Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2020

The following tables present a summary of the reportable segments (in thousands):


Three Months Ended September 30, 2020	Leasing and Related Operations		Spare Parts Sales		Eliminations (1)		Total
Revenue:
Lease rent revenue	$	30,025	$	—	$	—	$	30,025
Maintenance reserve revenue	32,302		—		—		32,302
Spare parts and equipment sales	115		3,000		(227)		2,888

Other revenue	5,397		35		(34)		5,398
Total revenue	67,839		3,035		(261)		70,613

Expenses:
Depreciation and amortization expense	23,993		29		—		24,022
Cost of spare parts and equipment sales	2		4,123		—		4,125
Write-down of equipment	5,245		—		—		5,245
General and administrative	15,578		656		227		16,461
Technical expense	827		—		—		827
Net finance costs:
Interest expense	15,351		—		—		15,351
Loss on debt extinguishment	—		—		—		—
Total finance costs	15,351		—		—		15,351
Total expenses	60,996		4,808		227		66,031
Earnings (loss) from operations	$	6,843	$	(1,773)	$	(488)	$	4,582


Three Months Ended September 30, 2019	Leasing and Related Operations		Spare Parts Sales		Eliminations (1)		Total
Revenue:
Lease rent revenue	$	49,090	$	—	$	—	$	49,090
Maintenance reserve revenue	39,173		—		—		39,173
Spare parts and equipment sales	9,583		14,826		—		24,409
Gain on sale of leased equipment	4,589		—		—		4,589
Other revenue	3,098		72		(65)		3,105
Total revenue	105,533		14,898		(65)		120,366

Expenses:
Depreciation and amortization expense	22,716		20		—		22,736
Cost of spare parts and equipment sales	7,825		12,370		—		20,195
Write-down of equipment	6,954		—		—		6,954
General and administrative	22,081		1,176		—		23,257
Technical expense	1,739		—		—		1,739
Net finance costs:
Interest expense	16,572		—		—		16,572
Loss on debt extinguishment	—		—		—		—
Total finance costs	16,572		—		—		16,572
Total expenses	77,887		13,566		—		91,453
Earnings from operations	$	27,646	$	1,332	$	(65)	$	28,913


Nine Months Ended September 30, 2020	Leasing and Related Operations		Spare Parts Sales		Eliminations (1)		Total
Revenue:
Lease rent revenue	$	114,874	$	—	$	—	$	114,874
Maintenance reserve revenue	82,816		—		—		82,816
Spare parts and equipment sales	1,442		13,633		(227)		14,848
Gain on sale of leased equipment	1,367		—		—		1,367
Other revenue	13,293		302		(295)		13,300
Total revenue	213,792		13,935		(522)		227,205

Expenses:
Depreciation and amortization expense	71,107		69		—		71,176
Cost of spare parts and equipment sales	154		13,307		—		13,461
Write-down of equipment	14,371		—		—		14,371
General and administrative	48,928		2,101		227		51,256
Technical expense	3,422		—		—		3,422
Net finance costs:
Interest expense	47,136		—		—		47,136
Loss on debt extinguishment	4,688		—		—		4,688
Total finance costs	51,824		—		—		51,824
Total expenses	189,806		15,477		227		205,510
Earnings (loss) from operations	$	23,986	$	(1,542)	$	(749)	$	21,695


Nine Months Ended September 30, 2019	Leasing and Related Operations		Spare Parts Sales		Eliminations (1)		Total
Revenue:
Lease rent revenue	$	142,484	$	—	$	—	$	142,484
Maintenance reserve revenue	90,998		—		—		90,998
Spare parts and equipment sales	12,334		44,163		—		56,497
Gain on sale of leased equipment	19,279		—		—		19,279
Other revenue	10,659		197		(182)		10,674
Total revenue	275,754		44,360		(182)		319,932

Expenses:
Depreciation and amortization expense	62,975		62		—		63,037
Cost of spare parts and equipment sales	9,913		37,279		—		47,192
Write-down of equipment	11,321		—		—		11,321
General and administrative	61,974		4,112		—		66,086
Technical expense	4,933		1		—		4,934
Net finance costs:
Interest expense	51,232		—		—		51,232
Loss on debt extinguishment	220		—		—		220
Total finance costs	51,452		—		—		51,452
Total expenses	202,568		41,454		—		244,022
Earnings from operations	$	73,186	$	2,906	$	(182)	$	75,910

______________________________

(1) Represents revenue generated between our operating segments.


	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of September 30, 2020	$	2,096,376	$	52,847	$	—	$	2,149,223
Total assets as of December 31, 2019	$	1,898,313	$	42,295	$	—	$	1,940,608