AerSale Corporation【ASLE】株式ニュース

AerSale Reports Fourth Quarter and Full Year 2021 Results
2021 Highlights (3/14/22)

- Full year 2021 revenue of $340.4 million, up 62.9% year-over-year.

- Full year 2021 GAAP net income of $36.1 million, or 10.6% of sales.

- Full Year 2021 Adjusted Net Income of $63.6 million, or 18.7% of sales.

- Adjusted EBITDA of $89.3 million or 26.2% of sales for full year 2021, up 73.2% year-over-year.

- Flight equipment sales included nine aircraft, two airframes, and ten engines during 2021.

- Expect opportunities to monetize 15 Boeing 757s in 2022 and 2023 as freighter markets continue to grow with the majority expected to be monetized in 2022.

- Provides 2022 guidance: expects revenue in the range of $420 - $450 million and adjusted EBITDA in the range of $80 - $90 million.

MIAMI--(BUSINESS WIRE)--AerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the fourth quarter and full year ended December 31, 2021.

The Company reported fourth quarter 2021 revenue of $116.8 million compared to $49.4 million in the year ago period. Revenue for the fourth quarter of 2021 included flight equipment sales of $73.1 million, while the prior year period did not include any flight equipment sales. As a reminder to investors, the Company’s revenues may 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.

The improvement in Asset Management Solutions (AMS) revenue during the fourth quarter of 2021 was partially offset by lower revenue from maintenance, repair and overhaul (MRO) activities at AerSale’s Goodyear facility within TechOps, following a reallocation of resources to the Company’s cargo conversion line for its Boeing 757 aircraft. The impact from the reallocation of resources was partially offset by strong maintenance related activities, which benefitted from the overall recovery in the commercial aerospace end markets.

Fourth quarter 2021 GAAP net income was $11.2 million versus $0.3 million in the prior year period. Improved net income performance was driven by the strong AMS contributions noted above. In the fourth quarter of 2021, AerSale recognized an unrealized loss on investment of $5.4 million, a mark-to-market adjustment to the warrant liability of $0.2 million, $3.8 million non-cash stock-based compensation expense within payroll expenses, and $1.6 million in non-cash inventory write-offs recorded in the cost of products line. This is compared to $1.0 million of non-cash stock-based compensation in the fourth quarter of 2020. Adjusted Net Income excluding these non-cash items was $22.3 million for the fourth quarter of 2021, compared to $0.2 million in the prior-year period. Please see the non-GAAP reconciliation table at the end of this press release for additional details on these amounts.

Diluted earnings per share was $0.21 for the fourth quarter of 2021. Adjusted for the non-cash mark-to-market adjustments to warrant liability, unrealized loss on investment, stock-based compensation, and inventory write-offs, diluted earnings per share was $0.32 for the fourth quarter of 2021. Diluted earnings per share is not comparable to the prior year quarter and prior year due to the public listing of AerSale on December 23, 2020.

Fourth quarter 2021 adjusted EBITDA was $28.6 million, compared to $3.0 million in the prior-year period. The increase in adjusted EBITDA and margins was driven by higher revenues and a favorable sales mix that resulted in higher margins. Please see the non-GAAP reconciliation table at the end of this press release for additional details on these amounts.

With the impact of the Omicron variant receding and major economies removing restrictions related to COVID-19, AerSale expects the commercial market recovery to continue on a stronger footing going forward. As consumer air travel rises and airlines add to their services, AerSale anticipates higher MRO volume from the recommissioning of commercial aircraft and greater demand for used serviceable material (USM) parts for maintenance and overhaul activity. In addition, the Company is on track to monetize its remaining 15 Boeing 757s in 2022 and 2023 as the freighter markets continue to grow. The bulk of the monetization is expected to occur in 2022.

Cash flows from operating activities were $79.1 million primarily due to strong GAAP net income results and increased deposits related to 2022 contracted sales. The Company ended the year with $130.2 million of cash and has an undrawn $150 million credit facility.

Nicolas Finazzo, AerSale’s Chief Executive Officer, commented, “We have executed well and made considerable progress during our first year as a public company. This result is a solid testament to the strong performance of our purpose-built, integrated, multi-dimensional adaptive business model and the resilience of our workforce. Our strategic acquisition of the 757 fleet in 2020 has proven to be a strong contributor to our consolidated results, which we expect to continue through 2022 and into 2023. This is supported by an improving commercial backdrop, and continued business development progress across the Company.”

Finazzo concluded, “We also redeemed all of our outstanding public warrants at the end of the year in a cashless redemption, further strengthening our financial profile and positioning us to take advantage of upcoming organic and inorganic opportunities.”

Fourth Quarter 2021 Results of Operations

AerSale reported revenue of $116.8 million for the fourth quarter of 2021, which included $73.1 million of flight equipment sales. Revenue in the fourth quarter of 2020 was $49.4 million and did not include any flight equipment sales.

AMS revenue increased by $76.2 million to $93.6 million in the fourth quarter of 2021 primarily on account of the above-mentioned flight equipment sales. Consumption of USM parts for maintenance strengthened through the quarter as airlines returned aircraft into operation against the backdrop of an upswing in air travel, especially prior to the spread of the Omicron variant.

Revenue from our Technical Operations (“TechOps”) segment was down 27.5% to $23.2 million in the fourth quarter of 2021, largely due to the reallocation of resources at the Company’s Goodyear MRO facility dedicated to the Company’s Boeing 757 passenger-to-cargo conversions.

Gross margin was 37.8% in the fourth quarter of 2021 compared to 26.6% in the fourth quarter of 2020. The increase was a result of a greater mix of high-margin flight equipment sales.

Selling, general and administrative expenses were $24.4 million in the fourth quarter of 2021 compared to $15.0 million in the fourth quarter of 2020, mainly on account of higher payroll expenses, which included non-cash stock-based compensation of $3.8 million and $1.0 million in the fourth quarter of 2021 and 2020, respectively. In addition, the fourth quarter of 2020 included a $1.9 million credit related to merger costs previously expensed. The Company did not receive any Payroll Support Program proceeds during the fourth quarters of 2021 and 2020.

Income from operations was $19.8 million in the fourth quarter of 2021 versus a loss from operations of $27 thousand in the fourth quarter of 2020.

Income tax expense was $2.9 million in the fourth quarter of 2021 compared to a benefit of $0.9 million in the fourth quarter of 2020.

GAAP net income was $11.2 million for the fourth quarter of 2021 compared to $0.3 million in the fourth quarter of 2020. Adjusted for non-cash stock-based compensation, inventory write-offs, unrealized loss on investment, and mark-to-market adjustments to the warrant liability, Adjusted Net Income was $22.3 million.

Diluted earnings per share was $0.21 for the fourth quarter of 2021. Adjusted for the impact of the change in FV of the warrant liability, stock-based compensation, unrealized loss on investment, and inventory write-offs, diluted earnings per share was $0.32 for the fourth quarter of 2021. Diluted earnings per share for the fourth quarter of 2021 is not comparable to the fourth quarter of 2020 due to the public listing of AerSale on December 23, 2020.

Adjusted EBITDA in the fourth quarter of 2021 was $28.6 million, or 24.5% of revenue, versus $3.0 million, or 6.1% of revenue in the fourth quarter of 2020. Higher revenue as well as a favorable sales mix comprising a larger portion of higher margin flight equipment sales benefitted adjusted EBITDA during the fourth quarter of 2021.

Full Year 2021 Results of Operations

For the full year 2021, AerSale reported consolidated revenue of $340.4 million, which included flight equipment sales of $156.9 million, compared to $208.9 million in full year 2020, which included $3.1 million of flight equipment sales.

AMS revenue was $232.0 million in full year 2021 compared to $98.8 million in full year 2020. The increase was primarily the result of higher flight equipment sales, partially offset by lower leasing revenues due to a lease return payment recognized in the prior year and lower leasing volume as three passenger Boeing 747 leases ended as scheduled at the end of 2020. Sales of engine parts also increased during the year.

Revenue from TechOps was 1.6% lower at $108.4 million in 2021. Full year segment revenue was unfavorably impacted by the reallocation of resources to the Company’s cargo conversion program, partially offset by higher revenue from rehabilitation and recommissioning of aircraft at the Company’s aircraft MRO facilities in Roswell and increased volume at the Company’s component MROs.

AerSale is on track to monetize the rest of its Boeing 757 investment through 2022 and 2023. The Company expects to benefit from a pickup in MRO volume due to the ongoing recommissioning of commercial aircraft and greater demand for USM parts consumption for overhaul activity.

Gross margin was 35.1% in 2021 compared to 25.3% in 2020, which was primarily driven by the change in sales mix during the year as noted previously.

Selling, general and administrative expenses, net of the Payroll Support Program proceeds, were $77.5 million in 2021 compared to $55.6 million in 2020. An uptick in payroll, public company costs, and increased support costs related to the Boeing 757 package drove the increase in selling, general and administrative expenses. AerSale received $14.8 million and $12.7 million in Payroll Support Program proceeds during 2021 and 2020, respectively. In addition, the Company incurred $12.7 million of non-cash stock-based compensation within payroll expenses in 2021, compared to $1.0 million recognized in 2020.

Income from operations was $56.7 million in 2021 versus $11.3 million in 2020.

Income tax expense was $11.7 million in 2021 compared to $1.7 million in 2020.

GAAP net income was $36.1 million in 2021 compared to $8.1 million in 2020. Adjusted for non-cash loss on investment, stock-based compensation, inventory write-offs, unrealized loss on investment, and mark-to-market adjustments to the warrant liability, Adjusted Net Income was $63.6 million.

Adjusted EBITDA for 2021 was $89.3 million, or 26.2% of sales, compared to adjusted EBITDA of $51.5 million, or 24.7% of sales, in 2020. The margin expansion was largely attributable to high-margin flight equipment sales, the impact of which was partially offset by lower leasing revenues as a lease return payment was recognized in the prior year. The Company’s margin profile also continued to benefit from the ongoing higher margin aircraft storage and related maintenance activities. Adjusted EBITDA benefitted from $14.8 million in Payroll Support Program proceeds during 2021, while the corresponding benefit in 2020 was $12.7 million.

Martin Garmendia, AerSale’s Chief Financial Officer, said: “Our internal adjustments and superior execution in 2021 against the backdrop of the pandemic have yielded success. In addition to being more resilient, we are also on a stronger operational and financial footing now. We have thrived in this challenging commercial aviation market with the diversity of our revenue sources creating a counter-cyclical hedge. We look forward to generating internal and external stakeholder value as we seek to achieve our goals over the next few years.”

2022 Guidance

AerSale expects revenue of $420 - $450 million and adjusted EBITDA of $80 - $90 million in 2022. In providing this guidance, the Company is mindful that recent geopolitical events related to the Russian invasion of Ukraine may impact the global commercial aerospace industry and related macro environment, including, and not limited to, supply chain disruptions, escalating sanctions, and an impact on flight activity due to higher fuel prices. Given the recency of these events and the unpredictability of how their impact may ultimately unfold, AerSale has not specifically taken these factors in providing this guidance beyond taking into consideration known impacts that the Company has already identified and adjusted for.

Further, this outlook is based on an improvement in the Company’s AMS segment, ongoing demand for its on-airport MRO services, accelerating demand in cargo and E-Commerce markets, and continued requests for passenger-to-freighter conversions and other TechOps products and services. AerSale continues to make progress on the FAA certification of its innovative AerAware product. The Company is progressing toward certification, but labor constraints have impacted the timely completion of software validation needed for certification until the second quarter of 2022. While AerSale remains confident that certification will be completed in 2022, it has only included modest AerAware sales in its guidance for 2022 to account for the ramp-up phase to commercialize this product once the Supplemental Type Certificate for AerAware is issued to AerSale by the FAA.

The ongoing and continued monetization of the Boeing 757 fleet acquisition is expected to be the predominant driver of the AMS segment. AerSale expects to sell the remaining Boeing 757s as converted freighters in 2022 and 2023 as a result of strong demand for cargo converted aircraft.

Conference Call Information

The Company will host a conference call today, March 14, 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 1-877-407-3982, 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 28, 2022. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13727622. An archived replay of the call will also be available on the Investors portion of the AerSale website at https://ir.aersale.com/.

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™).

https://www.businesswire.com/news/home/20220314005640/en/AerSale-Reports-Fourth-Quarter-and-Full-Year-2021-Results

AerSale Reports Second Quarter 2021 Results (8/06/21)

Second Quarter 2021 Highlights

-Revenue of $91.9 million.

-GAAP net income of $16.5 million, or 18.0% of revenues.

-Adjusted EBITDA of $30.4 million, or 33.1% of revenues.

-Flight equipment sales included three aircraft, one airframe, and two engines in the quarter.

-Commercial activity continues to improve as expected.
2021 guidance unchanged; revenue of $340- $360 million and adjusted EBITDA of $60 - $70 million1.

-Poised to capitalize on asset acquisition opportunities with debt free balance sheet.

MIAMI--(BUSINESS WIRE)--AerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the second quarter ended June 30, 2021. The Company posted second quarter 2021 revenue of $91.9 million compared to $45.4 million in the second quarter of 2020. Revenue for the second quarter of 2021 included $42.7 million of flight equipment sales.

In addition to flight equipment sales, revenue improved during the period as maintenance work continued at an elevated pace as airlines recommissioned parked aircraft. The impact of asset sales was partially offset by lower leasing volume as three passenger B747 leases ended last year as scheduled, as disclosed previously.

GAAP net income for the second quarter of 2021 was $16.5 million, or 18.0% of revenue, compared to a GAAP net loss of $7.9 million in the second quarter of 2020. Adjusted EBITDA in the second quarter of 2021 was $30.4 million, or 33.1% of revenue, compared to $12.9 million, or 28.4% of revenue in the second quarter of 2020.

The increase in adjusted EBITDA and margins was driven by higher revenues and a favorable sales mix that resulted in higher margins. The Company recognized $8.4 million in Payroll Support Program proceeds during the quarter compared to $6.3 million in the second quarter of 2020. As a reminder, the Company incurs certain offsetting costs to the Payroll Support Program to retain its program eligibility.

AerSale expects the strong momentum to continue into the second half of 2021 as the ongoing recovery of the commercial markets continues and higher MRO volume from the recommissioning of commercial aircraft, greater demand for USM parts consumption for overhaul activity, and sales from its Boeing 757 procurement program drive growth.

Nicolas Finazzo, AerSale’s Chief Executive Officer, commented, “We are executing well and are poised to benefit from the ongoing recovery of the commercial markets during the second half of the year. Our purpose built, integrated business model is designed to perform across cycles and end markets, which has been demonstrated since the start of the pandemic. During the period, our MRO facilities drove incremental volume as aircraft were recommissioned, and the strategic investments we made in the freighter market bolstered returns to our shareholders as we delivered on our 757-freighter conversion program.”

Finazzo added, “Alongside our core aircraft supply chain business, we continue to make meaningful progress in our high growth, high margin engineered solutions platform. Together with our potential launch customers, suppliers and federal regulators, we continued to demonstrate and refine AerAware, a wearable heads up display product, which holds the potential to transform the company given the multi-billion dollar addressable market for the product. In addition, during the quarter we also saw an acceleration in demand of our AerSafe product, which satisfies an FAA airworthiness directive requiring wire separation of the fuel quantity indication system by May 2022. These highly engineered, regulated products present a differentiated product suite for AerSale, and are an important contributor to our long-term growth plans.”

Second Quarter 2021 Results of Operations
For the second quarter of 2021, AerSale reported revenue of $91.9 million, which included $42.7 million of flight equipment sales consisting of three aircraft, one airframe, and two engines. Revenue in the second quarter of 2020 was $45.4 million, including $3.1 million of flight equipment sales. As a reminder to investors, flight equipment sales are volatile quarter to quarter, and the Company believes full-year analysis, rather than year-over-year quarterly comparisons is a more effective measurement of Company progress.

Asset Management Solutions (AMS) revenue increased by $39.4 million or 189% in the second quarter of 2021 largely due to flight equipment sales mentioned above. The consumption of used serviceable material (USM) parts for maintenance and overhaul activity rose as air travel picked up and airlines returned aircraft into operation. The increase was partially offset by lower leasing volume as three passenger B747 leases ended as scheduled at the end of 2020.

Revenue from TechOps was up 29.0% to $31.6 million in the second quarter of 2021, primarily driven by storage, maintenance, rehabilitation, and recommissioning of aircraft at the Company’s aircraft MRO facilities. Looking forward, AerSale expects the substantial quantity of aircraft at its on-airport MRO facilities to provide the Company with upside opportunities for reactivation work, heavy maintenance, and cargo conversion; and a strategic advantage in identifying feedstock for its Asset Management Solutions segment.

Gross margin expanded to 33.4% in the second quarter of 2021 compared to (4.7%) in the second quarter of 2020. The improvement was due to the high-margin sale of flight equipment after channeling these assets through AerSale’s unique multi-dimensional redistribution machinery and lower inventory impairments during the quarter.

Selling, general and administrative expenses, net of the payroll support program proceeds, were $8.6 million in the second quarter of 2021 compared to $7.7 million in the second quarter of 2020. The uptick in payroll and public company expenses fully offset the contribution from the Payroll Support Program. The Payroll Support Program proceeds were $8.4 million versus $6.3 million in the second quarter of 2020.

Income from operations was $22.2 million in the second quarter of 2021 versus a loss from operations of $9.8 million in the second quarter of 2020.

The provision for income tax was $5.1 million in the second quarter of 2021 compared to a benefit of $2.3 million in the second quarter of 2020.

GAAP net income for the second quarter of 2021 was $16.5 million or 18.0% of sales versus a net loss of $7.9 million in the second quarter of 2020.

Diluted earnings per share was $0.38 for the second quarter of 2021. Diluted earnings per share for the second quarter of 2021 is not comparable to the second quarter of 2020 due to the public listing of AerSale on December 23, 2020.

Adjusted EBITDA for the second quarter of 2021 was $30.4 million, or 33.1% of revenue, compared to adjusted EBITDA of $12.9 million, or 28.4% of revenue, in the second quarter of 2020. The improvement in adjusted EBITDA was due to the high-margin sale of flight equipment and aircraft storage and related maintenance activities and lower inventory impairments, which was partially offset by lower leasing revenues during the period.

2021 Guidance
AerSale anticipates revenue of $340–$360 million and adjusted EBITDA of $60-$70 million in 2021. This outlook is based on an improvement in activity in the Company’s AMS segment, strong demand for its on-airport MRO services accelerating demand in cargo and E-Commerce markets, and increased requests for passenger-to-freighter conversions and other TechOps products and services.

The main growth driver of the Asset Management segment is expected to be the ongoing and continued monetization of the 24 aircraft Boeing 757 fleet acquisition. Because of the strong demand for cargo conversion aircraft, AerSale continues to expect to sell the majority of the available aircraft in 2021. For TechOps, in addition to the continued contributions from storage activities, the Company also expects increased contribution from its component MRO businesses driven by the aviation recovery.

Conference Call Information
The Company will host a conference call today at 8:30 am 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 20, 2021. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13721934. An archived replay of the call will also be available on the Investors portion of the AerSale website at https://ir.aersale.com until August 20, 2021.

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