XML 32 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Reportable Segments
 3 Months Ended
Mar. 31, 2022
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, 2022Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$38,125 $— $— $38,125 
Maintenance reserve revenue14,834 — — 14,834 
Spare parts and equipment sales202 6,428 — 6,630 
Gain on sale of leased equipment2,298 — — 2,298 
Other revenue6,812 176 (58)6,930 
Total revenue62,271 6,604 (58)68,817 
Expenses:
Depreciation and amortization expense21,782 27 — 21,809 
Cost of spare parts and equipment sales6 4,856 — 4,862 
Write-down of equipment21,117 — — 21,117 
General and administrative22,806 799 — 23,605 
Technical expense5,646 — — 5,646 
Net finance costs:
Interest expense16,883 — — 16,883 
Total finance costs16,883 — — 16,883 
Total expenses88,240 5,682 — 93,922 
(Loss) earnings from operations$(25,969)$922 $(58)$(25,105)

Three Months Ended March 31, 2021Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$31,520 $— $— $31,520 
Maintenance reserve revenue19,812 — — 19,812 
Spare parts and equipment sales85 4,591 (110)4,566 
Other revenue5,206 56 (35)5,227 
Total revenue56,623 4,647 (145)61,125 
Expenses:
Depreciation and amortization expense24,112 29 — 24,141 
Cost of spare parts and equipment sales6 3,817 (14)3,809 
Write-down of equipment1,867 — — 1,867 
General and administrative15,557 484 110 16,151 
Technical expense1,310 — — 1,310 
Net finance costs:
Interest expense15,019 — — 15,019 
Total finance costs15,019 — — 15,019 
Total expenses57,871 4,330 96 62,297 
(Loss) earnings loss from operations$(1,248)$317 $(241)$(1,172)
Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Total assets as of March 31, 2022$2,375,485 $54,441 $— $2,429,926 
Total assets as of December 31, 2021$2,415,635 $47,292 $— $2,462,927