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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2020
Commission File Number 001-33159
AERCAP HOLDINGS N.V.
(Translation of Registrant’s Name into English)
AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, +353 1 819 2010
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



Other Events
On July 29, 2020, AerCap Holdings N.V. filed its interim financial report for the quarter ended June 30, 2020.
The information contained in this Form 6-K is incorporated by reference into the Company’s Form F-3 Registration Statements File Nos. 333-224192, 333-234028 and 333-235323 and Form S-8 Registration Statements File Nos. 333-180323, 333-154416, 333-165839, 333-194637 and 333-194638, and related Prospectuses, as such Registration Statements and Prospectuses may be amended from time to time.


2


INDEX
Signature

3


PART I FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)
4


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of June 30, 2020 and December 31, 2019
NoteJune 30, 2020December 31, 2019
(U.S. Dollars in thousands, except share data)
Assets
Cash and cash equivalents4$2,382,655  $1,121,396  
Restricted cash4260,466  178,951  
Trade receivables200,819  47,935  
Flight equipment held for operating leases, net535,356,328  35,870,781  
Maintenance rights and lease premium, net7738,227  809,615  
Flight equipment held for sale8145,805  336,592  
Net investment in finance and sales-type leases6, 20943,013  1,011,549  
Prepayments on flight equipment243,370,096  2,954,478  
Other intangibles, net7293,316  307,394  
Deferred income tax assets15106,970  95,077  
Other assets (includes investment at fair value of $199,617)
91,396,079  1,015,476  
Total Assets$45,193,774  $43,749,244  
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities12$1,235,733  $1,032,623  
Accrued maintenance liability131,930,874  2,190,159  
Lessee deposit liability649,947  747,790  
Debt1430,683,892  29,486,131  
Deferred income tax liabilities15990,265  910,336  
Commitments and contingencies24
Total Liabilities35,490,711  34,367,039  
Ordinary share capital, €0.01 par value, 350,000,000 ordinary shares authorized as of June 30, 2020 and December 31, 2019; 138,847,345 and 141,847,345 ordinary shares issued and 129,672,783 and 131,583,489 ordinary shares outstanding (including 2,087,383 and 2,354,318 shares of unvested restricted stock) as of June 30, 2020 and December 31, 2019, respectively
16, 211,721  1,754  
Additional paid-in capital2,076,149  2,209,462  
Treasury shares, at cost (9,174,562 and 10,263,856 ordinary shares as of June 30, 2020 and December 31, 2019, respectively)
16(496,217) (537,341) 
Accumulated other comprehensive loss(180,146) (93,587) 
Accumulated retained earnings8,232,470  7,734,609  
Total AerCap Holdings N.V. shareholders’ equity9,633,977  9,314,897  
Non-controlling interest69,086  67,308  
Total Equity9,703,063  9,382,205  
Total Liabilities and Equity$45,193,774  $43,749,244  
Supplemental balance sheet informationamounts related to assets and liabilities of consolidated Variable Interest Entities (VIE) for which creditors do not have recourse to our general credit:
Restricted cash$153,199  $78,187  
Flight equipment held for operating leases and held for sale3,851,746  2,091,022  
Other assets72,414  64,908  
Accrued maintenance liability$83,710  $42,603  
Debt2,435,594  1,395,022  
Other liabilities342,295  81,335  

The accompanying notes are an integral part of these Unaudited Financial Statements.

5


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Income Statements
For the Three and Six Months Ended June 30, 2020 and 2019

Three Months Ended June 30,Six Months Ended June 30,
Note2020201920202019
(U.S. Dollars in thousands, except share and per share data)
Revenues and other income
Lease revenue:
Basic lease rents$948,126  $1,077,068  $1,978,920  $2,152,350  
Maintenance rents and other receipts224,224  109,095  358,509  195,906  
Total lease revenue1,172,350  1,186,163  2,337,429  2,348,256  
Net gain on sale of assets10,002  78,157  68,368  99,698  
Other income1814,927  16,956  29,659  38,349  
Total Revenues and other income1,197,279  1,281,276  2,435,456  2,486,303  
Expenses
Depreciation and amortization5, 7411,818  419,093  827,616  844,942  
Asset impairment1973,421  17,819  87,368  22,850  
Interest expense311,758  332,441  630,375  666,620  
Leasing expenses77,574  65,244  180,871  156,965  
Selling, general and administrative expenses1752,913  64,543  117,497  131,416  
Total Expenses927,484  899,140  1,843,727  1,822,793  
Unrealized gain on investment at fair value1013,942    13,942    
Income before income taxes and income of investments accounted for under the equity method
283,737  382,136  605,671  663,510  
Provision for income taxes15(38,305) (49,677) (81,766) (86,256) 
Equity in net earnings of investments accounted for under the equity method
2,173  1,935  3,504  4,037  
Net income$247,605  $334,394  $527,409  $581,291  
Net income attributable to non-controlling interest(1,544) (2,934) (4,524) (15,645) 
Net income attributable to AerCap Holdings N.V.$246,061  $331,460  $522,885  $565,646  
Basic earnings per share21$1.93  $2.44  $4.09  $4.13  
Diluted earnings per share21$1.92  $2.42  $4.06  $4.09  
Weighted average shares outstanding - basic127,425,886  135,917,192  127,862,816  137,029,147  
Weighted average shares outstanding - diluted128,131,663  137,072,268  128,938,138  138,396,628  








The accompanying notes are an integral part of these Unaudited Financial Statements.

6


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
For the Three and Six Months Ended June 30, 2020 and 2019

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(U.S. Dollars in thousands)
Net income$247,605  $334,394  $527,409  $581,291  
Other comprehensive loss:
Net change in fair value of derivatives (Note 11), net of tax of $795, $8,348, $12,366 and $13,440, respectively
(5,565) (58,430) (86,559) (94,076) 
Total other comprehensive loss(5,565) (58,430) (86,559) (94,076) 
Comprehensive income242,040  275,964  440,850  487,215  
Comprehensive income attributable to non-controlling interest
(1,544) (2,934) (4,524) (15,645) 
Total comprehensive income attributable to AerCap Holdings N.V.
$240,496  $273,030  $436,326  $471,570  



































The accompanying notes are an integral part of these Unaudited Financial Statements.

7


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2020 and 2019

Six Months Ended June 30,
20202019
(U.S. Dollars in thousands)
Net income$527,409  $581,291  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization827,616  844,942  
Asset impairment87,368  22,850  
Amortization of debt issuance costs, debt discount, debt premium and lease premium31,242  42,783  
Amortization of fair value adjustments on debt(32,740) (45,961) 
Maintenance rights write-off (a)65,265  144,267  
Maintenance liability release to income(228,640) (89,985) 
Net gain on sale of assets(68,368) (99,698) 
Deferred income taxes84,658  88,055  
Collections of finance and sales-type leases26,991  45,448  
Unrealized gain on investment at fair value(13,942)   
Other133,876  92,232  
Changes in operating assets and liabilities:
Trade receivables(157,410) (21,075) 
Other assets(349,746) (47,755) 
Accounts payable, accrued expenses and other liabilities3,229  (37,150) 
Net cash provided by operating activities936,808  1,520,244  
Purchase of flight equipment(159,930) (1,483,186) 
Proceeds from sale or disposal of assets322,241  733,157  
Prepayments on flight equipment(723,729) (579,217) 
Other  (11) 
Net cash used in investing activities(561,418) (1,329,257) 
Issuance of debt6,890,002  4,157,089  
Repayment of debt(5,652,418) (4,618,972) 
Debt issuance costs paid, net of debt premium received(27,157) (8,422) 
Maintenance payments received194,779  358,694  
Maintenance payments returned(208,630) (206,456) 
Security deposits received43,791  147,200  
Security deposits returned(150,767) (141,364) 
Dividend paid to non-controlling interest holders and others(2,746) (3,045) 
Repurchase of shares and tax withholdings on share-based compensation(118,836) (320,058) 
Net cash provided by (used in) financing activities968,018  (635,334) 
Net increase (decrease) in cash, cash equivalents and restricted cash1,343,408  (444,347) 
Effect of exchange rate changes(634) (403) 
Cash, cash equivalents and restricted cash at beginning of period1,300,347  1,415,035  
Cash, cash equivalents and restricted cash at end of period$2,643,121  $970,285  





The accompanying notes are an integral part of these Unaudited Financial Statements.

8



AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows (Continued)
For the Six Months Ended June 30, 2020 and 2019

Six Months Ended June 30,
20202019
(U.S. Dollars in thousands)
Supplemental cash flow information:
Interest paid, net of amounts capitalized$625,668  $652,049  
Income taxes refunded, net(9,587) (1,079) 

(a)Maintenance rights write-off consisted of the following:
      End of Lease (EOL) and Maintenance Reserved (MR) contract maintenance rights expense
$28,078  $37,521  
      MR contract maintenance rights write-off due to maintenance liability release1,841  9,403  
      EOL contract maintenance rights write-off due to cash receipt35,346  97,343  
      Maintenance rights write-off$65,265  $144,267  



































The accompanying notes are an integral part of these Unaudited Financial Statements.

9


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows (Continued)
For the Six Months Ended June 30, 2020 and 2019

Non-Cash Investing and Financing Activities

Six Months Ended June 30, 2020:
Flight equipment held for operating leases in the amount of $38.7 million was reclassified to net investment in finance and sales-type leases.
Flight equipment held for operating leases in the amount of $83.5 million was reclassified to flight equipment held for sale.
Accrued maintenance liability in the amount of $86.6 million was settled with buyers upon sale or disposal of assets.
Other assets and Accounts payable, accrued expenses and other liabilities each increased by $185.7 million due to the Norwegian Air Shuttle ASA (“NAS”) recapitalization. Please refer to Note 10Investments for further details.

Six Months Ended June 30, 2019:
Flight equipment held for operating leases in the amount of $46.8 million was reclassified to net investment in finance and sales-type leases.
Flight equipment held for operating leases in the amount of $870.3 million was reclassified to flight equipment held for sale.
Accrued maintenance liability in the amount of $64.1 million was settled with buyers upon sale or disposal of assets.





























The accompanying notes are an integral part of these Unaudited Financial Statements.

10


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity
For the Three Months Ended June 30, 2020 and 2019

Number of ordinary shares issuedOrdinary share capitalAdditional
paid-in
capital
Treasury
shares
Accumulated other comprehensive lossAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
March 31, 2020
138,847,345  $1,721  $2,067,647  $(498,003) $(174,581) $7,986,142  $9,382,926  $69,060  $9,451,986  
Dividends paid—  —  —  —  —  —  —  (1,518) (1,518) 
Ordinary shares
issued, net of
tax withholdings
—  —  (6,250) 1,786  —  267  (4,197) —  (4,197) 
Share-based
compensation
—  —  14,752  —  —  —  14,752  —  14,752  
Total comprehensive
income (loss)
—  —  —  —  (5,565) 246,061  240,496  1,544  242,040  
Balance as of
June 30, 2020
138,847,345  $1,721  $2,076,149  $(496,217) $(180,146) $8,232,470  $9,633,977  $69,086  $9,703,063  

Number of ordinary shares issuedOrdinary share capitalAdditional
paid-in
capital
Treasury
shares
Accumulated other comprehensive lossAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
March 31, 2019
151,847,345  $1,866  $2,728,071  $(611,601) $(37,470) $6,825,312  $8,906,178  $63,603  $8,969,781  
Dividends paid—  —  —  —  —  —  —  (1,371) (1,371) 
Repurchase of
shares
—  —  —  (169,179) —  —  (169,179) —  (169,179) 
Share cancellation(5,000,000) (56) (262,504) 262,560  —  —  —  —    
Ordinary shares
issued, net of
tax withholdings
—  —  (39,724) 23,675  —  414  (15,635) —  (15,635) 
Share-based
compensation
—  —  18,615  —  —  —  18,615  —  18,615  
Total comprehensive
income (loss)
—  —  —  —  (58,430) 331,460  273,030  2,934  275,964  
Balance as of
June 30, 2019
146,847,345  $1,810  $2,444,458  $(494,545) $(95,900) $7,157,186  $9,013,009  $65,166  $9,078,175  









The accompanying notes are an integral part of these Unaudited Financial Statements.

11


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity
For the Six Months Ended June 30, 2020 and 2019

Number of ordinary shares issuedOrdinary share capitalAdditional
paid-in
capital
Treasury
shares
Accumulated other comprehensive lossAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
December 31, 2019
141,847,345  $1,754  $2,209,462  $(537,341) $(93,587) $7,734,609  $9,314,897  $67,308  $9,382,205  
Dividends paid—  —  —  —  —  —  —  (2,746) (2,746) 
Repurchase of
shares
—  —  —  (117,302) —  —  (117,302) —  (117,302) 
Share cancellation(3,000,000) (33) (149,203) 149,236  —  —  —  —    
Ordinary shares
issued, net of
tax withholdings
—  —  (16,618) 9,190  —  754  (6,674) —  (6,674) 
Share-based
compensation
—  —  32,508  —  —  —  32,508  —  32,508  
Cumulative effect due
to adoption of new
accounting standard
—  —  —  —  —  (25,778) (25,778) —  (25,778) 
Total comprehensive
income (loss)
—  —  —  —  (86,559) 522,885  436,326  4,524  440,850  
Balance as of
 June 30, 2020
138,847,345  $1,721  $2,076,149  $(496,217) $(180,146) $8,232,470  $9,633,977  $69,086  $9,703,063  


Number of ordinary shares issuedOrdinary share capitalAdditional
paid-in
capital
Treasury
shares
Accumulated other comprehensive lossAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
 December 31, 2018
151,847,345  $1,866  $2,712,417  $(476,085) $(1,824) $6,591,674  $8,828,048  $52,566  $8,880,614  
Dividends paid—  —  —  —  —  —  —  (3,045) (3,045) 
Repurchase of
shares
—  —  —  (306,334) —  —  (306,334) —