the Company to perform its obligations under the arrangements to which it is a party. Syndicated unsecured revolving credit facility As of March 31, 2023 and December 31, 2022, the Company had $1.7 billion and $1.0 billion, respectively, outstanding under its unsecured 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. During the first quarter of 2023, the Company entered into a new lender supplement and a commitment increase supplement, which increased the aggregate capacity of the Company’s Revolving Credit Facility by $325.0 million. In April 2023, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2026 to May 5, 2027 and amended the total revolving commitments thereunder to approximately $7.2 billion as of May 5, 2023. As of May 1, 2023, lenders held revolving commitments totaling approximately $6.8 billion that mature on May 5, 2027, commitments totaling $320.0 million that mature on May 5, 2026, commitments totaling $32.5 million that mature on May 5, 2025 and commitments totaling $375.0 million that mature on May 5, 2023. The amended Revolving Credit Facility also decreased the SOFR credit spread adjustment applicable to the borrowings for all interest periods. Borrowings under the Revolving Credit Facility 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. Other debt financings From time to time, the Company enters into other debt financings such as unsecured revolving credit facilities, unsecured term financings and secured term financings, including export credit. As of March 31, 2023, the outstanding balance on other debt financings was $773.3 million and the Company had pledged three aircraft as collateral with a net book value of $209.6 million. As of December 31, 2022, the outstanding balance on other debt financings was $708.3 million and the Company had pledged three aircraft as collateral with a net book value of $212.1 million. Maturities Maturities of debt outstanding as of March 31, 2023 are as follows:
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Flight equipment subject to operating lease |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2023:
Write-off of Russian fleet update In response to the sanctions against certain industry sectors and parties in Russia, in March 2022, the Company terminated all of its leasing activities in Russia, including eight aircraft from its managed fleet. While the Company or the respective managed platform maintains title to the aircraft, the Company determined that it is unlikely it or they will regain possession of the aircraft detained in Russia. As such, during the three months ended March 31, 2022, the Company recognized a loss from asset write-offs of its interests in owned aircraft detained in Russia, totaling approximately $791.0 million. In June 2022, the Company submitted insurance claims to its insurers to recover its losses relating to aircraft detained in Russia. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its insurers in connection with its previously submitted insurance claims and will continue to vigorously pursue all available insurance claims. Collection, timing and amounts of any insurance recoveries and the outcome of the ongoing insurance litigation remain uncertain at this time. As of May 1, 2023, 20 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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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Aircraft Acquisition As of March 31, 2023, the Company had commitments to purchase 376 aircraft from Boeing and Airbus for delivery through 2029, with an estimated aggregate commitment of $24.2 billion. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for a majority of the aircraft in its orderbook. The Company remains in discussions with Boeing and Airbus to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of these delays.
Pursuant to the Company’s purchase agreements with Boeing and Airbus, 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 both Boeing and Airbus. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Boeing and Airbus 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 $24.2 billion as of March 31, 2023, are as follows:
The Company has made non-refundable deposits on flight equipment purchases of $1.2 billion and $1.3 billion as of March 31, 2023 and December 31, 2022, 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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Rental Income |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Income | Rental Income As of March 31, 2023, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2023 are as follows:
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Earnings/(Loss) Per Share |
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Earnings/(Loss) Per Share | Earnings/(Loss) Per Share Basic earnings/(loss) per share is computed by dividing net income/(loss) 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 March 31, 2023, the Company did not have any Class B non-voting common stock outstanding. Diluted earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the three months ended March 31, 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. For the three months ended March 31, 2022, the Company excluded 249,781 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. Since the Company was in a loss position for the three months ended March 31, 2022, diluted net loss per share is the same as basic net loss per share for the period as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company excluded 969,698 and 1,046,967 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2023 and 2022, respectively. The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share:
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Fair Value Measurements |
3 Months Ended |
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Mar. 31, 2023 | |
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 a cross-currency swap related to its Canadian dollar Medium-Term Notes which were issued in December 2019. The fair value of the swap as a foreign currency exchange derivative is categorized as a Level 2 measurement in the fair value hierarchy and is measured on a recurring basis. As of March 31, 2023, the estimated fair value of the foreign currency exchange derivative liability was $2.4 million. As of December 31, 2022, the estimated fair value of the foreign currency exchange derivative liability was $2.5 million. 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 March 31, 2023 was $18.6 billion compared to a book value of $19.6 billion. The estimated fair value of debt financing as of December 31, 2022 was $17.5 billion compared to a book value of $18.8 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2023, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2023 and December 31, 2022 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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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company had 111,015,418 and 110,892,097 Class A common shares issued and outstanding, respectively. The Company was authorized to issue 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2023 and December 31, 2022. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2023 or December 31, 2022. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, 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). The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2023 (in thousands, except for share amounts and percentages):
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Stock-based Compensation |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation On May 7, 2014, the stockholders of the Company approved the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan, no new awards may be granted under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). As of March 31, 2023, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,054,904. The Company has issued 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 or two year period. As of March 31, 2023, the Company had no outstanding Stock Options and no unrecognized compensation costs related to outstanding Stock Options. For the three months ended March 31, 2023 and 2022, there were no stock-based compensation expenses related to Stock Options. For the three months ended March 31, 2023, the Company recorded $5.9 million of stock-based compensation expense related to RSUs. For the three months ended March 31, 2022, the Company recorded a net reversal of previously recognized stock based compensation of $2.5 million. Such net reversal was a result of reductions in the underlying vesting estimates of certain book value RSUs as the performance criteria were no longer considered probable of being achieved during the three months ended March 31, 2022. 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 book value and time based 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 Total Shareholder Return (“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 three months ended March 31, 2023, the Company granted 680,338 RSUs of which 121,608 are TSR RSUs and 243,206 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2023:
As of March 31, 2023, there was $57.4 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 2.24 years.
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Aircraft Under Management |
3 Months Ended |
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Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aircraft Under Management | Aircraft Under Management As of March 31, 2023, the Company managed 86 aircraft across three aircraft management platforms. The Company managed 46 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and six on behalf of a financial institution. As of March 31, 2023, the Company managed 34 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 March 31, 2023, 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 $65.1 million and $64.7 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023, the Company managed 46 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 March 31, 2023 and December 31, 2022 and is included in Other assets on the Consolidated Balance Sheets. During the three months ended March 31, 2022, the Company recognized asset write-offs of $11.4 million related to its investments in the managed platforms that own aircraft in Russia. The six aircraft detained in Russia were removed from the Company’s managed fleet count as of March 31, 2022. See Note 4 for additional details on the write-off of Russian fleet.
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Net Investment in Sales-type Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment in Sales-type Leases | Net Investment in Sales-type Leases As of March 31, 2023, the Company had ten A320-200 aircraft on lease to an airline with terms that meet the criteria of being classified as a sales-type lease. 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):
As of March 31, 2023, future minimum lease payments to be received on sales-type leases were as follows:
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Flight Equipment Held for Sale |
3 Months Ended |
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Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Flight Equipment Held for Sale | Flight Equipment Held for SaleAs of March 31, 2023, the Company had six aircraft, with a carrying value of $222.5 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. During the three months ended March 31, 2023, the Company completed the sale of two aircraft from its held for sale portfolio. The Company expects the sale of all six aircraft to be completed within the next two quarters. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2022, the Company had four aircraft, with a carrying value of $153.5 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. |
Subsequent Events |
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Subsequent Events | Subsequent Events On April 28, 2023, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series A, B and C Preferred Stock. The following table summarizes the details of the dividends that were declared:
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Basis of Preparation and Critical Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
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. |
Debt Financing (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Debt | The Company’s consolidated debt as of March 31, 2023 and December 31, 2022 is summarized below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Debt Outstanding | Maturities of debt outstanding as of March 31, 2023 are as follows:
|
Flight equipment subject to operating lease (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2023:
|
Commitments and Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Commitments to Acquire Aircraft |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Commitments for The Acquisition of 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 $24.2 billion as of March 31, 2023, are as follows:
|
Rental Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Minimum Future Rentals | As of March 31, 2023, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2023 are as follows:
|
Earnings/(Loss) Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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/(loss) per share:
|
Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Stock Issued and Outstanding | The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2023 (in thousands, except for share amounts and percentages):
|
Stock-based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2023:
|
Net Investment in Sales-type Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease | As of March 31, 2023, future minimum lease payments to be received on sales-type leases were as follows:
|
Subsequent Events (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | The following table summarizes the details of the dividends that were declared:
|
Company Background and Overview (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
aircraft
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of aircraft owned | 437 |
Number of aircraft managed | 86 |
Number of aircraft on order with manufacturers | 376 |
Debt Financing - Consolidated Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt financing | $ 19,642,287 | $ 18,823,429 |
Less: Debt discounts and issuance costs | (194,686) | (182,366) |
Debt financing, net of discounts and issuance costs | 19,447,601 | 18,641,063 |
Total unsecured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 19,521,871 | 18,698,066 |
Senior unsecured securities | ||
Debt Instrument [Line Items] | ||
Total debt financing | 17,195,946 | 17,095,116 |
Revolving credit facilities | ||
Debt Instrument [Line Items] | ||
Total debt financing | 1,673,000 | 1,020,000 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 652,925 | 582,950 |
Total secured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 120,416 | 125,363 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 110,434 | 113,717 |
Export credit financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | $ 9,982 | $ 11,646 |
Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
2023 | $ 1,398,216 | |
2024 | 2,978,506 | |
2025 | 2,386,926 | |
2026 | 5,137,146 | |
2027 | 2,780,862 | |
Thereafter | 4,960,631 | |
Total | $ 19,642,287 | $ 18,823,429 |
Flight equipment subject to operating lease- Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Movement in Property, Plant and Equipment [Roll Forward] | ||
Depreciation | $ (259,680) | $ (235,308) |
Flight Equipment | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Net book value, beginning balance | 24,538,385 | |
Purchase of aircraft | 1,493,650 | |
Depreciation | (259,680) | |
Sale of aircraft | (22,837) | |
Net book value, ending balance | 25,749,518 | |
Accumulated depreciation as of March 31, 2023 | $ (5,175,430) |
Flight equipment subject to operating lease - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
aircraft
|
May 01, 2023
aircraft
|
|
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Number of managed aircraft terminating lease | 8 | |
Flight Equipment | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Write-off of fleet | $ | $ 791.0 | |
Subsequent Event | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Number of aircraft under operating lease terminated remaining in Russia | 20 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
aircraft
|
Dec. 31, 2022
USD ($)
|
|
Long-term Purchase Commitment [Line Items] | ||
Number of aircraft on order with manufacturers | aircraft | 376 | |
Purchase obligation | $ 24,241,004 | |
Minimum aircraft delivery delays that could trigger lessee cancellation clauses | 1 year | |
Purchase agreements, termination commencement period | 1 year | |
Non-refundable deposits on aircraft | $ 1,220,332 | $ 1,344,973 |
Aircrafts | ||
Long-term Purchase Commitment [Line Items] | ||
Non-refundable deposits on aircraft | $ 1,200,000 | $ 1,300,000 |
Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 4,889,889 |
2024 | 5,357,669 |
2025 | 5,081,295 |
2026 | 3,869,866 |
2027 | 2,478,928 |
Thereafter | 2,563,357 |
Total | $ 24,241,004 |
Rental Income (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
2023 (excluding the three months ended March 31, 2023) | $ 1,778,328 |
2024 | 2,306,856 |
2025 | 2,145,346 |
2026 | 1,918,424 |
2027 | 1,696,357 |
Thereafter | 6,501,756 |
Total | $ 16,347,067 |
Earnings/(Loss) Per Share - Narrative (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
class_of_stock
shares
|
Mar. 31, 2022
shares
|
Dec. 31, 2022
shares
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of classes of common stock | class_of_stock | 2 | ||
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded related to restricted stock units | 0 | 249,781 | |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded related to restricted stock units | 969,698 | 1,046,967 | |
Class B Non‑Voting Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, outstanding (in shares) | 0 | 0 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Reported Value Measurement | ||
Fair Value Measurements | ||
Debt financing | $ 19,600.0 | $ 18,800.0 |
Level 2 | ||
Fair Value Measurements | ||
Debt financing | 18,600.0 | 17,500.0 |
Recurring basis | Foreign Exchange Contract | Level 2 | ||
Fair Value Measurements | ||
Derivative liability | $ 2.4 | |
Derivative asset, fair value | $ 2.5 |
Net Investment in Sales-type Leases - Narrative (Details) |
Mar. 31, 2023
aircraft
|
---|---|
Leases [Abstract] | |
Sales-type lease, number of aircrafts | 10 |
Net Investment in Sales-type Leases - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
Future minimum lease payments to be received | $ 230,625 |
Estimated residual values of leased flight equipment | 91,688 |
Less: Unearned income | (44,041) |
Net Investment in Sales-type Leases | $ 278,272 |
Net Investment in Sales-type Leases - Future Minimum Lease Payments to be Received on Sales-type Lease (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
2023 (excluding the three months ended March 31, 2023) | $ 18,450 |
2024 | 24,600 |
2025 | 24,600 |
2026 | 24,600 |
2027 | 24,600 |
Thereafter | 113,775 |
Total | $ 230,625 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Apr. 28, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | $ 0.200 | $ 0.185 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | $ 0.20 | ||
Series A Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | 0.384375 | ||
Series B Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | 11.625 | ||
Series C Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | $ 10.3125 |
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