Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q1 2024 Earnings Presentation
17 slides from Sky Harbour's earnings presentation, May 14, 2024
Slide 1: 2024 Q1 Earnings Webcast
CONFIDENTIAL 2024 Q1 Earnings Webcast May 14, 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: 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) 160 3 3 140 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
Sky Harbour Group Corp Financial Results Next Step Function: SJC, Q2 2024 Cost of Construction and Constructed Assets Quarterly Revenues Operating Expenses (in millions) (in millions) (in millions) 2.5 160 3 140 2 2.5 120 100 2 1.5 80 1.5 1 60 1 40 0.5 20 0.5 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 7: Potential Revenue Opportunity at SHER Stabilization
Site Acquisition New Ground Leases Generate New Available Revenue $180mm Potential Revenue Opportunity at SHER Stabilization $160mm May 2024 $140mm $120mm $100mm $80mm $60mm $40mm 1st Obligated Group $20mm $0mm Apr-23 Oct-23 Apr-24 Mar-23 Feb-24 Mar-24 Jun-23 Jan-24 May-23 May-24 Rest of 2025 Jul-23
Slide 8: 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 9: Construction Update on Sites in Development
Construction Update on Sites in Development Projects on Schedule Deer Valley - Phoenix Centennial - Denver Addison - Dallas • Engineering of the structural repairs have • Engineering of the new structural • 60% of Structural foundations have been been completed and the fabrication is members have be
Slide 10: 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 9 ©2023 Sky Harbour Confidential and Proprietary
Slide 11: Airport Operations Update
Airport Operations Update Four airports staffed, equipped and operating • 2024 Objective: Demonstrate differentiation from legacy aircraft basing solutions • Sky Harbour Resident – Centric service model emphasizing: • Efficiency – Shortest time to wheels-up • Personalization: • Small dedicated line
Slide 12: Strong Liquidity and Long-Term Permanent Debt
Strong Liquidity and Long-Term Permanent Debt U.S. Treasuries and Cash (in thousands) Series 2021 Bond Debt Service (in millions) 14 12 $57,203 10 8 6 $102,009 4 2 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2054 Bond Principal Bond Interest (millions) Cash Treasuries ~$160 Mi
Slide 13: Sky Harbour Capital 2021 PABs – Path to Investment Grade
Sky Harbour Capital 2021 PABs – Path to Investment Grade Long Bond Yield in Past Year 7.0% • Funding Gaps Met with 6.8% New Equity 6.6% • Protect Path to Exceed DSCR targets • Path to IG 6.4% 6.2% • Ramp Up on Cash 6.0% Flows in 2025 5.8% • Accretive Fields 5.6% 5.75% • DeRisk New Projects • Interim
Slide 14: Permanent Capital: Key to Prudent Funding of Growth Capital Opportunistically
Permanent Capital: Key to Prudent Funding of Growth Capital Opportunistically Internally Generated Cash Flow SKYH Holding 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 Activi
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 16