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10-Q Filing

AIR LEASE CORP CIK: 1487712 Q3 2019
Filing Information
Form Type 10-Q
Accession Number 0001558370-20-005717
Period End Date 20200331
Filing Date 20200507
Fiscal Year 2019
Fiscal Period Q3
XBRL Instance al-20200507x10q_htm.xml
Filing Contents
Balance Sheet 50 line items
Line Item Tag Value Unit Period
Preferred Stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred Stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred Stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $317.49M USD Point-in-time
Preferred Stock, shares authorized PreferredStockSharesAuthorized 50.00M shares Point-in-time
Preferred Stock, shares authorized PreferredStockSharesAuthorized 50.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $732.72M USD Point-in-time
Preferred Stock, shares issued PreferredStockSharesIssued 10.00M shares Point-in-time
Preferred Stock, shares issued PreferredStockSharesIssued 10.00M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $20.57M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $20.66M USD Point-in-time
Flight equipment subject to operating leases PropertySubjectToOrAvailableForLessorOperatingLeaseGross $21.98B USD Point-in-time
Flight equipment subject to operating leases PropertySubjectToOrAvailableForLessorOperatingLeaseGross $21.29B USD Point-in-time
Preferred Stock, shares outstanding PreferredStockSharesOutstanding 10.00M shares Point-in-time
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock PreferredStockDividendRatePercentage 0.06 pure Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForLessorOperatingLeaseAccumulatedDepreciation $2.58B USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForLessorOperatingLeaseAccumulatedDepreciation $2.75B USD Point-in-time
Flight equipment subject to operating leases, net PropertySubjectToOrAvailableForLessorOperatingLeaseNet $19.22B USD Point-in-time
Series A liquidation preference PreferredStockLiquidationPreferenceValue $250.00M USD Point-in-time
Flight equipment subject to operating leases, net PropertySubjectToOrAvailableForLessorOperatingLeaseNet $18.70B USD Point-in-time
Deposits on flight equipment purchases DepositsOnFlightEquipment $1.58B USD Point-in-time
Deposits on flight equipment purchases DepositsOnFlightEquipment $1.56B USD Point-in-time
Other assets OtherAssets $1.10B USD Point-in-time
Other assets OtherAssets $1.13B USD Point-in-time
Total assets Assets $22.68B USD Point-in-time
Total assets Assets $21.71B USD Point-in-time
Accrued interest and other payables AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $516.50M USD Point-in-time
Accrued interest and other payables AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $491.25M USD Point-in-time
Debt financing, net of discounts and issuance costs LongTermDebt $13.58B USD Point-in-time
Debt financing, net of discounts and issuance costs LongTermDebt $14.41B USD Point-in-time
Security deposits and maintenance reserves on flight equipment leases SecurityDepositLiability $1.12B USD Point-in-time
Security deposits and maintenance reserves on flight equipment leases SecurityDepositLiability $1.10B USD Point-in-time
Rentals received in advance AdvanceRent $134.78M USD Point-in-time
Rentals received in advance AdvanceRent $143.69M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $749.50M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $782.37M USD Point-in-time
Total liabilities Liabilities $16.95B USD Point-in-time
Total liabilities Liabilities $16.09B USD Point-in-time
Paid-in capital AdditionalPaidInCapital $2.78B USD Point-in-time
Paid-in capital AdditionalPaidInCapital $2.78B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.85B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.96B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.40M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.88M USD Point-in-time
Total shareholders' equity StockholdersEquity $5.17B USD Point-in-time
Total shareholders' equity StockholdersEquity $5.74B USD Point-in-time
Total shareholders' equity StockholdersEquity $4.81B USD Point-in-time
Total shareholders' equity StockholdersEquity $5.62B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $22.68B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $21.71B USD Point-in-time
Income Statement 45 line items
Line Item Tag Value Unit Period
Rental of flight equipment OperatingLeaseLeaseIncome $455.74M USD 1 Quarter
Rental of flight equipment OperatingLeaseLeaseIncome $496.69M USD 1 Quarter
Aircraft sales, trading and other RevenueFromContractWithCustomerExcludingAssessedTax $10.31M USD 1 Quarter
Aircraft sales, trading and other RevenueFromContractWithCustomerExcludingAssessedTax $14.70M USD 1 Quarter
Total revenues Revenues $511.39M USD 1 Quarter
Total revenues Revenues $466.05M USD 1 Quarter
Interest InterestExpenseDebtExcludingAmortization $107.54M USD 1 Quarter
Interest InterestExpenseDebtExcludingAmortization $89.22M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $8.54M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $10.53M USD 1 Quarter
Interest expense InterestExpenseDebt $118.07M USD 1 Quarter
Interest expense InterestExpenseDebt $97.76M USD 1 Quarter
Depreciation of flight equipment Depreciation $188.90M USD 1 Quarter
Depreciation of flight equipment Depreciation $159.47M USD 1 Quarter
Selling, general, and administrative SellingGeneralAndAdministrativeExpense $29.70M USD 1 Quarter
Selling, general, and administrative SellingGeneralAndAdministrativeExpense $28.32M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.43M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.17M USD 1 Quarter
Total expenses OperatingExpenses $339.71M USD 1 Quarter
Total expenses OperatingExpenses $291.11M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $171.67M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $174.94M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $36.85M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $34.52M USD 1 Quarter
Net income NetIncomeLoss $138.09M USD 1 Quarter
Net income NetIncomeLoss $137.15M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $3.84M USD 1 Quarter
Net income available to common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $133.31M USD 1 Quarter
Net income available to common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $138.09M USD 1 Quarter
Change in foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent $23.48M USD 1 Quarter
Change from current period hedged transaction OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax $-25.39M USD 1 Quarter
Total tax benefit on other comprehensive loss OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $-431.00K USD 1 Quarter
Other Comprehensive (loss)/income available for common stockholders, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.48M USD 1 Quarter
Total comprehensive income available for common stockholders ComprehensiveIncomeNetOfTax $138.09M USD 1 Quarter
Total comprehensive income available for common stockholders ComprehensiveIncomeNetOfTax $131.83M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.24 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.17 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.23 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.17 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 113.47M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 111.02M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 113.79M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 112.38M shares 1 Quarter
Dividends declared per share of Class A common stock (in dollars per share) CommonStockDividendsPerShareCashPaid $0.15 USD 1 Quarter
Dividends declared per share of Class A common stock (in dollars per share) CommonStockDividendsPerShareCashPaid $0.13 USD 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $137.15M USD 1 Quarter
Cash paid for interest, capitalized interest InterestPaidCapitalized $13.26M USD 1 Quarter
Cash paid for interest, capitalized interest InterestPaidCapitalized $16.23M USD 1 Quarter
Net income ProfitLoss $138.09M USD 1 Quarter
Depreciation of flight equipment Depreciation $188.90M USD 1 Quarter
Depreciation of flight equipment Depreciation $159.47M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.43M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.17M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $36.83M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $33.30M USD 1 Quarter
Amortization of discounts and debt issuance costs AmortizationOfFinancingCosts $8.54M USD 1 Quarter
Amortization of discounts and debt issuance costs AmortizationOfFinancingCosts $10.53M USD 1 Quarter
Amortization of prepaid lease costs AmortizationOfPrepaidLeaseCosts $7.18M USD 1 Quarter
Amortization of prepaid lease costs AmortizationOfPrepaidLeaseCosts $10.45M USD 1 Quarter
Gain on aircraft sales, trading and other activity GainLossOnDispositionOfAssets1 $17.17M USD 1 Quarter
Gain on aircraft sales, trading and other activity GainLossOnDispositionOfAssets1 $5.55M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $88.41M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $93.79M USD 1 Quarter
Accrued interest and other payables IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-47.86M USD 1 Quarter
Accrued interest and other payables IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $20.79M USD 1 Quarter
Rentals received in advance IncreaseDecreaseInContractWithCustomerLiability $-8.91M USD 1 Quarter
Rentals received in advance IncreaseDecreaseInContractWithCustomerLiability $-2.87M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $234.02M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $261.25M USD 1 Quarter
Acquisition of flight equipment under operating lease PaymentsForFlightEquipment $511.23M USD 1 Quarter
Acquisition of flight equipment under operating lease PaymentsForFlightEquipment $725.30M USD 1 Quarter
Payments for deposits on flight equipment purchases PaymentsForDepositsOnFlightEquipment $305.28M USD 1 Quarter
Payments for deposits on flight equipment purchases PaymentsForDepositsOnFlightEquipment $174.59M USD 1 Quarter
Proceeds from aircraft sales, trading and other activity ProceedsFromSaleOfFlightEquipment $65.07M USD 1 Quarter
Proceeds from aircraft sales, trading and other activity ProceedsFromSaleOfFlightEquipment $247.26M USD 1 Quarter
Acquisition of aircraft furnishings, equipment and other assets PaymentsToAcquirePropertyPlantAndEquipment $51.58M USD 1 Quarter
Acquisition of aircraft furnishings, equipment and other assets PaymentsToAcquirePropertyPlantAndEquipment $111.16M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-672.33M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-894.48M USD 1 Quarter
Issuance of common stock upon exercise of options ProceedsFromIssuanceOfCommonStock $2.02M USD 1 Quarter
Issuance of common stock upon exercise of options ProceedsFromIssuanceOfCommonStock $440.00K USD 1 Quarter
Cash dividends paid on Class A common stock PaymentsOfDividendsCommonStock $17.00M USD 1 Quarter
Cash dividends paid on Class A common stock PaymentsOfDividendsCommonStock $14.42M USD 1 Quarter
Preferred dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $3.84M USD 1 Quarter
Tax withholdings on stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.59M USD 1 Quarter
Tax withholdings on stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.41M USD 1 Quarter
Net change in unsecured revolving facility ProceedsFromLinesOfCredit $225.00M USD 1 Quarter
Net change in unsecured revolving facility ProceedsFromLinesOfCredit $495.00M USD 1 Quarter
Proceeds from debt financings ProceedsFromIssuanceOfDebt $995.78M USD 1 Quarter
Proceeds from debt financings ProceedsFromIssuanceOfDebt $1.45B USD 1 Quarter
Payments in reduction of debt financings RepaymentsOfOtherLongTermDebt $896.10M USD 1 Quarter
Payments in reduction of debt financings RepaymentsOfOtherLongTermDebt $1.09B USD 1 Quarter
Net proceeds from preferred stock issuance ProceedsFromIssuanceOfPreferredStockAndPreferenceStock $242.24M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $2.90M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $2.46M USD 1 Quarter
Security deposits and maintenance reserve receipts ProceedsFromSecurityDepositsAndMaintenanceReserveReceipts $73.14M USD 1 Quarter
Security deposits and maintenance reserve receipts ProceedsFromSecurityDepositsAndMaintenanceReserveReceipts $50.08M USD 1 Quarter
Security deposits and maintenance reserve disbursements PaymentsForSecurityDepositsAndMaintenanceReserveDisbursements $17.93M USD 1 Quarter
Security deposits and maintenance reserve disbursements PaymentsForSecurityDepositsAndMaintenanceReserveDisbursements $11.57M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $853.62M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $608.48M USD 1 Quarter
Net increase/(decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $415.32M USD 1 Quarter
Net increase/(decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-24.76M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $753.38M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $298.24M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $323.00M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $338.06M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $753.38M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $298.24M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $323.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $338.06M USD Point-in-time
Cash paid during the period for interest, including capitalized interest of $13,261 and $16,226 at March 31, 2020 and 2019, respectively InterestPaidNet $137.48M USD 1 Quarter
Cash paid during the period for interest, including capitalized interest of $13,261 and $16,226 at March 31, 2020 and 2019, respectively InterestPaidNet $141.06M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $25.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $2.15M USD 1 Quarter
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment DepositsOnFlightEquipmentPurchasesAppliedToAcquisitionOfFlightEquipmentUnderOperatingLeases $191.32M USD 1 Quarter
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment DepositsOnFlightEquipmentPurchasesAppliedToAcquisitionOfFlightEquipmentUnderOperatingLeases $298.96M USD 1 Quarter
Cash dividends declared on Class A common stock, not yet paid DividendsPayableCurrentAndNoncurrent $14.45M USD Point-in-time
Cash dividends declared on Class A common stock, not yet paid DividendsPayableCurrentAndNoncurrent $17.05M USD Point-in-time
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Cash dividends declared per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.13 USD 1 Quarter
Cash dividends declared per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.15 USD 1 Quarter
Balance StockholdersEquity $5.17B USD Point-in-time
Balance StockholdersEquity $5.74B USD Point-in-time
Balance StockholdersEquity $4.81B USD Point-in-time
Balance StockholdersEquity $5.62B USD Point-in-time
Issuance of common stock upon vesting of restricted stock units and upon exercise of options StockIssuedDuringPeriodValueShareBasedCompensationGross $2.02M USD 1 Quarter
Issuance of common stock upon vesting of restricted stock units and upon exercise of options StockIssuedDuringPeriodValueShareBasedCompensationGross $441.00K USD 1 Quarter
Issuance of preferred stock StockIssuedDuringPeriodValueNewIssues $242.24M USD 1 Quarter
Dividends declared on preferred stock DividendsPreferredStockStock $3.84M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.43M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.17M USD 1 Quarter
Cash dividends DividendsCommonStockCash $14.45M USD 1 Quarter
Cash dividends DividendsCommonStockCash $17.05M USD 1 Quarter
Change in foreign currency translation adjustment and from current period hedged transactions OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.48M USD 1 Quarter
Tax withholding related to vesting of restricted stock units and exercise of stock options AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.59M USD 1 Quarter
Tax withholding related to vesting of restricted stock units and exercise of stock options AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $8.41M USD 1 Quarter
Net income NetIncomeLoss $138.09M USD 1 Quarter
Net income NetIncomeLoss $137.15M USD 1 Quarter
Balance StockholdersEquity $5.17B USD Point-in-time
Balance StockholdersEquity $5.74B USD Point-in-time
Balance StockholdersEquity $4.81B USD Point-in-time
Balance StockholdersEquity $5.62B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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