Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — FY2023 Earnings Presentation
17 slides from Sky Harbour's earnings presentation, Mar 27, 2024
Slide 1: 2023 Earnings Webcast
CONFIDENTIAL 2023 Earnings Webcast March 27, 2024
Slide 2: Disclaimer
DISCLAIMER General This presentation and information provided at a webcast or meeting at which it is presented (the “Presentation") is for informational purposes only to assist investors, prospective investors and other parties in making their own evaluation with respect to Sky Harbor Group Corporat
Slide 3: Disclaimer: Financial Information; Non-GAAP Measures
DISCLAIMER Financial Information; Non-GAAP Financial Measures Certain financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X or Regulation G. Accordingly, such information and data may not be included in, may be adjusted in, or may be presen
Slide 4: Presenters
Presenters Will Whitesell Tal Keinan Francisco Gonzalez Chief Operating Officer Chief Executive Officer Chief Financial Officer Michael Schmitt Tim Herr Tori Petro Chief Accounting Officer Treasurer and VP Finance Accounting & Finance Manager 3 ©2023 Sky Harbour Confidential and Proprietary
Slide 5: 2023 Financial Results
2023 Financial Results Next Step Function: SJC, Q2 2024 Cost of Construction and Constructed Assets Quarterly Revenues Operating Expenses (in millions) (in millions) (in millions) 2.5 140 3 120 2.5 2 100 2 1.5 80 1.5 60 1 1 40 0.5 0.5 20 0 0 0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2
Slide 6: PABs Obligated Group: Expected to Surpass DSCRs
PABs Obligated Group 1 Expected to Surpass DSCRs assumed at 2021 Issuance Cost of Construction and Constructed Assets Quarterly Revenues Operating Expenses (in millions) (in millions) (in millions) 2.5 140 3 120 2.5 2 100 2 1.5 80 1.5 60 1 1 40 0.5 0.5 20 0 0 0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3
Slide 7: PABs Obligated Group: Remediating Prototype Design Flaw
PABs Obligated Group 1 Remediating Prototype Design Flaw in First Obligated Group Deer Valley - Phoenix Centennial - Denver Addison - Dallas • Projected increase in construction cost of • Projected increase in construction cost of • Projected increase in construction cost of $15.8mm $8.6mm $2.6mm •
Slide 8: PABs Obligated Group: $27 Million Cash Injection
PABs Obligated Group 1 $27 Million Cash injection into Sky Harbour Capital (Series 2021 PABs Obligated Group) $160,000,000 Pro Forma Cash and Investments at Sky Harbour Capital - $126.4 million $140,000,000 $120,000,000 $100,000,000 $80,000,000 $99,430 $60,000,000 $40,000,000 $20,000,000 $27,000 $0
Slide 9: Development Update
Development Update Building the steady-state machine Team Integration Manufacturing Development Process Integration Construction Reinsert photo from inside Objective: DVT from today’s draft Higher Quality Lower Cost Shorter Timeframe Greater Scale Manufacturing Capacity Build-up Prototype Refinement
Slide 10: Development: Projects Entering Integrated Process
Development Projects entering integrated process Lease Signing DD/Permitting Construction Stabilization 2023 2024 2025 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Slide 11: Leasing Update
Leasing Update Fourth airport coming online BNA OPF SJC SGR Occupancy 95% 95% 95% 58% Rentable SF 66,080 149,069 160,092 58,183 Revenue per SF $14.76 $32.40 $38.17 $73.18 11 ©2023 Sky Harbour Confidential and Proprietary
Slide 12: Site Acquisition: San Jose
Site Acquisition San Jose is the First Tier-1 Market Win for Sky Harbour Revenue Capture Potential Demand Growth Phase 1: $5.0 million Heavy Repositioning Airport Phase 2: $2.1 million OEM delivery backlog Tech Sector Growth SJC 12 ©2023 Sky Harbour Confidential and Proprietary
Slide 13: Site Acquisition: Orlando
Site Acquisition Orlando is One of the Nation’s Fastest Growing Markets Revenue Capture Potential Demand Growth Phase 1: $4.8 million Heavy current demand from heavy and mid-sized aircraft Phase 2: $3.2 million 26th largest metro economy in US 2nd highest GDP growth in US ORL 13 ©2023 Sky Harbour Co
Slide 14: New Ground Leases Generate New Available Revenue
Site Acquisition New Ground Leases Generate New Available Revenue $180mm Potential Revenue Opportunity at SHER Stabilization $160mm March 2024 $140mm $120mm $100mm $80mm $60mm $40mm 1st Obligated Group $20mm $0mm Rest of Apr-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-23 May- Jun-23 Jan-24 Mar-23 Mar-
Slide 15: Next Twelve Months
Next Twelve Months Site Acquisition: Maximize revenue capture Best Fields Most Square Footage Development: Standardization Structure for high run-rate Maximize economies of scale Leasing: Accelerate spread of Sky Harbour brand awareness Aircraft owners and operators Airport Sponsors Operations: Main
Slide 16: Questions
Questions
Slide 17: Aviation Infrastructure Real Estate
AV I AT I O N INFRASTRUCTURE R E A L E S TAT E ©2023 Sky Harbour Confidential and Proprietary 17