Third Quarter 2023 Highlights
- Revenue of $92.5 million versus $51.0 million in the prior year
period.
- GAAP net loss of $0.1 million versus GAAP net loss of $9.0
million in the prior year period.
- Adjusted net income of $0.9 million versus adjusted net loss of
$1.9 million in the prior year period.
- Adjusted EBITDA1 of $1.9 million versus $(0.5) million in the
prior year period.
- Revenue and earnings benefited from the pacing of flight
equipment sales.
- Flight equipment sales of $44.8 million consisting of seven
engines and a passenger-to-freighter (“P2F”) converted Boeing 757
aircraft, versus $2.7 million consisting of two engines in the
prior period.
- 2023 guidance update: expects revenue in the range of $400 -
$420 million and adjusted EBITDA in the range of $40 - $45
million2.
- AerAware in final stages of FAA certification with all testing
successfully completed and remaining tasks consisting of minor
documentation revisions.
AerSale Corporation (Nasdaq: ASLE) (the “Company”) today
reported results for the third quarter ended September 30, 2023.
The Company’s revenue for the third quarter of 2023 was $92.5
million compared to $51.0 million in the third quarter of 2022.
Revenue for the third quarter of 2023 included $44.8 million of
flight equipment sales compared to $2.7 million of flight equipment
sales in the prior-year period. Flight equipment sales in the third
quarter of 2023 consisted of seven engines and a P2F converted
Boeing 757 aircraft, compared to two engines in the third quarter
of 2022. This improvement was mainly the result of the pacing of
flight equipment sales, which tend to occur at irregular intervals
throughout the year evidenced by these fluctuations. As a reminder
to investors, the Company’s revenues are likely to fluctuate from
quarter-to-quarter and year-to-year due to the timing of flight
equipment sales, and therefore progress should be monitored based
on the volume of asset purchases and related sales.
GAAP net loss was $0.1 million in the third quarter of 2023,
compared to GAAP net loss of $9.0 million in the prior year period.
AerSale recognized a mark-to-market adjustment expense of $0.1
million related to the private warrant liability, $3.2 million of
stock-based compensation expenses within payroll expenses, $2.7M
recovery of inventory obsolescence, $0.3 million in relocation
costs, and $0.3 million of secondary issuance costs during the
third quarter of 2023. AerSale recognized a mark-to-market
adjustment expense of $2.0 million related to the private warrant
liability and $4.4 million of stock-based compensation expenses
within payroll expenses, $0.4 million in relocation costs, and $0.4
million of secondary issuance costs during the third quarter of
2022. Excluding these non-cash and unusual items adjusted for tax,
adjusted net income was $0.9 million in the third quarter of 2023
compared to adjusted net loss of $1.9 million in the third quarter
of 2022.
Diluted loss per share was $0.00 for the third quarter of 2023
and $0.17 in the third quarter of 2022. Adjusted for the non-cash
and unusual items noted above, adjusted diluted earnings per share
was $0.03 for the third quarter of 2023 compared to adjusted
diluted loss per share of $0.03 in the third quarter of 2022.
Asset Management Solutions (“Asset Management") revenue more
than tripled to $65.1 million during the third quarter of 2023 from
$20.6 million in the third quarter of 2022 resulting from the
pacing of flight equipment sales. AerSale sold seven engines and a
P2F converted Boeing 757 aircraft in the third quarter of 2023
compared to two engines in the third quarter of 2022. Used
Serviceable Material (USM) revenue increased meaningfully from the
year-ago quarter driven by growing demand for and availability of
feedstock. Leasing revenue declined because of no aircraft and
fewer engines available for lease.
TechOps revenue decreased 9.9% to $27.4 million in the third
quarter of 2023 from $30.4 million in the third quarter of 2022, in
part due to fewer customer aircraft in storage as compared to prior
periods, as well as lower contributions from our aerostructures and
landing gear facilities. This was partially offset by additional
capacity dedicated to customer aircraft enabled by outsourcing the
remaining P2F conversions of our Boeing 757s.
Adjusted EBITDA in the third quarter of 2023 was $1.9 million
compared to $(0.5) million in the third quarter of 2022. The
improvement in adjusted EBITDA is primarily because of higher
flight equipment sales consisting of seven engines and one aircraft
during the period. 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 $168.1
million mostly attributable to additional investments in feedstock
expected to generate revenue and earnings growth in the fourth
quarter of 2023 and into 2024. AerSale ended the quarter with
$174.6 million of liquidity consisting of $3.2 million in cash and
with available capacity of $171.4 million on our $180 million
revolving credit facility, in which the facility can be expanded to
$200 million.
Nicolas Finazzo, AerSale’s Chief Executive Officer, commented,
“Our third quarter results benefited from better volume, which was
driven by greater flight equipment sales. While flight equipment
sales for the quarter were below our internal projections, they
were notably higher compared to the year-ago period. Outside of
flight equipment sales which tend to fluctuate significantly from
quarter to quarter, our core business remained strong with
increasing demand for, and increased availability of, used
serviceable material (“USM”).”
Finazzo added, “The freight market has considerably weakened as
some of the highest interest rates we have seen in recent years
combined with tightening financial market conditions has dampened
consumption activities and consumer appetite. This softening in the
air cargo market has drawn out the sales cycle of our P2F converted
Boeing 757 aircraft. We remain confident that we will monetize this
inventory at appropriate margins given our multi-dimensional and
purpose-built value extraction model, which enables us to achieve
the highest risk adjusted rates of return across different cycles
by allocating feedstock to the business unit (whole assets, leases,
or USM parts) that can achieve those returns.”
Update on AerAware
AerSale has successfully completed all material components of
the certification process conducted by the U.S. Federal Aviation
Administration (FAA) for its Enhanced Flight Vision System
“AerAware,” applicable to the Boeing 737NG aircraft. The remaining
tasks relate to documentation review which is the final stage of
the Supplemental Type Certificate (“STC”) certification
process.
In connection with the anticipated issuance of the AerAware STC,
the FAA has released its updated ratings of enhanced flight vision
systems and has approved AerAware for a 50% visual advantage over
what can be seen with the naked eye. This makes AerAware the first
and only product approved by the FAA with this level of visual
advantage and strengthens our value proposition to customers by
enhancing safety and reducing weather-related operating costs by
minimizing delays, fuel consumption, and carbon emissions.
Third Quarter 2023 Results of Operations
AerSale reported revenue of $92.5 million in the third quarter
of 2023, which included $44.8 million of flight equipment sales
consisting of seven engines and a P2F converted Boeing 757
aircraft. The Company’s revenue for the third quarter of 2022 was
$51.0 million consisting of $2.7 million of flight equipment sales
including two engines and no aircraft in the third quarter of 2022.
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 rose to $65.1 million in the third
quarter of 2023 from $20.6 million in the third quarter of 2022
resulting from an increase in flight equipment sales. USM parts
sales also improved from the year-ago quarter because of higher
demand for and availability of feedstock.
TechOps revenue fell 9.9% to $27.4 million in the third quarter
of 2023 from $30.4 million in the year-ago period. The TechOps
business was adversely impacted by fewer customer aircraft in
storage as compared to prior periods and weaker contributions from
our aerostructures and landing gear facilities. This was partially
offset by additional capacity made available for customer aircraft
by outsourcing the remaining 12 P2F converted Boeing 757 aircraft
to third-party providers.
Gross margin was 25.4% in the third quarter of 2023 compared to
30.4% in the year ago period, driven by lower margins from the mix
of flight equipment sales.
Selling, general and administrative expenses were $25.4 million
in the third quarter of 2023 compared to $24.0 million in the third
quarter of 2022 primarily driven by higher AerAware development and
facility expansion costs. AerSale incurred $3.2 million of
stock-based compensation expenses in the third quarter of 2023
versus $4.4 million in the third quarter of 2022.
Loss from operations was $1.9 million in the third quarter of
2023 and loss from operations was $8.5 million in the third quarter
of 2022.
Income tax benefit was $2.0 million in the third quarter of 2023
and $1.1 million in the third quarter of 2022.
GAAP net loss was $0.1 million in the third quarter of 2023,
compared to GAAP net loss of $9.0 million in the prior year period.
Adjusted for stock-based compensation, mark-to-market adjustment to
the private warrant liability, recovery of inventory obsolescence,
relocation costs, and secondary issuance costs, adjusted net income
was $0.9 million in the third quarter of 2023. Adjusted for
stock-based compensation and mark-to-market adjustment to the
private warrant liability, relocation costs, and secondary issuance
costs, adjusted net loss was $1.9 million in the third quarter of
2022.
Diluted loss per share was $0.00 for the third quarter of 2023
and $0.17 in the third quarter of 2022. Adjusted for the
above-mentioned non-cash and unusual items, adjusted diluted
earnings per share was $0.03 for the third quarter of 2023 compared
to adjusted diluted loss per share of $0.03 in the third quarter of
2022.
Adjusted EBITDA in the third quarter of 2023 was $1.9 million,
compared to $(0.5) million in the third quarter of 2022. The growth
in adjusted EBITDA was driven by greater high-margin flight
equipment sales.
Martin Garmendia, AerSale’s Chief Financial Officer, said:
“Compared to the year ago period, we benefited from the cadence of
flight equipment sales this quarter. However, results for the
quarter were below our internal projections as several flight
equipment sales shifted into the fourth quarter, including the sale
of a P2F converted Boeing 757 aircraft. In terms of the broader
market, we continue to be impacted by a weaker freight market,
which has prolonged the sales cycle of our remaining P2F converted
Boeing 757s, as reflected in our guidance update. At the same time,
we remain confident that our purpose-built model and excellent
execution capabilities will enable us to drive and generate value
for all our stakeholders over the next few quarters.”
Updated 2023 Guidance
AerSale now expects to generate revenue of $400 - $420 million
and adjusted EBITDA of $40 - $45 million in 2023. This updated
guidance continues to reflect softer demand in the freight market
that is expected to spread out the sales cycle of our P2F converted
Boeing 757 aircraft and continued supply chain issues that have
delayed the availability of USM and flight equipment available for
sale or lease. Of note, our revised guidance includes flight
equipment sales that are scheduled to close by the end of the year,
but which have not yet occurred, and could shift into the first
quarter of 2024, due to the volume of transactions and tight time
frame to close. This 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, November 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 1-877-300-8521, international callers may use
1-412-317-6026, 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, 2023. Participants
may access the replay at 1-844-512-2921, international callers may
use 1-412-317-6671, and enter access code 10183259. 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 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 (loss) 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 (loss) or net
income (loss) 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 (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 (loss), the Company’s closest GAAP
measure, to adjusted EBITDA, adjusted net income (loss), and
adjusted diluted earnings (loss) per share, are outlined in the
tables below following the Company’s condensed consolidated
financial statements.
Third Quarter 2023 Financial Results
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share data
and par value)
September 30,
December 31,
2023
2022
(Unaudited)
Current assets:
Cash and cash equivalents
$
3,154
$
147,188
Accounts receivable, net of allowance for
credit losses of $979 and $1,074 as of September 30, 2023 and
December 31, 2022
29,721
28,273
Income tax receivable
1,313
-
Inventory:
Aircraft, airframes, engines,
and parts, net
200,807
117,488
Advance vendor payments
35,798
27,585
Deposits, prepaid expenses, and other
current assets
15,335
13,022
Total current assets
286,128
333,556
Fixed assets:
Aircraft and engines held for lease,
net
30,096
31,288
Property and equipment, net
25,092
12,638
Inventory:
Aircraft, airframes, engines, and parts,
net
126,018
66,042
Operating lease right-of-use assets
28,445
31,624
Deferred income taxes
13,618
11,287
Deferred financing costs, net
1,589
544
Deferred customer incentives and other
assets, net
535
628
Goodwill
19,860
19,860
Other intangible assets, net
22,521
24,112
Total assets
$
553,902
$
531,579
Current liabilities:
Accounts payable
$
38,954
$
21,131
Accrued expenses
3,919
8,843
Lessee and customer purchase deposits
6,444
17,085
Current operating lease liabilities
4,578
4,426
Current portion of long-term debt
632
-
Deferred revenue
2,393
1,355
Total current liabilities
56,920
52,840
Revolving credit facility
8,600
-
Long-term debt
7,927
-
Long-term lease deposits
152
152
Long-term operating lease liabilities
25,238
28,283
Maintenance deposit payments and other
liabilities
151
668
Warrant liability
3,652
4,656
Total liabilities
102,640
86,599
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value.
Authorized 200,000,000 shares; issued and outstanding 51,328,800
and 51,189,461 shares as of September 30, 2023 and December 31,
2022
5
5
Additional paid-in capital
315,254
306,141
Retained earnings
136,003
138,834
Total stockholders' equity
451,262
444,980
Total liabilities and
stockholders’ equity
$
553,902
$
531,579
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(in thousands, except per share
data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue:
Products
$
66,842
$
16,823
$
149,960
$
217,813
Leasing
2,488
7,786
11,396
23,342
Services
23,154
26,390
78,725
72,258
Total revenue
92,484
50,999
240,081
313,413
Cost of sales and operating expenses:
Cost of products
48,697
12,755
107,176
133,702
Cost of leasing
1,051
1,818
3,253
6,538
Cost of services
19,262
20,937
61,647
56,001
Total cost of sales
69,010
35,510
172,076
196,241
Gross profit
23,474
15,489
68,005
117,172
Selling, general, and administrative
expenses
25,403
23,983
77,724
71,252
(Loss) income from
operations
(1,929
)
(8,494
)
(9,719
)
45,920
Other income (expenses):
Interest (expense) income, net
(250
)
393
1,178
15
Other income, net
127
45
498
526
Change in fair value of warrant
liability
(55
)
(2,029
)
1,004
(1,881
)
Total other (expenses)
income
(178
)
(1,591
)
2,680
(1,340
)
(Loss) income before income tax
provision
(2,107
)
(10,085
)
(7,039
)
44,580
Income tax benefit (expense)
1,959
1,072
4,208
(9,912
)
Net (loss) income
$
(148
)
$
(9,013
)
$
(2,831
)
$
34,668
(Loss) earnings per share:
Basic
$
-
$
(0.17
)
$
(0.06
)
$
0.67
Diluted
$
-
$
(0.17
)
$
(0.07
)
$
0.64
Weighted average shares outstanding:
Basic
51,321,026
51,745,354
51,252,581
51,707,809
Diluted
51,321,026
51,745,354
51,430,205
54,036,402
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended September
30,
2023
2022
Cash flows from operating activities:
Net (loss) income
$
(2,831
)
$
34,668
Adjustments to reconcile net (loss) income
to net cash (used in) operating activities:
Depreciation and amortization
7,585
8,589
Amortization of debt issuance costs
316
340
Amortization of operating lease assets
286
-
Inventory reserve
1,255
2,010
Impairment of aircraft held for lease
-
857
Provision for credit losses
-
(379
)
Deferred income taxes
(2,331
)
(2,655
)
Change in fair value of warrant
liability
(1,004
)
1,881
Share-based compensation
8,939
12,029
Changes in operating assets and
liabilities:
Deferred financing costs
(1,361
)
-
Accounts receivable
(1,447
)
3,730
Income tax receivable
(1,313
)
-
Inventory
(168,313
)
(26,441
)
Deposits, prepaid expenses, and other
current assets
(2,313
)
(747
)
Deferred customer incentives and other
assets
93
661
Advance vendor payments
(8,212
)
(10,097
)
Accounts payable
17,824
2,082
Income tax payable
-
(2,205
)
Accrued expenses
(5,015
)
(594
)
Deferred revenue
1,038
664
Lessee and customer purchase deposits
(10,641
)
(24,996
)
Other liabilities
(606
)
(1,779
)
Net cash (used in) operating
activities
(168,051
)
(2,382
)
Cash flows from investing activities:
Proceeds from sale of assets
14,450
37,107
Acquisition of aircraft and engines held
for lease, including capitalized cost
-
(6,945
)
Purchase of property and equipment
(7,766
)
(6,935
)
Net cash provided by investing
activities
6,684
23,227
Cash flows from financing activities:
Proceeds from long-term debt
8,559
-
Proceeds from Revolving Credit
Facility
26,100
-
Repayments of Revolving Credit
Facility
(17,500
)
-
Taxes paid related to net share settlement
of equity awards
(104
)
-
Proceeds from the issuance of Employee
Stock Purchase Plan shares
278
345
Net cash provided by financing
activities
17,333
345
(Decrease) increase in cash and cash
equivalents
(144,034
)
21,190
Cash and cash equivalents, beginning of
period
147,188
130,188
Cash and cash equivalents, end of
period
$
3,154
$
151,378
Supplemental disclosure of cash
activities
Income tax payments, net
1,306
14,637
Interest paid
575
856
Supplemental disclosure of noncash
investing activities
Reclassification of aircraft and aircraft
engines inventory to (from) aircraft and engine held for lease,
net
9,312
(25,025
)
Reclassification of customer purchase
deposits to sale of assets
-
12,500
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,
2023
% of Total Revenue
2022
% of Total Revenue
2023
% of Total Revenue
2022
% of Total Revenue
Reported Net (Loss)/Income
(148
)
(0.2
%)
(9,013
)
(17.7
%)
(2,831
)
(1.2
%)
34,668
11.1
%
Addbacks:
Change in FV of Warrant Liability
55
0.1
%
2,029
4.0
%
(1,004
)
(0.4
%)
1,881
0.6
%
Stock Compensation
3,180
3.4
%
4,357
8.5
%
8,939
3.7
%
12,029
3.8
%
Inventory Impairment (Recovery of Prior
Impairment)
(2,670
)
(2.9
%)
-
0.0
%
(2,670
)
(1.1
%)
1,845
0.6
%
Impairment in Flight Equipment
-
0.0
%
-
0.0
%
-
0.0
%
857
0.3
%
Secondary Offering Costs
315
0.3
%
391
0.8
%
624
0.3
%
391
0.1
%
Facility Relocation Costs
327
0.4
%
373
0.7
%
1,049
0.4
%
373
0.1
%
Income Tax Effect of Adjusting Items
(1)
(174
)
(0.2
%)
(81
)
(0.2
%)
(670
)
(0.3
%)
(170
)
(0.1
%)
Adjusted Net (Loss)/Income
885
1.0
%
(1,944
)
(3.9
%)
3,437
1.5
%
51,874
16.5
%
Interest Expense
250
0.3
%
(393
)
(0.8
%)
(1,178
)
(0.5
%)
(15
)
(0.0
%)
Income Tax Expense (Benefit)
(1,959
)
(2.1
%)
(1,072
)
(2.1
%)
(4,208
)
(1.8
%)
9,912
3.2
%
Depreciation and Amortization
2,516
2.7
%
2,832
5.6
%
7,585
3.2
%
8,589
2.7
%
Recovery of Income Tax Effect of Adjusting
Items (1)
174
0.2
%
81
0.2
%
670
0.3
%
170
0.1
%
Adjusted EBITDA
1,866
2.0
%
(496
)
(1.0
%)
6,307
2.7
%
70,530
22.5
%
Reported Basic (loss) earnings per
share
-
(0.17
)
(0.06
)
0.67
Addbacks:
Change in fair value of warrant
liability
-
0.04
(0.02
)
0.04
Stock-based compensation
0.06
0.08
0.17
0.23
Inventory Impairment (Recovery of Prior Impairment)
(0.05
)
-
(0.05
)
0.04
Impairment in Flight Equipment
-
-
-
0.02
Secondary Offering Costs
0.01
0.01
0.01
0.01
Facility Relocation Costs
0.01
0.01
0.02
0.01
Income Tax Effect of Adjusting Items
-
(0.00
)
(0.01
)
-
Adjusted Basic (loss) earnings per
share
0.03
(0.03
)
0.06
1.02
Reported Diluted (loss) earnings per
share
-
(0.17
)
(0.07
)
0.64
Addbacks:
Change in FV of warrant liability
-
0.04
(0.02
)
0.03
Stock-based compensation
0.06
0.08
0.17
0.22
Inventory Impairment (Recovery of Prior Impairment)
(0.05
)
-
(0.05
)
0.03
Impairment in Flight Equipment
-
-
-
0.02
Secondary Offering Costs
0.01
0.01
0.01
0.01
Facility Relocation Costs
0.01
0.01
0.02
0.01
Income Tax Effect of Adjusting Items
-
-
(0.01
)
-
Adjusted Diluted (loss) earnings per
share
0.03
(0.03
)
0.05
0.96
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 - $420 million and adjusted EBITDA in the range of
$40 - $45 million; our expectations that we will close on our
remaining flight equipment sales by the end of the year; 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 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20231108609757/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) 764-200 Email:
media.relations@aersale.com
Investor Contact: AerSale:
AersaleIR@icrinc.com
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