United States Securities and Exchange Commission
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2020 Commission File Number 001-33159 AERCAP HOLDINGS N.V. (Translation of Registrant’s Name into English) AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, +353 1 819 2010 (Address of Principal Executive Office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. Other Events On November 10, 2020, AerCap Holdings N.V. filed its interim financial report for the quarter ended September 30, 2020. The information contained in this Form 6-K is incorporated by reference into the Company’s Form F-3 Registration Statements File Nos. 333-224192, 333-234028 and 333-235323 and Form S-8 Registration Statements File Nos. 333-180323, 333-154416, 333-165839, 333-194637 and 333-194638, and related Prospectuses, as such Registration Statements and Prospectuses may be amended from time to time. 2 INDEX PART I FINANCIAL INFORMATION .......................................................................................................... 4 Item 1. Financial Statements (Unaudited) ....................................................................................................... 4 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ............. 39 Item 3. Quantitative and Qualitative Disclosures About Market Risk ............................................................ 56 PART II OTHER INFORMATION .................................................................................................................. 58 Item 1. Legal Proceedings .............................................................................................................................. 58 Item 1A. Risk Factors ......................................................................................................................................... 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ............................................................ 61 Item 3. Defaults Upon Senior Securities ......................................................................................................... 61 Item 4. Mine Safety Disclosures ..................................................................................................................... 61 Item 5. Other Information ................................................................................................................................ 61 Item 6. Exhibits ............................................................................................................................................... 61 Signature ............................................................................................................................................... 62 3 PART I FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 ...................... 5 Unaudited Condensed Consolidated Income Statements for the Three and Nine Months ended September 30, 2020 and 2019 ..................................................................................................................................................................... 6 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2020 and 2019 .................................................................................................................................... 7 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2020 and 2019 ........................................................................................................................................................................... 8 Unaudited Condensed Consolidated Statements of Equity for the Three and Nine Months ended September 30, 2020 and 2019 ..................................................................................................................................................................... 11 Notes to the Unaudited Condensed Consolidated Financial Statements .......................................................................... 13 4 AerCap Holdings N.V. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets As of September 30, 2020 and December 31, 2019 Note September 30, 2020 December 31, 2019 (U.S. Dollars in thousands, except share data) Assets Cash and cash equivalents 4 $ 3,244,433 $ 1,121,396 Restricted cash 4 281,353 178,951 Trade receivables 189,950 47,935 Flight equipment held for operating leases, net 5 34,735,697 35,870,781 Net investment in finance and sales-type leases 6, 19 922,297 1,011,549 Flight equipment held for sale 3,575 336,592 Prepayments on flight equipment 23 2,710,270 2,954,478 Maintenance rights and lease premium, net 7 682,968 809,615 Other intangibles, net 7 229,928 307,394 Deferred income tax assets 14 105,447 95,077 Other assets (includes investment at fair value of $71.3 million) 8, 9 1,315,200 1,015,476 Total Assets $ 44,421,118 $ 43,749,244 Liabilities and Equity Accounts payable, accrued expenses and other liabilities 11 $ 1,147,571 $ 1,032,623 Accrued maintenance liability 12 1,828,246 2,190,159 Lessee deposit liability 594,631 747,790 Debt 13 31,087,112 29,486,131 Deferred income tax liabilities 14 884,069 910,336 Commitments and contingencies 23 Total Liabilities 35,541,629 34,367,039 Ordinary share capital, €0.01 par value, 350,000,000 ordinary shares authorized as of September 30, 2020 and December 31, 2019; 138,847,345 and 141,847,345 ordinary shares issued and 129,756,613 and 131,583,489 ordinary shares outstanding (including 2,163,670 and 2,354,318 shares of unvested restricted stock) as of September 30, 2020 and December 31, 2019, respectively 15, 20 1,721 1,754 Additional paid-in capital 2,089,932 2,209,462 Treasury shares, at cost (9,090,732 and 10,263,856 ordinary shares as of September 30, 2020 and December 31, 2019, respectively) 15 (492,033) (537,341) Accumulated other comprehensive loss (168,946) (93,587) Accumulated retained earnings 7,380,699 7,734,609 Total AerCap Holdings N.V. shareholders’ equity 8,811,373 9,314,897 Non-controlling interest 68,116 67,308 Total Equity 8,879,489 9,382,205 Total Liabilities and Equity $ 44,421,118 $ 43,749,244 Supplemental balance sheet information—amounts related to assets and liabilities of consolidated Variable Interest Entities (“VIE”) for which creditors do not have recourse to our general credit: Restricted cash $ 176,073 $ 78,187 Flight equipment held for operating leases and held for sale 4,172,388 2,091,022 Other assets 72,303 64,908 Accrued maintenance liability $ 113,313 $ 42,603 Debt 2,654,016 1,395,022 Other liabilities 286,019 81,335 The accompanying notes are an integral part of these Unaudited Financial Statements. 5 AerCap Holdings N.V. and Subsidiaries Unaudited Condensed Consolidated Income Statements For the Three and Nine Months Ended September 30, 2020 and 2019 Three Months Ended September 30, Nine Months Ended September 30, Note 2020 2019 2020 2019 (U.S. Dollars in thousands, except share and per share data) Revenues and other income Lease revenue: Basic lease rents $ 897,358 $ 1,066,584 $ 2,876,278 $ 3,218,934 Maintenance rents and other receipts 90,743 72,600 449,252 268,506 Total lease revenue 988,101 1,139,184 3,325,530 3,487,440 Net gain on sale of assets 7,151 40,519 75,519 140,217 Other income 17 31,304 14,382 60,963 52,731 Total Revenues and other income 1,026,556 1,194,085 3,462,012 3,680,388 Expenses Depreciation and amortization 5, 7 415,970 415,313 1,243,586 1,260,255 Asset impairment 18 972,921 31,168 1,060,289 54,018 Interest expense 307,316 312,311 937,691 978,931 Loss on debt extinguishment 42,835 — 42,835 — Leasing expenses 51,211 44,080 232,082 201,045 Selling, general and administrative expenses 16 60,918 64,712 178,415 196,128 Total Expenses 1,851,171 867,584 3,694,898 2,690,377 Unrealized loss on investment at fair value 9 (128,363) — (114,421) — (Loss) income before income taxes and income of investments accounted for under the equity method (952,978) 326,501 (347,307) 990,011 Benefit (provision)