Reportable Segments

3 Months Ended

Mar. 31, 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 March 31, 2023	Leasing and  Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	53,220	$	—	$	—	$	53,220
Maintenance reserve revenue	23,498		—		—		23,498
Spare parts and equipment sales	55		4,997		—		5,052
Interest revenue	2,046		—		—		2,046
Loss on sale of leased equipment	(133)		—		—		(133)
Other revenue	5,788		98		(34)		5,852
Total revenue	84,474		5,095		(34)		89,535
Expenses:
Depreciation and amortization expense	22,517		32		—		22,549
Cost of spare parts and equipment sales	8		4,491		—		4,499
General and administrative	32,231		1,040		—		33,271
Technical expense	2,829		—		—		2,829
Net finance costs:
Interest expense	18,389		—		—		18,389
Total finance costs	18,389		—		—		18,389
Total expenses	75,974		5,563		—		81,537
Income (loss) from operations	$	8,500	$	(468)	$	(34)	$	7,998

Three months ended March 31, 2022	Leasing and  Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	38,125	$	—	$	—	$	38,125
Maintenance reserve revenue	14,834		—		—		14,834
Spare parts and equipment sales	202		6,428		—		6,630
Interest revenue	2,114		—		—		2,114
Gain on sale of leased equipment	2,298		—		—		2,298
Other revenue	4,698		176		(58)		4,816
Total revenue	62,271		6,604		(58)		68,817
Expenses:
Depreciation and amortization expense	21,782		27		—		21,809
Cost of spare parts and equipment sales	6		4,856		—		4,862
Write-down of equipment	21,117		—		—		21,117
General and administrative	22,806		799		—		23,605
Technical expense	5,646		—		—		5,646
Net finance costs:
Interest expense	16,883		—		—		16,883
Total finance costs	16,883		—		—		16,883
Total expenses	88,240		5,682		—		93,922
(Loss) income from operations	$	(25,969)	$	922	$	(58)	$	(25,105)

	Leasing and  Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of March 31, 2023	$	2,542,279	$	45,055	$	—	$	2,587,334
Total assets as of December 31, 2022	$	2,530,130	$	45,087	$	—	$	2,575,217