Air Lease Corporation Announces Fourth Quarter 2012 Results and Declares Its First Quarterly Cash Dividend on Its Common Stock
Air Lease Corporation Announces Fourth Quarter 2012 Results and Declares Its
First Quarterly Cash Dividend on Its Common Stock
Business Wire
LOS ANGELES -- February 28, 2013
Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its
operations for the three months ended and year ended December 31, 2012.
Highlights
Air Lease Corporation reports another consecutive quarter of fleet, revenue,
profitability and financing growth:
* Diluted EPS increased 117% to $1.28 per share for the year ended December
31, 2012 compared to $0.59 per share for the year ended December 31, 2011.
Diluted EPS increased 58% to $0.38 per share in the fourth quarter of 2012
compared to $0.24 in the fourth quarter of 2011.
* Revenues increased 95% to $656 million for the year ended December 31,
2012 compared to $337 million for the year ended December 31, 2011.
Revenues increased 65% to $190 million in the fourth quarter of 2012
compared to $115 million in the fourth quarter of 2011.
* Income before taxes increased 146% to $204 million for the year ended
December 31, 2012 compared to $83 million for the year ended December 31,
2011. Income before taxes increased 58% to $61 million in the fourth
quarter of 2012 compared to $39 million in the fourth quarter of 2011.
* Added 14 aircraft (including 11 aircraft from our order book and three
opportunistic/incremental aircraft) and sold one aircraft from our fleet,
growing our fleet to 155 aircraft spread across a diverse and balanced
customer base of 69 airlines in 40 countries.
* Ended the fourth quarter with a composite interest rate of 3.94%, adding
debt facilities aggregating $611 million during the fourth quarter and
through February 28, 2013 and increased the Company’s unsecured debt as a
percentage of total debt to 60.2% as of December 31, 2012 compared to
31.7% as of December 31, 2011.
* Based on strong Company performance to date, our board of directors
declared ALC’s first quarterly cash dividend of $0.025 per share on our
outstanding common stock.
The following table summarizes the results for the three months and years
ended December 31, 2012 and 2011 (in thousands, except share amounts):
Three Months Ended Year Ended
December 31, December 31,
2012 2011 % 2012 2011 %
change change
Revenues $ 190,095 $ 115,057 65 % $ 655,746 $ 336,741 95 %
Income
before $ 61,286 $ 38,687 58 % $ 203,973 $ 82,841 146 %
taxes
Net income $ 39,809 $ 24,762 61 % $ 131,919 $ 53,232 148 %
Cash
provided
by $ 115,683 $ 100,969 15 % $ 491,029 $ 267,166 84 %
operating
activities
Diluted $ 0.38 $ 0.24 58 % $ 1.28 $ 0.59 117 %
EPS
Adjusted
net $ 47,989 $ 31,660 52 % $ 163,404 $ 87,954 86 %
income^(1)
Adjusted $ 173,768 $ 102,167 70 % $ 596,451 $ 290,168 106 %
EBITDA^(1)
See notes 1 and 2 to the Consolidated Statements of Income included in
^(1) this earnings release for a discussion of the non-GAAP measures
adjusted net income and adjusted EBITDA.
“We more than doubled our year over year profits in all metrics—Income before
taxes, Net income and Diluted EPS. The young age of the highly desirable
aircraft types in our globally diversified fleet continue to deliver strong
results for our shareholders. Owing to the financial success of the company
since inception three years ago, our board has declared the first quarterly
cash dividend on our common stock as part of a new dividend policy,” said
Steven F. Udvar-Házy, Chairman and Chief Executive Officer of Air Lease
Corporation.
“To further enhance ALC’s growth during Q4 we took advantage of opportunistic
transactions and acquired 3 incremental aircraft over and above our new order
pipeline. We concluded the first sale of an aircraft from our fleet and
profitably redeployed a 737-800 from a troubled carrier. In addition to the
strong execution of our business plan during the quarter, we worked equally
hard to grow our future performance by increasing our orders in the last few
months for additional aircraft from Airbus, Boeing and ATR. We continue to
place these aircraft with high quality airline customers many years into the
future,” said John L. Plueger, President and Chief Operating Officer of Air
Lease Corporation.
Fleet Growth
Building on our base of 142 aircraft at September 30, 2012, we increased our
fleet by 13 aircraft during the fourth quarter of 2012 and ended the quarter
with 155 aircraft spread across a diverse and balanced customer base of 69
airlines based in 40 countries.
Below are portfolio metrics of our fleet as of December 31, 2012 and 2011:
December 31, December 31,
2012 2011
Fleet size 155 102
Weighted-average fleet age^(1) 3.5 years 3.6 years
Weighted-average remaining lease 6.8 years 6.6 years
term^(1)
Aggregate fleet cost $ 6.60 Billion $ 4.37 Billion
^(1) Weighted-average fleet age and remaining lease term calculated based on
net book value.
Over 90% of our aircraft are operated internationally. The following table
sets forth the percentage of net book value of our aircraft portfolio in the
indicated regions as of December 31, 2012 and 2011:
December 31, 2012 December 31, 2011
Region % of net book % of net book
value value
Europe 38.4 % 42.1 %
Asia/Pacific 35.9 32.0
Central America, South 12.6 12.2
America and Mexico
U.S. and Canada 7.3 9.1
The Middle East and 5.8 4.6
Africa
Total 100.0 % 100.0 %
The following table sets forth the number of aircraft we leased by aircraft
type as of December 31, 2012 and 2011:
December 31, 2012 December 31, 2011
Aircraft type Number of % of Number of % of
aircraft Total aircraft total
Airbus A319/320/321 41 26.4 % 31 30.4 %
Airbus A330-200/300 17 11.0 11 10.8
Boeing 737-700/800 46 29.7 38 37.2
Boeing 767-300ER 3 1.9 3 2.9
Boeing 777-200/300ER 7 4.5 5 4.9
Embraer E175/190 31 20.0 12 11.8
ATR 72-600 10 6.5 2 2.0
Total 155 100.0 % 102 100.0 %
Debt Financing Activities
During the fourth quarter of 2012 and through February 28, 2013, the Company
entered into additional debt facilities aggregating $610.5 million, which
included a $450.0 million in senior unsecured notes and additional debt
facilities aggregating $160.5 million. We ended the fourth quarter of 2012
with total unsecured debt outstanding of $2.6 billion. The Company’s unsecured
debt as a percentage of total debt increased to 60.2% as of December 31, 2012
from 31.7% as of December 31, 2011. We ended the fourth quarter of 2012 with a
conservative balance sheet with low leverage and ample available liquidity of
$1.29 billion. As part of our financing strategy we will continue to focus on
financing the Company on an unsecured basis.
Our financing plan remains focused on continuing to raise unsecured debt in
the global bank market and through international and domestic capital markets
transactions, reinvesting cash flow from operations, and to a limited extent
through government guaranteed loan programs from Ex-Im Bank in support of our
new Boeing aircraft deliveries.
As of December 31, 2012 and through February 28, 2013, we had established a
diverse lending group consisting of 36 banks across four general types of
lending facilities. The Company’s debt financing was comprised of the
following at December 31, 2012 and 2011:
December 31, 2012 December 31, 2011
(dollars in thousands)
Unsecured
Senior notes $ 1,775,000 $ 120,000
Revolving credit facilities 420,000 358,000
Term financings 248,916 148,209
Convertible senior notes 200,000 200,000
Total unsecured debt financing 2,643,916 826,209
Secured
Warehouse facilities 1,061,838 1,048,222
Term financings 688,601 735,285
Total secured debt financing 1,750,439 1,783,507
Total secured and unsecured debt 4,394,355 2,609,716
financing
Less: Debt discount (9,623) (6,917)
Total debt $ 4,384,732 $ 2,602,799
Selected interest rates and ratios:
Composite interest rate^(1) 3.94% 3.14%
Composite interest rate on fixed rate 5.06% 4.28%
debt^(1)
Percentage of total debt at fixed rate 53.88% 24.26%
^(1) This rate does not include the effect of upfront fees, undrawn fees or
issuance cost amortization.
Conference Call
In connection with the earnings release, Air Lease Corporation will host a
conference call on February 28, 2013 at 4:30 PM Eastern Time to discuss the
Company's fourth quarter 2012 financial results.
Investors can participate in the conference call by dialing (800) 299-8538
domestic or (617) 786-2902 international. The passcode for the call is
19927931.
For your convenience, the conference call can be replayed in its entirety
beginning at 6:30 PM ET on February 28, 2013 until 11:59 PM ET on March 7,
2013. If you wish to listen to the replay of this conference call, please dial
(888) 286-8010 domestic or (617) 801-6888 international and enter passcode
85948357.
The conference call will also be broadcast live through a link on the Investor
Relations page of the Air Lease Corporation website at www.airleasecorp.com.
Please visit the website at least 15 minutes prior to the call to register,
download and install any necessary audio software. A replay of the broadcast
will be available on the Investor Relations page of the Air Lease Corporation
website.
About Air Lease Corporation
Air Lease Corporation is an aircraft leasing company based in Los Angeles,
California that has airline customers throughout the world. ALC and its team
of dedicated and experienced professionals are principally engaged in
purchasing commercial aircraft and leasing them to its airline partners
worldwide through customized aircraft leasing and financing solutions. For
more information, visit ALC's website at www.airleasecorp.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are hereby
identified as “forward-looking statements,” including any statements about our
expectations, beliefs, plans, predictions, forecasts, objectives, assumptions
or future events or performance. These statements are often, but not always,
made through the use of words or phrases such as “anticipate,” “believes,”
“can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,”
“plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar
words or phrases. These statements are only predictions and involve estimates,
known and unknown risks, assumptions and uncertainties that could cause actual
results to differ materially from those expressed in such statements,
including as a result of the following factors, among others:
* our inability to make acquisitions of, or lease, aircraft on favorable
terms;
* our inability to obtain additional financing on favorable terms, if
required, to complete the acquisition of sufficient aircraft as currently
contemplated or to fund the operations and growth of our business;
* our inability to obtain refinancing prior to the time our debt matures;
* impaired financial condition and liquidity of our lessees;
* deterioration of economic conditions in the commercial aviation industry
generally;
* increased maintenance, operating or other expenses or changes in the
timing thereof;
* changes in the regulatory environment;
* our inability to effectively deploy the net proceeds from our capital
raising activities; and
* potential natural disasters and terrorist attacks and the amount of our
insurance coverage, if any, relating thereto.
All forward-looking statements are necessarily only estimates of future
results, and there can be no assurance that actual results will not differ
materially from expectations. You are therefore cautioned not to place undue
reliance on such statements. Any forward-looking statement speaks only as of
the date on which it is made, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of unanticipated
events.
Air Lease Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
December 31, December 31,
2012 2011
Assets
Cash and cash equivalents $ 230,089 $ 281,805
Restricted cash 106,307 96,157
Flight equipment subject to operating 6,598,898 4,368,985
leases
Less accumulated depreciation (347,035 ) (131,569 )
6,251,863 4,237,416
Deposits on flight equipment purchases 564,718 405,549
Deferred debt issue costs—less accumulated
amortization of $32,288 and $17,500 as of 74,219 47,609
December 31, 2012 and December 31, 2011,
respectively
Other assets 126,428 96,057
Total assets $ 7,353,624 $ 5,164,593
Liabilities and Shareholders’ Equity
Accrued interest and other payables $ 90,169 $ 54,648
Debt financing 4,384,732 2,602,799
Security deposits and maintenance reserves 412,223 284,154
on flight equipment leases
Rentals received in advance 41,137 26,017
Deferred tax liability 92,742 20,692
Total liabilities $ 5,021,003 $ 2,988,310
Shareholders’ Equity
Preferred Stock, $0.01 par value;
50,000,000 shares authorized; no shares — —
issued or outstanding
Class A Common Stock, $0.01 par value;
authorized 500,000,000 shares; issued and
outstanding 99,417,998 and 98,885,131 991 984
shares at December 31, 2012 and December
31, 2011, respectively
Class B Non-Voting Common Stock, $0.01 par
value; authorized 10,000,000 shares; 18 18
issued and outstanding 1,829,339 shares
Paid-in capital 2,198,501 2,174,089
Retained earnings 133,111 1,192
Total shareholders’ equity 2,332,621 2,176,283
Total liabilities and shareholders’ equity $ 7,353,624 $ 5,164,593
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts)
Three Months Ended Year Ended
December 31, December, 31
2012 2011 2012 2011
Revenues
Rental of flight $ 186,210 $ 113,627 $ 645,853 $ 332,719
equipment
Interest and 3,885 1,430 9,893 4,022
other
Total revenues 190,095 115,057 655,746 336,741
Expenses
Interest 39,111 14,719 130,419 44,862
Amortization of
discounts and 5,441 2,509 16,994 9,481
deferred debt
issue costs
Extinguishment - - - 3,349
of debt
Interest expense 44,552 17,228 147,413 57,692
Depreciation of 61,414 38,876 216,219 112,307
flight equipment
Selling, general
and 15,703 11,898 56,453 44,559
administrative
Stock-based 7,140 8,368 31,688 39,342
compensation
Total expenses 128,809 76,370 451,773 253,900
Income before 61,286 38,687 203,973 82,841
taxes
Income tax (21,477 ) (13,925 ) (72,054 ) (29,609 )
expense
Net income $ 39,809 $ 24,762 $ 131,919 $ 53,232
Net income per
share of Class A
and Class B
Common Stock:
Basic $ 0.39 $ 0.25 $ 1.31 $ 0.59
Diluted $ 0.38 $ 0.24 $ 1.28 $ 0.59
Weighted-average
shares
outstanding:
Basic 101,247,337 100,714,470 100,991,871 89,592,945
Diluted 107,899,560 103,634,555 107,656,463 90,416,346
Other financial
data:
Adjusted net $ 47,989 $ 31,660 $ 163,404 $ 87,954
income^(1)
Adjusted $ 173,768 $ 102,167 $ 596,451 $ 290,168
EBITDA^(2)
Adjusted net income (defined as net income before stock-based
compensation expense and non-cash interest expense, which includes the
amortization of debt issuance costs and extinguishment of debt) is a
measure of both operating performance and liquidity that is not defined
by United States generally accepted accounting principles (“GAAP”) and
should not be considered as an alternative to net income, income from
operations or any other performance measures derived in accordance with
GAAP. Adjusted net income is presented as a supplemental disclosure
^(1) because management believes that it may be a useful performance measure
that is used within our industry. We believe adjusted net income
provides useful information on our earnings from ongoing operations,
our ability to service our long-term debt and other fixed obligations,
and our ability to fund our expected growth with internally generated
funds. Set forth below is additional detail as to how we use adjusted
net income as a measure of both operating performance and liquidity, as
well as a discussion of the limitations of adjusted net income as an
analytical tool and a reconciliation of adjusted net income to our GAAP
net loss and cash flow from operating activities.
Operating Performance: Management and our board of directors use
adjusted net income in a number of ways to assess our consolidated
financial and operating performance, and we believe this measure is
helpful in identifying trends in our performance. We use adjusted net
income as a measure of our consolidated operating performance exclusive
of income and expenses that relate to the financing, income taxes, and
capitalization of the business. Also, adjusted net income assists us in
comparing our operating performance on a consistent basis as it removes
the impact of our capital structure (primarily one-time amortization of
convertible debt discounts) and stock-based compensation expense from
our operating results. In addition, adjusted net income helps
management identify controllable expenses and make decisions designed
to help us meet our current financial goals and optimize our financial
performance. Accordingly, we believe this metric measures our financial
performance based on operational factors that we can influence in the
short term, namely the cost structure and expenses of the organization.
Liquidity: In addition to the uses described above, management and our
board of directors use adjusted net income as an indicator of the
amount of cash flow we have available to service our debt obligations,
and we believe this measure can serve the same purpose for our
investors.
Limitations: Adjusted net income has limitations as an analytical tool,
and should not be considered in isolation, or as a substitute for
analysis of our operating results or cash flows as reported under GAAP.
Some of these limitations are as follows:
• adjusted net income does not reflect (i) our cash expenditures or
future requirements for capital expenditures or contractual
commitments, or (ii) changes in or cash requirements for our working
capital needs; and
• our calculation of adjusted net income may differ from the adjusted
net income or analogous calculations of other companies in our
industry, limiting its usefulness as a comparative measure.
The following tables show the reconciliation of net income and cash flows from
operating activities, the most directly comparable GAAP measures of
performance and liquidity, to adjusted net income (in thousands):
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation
of cash flows
from operating
activities to
adjusted net
income:
Net cash
provided by $ 118,533 $ 100,969 $ 491,029 $ 267,166
operating
activities
Depreciation
of flight (61,414 ) (38,876 ) (216,219 ) (112,307 )
equipment
Stock-based (7,140 ) (8,368 ) (31,688 ) (39,342 )
compensation
Deferred taxes (21,477 ) (13,883 ) (72,050 ) (29,567 )
Amortization
of discounts
and deferred (5,441 ) (2,509 ) (16,994 ) (9,481 )
debt issue
costs
Extinguishment - - - (3,349 )
of debt
Changes in
operating
assets and
liabilities:
Other assets (1,356 ) 2,011 18,758 17,438
Accrued
interest and 22,288 (5,882 ) (25,797 ) (19,347 )
other payables
Rentals
received in (4,184 ) (8,700 ) (15,120 ) (17,979 )
advance
Net income 39,809 24,762 131,919 53,232
Amortization
of discounts
and deferred 5,441 2,509 16,994 9,481
debt issue
costs
Extinguishment - - - 3,349
of debt
Stock-based 7,140 8,368 31,688 39,342
compensation
Tax effect (4,401 ) (3,979 ) (17,197 ) (17,450 )
Adjusted net $ 47,989 $ 31,660 $ 163,404 $ 87,954
income
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation
of net income
to adjusted
net income:
Net income $ 39,809 $ 24,762 $ 131,919 $ 53,232
Amortization
of discounts
and deferred 5,441 2,509 16,994 9,481
debt issue
costs
Extinguishment - - - 3,349
of debt
Stock-based 7,140 8,368 31,688 39,342
compensation
Tax effect (4,401 ) (3,979 ) (17,197 ) (17,450 )
Adjusted net $ 47,989 $ 31,660 $ 163,404 $ 87,954
income
Adjusted EBITDA (defined as net income before net interest expense,
stock-based compensation expense, income tax expense, and depreciation
and amortization expense) is a measure of both operating performance
and liquidity that is not defined by GAAP and should not be considered
as an alternative to net income, income from operations or any other
performance measures derived in accordance with GAAP. Adjusted EBITDA
is presented as a supplemental disclosure because management believes
that it may be a useful performance measure that is used within our
^(2) industry. We believe adjusted EBITDA provides useful information on our
earnings from ongoing operations, our ability to service our long-term
debt and other fixed obligations, and our ability to fund our expected
growth with internally generated funds. Set forth below is additional
detail as to how we use adjusted EBITDA as a measure of both operating
performance and liquidity, as well as a discussion of the limitations
of adjusted EBITDA as an analytical tool and a reconciliation of
adjusted EBITDA to our GAAP net loss and cash flow from operating
activities.
Operating Performance: Management and our board of directors use
adjusted EBITDA in a number of ways to assess our consolidated
financial and operating performance, and we believe this measure is
helpful in identifying trends in our performance. We use adjusted
EBITDA as a measure of our consolidated operating performance exclusive
of income and expenses that relate to the financing, income taxes, and
capitalization of the business. Also, adjusted EBITDA assists us in
comparing our operating performance on a consistent basis as it removes
the impact of our capital structure (primarily one-time amortization of
convertible debt discounts) and stock-based compensation expense from
our operating results. In addition, adjusted EBITDA helps management
identify controllable expenses and make decisions designed to help us
meet our current financial goals and optimize our financial
performance. Accordingly, we believe this metric measures our financial
performance based on operational factors that we can influence in the
short term, namely the cost structure and expenses of the organization.
Liquidity: In addition to the uses described above, management and our
board of directors use adjusted EBITDA as an indicator of the amount of
cash flow we have available to service our debt obligations, and we
believe this measure can serve the same purpose for our investors.
Limitations: Adjusted EBITDA has limitations as an analytical tool, and
should not be considered in isolation, or as a substitute for analysis
of our operating results or cash flows as reported under GAAP. Some of
these limitations are as follows:
• adjusted EBITDA does not reflect our cash expenditures or future
requirements for capital expenditures or contractual commitments;
• adjusted EBITDA does not reflect changes in or cash requirements for
our working capital needs;
• adjusted EBITDA does not reflect interest expense or cash
requirements necessary to service interest or principal payments on our
debt; and
• other companies in our industry may calculate these measures
differently from how we calculate these measures, limiting their
usefulness as comparative measures.
The following tables show the reconciliation of net income and cash flows from
operating activities, the most directly comparable GAAP measures of
performance and liquidity, to adjusted EBITDA (in thousands):
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation
of cash flows
from operating
activities to
adjusted
EBITDA:
Net cash
provided by $ 118,533 $ 100,969 $ 491,029 $ 267,166
operating
activities
Depreciation
of flight (61,414 ) (38,876 ) (216,219 ) (112,307 )
equipment
Stock-based (7,140 ) (8,368 ) (31,688 ) (39,342 )
compensation
Deferred taxes (21,477 ) (13,883 ) (72,050 ) (29,567 )
Amortization
of discounts
and deferred (5,441 ) (2,509 ) (16,994 ) (9,481 )
debt issue
costs
Extinguishment - - - (3,349 )
of debt
Changes in
operating
assets and
liabilities:
Other assets (1,356 ) 2,011 18,758 17,438
Accrued
interest and 22,288 (5,882 ) (25,797 ) (19,347 )
other payables
Rentals
received in (4,184 ) (8,700 ) (15,120 ) (17,979 )
advance
Net income 39,809 24,762 131,919 53,232
Net interest 43,928 16,236 144,571 55,678
expense
Income taxes 21,477 13,925 72,054 29,609
Depreciation 61,414 38,876 216,219 112,307
Stock-based 7,140 8,368 31,688 39,342
compensation
Adjusted $ 173,768 $ 102,167 $ 596,451 $ 290,168
EBITDA
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation
of net income
to adjusted
EBITDA:
Net income $ 39,809 $ 24,762 $ 131,919 $ 53,232
Net interest 43,928 16,236 144,571 55,678
expense
Income taxes 21,477 13,925 72,054 29,609
Depreciation 61,414 38,876 216,219 112,307
Stock-based 7,140 8,368 31,688 39,342
compensation
Adjusted $ 173,768 $ 102,167 $ 596,451 $ 290,168
EBITDA
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
December 31,
2012 2011
(unaudited)
Operating Activities
Net income $ 131,919 $ 53,232
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of flight equipment 216,219 112,307
Stock-based compensation 31,688 39,342
Deferred taxes 72,050 29,567
Amortization of discounts and deferred debt 16,994 9,481
issue costs
Extinguishment of debt — 3,349
Changes in operating assets and liabilities:
Other assets (18,758 ) (17,438 )
Accrued interest and other payables 25,797 19,347
Rentals received in advance 15,120 17,979
Net cash provided by operating activities 491,029 267,166
Investing Activities
Acquisition of flight equipment under (1,899,231 ) (2,529,901 )
operating lease
Payments for deposits on flight equipment (418,278 ) (360,587 )
purchases
Proceeds from disposal of flight equipment 47,490 —
Acquisition of furnishings, equipment and (74,905 ) (86,668 )
other assets
Net cash used in investing activities (2,344,924 ) (2,977,156 )
Financing Activities
Issuance of common stock 43 858,774
Tax withholdings on stock-based compensation (7,312 ) —
Issuance of convertible notes — 193,000
Net change in unsecured revolving facilities 62,000 238,000
Proceeds from debt financings 2,115,607 1,344,530
Payments in reduction of debt financings (432,129 ) (84,796 )
Restricted cash (10,150 ) (47,481 )
Debt issue costs (42,149 ) (13,933 )
Security deposits and maintenance reserve 142,541 180,862
receipts
Security deposits and maintenance reserve (26,272 ) (5,982 )
disbursements
Net cash provided by financing activities 1,802,179 2,662,974
Net increase (decrease) in cash (51,716 ) (47,016 )
Cash and cash equivalents at beginning of 281,805 328,821
period
Cash and cash equivalents at end of period $ 230,089 $ 281,805
Supplemental Disclosure of Cash Flow
Information
Cash paid during the period for interest,
including capitalized interest of $19,388 at $ 124,731 $ 51,986
December 31, 2012 and capitalized interest
of $10,390 at December 31, 2011
Supplemental Disclosure of Noncash
Activities
Buyer furnished equipment, capitalized
interest, deposits on flight equipment
purchases and seller financing applied to $ 377,892 $ 190,013
acquisition of flight equipment under
operating leases
Contact:
Air Lease Corporation
Investors:
Ryan McKenna, 310-553-0555
Assistant Vice President, Strategic Planning & Investor Relations
rmckenna@airleasecorp.com
or
Media:
Laura St. John, 310-553-0555
Media and Investor Relations Coordinator
lstjohn@airleasecorp.com
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