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.”