2024 Q2 Form 10-Q Financial Statement

#000101816424000032 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $151.1M $119.1M
YoY Change 38.65% 33.0%
Cost Of Revenue $11.11M $8.279M
YoY Change 263.24% 84.02%
Gross Profit $140.0M $110.8M
YoY Change 32.16% 30.3%
Gross Profit Margin 92.65% 93.05%
Selling, General & Admin $40.12M $32.29M
YoY Change -3.05% -14.52%
% of Gross Profit 28.66% 29.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.17M $22.49M
YoY Change -1.45% -0.28%
% of Gross Profit 15.83% 20.29%
Operating Expenses $40.12M $32.29M
YoY Change -3.05% -14.52%
Operating Profit $54.08M $27.22M
YoY Change 178.15% 240.31%
Interest Expense $24.56M $23.00M
YoY Change 28.7% 25.09%
% of Operating Profit 45.42% 84.51%
Other Income/Expense, Net
YoY Change
Pretax Income $57.90M $29.89M
YoY Change 205.27% 337.21%
Income Tax $15.30M $9.000M
% Of Pretax Income 26.42% 30.11%
Net Earnings $42.59M $20.87M
YoY Change 208.24% 374.94%
Net Earnings / Revenue 28.18% 17.52%
Basic Earnings Per Share $6.34 $3.12
Diluted Earnings Per Share $6.21 $3.00
COMMON SHARES
Basic Shares Outstanding 6.573M shares 6.393M shares
Diluted Shares Outstanding 6.714M shares 6.659M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.044M $7.622M
YoY Change -14.77% -22.39%
Cash & Equivalents $5.044M $7.622M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $81.91M $85.17M
Prepaid Expenses
Receivables $54.10M $61.88M
Other Receivables $0.00 $0.00
Total Short-Term Assets $141.1M $154.7M
YoY Change 41.14% 62.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.354B $2.166B
YoY Change 7.04% -0.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $63.77M $60.30M
YoY Change 18.71% 9.84%
Other Assets $150.9M $89.48M
YoY Change 191.33% 59.51%
Total Long-Term Assets $2.781B $2.520B
YoY Change 11.05% 1.12%
TOTAL ASSETS
Total Short-Term Assets $141.1M $154.7M
Total Long-Term Assets $2.781B $2.520B
Total Assets $2.922B $2.674B
YoY Change 12.2% 3.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.16M $103.3M
YoY Change 112.66% 145.62%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.1M $129.9M
YoY Change 83.22% 103.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.947B $1.736B
YoY Change 6.55% -5.52%
Other Long-Term Liabilities $144.5M $141.2M
YoY Change 34.38% 44.5%
Total Long-Term Liabilities $2.091B $1.877B
YoY Change 8.1% -2.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.1M $129.9M
Total Long-Term Liabilities $2.091B $1.877B
Total Liabilities $2.379B $2.163B
YoY Change 11.34% 1.47%
SHAREHOLDERS EQUITY
Retained Earnings $452.3M $417.7M
YoY Change 20.94% 15.72%
Common Stock $71.00K $69.00K
YoY Change 4.41% 4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $492.4M $461.8M
YoY Change
Total Liabilities & Shareholders Equity $2.922B $2.674B
YoY Change 12.2% 3.37%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $42.59M $20.87M
YoY Change 208.24% 374.94%
Depreciation, Depletion And Amortization $22.17M $22.49M
YoY Change -1.45% -0.28%
Cash From Operating Activities $69.83M $59.83M
YoY Change 49.79% 15.34%
INVESTING ACTIVITIES
Capital Expenditures $260.1M $405.0K
YoY Change 350.54% -74.25%
Acquisitions
YoY Change
Other Investing Activities $48.85M -$569.0K
YoY Change 157.54% -91.9%
Cash From Investing Activities -$211.2M -$63.76M
YoY Change 444.98% -0.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $138.8M
YoY Change 159.73%
Cash From Financing Activities 195.1M -$69.85M
YoY Change -1224.63% 477.27%
NET CHANGE
Cash From Operating Activities 69.83M $59.83M
Cash From Investing Activities -211.2M -$63.76M
Cash From Financing Activities 195.1M -$69.85M
Net Change In Cash 53.67M -$73.79M
YoY Change -665.37% 201.04%
FREE CASH FLOW
Cash From Operating Activities $69.83M $59.83M
Capital Expenditures $260.1M $405.0K
Free Cash Flow -$190.3M $59.42M
YoY Change 1612.23% 18.14%

Facts In Submission

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-644000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
179000 usd
CY2024Q1 wlfc Transfer From Inventory To Equipment Held For Lease
TransferFromInventoryToEquipmentHeldForLease
24870000 usd
CY2023Q1 wlfc Transfer From Inventory To Equipment Held For Lease
TransferFromInventoryToEquipmentHeldForLease
0 usd
CY2024Q1 wlfc Transfers From Equipment Held For Operating Lease To Other Assets
TransfersFromEquipmentHeldForOperatingLeaseToOtherAssets
0 usd
CY2023Q1 wlfc Transfers From Equipment Held For Operating Lease To Other Assets
TransfersFromEquipmentHeldForOperatingLeaseToOtherAssets
1089000 usd
CY2024Q1 wlfc Transfers From Equipment Held For Operating Lease To Spare Parts Inventory
TransfersFromEquipmentHeldForOperatingLeaseToSparePartsInventory
113000 usd
CY2023Q1 wlfc Transfers From Equipment Held For Operating Lease To Spare Parts Inventory
TransfersFromEquipmentHeldForOperatingLeaseToSparePartsInventory
127000 usd
CY2024Q1 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
2100000 usd
CY2023Q1 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
0 usd
CY2024Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
12000 usd
CY2023Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
21000 usd
CY2024Q1 wlfc Equipment Held For Operating Lease
EquipmentHeldForOperatingLease
2130300000 usd
CY2024Q1 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
97900000 usd
CY2024Q1 wlfc Maintenance Rights
MaintenanceRights
9200000 usd
CY2024Q1 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
33000000.0 usd
CY2024Q1 wlfc Number Of Leased Assets
NumberOfLeasedAssets
337 engine
CY2024Q1 wlfc Number Of Leased Assets
NumberOfLeasedAssets
14 aircraft
CY2024Q1 wlfc Number Of Leased Assets
NumberOfLeasedAssets
1 marine_vessel
CY2023Q4 wlfc Equipment Held For Operating Lease
EquipmentHeldForOperatingLease
2112800000 usd
CY2023Q4 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
92600000 usd
CY2023Q4 wlfc Maintenance Rights
MaintenanceRights
9200000 usd
CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
8800000 usd
CY2023Q4 wlfc Number Of Leased Assets
NumberOfLeasedAssets
337 engine
CY2023Q4 wlfc Number Of Leased Assets
NumberOfLeasedAssets
12 aircraft
CY2023Q4 wlfc Number Of Leased Assets
NumberOfLeasedAssets
1 marine_vessel
CY2024Q1 us-gaap Interest Income Operating
InterestIncomeOperating
2300000 usd
CY2023Q1 us-gaap Interest Income Operating
InterestIncomeOperating
2000000.0 usd
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
58044000 usd
CY2024Q1 wlfc Income Loss From Equity Method Investments Excluding Amortization On Deferred Gains
IncomeLossFromEquityMethodInvestmentsExcludingAmortizationOnDeferredGains
-2674000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9000000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2400000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.302
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.357
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-344000 usd
CY2024Q1 wlfc Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Joint Venture
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxJointVenture
-75000 usd
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
60299000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1758191000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1827059000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
22621000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
24178000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
1735570000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
1802881000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
54432000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
361641000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
270873000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
193282000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
239395000 usd
CY2024Q1 wlfc Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
638568000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1758191000 usd
CY2023 us-gaap Interest Income Interest Earning Asset Increase Decrease
InterestIncomeInterestEarningAssetIncreaseDecrease
200000 usd
CY2024Q1 us-gaap Interest Income Interest Earning Asset Increase Decrease
InterestIncomeInterestEarningAssetIncreaseDecrease
100000 usd
CY2024Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
83200000 usd
CY2023Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
90300000 usd
CY2024Q1 wlfc Investment In Sales Type Leases Fair Value Disclosure
InvestmentInSalesTypeLeasesFairValueDisclosure
32900000 usd
CY2023Q4 wlfc Investment In Sales Type Leases Fair Value Disclosure
InvestmentInSalesTypeLeasesFairValueDisclosure
8700000 usd
CY2024Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
1509200000 usd
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
1598500000 usd
CY2024Q1 wlfc Gain Loss On Equipment Held For Lease
GainLossOnEquipmentHeldForLease
261000 usd
CY2023Q1 wlfc Gain Loss On Equipment Held For Lease
GainLossOnEquipmentHeldForLease
0 usd
CY2024Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
261000 usd
CY2023Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
0 usd
CY2024Q1 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
300000 usd
CY2024Q1 wlfc Number Of Assets Impaired
NumberOfAssetsImpaired
1 airframe
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19957000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3572000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6387000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6123000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
272000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
333000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6659000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6456000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.12
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.00
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2023Q1 us-gaap Cost Maintenance
CostMaintenance
3927000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
27831000 usd
CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
60000000 usd
CY2024Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
900000 usd
CY2023Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
800000 usd
CY2024Q1 us-gaap Temporary Equity Liquidation Preference Per Share
TemporaryEquityLiquidationPreferencePerShare
20.00
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3813000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2937000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2024Q1 us-gaap Interest Income Operating
InterestIncomeOperating
2269000 usd
CY2024Q1 us-gaap Gain Loss On Sale Of Leased Assets Net Operating Leases
GainLossOnSaleOfLeasedAssetsNetOperatingLeases
9201000 usd
CY2024Q1 us-gaap Revenues
Revenues
119083000 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
22486000 usd
CY2024Q1 us-gaap Selling Expense
SellingExpense
2705000 usd
CY2024Q1 us-gaap Cost Maintenance
CostMaintenance
5574000 usd
CY2024Q1 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
261000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
29581000 usd
CY2024Q1 us-gaap Equipment Expense
EquipmentExpense
8255000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
23003000 usd
CY2024Q1 wlfc Finance Costs Net
FinanceCostsNet
23003000 usd
CY2024Q1 us-gaap Costs And Expenses
CostsAndExpenses
91865000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
27218000 usd
CY2023Q1 us-gaap Interest Income Operating
InterestIncomeOperating
2046000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Leased Assets Net Operating Leases
GainLossOnSaleOfLeasedAssetsNetOperatingLeases
-133000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4659000 usd
CY2023Q1 us-gaap Revenues
Revenues
89535000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
22549000 usd
CY2023Q1 us-gaap Selling Expense
SellingExpense
4499000 usd
CY2023Q1 us-gaap Equipment Expense
EquipmentExpense
4342000 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
CY2024Q1 us-gaap Assets
Assets
2674462000 usd
CY2023Q4 us-gaap Assets
Assets
2652344000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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