Overview
- Total revenue rose 28.3% year over year to $730.2 million, with fourth-quarter revenue up 27% to $193.6 million.
- Lease rent increased 22.4% to $291.6 million on a larger, higher-utilization portfolio, and maintenance reserve revenue reached $232.0 million with $44.5 million of long-term maintenance recognition.
- Spare parts and equipment sales jumped 252.3% to $95.5 million, and gains on sale of leased equipment were $54.0 million from 38 engines and five airframes sold.
- Earnings before tax totaled $160.6 million and adjusted EBITDA reached $459.1 million, with leverage at 2.97x and maintenance-adjusted market value estimated about $700 million above book.
- The company launched Willis Aviation Capital to manage third-party capital, seeding a $600 million Liberty Mutual partnership and a fund of more than $1 billion with Blackstone, and it continued a $0.40 recurring quarterly dividend.