Willis Lease(WLFC) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues for the third quarter of 2024 were $146.2 million, with pre-tax income of $34.5 million, representing a 69% increase compared to the same period in 2023[2] - Core lease rent and maintenance reserve revenues reached $114.7 million, up 26% from $91.3 million in the third quarter of 2023[2] - Lease rent revenue was $64.9 million, an increase of 21.2% compared to $53.6 million in the third quarter of 2023[4] - Maintenance reserve revenue increased by 32% to $49.8 million, compared to $37.7 million in the same quarter of 2023[4] - Total revenue for the three months ended September 30, 2024, was $146,223,000, representing a 38.3% increase from $105,745,000 in the same period last year[10] - Net income attributable to common shareholders rose by 67.9% to $23,133,000, up from $13,778,000 in the same quarter last year[10] - Basic weighted average income per common share increased to $3.51 from $2.16 year-over-year[10] - Diluted weighted average income per common share was $3.37 for the third quarter of 2024, compared to $2.13 in the same quarter of 2023[5] Assets and Liabilities - The book value of lease assets was $3,039.8 million as of September 30, 2024, reflecting growth in profitability and customer solutions[5] - Total assets increased to $3,043,593,000 as of September 30, 2024, from $2,652,344,000 at the end of 2023[11] - Debt obligations rose to $1,990,455,000 from $1,802,881,000, indicating a significant increase in leverage[11] - Shareholders' equity increased to $517,761,000 from $438,963,000, reflecting a strong capital position[11] Expenses and Revenue Streams - Total expenses for the three months ended September 30, 2024, were $112,519,000, a 31.2% increase from $85,747,000 in the same period last year[10] - Interest revenue grew by 62.0% to $3,412,000 compared to $2,106,000 in the prior year[10] - Spare parts and equipment sales increased to $10.9 million in the third quarter of 2024, compared to $3.4 million in the same quarter of 2023[4] - Spare parts and equipment sales surged by 223.4% to $10,863,000 from $3,359,000 in the prior year[10] Capital and Financing - The company purchased equipment totaling $166.9 million during the third quarter of 2024, compared to $31.0 million in the same period of 2023[4] - A new $1.0 billion revolving credit facility was established to support ongoing business growth, refinancing a previous $500.0 million facility[5] - The company declared a quarterly dividend of $0.25 per share, expected to be paid on November 21, 2024[5]