Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research

Report:

Air Lease Corp 177 West Putnam Avenue

Greenwich, Connecticut 06830-5203
U.S.A.

COMPANY PROFILE
Figures in U.S. Dollars

Wright Quality Rating:ADC17 Key Data

Air Lease Corporation is an aircraft leasing company. The Company is principally Ticker:
engaged in purchasing new commercial jet transport aircraft directly from aircraft AL
manufacturers, such as The Boeing Company (Boeing) and Airbus S.A.S. (Airbus),
and leasing those aircraft to airlines across the world. Along with its leasing 2017 Sales:
activities, the Company sells aircraft from its operating lease portfolio to third
1,516,380,000
parties, including other leasing companies, financial services companies and airlines.
The Company also provides fleet management services to investors and owners of
aircraft portfolios for a management fee. The Company provides aircraft to airline Major Industry:
customers in various markets, such as Asia, the Pacific Rim, Latin America, the Electronics
Middle East, Europe, Africa and North America. As of December 31, 2016, the
Company had 237 owned aircraft and 30 aircraft in its managed fleet portfolio. Sub Industry:
Stock Chart Officers Miscellaneous Electronics
Chairman
Steven F. Udvar-Hazy Country:
United States
President & Chief Executive
John L. Plueger Currency:
U.S. Dollars
Executive Vice President &
Chief Financial Officer
Fiscal Year Ends:
Gregory B. Willis
December
Treasurer
Daniel Verwholt Employees
87

Exchanges:
NYSE

Share Type:
Ordinary

Stock Price (6/22/2018): 42.57

Market Capitalization:
Recent stock performance
4,426,421,533
1 Week -3.1%
4 Weeks -4.6%
13 Weeks 2.2% Total Shares
52 Weeks 16.4% Outstanding:
103,979,834
Earnings / Dividends (as of 3/31/2018)
Earnings Dividends
Closely Held Shares:
Most Recent Qtr 1.00 0.10 6,942,249
Last 12 Months 3.88 0.38
Ratio Analysis
 Price / Earnings Ratio 10.97 Dividend Yield 0.89%
Price / Sales Ratio 2.92 Payout Ratio 9.79%
Price / Book Ratio 1.05 % Held by Insiders 6.68%

Address
2000 Avenue Of The Stars Ste 1000n Phone
Los Angeles, CALIFORNIA 90067-4734 +1 310 553-0555
UNITED STATES Home Page
http://www.airleasecorp.com
Company Fundamentals\Comparative Business Analysis

Comparative Business Analysis: Air Lease Corp

Report Date: June 27, 2018
Company Description

Air Lease Corporation is an aircraft leasing company. The Company is principally engaged in purchasing new
commercial jet transport aircraft directly from aircraft manufacturers, such as The Boeing Company (Boeing) and
Airbus S.A.S. (Airbus), and leasing those aircraft to airlines across the world. Along with its leasing activities, the
Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies,
financial services companies and airlines. The Company also provides fleet management services to investors and
owners of aircraft portfolios for a management fee. The Company provides aircraft to airline customers in various
markets, such as Asia, the Pacific Rim, Latin America, the Middle East, Europe, Africa and North America. As of
December 31, 2016, the Company had 237 owned aircraft and 30 aircraft in its managed fleet portfolio.

Competitor Analysis

Air Lease Corp operates in the Equipment rental & leasing sector. This analysis compares Air Lease Corp with
three other companies: Exterran Corp (2017 sales of $1.22 billion of which 60% was Oil and Gas Product Sales),
H&E Equipment Services, Inc. ($1.03 billion of which 47% was Equipment Rental), and Uniti Group Inc
($916.03 million of which 75% was Leasing operation).

Sales Analysis

During the first quarter of 2018, sales at Air Lease Corp totalled $381.21 million. This is an increase of 5.8% from
the $360.19 million in sales at the company during the first quarter of 2017. During the previous 26 quarters,
sales at Air Lease Corp have increased compared with the same quarter in the previous year. Sales at Air Lease
Corp appear to have some seasonality: during each of the previous 7 years, sales have been highest during the
fourth quarter, which has accounted for between 26.1% and 34.6% of the annual sales. Air Lease Corp reported
sales of $1.52 billion for the year ending December of 2017. This represents an increase of 6.9% versus 2016,
when the company's sales were $1.42 billion. Sales at Air Lease Corp have increased during each of the previous
five years (and since 2012, sales have increased a total of 135%).

Recent Sales at Air Lease Corp

1.52
1.42
1.22
1.05
0.86
0.65

2012 2013 2014 2015 2016 2017

(Figures in Billions of U.S. Dollars)

In 2017, sales in Europe were up 12.5% to $450.63 million. Air Lease Corp also experienced significant increases
in sales in United States and Canada (up 9.7% to $76.69 million) and China (up 10.6% to $324.15 million) and the
Middle East and Africa (up 9.9% to $116.80 million) . Although the company's overall sales increased, sales were
not up in all regions of the world: sales in Central America, South America, Mexico were down 8.8% (to $102.21
million) and sales in Pacific, Australia, New Zealand fell 0.8% (to $47.99 million) . Air Lease Corp currently has 87
employees. With sales of $1.52 billion , this equates to sales of US$17,429,655 per employee. This is much higher
than the three comparable companies, which had sales between US$270,065 and US$1,400,661 per employee.
Note that some of the figures stated herein could be distorted based on exact classification of employees and
subcontractors.

Sales Comparisons (Fiscal Year ending 2017)

Sales Sales Sales/
Company (blns) Growth Emp (US$) Largest Region
Air Lease Corp 1.516 6.9% 17,429,655 Europe (29.7%)
Exterran Corp 1.215 18.1% 270,065 the United States (53.3%)
 H&E Equipment Services, Inc. 1.030 5.3% 492,126 the United States (100.0%)
Uniti Group Inc 0.916 18.9% 1,400,661 United States (100.0%)

Recent Stock Performance

For the 52 weeks ending 6/22/2018, the stock of this company was up 16.4% to $42.57. During the past 13
weeks, the stock has increased 2.2%. During the 12 months ending 3/31/2018, earnings per share totalled $3.88
per share. Thus, the Price / Earnings ratio is 10.97. These 12 month earnings are greater than the earnings per
share achieved during the calendar year ending last December, when the company reported earnings of 3.65 per
share. Earnings per share rose 6.3% in 2017 from 2016. This company is currently trading at 2.92 times sales.
The three companies vary greatly in terms of price to sales ratio: trading from 0.78 times all the way up to 4.36
times their annual sales. Air Lease Corp is trading at 1.05 times book value.

Summary of company valuations (as of 6/22/2018).

Price/ Price/ 52 Wk
Company P/E Book Sales Pr Chg
Air Lease Corp 11.0 1.05 2.92 16.40%
Exterran Corp 66.1 1.68 0.78 -1.39%
H&E Equipment Services, Inc. 7.5 6.24 1.31 95.41%
Uniti Group Inc N/A N/A 4.36 -12.61%
The market capitalization of this company is $4.43 billion . The capitalization of the floating stock (i.e., that
which is not closely held) is $4.13 billion .

Dividend Analysis

During the 12 months ending 3/31/2018, Air Lease Corp paid dividends totalling $0.38 per share. Since the stock
is currently trading at $42.57, this implies a dividend yield of 0.9%. During the quarter ended 3/31/2018, the
company paid dividends of $0.10 per share. The company has paid a dividend for 5 straight years. Air Lease Corp
has increased its dividend during each of the past 4 calendar years (in 2013, the dividends were $0.11 per
share). During the same 12 month period ended 3/31/2018, the Company reported earnings of $3.88 per share.
Thus, the company paid 9.8% of its profits as dividends. Since the company is paying less than 10% of its
earnings out in dividends, it is likely that this company believes that it has significant growth prospects, and has
decided to pay only a modest dividend.

Profitability Analysis

The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were $1.41 billion, or
92.7% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2016, when the
EBITDA ratio was 93.0% of sales. The three comparable companies had EBITDA margins that were all less
(between 14.1% and 79.7%) than that achieved by Air Lease Corp. In 2017, earnings before extraordinary items
at Air Lease Corp were $402.03 million, or 26.5% of sales. This profit margin is an improvement over the level the
company achieved in 2016, when the profit margin was 26.4% of sales. The company's return on equity in 2017
was 11.9%. This was a decline in performance from the 12.4% return that the company achieved in 2016.
(Extraordinary items have been excluded). During the first quarter of 2018, Air Lease Corp reported earnings per
share of $1.00. This is an increase of 29% versus the first quarter of 2017, when the company reported earnings
of $0.78 per share.

Financial Position

At the end of 2017, Air Lease Corp had negative working capital, as current liabilities were $2.83 billion while
total current assets were only $308.28 million. The fact that the company has negative working capital could
indicate that the company will have problems in expanding. However, negative working capital in and of itself is
not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the
company has large financial subsidiaries. As of December 2017, the company's long term debt was $8.14 billion
and total liabilities (i.e., all monies owed) were $11.49 billion. The long term debt to equity ratio of the company
is 1.97.
Financial Positions
LT Debt/
Company Year Equity
Air Lease Corp 2017 1.97
Exterran Corp 2017 0.66
H&E Equipment Services, Inc. 2017 4.36
Uniti Group Inc 2017 N/A
Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Air Lease Corp

Per Share- U.S. Dollars

Value Ratios Equity Capital Earnings Dividends

Year Price

Market Price/ Price/ % % Profit Book 12 Month % 12 Month

Calendar Price Earnings Book Dividend Earned Rate Value Earnings % Payout Dividends
Year Last Ratio Ratio Yield Growth (ROE) Begin Yr Per Share Change Ratio Per Share

2011 23.71 40.2 n/c 0.0% 2.9% 2.9% n/a 0.59 n/c 0.0% 0.00

2012 21.50 16.8 1.0 0.0% 5.9% 5.9% 21.61 1.28 116.9% 0.0% 0.00
2013 31.08 17.8 1.3 0.3% 7.1% 7.6% 23.04 1.75 36.5% 6.0% 0.11

2014 34.31 14.4 1.4 0.4% 9.1% 9.6% 24.78 2.38 36.0% 5.5% 0.13

2015 33.48 14.3 1.2 0.5% 8.0% 8.7% 27.07 2.34 -1.4% 7.3% 0.17

2016 34.33 10.0 1.2 0.7% 10.9% 11.7% 29.44 3.44 46.7% 6.5% 0.23
2017 48.09 13.2 1.5 0.7% 10.1% 11.1% 32.89 3.65 6.3% 8.9% 0.33

6/22/2018 42.57 11.0 1.0 0.9% n/a n/a 39.83 3.88 n/c 9.8% 0.38
Company Fundamentals\Sales Analysis
SALES ANALYSIS: Air Lease Corp
Figures in thousands of U.S. Dollars

Earnings before
Interest, After Tax Income
Taxes, before
Depreciation, and Extraordinary
Cost of Amortization Charges and
Sales Goods Sold (EBITDA) Credits Employees
After Tax
Amount Year-to- Amount Amount Amount Sales Income
in year in % of in % of in % of Per Per
Year thousands Growth thousands Sales thousands Sales thousands Sales Number Employee Employee

- -
2010 58,366 n/c n/a 0.0% 10,090 17.3% -52,040 34 1,716,647
89.2% 1,530,588
2011 332,719 470.1% n/a 0.0% 249,491 75.0% 53,232 16.0% 47 7,079,128 1,132,596

2012 645,853 94.1% n/a 0.0% 567,605 87.9% 131,919 20.4% 52 12,420,250 2,536,904

2013 858,675 33.0% n/a 0.0% 765,849 89.2% 190,411 22.2% 63 13,629,762 3,022,397
2014 1,050,493 22.3% n/a 0.0% 952,023 90.6% 255,998 24.4% 65 16,161,431 3,938,431

2015 1,222,840 16.4% n/a 0.0% 1,056,857 86.4% 253,391 20.7% 74 16,524,865 3,424,203

2016 1,419,055 16.0% n/a 0.0% 1,319,121 93.0% 374,925 26.4% 76 18,671,776 4,933,224

2017 1,516,380 6.9% n/a 0.0% 1,405,253 92.7% 402,025 26.5% 87 17,429,655 4,620,977
Company Fundamentals\Price Analysis

PRICE ANALYSIS: Air Lease Corp

Per Share- U.S. Dollars

High Low Closing Quarterly 12 months

Quarter Price Price Price %Change %Change

Apr - Jun 29.940 23.020 24.290 n/a n/a

2011

Jul - Sep 25.360 18.320 19.200 -21.0% n/a

Oct - Dec 23.950 17.240 23.710 23.5% n/a

Jan - Mar 26.470 23.100 24.070 1.5% n/a

2012

Apr - Jun 25.000 18.660 19.390 -19.4% -20.2%

Jul - Sep 22.790 18.450 20.400 5.2% 6.3%

Oct - Dec 23.170 20.130 21.500 5.4% -9.3%

Jan - Mar 29.870 21.730 29.320 36.4% 21.8%

2013

Apr - Jun 31.000 25.130 27.590 -5.9% 42.3%

Jul - Sep 28.880 25.740 27.660 0.3% 35.6%

Oct - Dec 33.570 27.380 31.080 12.4% 44.6%

Jan - Mar 38.150 30.010 37.290 20.0% 27.2%

2014

Apr - Jun 42.890 34.100 38.580 3.5% 39.8%

Jul - Sep 38.999 32.220 32.500 -15.8% 17.5%

Oct - Dec 38.960 30.550 34.310 5.6% 10.4%

Jan - Mar 40.400 32.220 37.740 10.0% 1.2%

2015

Apr - Jun 40.495 33.870 33.900 -10.2% -12.1%

Jul - Sep 37.140 28.120 30.920 -8.8% -4.9%

Oct - Dec 35.220 29.960 33.480 8.3% -2.4%

Jan - Mar 33.100 22.470 32.120 -4.1% -14.9%

2016

Apr - Jun 32.530 24.490 26.780 -16.6% -21.0%

Jul - Sep 30.180 25.070 28.580 6.7% -7.6%

Oct - Dec 37.235 27.970 34.330 20.1% 2.5%

Jan - Mar 40.240 34.510 38.750 12.9% 20.6%

2017

Apr - Jun 38.970 34.420 37.360 -3.6% 39.5%

Jul - Sep 43.390 37.340 42.620 14.1% 49.1%

Oct - Dec 48.960 40.264 48.090 12.8% 40.1%

 Jan - Mar 50.700 41.598 42.620 -11.4% 10.0%
2018

6/22/2018 42.570 2.2% 16.4%

Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Air Lease Corp
Per Share- U.S. Dollars
Fiscal Year Ends in December

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Calendar % Q1 Q2 Q3 Q4 % Q1 Q2 Q3 Q4 %
Years Earnings Change Mar. Jun. Sep. Dec. Dividends Change Mar. Jun. Sep. Dec. Payout
2010 -0.54 n/c n/a n/a n/a n/a 0.00 n/c 0.00 0.00 0.00 0.00 0.0%
2011 0.59 n/c 0.04 0.08 0.20 0.27 0.00 n/c 0.00 0.00 0.00 0.00 0.0%
2012 1.28 116.9% 0.26 0.26 0.34 0.42 0.00 n/c 0.00 0.00 0.00 0.00 0.0%
2013 1.75 36.5% 0.37 0.39 0.45 0.54 0.11 n/c 0.03 0.03 0.03 0.03 4.0%
2014 2.38 36.0% 0.57 0.58 0.58 0.65 0.13 23.8% 0.03 0.03 0.03 0.04 4.8%
2015 2.34 -1.4% 0.18 0.68 0.70 0.78 0.17 30.8% 0.04 0.04 0.04 0.05 6.5%
2016 3.44 46.7% 0.85 0.84 0.86 0.89 0.23 32.4% 0.05 0.05 0.05 0.08 5.5%
2017 3.65 6.3% 0.78 0.92 0.90 1.06 0.33 44.4% 0.08 0.08 0.08 0.10 4.1%
2018 n/a n/c 1.00 n/a n/a n/a n/a n/c 0.10 0.10 n/a n/a n/c
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Annual
Annual Balance Sheet - (Actual Values): Air Lease Corp
All figures in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Assets
Total Assets 15,614 13,976 12,355 10,775 9,333
Total Current Assets 308 291 173 374 448
Cash & Short Term
308 291 173 290 357
Investments
Cash 16 16 17 7 87
Short Term
292 275 157 283 270
Investments
Receivables (Net) 0 0 0 0 0
Inventories -Total 0 0 0 0 0
Raw Materials 0 0 0 0 0
Work in Process 0 0 0 0 0
Finished Goods 0 0 0 0 0
Progress Payments &
0 0 0 0 0
Other
Prepaid Expenses
Other Current Assets 0 0 0 84 90
Long Term Receivables 0 0 0 0 0
Investment in Associated
0 0 0 0 0
Companies
Other Investments 0 0 0 0 0
Property Plant and
15,100 13,598 12,027 9,832 8,234
Equipment - Gross
Accumulated Depreciation 1,820 1,556 1,213 879 621
Property Plant and
13,280 12,042 10,813 8,954 7,613
Equipment – Net
Other Assets 2,026 1,643 1,368 1,447 1,272
Deferred Charges 0 0 0 0 0
 Tangible Other Assets 2,026 1,643 1,368 1,447 1,272
Intangible Other Assets 0 0 0 0 0
Total Assets 15,614 13,976 12,355 10,775 9,333
Liabilities & Shareholders'
Equity
Total Liabilities &
15,614 13,976 12,355 10,775 9,333
Shareholders' Equity
Total Current Liabilities 2,722 2,525 2,024 1,061 915
Accounts Payable
Short Term Debt &
Current Portion of Long Term 1,557 1,412 954 172 214
Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Other Current Liabilities 1,165 1,113 1,069 889 701
Long Term Debt 8,142 7,302 6,758 6,543 5,639
Long Term Debt Excluding
8,142 7,302 6,758 6,543 5,639
Capitalized Leases
Capitalized Lease
0 0 0 0 0
Obligations
Provision for Risks and
Charges
Deferred Income 105 99 91 76 62
Deferred Taxes 518 667 462 323 193
Deferred Taxes - Credit 518 667 462 323 193
Deferred Taxes - Debit
Other Liabilities 0 0 0 0 0
Total Liabilities 11,487 10,593 9,335 8,003 6,809
Non-Equity Reserves 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Common Equity 4,127 3,382 3,020 2,772 2,523
Total Liabilities &
15,614 13,976 12,355 10,775 9,333
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Annual - Common Size
Annual Balance Sheet - (Common Size): Air Lease Corp
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Assets
Total Assets 15,614.2 13,975.6 12,355.1 10,774.8 9,332.6
Total Current Assets 2.0% 2.1% 1.4% 3.5% 4.8%
Cash & Short Term
2.0% 2.1% 1.4% 2.7% 3.8%
Investments
Cash 0.1% 0.1% 0.1% 0.1% 0.9%
Short Term
1.9% 2.0% 1.3% 2.6% 2.9%
Investments
Receivables (Net) 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories -Total 0.0% 0.0% 0.0% 0.0% 0.0%
Raw Materials 0.0% 0.0% 0.0% 0.0% 0.0%
Work in Process 0.0% 0.0% 0.0% 0.0% 0.0%
Finished Goods 0.0% 0.0% 0.0% 0.0% 0.0%
Progress Payments &
0.0% 0.0% 0.0% 0.0% 0.0%
Other
Prepaid Expenses
Other Current Assets 0.0% 0.0% 0.0% 0.8% 1.0%
Long Term Receivables 0.0% 0.0% 0.0% 0.0% 0.0%
Investment in Associated
0.0% 0.0% 0.0% 0.0% 0.0%
Companies
Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%
Property Plant and
96.7% 97.3% 97.3% 91.3% 88.2%
Equipment - Gross
Accumulated Depreciation 11.7% 11.1% 9.8% 8.2% 6.7%
Property Plant and
85.1% 86.2% 87.5% 83.1% 81.6%
Equipment – Net
Other Assets 13.0% 11.8% 11.1% 13.4% 13.6%
 Deferred Charges 0.0% 0.0% 0.0% 0.0% 0.0%
Tangible Other Assets 13.0% 11.8% 11.1% 13.4% 13.6%
Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders'
Equity
Total Liabilities &
15,614.2 13,975.6 12,355.1 10,774.8 9,332.6
Shareholders' Equity
Total Current Liabilities 17.4% 18.1% 16.4% 9.8% 9.8%
Accounts Payable
Short Term Debt &
Current Portion of Long Term 10.0% 10.1% 7.7% 1.6% 2.3%
Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Other Current Liabilities 7.5% 8.0% 8.7% 8.3% 7.5%
Long Term Debt 52.1% 52.2% 54.7% 60.7% 60.4%
Long Term Debt Excluding
52.1% 52.2% 54.7% 60.7% 60.4%
Capitalized Leases
Capitalized Lease
0.0% 0.0% 0.0% 0.0% 0.0%
Obligations
Provision for Risks and
Charges
Deferred Income 0.7% 0.7% 0.7% 0.7% 0.7%
Deferred Taxes 3.3% 4.8% 3.7% 3.0% 2.1%
Deferred Taxes - Credit 3.3% 4.8% 3.7% 3.0% 2.1%
Deferred Taxes - Debit
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities 73.6% 75.8% 75.6% 74.3% 73.0%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 26.4% 24.2% 24.4% 25.7% 27.0%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Annual - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Air Lease Corp
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Assets
Total Assets 11.7% 13.1% 14.7% 15.5% 26.9%
Cash & Short Term
6.0% 67.9% -40.3% -18.8% 6.3%
Investments
Cash 0.5% -3.2% 121.3% -91.4%
Short Term Investments 6.3% 75.4% -44.6% 4.7%
Receivables (Net)
Inventories -Total
Raw Materials
Work in Process
Finished Goods
Progress Payments &
Other
Prepaid Expenses
Other Current Assets -100.0% -7.4%
Current Assets - Total 6.0% 67.9% -53.7% -16.5%
Long Term Receivables
Investment in Associated
Companies
Other Investments
Property Plant and
11.0% 13.1% 22.3% 19.4% 24.8%
Equipment - Gross
Accumulated Depreciation 17.0% 28.2% 38.1% 41.4% 79.0%
Property Plant and
10.3% 11.4% 20.8% 17.6% 21.8%
Equipment – Net
Other Assets 23.3% 20.1% -5.4% 13.8% 15.4%
Deferred Charges -100.0%
 Tangible Other Assets 23.3% 20.1% -5.4% 13.8% 84.0%
Intangible Other Assets
Total Assets 11.7% 13.1% 14.7% 15.5% 26.9%
Liabilities & Shareholders'
Equity
Total Liabilities &
11.7% 13.1% 14.7% 15.5% 26.9%
Shareholders' Equity
Accounts Payable
Short Term Debt & Current
10.3% 47.9% 456.3% -19.9% -44.9%
Portion of Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Other Current Liabilities 4.7% 4.1% 20.3% 26.8%
Current Liabilities - Total 7.8% 24.8% 90.8% 15.9%
Long Term Debt 11.5% 8.1% 3.3% 16.0% 41.1%
Long Term Debt Excluding
11.5% 8.1% 3.3% 16.0% 41.1%
Capitalized Leases
Capitalized Lease
Obligations
Provision for Risks and
Charges
Deferred Income 5.5% 8.6% 20.6% 23.3%
Deferred Taxes -22.4% 44.4% 42.9% 67.3% 108.4%
Deferred Taxes - Credit -22.4% 44.4% 42.9% 67.3% 108.4%
Deferred Taxes - Debit
Deferred Tax Liability in
Untaxed Reserves
Other Liabilities -100.0%
Total Liabilities 8.4% 13.5% 16.7% 17.5% 35.6%
Non-Equity Reserves
Minority Interest
Preferred Stock
Preferred Stock Issued for
ESOP
ESOP Guarantees -
Preferred Issued
Common Equity 22.0% 12.0% 8.9% 9.9% 8.2%
Total Liabilities &
11.7% 13.1% 14.7% 15.5% 26.9%
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Annual - Five-Year Averages
Balance Sheet - (5 Year Averages): Air Lease Corp
Figures in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Assets
Total Assets 12,410.5 10,758.3 8,996.1 7,129.5
Cash & Short Term
284.0 289.6 307.1 498.8
Investments
Cash 28.7
Short Term Investments 255.3
Receivables (Net) 0.0
Inventories -Total 0.0 0.0 0.0 0.0
Raw Materials 0.0
Work in Process 0.0
Finished Goods 0.0
Progress Payments &
0.0
Other
Prepaid Expenses
Other Current Assets 34.8
Current Assets - Total 318.8
Long Term Receivables 0.0
Investment in Associated
0.0 0.0 0.0 0.0
Companies
Other Investments 0.0
Property Plant and
11,758.2 10,058.0 8,212.3 6,136.7
Equipment - Gross
Accumulated Depreciation 1,217.7 923.2 638.3 399.5
Property Plant and
10,540.5 9,134.8 7,573.9 5,737.2
Equipment – Net
Other Assets 1,551.2 1,366.4 1,223.2 1,227.9
Deferred Charges 0.0 14.8 24.4 33.7
 Tangible Other Assets 1,551.2 1,284.3 1,056.0 825.1
Intangible Other Assets 0.0 0.0 0.0 0.0
Total Assets 12,410.5 10,758.3 8,996.1 7,129.5
Liabilities & Shareholders'
Equity
Total Liabilities &
12,410.5 10,758.3 8,996.1 7,129.5
Shareholders' Equity
Accounts Payable
Short Term Debt & Current
861.7 628.0 385.0 200.0
Portion of Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Other Current Liabilities 987.6
Current Liabilities - Total 1,849.3
Long Term Debt 6,876.9 6,047.7 5,068.6 3,893.4
Long Term Debt Excluding
6,876.9 6,047.7 5,068.6 3,893.4
Capitalized Leases
Capitalized Lease
0.0 0.0 0.0 0.0
Obligations
Provision for Risks and
Charges
Deferred Income 86.6 65.7 45.8 27.5
Deferred Taxes 432.7 347.7 218.4 124.2
Deferred Taxes - Credit 432.7 347.7 218.4
Deferred Taxes - Debit
Deferred Tax Liability in
Untaxed Reserves
Other Liabilities 0.0 186.4 298.6 332.4
Total Liabilities 9,245.4 7,952.3 6,431.3 4,772.7
Non-Equity Reserves 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0
Preferred Stock Issued for
ESOP
ESOP Guarantees -
Preferred Issued
Common Equity 3,165.0 2,806.0 2,564.9 2,356.7
Total Liabilities &
12,410.5 10,758.3 8,996.1 7,129.5
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Interim
Interim Balance Sheet - (Actual Values): Air Lease Corp
All figures in millions of U.S. Dollars.
Fiscal Period End Date 03/31/2018 12/31/2017 09/30/2017 06/30/2017 03/31/2017
Assets
Total Assets 15,945 15,614 14,902 14,861 14,477
Total Current Assets 272 308 245 262 174
Cash & Short Term
272 308 245 262 174
Investments
Receivables (Net) 0 0 0 0 0
Inventories - Total 0 0 0 0 0
Prepaid Expenses
Other Current Assets 0 0 0 0 0
Investment in Associated
0 0 0 0 0
Companies
Property Plant and
15,545 15,100 14,398 14,386 14,280
Equipment - Gross
Accumulated Depreciation 1,956 1,820 1,725 1,644 1,657
Property Plant and
13,589 13,280 12,673 12,743 12,623
Equipment – Net
Other Assets 2,084 2,026 1,983 1,857 1,680
Intangible Other Assets 0 0 0 0 0
Total Assets 15,945 15,614 14,902 14,861 14,477
Liabilities & Shareholders'
Equity
Total Liabilities &
15,945 15,614 14,902 14,861 14,477
Shareholders' Equity
Total Current Liabilities 2,014 2,722 1,122 1,203 2,359
Accounts Payable
Short Term Debt &
Current Portion of Long Term 838 1,557 40 77 1,261
Debt
Income Taxes Payable
 Other Current Liabilities 1,175 1,165 1,083 1,126 1,098
Long Term Debt 9,049 8,142 9,198 9,226 7,842
Long Term Debt Excluding
9,049 8,142 9,198 9,226 7,842
Capitalized Leases
Capitalized Lease
0
Obligations
Deferred Taxes 548 518 824 769 715
Deferred Taxes - Credit 548 518 824 769 715
Deferred Taxes - Debit
Other Liabilities 107 105 102 105 103
Total Liabilities 11,718 11,487 11,246 11,303 11,018
Non-Equity Reserves 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Common Equity 4,227 4,127 3,656 3,558 3,459
Total Liabilities &
15,945 15,614 14,902 14,861 14,477
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Interim - Common Size
Interim Balance Sheet - (Common Size): Air Lease Corp
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of U.S. Dollars.
Fiscal Period End Date 03/31/2018 12/31/2017 09/30/2017 06/30/2017 03/31/2017
Assets
Total Assets 15,944.8 15,614.2 14,901.6 14,861.4 14,477.0
Total Current Assets 1.7% 2.0% 1.6% 1.8% 1.2%
Cash & Short Term
1.7% 2.0% 1.6% 1.8% 1.2%
Investments
Receivables (Net) 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories - Total 0.0% 0.0% 0.0% 0.0% 0.0%
Prepaid Expenses
Other Current Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Investment in Associated
0.0% 0.0% 0.0% 0.0% 0.0%
Companies
Property Plant and
97.5% 96.7% 96.6% 96.8% 98.6%
Equipment - Gross
Accumulated Depreciation 12.3% 11.7% 11.6% 11.1% 11.4%
Property Plant and
85.2% 85.1% 85.0% 85.7% 87.2%
Equipment – Net
Other Assets 13.1% 13.0% 13.3% 12.5% 11.6%
Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders'
Equity
Total Liabilities &
15,944.8 15,614.2 14,901.6 14,861.4 14,477.0
Shareholders' Equity
Total Current Liabilities 12.6% 17.4% 7.5% 8.1% 16.3%
Accounts Payable
Short Term Debt &
Current Portion of Long Term 5.3% 10.0% 0.3% 0.5% 8.7%
Debt
Income Taxes Payable
 Other Current Liabilities 7.4% 7.5% 7.3% 7.6% 7.6%
Long Term Debt 56.8% 52.1% 61.7% 62.1% 54.2%
Long Term Debt Excluding
56.8% 52.1% 61.7% 62.1% 54.2%
Capitalized Leases
Capitalized Lease
0.0%
Obligations
Deferred Taxes 3.4% 3.3% 5.5% 5.2% 4.9%
Deferred Taxes - Credit 3.4% 3.3% 5.5% 5.2% 4.9%
Deferred Taxes - Debit
Other Liabilities 0.7% 0.7% 0.7% 0.7% 0.7%
Total Liabilities 73.5% 73.6% 75.5% 76.1% 76.1%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 26.5% 26.4% 24.5% 23.9% 23.9%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Shareholders' Equity
Financial Statement Analyses\Income Statement - Annual
Annual Income Statement - (Actual Values): Air Lease Corp
All figures in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Net Sales or Revenues 1,516 1,419 1,223 1,050 859
Cost of Goods Sold 0 0 0 0 0
Depreciation, Depletion &
508 453 398 337 280
Amortization
Gross Income 1,008 966 825 714 579
Selling, General &
111 100 94 98 93
Administrative Expenses
Other Operating Expenses 0 0 0 0 0
Operating Expenses - Total 619 553 492 435 373
Operating Income 897 866 731 615 486
Extraordinary Credit - Pretax 0 0 0 0 0
Extraordinary Charge - Pretax 0 0 72 0 0
Non-Operating Interest
Income
Reserves -
0 0 0 0 0
Increase/Decrease
Pretax Equity in Earnings 0 0 0 0 0
Other Income/Expense - Net 0 0 0 0 0
Earnings before Interest,
Taxes, Depreciation & 1,405 1,319 1,057 952 766
Amortization (EBITDA)
Earnings before Interest &
897 866 659 615 486
Taxes(EBIT)
Interest Expense on Debt 192
Interest Capitalized 46 41 40 43 33
Pretax Income 610 580 393 395 293
Income Taxes 208 205 140 139 103
Minority Interest 0 0 0 0 0
Equity in Earnings 0 0 0 0 0
After Tax Other
0 0 0 0 0
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred 402 375 253 256 190
Dividends
Extraordinary Items &
354 0 0 0 0
Gain/Loss Sale of Assets
Preferred Dividend
0 0 0 0 0
Requirements
Net Income after Preferred
Dividends - available to 402 375 253 256 190
Common
Financial Statement Analyses\Income Statement - Annual - Common Size
Annual Income Statement - (Common Size): Air Lease Corp
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Net Sales or Revenues 1,516.4 1,419.1 1,222.8 1,050.5 858.7
Cost of Goods Sold 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation, Depletion &
33.5% 31.9% 32.5% 32.0% 32.6%
Amortization
Gross Income 66.5% 68.1% 67.5% 68.0% 67.4%
Selling, General &
7.3% 7.0% 7.7% 9.4% 10.8%
Administrative Expenses
Other Operating Expenses 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Expenses - Total 40.9% 38.9% 40.2% 41.4% 43.4%
Operating Income 59.1% 61.1% 59.8% 58.6% 56.6%
Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%
Extraordinary Charge - Pretax 0.0% 0.0% 5.9% 0.0% 0.0%
Non-Operating Interest
Income
Reserves -
0.0% 0.0% 0.0% 0.0% 0.0%
Increase/Decrease
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 0.0% 0.0% 0.0% 0.0% 0.0%
Earnings before Interest,
Taxes, Depreciation & 92.7% 93.0% 86.4% 90.6% 89.2%
Amortization (EBITDA)
Earnings before Interest &
59.1% 61.1% 53.9% 58.6% 56.6%
Taxes(EBIT)
Interest Expense on Debt 22.4%
Interest Capitalized 3.0% 2.9% 3.3% 4.1% 3.8%
Pretax Income 40.2% 40.9% 32.1% 37.6% 34.2%
Income Taxes 13.7% 14.5% 11.4% 13.2% 12.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
After Tax Other
0.0% 0.0% 0.0% 0.0% 0.0%
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred 26.5% 26.4% 20.7% 24.4% 22.2%
Dividends
Extraordinary Items &
23.4% 0.0% 0.0% 0.0% 0.0%
Gain/Loss Sale of Assets
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Net Income after Preferred
Dividends - available to 26.5% 26.4% 20.7% 24.4% 22.2%
Common
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Air Lease Corp
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2017 2016 2015 2014 2013
Net Sales or Revenues 6.9% 16.0% 16.4% 22.3% 33.0%
Cost of Goods Sold
Depreciation, Depletion & Amortization 12.3% 13.8% 18.1% 20.2% 29.5%
Gross Income 4.3% 17.1% 15.6% 23.4%
Selling, General & Administrative Expenses 11.2% 6.3% -4.6% 6.1% 5.3%
-
Other Operating Expenses
100.0%
Operating Expenses - Total 12.1% 12.4% 13.0% 16.7% -17.5%
Operating Income 3.5% 18.5% 18.8% 26.7% 150.3%
Extraordinary Credit - Pretax
-
Extraordinary Charge - Pretax
100.0%
Non-Operating Interest Income
Reserves - Increase/Decrease
Pretax Equity in Earnings
-
Other Income/Expense - Net
100.0%
Earnings before Interest, Taxes, Depreciation &
6.5% 24.8% 11.0% 24.3% 34.9%
Amortization (EBITDA)
Earnings before Interest & Taxes(EBIT) 3.5% 31.5% 7.1% 26.7% 38.3%
Interest Expense on Debt 1.9% 6.8% 16.3% 17.0% 34.9%
Interest Capitalized 12.6% 1.9% -6.2% 31.0% 68.4%
Pretax Income 5.0% 47.7% -0.5% 34.5% 43.9%
Income Taxes 1.1% 47.1% 0.6% 34.7% 43.0%
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
Discontinued Operations
Net Income before Extraordinary Items/Preferred
7.2% 48.0% -1.0% 34.4% 44.3%
Dividends
Extraordinary Items & Gain/Loss Sale of Assets
Preferred Dividend Requirements
Net Income after Preferred Dividends - available to
7.2% 48.0% -1.0% 34.4% 44.3%
Common
Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Air Lease Corp
Figures in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Net Sales or Revenues 1,213.5 1,039.4 822.1 589.2
Cost of Goods Sold 0.0
Depreciation, Depletion & Amortization 395.1 336.7 268.6 192.9
Gross Income 818.4
Selling, General & Administrative Expenses 99.3 94.7 91.5 82.3
Other Operating Expenses 0.0 29.5 40.4 50.7
Operating Expenses - Total 494.4 460.8 400.4 325.9
Operating Income 719.1 578.6 421.7 263.3
Extraordinary Credit - Pretax 0.0 0.0 0.0 0.0
Extraordinary Charge - Pretax 14.4 14.4 15.1 0.7
Non-Operating Interest Income
Reserves - Increase/Decrease 0.0 0.0 0.0 0.0
Pretax Equity in Earnings 0.0 0.0
Other Income/Expense - Net 0.0 29.5 40.4 50.7
Earnings before Interest, Taxes, Depreciation &
1,099.8 932.3 718.4 509.0
Amortization (EBITDA)
Earnings before Interest & Taxes(EBIT) 704.7 595.6 449.8 316.1
Interest Expense on Debt 291.0 257.7 203.2 152.3
Interest Capitalized 40.5 35.2 27.0 19.0
Pretax Income 454.2 373.1 273.6 182.8
Income Taxes 158.8 131.7 96.6 66.9
Minority Interest 0.0 0.0 0.0 0.0
Equity in Earnings 0.0 0.0 0.0 0.0
After Tax Other Income/Expense 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0
Net Income before Extraordinary Items/Preferred
295.4 241.3 177.0 115.9
Dividends
Extraordinary Items & Gain/Loss Sale of Assets 70.8 0.0 0.0 0.0
Preferred Dividend Requirements 0.0 0.0 0.0 0.0
Net Income after Preferred Dividends - available to
295.4 241.3 177.0 115.9
Common
Financial Statement Analyses\Income Statement - Interim
Interim Income Statement - (Actual Values): Air Lease Corp
All figures in millions of U.S. Dollars.
Fiscal Period End Date 03/31/2018 12/31/2017 09/30/2017 06/30/2017 03/31/2017
Net Sales or Revenues 381 398 377 381 360
Cost of Goods Sold 0 0 0 0 0
Depreciation, Depletion &
136 130 128 126 124
Amortization
Gross Income 245 268 249 254 236
Selling, General &
27 31 25 29 26
Administrative Expenses
Other Operating Expenses 0 0 0 0 0
Operating Expenses - Total
Operating Income 218 237 225 225 210
Extraordinary Credit - Pretax 0 0 0 0 0
Extraordinary Charge - Pretax 0 0 0 0 0
Non-Operating Interest
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings 0 0 0 0 0
Other Income/Expense - Net 13 0 0 11 11
Earnings before Interest,
Taxes, Depreciation & 367 367 352 362 345
Amortization (EBITDA)
Earnings before Interest &
231 237 225 236 221
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized
Pretax Income 141 166 154 156 134
Income Taxes 31 49 55 55 49
Minority Interest 0 0 0 0 0
Equity in Earnings 0 0 0 0 0
After Tax Other
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred 111 117 99 101 85
Dividends
Extraordinary Items &
0 354 0 0 0
Gain/Loss Sale of Assets
Preferred Dividend
0 0 0 0 0
Requirements
Net Income after Preferred
Dividends - available to 111 117 99 101 85
Common
Financial Statement Analyses\Income Statement - Interim - Common Size
Interim Income Statement - (Common Size): Air Lease Corp
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of U.S. Dollars.
Fiscal Period End Date 03/31/2018 12/31/2017 09/30/2017 06/30/2017 03/31/2017
Net Sales or Revenues 381.2 398.5 376.8 381.0 360.2
Cost of Goods Sold 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation, Depletion &
35.7% 32.7% 33.9% 33.2% 34.4%
Amortization
Gross Income 64.3% 67.3% 66.1% 66.8% 65.6%
Selling, General &
7.0% 7.8% 6.5% 7.7% 7.3%
Administrative Expenses
Other Operating Expenses 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Expenses - Total
Operating Income 57.3% 59.5% 59.6% 59.1% 58.3%
Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%
Extraordinary Charge - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%
Non-Operating Interest
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 3.4% 0.0% 0.0% 2.8% 3.2%
Earnings before Interest,
Taxes, Depreciation & 96.3% 92.2% 93.5% 95.1% 95.9%
Amortization (EBITDA)
Earnings before Interest &
60.6% 59.5% 59.6% 61.9% 61.5%
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized
Pretax Income 37.1% 41.6% 40.9% 40.9% 37.2%
Income Taxes 8.0% 12.2% 14.6% 14.4% 13.6%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
After Tax Other
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred 29.0% 29.4% 26.3% 26.5% 23.6%
Dividends
Extraordinary Items &
0.0% 88.9% 0.0% 0.0% 0.0%
Gain/Loss Sale of Assets
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Net Income after Preferred
Dividends - available to 29.0% 29.4% 26.3% 26.5% 23.6%
Common
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Air Lease Corp
Currency figures are in millions of U.S. Dollars.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Total Capital 12,269.6 10,684.4 9,777.9 9,314.9 8,162.7
Percent of Total Capital
Short Term Debt 12.7% 13.2% 9.8% 1.8% 2.6%
Long Term Debt 66.4% 68.3% 69.1% 70.2% 69.1%
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities 93.6% 99.1% 95.5% 85.9% 83.4%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Retained Earnings 15.2% 10.7% 8.1% 6.0% 3.8%
Common Equity 33.6% 31.7% 30.9% 29.8% 30.9%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes
Short Term Debt 145.0 457.3 782.8 -42.5 -174.3
Long Term Debt 839.9 544.2 215.2 903.6 1,642.9
Other Liabilities 0.0 0.0 0.0 0.0 -931.9
Total Liabilities 893.3 1,258.2 1,332.5 1,193.6 1,788.2
Minority Interest 0.0 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Retained Earnings 723.0 351.8 236.0 242.7 179.7
Common Equity 745.3 362.3 247.9 248.6 190.8
Total Capital 1,585.2 906.5 463.1 1,152.2 1,833.7
Year to Year Percent
Changes
Short Term Debt 10.3% 47.9% 456.3% -19.9% -44.9%
Long Term Debt 11.5% 8.1% 3.3% 16.0% 41.1%
Other Liabilities -100.0%
Total Liabilities 8.4% 13.5% 16.7% 17.5% 35.6%
Minority Interest
Preferred Stock
Retained Earnings 63.2% 44.4% 42.5% 77.6% 135.0%
Common Equity 22.0% 12.0% 8.9% 9.9% 8.2%
Total Capital 14.8% 9.3% 5.0% 14.1% 29.0%
Total Liabilities & Common
Equity
Total Liabilities 11,486.7 10,593.4 9,335.2 8,002.7 6,809.2
Net Change in Liabilities as
7.8% 11.9% 14.3% 14.9% 26.3%
% of Total Liabilities
Common Equity 4,127.4 3,382.2 3,019.9 2,772.1 2,523.4
Net Change in Common
Equity as 18.1% 10.7% 8.2% 9.0% 7.6%
% of Common Equity
Cash Flow
Operating Activities 1,059.7 1,020.1 839.8 769.0 654.2
Financing Activities 1,101.6 1,103.6 1,186.9 1,049.3 1,571.8
Investing Activities 2,144.0 2,005.5 2,152.8 1,805.7 2,185.9
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Air Lease Corp
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Receivables Turnover
Receivables - Number of
Days
Inventory Turnover
Inventory - Number of Days
Gross Property, Plant &
0.1 0.1 0.1 0.1 0.1
Equipment Turnover
Net Property, Plant &
0.1 0.1 0.1 0.1 0.1
Equipment Turnover
Depreciation, Depletion &
Amortization
3.4% 3.3% 3.3% 3.4% 3.4%
% of Gross Property, Plant &
Equipment
Depreciation, Depletion &
Amortization 55.7 54.9 61.1 56.6 63.8
Year to Year Change
Depreciation, Depletion &
Amortization 12.3% 13.8% 18.1% 20.2% 29.5%
Year to Year % Change
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Air Lease Corp
Figures are expressed as the ratio of Net Sales.
Net Sales are in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Net Sales 1,516.4 1,419.1 1,222.8 1,050.5 858.7
Cash & Cash Equivalents 20.3% 20.5% 14.2% 27.6% 41.6%
Short-Term Investments 19.3% 19.4% 12.8% 26.9% 31.5%
Accounts Receivable 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Assets 0.0% 0.0% 0.0% 8.0% 10.5%
Total Current Assets 20.3% 20.5% 14.2% 35.6% 52.1%
Total Long Term Receivables
0.0% 0.0% 0.0% 0.0% 0.0%
& Investments
Long Term Receivables 0.0% 0.0% 0.0% 0.0% 0.0%
Investments in Associated
0.0% 0.0% 0.0% 0.0% 0.0%
Companies
Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%
Property, Plant & Equipment -
995.8% 958.2% 983.5% 936.0% 959.0%
Gross
Accumulated Depreciation 120.0% 109.6% 99.2% 83.6% 72.3%
Property Plant & Equipment -
875.8% 848.6% 884.3% 852.3% 886.6%
Net
Other Assets 133.6% 115.8% 111.9% 137.8% 148.1%
Total Assets 1,029.7% 984.9% 1,010.4% 1,025.7% 1,086.9%
Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Air Lease Corp
Values per Employee are in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Employees 87 76 74 65 63
Values per
Employee
Sales 17,429,655 18,671,776 16,524,865 16,161,431 13,629,762
Net Income 4,620,977 4,933,224 3,424,203 3,938,431 3,022,397
Cash Earnings 12,782,379 13,411,961 10,856,622 10,924,831 9,781,111
Working Capital -27,743,736 -29,394,263 -25,006,784 -10,566,000 -7,419,603
Total Debt 111,480,287 114,656,237 104,221,905 103,297,877 92,909,794
Total Capital 141,029,448 140,584,276 132,134,338 143,305,631 129,565,968
Total Assets 179,473,149 183,889,684 166,960,784 165,765,908 148,136,571
Year to Year %
Change per
Employee
Employees 14.5% 2.7% 13.8% 3.2% 21.2%
Sales -6.7% 13.0% 2.2% 18.6% 9.7%
Net Income -6.3% 44.1% -13.1% 30.3% 19.1%
Cash Earnings -4.7% 23.5% -0.6% 11.7% 8.5%
Working Capital
Total Debt -2.8% 10.0% 0.9% 11.2% 10.2%
Total Capital 0.3% 6.4% -7.8% 10.6% 6.5%
Total Assets -2.4% 10.1% 0.7% 11.9% 4.8%
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Air Lease Corp
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
EBIT/Total Interest Expense 2.7 2.6 2.2 2.3 2.2
EBIT/Net Interest 2.7 2.6 2.2 2.3 2.2
EBIT/(Total Interest Exp +
2.7 2.6 2.2 2.3 2.2
Pfd Div)
EBIT/Dividends on Common
29.0 42.2 40.2 50.3 63.9
Shares
EBIT/(Dividends on Common
29.0 42.2 40.2 50.3 63.9
+ Pfd)
EBITDA/Total Interest
4.2 4.0 3.5 3.6 3.4
Expense
EBITDA/Net Interest 4.2 4.0 3.5 3.6 3.4
EBITDA/(Total Interest Exp +
4.2 4.0 3.5 3.6 3.4
Pfd Div)
EBITDA/Dividends on Com
45.4 64.2 64.4 77.8 100.7
Shares
EBITDA/(Dividends on Com +
45.4 64.2 64.4 77.8 100.7
Pfd)
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Air Lease Corp
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Long Term Debt % of EBIT 907.8% 842.8% 1,025.3% 1,063.2% 1,160.8%
Long Term Debt % of
579.4% 553.6% 639.4% 687.3% 736.3%
EBITDA
Long Term Debt % of Total
52.1% 52.2% 54.7% 60.7% 60.4%
Assets
Long Term Debt % of Total
66.4% 68.3% 69.1% 70.2% 69.1%
Capital
Long Term Debt % of Com
197.3% 215.9% 223.8% 236.0% 223.5%
Equity
Total Debt % of EBIT 1,081.4% 1,005.7% 1,170.1% 1,091.1% 1,204.9%
Total Debt % of EBITDA 690.2% 660.6% 729.8% 705.3% 764.3%
Total Debt % of Total Assets 62.1% 62.4% 62.4% 62.3% 62.7%
Total Debt % of Total Capital 79.0% 81.6% 78.9% 72.1% 71.7%
Total Debt % of Total Capital
70.1% 72.0% 71.9% 70.8% 69.9%
& Short Term Debt
Total Debt % of Common
235.0% 257.6% 255.4% 242.2% 232.0%
Equity
Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Minority Interest % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Capital
Minority Interest % of Com
0.0% 0.0% 0.0% 0.0% 0.0%
Equity
Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Capital
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Equity
Common Equity % of Total
26.4% 24.2% 24.4% 25.7% 27.0%
Assets
Common Equity % of Total
33.6% 31.7% 30.9% 29.8% 30.9%
Capital
Total Capital % of Total
78.6% 76.5% 79.1% 86.5% 87.5%
Assets
Capital Expenditure % of
141.7% 149.8% 188.8% 172.1% 169.4%
Sales
Fixed Assets % of Common
321.8% 356.0% 358.1% 323.0% 301.7%
Equity
Working Capital % of Total
-19.7% -20.9% -18.9% -7.4% -5.7%
Capital
Dividend Payout 4.1% 5.5% 6.5% 4.8% 4.0%
Funds From Operations % of
11.5% 11.7% 10.4% 10.6% 10.5%
Total Debt
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Air Lease Corp
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Total Current Assets % Net
20.3% 20.5% 14.2% 35.6% 52.1%
Sales
Cash % of Current Assets 5.2% 5.5% 9.5% 2.0% 19.5%
Cash & Equivalents % of
100.0% 100.0% 100.0% 77.6% 79.8%
Current Assets
Quick Ratio 0.1 0.1 0.1 0.3 0.4
Receivables % of Current
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Receivable Turnover -
number of days
Inventories % of Current
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Inventory Turnover - number
of days
Inventory to Cash &
Equivalents - number of days
Receivables % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Current Ratio 0.1 0.1 0.1 0.4 0.5
Total Debt % of Total Capital 70.1% 72.0% 71.9% 70.8% 69.9%
Funds from Operations % of
40.9% 40.4% 39.7% 66.9% 67.3%
Current Liabilities
Funds from Operations % of
13.7% 14.0% 11.9% 10.9% 10.9%
Long Term Debt
Funds from Operations % of
11.5% 11.7% 10.4% 10.6% 10.5%
Total Debt
Funds from Operations % of
9.1% 9.5% 8.2% 7.6% 7.5%
Total Capital
Cash Flow (in milllions of
U.S. Dollars)
Operating Activities 1,059.7 1,020.1 839.8 769.0 654.2
Financing Activities 1,101.6 1,103.6 1,186.9 1,049.3 1,571.8
Investing Activities 2,144.0 2,005.5 2,152.8 1,805.7 2,185.9
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Air Lease Corp
Figures are expressed as per unit of respective shares.
Figures are in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Sales 14.63 13.80 11.92 10.26 8.43
Operating Income 8.66 8.42 7.13 6.01 4.77
Pre-tax Income 5.88 5.64 3.83 3.86 2.88
Net Income (Continuing
7.30 3.65 2.47 2.50 1.87
Operations)
Net Income Before Extra
3.88 3.65 2.47 2.50 1.87
Items
Extraordinary Items 0.00 0.00 0.00 0.00
Net Income After
7.30 3.65 2.47 2.50 1.87
Extraordinary Items
Net Income Available to
3.65 3.44 2.34 2.38 1.75
Common Shares
Fully Diluted Earnings 3.65 3.44 2.34 2.38 1.75
Common Dividends 0.32 0.22 0.17 0.13 0.10
Cash Earnings 9.96 9.20 7.26 6.44 5.66
Book Value 39.83 32.89 29.44 27.07 24.78
Retained Earnings 18.01 11.12 7.72 5.43 3.07
Assets 150.68 135.89 120.44 105.23 91.66
Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Air Lease Corp
Currency figures are in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013
Fiscal Year End Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013
Gross Income Margin 66.5% 68.1% 67.5% 68.0% 67.4%
Operating Income
59.1% 61.1% 59.8% 58.6% 56.6%
Margin
Pretax Income Margin 40.2% 40.9% 32.1% 37.6% 34.2%
EBIT Margin 59.1% 61.1% 53.9% 58.6% 56.6%
Net Income Margin 49.9% 26.4% 20.7% 24.4% 22.2%
Return on Equity -
20.1% 11.7% 8.7% 9.7% 7.8%
Total
Return on Invested
7.3% 4.9% 4.2% 4.5% 4.2%
Capital
Return on Assets 6.4% 4.3% 3.7% 4.0% 3.8%
Asset Turnover 0.1 0.1 0.1 0.1 0.1
Financial Leverage 235.0% 257.6% 255.4% 242.2% 232.0%
Interest Expense on
333,420,000 327,084,000 306,262,000 263,365,000 225,029,000
Debt
Effective Tax Rate 34.0% 35.4% 35.5% 35.2% 35.1%
Cash Flow % Sales 73.3% 71.8% 65.7% 67.6% 71.8%
Selling, General &
Administrative 7.3% 7.0% 7.7% 9.4% 10.8%
Expenses % of Sales
Research &
Development Expense
Operating Income
Return On Total 14.8% 9.3% 5.0% 14.1% 29.0%
Capital
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Air Lease Corp
Currency figures are in millions of U.S. Dollars.

Wright Quality Rating

ADC17
Investment Acceptance Rating ADC17
Total Market Value of Shares Outstanding - Three Year Average 3,859
- Current Year 4,426
Public Market Value (Excludes Closely Held) - Three Year Average 3,601
- Current Year 4,131
Trading Volume - Three Year Average 7,619
- Current Year 8,137
Turnover Rate - Three Year Average 197.5%
- Current Year 183.8%
NYSE
Stock Exchange Listings

Number of Institutional Investors 367

Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding 6.7%
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Air Lease Corp
Wright Quality Rating A DC17
Financial Strength Rating A DC17
Total Shareholders' Equity (Millions of U.S. Dollars) 4,227
Total Shareholders' Equity as % Total Capital 29.9%
Preferred Stock as % of Total Capital 0.0%
Long Term Debt as % of Total Capital 64.1%
Long Term Debt (Millions of U.S. Dollars) 9,049
Lease Obligations (Millions of U.S. Dollars) 0
Long Term Debt including Leases (Millions of U.S. Dollars) 9,049
Total Debt as % of Total Capital 70.1%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
2.8
Dividends
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
2.8
Dividends
Quick Ratio (Cash & Receivables / Current Liabilities) 0.1
Current Ratio (Current Assets / Current Liabilities) 0.1
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Air Lease Corp
Wright Quality Rating AD C17
Profitability & Stability Rating AD C17
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 9.7%
- Basic Trend 1.0%
Cash Earnings Return on Equity - Time-Weighted Average 27.7%
- Basic Trend 1.8%
Cash Earnings Return on Equity - Stability Index 88.8%
Return On Assets (Time-Weighted Average) 5.6%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 3.7%
Operating Income as % of Total Assets (Time-Weighted Average) 5.4%
Operating Income as % of Total Capital (Adjusted Rate) 7.2%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 3.7%
Operating Income as % of Total Assets (Time-Weighted Average) 5.4%
Operating Income as % of Total Capital (Adjusted Rate) 7.2%
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Air Lease Corp
Figures are expressed on a Per Share Basis.

Wright Quality Rating ADC 17

Growth Rating ADC 17
Normal Earnings Growth 18.7%
Cash Earnings Growth 15.8%
Cash Earnings Stability Index 97.8%
Earned Equity Growth 9.0%
Dividend Growth 25.0%
Operating Income Growth 21.1%
Assets Growth 13.4%
Sales/Revenues Growth 15.3%
Industry OverviewIndustry Overview\Wright Industry Averages - Overview
Wright Industry Averages Reports
Introduction

The following pages are comprised of seven reports which contain averages for the companies in the
Commercial Services & Supplies (Global) sector. The primary source of the data contained in these reports is
the Worldscope® Database. The “averages” reports are compiled from the fundamental data compiled on the
companies which make up this industry.

Industry Averages - Report Types

● Sales Analysis
● Income Statement
● Balance Sheet
● Sources of Capital
● Leverage Analysis Ratios
● Per Share Data Ratios
● Profitability Analysis Ratios

The Wright Industry Averages Reports are compiled on a fiscal year basis. Companies ending their fiscal year
in January are grouped with the prior year’s reports. The values for 2012 for example are contributed by
those companies that ended their fiscal year after 31 January 2012 and prior to 1 February 2013. The values
shown for all reports are presented in U.S. dollars.

Data Compilation Steps

All companies in the industry with more than $1 million (U.S.) in net sales were included. Currency items in
the financial statements were converted to U.S. dollars using an average exchange rate for each fiscal year. A
sum (aggregate value) was computed for all financial statement items by totaling the values reported by each
company in the industry sector. Industry Average report values were computed by dividing the aggregate
value by the number of companies reporting.

Per share ratios were computed by using in the numerator a specific value that represents the aggregate sum
for all companies in the industry divided by the aggregate value of the average number of appropriate
common shares for each company.

Most companies in the industry reported Operating Income along with the major components that go into the
calculation of Operating Income. For the minority of companies that did not report all underlying cost
components those components were derived, where possible, utilizing the reported items. For example, if
Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported
items (i.e. Sales, Gross Income and Depreciation, Depletion & Amortization). The derived value was then
included in the calculation of the industry average.
Industry Financial Statement AnalysesIndustry Financial Statement Analyses\Summary Analysis
Summary Analysis: Commercial Services & Supplies Industry Averages
(Global)
Figures are expressed on a Per Share Basis in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013 2012
Market Prices

High 3.72 3.30 3.74 3.49 3.46 3.05

Low 2.35 1.98 2.13 2.25 2.13 1.90
Average 3.03 2.64 2.94 2.87 2.80 2.47
Last 3.17 2.73 2.84 2.93 3.06 2.59
Value Ratios

High Price / Earnings 40.2 36.1 43.0 30.0 29.8 26.5

Low Price / Earnings 25.4 21.6 24.5 19.4 18.3 16.5
Average Price / Earnings 32.8 28.8 33.8 24.7 24.1 21.5
Last Price / Earnings 34.3 29.8 32.7 25.2 26.4 22.6
Average Price / Book Value 3.0 2.7 3.0 2.6 2.4 2.0
Last Price / Book Value 3.1 2.8 2.9 2.6 2.6 2.1
Dividends / Average Price (Dividend Yield) 1.5% 1.7% 1.6% 1.8% 1.9% 2.4%
Dividends / Last Price (Dividend Yield) 1.5% 1.7% 1.7% 1.7% 1.8% 2.3%
Common Equity

Earned Equity Growth 5.4% 5.1% 3.9% 6.0% 5.4% 4.5%

Return on Equity 10.2% 10.1% 8.5% 10.7% 10.0% 9.6%
Book Value 1.02 0.96 0.99 1.11 1.17 1.22
Common Shares (in millions)
Common Shares Outstanding 313.3 278.6 255.8 238.3 220.7 208.7
Common Shares Used to Compute EPS 313.3 278.6 255.8 238.3 220.7 208.7
Common Stock Earnings
Earnings per Share 0.09 0.09 0.09 0.12 0.12 0.11
Percent Change 1.1% 5.3% -25.2% 0.2% 1.0% -8.3%
Income Tax Rate 26.4% 26.6% 32.6% 33.8% 30.4% 32.9%
Common Stock Dividends
Dividends per Share 0.05 0.05 0.05 0.05 0.05 0.06
Percent Change 2.7% -3.9% -8.0% -4.6% -10.1% 11.2%
 Total Common Dividends (in millions of US$) 14.6 12.6 12.0 12.2 11.8 12.5
Dividends / Earnings (% Payout) 50.3% 49.5% 54.2% 44.0% 46.2% 52.0%
Capital Expenditure (in millions of US$) 31.1 25.5 24.9 27.1 28.4 31.2
Sales

Sales (in millions of US$) 673.7 571.1 561.7 598.3 629.8 663.9
Percent Change 18.0% 1.7% -6.1% -5.0% -5.1% 1.8%
Sales per Share 2.15 2.05 2.20 2.51 2.85 3.18
Percent Change 4.9% -6.6% -12.5% -12.0% -10.3% -4.2%
Industry Financial Statement Analyses\Sales Analysis
Sales Analysis: Commercial Services & Supplies Industry Averages
(Global)
Figures are expressed in thousands of U.S. Dollars. Values per Employee are in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013 2012
Sales 673,695 571,091 561,729 598,285 629,800 663,927
Percent Change 18.0% 1.7% -6.1% -5.0% -5.1% 1.8%
Cost of Goods Sold 459,325 389,191 385,764 414,018 441,071 463,986
Percent of Sales 68.2% 68.1% 68.7% 69.2% 70.0% 69.9%
Earnings before Interest, Taxes, Depreciation
82,691 70,054 66,751 73,225 72,295 74,825
& Amortization (EBITDA)
Percent of Sales 12.3% 12.3% 11.9% 12.2% 11.5% 11.3%
Net Income after Preferred Dividends -
28,986 25,507 22,241 27,718 25,622 23,982
available to Common
Percent of Sales 4.3% 4.5% 4.0% 4.6% 4.1% 3.6%
Employees 6,790 6,266 6,011 5,572 5,474 5,754
Sales per Employee 99,225 91,137 93,449 107,381 115,053 115,391
Net Income per Employee 4,269 4,070 3,700 4,975 4,681 4,168
Industry Financial Statement Analyses\Income Statement
Income Statement - (Actual Values): Commercial Services & Supplies Industry
Averages (Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013 2012
Net Sales or Revenues 673.7 571.1 561.7 598.3 629.8 663.9

Cost of Goods Sold 459.3 389.2 385.8 414.0 441.1 464.0

Depreciation, Depletion & Amortization 29.7 25.2 24.5 25.1 25.6 26.7
Other Costs 0.0 -0.7 -0.6 -0.7 -0.3 0.0
Gross Income 184.6 157.4 152.1 159.9 163.3 173.2
Selling, General & Administrative Expenses 116.4 99.0 93.8 98.1 101.0 105.5
Other Operating Expenses 13.8 12.0 11.6 12.4 14.0 16.4
Operating Expenses - Total 619.3 525.3 515.7 549.6 581.7 612.6
Operating Income 54.4 46.5 46.6 49.4 48.3 51.3
Extraordinary Credit - Pretax 1.4 1.6 1.3 1.2 1.5 1.5
Extraordinary Charge - Pretax 8.5 7.9 9.0 7.1 6.9 7.9
Non-Operating Interest Income 1.3 1.2 1.2 1.2 1.2 1.3
Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 -0.0 -0.0
Pretax Equity in Earnings 0.6 0.5 0.6 1.7 0.6 0.3
Other Income/Expense - Net -3.8 -3.8 -3.1 -4.1 -3.6 -1.6
Earnings before Interest, Taxes, Depreciation & Amortization
82.7 70.1 66.8 73.2 72.3 74.8
(EBITDA)
Earnings before Interest & Taxes(EBIT) 53.1 45.8 43.8 50.3 47.8 48.2
Interest Expense on Debt 12.1 10.2 9.9 10.0 10.0 10.5
Interest Capitalized 0.2 0.2 0.2 0.2 0.1 0.1
Pretax Income 41.5 36.0 34.4 41.1 38.6 37.9
Income Taxes 11.0 9.6 11.2 13.9 11.7 12.5
Minority Interest 2.2 1.0 1.1 1.3 1.3 1.2
Equity in Earnings 0.5 0.3 0.3 0.5 0.7 0.2
After Tax Other Income/Expense -0.3 -0.1 -0.1 -0.1 -0.0 -0.0
Discontinued Operations 0.6 -0.0 -0.1 1.5 -0.5 -0.3
Net Income before Extraordinary Items/Preferred Dividends 29.1 25.6 22.3 27.8 25.7 24.1
Extraordinary Items & Gain/Loss Sale of Assets -1.7 -0.1 0.1 0.1 0.0 0.4
Preferred Dividend Requirements 0.1 0.1 0.1 0.1 0.1 0.2
Net Income after Preferred Dividends - available to Common 29.0 25.5 22.2 27.7 25.6 24.0
Industry Financial Statement Analyses\Balance Sheet
Balance Sheet - (Actual Values): Commercial Services & Supplies Industry
Averages (Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013 2012
Assets

Total Assets 955.7 797.3 746.5 773.8 765.1 778.5

Cash & Short Term Investments 123.8 104.4 96.6 99.6 99.8 99.8
Cash 73.8 60.2 54.9 57.2 59.1 64.9
Short Term Investments 50.0 44.2 41.7 42.4 40.7 34.9
Receivables (Net) 208.8 162.6 154.5 169.7 142.4 147.6
Inventories -Total 30.2 25.4 25.6 26.7 28.1 30.1
Raw Materials 7.8 7.3 7.6 8.1 8.2 7.4
Work in Process 10.7 9.0 9.4 9.8 13.9 13.9
Finished Goods 14.4 12.8 12.4 11.8 11.7 11.5
Progress Payments & Other -2.7 -3.6 -3.9 -3.0 -5.8 -2.7
Prepaid Expenses 7.0 6.3 5.8 6.3 5.4 4.5
Other Current Assets 22.3 18.4 20.8 23.0 23.4 19.2
Current Assets - Total 330.4 276.1 266.3 284.8 283.7 285.6
Long Term Receivables 20.0 16.3 12.0 10.9 10.0 10.9
Investment in Associated Companies 20.2 17.8 15.5 16.4 17.0 15.8
Other Investments 46.2 34.9 34.4 32.9 32.2 26.5
Property Plant and Equipment - Gross 347.4 305.0 284.3 291.8 287.9 301.4
Accumulated Depreciation 157.1 134.9 126.7 130.8 132.5 139.8
Property Plant and Equipment – Net 189.9 169.8 158.7 161.8 155.6 162.1
Other Assets 281.1 236.5 217.8 218.7 215.7 230.4
Deferred Charges 5.8 4.5 4.7 4.3 5.1 5.9
Tangible Other Assets 21.7 33.9 32.7 35.3 35.0 37.6
Intangible Other Assets 252.6 197.4 179.9 182.1 171.6 175.4
Total Assets 955.7 797.3 746.5 773.8 765.1 778.5
Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity 955.7 797.3 746.5 773.8 765.1 778.5
Accounts Payable 74.8 62.3 59.8 63.0 62.6 61.5
Short Term Debt & Current Portion of Long Term Debt 98.0 82.3 71.5 74.5 78.5 82.1
Accrued Payroll 19.8 16.6 15.4 16.5 14.9 13.4
Income Taxes Payable 9.5 7.8 7.4 5.9 6.1 6.1
Dividends Payable 0.5 0.4 0.5 0.5 0.4 0.3
Other Current Liabilities 90.8 77.2 75.3 88.1 83.8 90.6
Current Liabilities - Total 258.4 213.3 199.2 214.7 207.5 212.9
Long Term Debt 249.6 211.5 195.2 190.7 179.6 180.5
Long Term Debt Excluding Capitalized Leases 201.0 171.6 157.5 152.7 143.5 145.2
Capitalized Lease Obligations 48.6 40.0 37.8 38.0 36.0 35.3
Provision for Risks and Charges 19.0 16.9 16.6 18.5 17.3 21.3
Deferred Income 6.1 5.9 4.9 4.9 4.2 4.0
Deferred Taxes 8.8 6.7 8.5 7.8 7.7 5.8
Deferred Tax Liability in Untaxed Reserves 0.0 0.0
Other Liabilities 31.6 26.8 25.0 25.8 35.9 43.5
Total Liabilities 609.1 514.9 481.2 497.2 490.4 506.7
Non-Equity Reserves 0.1 0.1 0.1 0.1 0.1 0.2
Minority Interest 26.1 12.0 11.1 11.4 11.7 11.9
Preferred Stock 1.7 1.9 1.6 1.5 2.4 4.1
Preferred Stock Issued for ESOP 0.0 0.0 0.0 0.0 0.0
ESOP Guarantees - Preferred Issued 0.0 0.0
Common Equity 318.6 268.3 252.5 263.7 259.1 255.4
Total Liabilities & Shareholders' Equity 955.7 797.3 746.5 773.8 765.1 778.5
Industry Financial Statement Analyses\Sources of Capital
Sources of Capital: Commercial Services & Supplies Industry Averages
(Global)
Currency figures are in millions of U.S. Dollars.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2017 2016 2015 2014 2013 2012
Actual Values
Total Capital 596.1 493.9 460.6 467.3 453.1 452.1

Long Term Debt 249.6 211.5 195.2 190.7 179.6 180.5

Minority Interest 26.1 12.0 11.1 11.4 11.7 11.9
Preferred Stock 1.7 1.9 1.6 1.5 2.4 4.1
Common Equity 318.6 268.3 252.5 263.7 259.1 255.4
Percent of Total Capital

Long Term Debt 41.9% 42.8% 42.4% 40.8% 39.6% 39.9%

Minority Interest 4.4% 2.4% 2.4% 2.4% 2.6% 2.6%
Preferred Stock 0.3% 0.4% 0.4% 0.3% 0.5% 0.9%
Common Equity 53.5% 54.3% 54.8% 56.4% 57.2% 56.5%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes (in millions of U.S.
Dollars)

Long Term Debt 38.0 16.3 4.6 11.1 -0.9 0.7

Minority Interest 14.1 0.9 -0.2 -0.4 -0.2 0.6
Preferred Stock -0.2 0.3 0.1 -0.8 -1.7 1.3
Common Equity 50.3 15.9 -11.2 4.6 3.6 1.0
Total Capital 102.2 33.3 -6.8 14.2 1.0 3.7
Year to Year Percent Changes
Long Term Debt 18.0% 8.3% 2.4% 6.2% -0.5% 0.4%
Minority Interest 117.8% 7.7% -2.1% -3.3% -1.3% 5.0%
Preferred Stock -11.8% 18.0% 7.7% -35.5% -41.8% 48.5%
Common Equity 18.7% 6.3% -4.3% 1.8% 1.4% 0.4%
Total Capital 20.7% 7.2% -1.4% 3.1% 0.2% 0.8%
Total Liabilities & Common Equity
Total Liabilities 609.1 514.9 481.2 497.2 490.4 506.7
Net Change in Liabilities as
15.5% 6.5% -3.3% 1.4% -3.3% 3.1%
% of Total Liabilities
Common Equity 318.6 268.3 252.5 263.7 259.1 255.4
Net Change in Common Equity as
15.8% 5.9% -4.4% 1.8% 1.4% 0.4%
% of Common Equity
Cash Flow
Operating Activities 53.0 45.4 44.5 46.4 47.8 51.0
Financing Activities 7.5 -0.8 3.8 3.6 -0.3 -1.2
Investing Activities 53.5 39.7 45.7 44.1 42.6 41.4
Industry Financial Ratio AnalysesIndustry Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Commercial Services & Supplies Industry Averages
(Global)
Fiscal Year 2017 2016 2015 2014 2013 2012
Long Term Debt % of EBIT 469.7% 461.9% 446.0% 379.1% 375.4% 374.4%
Long Term Debt % of EBITDA 301.8% 302.0% 292.5% 260.4% 248.4% 241.2%
Long Term Debt % of Total Assets 26.1% 26.5% 26.2% 24.6% 23.5% 23.2%
Long Term Debt % of Total Capital 41.9% 42.8% 42.4% 40.8% 39.6% 39.9%
Long Term Debt % of Com Equity 78.3% 78.8% 77.3% 72.3% 69.3% 70.6%
Total Debt % of EBIT 646.8% 641.5% 609.5% 527.3% 539.5% 544.7%
Total Debt % of EBITDA 415.7% 419.4% 399.7% 362.2% 356.9% 350.9%
Total Debt % of Total Assets 36.0% 36.9% 35.7% 34.3% 33.7% 33.7%
Total Debt % of Total Capital 57.7% 59.5% 57.9% 56.7% 57.0% 58.1%
Total Debt % of Total Capital & Short Term Debt 57.7% 59.5% 57.9% 56.7% 57.0% 58.1%
Total Debt % of Common Equity 107.9% 109.5% 105.7% 100.6% 99.6% 102.8%
Minority Interest % of EBIT 49.1% 26.1% 25.4% 22.6% 24.6% 24.7%
Minority Interest % of EBITDA 31.5% 17.1% 16.6% 15.5% 16.2% 15.9%
Minority Interest % of Total Assets 2.7% 1.5% 1.5% 1.5% 1.5% 1.5%
Minority Interest % of Total Capital 4.4% 2.4% 2.4% 2.4% 2.6% 2.6%
Minority Interest % of Com Equity 8.2% 4.5% 4.4% 4.3% 4.5% 4.7%
Preferred Stock % of EBIT 3.2% 4.2% 3.8% 3.0% 4.9% 8.4%
Preferred Stock % of EDITDA 2.1% 2.8% 2.5% 2.1% 3.3% 5.4%
Preferred Stock % of Total Assets 0.2% 0.2% 0.2% 0.2% 0.3% 0.5%
Preferred Stock % of Total Capital 0.3% 0.4% 0.4% 0.3% 0.5% 0.9%
Preferred Stock % of Total Equity 0.5% 0.7% 0.7% 0.6% 0.9% 1.6%
Common Equity % of Total Assets 33.3% 33.7% 33.8% 34.1% 33.9% 32.8%
Common Equity % of Total Capital 53.5% 54.3% 54.8% 56.4% 57.2% 56.5%
Total Capital % of Total Assets 62.4% 61.9% 61.7% 60.4% 59.2% 58.1%
Capital Expenditure % of Sales 4.6% 4.5% 4.4% 4.5% 4.5% 4.7%
Fixed Assets % of Common Equity 59.6% 63.3% 62.9% 61.4% 60.0% 63.5%
Working Capital % of Total Capital 12.0% 12.7% 14.6% 15.0% 16.8% 16.1%
Dividend Payout 50.3% 49.5% 54.2% 44.0% 46.2% 52.0%
Funds From Operations % of Total Debt 18.3% 18.2% 20.2% 21.3% 21.6% 22.6%
Industry Financial Ratio Analyses\Per-Share Data
Per Share Data: Commercial Services & Supplies Industry Averages
(Global)
Figures are expressed as per unit of respective shares.
Figures are in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013 2012
Sales 2.15 2.05 2.20 2.51 2.85 3.18
Operating Income 0.17 0.17 0.18 0.21 0.22 0.25
Pre-tax Income 0.13 0.13 0.13 0.17 0.18 0.18
Net Income (Continuing Operations) 0.11 0.11 0.11 0.14 0.14 0.15
Net Income Before Extra Items 0.09 0.09 0.09 0.12 0.12 0.12
Extraordinary Items 0.00 -0.00 0.00 0.00 -0.00 0.00
Net Income After Extraordinary Items 0.09 0.09 0.09 0.12 0.12 0.12
Net Income Available to Common Shares 0.09 0.09 0.09 0.12 0.12 0.11
Fully Diluted Earnings 0.09 0.09 0.09 0.11 0.11 0.11
Common Dividends 0.05 0.05 0.05 0.05 0.05 0.06
Cash Earnings 0.20 0.19 0.21 0.24 0.25 0.28
Book Value 1.02 0.96 0.99 1.11 1.17 1.22
Retained Earnings 0.50 0.47 0.50 0.58 0.58 0.40
Assets 3.05 2.86 2.92 3.25 3.47 3.73
Industry Financial Ratio Analyses\Profitability Analysis
Profitability Analysis: Commercial Services & Supplies Industry Averages
(Global)
Currency figures are in U.S. Dollars.
Fiscal Year 2017 2016 2015 2014 2013 2012
Gross Income Margin 27.4% 27.6% 27.1% 26.7% 25.9% 26.1%
Operating Income Margin 8.1% 8.1% 8.3% 8.3% 7.7% 7.7%
Pretax Income Margin 6.2% 6.3% 6.1% 6.9% 6.1% 5.7%
EBIT Margin 7.9% 8.0% 7.8% 8.4% 7.6% 7.3%
Net Income Margin 4.1% 4.5% 4.0% 4.7% 4.1% 3.7%
Return on Equity - Total 10.2% 10.1% 8.5% 10.7% 10.0% 9.6%
Return on Invested Capital 5.5% 5.5% 4.8% 6.1% 5.7% 5.4%
Return on Assets 3.4% 3.4% 2.9% 3.6% 3.3% 3.2%
Asset Turnover 0.7 0.7 0.8 0.8 0.8 0.9
Financial Leverage 107.9% 109.5% 105.7% 100.6% 99.6% 102.8%
Interest Expense on Debt 12,074,677 10,249,382 9,931,684 9,963,213 10,014,286 10,528,323
Effective Tax Rate 26.4% 26.6% 32.6% 33.8% 30.4% 32.9%
Cash Flow % Sales 9.3% 9.4% 9.6% 9.5% 8.9% 8.9%
Selling, General &
Administrative Expenses % of 17.3% 17.3% 16.7% 16.4% 16.0% 15.9%
Sales
Research & Development
1.2% 1.1% 1.0% 0.9% 0.8% 0.7%
Expense % of Sales
Operating Income Return On
20.7% 7.2% -1.4% 3.1% 0.2% 0.8%
Total Capital
Wright Quality Rating OverviewWright Quality Rating Overview\Explanation of Wright Quality Rating

Wright Quality Rating®

Since 1970, Wright Investors' Service has rated all of the companies in its database (when there is
sufficient information available). The Wright Quality Rating, measures the overall investment quality
of a company.

Wright Quality Ratings are based on numerous individual measures of quality, grouped into four
principal components: (1) Investment Acceptance (i.e. stock liquidity), (2) Financial Strength, (3)
Profitability & Stability, and (4) Growth. The ratings are based on established principles using 5-6
years of corporate record and other investment data.

The ratings consist of three letters and a number. Each letter reflects a composite qualitative
measurement of numerous individual standards which may be summarized as follows:

A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated.

The number component of the Quality Rating is also a composite measurement of the annual
corporate growth, based on earnings and modified by growth rates of equity, dividends, and sales
per common share. The Growth rating may vary from 0 (lowest) to 20 (highest). (See sample Quality
Rating below.)

Example:
Wright Quality Rating: BAC8
Investment Acceptance B Excellent
Financial Strength A Outstanding
Profitability & Stability C Good
Growth 8

The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a
company that has a large and broad base of shareholders, an outstanding balance sheet and strong
and stable profitability. The company would also have experienced superior growth over the past
several years.

The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an
“N” (not-rated) will be applied for that particular quality criteria.

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