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10-Q Filing

AIR LEASE CORP CIK: 1487712 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001558370-21-006228
Period End Date 20210331
Filing Date 20210506
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance al-20210331x10q_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, 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 $1.73B USD Point-in-time
Preferred Stock, shares issued PreferredStockSharesIssued 10.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.33B USD Point-in-time
Preferred Stock, shares issued PreferredStockSharesIssued 10.30M shares Point-in-time
Preferred Stock, shares outstanding PreferredStockSharesOutstanding 10.00M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $24.19M USD Point-in-time
Preferred Stock, shares outstanding PreferredStockSharesOutstanding 10.30M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $23.61M USD Point-in-time
Series A liquidation preference PreferredStockLiquidationPreferenceValue $250.00M USD Point-in-time
Series A liquidation preference PreferredStockLiquidationPreferenceValue $550.00M USD Point-in-time
Flight equipment subject to operating leases PropertySubjectToOrAvailableForLessorOperatingLeaseGross $24.33B USD Point-in-time
Flight equipment subject to operating leases PropertySubjectToOrAvailableForLessorOperatingLeaseGross $23.73B USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForLessorOperatingLeaseAccumulatedDepreciation $3.56B USD Point-in-time
Less accumulated depreciation PropertySubjectToOrAvailableForLessorOperatingLeaseAccumulatedDepreciation $3.35B USD Point-in-time
Flight equipment subject to operating leases, net PropertySubjectToOrAvailableForLessorOperatingLeaseNet $20.38B USD Point-in-time
Flight equipment subject to operating leases, net PropertySubjectToOrAvailableForLessorOperatingLeaseNet $20.77B USD Point-in-time
Deposits on flight equipment purchases DepositsOnFlightEquipment $1.80B USD Point-in-time
Deposits on flight equipment purchases DepositsOnFlightEquipment $1.77B USD Point-in-time
Other assets OtherAssets $1.30B USD Point-in-time
Other assets OtherAssets $1.28B USD Point-in-time
Total assets Assets $25.19B USD Point-in-time
Total assets Assets $25.22B USD Point-in-time
Accrued interest and other payables AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $451.09M USD Point-in-time
Accrued interest and other payables AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $492.47M USD Point-in-time
Debt financing, net of discounts and issuance costs LongTermDebt $16.17B USD Point-in-time
Debt financing, net of discounts and issuance costs LongTermDebt $16.52B USD Point-in-time
Security deposits and maintenance reserves on flight equipment leases SecurityDepositLiability $1.08B USD Point-in-time
Security deposits and maintenance reserves on flight equipment leases SecurityDepositLiability $1.07B USD Point-in-time
Rentals received in advance AdvanceRent $132.68M USD Point-in-time
Rentals received in advance AdvanceRent $142.91M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $916.40M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $934.64M USD Point-in-time
Total liabilities Liabilities $18.76B USD Point-in-time
Total liabilities Liabilities $19.14B USD Point-in-time
Paid-in capital AdditionalPaidInCapital $2.79B USD Point-in-time
Paid-in capital AdditionalPaidInCapital $3.09B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.34B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.28B USD Point-in-time
Accumulated other comprehensive (loss) / income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-922.00K USD Point-in-time
Accumulated other comprehensive (loss) / income AccumulatedOtherComprehensiveIncomeLossNetOfTax $325.00K USD Point-in-time
Total shareholders' equity StockholdersEquity $5.74B USD Point-in-time
Total shareholders' equity StockholdersEquity $5.62B USD Point-in-time
Total shareholders' equity StockholdersEquity $6.07B USD Point-in-time
Total shareholders' equity StockholdersEquity $6.43B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $25.19B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $25.22B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Rental of flight equipment OperatingLeaseLeaseIncome $496.69M USD 1 Quarter
Rental of flight equipment OperatingLeaseLeaseIncome $468.10M USD 1 Quarter
Aircraft sales, trading, and other RevenueFromContractWithCustomerExcludingAssessedTax $6.73M 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 $474.83M USD 1 Quarter
Interest InterestExpenseDebtExcludingAmortization $117.99M USD 1 Quarter
Interest InterestExpenseDebtExcludingAmortization $107.54M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $12.03M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $10.53M USD 1 Quarter
Interest expense InterestExpenseDebt $130.01M USD 1 Quarter
Interest expense InterestExpenseDebt $118.07M USD 1 Quarter
Depreciation of flight equipment Depreciation $188.90M USD 1 Quarter
Depreciation of flight equipment Depreciation $208.97M USD 1 Quarter
Selling, general, and administrative SellingGeneralAndAdministrativeExpense $26.91M USD 1 Quarter
Selling, general, and administrative SellingGeneralAndAdministrativeExpense $28.32M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $5.41M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.43M USD 1 Quarter
Total expenses OperatingExpenses $371.30M USD 1 Quarter
Total expenses OperatingExpenses $339.71M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $103.53M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $171.67M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $34.52M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $19.44M USD 1 Quarter
Net income NetIncomeLoss $84.09M USD 1 Quarter
Net income NetIncomeLoss $137.15M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $3.84M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $3.84M USD 1 Quarter
Net income available to common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $80.25M USD 1 Quarter
Net income available to common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $133.31M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent $23.48M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent $-3.81M USD 1 Quarter
Change in fair value of hedged transactions OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax $-25.39M USD 1 Quarter
Change in fair value of hedged transactions OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax $2.22M USD 1 Quarter
Total tax benefit on other comprehensive income/loss OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $-431.00K USD 1 Quarter
Total tax benefit on other comprehensive income/loss OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $-339.00K USD 1 Quarter
Other Comprehensive income/(loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.48M USD 1 Quarter
Other Comprehensive income/(loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.25M USD 1 Quarter
Total comprehensive income available for common stockholders ComprehensiveIncomeNetOfTax $79.00M USD 1 Quarter
Total comprehensive income available for common stockholders ComprehensiveIncomeNetOfTax $131.83M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.70 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.17 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.17 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.70 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 113.47M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 113.96M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 113.79M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 114.24M shares 1 Quarter
Dividends declared per share of common stock CommonStockDividendsPerShareCashPaid $0.15 USD 1 Quarter
Dividends declared per share of common stock CommonStockDividendsPerShareCashPaid $0.16 USD 1 Quarter
Cash Flow Statement 73 line items
Line Item Tag Value Unit Period
Cash paid for interest, capitalized interest InterestPaidCapitalized $13.26M USD 1 Quarter
Net income ProfitLoss $137.15M USD 1 Quarter
Cash paid for interest, capitalized interest InterestPaidCapitalized $13.54M USD 1 Quarter
Net income ProfitLoss $84.09M USD 1 Quarter
Depreciation of flight equipment Depreciation $188.90M USD 1 Quarter
Depreciation of flight equipment Depreciation $208.97M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $5.41M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.43M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $18.58M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $33.30M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $12.03M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $10.53M USD 1 Quarter
Amortization of prepaid lease costs AmortizationOfPrepaidLeaseCosts $10.45M USD 1 Quarter
Amortization of prepaid lease costs AmortizationOfPrepaidLeaseCosts $10.79M USD 1 Quarter
Loss / (gain) on aircraft sales, trading and other activity GainLossOnDispositionOfAssets1 $5.55M USD 1 Quarter
Loss / (gain) on aircraft sales, trading and other activity GainLossOnDispositionOfAssets1 $-1.82M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $88.41M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $37.25M USD 1 Quarter
Accrued interest and other payables IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-47.86M USD 1 Quarter
Accrued interest and other payables IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-59.91M USD 1 Quarter
Rentals received in advance IncreaseDecreaseInContractWithCustomerLiability $-10.23M USD 1 Quarter
Rentals received in advance IncreaseDecreaseInContractWithCustomerLiability $-8.91M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $234.29M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $234.02M USD 1 Quarter
Acquisition of flight equipment under operating lease PaymentsForFlightEquipment $511.23M USD 1 Quarter
Acquisition of flight equipment under operating lease PaymentsForFlightEquipment $404.38M USD 1 Quarter
Payments for deposits on flight equipment purchases PaymentsForDepositsOnFlightEquipment $174.59M USD 1 Quarter
Payments for deposits on flight equipment purchases PaymentsForDepositsOnFlightEquipment $103.38M USD 1 Quarter
Proceeds from aircraft sales, trading and other activity ProceedsFromSaleOfFlightEquipment $65.07M 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 $41.92M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-549.68M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-672.33M USD 1 Quarter
Issuance of common stock upon exercise of options ProceedsFromIssuanceOfCommonStock $1.44M USD 1 Quarter
Issuance of common stock upon exercise of options ProceedsFromIssuanceOfCommonStock $2.02M USD 1 Quarter
Cash dividends paid on Class A common stock PaymentsOfDividendsCommonStock $18.22M USD 1 Quarter
Cash dividends paid on Class A common stock PaymentsOfDividendsCommonStock $17.00M USD 1 Quarter
Net proceeds from preferred stock issuance ProceedsFromIssuanceOfPreferredStockAndPreferenceStock $295.45M USD 1 Quarter
Preferred dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $3.84M USD 1 Quarter
Preferred dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $3.84M USD 1 Quarter
Tax withholdings on stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.41M USD 1 Quarter
Tax withholdings on stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $7.17M USD 1 Quarter
Net change in unsecured revolving facility ProceedsFromRepaymentsOfLinesOfCredit $495.00M USD 1 Quarter
Proceeds from debt financings ProceedsFromIssuanceOfDebt $791.64M USD 1 Quarter
Proceeds from debt financings ProceedsFromIssuanceOfDebt $1.45B USD 1 Quarter
Payments in reduction of debt financings RepaymentsOfOtherLongTermDebt $1.16B USD 1 Quarter
Payments in reduction of debt financings RepaymentsOfOtherLongTermDebt $1.09B USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $1.33M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $2.90M USD 1 Quarter
Security deposits and maintenance reserve receipts ProceedsFromSecurityDepositsAndMaintenanceReserveReceipts $21.28M 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 $11.85M USD 1 Quarter
Net cash (used)/provided by financing activities NetCashProvidedByUsedInFinancingActivities $-90.18M USD 1 Quarter
Net cash (used)/provided by financing activities NetCashProvidedByUsedInFinancingActivities $853.62M USD 1 Quarter
Net (decrease)/increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $415.32M USD 1 Quarter
Net (decrease)/increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-405.57M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.76B USD Point-in-time
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 $338.06M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.76B 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 $338.06M USD Point-in-time
Cash paid during the period for interest, including capitalized interest of $13,543 and $13,261 at March 31, 2021 and 2020, respectively InterestPaidNet $177.69M USD 1 Quarter
Cash paid during the period for interest, including capitalized interest of $13,543 and $13,261 at March 31, 2021 and 2020, respectively InterestPaidNet $141.06M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $2.15M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $1.10M USD 1 Quarter
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment AcquisitionOfFlightEquipmentApplyingOtherAssets $176.62M USD 1 Quarter
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment AcquisitionOfFlightEquipmentApplyingOtherAssets $191.32M USD 1 Quarter
Cash dividends declared on Class A common stock, not yet paid DividendsPayableCurrentAndNoncurrent $18.26M 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 $0.16 USD 1 Quarter
Cash dividends declared per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.15 USD 1 Quarter
Balance StockholdersEquity $5.74B USD Point-in-time
Balance StockholdersEquity $5.62B USD Point-in-time
Balance StockholdersEquity $6.07B USD Point-in-time
Balance StockholdersEquity $6.43B USD Point-in-time
Issuance of preferred stock StockIssuedDuringPeriodValueNewIssues $295.45M USD 1 Quarter
Issuance of common stock upon exercise of options and vesting of restricted stock units StockIssuedDuringPeriodValueShareBasedCompensationGross $2.02M USD 1 Quarter
Issuance of common stock upon exercise of options and vesting of restricted stock units StockIssuedDuringPeriodValueShareBasedCompensationGross $1.44M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.43M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $5.41M USD 1 Quarter
Cash dividends DividendsCommonStockCash $18.26M USD 1 Quarter
Cash dividends DividendsCommonStockCash $17.05M USD 1 Quarter
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.48M USD 1 Quarter
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.25M USD 1 Quarter
Tax withholdings on stock based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $8.41M USD 1 Quarter
Tax withholdings on stock based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $7.17M USD 1 Quarter
Net income NetIncomeLoss $84.09M USD 1 Quarter
Net income NetIncomeLoss $137.15M USD 1 Quarter
Balance StockholdersEquity $5.74B USD Point-in-time
Balance StockholdersEquity $5.62B USD Point-in-time
Balance StockholdersEquity $6.07B USD Point-in-time
Balance StockholdersEquity $6.43B USD Point-in-time

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

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