Reportable Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

The Company has two reportable business segments: (i) Leasing and Related Operations which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment and the selective purchase and resale of commercial aircraft engines and other aircraft equipment and other related businesses and (ii) Spare Parts Sales which involves the purchase and resale of after-market engine parts, whole engines, engine modules and portable aircraft components.

The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies.

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

For the year ended December 31, 2022	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	162,571	$	—	$	—	$	162,571
Maintenance reserve revenue	83,424		—		—		83,424
Spare parts and equipment sales	1,595		25,414		—		27,009
Interest income	7,579		—		—		7,579
Gain on sale of leased equipment	3,133		—		—		3,133
Gain on sale of financial assets	3,116		—		—		3,116
Other revenue	24,607		673		(185)		25,095
Total revenue	286,025		26,087		(185)		311,927
Expenses:
Depreciation and amortization expense	88,124		136		—		88,260
Cost of spare parts and equipment sales	96		20,737		—		20,833
Write-down of equipment	21,849		—		—		21,849
General and administrative	87,996		4,534		—		92,530
Technical expense	14,415		—		—		14,415
Net finance costs:
Interest expense	66,743		—		—		66,743
Gain on debt extinguishment	(2,558)		—		—		(2,558)
Total finance costs	64,185		—		—		64,185
Total expenses	276,665		25,407		—		302,072
Income from operations	$	9,360	$	680	$	(185)	$	9,855

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
Interest income	12,938		—		—		12,938
Gain on sale of leased equipment	5,975		—		—		5,975
Gain on sale of financial assets	10,874		—		—		10,874
Asset transition fee (1)	6,256		—		—		6,256
Other revenue	11,584		523		(157)		11,950
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
Income (loss) from operations	$	8,950	$	(473)	$	(137)	$	8,340

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(1)    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, 2022	$	2,530,130	$	45,087	$	—	$	2,575,217
Total assets as of December 31, 2021	$	2,415,635	$	47,292	$	—	$	2,462,927