Willis Lease(WLFC)

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Willis Lease(WLFC) - 2025 Q1 - Quarterly Report
2025-05-06 19:17
PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for Q1 2025 present key financial positions and performance metrics [Condensed Consolidated Balance Sheets](index=4&type=page&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, reflects total assets of $3.27 billion and liabilities of $2.65 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$3,274,633** | **$3,297,196** | | Equipment held for operating lease, net | $2,597,792 | $2,635,910 | | Cash and cash equivalents | $32,356 | $9,110 | | **Total Liabilities** | **$2,645,953** | **$2,684,736** | | Debt obligations | $2,231,593 | $2,264,552 | | **Total Shareholders' Equity** | **$565,488** | **$549,338** | [Condensed Consolidated Statements of Income](index=6&type=page&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenue for Q1 2025 increased 32.5% to $157.7 million, but net income declined due to increased expenses Statement of Income Summary (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $157,732 | $119,083 | | Lease rent revenue | $67,739 | $52,881 | | Maintenance reserve revenue | $54,859 | $43,870 | | Spare parts and equipment sales | $18,240 | $3,288 | | Total expenses | $133,829 | $91,865 | | General and administrative | $47,720 | $29,581 | | Net income attributable to common shareholders | $15,476 | $19,957 | | Diluted weighted average income per common share | $2.21 | $3.00 | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=page&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2025 was $12.3 million, reflecting net income offset by other comprehensive losses Comprehensive Income Summary (in thousands) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $16,869 | $20,869 | | Other comprehensive loss | $(4,535) | $(1,114) | | **Total comprehensive income** | **$12,334** | **$19,755** | [Condensed Consolidated Statements of Redeemable Preferred Stock and Shareholders' Equity](index=8&type=page&id=Condensed%20Consolidated%20Statements%20of%20Redeemable%20Preferred%20Stock%20and%20Shareholders%27%20Equity) Shareholders' equity increased to $565.5 million by March 31, 2025, primarily due to net income and stock-based compensation - Key changes in shareholders' equity for Q1 2025 included net income of **$16.9 million**, other comprehensive loss of **$4.5 million** (net of tax), stock-based compensation of **$6.9 million**, and payment of common and preferred dividends totaling **$3.2 million**[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=page&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $41.0 million in Q1 2025, with investing providing cash and financing using cash Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $41,013 | $59,827 | | Net cash provided by (used in) investing activities | $13,689 | $(63,764) | | Net cash used in financing activities | $(38,111) | $(69,850) | | **Increase (decrease) in cash** | **$16,591** | **$(73,787)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=page&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, portfolio, debt, and segment performance, highlighting key financial commitments - The financial statements are prepared in accordance with U.S. GAAP for interim reporting and do not include all disclosures required for annual statements. Management asserts that all necessary adjustments for a fair presentation have been included[33](index=33&type=chunk) - As of March 31, 2025, the company had a total of five engines with a net book value of **$43.5 million** on lease with China-based lessees. Additionally, its joint ventures had five engines with a net book value of **$38.9 million** on lease with China-based lessees[38](index=38&type=chunk) - The company's lease portfolio as of March 31, 2025, was valued at **$2.6 billion** and included 347 engines, 15 aircraft, and one marine vessel[41](index=41&type=chunk) - In March 2025, the company formed a new joint venture, Willis Global Engine Testing ("WGET"), with Global Engine Maintenance, holding a **70% interest**. The company made an initial capital contribution of **$1.6 million**[46](index=46&type=chunk) - As of March 31, 2025, the company had **$1.1 billion** in purchase commitments for equipment expected to be satisfied within five fiscal years[63](index=63&type=chunk) - The company has two reportable segments: Leasing and Related Operations, and Spare Parts Sales. For Q1 2025, Leasing and Related Operations generated **$22.6 million** in operating income, while Spare Parts Sales generated **$1.4 million**[88](index=88&type=chunk)[91](index=91&type=chunk) - Subsequent to the quarter end, on April 23, 2025, the company closed a JOLCO (Japanese operating lease with call option) transaction that provided **$19.8 million** in financing. On April 30, 2025, the Board declared a quarterly dividend of **$0.25 per common share**[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights Q1 2025 revenue growth, offset by increased G&A expenses, while maintaining strong liquidity - The company's core business is leasing commercial aircraft and engines. As of March 31, 2025, its portfolio included 347 engines and 15 aircraft, with a total value of **$2.6 billion** in equipment held for operating lease[98](index=98&type=chunk) - The company is evaluating the potential impact of the high interest rate and inflationary environment, as well as new or increased tariffs, on its business and financial position[101](index=101&type=chunk) [Results of Operations](index=26&type=page&id=Results%20of%20Operations) Q1 2025 revenue grew 32.5% to $157.7 million, driven by lease and parts sales, but net income declined due to increased expenses Revenue Changes: Q1 2025 vs Q1 2024 | Revenue Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Lease rent revenue | $67,739 | $52,881 | 28.1% | | Maintenance reserve revenue | $54,859 | $43,870 | 25.0% | | Spare parts and equipment sales | $18,240 | $3,288 | 454.7% | | **Total revenue** | **$157,732** | **$119,083** | **32.5%** | - General and administrative expenses increased by **$18.1 million** (**61.3%**), primarily due to an **$11.4 million** increase in consultant-related fees for the company's sustainable aviation fuel project and a **$4.3 million** increase in personnel costs[117](index=117&type=chunk) - Net finance costs increased by **$9.1 million** (**39.5%**) due to a higher level of debt and a higher weighted average borrowing cost[119](index=119&type=chunk) - The effective tax rate for Q1 2025 was **33.2%**, up from **30.2%** in Q1 2024. The rate is higher than the **21%** federal statutory rate primarily due to limitations on the deductibility of executive compensation[120](index=120&type=chunk) [Financial Position, Liquidity and Capital Resources](index=28&type=page&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained $32.4 million in cash, generated $41.0 million from operations, and complied with debt covenants - Cash flow from operations decreased by **$18.8 million** (**31.4%**) YoY, primarily due to changes in accounts payable and inventory, reflecting significant inventory purchases in the prior period to meet high demand for spare parts[123](index=123&type=chunk) - At March 31, 2025, the company was in compliance with all debt covenants, including the Interest Coverage Ratio and Total Leverage Ratio[131](index=131&type=chunk) - The company paid **$1.8 million** in common stock dividends and **$1.6 million** in preferred stock dividends during Q1 2025[126](index=126&type=chunk)[128](index=128&type=chunk) [Contractual Obligations and Commitments](index=30&type=page&id=Contractual%20Obligations%20and%20Commitments) Total contractual commitments as of March 31, 2025, were $3.84 billion, including debt and significant equipment purchase obligations Summary of Contractual Commitments (in thousands) | Obligation Type | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Debt obligations | $2,258,346 | $71,232 | $666,264 | $1,426,047 | $94,803 | | Purchase obligations | $1,055,225 | $250,221 | $339,615 | $340,074 | $125,315 | | **Total** | **$3,838,467** | **$455,850** | **$1,240,948** | **$1,912,139** | **$229,530** | - The company has commitments to purchase 30 new LEAP-1A and 21 new LEAP-1B engines for an aggregate total of **$912.6 million** by 2030, plus 28 used engines for approximately **$142.6 million** in 2025[133](index=133&type=chunk) - The company has committed to future overhaul and maintenance services related to a 2020 engine purchase, anticipated to range between **$97.1 million** and **$126.6 million** by 2030[134](index=134&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces primary market risks from interest rate fluctuations on variable debt and currency devaluation impacting non-U.S. lease revenues - As of March 31, 2025, **$862.7 million** of the company's debt is variable rate. A **1%** increase or decrease in interest rates on this debt would change annual interest expense by approximately **$4.4 million**, net of interest rate swaps[138](index=138&type=chunk) - The company is exposed to currency risk as **73%** of its lease rent revenues in Q1 2025 came from non-U.S. domiciled lessees. Devaluation of local currencies against the U.S. dollar could make it difficult for lessees to make payments[140](index=140&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective to provide reasonable assurance that required information is recorded, processed, and reported in a timely manner[141](index=141&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, these controls[143](index=143&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings for the period - None[145](index=145&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors occurred, except for a new risk concerning potential adverse effects of duties, tariffs, and trade barriers - A new risk factor has been identified concerning the potential adverse effects of the imposition of duties, tariffs, and other trade barriers by the U.S. and other governments[147](index=147&type=chunk) - In early 2025, the U.S. announced significant new tariffs on foreign imports, including a baseline **10%** tariff from most countries, creating uncertainty for the company's business[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock repurchases occurred in Q1 2025, with approximately $39.6 million remaining available under the current plan - No shares were repurchased during the three months ended March 31, 2025[149](index=149&type=chunk) - As of March 31, 2025, approximately **$39.6 million** remained available for purchase under the company's common stock repurchase plan[149](index=149&type=chunk) [Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[150](index=150&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[151](index=151&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) President Brian R. Hole adopted a Rule 10b5-1 trading arrangement on March 27, 2025, for the sale of up to 18,453 common shares - On March 27, 2025, Brian R. Hole, President, adopted a Rule 10b5-1 trading arrangement to sell up to **18,453 shares** of common stock[153](index=153&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and required certifications
Willis Lease(WLFC) - 2025 Q1 - Earnings Call Transcript
2025-05-06 15:02
Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $157.7 million, a 33% increase from the same quarter in 2024, with pretax income of $25.3 million [11][12] - Average utilization for the quarter was 79.9%, ending at over 86%, indicating effective revenue generation from off-lease engine purchases [3][12] - The total owned portfolio size increased to $2.82 billion as of March 31, 2025 [12] - Maintenance reserve revenues rose to $54.9 million, up 25% from the prior year [12][14] - Net income attributable to common shareholders was $15.5 million, with diluted earnings per share at $2.21 [20] Business Line Data and Key Metrics Changes - Core lease rent revenue for the quarter was $67.7 million, with interest revenue at $3.9 million [11][12] - Fair parts and equipment sales surged by 455% to $18.2 million, driven by demand for surplus materials [15] - Maintenance service revenue was $5.6 million, showing slight growth from the previous year [16] Market Data and Key Metrics Changes - The company noted robust demand for its products and services both domestically and internationally, despite macroeconomic uncertainties [9] - The average lease rate factor across the portfolio remained stable at 1.0% [12] Company Strategy and Development Direction - The company is focused on expanding its core leasing business and enhancing maintenance capabilities to support airlines [4][5] - Notable transactions included purchasing 30 additional LEAP engines and a new constant thrust deal with Air India Express [5][6] - A joint venture to build an engine test facility in Florida was announced to address industry testing capacity shortages [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and ability to create value despite macroeconomic challenges [4][9] - The company is prepared to adapt to potential changes in the operating environment due to tariffs and market volatility [9][10] Other Important Information - The company declared its fourth consecutive quarterly dividend of $0.25 per share, reflecting strong cash flow characteristics [23] - Total debt obligations increased from $1.7 billion to $2.2 billion, with leverage decreasing to 3.31 times [19][23] Q&A Session Summary Question: Impact of tariffs on operations - Management indicated minimal impact from tariffs on both import parts and leasing revenue, with most parts sourced internally [25][26] Question: Market values and lease rates under potential tariff escalation - Management speculated that asset inflation could occur, with older assets potentially appreciating due to increased costs of new engines [28][30] Question: Spare parts market dynamics - The company noted a strong demand for used serviceable materials, with a strategic approach to either repair or part out unserviceable engines [37][39] Question: Clarification on maintenance reserve liabilities - Management confirmed that the increase in maintenance reserve liabilities reflects probable lease extensions and will be recognized as revenue once engines are returned [52][55] Question: Utilization rate and lease mix - The utilization rate improved significantly, with a consistent mix of long-term and short-term leases maintained around 50% [59][60]
Willis Lease(WLFC) - 2025 Q1 - Earnings Call Transcript
2025-05-06 14:00
Financial Data and Key Metrics Changes - In Q1 2025, the company reported total revenue of $157.7 million, a 33% increase from the same quarter in 2024, with pretax income of $25.3 million [3][12] - Average utilization for the quarter was 79.9%, ending at over 86%, indicating effective revenue generation from off-lease engine purchases [3][12] - The total owned portfolio size increased to $2.82 billion as of March 31, 2025, with portfolio utilization rising from 76.7% at year-end 2024 to 86.4% [12][13] - Maintenance reserve revenues increased by 25% to $54.9 million compared to the prior year [12][14] - Net income attributable to common shareholders was $15.5 million, with diluted earnings per share at $2.21 [21] Business Line Data and Key Metrics Changes - Core lease rent revenue for the quarter was $67.7 million, with interest revenue at $3.9 million [12][13] - Fair parts and equipment sales surged by 455% to $18.2 million, driven by demand for surplus materials [12][15] - Maintenance service revenue was $5.6 million, showing slight growth from the previous year [12][18] Market Data and Key Metrics Changes - The company noted robust demand for its products and services both domestically and internationally, despite macroeconomic uncertainties [10] - The company is prepared for potential changes due to market volatility, particularly concerning tariffs [10] Company Strategy and Development Direction - The company announced three notable transactions aimed at enhancing its service offerings: purchasing 30 additional LEAP engines, a new constant thrust deal with Air India Express, and a joint venture to build an engine test facility in Florida [5][6][9] - The strategy focuses on providing efficient solutions to airlines and maintaining a portfolio of in-demand assets [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and the ability to lead in value creation despite macroeconomic concerns [4][10] - The company is well-structured to manage potential tariff impacts and has a deep understanding of customer needs [10][76] Other Important Information - The company paid its fourth consecutive quarterly dividend of $0.25 per share [4][23] - Total debt obligations increased from $1.7 billion to $2.2 billion year-over-year, with leverage decreasing to 3.31 times [20][23] Q&A Session Summary Question: Impact of tariffs on operations - Management indicated minimal impact from tariffs on both import parts and leasing revenue, with most parts sourced internally [25][26][27] Question: Market values and lease rates under potential tariff escalation - Management speculated that asset inflation could occur, with older assets potentially appreciating due to increased costs of new engines [29][32][33] Question: Trends in the used serviceable market - Management noted a strong demand for used serviceable materials and discussed the decision-making process for repairing versus tearing down engines [38][39][40] Question: Clarification on spare parts and equipment sales - Management clarified that equipment sales refer to trading activities, distinct from leased assets [41][44] Question: Utilization rate and GTF engines - Management confirmed that the increase in utilization was influenced by the leasing of GTF engines acquired late in Q4 2024 [46][48] Question: Long-term maintenance revenues and liabilities - Management explained that maintenance reserve liabilities represent future revenue from long-term leases, which will be recognized upon engine returns [54][56] Question: Employee growth relative to asset base - Management attributed the increase in headcount to the expansion of service businesses, particularly in engine MRO operations [72][74]
Willis Lease Finance Corporation Reports First Quarter 2025 Financial Results
Globenewswire· 2025-05-06 11:00
"WLFC's strong first quarter 2025 financial results reflect the strength in our business model, which enables us to provide advanced and efficient solutions to airlines," said Austin C. Willis, Chief Executive Officer of WLFC. "While concerns over tariffs have created market volatility, we remain confident in the drivers of our business. The cost of new engines continues to drive operators towards leasing, and our maintenance capabilities and programs provide value and certainty for cost conscious airlines. ...
Willis Lease(WLFC) - 2025 Q1 - Quarterly Results
2025-05-06 10:59
Revenue Performance - Total revenue for Q1 2025 reached $157.7 million, an increase of 32.5% compared to $119.1 million in Q1 2024[3] - Core lease rent and maintenance reserve revenues totaled $122.6 million, up 27% from $96.8 million in the same period last year[3] - Maintenance reserve revenue increased to $54.9 million, a rise of 25% compared to $43.9 million in Q1 2024[5] - Spare parts and equipment sales surged to $18.2 million, a significant increase of 454.7% from $3.3 million in Q1 2024[9] Income and Expenses - Pre-tax income for Q1 2025 was $25.3 million, reflecting a decrease of 15.5% from $29.9 million in Q1 2024[17] - General and administrative expenses rose by 61.3% to $47.7 million, largely due to consultant fees related to the sustainable aviation fuel project[11] Asset and Portfolio Management - The book value of lease assets was $3,219.9 million as of March 31, 2025[12] - The lease portfolio as of March 31, 2025, was valued at $2,819.5 million, a decrease from $2,872.3 million at the end of 2024[13] - Portfolio utilization improved to 86.4% at the end of Q1 2025, compared to 76.7% at the end of 2024[7] Dividends - The company declared a quarterly dividend of $0.25 per share, payable on May 22, 2025[2]
Willis Lease Finance Corporation Closes Three Additional JOLCO Deals, Bringing Total JOLCO Financings to Nearly $120M
Globenewswire· 2025-04-29 12:30
"The JOLCO market remains an attractive way to diversify financing options and we're proud to deepen our relationship with Japanese counterparties," said Scott B. Flaherty, WLFC EVP and Chief Financial Officer. "Through global capital sources like this, WLFC is able to offer our airline customers compelling lease and financing solutions." COCONUT CREEK, Fla., April 29, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraf ...
Willis Lease Finance Corporation Fuels Teesside's Economic Takeoff with Bold Expansion Investment Starting with Construction of a State of the Art Two-Bay Narrowbody Maintenance Hangar
GlobeNewswire News Room· 2025-04-23 13:00
Core Insights - Willis Lease Finance Corporation's subsidiary, Willis Aviation Services Limited, has begun construction of a new two-bay narrowbody hangar at Teesside International Airport to enhance its aircraft maintenance capabilities [1][2] - The expansion aims to address the high demand for aircraft heavy maintenance, which is currently exceeding capacity in the global and European markets [2] - The new facility is expected to create several hundred highly-skilled jobs in Northeast England and will include training programs in partnership with local educational institutions [2][3] Company Overview - Willis Lease Finance Corporation specializes in leasing commercial aircraft engines and providing aviation services globally, including maintenance, repair, and overhaul [4] - The company integrates its leasing activities with engine and aircraft trading, asset management, and end-of-life solutions for aviation materials [4] - Willis Sustainable Fuels is focused on developing projects aimed at decarbonizing the aviation sector [4]
Willis Lease Finance Corporation Fuels Teesside's Economic Takeoff with Bold Expansion Investment Starting with Construction of a State of the Art Two-Bay Narrowbody Maintenance Hangar
Newsfilter· 2025-04-23 13:00
Company Overview - Willis Lease Finance Corporation (WLFC) is a leading lessor of commercial aircraft engines and a global provider of aviation services [1][4] - The company operates through various subsidiaries, including Willis Aviation Services Limited (WASL), which specializes in aircraft maintenance, repair, and overhaul (MRO) services [1][4] Expansion Plans - WASL has commenced construction of a new two-bay narrowbody hangar at Teesside International Airport, aimed at accommodating 737 and A320 family aircraft, including new-generation models [1][2] - This expansion is a response to the exceptionally high demand for aircraft heavy maintenance, with global and European MRO capacity currently falling short [2] Job Creation and Training Initiatives - The new facility is expected to create a significant number of highly-skilled jobs in the Teesside region [2] - WASL is partnering with local universities and colleges to launch training programs for new mechanics and apprentices, ensuring a sustainable talent pipeline for the aviation industry [2][3] Commitment to Community - The company has made a commitment to create several hundred jobs in Northeast England and is actively following through on this pledge [3] - WLFC's integrated services support both third-party customers and the company's owned and managed assets, contributing to growth and opportunities in local communities [3]
Willis Lease Finance Corporation Announces Timing of First Quarter 2025 Earnings and Conference Call
Globenewswire· 2025-04-22 21:04
COCONUT CREEK, Fla., April 22, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”) plans to announce its financial results for the first quarter of 2025 on Tuesday, May 6, 2025. WLFC plans to hold a conference call led by members of WLFC’s executive management team on Tuesday, May 6, 2025, at 10:00 a.m. Eastern Daylight Time to discuss its first quarter 2025 results. Individuals wishing to participate in the conference call should dial: US and Canada (800) 289-0459, Internation ...
Willis Sustainable Fuels Progresses Teesside SAF Project
Newsfilter· 2025-03-31 09:00
WSF remains committed to the aviation industry's transformation to a more sustainable future by investing in, developing and producing scalable solutions to decarbonize aviation. For more information on WSF, visit www.willissustainablefuels.com. COCONUT CREEK, Fla., March 31, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced that its subsidiary, Willis ...