AerSale has reported full year 2021 revenue of $340.4 million, up 62.9% year-over-year, with a full year adjusted net income of $63.6 million, or 18.7% of sales. The company’s adjusted EBITDA was $89.3 million or 26.2% of sales for full year 2021, up 73.2% year-over-year.
AerSale reported revenue of $116.8 million for the fourth quarter of 2021, which included $73.1 million of flight equipment sales. Revenue in the fourth quarter of 2020 was $49.4 million and did not include any flight equipment sales.
During 2021, AerSale sold nine aircraft, two airframes, and ten engines, and notes that it expects to monetize 15 Boeing 757s in 2022 and 2023 as freighter markets continue to grow with the majority expected to be monetized in 2022.
For 2022, AerSale expects revenue in the range of $420 - $450 million and adjusted EBITDA in the range of $80 - $90 million.
With the impact of the Omicron variant receding and major economies removing restrictions related to COVID-19, AerSale says that it expects the commercial market recovery to continue on a stronger footing going forward. As consumer air travel rises and airlines add to their services, AerSale anticipates higher MRO volume from the recommissioning of commercial aircraft and greater demand for used serviceable material (USM) parts for maintenance and overhaul activity.
Cash flows from operating activities were $79.1 million primarily due to strong GAAP net income results and increased deposits related to 2022 contracted sales. The company ended the year with $130.2 million of cash and has an undrawn $150 million credit facility.
Nicolas Finazzo, AerSale’s Chief Executive Officer, commented, “We have executed well and made considerable progress during our first year as a public company. This result is a solid testament to the strong performance of our purpose-built, integrated, multi-dimensional adaptive business model and the resilience of our workforce. Our strategic acquisition of the 757 fleet in 2020 has proven to be a strong contributor to our consolidated results, which we expect to continue through 2022 and into 2023. This is supported by an improving commercial backdrop, and continued business development progress across the Company.”
Finazzo concluded, “We also redeemed all of our outstanding public warrants at the end of the year in a cashless redemption, further strengthening our financial profile and positioning us to take advantage of upcoming organic and inorganic opportunities.”
Martin Garmendia, AerSale’s Chief Financial Officer, said: “Our internal adjustments and superior execution in 2021 against the backdrop of the pandemic have yielded success. In addition to being more resilient, we are also on a stronger operational and financial footing now. We have thrived in this challenging commercial aviation market with the diversity of our revenue sources creating a counter-cyclical hedge. We look forward to generating internal and external stakeholder value as we seek to achieve our goals over the next few years.”