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CAE Inc. (NYSE: CAE; TSX: CAE) stands as a global leader in training and simulation solutions for the civil aviation, defense and security, and healthcare markets. With over seven decades of innovation, CAE designs and integrates comprehensive training solutions, leveraging the expertise of its 8,000 employees and world-leading simulation technologies. Headquartered in Montreal, Canada, CAE operates 160 sites and training locations in 35 countries, making it the broadest network in the industry.
Civil Aviation: CAE trains more than 120,000 civil and defense crewmembers annually, providing advanced flight simulators and comprehensive pilot training programs. The company also manages a substantial fleet of flight simulators, enhancing accessibility and training efficiency for airlines worldwide.
Defense & Security: CAE offers mission support and training solutions for defense forces, utilizing high-fidelity simulation technologies to prepare military personnel for real-life scenarios. The company's defense projects are focused on improving combat readiness and operational efficiency of military forces globally.
Healthcare: Recent divestitures have seen CAE streamline its focus, yet it remains committed to providing simulation-based healthcare training solutions to nurture the proficiency of medical professionals.
CAE has a strong commitment to sustainability, becoming the first Canadian aerospace company to be carbon-neutral in 2020. The company continues to push the envelope with technological advancements, such as integrating Epic Games' Unreal Engine into its simulators for ultra-realistic training experiences.
Financially, CAE showcases a robust performance with a diversified revenue stream. Despite recent restructuring to optimize cost and streamline operations, CAE maintains strong market leadership in its core domains. Strategic partnerships, innovative technology integrations, and a focus on environmental, social, and governance (ESG) practices underpin CAE’s sustained growth and operational excellence.
Follow CAE on Twitter @CAE_Inc or visit their career page at www.cae.com for more information.
CAE has received all necessary regulatory approvals for its acquisition of L3Harris Technologies' Military Training business for US$1.05 billion. This acquisition is set to close on July 2, 2021, and will significantly enhance CAE's position in the global defence and security market, essentially doubling its military training business in the United States. The deal is expected to provide low teens percentage EPS accretion in its first full year post-close and will broaden CAE's capabilities in multi-domain operations.
CAE reported a net loss of $47.2 million ($0.17 per share) for FY2021, down from a net income of $311.4 million in FY2020. Annual revenue decreased 18% to $3.0 billion, and operating income fell 91% to $48.4 million. Fourth quarter revenue was $894.3 million, down 8% year-over-year, with adjusted EPS of $0.22. The company anticipates strong growth in FY2022, focusing on integrating recent acquisitions and leveraging opportunities in Civil, Defence, and Healthcare sectors. Despite a challenging year, CAE aims to improve profitability as the market recovers.
CAE partners with Jaunt Air Mobility to provide certification support for the all-electric vertical take-off and landing (eVTOL) aircraft, the Journey. The agreement includes developing an aircraft systems integration lab in Montreal, aiming for certification initiation in 2023 and expected entry-in-service by early 2027. CAE will leverage its extensive simulation expertise to enhance design and reduce testing time, thereby minimizing risks and managing development costs.
CAE has appointed Mary Lou Maher as a new member of its Board of Directors. Ms. Maher brings over 35 years of experience in finance, risk management, and human resources. Previously, she served as KPMG Canada's Managing Partner for Quality and Risk and Global Head of Inclusion and Diversity. Her achievements include creating KPMG Canada's National Diversity Council and receiving multiple awards for her work in diversity and inclusion. CAE is a leading high-technology company providing solutions across various sectors, with a significant portion of its revenue being recurring.
CAE Inc. announced the closing of its public offering, issuing a total of 10,454,545 common shares at US$27.50 per share, yielding gross proceeds of approximately US$287 million. The offering included an over-allotment option fully exercised by underwriters. Proceeds will primarily fund the acquisition of L3Harris Technologies' Military Training business, with the remainder sourced from previous placements and available liquidities. If the acquisition does not close, funds will be used for general corporate needs. The offering was led by a syndicate including Goldman Sachs and TD Securities.
CAE announced the pricing of its public offering of common shares at US$27.50 per share, aiming for gross proceeds of US$250 million, with a 15% over-allotment option. The funds will partially finance the acquisition of L3Harris Technologies' Military Training business. The offering includes 9,090,909 shares and is expected to close on March 12, 2021, subject to customary conditions. If the acquisition does not close, proceeds will support general corporate purposes, including future growth opportunities.
CAE Inc. announced a public offering of common shares aiming for gross proceeds of approximately US$250 million, with a potential 15% over-allotment option. The proceeds will partially fund the acquisition of L3Harris Technologies' Military Training business. The offering, managed by a syndicate led by Goldman Sachs, TD Securities, RBC Capital Markets, and Scotia Capital, is subject to market conditions and regulatory approvals. CAE plans to invest the net proceeds in short-term, investment-grade instruments or use them for general corporate purposes if the acquisition does not close.
CAE announced the completion of a private placement of subscription receipts valued at C$700 million (approx. US$550 million) to Caisse de dépôt et placement du Québec and GIC Private Limited. The proceeds will fund a portion of the acquisition of L3Harris Technologies' Military Training business. Each receipt converts into a common share of CAE upon closing, expected in the second half of 2021, pending regulatory approvals. The securities are not registered in the U.S. or Canada.
Caisse de dépôt et placement du Québec (CDPQ) has announced a CA$475 million investment in CAE, a leading provider in training solutions. This funding will facilitate CAE's acquisition of L3Harris Technologies' defense training and simulation business. Following this acquisition, CDPQ is set to become CAE's largest shareholder. The deal is strategic for CAE, enhancing its role in the defense sector while solidifying its leadership in civil aviation and healthcare. GIC Private Limited is also contributing with a CA$225 million investment.
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