Business
AerSale Reports Third Quarter 2021 Results
Third Quarter 2021 Highlights Revenue of $73.3 million. GAAP net loss of $1.6 million. Adjusted for non-cash equity compensation and mark-to-market costs on
About this update from Aersale Corporation
[{"type":"text","content":"\nThird Quarter 2021 Highlights\n\n\nRevenue of $73.3 million.\n\n\nGAAP net loss of $1.6 million. Adjusted for non-cash equity compensation and mark-to-market costs on the warrant liability, Adjusted Net Income was $9.2 million\n\n\nAdjusted EBITDA of $13.9 million, or 18.9% of revenues.\n\n\nFlight equipment sales included 3 aircraft and 1 engine in the quarter.\n\n\nContinued opportunities in the freighter markets and seeing an increase in aircraft reactivations or made available for sale.\n\n\n2021 guidance updated; revenue of $320- $340 million and adjusted EBITDA of $80 - $90 million1, which exceeds prior guidance for adjusted EBITDA of $60 - $70 million.\n\n\nDebt free balance sheet drives ability to opportunistically execute on asset acquisitions and Mergers & Acquisitions.\n\n\n MIAMI--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the third quarter ended September 30, 2021. The Company’s revenue for the third quarter was $73.3 million compared to $57.1 million in the third quarter of 2020. Revenue for the third quarter of 2021 included $27.4 million of flight equipment sales, and there were no flight equipment sales in the prior-year period.\n\nLower leasing revenue, primarily related to an end of lease payment recognized last year, partially offset the impact of flight equipment sales. The increase in Asset Management Solutions (AMS) revenue was somewhat moderated by a decline in TechOps revenue due to lower aircraft storage and related maintenance activities. Demand for passenger-to-freighter conversions remains strong and plans to monetize the remaining Boeing 757 fleet are on track.\n\nGAAP net loss for the third quarter of 2021 was $1.6 million compared to GAAP net income of $14.7 million in the third quarter of 2020. AerSale incurred $8.7 million of non-cash equity-based compensation expenses within payroll expenses this quarter, as well as $2.1 million in mark-to-market costs related to our Private Warrants for which there were no corresponding expenses in the third quarter of 2020. Adjusted Net Income excluding both of these items was $9.2 million. Adjusted EBITDA for the third quarter of 2021 was $13.9 million, or 18.9% of revenues, compared to $25.6 million, or 44.8% of revenue in the third quarter of 2020. AerSale recognized $6.3 million in Payroll Support Pr...