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Reportable Segments | 3 Months Ended
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Mar. 31, 2025
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, the selective purchase and resale of commercial aircraft engines and other aircraft equipment, and service and maintenance 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’s Chief Operating Decision Maker (“CODM”) is Austin Willis, Chief Executive Officer. The CODM evaluates the performance and allocation of resources to each of the segments based on income or loss from operations. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM. The following tables present a summary of the reportable segments (in thousands):
Three months ended March 31, 2025 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 67,739 |  |  | $ | — |  |  | $ | — |  |  | $ | 67,739 |
Maintenance reserve revenue |  | 54,859 |  |  | — |  |  | — |  |  | 54,859 |
Spare parts and equipment sales |  | 2,298 |  |  | 18,680 |  |  | (2,738) |  |  | 18,240 |
Interest revenue |  | 3,934 |  |  | — |  |  | — |  |  | 3,934 |
Gain on sale of leased equipment |  | 4,437 |  |  | — |  |  | — |  |  | 4,437 |
Gain on sale of financial assets |  | 378 |  |  | — |  |  | — |  |  | 378 |
Maintenance services revenue |  | 5,586 |  |  | — |  |  | — |  |  | 5,586 |
Other revenue |  | 2,464 |  |  | 141 |  |  | (46) |  |  | 2,559 |
Total revenue |  | 141,695 |  |  | 18,821 |  |  | (2,784) |  |  | 157,732 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 25,005 |  |  | 19 |  |  | — |  |  | 25,024 |
Cost of spare parts and equipment sales |  | 1,507 |  |  | 16,503 |  |  | (2,687) |  |  | 15,323 |
Cost of maintenance services |  | 5,376 |  |  | — |  |  | (47) |  |  | 5,329 |
Write-down of equipment |  | 2,109 |  |  | — |  |  | — |  |  | 2,109 |
General and administrative |  | 46,795 |  |  | 925 |  |  | — |  |  | 47,720 |
Technical expense |  | 6,234 |  |  | — |  |  | (4) |  |  | 6,230 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 32,094 |  |  | — |  |  | — |  |  | 32,094 |
Total finance costs |  | 32,094 |  |  | — |  |  | — |  |  | 32,094 |
Total expenses |  | 119,120 |  |  | 17,447 |  |  | (2,738) |  |  | 133,829 |
Income from operations |  | $ | 22,575 |  |  | $ | 1,374 |  |  | $ | (46) |  |  | $ | 23,903 |
Three months ended March 31, 2024 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 52,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,881 |
Maintenance reserve revenue |  | 43,870 |  |  | — |  |  | — |  |  | 43,870 |
Spare parts and equipment sales |  | 84 |  |  | 4,396 |  |  | (1,192) |  |  | 3,288 |
Interest revenue |  | 2,269 |  |  | — |  |  | — |  |  | 2,269 |
Gain on sale of leased equipment |  | 9,201 |  |  | — |  |  | — |  |  | 9,201 |
Maintenance services revenue |  | 5,227 |  |  | — |  |  | — |  |  | 5,227 |
Other revenue |  | 2,144 |  |  | 241 |  |  | (38) |  |  | 2,347 |
Total revenue |  | 115,676 |  |  | 4,637 |  |  | (1,230) |  |  | 119,083 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 22,468 |  |  | 18 |  |  | — |  |  | 22,486 |
Cost of spare parts and equipment sales |  | 9 |  |  | 3,854 |  |  | (1,158) |  |  | 2,705 |
Cost of maintenance services |  | 5,580 |  |  | — |  |  | (6) |  |  | 5,574 |
Write-down of equipment |  | 261 |  |  | — |  |  | — |  |  | 261 |
General and administrative |  | 28,186 |  |  | 1,395 |  |  | — |  |  | 29,581 |
Technical expense |  | 8,283 |  |  | — |  |  | (28) |  |  | 8,255 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 23,003 |  |  | — |  |  | — |  |  | 23,003 |
Total finance costs |  | 23,003 |  |  | — |  |  | — |  |  | 23,003 |
Total expenses |  | 87,790 |  |  | 5,267 |  |  | (1,192) |  |  | 91,865 |
Income (loss) from operations |  | $ | 27,886 |  |  | $ | (630) |  |  | $ | (38) |  |  | $ | 27,218 |
|  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Total assets as of March 31, 2025 |  | $ | 3,201,074 |  |  | $ | 73,559 |  |  | $ | — |  |  | $ | 3,274,633 |
Total assets as of December 31, 2024 |  | $ | 3,219,856 |  |  | $ | 77,340 |  |  | $ | — |  |  | $ | 3,297,196 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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