Willis lease finance corp (WLFC)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Revenues [Abstract]
Lease rent revenue

46,395

-

49,090

45,025

48,369

-

46,984

43,081

39,644

35,325

33,474

31,337

30,233

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Revenue from Contract with Customer, Including Assessed Tax

20,528

18,000

39,173

26,475

25,350

30,154

19,370

22,045

15,440

-

20,370

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Lease rent revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

31,270

29,181

28,276

29,012

28,055

25,882

25,097

24,565

25,165

24,801

26,900

26,721

25,779

24,750

24,487

23,674

23,022

23,810

24,085

25,244

26,458

25,655

27,306

25,090

25,280

Maintenance reserve revenue

-

-

-

-

-

-

-

-

-

-

-

11,881

31,961

-

14,229

15,514

15,819

12,652

16,119

10,477

14,148

11,666

13,066

14,560

14,030

16,786

8,891

11,788

9,229

12,719

10,653

9,437

8,578

11,842

8,962

10,131

8,226

9,739

7,218

Spare parts and equipment sales

9,105

18,154

24,409

14,586

17,502

34,973

11,529

11,653

12,986

10,150

9,294

19,383

12,596

7,318

4,160

3,673

2,632

10,582

9,133

3,716

2,151

2,228

4,628

1,643

418

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of leased equipment

2,067

765

4,589

5,120

9,570

5,282

1,065

52

545

245

174

3,527

983

52

180

258

2,992

722

3,804

3,132

662

2,169

1,891

1,591

231

2,119

2,022

848

686

942

561

1,388

2,608

-121

3,637

2,534

5,060

5,224

89

Other Income

3,514

4,103

3,105

4,591

2,978

1,881

2,010

1,871

1,882

1,492

2,549

1,716

2,173

5,409

1,622

992

1,000

740

619

603

756

706

769

1,270

1,761

1,577

1,260

567

902

2,357

3,270

518

468

704

423

372

220

138

191

Total revenue

81,609

89,228

120,366

95,797

103,769

118,190

80,958

78,702

70,497

63,189

65,861

67,844

77,946

55,476

51,461

49,618

50,719

53,708

57,730

43,810

42,814

41,334

45,519

43,865

43,340

47,203

37,952

37,953

35,304

39,692

37,506

35,153

35,739

37,669

39,480

38,692

40,812

40,191

32,778

Operating Expenses [Abstract]
Depreciation, Depletion and Amortization, Nonproduction

23,390

23,199

22,736

20,043

20,258

21,214

19,861

18,384

17,355

17,238

16,142

16,015

16,628

17,045

16,628

16,188

16,419

16,991

17,102

17,626

17,705

17,155

16,714

15,735

15,710

15,164

15,762

14,191

13,610

-

-

-

-

-

-

-

-

-

-

Cost of spare parts and equipment sales

6,688

-

-

-

14,412

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cost of spare parts and equipment sales

-

-

20,195

12,585

-

30,500

8,832

10,305

11,388

8,726

7,148

14,656

10,318

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cost of spare parts and equipment sales

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,066

2,787

1,932

7,630

5,919

2,820

1,480

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cost of spare parts sales

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,218

1,614

340

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,885

12,490

12,506

-

12,456

13,071

13,189

13,021

11,314

Production Related Impairments or Charges

2,129

6,899

6,954

3,262

1,105

5,858

1,215

3,578

0

5,262

6,226

1,351

12,091

3,590

1,995

1,893

2,036

601

5,498

3,058

24

2,674

450

2,183

295

-

4,283

1,985

-

3,118

2,474

0

282

-

2,306

-

-

2,659

-

General and Administrative Expense

19,567

20,437

23,257

21,389

21,440

21,504

18,124

16,782

15,611

15,163

14,308

13,065

13,201

13,086

12,257

10,685

11,752

11,918

11,742

9,112

9,972

7,806

9,107

9,261

9,685

9,603

6,792

9,204

8,269

9,212

7,298

9,304

8,737

9,593

8,684

9,213

8,211

7,282

5,750

Equipment Expense

1,127

3,188

1,739

1,407

1,788

1,943

2,290

3,232

3,677

2,384

2,605

2,448

2,292

2,080

1,414

1,803

1,696

1,567

3,570

2,434

1,832

4,591

3,855

2,370

1,520

2,440

4,533

4,216

1,674

2,291

1,961

1,435

1,319

2,657

1,270

2,160

2,307

2,041

2,712

Net finance costs:
Net finance costs:
Interest expense

15,696

15,657

16,572

16,781

17,879

17,602

17,885

15,138

13,595

12,323

14,220

11,312

10,865

-

10,230

10,397

-

9,780

9,805

9,860

9,567

9,126

9,181

9,396

9,359

-

-

-

-

9,154

7,529

7,119

7,947

8,293

8,876

8,788

9,244

10,362

10,409

Loss on debt extinguishment

-4,688

0

0

-220

0

-

0

0

-

-

-

-

-

-

-

-137

-

0

0

0

1,151

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest and Debt Expense

20,384

-

16,572

17,001

17,879

-

17,885

15,138

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

21

30

30

40

42

42

43

66

68

Loss on debt extinguishment and derivatives termination

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-15,412

-

-

-

-

-

-

-

-

Finance Costs Net

-

-

-

-

-

-

-

-

-

-

-

-

-

10,509

10,230

10,534

10,008

9,780

9,805

9,860

8,416

9,126

9,181

9,396

9,359

9,735

9,905

9,852

9,227

9,205

22,920

7,089

7,917

8,596

8,834

8,746

9,201

10,296

10,341

Total expenses

73,285

84,835

91,453

75,687

76,882

98,621

68,207

67,419

61,626

61,096

60,649

58,847

65,395

51,818

45,590

43,890

43,843

48,487

53,636

44,910

39,429

42,654

43,525

40,559

36,909

37,135

41,275

39,448

32,780

37,536

48,538

30,318

30,761

34,415

33,550

33,190

32,908

35,299

30,117

Operating Income (Loss)

8,324

4,393

28,913

20,110

26,887

19,569

12,751

11,283

8,871

2,093

5,212

8,997

12,551

3,658

5,871

5,728

6,876

5,221

4,094

-1,100

3,385

-1,320

1,994

3,306

6,431

10,068

-3,323

-1,495

2,524

2,156

-11,032

4,835

4,978

3,254

5,930

5,502

7,904

4,892

2,661

Earnings from joint ventures

207

3,791

2,165

1,676

946

2,231

506

316

747

1,103

3,040

1,161

1,854

939

631

56

187

48

558

215

354

510

269

245

305

340

-289

3,382

93

811

352

199

397

437

232

320

306

283

273

Income before income taxes

8,531

8,184

31,078

21,786

27,833

21,800

13,257

11,599

9,618

3,196

8,252

10,158

14,405

4,597

6,502

5,784

7,063

5,269

4,652

-885

3,739

-810

2,263

3,551

6,736

10,408

-3,612

1,887

2,617

2,967

-10,680

5,034

5,375

3,691

6,162

5,822

8,210

5,175

2,934

Income tax expense

4,200

3,159

7,000

4,800

7,000

3,707

3,600

3,200

2,536

-39,513

2,960

4,168

6,238

1,890

2,517

2,418

3,052

3,172

2,101

-399

1,441

-466

1,284

1,337

2,405

3,855

-1,383

-7,805

1,007

756

-3,486

1,805

2,086

44

3,846

2,340

3,147

2,092

1,027

Net income

4,286

4,996

24,073

16,975

20,878

18,116

9,674

8,359

7,082

42,709

5,292

5,990

8,167

2,707

3,985

3,366

4,011

2,097

2,551

-486

2,298

-344

979

2,214

4,331

6,553

-2,229

9,692

1,610

2,211

-7,194

3,229

3,289

3,647

2,316

3,482

5,063

3,083

1,907

Preferred stock dividends

810

819

820

810

801

820

819

810

801

824

344

324

321

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accretion of preferred stock issuance costs

21

21

21

21

21

21

21

21

20

21

9

9

7

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Preferred stock dividends

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

147

782

782

782

782

782

782

782

782

782

Net Income (Loss) Available to Common Stockholders, Basic

3,455

4,156

23,232

16,144

20,056

17,275

8,834

7,528

6,261

41,864

4,939

5,657

7,839

2,418

3,985

3,366

4,011

-

-

-

-

-

-

-

-

-

-

-

-

-771

-7,976

2,447

2,507

2,865

1,534

2,700

4,281

2,301

1,125

Basic weighted average earnings per common share (in dollars per share)

0.59

0.71

3.97

2.75

3.47

2.94

1.50

1.28

1.03

6.89

0.82

0.94

1.28

0.41

0.63

0.50

0.56

0.27

0.33

-0.06

0.29

-0.04

0.12

0.28

0.55

0.82

-0.27

1.20

0.20

-0.12

-0.92

0.29

0.30

0.35

0.18

0.32

0.50

0.27

0.13

Diluted weighted average earnings per common share (in dollars per share)

0.56

0.68

3.81

2.66

3.35

2.87

1.47

1.26

1.00

6.72

0.80

0.92

1.25

0.39

0.62

0.49

0.55

0.26

0.32

-0.06

0.29

-0.04

0.12

0.27

0.53

0.80

-0.27

1.17

0.19

-0.10

-0.90

0.28

0.29

0.33

0.17

0.31

0.47

0.25

0.12

Basic weighted average common shares outstanding (in shares)

5,860

5,852

5,847

5,866

5,779

5,778

5,900

5,878

6,104

6,091

6,055

6,036

6,114

6,139

6,307

6,685

7,149

7,740

7,839

7,841

7,848

7,840

7,938

7,976

7,914

7,851

8,126

8,106

8,033

25,276

8,667

8

8

8,421

8,397

8,322

8,552

8

8

Weighted Average Number of Shares Outstanding, Diluted

6,124

6,099

6,094

6,061

5,978

5,933

6,004

5,991

6,256

6,275

6,184

6,158

6,263

6,317

6,448

6,819

7,272

8,100

7,963

7,841

8,044

8,133

8,123

8,179

8,129

8,251

8,329

8,303

8,273

26,257

8,889

8

8

8,849

8,811

8,796

9,048

9

9