AerSale Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights
-
Revenue of
$77.1 million $69.3 million -
GAAP net loss of
$3.6 million $2.7 million -
Adjusted Net Loss of
$2.6 million $0.6 million -
Adjusted EBITDA1 of
$3.2 million $(0.5) million - Flight equipment sales consisted of five engines and no aircraft compared to four engines and two unserviceable airframes in the prior year period.
-
Feedstock acquisitions of
$36 million $71 million -
Flight Equipment inventory of
$378.8 million
Nick Finazzo, AerSale’s Chief Executive Officer, commented, “Our results improved over the prior year driven by higher feedstock acquisitions over the past 18 months, continued demand in MRO and incremental volume of AerSafe™. We have also advanced on a set of initiatives to drive future growth and more consistently exceed our fixed cost hurdles. We have progressed on the multi-year expansion of both capacity and capabilities at our on and off-airport MRO facilities, which includes our new on-airport MRO in
Finazzo added, “Beside our investment in new facilities, capacity and capabilities, we have continued to use our balance sheet to acquire feedstock to supply our asset management group, which will enhance our ability to generate investor returns through USM, leased equipment and whole asset sales.”
Asset Management Solutions (“Asset Management") revenue increased to
TechOps revenue increased
Gross margin was
Selling, general and administrative expenses were
Loss from operations was
Income tax expense was
GAAP net loss for the second quarter of 2024 was
Diluted loss per share was
Adjusted EBITDA in the second quarter of 2024 was
AerSale ended the quarter with
Martin Garmendia, AerSale’s Chief Financial Officer, said, “Our continued investment in feedstock has resulted in improvements being realized compared to the prior period. Based on available inventory balances and MRO capacity we have the tools needed to continue this upward momentum through the remainder of 2024. In addition, a strong liquidity position of over
Update on Engineered Solutions
The Company continues to progress forward with prospective customers while educating multiple aircraft operators on how its Enhanced Flight Vision System (“EFVS”), AerAware™, could capture significant safety and efficiency benefits after implementing the system in their fleets.
In December 2023, the Federal Aviation Administration (“FAA”) issued AerSale a Supplemental Type Certificate (“STC”) for “AerAware™”, the Company’s revolutionary Enhanced Flight Vision System (“EFVS”) for the Boeing B737NG product line. This achievement marked the world's first commercial EFVS system to achieve a
Please see the link below to get a visual sense as to how AerAware's SkyLens Head Wearable Display enables pilots to benefit from significantly enhanced situational awareness, with full visual mobility for primary flight data and expansive, "eyes out" views of the enhanced 3D synthetic terrain: AerAware™ (AerAware Testimonial).
Conference Call Information
The Company will host a conference call today, August 7, 2024, at 4:30 pm Eastern Time to discuss these results. A live webcast will also be available at https://ir.aersale.com/news-events/events. Participants may access the call at 1-877-300-8521, 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 7, 2024. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 10190507. 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 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 from operating activities as a measure of liquidity (each as determined in accordance with GAAP).
You should review AerSale’s 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 2024 Financial Results
AERSALE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) |
||||||||||||||||
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Three Months Ended June 30, |
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Six Months Ended June 30, |
||||||||||||
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2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products |
|
$ |
43,298 |
|
|
$ |
37,623 |
|
|
$ |
104,908 |
|
|
$ |
83,118 |
|
Leasing |
|
|
4,286 |
|
|
|
3,286 |
|
|
|
7,368 |
|
|
|
8,908 |
|
Services |
|
|
29,517 |
|
|
|
28,417 |
|
|
|
55,365 |
|
|
|
55,571 |
|
Total revenue |
|
|
77,101 |
|
|
|
69,326 |
|
|
|
167,641 |
|
|
|
147,597 |
|
Cost of sales and operating expenses: |
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|
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|
||||
Cost of products |
|
|
28,531 |
|
|
|
26,931 |
|
|
|
68,150 |
|
|
|
58,479 |
|
Cost of leasing |
|
|
1,894 |
|
|
|
1,079 |
|
|
|
3,087 |
|
|
|
2,202 |
|
Cost of services |
|
|
24,956 |
|
|
|
21,176 |
|
|
|
45,888 |
|
|
|
42,385 |
|
Total cost of sales |
|
|
55,381 |
|
|
|
49,186 |
|
|
|
117,125 |
|
|
|
103,066 |
|
Gross profit |
|
|
21,720 |
|
|
|
20,140 |
|
|
|
50,516 |
|
|
|
44,531 |
|
Selling, general, and administrative expenses |
|
|
23,572 |
|
|
|
27,097 |
|
|
|
47,705 |
|
|
|
52,321 |
|
(Loss) income from operations |
|
|
(1,852 |
) |
|
|
(6,957 |
) |
|
|
2,811 |
|
|
|
(7,790 |
) |
Other (expenses) income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest (expense) income, net |
|
|
(1,528 |
) |
|
|
381 |
|
|
|
(2,463 |
) |
|
|
1,428 |
|
Other income, net |
|
|
102 |
|
|
|
138 |
|
|
|
271 |
|
|
|
371 |
|
Change in fair value of warrant liability |
|
|
138 |
|
|
|
1,393 |
|
|
|
2,117 |
|
|
|
1,059 |
|
Total other (expenses) income |
|
|
(1,288 |
) |
|
|
1,912 |
|
|
|
(75 |
) |
|
|
2,858 |
|
(Loss) income before income tax provision |
|
|
(3,140 |
) |
|
|
(5,045 |
) |
|
|
2,736 |
|
|
|
(4,932 |
) |
Income tax (expense) benefit |
|
|
(497 |
) |
|
|
2,357 |
|
|
|
(96 |
) |
|
|
2,249 |
|
Net (loss) income |
|
$ |
(3,637 |
) |
|
$ |
(2,688 |
) |
|
$ |
2,640 |
|
|
$ |
(2,683 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) earnings per share: |
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|
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|
||||
Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.05 |
|
|
$ |
(0.07 |
) |
Weighted average shares outstanding: |
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Basic |
|
|
53,029,359 |
|
|
|
51,227,484 |
|
|
|
53,010,425 |
|
|
|
51,217,990 |
|
Diluted |
|
|
53,029,359 |
|
|
|
51,404,653 |
|
|
|
53,111,439 |
|
|
|
51,417,889 |
|
AERSALE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (in thousands, except share data) (Unaudited) |
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June 30, |
|
December 31, |
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|
2024 |
|
2023 |
||
|
|
|
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|
|
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Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,285 |
|
$ |
5,873 |
Accounts receivable, net of allowance for credit losses of |
|
|
37,266 |
|
|
31,239 |
Income tax receivable |
|
|
1,700 |
|
|
1,628 |
Inventory: |
|
|
|
|
|
|
Aircraft, airframes, engines, and parts, net |
|
|
221,371 |
|
|
177,770 |
Advance vendor payments |
|
|
13,589 |
|
|
35,757 |
Deposits, prepaid expenses, and other current assets |
|
|
17,617 |
|
|
12,507 |
Total current assets |
|
|
295,828 |
|
|
264,774 |
Fixed assets: |
|
|
|
|
|
|
Aircraft and engines held for lease, net |
|
|
31,491 |
|
|
26,475 |
Property and equipment, net |
|
|
32,683 |
|
|
27,692 |
Inventory: |
|
|
|
|
|
|
Aircraft, airframes, engines, and parts, net |
|
|
157,442 |
|
|
151,398 |
Operating lease right-of-use assets |
|
|
26,022 |
|
|
27,519 |
Deferred income taxes |
|
|
12,032 |
|
|
12,203 |
Deferred financing costs, net |
|
|
1,342 |
|
|
1,506 |
Deferred customer incentives and other assets, net |
|
|
525 |
|
|
525 |
Goodwill |
|
|
19,860 |
|
|
19,860 |
Other intangible assets, net |
|
|
21,469 |
|
|
21,986 |
Total assets |
|
$ |
598,694 |
|
$ |
553,938 |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
29,388 |
|
$ |
29,899 |
Accrued expenses |
|
|
6,360 |
|
|
5,478 |
Lessee and customer purchase deposits |
|
|
644 |
|
|
1,467 |
Current operating lease liabilities |
|
|
4,237 |
|
|
4,593 |
Current portion of long-term debt |
|
|
93 |
|
|
1,278 |
Deferred revenue |
|
|
2,286 |
|
|
2,998 |
Total current liabilities |
|
|
43,008 |
|
|
45,713 |
Revolving credit facility |
|
|
80,955 |
|
|
29,000 |
Long-term debt |
|
|
522 |
|
|
7,281 |
Long-term lease deposits |
|
|
767 |
|
|
102 |
Long-term operating lease liabilities |
|
|
23,315 |
|
|
24,377 |
Maintenance deposit payments and other liabilities |
|
|
59 |
|
|
64 |
Warrant liability |
|
|
269 |
|
|
2,386 |
Total liabilities |
|
|
148,895 |
|
|
108,923 |
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, |
|
|
5 |
|
|
5 |
Additional paid-in capital |
|
|
313,883 |
|
|
311,739 |
Retained earnings |
|
|
135,911 |
|
|
133,271 |
Total stockholders' equity |
|
|
449,799 |
|
|
445,015 |
Total liabilities and stockholders’ equity |
|
$ |
598,694 |
|
$ |
553,938 |
AERSALE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) |
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|||
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Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
2,640 |
|
|
$ |
(2,683 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
6,434 |
|
|
|
5,069 |
|
Amortization of debt issuance costs |
|
|
164 |
|
|
|
225 |
|
Amortization of operating lease assets |
|
|
79 |
|
|
|
198 |
|
Inventory reserve |
|
|
627 |
|
|
|
709 |
|
Deferred income taxes |
|
|
171 |
|
|
|
(1,729 |
) |
Change in fair value of warrant liability |
|
|
(2,117 |
) |
|
|
(1,059 |
) |
Share-based compensation |
|
|
1,943 |
|
|
|
5,759 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(6,027 |
) |
|
|
(3,615 |
) |
Income tax receivable |
|
|
(72 |
) |
|
|
- |
|
Inventory |
|
|
(56,566 |
) |
|
|
(134,278 |
) |
Deposits, prepaid expenses, and other current assets |
|
|
(5,110 |
) |
|
|
4,144 |
|
Deferred customer incentives and other assets |
|
|
(543 |
) |
|
|
78 |
|
Advance vendor payments |
|
|
22,167 |
|
|
|
(11,326 |
) |
Accounts payable |
|
|
(509 |
) |
|
|
4,957 |
|
Accrued expenses |
|
|
795 |
|
|
|
(3,296 |
) |
Deferred revenue |
|
|
(712 |
) |
|
|
1,719 |
|
Lessee and customer purchase deposits |
|
|
(158 |
) |
|
|
6,530 |
|
Other liabilities |
|
|
(6 |
) |
|
|
(599 |
) |
Net cash used in operating activities |
|
|
(36,800 |
) |
|
|
(129,197 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Proceeds from sale of assets |
|
|
3,800 |
|
|
|
12,700 |
|
Acquisition of aircraft and engines held for lease, including capitalized cost |
|
|
(5,610 |
) |
|
|
- |
|
Purchase of property and equipment |
|
|
(7,190 |
) |
|
|
(4,814 |
) |
Net cash (used in) provided by investing activities |
|
|
(9,000 |
) |
|
|
7,886 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from long-term debt |
|
|
615 |
|
|
|
8,559 |
|
Repayments of long-term debt |
|
|
(8,559 |
) |
|
|
- |
|
Proceeds from revolving credit facility |
|
|
106,936 |
|
|
|
- |
|
Repayments of revolving credit facility |
|
|
(54,981 |
) |
|
|
- |
|
Taxes paid related to net share settlement of equity awards |
|
|
(124 |
) |
|
|
(70 |
) |
Proceeds from the issuance of Employee Stock Purchase Plan shares |
|
|
325 |
|
|
|
278 |
|
Net cash provided by financing activities |
|
|
44,212 |
|
|
|
8,767 |
|
|
|
|
|
|
|
|
||
Decrease in cash and cash equivalents |
|
|
(1,588 |
) |
|
|
(112,544 |
) |
Cash and cash equivalents, beginning of period |
|
|
5,873 |
|
|
|
147,188 |
|
Cash and cash equivalents, end of period |
|
$ |
4,285 |
|
|
$ |
34,644 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash activities |
|
|
|
|
|
|
||
Income tax payments, net |
|
|
73 |
|
|
|
1,276 |
|
Interest paid |
|
|
2,435 |
|
|
|
286 |
|
Supplemental disclosure of noncash investing activities |
|
|
|
|
|
|
||
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net |
|
|
2,494 |
|
|
|
3,711 |
|
AERSALE CORPORATION
Adjusted EBITDA
Net Income and Diluted EPS Reconciliation Table
(In thousands, except per share data)
(Unaudited)
|
Three months ended June 30, |
Six months ended June 30, |
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|
2024 |
% of
|
2023 |
% of
|
2024 |
% of
|
2023 |
% of
|
||||||||||||||||
Reported Net (Loss)/Income |
(3,637 |
) |
(4.7 |
)% |
(2,688 |
) |
(3.9 |
)% |
2,640 |
|
1.6 |
% |
(2,683 |
) |
(1.8 |
)% |
||||||||
Addbacks: |
|
|
|
|
|
|
|
|
||||||||||||||||
Change in FV of Warrant Liability |
(138 |
) |
(0.2 |
)% |
(1,393 |
) |
(2.0 |
)% |
(2,117 |
) |
(1.3 |
)% |
(1,059 |
) |
(0.7 |
)% |
||||||||
Stock Compensation |
1,144 |
|
1.5 |
% |
3,028 |
|
4.4 |
% |
1,943 |
|
1.2 |
% |
5,759 |
|
3.9 |
% |
||||||||
Payroll taxes related to stock-based compensation |
- |
|
(0.0 |
)% |
- |
|
0.0 |
% |
36 |
|
0.0 |
% |
- |
|
0.0 |
% |
||||||||
Inventory Write-Off |
(237 |
) |
(0.3 |
)% |
- |
|
0.0 |
% |
(237 |
) |
(0.1 |
)% |
- |
|
0.0 |
% |
||||||||
Secondary Offering Costs |
- |
|
0.0 |
% |
309 |
|
0.4 |
% |
55 |
|
0.0 |
% |
309 |
|
0.2 |
% |
||||||||
Facility Relocation Costs |
364 |
|
0.5 |
% |
342 |
|
0.5 |
% |
824 |
|
0.5 |
% |
722 |
|
0.5 |
% |
||||||||
Income Tax Effect of Adjusting Items (1) |
(87 |
) |
(0.1 |
)% |
(188 |
) |
(0.3 |
)% |
(211 |
) |
(0.1 |
)% |
(297 |
) |
(0.2 |
)% |
||||||||
Adjusted Net (Loss)/Income |
(2,591 |
) |
(3.3 |
)% |
(590 |
) |
(0.9 |
)% |
2,933 |
|
1.7 |
% |
2,751 |
|
1.8 |
% |
||||||||
Interest Expense |
1,528 |
|
2.0 |
% |
(381 |
) |
(0.5 |
)% |
2,463 |
|
1.5 |
% |
(1,428 |
) |
(1.0 |
)% |
||||||||
Income Tax Expense (Benefit) |
497 |
|
0.6 |
% |
(2,357 |
) |
(3.4 |
)% |
96 |
|
0.1 |
% |
(2,249 |
) |
(1.5 |
)% |
||||||||
Depreciation and Amortization |
3,655 |
|
4.7 |
% |
2,600 |
|
3.8 |
% |
6,434 |
|
3.8 |
% |
5,069 |
|
3.4 |
% |
||||||||
Reversal of Income Tax Effect of Adjusting Items (1) |
87 |
|
0.1 |
% |
188 |
|
0.3 |
% |
211 |
|
0.1 |
% |
297 |
|
0.2 |
% |
||||||||
Adjusted EBITDA |
3,176 |
|
4.1 |
% |
(540 |
) |
(0.8 |
)% |
12,137 |
|
7.3 |
% |
4,440 |
|
2.9 |
% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Reported Basic (loss) earnings per share |
(0.07 |
) |
|
(0.05 |
) |
|
0.05 |
|
|
(0.05 |
) |
|
||||||||||||
Addbacks: |
|
|
|
|
|
|
|
|
||||||||||||||||
Change in fair value of warrant liability |
(0.00 |
) |
|
(0.03 |
) |
|
(0.04 |
) |
|
(0.02 |
) |
|
||||||||||||
Stock-based compensation |
0.02 |
|
|
0.06 |
|
|
0.04 |
|
|
0.11 |
|
|
||||||||||||
Payroll taxes related to stock-based compensation |
- |
|
|
- |
|
|
0.00 |
|
|
- |
|
|
||||||||||||
Inventory Write-Off |
(0.00 |
) |
|
- |
|
|
(0.00 |
) |
|
- |
|
|
||||||||||||
Secondary Offering Costs |
- |
|
|
0.01 |
|
|
0.00 |
|
|
0.01 |
|
|
||||||||||||
Facility Relocation Costs |
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.01 |
|
|
||||||||||||
Income Tax Effect of Adjusting Items |
- |
|
|
(0.00 |
) |
|
(0.00 |
) |
|
(0.01 |
) |
|
||||||||||||
Adjusted Basic (loss) earnings per share |
(0.05 |
) |
|
(0.00 |
) |
|
0.06 |
|
|
0.05 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Reported Diluted (loss) earnings per share |
(0.07 |
) |
|
(0.08 |
) |
|
0.05 |
|
|
(0.07 |
) |
|
||||||||||||
Addbacks: |
|
|
|
|
|
|
|
|
||||||||||||||||
Change in FV of warrant liability |
(0.00 |
) |
|
(0.03 |
) |
|
(0.04 |
) |
|
(0.02 |
) |
|
||||||||||||
Stock-based compensation |
0.02 |
|
|
0.06 |
|
|
0.04 |
|
|
0.11 |
|
|
||||||||||||
Payroll taxes related to stock-based compensation |
(0.00 |
) |
|
- |
|
|
0.00 |
|
|
- |
|
|
||||||||||||
Inventory Write-Off |
(0.00 |
) |
|
- |
|
|
(0.00 |
) |
|
- |
|
|
||||||||||||
Secondary Offering Costs |
0.00 |
|
|
0.01 |
|
|
0.00 |
|
|
0.01 |
|
|
||||||||||||
Facility Relocation Costs |
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.01 |
|
|
||||||||||||
Income Tax Effect of Adjusting Items |
(0.00 |
) |
|
- |
|
|
(0.00 |
) |
|
(0.01 |
) |
|
||||||||||||
Adjusted Diluted (loss) earnings per share |
(0.05 |
) |
|
(0.03 |
) |
|
0.06 |
|
|
0.03 |
|
|
||||||||||||
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 anticipations regarding greater demand for AerSale’s USM business; expectations regarding feedstock and commercial demand; expectations from letters of intent on an additional
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™).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806465305/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
Source: AerSale Corporation
