Second Quarter 2023 Highlights
- Revenue of $69.3 million versus $139.6 million in the prior
year period.
- GAAP net loss of $2.7 million versus GAAP net income of $26.5
million in the prior year period.
- Adjusted Net Loss of $0.6 million versus Adjusted Net Income of
$31.7 million in the prior year period.
- Adjusted EBITDA1 of $(0.5) million versus $41.1 million in the
prior year period.
- Revenue and earnings reflect the pacing of flight equipment
sales.
- Flight equipment sales of $13.3 million comprising of four
engines and no aircraft versus $92.5 million consisting of three
engines and three aircraft in the prior period, which included two
AerSale converted Boeing 757 freighters and a Boeing 747
freighter.
- 2023 guidance update: expects revenue in the range of $400 -
$440 million and adjusted EBITDA in the range of $40 - $55 million,
which excludes any potential AerAware sales2.
- Updated 2023 guidance takes into consideration soft demand in
the freight market that is likely to extend the sales cycle of
AerSale’s Boeing 757 passenger to freighter (“P2F”) converted
aircraft.
- Company has completed FAA requested modifications of AerAware,
with final flight testing tentatively scheduled to commence the
week of August 14th or August 21st.
AerSale Corporation (Nasdaq: ASLE) (the “Company”) today
reported results for the second quarter ended June 30, 2023. The
Company’s revenue for the second quarter of 2023 was $69.3 million
compared to $139.6 million in the second quarter of 2022. Revenue
for the second quarter of 2023 included $13.3 million of flight
equipment sales compared to $92.5 million of flight equipment sales
in the prior-year period. Flight equipment sales in the second
quarter of 2023 consisted of only four engines and no aircraft
compared to three engines and three aircraft in the second quarter
of 2022, which included two AerSale converted Boeing 757 freighter
aircraft and a Boeing 747 Freighter. The decline in sales was
primarily the result of the pacing of flight equipment sales, which
tend to occur at irregular intervals throughout the year as
evidenced by these fluctuations, which led to record first and
second quarters in 2022. As a reminder to investors, the Company’s
revenues are likely to fluctuate 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.
GAAP net loss was $2.7 million in the second quarter of 2023,
compared to GAAP net income of $26.5 million in the prior year
period. AerSale recognized a mark-to-market adjustment income of
$1.4 million related to the private warrant liability, $3.0 million
of stock-based compensation expenses within payroll expenses, $0.3
million in facility relocation costs, and $0.3 million of secondary
issuance costs during the second quarter of 2023. In the second
quarter of 2022, the mark-to-market adjustment income related to
the private warrant liability was $1.4 million and stock-based
compensation expenses were $3.9 million. Excluding these non-cash
and unusual items adjusted for tax, Adjusted Net Loss was $0.6
million in the second quarter of 2023 compared to Adjusted Net
Income of $31.7 million in the second quarter of 2022.
Diluted loss per share was $0.08 for the second quarter of 2023
and diluted earnings per share was $0.47 in the second quarter of
2022. Adjusted for the non-cash and unusual items noted above,
adjusted diluted loss per share was $0.03 for the second quarter of
2023 compared to adjusted diluted earnings per share of $0.56 in
the second quarter of 2022.
Nicolas Finazzo, AerSale’s Chief Executive Officer, commented,
“As noted in our first quarter report, second quarter volume was
meaningfully lower than the second quarter of 2022. This is
entirely the result of fewer flight equipment sales, which
fluctuate significantly from quarter to quarter. Commercial demand
was strong during the period and our core business has continued to
grow with greater demand for used serviceable material (“USM”) and
our maintenance, repair and overhaul (“MRO”) offerings.”
Finazzo added, “We are reducing full-year expectations for our
757 program, as the freight market has softened in response to
higher interest rates and tightening economic conditions, which
have eased demand for consumer products. This adds some uncertainty
to the timing and type of monetization of these assets, as we
deploy this feedstock to the highest potential rate of return using
our multi-dimensional value extraction model, which includes flight
equipment sales, lease, and USM.
Looking forward, we anticipate the second quarter to be the
trough quarter as we begin to see the benefits of the robust
feedstock already purchased or in the pipeline exceeding $200
million year-to-date, the monetization of post-conversion 757s, and
the FAA Supplemental Type Certification (“STC”) of AerAware, our
Enhanced Flight Vision System for the Boeing 737NG series of
aircraft.”
Asset Management Solutions (“Asset Management") revenue
decreased to $37.1 million during the second quarter of 2023
compared to $114.5 million in the second quarter of 2022, because
of the pacing of flight equipment sales mentioned above. USM
revenue was up from the year-ago quarter fueled by growth in demand
and availability of feedstock, while leasing revenue fell due to
the planned reduction of the aircraft leasing portfolio.
TechOps revenue increased 28.7% to $32.3 million in the second
quarter of 2023 from $25.1 million in the second quarter of 2022
primarily owing to growth in revenue generated by AerSale’s
Goodyear, Arizona on-airport MRO facility from additional capacity
dedicated to customer aircraft, as well as higher revenue from
component MROs.
Adjusted EBITDA in the second quarter of 2023 was $(0.5) million
compared to $41.1 million in the second quarter of 2022. The
decline in adjusted EBITDA is largely attributable to lower flight
equipment sales, and no aircraft sales during the period. Please
see the non-GAAP reconciliation table at the end of this press
release for additional details on adjusted EBITDA.
Cash used in operating activities was $129.2 million as a result
of increased investments in feedstock that should drive earnings
growth in the second half of 2023. AerSale ended the quarter with
$34.6 million in cash and has an undrawn revolving credit facility
which was recently renewed for a five-year term, upsized to $180
million and expandable to $200 million.
Update on AerAware
AerSale is in the final stage of the FAA’s certification of
AerAware, which involves the completion of five sets of flight
tests. Flight testing began in February, and AerSale has passed
four of the five sets. The fifth set of flight tests is to
demonstrate the reliability of the system. During the first four
sets, the FAA proposed several adjustments and enhancements to the
system, which the Company has now successfully incorporated. This
demonstration has been tentatively scheduled for the week
commencing August 14th or August 21st, subject to final paperwork
and weather, with the fifth set of flight tests to begin
immediately thereafter. The final set of flight testing is expected
to be completed in approximately one week, and upon successful
completion, it is typical to receive an STC within 30 days.
Second Quarter 2023 Results of Operations
AerSale reported revenue of $69.3 million in the second quarter
of 2023, which included $13.3 million of flight equipment sales
comprising of only four engines and no aircraft. The Company’s
revenue for the second quarter of 2022 was $139.6 million and
included $92.5 million of flight equipment sales consisting of
three aircraft and three engines, which included two AerSale
converted Boeing 757 freighter aircraft and a Boeing 747 freighter.
Investors should note that the first quarter of 2022 had also
experienced record flight equipment sales of $75.9 million. 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 measurement of the
Company’s progress.
Asset Management revenue decreased 67.6% to $37.1 million in the
second quarter of 2023 resulting from the reduction in flight
equipment sales. USM parts sales grew from the year-ago quarter
driven by expanding demand and availability of feedstock, which was
offset by no revenue from aircraft leasing.
TechOps revenue improved 28.7% to $32.3 million in the second
quarter of 2023 from $25.1 million in the year-ago period. The
TechOps business benefited from additional capacity dedicated to
customer aircraft at the Company’s Goodyear on-airport MRO facility
along with growth in component MROs. As previously mentioned,
AerSale sub-contracted third-party providers at the beginning of
the fourth quarter of 2022 to perform 12 757 P2F conversions
initially planned to be completed at its Goodyear facility,
enabling the Company to increase capacity for third-party
services.
Gross margin was 29.1% in the second quarter of 2023 compared to
39.4% in the year ago period, which was mainly the outcome of the
sales mix that consisted of fewer high-margin flight equipment
sales.
Selling, general and administrative expenses were $27.1 million
in the second quarter of 2023 versus $23.5 million in the second
quarter of 2022. AerSale incurred $3.0 million of stock-based
compensation expenses in the second quarter of 2023 versus $3.9
million in the second quarter of 2022.
Loss from operations was $7.0 million in the second quarter of
2023 and income from operations was $31.5 million in the second
quarter of 2022.
Income tax benefit was $2.4 million in the second quarter of
2023 and income tax expense was $6.3 million in the second quarter
of 2022.
GAAP net loss for the second quarter of 2023 was $2.7 million,
compared to GAAP net income of $26.5 million in the second quarter
of 2022. Adjusted for stock-based compensation, mark-to-market
adjustment to the private warrant liability, facility relocation
costs, and secondary issuance costs, Adjusted Net Loss was $0.6
million in the second quarter of 2023 while Adjusted Net Income was
$31.7 million in the second quarter of 2022. Diluted loss per share
was $0.08 for the second quarter of 2023 and diluted earnings per
share was $0.47 in the second quarter of 2022. Adjusted for the
above-mentioned non-cash and unusual items, diluted loss per share
was $0.03 for the second quarter of 2023 while diluted earnings per
share was $0.56 in the second quarter of 2022.
Adjusted EBITDA in the second quarter of 2023 was $(0.5)
million, compared to $41.1 million in the second quarter of 2022.
The decrease in adjusted EBITDA resulted from fewer high-margin
flight equipment sales.
Martin Garmendia, AerSale’s Chief Financial Officer, said: “As
we had pointed out during our last earnings call, second quarter
2023 results were meaningfully impacted by fluctuations in high
margin flight equipment sales. The second quarter of 2022 included
$92.5 million of such higher margin flight equipment sales while
the second quarter of 2023 included only $13.3 million. Looking
ahead, we have reduced guidance to reflect soft demand in the
freight market that is impacting the 757 P2F conversion program.
Notwithstanding these short-term market dynamics, we believe the
long-term underlying fundamentals of our business remain
robust.”
Updated 2023 Guidance
AerSale now expects to generate revenue of $400 - $440 million
and adjusted EBITDA of $40 - $55 million in 2023. This updated
guidance takes into account soft demand in the freight market that
is anticipated to extend the sales cycle of AerSale’s converted
757s as previously estimated by the Company. This reduced guidance
for 2023 does not reflect potential sales of AerAware as the
product is in its final stages of FAA approval.
Conference Call Information
The Company will host a conference call today, August 8, 2023,
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 August 22, 2023. Participants may
access the replay at 1-844-512-2921, international callers may use
1-412-317-6671, and enter access code 13740127. 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 condensed consolidated 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.
Second Quarter 2023 Financial Results
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share data
and par value)
June 30,
December 31,
2023
2022
(Unaudited)
Current assets:
Cash and cash equivalents
$
34,644
$
147,188
Accounts receivable, net of allowance for
credit losses of $979 and $1,074 as of June 30, 2023 and December
31, 2022
31,888
28,273
Inventory:
Aircraft, airframes, engines, and parts,
net
198,023
117,488
Advance vendor payments
35,688
27,585
Deposits, prepaid expenses, and other
current assets
12,101
13,022
Total current assets
312,344
333,556
Fixed assets:
Aircraft and engines held for lease,
net
25,545
31,288
Property and equipment, net
22,892
12,638
Inventory:
Aircraft, airframes, engines, and parts,
net
102,664
66,042
Operating lease right-of-use assets
29,689
31,624
Deferred income taxes
13,016
11,287
Deferred financing costs, net
319
544
Deferred customer incentives and other
assets, net
550
628
Goodwill
19,860
19,860
Other intangible assets, net
23,057
24,112
Total assets
$
549,936
$
531,579
Current liabilities:
Accounts payable
$
26,088
$
21,131
Accrued expenses
5,546
8,843
Lessee and customer purchase deposits
23,615
17,085
Current operating lease liabilities
4,586
4,426
Deferred revenue
3,074
1,355
Total current liabilities
62,909
52,840
Long-term debt
8,559
-
Long-term lease deposits
152
152
Long-term operating lease liabilities
26,387
28,283
Maintenance deposit payments and other
liabilities
68
668
Warrant liability
3,597
4,656
Total liabilities
101,672
86,599
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value.
Authorized 200,000,000 shares; issued and outstanding 51,250,407
and 51,189,461 shares as of June 30, 2023 and December 31, 2022
5
5
Additional paid-in capital
312,108
306,141
Retained earnings
136,151
138,834
Total stockholders' equity
448,264
444,980
Total liabilities and stockholders’
equity
$
549,936
$
531,579
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(in thousands, except per share
data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue:
Products
$
37,623
$
108,622
$
83,118
$
200,990
Leasing
3,286
7,355
8,908
15,556
Services
28,417
23,631
55,571
45,868
Total revenue
69,326
139,608
147,597
262,414
Cost of sales and operating expenses:
Cost of products
26,931
63,019
58,479
120,947
Cost of leasing
1,079
2,531
2,202
4,720
Cost of services
21,176
19,078
42,385
35,064
Total cost of sales
49,186
84,628
103,066
160,731
Gross profit
20,140
54,980
44,531
101,683
Selling, general, and administrative
expenses
27,097
23,503
52,321
47,269
(Loss) income from operations
(6,957
)
31,477
(7,790
)
54,414
Other income (expenses):
Interest income (expense), net
381
(183
)
1,428
(378
)
Other income, net
138
116
371
481
Change in fair value of warrant
liability
1,393
1,382
1,059
148
Total other income
1,912
1,315
2,858
251
(Loss) income before income tax
provision
(5,045
)
32,792
(4,932
)
54,665
Income tax benefit (expense)
2,357
(6,337
)
2,249
(10,984
)
Net (loss) income
$
(2,688
)
$
26,455
$
(2,683
)
$
43,681
(Loss) earnings per share:
Basic
$
(0.05
)
$
0.51
$
(0.05
)
$
0.85
Diluted
$
(0.08
)
$
0.47
$
(0.07
)
$
0.81
Weighted average shares outstanding:
Basic
51,227,484
51,691,076
51,217,990
51,688,837
Diluted
51,404,653
53,882,242
51,417,889
53,911,280
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended June
30,
2023
2022
Cash flows from operating activities:
Net (loss) income
$
(2,683
)
$
43,681
Adjustments to reconcile net (loss) income
to net cash (used in) provided by operating activities:
Depreciation and amortization
5,069
5,757
Amortization of debt issuance costs
225
225
Amortization of operating lease assets
198
-
Inventory reserve
709
1,810
Impairment of aircraft held for lease
-
857
Provision for credit losses
-
(419
)
Deferred income taxes
(1,729
)
(2,313
)
Change in fair value of warrant
liability
(1,059
)
(148
)
Share-based compensation
5,759
7,672
Changes in operating assets and
liabilities:
Accounts receivable
(3,615
)
(907
)
Inventory
(134,278
)
13,369
Deposits, prepaid expenses, and other
current assets
921
(482
)
Deferred customer incentives and other
assets
78
111
Advance vendor payments
(8,103
)
(6,707
)
Accounts payable
4,957
2,213
Income tax payable
-
4,094
Accrued expenses
(3,296
)
(1,609
)
Deferred revenue
1,719
4,347
Lessee and customer purchase deposits
6,530
(28,825
)
Other liabilities
(599
)
(1,522
)
Net cash (used in) provided by operating
activities
(129,197
)
41,204
Cash flows from investing activities:
Proceeds from sale of assets
12,700
35,707
Acquisition of aircraft and engines held
for lease, including capitalized cost
-
(6,463
)
Purchase of property and equipment
(4,814
)
(3,741
)
Net cash provided by investing
activities
7,886
25,503
Cash flows from financing activities:
Proceeds from long-term debt
8,559
-
Taxes paid related to net share settlement
of equity awards
(70
)
-
Proceeds from the issuance of Employee
Stock Purchase Plan shares
278
345
Net cash provided by financing
activities
8,767
345
(Decrease) increase in cash and cash
equivalents
(112,544
)
67,052
Cash and cash equivalents, beginning of
period
147,188
130,188
Cash and cash equivalents, end of
period
$
34,644
$
197,240
Supplemental disclosure of cash
activities
Income tax payments, net
1,276
9,572
Interest paid
286
426
Supplemental disclosure of noncash
investing activities
Reclassification of aircraft and aircraft
engines inventory to (from) aircraft and engine held for lease,
net
3,711
(17,060
)
Reclassification of customer purchase
deposits to sale of assets
-
12,500
Three months ended June 30,
Six months ended June 30,
2023
% of Total
Revenue
2022
% of Total
Revenue
2023
% of Total
Revenue
2022
% of Total
Revenue
Reported Net (Loss)/Income
(2,688
)
(3.9
)%
26,455
18.9
%
(2,683
)
(1.8
)%
43,681
16.6
%
Addbacks:
Change in FV of Warrant Liability
(1,393
)
(2.0
)%
(1,382
)
(1.0
)%
(1,059
)
(0.7
)%
(148
)
(0.1
)%
Stock Compensation
3,028
4.4
%
3,917
2.8
%
5,759
3.9
%
7,672
2.9
%
Inventory Write-Off
-
0.0
%
1,845
1.3
%
-
0.0
%
1,845
0.7
%
Impairment in Flight Equipment
-
0.0
%
857
0.6
%
-
0.0
%
857
0.3
%
Secondary Offering Costs
309
0.4
%
-
0.0
%
309
0.2
%
-
0.0
%
Facility Relocation Costs
342
0.5
%
-
0.0
%
722
0.5
%
-
0.0
%
Income Tax Effect of Adjusting Items
(1)
(188
)
(0.3
)%
-
0.0
%
(297
)
(0.2
)%
-
0.0
%
Adjusted Net (Loss)/Income
(590
)
(0.9
)%
31,693
22.6
%
2,751
1.8
%
53,907
20.4
%
Interest Expense
(381
)
(0.5
)%
183
0.1
%
(1,428
)
(1.0
)%
378
0.1
%
Income Tax Expense (Benefit)
(2,357
)
(3.4
)%
6,337
4.5
%
(2,249
)
(1.5
)%
10,984
4.2
%
Depreciation and Amortization
2,600
3.8
%
2,891
2.1
%
5,069
3.4
%
5,757
2.2
%
Reversal of Income Tax Effect of Adjusting
Items (1)
188
0.3
%
-
0.0
%
297
0.2
%
-
0.0
%
Adjusted EBITDA
(540
)
(0.8
)%
41,104
29.3
%
4,440
2.9
%
71,026
26.9
%
Reported Basic (loss) earnings per
share
(0.05
)
0.51
(0.05
)
0.85
Addbacks:
Change in fair value of warrant
liability
(0.03
)
(0.03
)
(0.02
)
-
Stock-based compensation
0.06
0.08
0.11
0.15
Inventory Write-Off
-
0.04
-
0.04
Impairment in Flight Equipment
-
0.02
-
0.02
Secondary Offering Costs
0.01
-
0.01
-
Facility Relocation Costs
0.01
-
0.01
-
Income Tax Effect of Adjusting Items
-
-
(0.01
)
-
Adjusted Basic (loss) earnings per
share
0.00
0.61
0.05
1.06
Reported Diluted (loss) earnings per
share
(0.08
)
0.47
(0.07
)
0.81
Addbacks:
Change in FV of warrant liability
(0.03
)
(0.03
)
(0.02
)
-
Stock-based compensation
0.06
0.07
0.11
0.14
Inventory Write-Off
-
0.03
-
0.03
Impairment in Flight Equipment
-
0.02
-
0.02
Secondary Offering Costs
0.01
-
0.01
-
Facility Relocation Costs
0.01
-
0.01
-
Income Tax Effect of Adjusting Items
-
-
(0.01
)
-
Adjusted Diluted (loss) earnings per
share
(0.03
)
0.56
0.03
1.00
(1) The income tax effect of adjusting
items is calculated at the Company's effective tax rate for the
applicable period.
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, including all statements set forth in the “Updated
2023 Guidance” section above such as expectations of revenue in the
range of $400 - $440 million and adjusted EBITDA in the range of
$40 - $55 million; our expectations that up to twelve additional
aircraft will be converted to freighters by third parties; the
anticipation that the 757 P2F conversion program is expected to be
a strong contributor to the Company; 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 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; 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; the anticipated receipt and
typical timeline of receipt from the FAA of an STC for our AerAware
product; expectation that AerAware is a technology that will be
broadly adopted and that sales of AerAware will be a meaningful
contributor to 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 loss, adjusted EBITDA and
adjusted diluted earnings 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 measure.
2 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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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) 764-200 Email:
media.relations@aersale.com
Investor Contact: AerSale: AersaleIR@icrinc.com
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