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Reportable Segments | 9 Months Ended
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Sep. 30, 2023
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 September 30, 2023 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 53,573 |  |  | $ | — |  |  | $ | — |  |  | $ | 53,573 |
Maintenance reserve revenue |  | 37,696 |  |  | — |  |  | — |  |  | 37,696 |
Spare parts and equipment sales |  | 111 |  |  | 3,248 |  |  | — |  |  | 3,359 |
Interest revenue |  | 2,106 |  |  | — |  |  | — |  |  | 2,106 |
Gain on sale of leased equipment |  | 773 |  |  | — |  |  | — |  |  | 773 |
Other revenue |  | 8,174 |  |  | 119 |  |  | (55) |  |  | 8,238 |
Total revenue |  | 102,433 |  |  | 3,367 |  |  | (55) |  |  | 105,745 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 23,069 |  |  | 19 |  |  | — |  |  | 23,088 |
Cost of spare parts and equipment sales |  | 3 |  |  | 2,021 |  |  | — |  |  | 2,024 |
Write-down of equipment |  | 719 |  |  | — |  |  | — |  |  | 719 |
General and administrative |  | 33,117 |  |  | 876 |  |  | — |  |  | 33,993 |
Technical expense |  | 6,871 |  |  | — |  |  | — |  |  | 6,871 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 19,052 |  |  | — |  |  | — |  |  | 19,052 |
Total finance costs |  | 19,052 |  |  | — |  |  | — |  |  | 19,052 |
Total expenses |  | 82,831 |  |  | 2,916 |  |  | — |  |  | 85,747 |
Income from operations |  | $ | 19,602 |  |  | $ | 451 |  |  | $ | (55) |  |  | $ | 19,998 |
Three months ended September 30, 2022 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 39,515 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,515 |
Maintenance reserve revenue |  | 20,438 |  |  | — |  |  | — |  |  | 20,438 |
Spare parts and equipment sales |  | 520 |  |  | 6,446 |  |  | — |  |  | 6,966 |
Interest revenue |  | 1,811 |  |  | — |  |  | — |  |  | 1,811 |
Gain on sale of leased equipment |  | 920 |  |  | — |  |  | — |  |  | 920 |
Other revenue |  | 6,958 |  |  | 315 |  |  | (32) |  |  | 7,241 |
Total revenue |  | 70,162 |  |  | 6,761 |  |  | (32) |  |  | 76,891 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 22,032 |  |  | 27 |  |  | — |  |  | 22,059 |
Cost of spare parts and equipment sales |  | 43 |  |  | 4,161 |  |  | — |  |  | 4,204 |
Write-down of equipment |  | 654 |  |  | — |  |  | — |  |  | 654 |
General and administrative |  | 21,824 |  |  | 964 |  |  | — |  |  | 22,788 |
Technical expense |  | 2,139 |  |  | — |  |  | — |  |  | 2,139 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 16,304 |  |  | — |  |  | — |  |  | 16,304 |
Total finance costs |  | 16,304 |  |  | — |  |  | — |  |  | 16,304 |
Total expenses |  | 62,996 |  |  | 5,152 |  |  | — |  |  | 68,148 |
Income from operations |  | $ | 7,166 |  |  | $ | 1,609 |  |  | $ | (32) |  |  | $ | 8,743 |
Nine months ended September 30, 2023 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 161,209 |  |  | $ | — |  |  | $ | — |  |  | $ | 161,209 |
Maintenance reserve revenue |  | 96,609 |  |  | — |  |  | — |  |  | 96,609 |
Spare parts and equipment sales |  | 420 |  |  | 12,541 |  |  | — |  |  | 12,961 |
Interest revenue |  | 6,409 |  |  | — |  |  | — |  |  | 6,409 |
Gain on sale of leased equipment |  | 5,101 |  |  | — |  |  | — |  |  | 5,101 |
Gain on sale of financial assets |  | — |  |  | — |  |  | — |  |  | — |
Other revenue |  | 21,699 |  |  | 446 |  |  | (159) |  |  | 21,986 |
Total revenue |  | 291,447 |  |  | 12,987 |  |  | (159) |  |  | 304,275 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 68,058 |  |  | 73 |  |  | — |  |  | 68,131 |
Cost of spare parts and equipment sales |  | 53 |  |  | 9,528 |  |  | — |  |  | 9,581 |
Write-down of equipment |  | 2,390 |  |  | — |  |  | — |  |  | 2,390 |
General and administrative |  | 102,653 |  |  | 2,938 |  |  | — |  |  | 105,591 |
Technical expense |  | 14,618 |  |  | — |  |  | — |  |  | 14,618 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 56,526 |  |  | — |  |  | — |  |  | 56,526 |
Total finance costs |  | 56,526 |  |  | — |  |  | — |  |  | 56,526 |
Total expenses |  | 244,298 |  |  | 12,539 |  |  | — |  |  | 256,837 |
Income from operations |  | $ | 47,149 |  |  | $ | 448 |  |  | $ | (159) |  |  | $ | 47,438 |
Nine months ended September 30, 2022 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 114,344 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,344 |
Maintenance reserve revenue |  | 59,517 |  |  | — |  |  | — |  |  | 59,517 |
Spare parts and equipment sales |  | 771 |  |  | 19,617 |  |  | — |  |  | 20,388 |
Interest revenue |  | 5,790 |  |  | — |  |  | — |  |  | 5,790 |
Gain on sale of leased equipment |  | 3,716 |  |  | — |  |  | — |  |  | 3,716 |
Gain on sale of financial assets |  | 3,116 |  |  | — |  |  | — |  |  | 3,116 |
Other revenue |  | 16,482 |  |  | 549 |  |  | (119) |  |  | 16,912 |
Total revenue |  | 203,736 |  |  | 20,166 |  |  | (119) |  |  | 223,783 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 65,399 |  |  | 81 |  |  | — |  |  | 65,480 |
Cost of spare parts and equipment sales |  | 53 |  |  | 16,027 |  |  | — |  |  | 16,080 |
Write-down of equipment |  | 21,849 |  |  | — |  |  | — |  |  | 21,849 |
General and administrative |  | 64,212 |  |  | 2,608 |  |  | — |  |  | 66,820 |
Technical expense |  | 11,222 |  |  | — |  |  | — |  |  | 11,222 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 49,209 |  |  | — |  |  | — |  |  | 49,209 |
Total finance costs |  | 49,209 |  |  | — |  |  | — |  |  | 49,209 |
Total expenses |  | 211,944 |  |  | 18,716 |  |  | — |  |  | 230,660 |
(Loss) Income from operations |  | $ | (8,208) |  |  | $ | 1,450 |  |  | $ | (119) |  |  | $ | (6,877) |
|  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Total assets as of September 30, 2023 |  | $ | 2,551,753 |  |  | $ | 50,567 |  |  | $ | — |  |  | $ | 2,602,320 |
Total assets as of December 31, 2022 |  | $ | 2,530,130 |  |  | $ | 45,087 |  |  | $ | — |  |  | $ | 2,575,217 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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