2023 Full Year Highlights
- Revenue of $334.5 million
- GAAP net loss of $5.6 million
- Adjusted net income1 of $3.5 million
- Adjusted EBITDA1 of $12.3 million
- Flight equipment sales included four (4) aircraft and seventeen
(17) engines during 2023
- AerAware™ receives Supplemental Type Certificate from the
Federal Aviation Administration; Company launches go-to-market
activities
- Feedstock acquisitions of $131.9 million and an additional
$72.0 million under contract
- Flight Equipment inventory available of $329.2 million which
will fuel Asset Management Solutions activity in 2024
- Technical Operations revenue up 11.3% (excluding flight
equipment sales) showing underlying strength in both on airport and
component MROs
AerSale Corporation (Nasdaq: ASLE) (the “Company”) today
reported results for the fourth quarter and full year ended
December 31, 2023.
Nicolas Finazzo, AerSale’s Chief Executive Officer, commented,
“The end of 2023 proved challenging as a large volume of
anticipated flight equipment sales shifted into 2024, which
substantially impacted our 4th quarter and full-year financial
performance. As we regularly note, flight equipment sales fluctuate
quarter-over-quarter and have an outsized impact on short term
financials as the incremental revenue is realized after fixed costs
have been fully absorbed by the rest of the business. These delayed
flight equipment sales are not lost and are anticipated to occur in
the first half of 2024, and we encourage investors to monitor our
performance over a longer time period based on feedstock
acquisitions and monetization.”
Finazzo added, “Demand for AerSale products and services is
robust, and inventory ready for sale has increased markedly in 2023
as evidenced by our underlying business performance excluding
flight equipment sales. We expect this momentum to continue into
the new year and drive improved results going forward.”
Update on AerAware In early December, the Federal
Aviation Administration (“FAA”) issued AerSale a Supplemental Type
Certificate (“STC”) for “AerAware™”, the Company’s revolutionary
Enhanced Flight Vision System (“EFVS”) for the Boeing B737NG
product line. This achievement marked the world's first commercial
EFVS system to achieve a 50% visual advantage (over unaided natural
vision) and the first large transport aircraft to be certified with
a complete dual-pilot EFVS solution featuring a Head-Wearable
Display. AerSale developed the AerAware™ certification program
under license with The Boeing Company, which included access to
necessary technical services, maintenance, and engineering
data.
Finazzo further added, "Achieving a 50% visual advantage with
our AerAware™ EFVS is an aviation milestone that redefines what's
possible for flight safety and efficiency. This groundbreaking
technology provides pilots unmatched situational awareness in all
conditions and phases of flight. We believe AerAware™ will be
transformative for our industry, enabling aircraft to operate with
higher dispatch reliability and minimized diversions. We are
grateful to our engineers and partners at Elbit Systems and
Universal Avionics for their dedication to cross this important
hurdle.”
Following the certification, the Company launched its
go-to-market strategy to address the more than 6,000 737NG aircraft
in service that are applicable to the equipment. This follows
months of customer demonstrations while the system was still in
development and awaiting certification. To date, the Company has
written proposals to five aircraft operators and continues to
educate potential customers on the benefits of the AerAware™
system.
Finazzo concluded, “We are very pleased with the customer
feedback and engagement following the FAA’s certification of the
AerAware™ system and look forward to collaborating with potential
customers further as we work to secure launch orders for the
system.”
Fourth Quarter 2023 Results of Operations Loss from
operations was $1.1 million in the fourth quarter of 2023 down from
$9.1 million income in the fourth quarter of 2022, principally due
to lower flight equipment sales.
AerSale reported revenue of $94.4 million in the fourth quarter
of 2023, which included $47.4 million of flight equipment sales
consisting of five engines and one aircraft, which includes a 757
P2F converted aircraft. The Company’s revenue for the fourth
quarter of 2022 was $95.1 million and included $51.4 million of
flight equipment sales consisting of six engines and three
aircraft, which included one 757 P2F converted aircraft. Excluding
flight equipment sales, revenue increased 7.6% year-over-year as
strong commercial demand and improved feedstock continued to drive
volume. As a reminder to investors and as evidenced by the
fluctuations from previous quarters, the Company’s revenues will
vary from quarter-to-quarter and year-to-year based on flight
equipment sales and therefore, progress should be monitored based
on asset purchases and related sales over the long term.
Asset Management Solutions (“Asset Management") revenue declined
4.9% to $64.6 million in the fourth quarter of 2023 on account of
lower flight equipment sales. Leasing revenue for the fourth
quarter of 2023 decreased due to a lower number of assets in the
leasing portfolio. Fourth quarter 2023 Used Serviceable Material
(“USM”) sales improved 27.0% from the year-ago quarter driven by
higher demand and availability of feedstock.
Technical Operations (“TechOps”) revenue was $29.8 million in
the fourth quarter of 2023, an improvement of 10.0% compared to the
fourth quarter of 2022, which was largely due to a strong demand
environment for MRO services as the commercial recovery remains
robust.
Gross margin was 25.9% in the fourth quarter of 2023 compared to
36.0% in the year ago period, driven by a lower mix of higher
margin flight equipment sales, many of which slipped into 2024.
Selling, general and administrative expenses were $25.5 million
in the fourth quarter of 2023 compared to $25.1 million in the
fourth quarter of 2022 due to higher aviation insurance and higher
facility costs related to expansion initiatives at our structures,
accessory, and on-airport MROs.
Income tax expenses were $2.1 million in the fourth quarter of
2023 and $4.1 million in the fourth quarter of 2022.
GAAP net loss was $2.7 million in the fourth quarter of 2023
compared to GAAP net income of $9.2 million in the fourth quarter
of 2022, mainly due to lower flight equipment sales. Adjusted
EBITDA in the fourth quarter of 2023 was $6.0 million, compared to
$17.7 million in the fourth quarter of 2022. The decrease in
adjusted EBITDA and margins reflected lower flight equipment sales.
Please see the non-GAAP reconciliation table at the end of this
press release for additional details on these amounts.
AerSale recognized $2.6 million in non-cash or non-recurring
expense in the fourth quarter of 2023 including $1.3 million in
mark-to-market income related to the private warrant liability,
$3.1 million of stock-based compensation, $0.3 million in facility
relocation costs, $0.1 million in secondary offering costs and $0.4
million of stock-based compensation tax expense during the fourth
quarter of 2023. Excluding these non-cash and unusual items
adjusted for tax, adjusted net loss was $0.1 million in the fourth
quarter of 2023 versus adjusted net income of $12.3 million in the
fourth quarter of 2022.
Diluted loss per share was $0.08 for the fourth quarter of 2023
compared with diluted earnings per share of $0.17 for the fourth
quarter of 2022. Adjusted for the non-cash and unusual items noted
above, adjusted diluted loss per share was $0.02 for the fourth
quarter of 2023 compared to adjusted diluted earnings per share of
$0.23 for the fourth quarter of 2022. Please see the non-GAAP
reconciliation table at the end of this press release for
additional details on adjusted net income and adjusted diluted
earnings per share.
Cash used in operating activities was $174.2 million, primarily
due to increased investments in inventory of $168.6 million and a
net loss of $5.6 million. AerSale’s continued investment in
feedstock opportunities utilized most of the available cash as of
December 31, 2022. AerSale ended the year with $136.9 million of
liquidity consisting of $5.9 million of cash and available capacity
of $131.0 million on our $180 million revolving credit
facility.
Full Year 2023 Results of Operations Loss from operations
was $10.8 million in 2023, down from income from operations of
$55.0 million in 2022 primarily due to lower flight equipment
sales.
For the full year 2023, AerSale reported consolidated revenue of
$334.5 million, a decrease of 18.1% from $408.5 million for full
year 2022. Full year 2023 included flight equipment sales of $137.5
million consisting of seventeen engines and four aircraft. Flight
equipment sales were $222.5 million in the full year 2022
consisting of fifteen engines and twelve aircraft. Flight equipment
sales may significantly vary quarter-to-quarter and AerSale
believes the full-year analysis, rather than year-over-year
quarterly comparisons, is a more appropriate measure of the
Company’s progress.
Asset Management revenue was $215.2 million in full year 2023,
down 22.5% from $277.6 million in full year 2022 largely due to
lower flight equipment sales, partially offset by increased USM
sales. The USM business grew by 26.1% benefiting from growing
demand for airframe and engine parts as airlines expand their USM
parts consumption. AerSale expects USM sales to improve as the
Company begins to monetize feedstock acquisitions acquired in 2023
and the availability of inventory ready-for-sale grows.
Revenue from TechOps was 8.9% lower at $119.3 million in 2023,
entirely related to the prior year sale of a 737 aircraft used for
AerAware™ certification for $23.7 million. Excluding this
transaction, revenue in the TechOps segment increased 11.3% as
stronger demand and a robust commercial recovery drove volume.
Gross margin was 27.6% in 2023 compared to 37.1% in 2022, which
was primarily due to a lower mix of flight equipment sales.
Selling, general and administrative expenses were $103.2 million
in 2023 compared to $96.3 million in 2022 as the company continued
to make investments in adding new products, capacity and
capabilities.
The Company incurred $12.1 million of non-cash stock-based
compensation within payroll expenses in 2023, compared to $16.5
million in 2022.
Income tax benefit was $2.1 million in 2023 compared to an
income tax expense of $14.0 million in 2022. GAAP net loss was $5.6
million in 2023 compared to GAAP net income of $43.9 million in
2022. Adjusted for 12.1 million of stock-based compensation,
recovery of inventory obsolescence of $2.7 million, $2.3 million in
mark-to-market adjustment to the private warrant liability, $0.8
million in secondary offering costs, $0.4 million of stock-based
compensation tax expense, and facility relocation costs of $1.4
million, adjusted net income was $3.5 million in 2023 compared to
$63.6 million in 2022.
Adjusted EBITDA for 2023 was $12.3 million, or 3.6% of sales,
compared to adjusted EBITDA of $87.4 million, or 21.4% of sales, in
2022. This decline was due in large part to lower 757 P2F aircraft
from a softened cargo market and the timing of flight equipment
deliveries that slipped into 2024.
Martin Garmendia, AerSale’s Chief Financial Officer, said:
“Lower overall flight equipment sales in 2023 and delays of planned
flight equipment sales at the end of the year materially impacted
our fourth-quarter and full-year results. While these transactions
can be volatile and unpredictable, we are pleased that the
underlying business continues to show strong resilience and
momentum; and anticipate that our consolidated financial
performance will improve substantially as we begin to close on
delayed transactions and further drive ROI from feedstock
acquisitions.”
Change in Approach to Guidance The timing of the
Company’s revenue and operating results is inherently challenging
due to the large portion of revenue driven by the Asset Management
division and especially as it relates to volatility in flight
equipment sales. As a result, we are ceasing our practice of
providing numerical full year guidance. We will continue to provide
as much qualitative detail as possible about opportunities and
outcomes expected over future periods. Our change in guidance
policy should not be interpreted as a change in our bullish view
about 2024 and future years performance which we are confident we
can drive from the diversified AerSale platform.
Conference Call Information The Company will host a
conference call today, March 7, 2024 at 4:30 pm Eastern Time to
discuss these results. A live webcast will also be available at
https://ir.aersale.com/news-events/events. Participants may access
the call at 1-877-407-3982, international callers may use
1-201-493-6780, and request to join the AerSale Corporation
earnings call.
A telephonic replay will be available shortly after the
conclusion of the call and until March 21, 2024. Participants may
access the replay at 1-844-512-2921, international callers may use
1-412-317-6671, and enter access code 13744028. An archived replay
of the call will also be available on the Investors portion of the
AerSale website at https://ir.aersale.com/.
Non-GAAP Financial Measures This press release includes
non-GAAP financial measures, including adjusted EBITDA, adjusted
net income (loss), and adjusted diluted earnings (loss) per share.
AerSale defines adjusted EBITDA as net income (loss) after giving
effect to interest expense, depreciation and amortization, income
tax expense (benefit), and other non-recurring or unusual items.
Adjusted net income is defined as net income (loss) after giving
effect to mark-to-market adjustments relating to our private
warrants, stock-based compensation expense and other non-recurring
or unusual items. Adjusted diluted earnings (loss) per share also
exclude these material non-recurring or unusual items.
AerSale believes these non-GAAP measures of financial results
provide useful information to management and investors regarding
certain financial and business trends relating to AerSale’s
financial condition and results of operations. AerSale’s management
uses certain of these non-GAAP measures to compare AerSale’s
performance to that of prior periods for trend analyses and for
budgeting and planning purposes. These non- GAAP measures should
not be construed as an alternative to net income or net income
margin as an indicator of operating performance or as an
alternative to cash flow provided by operating activities as a
measure of liquidity (each as determined in accordance with
GAAP).
You should review AerSale’s audited financial statements, and
not rely on any single financial measure to evaluate AerSale’s
business. Other companies may calculate adjusted EBITDA, adjusted
net income, or adjusted diluted earnings per share differently, and
therefore AerSale’s adjusted EBITDA, adjusted net income (loss), or
adjusted diluted earnings (loss) per share measures may not be
directly comparable to similarly titled measures of other
companies.
Reconciliations of Net Income, the Company’s closest GAAP
measure, to adjusted EBITDA, adjusted Net Income, and adjusted
diluted earnings per share, are outlined in the tables below
following the Company’s condensed consolidated financial
statements.
Fourth Quarter and Full Year 2023 Financial Results
AERSALE CORPORATION AND
SUBSIDIARIES
Consolidated Statements of
Operations
(in thousands, except share and
per share data)
Three months ended
December 31,
Years ended
December 31,
2023
2022
2023
2022
Revenue:
Products
$
67,495
$
66,741
$
217,455
$
284,554
Leasing
3,117
5,390
14,513
28,732
Services
23,810
23,000
102,535
95,258
Total revenue
94,422
95,131
334,503
408,544
Cost of sales and operating expenses:
Cost of products
48,200
42,372
155,376
176,074
Cost of leasing
1,346
391
4,599
6,929
Cost of services
20,460
18,146
82,107
74,147
Total cost of sales
70,006
60,909
242,082
257,150
Gross profit
24,416
34,222
92,421
151,394
Selling, general, and administrative
expenses
25,467
25,096
103,191
96,348
(Loss) income from operations
(1,051
)
9,126
(10,770
)
55,046
Other income (expenses):
Interest income (expense), net
(1,023
)
1,078
155
1,093
Other income, net
168
1,742
666
2,268
Change in fair value of warrant
liability
1,266
1,356
2,270
(525
)
Total other income (expenses)
411
4,176
3,091
2,836
(Loss) income before income tax
provision
(640
)
13,302
(7,679
)
57,882
Income tax benefit (expense)
(2,092
)
(4,109
)
2,116
(14,021
)
Net (loss) income
(2,732
)
9,193
(5,563
)
43,861
(Loss) earnings per share:
Basic
$
(0.05
)
0.18
$
(0.11
)
$
0.85
Diluted
$
(0.05
)
0.17
$
(0.15
)
$
0.83
Weighted average shares outstanding:
Basic
51,407,116
51,149,584
51,291,424
51,568,436
Diluted
51,536,593
52,932,237
51,457,821
53,145,639
AERSALE CORPORATION AND
SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and
par value data)
December 31,
December 31,
2023
2022
Current assets:
Cash and cash equivalents
$
5,873
$
147,188
Accounts receivable, net of allowance for
credit losses of $978 and $1,074 as of December 31, 2023 and
December 31, 2022
31,239
28,273
Income tax receivable
1,628
-
Inventory:
Aircraft, airframes, engines, and parts,
net
177,770
117,488
Advance vendor payments
28,638
27,585
Deposits, prepaid expenses, and other
current assets
19,626
13,022
Total current assets
264,774
333,556
Fixed assets:
Aircraft and engines held for lease,
net
26,475
31,288
Property and equipment, net
27,692
12,638
Inventory:
Aircraft, airframes, engines, and parts,
net
151,398
66,042
Operating lease right-of-use assets
27,519
31,624
Deferred income taxes
12,203
11,287
Deferred financing costs, net
1,506
544
Deferred customer incentives and other
assets, net
525
628
Goodwill
19,860
19,860
Other intangible assets, net
21,986
24,112
Total assets
$
553,938
$
531,579
Current liabilities:
Accounts payable
$
29,899
$
21,131
Accrued expenses
5,478
8,843
Lessee and customer purchase deposits
1,467
17,085
Current operating lease liabilities
4,593
4,426
Current portion of long-term debt
1,278
-
Deferred revenue
2,998
1,355
Total current liabilities
45,713
52,840
Revolving credit facility
29,000
-
Long-term debt
7,281
-
Long-term lease deposits
102
152
Long-term operating lease liabilities
24,377
28,283
Maintenance deposit payments and other
liabilities
64
668
Warrant liability
2,386
4,656
Total liabilities
108,923
86,599
Stockholders’ equity:
Common stock, $0.0001 par value.
Authorized 200,000,000 shares; issued and outstanding 52,954,430
and 51,189,461 shares as of December 31, 2023 and December 31,
2022
5
5
Additional paid-in capital
311,739
306,141
Retained earnings
133,271
138,834
Total stockholders' equity
445,015
444,980
Total liabilities and stockholders’
equity
$
553,938
$
531,579
AERSALE CORPORATION AND
SUBSIDIARIES
Consolidated Statements of Cash
Flows
(in thousands)
Years ended
December 31,
2023
2022
Cash flows from operating activities:
Net (loss) income
$
(5,563
)
$
43,861
Adjustments to reconcile net (loss) income
to net cash (used in) provided by operating activities:
Depreciation and amortization
10,459
10,984
Amortization of debt issuance costs
400
455
Amortization of operating lease assets
359
873
Inventory reserve
1,507
2,376
Impairment of aircraft held for lease
-
857
Provision for credit losses
-
(395
)
Deferred income taxes
(916
)
(2,387
)
Change in fair value of warrant
liability
(2,270
)
525
Share-based compensation
12,051
16,498
Gain on legal settlement
-
(1,695
)
Changes in operating assets and
liabilities:
Accounts receivable
(2,966
)
(1,029
)
Income tax receivable
(1,628
)
-
Inventory
(168,632
)
(37,637
)
Deposits, prepaid expenses, and other
current assets
(6,604
)
2,923
Deferred customer incentives and other
assets
103
893
Advance vendor payments
(1,052
)
(13,298
)
Accounts payable
8,768
1,164
Income tax payable
-
(3,443
)
Accrued expenses
(3,537
)
417
Deferred revenue
1,643
(1,505
)
Lessee and customer purchase deposits
(15,668
)
(18,027
)
Other liabilities
(604
)
(2,523
)
Net cash (used in) provided by operating
activities
(174,150
)
(113
)
Cash flows from investing activities:
Proceeds from sale of assets
14,450
52,771
Proceeds from legal settlement, net
-
4,195
Acquisition of aircraft and engines held
for lease, including capitalized cost
-
(7,133
)
Purchase of property and equipment
(11,359
)
(8,462
)
Net cash provided by investing
activities
3,091
41,371
Cash flows from financing activities:
Proceeds from long-term debt
8,559
-
Proceeds from Revolving Credit
Agreement
82,700
-
Repayments of Revolving Credit
Agreement
(53,700
)
-
Payments of debt issuance costs
(1,362
)
-
Purchase of treasury stock
-
(22,204
)
Taxes paid related to net share settlement
of equity awards
(7,019
)
(2,592
)
Proceeds from the issuance of Employee
Stock Purchase Plan shares
566
538
Net cash provided by (used in) financing
activities
29,744
(24,258
)
(Decrease) increase in cash and cash
equivalents
(141,315
)
17,000
Cash and cash equivalents, beginning of
period
147,188
130,188
Cash and cash equivalents, end of
period
$
5,873
$
147,188
Supplemental disclosure of cash
activities
Income tax payments, net
1,159
21,489
Interest paid
1,520
573
Supplemental disclosure of noncash
investing activities
Reclassification of aircraft and aircraft
engines inventory to (from) aircraft and engine held for lease,
net
19,374
(25,803
)
Reclassification of customer purchase
deposits to sale of assets
-
12,500
Reclassification of amounts due from
related party to investments
-
-
AERSALE CORPORATION AND
SUBSIDIARIES
Adjusted EBITDA, Net Income and
Diluted EPS Reconciliation Table (In ‘000s, except per share
data)
(Unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
2023
% of
Total
Revenue
2022
% of
Total
Revenue
2023
% of
Total
Revenue
2022
% of
Total
Revenue
Reported Net (Loss)/Income
(2,732
)
(2.9
%)
9,193
9.7
%
(5,563
)
(1.7
%)
43,861
10.7
%
Addbacks:
Change in FV of Warrant Liability
(1,266
)
(1.3
%)
(1,356
)
(1.4
%)
(2,270
)
(0.7
%)
525
0.1
%
Stock Compensation
3,112
3.3
%
4,470
4.7
%
12,051
3.6
%
16,498
4.0
%
Payroll taxes related to stock-based
compensation
403
0.4
%
250
0.3
%
403
0.1
%
250
0.1
%
(Recovery of Prior Impairment) Inventory
Impairment
-
-
-
-
(2,670
)
(0.8
%)
1,845
0.5
%
Impairment in Flight Equipment
-
-
-
-
-
0.0
%
857
0.2
%
Secondary Offering Costs
140
0.1
%
579
0.6
%
764
0.2
%
579
0.1
%
Facility Relocation Costs
328
0.3
%
804
0.8
%
1,377
0.4
%
804
0.2
%
Gain on legal settlement
-
(1,695
)
(1.8
%)
-
(1,695
)
(0.4
%)
Income Tax Effect of Adjusting Items
(1)
(129
)
(0.1
%)
96
0.1
%
(590
)
(0.2
%)
76
0.0
%
Adjusted Net Income
(143
)
(0.2
%)
12,341
12.9
%
3,502
0.9
%
63,600
15.5
%
Interest Expense
1,023
1.1
%
(1,078
)
(1.1
%)
(155
)
(0.0
%)
(1,093
)
(0.3
%)
Income Tax Expense (Benefit)
2,092
2.2
%
4,108
4.3
%
(2,116
)
(0.6
%)
14,021
3.4
%
Depreciation and Amortization
2,872
3.0
%
2,395
2.5
%
10,457
3.1
%
10,984
2.7
%
Reversal of Income Tax Effect of Adjusting
Items (1)
129
0.1
%
(96
)
(0.1
%)
590
0.2
%
(76
)
(0.0
%)
Adjusted EBITDA
5,974
6.2
%
17,670
18.6
%
12,279
3.6
%
87,436
21.4
%
Reported Basic (loss) earnings per
share
(0.05
)
0.18
(0.11
)
0.85
Addbacks:
Change in FV of Warrant Liability
(0.02
)
(0.03
)
(0.04
)
0.01
Stock Compensation
0.06
0.09
0.23
0.32
Payroll taxes related to stock-based
compensation
0.01
0.00
0.01
0.00
(Recovery of Prior Impairment)
Inventory Impairment
-
-
(0.05
)
0.04
Impairment in Flight Equipment
-
-
-
0.02
Secondary Offering Costs
0.00
0.01
0.01
0.01
Facility Relocation Costs
0.01
0.02
0.03
0.02
Gain on legal settlement
-
(0.03
)
-
(0.03
)
Income Tax Effect of Adjusting Items
(1)
(0.00
)
0.00
(0.01
)
0.00
Adjusted Basic (loss) earnings per
share
0.01
0.24
0.07
1.24
Reported Diluted (loss) earnings per
share
(0.08
)
0.17
(0.15
)
0.83
Addbacks:
Change in FV of Warrant Liability
(0.02
)
(0.03
)
(0.04
)
0.01
Stock Compensation
0.06
0.08
0.23
0.31
Payroll taxes related to stock-based
compensation
0.01
0.00
0.01
0.00
(Recovery of Prior Impairment)
Inventory Impairment
-
-
(0.05
)
0.03
Impairment in Flight Equipment
-
-
-
0.02
Secondary Offering Costs
0.00
0.01
0.01
0.01
Facility Relocation Costs
0.01
0.02
0.03
0.02
Gain on legal settlement
-
(0.03
)
-
(0.03
)
Income Tax Effect of Adjusting Items
(1)
(0.00
)
0.00
(0.01
)
0.00
Adjusted Diluted (loss) earnings per
share
(0.02
)
0.23
0.02
1.20
Forward Looking Statements This press release includes
“forward-looking statements”. We intend such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). All statements other than statements of historical
facts contained in this press release may constitute
forward-looking statements, and include, but are not limited to,
statements regarding our anticipated financial performance; our
expectations that we will close on our remaining flight equipment
sales in 2024; anticipations regarding an increasingly favorable
market for feedstock availability within AerSale’s USM business and
greater demand for USM parts; expectations regarding feedstock, and
our belief that we are extremely well positioned to take advantage
of the current market dynamic; our belief that we are well
positioned to take advantage of asset availability; our growth
trajectory; our bullish view about 2024 and future years
performance; the expected operating capacity of our MRO facilities
and demand for such services; expectations of increased capacity
for third party work and revenue at our Goodyear, Arizona facility;
expectation that AerAware™ is a technology that will be broadly
adopted and that sales of AerAware™ will be a meaningful
contributor to the Company’s long-term performance; and expected
benefits from an improving backdrop in commercial aerospace, and
end markets; AerSale’s actual results may differ from their
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” or the negative of these or other similar expressions
are intended to identify such forward-looking statements. The
forward-looking statements in this press release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition and results of operations. You should carefully consider
the foregoing factors and the other risks and uncertainties
described in the Risk Factors, Management’s Discussion and Analysis
of Financial Condition and Results of Operations sections of the
Company's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission ("SEC"), and its other filings
with the SEC, including its subsequent quarterly reports on Form
10-Q. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Moreover, we operate in an evolving environment. New risk factors
and uncertainties may emerge from time to time, and it is not
possible for management to predict all risk factors and
uncertainties.
Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements and we qualify all of our
forward-looking statements by these cautionary statements. Except
as required by applicable law, we do not plan to publicly update or
revise any forward-looking statements contained herein, whether as
a result of any new information, future events, changed
circumstances or otherwise.
About AerSale AerSale serves airlines operating large
jets manufactured by Boeing, Airbus and McDonnell Douglas and is
dedicated to providing integrated aftermarket services and products
designed to help aircraft owners and operators to realize
significant savings in the operation, maintenance and monetization
of their aircraft, engines, and components. AerSale’s offerings
include: Aircraft & Component MRO, Aircraft and Engine Sales
and Leasing, Used Serviceable Material sales, and internally
developed ‘Engineered Solutions’ to enhance aircraft performance
and operating economics (e.g. AerSafe™, AerTrak™, and now
AerAware™).
____________________ 1 Adjusted net income (loss), adjusted
EBITDA and adjusted diluted earnings (loss) per share are non-GAAP
measures. See “Non-GAAP Financial Measures” and “Adjusted EBITDA,
Net Income and Diluted EPS Reconciliation Table” at the end of this
press release for a discussion of why we believe these non-GAAP
measures are useful and a detailed reconciliation of these measures
to the most directly comparable GAAP (Generally Accepted Accounting
Principles) measure, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240307934281/en/
Media Contacts: For more information about AerSale,
please visit our website: www.AerSale.com. Follow us on: LinkedIn |
Twitter | Facebook | Instagram
AerSale: Jackie Carlon Telephone: (305) 764-3200 Email:
media.relations@aersale.com
Investor Contact: AerSale: AersaleIR@icrinc.com
AerSale (NASDAQ:ASLE)
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