AerSale Reports Fourth Quarter and Full Year 2022 Results
AerSale Corporation (NASDAQ: ASLE) reported a 20% revenue increase to $408.5 million for 2022, with GAAP net income rising 21.4% to $43.9 million.
Flight equipment sales included 12 aircraft, contributing significantly to growth. Revenue guidance for 2023 is projected at $460-$490 million, with adjusted EBITDA of $70-$80 million.
The fourth quarter revealed a decline in revenue to $95.1 million from $116.8 million year-over-year, primarily due to fluctuating flight equipment sales. Although adjusted EBITDA decreased to $17.7 million from $28.6 million, the company is focused on its 757 P2F program and the anticipated AerAware product launch.
- 2022 revenue increased by 20% to $408.5 million.
- GAAP net income for 2022 rose to $43.9 million, up 21.4% year-over-year.
- Guidance for 2023 projects revenue between $460 million and $490 million.
- Fourth quarter revenue declined to $95.1 million from $116.8 million year-over-year.
- Adjusted EBITDA dropped to $17.7 million, down from $28.6 million in the same quarter last year.
- Asset Management revenue decreased by 27.4% in Q4 2022 to $67.9 million.
2022 Highlights
-
Full year 2022 revenue of
, up$408.5 million 20.0% year-over-year. -
Full year 2022 GAAP net income of
, or$43.9 million 10.7% of sales, up21.4% year-over-year. -
Full Year 2022 Adjusted Net Income of
, or$63.6 million 15.5% of sales. -
Adjusted EBITDA of
or$87.4 million 21.4% of sales for the full year 2022. - Flight equipment sales included 12 aircraft, two airframes, and 15 engines during 2022.
- Up to 12 additional aircraft to be converted to freighters by third parties, of which 9 are scheduled to become available for sale or lease in 2023.
-
Provides 2023 guidance: expects revenue in the range of
-$460 and adjusted EBITDA in the range of$490 million -$70 , which excludes any potential AerAware sales1.$80 million
The Company’s revenue for the fourth quarter of 2022 was
Asset Management Solutions (“Asset Management") revenue decreased to
Fourth quarter 2022 GAAP net income was
Diluted earnings per share was
Fourth quarter 2022 adjusted EBITDA was
Cash used in operating activities was
Finazzo added, “We are also in the final stages of obtaining a Supplemental Type Certificate (“STC”) from the
Update on AerAware
Depending on the complexity of the modification, the
Fourth Quarter 2022 Results of Operations
Asset Management revenue fell
Technical Operations (“TechOps”) revenue was
Gross margin was
Selling, general and administrative expenses were
Income from operations was
Income tax expense was
GAAP net income was
Adjusted for stock-based compensation, inventory write-down, mark-to-market adjustment to the private warrant liability, gain an aircraft insurance claim, secondary offering and facility relocation costs, Adjusted Net Income was
Adjusted EBITDA in the fourth quarter of 2022 was
Full Year 2022 Results of Operations
For the full year 2022,
Asset Management revenue was
Revenue from TechOps was
Gross margin was
Selling, general and administrative expenses were
Income from operations was
Income tax expense was
GAAP net income was
Adjusted EBITDA for 2022 was
2023 Guidance
Conference Call Information
The Company will host a conference call today,
A telephonic replay will be available shortly after the conclusion of the call and until
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including adjusted EBITDA, adjusted Net Income, and adjusted diluted Earnings per Share.
You should review AerSale’s audited financial statements, and not rely on any single financial measure to evaluate AerSale’s business. Other companies may calculate adjusted EBITDA, adjusted Net Income, or Adjusted diluted earnings per share differently, and therefore AerSale’s adjusted EBITDA, adjusted Net Income, or adjusted diluted earnings per share measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of Net Income, the Company’s closest GAAP measure, to adjusted EBITDA, adjusted Net Income, and adjusted diluted earnings per share, are outlined in the tables below following the Company’s condensed consolidated financial statements.
Fourth Quarter and Full Year 2022 Financial Results
|
||||||
CONSOLIDATED BALANCE SHEET |
||||||
(in thousands, except per share data) |
||||||
|
|
|
|
|
||
|
|
2022 |
|
2021 |
||
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
147,188 |
|
$ |
130,188 |
Accounts receivable, net of allowance for doubtful accounts of |
|
|
28,273 |
|
|
29,350 |
Inventory: |
|
|
|
|
|
|
Aircraft, airframes, engines, and parts, net |
|
|
117,488 |
|
|
81,759 |
Advance vendor payments |
|
|
27,585 |
|
|
14,287 |
Deposits, prepaid expenses, and other current assets |
|
|
13,022 |
|
|
15,945 |
Total current assets |
|
|
333,556 |
|
|
271,529 |
Fixed assets: |
|
|
|
|
|
|
Aircraft and engines held for lease, net |
|
|
31,288 |
|
|
73,364 |
Property and equipment, net |
|
|
12,638 |
|
|
7,350 |
Inventory: |
|
|
|
|
|
|
Aircraft, airframes, engines, and parts, net |
|
|
66,042 |
|
|
77,534 |
Operating lease right-of-use assets |
|
|
31,624 |
|
|
- |
Deferred income taxes |
|
|
11,287 |
|
|
10,013 |
Deferred financing costs, net |
|
|
544 |
|
|
999 |
Deferred customer incentives and other assets, net |
|
|
628 |
|
|
598 |
|
|
|
19,860 |
|
|
19,860 |
Other intangible assets, net |
|
|
24,112 |
|
|
26,238 |
Total assets |
|
$ |
531,579 |
|
$ |
487,485 |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
21,131 |
|
$ |
19,967 |
Accrued expenses |
|
|
8,843 |
|
|
8,424 |
Income tax payable |
|
|
- |
|
|
3,443 |
Lessee and customer purchase deposits |
|
|
17,085 |
|
|
33,212 |
Current operating lease liabilities |
|
|
4,426 |
|
|
- |
Deferred revenue |
|
|
1,355 |
|
|
2,860 |
Total current liabilities |
|
|
52,840 |
|
|
67,906 |
|
|
|
|
|
|
|
Long-term lease deposits |
|
|
152 |
|
|
2,053 |
Long-term operating lease liabilities |
|
|
28,283 |
|
|
- |
Maintenance deposit payments and other liabilities |
|
|
668 |
|
|
3,403 |
Deferred income taxes, net |
|
|
- |
|
|
1,113 |
Warrant liability |
|
|
4,656 |
|
|
4,131 |
Total liabilities |
|
|
86,599 |
|
|
78,606 |
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, |
|
|
5 |
|
|
5 |
Additional paid-in capital |
|
|
306,141 |
|
|
313,901 |
Retained earnings |
|
|
138,834 |
|
|
94,973 |
Total stockholders' equity |
|
|
444,980 |
|
|
408,879 |
Total liabilities and stockholders’ equity |
|
$ |
531,579 |
|
$ |
487,485 |
|
|||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
Years ended |
||||||||||
|
|
|
2022 |
|
2021 |
|
2020 |
||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|||
Products |
|
|
$ |
284,554 |
|
|
$ |
209,881 |
|
|
$ |
49,390 |
|
Leasing |
|
|
|
28,732 |
|
|
|
30,657 |
|
|
|
55,649 |
|
Services |
|
|
|
95,258 |
|
|
|
99,899 |
|
|
|
103,899 |
|
Total revenue |
|
|
|
408,544 |
|
|
|
340,437 |
|
|
|
208,938 |
|
Cost of sales and operating expenses: |
|
|
|
|
|
|
|
|
|
|
|||
Cost of products |
|
|
|
176,074 |
|
|
|
139,475 |
|
|
|
49,890 |
|
Cost of leasing |
|
|
|
6,929 |
|
|
|
9,804 |
|
|
|
24,244 |
|
Cost of services |
|
|
|
74,147 |
|
|
|
71,766 |
|
|
|
82,015 |
|
Total cost of sales |
|
|
|
257,150 |
|
|
|
221,045 |
|
|
|
156,149 |
|
Gross profit |
|
|
|
151,394 |
|
|
|
119,392 |
|
|
|
52,789 |
|
Selling, general, and administrative expenses |
|
|
|
96,348 |
|
|
|
77,498 |
|
|
|
55,635 |
|
Payroll support program proceeds |
|
|
|
- |
|
|
|
(14,768 |
) |
|
|
(12,693 |
) |
Transaction costs recovered |
|
|
|
- |
|
|
|
- |
|
|
|
(1,436 |
) |
Income from operations |
|
|
|
55,046 |
|
|
|
56,662 |
|
|
|
11,283 |
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|||
Interest income (expense), net |
|
|
|
1,093 |
|
|
|
(980 |
) |
|
|
(1,645 |
) |
Other income, net |
|
|
|
2,268 |
|
|
|
458 |
|
|
|
494 |
|
Unrealized loss on investment |
|
|
|
- |
|
|
|
(5,421 |
) |
|
|
- |
|
Change in fair value of warrant liability |
|
|
|
(525 |
) |
|
|
(2,945 |
) |
|
|
(388 |
) |
Total other income (expenses) |
|
|
|
2,836 |
|
|
|
(8,888 |
) |
|
|
(1,539 |
) |
Income before income tax provision |
|
|
|
57,882 |
|
|
|
47,774 |
|
|
|
9,744 |
|
Income tax expense |
|
|
|
(14,021 |
) |
|
|
(11,659 |
) |
|
|
(1,650 |
) |
Net income |
|
|
|
43,861 |
|
|
|
36,115 |
|
|
|
8,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Earnings per share - basic |
|
|
$ |
0.85 |
|
|
$ |
0.84 |
|
|
$ |
7.85 |
|
Earnings per share - diluted |
|
|
$ |
0.83 |
|
|
$ |
0.76 |
|
|
$ |
7.39 |
|
|
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(in thousands) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Years ended |
||||||||||
|
|
2022 |
|
2021 |
|
2020 |
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
43,861 |
|
|
$ |
36,115 |
|
|
$ |
8,094 |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
10,984 |
|
|
|
12,998 |
|
|
|
24,223 |
|
Amortization of debt issuance costs |
|
|
455 |
|
|
|
494 |
|
|
|
740 |
|
Amortization of operating lease assets |
|
|
873 |
|
|
|
- |
|
|
|
- |
|
Inventory reserve |
|
|
2,376 |
|
|
|
6,942 |
|
|
|
13,651 |
|
Impairment of aircraft held for lease |
|
|
857 |
|
|
|
- |
|
|
|
3,036 |
|
Provision for doubtful accounts |
|
|
(395 |
) |
|
|
212 |
|
|
|
212 |
|
Deferred income taxes |
|
|
(2,387 |
) |
|
|
(3,192 |
) |
|
|
22 |
|
Change in fair value of warrant liability |
|
|
525 |
|
|
|
2,945 |
|
|
|
388 |
|
Share-based compensation |
|
|
16,498 |
|
|
|
12,721 |
|
|
|
1,042 |
|
Loss on related party investment |
|
|
- |
|
|
|
5,421 |
|
|
|
- |
|
Gain on legal settlement |
|
|
(1,695 |
) |
|
|
- |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|||
Accounts receivable |
|
|
(1,029 |
) |
|
|
(3,342 |
) |
|
|
9,919 |
|
Inventory |
|
|
(37,637 |
) |
|
|
(35,672 |
) |
|
|
(55,275 |
) |
Deposits, prepaid expenses, and other current assets |
|
|
2,923 |
|
|
|
12,685 |
|
|
|
(9,132 |
) |
Deferred customer incentives and other assets |
|
|
893 |
|
|
|
(333 |
) |
|
|
56 |
|
Advance vendor payments |
|
|
(13,298 |
) |
|
|
(8,090 |
) |
|
|
(2,958 |
) |
Accounts payable |
|
|
1,164 |
|
|
|
3,603 |
|
|
|
(801 |
) |
Income tax payable |
|
|
(3,443 |
) |
|
|
2,157 |
|
|
|
1,324 |
|
Accrued expenses |
|
|
417 |
|
|
|
(1,280 |
) |
|
|
(1,697 |
) |
Deferred revenue |
|
|
(1,505 |
) |
|
|
265 |
|
|
|
(5,894 |
) |
Lessee and customer purchase deposits |
|
|
(18,027 |
) |
|
|
34,690 |
|
|
|
1,776 |
|
Other liabilities |
|
|
(2,523 |
) |
|
|
(260 |
) |
|
|
(957 |
) |
Net cash (used in) provided by operating activities |
|
|
(113 |
) |
|
|
79,079 |
|
|
|
(12,231 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|||
Business acquisition |
|
|
- |
|
|
|
- |
|
|
|
(16,976 |
) |
Proceeds from sale of assets |
|
|
52,771 |
|
|
|
17,095 |
|
|
|
3,100 |
|
Proceeds from legal settlement, net |
|
|
4,195 |
|
|
|
- |
|
|
|
- |
|
Acquisition of aircraft and engines held for lease, including capitalized cost |
|
|
(7,133 |
) |
|
|
(2,383 |
) |
|
|
(5,128 |
) |
Purchase of property and equipment |
|
|
(8,462 |
) |
|
|
(1,508 |
) |
|
|
(2,137 |
) |
Net cash provided by (used in) investing activities |
|
|
41,371 |
|
|
|
13,204 |
|
|
|
(21,141 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|||
Repayments of |
|
|
- |
|
|
|
- |
|
|
|
(3,424 |
) |
Proceeds from Revolving Credit Facility |
|
|
- |
|
|
|
- |
|
|
|
96,726 |
|
Repayments of Revolving Credit Facility |
|
|
- |
|
|
|
- |
|
|
|
(96,726 |
) |
Purchase of treasury stock |
|
|
(22,204 |
) |
|
|
- |
|
|
|
- |
|
Cash paid for employee taxes on withholding shares |
|
|
- |
|
|
|
(694 |
) |
|
|
- |
|
Taxes paid related to net share settlement of equity awards |
|
|
(2,592 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from exercise of warrants |
|
|
- |
|
|
|
9,282 |
|
|
|
- |
|
Proceeds from the issuance of Employee Stock Purchase Plan shares |
|
|
538 |
|
|
|
- |
|
|
|
- |
|
Proceeds from Merger |
|
|
- |
|
|
|
- |
|
|
|
48,608 |
|
Net cash (used in) provided by financing activities |
|
|
(24,258 |
) |
|
|
8,588 |
|
|
|
45,184 |
|
|
|
|
|
|
|
|
|
|
|
|||
Increase in cash and cash equivalents |
|
|
17,000 |
|
|
|
100,871 |
|
|
|
11,812 |
|
Cash and cash equivalents, beginning of period |
|
|
130,188 |
|
|
|
29,317 |
|
|
|
17,505 |
|
Cash and cash equivalents, end of period |
|
$ |
147,188 |
|
|
$ |
130,188 |
|
|
$ |
29,317 |
|
|
|
|
|
|
|
|
|
|
|
|||
Supplemental disclosure of cash activities |
|
|
|
|
|
|
|
|
|
|||
Income taxes paid |
|
|
21,489 |
|
|
|
8,340 |
|
|
|
2,650 |
|
Interest paid |
|
|
573 |
|
|
|
595 |
|
|
|
855 |
|
Supplemental disclosure of noncash investing activities |
|
|
|
|
|
|
|
|
|
|||
Reclassification of aircraft and aircraft engines inventory (from) to aircraft and engine held for lease, net |
|
|
(25,803 |
) |
|
|
(7,002 |
) |
|
|
6,228 |
|
Reclassification of customer purchase deposits to sale of assets |
|
|
12,500 |
|
|
|
- |
|
|
|
- |
|
Reclassification of amounts due from related party to investments |
|
|
- |
|
|
|
5,421 |
|
|
|
- |
|
|
||||||||||||||||||||||
Adjusted EBITDA, Net Income and Diluted EPS Reconciliation Table (In ‘000s) |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
Three months ended |
|
Twelve months ended |
||||||||||||||||||||
2022 |
|
% of Total
|
|
2021 |
|
% of Total
|
|
2022 |
|
% of Total
|
|
2021 |
|
% of Total
|
||||||||
Reported Net Income |
9,193 |
|
9.7 |
% |
11,185 |
9.6 |
% |
43,861 |
|
10.7 |
% |
36,115 |
10.6 |
% |
||||||||
Addbacks: |
||||||||||||||||||||||
Change in FV of Warrant Liability |
(1,356 |
) |
(1.4 |
%) |
210 |
0.2 |
% |
525 |
|
0.00 |
|
2,945 |
0.9 |
% |
||||||||
Stock-based Compensation |
4,470 |
|
4.7 |
% |
3,822 |
3.3 |
% |
16,498 |
|
0.04 |
|
12,721 |
3.7 |
% |
||||||||
Payroll taxes related to stock-based compensation |
250 |
|
0.3 |
% |
- |
0.0 |
% |
250 |
|
0.00 |
|
- |
0.0 |
% |
||||||||
Inventory Write-down |
- |
|
0.0 |
% |
1,640 |
1.4 |
% |
1,845 |
|
0.00 |
|
6,416 |
1.9 |
% |
||||||||
Unrealized loss on investment |
- |
|
0.0 |
% |
5,421 |
4.6 |
% |
- |
|
- |
|
5,421 |
1.6 |
% |
||||||||
Impairment in Flight Equipment |
- |
|
0.0 |
% |
- |
0.0 |
% |
857 |
|
0.00 |
|
- |
0.0 |
% |
||||||||
Secondary Offering Costs |
579 |
|
0.6 |
% |
- |
0.0 |
% |
579 |
|
0.1 |
% |
- |
0.0 |
% |
||||||||
Relocation Costs |
804 |
|
0.8 |
% |
- |
0.0 |
% |
804 |
|
0.2 |
% |
- |
0.0 |
% |
||||||||
Gain on legal settlement |
(1,695 |
) |
(1.8 |
%) |
- |
0.0 |
% |
(1,695 |
) |
(0.4 |
%) |
- |
0.0 |
% |
||||||||
Income Tax Effect of Adjusting Items (1) |
96 |
|
0.1 |
% |
- |
0.0 |
% |
76 |
|
0.0 |
% |
- |
0.0 |
% |
||||||||
Adjusted Net Income |
12,341 |
|
12.9 |
% |
22,278 |
19.1 |
% |
63,600 |
|
15.5 |
% |
63,618 |
18.6 |
% |
||||||||
Interest Expense |
(1,078 |
) |
(1.1 |
%) |
230 |
0.2 |
% |
(1,093 |
) |
(0.3 |
%) |
980 |
0.3 |
% |
||||||||
Income Tax Expense (Benefit) |
4,108 |
|
4.3 |
% |
2,922 |
2.5 |
% |
14,021 |
|
3.4 |
% |
11,659 |
3.4 |
% |
||||||||
Depreciation and Amortization |
2,395 |
|
2.5 |
% |
3,130 |
2.7 |
% |
10,984 |
|
2.7 |
% |
12,998 |
3.8 |
% |
||||||||
Reversal of Income Tax Effect of Adjusting Items (1) |
(96 |
) |
(0.1 |
%) |
- |
0.0 |
% |
(76 |
) |
(0.0 |
%) |
- |
0.0 |
% |
||||||||
Adjusted EBITDA |
17,670 |
|
18.6 |
% |
28,561 |
24.5 |
% |
87,436 |
|
21.4 |
% |
89,255 |
26.1 |
% |
||||||||
Reported Basic earnings per share |
0.18 |
|
0.24 |
0.85 |
|
0.84 |
||||||||||||||||
Addbacks: |
||||||||||||||||||||||
Change in fair value of warrant liability |
(0.03 |
) |
0.00 |
0.01 |
|
0.07 |
||||||||||||||||
Stock-based compensation |
0.09 |
|
0.08 |
0.32 |
|
0.29 |
||||||||||||||||
Inventory Write-down |
- |
|
0.04 |
0.04 |
|
0.15 |
||||||||||||||||
Unrealized loss on investment |
- |
|
0.12 |
- |
|
0.13 |
||||||||||||||||
Secondary Offering Costs |
0.01 |
|
- |
0.01 |
|
- |
||||||||||||||||
Relocation Costs |
0.02 |
|
- |
0.02 |
|
- |
||||||||||||||||
Gain on legal settlement |
(0.03 |
) |
||||||||||||||||||||
Income Tax Effect of Adjusting Items |
0.00 |
|
- |
0.00 |
|
- |
||||||||||||||||
Adjusted Basic earnings per share |
0.24 |
|
0.49 |
1.24 |
|
1.48 |
||||||||||||||||
Reported Diluted earnings per share |
0.17 |
|
0.21 |
0.83 |
|
0.76 |
||||||||||||||||
Addbacks: |
||||||||||||||||||||||
Change in FV of warrant liability |
(0.03 |
) |
0.00 |
0.01 |
|
0.06 |
||||||||||||||||
Stock-based compensation |
0.08 |
|
0.07 |
0.31 |
|
0.27 |
||||||||||||||||
Inventory Write-down |
- |
|
0.03 |
0.03 |
|
0.14 |
||||||||||||||||
Impairment in Flight Equipment |
- |
|
0.10 |
- |
|
0.11 |
||||||||||||||||
Secondary Offering Costs |
0.01 |
|
- |
0.01 |
|
- |
||||||||||||||||
Relocation Costs |
0.02 |
|
- |
0.02 |
|
- |
||||||||||||||||
Gain on legal settlement |
(0.03 |
) |
||||||||||||||||||||
Income Tax Effect of Adjusting Items |
0.00 |
|
- |
0.00 |
|
- |
||||||||||||||||
Adjusted Diluted earnings per share |
0.23 |
|
0.41 |
1.20 |
|
1.34 |
Forward Looking Statements
This press release includes “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 press release may constitute forward-looking statements, and include, but are not limited to, statements regarding our anticipated financial performance, including all statements set forth in the “2023 Guidance” section above such as expectations of revenue in the range of
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements and we qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
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1 A reconciliation of non-GAAP adjusted EBITDA guidance to net (loss) income, the most directly comparable GAAP (Generally Accepted Accounting Principles) measure, has not been provided due to the lack of predictability regarding the various reconciling items such as the provision for income taxes and depreciation and amortization, which are expected to have a material impact on these measures and cannot be reasonably predicted without unreasonable efforts.
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