Willis Lease Finance Corp. Files Q3 2024 10-Q

Ticker: WLFC · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 1018164

Willis Lease Finance Corp 10-Q Filing Summary
FieldDetail
CompanyWillis Lease Finance Corp (WLFC)
Form Type10-Q
Filed DateNov 4, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

WLFC Q3 10-Q filed. Revenue from leases and maintenance reserves detailed.

AI Summary

Willis Lease Finance Corp. filed a 10-Q for the period ending September 30, 2024. The filing details their financial performance and operational status, including revenue from lease rent and maintenance reserves. The company is incorporated in Delaware and headquartered in Coconut Creek, Florida.

Why It Matters

This filing provides investors with an update on Willis Lease Finance Corp.'s financial health and operational performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

  • 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
  • 2024-11-04 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

  • Willis Lease Finance Corp. (company) — Filer of the 10-Q
  • 2024-09-30 (date) — End of the reporting period
  • 2024-11-04 (date) — Filing date
  • Coconut Creek, Florida (location) — Company headquarters and mailing address

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on November 4, 2024.

What is the company's primary business as indicated by its SIC code?

The company's SIC code is 5080, indicating Wholesale - Machinery, Equipment & Supplies.

Where is Willis Lease Finance Corp. headquartered?

Willis Lease Finance Corp. is headquartered in Coconut Creek, Florida.

What types of revenue are specifically mentioned in the filing's XBRL tags?

The XBRL tags mention Lease Rent Revenue and Maintenance Reserve Revenue.

Filing Stats: 4,692 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-04 14:29:14

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 35 PART II. OTHER INFORMATION 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other Information 36 Item 6. Exhibits 37 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, the potential impact of the current high interest rate and inflationary environment on the Company's business, operating results and financial condition, and the execution of our quarterly dividend and stock repurchase program. 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 expressed in or projected by forward-looking statements. When used in this Quarterly Report on Form 10-Q, the words "may," "might," "should," "estimate," "project," "plan," "anticipate," "expect," "intend," "outlook," "believe," "forecast" 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") o

— 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) September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 5,791 $ 7,071 Restricted cash 99,333 160,958 Equipment held for operating lease, less accumulated depreciation of $ 603,667 and $ 594,293 at September 30, 2024 and December 31, 2023, respectively 2,435,583 2,112,837 Maintenance rights 31,506 9,180 Equipment held for sale 4,286 805 Receivables, net of allowances of $ 1,424 and $ 2,311 at September 30, 2024 and December 31, 2023, respectively 37,069 58,485 Spare parts inventory 74,089 40,954 Investments 61,891 58,044 Property, equipment & furnishings, less accumulated depreciation of $ 21,649 and $ 19,374 at September 30, 2024 and December 31, 2023, respectively 36,119 37,160 Intangible assets, net 4,177 1,040 Notes receivable, net of allowances of $ 187 and $ 69 at September 30, 2024 and December 31, 2023, respectively 175,358 92,621 Investments in sales-type leases, net of allowances of $ 23 and $ 9 at September 30, 2024 and December 31, 2023, respectively 23,204 8,759 Other assets 55,187 64,430 Total assets (1) $ 3,043,593 $ 2,652,344 LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 119,560 $ 52,937 Deferred income taxes 178,177 147,779 Debt obligations 1,990,455 1,802,881 Maintenance reserves 108,090 92,497 Security deposits 27,203 23,790 Unearned revenue 39,294 43,533 Total liabilities (2) 2,462,779 2,163,417 Redeemable preferred stock ($ 0.01 par value, 5,000 shares authorized; 3,250 and 2,500 shares issued at September 30, 2024 and December 31, 2023, respectively) 63,053 49,964 Shareholders' equity: Common stock ($ 0.01 par value, 20,000 shares authorized; 7,170 and 6,849 shares issued at September 30, 2024 and December 31, 2023, r

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