Net income of US$105 million and operating cashflow of US$448 million
Avolon, a leading global aviation finance company, announces results for the second quarter ('Q2') of 2024.
2024 SECOND QUARTER FINANCIAL HIGHLIGHTS
Income Statement (US$M) | Q2 2024 | Q2 2023 | $ CHANGE | % CHANGE |
Lease revenue | 660 | 613 | 47 | +8% |
Operating cashflow | 448 | 371 | 77 | +21% |
EBITDA | 611 | 578 | 33 | +6% |
Net income | 105 | 76 | 29 | +38% |
Balance Sheet (US$M) | Q2 2024 | FY 2023 | $ Change | % Change |
Total available liquidity | 8,170 | 7,228 | 942 | +13% |
Total assets | 31,300 | 30,513 | 787 | +3% |
Secured debt Total assets | 23% | 23% | ||
Net debt to Equity | 2.3X | 2.2x | 0.1X |
Net income of US$105 million for the quarter, up 38% year on year;
Lease revenue of US$660 million and total revenue of US$701 million;
Generated US$448 million of cash from operating activities, up 21% year on year;
Raised US$2.8 billion of debt across both the public and private markets including $2.5 billion of unsecured debt;
- US$1.0 billion senior unsecured notes due 2029,
- US$1.1 billion unsecured term loans due 2027, and
- US$450 million upsize in unsecured revolving credit facility.
Total available liquidity at quarter end of US$8.2 billion; and,
Net debt to equity of 2.3 times, a secured debt to total assets ratio of 23% and US$17 billion of unencumbered assets.
2024 SECOND QUARTER FLEET HIGHLIGHTS
Delivered 15 new aircraft and transitioned 10 aircraft to a total of 16 customers;
Sold 6 aircraft and entered into letters of intent for the sale of a further 17 aircraft;
Placed 23 aircraft from our orderbook, ending the quarter with orderbook 98% placed for next 24 months;
Added 4 new customers, giving a total of 142 airline customers operating in 63 countries;
Ended the quarter with a portfolio of 1,029 aircraft comprising an owned and managed fleet of 582 aircraft, with total commitments for 447 fuel-efficient, new technology aircraft; and,
Post quarter end ordered 310 new engines from Pratt Whitney and CFM International to power A320neo family order book, with options for a further 310 engines.
Andy Cronin, Avolon CEO, commented:
"This was another strong quarter for Avolon in which our financial performance continued its positive trajectory driven by high levels of demand for our assets. Our decision to expand our orderbook last year has positioned us with a clear competitive advantage in an undersupplied market. We continue to diversify our sources of capital, raising US$2.5 billion of new unsecured debt this quarter. This provides us with strong liquidity and prudent balance sheet to take advantage of growth opportunities and sustain long-term profitability.
About Avolon
Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 142 airlines in 63 countries, Avolon has an owned, managed, and committed fleet of 1,029 aircraft, as of 30 June 2024. www.avolon.aero
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801700006/en/
Contacts:
David Breen Joe Brennan
Avolon Investor Relations
ir@avolon.aero
T: +353 1 231 5800
Douglas Keatinge
Avolon Head of Communications
dkeatinge@avolon.aero
T: +353 86 037 416
