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.

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


For the year ended December 31, 2024	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	238,236	$	—	$	—	$	238,236
Maintenance reserve revenue	213,908		—		—		213,908
Spare parts and equipment sales	1,640		25,459		—		27,099
Interest revenue	11,683		—		—		11,683
Gain on sale of leased equipment	45,063		—		—		45,063
Maintenance services revenue	24,158		—		—		24,158
Other revenue	8,412		890		(226)		9,076
Total revenue	543,100		26,349		(226)		569,223

Expenses:
Depreciation and amortization expense	92,386		74		—		92,460
Cost of spare parts and equipment sales	197		22,655		—		22,852
Cost of maintenance services	24,470		—		—		24,470
Write-down of equipment	11,228		—		—		11,228
General and administrative	141,199		5,558		—		146,757
Technical expense	22,294		—		—		22,294
Net finance costs:
Interest expense	104,764		—		—		104,764
Total net finance costs	104,764		—		—		104,764
Total expenses	396,538		28,287		—		424,825
Income from operations	$	146,562	$	(1,938)	$	(226)	$	144,398


For the Year ended December 31, 2023	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	213,138	$	—	$	—	$	213,138
Maintenance reserve revenue	133,668		—		—		133,668
Spare parts and equipment sales	476		19,883		—		20,359
Interest revenue	8,721		—		—		8,721
Gain on sale of leased equipment	10,581		—		—		10,581

Maintenance services revenue	24,168		—		—		24,168
Other revenue	7,442		689		(211)		7,920
Total revenue	398,194		20,572		(211)		418,555

Expenses:
Depreciation and amortization expense	90,834		91		—		90,925
Cost of spare parts and equipment sales	56		15,151		—		15,207
Cost of maintenance services	21,159		—		—		21,159
Write-down of equipment	4,398		—		—		4,398
General and administrative	110,819		4,921		—		115,740
Technical expense	28,109		—		—		28,109
Net finance costs:
Interest expense	78,795		—		—		78,795

Total net finance costs	78,795		—		—		78,795
Total expenses	334,170		20,163		—		354,333
Income from operations	$	64,024	$	409	$	(211)	$	64,222


	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of December 31, 2024	$	3,219,856	$	77,340	$	—	$	3,297,196
Total assets as of December 31, 2023	$	2,602,907	$	49,437	$	—	$	2,652,344

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

WILLIS LEASE FINANCE CORP Segments Disclosure

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