Exhibit 99.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Investors:
|
|
|
Keith Helming
|
|
|
Chief Financial Officer
|
|
|
+31 20 655 9670
|
|
|
|
khelming@aercap.com
|
|
|
|
|
|
|
|
Peter Wortel
|
|
|
|
Investor Relations
|
|
|
|
+31 20 655 9658
|
|
|
|
pwortel@aercap.com
|
|
|
|
|
|
|
|
For Media:
|
|
|
|
Frauke Oberdieck
|
|
PRESS RELEASE
|
|
Corporate Communications
|
|
|
|
+31 20 655 9616
|
|
FOR IMMEDIATE RELEASE
|
foberdieck@aercap.com
|
AerCap Holdings N.V. Reports First Quarter 2009 Financial Results
Amsterdam, Netherlands;
May 7, 2009 - AerCap Holdings N.V. (the
“Company” or “AerCap”) (NYSE: AER) today announced the results of its
operations for the first quarter ended March 31, 2009.
First Quarter 2009 Highlights
· First quarter 2009 net income was $30.0 million, compared
with net income of $50.9 million for the same period in 2008. First quarter
2009 net income excluding the impact of the mark-to-market of interest rate
caps and share-based compensation was $31.5 million, compared with $59.9
million in first quarter 2008 on the same basis. The decrease in net income was
largely due to lower income from the sale of assets in first quarter 2009 as
compared to first quarter 2008.
· First quarter 2009 basic and diluted earnings per share were
$0.35. First quarter 2009 basic and diluted earnings per share excluding the
impact of the mark-to-market of interest rate caps and share-based compensation
were $0.37.
· Net spread, the difference between basic lease rents and
interest expense excluding the impact from the mark-to-market of interest rate
caps, was $112.5 million in first quarter 2009 compared to $85.6 million in
first quarter 2008, an increase of 31%. This measure reflects the increase in
leasing income.
· Total revenue for the first quarter 2009 was $208.5 million, compared
to $294.5 million for the same period in 2008. The decrease was mainly due to
lower aircraft sales revenue.
· Sales revenue for the first quarter 2009 was $41.7 million, compared
to $142.5 million for the same period in 2008, and was generated from the sale
of four engines and parts inventory.
· Total assets were $5.8 billion at March 31, 2009, an
increase of 26% over total assets of $4.6 billion at March 31, 2008.
· Committed purchases of aviation assets delivered or scheduled
for delivery in 2009 are $1.8 billion, of which $0.3 billion closed in first
quarter 2009.
First Quarter 2009 Financing Highlights
· In
first quarter 2009, AerCap closed debt facilities for $106 million with two
European financial institutions to finance the pre-delivery payments in
connection with the delivery of four A 330 aircraft pursuant to a purchase
agreement signed with Airbus in December 2006.
· In
March 2009, AerVenture signed a $846 million export credit facility with a
syndicate of commercial banks led by Calyon S.A. to finance up to 20 Airbus A 320
aircraft. Repayment under the credit facility is guaranteed by the European
Export Credit Agencies.
Klaus Heinemann, CEO of AerCap, commented: “The first quarter of 2009 has been the most challenging environment
the Company has encountered since the post 9/11 recession and the impact of the
SARS epidemic early this decade. Against this background, we are highly
satisfied that we closed the first quarter with a solid profit and a record
increase of our leasing net spread, the core measure for our lease portfolio
performance. The business activities for both our new leases and our aircraft
sales have picked up materially since late March. We are confident that we will
be able to show renewed aircraft trading activity during the remaining quarters
of 2009 based on existing contracts and
ongoing sales activities.”
Klaus Heinemann added: “Through our own cash
reserves we successfully bridged the inability of our AerVenture joint venture
partner to make required equity contributions in March. We are currently in
advanced discussions with several parties to find a permanent solution during
the second quarter.”
AerCap’s
CFO, Keith Helming, said: “We are very pleased
with our first quarter results, notwithstanding lower asset sale income and the
charges incurred in the first quarter related to 2008 lease defaults. Our net
spread income increased more than the growth in lease assets, which indicates
continued improvement in the quality of our reported earnings. Also during the
quarter, we secured $952 million of new funding facilities, part of which
completed the
financing requirement for the AerVenture A 320 aircraft order. These successful
financings demonstrate our ongoing ability to tap diverse financing sources to
meet our capital needs, despite challenging market conditions throughout the
world.”
Summary
of Financial Results
AerCap recorded a first quarter 2009 net income of $30.0
million or $0.35 earnings per basic and diluted share. Included in the first
quarter 2009 net income amount were charges relating to the mark-to-market of
interest rate caps and share-based compensation of $1.5 million or $0.02 per
basic and diluted share, net of tax. The after-tax charge relating to the
mark-to-market of our interest rate caps was $0.7 million and the after-tax
charge from share-based compensation was $0.8 million.
2
Detailed Financial Data
($ in Millions)
Operating
results
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
208.5
|
|
$
|
294.5
|
|
-29
|
%
|
|
Net income
|
|
30.0
|
|
50.9
|
|
-41
|
%
|
|
Net income
excluding the impact of mark-to-market of interest rate caps and share-based
compensation
|
|
31.5
|
|
59.9
|
|
-47
|
%
|
|
|
|
|
|
|
|
|
|
|
Total revenue in first quarter 2009 decreased 29% compared
with first quarter 2008. This decrease was largely driven by lower sales
revenue in the first quarter 2009.
Net income excluding the impact of mark-to-market of interest
rate caps and share-based compensation decreased by 47%. This decrease was
driven by lower income from the sale of assets ($22.3 million), plus certain
aircraft impairments ($6.8 million), and the costs relating to airline defaults
which occurred in 2008 ($6.4 million).
Revenue
breakdown
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue:
|
|
|
|
|
|
|
|
|
Basic lease
rents
|
|
$
|
141.4
|
|
$
|
126.5
|
|
12
|
%
|
|
Maintenance
rents
|
|
12.6
|
|
$
|
9.2
|
|
37
|
%
|
|
End-of-lease
compensation and other receipts
|
|
7.2
|
|
$
|
8.2
|
|
-12
|
%
|
|
Lease revenue
|
|
$
|
161.2
|
|
$
|
143.9
|
|
12
|
%
|
|
Sales revenue
|
|
41.7
|
|
142.5
|
|
-71
|
%
|
|
Management fees
and interest income
|
|
5.4
|
|
8.0
|
|
-33
|
%
|
|
Other revenue
|
|
0.2
|
|
0.1
|
|
100
|
%
|
|
Total revenue
|
|
$
|
208.5
|
|
$
|
294.5
|
|
-29
|
%
|
Basic lease rents continue to increase when compared to prior
periods as a result of our growing asset base. The increase in basic lease
rents was reduced by the impact from decreasing interest rates on floating rate
lease rentals between the periods. However, the decrease in basic lease rents
on floating rate leases was offset by lower interest costs on the debt
associated with the floating rate leases. While basic lease rents for the first
quarter 2009 increased 12% compared to first quarter 2008 to $141.4 million, interest
expense excluding the impact of mark-to-market of interest rate caps decreased
29% compared with first quarter 2008 to $28.9 million, as shown in the table
below. We refer to the difference in these amounts of $112.5 million as net
spread, which increased 31% in first quarter 2009 over the same period in 2008.
Our average lease assets increased by 26% to $4.1 billion compared to first
quarter 2008.
3
|
|
|
Three months ended
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$
|
141.4
|
|
$
|
126.5
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest on debt
|
|
$
|
29.5
|
|
$
|
49.6
|
|
-41
|
%
|
|
Plus:
mark-to-market of interest rate caps
|
|
(0.6
|
)
|
(8.7
|
)
|
-93
|
%
|
|
Interest on debt
excluding the impact of mark-to-market of interest rate caps
|
|
$
|
28.9
|
|
$
|
40.9
|
|
-29
|
%
|
|
|
|
|
|
|
|
|
|
|
Net
Spread
|
|
$
|
112.5
|
|
$
|
85.6
|
|
31
|
%
|
Maintenance related revenues including end-of-lease
compensation increased $2.4 million in first quarter 2009 to $19.8 million from
$17.4 million in first quarter 2008. Of these amounts collected in the first
quarter 2009, $7.2 million were payments made by lessees in order to fulfill
the contractual return conditions of the lease on certain returned aircraft. However,
the receipt of these payments triggered corresponding impairments on these
aircraft of $7.2 million (refer to expense section of income statement).
Effective tax
rate
AerCap’s blended effective tax rate during the first quarter
2009 was 5.2%, consisting of 2.3% for AerCap’s aircraft business and 34.8% for
AerCap’s engine and parts business. The blended effective tax rate in 2008 was
positive 0.3% (income).
Financial position
|
|
|
|
|
|
|
% Increase
|
|
|
|
|
March 31,
|
|
March 31,
|
|
over
|
|
|
|
|
2009
|
|
2008
|
|
March 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
Flight equipment
held for lease
|
|
$
|
4,204.7
|
|
$
|
3,279.2
|
|
28
|
%
|
|
Total assets
|
|
5,790.1
|
|
4,594.7
|
|
26
|
%
|
|
Total
liabilities
|
|
4,629.1
|
|
3,561.2
|
|
30
|
%
|
|
Total equity
|
|
1,161.0
|
|
1,033.5
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2009, AerCap’s
portfolio consisted of 295 aircraft and 78 engines that were either owned, on
order, under contract or letter of intent, or managed.
Notes
Regarding Financial Information Presented In This Press Release
The
financial information presented in this press release is not audited.
The following is a definition of non-GAAP measures used in
this press release and a reconciliation of such measure to the most closely
related GAAP measure:
Net income excluding the impact of mark-to-market
of interest rate caps and share-based compensation. This measure is determined by adding the mark-to-market on
our interest rate caps and share-based compensation during the applicable
period, net of related tax benefits, to GAAP net income. AerCap believes this
measure provides investors with a more meaningful view on AerCap’s operational
performance and allows investors to better understand its operational
performance in relation to past and future reporting periods. AerCap uses
interest rate caps to allow it to benefit from decreasing interest rates and
4
protect against the negative impact of rising interest rates
on its floating rate debt. Management determines the appropriate level of caps
in any period with reference to the mix of floating and fixed cash inflows from
the Company’s lease and other contracts. AerCap does not apply hedge accounting
to its interest rate caps. As a result, AerCap is required to recognize the
change in fair value of the interest rate caps in AerCap’s income statement
during each period. Following is a reconciliation of net income excluding the
impact of mark-to-market of interest rate caps and share-based compensation to
net income for the three month periods ended March 31, 2009 and 2008:
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
30.0
|
|
$
|
50.9
|
|
-41
|
%
|
|
Plus:
mark-to-market of interest rate caps, net of tax
|
|
0.7
|
|
7.6
|
|
-91
|
%
|
|
share-based
compensation, net of tax
|
|
0.8
|
|
1.4
|
|
-43
|
%
|
|
Net income
excluding the impact of mark-to-market of interest rate caps and share-based
compensation
|
|
$
|
31.5
|
|
$
|
59.9
|
|
-47
|
%
|
Earnings per share excluding the impact of mark-to-market of
interest rate caps and share-based compensation are determined by dividing the
amount of net income excluding such impact by the average number of shares
outstanding for that period. The average number of shares is based on a daily
average.
Net spread.
This measure is the difference between basic lease rents and interest expense
excluding the impact from the mark-to-market of interest rate caps and
non-recurring charges. AerCap believes this measure provides investors a better
way to understand the changes and trends related to the earnings of its leasing
activities. This measure reflects the impact from changes in the number of
aircraft leased, lease rates, utilization rates, as well as the impact from the
use of interest rate caps instead of swaps for hedging purposes. The
reconciliation of net spread to basic lease rents for the three month periods
ended March 31, 2009 and 2008 is included above.
Conference
Call
In connection with the
earnings release, management will host an earnings conference call today, Thursday,
May 7, 2009 at 9: 30 am Eastern Time / 3: 30 pm Central European Time. The call can be accessed live by
dialing 888-935-4577 (US/Canada
– toll free) or +1-718-354-1390 (International) at least 5 minutes before start
time, or by visiting AerCap’s website at http://www.aercap.com under ‘Investor
Relations’.
The presentation slides
for the conference call will be posted on AerCap’s website in advance of the
call. A replay of the call will be available beginning at 10: 30 am Eastern
Time / 4: 30 pm Central European Time on May 7, 2009 and continuing
through June 3, 2009. To access the recording, call 866-239-0765 (US/Canada
– toll free) or +1-718-354-1112 (International) and enter
passcode 1285154.
The replay will be archived in
the “Investor Relations” section of the Company’s website for one year.
To participate in the
event, please register at: www.sharedvalue.net/aercap/q1_2009
For further information, contact
Peter Wortel: +31 20 655 9658 (pwortel@aercap.com) or Mark Walter (Shared
Value): +44 (0) 20 7321 5039 (aercap@sharedvalue.net).
5
About
AerCap Holdings N.V.
AerCap is an integrated
global aviation company with a leading market position in aircraft and engine
leasing, trading and parts sales. AerCap also provides aircraft management
services and performs aircraft maintenance, repair and overhaul services and
aircraft disassemblies. AerCap is headquartered in The Netherlands and has
offices in Ireland, the United States, Singapore, China and the United Kingdom.
Forward
Looking Statements
This press release contains certain
statements, estimates and forecasts with respect to future performance and
events. These statements, estimates and forecasts are “forward-looking
statements”. In some cases, forward-looking statements can be identified by the
use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,”
“plan,” “intend,” “estimate,” “anticipate,” “believe,” “predict,” “potential”
or “continue” or the negatives thereof or variations thereon or similar
terminology. All statements other than statements of historical fact included
in this press release are forward-looking statements and are based on various
underlying assumptions and expectations and are subject to known and unknown
risks, uncertainties and assumptions, may include projections of our future
financial performance based on our growth strategies and anticipated trends in
our business. These statements are only predictions based on our current
expectations and projections about future events. There are important factors
that could cause our actual results, level of activity performance or
achievements to differ materially from the results, level of activity, performance
or achievements expressed or implied in the forward-looking statements. As a
result, there can be no assurance that the forward-looking statements included
in this press release will prove to be accurate or correct. In light of these
risks, uncertainties and assumptions, the future performance or events
described in the forward-looking statements in this press release might not
occur. Accordingly, you should not rely upon forward-looking statements as a
prediction of actual results and we do not assume any responsibility for the
accuracy or completeness of any of these forward-looking statements. We do not
undertake any obligation to, and will not, update any forward-looking
statements, whether as a result of new information, future events or otherwise.
For more information regarding AerCap and to
be added to our email distribution list, please visit http://www.aercap.com.
Financial
Statements Follow
6
AerCap Holdings N.V.
Consolidated Balance Sheets - Unaudited
(In
thousands of U.S. Dollars)
|
|
|
March 31, 2009
|
|
December 31, 2008
|
|
March 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
175,081
|
|
$
|
193,563
|
|
$
|
197,170
|
|
|
Restricted cash
|
|
144,954
|
|
113,397
|
|
127,150
|
|
|
Trade
receivables, net of provisions
|
|
46,657
|
|
43,649
|
|
64,969
|
|
|
Flight equipment
held for operating leases, net
|
|
4,204,749
|
|
3,989,629
|
|
3,279,244
|
|
|
Flight equipment
held for sale
|
|
76,566
|
|
—
|
|
51,857
|
|
|
Net investment
in direct finance leases
|
|
30,152
|
|
30,571
|
|
—
|
|
|
Notes
receivables, net of provisions
|
|
127,440
|
|
134,067
|
|
199,037
|
|
|
Prepayments on
flight equipment
|
|
539,572
|
|
448,945
|
|
284,368
|
|
|
Investments
|
|
18,678
|
|
18,678
|
|
11,678
|
|
|
Goodwill
|
|
6,776
|
|
6,776
|
|
6,776
|
|
|
Intangibles, net
|
|
42,309
|
|
47,099
|
|
45,427
|
|
|
Inventory
|
|
94,148
|
|
102,879
|
|
83,469
|
|
|
Derivative
assets
|
|
19,631
|
|
19,352
|
|
18,896
|
|
|
Deferred income
taxes
|
|
81,231
|
|
82,471
|
|
82,392
|
|
|
Other assets
|
|
182,134
|
|
179,750
|
|
142,217
|
|
|
Total
Assets
|
|
$
|
5,790,078
|
|
$
|
5,410,826
|
|
$
|
4,594,650
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
24,246
|
|
$
|
7,510
|
|
$
|
9,246
|
|
|
Accrued expenses
and other liabilities
|
|
81,213
|
|
104,750
|
|
87,294
|
|
|
Accrued
maintenance liability
|
|
207,042
|
|
202,834
|
|
261,948
|
|
|
Lessee deposit
liability
|
|
102,397
|
|
98,584
|
|
89,197
|
|
|
Debt
|
|
4,133,991
|
*
|
3,790,487
|
|
3,044,462
|
|
|
Accrual for
onerous contracts
|
|
28,496
|
|
33,306
|
|
28,378
|
|
|
Deferred revenue
|
|
40,133
|
|
34,922
|
|
35,663
|
|
|
Derivative
liabilities
|
|
11,557
|
|
12,378
|
|
—
|
|
|
Deferred income
taxes
|
|
—
|
|
—
|
|
4,997
|
|
|
Total
liabilities
|
|
4,629,075
|
|
4,284,771
|
|
3,561,185
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
699
|
|
699
|
|
699
|
|
|
Additional
paid-in capital
|
|
635,406
|
|
609,327
|
|
604,105
|
|
|
Retained
earnings
|
|
528,964
|
|
499,011
|
|
398,082
|
|
|
Total
AerCap Holdings N.V. shareholders’ equity
|
|
1,165,069
|
|
1,109,037
|
|
1,002,886
|
|
|
Noncontrolling
interest
|
|
(4,066
|
)
|
17,018
|
|
30,579
|
|
|
Total
Equity
|
|
1,161,003
|
|
1,126,055
|
|
1,033,465
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Equity
|
|
$
|
5,790,078
|
|
$
|
5,410,826
|
|
$
|
4,594,650
|
|
*
Includes $63.1 million of subordinated debt received from our joint venture
partner relating to the TUI portfolio acquisition
7
AerCap
Holdings N.V.
Consolidated
Income Statements - Unaudited
(In
thousands of U.S. Dollars, except share and per share data)
|
|
|
Three months ended March 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
161,213
|
|
$
|
143,856
|
|
|
Sales revenue
|
|
41,717
|
|
142,463
|
|
|
Interest revenue
|
|
2,621
|
|
4,877
|
|
|
Management fee
revenue
|
|
2,741
|
|
3,174
|
|
|
Other revenue
|
|
210
|
|
163
|
|
|
Total
Revenues
|
|
208,502
|
|
294,533
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Depreciation
|
|
51,247
|
|
38,475
|
|
|
Asset impairment
|
|
7,217
|
|
—
|
|
|
Cost of goods
sold
|
|
33,824
|
|
110,019
|
|
|
Interest on debt
|
|
29,486
|
|
49,596
|
|
|
Operating lease
in costs
|
|
3,314
|
|
3,640
|
|
|
Leasing expenses
|
|
19,161
|
|
6,390
|
|
|
Provision for
doubtful notes and accounts receivable
|
|
1,232
|
|
548
|
|
|
Selling, general
and administrative expenses
|
|
27,213
|
|
30,622
|
|
|
Total
Expenses
|
|
172,694
|
|
239,290
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations before income taxes
|
|
35,808
|
|
55,243
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes
|
|
(1,860
|
)
|
(4,570
|
)
|
|
|
|
|
|
|
|
|
Net
income
|
|
33,948
|
|
50,673
|
|
|
|
|
|
|
|
|
|
Net (income)
loss attributable to noncontrolling interest
|
|
(3,994
|
)
|
203
|
|
|
|
|
|
|
|
|
|
Net
Income attributable to AerCap Holdings N.V.
|
|
$
|
29,954
|
|
$
|
50,876
|
|
|
|
|
|
|
|
|
|
Basic and
diluted earnings per share
|
|
0.35
|
|
0.60
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic and diluted
|
|
85,036,957
|
|
85,036,957
|
|
8
AerCap Holdings N.V.
Consolidated Statements of Cash Flows - Unaudited
(In
thousands of U.S. Dollars)
|
|
|
Three months ended March 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Net income
|
|
33,948
|
|
50,673
|
|
|
Adjustments
to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
Depreciation
|
|
51,247
|
|
38,474
|
|
|
Asset impairment
|
|
7,217
|
|
—
|
|
|
Amortisation of
debt issuance cost
|
|
3,834
|
|
3,392
|
|
|
Amortisation of
intangibles
|
|
4,790
|
|
3,504
|
|
|
Provision for
doubtful notes and accounts receivable
|
|
1,232
|
|
548
|
|
|
Capitalised
interest on pre-delivery payments
|
|
(371
|
)
|
(669
|
)
|
|
Gain on disposal
of assets
|
|
448
|
|
(22,949
|
)
|
|
Change in fair
value of derivative instruments
|
|
(1,002
|
)
|
2,867
|
|
|
Deferred taxes
|
|
1,241
|
|
4,434
|
|
|
Share-based
compensation
|
|
1,002
|
|
1,636
|
|
|
Changes
in assets and liabilities
|
|
|
|
|
|
|
Trade
receivables and notes receivable, net
|
|
4,284
|
|
(20,240
|
)
|
|
Inventories
|
|
14,484
|
|
10,473
|
|
|
Other assets
|
|
(4,188
|
)
|
(1,546
|
)
|
|
Accounts payable
and accrued expenses, including accrued maintenance liability, lessee
deposits
|
|
(11,930
|
)
|
(3,721
|
)
|
|
Deferred revenue
|
|
5,212
|
|
2,090
|
|
|
Net
cash provided by operating activities
|
|
111,448
|
|
68,966
|
|
|
|
|
|
|
|
|
|
Purchase of
flight equipment
|
|
(288,087
|
)
|
(234,904
|
)
|
|
Proceeds from
sale/disposal of assets
|
|
1,792
|
|
83,487
|
|
|
Prepayments on
flight equipment
|
|
(158,504
|
)
|
(72,445
|
)
|
|
Purchase of
intangibles
|
|
—
|
|
(8,627
|
)
|
|
Movement in
restricted cash
|
|
(31,557
|
)
|
(32,078
|
)
|
|
Net
cash used in investing activities
|
|
(476,356
|
)
|
(264,567
|
)
|
|
|
|
|
|
|
|
|
Issuance of debt
|
|
445,700
|
|
278,081
|
|
|
Repayment of
debt
|
|
(96,485
|
)
|
(126,363
|
)
|
|
Debt issuance
costs paid
|
|
(3,370
|
)
|
(367
|
)
|
|
Net
cash provided by financing activities
|
|
345,845
|
|
151,351
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
(19,063
|
)
|
(44,250
|
)
|
|
Effect of
exchange rate changes
|
|
581
|
|
(316
|
)
|
|
Cash and cash
equivalents at beginning of period
|
|
193,563
|
|
241,736
|
|
|
Cash
and cash equivalents at end of period
|
|
175,081
|
|
197,170
|
|
9