WILLIS LEASE FINANCE CORP

Listed Company

WLFCCIK 0001018164NasdaqAcceleratedWholesale-Machinery, Equipment & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$730.24M

Net Income

$113.76M

Total Assets

$3.94B

Equity

$662.14M

Shares Out

6.79M

Op. Cash Flow

$283.24M

Business

WILLIS LEASE FINANCE CORP is a lessor and servicer of commercial aircraft, aircraft engines and related equipment, managing owned and third‑party assets to generate lease rent, maintenance reserve revenues and management fees. It offers operating and short‑term leases, sale‑and‑leaseback transactions, notes receivable and spare parts sales, plus engine storage, maintenance, Part 145 services, tear‑down and asset management/consulting. The company reports two segments: Leasing and Related Operations, and Spare Parts Sales, with a vertically integrated asset management subsidiary. It leases and sells equipment globally through direct contracts, joint ventures and managed portfolios serving airlines, MROs and manufacturers.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Interest revenue	12	9	8	13	—
Gain on sale of leased equipment	45	11	3	6	3
Total revenue	569	419	312	274	289
Depreciation and amortization expense	92	91	88	91	—
Cost of spare parts and equipment sales	23	15	21	15	17
Cost of maintenance services	24	21	—	—	—
Write-down of equipment	11	4	22	8	21
General and administrative	147	116	93	75	68
Technical expense	22	28	14	9	7
Interest expense	105	79	67	68	63
Total net finance costs	105	79	64	68	68
Total expenses	425	354	302	266	274
Income from operations	144	64	10	8	15
Income from joint ventures	8	3	−62,000	800,000	3
Income before income taxes	153	67	10	9	17
Income tax expense	44	23	4	6	8
Net income	109	44	5	3	10
Preferred stock dividends	4	3	3	3	3
Accretion of preferred stock issuance costs	108,000	75,000	84,000	83,000	84,000
Net income attributable to common shareholders	104	40	2	18,000	6
Basic weighted average earnings per common share (in dollars per share)	15.97	6.4	0.35	0	1.07
Diluted weighted average earnings per common share (in dollars per share)	15.34	6.23	0.33	0	1.05
Basic weighted average common shares outstanding (in shares)	7	6	6	6	6
Diluted weighted average common shares outstanding (in shares)	7	6	6	6	6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and cash equivalents	9	7	12	14	43
Restricted cash	123	161	77	81	—
Equipment held for operating lease, less accumulated depreciation of $613,118 and $594,293 at December 31, 2024 and 2023, respectively	2,636	2,113	2,112	1,991	—
Maintenance rights	31	9	18	23	20
Equipment held for sale	12	805,000	3	7	3
Receivables, net of allowances of $1,316 and $2,311 at December 31, 2024 and 2023, respectively	38	58	47	40	28
Spare parts inventory	72	41	39	51	59
Investments	63	58	56	56	53
Intangible assets, net	3	1	1	1	—
Notes receivable, net of allowances of $247 and $69 at December 31, 2024 and 2023, respectively	184	93	81	116	159
Investments in sales-type leases, net of allowances of $22 and $9 at December 31, 2024 and 2023, respectively	22	9	6	—	—
Other assets	56	64	87	52	44
Total assets	3,297	2,652	2,575	2,463	2,365
Accounts payable and accrued expenses	76	53	43	27	27
Deferred income taxes	185	148	133	124	117
Debt obligations	2,265	1,803	1,847	1,790	1,694
Maintenance reserves	98	92	59	66	82
Security deposits	23	24	20	19	20
Unearned revenue	38	44	18	10	12
Total liabilities	2,685	2,163	2,121	2,037	1,951
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares and 2,500 issued at December 31, 2024 and December 31, 2023, respectively)	63	50	50	50	50
Common stock ($0.01 par value, 20,000 shares authorized; 7,173 and 6,849 shares issued at December 31, 2024 and 2023, respectively)	72,000	68,000	66,000	65,000	66,000
Paid-in capital in excess of par	51	30	20	15	14
Retained earnings	491	398	357	355	355
Accumulated other comprehensive income, net of income tax expense of $1,981 and $3,276 at December 31, 2024 and 2023, respectively	7	11	27	5	−5
Total shareholders equity	549	439	405	376	364
Total liabilities, redeemable preferred stock and shareholders equity	3,297	2,652	2,575	2,463	2,365

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Payments received on sales-type leases	31	5	584,000	0	—
Stock-based compensation expense	29	15	14	17	11
Accretion of deferred costs and note discounts	10	6	—	—	—
Allowances and provisions	−716,000	838,000	837,000	−164,000	5,000
Amortization of contract-based intangible asset	3	0	—	—	—
Gain on insurance proceeds	−73,000	−761,000	0	—	—
Gain on derivative instruments	0	−247,000	0	—	—
Loss on disposal of property, equipment and furnishings	0	9,000	−71,000	44,000	−9,000
Deferred income taxes	39	20	2	4	7
Receivables	21	−17	−3	−11	−4
Inventory	−31	−2	14	8	7
Other assets	676,000	3	−6	−787,000	−16
Distributions received from joint ventures	3	0	—	—	—
Accounts payable and accrued expenses	21	17	942,000	58,000	−18
Maintenance reserves	6	32	2	−18	−24
Security deposits	−366,000	3	2	4	−1
Unearned revenue	−5	22	4	−1	−3
Net cash provided by operating activities	284	230	144	91	93
Purchase of equipment held for operating lease and for sale	−830	−164	−286	−206	−409
Proceeds from sale of equipment (net of selling expenses)	171	85	69	38	26
Issuance of notes receivable	−102	−15	−15	−44	−137
Purchase of property, equipment and furnishings	−16	−5	−7	−2	−3
Payments received on notes receivable	11	4	4	8	8
Insurance proceeds received on property, equipment and furnishings	1	0	—	—	—
Insurance proceeds received on equipment	0	2	0	—	—
Net cash used in investing activities	−765	−93	−194	−148	−507
Proceeds from issuance of debt obligations	1,306	626	284	514	973
Principal payments on debt obligations	−840	−665	−229	−417	−531
Proceeds from issuance of preferred stock, net	13	0	—	—	—
Debt issuance costs	−12	−9	−5	−10	−2
Common stock cash dividends paid	−11	0	—	—	—
Cancellation of restricted stock units in satisfaction of withholding tax	−8	−6	−4	−5	−1
Preferred stock dividends	−3	−3	−3	−3	−3
Proceeds from shares issued under stock compensation plans	262,000	274,000	335,000	186,000	428,000
Net cash provided by (used in) financing activities	445	−58	43	74	428
(Decrease) increase in cash, cash equivalents and restricted cash	−36	79	−7	17	15
Interest	101	77	64	64	54
Income Taxes	7	505,000	2	1	510,000
Transfers from Equipment held for operating lease to Investments in sales-type leases	43	7	0	2	—
Transfers from Equipment held for operating lease to Equipment held for sale	26	2	7	13	3
Transfers from Equipment held for operating lease to Spare parts inventory	5	667,000	2	4	25
Transfers from Spare parts inventory to Equipment held for operating lease	5	0	542,000	0	9
Non-cash additions to Equipment held for operating lease	9	3	1	—	—

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