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Air Lease (AL) - 2025 Q1 - Quarterly Results
ALAir Lease (AL)2025-05-05 20:02

Financial Performance - Revenues for Q1 2025 increased by 11.3% to 738.3millioncomparedto738.3 million compared to 663.3 million in Q1 2024[2] - Net income attributable to common stockholders rose 274.5% to 364.8million,or364.8 million, or 3.26 per diluted share, from 97.4million,or97.4 million, or 0.87 per diluted share, in the prior year[7] - Total revenues for Q1 2025 were 738.3million,anincreaseof11.3738.3 million, an increase of 11.3% compared to 663.3 million in Q1 2024[29] - Net income attributable to common stockholders for Q1 2025 was 364,751,000,comparedto364,751,000, compared to 97,441,000 in Q1 2024, representing a significant increase[35] - Earnings per share (EPS) for Q1 2025 were 3.27(basic)and3.27 (basic) and 3.26 (diluted), compared to 0.88(basic)and0.88 (basic) and 0.87 (diluted) in Q1 2024[29] - The pre-tax margin for Q1 2025 was 63.9%, significantly higher than 20.4% in Q1 2024[29] - Adjusted net income before income taxes for Q1 2025 was 169.5million,comparedto169.5 million, compared to 146.3 million in Q1 2024[33] - The adjusted pre-tax margin for Q1 2025 was 23.0%, up from 22.1% in Q1 2024[33] - Adjusted diluted earnings per share before income taxes increased to 1.51inQ12025from1.51 in Q1 2025 from 1.31 in Q1 2024, reflecting a growth of 15.3%[35] Revenue Sources - Rental revenues increased by approximately 5% to 645million,drivenbyfleetgrowth,despitea645 million, driven by fleet growth, despite a 12.7 million decrease in end-of-lease revenue[5] - Aircraft sales and trading revenues surged by 90% to 93million,withgainsfromthesaleof16aircrafttotaling93 million, with gains from the sale of 16 aircraft totaling 61 million[6] - The company recognized a net benefit of 332millionfrominsurancesettlementsrelatedtoaircraftdetainedinRussia[9]AssetsandLiabilities−Totalassetsincreasedto332 million from insurance settlements related to aircraft detained in Russia[9] Assets and Liabilities - Total assets increased to 32.36 billion as of March 31, 2025, compared to 32.28billionattheendof2024[27]−Totalliabilitiesdecreasedto32.28 billion at the end of 2024[27] - Total liabilities decreased to 24.50 billion as of March 31, 2025, down from 24.75billionattheendof2024[27]−Thecompanyendedthequarterwith24.75 billion at the end of 2024[27] - The company ended the quarter with 29.2 billion in committed minimum future rental payments, including 18.9billionfromtheexistingfleet[9]−Theownedfleetconsistedof487aircraft,withanetbookvalueof18.9 billion from the existing fleet[9] - The owned fleet consisted of 487 aircraft, with a net book value of 28.6 billion, and a weighted average fleet age of 4.7 years[10] - The company has approximately 741millioninitsaircraftsalespipeline,including741 million in its aircraft sales pipeline, including 552 million in flight equipment held for sale[9] Cash Flow and Dividends - Net cash provided by operating activities for Q1 2025 was 388,346,000,comparedto388,346,000, compared to 371,330,000 in Q1 2024, an increase of 4.6%[40] - Net cash used in investing activities was 102,200,000inQ12025,significantlyimprovedfrom102,200,000 in Q1 2025, significantly improved from 630,324,000 in Q1 2024[40] - Cash dividends paid on Class A common stock increased to 24,503,000inQ12025from24,503,000 in Q1 2025 from 23,316,000 in Q1 2024[40] - A quarterly cash dividend of 0.22persharewasapprovedbytheboardofdirectors,tobepaidonJuly9,2025[9]CashPosition−CashandcashequivalentsasofMarch31,2025,were0.22 per share was approved by the board of directors, to be paid on July 9, 2025[9] Cash Position - Cash and cash equivalents as of March 31, 2025, were 456.6 million, a decrease from 472.6millionattheendof2024[27]−Thecompanyreportedanetdecreaseincashof472.6 million at the end of 2024[27] - The company reported a net decrease in cash of 15,491,000 for Q1 2025, contrasting with a net increase of 91,433,000inQ12024[40]−Cash,cashequivalents,andrestrictedcashattheendofQ12025totaled91,433,000 in Q1 2024[40] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled 460,613,000, down from 555,925,000attheendofQ12024[40]−Thecompanyincurredcashpaidforincometaxesof555,925,000 at the end of Q1 2024[40] - The company incurred cash paid for income taxes of 38,000 in Q1 2025, a decrease from $3,033,000 in Q1 2024[40]