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Reportable Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

The Company has two reportable segments: (i) Leasing and Related Operations which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment and the selective purchase and resale of commercial aircraft engines and other aircraft equipment and other related businesses and (ii) Spare Parts Sales which involves the purchase and resale of after-market engine parts, whole engines, engine modules and portable aircraft components.

The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies.

The following tables present a summary of the reportable segments (in thousands):

Three Months Ended March 31, 2020		Leasing and  Related Operations				Spare Parts Sales				Eliminations (1)				Total
Revenue:
Lease rent revenue		$	46,395			$	—			$	—			$	46,395
Maintenance reserve revenue		20,528				—				—				20,528
Spare parts and equipment sales		1,225				7,880				—				9,105
Gain on sale of leased equipment		2,067				—				—				2,067
Other revenue		3,509				239				(234		)		3,514
Total revenue		73,724				8,119				(234		)		81,609
Expenses:
Depreciation and amortization expense		23,375				15				—				23,390
Cost of spare parts and equipment sales		148				6,540				—				6,688
Write-down of equipment		2,129				—				—				2,129
General and administrative		18,542				1,025				—				19,567
Technical expense		1,127				—				—				1,127
Net finance costs:
Interest expense		15,696				—				—				15,696
Loss on debt extinguishment		4,688				—				—				4,688
Total finance costs		20,384				—				—				20,384
Total expenses		65,705				7,580				—				73,285
Earnings from operations		$	8,019			$	539			$	(234	)		$	8,324
Three Months Ended March 31, 2019		Leasing and  Related Operations				Spare Parts Sales				Eliminations (1)				Total
Revenue:
Lease rent revenue		$	48,369			$	—			$	—			$	48,369
Maintenance reserve revenue		25,350				—				—				25,350
Spare parts and equipment sales		2,485				15,017				—				17,502
Gain on sale of leased equipment		9,570				—				—				9,570
Other revenue		2,978				94				(94		)		2,978
Total revenue		88,752				15,111				(94		)		103,769
Expenses:
Depreciation and amortization expense		20,236				22				—				20,258
Cost of spare parts and equipment sales		1,836				12,576				—				14,412
Write-down of equipment		1,105				—				—				1,105
General and administrative		19,974				1,466				—				21,440
Technical expense		1,787				1				—				1,788
Interest expense		17,879				—				—				17,879
Total expenses		62,817				14,065				—				76,882
Earnings from operations		$	25,935			$	1,046			$	(94	)		$	26,887

______________________________

(1) Represents revenue generated between our operating segments.

		Leasing and  Related Operations				Spare Parts Sales				Eliminations				Total
Total assets as of March 31, 2020		$	2,280,355			$	46,300			$	—			$	2,326,655
Total assets as of December 31, 2019		$	1,898,313			$	42,295			$	—			$	1,940,608

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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