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Willis Lease Finance Corporation (WLFC0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total revenue of $569.2 million, a 36% increase from $418.6 million in the previous year. Lease rent revenue increased by 11.8% to $238.2 million, and maintenance reserve revenue increased by 60% to $213.9 million.
The company reported a net income of $108.6 million for the year, up from $43.8 million in the previous year. After preferred stock dividends, net income attributable to common shareholders was $104.4 million, compared to $40.4 million in the previous year.
Depreciation and amortization expenses were $92.5 million, slightly up from $90.9 million in the previous year. The company recorded a write-down of equipment totaling $11.2 million.
Net finance costs increased by 33% to $104.8 million, attributed to a higher level of debt obligations and increased borrowing costs.
Cash flows provided by operating activities were $284.4 million, while cash used in investing activities was $764.9 million, reflecting significant purchases of equipment held for operating lease.
As of December 31, 2024, the company had $2,635.9 million of equipment held in its operating lease portfolio, with $183.6 million of notes receivable and $21.6 million of investments in sales-type leases.
The filing also details various financial agreements, including a new $1.0 billion revolving credit facility and a $500.0 million senior secured warehouse credit facility.
Willis Lease Finance Corporation continues to focus on leasing and related operations, with a significant portion of revenue generated from international customers.
The company identified risks related to interest rate fluctuations, foreign currency devaluation, and competition from larger entities in the aircraft leasing industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Willis Lease Finance Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.