coconut creek fla aug 03 2023 globe newswire  willis lease finance corporation wlfc today reported second quarter total revenues of 1090 million and pretax earnings of 190 million for the three months ended june 30 2023 aggregate lease rent and maintenance reserve revenues were 898 million and spare parts and equipment sales were 46 million the company reported increased total revenues in the second quarter when compared to the prior year period primarily due to an increase in the companys core lease rent and shortterm maintenance revenues driven by continued global recovery in travel  our second quarter results reflect the fundamental strength of our core leasing business said austin willis the companys chief executive officer a scarcity of serviceable spare engines and strong demand from the airlines continues to drive favorable lease rates and terms despite huge demand and industrywide shortages our teams continue to deliver for our customers that planned ahead and signed up for our custombuilt programs as well as for those requiring ad hoc support said brian r hole president as always people make the difference and ours are world class second quarter 2023 highlights at or for the period ended june 30 2023 as compared to june 30 2022 and december 31 2022   lease rent revenue increased by 177 million or 483 to 544 million in the second quarter of 2023 compared to 367 million in the second quarter of 2022 the increase is due to an increase in the number of engines acquired and placed on lease including an increase in utilization compared to that of the prior period   maintenance reserve revenue was 354 million in the second quarter of 2023 an increase of 461 compared to 242 million in the same quarter of 2022 there was 68 million longterm maintenance revenue recognized for the three months ended june 30 2023 compared to 151 million in the comparable prior period nonreimbursable maintenance reserve revenue is directly influenced by on lease engine flight hours and cycles engines out on lease with nonreimbursable usage fees generated 286 million of shortterm maintenance revenues compared to 92 million in the comparable prior period as of june 30 2023 and december 31 2022 there was 198 million and 63 million respectively of cumulative deferred insubstance fixed payment use fees included in unearned revenue   spare parts and equipment sales decreased to 46 million in the second quarter of 2023 compared to 68 million in the second quarter of 2022   gain on sale of leased equipment was 45 million in the second quarter of 2023 reflecting the sale of two engines and other parts and equipment from the lease portfolio gain on sale of leased equipment was 05 million in the second quarter of 2022 reflecting the sale of eight engines   there was no gain on sale of financial assets during the second quarter of 2023 as we did not sell any notes receivable gain on sale of financial assets was 31 million in the second quarter of 2022 reflecting the sale of four notes receivable   the company generated 190 million of pretax income in the second quarter of 2023 a 732 increase as compared to pretax income of 110 million in the second quarter of 2022   the book value of lease assets we own directly or through our joint ventures inclusive of our notes receivable maintenance rights and investments in salestype leases was 25513 million at june 30 2023 as of june 30 2023 the company also managed 339 engines aircraft and related equipment on behalf of other parties   the company maintained 2420 million of undrawn revolver capacity at june 30 2023   diluted weighted average income per common share was 202 for the second quarter of 2023 compared to diluted weighted average income of 081 in the second quarter of 2022   book value per diluted weighted average common share outstanding increased to 6469 at june 30 2023 compared to 6427 at december 31 2022 as of june 30 2023 21617 million of equipment held in our operating lease portfolio 950 million of notes receivable 140 million of maintenance rights and 58 million of investments in salestype leases which represented 348 engines 12 aircraft one marine vessel and other leased parts and equipment as of december 31 2022 the company had 21119 million equipment held in our operating lease portfolio 814 million of notes receivable 177 million of maintenance rights and 64 million of investments in salestype leases which represented 339 engines 13 aircraft one marine vessel and other leased parts and equipment willis lease finance corporation wlfc leases large and regional spare commercial aircraft engines auxiliary power units and aircraft to airlines aircraft engine manufacturers and maintenance repair and overhaul providers worldwide these leasing activities are integrated with engine and aircraft trading engine lease pools and asset management services through willis asset management limited as well as various endoflife solutions for engines and aviation materials provided through willis aeronautical services inc additionally through willis engine repair center® jet centre by willis and willis aviation services limited the companys service offerings include part 145 engine maintenance aircraft line and base maintenance aircraft disassembly parking and storage airport fbo and ground and cargo handling services except for historical information the matters discussed in this press release contain forwardlooking statements that involve risks and uncertainties do not unduly rely on forwardlooking statements which give only expectations about the future and are not guarantees forwardlooking statements speak only as of the date they are made and we undertake no obligation to update them our actual results may differ materially from the results discussed in forwardlooking statements factors that might cause such a difference include but are not limited to the effects on the airline industry and the global economy of events such as war terrorist activity and the covid19 pandemic changes in oil prices rising inflation and other disruptions to world markets trends in the airline industry and our ability to capitalize on those trends including growth rates of markets and other economic factors risks associated with owning and leasing jet engines and aircraft our ability to successfully negotiate equipment purchases sales and leases to collect outstanding amounts due and to control costs and expenses changes in interest rates and availability of capital both to us and our customers our ability to continue to meet changing customer demands regulatory changes affecting airline operations aircraft maintenance accounting standards and taxes the market value of engines and other assets in our portfolio and risks detailed in the companys annual report on form 10k and other continuing reports filed with the securities and exchange commission