Willis Lease Finance Corp. Files Q2 2024 10-Q

Ticker: WLFC · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1018164

Willis Lease Finance Corp 10-Q Filing Summary
FieldDetail
CompanyWillis Lease Finance Corp (WLFC)
Form Type10-Q
Filed DateAug 2, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: WLFC

TL;DR

WLFC filed its 10-Q for Q2 2024, confirming compliance with SEC reporting rules.

AI Summary

Willis Lease Finance Corp. filed its 10-Q for the quarterly period ended June 30, 2024. The company, incorporated in Delaware with IRS Employer Identification No. 68-0070656, is registered with the SEC under file number 001-15369. Its common stock trades on the Nasdaq Global Market under the symbol WLFC. The filing indicates the company has met its reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This filing provides investors with an update on Willis Lease Finance Corp.'s financial performance and operational status for the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant new disclosures.

Key Players & Entities

  • Willis Lease Finance Corp. (company) — Registrant
  • June 30, 2024 (date) — Quarterly period end date
  • 001-15369 (other) — Commission File Number
  • WLFC (company) — Trading Symbol
  • Nasdaq Global Market (company) — Exchange

FAQ

What is the primary purpose of this 10-Q filing?

The primary purpose of this 10-Q filing is to provide a quarterly report on the financial condition and results of operations of Willis Lease Finance Corp. for the period ended June 30, 2024.

What is the trading symbol for Willis Lease Finance Corp.'s common stock?

The trading symbol for Willis Lease Finance Corp.'s common stock is WLFC.

On which exchange is Willis Lease Finance Corp.'s common stock traded?

Willis Lease Finance Corp.'s common stock is traded on the Nasdaq Global Market.

Has Willis Lease Finance Corp. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Willis Lease Finance Corp. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

What is the company's state of incorporation?

Willis Lease Finance Corp. is incorporated in Delaware.

Filing Stats: 4,738 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-02 15:18:00

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value per share WLFC Nasdaq Global

Filing Documents

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other Information 35 Item 6. Exhibits 36 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain forward-looking statements, including, without limitation, statements concerning the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, statements relating to our business, operations, growth strategy and service development efforts, and the potential impact of the current high interest rate and inflationary environment on the Company's business, operating results and financial condition. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements so long as such information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. When used in this Quarterly Report on Form 10-Q, the words "may," "might," "should," "estimate," "project," "plan," "anticipate," "expect," "intend," "outlook," "believe" and other similar expressions are intended to identify forward-looking statements and information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties. These risks and uncertainties include, without limitation, those in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 14, 2024, this quarterly report on Form 10-Q for the three and six months ended June 30, 2024, and ou

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 5,044 $ 7,071 Restricted cash 142,869 160,958 Equipment held for operating lease, less accumulated depreciation of $ 604,522 and $ 594,293 at June 30, 2024 and December 31, 2023, respectively 2,317,903 2,112,837 Maintenance rights 25,469 9,180 Equipment held for sale 8,058 805 Receivables, net of allowances of $ 2,210 and $ 2,311 at June 30, 2024 and December 31, 2023, respectively 54,095 58,485 Spare parts inventory 81,913 40,954 Investments 63,765 58,044 Property, equipment & furnishings, less accumulated depreciation of $ 20,755 and $ 19,374 at June 30, 2024 and December 31, 2023, respectively 35,968 37,160 Intangible assets, net 5,428 1,040 Notes receivable, net of allowances of $ 128 and $ 69 at June 30, 2024 and December 31, 2023, respectively 115,488 92,621 Investments in sales-type leases, net of allowances of $ 6 and $ 9 at June 30, 2024 and December 31, 2023, respectively 6,179 8,759 Other assets 59,477 64,430 Total assets (1) $ 2,921,656 $ 2,652,344 LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 89,161 $ 52,937 Deferred income taxes 169,933 147,779 Debt obligations 1,946,761 1,802,881 Maintenance reserves 104,724 92,497 Security deposits 28,936 23,790 Unearned revenue 39,735 43,533 Total liabilities (2) 2,379,250 2,163,417 Redeemable preferred stock ($ 0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2024 and December 31, 2023, respectively) 49,988 49,964 Shareholders' equity: Common stock ($ 0.01 par value, 20,000 shares authorized; 7,139 and 6,849 shares issued at June 30, 2024 and December 31, 2023, respectively) 71 68 Paid-in capital in excess of pa

View Full Filing

View this 10-Q filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.