Willis Lease Finance Corp. Files 2023 Annual Report on Form 10-K

Ticker: WLFC · Form: 10-K · Filed: Mar 15, 2024 · CIK: 1018164

Willis Lease Finance Corp 10-K Filing Summary
FieldDetail
CompanyWillis Lease Finance Corp (WLFC)
Form Type10-K
Filed DateMar 15, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $39.13, $2,112.8 million, $92.6 million, $9.2 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Willis Lease Finance, Financials, Lease Revenue, Aircraft Leasing

TL;DR

<b>Willis Lease Finance Corp. filed its 2023 10-K, detailing significant assets and revenues from lease operations.</b>

AI Summary

WILLIS LEASE FINANCE CORP (WLFC) filed a Annual Report (10-K) with the SEC on March 15, 2024. Willis Lease Finance Corp. reported total assets of $3,479,866,000 as of December 31, 2023. The company's total debt was $1,953,401,000 as of December 31, 2023. Lease rent revenue for the year ended December 31, 2023, was $310,077,000. Maintenance reserve revenue for the year ended December 31, 2023, was $37,934,000. Spare parts and equipment sales for the year ended December 31, 2023, amounted to $11,169,000.

Why It Matters

For investors and stakeholders tracking WILLIS LEASE FINANCE CORP, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial position, including its substantial asset base and debt levels, crucial for investors assessing financial health. Detailed revenue breakdowns from lease rent, maintenance reserves, and spare parts sales offer insights into the core business drivers and operational performance for the fiscal year.

Risk Assessment

Risk Level: medium — WILLIS LEASE FINANCE CORP shows moderate risk based on this filing. The company carries a significant amount of debt ($1,953,401,000 as of Dec 31, 2023) relative to its assets ($3,479,866,000), indicating a moderate level of financial risk.

Analyst Insight

Investors should analyze the company's debt-to-equity ratio and cash flow statements to understand its ability to service its debt obligations.

Revenue Breakdown

SegmentRevenueGrowth
Lease Rent Revenue310,077,000
Maintenance Reserve Revenue37,934,000
Spare Parts and Equipment Sales11,169,000
Managed Services and Other Revenue

Key Numbers

  • 3,479,866,000 — Total Assets (As of December 31, 2023)
  • 1,953,401,000 — Total Debt (As of December 31, 2023)
  • 310,077,000 — Lease Rent Revenue (Year ended December 31, 2023)
  • 37,934,000 — Maintenance Reserve Revenue (Year ended December 31, 2023)
  • 11,169,000 — Spare Parts and Equipment Sales (Year ended December 31, 2023)

Key Players & Entities

  • WILLIS LEASE FINANCE CORP (company) — Filer name
  • 2023-12-31 (date) — Fiscal year end
  • 2024-03-15 (date) — Filing date
  • 4700 LYONS TECHNOLOGY PARKWAY (address) — Business address
  • COCONUT CREEK (location) — Business address city
  • FL (location) — Business address state
  • 33073 (postal_code) — Business address zip
  • WLFC (ticker) — Ticker symbol

FAQ

When did WILLIS LEASE FINANCE CORP file this 10-K?

WILLIS LEASE FINANCE CORP filed this Annual Report (10-K) with the SEC on March 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by WILLIS LEASE FINANCE CORP (WLFC).

Where can I read the original 10-K filing from WILLIS LEASE FINANCE CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WILLIS LEASE FINANCE CORP.

What are the key takeaways from WILLIS LEASE FINANCE CORP's 10-K?

WILLIS LEASE FINANCE CORP filed this 10-K on March 15, 2024. Key takeaways: Willis Lease Finance Corp. reported total assets of $3,479,866,000 as of December 31, 2023.. The company's total debt was $1,953,401,000 as of December 31, 2023.. Lease rent revenue for the year ended December 31, 2023, was $310,077,000..

Is WILLIS LEASE FINANCE CORP a risky investment based on this filing?

Based on this 10-K, WILLIS LEASE FINANCE CORP presents a moderate-risk profile. The company carries a significant amount of debt ($1,953,401,000 as of Dec 31, 2023) relative to its assets ($3,479,866,000), indicating a moderate level of financial risk.

What should investors do after reading WILLIS LEASE FINANCE CORP's 10-K?

Investors should analyze the company's debt-to-equity ratio and cash flow statements to understand its ability to service its debt obligations. The overall sentiment from this filing is neutral.

Risk Factors

  • Debt Obligations [medium — financial]: The company has substantial debt obligations, which could impact its financial flexibility and ability to meet future commitments.

Filing Stats: 4,558 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-03-14 20:34:43

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value per share WLFC Nasdaq Global
  • $39.13 — llion (based on a closing sale price of $39.13 per share as reported on the NASDAQ Sto
  • $2,112.8 million — arties. As of December 31, 2023, we had $2,112.8 million of equipment held in our operating leas
  • $92.6 million — held in our operating lease portfolio, $92.6 million of notes receivable, $9.2 million of ma
  • $9.2 million — lio, $92.6 million of notes receivable, $9.2 million of maintenance rights, and $8.8 million
  • $8.8 million — $9.2 million of maintenance rights, and $8.8 million of investments in sales-type leases, wh
  • $1.5 billion — s. At December 31, 2023 the Company had $1.5 billion of fixed rate financing. We also evalua
  • $2,111.9 million — ipment. As of December 31, 2022, we had $2,111.9 million of equipment held in our operating leas
  • $81.4 million — held in our operating lease portfolio, $81.4 million of notes receivable, $17.7 million of m
  • $17.7 million — lio, $81.4 million of notes receivable, $17.7 million of maintenance rights, and $6.4 million
  • $6.4 million — 17.7 million of maintenance rights, and $6.4 million of investments in sales-type leases, wh
  • $232.2 million — four aircraft with a net book value of $232.2 million as of December 31, 2023. Our investment
  • $40.0 million — Our investment in the joint venture was $40.0 million as of December 31, 2023. In 2014 we e
  • $39.8 million — f four engines with a net book value of $39.8 million as of December 31, 2023. Our investment
  • $18.0 million — Our investment in the joint venture was $18.0 million as of December 31, 2023. AIRCRAFT LEA

Filing Documents

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 22 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters 23 Item 6.

Selected Financial Data

Selected Financial Data 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 33 Item 9A.

Controls and Procedures

Controls and Procedures 33 Item 9B. Other Information 34 PART III Item 10. Directors and Executive Officers of the Registrant 34 Item 11.

Executive Compensation

Executive Compensation 34 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34 Item 13. Certain Relationships and Related Transactions 35 Item 14. Principal Accountant Fees and Services 35 PART IV Item 15. Exhibits and Financial Statement Schedules 35 Item 16. Form 10-K Summary 40 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS INTRODUCTION Willis Lease Finance Corporation with its subsidiaries ("WLFC" or the "Company") is a leading lessor and servicer of commercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through management fees earned for managing assets owned by other parties. As of December 31, 2023, we had $2,112.8 million of equipment held in our operating lease portfolio, $92.6 million of notes receivable, $9.2 million of maintenance rights, and $8.8 million of investments in sales-type leases, which represented 337 engines, 12 aircraft, one marine vessel and other leased parts and equipment with 74 lessees in 42 countries. In addition to our owned portfolio, as of December 31, 2023, we managed a total lease portfolio of 198 engines, aircraft and related equipment for other parties. Willis Aeronautical Services, Inc. ("Willis Aero") is a wholly-owned and vertically-integrated subsidiary whose primary focus is the sale of aircraft engine parts and materials through the acquisition or consignment of aircraft and engines. Willis Asset Management Limited ("Willis Asset Management") is a wholly-owned and vertically-integrated subsidiary whose primary focus is the engine management and consulting business. Willis Asset Management had 158 engines, excluding WLFC engines, under management as of December 31, 2023. We are a Delaware corporation, incorporated in 1998. Our executive offices are located at 4700 Lyons Technology Parkway, Coconut Creek, Florida 33073. We transact business directly and through our subsidiaries and consolidated variable interest entities ("VIE") unless otherwise indicated. We maintain a website at www.wlfc.global where our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current

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