AER - Earnings call 3 2023 | AerCap Holdings N.V.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the AerCap Holdings N.V.

Third Quarter 2023 Financial Results. Today's conference is being recorded, and a transcript will be able following the call on the company's website. At this time, I would like to turn the conference over to Joseph McGinley, Head of Investor Relations. Please go ahead.

Joseph McGinley

hello, and operator, you, everyone. Thank third Welcome conference XXXX to our call. quarter Executive today Pete Kelly; is me Officer, Juhas. our Officer, With Financial Chief Aengus Chief and our

Before which are to historical facts, would statements we forward-looking during not call, statements. be that made call, you some like conference this may begin today's remind I

other and by statements. may materially involve cause to expressed those Forward-looking AerCap from or no implied results imposed risks or statements such than actual publicly update uncertainties that in law undertakes obligation differ that events to revise or any release earnings that be this information forward-looking events, or can statements to AerCap's issues circumstances call. dated future reflect October concerning could information performance in after materially XX, affect that XXXX. arise found Further

release on are earnings be and call call copy archived is public This aercap.com. aercap.com replay. of our at open webcast and available to is the will for being and the presentation conference at website simultaneously A

shortly end and We will earnings time Q&A. for at presentation allow we'll run through our the

As themselves X to that now Kelly. X analysts to a limit turn Angus and I will follow-up. ask question I reminder, call the over would

Aengus Kelly

earnings to you XXXX earnings pleased the of EPS adjusted third highest for EPS our quarter our underlying quarterly report continues where AerCap, the quarter since another closing very joining of am I Thank well, generating the call. us GECAS strong business for perform for to of acquisition. $X.XX,

increasing improved earnings performance an we strong of outlook QX year. again a As announce this the guidance delighted our and that and for result are once for I'm to

efforts $X.XX $XXX of many formerly related insurance quarter and total This of million announce settlement XX to and the $X.X of XX.X% year year. the made sales of also net us market to proceeds Group, $X.XX. mitigate from third overhang to in tremendous at and repurchase today. from clear GAAP on create I GE over their claims this we from should the earnings This which from the beginning beginning repurchases of the result allowed This On stake program. of stock takes for the approximately to to cap of has XX% the of generated a basis, that reduced billion the aircraft our in see equivalent months. income we It the share these per today XX% lease to our to actions another which was teams $XXX is last the course impact our million share authorization of AerCap by includes at value certain the am of Aeroflot the year pleased our in billion long-term be significant shareholders. value that

reflected to continue in demand strong third levels quarter. of the once in in be activity assets high Aviation again

across XXX XXX platform our is and of comprised agreements, X transactions aircraft, XX helicopters, robust. Over XX executed our lease the last Demand purchases customers from and months, engines sales.

in them Our nearly for aircraft of which the signed were customers used to the seen. This ever on. later more higher widebody over on ongoing hitting side, was reflects Remarkably, have rates quarter, years extensions, is Of ahead. increasingly highest into detail XX%. the in motivated aircraft, this are agreements of we XX% extension the lock lease go I'll shortage even one of lift which the the

of unlevered bidders reasons, both reflected the competing in see well million quarterly similar was sales gains as channel with of $XXX in our our to sales For sale margins also assets This we as for on demand healthy portfolios. strong XX%. continue volumes for many with

equity in compared just on where market book. a XX% levered referenced to over equity As is those the our in trading is of this at quarters, doubling I've equivalent to held against the the prior near of basis assets public

equity book we market. side. These sold quarter, of equity the portfolio the values. value our their of essence, aircraft public our and in book the last equity and embedded supply our gains Switching buyers in during to to book XX% expert So book in at at the strength XXX% of value speak the to aircraft repurchased deep almost value

left, see are can from You significantly XXXX. set target chart the delivery on the the the OEMs in behind

have today's spoken constraints resulting have supplier and times supply-demand in-service recently, We many from MAX production capacity XX about more grounding, and how the dynamics reliability. COVID to challenges led

recent announcement it's impact one disruptions of example. the as taking Pratt think the worth the Whitney scaling chain most I by supply &

of that as a an accelerated to approximately a XXXX will in August, to both & a average into of to from expect XXX days. quality instruction In is at operators Airbus well total, peak aircraft elevated aircraft AXXX engine be the aircraft delivered -- disruption XXXX, which due lead the peaking escape. X months operators XXX would continues, XXX to This production This to to that in existing Pratt delaying the programs. equal Putting issued of for of they than GTF-powered rate inspections XXX next availability ground for Whitney if slot usual at commercial special other Whitney as first will XXX turnaround half requiring removals units. cause of in Pratt year. year, & context, first significant XXX more to shaft remain aircraft through times on A XXX XXX the aircraft,

will is to [ these market of Whitney their issues, team we by working the of also Pratt we tightening are time. the business an to a aircraft run hundreds equity. on Pratt & recycling confident result that is further The these & Other perspective, issues, best execute are working clock a demand. will the term. Whitney for like From Today, on be the long certainly will basis, and ] they served assets aircraft, continue from this. address but challenges. as into take around So through own net unique capital it manufacturers

operations every excess quarter, assets, from are Given supplemented demand capital. significant the gains. significant robust we at for generate amounts by to sales our able of

as the well the as market taking On stock repurchase in stock the at discount to advantage book general overhang significant blocks GE we large a to weakness value. of of deployment side, are

more did put operational as The bought an $XX.XX, last both stock quarters. were of underlines value XXXX of in in to other in in already growth discount has value. a price back In fact, numbers X repurchased shares at strong performance average these of today's to repurchases and share our impact of annualized on value underlying terms which as the over of offer book the of today. led the number XX% per outstanding it, business, on positive we XX% of To confidence than shares shares any XX.X the year, of percentage we've those million well

of value sole you for many know, shareholders. on As is will focus our creating AerCap's long-term

retiring with returns. deals continue there's So where buying highest manufacturers, from we will completing debt whatever sale shares, and focus repurchasing or the to the our risk-adjusted efforts aircraft leaseback airlines, generates on

value winner end the these clear QX, the is discounts. significant book $XX.XX at repurchases of share With today given at

in continues summary, of improve. our strong utilization assets So AerCap had quarter. another to very The

to grow addition the aircraft. with fleet of technology new Our continues

With levels as assets is continue ended into of with Our quarter book return the debt double-digit equity Pete shareholders generate for over our and order high attractive to balance that, used we hand capital review well ratio to continue strong of low we and a the you. financials. capital to placed by our call strong liquidity. And in at through our I'll strategy, evidenced a sheet XXXX, to growth per book to Thank allocation We prices. the share. and sell value

Peter Juhas

third Gus. for performance everyone. AerCap the had Good quarter. Thanks, morning, a record

$XX is share. $X.XX or net income The Ukraine aircraft which of million, $X.X accounting per recovery reduced to rights related was premium our amortization conflict. GAAP that basic This leasing This for related recoveries expenses. purchase billion of revenue Our million that our $XXX $XX to increased and reduced impact in amortization maintenance included included our of $XXX million of net lease maintenance was which the amortization million $XX included our rights maintenance million Russian quarter. lease adjustments rents, the a of

million. of was and insurance proceeds tax accounting the settlement the items purchase The effect $XX

strong was adjusted per So taking into for the lease drivers rents $XXX results our share. our all Basic the affected about that of talk $X.XX quarter. of in or I'll million their million to main were third from from collections, the the $X.XXX power million, PBH arrow $XX by account, net This an briefly for and quarter arrangements continue income benefit rents cash that third also from on we reflected quarter. leases. last are our increase that lessees

the the I of As million are quarter. that Net the Maintenance premium other was without and lease our the million, been and amortized revenues that maintenance reflected lease $XXX of margin our reflects sales XX during during $XXX That were quarter of sale higher were million gain gain of to quarter. the assets the $XX XX% on we words, owned quarter of revenue in term amortization. resulted total mentioned, $XXX of remaining third on premium assets sale to basic revenue the a or for million basic have lease amortization. as $XX In third $XXX reduction assets Lease revenue over maintenance a amortized rents. maintenance million for rights million lease assets quarter sold would third $XX million. for this of for rents

at $XXX worth the of had assets quarter. of also million end sale We for held the

and full expect assets. X And sales be worth this we months of $X.X of year, billion we've to over billion. $X Through the sold between first $X.X the billion for year,

As which Interest of that losses earlier, Aeroflot lease to Group. recoveries $X Ukraine the net I $XXX represents conflict to included claims and Russian million mentioned on recoveries $XXX insurance million, the derivatives. of in were aircraft mark-to-market related on quarter, was on the expense million our

$XX onetime Our rights million. million And benefit of quarter, for maintenance also in leasing expenses. expenses we quarter, had third the including $XXX $XX a in the amortization were tax million

a We position. maintain strong continue to liquidity

above XX to coverage sources target X.Xx As excess coverage approximately represents of were XX, That's sources and cash September which our of the around of X.Xx. next $XX of months ratio total resulted liquidity coverage $X of our well in billion. billion uses

quarter CapEx the billion share last repurchases Our even after of was quarter, end and $X.X cash almost $X.X same the the ratio at leverage billion the as quarter. X.XXx, during of of

the significant shows really amount a AerCap that consistent capital basis. on of that generates So

cash for strong Our which driven continued cash was flow billion total operating collections. approximately by the was $X.X quarter,

around debt-to-total was end ratio at XX% XX% from quarter. last slightly September, secured the down assets Our of

from of of increase value was book value average of book X.X% September slight XX% share of September a last cost represents an X.X%, debt over per XXXX. our as share and which per as of And was XX $X.XX quarter. $XX.XX our Our increase XX,

at the a quarter, total third average of of an million shares billion. price $X.X we approximately During XX XX.XX repurchased for

repurchased this During million around billion. $X months under XX first just of the year, for X we've shares

today, million run will new announced mentioned, Gus through that we've a March program $XXX As XXXX. repurchase share

first the assets continuing performance by X we're for As Most as collections later raising as has performance for been revenue that power strong earnings now, of mainly of quarters, a are to both those result full us. from this power higher the for on revenue, end by lease well The our year. of the arrangements strong guidance cash additional driven hour the will rents. the by for But our year. contribute utilization they're higher

The by For $XX had this share around XX revenue quarter, our the million year. during are we've shares reduced of significant of amount that course this we've EPS repurchases share we example, because driver count of leases. this year also a higher of million from done PVH

of for range that of around last but a so that of excluded of any the sale the of which full expect second gains terms We first to now end be on of year. year, $X included And of for the we've guidance at for half $X.XX be updated had EPS for of on top said to $X.XX $X.XX. of call, earnings first the half X before gains months, we EPS on we In $X range, in the to gains expected year the the gains sale. the

around gains us takes that guidance to year before on quarter updated our fourth of EPS full of $X.XX So sale. any for the

just of its stake to another these September. beginning successful offering the GE completed AerCap has stock. AerCap XX% from now year secondary GE at the at over the in September, reduced offerings, following And XX.X% of end In of X

billion. X offerings, In to these the repurchased of around with has $X.X shares GE addition sold shares approximately XX a the total million that to GE AerCap for from public, concurrent

overall, record So as of adjusted quarter AerCap terms earnings GAAP was as EPS. well for in a this

million continue $XXX insurance financial insurance higher we'll was we of an mainly vigorously. driven from Our recovered aircraft very the were outstanding by that lessor do We pursue to performance first to strong, so. claim. Russian our And still claim revenues. We have course,

first the the quarters guidance for for year. with our full continuing, X strong raised the have once environment a we Following performance positive earnings supply-demand again

announced the to And now repurchase program, we for year, we the Q&A. today, $XXX program billion. over our So open And up a $X.XX bringing back far operator, for that, this with stock. million call share we've repurchase new XX% share bought total of year can the

Operator

Our Baker Jamie [Operator comes first with Instructions] question the JP of Morgan. from line

Jamie Baker

So somewhat. cost and an about year-on-year, in is deferrals course, wants but of But quarter, market basis debt that's catching increase XX you of this spreads contributed up up managed still assume what I've got to points to that that net see. to the

might a should to of rates at spreads down about increasing, hazard guess comes be do continuing out firm. Deferral point, next to mean, how the And question are to a you X is rates but as fading some we know, that lag. the lease also way net I intersect? We can course, it? settle lease issues these year? where thinking I that with guess

Peter Juhas

Sure, Jamie.

in past this kind catch-ups deferrals, repayments really So on little terms of year. we a had the that amounts, some impacted bit of accounting of lessees some cash

benefit, Gus, to this, accelerating well, want that and Now right? the be for XXXX seeing, year that feature do us in are increases rates. Gus a right? and But really was comment I'll also over in across throughout we is the what board. we anything, are really seeing to that's helped you I this And it as as something PBH fair, turn been if that I But on in significant has We But terms there. much That's year. rents, mentioned, that? to lease of a think, pretty been but benefit last

Aengus Kelly

older about base asset with helicopters, in in that asset up expense. interest the For all sure. engines, at Yes, is looked as has XXth an And associated its isolation terms note it sell of of was this lot we year. can't it But rental our as classes, of the assets. across to it course, is the on think, are bear lease rates lower course, spread does have month important really in first Jamie, gone up I same But mind, month. because aircraft cost asset net in be significantly the a

have you wider So much on spread older assets. a net

a buy So big our it stock we gain, sell assets, older as at we that take and then sell we discount. those money, we back at a

to net value EPS to revenue earnings spread really thing the So it are our older off buying left have line, but earnings per that it book than as books. the through improving putting stock, whilst our ones at in the look share the portfolio have that the the because gains, are their maximizing combination at, I'm line. is assets and you sold assets older look at we're we because taking by the away I'm from in selling the

Jamie Baker

they guess, seeing second, customers aircraft extended typically from same trend when or the a it widely. at I'm that I are could mean, all Mark were And Are last your That for then of I helpful. of original that week, simply what's seeing competitors, X out lease discussion returns? quantify under That's you terms? sense. more expiring extension. Streeter being the one that also, to incremental -- sure mentioned its buying you varies for leases talking I Okay. makes does and they're is But you what IRR

Aengus Kelly

can comments, XX%. I say, is average said as that widebodies, number are is, extending. When the our to Jamie, that comes I what on Well, assets XX% it of in is

improvement the is best -- to very of to to you of What pertains of whether release say on extensions the terms we do extend that look, will how assets. hard the depend much the much benefits it how very an at to or extensions, is those always and As decision. economic will it incremental it's the course, work moment, make

August, the that step OEMs And they've airplanes for And Jerry. salt would back the us. in the every make of say moment, at the their favor. -- going not the to from know that's our it in knows they're are airlines knows known airline I look, And That's going that number to the happen. Everybody years. definitely saying. where world also that not And just

don't I do? have need saying, I the have So what "Okay, it. They're these lift. take what telling to the I don't do I can't guys me, believe they are risk.

massive the my That's the we've airlines So we're going it used from That's come, isn't extensions. seen purchases of what us aircraft and as reality, aircraft massive world. the seller in of years of the biggest to seen in to opinion. numbers change for see. We've

Operator

Trent to next Citigroup. go Stephen We'll with

Stephen Trent

you me Can hear guys okay?

Unknown Executive

Yes.

Stephen Trent

sort today. some what guys I I'm intrigued GECAS or just you're seen trouble on and term, my apologize my deployment. you how when you. capital ideas we XX% I sort what with We've question. Where having do deeply view When shares. guys think generating And appreciate ideally. about have any was cash capital that you think And medium think about you or phone all structure and capital repurchasing you of high-level you. is curious, I of target have your -- have XX.X% dividends stake to Great. your taking high-level structure on down efficiency been

get your Just wanted to take.

Peter Juhas

That's question. to I your we're we're where Stephen, debt to mean going capital range. running can today, of in that terms mean just X.Xx. you we'll of And a continue manage I you run kind in think net thank below Sure. of equity X.Xx see I our Look, over to for X.Xx. to target ultimately structure, of target. that

be that. it higher little than a be could it could sometimes Sometimes lower,

sell where see a ability and But capital repurchases, And we've back been to the getting of going obviously, entirely, of look, year. step facilitate it, help XX% been. out there has that tremendous And to mean generated that's where the it and I opportunity XX% look, accelerate share that's stock has just shares orient terms sold being and in short the we in during given the down at you excess there -- course significant the with -- mean, obviously, GE the plan down. we really of I from amount pretty when it's to to be a of

to think to certainly that. it participate has I be us helpful been so in for And that able

Aengus Kelly

To well the cash it's your flow generation, about made. point

point. us We would this authorization have delevered in of The percentile buybacks. we new to But XX% XXth did managed for take back That money, borrowing put already we it XX.X%. delevered while put the to the to of doing without to while we were close buy we will did it. it. doing? back bought the S&P is which side the and is business the key business this you if or Again, back say, everything XX% and buying We how almost

Operator

Our next with question from TD Cowen. Helane Becker

Helane Becker

much, very Thanks operator.

these year -- be to Is aircraft think, wanting your or how for back think cover them were extending what or on like the you is leases widebodies releasing about you like more to mentioned that bodies, X -- You aircraft for? remarks, during prepared X a narrow seeing it for are I taking will years? gap the X? long just those and or aircraft those it is on demand the -- the they it Gus, when even even accelerating think Or people

Aengus Kelly

some to discussions wide-bodies. they at extensions, on asset. Near years be in some most asset X the moment to it on the be But of the these some the wide-bodies, extensions generally X term. cases, the are could longer are In speaking, There'll long very latter on double-digit even years. Helane, varies

Helane Becker

understand sense a it same But share you Okay. my makes -- the does perfect public follow-up That's that private borrow go just cost path? that borrow And it sense. company question, whole repurchase you any at as helpful. And and make down for to idea, like company? then and the could take the I really

Aengus Kelly

a the Well, company capital more To to at keep continues levered look, generate going what look present Helane, the over if do buyout the cash I our we're think, back of if and that's we're time, type buying behavior, generating, now. flow past opportunity we and did. you we as itself. And of more that to

balance that will sheet. think I our challenging be on

if of matter, get I every capital has of we or over and just years, quantum some suspect. simply thereabouts, that But period look generating at time, the XX business you is will for that year generated this for there

Operator

of Our O'Brien comes the Goldman Catherine next line question with Sachs. from

Catherine O'Brien

large needing a what that team OEMs course, persistent any in think Gus, airline starts a How to delays, maybe now worth although, maybe lead of you they're AerCap, in a you has order about that's very of less times back out to to orders those their think it's the about in impact long airlines coming they course, to a do just given comment are than and than book, moving from We've U.S. to comment actually get proactive of try skyline target. how further [indiscernible] apply line future start future than into managing be a their earlier all? have only couple airlines salt does your airline those now, thinking deliver made know usual? had historically, in but at the earlier telling if I of couple them. management the I talk positions -- that about XXXX, more the a teams

Aengus Kelly

I value shareholders. mean think the how no. is to really, create for thing that about our only we No,

recently, shareholders not. said my shareholders the conferences Boeing As one of The pay definitely wages. and my at of do I Airbus

we capital are can There the It be we aircraft manufacturers. we're can than be grow sale It be price is the in shareholders. more It the orders believe when shares, to taking. plenty It from happy of order of return M&A. to this are our business. so that right for be risk can And leasebacks. to ways repurchase can of

never thing sake growth. one But for will grow is of the we do

we number is ordered there's same be bunch bought. buy. in ordering everyone when a That's we always significant of environment [ of order is airplanes. and else where That's to time to the there. Neos. [ we time waiting times, you That Farnborough XXXX around The ordered Borger airplanes the of was also ] last when when in ] March many the clouds in La a hanging not As tens I said aircraft

just So the required you're great the structure, discipline is but that discipline dealing here. is capital and in manufacturers, overall with why realizing

and You're no else. your here shareholders one for

Catherine O'Brien

That's greedy on great don't both I gains on and because or core, guys the not who just on beat guidance about gains Maybe with one year-to-date, for you appreciate want line, sound my core to but the x one. gains. repeat, on numbers gains math and adjusted EPS the that shareholders my and $X.XX. But X is too

your down of implies So the in EPS XQ on by gains timing be leases guidance a of Or small timing deliveries XQ. perhaps the versus going aware given of step off? $X of versus some expenses or on in Is supply sales we just hour there on there's should chain. something something or conservatism element everything rolling power

Peter Juhas

Sure.

was So will down. about But been of had on that basically a a line, million deferred in fourth benefit, realized the be we releasing. same Katy, power should that think, we had hour, maybe the benefit ago tax and the slightly up be tax release while I quarter, set did by have the and a the quarter, liability this $XX a

give helped this take, which about earnings. quarter, that's So $X.XX, or the

answer But nothing I in noteworthy it. quarter no see is and the we fourth environment as change about mean really, the no. the there's

the it's -- excluding -- the with that's will you've than $X? And as whether do whether year, Hopefully, on during well. do way of think the the gains course I better on we gains the core or out seen could better. -- turned we

that hopeful I'm we can. yes, So

Operator

Deutsche next Cacanando with Hillary go to Bank. We'll

Hillary Cacanando

an the have I issue, investors GTS ask is airline's the affected some that on aircraft where [ I maintenance know responsibility. lease they're airline on scenario if the ] copy Just you next But Could decide aircraft GTF expiring to the people with actually the last inspection. actually burden of the for? the that happen inspection fall that lessor return to in year, hasn't back -- saw

Aengus Kelly

the is that obligated, The under full They the the in kind. have unlikely airplay handed No. to in repair the cash which event be either event But full -- which the it that lease, in the be us as back, unlikely certainly would highly is it leases, in or received unlikely. to must return our do condition airline an give conditioned. a us, life on the engine was

will So we upon Whitney. & Pratt That will then not burden be fall ultimately pocket. of Raytheon out and

Hillary Cacanando

Got it.

Okay.

if the the it they even So that. it have on you, return to condition, to do they return in

Okay. Got it. year, you capital year. you know early year. have over And your some of up next if market next wondering go I strategy then kind next I coming in for the maturities was

Peter Juhas

Sure.

it. try cetera. And And of to to will X and look X you say looking markets means ECA this vary to look thing small markets unsecured number we'll amount of the but do capital mean or done probably financings also a same I'd secured that. we at markets, capital et a both if I So bank at But come year, that the loans, next bank so to we've the year. loans, funding, outside trips financing, the to other market that's kind how of we're

last what look the it do XX done same financing think at when we'll of total I total, next the And we've year amount in is pretty as you the much months. that over

Operator

We'll Vincent question from Stephens. Caintic take your with next

Vincent Caintic

extensions about talk economics. the to of lease wanted I the

about to hear of to interesting the activities, lease extensions. the So XX% very XX%

versus, able a Just that? and economics to the Or lease aircraft say, similar you X. new to wondering you is if can extension lease the may contrast are just delivery rates get maybe or the be compare higher

Aengus Kelly

-- course, vary, both attributed the and lease I you your we're on pressure. them at of course, type extending, because high very margin aircraft of of not A level. that's are Well, -- have day the trying we're though, of they the it say I cost, or to seeing debt rental when new smallest a aircraft for at I'm to moment, would capital all aircraft that new evasive. leasing upward mean, same rental the X, of aircraft that be

I quite lease. the to similar held the you said. you on And we the will new across on extensions we some as did I that the board, were wouldn't saw aircraft transactions assets of back differentiate where you same recently and say a X, technology see much levels, number between large announced

Vincent Caintic

That's second question helpful. Great. on guidance. then And the quick a just

doesn't $X.XX going came any $X about of -- be gains think talk that continued on that margin. and the gain achievable quarter $X.X could to up is trend I of for you sale forward? sales pipeline, if billion number over implied XX% the fourth So billion Is to I but include the recent of heard

Peter Juhas

Sure.

sale So we about have of assets for end in of $XXX volume, September. the million first, terms the of held at

some think between X.X% of And be as I it X% on close. full year, said, the so depending I will and when somewhere for those

kind you of In terms of of of if XX%. the year, generated I margins, we to the mean, back those at company, of the every range sale in have been look have gains X% long gain the typically, on basically, history

we back running If you where we think on board, a tended been or Vincent. higher of the we're to the little a I bit assets selling, buyers. whether leasing mentioned -- It's Obviously, environment see function of across over terms function about has and older, it's be that this of that's also they've average the this really, look And but are years. for levels, assets the that's XX a things, in years a X the the and year, a strong old. at I XX for that demand Gus function that sales, they selling think it's quarter, function the last of

margin at historical levels I'd say to above that So that in of we overall, to cases. continue But would run the kind ones. are expect push up can some

Aengus Kelly

there said basis margin. equity at XX% Pete our sale for of basis on I'd say, that is gain as years, XXX% an But last you're just historically equity. it's levered gain, equity on a XX circa about on the And book running

Operator

next our take from question of Bank Lane with America. We'll Jordan

Unknown Analyst

the Are you seeing in XX% the question be could the I fleet age for selling to those still afternoon. affecting then there strong older a quick that the also extensions. of on any And just differences had lease -- Good a ones, guys is that? on market released?

Aengus Kelly

Yes. across board. there's And look, mean, I it's the --

younger come be aircraft will aircraft, mean You're off not at to honest. really the be extending to years XX that youngest least I old.

of the terms what in we're of age. into teens extending it the So majority

predominantly older aircraft. lot much the as of across during pretty it's board. sold assets So the we seen, made a you've quarter And

don't the prior last we as is the as changing has older forward, than in for been book. case most we sell the average I've go And As of much age that XX years, quarters. of the what referenced see I

earlier why years be for That's of to extensions to to so months XX have And on the there is sold the airlines years so of are the of over last over getting average the many our long into airlines. know is of those been going sales XX And airlines and age. nature. to though future. this And aircraft my why years delayed age the also in comments aircraft call, dated

X-year So that a problem. isn't this they just or know X-

they case. As that's they I if before, said paying it not know but extensions, short-term was just me and the asking would for that up be

Operator

Gus. This back call does conclude turn the over I now the question-and-answer to session. will

Aengus Kelly

Thank and joining you was the you, for earnings. in operator, thank quarter all for call. our our record This history

we've record had of level the year, buybacks. During a

new authorization, bought the With of business. the we'll have XX% almost back

buybacks. without for XXX on borrowing the XX% in I money. S&P we've mentioned, the we that As did vitally, And been

while at year from of GE it AerCap beginning now overhang faced XX%. the the it its at is large and grew fact, also the with a balance In that stake XX% delevered sheet we did down

us. so We the the positive term. for aircraft very operator, in we outlook supply world. forward chain challenges largest position feel our company engines And you very the the being joining about the with own thank look as the marginal Thank much, the and you supplier the facing and in and industry long as of for in

Operator

today's conclude does This presentation.

now disconnect. You may

AerCap (AER) 27 Oct 232023 Q3 Earnings call transcript