(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
WILLIS LEASE FINANCE CORPORATION | ||||||||
By: | /s/ Scott B. Flaherty | |||||||
Scott B. Flaherty | ||||||||
Executive Vice President and Chief Financial Officer |
CONTACT: | Scott B. Flaherty | |||||||
NEWS RELEASE | Chief Financial Officer | |||||||
(561) 349-9989 |
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||
REVENUE | |||||||||||||||||
Lease rent revenue | $ | 53,220 | $ | 38,125 | 39.6 | % | |||||||||||
Maintenance reserve revenue | 23,498 | 14,834 | 58.4 | % | |||||||||||||
Spare parts and equipment sales | 5,052 | 6,630 | (23.8) | % | |||||||||||||
Interest revenue | 2,046 | 2,114 | (3.2) | % | |||||||||||||
(Loss) Gain on sale of leased equipment | (133) | 2,298 | (105.8) | % | |||||||||||||
Other revenue | 5,852 | 4,816 | 21.5 | % | |||||||||||||
Total revenue | 89,535 | 68,817 | 30.1 | % | |||||||||||||
EXPENSES | |||||||||||||||||
Depreciation and amortization expense | 22,549 | 21,809 | 3.4 | % | |||||||||||||
Cost of spare parts and equipment sales | 4,499 | 4,862 | (7.5) | % | |||||||||||||
Write-down of equipment | — | 21,117 | (100.0) | % | |||||||||||||
General and administrative | 33,271 | 23,605 | 40.9 | % | |||||||||||||
Technical expense | 2,829 | 5,646 | (49.9) | % | |||||||||||||
Net finance costs: | |||||||||||||||||
Interest expense | 18,389 | 16,883 | 8.9 | % | |||||||||||||
Total net finance costs | 18,389 | 16,883 | 8.9 | % | |||||||||||||
Total expenses | 81,537 | 93,922 | (13.2) | % | |||||||||||||
Income (Loss) from operations | 7,998 | (25,105) | (131.9) | % | |||||||||||||
Loss from joint ventures | (1,161) | (2,616) | (55.6) | % | |||||||||||||
Income (Loss) before income taxes | 6,837 | (27,721) | (124.7) | % | |||||||||||||
Income tax expense (benefit) | 2,443 | (6,520) | (137.5) | % | |||||||||||||
Net income (loss) | 4,394 | (21,201) | (120.7) | % | |||||||||||||
Preferred stock dividends | 801 | 801 | — | % | |||||||||||||
Accretion of preferred stock issuance costs | 21 | 21 | — | % | |||||||||||||
Net income (loss) attributable to common shareholders | $ | 3,572 | $ | (22,023) | (116.2) | % | |||||||||||
Basic weighted average income (loss) per common share | $ | 0.58 | $ | (3.70) | |||||||||||||
Diluted weighted average income (loss) per common share | $ | 0.55 | $ | (3.70) | |||||||||||||
Basic weighted average common shares outstanding | 6,123 | 5,951 | |||||||||||||||
Diluted weighted average common shares outstanding | 6,456 | 5,951 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 9,821 | $ | 12,146 | |||||||||||||
Restricted cash | 54,684 | 76,870 | |||||||||||||||
Equipment held for operating lease, less accumulated depreciation | 2,141,839 | 2,111,935 | |||||||||||||||
Maintenance rights | 14,598 | 17,708 | |||||||||||||||
Equipment held for sale | 1,411 | 3,275 | |||||||||||||||
Receivables, net of allowances | 48,463 | 46,954 | |||||||||||||||
Spare parts inventory | 37,161 | 38,577 | |||||||||||||||
Investments | 54,896 | 56,189 | |||||||||||||||
Property, equipment & furnishings, less accumulated depreciation | 36,174 | 35,350 | |||||||||||||||
Intangible assets, net | 1,114 | 1,129 | |||||||||||||||
Notes receivable, net of allowances | 95,971 | 81,439 | |||||||||||||||
Investments in sales-type leases, net of allowances | 6,133 | 6,440 | |||||||||||||||
Other assets | 85,069 | 87,205 | |||||||||||||||
Total assets | $ | 2,587,334 | $ | 2,575,217 | |||||||||||||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable and accrued expenses | $ | 42,077 | $ | 43,040 | |||||||||||||
Deferred income taxes | 133,103 | 132,516 | |||||||||||||||
Debt obligations | 1,836,888 | 1,847,278 | |||||||||||||||
Maintenance reserves | 69,544 | 59,453 | |||||||||||||||
Security deposits | 21,639 | 20,490 | |||||||||||||||
Unearned revenue | 28,184 | 17,863 | |||||||||||||||
Total liabilities | 2,131,435 | 2,120,640 | |||||||||||||||
Redeemable preferred stock ($0.01 par value) | 49,910 | 49,889 | |||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Common stock ($0.01 par value) | 66 | 66 | |||||||||||||||
Paid-in capital in excess of par | 23,500 | 20,386 | |||||||||||||||
Retained earnings | 360,981 | 357,493 | |||||||||||||||
Accumulated other comprehensive income, net of tax | 21,442 | 26,743 | |||||||||||||||
Total shareholders’ equity | 405,989 | 404,688 | |||||||||||||||
Total liabilities, redeemable preferred stock and shareholders’ equity | $ | 2,587,334 | $ | 2,575,217 |
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Cover |
May 04, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 04, 2023 |
Entity Registrant Name | Willis Lease Finance Corp |
Entity Central Index Key | 0001018164 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-15369 |
Entity Tax Identification Number | 68-0070656 |
Entity Address, Address Line One | 4700 Lyons Technology Parkway |
Entity Address, City or Town | Coconut Creek |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33073 |
City Area Code | 561 |
Local Phone Number | 349-9989 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | WLFC |
Security Exchange Name | NASDAQ |
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