10-Q
Quarterly Report
AerSale Corporation
ASLE
NASDAQ
CIK: 1754170
File #: 001-38801
Balance Sheet
56 line items · 2 periods
XBRL
| Item | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|
Condensed Consolidated Balance Sheets | ||
Assets | ||
Current assets: | ||
Cash and cash equivalents | 2,637,000 | 5,873,000 |
Accounts receivable, net of allowance for credit losses of $978 as of March 31, 2024 and December 31, 2023 | 30,057,000 | 31,239,000 |
Income tax receivable | 1,628,000 | 1,628,000 |
Inventory: | ||
Aircraft, airframes, engines, and parts, net | 203,652,000 | 177,770,000 |
Advance vendor payments | 37,560,000 | 35,757,000 |
Deposits, prepaid expenses, and other current assets | 12,840,000 | 12,507,000 |
Total current assets | 288,374,000 | 264,774,000 |
Fixed assets: | ||
Aircraft and engines held for lease, net | 23,262,000 | 26,475,000 |
Property and equipment, net | 30,387,000 | 27,692,000 |
Inventory: | ||
Aircraft, airframes, engines, and parts, net | 147,193,000 | 151,398,000 |
Operating lease right-of-use assets | 26,307,000 | 27,519,000 |
Deferred income taxes | 12,906,000 | 12,203,000 |
Deferred financing costs, net | 1,424,000 | 1,506,000 |
Deferred customer incentives and other assets, net | 525,000 | 525,000 |
Goodwill | 19,860,000 | 19,860,000 |
Qwest - Asset Management Solutions | 13,416,000 | 13,416,000 |
ALGS - TechOps | 379,000 | 379,000 |
ACT - TechOps | 6,002,000 | 6,002,000 |
ACS - TechOps | 63,000 | 63,000 |
Other intangible assets, net | 21,456,000 | 21,986,000 |
Total assets | 571,694,000 | 553,938,000 |
Corporate | 13,284,000 | — |
TechOps | 170,369,000 | — |
Asset Management Solutions | 388,041,000 | — |
Liabilities and Stockholder's Equity | ||
Current liabilities: | ||
Accounts payable | 26,278,000 | 29,899,000 |
Accrued expenses | 5,720,000 | 5,478,000 |
Lessee and customer purchase deposits | 805,000 | 1,467,000 |
Current operating lease liabilities | 4,401,000 | 4,593,000 |
Current portion of long-term debt | 1,033,000 | 1,278,000 |
Deferred revenue | 2,009,000 | 2,998,000 |
Total current liabilities | 40,246,000 | 45,713,000 |
Revolving credit facility | 51,969,000 | 29,000,000 |
Long-term debt | 3,527,000 | 7,281,000 |
Synovus - Equipment Loan | 4,560,000 | — |
Long-term lease deposits | 102,000 | 102,000 |
Long-term operating lease liabilities | 23,398,000 | 24,377,000 |
Maintenance deposit payments and other liabilities | 62,000 | 64,000 |
Warrant liability | 407,000 | 2,386,000 |
Total liabilities | 119,711,000 | 108,923,000 |
Stockholders' equity: | ||
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 53,009,026 and 52,954,430 shares as of March 31, 2024 and December 31, 2023 | 5,000 | 5,000 |
Additional paid-in capital | 312,430,000 | 311,739,000 |
Retained earnings | 139,548,000 | 133,271,000 |
Total stockholders' equity | 451,983,000 | 445,015,000 |
Retained earnings | 139,548,000 | 133,271,000 |
Additional paid-in capital | 312,430,000 | 311,739,000 |
Common stock | 5,000 | 5,000 |
Total liabilities and stockholders' equity | 571,694,000 | 553,938,000 |