Reportable Segments

12 Months Ended

Dec. 31, 2023

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 and allocation of resources 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 Company’s CODM is Austin Willis, Chief Executive Officer.

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

For the year ended December 31, 2023	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	213,138	$	—	$	—	$	213,138
Maintenance reserve revenue	133,668		—		—		133,668
Spare parts and equipment sales	476		19,883		—		20,359
Interest income	8,721		—		—		8,721
Gain on sale of leased equipment	10,581		—		—		10,581
Other revenue	31,610		689		(211)		32,088
Total revenue	398,194		20,572		(211)		418,555
Expenses:
Depreciation and amortization expense	90,834		91		—		90,925
Cost of spare parts and equipment sales	56		15,151		—		15,207
Write-down of equipment	4,398		—		—		4,398
General and administrative	139,867		4,921		—		144,788
Technical expense	20,220		—		—		20,220
Net finance costs:
Interest expense	78,795		—		—		78,795
Total finance costs	78,795		—		—		78,795
Total expenses	334,170		20,163		—		354,333
Income from operations	$	64,024	$	409	$	(211)	$	64,222

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

	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of December 31, 2023	$	2,602,907	$	49,437	$	—	$	2,652,344
Total assets as of December 31, 2022	$	2,530,130	$	45,087	$	—	$	2,575,217