XML 37 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Reportable Segments
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$32,431 $— $— $32,431 
Maintenance reserve revenue17,278 — — 17,278 
Spare parts and equipment sales84 3,375 110 3,569 
Asset transition fee (1)6,256 — — 6,256 
Other revenue6,916 41 (19)6,938 
Total revenue62,965 3,416 91 66,472 
Expenses:
Depreciation and amortization expense23,311 29 — 23,340 
Cost of spare parts and equipment sales2 3,276 — 3,278 
Write-down of equipment2,246 — — 2,246 
General and administrative19,143 466 (110)19,499 
Technical expense2,296 — — 2,296 
Net finance costs:
Interest expense16,987 — — 16,987 
Total finance costs16,987 — — 16,987 
Total expenses63,985 3,771 (110)67,646 
(Loss) earnings from operations$(1,020)$(355)$201 $(1,174)
Three Months Ended June 30, 2020Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$38,454 $— $— $38,454 
Maintenance reserve revenue29,986 — — 29,986 
Spare parts and equipment sales102 2,753 — 2,855 
Loss on sale of leased equipment(700)— — (700)
Other revenue4,387 28 (27)4,388 
Total revenue72,229 2,781 (27)74,983 
Expenses:
Depreciation and amortization expense23,739 25 — 23,764 
Cost of spare parts and equipment sales4 2,644 — 2,648 
Write-down of equipment6,997 — — 6,997 
General and administrative14,808 420 — 15,228 
Technical expense1,468 — — 1,468 
Net finance costs:
Interest expense16,089 — — 16,089 
Total finance costs16,089 — — 16,089 
Total expenses63,105 3,089 — 66,194 
Earnings (loss) from operations$9,124 $(308)$(27)$8,789 
Six Months Ended June 30, 2021Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$63,951 $— $— $63,951 
Maintenance reserve revenue37,090 — — 37,090 
Spare parts and equipment sales169 7,966 — 8,135 
Asset transition fee (1)6,256 — — 6,256 
Other revenue12,122 97 (54)12,165 
Total revenue119,588 8,063 (54)127,597 
Expenses:
Depreciation and amortization expense47,423 58 — 47,481 
Cost of spare parts and equipment sales8 7,093 (14)7,087 
Write-down of equipment4,113 — — 4,113 
General and administrative34,700 950 — 35,650 
Technical expense3,606 — — 3,606 
Net finance costs:
Interest expense32,006 — — 32,006 
Total finance costs32,006 — — 32,006 
Total expenses121,856 8,101 (14)129,943 
Loss from operations$(2,268)$(38)$(40)$(2,346)
Six Months Ended June 30, 2020Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$84,849 $— $— $84,849 
Maintenance reserve revenue50,514 — — 50,514 
Spare parts and equipment sales1,327 10,633 — 11,960 
Gain on sale of leased equipment1,367 — — 1,367 
Other revenue7,896 267 (261)7,902 
Total revenue145,953 10,900 (261)156,592 
Expenses:
Depreciation and amortization expense47,114 40 — 47,154 
Cost of spare parts and equipment sales152 9,184 — 9,336 
Write-down of equipment9,126 — — 9,126 
General and administrative33,350 1,445 34,795 
Technical expense2,595 — — 2,595 
Net finance costs:
Interest expense31,785 — — 31,785 
Loss on debt extinguishment4,688 — — 4,688 
Total finance costs36,473 — — 36,473 
Total expenses128,810 10,669 — 139,479 
Earnings (loss) from operations$17,143 $231 $(261)$17,113 
Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Total assets as of June 30, 2021$2,532,897 $52,079 $— $2,584,976 
Total assets as of December 31, 2020$2,312,172 $52,776 $— $2,364,948