Air Lease (US:AL)2025-05-05 20:02Financial Performance - Revenues for Q1 2025 increased by 11.3% to $738.3 million compared to $663.3 million in Q1 2024[2] - Net income attributable to common stockholders rose 274.5% to $364.8 million, or $3.26 per diluted share, from $97.4 million, or $0.87 per diluted share, in the prior year[7] - Total revenues for Q1 2025 were $738.3 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, compared to $97,441,000 in Q1 2024, representing a significant increase[35] - Earnings per share (EPS) for Q1 2025 were $3.27 (basic) and $3.26 (diluted), compared to $0.88 (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 $169.5 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 $1.51 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 $645 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 $93 million, with gains from the sale of 16 aircraft totaling $61 million[6] - The company recognized a net benefit of $332 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 $32.28 billion at the end of 2024[27] - Total liabilities decreased to $24.50 billion as of March 31, 2025, down from $24.75 billion at the end of 2024[27] - The company ended the quarter with $29.2 billion in committed minimum future rental payments, including $18.9 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 $741 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, compared to $371,330,000 in Q1 2024, an increase of 4.6%[40] - Net cash used in investing activities was $102,200,000 in Q1 2025, significantly improved from $630,324,000 in Q1 2024[40] - Cash dividends paid on Class A common stock increased to $24,503,000 in Q1 2025 from $23,316,000 in Q1 2024[40] - A quarterly cash dividend of $0.22 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 $472.6 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 $91,433,000 in Q1 2024[40] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $460,613,000, down from $555,925,000 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]