AerSale(ASLE) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter 2024 revenue was $94.7 million, a slight increase of 0.3% from $94.4 million in the same quarter of 2023[3] - Excluding flight equipment sales, fourth-quarter 2024 revenue rose 35.5% year-over-year to $63.7 million, driven by improved feedstock levels and strong commercial demand[3] - Full year 2024 revenue was $345.1 million, a 3.2% increase from $334.5 million in 2023[13] - TechOps revenue for 2024 grew by 8.6% to $129.6 million, driven by increased revenues from accessory and landing gear MRO facilities[14] - Total revenue for Q4 2024 was $94,741, slightly up from $94,422 in Q4 2023, representing a year-over-year increase of 0.3%[27] Profitability - GAAP net income for Q4 2024 was $2.7 million, compared to a net loss of $2.7 million in Q4 2023[10] - Adjusted EBITDA for Q4 2024 was $13.0 million, up from $6.0 million in Q4 2023, reflecting higher sales volume and lower expenses[12] - GAAP net income for 2024 was $5.9 million, compared to a net loss of $5.6 million in 2023[17] - Earnings per share (EPS) for Q4 2024 was $0.05, compared to a loss of $0.05 in Q4 2023, indicating a recovery in profitability[27] - Reported net income for Q4 2024 was $2,702 million, a significant improvement from a net loss of $2,732 million in Q4 2023, representing a 2.9% of total revenue[33] - Adjusted net income for Q4 2024 was $4,775 million, compared to a loss of $144 million in Q4 2023, indicating a strong recovery in profitability[33] - Adjusted EBITDA for the year ended December 31, 2024, reached $33,386 million, up from $12,278 million in 2023, reflecting a 9.7% margin[33] Assets and Liabilities - Total current assets increased to $284,030 in 2024 from $264,774 in 2023, reflecting a growth of 7.3%[29] - Total liabilities rose to $149,103 in 2024, up from $108,923 in 2023, indicating an increase of 37%[29] - Cash and cash equivalents decreased to $4,698 in 2024 from $5,873 in 2023, a decline of 20%[29] - The company reported a significant increase in aircraft and engines held for lease, with net assets rising to $67,847 in 2024 from $26,475 in 2023[29] - The company’s total stockholders' equity increased to $455,620 in 2024 from $445,015 in 2023, reflecting a growth of 2.4%[29] Cash Flow - Operating cash flow for the year was $11,184, a substantial improvement compared to a cash outflow of $174,150 in 2023[31] Future Outlook - AerSale anticipates greater demand for its USM business and expects to benefit from an improving backdrop in commercial aerospace[34] - The company is well positioned to take advantage of asset availability and improving lease pool demand[34] - The company plans to continue monitoring risks and uncertainties that could impact future performance, as outlined in its SEC filings[34] Product Development - AerSale's offerings include integrated aftermarket services designed to help aircraft owners realize significant savings in operation and maintenance[36] - The company is focused on expanding its market presence through new product developments like AerSafe™, AerTrak™, and AerAware™[36] Interest Expense - Interest expense for the year ended December 31, 2024, was $5,703 million, compared to a negligible amount in 2023, indicating increased financing costs[33]