Avolon Holdings Ltd

CIK:0001610128|SEC Filings

Quarterly financial data - Schedule of Quarterly Results of Operations (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 172,729us-gaap_Revenues	$ 164,440us-gaap_Revenues	$ 133,095us-gaap_Revenues	$ 135,754us-gaap_Revenues	$ 124,065us-gaap_Revenues	$ 113,639us-gaap_Revenues	$ 107,514us-gaap_Revenues	$ 104,555us-gaap_Revenues	$ 606,018us-gaap_Revenues	$ 449,773us-gaap_Revenues	$ 325,897us-gaap_Revenues
Income before taxes and interest from unconsolidated equity investees	(10,341)	44,741	24,918	37,751	20,105	28,421	35,884	28,640	97,069	113,050	59,799
Net income	$ (13,078)us-gaap_NetIncomeLoss	$ 43,830us-gaap_NetIncomeLoss	$ 23,929us-gaap_NetIncomeLoss	$ 36,422us-gaap_NetIncomeLoss	$ 19,638us-gaap_NetIncomeLoss	$ 29,332us-gaap_NetIncomeLoss	$ 35,327us-gaap_NetIncomeLoss	$ 28,503us-gaap_NetIncomeLoss	$ 91,103us-gaap_NetIncomeLoss	$ 112,800us-gaap_NetIncomeLoss	$ 61,161us-gaap_NetIncomeLoss
Net income per share:
Basic	$ (0.17)us-gaap_EarningsPerShareBasic	$ 0.56us-gaap_EarningsPerShareBasic	$ 0.31us-gaap_EarningsPerShareBasic	$ 0.46us-gaap_EarningsPerShareBasic	$ 0.25us-gaap_EarningsPerShareBasic	$ 0.37us-gaap_EarningsPerShareBasic	$ 0.45us-gaap_EarningsPerShareBasic	$ 0.36us-gaap_EarningsPerShareBasic	$ 1.16us-gaap_EarningsPerShareBasic	$ 1.44us-gaap_EarningsPerShareBasic	$ 0.92us-gaap_EarningsPerShareBasic
Diluted	$ (0.17)us-gaap_EarningsPerShareDiluted	$ 0.56us-gaap_EarningsPerShareDiluted	$ 0.31us-gaap_EarningsPerShareDiluted	$ 0.46us-gaap_EarningsPerShareDiluted	$ 0.25us-gaap_EarningsPerShareDiluted	$ 0.37us-gaap_EarningsPerShareDiluted	$ 0.45us-gaap_EarningsPerShareDiluted	$ 0.36us-gaap_EarningsPerShareDiluted	$ 1.16us-gaap_EarningsPerShareDiluted	$ 1.44us-gaap_EarningsPerShareDiluted	$ 0.92us-gaap_EarningsPerShareDiluted

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows provided by operating activities
Net income	$ 91,103,000us-gaap_NetIncomeLoss	$ 112,800,000us-gaap_NetIncomeLoss	$ 61,161,000us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	182,437,000us-gaap_Depreciation	145,615,000us-gaap_Depreciation	110,957,000us-gaap_Depreciation
Gain on disposal of flight equipment	(64,409,000)	(31,051,000)	(11,267,000)
Share-based compensation	53,733,000us-gaap_ShareBasedCompensation
Amortization of debt issuance costs	24,277,000us-gaap_AmortizationOfFinancingCosts	18,766,000us-gaap_AmortizationOfFinancingCosts	9,457,000us-gaap_AmortizationOfFinancingCosts
Deferred income tax (benefit)/ expense	5,837,000us-gaap_DeferredIncomeTaxExpenseBenefit	(101,000)us-gaap_DeferredIncomeTaxExpenseBenefit	(1,663,000)us-gaap_DeferredIncomeTaxExpenseBenefit
(Earnings)/loss from unconsolidated equity investees	(307,000)	46,000
Unrealized loss/(gain) on derivatives	12,240,000us-gaap_UnrealizedGainLossOnDerivatives	(6,390,000)us-gaap_UnrealizedGainLossOnDerivatives	2,199,000us-gaap_UnrealizedGainLossOnDerivatives
Changes in operating assets and liabilities:
Increase in accounts receivables	(4,217,000)	(957,000)	(3,010,000)
(Increase)/decrease in other assets	(22,396,000)	(16,114,000)	(3,245,000)
Increase in deferred revenue	7,721,000	9,993,000	7,906,000
Increase/(decrease) in accounts payable, accrued expenses and other liabilities	(1,178,000)	10,227,000	6,699,000
Net cash provided by operating activities	284,841,000	242,834,000	179,194,000
Cash flows from investing activities
Acquisition of flight equipment	(1,939,561,000)	(1,281,110,000)	(1,549,875,000)
Deposits for flight equipment purchases	(84,017,000)us-gaap_PaymentsForFlightEquipment	(108,006,000)us-gaap_PaymentsForFlightEquipment	(147,668,000)us-gaap_PaymentsForFlightEquipment
Proceeds from disposal of flight equipment	567,273,000	595,194,000	166,180,000
Investment in unconsolidated equity investees	(10,229,000)	(5,963,000)
Net cash used in investing activities	(1,466,534,000)	(799,885,000)	(1,531,363,000)
Cash flows from financing activities
Issuance of ordinary shares		34,335,000	380,091,000
(Increase)/decrease in restricted cash	61,331,000	(74,193,000)	(97,369,000)
Issuance of debt	2,368,037,000us-gaap_ProceedsFromIssuanceOfDebt	2,208,965,000us-gaap_ProceedsFromIssuanceOfDebt	1,309,114,000us-gaap_ProceedsFromIssuanceOfDebt
Repayment of debt	(1,356,049,000)us-gaap_RepaymentsOfDebt	(1,477,199,000)us-gaap_RepaymentsOfDebt	(318,783,000)us-gaap_RepaymentsOfDebt
Debt issuance costs paid	(44,944,000)us-gaap_PaymentsOfDebtIssuanceCosts	(46,287,000)us-gaap_PaymentsOfDebtIssuanceCosts	(38,028,000)us-gaap_PaymentsOfDebtIssuanceCosts
Net acquisition of interest rate caps	666,000	(5,243,000)	(3,261,000)
Maintenance payments received	64,103,000avol_ProceedsFromMaintenancePayments	51,012,000avol_ProceedsFromMaintenancePayments	70,474,000avol_ProceedsFromMaintenancePayments
Maintenance payments returned	(10,126,000)	(24,866,000)	(3,691,000)
Security deposits received	53,951,000	22,689,000	5,146,000
Security deposits returned	(16,217,000)us-gaap_PaymentsForDeposits	(8,082,000)us-gaap_PaymentsForDeposits	(2,796,000)us-gaap_PaymentsForDeposits
Net cash provided by financing activities	1,115,161,000	681,131,000	1,300,897,000
Net increase/(decrease) in cash and cash equivalents	(66,532,000)	124,080,000	(51,272,000)
Cash at beginning of period	177,924,000	53,844,000	105,116,000
Cash at end of period	111,392,000	177,924,000	53,844,000
Supplemental cash flow information:
Cash paid for interest including amounts capitalized of $1,966 $1,170, and $2,651 for the years ended December 31, 2012, 2013, and 2014, respectively	(177,941,000)us-gaap_InterestPaid	(148,333,000)us-gaap_InterestPaid	(115,786,000)us-gaap_InterestPaid
Cash paid for income taxes	(252,000)us-gaap_IncomeTaxesPaidNet	(304,000)us-gaap_IncomeTaxesPaidNet	(247,000)us-gaap_IncomeTaxesPaidNet
Supplemental disclosures of non-cash investing and financing activities:
Security deposits, maintenance liabilities and other liabilities settled on sale of flight equipment	9,073,000	17,716,000	6,713,000
Acquisition of flight equipment through capital lease			96,449,000us-gaap_FairValueOfAssetsAcquired
Issuance of capital lease obligation for acquisition of flight equipment			80,340,000us-gaap_CapitalLeaseObligationsIncurred
Advance lease rentals, security deposits and maintenance reserves assumed in asset acquisitions	29,567,000us-gaap_LiabilitiesAssumed1	3,788,000us-gaap_LiabilitiesAssumed1	3,097,000us-gaap_LiabilitiesAssumed1
Accretion of income to Class A, Class B and Class C shares	70,798,000avol_AccretionOfIncome	107,160,000avol_AccretionOfIncome	29,454,000avol_AccretionOfIncome
Class C Common Stock [Member]
Cash flows from financing activities
Repurchase of Class C shares	$ (5,591,000)

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 111,392	$ 177,924
Restricted cash	195,095	256,426
Accounts receivable	11,010us-gaap_AccountsAndNotesReceivableNet	6,763us-gaap_AccountsAndNotesReceivableNet
Assets held for sale		127,227
Flight equipment, net	5,606,556us-gaap_FlightEquipmentNet	4,133,185us-gaap_FlightEquipmentNet
Derivative financial assets	8,137us-gaap_DerivativeAssets	20,011us-gaap_DerivativeAssets
Deposits on flight equipment	199,514us-gaap_DepositsOnFlightEquipment	206,781us-gaap_DepositsOnFlightEquipment
Deferred issuance costs, net	105,952us-gaap_DeferredOfferingCosts	85,050us-gaap_DeferredOfferingCosts
Deferred income taxes	18,996avol_DeferredTaxAssetsOfTaxableEntities	19,431avol_DeferredTaxAssetsOfTaxableEntities
Investment in unconsolidated equity investees	16,453us-gaap_EquityMethodInvestments	5,917us-gaap_EquityMethodInvestments
Loan receivables		10,338us-gaap_LoansReceivableNet
Other assets	53,002us-gaap_OtherAssets	21,425us-gaap_OtherAssets
Total Assets including US$5,047,967 as of December 31, 2013 and US$6,326,107 as of December 31, 2014, representing collateral of VIE entities)	6,326,107us-gaap_Assets	5,070,478us-gaap_Assets
Liabilities, Temporary Equity and Shareholders' Equity
Accounts payable	203	1,748
Accrued expenses and other liabilities	27,223	26,421
Income tax payable	434us-gaap_AccruedIncomeTaxes	303us-gaap_AccruedIncomeTaxes
Deferred revenue	35,193us-gaap_DeferredRevenue	27,472us-gaap_DeferredRevenue
Accrued maintenance liabilities	180,526	126,549
Lease deposits liability	82,677us-gaap_SecurityDepositLiability	44,943us-gaap_SecurityDepositLiability
Debt financing (including debt financing of VIEs of US$1,839,781 as of December 31, 2013, US$1,385,762 as of December 31, 2014, that do not have recourse to the general credit of the Company)	4,465,187us-gaap_LongTermDebt	3,442,749us-gaap_LongTermDebt
Capital lease obligations	83,261us-gaap_CapitalLeaseObligations	94,043us-gaap_CapitalLeaseObligations
Deferred income taxes	17,006	12,131
Derivative financial liabilities	1,400us-gaap_DerivativeLiabilities	368us-gaap_DerivativeLiabilities
Total	4,893,110us-gaap_Liabilities	3,776,727us-gaap_Liabilities
Commitments and contingencies
Shareholders' Equity
Common shares, US$0.000004 par value Authorized: 750,000,000; Issued and outstanding: 80,681,131 shares at December 31, 2014	0us-gaap_CommonStockValue	0us-gaap_CommonStockValue
Additional paid-in-capital	1,421,864us-gaap_AdditionalPaidInCapital
Preference shares, US$0.001 par value Authorized: 250,000,000; Issued and outstanding: nil at December 31, 2014
Legal reserve		8,698avol_LegalReserve
Retained earnings	11,133
Total Shareholders' Equity	1,432,997us-gaap_StockholdersEquity	8,698us-gaap_StockholdersEquity
Total Liabilities, Temporary Equity and Shareholders' Equity	6,326,107	5,070,478
Class A Common Stock [Member]
Temporary Equity
Common Stock		2,536
Class B Common Stock [Member]
Temporary Equity
Common Stock		1,281,937
Class C Common Stock [Member]
Temporary Equity
Common Stock		$ 580