Net income of US$107 million and operating cashflow of US$337 million

Dublin | 2 May 2024: Avolon, a leading global aviation finance company, announces results for the first quarter (‘Q1’) of 2024.

2024 FIRST QUARTER | FINANCIAL HIGHLIGHTS

   

(US$M)	Q1 2024	Q1 2023	$ Change	% Change
Lease Revenue	621	599	22	+4%
Operating Cashflow	337	310	27	+9%
EBITDA	606	580	26	+5%
Net Income	107	56	51	91%

Balance Sheet (US$M)	Q1 2024	FY 2023	$ CHANGE	% CHANGE
Total Available Liquidity	6,647	7,228	(581)	(8%)
Total Assets	30,442	30,513	(71)	0%
Secured Debt / Total Assets	23%	23%	-	-
Net Debt to Equity	2.2x	2.2x	-	-

• Net income of US$107 million for the quarter, up 91% year on year;
• Lease revenue of US$621 million and total revenue of US$663 million;
• Generated US$337 million of cash from operating activities, up 9% year on year;
• Raised US$1.7 billion of debt across both the public and private markets including $1.6 billion of unsecured debt;
• US$1.15 billion senior unsecured notes due 2029,
• US$325 million unsecured term loans, and
• US$110 million upsize in unsecured revolving credit facility.
• Total available liquidity at quarter end of US$6.6 billion; and,
• Net debt to equity of 2.2 times, a secured debt to total assets ratio of 23% and US$16 billion of unencumbered assets.

2024 FIRST QUARTER | FLEET HIGHLIGHTS

• Executed 39 lease transactions comprising new aircraft leases, follow-on leases and lease extensions;
• Delivered 9 new aircraft and transitioned 3 aircraft to a total of 7 customers;
• Sold 9 aircraft and entered letters of intent for the sale of a further 17 aircraft;
• Entered into letters of intent for the sale and leaseback of 7 aircraft;
• Orderbook 98% placed for next 24 months;
• Added 3 new customers, giving a total of 145 airline customers operating in 64 countries; and,
• Ended the quarter with an owned and managed fleet of 577 aircraft, with total orders and commitments for 456 fuel-efficient, new technology aircraft.

Andy Cronin, Avolon CEO, commented:
“The first quarter of 2024 demonstrates the upward financial trajectory of our business, headlined by our increasing profitability. Our large orderbook provides us with a clear competitive advantage in an undersupplied market.  Coupled with our prudent balance sheet and liquidity position, we are in a strong position to drive further profitability and generate long-term shareholder value.”