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10-Q Filing

AIR LEASE CORP CIK: 1487712 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001628280-23-014571
Period End Date 20230331
Filing Date 20230501
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance al-20230331_htm.xml
Filing Contents
Balance Sheet 45 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $766.42M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $690.41M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $13.60M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $11.13M USD Point-in-time
Flight equipment subject to operating leases FlightEquipmentGross $30.92B USD Point-in-time
Preferred stock, issued (in shares) PreferredStockSharesIssued 10.60M shares Point-in-time
Flight equipment subject to operating leases FlightEquipmentGross $29.47B USD Point-in-time
Less accumulated depreciation FlightEquipmentAccumulatedDepreciation $4.93B USD Point-in-time
Preferred stock, outstanding (in shares) PreferredStockSharesOutstanding 10.60M shares Point-in-time
Less accumulated depreciation FlightEquipmentAccumulatedDepreciation $5.18B USD Point-in-time
Flight equipment subject to operating leases, net FlightEquipmentNet $25.75B USD Point-in-time
Flight equipment subject to operating leases, net FlightEquipmentNet $24.54B USD Point-in-time
Preferred stock, aggregate liquidation preference PreferredStockLiquidationPreferenceValue $850.00M USD Point-in-time
Deposits on flight equipment purchases DepositsOnFlightEquipment $1.34B USD Point-in-time
Deposits on flight equipment purchases DepositsOnFlightEquipment $1.22B USD Point-in-time
Other assets OtherAssets $1.69B USD Point-in-time
Other assets OtherAssets $1.73B USD Point-in-time
Total assets Assets $28.40B USD Point-in-time
Total assets Assets $29.36B USD Point-in-time
Accrued interest and other payables AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $681.10M USD Point-in-time
Accrued interest and other payables AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $696.90M USD Point-in-time
Debt financing, net of discounts and issuance costs LongTermDebt $18.64B USD Point-in-time
Debt financing, net of discounts and issuance costs LongTermDebt $19.45B USD Point-in-time
Security deposits and maintenance reserves on flight equipment leases SecurityDepositLiability $1.34B USD Point-in-time
Security deposits and maintenance reserves on flight equipment leases SecurityDepositLiability $1.29B USD Point-in-time
Rentals received in advance AdvanceRent $153.59M USD Point-in-time
Rentals received in advance AdvanceRent $147.65M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $970.80M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $999.38M USD Point-in-time
Total liabilities Liabilities $22.62B USD Point-in-time
Total liabilities Liabilities $21.75B USD Point-in-time
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively PreferredStockValue $106.00K USD Point-in-time
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively PreferredStockValue $106.00K USD Point-in-time
Paid-in capital AdditionalPaidInCapital $3.26B USD Point-in-time
Paid-in capital AdditionalPaidInCapital $3.26B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.39B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.48B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.82M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $2.35M USD Point-in-time
Total shareholders equity StockholdersEquity $7.01B USD Point-in-time
Total shareholders equity StockholdersEquity $6.74B USD Point-in-time
Total shareholders equity StockholdersEquity $6.37B USD Point-in-time
Total shareholders equity StockholdersEquity $6.65B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $29.36B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $28.40B USD Point-in-time
Income Statement 54 line items
Line Item Tag Value Unit Period
Rental of flight equipment OperatingLeaseLeaseIncome $617.77M USD 1 Quarter
Rental of flight equipment OperatingLeaseLeaseIncome $566.55M USD 1 Quarter
Aircraft sales, trading and other RevenueFromContractWithCustomerExcludingAssessedTax $18.37M USD 1 Quarter
Aircraft sales, trading and other RevenueFromContractWithCustomerExcludingAssessedTax $30.11M USD 1 Quarter
Total revenues Revenues $596.66M USD 1 Quarter
Total revenues Revenues $636.14M USD 1 Quarter
Interest InterestExpenseDebtExcludingAmortization $117.28M USD 1 Quarter
Interest InterestExpenseDebtExcludingAmortization $151.61M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $13.07M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $13.20M USD 1 Quarter
Interest expense InterestExpense $130.47M USD 1 Quarter
Interest expense InterestExpense $164.69M USD 1 Quarter
Depreciation of flight equipment Depreciation $259.68M USD 1 Quarter
Depreciation of flight equipment Depreciation $235.31M USD 1 Quarter
Write-off of Russian fleet AssetImpairmentCharges - USD 1 Quarter
Write-off of Russian fleet AssetImpairmentCharges $802.35M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $47.61M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $32.76M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $5.90M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $-2.52M USD 1 Quarter
Total expenses OperatingExpenses $1.20B USD 1 Quarter
Total expenses OperatingExpenses $477.88M USD 1 Quarter
Income/(loss) before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $158.27M USD 1 Quarter
Income/(loss) before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-601.71M USD 1 Quarter
Income tax (expense)/benefit IncomeTaxExpenseBenefit $29.55M USD 1 Quarter
Income tax (expense)/benefit IncomeTaxExpenseBenefit $-132.72M USD 1 Quarter
Net income/(loss) NetIncomeLoss $128.72M USD 1 Quarter
Net income/(loss) NetIncomeLoss $-468.99M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $10.43M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $10.43M USD 1 Quarter
Net income/(loss) available to common stockholders, basic NetIncomeLossAvailableToCommonStockholdersBasic $-479.42M USD 1 Quarter
Net income/(loss) available to common stockholders, basic NetIncomeLossAvailableToCommonStockholdersBasic $118.30M USD 1 Quarter
Net income/(loss) available to common stockholders, diluted NetIncomeLossAvailableToCommonStockholdersDiluted $118.30M USD 1 Quarter
Net income/(loss) available to common stockholders, diluted NetIncomeLossAvailableToCommonStockholdersDiluted $-479.42M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-3.02M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-830.00K USD 1 Quarter
Change in fair value of hedged transactions OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $148.00K USD 1 Quarter
Change in fair value of hedged transactions OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $5.23M USD 1 Quarter
Total tax benefit/(expense) on other comprehensive income/loss OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $-146.00K USD 1 Quarter
Total tax benefit/(expense) on other comprehensive income/loss OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $473.00K USD 1 Quarter
Other comprehensive income/(loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-536.00K USD 1 Quarter
Other comprehensive income/(loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.74M USD 1 Quarter
Total comprehensive income/(loss) attributable for common stockholders ComprehensiveIncomeNetOfTax $-477.68M USD 1 Quarter
Total comprehensive income/(loss) attributable for common stockholders ComprehensiveIncomeNetOfTax $117.76M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-4.21 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.07 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-4.21 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.06 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 110.94M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 113.89M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 113.89M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 111.20M shares 1 Quarter
Dividends declared per share of common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Dividends declared per share of common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.20 USD 1 Quarter
Cash Flow Statement 76 line items
Line Item Tag Value Unit Period
Cash paid for interest, capitalized interest InterestPaidCapitalized $9.37M USD 1 Quarter
Net income/(loss) NetIncomeLoss $128.72M USD 1 Quarter
Cash paid for interest, capitalized interest InterestPaidCapitalized $10.66M USD 1 Quarter
Net income/(loss) NetIncomeLoss $-468.99M USD 1 Quarter
Depreciation of flight equipment Depreciation $259.68M USD 1 Quarter
Depreciation of flight equipment Depreciation $235.31M USD 1 Quarter
Write-off of Russian fleet AssetImpairmentCharges - USD 1 Quarter
Write-off of Russian fleet AssetImpairmentCharges $802.35M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $5.90M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $-2.52M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $-133.36M USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $28.73M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $13.07M USD 1 Quarter
Amortization of debt discounts and issuance costs AmortizationOfFinancingCosts $13.20M USD 1 Quarter
Amortization of prepaid lease costs AmortizationOfPrepaidLeaseCosts $18.32M USD 1 Quarter
Amortization of prepaid lease costs AmortizationOfPrepaidLeaseCosts $13.19M USD 1 Quarter
Gain on aircraft sales, trading and other activity GainLossOnDispositionOfAssets1 $41.65M USD 1 Quarter
Gain on aircraft sales, trading and other activity GainLossOnDispositionOfAssets1 $66.79M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $74.56M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $26.91M USD 1 Quarter
Accrued interest and other payables IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-45.49M USD 1 Quarter
Accrued interest and other payables IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-64.07M USD 1 Quarter
Rentals received in advance IncreaseDecreaseInContractWithCustomerLiability $938.00K USD 1 Quarter
Rentals received in advance IncreaseDecreaseInContractWithCustomerLiability $8.12M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $254.69M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $348.49M USD 1 Quarter
Acquisition of flight equipment under operating lease PaymentsForFlightEquipment $1.24B USD 1 Quarter
Acquisition of flight equipment under operating lease PaymentsForFlightEquipment $395.40M USD 1 Quarter
Payments for deposits on flight equipment purchases PaymentsForDepositsOnFlightEquipmentPurchases $4.00M USD 1 Quarter
Payments for deposits on flight equipment purchases PaymentsForDepositsOnFlightEquipmentPurchases $172.94M USD 1 Quarter
Proceeds from aircraft sales, trading and other activity ProceedsFromSaleOfFlightEquipment $750.00K USD 1 Quarter
Proceeds from aircraft sales, trading and other activity ProceedsFromSaleOfFlightEquipment $21.39M USD 1 Quarter
Acquisition of aircraft furnishings, equipment and other assets PaymentsToAcquirePropertyPlantAndEquipment $52.97M USD 1 Quarter
Acquisition of aircraft furnishings, equipment and other assets PaymentsToAcquirePropertyPlantAndEquipment $53.94M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-620.57M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.27B USD 1 Quarter
Cash dividends paid on Class A common stock PaymentsOfDividendsCommonStock $21.09M USD 1 Quarter
Cash dividends paid on Class A common stock PaymentsOfDividendsCommonStock $22.18M USD 1 Quarter
Common shares repurchased PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Common shares repurchased PaymentsForRepurchaseOfCommonStock $97.64M USD 1 Quarter
Cash dividends paid on preferred stock PaymentsOfDividendsPreferredStockAndPreferenceStock $10.43M USD 1 Quarter
Cash dividends paid on preferred stock PaymentsOfDividendsPreferredStockAndPreferenceStock $10.43M USD 1 Quarter
Tax withholdings on stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.23M USD 1 Quarter
Tax withholdings on stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.10M USD 1 Quarter
Net change in unsecured revolving facilities ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Net change in unsecured revolving facilities ProceedsFromLongTermLinesOfCredit $653.00M USD 1 Quarter
Proceeds from debt financings ProceedsFromIssuanceOfDebt $1.35B USD 1 Quarter
Proceeds from debt financings ProceedsFromIssuanceOfDebt $1.50B USD 1 Quarter
Payments in reduction of debt financings RepaymentsOfDebt $708.85M USD 1 Quarter
Payments in reduction of debt financings RepaymentsOfDebt $1.21B USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $3.16M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $2.74M USD 1 Quarter
Security deposits and maintenance reserve receipts ProceedsFromSecurityDepositsAndMaintenanceReserveReceipts $125.73M USD 1 Quarter
Security deposits and maintenance reserve receipts ProceedsFromSecurityDepositsAndMaintenanceReserveReceipts $93.38M USD 1 Quarter
Security deposits and maintenance reserve disbursements PaymentsForSecurityDepositsAndMaintenanceReserveDisbursements $3.77M USD 1 Quarter
Security deposits and maintenance reserve disbursements PaymentsForSecurityDepositsAndMaintenanceReserveDisbursements $4.86M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $769.64M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $846.41M USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-78.48M USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $403.76M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.51B USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $701.54M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.11B USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $780.02M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.51B USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $701.54M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.11B USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $780.02M USD Point-in-time
Cash paid during the period for interest, including capitalized interest of $10,658 and $9,365 at March 31, 2023 and 2022, respectively InterestPaid $197.94M USD 1 Quarter
Cash paid during the period for interest, including capitalized interest of $10,658 and $9,365 at March 31, 2023 and 2022, respectively InterestPaid $179.03M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $3.57M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $3.45M USD 1 Quarter
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment DepositsOnFlightEquipmentPurchasesAppliedToAcquisitionOfFlightEquipmentUnderOperatingLeases $227.74M USD 1 Quarter
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment DepositsOnFlightEquipmentPurchasesAppliedToAcquisitionOfFlightEquipmentUnderOperatingLeases $85.79M USD 1 Quarter
Cash dividends declared on common stock, not yet paid DividendsPayableCurrentAndNoncurrent $21.14M USD Point-in-time
Cash dividends declared on common stock, not yet paid DividendsPayableCurrentAndNoncurrent $22.20M USD Point-in-time
Stockholders Equity 27 line items
Line Item Tag Value Unit Period
Dividends declared per share of common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Dividends declared per share of common stock (in dollars per share) CommonStockDividendsPerShareDeclared $0.20 USD 1 Quarter
Beginning balance preferred stock (in shares) PreferredStockSharesOutstanding 10.60M shares Point-in-time
Beginning balance StockholdersEquity $7.01B USD Point-in-time
Beginning balance StockholdersEquity $6.74B USD Point-in-time
Beginning balance StockholdersEquity $6.37B USD Point-in-time
Beginning balance StockholdersEquity $6.65B USD Point-in-time
Issuance of common stock upon vesting of restricted stock units StockIssuedDuringPeriodValueShareBasedCompensationGross $2.00K USD 1 Quarter
Issuance of common stock upon vesting of restricted stock units StockIssuedDuringPeriodValueShareBasedCompensationGross $1.00K USD 1 Quarter
Common stock repurchased StockRepurchasedDuringPeriodValue $129.55M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $-2.52M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $5.90M USD 1 Quarter
Cash dividends (declared $0.20 per share of Class A common stock) DividendsCommonStockCash $22.20M USD 1 Quarter
Cash dividends (declared $0.20 per share of Class A common stock) DividendsCommonStockCash $21.14M USD 1 Quarter
Cash dividends (declared on preferred stock) DividendsPreferredStock $10.43M USD 1 Quarter
Cash dividends (declared on preferred stock) DividendsPreferredStock $10.43M USD 1 Quarter
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-536.00K USD 1 Quarter
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.74M USD 1 Quarter
Tax withholdings on stock-based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $8.10M USD 1 Quarter
Tax withholdings on stock-based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.23M USD 1 Quarter
Net income (loss) NetIncomeLoss $128.72M USD 1 Quarter
Net income (loss) NetIncomeLoss $-468.99M USD 1 Quarter
Ending balance preferred stock (in shares) PreferredStockSharesOutstanding 10.60M shares Point-in-time
Ending balance StockholdersEquity $7.01B USD Point-in-time
Ending balance StockholdersEquity $6.74B USD Point-in-time
Ending balance StockholdersEquity $6.37B USD Point-in-time
Ending balance StockholdersEquity $6.65B USD Point-in-time

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

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