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Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summary of the reportable segments

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

Three Months Ended September 30, 2021						Leasing and  Related Operations						Spare Parts Sales						Eliminations						Total
Revenue:
Lease rent revenue						$	32,908					$	—					$	—					$	32,908
Maintenance reserve revenue						23,659						—						—						23,659
Spare parts and equipment sales						85						4,980						26						5,091
Gain on sale of leased equipment						2,440						—						—						2,440
Other revenue						6,421						319						(47)						6,693
Total revenue						65,513						5,299						(21)						70,791
Expenses:
Depreciation and amortization expense						21,246						28						—						21,274
Cost of spare parts and equipment sales						10						3,911						—						3,921
General and administrative						18,069						619						(26)						18,662
Technical expense						2,524						—						—						2,524
Net finance costs:
Interest expense						18,325						—						—						18,325
Total finance costs						18,325						—						—						18,325
Total expenses						60,174						4,558						(26)						64,706
Earnings from operations						$	5,339					$	741					$	5					$	6,085

Three Months Ended September 30, 2020						Leasing and  Related Operations						Spare Parts Sales						Eliminations						Total
Revenue:
Lease rent revenue						$	30,025					$	—					$	—					$	30,025
Maintenance reserve revenue						32,302						—						—						32,302
Spare parts and equipment sales						115						3,000						(227)						2,888
Other revenue						5,397						35						(34)						5,398
Total revenue						67,839						3,035						(261)						70,613
Expenses:
Depreciation and amortization expense						23,993						29						—						24,022
Cost of spare parts and equipment sales						2						4,123						—						4,125
Write-down of equipment						5,245						—						—						5,245
General and administrative						15,578						656						227						16,461
Technical expense						827						—						—						827
Net finance costs:
Interest expense						15,351						—						—						15,351
Total finance costs						15,351						—						—						15,351
Total expenses						60,996						4,808						227						66,031
Earnings (loss) from operations						$	6,843					$	(1,773)					$	(488)					$	4,582

Nine Months Ended September 30, 2021						Leasing and  Related Operations						Spare Parts Sales						Eliminations						Total
Revenue:
Lease rent revenue						$	96,859					$	—					$	—					$	96,859
Maintenance reserve revenue						60,749						—						—						60,749
Spare parts and equipment sales						254						12,946						26						13,226
Gain on sale of leased equipment						2,440						—						—						2,440
Asset transition fee (1)						6,256						—						—						6,256
Other revenue						18,543						416						(101)						18,858
Total revenue						185,101						13,362						(75)						198,388
Expenses:
Depreciation and amortization expense						68,669						86						—						68,755
Cost of spare parts and equipment sales						18						11,004						(14)						11,008
Write-down of equipment						4,113						—						—						4,113
General and administrative						52,769						1,569						(26)						54,312
Technical expense						6,130						—						—						6,130
Net finance costs:
Interest expense						50,331						—						—						50,331
Total finance costs						50,331						—						—						50,331
Total expenses						182,030						12,659						(40)						194,649
Earnings (loss) from operations						$	3,071					$	703					$	(35)					$	3,739

Nine Months Ended September 30, 2020						Leasing and  Related Operations						Spare Parts Sales						Eliminations						Total
Revenue:
Lease rent revenue						$	114,874					$	—					$	—					$	114,874
Maintenance reserve revenue						82,816						—						—						82,816
Spare parts and equipment sales						1,442						13,633						(227)						14,848
Gain on sale of leased equipment						1,367						—						—						1,367
Other revenue						13,293						302						(295)						13,300
Total revenue						213,792						13,935						(522)						227,205
Expenses:
Depreciation and amortization expense						71,107						69						—						71,176
Cost of spare parts and equipment sales						154						13,307						—						13,461
Write-down of equipment						14,371						—						—						14,371
General and administrative						48,928						2,101						227						51,256
Technical expense						3,422						—						—						3,422
Net finance costs:
Interest expense						47,136						—						—						47,136
Loss on debt extinguishment						4,688						—						—						4,688
Total finance costs						51,824						—						—						51,824
Total expenses						189,806						15,477						227						205,510
Earnings (loss) from operations						$	23,986					$	(1,542)					$	(749)					$	21,695

_____________________________

(1)Asset transition fee reflects the settlement received from the close out of an engine transition program.

						Leasing and  Related Operations						Spare Parts Sales						Eliminations						Total
Total assets as of September 30, 2021						$	2,448,431					$	52,457					$	—					$	2,500,888
Total assets as of December 31, 2020						$	2,312,172					$	52,776					$	—					$	2,364,948

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

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- References

No definition available.

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