Core Viewpoint - Willis Lease Finance Corporation (WLFC) is proposing to offer $596 million in total principal amount of fixed-rate notes through its subsidiary, Willis Engine Structured Trust VIII (WEST), secured by a portfolio of aircraft engines and airframes [1][2]. Group 1: Offering Details - The offering includes $524 million in Series A Fixed Rate Notes and $72 million in Series B Fixed Rate Notes [1]. - The notes will be secured by WEST's interests in a portfolio of 62 aircraft engines and two airframes, which will be acquired from WLFC or its subsidiaries [1]. Group 2: Use of Proceeds - The net proceeds from the notes will be used to pay fees and expenses related to the offering, deposit amounts in reserve accounts, and pay WLFC for the aircraft engines and airframes over a 270-day delivery period [2]. - WLFC and its subsidiaries will utilize any net proceeds received to repay debt collateralized by the assets and for general corporate purposes [2]. Group 3: Regulatory Information - The notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an exemption [3]. - The offering is limited to "qualified institutional buyers" as defined under Rule 144A and non-U.S. persons in accordance with Regulation S [3].

Core Insights - Maui Land & Pineapple Company, Inc. reported a significant 134% year-over-year increase in operating revenue for Q1 2025, totaling $5,804,000 compared to $2,483,000 in Q1 2024, driven by higher occupancy and commercial real estate leasing income [2][6] - The company is launching a new agriculture-based business venture focused on cultivating Agave, which is expected to enhance productivity of underutilized croplands and create local jobs [3][4] - Despite increased operating expenses, the company maintained strong liquidity and improved Adjusted EBITDA, which was $200,000 for Q1 2025, a favorable increase from a loss of $212,000 in Q1 2024 [2][12] Financial Performance - Operating revenues for Q1 2025 were $5,804,000, a $3,321,000 increase from Q1 2024, with land development and sales revenues at $2,298,000, attributed to the Honokeana Homes Relief Housing Project [6][19] - Leasing revenues increased by 45% to $3,219,000 in Q1 2025 from $2,216,000 in Q1 2024, due to efforts to improve occupancy and market rates [6][19] - Operating costs rose to $7,583,000 in Q1 2025 from $3,882,000 in Q1 2024, primarily due to increased construction costs related to the housing project and higher leasing costs [6][19] Future Outlook - The new Agave venture is seen as a long-term growth opportunity, potentially funded in partnership with mission-aligned partners, and aims to integrate local distillation and agri-tourism [4][3] - The company anticipates improved GAAP income moving forward due to successful pension restructuring and a decrease in share-based compensation expenses [2][12] - The net GAAP loss for Q1 2025 was ($8,640,000), or ($0.44) per share, compared to a net loss of ($1,375,000) or ($0.07) per share in Q1 2024, largely driven by non-cash pension expenses [12][19]

Core Points - Crédit Agricole Leasing & Factoring (CAL&F) has completed the acquisition of 100% of Merca Leasing, enhancing its position in the German leasing market [2][3] - The acquisition aligns with CAL&F's development strategy and aims to accelerate growth in the dynamic German leasing sector [2][5] - Merca Leasing, founded in 1989, is one of the top ten independent leasing companies in Germany, specializing in tailored leasing solutions for SMEs [4][10] Company Overview - CAL&F is a subsidiary of the Crédit Agricole group and has been a significant player in leasing and factoring for over 60 years [8] - The company operates in 10 European countries, providing specialized financing and responsible mobility solutions to a diverse customer base [9] - Key figures for CAL&F at the end of 2024 include 260,400 customers, 2,769 employees, and €34 billion in outstandings [10] Merca Leasing Overview - Merca Leasing focuses on financing business-critical movable equipment, particularly production machinery [11] - The company reported new sales of €309 million and actual outstandings of €472 million at the end of 2024 [12]

Financial Data and Key Metrics Changes - First quarter revenue reached nearly $1,200,000,000, a 7.3% increase year over year, driven by the strength of Asima and the addition of Bridget [16][17] - Adjusted EBITDA was $126,000,000, reflecting a 16% increase compared to Q1 2024, with adjusted EBITDA margins at 10.7%, up 70 basis points from the previous year [16][17] - Non-GAAP diluted EPS was $1, representing a 27% increase from the same quarter last year [16][17] - Free cash flow generated was $127,000,000, nearly four times larger than the previous year's first quarter result [16][17] Business Line Data and Key Metrics Changes - Asima achieved GMV growth of nearly 9% year over year, with improved lease charge-offs by 70 basis points, leading to a 170 basis point increase in adjusted EBITDA margin [11][12] - Rent A Center reported a 2% decline in same-store sales, attributed to tightened underwriting and the removal of higher loss products [13][14] - Bridget experienced mid-twenty percent growth in both subscribers and cash advances, with revenue for the full quarter up 38% year over year [15][31] Market Data and Key Metrics Changes - Asima's GMV growth was driven by a diversified lineup of merchant relationships, with the top 10 merchants representing about 30% of total GMV [12][28] - Rent A Center's revenue was down 4.9% year over year due to fewer company-owned stores, with same-store sales reflecting fewer deliveries [33] - The average tax refund was slightly ahead of the prior two years, providing a boost to consumer spending power [17][18] Company Strategy and Development Direction - The company aims to become a holistic financial platform that improves customers' financial lives, focusing on underserved populations [6][9] - Expansion plans include launching a pilot in the Mexican market for Asima, leveraging existing Rent A Center infrastructure [21][22] - Digital investments are prioritized to enhance customer experience and drive growth across segments [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions present both challenges and opportunities, with a focus on maintaining customer trust and loyalty [10][18] - The company expects to see low double-digit GMV growth across the year, building on last year's 17% growth [12][44] - Management expressed confidence in achieving the revised guidance for 2025, citing strong first-quarter performance [44][47] Other Important Information - The company successfully resolved a long-standing regulatory matter with the CFPB, which had no changes to its business or financial penalties [48] - The Bridget acquisition is expected to enhance customer acquisition and mitigate losses through data collaboration [63][64] Q&A Session Summary Question: Can you provide more details on tariff exposure and price increases? - Management indicated no current price changes from suppliers, with some categories even seeing price reductions. They emphasized their ability to adjust pricing flexibly if needed [54][55][57] Question: What is the outlook for Bridget's integration and synergies? - Management confirmed good progress in integrating Bridget, with plans for marketing collaboration and data sharing to enhance customer approvals and mitigate losses [63][64] Question: Can you elaborate on the expansion of Asima in Mexico? - Management expressed excitement about the expansion, leveraging existing Rent A Center infrastructure to mitigate risks associated with entering a new market [76][78]

Financial Data and Key Metrics Changes - First quarter revenue reached nearly $1,200,000,000, a 7.3% increase year over year, driven by the strength of Asima and the addition of two months of Bridget [15][16] - Adjusted EBITDA was $126,000,000, reflecting a 16% increase compared to Q1 of 2024, with adjusted EBITDA margins rising to 10.7%, up 70 basis points from the previous year [16][17] - Non-GAAP diluted EPS was $1, representing a 27% increase from the same quarter last year [16] - Free cash flow generated was $127,000,000, nearly four times larger than the previous year's first quarter result [16][37] Business Line Data and Key Metrics Changes - Asima achieved GMV growth of nearly 9% year over year, with improved lease charge-offs by 70 basis points, leading to a 170 basis point increase in adjusted EBITDA margin [10][11] - Rent A Center reported a 2% decline in same-store sales, primarily due to tightened underwriting and the removal of higher loss products [12][13] - Bridget recorded a 38% year-over-year revenue increase on a pro forma basis, with subscriber growth of over 26% [14][31] Market Data and Key Metrics Changes - Asima's GMV growth was driven by a diversified lineup of merchant relationships, with the top 10 merchants representing about 30% of total GMV [11][28] - Rent A Center's revenue was down 4.9% year over year, attributed to fewer company-owned stores and a decline in deliveries [34] - The average tax refund was ahead of the prior two years, providing a boost to consumer spending power [17] Company Strategy and Development Direction - The company aims to become a holistic financial platform that enhances financial opportunities for underserved consumers [6][50] - Expansion plans include launching Asima in the Mexican market, leveraging existing Rent A Center infrastructure [20][22] - Digital investments are a priority, with initiatives to enhance customer experience and integrate services across segments [19][23] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions present both challenges and opportunities, with a focus on maintaining customer trust and loyalty [9][18] - The company expects to see low double-digit GMV growth across the year, building on last year's 17% growth [12] - Management expressed confidence in achieving the revised guidance for 2025, citing strong first-quarter performance [45][48] Other Important Information - The company successfully resolved a long-standing regulatory matter with the CFPB, which had no impact on business operations [49] - The net leverage ratio was approximately 2.9 times, reflecting the closure of the Bridget transaction [38] Q&A Session Summary Question: Can you provide more details on tariff impacts and price increases? - Management indicated no current price increases from suppliers, with some categories even seeing price reductions [55][56] - They emphasized the ability to adjust pricing through weekly payment modifications if necessary [56][60] Question: What is the integration plan for Bridget across the business? - Management confirmed that marketing collaboration has begun, with plans for data sharing to enhance customer approvals and mitigate losses [64][65] Question: Can you elaborate on Bridget's seasonality and growth plans? - Management noted that Q1 typically has the highest margin profile, with expectations for subscriber growth in Q2 and Q3 [73][76] Question: What are the risks associated with expanding Asima into Mexico? - Management expressed confidence in the expansion due to existing Rent A Center operations in Mexico, which provide valuable market insights [77][79]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $684.1 million, a 6.6% increase year over year, driven by a larger lease portfolio and higher purchase activity [9][27] - Adjusted EBITDA was $70.3 million, slightly down from $72.6 million in the previous year [27] - Non-GAAP EPS was $0.90, exceeding the high end of the outlook [10][27] - The lease portfolio balance increased by 6.1% year over year, compared to a 5.2% decline at the same point in 2023 [10] Business Line Data and Key Metrics Changes - Progressive Leasing's GMV for Q1 was $402 million, down 4% from the previous year, primarily due to the bankruptcy of a large retail partner [22][24] - Excluding the impact of the Big Lots bankruptcy, GMV growth was low to mid-single digits [8][24] - Ford Technologies, the BNPL platform, achieved triple-digit revenue growth and positive adjusted EBITDA for the first time [11][80] Market Data and Key Metrics Changes - The macroeconomic environment has deteriorated, with inflation and tariff concerns impacting consumer confidence and spending [12][29] - Consumer behavior has shifted, with many delaying discretionary spending, particularly in big-ticket categories [8][12] Company Strategy and Development Direction - The company is focused on executing its ecosystem strategy, which includes enhancing both leasing and BNPL products to meet consumer needs [11][19] - Strategic investments in marketing and technology are prioritized to drive growth and optimize risk management [12][19] - The company aims to maintain a disciplined approach to spending while making selective capital investments [14][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment but expressed confidence in the company's ability to navigate through it [12][29] - The revised 2025 outlook reflects increased macro uncertainty and a decline in consumer confidence, particularly in key categories [29][30] - Management expects lease portfolio performance to remain within the targeted 6% to 8% annual write-off range [30] Other Important Information - The company returned capital to shareholders through dividends and share repurchases, with a quarterly cash dividend of $0.13 per share [27] - The company has $335.2 million remaining under its $500 million share repurchase program [27] Q&A Session Summary Question: What are the dynamics of the trade-down environment? - Management noted that trade-down behavior still exists but is more muted compared to the latter half of 2024, with no significant tightening observed [36] Question: How has retail softness progressed? - Management indicated that while the quarter started encouragingly, there was a noticeable downshift in consumer sentiment, with no significant rebound observed [40] Question: What is the impact of the Big Lots bankruptcy on GMV? - Management confirmed that the $30 million GMV headwind from the lost customer is expected to be consistent across the quarters [41][42] Question: How are inflation and tariffs impacting retail partners? - Management highlighted that modest price increases could be beneficial, but significant price shocks and demand destruction are concerning [46] Question: What is the status of the American Signature partnership? - Management reported positive progress with American Signature, indicating strong connectivity and training efforts [64] Question: What is the reduction in lease approval rates? - Management stated that lease approval rates are approximately 300 to 400 basis points lower year over year, influenced by tightening actions and a shift in application quality [70]

Core Viewpoint - Willis Lease Finance Corporation (WLFC) is set to announce its financial results for the first quarter of 2025 on May 6, 2025, and will hold a conference call to discuss these results [1][2]. Company Overview - Willis Lease Finance Corporation specializes in leasing large and regional spare commercial aircraft engines, auxiliary power units, and aircraft to various clients including airlines and aircraft engine manufacturers [4]. - The company's leasing activities are complemented by engine and aircraft trading, engine lease pools, and asset management services through Willis Asset Management Limited [4]. - Additional services include end-of-life solutions for engines and aviation materials provided by Willis Aeronautical Services, Inc., as well as maintenance and handling services through various subsidiaries [4]. Conference Call Details - The conference call will take place on May 6, 2025, at 10:00 a.m. Eastern Daylight Time, led by WLFC's executive management team [2]. - Participants can join the call by dialing specific numbers for US/Canada and international callers, and a digital replay will be available two hours after the call [2].