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Willis Lease Finance Corporation Announces Timing of Third Quarter 2024 Earnings and Conference Call
GlobeNewswire News Room· 2024-10-16 20:57
COCONUT CREEK, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC") plans to announce its financial results for the third quarter 2024 before the opening of Nasdaq on Monday, November 4, 2024. WLFC plans to hold a conference call with members of WLFC's executive management team on Monday, November 4, 2024, at 10:00 a.m. Eastern Standard Time to discuss its third quarter 2024 results. Individuals wishing to participate in the conference call should dial: US and Can ...
Willis Lease Finance's Liquidation Value Is >$200
Seeking Alpha· 2024-10-15 14:00
Adjusting for the market value of Willis Lease Finance Corporation's (NASDAQ: WLFC ) engine portfolio, their liquidation value is over $200 per share. It is a steal under that price. Comparable companies imply that it could be worth far Chris runs the investing group Sifting the World , in which he shares his best ideas, deep research, extensive resources and real time updates as investments play out. The group contains an experienced community that shares specialized knowledge when members have local knowl ...
Willis Lease Finance Corporation Appoints Amy Ruddock as Senior Vice President, Sustainable Aviation & Corporate Development
GlobeNewswire News Room· 2024-09-03 11:00
COCONUT CREEK, Fla., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC"), the leading lessor of commercial aircraft engines and provider of global aviation service operations, is pleased to announce the appointment of Dr. Amy Ruddock in the newly created role of Senior Vice President, Sustainable Aviation & Corporate Development. Amy will be responsible for delivering and growing WLFC's sustainable aviation business while also overseeing corporate development. Austin ...
Record Results by Willis Lease Finance Corporation with Second Quarter Pre-tax Income of $57.9 million. Willis Declares First, Regular Quarterly Dividend of $0.25 Per Share.
Newsfilter· 2024-08-01 10:30
COCONUT CREEK, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) ("WLFC" or the "Company") today reported record second quarter total revenues of $151.1 million and record quarterly pre-tax income of $57.9 million. The Company also announced its first regular quarterly dividend of $0.25 per share, expected to be paid on August 21, 2024, with a record holder date of August 12, 2024. For the three months ended June 30, 2024, aggregate, core lease rent and maintenance reser ...
Record Results by Willis Lease Finance Corporation with Second Quarter Pre-tax Income of $57.9 million. Willis Declares First, Regular Quarterly Dividend of $0.25 Per Share.
GlobeNewswire News Room· 2024-08-01 10:30
COCONUT CREEK, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC" or the "Company") today reported record second quarter total revenues of $151.1 million and record quarterly pre-tax income of $57.9 million. The Company also announced its first regular quarterly dividend of $0.25 per share, expected to be paid on August 21, 2024, with a record holder date of August 12, 2024. For the three months ended June 30, 2024, aggregate, core lease rent and maintenance rese ...
Willis Lease Finance Corporation Hires SR Technics Veteran, Caroline M. Vandedrinck, to Run its Growing Services Businesses
Newsfilter· 2024-07-22 12:29
COCONUT CREEK, Fla., July 22, 2024 (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, announces the expansion of its technical senior leadership team into two distinct roles. In direct response to substantial and rapid growth, the Company has appointed industry veteran, Caroline M. Vandedrinck, as its new Senior Vice President ("SVP"), Materials & Services, to manage the Com ...
Willis Lease Finance Corporation Hires SR Technics Veteran, Caroline M. Vandedrinck, to Run its Growing Services Businesses
GlobeNewswire News Room· 2024-07-22 12:29
"Having known Caroline for many years, I am thrilled to welcome her to WLFC. She is an outstanding individual and an exceptional leader, possessing the skillset required to drive and support the continued growth and success of our services business units," said Garry Failler. For more information on Willis Lease Finance Corporation and the Company's comprehensive aviation solutions, visit www.wlfc.global. Ms. Vandedrinck brings a wealth of experience and expertise to lead and grow WLFC's vertically integrat ...
Willis Lease(WLFC) - 2024 Q1 - Quarterly Report
2024-05-03 10:31
[Part I - Financial Information](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and related management discussion and analysis [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company reported Q1 2024 total revenue of **$119.1 million** and net income of **$20.0 million**, driven by increased maintenance reserve revenue and equipment sales [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at specific points in time Balance Sheet Items (In thousands) | Balance Sheet Items (In thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $7,622 | $7,071 | | Equipment held for operating lease, net | $2,130,327 | $2,112,837 | | Total assets | $2,674,462 | $2,652,344 | | **Liabilities & Equity** | | | | Debt obligations | $1,735,570 | $1,802,881 | | Total liabilities | $2,162,689 | $2,163,417 | | Total shareholders' equity | $461,797 | $438,963 | | Total liabilities, redeemable preferred stock and shareholders' equity | $2,674,462 | $2,652,344 | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section outlines the company's financial performance over a period, showing revenues, expenses, and net income Income Statement Items (In thousands) | Income Statement Items (In thousands) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Total revenue | $119,083 | $89,535 | | Total expenses | $91,865 | $81,537 | | Income from operations | $27,218 | $7,998 | | Net income | $20,869 | $4,394 | | Net income attributable to common shareholders | $19,957 | $3,572 | | Diluted weighted average income per common share | $3.00 | $0.55 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the sources and uses of cash from operating, investing, and financing activities Cash Flow Items (In thousands) | Cash Flow Items (In thousands) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $59,827 | $51,871 | | Net cash used in investing activities | ($63,764) | ($64,282) | | Net cash used in financing activities | ($69,850) | ($12,100) | | Decrease in cash, cash equivalents and restricted cash | ($73,787) | ($24,511) | | Cash, cash equivalents and restricted cash at end of period | $94,242 | $64,505 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures and explanations supporting the condensed consolidated financial statements - As of March 31, 2024, the company's operating lease portfolio included **337** engines, **14** aircraft, and one marine vessel, with a total net book value of **$2.13 billion**[38](index=38&type=chunk) - The company has two reportable segments: Leasing and Related Operations, and Spare Parts Sales. For Q1 2024, the Leasing segment generated **$27.9 million** in income from operations, while the Spare Parts Sales segment had a loss of **$0.7 million**[76](index=76&type=chunk)[78](index=78&type=chunk) - Total debt obligations stood at **$1.74 billion** as of March 31, 2024, secured by virtually all of the company's assets. The company was in **full compliance** with all financial covenants[47](index=47&type=chunk)[50](index=50&type=chunk) - The company utilizes interest rate swaps to hedge against interest rate volatility on its variable rate debt. As of March 31, 2024, the net fair value of these swaps was a **$15.2 million** asset[51](index=51&type=chunk)[55](index=55&type=chunk) - The effective tax rate for Q1 2024 was **30.2%**, compared to **35.7%** for Q1 2023. The rate differs from the **21%** U.S. federal statutory rate primarily due to limitations on the deductibility of executive compensation[58](index=58&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2024 revenue growth to maintenance reserve and equipment sales, managing finance costs, and maintaining strong liquidity [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section analyzes the company's revenue and expense drivers, explaining changes in operational performance Revenue Breakdown (In thousands) | Revenue Breakdown (In thousands) | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Lease rent revenue | $52,881 | $53,220 | (0.6)% | | Maintenance reserve revenue | $43,870 | $23,498 | 86.7% | | Gain (loss) on sale of leased equipment | $9,201 | ($133) | nm | | **Total revenue** | **$119,083** | **$89,535** | **33.0%** | - Maintenance reserve revenue increased by **$20.4 million** (**86.7%**), driven by **$6.3 million** in long-term maintenance revenue from engines coming off lease and a significant increase in short-term usage fees[93](index=93&type=chunk) - The company sold eight engines from its lease portfolio, resulting in a net gain of **$9.2 million** in Q1 2024, compared to a net loss of **$0.1 million** from selling two engines in Q1 2023[96](index=96&type=chunk) - Net finance costs increased by **$4.6 million** (**25.1%**) to **$23.0 million**, primarily due to higher short-term interest rates and costs associated with the new **8.0%** fixed-rate WEST VII notes[105](index=105&type=chunk) - Technical expense increased by **$3.9 million** to **$8.3 million**, driven by a higher level of engine repair activity and industry-wide demand[104](index=104&type=chunk) [Financial Position, Liquidity and Capital Resources](index=27&type=section&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) This section discusses the company's financial health, cash flow, debt compliance, and future capital commitments - Cash provided by operating activities increased by **15.3%** to **$59.8 million** in Q1 2024, up from **$51.9 million** in Q1 2023, mainly due to higher maintenance reserve revenue collections[109](index=109&type=chunk) - The company invested **$62.8 million** in equipment for its operating lease portfolio during Q1 2024[110](index=110&type=chunk) - As of March 31, 2024, the company was in **full compliance** with all debt covenants, including its Interest Coverage Ratio and Total Leverage Ratio requirements[115](index=115&type=chunk) - The company has contractual commitments to purchase **26** new LEAP engines for **$445.2 million** by 2027 and has future overhaul commitments ranging from **$88.5 million** to **$121.5 million** by 2030[117](index=117&type=chunk)[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate fluctuations on variable-rate debt, with minor impact after hedges, and currency devaluation risk from non-U.S. lessees - The primary market risk exposure is interest rate risk on **$290.0 million** of outstanding variable rate debt as of March 31, 2024[122](index=122&type=chunk) - A **one percent** change in interest rates on variable rate debt would result in an estimated annual interest expense change of **$0.1 million**, net of interest rate swaps[122](index=122&type=chunk) - The company is exposed to currency devaluation risk, with **69%** of lease rent revenues in Q1 2024 originating from non-United States domiciled lessees[124](index=124&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2024, the company's disclosure controls and procedures were **effective**[125](index=125&type=chunk) - There were no changes in internal control over financial reporting during the fiscal quarter ended March 31, 2024, that materially affected, or are reasonably likely to materially affect, internal controls[127](index=127&type=chunk) [Part II - Other Information](index=29&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section provides additional disclosures not covered in the financial statements, including risk factors and equity transactions [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company reported no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes in the company's risk factors from those discussed in the Annual Report on Form 10-K for the year ended December 31, 2023[130](index=130&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its common stock during the three months ended March 31, 2024. The existing common stock repurchase plan, allowing for up to **$60.0 million** in repurchases, remains in effect through December 31, 2024 - No shares were repurchased during the three months ended March 31, 2024[131](index=131&type=chunk) - The Board of Directors approved the renewal of the common stock repurchase plan in October 2022, authorizing up to **$60.0 million** in repurchases through December 31, 2024[131](index=131&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) The company disclosed that Executive Chairman Charles Willis terminated a Rule 10b5-1 trading arrangement on February 9, 2024. The plan, adopted on September 6, 2023, had provided for the potential sale of up to **50,000** shares of common stock - Executive Chairman Charles Willis terminated a Rule 10b5-1 trading arrangement on February 9, 2024. The plan was originally adopted on September 6, 2023, for the sale of up to **50,000** shares[132](index=132&type=chunk)
Willis Lease(WLFC) - 2024 Q1 - Quarterly Results
2024-05-02 10:30
Financial Performance - Willis Lease Finance Corporation reported record total revenues of $119.1 million for Q1 2024, a 33.0% increase from $89.5 million in Q1 2023[1] - Pre-tax income reached a record $29.9 million in Q1 2024, compared to $6.8 million in Q1 2023, reflecting a 337.2% increase[3] - Core lease rent and maintenance reserve revenues hit an all-time high of $96.8 million, up 26% from $76.7 million in the same period last year[1] - Maintenance reserve revenue surged by 86.7% to $43.9 million in Q1 2024, compared to $23.5 million in Q1 2023[3] - Diluted weighted average income per common share rose to $3.00 in Q1 2024, compared to $0.55 in Q1 2023[7] Asset and Equipment Management - The company purchased equipment totaling $62.8 million in Q1 2024, including two aircraft and four engines, compared to $55.7 million in Q1 2023[3] - The lease portfolio value increased to $2,270.4 million as of March 31, 2024, up from $2,223.4 million at the end of 2023[4] - The book value of lease assets was $2,530.7 million as of March 31, 2024[7] Market Activity - The company experienced a strong market for engine sales, resulting in a gain of $9.2 million on the sale of leased equipment in Q1 2024[3] Expense Management - Total expenses increased by 12.7% to $91.9 million in Q1 2024, up from $81.5 million in Q1 2023[8]
Willis Lease(WLFC) - 2023 Q4 - Annual Report
2024-03-15 00:34
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-15369 WILLIS LEASE FINANCE CORPORATION Registrant's telephone number, including area code (561) 349-9989 Securities registered pursuant to Section 12(b) of the Ac ...