BUSINESS COMBINATIONS (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Business Acquisition [Line Items] |
|
| Summary of purchase price allocation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Date
|
|
|
|
Fair Values
|
|
Accounts receivable
|
|
$
|
1,442,000
|
|
Deposits, prepaid expenses, and other current assets
|
|
|
22,000
|
|
Property and equipment
|
|
|
381,000
|
|
Other intangible assets
|
|
|
10,096,000
|
|
Goodwill
|
|
|
6,002,000
|
|
Accounts payable
|
|
|
(134,000)
|
|
Accrued expenses
|
|
|
(833,000)
|
|
Total purchase price
|
|
$
|
16,976,000
|
|
| Summary of intangible assets acquired |
The intangible assets included above consist of the following:
|
|
|
|
|
|
|
|
Fair Value
|
|
Trademark and trade name (indefinite lived)
|
|
$
|
200,000
|
|
|
|
|
|
|
|
|
Fair Value
|
|
FAA part 145 certificate (indefinite lived)
|
|
$
|
796,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Useful Life In
|
|
|
|
|
|
|
Years
|
|
Fair Value
|
|
Customer relationships
|
|
10
|
|
$
|
9,100,000
|
|
| Qwest Air Parts, Inc |
|
| Business Acquisition [Line Items] |
|
| Summary of purchase price allocation |
|
|
|
|
|
|
|
|
Acquisition Date
|
|
|
|
Fair Values
|
|
Accounts receivable
|
|
$
|
2,714,000
|
|
Inventory
|
|
|
3,289,000
|
|
Deposits, prepaid expenses, and other current assets
|
|
|
218,000
|
|
Property and equipment
|
|
|
567,000
|
|
Other intangible assets
|
|
|
10,324,000
|
|
Goodwill
|
|
|
13,402,000
|
|
Accounts payable
|
|
|
(410,000)
|
|
Accrued expenses
|
|
|
(1,151,000)
|
|
Deferred tax liability
|
|
|
(2,872,000)
|
|
Total purchase price
|
|
$
|
26,081,000
|
|
| Summary of intangible assets acquired |
The intangible assets included above consist of the following:
|
|
|
|
|
|
|
|
Fair Value
|
|
FAA part 145 certificate (indefinite-lived)
|
|
$
|
724,000
|
|
|
|
|
|
|
|
|
|
|
Useful Life In
|
|
|
|
|
|
|
Years
|
|
Fair Value
|
|
Customer relationships
|
|
10
|
|
$
|
9,600,000
|
|
| Avborne Component Solutions [Member] |
|
| Business Acquisition [Line Items] |
|
| Summary of purchase price allocation |
|
|
|
|
|
|
|
|
Acquisition Date
|
|
|
|
Fair Values
|
|
Accounts receivables, net
|
|
$
|
2,680,000
|
|
Inventory
|
|
|
5,500,000
|
|
Deposits, prepaid expenses and other current assets
|
|
|
211,000
|
|
Fixed assets
|
|
|
1,733,000
|
|
Deferred tax asset
|
|
|
3,848,000
|
|
Intangible assets
|
|
|
10,000,000
|
|
Goodwill
|
|
|
63,000
|
|
Accounts payable, net
|
|
|
(1,249,000)
|
|
Accrued taxes
|
|
|
(37,000)
|
|
Accrued expenses
|
|
|
(465,000)
|
|
Total purchase price
|
|
$
|
22,284,000
|
|
| Summary of intangible assets acquired |
The intangible assets included above consist of the following:
|
|
|
|
|
|
|
|
Fair Value
|
|
Trademarks
|
|
$
|
600,000
|
|
FAA certificate
|
|
|
7,300,000
|
|
Total intangible assets with indefinite lives
|
|
$
|
7,900,000
|
|
|
|
|
|
|
|
|
|
|
Useful Life
|
|
|
|
|
|
|
In Years
|
|
Fair Value
|
|
Customer relationships
|
|
10
|
|
$
|
2,100,000
|
|
Total intangible assets with definite lives
|
|
|
|
$
|
2,100,000
|
|
| Summary of unaudited pro forma information |
The following unaudited pro forma information presents our consolidated results of operations as if ACT, Qwest and Avborne had been included in our consolidated results since January 1, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
(Unaudited)
|
|
|
|
2020
|
|
2019
|
|
2018
|
|
Revenues
|
|
$
|
208,938,000
|
|
$
|
324,871,000
|
|
$
|
333,215,000
|
|
Net income from continuing operations
|
|
$
|
8,483,000
|
|
$
|
21,497,000
|
|
$
|
34,351,000
|
|
Net revenue (loss) attributable to AerSale Corporation common shareholders
|
|
$
|
8,483,000
|
|
$
|
(13,136,000)
|
|
$
|
(17,099,000)
|
|
Earnings (loss) per share attributable to AerSale Corporation - basic
|
|
$
|
8.09
|
|
$
|
(354.93)
|
|
$
|
(461.99)
|
|
Earnings (loss) per share attributable to AerSale Corporation - diluted
|
|
$
|
7.61
|
|
$
|
(354.93)
|
|
$
|
(461.99)
|
|