Willis Lease(US:WLFC)2025-11-04 11:30Revenue Growth - Total revenue for Q3 2025 was $183.4 million, an increase of 25.4% compared to $146.2 million in Q3 2024[3] - Core lease rent and maintenance reserve revenues reached $152.6 million, up 33.1% from $114.7 million in the same period last year[3] - Lease rent revenue increased by $11.6 million, or 17.9%, to $76.6 million compared to $64.9 million in Q3 2024[4] - Maintenance reserve revenue was $76.1 million, reflecting a significant increase of 52.8% from $49.8 million in Q3 2024[5] - The company recognized $29.5 million in long-term maintenance revenue, a substantial increase from $1.2 million in Q3 2024[6] - Gain on sale of leased equipment was $16.1 million, compared to $9.5 million in Q3 2024, representing a 69.5% increase[7] - Income from operations for Q3 2025 was $38.0 million, an increase of 12.8% compared to $33.7 million in Q3 2024[5] Asset and Equity Changes - The book value of lease assets was $3,302.6 million as of September 30, 2025[8] - Total assets increased to $3,421,347 thousand as of September 30, 2025, up from $3,297,196 thousand at December 31, 2024, representing a growth of approximately 3.8%[15] - Total shareholders' equity increased to $650,204 thousand from $549,338 thousand, representing a growth of approximately 18.3%[15] - Retained earnings grew significantly to $583,094 thousand, up from $491,439 thousand, indicating an increase of approximately 18.6%[15] - Paid-in capital in excess of par increased to $67,379 thousand from $50,928 thousand, showing a growth of 32.3%[15] Liabilities and Cash Flow - Total liabilities increased to $2,707,812 thousand from $2,684,736 thousand, marking a rise of about 0.9%[15] - Cash and cash equivalents rose to $12,885 thousand, compared to $9,110 thousand, reflecting an increase of 41.5%[15] - Debt obligations slightly decreased to $2,239,451 thousand from $2,264,552 thousand, a decline of about 1.1%[15] Inventory and Utilization - Spare parts inventory decreased to $53,712 thousand from $72,150 thousand, reflecting a reduction of about 25.5%[15] - Portfolio utilization improved to 86.0% at the end of the quarter, up from 82.9% in the previous year[5] Dividends - The company declared a quarterly dividend of $0.40 per share, up from $0.25 per share previously[2] Equipment and Receivables - Equipment held for operating lease increased to $2,700,373 thousand from $2,635,910 thousand, a rise of about 2.5%[15] - Notes receivable decreased to $144,842 thousand from $183,629 thousand, a decline of approximately 21.1%[15]