AerCap N.V.(US:AER)2024-02-23 14:40Financial Performance - AerCap achieved a record GAAP Net Income of $3.1 billion in 2023 and an Adjusted Net Income of $2.4 billion[6] - The company returned $2.6 billion to shareholders in 2023 and announced a new $500 million share repurchase authorization[6] - AerCap's book value per share has grown by a CAGR of 20% since March 2022[14] - The company projects an adjusted EPS of $7.50 - $8.50 for FY 2024, not including any gains on sale[6, 30] Market Dynamics - Demand continues to outstrip supply across aircraft, engines, and helicopters[6] - 2023 commercial aircraft deliveries remain behind even 2015 levels[8] - Strong demand for mid-life and older aircraft supports secondary sales at attractive margins[11] Capital Management - AerCap recovered $1.3 billion in insurance settlement proceeds to date[6] - The company has a strong liquidity position, with next 12 months' sources-to-uses coverage of 1.4x and ~$19 billion in sources of liquidity[23] - Approximately 10.3 million shares were repurchased in 4Q 2023 at an average price of $62.86, for a total of ~$649 million[24] Portfolio and Assets - New technology aircraft comprise approximately 70% of the aircraft fleet[40] - The company reported a net gain on sale of assets of $94 million in 4Q 2023, representing an 18% unlevered gain-on-sale margin[21]