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Mar 31, 2023
AerSale Q1 2023 Earnings Report
AerSale's first quarter results reflected the pacing of the flight equipment sales.
Key Takeaways
AerSale reported a revenue of $78.3 million for Q1 2023, compared to $122.8 million in Q1 2022. GAAP net income was $5 thousand, a significant decrease from $17.2 million in the prior year period. The company reaffirms its 2023 guidance, expecting revenue between $460 and $490 million and adjusted EBITDA between $70 and $80 million.
Revenue decreased to $78.3 million compared to $122.8 million in the prior year period, impacted by the timing of flight equipment sales.
GAAP net income was $5 thousand, down from $17.2 million in the same period last year.
Adjusted EBITDA decreased to $5.0 million compared to $29.9 million in the prior year period.
Company reaffirms its 2023 guidance with revenue expected to be in the range of $460 - $490 million and adjusted EBITDA in the range of $70 - $80 million.
Forward Guidance
AerSale still expects to generate revenue of $460 - $490 million and adjusted EBITDA of $70 - $80 million in 2023.
Positive Outlook
- Company expects to generate revenue of $460 - $490 million in 2023.
- Company expects adjusted EBITDA of $70 - $80 million in 2023.
- Guidance reflects the Company’s expected flight equipment sales during the year.
- Guidance reflects anticipated volume in its ongoing operations.
- Company expects a stronger contribution from the 757 P2F program in the second half of 2023 as we execute on our planned flight equipment sales.
Challenges Ahead
- Guidance for 2023 does not reflect potential sales of AerAware as the product is in its final stages of approval.
- Results for the first quarter of 2023 included significantly lower flight equipment sales compared to the prior year, which adversely impacted our margins.
- Expect this trend to continue through the second quarter of this year given that the second quarter of 2022 included $92.5 million of higher margin flight equipment sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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