Third Quarter 2022 Highlights
- Lower quarterly revenue and earnings due to timing of flight
equipment sales.
- Year-to-date sales up 40.1% to $313.4 million.
- Year-to-date basic EPS up 13.6%; Adjusted basic EPS up
4.1%.
- Year-to-date Adjusted EBITDA up 16.2%
- Third quarter revenue of $51.0 million, compared to $73.3
million in the prior year period.
- Third-quarter GAAP net loss of $9.0 million versus GAAP net
loss of $1.6 million in prior year period.
- Adjusted Net Loss of $1.9 million in the third quarter, versus
Adjusted Net Income of $9.2 million in prior year period.
- Third quarter Adjusted EBITDA of $(0.5) million compared to
Adjusted EBITDA of $13.9 million in the prior year period.
- Flight equipment sales in the third quarter consisted of two
engines compared to three aircraft and one engine in the prior year
quarter.
- Continue to monetize Boeing 757s with one additional AerSale
converted P2F aircraft monetized in October 2022 and up to twelve
additional aircraft to be converted to freighters by third parties
and become available to lease or sell in 2023.
- Reaffirms 2022 guidance: expects revenue in the range of $420 -
$450 million and adjusted EBITDA in the range of $80 - $90
million1.
AerSale Corporation (Nasdaq: ASLE) (the “Company”) today
reported results for the third quarter ended September 30, 2022.
The Company’s revenue for the third quarter of 2022 was $51.0
million compared to $73.3 million in the third quarter of 2021.
Revenue for the third quarter of 2022 included $2.7 million of
flight equipment sales versus $27.4 million of flight equipment
sales in the prior-year period. Flight equipment sales in the third
quarter of 2022 consisted of two engines compared to three aircraft
and one engine in the third quarter of 2021. The pacing of flight
equipment sales led to substantially lower revenue in the third
quarter, primarily due to the sale of a B747 freighter which was
planned to close in the third quarter, but was accelerated into the
second quarter, plus a delay of the sale of the last AerSale
passenger to freighter (P2F) converted B757 aircraft shifting to
the beginning of the fourth quarter.
Excluding flight equipment sales, Asset Management Solutions
(AMS) revenue would have been $17.9 million in the third quarter of
2022 compared to $21.5 million in the prior year period. Revenue
from Used Serviceable Material (USM) declined compared to the same
quarter last year due to extended turnaround times for overhauled
parts. Leasing revenue for the current quarter was similar to the
prior year, as robust demand for engines from widebody freight
operators offset lower revenues from aircraft leasing, with only
one aircraft on lease during the quarter.
TechOps revenue improved during the third quarter compared to
the same quarter in the prior year, driven in part by higher
component MRO and landing gear activities, as well as increased
revenue from AerSale’s Goodyear facility. At the beginning of the
fourth quarter, AerSale transitioned to multiple third-party
providers to perform an additional twelve P2F conversions initially
planned to be completed at Goodyear, enabling the Company to
increase its capacity for third-party work. The allocation of labor
and hangar space to support AerSale’s Boeing 757 P2F conversion
line had reduced available capacity and MRO revenue for third party
work at the Goodyear facility in recent quarters. The increase in
revenue from on airport MRO activities at AerSale’s Goodyear
facility was partially offset by lower revenue from the Company’s
Roswell location due to fewer customer aircraft in storage as
compared to prior periods.
GAAP net loss was $9.0 million in the third quarter of 2022,
compared to a GAAP net loss of $1.6 million in the third quarter of
2021. AerSale recognized a mark-to-market adjustment expense of
$2.0 million related to the private warrant liability, $4.4 million
of stock-based compensation expenses within payroll expenses, $0.4
million in secondary offering costs and $0.4 million in relocation
costs during the third quarter of 2022. In the third quarter of
2021, the mark-to-market adjustment expense related to the private
warrant liability was $2.1 million and stock-based compensation
expenses were $8.7 million. Excluding these non-cash and unusual
items, Adjusted Net Loss was $1.9 million in the third quarter of
2022 versus Adjusted Net Income was $9.2 million in the third
quarter of 2021. Diluted loss per share was $0.17 for the third
quarter of 2022 and $0.04 in the third quarter of 2021. Adjusted
for the non-cash and unusual items noted above, adjusted diluted
loss per share was $0.03 for the third quarter of 2022 compared to
adjusted diluted earnings per share of $0.22 in the third quarter
of 2021. Please see the non-GAAP reconciliation table at the end of
this press release for additional details on adjusted Net (loss)
Income and adjusted diluted (loss) earnings per share.
Adjusted EBITDA in the third quarter of 2022 was $(0.5) million
compared to $13.9 million in the third quarter of 2021. Lower
adjusted EBITDA was a result of lower flight equipment sales, which
typically have higher margins. Please see the non-GAAP
reconciliation table at the end of this press release for
additional details on adjusted EBITDA.
Year-to-date cash used in operating activities was $2.4 million
as of September 30th, 2022 primarily due to applications of a
previously collected deposit related to a flight equipment sale
reflected in cash flows from investing activities during the
period, along with the timing of cash advances to vendors. The
Company ended the quarter with $151.4 million of cash and has an
undrawn $150 million credit facility.
Nicolas Finazzo, AerSale’s Chief Executive Officer, commented,
“As we have noted in the past, our business is expected to be
uneven quarter-to-quarter, which is mainly driven by variations in
flight equipment transactions, which are an important component of
our end-to-end integrated model. This has been the case in 2022,
with significant flight equipment sales closing in the first half,
and the fourth quarter of the year. To underscore this point,
year-to-date flight equipment sales are up 75%, and all planned
flight equipment sales to reach our full-year guidance have been
realized through the end of October giving us confidence to
reiterate our full-year guidance.”
Finazzo added, “Regarding our AerAware product, we have
requested the FAA to schedule our final certification flights,
which we expect to commence in the coming weeks. We anticipate the
FAA will issue a Supplemental Type Certificate (STC) shortly after
the completion of flight testing. We believe this innovative
enhanced flight vision technology may prove to be mandatory
equipment with airline partners over the long-term given its
wide-ranging benefits to safety and efficiency.”
Certification of AerAware will make AerSale the first to certify
a head-wearable display for use on a commercial transport aircraft
as a primary flight display. The superior technology that the
Company’s system will offer is expected to not only improve
passenger safety and airport efficiencies, but greatly reduce the
costs and greenhouse emissions caused by in flight delays,
diversions, and weather related flight cancellations. Integration
of an enhanced flight vision system, such as AerAware, is one of
the key aspirations of the FAA’s next generation air traffic
control system.
Third Quarter 2022 Results of Operations AerSale
reported revenue of $51.0 million in the third quarter of 2022,
which included $2.7 million of flight equipment sales comprising
two engines. The Company’s revenue for the third quarter of 2021
was $73.3 million and included $27.4 million of flight equipment
sales consisting of three aircraft and one engine. Excluding flight
equipment sales, revenue would have been $48.3 million in the third
quarter of 2022 compared to $45.9 million in the prior year period.
The delivery of one Boeing 757 P2F AerSale converted aircraft,
which was initially forecasted to close during the third quarter of
2022, was delivered at the beginning of the fourth quarter. In the
second quarter of 2022, flight equipment sales were $92.5 million
and consisted of three aircraft and three engines, which included
two AerSale converted Boeing 757 freighter aircraft and the early
delivery of one Boeing 747 freighter.
As a reminder to investors, flight equipment sales may
significantly vary quarter-to-quarter, and AerSale believes
full-year analysis, rather than year-over-year quarterly
comparisons is a more appropriate measurement of the Company’s
progress.
AMS revenue decreased 57.9% to $20.6 million in the third
quarter of 2022 primarily due to flight equipment sales of only two
engines and no aircraft. USM parts sales were also lower in the
third quarter of 2022, on account of slower repair turnaround times
for overhauled parts. Leasing revenue for the third quarter of 2022
was close to third quarter of 2021 levels as demand for engines
from widebody freighter operators offset reductions to the aircraft
leasing portfolio. Excluding flight equipment sales, AMS revenue
would have been $17.9 million in the third quarter of 2022 compared
to $21.5 million in the prior year period.
TechOps revenue rose 24.5% during the third quarter of 2022 when
compared to the same quarter in the prior year, based on growing
airport MRO activities at AerSale’s Goodyear facility. At the
beginning of the fourth quarter, AerSale transitioned to a
third-party provider to perform an additional 12 P2F conversions,
which in turn will increase the Company’s capacity for third party
work at its Goodyear facility and generate additional revenue going
forward. In addition, lower revenue from on airport MRO storage
related activities at AerSale’s Roswell facility was offset by
higher revenue from component and landing gear MRO activities.
Gross margin was 30.4% in the third quarter of 2022 compared to
33.6% in the year ago period largely as a result of lower sales mix
of higher margin flight equipment sales.
Selling, general and administrative expenses were $24.0 million
in the third quarter of 2022 compared to $22.8 million in the third
quarter of 2021. The Company also incurred $4.4 million of
stock-based compensation expenses in the third quarter of 2022,
compared to $8.7 million in the third quarter of 2021.
Loss from operations was $8.5 million in the third quarter of
2022 and income from operations was $1.8 million in the third
quarter of 2021.
Income tax benefit was $1.1 million in the third quarter of
2022, while income tax expense was $1.1 million in the third
quarter of 2021.
GAAP net loss for the third quarter of 2022 was $9.0 million,
compared to $1.6 million in the third quarter of 2021. Adjusted for
stock-based compensation, mark-to-market adjustment to the private
warrant liability, secondary offering and relocation costs,
Adjusted Net Loss was $1.9 million in the third quarter of 2022 and
Adjusted Net Income was $9.2 million in the third quarter of 2021.
Diluted loss per share was $0.17 for the third quarter of 2022 and
$0.04 in the third quarter of 2021. Adjusted for the
above-mentioned non-cash and unusual items, adjusted diluted loss
per share was $0.03 for the third quarter of 2022 and adjusted
diluted earnings per share was $0.22 in the third quarter of
2021.
Adjusted EBITDA in the third quarter of 2022 was $(0.5) million,
compared to $13.9 million in the third quarter of 2021. The decline
in adjusted EBITDA was mainly on account of lower revenues from
flight equipment sales, which generally have higher margins.
AerSale did not receive any Payroll Support Program proceeds during
the third quarter of 2021 and 2022.
Martin Garmendia, AerSale’s Chief Financial Officer, said: “We
are pleased and encouraged by the performance of our business
through the third quarter, which included significant flight
equipment sales in the first half of the year. While there were
minimal flight equipment transactions in the third quarter, it is
important to note that underlying demand remained strong, and we
continued to demonstrate growth in the rest of the business. For
the balance of the year, all remaining planned flight equipment
sales have closed and we have clear line of sight through year-end
and into early 2023. We remain confident that the strength of our
purpose-built model and our excellent execution capabilities will
continue drive shareholder value over the long-term.”
2022 Guidance AerSale reaffirmed its guidance for
revenue of $420 - $450 million and adjusted EBITDA of $80 - $90
million in 2022.
Conference Call Information The Company will host a
conference call today, November 8, 2022, 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 1-877-846-2690, international callers may use
1-416-981-9009, and request to join the AerSale Corporation
earnings call.
A telephonic replay will be available shortly after the
conclusion of the call and until November 22, 2022. Participants
may access the replay at 1-844-512-2921, international callers may
use 1-412-317-6671, and enter access code 22021077. 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, and adjusted diluted Earnings 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 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, or
adjusted diluted earnings 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.
Third Quarter 2022 Financial Results
AERSALE CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEET
(in thousands, except share
data)
(Unaudited)
September 30,
December 31,
2022
2021
(Unaudited)
Current assets:
Cash and cash equivalents
$
151,378
$
130,188
Accounts receivable, net of allowance for
doubtful accounts of $1,272 and $1,692 as of September 30, 2022 and
December 31, 2021
39,219
42,571
Inventory:
Aircraft, airframes, engines, and parts,
net
107,150
81,759
Advance vendor payments
24,384
14,287
Deposits, prepaid expenses, and other
current assets
3,471
2,724
Total current assets
325,602
271,529
Fixed assets:
Aircraft and engines held for lease,
net
33,118
73,364
Property and equipment, net
11,963
7,350
Inventory:
Aircraft, airframes, engines, and parts,
net
80,435
77,534
Deferred income taxes
12,852
10,013
Deferred financing costs, net
659
999
Deferred customer incentives and other
assets, net
628
598
Goodwill
19,860
19,860
Other intangible assets, net
24,647
26,238
Total assets
$
509,764
$
487,485
Current liabilities:
Accounts payable
$
22,050
$
19,967
Accrued expenses
7,829
8,424
Income tax payable
1,239
3,443
Lessee and customer purchase deposits
10,116
33,212
Deferred revenue
3,524
2,860
Total current liabilities
44,758
67,906
Long-term lease deposits
152
2,053
Maintenance deposit payments and other
liabilities
1,624
3,403
Deferred income taxes, net
1,297
1,113
Warrant liability
6,012
4,131
Total liabilities
53,843
78,606
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value.
Authorized 200,000,000 shares; issued and outstanding 51,774,665
and 51,673,099 shares as of September 30, 2022 and December 31,
2021, respectively
5
5
Additional paid-in capital
326,275
313,901
Retained earnings
129,641
94,973
Total stockholders' equity
455,921
408,879
Total liabilities and stockholders’
equity
$
509,764
$
487,485
AERSALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(in thousands, except per share
data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue:
Products
$
16,823
$
43,613
$
217,813
$
124,914
Leasing
7,786
8,002
23,342
20,624
Services
26,390
21,683
72,258
78,116
Total revenue
50,999
73,298
313,413
223,654
Cost of sales and operating expenses:
Cost of products
12,755
30,954
133,702
85,147
Cost of leasing
1,818
2,436
6,538
7,667
Cost of services
20,937
15,276
56,001
55,635
Total cost of sales
35,510
48,666
196,241
148,449
Gross profit
15,489
24,632
117,172
75,205
Selling, general, and administrative
expenses
23,983
22,803
71,252
53,079
Payroll support program proceeds
-
-
-
(14,768
)
(Loss) income from operations
(8,494
)
1,829
45,920
36,894
Other income (expenses):
Interest income (expense), net
393
(241
)
15
(750
)
Other income, net
45
9
526
258
Change in fair value of warrant
liability
(2,029
)
(2,104
)
(1,881
)
(2,735
)
Total other expenses
(1,591
)
(2,336
)
(1,340
)
(3,227
)
(Loss) income before income tax
provision
(10,085
)
(507
)
44,580
33,667
Income tax benefit (expense)
1,072
(1,129
)
(9,912
)
(8,737
)
Net (loss) income
$
(9,013
)
$
(1,636
)
$
34,668
$
24,930
(Loss) earnings per share - basic
$
(0.17
)
$
(0.04
)
$
0.67
$
0.59
(Loss) earnings per share - diluted
$
(0.17
)
$
(0.04
)
$
0.64
$
0.59
AERSALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended September
30,
2022
2021
Cash flows from operating activities:
Net income
$
34,668
$
24,930
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization
8,589
9,868
Amortization of debt issuance costs
340
366
Inventory reserve
2,010
5,033
Impairment of aircraft held for lease
857
-
Provision for doubtful accounts
(379
)
(122
)
Deferred income taxes
(2,655
)
(988
)
Change in fair value of warrant
liability
1,881
2,735
Share-based compensation
12,029
8,899
Changes in operating assets and
liabilities:
Accounts receivable
3,730
5,279
Inventory
(26,441
)
(44,104
)
Deposits, prepaid expenses, and other
current assets
(747
)
3,628
Deferred customer incentives and other
assets
661
-
Advance vendor payments
(10,097
)
(3,201
)
Accounts payable
2,082
(57
)
Income tax payable
(2,205
)
(987
)
Accrued expenses
(594
)
(2,234
)
Deferred revenue
664
363
Lessee and customer purchase deposits
(24,996
)
16,649
Other liabilities
(1,779
)
327
Net cash (used in) provided by operating
activities
(2,382
)
26,384
Cash flows from investing activities:
Proceeds from sale of assets
37,107
6,995
Acquisition of aircraft and engines held
for lease, including capitalized cost
(6,945
)
(60
)
Purchase of property and equipment
(6,935
)
(1,060
)
Net cash provided by investing
activities
23,227
5,875
Cash flows from financing activities:
Cash paid for employee taxes on
withholding shares
-
(269
)
Proceeds from exercise of warrants
-
545
Proceeds from the issuance of Employee
Stock Purchase Plan shares
345
-
Net cash provided by financing
activities
345
276
Increase in cash and cash equivalents
21,190
32,535
Cash and cash equivalents, beginning of
period
130,188
29,317
Cash and cash equivalents, end of
period
$
151,378
$
61,852
Supplemental disclosure of cash
activities
Income taxes paid
14,637
8,095
Interest paid
856
452
Supplemental disclosure of noncash
investing activities
Reclassification of aircraft and aircraft
engines inventory (from) to equipment held for lease, net
(25,025
)
14,650
Reclassification of customer purchase
deposits to sale of assets
12,500
-
AERSALE CORPORATION
Adjusted EBITDA, Net Income and
Diluted EPS
Reconciliation Table (In ‘000s,
except per share data)
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2022
% of
Total
Revenue
2021
% of
Total
Revenue
2022
% of
Total
Revenue
2021
% of
Total
Revenue
Reported Net (Loss)/Income
(9,013
)
(17.7
%)
(1,636
)
(2.2
%)
34,668
11.1
%
24,930
11.1
%
Addbacks:
Change in FV of Warrant Liability
2,029
4.0
%
2,104
2.9
%
1,881
0.6
%
2,735
1.2
%
Stock Compensation
4,357
8.5
%
8,749
11.9
%
12,029
3.8
%
8,899
4.0
%
Inventory Write-Off
-
0.0
%
-
0.0
%
1,845
0.6
%
4,776
2.1
%
Impairment in Flight Equipment
-
0.0
%
-
0.0
%
857
0.3
%
-
0.0
%
Secondary Offering Costs
391
0.8
%
-
0.0
%
391
0.1
%
-
0.0
%
Relocation Costs
373
0.7
%
-
0.0
%
373
0.1
%
-
0.0
%
Income Tax Effect of Adjusting Items
(1)
(81
)
(0.2
%)
-
0.0
%
(170
)
(0.1
%)
-
0.0
%
Adjusted Net (Loss)/Income
(1,944
)
(3.9
%)
9,217
12.6
%
51,874
16.5
%
41,340
18.4
%
Interest Expense
(393
)
(0.8
%)
241
0.3
%
(15
)
(0.0
%)
750
0.3
%
Income Tax Expense (Benefit)
(1,072
)
(2.1
%)
1,129
1.5
%
9,912
3.2
%
8,737
3.9
%
Depreciation and Amortization
2,832
5.6
%
3,291
4.5
%
8,589
2.7
%
9,868
4.4
%
Reversal of Income Tax Effect of Adjusting
Items (1)
81
0.2
%
-
0.0
%
170
0.1
%
-
0.0
%
Adjusted EBITDA
(496
)
(1.0
%)
13,878
18.9
%
70,530
22.5
%
60,695
27.0
%
Reported Basic (loss) earnings per
share
(0.17
)
(0.04
)
0.67
0.59
Addbacks:
Change in fair value of warrant
liability
0.04
0.05
0.04
0.06
Stock-based compensation
0.08
0.21
0.23
0.21
Inventory Write-Off
-
-
0.04
0.12
Impairment in Flight Equipment
-
-
0.02
-
Secondary Offering Costs
0.01
-
0.01
-
Relocation Costs
0.01
-
0.01
-
Income Tax Effect of Adjusting Items
(0.00
)
-
(0.00
)
-
Adjusted Basic (loss) earnings per
share
(0.03
)
0.22
1.02
0.98
Reported Diluted (loss) earnings per
share
(0.17
)
(0.04
)
0.64
0.59
Addbacks:
Change in FV of warrant liability
0.04
0.05
0.03
0.06
Stock-based compensation
0.08
0.21
0.22
0.21
Inventory Write-Off
-
-
0.03
0.12
Impairment in Flight Equipment
-
-
0.02
-
Secondary Offering Costs
0.01
-
0.01
-
Relocation Costs
0.01
-
0.01
-
Income Tax Effect of Adjusting Items
(0.00
)
-
(0.00
)
-
Adjusted Diluted (loss) earnings per
share
(0.03
)
0.22
0.96
0.98
(1) The income tax effect of adjusting
items, net is calculated at the Company's effective tax rate for
the applicable period
Forward Looking Statements This press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, including without limitation statements
regarding our anticipated financial performance, including all
statements set forth in the “2022 Guidance” section above such as
expectations of revenue in the range of $420 - $450 million and
adjusted EBITDA in the range of $80 - $90 million; our expectations
that demand for P2F conversions will allow monetization of the
remaining Boeing 757 package in through 2024; anticipations
regarding an increasingly favorable market for feedstock
availability within AerSale’s USM business; our plans to continue
to direct our resources toward the highest generating rates of
return for our shareholders; expectations regarding feedstock as a
cornerstone of our strategy, and our belief that we are extremely
well positioned to take advantage of the current market dynamic;
our belief that our purpose built model continues to generate
strong returns to stakeholders and is supported by best-in-class
execution; our belief that we are very well positioned to take
advantage of asset availability; our growth trajectory; the impact
of investments in our Boeing 757 program on our financial
performance; the expected operating capacity of our MRO facilities
and demand for such services; expectations of increased capacity
for third party work at our Goodyear, AZ facility; the anticipated
receipt from the FAA of an STC for our AerAware product and
expectation of sales; expectations that the AerAware technology may
prove to be mandatory equipment with airline partners; expectation
that our AerAware product will reduce costs and greenhouse gas
emissions caused by flight delays and diversions caused by weather;
and our anticipated revenue split between our two segments.
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,” and
similar expressions are intended to identify such forward-looking
statements. Many factors could cause actual future events to differ
materially from the forward-looking statements in this
presentation, including without limitation, the impact of the
COVID-19 pandemic; factors adversely impacting the commercial
aviation industry; events related to the war in Ukraine including
economic and trade sanctions; the fluctuating market value of our
products; our ability to repossess mid-life commercial aircraft and
engines; our ability to comply with stringent government
regulation; the shortage of skilled personnel, including as a
result of work stoppages; the highly competitive nature of the
markets in which we operate; and risks associated with our
international operations, including geopolitical events such as the
Russian invasion of Ukraine. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section 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. 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 AerSale Corporation assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law
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 A reconciliation of
non-GAAP adjusted EBITDA guidance to net (loss) income, the most
directly comparable GAAP (Generally Accepted Accounting Principles)
measure, has not been provided due to the lack of predictability
regarding the various reconciling items such as the provision for
income taxes and depreciation and amortization, which are expected
to have a material impact on these measures and cannot be
reasonably predicted without unreasonable efforts.
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version on businesswire.com: https://www.businesswire.com/news/home/20221108006034/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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