Business
AerSale Reports Fourth Quarter and Full Year 2022 Results
2022 Highlights Full year 2022 revenue of $408.5 million, up 20.0% year-over-year. Full year 2022 GAAP net income of $43.9 million, or 10.7% of sales, up
About this update from Aersale Corporation
[{"type":"text","content":"\n2022 Highlights\n\n\nFull year 2022 revenue of $408.5 million, up 20.0% year-over-year.\n\n\nFull year 2022 GAAP net income of $43.9 million, or 10.7% of sales, up 21.4% year-over-year.\n\n\nFull Year 2022 Adjusted Net Income of $63.6 million, or 15.5% of sales.\n\n\nAdjusted EBITDA of $87.4 million or 21.4% of sales for the full year 2022.\n\n\nFlight equipment sales included 12 aircraft, two airframes, and 15 engines during 2022.\n\n\nUp to 12 additional aircraft to be converted to freighters by third parties, of which 9 are scheduled to become available for sale or lease in 2023.\n\n\nProvides 2023 guidance: expects revenue in the range of $460 - $490 million and adjusted EBITDA in the range of $70 - $80 million, which excludes any potential AerAware sales1.\n\n\n MIAMI--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the fourth quarter and full year ended December 31, 2022.\n\nThe Company’s revenue for the fourth quarter of 2022 was $95.1 million compared to $116.8 million in the fourth quarter of 2021. Revenue for the fourth quarter of 2022 included $51.4 million of flight equipment sales compared to $73.1 million of flight equipment sales in the prior year period. Flight equipment sales in the fourth quarter of 2022 consisted of six engines and three aircraft, which included one AerSale converted passenger to freighter (P2F) aircraft versus three aircraft and four engines in the fourth quarter of 2021. The decline in sales was largely a result of the pacing of flight equipment sales, which tend to occur at irregular intervals throughout the year. As a reminder to investors and as evidenced by the fluctuations that saw record first and second quarters in 2022, the Company’s revenues will 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.\n\nAsset Management Solutions (“Asset Management\") revenue decreased to $67.9 million during the fourth quarter of 2022 compared to $93.6 million in the fourth quarter of 2021, primarily due to the pacing of flight equipment sales as mentioned above. Excluding flight equipment sales, Asset Management revenue would have been $16.5 million in the fourth quarter of 2022 compared to $20.5 million in the prior year period. Low...