On this page of StockholderLetter.com we present the latest annual shareholder letter from WILLIS LEASE FINANCE CORP — ticker symbol WLFC. Reading current and past WLFC letters to shareholders can bring important insights into the investment thesis.

 •  4/25/2025 Letter Continued (Full PDF)
 •  6/22/2023 WLFC Stockholder Letter
 •  4/19/2024 WLFC Stockholder Letter
 •  More "Aerospace & Defense" Category Stockholder Letters
 •  WLFC Benford's Law Stock Score = 90

WLFC Shareholder/Stockholder Letter Transcript:

Willis Lease Finance Corporation
2024 Annual Report


April 4, 2025
Dear Shareholders:
In 2024, Willis Lease Finance Corporation (WLFC) achieved record financial results by delivering strong
performance in the resurgent, post-pandemic aviation marketplace. Our state-of-the-art fleet, strategically
aligned service offerings, and adaptable lease structures have been in high demand from customers seeking
to streamline their operations and manage costs.
Financials
For the full year 2024, our total revenues grew 36 percent to $569.2 million, and pre-tax income grew 127
percent to $152.6 million, representing a record return on equity. Our exceptional performance allowed the
Board to approve payment of a $1.00 special dividend and implement a recurring quarterly dividend
of $0.25 per share, together representing $10.7 million paid to shareholders during the year. Additionally,
we acquired nearly $1 billion in engines and aircraft assets, which we expect to support our continued growth.
Our ability to grow our portfolio at this pace and pay dividends, underscores our long-term confidence in the
business and its ability to generate cash.
Positioned for Success
Fundamental elements supporting engine leasing continue to improve. As new engine prices continue to
climb, airlines seek efficient ways to own and operate spare engines resulting in increased demand for lease
engines. As Boeing and Airbus ramp up aircraft deliveries, airlines are phasing out their existing fleets.
Programs like ConstantThrust   will help facilitate this transition for the airlines. By providing engines on a
just-in-time basis and helping insource airlines    maintenance, we are creating efficiency for the airlines and
allowing them to focus on their core operations rather than navigating the maintenance after market.
In addition to engine leasing, we have seen growing customer demand for our innovative customer programs:
ConstantAccess  : Provides preferred access, on-demand, to our worldwide portfolio of engines
with guaranteed availability.
ConstantThrust  : Removes customers    maintenance risk by exchanging a removed engine with a
serviceable engine from our portfolio of assets. We insource their maintenance.
Revolving Credit Lease: Enables customers to finance their engines and aircraft at a more attractive
cost of capital than traditional leases and better advance rates than typical bank loans.
One Willis
Over the past decade, we have steadily built vertically integrated businesses across leasing, materials
supply, asset management, and consultancy services, as well as engine and airframe maintenance, repair,
and overhaul (   MRO   ) services. This long-term strategic integration has created a powerful flywheel of growth
and productivity, as our diverse services businesses support one another.
1

Willis Aeronautical Services, Inc.: Our materials and parts business supplies surplus engine material to
the global aviation industry, delivering parts for nearly every modern engine type to airlines and repair
centers. We are able to reduce the costs and turn times of engine repairs in our MRO businesses by leveraging
our own inventory of parts partially removing us from the traditional OEM supply chain.
Willis Asset Management Limited: Our asset management and consulting services enable us to
accurately predict the timing and cost of shop visits across entire fleets for our customers. This predictive
capability allows us to offer bespoke leasing solutions such as ConstantThrust   where knowledge of on
wing life and maintenance budgeting is critical. We are also able to offer technical records management
and other support services across our businesses.
Willis Engine Repair Center  : Our FAA-certified Part 145 repair stations, strategically located in both
the US and the UK, specialize in conducting shop visits and repairs, minimizing downtime for our own
assets while generating substantial revenues from third parties.
Willis Aviation Services Limited: Located at Teesside International Airport in the UK, our aircraft base
maintenance facility carries out maintenance necessary to bridge aircraft from one lessee to the next,
as well as disassemble aircraft when they come off lease for parts sales.
Our services businesses have been working in concert to drive value across our leasing business, acting as a
differentiator in an increasingly commoditized space. Delivering spare engines and high-quality services, on
demand, remains the foundation of our growth. WLFC continues to deliver sector-leading performance and
remains committed to transparency, continuous improvement and excellence.
At the heart of this success are our dedicated people, whose expertise, passion, and unwavering commitment have
been instrumental in driving innovation and quality. Over 40 years of operations, we attribute our achievements
not only to our deep understanding of our customers    needs and the assets we manage, but also to the strength
and dedication of the team behind it all.
On behalf of everyone at WLFC, we thank you for your trust and ongoing support. We look forward to building
on the progress we   ve made and delivering meaningful results in the year ahead.
Sincerely,
Austin C. Willis
Chief Executive Officer
2

3



 4/25/2025 Letter Continued (Full PDF)