Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2021

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


For the year ended December 31, 2021	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	134,831	$	—	$	—	$	134,831
Maintenance reserve revenue	73,961		—		—		73,961
Spare parts and equipment sales	365		17,042		10		17,417
Gain on sale of leased equipment	5,975		—		—		5,975
Gain on sale of financial assets (1)	10,874		—		—		10,874
Asset transition fee (2)	6,256		—		—		6,256
Other revenue	24,522		523		(157)		24,888
Total revenue	256,784		17,565		(147)		274,202

Expenses:
Depreciation and amortization expense	90,391		113		—		90,504
Cost of spare parts and equipment sales	29		14,898		—		14,927
Write-down of equipment	7,715		—		—		7,715
General and administrative	72,333		3,027		(10)		75,350
Technical expense	9,381		—		—		9,381
Net finance costs:
Interest expense	67,985		—		—		67,985

Total finance costs	67,985		—		—		67,985
Total expenses	247,834		18,038		(10)		265,862
Earnings (loss) from operations	$	8,950	$	(473)	$	(137)	$	8,340


For the Year ended December 31, 2020	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	142,895	$	—	$	—	$	142,895
Maintenance reserve revenue	105,365		—		—		105,365
Spare parts and equipment sales	1,514		17,514		(403)		18,625
Gain on sale of leased equipment	3,391		—		—		3,391
Other revenue	18,404		327		(315)		18,416
Total revenue	271,569		17,841		(718)		288,692

Expenses:
Depreciation and amortization expense	94,442		99		—		94,541
Cost of spare parts and equipment sales	156		16,606		—		16,762
Write-down of equipment	20,540		—		—		20,540
General and administrative	63,993		3,514		403		67,910
Technical expense	6,533		—		—		6,533
Net finance costs:
Interest expense	63,024		—		—		63,024
Loss on debt extinguishment	4,688		—		—		4,688
Total finance costs	67,712		—		—		67,712
Total expenses	253,376		20,219		403		273,998
Earnings (loss) from operations	$	18,193	$	(2,378)	$	(1,121)	$	14,694

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(1) Gain on sale of financial assets reflects the sales of two notes receivable during 2021.

(2) Asset transition fee reflects the settlement received from the close out of an engine transition program.


	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of December 31, 2021	$	2,415,635	$	47,292	$	—	$	2,462,927
Total assets as of December 31, 2020	$	2,312,172	$	52,776	$	—	$	2,364,948