$WLFC
WILLIS LEASE FINANCE CORP

2023 Q2 Form 10-Q Financial Statement

#000101816423000012 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $109.0M $89.54M $88.14M
YoY Change 39.6% 30.11% 16.26%
Cost Of Revenue $3.058M $4.499M $4.753M
YoY Change -56.4% -7.47% 21.28%
Gross Profit $105.9M $85.04M $83.39M
YoY Change 49.08% 32.96% 15.99%
Gross Profit Margin 97.19% 94.98% 94.61%
Selling, General & Admin $41.39M $37.77M $28.90M
YoY Change 50.81% 32.68% 19.0%
% of Gross Profit 39.07% 44.42% 34.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.49M $22.55M $22.78M
YoY Change 4.08% 3.39% 4.74%
% of Gross Profit 21.23% 26.52% 27.32%
Operating Expenses $41.39M $37.77M $51.68M
YoY Change 50.81% 32.68% 12.26%
Operating Profit $19.44M $7.998M $31.71M
YoY Change 104.98% -131.86% 22.63%
Interest Expense $19.09M $18.39M -$16.07M
YoY Change 19.11% 8.92% 2.51%
% of Operating Profit 98.16% 229.92% -50.67%
Other Income/Expense, Net
YoY Change
Pretax Income $18.97M $6.837M $18.20M
YoY Change 73.16% -124.66% 176.44%
Income Tax $5.200M $2.400M $3.858M
% Of Pretax Income 27.41% 35.1% 21.2%
Net Earnings $13.82M $4.394M $13.50M
YoY Change 133.85% -120.73% 675.14%
Net Earnings / Revenue 12.68% 4.91% 15.32%
Basic Earnings Per Share $2.04 $0.58
Diluted Earnings Per Share $2.02 $0.55 $1.93
COMMON SHARES
Basic Shares Outstanding 6.353M shares 6.125M shares 6.097M shares
Diluted Shares Outstanding 6.442M shares 6.456M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.918M $9.821M $12.15M
YoY Change -53.97% -30.37% -15.23%
Cash & Equivalents $5.918M $9.821M $12.15M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $41.76M $37.16M $38.58M
Prepaid Expenses
Receivables $52.26M $48.46M $46.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $99.94M $95.45M $97.68M
YoY Change 3.32% -8.54% -6.9%
LONG-TERM ASSETS
Property, Plant & Equipment $2.199B $2.178B $2.159B
YoY Change 10.48% 9.85% 6.4%
Goodwill
YoY Change
Intangibles $1.100M $1.114M $1.129M
YoY Change -5.01% -5.03% -4.97%
Long-Term Investments $53.72M $54.90M $56.19M
YoY Change -2.94% 0.81% 0.47%
Other Assets $51.81M $56.10M $80.15M
YoY Change -20.74% -29.66% -9.2%
Total Long-Term Assets $2.504B $2.492B $2.478B
YoY Change 8.89% 7.15% 5.07%
TOTAL ASSETS
Total Short-Term Assets $99.94M $95.45M $97.68M
Total Long-Term Assets $2.504B $2.492B $2.478B
Total Assets $2.604B $2.587B $2.575B
YoY Change 8.66% 6.48% 4.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.93M $42.08M $32.67M
YoY Change 60.13% 30.04% 50.91%
Accrued Expenses $10.37M
YoY Change 99.1%
Deferred Revenue $19.80M $13.70M $6.300M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.46M $63.72M $63.53M
YoY Change 45.76% 25.72% 37.49%
LONG-TERM LIABILITIES
Long-Term Debt $1.827B $1.837B $1.847B
YoY Change 5.5% 4.42% 3.18%
Other Long-Term Liabilities $107.5M $97.73M $77.32M
YoY Change 57.59% 25.47% 1.15%
Total Long-Term Liabilities $1.935B $1.935B $1.925B
YoY Change 7.47% 5.31% 3.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.46M $63.72M $63.53M
Total Long-Term Liabilities $1.935B $1.935B $1.925B
Total Liabilities $2.137B $2.131B $2.121B
YoY Change 8.38% 6.09% 4.09%
SHAREHOLDERS EQUITY
Retained Earnings $374.0M $361.0M $357.5M
YoY Change 10.5% 8.28% 0.59%
Common Stock $68.00K $66.00K $66.00K
YoY Change 7.94% 1.54% 1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $417.2M $406.0M $404.7M
YoY Change
Total Liabilities & Shareholders Equity $2.604B $2.587B $2.575B
YoY Change 8.66% 6.48% 4.56%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $13.82M $4.394M $13.50M
YoY Change 133.85% -120.73% 675.14%
Depreciation, Depletion And Amortization $22.49M $22.55M $22.78M
YoY Change 4.08% 3.39% 4.74%
Cash From Operating Activities $46.62M $51.87M $62.13M
YoY Change 58.32% 83.16% 181.45%
INVESTING ACTIVITIES
Capital Expenditures $57.73M $1.573M $67.25M
YoY Change -197.52% 191.3% -283.58%
Acquisitions
YoY Change
Other Investing Activities $18.97M -$7.023M $16.64M
YoY Change -66.58% -138.05% -76.05%
Cash From Investing Activities -$38.76M -$64.28M -$50.61M
YoY Change 1484.06% 920.03% -253.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $53.46M
YoY Change 0.38%
Cash From Financing Activities -17.35M -$12.10M -3.896M
YoY Change -52.0% -65.11% -87.38%
NET CHANGE
Cash From Operating Activities 46.62M $51.87M 62.13M
Cash From Investing Activities -38.76M -$64.28M -50.61M
Cash From Financing Activities -17.35M -$12.10M -3.896M
Net Change In Cash -9.493M -$24.51M 7.629M
YoY Change 3.86% 93.59% -68.31%
FREE CASH FLOW
Cash From Operating Activities $46.62M $51.87M $62.13M
Capital Expenditures $57.73M $1.573M $67.25M
Free Cash Flow -$11.11M $50.30M -$5.118M
YoY Change -112.54% 81.06% -108.72%

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OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
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6122000 usd
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IncreaseDecreaseInMaintenanceReserves
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IncreaseDecreaseInMaintenanceReserves
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IncreaseDecreaseInSecurityDeposits
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213000 usd
CY2023Q1 wlfc Transfers From Equipment Held For Operating Lease To Other Asset
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1089000 usd
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TransfersFromEquipmentHeldForOperatingLeaseToSparePartsInventory
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CY2022Q1 wlfc Transfers From Equipment Held For Operating Lease To Spare Parts Inventory
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102000 usd
CY2023Q1 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
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2298000 usd
CY2022Q1 us-gaap Revenues
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6100000 usd
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341 engine
CY2023Q1 wlfc Number Of Leased Assets
NumberOfLeasedAssets
13 aircraft
CY2023Q1 wlfc Number Of Leased Assets
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6400000 usd
CY2022Q4 wlfc Number Of Leased Assets
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CY2022Q4 wlfc Number Of Leased Assets
NumberOfLeasedAssets
13 aircraft
CY2022Q4 wlfc Number Of Leased Assets
NumberOfLeasedAssets
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CY2022Q4 us-gaap Equity Method Investments
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56189000 usd
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IncomeLossFromEquityMethodInvestmentsExcludingAmortizationOnDeferredGains
1161000 usd
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102000 usd
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6400000 usd
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13743000 usd
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CY2022Q4 us-gaap Long Term Debt
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57142000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
802931000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
59695000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
265083000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
191466000 usd
CY2023Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
1546900000 usd
CY2023Q1 wlfc Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
474314000 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1850631000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2400000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.357
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CY2022Q4 us-gaap Notes Receivable Fair Value Disclosure
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CY2023Q1 wlfc Investment In Sales Type Leases Fair Value Disclosure
InvestmentInSalesTypeLeasesFairValueDisclosure
6100000 usd
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
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1540200000 usd
CY2023Q1 wlfc Gain Loss On Equipment Held For Lease
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CY2022Q1 wlfc Gain Loss On Equipment Held For Lease
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21117000 usd
CY2023Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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CY2022Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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21117000 usd
CY2022Q1 wlfc Number Of Assets Impaired
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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300000 shares
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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3572000 usd
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6123000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5951000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
333000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6456000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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5951000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
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0.58
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q1 us-gaap Stock Repurchased During Period Value
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1800000 usd
CY2022Q1 wlfc Stock Repurchased Average Cost Per Share
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34.86
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0.065
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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2937000 usd
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4629000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
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2 segment
CY2023Q1 us-gaap Number Of Operating Segments
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2 segment
CY2023Q1 us-gaap Interest Income Operating
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2046000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Leased Assets Net Operating Leases
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CY2023Q1 us-gaap Revenues
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89535000 usd
CY2023Q1 us-gaap Depreciation And Amortization
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22549000 usd
CY2023Q1 us-gaap Selling Expense
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4499000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
33271000 usd
CY2023Q1 us-gaap Equipment Expense
EquipmentExpense
2829000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
18389000 usd
CY2023Q1 wlfc Finance Costs Net
FinanceCostsNet
18389000 usd
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
81537000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7998000 usd
CY2022Q1 us-gaap Interest Income Operating
InterestIncomeOperating
2114000 usd
CY2022Q1 us-gaap Gain Loss On Sale Of Leased Assets Net Operating Leases
GainLossOnSaleOfLeasedAssetsNetOperatingLeases
2298000 usd
CY2022Q1 us-gaap Revenues
Revenues
68817000 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
21809000 usd
CY2022Q1 us-gaap Selling Expense
SellingExpense
4862000 usd
CY2022Q1 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
21117000 usd
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
23605000 usd
CY2022Q1 us-gaap Equipment Expense
EquipmentExpense
5646000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
16883000 usd
CY2022Q1 wlfc Finance Costs Net
FinanceCostsNet
16883000 usd
CY2022Q1 us-gaap Costs And Expenses
CostsAndExpenses
93922000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-25105000 usd
CY2023Q1 us-gaap Assets
Assets
2587334000 usd
CY2022Q4 us-gaap Assets
Assets
2575217000 usd
CY2023Q1 wlfc Number Of Hangars
NumberOfHangars
1 hangar

Files In Submission

Name View Source Status
wlfc-20230331_cal.xml Edgar Link unprocessable
0001018164-23-000012-index-headers.html Edgar Link pending
0001018164-23-000012-index.html Edgar Link pending
0001018164-23-000012.txt Edgar Link pending
0001018164-23-000012-xbrl.zip Edgar Link pending
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