Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q2 2024 Earnings Presentation
15 slides from Sky Harbour's earnings presentation, Aug 13, 2024
Slide 1: 2024 Q2 Earnings Webcast
2024 Q2 Earnings Webcast August 13th, 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 TAL FRANCISCO WHITESELL KEINAN GONZALEZ Chief Chief Chief Operating Officer Executive Officer Financial Officer MICHAEL TIM TORI SCHMITT HERR PETRO Chief Accounting Treasurer and Accounting & Officer VP Finance Finance Manager ©2024 Sky Harbour Confidential and Proprietary 3
Slide 5: Sky Harbour Capital - PABs Obligated Group
SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP 1 Expected to Surpass DSCRs assumed at 2021 Issuance at Stabilization COST OF CONSTRUCTION AND CONSTRUCTED ASSETS QUARTERLY REVENUES OPERATING EXPENSES (In millions) (In millions) (In millions) 3 3 160 140 2.5 2.5 120 2 2 100 80 1.5 1.5 60 1 1 40 0.5 0.5 20
Slide 6: Sky Harbour Group Corp Financial Results
20 40 60 80 100 120 140 160 0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 SG&A Q1'21 Q1'21 (In millions) (In millions) Q2'21 Q2'21 Q3'21 Q3'21 Q4'21 Q4'21 Q1'22 Q1'22 Q2'22 Q2'22 Q3'22 Q3'22 Q4'22 Q4'22 Q1'23 Q1'23 Q2'23 Q2'23 Q3'23 Q3'23 Q4'23 Q4'23 Step Function: SJC, Q2 2024 Q1'24 Q1'24 ©2024
Slide 7: Potential Revenue Opportunity at SHER Stabilization
SITE ACQUISITION New Ground Leases Generate New Target Stabilized Revenue Level $200mm $180mm Potential Revenue Opportunity at SHER Stabilization August 2024 $160mm $140mm $120mm $100mm $80mm $60mm 1st Obligated Group $40mm $20mm $0mm Apr- Feb- May- Oct- Jan- Jun- Jul- Mar- Nov- Dec- 2024 2025 Sep-
Slide 8: Development: Projected Airfield Phase Starts and Completions
DEVELOPMENT Projects entering integrated process Fields Nearing Completion Construction Stabilization Full Operation Start End Start End DVT Phase 1 Q4-22 Q1-25 Q1-25 Q3-25 Q3-25 APA Phase 1 Q4-22 Q1-25 Q1-25 Q3-25 Q3-25 ADS Phase 1 Q4-23 Q1-25 Q1-25 Q3-25 Q3-25 Projected Airfield Phase Starts and C
Slide 9: Strong Liquidity and Long-Term Permanent Debt
STRONG LIQUIDITY AND LONG-TERM PERMANENT DEBT U.S. TREASURIES AND CASH SERIES 2021 BOND DEBT SERVICE (In thousands) (In millions) Cash Treasuries Bond Principal Bond Interest (Millions) 14 $26,809 12 10 8 6 4 2 $122,304 0 2034 2035 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2036 2054 ~$150 Mi
Slide 10: Sky Harbour Capital 2021 PABs – Path to Investment Grade
SKY HARBOUR CAPITAL 2021 PABS – PATH TO INVESTMENT GRADE Long Bond Yield in Past Year ▪ Continued rally in price 7.00% and spread on our bonds 6.80% ▪ Protect Path to Exceed 6.60% DSCR targets 6.40% 6.20% ▪ Path to IG 6.00% – Ramp Up on Cash 5.80% Flows in 2025 5.60% – Accretive Fields 5.40% – DeRis
Slide 11: Permanent Capital: Key to Prudent Funding of Growth Capital Opportunistically
PERMANENT CAPITAL: KEY TO PRUDENT FUNDING OF GROWTH CAPITAL OPPORTUNISTICALLY INTERNALLY GENERATED SKYH HOLDING CASH FLOW COMPANY EQUITY In lieu of a portion or all dividends in the Public ATM or marketed offerings early years PIPEs GROWTH CAPITAL PROJECT LEVEL PARTNERSHIPS WITH PRIVATE ACTIVITY REA
Slide 12: Q2 Highlights
Q2 Highlights 01 SITE ACQUISITION ▪ Salt Lake City (SLC) ▪ Expansion on existing fields 02 03 04 DEVELOPMENT LEASING OPERATIONS ▪ Three projects set for delivery by Q1 2025 ▪ Marquis residents onboarded ▪ New field up and running ▪ Ten additional project phases in ▪ Actual airport revenues exceeding
Slide 13: Next Twelve Months
NEXT TWELVE MONTHS 01 SITE ACQUISITION Maximize revenue capture ▪ Focus = Best fields in USA ▪ Revised 2024-2025 acquisitions target 02 03 04 DEVELOPMENT LEASING OPERATIONS Standardization Accelerate spread of Sky Harbour Laser focused on the Sky Harbour Resident ▪ Structure for high run-rate brand
Slide 14: Questions
QUESTIONS ©2024 Sky Harbour Confidential and Proprietary 13
Slide 15: Aviation Infrastructure Real Estate
AV I AT I O N INFRASTRUCTURE R E A L E S TAT E ©2024 Sky Harbour Confidential and Proprietary 14