everyone. Thanks, Gus. morning, Good
first net sanctions, owned imposition owned balance the net and billion was and Russian share. income or engines was The the to Airlines. on million, For as of per invasion lease $X.XX quarter, December these carrying $XXX our Ukraine aircraft XXX XX, sheet the our Prior to adjusted approximately assets had Russian $X.X value of of XX of AerCap on XXXX.
engines outside aircraft Russia. XX and three our of We of have owned detained our of owned
engines The remain aircraft other and in Russia.
of Russia that and off deposits lease all in for premium written assets, and any related off our have assets, written reserves. completely and assets and other have liabilities also example, those We maintenance flight include, assets equipment remain security maintenance to aircraft rights engines. These
also of Ukraine. removed and contrast most of aircraft that Russia, assets their from to have lease. the We Russia that remaining reviewed older our on were in we've last for impairment aircraft In these
after charges were related or Ukraine conflict As a result, net billion to our $X.X approximately approximately billion the $X.X tax.
charges You in the of can these the detail see breakdown the slides. earnings to more on appendix
first quarter premium adjustments income Ukraine share. included $XXX Excluding include for million maintenance accounting amortization the This related amortization. was of rights net which or $X.XX conflict, per the purchase lease $XXX charges our to and the million
and the in drivers cash favorably quarter, were small the that first $X.XX net this main first transaction for and after-tax. were for stronger a than impacted Excluding $XXX I'll by integration-related Basic $X,XXX were expenses our million These quarter spend collections the a quarter. results minutes amount or quarter million expected. the quarter. of few income we rents going affected lease was through the our that amount, in
travel. global continue recovery momentum our see positive from air to with the We customers in
the also During the of exceeded payments we quarter, in the maintenance received XXX% balances. regular our repayments and collections rate deferral rent to for because quarter, cash addition
the December decreased $XX $XXX receivable a as by over X%, during or from notes lease quarters continuation we've $XXX was million first that of quarter trend deferral That to and coming several receivable seen of million past XX, of XX. accounts combined a million Our as March down. balances the of
amortization million Our during lease basic of by rents $XX reduced premium first quarter. were the lease
the $XX mentioned and rents. during $XXX million. was million. were is see was expense premium the also revenue normally amortized the quarter Interest term But the revenues lease of on quarter. higher to were lease expenses than that maintenance rate of asset due was rights million lease by the I assets million reduces lease a somewhat during amortized we earnings would to remaining amortization This over during quarter, derivatives quarter's it terminations basic of call, during Maintenance $XX included reduced for This mark-to-market As million the last $XXX including million of for the were quarter rights quarter. expenses. maintenance $XXX the Leasing $XX interest on gains quarter.
So lease leasing quarter total million million with of quarter rights million million slide. you the $XXX I of add million in had adjustments on of savings the which $XXX affected of million purchase of is $XX we previous and range GECAS SG&A first $XX maintenance amortization line the amortization, $XXX for was the in got when million, of amortization rights you the the during the transaction. of accounting the with revenue $XX premium and expense that $XX maintenance million affected expenses. expenses, mentioned this for leasing target walk $XX the that annual the
continue strong to position. a We liquidity maintain
our were XXXX ratio approximately us to liquidity gives times ratio billion. ended current in resulted with approximately above next target of leverage which a of That's sources March X. well of coverage total $XX cash and billion, X.XX X.X XX $X a of X.X As months excess of XX, our times. We coverage sources-to-uses of
so Russia, equity. and We go around that to fourth And a at announced the aircraft below we than leverage X.X actually first debt the I when would as estimated equity, impairment the acquisition of up to course we that's last result level of better that originally to little that go expected. ended mentioned of X:X X:X in call, earnings times a still quarter up could quarter ratio On forecasted it likely had debt the remaining our of March. GECAS the
operating cash were mentioned our I was the quarter flow $X.X strong billion. during earlier, and As our collections cash
total to was average assets debt ratio first our XX%, debt secured same quarter for approximately Our and the cost X%. of quarter the was last as
a take XXXX. to go through to like outlook our I'd Now for minutes financial few
the look year XXXX, at per it believe of adjusted an as the impact statement accounting For share purchase $X. expenses. income adjusted on distorts the income and of better earnings of expect the sense the amortization, reflects to it Adjusted acquisition. the full believe maintenance of premium generate EPS business economics the to reflects $X.XX rights We because basis as to following lease we transaction-related as well GAAP we makes GECAS non-cash add-back
recall, you combined reasons. the assets ILFC vast total the reported same XXXX earnings in for approximately As next maintenance the over of will amortize also billion, of which adjusted many of these and will majority transaction seven we lease years. The rights after premium $X.X is the
to It's this revenues total For expect to million revenues year, around to expenses. important in be approximately this that we of we billion. affects XXXX, of note generate total. expect it $XXX In and both amortization $X.X
the year around Depreciation We which expect an reflects for debt $X.X the interest year. for X%. of approximately $X.X should be our of cost be approximately expense billion, billion to average
XX% to $XX from around no be written they assets year. billion. our our our have were our adjusted That in engines expect revenues effective Airlines. net the to engine leasing EPS lease venture, in of net on adjusted on to around SES. aircraft Russian them. million rate We we're projections joint longer lost million approximately month of the expect lease gives approximately and a that off, that of full Ukraine basis. basis, we completely billion assumed the investment of equity charges us We've first billion That These expenses the an tax of investments, Since primarily, That our and relating we've $X.XX conflict but the depreciating an was rents. approximately $XX include method those income we of an pre-tax exclude or results earnings quarter to impact $X.X recognized $X for from in other of income $X.X $X on to
So a also overall remainder for expense the around assets impact the $XXX of is offset COVID-XX year. is this of some These basis, there but standpoint, reflect projections from business. the million on the an on net tail our of Russian
and leases an nonetheless, from a cash out-of-court in restructurings. really seen we during to strong three that either These or as collections, major benefits which GECAS associated the we've see come will of While that recovery course, leases Over reflect in with airline lower terms will a continue as of revenues of passenger of COVID, those impact transaction were time, demand restructured through the projections off. roll ways. diminish also result bankruptcies impact
business GECAS the purchased to discount we significant value. First, at a book
legacy less acquisition than airline were impacted business, a And overall the financing affected engine aircraft average business of X.X% below which a GECAS the business well GECAS the which by proportion our composition freighter had X.X%. was debt higher business billion GECAS restructurings. portfolio. impacted due by Secondly, place cost $XX less as narrowbody COVID the of was average cost of on the less third, put to and that an standalone were for we by leasing at basis of of in AerCap well basically as COVID
million $XXX above what GECAS done for annual Overall, transaction. AerCap these also the of a standalone on benefits of basis would the year. savings from SG&A are We this well have see results
do Finally, I these any include recoveries claims. note assumed not that should projections insurance from
related we've assets remaining our to insurance claims Russia. billion mentioned, we've As in for $X.X submitted
I to earlier, As ended we ratio of a XXXX X.XX debt-to-equity mentioned at X.
the debt-to-equity As quarter. of the assets the increased ratio write-off X.X our to of in a connection the times at first conflict, end our Ukraine of with result
of end X.X this year. by ratio of return long-term We times our expect to to target the
capital contracted deployment end times we taking times to would forward, XXXX year, delever X.X to and of the sales into billion by additional and of our before assuming any going on XXXX shareholders. addition, $X X.X capital or the of return to based expect approximately by CapEx of In end account a
and capital. acquisition. saw business We of to ILFC on the excess the So delevering. assume during not delever would any that this period, which additional well ability Again, do as this recoveries to insurance shows generate these lead this
we to together, generate to to will all excess excess start $X of year approximately of this well start capital. and XXXX, by Between expect the be to now this bringing generating we returning billion capital end capital So, and expect positioned shareholders.
we if projections course, exceed this Of received or our aircraft capital earnings could materially of either for during sales the be time, recoveries insurance amount greater. excess we've or if
with the we So call Q&A. for operator, can open up that,
