AerSale Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AerSale Corp. has filed its annual report for fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

AerSale Corp (ASLE) filed a Annual Report (10-K) with the SEC on March 8, 2024. AerSale Corp. filed its 2023 Form 10-K on March 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 255 Alhambra Circle, Suite 435, Coral Gables, FL 33134. AerSale Corp. was formerly known as Monocle Acquisition Corp. until September 25, 2018. The SIC code for AerSale Corp. is 5080 (Wholesale-Machinery, Equipment & Supplies).

Why It Matters

For investors and stakeholders tracking AerSale Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AerSale's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors to assess performance and future prospects. The detailed financial statements and risk factors within the report are essential for stakeholders to understand the company's financial position, potential risks, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — AerSale Corp shows moderate risk based on this filing. The filing contains extensive financial data and disclosures, including details on revenue, net income, and debt, which require careful analysis to fully assess the company's financial health and associated risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand AerSale's performance and potential challenges in the upcoming fiscal year.

Financial Highlights

total Assets

51189461

total Debt

52954430

Key Numbers

• 51189461 — Total Assets (2023 FY)
• 52954430 — Total Debt (2023 FY)
• 2100000 — Other Nonoperating Income Expense (2023 FY)
• 7833000 — Measurement Input Risk-Free Interest Rate (2023-12-31)
• 43861000 — Measurement Input Price Volatility (2023-12-31)
• 36115000 — Measurement Input Expected Term (2023-12-31)

Key Players & Entities

• AerSale Corp (company) — CONFORMED NAME
• Monocle Acquisition Corp (company) — FORMER COMPANY
• 255 Alhambra Circle, Suite 435, Coral Gables, FL 33134 (company) — BUSINESS ADDRESS
• 0001754170 (company) — CENTRAL INDEX KEY
• 5080 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240308 (date) — FILED AS OF DATE

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2018-09-25: Name Change — Date AerSale Corp. changed its name from Monocle Acquisition Corp.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ASLE The Nasdaq Capital M
• $14.70 — gistrant, based on the closing price of $14.70 for shares of the registrant's common s

Filing Documents

• asle-20231231x10k.htm (10-K) — 2677KB
• asle-20231231xex21d1.htm (EX-21.1) — 21KB
• asle-20231231xex23d1.htm (EX-23.1) — 2KB
• asle-20231231xex31d1.htm (EX-31.1) — 10KB
• asle-20231231xex31d2.htm (EX-31.2) — 10KB
• asle-20231231xex32d1.htm (EX-32.1) — 7KB
• asle-20231231xex32d2.htm (EX-32.2) — 6KB
• asle-20231231xex97d1.htm (EX-97.1) — 29KB
• asle-20231231x10k006.jpg (GRAPHIC) — 41KB
• 0001558370-24-002777.txt (&nbsp;) — 12423KB
• asle-20231231.xsd (EX-101.SCH) — 71KB
• asle-20231231_cal.xml (EX-101.CAL) — 94KB
• asle-20231231_def.xml (EX-101.DEF) — 272KB
• asle-20231231_lab.xml (EX-101.LAB) — 646KB
• asle-20231231_pre.xml (EX-101.PRE) — 501KB
• asle-20231231x10k_htm.xml (XML) — 2540KB

BUSINESS

BUSINESS 5 ITEM 1A .

RISK FACTORS

RISK FACTORS 13 ITEM 1B . UNRESOLVED STAFF COMMENTS 29 ITEM 1C. CYBERSECURITY 30 ITEM 2.

PROPERTIES

PROPERTIES 31 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 4. MINE SAFETY DISCLOSURES 32 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 32 ITEM 6. [RESERVED] 33 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 40 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 41 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 77 ITEM 9A .

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 77 ITEM 9B . OTHER INFORMATION 78 ITEM 9C . DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 78 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 78 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 78 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 78 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 79 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 79 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 79 ITEM 16. FORM 10-K SUMMARY 85 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report may constitute forward-looking statements, and include, but are not limited to, changes in the market for our services; changes in applicable laws or regulations; the ability to launch new services and products or to profitably expand into new markets; and expectations of other economic, business and/or competitive factors. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential", or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this Annual Report are only predictions. We have based these forward-looking statements largely on our current expectations and pro

BUSINESS

ITEM 1 BUSINESS Corporate History and Background Monocle Acquisition Corporation ("Monocle") was initially formed as a Delaware corporation on August 20, 2018 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. On December 22, 2020, Monocle consummated the previously announced business combination pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated September 8, 2020 (the "Merger Agreement") by and among Monocle, the Company, AerSale Aviation, Inc. (f/k/a AerSale Corp.), a Delaware corporation ("AerSale Aviation"), Monocle Merger Sub 1 Inc., a Delaware corporation ("Merger Sub 1"), Monocle Merger Sub 2 LLC, a Delaware limited liability company ("Merger Sub 2"), and Leonard Green & Partners, L.P., a Delaware limited partnership, solely in its capacity as the initial Holder Representative (as defined in the Merger Agreement). The transactions contemplated by the Merger Agreement are referred to herein as the "Merger" or the "Business Combination" and in connection therewith, Monocle merged with and into us, whereby we survived the merger and became the successor issuer to Monocle by operation of Rule 12g-3 under the Exchange Act. Upon the consummation of the Merger: (a) Merger Sub 1 was merged with and into Monocle, with Monocle surviving the merger as a wholly-owned direct subsidiary of the Company, and (b) Merger Sub 2 was merged with and into AerSale Aviation, with AerSale Aviation surviving the merger as a wholly-owned indirect subsidiary of the Company. In connection with the closing of the Business Combination, AerSale Aviation changed its name from "AerSale Corp." to "AerSale Aviation, Inc." and the Company changed its name from "Monocle Holdings Inc." to "AerSale Corporation." Immediately following the Merger, the Company contributed all of its ownership in Monocle to AerSale Aviation, which cont

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View this 10-K filing on SEC EDGAR